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Avid Technology Announces Q2 2020 Results

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Avid Technology Announces Q2 2020 Results Avid Technology Announces Q2 2020 Results August 3, 2020 68% Year-Over-Year Subscription Revenue Growth Driven by Continued Increase in Paid Subscriptions with Net Increase of 24,000 Subscriptions in the Quarter Operating Income Increased 214% Year-Over-Year from Improved Gross Margin and Significantly Reduced Operating Expenses BURLINGTON, Mass., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, today announced its second quarter 2020 financial results. During the second quarter, the Recurring Revenue components of the company’s business were resilient despite the COVID-19 global pandemic. The Company reported record subscription revenue of $16.4 million, up 68% year-over-year and maintenance revenue was stable, resulting in 8.5% year-over-year growth in Annual Contract Value. Also, in the quarter, Avid significantly improved its profitability as a result of higher gross margin coupled with a more efficient cost structure. The year-over-year improvement in gross margin of 760 basis points was a result of a greater portion of revenue coming from higher-margin software in the quarter and benefits from expense reductions in non-material cost of sales. Profitability was also enhanced by the $11 million year-over-year reduction in operating expenses in the quarter, which the Company will continue to closely manage towards the target of at least a $30 million reduction for fiscal 2020. For the second quarter, total revenue declined year-over-year, as the non-Recurring Revenue portions of the Company’s business related to product and professional services continued to be negatively impacted by weaker demand as a result of the COVID-19 global pandemic, which has caused the postponement or cancellation of many live music and major sporting events, and the temporary suspension of many film and television productions. During the quarter, the Company repaid the remaining $28.9 million of outstanding convertible notes at their maturity using available cash. As of June 30, 2020, the Company had $55.7 million in cash and cash equivalents. The Company’s leverage ratio under the financing agreement dropped to 4.3x as of June 30, 2020, as a result of the year-over-year increase in Adjusted EBITDA in the quarter, and the Company remains well below the covenant levels in the financing agreement as amended in May 2020. Second Quarter 2020 Financial and Business Highlights Subscription revenue was $16.4 million, up 68.3% year-over-year. Paid Cloud-enabled software subscriptions increased by approximately 24,000 during the quarter, to approximately 242,000 at June 30, 2020, an increase of 63.9% year-over-year in total paid subscriptions. Subscription and Maintenance revenue was $47.0 million, up 13.5% year-over-year. Total revenue was $79.3 million, down (19.7%) year-over-year. Gross margin was 65.0%, up 760 basis points year-over-year. Non-GAAP Gross Margin was 65.4%, up 600 basis points year-over-year. Operating expenses were $43.5 million, a decrease of (19.6%) year-over-year. Non-GAAP Operating Expenses were $40.5 million, a decrease of (21.7%) year-over-year. Operating income was $8.1 million, an increase of 214.0% year-over-year. Non-GAAP Operating Income was $11.3 million, an increase of 65.2% year-over-year. Adjusted EBITDA was $13.5 million, an increase of 43.3% year-over-year. Adjusted EBITDA Margin was 17.0%, up 750 basis points year-over-year. Net income per common share was $0.04, up from a loss per common share of ($0.25) in the second quarter of 2019. Non-GAAP Net Income per Share was $0.12, up from Non-GAAP Net Income per Share of $0.02 in the second quarter of 2019. Net cash (used in) operating activities was ($3.5) million in the quarter, a decrease of ($0.8) million compared to Net cash (used in) operating activities of ($2.7) million in the second quarter of 2019. Free Cash Flow was ($5.2) million, a decrease of ($0.7) million compared to ($4.5) million in the second quarter of 2019. LTM Recurring Revenue was 69.8% of the Company’s revenue for the 12 months ended June 30, 2020, up from 58.1% for the 12 months ended June 30, 2019. Annual Contract Value was $265.3 million as of June 30, 2020, up 8.5% from $244.6 million as of June 30, 2019. Jeff Rosica, Avid’s CEO and President stated, “While the COVID-19 pandemic continued to negatively impact the Company’s business during the second quarter, we are pleased with the strength of our creative subscription business, which continued its strong growth in the quarter, and with the resilience of our recurring revenue business. COVID-19 continues to temporarily reduce customer demand for parts of our non-recurring product business, but we expect demand to gradually improve as we get further into the second half of 2020.” Mr. Rosica continued, “The COVID-19 pandemic has also created opportunities to grow strategic portions of the business. We are adjusting our strategy and our investments to respond to the changes in the market which are informed by ongoing discussions with customers across the media industry, placing greater focus on the products and solutions that we believe will drive profitable growth as we emerge in the post-COVID environment. We are committed to making the changes we need to make to ensure that Avid exits this pandemic as a stronger and more profitable company.” Ken Gayron, Executive Vice President and Chief Financial Officer of Avid, said, “We made substantial progress in driving our higher margin revenue streams and improving our cost structure in the second quarter, resulting in strong growth in profitability.” Mr. Gayron continued, “We also made significant progress in improving our working capital position in the quarter, including by reducing accounts payable by more than $17 million during the quarter, that we believe should provide a strong foundation for improved Free Cash Flow in the second half of 2020. Finally, we expect to see continued improvement in our balance sheet and leverage position that we believe should enable the Company to improve its cost of capital and profitability over time.” Conference Call to Discuss Second Quarter 2020 Results on August 3, 2020 Avid will host a conference call to discuss its financial results for the second quarter of 2020 on Monday, August 3, 2020 at 5:30 p.m. ET. Participants may join the webcast in listen-only mode and access the presentation slides using the link on the Avid Investor Relations website, which can be found on the events tab at ir.avid.com. Participants who would like to ask a question, can access the call by dialing +1 323-289-6576 and referencing confirmation code 7030762. Please connect at least 15 minutes in advance to ensure a timely connection to the call. A replay of the call will also be available for a limited time on the Avid Investor Relations website shortly after the completion of the call. Non-GAAP Financial Measures and Operational Metrics Avid includes non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Non-GAAP Gross Margin, Non-GAAP Operating Expenses, Non-GAAP Operating Income, and Non-GAAP Net Income (Loss) per Share. The Company also includes the operational metrics of Cloud-enabled software subscriptions, Recurring Revenue, LTM Recurring Revenue % and Annual Contract Value in this release. Avid believes the non-GAAP financial measures and operational metrics provided in this release provide helpful information to investors with respect to evaluating the Company’s performance. Unless noted, all financial and operating information is reported based on actual exchange rates. Definitions of the non-GAAP financial measures and operational metrics are included in our Form 8-K filed today. Reconciliations of the non-GAAP financial measures presented in this press release to the Company's comparable GAAP financial measures for the periods presented are set forth below and are also included in the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com, which also includes definitions of all operational metrics. Unless noted, all financial and operating information is reported based on actual exchange rates. Forward-Looking Statements Certain information provided in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Examples of forward-looking statements include statements regarding our future financial performance or position, results of operations, business strategy, plans and objectives of management for future operations, and other statements that are not historical fact. You can identify forward-looking statements by their use of forward-looking words such as “may”, “will”, “anticipate”, “expect”, “believe”, “estimate”, “intend”, “plan”, “should”, “seek”, or other comparable terms. Readers of this press release should understand that these forward-looking statements are not guarantees of performance or results. Forward-looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking
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