AVID TECHNOLOGY, INC. | Understand Stock

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 7, 2023. Its latest SEC filing is a 15-12G from Nov 16, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells software and integrated solutions for creating, managing, and distributing video and audio content to media organizations and creative professionals.

How Did They Make Money?

Customers pay for subscriptions and annual maintenance in advance (webstore subscriptions are typically billed monthly); product purchases are generally due 30 to 60 days after delivery. Service projects are billed on completion or in installments as work proceeds.

FY2022 revenue by product or service revenue

Segment	Share	How money arrives
Subscription services Recurring	36% FY2019: 11%	Recurring
Maintenance services Recurring	26% FY2019: 32%	Recurring
Service Mix	37% FY2019: 57%	Mix

Who Were Their Customers?

Media enterprises buy through Avid's direct sales force and resellers; creative professionals buy through the webstore, resellers and retailers, or Avid's direct sales force.

Did Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2022 and turned 8 cents into free cash flow.

Operating income, FY2022

13% of revenue

▲ +16% vs FY2021 ($46.3M, 11%)

Net income, FY2022

13% of revenue

▲ +33% vs FY2021 ($41.4M, 10%)

Free cash flow, FY2022

8% of revenue

▼ −41% vs FY2021 ($55.7M, 14%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q3 FY2023, the three months to Sep 30, 2023

Revenue: ▼ −12%; vs $103M in Q3 FY2022
Net income: ▼ Now a loss; vs $12M in Q3 FY2022

Integrated solutions & other share of revenue vs 32.9% in Q3 FY2022

Nov 8, 2023 STG affiliate completed acquisition; Avid became privately held Avid common stock ceased trading on Nasdaq after the transaction.

Held flat. Revenue was $417.4M in FY2022, about the same as the $413.3M of FY2018.

Broader subscription reach The latest report extends subscription licensing from some products to all software solutions and describes greater subscription sales to media enterprises as a future focus; the earlier report said subscriptions were mainly sold to creative professionals.

Revenue over time

Subscription services Maintenance services Service Professional Services, Training, And Other Services Audio products and solutions net revenues Support services Subscription services Video products and solutions net revenues

$500M$250M$0

FY2018 FY2019 FY2020 FY2021 FY2022

Who Did They Compete With?

Competes with ChyronHego, Dalet, Dell Technologies, EVS, Grass Valley, Harmonic, Quantum, Ross Video, Vizrt, Ableton, Adobe Systems, Apple, AudioTonix, Blackmagic Design, PreSonus Audio Electronics, and Yamaha