AVID TECHNOLOGY, INC.

2023 Q3 Form 10-Q Financial Statement

#000089684123000153 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3

Balance Sheet

Concept 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $20.96M
Short-Term Investments
Other Short-Term Assets $3.057M
YoY Change 28.45%
Inventory $28.59M
Prepaid Expenses $9.901M
Receivables $56.35M
Other Receivables
Total Short-Term Assets $156.5M
YoY Change 11.89%
LONG-TERM ASSETS
Property, Plant & Equipment $30.66M
YoY Change 44.5%
Goodwill $32.64M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.65M
YoY Change -3.2%
Total Long-Term Assets $117.2M
YoY Change 20.05%
TOTAL ASSETS
Total Short-Term Assets $156.5M
Total Long-Term Assets $117.2M
Total Assets $273.7M
YoY Change 15.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.53M
YoY Change 13.24%
Accrued Expenses $39.13M
YoY Change 10.04%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $145.8M
YoY Change -10.16%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $3.907M
YoY Change -21.23%
Total Long-Term Liabilities $3.907M
YoY Change -21.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.8M
Total Long-Term Liabilities $3.907M
Total Liabilities $396.9M
YoY Change 4.75%
SHAREHOLDERS EQUITY
Retained Earnings -$1.084B
YoY Change -1.18%
Common Stock $1.046B
YoY Change 1.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$123.2M
YoY Change
Total Liabilities & Shareholders Equity $273.7M
YoY Change 15.24%

Cashflow Statement

Concept 2023 Q3

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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75 Blue Sky Drive
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dei Entity Address State Or Province
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MA
dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
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dei Local Phone Number
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dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Document Period End Date
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Avid Technology, Inc.
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dei Security12b Title
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dei Trading Symbol
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dei Entity Central Index Key
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FINANCIAL INFORMATION<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements include the accounts of Avid Technology, Inc. and its wholly owned subsidiaries (collectively, “we” or “our”). These financial statements are unaudited. However, in the opinion of management, the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for their fair statement. Interim results are not necessarily indicative of results expected for any other interim period or a full year. We prepared the accompanying unaudited condensed consolidated financial statements in accordance with the instructions for Form 10-Q and, therefore, include all information and footnotes necessary for a complete presentation of operations, comprehensive income, financial position, changes in stockholders’ deficit, and cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated balance sheet as of December 31, 2022 was derived from our audited consolidated financial statements and does not include all disclosures required by U.S. GAAP for annual financial statements. We filed audited consolidated financial statements as of and for the year ended December 31, 2022 in our Annual Report on Form 10-K for the year ended December 31, 2022, which included information and footnotes necessary for such presentation. The financial statements contained in this Form 10-Q should be read in conjunction with the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated results of operations for the three months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. The Company’s results of operations are affected by economic conditions, including macroeconomic conditions and levels of business and consumer confidence.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from our estimates.</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Agreement and Plan of Merger</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 9, 2023, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Artisan Bidco, Inc., a Delaware corporation (“Parent”), and Artisan Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Parent (“Merger Sub”), each an affiliate of STG, pursuant to which, and on the terms and subject to the conditions described therein, Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of Parent (the “Merger”). Pursuant to the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of our common stock (other than Excluded Shares (as defined in the Merger Agreement)) will be converted into the right to receive $27.05 in cash, without interest and less required tax withholdings. The consummation of the Merger is subject to approval by our stockholders, regulatory approvals and other customary closing conditions as set forth in the Merger Agreement. As previously disclosed by the Company, certain of these conditions have been satisfied, including the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of our common stock and the receipt of all required regulatory approvals and clearances set forth in the Merger Agreement to complete the Merger.</span></div><div><span><br/></span></div><div style="margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Significant Accounting Policies</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">There have been no material changes to our significant accounting policies as compared to the significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2022.</span></div>
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CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
18088000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
19295000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
164753000 usd
CY2023Q3 avid Totaldebt
Totaldebt
220003000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-2038000 usd
CY2023Q3 us-gaap Shortterm Debt Fair Value
ShorttermDebtFairValue
14242000 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
203723000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4903000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3947000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15938000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11014000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4903000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3947000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15938000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11014000 usd
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
115000000 usd
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
36600000 usd
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
115000000 usd

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