QUARTERLY REPORT

Avid’s 4Q Revenue Grows 5% To $112.7M

Tech provider Avid reported fourth quarter 2018 and full year financial results on Thursday.

Highlights:

  • 4Q revenue was $112.7 million, an increase of 5% year-over-year and 8% sequentially. Revenue excluding non-cash revenue was $112.4 million, an increase of 7% year-over-year and 10% sequentially.
  • Gross margin was 59.0%, up 450 basis points year-over-year. Non-GAAP gross margin was 60.8%, up 480 basis points year-over-year.
  • Operating expenses were $54.4 million, an increase of 1% year-over-year and 2% sequentially largely driven by a $5.2M legal settlement recognized as a credit in Q4 2017 offset by savings from operational efficiency initiatives. Excluding the non-recurring settlement, operating expenses declined by $4.4 million year-over year.
  • Operating Income was $12.1 million, an improvement of $7.3 million year-over-year and $5.0 million sequentially.
  • Adjusted EBITDA was $21.3 million, an increase of 42% year-over-year and 46% sequentially. Adjusted EBITDA Margin was 18.9%, up 490 basis points year-over-year and sequentially.
  • GAAP net income per common share was $0.14, up from net loss per common share of ($0.02) in Q4 2017.
  • Net cash provided by operating activities was $20.1 million.
  • Free Cash Flow was $17.7 million.
  • Software revenue from subscriptions increased 77% year-over-year, surpassing $10 million in the quarter.
  • Revenue through the company’s e-commerce activities was up 50% year-over-year.
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For the full year 2018:

  • Revenue was $413.3 million, a decrease of 1% year-over-year. Revenue, excluding non-cash revenue, was $407.1 million, an increase of 5% year-over-year.
  • Gross margin was 57.9%, up 10 basis points year-over-year. Non-GAAP gross margin was 59.8%, up 10 basis points year-over-year.
  • Operating expenses were $225.5 million, a decrease of 5% year-over-year largely driven by savings from operational efficiency initiatives.
  • Operating income was $13.7 million, an increase of 161%, or $8.4 million, year-over-year.
  • Adjusted EBITDA was $47.5 million, a decrease of 2% year-over-year. Adjusted EBITDA margin was 11.5%, flat with 2017.
  • GAAP net loss per common share of ($0.26), up from GAAP net loss per common share of ($0.33) in 2017.
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