$119.1 Million Q4 Revenue and Year-Over-Year Growth of 14.2% in Q4 and 13.7% in FY 2021

$34.1 Million Q4 Subscription Revenue and Year-Over-Year Growth of 38.8% in Q4 and 48.9% in FY 2021

$0.33 Q4 Net Income per Common Share and Year-Over-Year Growth of 106.3% in Q4 and 256.0% in FY 2021

$0.46 Q4 Non-GAAP Earnings per Share and Year-Over-Year Growth of 39.4% in Q4 and 92.3% in FY 2021

BURLINGTON, Mass., March 01, 2022 (GLOBE NEWSWIRE) -- Avid® (NASDAQ:AVID), a leading technology provider that powers the media and entertainment industry, today announced its financial results for the fourth quarter and full year ended December 31, 2021.

Total revenue increased 14.2% year-over-year in the fourth quarter, led by enterprise and creative subscription growth as well as favorable demand for integrated solutions, continuing the sustained growth trend with four consecutive quarters of year-over-year revenue growth. During the fourth quarter, the recurring revenue components of the Company's business remained strong with subscription revenue of $34.1 million, up 38.8% year-over-year, and subscription & maintenance revenue of $65.5 million, up 17.9% year-over-year.

The revenue growth, combined with an increased mix of higher-gross margin software subscription revenue and improving integrated solutions gross margin, resulted in fourth quarter Non-GAAP Earnings per Share of $0.46. This strong profitability resulted in net cash provided by operating activities of $27.1 million and Free Cash Flow of $25.0 million in the fourth quarter.

For the full year 2021, Avid's total revenue increased 13.7% to $409.9 million. Subscription revenue grew 48.9%, to $108.4 million, surpassing 26% of total revenue, up from 20% of total revenue in 2020. During 2021, the Company drove a 150 basis point increase in gross margin to 64.8%. The higher gross margin resulted in continued strong trends in profitability with net income per common share of $0.89 and Non-GAAP Earnings per Share of $1.25, an increase of 92.3% year-over-year. The strong profitability resulted in favorable cash generation with net cash provided by operating activities of $62.5 million and Free Cash Flow of $55.7 million, an increase of 64.4% year-over-year.

Fourth Quarter 2021 Financial and Business Highlights

Subscription revenue was $34.1 million, an increase of 38.8% year-over-year.
Paid Cloud-enabled software subscriptions increased by 28.3% year-over-year to approximately 410,600 at December 31, 2021 and increased by approximately 21,700 during the fourth quarter.
Subscription and Maintenance revenue was $65.5 million, up 17.9% year-over-year.
Total revenue was $119.1 million, an increase of 14.2% year-over-year.
Gross margin was 65.8%, an increase of 310 basis points year-over-year. Non-GAAP Gross Margin was 66.2%, an increase of 310 basis points year-over-year.
Operating expenses were $61.2 million, an increase of 12.2% year-over-year. Non-GAAP Operating Expenses were $55.8 million, an increase of 20.4% year-over-year.
Net income was $15.2 million, an increase of 114.7% year-over-year. Non-GAAP Net Income was $20.9 million, an increase of 37.0% year-over-year.
Adjusted EBITDA was $25.0 million, an increase of 15.3% year-over-year. Adjusted EBITDA Margin was 21.0%, an increase of 30 basis points year-over-year.
Net income per common share was $0.33, an increase of 106.3% year-over-year. Non-GAAP Earnings per Share was $0.46, an increase of 39.4% year-over-year.
Net cash provided by operating activities was $27.1 million in the quarter, an increase of $10.6 million compared to the prior quarter, but a decrease of ($3.6) million compared to the prior year period.
Free Cash Flow was $25.0 million in the quarter, an increase of $11.0 million compared to the prior quarter, but a decrease of ($5.6) million compared to the prior year period.
Repurchased 461,910 shares for $13.9 million during the fourth quarter, under the $115 million share repurchase authorization announced on September 9, 2021.

FY 2021 Financial and Business Highlights

Subscription revenue was $108.4 million, an increase of 48.9% year-over-year.
Subscription and Maintenance revenue was $230.9 million, an increase of 17.2% year-over-year.
Total revenue was $409.9 million, an increase of 13.7% year-over-year.
LTM Recurring Revenue represented 78.0% of the Company's revenue for the year ended December 31, 2021, an increase of 380 basis points year-over-year.
Gross margin was 64.8%, an increase of 150 basis points year-over-year. Non-GAAP Gross Margin was 65.3%, an increase of 160 basis points year-over-year.
Operating expenses were $219.5 million, an increase of 11.6% year-over-year. Non-GAAP Operating Expenses were $200.4 million, an increase of 11.6% year-over-year.
Net income was $41.4 million, an increase of 274.1% year-over-year. Non-GAAP Net Income was $57.9 million, an increase of 98.8% year-over-year.
Adjusted EBITDA was $75.5 million, an increase of 28.7% year-over-year. Adjusted EBITDA Margin was 18.4%, an increase of 210 basis points year-over-year.
Net income per common share was $0.89, an increase of 256.0% year-over-year. Non-GAAP Earnings per Share was $1.25, an increase of 92.3% year-over-year.
Net cash provided by operating activities was $62.5 million in 2021, an increase of 58.0% year-over-year.
Free Cash Flow was $55.7 million in 2021, an increase of 64.4% year-over-year.
Annual Contract Value was $352.1 million at December 31, 2021, an increase of 17.1% year-over-year.
Repurchased 874,085 shares for $25.1 million during 2021, under the $115 million share repurchase authorization announced on September 9, 2021.

Jeff Rosica, Avid's CEO and President, stated, "We ended 2021 with strong fourth quarter performance and good momentum heading into 2022. During the fourth quarter, we continued to exceed our expectations for adoption of subscription solutions by our enterprise customers, and we continued to see solid growth in subscriptions for our creative tools. This strength in our subscription business, combined with growing storage and audio integrated solutions revenue and stable maintenance revenue, allowed us to deliver continued improvement in profitability and strong Free Cash Flow." Mr. Rosica added, "As we begin 2022, we continue to see strength across the end markets for our solutions, and we will continue to make selective investments in new products and innovation to enable Avid to continue delivering the industry-leading solutions that our customers depend on and to achieve our company strategy and our long-term growth and profitability targets."

Ken Gayron, Executive Vice President and Chief Financial Officer of Avid, said, "We continued to make substantial progress in driving our higher gross margin subscription and maintenance revenue during the fourth quarter, which together accounted for 55% of our total revenue in the quarter. This growth, combined with improving integrated solutions gross margin, enabled us to deliver strong profitability and Free Cash Flow in the fourth quarter and positions us well as we enter 2022." Mr. Gayron continued, "Additionally, given our strong Free Cash Flow and high confidence in our strategy and long-term model, and with the goal of enhancing shareholder returns, we continued to repurchase shares in the fourth quarter under the Company's share repurchase program."

First Quarter and Full Year 2022 Guidance

For the first quarter of 2022, Avid is providing guidance for Revenue, Subscription & Maintenance Revenue, Non-GAAP Earnings per Share, and Adjusted EBITDA. For the full year 2022, Avid is providing guidance for Revenue, Subscription & Maintenance Revenue, Non-GAAP Earnings per Share, Adjusted EBITDA, and Free Cash Flow.

($ in millions, except per share amounts)	Q1 2022 Guidance
Revenue	$100 - $106
Subscription & Maintenance Revenue	$60 - $64
Non-GAAP Earnings per Share	$0.30 - $0.38
Adjusted EBITDA	$18.5 - $22.5
Q1 Non-GAAP Earnings per Share assumes 46.0 million shares outstanding.

	Full Year 2022 Guidance
Revenue	$430 - $450
Subscription & Maintenance Revenue	$266 - $274
Non-GAAP Earnings per Share	$1.40 - $1.51
Adjusted EBITDA	$84 - $94
Free Cash Flow	$60 - $67
2022 Non-GAAP Earnings per Share assumes 46.2 million shares outstanding.

All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avid's actual future results of operations could differ materially from those shown in the table above. For a discussion of some of the key assumptions underlying the guidance, as well as the key risks and uncertainties associated with these forward-looking statements, please see "Forward-Looking Statements" below as well as the Avid Technology Q4 and Full-Year 2021 Business Update presentation posted on Avid's Investor Relations website at ir.avid.com.

Conference Call to Discuss Fourth Quarter and FY 2021 Results on March 1, 2022

Avid will host a conference call to discuss its financial results for the fourth quarter and FY 2021 on Tuesday, March 1, 2022 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 & Presentations tab at ir.avid.com. Participants who would like to ask a question can access the call by dialing +1 646-828-8193 and referencing confirmation code 7636999. 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 and can be accessed on the Events & Presentations tab of 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 Net Income, and Non-GAAP Earnings 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 the 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 included in the supplemental financial and operational data sheet available on our Investor Relations website at ir.Avid.com, which also includes definitions of all operational metrics.

This press release also includes expectations for future Adjusted EBITDA, Non-GAAP Earnings per Share and Free Cash Flow, which are forward-looking non-GAAP financial measures. Reconciliations of these forward-looking non-GAAP measures are not included in this press release or elsewhere, due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the estimation of the non-GAAP results, together with some of the excluded information not being ascertainable or accessible at this time. As a result, we are unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.

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. 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 statements.

These risks, uncertainties, and factors include, but are not limited to: risks related to the impact of the coronavirus (COVID-19) outbreak on our business, suppliers, consumers, customers and employees; economic, social, and political instability, security concerns, and the risk of war or armed conflict, particularly in areas of heightened geopolitical tension and open conflict such as Ukraine where we have outsourced research and development activities; our liquidity; our ability to execute our strategic plan including our cost saving strategies, and to meet customer needs; our ability to retain and hire key personnel; our ability to produce innovative products in response to changing market demand, particularly in the media industry; our ability to successfully accomplish our product development plans; competitive factors; history of losses; fluctuations in our revenue based on, among other things, our performance and risks in particular geographies or markets; our higher indebtedness and ability to service it and meet the obligations thereunder; restrictions in our credit facilities; our move to a subscription model and related effect on our revenues and ability to predict future revenues; fluctuations in subscription and maintenance renewal rates; elongated sales cycles; fluctuations in foreign currency exchange rates; seasonal factors; adverse changes in economic conditions; variances in our revenue backlog and the realization thereof; risks related to the availability and prices of raw materials, including any negative effects caused by inflation, armed conflict and related sanctions, weather conditions, or health pandemics; disruptions or inefficiencies in our supply chain and/or operations, including from armed conflict and related sanctions and the COVID-19 outbreak; the costs, disruption, and diversion of management's attention due to the COVID-19 outbreak; the possibility of legal proceedings adverse to our Company; and other risks described in our reports filed from time to time with the U.S. Securities and Exchange Commission. Moreover, the business may be adversely affected by future legislative, regulatory or other changes, including tax law changes, as well as other economic, business and/or competitive factors. The risks included above are not exhaustive. We caution readers not to place undue reliance on any forward-looking statements included in this press release which speak only as to the date of this press release. We undertake no responsibility to update or revise any forward-looking statements, except as required by law.

Avid Powers Greater Creators

People who create media for a living become greater creators with Avid's award-winning technology solutions to make, manage and monetize today's most celebrated video and audio content—from iconic movies and bingeworthy TV series, to network news and sports, to recorded music and the live stage. What began more than 30 years ago with our invention of nonlinear digital video editing has led to individual artists, creative teams and organizations everywhere subscribing to our powerful tools and collaborating securely in the cloud. We continue to re-imagine the many ways editors, musicians, producers, journalists and other content creators will bring their stories to life. Discover the possibilities at avid.com and join the conversation on social media with the multitude of brilliant creative people who choose Avid for a lifetime of success.

AVID TECHNOLOGY, INC.
Condensed Consolidated Statements of Operations
(unaudited - in thousands, except per share data)



		Three Months Ended						Twelve Months Ended
		December 31,						December 31,
			2021			2020			2021			2020

Net revenues:
	Subscription	$	34,059		$	24,539		$	108,443		$	72,831
	Maintenance		31,414			30,985			122,411			124,175
	Integrated solutions and other		53,591			48,777			179,090			163,460
	Total net revenues		119,064			104,301			409,944			360,466

Cost of revenues:
	Subscription		4,753			2,413			14,963			6,870
	Maintenance		5,846			6,190			22,981			21,651
	Integrated solutions and other		30,118			30,348			106,196			103,625
	Total cost of revenues		40,717			38,951			144,140			132,146

Gross profit			78,347			65,350			265,804			228,320

Operating expenses:
	Research and development		16,920			14,902			65,559			57,018
	Marketing and selling		28,983			22,660			95,494			87,637
	General and administrative		15,158			12,908			57,372			47,052
	Restructuring costs, net		115			4,038			1,116			5,046
	Total operating expenses		61,176			54,508			219,541			196,753

Operating income			17,171			10,842			46,263			31,567

Interest expense, net			(1,609	)		(4,565	)		(7,149	)		(20,001	)
Other income, net			389			636			4,841			868
Income before income taxes			15,951			6,913			43,955			12,434

Provision for (benefit from) income taxes			735			(174	)		2,567			1,372
Net income		$	15,216		$	7,087		$	41,388		$	11,062

Net income per common share - basic		$	0.34		$	0.16		$	0.92		$	0.25
Net income per common share - diluted		$	0.33		$	0.16		$	0.89		$	0.25

Weighted-average common shares outstanding - basic			45,061			44,288			45,101			43,822
Weighted-average common shares outstanding - diluted			45,773			45,541			46,303			44,878

AVID TECHNOLOGY, INC.
Reconciliations of GAAP Financial Measures to Non-GAAP Financial Measures
(unaudited - in thousands)



			Three Months Ended						Twelve Months Ended
			December 31,						December 31,
				2021			2020			2021			2020
GAAP Revenue
	GAAP Revenue		$	119,064		$	104,301		$	409,944		$	360,466

Non-GAAP Gross Profit
	GAAP Gross Profit			78,347			65,350			265,804			228,320
		Stock-based compensation		439			431			1,801			1,339
	Non-GAAP Gross Profit		$	78,786		$	65,781		$	267,605		$	229,659
	GAAP Gross Margin			65.8	%		62.7	%		64.8	%		63.3	%
	Non-GAAP Gross Margin			66.2	%		63.1	%		65.3	%		63.7	%

Non-GAAP Operating Expenses
	GAAP Operating Expenses			61,176			54,508			219,541			196,753
		Less Amortization of intangible assets		(73	)		(105	)		(388	)		(411	)
		Less Stock-based compensation		(3,208	)		(2,101	)		(12,681	)		(9,325	)
		Less Restructuring costs, net		(115	)		(4,038	)		(1,116	)		(5,046	)
		Less Acquisition, integration and other costs		(985	)		(1,015	)		(3,068	)		(832	)
		Less Efficiency program costs		-			(886	)		(48	)		(1,331	)
		Less Digital Transformation costs		(1,028	)		-			(1,836	)		-
		Less COVID-19 related expenses		-			(27	)		(22	)		(278	)
	Non-GAAP Operating Expenses		$	55,767		$	46,336		$	200,382		$	179,530

Non-GAAP Operating Income and Adjusted EBITDA
	GAAP net income			15,216			7,087			41,388			11,062
		Interest and other expense		1,220			3,929			2,308			19,133
		Provision for income taxes		735			(174	)		2,567			1,372
	GAAP Operating Income			17,171			10,842			46,263			31,567
		Amortization of intangible assets		73			105			388			411
		Stock-based compensation		3,647			2,532			14,482			10,664
		Restructuring costs, net		115			4,038			1,116			5,046
		Acquisition, integration and other costs		985			1,015			3,068			832
		Efficiency program costs		-			886			48			1,331
		Digital Transformation costs		1,028			-			1,836			-
		COVID-19 related expenses		-			27			22			278
	Non-GAAP Operating Income		$	23,019		$	19,445		$	67,223		$	50,129
		Depreciation		1,932			2,188			8,255			8,505
	Adjusted EBITDA		$	24,951		$	21,633		$	75,478		$	58,634
	GAAP net income margin			12.8	%		6.8	%		10.1	%		3.1	%
	Adjusted EBITDA Margin			21.0	%		20.7	%		18.4	%		16.3	%

Non-GAAP Net Income
	GAAP net income			15,216			7,087			41,388			11,062
		Amortization of intangible assets		73			105			388			411
		Stock-based compensation		3,647			2,532			14,482			10,664
		Restructuring costs, net		115			4,038			1,116			5,046
		Acquisition, integration and other costs		985			1,015			3,068			832
		Efficiency program costs		-			886			48			1,331
		Digital Transformation costs		1,028			-			1,836			-
		Gain on forgiveness of PPP Loan		-			-			(7,800	)		-
		COVID-19 related expenses		-			27			22			278
		Loss on Extinguishment of debt		-			-			3,748			-
		Tax impact of non-GAAP adjustments		(198	)		(461	)		(382	)		(496	)
	Non-GAAP Net Income		$	20,866		$	15,229		$	57,914		$	29,128
	Weighted-average share count (Basic)			45,061			44,288			45,101			43,822
	Weighted-average share count (Diluted)			45,773			45,541			46,303			44,878
	Non-GAAP Earnings per Share (Basic)		$	0.46		$	0.34		$	1.28		$	0.66
	Non-GAAP Earnings per Share (Diluted)		$	0.46		$	0.33		$	1.25		$	0.65

Free Cash Flow
	Net cash provided by operating activities			27,071			30,704			62,489			39,555
		Capital expenditures		(2,069	)		(73	)		(6,819	)		(5,692	)
	Free Cash Flow		$	25,002		$	30,631		$	55,670		$	33,863
	Free Cash Flow conversion from Adjusted EBITDA			100.2	%		141.6	%		73.8	%		57.8	%

AVID TECHNOLOGY, INC.
Condensed Consolidated Balance Sheets
(unaudited - in thousands)




			December 31,			December 31,
				2021			2020
		Assets
	Current Assets
		Cash and Cash Equivalents	$	56,818		$	79,899
		Restricted Cash		2,416			1,422
		Accounts receivable, net of allowances of $1,456 and $1,478
		at December 30, 2021 and December 31, 2020, respectively		77,046			78,614
		Inventories		19,922			26,568
		Prepaid Expenses		5,464			6,044
		Contract Assets		18,903			18,579
		Other Current Assets		1,953			2,366
	Total Current Assets			182,522			213,492

		Property and Equipment, Net		16,028			16,814
		Goodwill		32,643			32,643
		Right of Use Assets		24,143			29,430
		Deferred Tax Assets, Net		5,210			6,801
		Other Long-Term Assets		13,454			5,958
	Total Assets		$	274,000		$	305,138

		Liabilities and Stockholders' Deficit
	Current Liabilities
		Accounts Payable	$	26,854		$	21,823
		Accrued Compensation and Benefits		35,458			29,105
		Accrued Expenses and Other Current Liabilities		37,552			42,264
		Income Taxes Payable		868			1,664
		Short-Term Debt		9,158			4,941
		Deferred Revenues		87,475			87,974
	Total Current Liabilities			197,365			187,771

		Long-Term Debt		160,806			202,759
		Long-Term Deferred Revenues		10,607			11,284
		Long-Term Lease Liabilities		23,379			28,462
		Other Long-Term Liabilities		5,917			7,786
	Total Liabilities			398,074			438,062

	Stockholders' Deficit
		Common Stock		455			442
		Treasury Stock		(25,090	)		-
		Additional Paid in Capital		1,031,633			1,036,658
		Accumulated Deficit		(1,126,959	)		(1,168,347	)
		Accumulated Other Comprehensive Loss		(4,113	)		(1,677	)
	Total Stockholders' Deficit			(124,074	)		(132,924	)

	Total Liabilities and Stockholders' Deficit		$	274,000		$	305,138

AVID TECHNOLOGY, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited - in thousands)
				Twelve Months Ended
				December 31,
					2021			2020

Cash flows from operating activities:
	Net income			$	41,388		$	11,062
	Adjustments to reconcile net income to net cash provided by operating activities:
		Depreciation and amortization			8,254			8,505
		Provision for doubtful accounts			694			1,298
		Loss on extinguishment of debt			2,579			-
		Stock-based compensation expense			13,737			10,664
		Non-cash provision for restructuring			956			5,046
		Non-cash interest expense			515			3,651
		Gain on extinguishment of PPP loan			(7,800	)		-
		Unrealized foreign currency transaction (gains) loss			(2,101	)		1,570
		Provision for deferred taxes			1,591			827
		Changes in operating assets and liabilities:
			Accounts receivable		875			(6,124	)
			Inventories		6,646			2,598
			Prepaid expenses and other assets		(1,156	)		6,176
			Accounts payable		5,032			(18,141	)
			Accrued expenses, compensation and benefits and other liabilities		69			10,432
			Income taxes payable		(796	)		(281	)
			Deferred revenue and contract assets		(7,994	)		2,272
Net cash provided by operating activities					62,489			39,555

Cash flows from investing activities:
	Purchases of property and equipment				(6,819	)		(5,692	)
Net cash used in investing activities					(6,819	)		(5,692	)

Cash flows from financing activities:
	Proceeds from revolving line of credit				-			22,000
	Repayment from revolving line of credit				-			(22,000	)
	Proceeds from long-term debt				180,000			7,800
	Repayment of debt				(210,456	)		(2,250	)
	Payments for repurchase of common stock				(24,787	)		-
	Payments for repurchase of outstanding Notes				-			(28,867	)
	Proceeds from the issuance of common stock under employee stock plans				808			547
	Common stock repurchases for tax withholdings for net settlement of equity awards				(19,557	)		(2,365	)
	Prepayment for loss on extinguishment of debt				(1,169	)		-
	Partial unwind capped call cash receipt				-			875
	Payments for credit facility issuance costs				(2,574	)		(289	)
Net cash used in financing activities					(77,735	)		(24,549	)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash					(1,016	)		1,748
Net (decrease) increase in cash, cash equivalents, and restricted cash					(23,081	)		11,062
Cash, cash equivalents and restricted cash at beginning of the period				$	83,637			72,575
Cash, cash equivalents and restricted cash at end of the period				$	60,556		$	83,637
Supplemental information:
Cash and cash equivalents				$	56,818			79,899
Restricted cash					2,416			1,422
Restricted cash included in other long-term assets					1,322			2,316
Total cash, cash equivalents and restricted cash shown in the statement of cash flows				$	60,556		$	83,637

AVID TECHNOLOGY, INC.

Supplemental Revenue Information

(unaudited - in millions)

Dec 31,

Sep 30,

Dec 31,

2021

2020

Revenue Backlog*

Deferred Revenue

$ 98.1

$ 86.8

$ 99.3

Other Backlog

314.7

315.0

336.2

Total Revenue Backlog

$ 412.8

$ 401.8

$ 435.5

The expected timing of recognition of revenue backlog as of December 31, 2021 is as follows:

2022

2023

2024

Thereafter

Total

Deferred Revenue

$ 87.4

$ 5.7

$ 2.9

$ 2.1

$ 98.1

Other Backlog

138.6

83.3

54.9

37.9

$ 314.7

Total Revenue Backlog

$ 226.0

$ 89.0

$ 57.8

$ 40.0

$ 412.8

*A definition of Revenue Backlog is included in our Form 10-K and the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com.

Contacts

Investor contact:
Whit Rappole
Avid
ir@Avid.com

PR contact:
Jim Sheehan
Avid
jim.sheehan@Avid.com