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Rosica added, “We saw continued improvement in end market demand during the first quarter, and we expect that this recovery trend will continue during 2021. We continued to have success with enterprise customers adopting subscription licensing, which, coupled with the strength we saw in subscriptions for creative individuals, returned us to year-over-year revenue growth in the first quarter.” Mr. Jeff Rosica, Avid’s Chief Executive Officer and President, stated, “We are encouraged by the continued strength of, and growth in, our Recurring Revenue business during the first quarter. LTM Recurring Revenue % was 75.3% of the Company’s revenue for the 12 months ended March 31, 2021, up from 66.3% for the 12 months ended March 31, 2020.Īnnual Contract Value was $302.0 million as of March 31, 2021, up 14.3% from $264.2 million as of March 31, 2020. Net cash provided by operating activities was $12.3 million in the quarter, an increase of $17.9 million compared to Net cash used in operating activities of ($5.6) million in the prior year period.įree Cash Flow was $11.1 million in the quarter, an increase of $18.2 million from ($7.1) million in the prior year period. Adjusted EBITDA Margin was 18.7%, a year-over-year increase of 1,390 basis points. Non-GAAP Net Income per Share was $0.28, up from a Non-GAAP Net Loss per Share of ($0.08) in the first quarter of 2020.Īdjusted EBITDA was $17.7 million, an increase of 323.6% year-over-year. Net income per common share was $0.10, up from a net loss per common share of ($0.14) in the first quarter of 2020. Non-GAAP Net Income was 13.8% of revenue, up 1,770 basis points year-over-year. Non-GAAP Net Income was $13.0 million, an increase of $16.4 million year-over-year.

Net income was 4.7% of revenue, up 1,150 basis points year-over year. Net income was $4.4 million, an increase of $10.2 million year-over-year. Non-GAAP Operating Expenses were $46.3 million, a decrease of (9.8%) year-over-year. Operating expenses were $50.9 million, a decrease of (5.1%) year-over-year. Non-GAAP Gross Margin was 65.6%, an increase of 390 basis points year-over-year. Gross margin was 65.1%, an increase of 360 basis points year-over-year. Total revenue was $94.4 million, an increase of 9.2% year-over-year. Subscription and Maintenance revenue was $54.7 million, up 19.6% year-over-year.

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Paid Cloud-enabled software subscriptions increased by 49.2% year-over-year to approximately 324,000 at Maand increased by approximately 28,000 during the quarter. Subscription revenue was $24.9 million, an increase of 78.2% year-over-year.

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The improvement in profitability also resulted in significant year-over-year improvement in net cash provided by operating activities to $12.3 million, and Free Cash Flow to $11.1 million in the first quarter.įirst Quarter 2021 Financial and Business Highlights Net income also benefited from the year-over-year reduction in interest expense. Net income and Adjusted EBITDA benefited from the year-over-year increase in revenue combined with expanding gross margin and lower operating expenses. Net Income was $4.4 million in the first quarter, an increase of $10.2 million year-over-year, and Adjusted EBITDA was $17.7 million in the first quarter, an increase of 324% year-over-year. Subscription revenue was $24.9 million, an increase of 78.2% year-over-year, reflecting continued growth in paid subscriptions and strong enterprise subscription sales in the quarter. Total revenue increased 9.2% year-over-year in the first quarter, as the Recurring Revenue components of the Company’s business remained strong.

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