AVID · Avid Technology, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Revenue | $417.41M | $409.94M | $360.47M | $419.00M | $413.28M | $419.00M |
| Cost of Revenue | $142.97M | $144.14M | $132.15M | $162.71M | $174.12M | $176.89M |
| Gross Profit | $274.44M | $265.80M | $228.32M | $249.07M | $239.16M | $242.12M |
| R&D | $66.90M | $65.56M | $57.02M | $62.34M | $62.38M | $68.21M |
| SG&A | $57.19M | $57.37M | $47.05M | $53.36M | $55.23M | $53.89M |
| Total Operating Expenses | $220.58M | $219.54M | $196.75M | $216.97M | $225.48M | $236.87M |
| D&A | $8.32M | $8.25M | $8.51M | $13.63M | $21.14M | $22.34M |
| Operating Income | $53.85M | $46.26M | $31.57M | $32.10M | $13.68M | $5.25M |
| Interest Expense | $9.39M | $7.16M | $20.07M | $26.71M | $23.47M | $19.96M |
| Income Tax | ($9.90M) | $2.57M | $1.37M | ($5.08M) | $1.27M | $133.0K |
| Net Income | $55.24M | $41.39M | $11.06M | $7.60M | ($10.67M) | ($13.55M) |
| EPS - Basic | $1.24 | $0.92 | $0.25 | $0.18 | ($0.26) | $1.20 |
| EPS - Diluted | $1.23 | $0.89 | $0.25 | ($0.33) | - | - |
Balance Sheet
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $35.25M | $56.82M | $79.90M | $69.08M | $56.10M | $57.22M |
| Accounts Receivable | $76.85M | $77.05M | $78.61M | $73.77M | $67.75M | $40.13M |
| Inventory | $20.98M | $19.92M | $26.57M | $29.17M | $32.96M | $38.42M |
| Accounts Payable | $45.90M | $26.85M | $21.82M | $39.89M | $39.24M | $30.16M |
| Current Assets | $178.97M | $182.52M | $213.49M | $208.73M | $196.60M | $154.33M |
| Total Assets | $287.45M | $274.00M | $305.14M | $304.29M | $265.84M | $234.68M |
| Current Liabilities | $190.62M | $197.37M | $187.77M | $212.26M | $187.67M | $216.08M |
| Long-term Debt | $172.96M | $160.81M | $202.76M | $199.03M | $220.59M | $204.50M |
| Total Liabilities | $406.24M | $398.07M | $438.06M | $459.38M | $432.50M | $503.25M |
| Stockholders' Equity | ($118.78M) | ($124.07M) | ($132.92M) | ($155.09M) | ($166.66M) | ($268.57M) |
| Retained Earnings | ($1.07B) | ($1.13B) | ($1.17B) | ($1.18B) | ($1.19B) | ($1.28B) |
Cash Flow
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $48.02M | $62.49M | $39.55M | $19.64M | $15.82M | $8.94M |
| Investing Cash Flow | ($15.25M) | ($6.82M) | ($5.69M) | ($7.18M) | ($9.92M) | ($6.12M) |
| Financing Cash Flow | ($52.70M) | ($77.73M) | ($24.55M) | ($7.64M) | $2.54M | $8.38M |
| CapEx | $15.25M | $6.82M | $5.69M | $7.18M | $9.94M | $7.88M |
| Free Cash Flow | $32.77M | $55.67M | $33.86M | $12.46M | $5.89M | $1.06M |
Ratios
| Metric | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 65.7% | 64.8% | 63.3% | 59.4% | 57.9% | 57.8% |
| Operating margin | 12.9% | 11.3% | 8.8% | 7.7% | 3.3% | 1.3% |
| EBITDA margin | 14.9% | 13.3% | 11.1% | 10.9% | 8.4% | 6.6% |
| Net margin | 13.2% | 10.1% | 3.1% | 1.8% | -2.6% | -3.2% |
| Free cash flow margin | 7.9% | 13.6% | 9.4% | 3.0% | 1.4% | 0.3% |
| FCF / Net income | 0.59 | 1.35 | 3.06 | 1.64 | -0.55 | -0.08 |
| R&D / Revenue | 16.0% | 16.0% | 15.8% | 14.9% | 15.1% | 16.3% |
| SG&A / Revenue | 13.7% | 14.0% | 13.1% | 12.7% | 13.4% | 12.9% |
| Effective tax rate | -21.8% | 5.8% | 11.0% | -201.0% | - | - |
| Return on assets | 19.2% | 15.1% | 3.6% | 2.5% | -4.0% | -5.8% |
| Return on equity | -46.5% | -33.4% | -8.3% | -4.9% | 6.4% | 5.0% |
| Return on invested capital | 99.4% | 118.6% | 40.2% | 73.0% | 20.0% | - |
| Liquidity | ||||||
| Current ratio | 0.94 | 0.92 | 1.14 | 0.98 | 1.05 | 0.71 |
| Quick ratio | 0.83 | 0.82 | 1.00 | 0.85 | 0.87 | 0.54 |
| Cash ratio | 0.18 | 0.29 | 0.43 | 0.33 | 0.30 | 0.26 |
| Leverage | ||||||
| Debt / Equity | -1.46 | -1.30 | -1.53 | -1.28 | -1.32 | -0.76 |
| Debt / Assets | 0.60 | 0.59 | 0.66 | 0.65 | 0.83 | 0.87 |
| Debt / EBITDA | 2.78 | 2.95 | 5.06 | 4.35 | 6.33 | 7.41 |
| Interest coverage | 5.7x | 6.5x | 1.6x | 1.2x | 0.6x | 0.3x |
| Equity multiplier | -2.42 | -2.21 | -2.30 | -1.96 | -1.60 | -0.87 |
| Liabilities / Assets | 1.41 | 1.45 | 1.44 | 1.51 | 1.63 | 2.14 |
| Efficiency | ||||||
| Asset turnover | 1.45 | 1.50 | 1.18 | 1.38 | 1.55 | 1.79 |
| Inventory turnover | 6.81 | 7.24 | 4.97 | 5.58 | 5.28 | 4.60 |
| Days sales outstanding | 67d | 69d | 80d | 64d | 60d | 35d |
| Days inventory outstanding | 54d | 50d | 73d | 65d | 69d | 79d |
| Days payable outstanding | 117d | 68d | 60d | 89d | 82d | 62d |
| Cash conversion cycle | 4d | 51d | 93d | 40d | 47d | 52d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 1.8% | 13.7% | -14.0% | 1.4% | -1.4% | -18.2% |
| Revenue CAGR (3y) | -0.1% | -0.3% | -4.9% | -6.5% | -6.5% | -7.5% |
| Revenue CAGR (5y) | -0.1% | -4.3% | -6.5% | -4.6% | -8.3% | - |
| Gross profit growth (YoY) | 3.2% | 16.4% | -8.3% | 4.1% | -1.2% | -27.2% |
| Operating income growth (YoY) | 16.4% | 46.6% | -1.7% | 134.6% | 160.8% | -91.8% |
| Net income growth (YoY) | 33.5% | 274.1% | 45.5% | - | 21.3% | - |
| EPS growth (YoY) | 38.2% | 256.0% | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -41.1% | 64.4% | 171.9% | 111.6% | 455.8% | - |
| FCF CAGR (5y) | 98.7% | - | - | - | -25.1% | - |
| Book value growth (YoY) | 4.3% | 6.7% | 14.3% | 6.9% | 37.9% | 0.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Product / service
$589.03M totalService$179.09M · 30.4%
Integrated Solutions$131.07M · 22.3%
Maintenance$122.41M · 20.8%
Product$108.44M · 18.4%
Professional Services Training And Other Services$24.22M · 4.1%
License$23.79M · 4.0%
Geographic
$409.94M totalUS$173.72M · 42.4%
Europe Middle East And Africa$160.39M · 39.1%
Asia Pacific$55.44M · 13.5%
Other Americas$20.40M · 5.0%
Stability scores
Altman Z′
FY 2022 · bankruptcy risk
-1.28
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2022 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing AVID TECHNOLOGY against the 5 most active filers in the same SIC group.