Avid Technology Inc (AVID) Q4 2019 Earnings Call Transcript

▤ Summary

Through our focus on delivering innovations for music creation and professional audio, including enhancements to the integrated solutions portfolio released in 2019, we made significant strides in capturing new opportunities and growing market share in recording, mixing and live sound. Some of the key wins included the Finnish national broadcaster YLE which chose MediaCentral Cloud UX and the new Media Composer Enterprise edition to support their roughly 500 end users across the group. While we continue to proceed as usual with our business, we are also executing on a proactive plan and taking proper precautionary measures including potentially adjusting Avids strategy for hosting and participating in major industry conferences and other events in the near term. All of these factors make our management team and Board confident both in Avids present position and our expectations for this year and beyond based on consistently profitable and predictable financial model built on growing recurring revenue streams. GAAP revenue was $411.8 million in 2019, down 0.4% year-over-year as growth in subscriptions and integrated solutions were offset by declines in maintenance and professional services as well as from FX headwinds due to the relative strength of the US dollar versus the euro and pound during the year.

▦ Linked Companies

Avid

$1B+