Avid Technology Stock Price, News & Analysis

Avid (NASDAQ: AVID) reported strong financial results for Q1 2021, with total revenue increasing by 9.2% year-over-year to $94.4 million. The company's subscription revenue surged 78.2% to $24.9 million, attributed to a rise in paid subscriptions, totaling around 324,000.

Net income reached $4.4 million, up from a loss of $10.2 million in the previous year. Avid has raised its full-year 2021 guidance for subscription and maintenance revenue, projecting $382.0 million to $402.0 million in total revenue.

Avid and Dolby have launched the first Pro Tools Dolby Atmos training course and certification, aimed at enhancing the skills of audio professionals transitioning to immersive audio mixing. The self-paced course includes 40 hours of self-learning and 18 hours of instructor-led training, culminating in a professional certification exam. Designed for Pro Tools mixers, the course covers essential Dolby Atmos components and workflows. This initiative aligns with the growing demand for Dolby Atmos content across various media platforms, marking a significant step in audio education.

Avid® (NASDAQ: AVID), a leading technology provider in the media and entertainment sector, announced a conference call on May 5, 2021, at 5:30 p.m. ET to discuss Q1 2021 earnings, which will be released after market close on the same day. The call will feature CEO Jeff Rosica and CFO Ken Gayron. Investors can access the call via a webcast or phone. Avid’s comprehensive media solutions enable content creation and distribution for various entertainment formats, solidifying its status in the industry.

Avid (NASDAQ: AVID) has partnered with LiveU to enhance IP stream ingestion for television news and remote production via the MediaCentral platform. This collaboration simplifies workflows, allowing broadcasters to securely integrate live content efficiently. MediaCentral | Stream will now accept LiveU feeds, enabling timely news coverage across various platforms. The partnership aims to provide broadcasters with reliable, cost-effective solutions for remote broadcasting, addressing previous complexities and costs associated with live video transmission.

Avid has entered a multi-year, multi-million dollar purchasing agreement with S’hail Holding Group in Qatar.

This partnership establishes QPlay Avid Solutions as the dedicated representative for Avid products in the region, enhancing support for clients in TV, film, and audio.

Tom Cordiner, Avid's Chief Revenue Officer, emphasized the improved collaboration opportunities this deal will provide.

The companies have previously collaborated on various projects since S’hail became an Avid reseller in 2019.

Avid has partnered with Rowman & Littlefield to launch the Avid Learning Academy Program, aimed at enabling high school certification in digital media production starting in the 2021-22 school year. This initiative equips educators with resources, including courseware and free software like Media Composer | First and Pro Tools | First. Students can earn the Avid Certified Associate credential, recognized in the media industry. The program is designed to align with national education standards and prepare students for careers in media and entertainment.

Avid reported a strong performance in the fourth quarter of 2020, with revenues increasing by 15.3% sequentially. Subscription revenue surged 54.9% year-over-year, driven by a net increase of approximately 27,000 paid subscriptions. The company achieved $30.6 million in free cash flow, the highest since 2007, and had a revenue backlog of $231.3 million. Although total revenue declined 10.3% year-over-year, the overall financial outlook improved, leading to guidance for 2021 that anticipates further revenue growth. Net income per share was $0.16, down from $0.35 the prior year.

Avid has launched Edit On Demand, a cloud-based subscription service enabling video production teams to create virtual post-production environments rapidly. Following successful trials with over 60 companies, this service allows editors to access Avid Media Composer and Avid NEXIS cloud storage from anywhere, providing a user experience comparable to on-premises editing. Customers can configure their subscription quickly, with seamless integration for collaborative workflows. This innovation responds to the increased demand for remote work solutions accelerated by the pandemic.

Avid Technology has appointed Adistec as its sole master distributor for audio and video products across 17 Latin American countries. This multi-year strategic partnership aims to leverage Adistec's local expertise to improve logistics and finance, meeting the growing demand for Avid's content creation tools in the film, TV, and audio sectors. The collaboration is expected to enhance product marketing and sales, accelerate subscription revenue growth, and expand Avid's reach in the region.