Avid 2011 Annual Report Download - page 91

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86
The following table sets forth the Company's revenues by geographic region for the years ended December 31, 2011, 2010, and
2009:
Revenues:
Americas
Europe, Middle East and Africa
Asia-Pacific
Total revenues
2011
$ 330,378
257,215
90,343
$ 677,936
2010
$ 334,849
248,507
95,166
$ 678,522
2009
$ 300,073
251,148
77,749
$ 628,970
The Company does not identify or allocate by geography its goodwill and intangible assets acquired through acquisitions. The
following table presents the Company's long-lived assets, excluding goodwill and intangible assets, by geography at
December 31, 2011 and 2010 (in thousands):
Long-lived assets:
United States
Other countries
Total long-lived assets
2011
$ 48,433
12,626
$ 61,059
2010
$ 59,587
10,010
$ 69,597
S. CREDIT AGREEMENT
On October 1, 2010, Avid Technology, Inc. and certain of its subsidiaries (the “Borrowers”) entered into a Credit Agreement with
Wells Fargo Capital Finance LLC (“Wells Fargo”), which established two revolving credit facilities with combined maximum
availability of up to $60 million for borrowings and letter of credit guarantees. The actual amount of credit available to the
Borrowers will vary depending upon changes in the level of the respective accounts receivable and inventory, and is subject to
other terms and conditions which are more specifically described in the Credit Agreement. The credit facilities have a maturity
date of October 1, 2014, at which time Wells Fargo's commitments to provide additional credit will terminate and all outstanding
borrowings by the Borrowers must be repaid. Prior to the maturity of the credit facilities, any amounts borrowed may be repaid
and, subject to the terms and conditions of the Credit Agreement, reborrowed in whole or in part without penalty.
The Credit Agreement contains customary representations and warranties, covenants, mandatory prepayments, and events of
default under which the Borrowers' payment obligations may be accelerated, including guarantees and liens on substantially all of
the Borrowers' assets to secure their obligations under the Credit Agreement. The Credit Agreement requires that Avid
Technology, Inc. (“Avid Technology”) maintain liquidity (comprised of unused availability under its portion of the credit facilities
plus certain unrestricted cash and cash equivalents) of $10 million, at least $5 million of which must be from unused availability
under its portion of the credit facilities. In addition, its subsidiary, Avid Technology International B.V. (“Avid Europe”), is
required to maintain liquidity (comprised of unused availability under Avid Europe's portion of the credit facilities plus certain
unrestricted cash and cash equivalents) of $5 million, at least $2.5 million of which must be from unused availability under Avid
Europe's portion of the credit facilities. Interest accrues on outstanding borrowings under the credit facilities at a rate of either
LIBOR plus 2.75% or a base rate (as defined in the Credit Agreement) plus 1.75%, at the option of Avid Technology or Avid
Europe, as applicable. The Borrowers must also pay Wells Fargo a monthly unused line fee at a rate of 0.625% per annum.
The Company incurs certain loan fees and costs associated with its credit facilities. Such costs are capitalized as deferred
borrowing costs and amortized as interest expense on a straight-line basis over the term of the Credit Agreement. At December
31, 2011, the balance of the Company's deferred borrowing costs was $0.8 million, net of accumulated amortization costs of $0.4
million.
During the first quarter of 2011, Avid Technology borrowed $8.0 million against the credit facilities to meet certain short-term
cash requirements, all of which was repaid during the first quarter of 2011. During the second quarter of 2011, Avid Technology
borrowed $13.0 million against the credit facilities to meet certain short-term cash requirements, all of which had been repaid as
of December 31, 2011. At December 31, 2011, Avid Technology and Avid Europe had letters of credit guaranteed under the credit
facilities of $3.7 million and $1.1 million, respectively. At December 31, 2011, the Borrowers were in compliance with all
covenants under the credit facilities, and Avid Technology and Avid Europe had available borrowings under the credit facilities of
approximately $31.1 million and $16.0 million, respectively, after taking into consideration the outstanding letters of credit and