Avid 2014 Annual Report Download - page 34

Download and view the complete annual report

Please find page 34 of the 2014 Avid annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

28
(2) On July 2, 2012, we exited our consumer business through a sale of the assets of that business. The disposition of our consumer business qualified for
presentation as discontinued operations. The accompanying financial statements have been reclassified for all periods presented to report the
consumer business as a discontinued operation.
CONSOLIDATED BALANCE SHEET DATA:
(in thousands)
As of December 31,
2014 2013 2012 2011 2010
Cash, cash equivalents and marketable securities $ 25,056 $ 48,203 $ 70,390 $ 32,855 $ 42,782
Working capital deficit (157,170) (133,009) (95,997) (227,544) (311,649)
Total assets 191,599 235,142 294,361 340,590 784,643
Deferred revenues (current and long-term amounts) 414,840 466,832 558,485 697,124 937,624
Long-term liabilities 222,641 270,580 346,871 346,862 520,709
Total stockholders’ deficit (341,070) (359,335) (385,592) (490,874) (310,335)
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
EXECUTIVE OVERVIEW
Our Company
We provide an open, integrated, and comprehensive technology platform, along with applications and services that enable the
creation, distribution, and monetization of audio and video content. Specifically, we develop, market, sell, and support software
and hardware for digital media content production, management and distribution. Digital media are video, audio or graphic
elements in which the image, sound or picture is recorded and stored as digital values, as opposed to analog or tape-based signals.
Our products are used in production and post-production facilities; film studios; network, affiliate, independent and cable
television stations; recording studios; live-sound performance venues; advertising agencies; government and educational
institutions; corporate communication departments; and by independent video and audio creative professionals, as well as aspiring
professionals. Projects produced using our products include feature films, television programming, live events, news broadcasts,
commercials, music, video and other digital media content.
Our mission is to create the most powerful and collaborative media network that enables the creation, distribution and
monetization of the most inspiring content in the world. Guided by our Avid Everywhere strategic vision, we strive to deliver the
industry’s most open, innovative and comprehensive media platform connecting content creation with collaboration, asset
protection, distribution and consumption for the media in the world – from the most prestigious and award-winning feature films,
music recordings, and television shows, to live concerts and news broadcasts. We have been honored over time for our
technological innovation with 14 Emmy Awards, one Grammy Award, two Oscar statuettes and the first ever America Cinema
Editors Technical Excellence Award. Our solutions were used in all 2015 Oscar nominated films for Best Picture, Best Editing,
Best Sound Editing and Best Sound Mixing.
Our strategy is built on three pillars, Avid Everywhere, The Avid Advantage and the Avid Customer Association. Avid
Everywhere, introduced in April 2013, is our strategic vision for connecting creative professionals and media organizations with
their audiences in a more powerful, efficient, collaborative, and profitable way. Central to the Avid Everywhere vision is the Avid
MediaCentral Platform, an open, extensible, and customizable foundation that streamlines and simplifies workflows by tightly
integrating all Avid or third party products and services that run on top of it. The platform provides secure and protected access,
which enables the creation and delivery of content faster and easier through a set of modular application suites that together
represent an open, integrated, and flexible media production and distribution environment for the media industry. The Avid
Advantage complements Avid Everywhere by offering a new standard in service, support and education to enable our customers
to derive more efficiency from their Avid investment. Finally, the Avid Customer Association, or ACA, created in September
2013, is an association run for and by a dedicated group of media community visionaries, thought leaders and users. The ACA is