Avid 2009 Annual Report Download

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AVID 2009 ANNUAL REPORT

Table of contents

  • Page 1
    AVID 2009 ANNUAL REPORT

  • Page 2
    ... Interplay® environments to support Apple Final Cut Pro; introducing Avid Media Access (AMA); and delivering Axiom® Pro keyboards with our HyperControl™ technology; demonstrate how we continue to provide customers with more creative options and the ability to work with solutions that best suit...

  • Page 3
    ...) FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2009 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number...

  • Page 4
    ...11. ITEM 12. ITEM 13. ITEM 14. PART IV. ITEM 15. Exhibits and Financial Statement Schedules 85 86 F-1 Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relationships and...

  • Page 5
    ...amended, or the Securities Act. For this purpose, any statements contained in this annual report regarding our strategy, future plans or operations, financial position, future revenues, projected costs, prospects, and objectives of management, other than statements of historical facts, may be deemed...

  • Page 6
    ...design, development and implementation of our Pro Tools digital audio workstation. Most recently, on February 14, 2010, we were honored to receive the first-ever Technical Excellence award presented by the American Cinema Editors, or A.C.E., for our Media Composer professional video-editing solution...

  • Page 7
    ... through our direct sales force, system integrators and value-added resellers. PRODUCTS AND SERVICES We provide a broad range of software and hardware solutions, as well as services offerings, to address the diverse needs, skills and sophistication levels found within our customer market segments...

  • Page 8
    ... storage to large numbers of users based on industry-standard networking, and Avid Unity MediaNetwork, which is optimized for smaller workgroups requiring high-performance collaboration. On January 5, 2010, the Company acquired Blue Order Solutions AG . Blue Order's enterprise media asset management...

  • Page 9
    ..., commercial businesses, post production facilities and broadcasters. These monitors provide high quality audio output at reasonable prices for those engaged in audio production or simply personal listening. Other Software Our Sibelius-branded software allows users to electronically create, edit and...

  • Page 10
    ... and solutions. Our customer success team provides online and telephone support and access to software upgrades for customers whose products are under warranty or covered by a maintenance contract. Our professional services team provides installation, integration, planning, consulting and training...

  • Page 11
    ... through dealers, value-added resellers and authorized third-party service providers. Depending on the solution, customers may choose from a variety of support offerings, including telephone and online technical support, on-site assistance, hardware replacement and extended warranty, and software...

  • Page 12
    ... associated with our use of partners for R&D projects, see ―Ri sk Factorsâ€- in Item 1A of this annual report. Our company-operated R&D operations are located in: Tewksbury, Massachusetts; Daly City, California; Mountain View, California; Irwindale, California; Madison, Wisconsin; Munich, Germany...

  • Page 13
    ... not limited to: timing and market acceptance of new product introductions by us and our competitors; competitive pressure on product pricing; mix of products and services sold; our ability to recognize revenues from large or enterprise-wide sales; length of sales cycles and associated costs; global...

  • Page 14
    ... this media revolution. Our future success depends on our ability to develop products that effectively satisfy these demands. Our customers may also seek to pool or share facilities and resources with others in their industry and engage with providers of software as a service. Open platforms, online...

  • Page 15
    ...employees. We also rely on the attractiveness of developing technology for the film, television and music industries as a means of retention. Nonetheless, our competitors may in some instances be able to offer a more dynamic work environment or more opportunities to work with cutting-edge technology...

  • Page 16
    ... are not limited to: failure to realize anticipated returns on investment, cost savings and synergies; difficulty in assimilating the operations, policies and personnel of the acquired company; distraction of management's attention from normal business operations; potential loss of key employees of...

  • Page 17
    ... our products directly to end-user customers, we may be in competition with our resellers and distributors. In response to our direct sales strategies or for other business reasons, our current resellers and distributors may from time to time choose to resell our competitors' products in addition...

  • Page 18
    .... In November 2009, we announced plans to move our corporate headquarters to Burlington, Massachusetts from Tewksbury, Massachusetts. In connection with the move, we have signed three lease agreements for approximately 200,000 square feet of space in three existing structures. We anticipate...

  • Page 19
    .... We derive more than half of our revenues from customers outside of the United States. Our international sales are, for the most part, transacted through foreign subsidiaries and generally in the currency of the end-user customers. We consequently are exposed to currency exchange risks that may...

  • Page 20
    ... November 2009, we signed leases for new corporate office space in Burlington, Massachusetts. The leases for these facilities expire in May 2020. We plan to relocate our Tewksbury operations to the Burlington, Massachusetts facilities during 2010. We also lease office space in Daly City, California...

  • Page 21
    ... ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the NASDAQ Global Select Market under the symbol AVID. The table below shows the high and low sales prices of the common stock for each calendar quarter of the fiscal years ended December 31, 2009 and 2008. 2009 High Low High 2008...

  • Page 22
    ... of $100 on December 31, 2004 in our common stock, the NASDAQ Market Index and the NASDAQ Computer, Data Processing Index and assumes that dividends, if any, were reinvested. COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN AMONG AVID TECHNOLOGY, INC., NASDAQ COMPUTER, DATA PROCESSING AND NASDAQ MARKET...

  • Page 23
    ... DATA: (in thousands except per share data) 2009 For the Year Ended December 31, 2008 2007 2006 2005 Net revenues Cost of revenues Gross profit Operating expenses: Research and development Marketing and selling General and administrative Amortization of intangible assets Impairment of goodwill and...

  • Page 24
    ... consolidated our sales and marketing team into a single customer-facing organization, which better aligns our business structure with the realities of many of our customers who either depend on, or would benefit from, an integrated solution that encompasses multiple Avid product and brand families...

  • Page 25
    ... of net revenues for the periods indicated: For the Year Ended December 31, 2009 2008 2007 Net revenues: Product revenues Services revenues Total revenues Cost of revenues Gross margin Operating expenses: Research and development Marketing and selling General and administrative Amortization of...

  • Page 26
    ... and Allowances for Product Returns and Exchanges We generally recognize revenues from sales of software and software-related products upon receipt of a signed purchase order or contract and product shipment to distributors or end users, provided that collection is reasonably assured, the fee is...

  • Page 27
    ... of maintenance is based on the renewal price that is offered as a contractual right to the customer, provided that the renewal price is substantive. Our current pricing practices are influenced primarily by product type, purchase volume, term and customer location. We review services revenues sold...

  • Page 28
    A portion of our revenues from sales of consumer video-editing and audio products is derived from transactions with channel partners who have unlimited return rights and from whom payment is contingent upon the product being sold through to their customers. Accordingly, revenues for these channel ...

  • Page 29
    ... other companies that use different models, methods and assumptions. See Note B to our Consolidated Financial Statements in Item 8 for further information regarding stock-based compensation. Business Combinations When we acquire new businesses, we allocate the purchase price to the acquired assets...

  • Page 30
    ... a more-likely-than-not expectation that a reporting unit or component thereof will be sold or otherwise disposed of, significant changes in the manner of use of the acquired assets or the strategy for our overall business, a significant decline in our stock price for a sustained period, a reduction...

  • Page 31
    ... held-for-sale when management approves and commits to a formal plan of sale and it is probable that the sale will be completed. The carrying value of the net assets of the business held-for-sale are then recorded at the lower of their carrying value or fair market value, less costs to sell, and we...

  • Page 32
    ... in Video product revenues. Video services revenues are derived primarily from maintenance contracts, professional and installation services, and training. Excluding a decrease of $6.2 million related to divested or exited product lines, Video services revenues for 2009 decreased $3.9 million...

  • Page 33
    ... video-editing products as well. Video services revenues are derived primarily from maintenance contracts, professional and installation services, and training. The increase in services revenues in 2008 was due to increased revenues generated from maintenance contracts sold in connection with...

  • Page 34
    ...; customer support costs related to maintenance contract revenues and other services; and royalties for third-party software and hardware included in our products. Cost of revenues also includes amortization of technology, which represents the amortization of developed technology assets acquired as...

  • Page 35
    ... of new products and the enhancement of existing products, and consist primarily of employee salaries and benefits, facilities costs, depreciation, costs for consulting and temporary employees, and prototype and other development expenses. Comparison of 2009 to 2008 Years Ended December 31, 2009 and...

  • Page 36
    ... expenses consist primarily of employee salaries and benefits for selling, marketing and pre-sales customer support personnel; commissions; travel expenses; advertising and promotional expenses; and facilities costs. Comparison of 2009 to 2008 Years Ended December 31, 2009 and 2008 (dollars in...

  • Page 37
    ... future revenues over the estimated useful life of the developed technology, and (2) the straight-line method over each developed technology's remaining useful life. Amortization of developed technology is recorded within cost of revenues. Amortization of customer-related intangibles, trade names...

  • Page 38
    ... of certain developed technologies related to our acquisitions of Pinnacle, M-Audio and Medea, as well as lower amortization expenses due to the decrease and resulting write-down of the fair values of the former Consumer Video reporting unit's trade name and customer relationships intangible...

  • Page 39
    ... decline in our stock price, increased uncertainty of future revenue levels due to unfavorable macroeconomic conditions and the divestiture of our PCTV product line, our annual goodwill testing determined that the carrying values of the Audio and former Consumer Video reporting units exceeded their...

  • Page 40
    ...our internationally based partners for R&D projects and our desire to better align our 2010 cost structure with revenue expectations. During the first nine months of 2008, we initiated restructuring plans within our former Professional Video business unit as well as corporate operations to eliminate...

  • Page 41
    ... decreased average cash and marketable securities balances resulting from our stock repurchases in early 2008. (Benefit from) Provision for Income Taxes, Net Comparison of 2009 to 2008 Years Ended December 31, 2009 and 2008 (dollars in thousands) 2009 2008 Change (Benefit from) provision for income...

  • Page 42
    ...the issuance of common stock under our employee stock plans. At December 31, 2009, our principal sources of liquidity included cash, cash equivalents and marketable securities totaling $108.9 million. Net cash of ($13.5) million was used in our operating activities in 2009, compared to $10.2 million...

  • Page 43
    ... during 2009, compared to $15.4 million during 2008 and $26.1 million in 2007. Purchases of property and equipment in all years consisted primarily of computer hardware and software to support R&D activities and our information systems. Our cash requirements for capital spending in 2010 are expected...

  • Page 44
    ... to the exercise of stock options and our employee stock purchase plan. A stock repurchase program was approved by our board of directors in April 2007, which authorized the repurchase of up to $100 million of our common stock through transactions on the open market, in block trades or otherwise. In...

  • Page 45
    ... amounts funded or, in certain cases, amounts of unpaid balances. At December 31, 2009, our maximum exposure under these programs was $2.5 million. We have three letters of credit at a bank that are used as security deposits in connection with our recently leased Burlington, Massachusetts office...

  • Page 46
    ..., payables, sales transactions and net investments in foreign operations. We derive more than half of our revenues from customers outside the United States. This business is, for the most part, transacted through international subsidiaries and generally in the currency of the end-user customers...

  • Page 47
    ... CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN ITEM 8: Management's Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firm Consolidated Statements of Operations for the years ended December 31, 2009, 2008 and 2007 Consolidated Balance Sheets as...

  • Page 48
    ...under the Securities Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, the Company's principal executive and principal financial officers and effected by the Company's board of directors, management and other personnel, to provide reasonable assurance regarding...

  • Page 49
    ...effective internal control over financial reporting as of December 31, 2009, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Avid Technology, Inc. as of December 31...

  • Page 50
    ... FASB ASC Topic 805, Business Combinations) effective January 1, 2009. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Avid Technology, Inc.'s internal control over financial reporting as of December 31, 2009, based on criteria...

  • Page 51
    ... For the Year Ended December 31, 2009 2008 2007 Net revenues: Products Services Total net revenues Cost of revenues: Products Services Amortization of intangible assets Restructuring costs Total cost of revenues Gross profit Operating expenses: Research and development Marketing and selling General...

  • Page 52
    ... assets Property and equipment, net Intangible assets, net Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued compensation and benefits Accrued expenses and other current liabilities Income taxes payable Deferred revenues Total...

  • Page 53
    ... stock plans Stock-based compensation Stock option purchase Stock recovery for payment of withholding tax Comprehensive loss: Net loss Net change in unrealized gain (loss) on marketable securities Translation adjustment Other comprehensive loss Comprehensive loss Balances at December 31, 2009...

  • Page 54
    ... payable Accrued expenses, compensation and benefits and other liabilities Income taxes payable Deferred revenues Net cash (used in) provided by operating activities Cash flows from investing activities: Purchases of property and equipment Payments for other long-term assets Payments for business...

  • Page 55
    ...Video and Consumer Video business units into a single Video reporting segment and consolidated its sales and marketing teams into a single customer-facing organization. The Company excludes certain corporate infrastructure costs and expenses, including marketing and selling, finance, human resources...

  • Page 56
    ...-backed securities, discount notes, and corporate, municipal, agency and foreign bonds. The Company generally invests in securities that mature within one year from the date of purchase. The Company classifies its cash equivalents and marketable securities as ― available for saleâ€- and reports...

  • Page 57
    ... at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs (Level 1) (Level 2) (Level 3) December 31, 2009 Financial Assets: Available for sale securities Deferred compensation plan investments Foreign...

  • Page 58
    ...is subject to rapid technological change or obsolescence; therefore, utilization of existing inventory may differ from the Company's estimates. Property and Equipment Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset...

  • Page 59
    ...trends, current budgets, operating plans and industry data. The model also includes assumptions for, among others, working capital cash flow, growth rates, income tax rates, expected tax benefits and long term discount rates, all of which require significant judgments by management. The Company also...

  • Page 60
    ... connection with many of the Company's product sale transactions, customers may purchase a maintenance and support agreement. The Company generally recognizes revenues from maintenance contracts on a ratable basis over their term and from training, installation and other services as the services are...

  • Page 61
    ...not differed materially from management's estimates. A portion of the Company's revenues from sales of consumer video-editing and audio products is derived from transactions with channel partners who have unlimited return rights and from whom payment is contingent upon the product being sold through...

  • Page 62
    ... 985-20, Software - Costs of Software to be Sold, Leased or Marketed (formerly FAS No. 86, Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed ). Upon general release, these costs are amortized using the straight-line method over the expected life of the related...

  • Page 63
    ... time-based vesting. The Black-Scholes model relies on a number of key assumptions to calculate estimated fair values. The assumed dividend yield of zero is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. The expected stock-price...

  • Page 64
    ... Company's consolidated statements of operations for the years ended December 31, 2009, 2008 and 2007, respectively (in thousands): 2009 2008 2007 Cost of products revenues Cost of services revenues Research and development expenses Marketing and selling expenses General and administrative expenses...

  • Page 65
    ...of the annual reporting period commencing after November 15, 2009, or January 1, 2010 for Avid, with early adoption prohibited. Adoption is not expected to have a significant impact on the Company's financial position or results of operations. C. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES Cash...

  • Page 66
    ..., for large solution sales and certain distributor sales that were invoiced, but for which revenues had not been recognized and payments were not then due. E. INVENTORIES Inventories consisted of the following at December 31, 2009 and 2008 (in thousands): 2009 2008 Raw materials Work in process...

  • Page 67
    F. PROPERTY AND EQUIPMENT Property and equipment consisted of the following at December 31, 2009 and 2008 (in thousands): Depreciable Life 2009 2008 Computer and video equipment and software Manufacturing tooling and testbeds Office equipment Furniture and fixtures Leasehold improvements Less ...

  • Page 68
    ... 31, 2009. On July 31, 2009, the Company acquired all the outstanding shares of MaxT Systems Inc. (― MaxTâ€-), a Canada-based developer of server-based media management and editing technology, for cash, net of cash acquired, of $4.4 million. The Company's allocation of the purchase price resulted...

  • Page 69
    ... revenues, the Company tested the goodwill assigned to its Consumer Video reporting unit for impairment. An estimate of the fair value of the Consumer Video reporting unit was calculated using a discounted cash flow valuation model similar to that used in valuing the 2005 acquisition of Pinnacle...

  • Page 70
    ... a result of a decrease in market value for, and the then expected sale of, the Company's PCTV product line, the Company tested the former Consumer Video reporting unit's identifiable intangible assets for impairment. The Company's analysis determined that the undiscounted cash flows of the Consumer...

  • Page 71
    ... of the following at December 31, 2009 and 2008 (in thousands): 2009 2008 Deferred tax assets: Tax credit and net operating loss carryforwards Allowances for bad debts Difference in accounting for: Revenue Costs and expenses Inventories Acquired intangible assets Other Gross deferred tax assets...

  • Page 72
    ...catch-up for prior year amounts recorded in excess of the final deductions reflected on tax returns. In 2009, no adjustment to additional paid-in-capital related to exercises of employee stock options was required. The following table sets forth a reconciliation of the Company's income tax provision...

  • Page 73
    ... December 31, 2007. In 2008, the statute of limitations expired on previously open tax years related to certain tax filings in the U.S. and Germany. As a result, the Company recognized $0.4 million of previously unrecognized tax benefits and recorded reductions to goodwill and translation adjustment...

  • Page 74
    ... has a standby letter of credit at a bank that is used as a security deposit in connection with the Company's Daly City, California office space lease. In the event of default on this lease, the landlord would, at December 31, 2009, be eligible to draw against this letter of credit to a maximum of...

  • Page 75
    ... or adversely modify purchasing terms or pricing structures, the Company's ability to sell and service its products may be impaired. The Company procures product components and builds inventory based on forecasts of product life cycle and customer demand. If the Company is unable to provide accurate...

  • Page 76
    ... 2008, the Company's board of directors approved a $100 million increase in the authorized funds for the repurchase of the Company's common stock. During 2007, the Company repurchased 809,236 shares of the Company's common stock under the program for a total purchase price, including commissions...

  • Page 77
    ... from and after May 21, 2008. Under the Plan, the Company may grant stock awards or options to purchase the Company's common stock to employees, officers, directors (subject to certain restrictions) and consultants, generally at the market price on the date of grant. The options become exercisable...

  • Page 78
    ... Stock Option Plan, 1997 Stock Option Plan, 1997 Stock Incentive Plan, as amended, and 1994 Stock Option Plan, as amended. Members of the Company's Board of Directors, officers who file reports under Section 16(a) of the Securities Exchange Act of 1934 and members of the Company's executive staff...

  • Page 79
    ... Company's board of directors approved the Company's Second Amended and Restated 1996 Employee Stock Purchase Plan (as amended, the ― ESPPâ€-). The amended plan became effective May 1, 2008, the first day of the next offering period under the plan, and offers shares for purchase at a price equal...

  • Page 80
    ...-for-sale. During the third and fourth quarters of 2009, as a result of the expanded use of the Company's internationally based partners for R&D projects and our desire to better align our 2010 cost structure with revenue expectations, the Company initiated new restructuring actions under the Plan...

  • Page 81
    ... Pinnacle acquisition, the Company recorded restructuring accruals related to severance agreements and lease or other contract terminations in accordance with the then current accounting guidance of EITF Issue No. 95-3, Recognition of Liabilities in Connection with a Purchase Business Combination...

  • Page 82
    ... that for 2009 the Company's two business units, Video and Audio, also equated to its reportable segments. The Company excludes certain corporate infrastructure costs and expenses, including marketing and selling, finance, human resources, legal and some information technology expenses, when...

  • Page 83
    ...is a summary of the Company's revenues and contribution margin by reportable segment for the years ended December 31, 2009, 2008 and 2007 and a reconciliation of segment contribution margin to total consolidated operating loss for each period (in thousands): 2009 2008 2007 Revenues: Video (a) Audio...

  • Page 84
    ...foreign currency denominated receivables, payables and sales transactions, as well as net investments in foreign operations. The Company derives more than half of its revenues from customers outside the United States. This business is, for the most part, transacted through international subsidiaries...

  • Page 85
    ... - 707 5,015 4,121 679 1,075 5,875 2,816 1,155 37 4,008 In connection with the acquisition of Softimage Inc. in 1998, the Company issued a ten-year warrant to purchase 1,155,235 shares of the Company's common stock at a price of $47.65 per share. The weighted-average potential common share amount...

  • Page 86
    ... part of the purchase agreement for Wizoo, the Company was contingently obligated to make additional payments to the former shareholders of Wizoo of up to â,¬1.0 million, dependent upon Wizoo achieving certain engineering milestones through January 2008. During 2007, the final engineering milestone...

  • Page 87
    ... as a result of a number of factors including, without limitation, the timing of new product introductions; the timing of, and costs incurred in association with, the recognition of large enterprise sales to customers; marketing expenditures; promotional programs; and periodic discounting due to...

  • Page 88
    ... sales, order processing, shipping and accounting functions receive additional training concerning shipping terms and the appropriate recognition of revenue, as well as the implementation of additional monthly review procedures and monitoring controls to ensure that customer-approved purchase order...

  • Page 89
    PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE We have adopted a Code of Business Conduct and Ethics applicable to all our employees, including our principal executive officer, principal financial officer and principal accounting officer. We will provide any person, ...

  • Page 90
    ...Management's Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firm Consolidated Statements of Operations for the years ended December 31, 2009... are filed or furnished with this report or which are incorporated herein by reference, is set forth ...

  • Page 91
    ... the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AVID TECHNOLOGY, INC. (Registrant) By: /s/ Gary G. Greenfield Gary G. Greenfield Chairman of the Board of Directors, Chief Executive Officer and...

  • Page 92
    ... 140,486 (a) (b) (c) (d) (e) Amount represents write-offs, net of recoveries and foreign exchange gains (losses). Provisions for sales returns and volume rebates are charged directly against revenues. Amount represents credits for returns, volume rebates and promotions. A portion of the provision...

  • Page 93
    ... at 75 Network Drive, Burlington, Massachusetts) Northwest Park Lease dated as of November 20, 2009 between Avid Technology, Inc. and N.W. Building 28 Trust (for premises at 10 North Avenue, Burlington, Massachusetts) 1993 Director Stock Option Plan, as amended 1994 Stock Option Plan, as amended...

  • Page 94
    ...Stock Incentive Plan Form of Restricted Stock Unit Agreement for Outside Directors under the Registrant's Amended and Restated 2005 Stock Incentive Plan Form of Stock Option Agreement for UK Employees under the HM Revenue and Customs Approved Sub-Plan for UK Employees... March 23, 2009 December 19, ...

  • Page 95
    ... and Martin Vann #10.37 Form of Executive Officer Employment X Agreement 21 Subsidiaries of the Registrant X 23.1 Consent of Ernst & Young LLP X 31.1 Certification of Principal Executive Officer X pursuant to Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as adopted pursuant...

  • Page 96
    ..., Jr. Chairman and Chief Executive Officer, Open Solutions Inc. Corporate Headquarters Avid One Park West Tewksbury, MA 01876 tel 978 640 6789 www.avid.com European Headquarters Avid Technology Europe Ltd. United Kingdom tel +44 175 365 5999 Asian Headquarters Avid Technology (S. E. Asia) Pte. Ltd...

  • Page 97
    Avid One Park West Tewksbury, MA 01876 USA www.avid.com