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57
AVID TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
December 31,
2014 2013
ASSETS
Current assets:
Cash and cash equivalents $ 25,056 $ 48,203
Accounts receivable, net of allowances of $10,692 and $13,963 at December 31, 2014 and 2013, respectively 54,655 56,770
Inventories 48,001 60,122
Deferred tax assets, net 322 522
Prepaid expenses 6,892 7,778
Other current assets 17,932 17,493
Total current assets 152,858 190,888
Property and equipment, net 32,136 35,186
Intangible assets, net 2,445 4,260
Long-term deferred tax assets, net 1,886 2,415
Other long-term assets 2,274 2,393
Total assets $ 191,599 $ 235,142
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable $ 32,951 $ 33,990
Accrued compensation and benefits 32,636 30,342
Accrued expenses and other current liabilities 32,353 41,273
Income taxes payable 5,480 6,875
Deferred tax liabilities, net — 14
Deferred revenues 206,608 211,403
Total current liabilities 310,028 323,897
Long-term deferred tax liabilities, net 136 565
Long-term deferred revenues 208,232 255,429
Other long-term liabilities 14,273 14,586
Total liabilities 532,669 594,477
Commitments and contingencies (Note K)
Stockholders’ deficit:
Preferred stock, $0.01 par value, 1,000 shares authorized; no shares issued or outstanding — —
Common stock, $0.01 par value, 100,000 shares authorized; 42,339 shares and 42,339 shares issued and 39,294
shares and 39,082 shares outstanding at December 31, 2014 and 2013, respectively 423 423
Additional paid-in capital 1,049,969 1,043,384
Accumulated deficit (1,321,798) (1,336,526)
Treasury stock at cost, net of reissuances, 3,045 shares and 3,257 shares at December 31, 2014 and 2013,
respectively (68,051) (72,543)
Accumulated other comprehensive (loss) income (1,613) 5,927
Total stockholders’ deficit (341,070) (359,335)
Total liabilities and stockholders’ deficit $ 191,599 $ 235,142
The accompanying notes are an integral part of the consolidated financial statements.