Hey, everyone. Good morning, ladies and gentlemen, and welcome to Avid's 2022 Investor Day. Thank you for attending Investor Relations and Corporate Development. We have a great set of discussions for you today, including presentations by members of our executive team in a live discussion with a couple of our important customers. Before we start the program, let me cover a few logistics details. Please note that this call is being recorded today, May 24 at 11 A.M. We have prepared a slide presentation for the discussion, which is currently available on the Events & Presentations page of our investor relations website. It contains a reconciliation of the most closely associated GAAP financial information to the non-GAAP measures and also definitions of the operational metrics used on this call and in the presentation. Unless otherwise noted, all figures discussed by management during the call are non-GAAP figures, except for revenue, which is always GAAP. In addition, certain statements made during today's presentation contain forward-looking statements that are based on our current beliefs and information available as of today. Actual future results or occurrences may differ materially from these forward-looking statements. For more information, including a discussion of some of the key risks and uncertainties associated with forward-looking statements, please see our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC and the lovely small text on the screen right now. Tim Claman, following that discussion of our video business, we'll have a panel discussion with two of our important customers who are innovating with our cloud and remote solutions, moderated by Craig Dwyer. Following the customer panel, we will have a break. During the break, we'll have lunch available as well as there are three demo stations of new solutions that we've released or previewed to the market in the past, recent months, which are out over that way, which you'll be guided to at lunch. Address virtual questions. With that, let me turn the call over to our CEO and President, Jeff Rosica, for his remarks after this introductory video. We believe in art, culture, and the power of creativity. For us, this business is more than a business. Our fantasies, our realities, our most important moments are made by you. We believe in our artists, in our future artists, in the future of our industry. Here's our perceptions and changes our world. We believe that your work moves us all forward, so we work to keep you moving. At Avid, we make many products, but we only do one thing, maximize the mediums of amazing makers. Every minute. We are a live stream. We really do thank you for taking time out of your busy schedules and attending the event with us today. Thank you for joining. Let's get going. We've got a lot to share with you all today. Before I start my own segment, I'd like to let everyone know that the full executive team from Avid is here with us today. Several of them are gonna make presentations today, but in any event, they're all here just in case you have any questions or simply wanna say hi, and feel free to say hi during the break. I also wanna acknowledge that a few members of Avid's Board of Directors have joined us today, including Peter Westley, the Chair of Avid Technology, Nancy Hawthorne, who's Chair of the Audit Committee of our board, and Christian Asmar, founding partner at Impactive Capital and also a member of our board. Thanks to all of you for joining us today. We really appreciate it. Again, both the executive team and the members of the board are here to support you. As Whit said, we'll have a formal Q&A, which you can ask questions here in the room, and of course, virtually via the Q&A window on the stream. I gotta say, I really enjoyed the opening video. I've always liked it. It really, for me, outlines that we really are powering greater creators across the media landscape and around the globe. It so well defines the passion that this company has and this team has at Avid for what we do and our own values, but also the mission and vision of our company. At Avid, I think we stand in a really unique and quite valuable position in the media and entertainment industry. If you watch movies, if you watch television, or you listen to music, you may not know it, but you're almost probably every day watching Avid tools and Avid solutions at work around the globe. That's because a lot of the award-winning artists, most of the major media creators and media companies and studios and major broadcasters around the world all rely on Avid every day to create their content. We are a market leader. For those that don't know us, we're a top brand, and we're really helping reshape the entire media industry, looking at the value chain and how our powerful technology solutions can help people better create, manage, store, distribute, and monetize film and do it more efficiently, which is obviously an important driver in our industry. Our tools and platforms empower more than a million users and thousands of media enterprises to help them tell their stories and create great content, but most importantly, build better businesses. Before I begin my presentation, I always like to start with taking a couple of minutes to outline what we believe and what I believe personally represents a really strong thesis on the investments in Avid. Number one, as I mentioned, we are a leading media technology provider creating very innovative solutions for the industry, which have very sticky customer relationships. That's something that's very beneficial for our business and for our model going forward. There are also big, as you all see it in the news every day, and you probably follow a lot of what's going on. A lot of big shifts in the media markets are driving tech refreshes, and it really is important because there's a lot of new business customer requirements that really play well into our strengths as a company, our unique capabilities as a company. The third one is that, there's a significant opportunity to drive continued growth of our subscription business, driven by both the creative sides and also the enterprise side of our business. We'll talk a lot about that today. We're also in the very early stages of the transition of the media industry to SaaS or cloud solutions through running things in a public cloud environment. We're in a very strong competitive position there, and we've got first mover advantage in a lot of the really heavyweight complex workflows that people are trying to bring to the cloud. You're gonna hear a little bit about that today from the customers that are gonna be talking. We've worked hard to create very solid business fundamentals for the company and a very positive performance direct trajectory for Avid, with improved revenue growth, improving profitability, and free cash flow. With our strong expected cash generation, which is helped by the significant NOLs that we have as a company, yields really substantial opportunities to really do very strategic capital allocation to make sure we can optimize long-term shareholder returns and value. Simply, as a significant shareholder myself, I firmly believe that we have a strong opportunity here at Avid, and both today and looking forward, really to continue to drive a very substantial value creation opportunity for our shareholders. Okay. Today I'm gonna arrange my presentation up front here in three key themes. First, I wanna remind everyone around our journey. For some who may be joining us today, or especially on the virtual screen, may not know of our recent trajectory. I'll give a little bit on that. I then wanna frame up and highlight the significant opportunity that we see. I'm gonna go at a very high level here in the beginning, but in each of the modules from the businesses, you're gonna see them dig in a bit and actually help you understand the opportunity and break it down a bit, which I think will be good for everybody. Finally, I'll offer a high level view of our company strategy and our long-term financial objectives and our vision. Again, over the course of the next few hours, the team will drive into that or dig into that pretty deeply for you. Following my presentation, as I said, several members of our executive team are gonna participate, including the general managers of our two business areas, which are our Audio and Music Solutions business and our Video and Media business. There'll be a lot of discussion with them on all the opportunity. Then Ken, who is our CFO, will be sharing some important financial information, giving you some updates on our long-term financial model and the assumptions that we have underlying our five-year strategic plan. With that, let me move on a little bit to our recent trajectory. As you can see, and if you follow Avid, I think what's important is over the past few years, this team has, since we took leadership of the company, we've put Avid on a very positive financial performance trajectory. We've been building a valuable and growing subscription business, we've been delivering vastly improved earnings and generating strong free cash flow. With these improved business fundamentals and the strong balance sheet we've created, gives us a really strong foundation to build upon and for the leadership team to execute on our company strategy and five-year financial plan. Let's not look back. Innovation is really the core of what we do at Avid and why we are successful, why we believe we're successful. The pace of our innovation is accelerating recently. As such, we've been continuing to roll out regular product and feature updates, helping them realize their most important strategic priorities, but also to deliver a constant stream of valuable enhancements to our creative users, which is important for that subscription business on that side too. This is a major part of what's driving our profitable growth as a company, and this is especially important to continue as we really fuel the success of our growth and our subscription business going forward. You'll hear a lot about all of our market segments, including we're winning new logos in additional markets outside of the media and entertainment space itself. Our Chief Revenue Officer, Tom Cordiner, will be highlighting quite a bit of this during his presentations later today. As I mentioned before, we've been sharply focused on really growing our highly strategic and our very profitable subscription. The good news is that we really have only gotten started on this part of the business. We have a lot of opportunities still ahead of us, and that's gonna have a lot of growth over the next coming years. As part of our subscription strategy, we're driving multiple elements of subscription growth. It's not all just around one product or one segment of our customers. We obviously have a lot of also innovation that I spoke about earlier and category expansion plans as a part of our strategy. The way we like to think about our growth engine for the company is there's actually multiple tiers of subscription opportunity. We started first with the creative tools, and that's an area where we'll continue to place very hard focus on driving the sustained growth of this category. We've got a lot of really exciting opportunities ahead of us in this space, with our planned expansion in music creation, which Dana and the team will talk about here and into next year. I think you're gonna continue to see a very strong subscription engine, from that part of our business. Tom is gonna actually present some examples and some data points to help you understand how that opportunity looks as we look forward. The enterprise subscription is a very strong piece of our growth engine. The third layer, as we kinda talk, the third tier is, as I said before, we're really, finally at the very beginning stages of the move to true SaaS, consumption-based, on-demand SaaS type of services for the business. That is becoming an important part of our revenue stream, though a very, it's a burgeoning part of our business, and we see a lot of opportunity in this space to really deliver distributed, virtualized, collaborative workflows, which is what the media industry is trying to do. Of course, they're trying to save costs, they're trying to get more flexible, but they're really looking at how they're gonna innovate in what they're doing as a company. We're in a very unique position to drive that too. We won't look back and look forward a little bit. What do we see? We see a very large and growing market opportunity for our business. You'll see that some of these numbers have updated a bit since last year, some of it because of some of the recent. Importantly, as we've looked at our strategy and we've learned over the last year where the biggest opportunities are, as we've looked at where we can point our investments and where we can point our strategy, we actually see a larger market opportunity than even I think we shared with you last year. Part of this is the music creation space that we're digging into pretty hard. Overall, we've been innovating and looking at areas that we can move into. We have a TAM that now is north of $15 billion total available market opportunity. That TAM is defined where we want to go is around a 10% CAGR expected in the forecast. Now we see a landscape of about 40 million creative users, and enterprise creative users, that really create a strong opportunity for us as a company. There are macroeconomic conditions that are feeding. Obviously, we all talk about video consumption and the content creation that's going on around not just streaming, but network and VOD, AVOD, and SVOD, and other services. The recorded music industry has rebounded and is very strong today, and that's driving a lot of investment. Then just the whole idea of professional and expert video creators or serious media creators that are out there, and that they're trying to get seen or get heard or to monetize their what they're trying to do, that market is very large and growing quickly. Again, that gives us $40 million or 40 million user potential TAM for that. We see a very large opportunity. Again, I'm just hitting it in at a very high level. The team's gonna take you down through this data a little bit more and give you a lot more data points to look at. Again, suffice to say, we think there's a very large opportunity here. If we look at what the company's strategy is, I think I'm gonna start. We have, again, two businesses, business areas for the company, the Audio and Music Solutions business and the Video and Media Solutions business. In the Audio and Music Solutions business, what we see here is, obviously, we're gonna continue to maximize the growth opportunities and optimize the business for proper profitability. As you see, we're doing quite well, but we're not done. We'll continue to optimize our core businesses. We're also gonna be and part of our focus is on really aggressively pursuing the large down-market opportunity that we see around capturing this fast-growing music creators opportunity. We have the brand, and we have the product and technology to be able to do this, and so we'll spend some time talking about that. On the other side of the business, the Video Media Solutions business, there is a creative element, but this is strongly our enterprise business, where we do a lot of our businesses is for businesses that are in the business of creating media. Here we wanna expand our wallet share across media enterprises with major innovations that are cloud-enabled and uniquely address the distributed workflows. There's a lot of focus in our industry around remote workflows and around distributed teams. All this got accelerated with COVID, even though it started before COVID came into our lives. We see a real opportunity here to again expand that wallet share and also broaden our position outside of media entertainment. I know Tom's gonna talk a little bit about that and give you some idea on that when we dig in. Now if I just double-click one layer down underneath each of these businesses, give you a little more, let's say meat on the bone here. On the music creation side, again, we really believe we have an opportunity here to build a leading position to create a unique and compelling end-to-end music creation offering that we think will capture that wider music or fast-growing music creators opportunity. We'll do that from using the DAW as the hub or as the center point of our strategy there. We think we, again believe we have a very strong position to grow on that. Again, Dana will dive into that a bit today, and I think you'll be excited about what we're doing. Also, I will say a demo of one of the new entries we've brought to this market is being demonstrated in the room when you take a lunch break. In audio post-production, we'll continue. We have a large position here. We'll continue to see growth from this market as really the market's being driven by what we see as sustained growth, especially at the high end and new audio formats. But we also see an opportunity. We're gonna optimize this business, but we see some innovation opportunities here. In this space, the picture and the sound that goes together for television shows or film, the workflows in those spaces are not really fluid and they're expensive. We're working on some innovations to create what we call innovations around picture and sound workflows that we think is gonna give us another really important leg of opportunity in the audio post-production business. That, I'm just mentioning one innovation. There are several we're looking at.n Then live sound, as that segment continues to recover, you know, post-COVID, and as live events get more and more going, we see a real good opportunity for sustained growth here for this part of our business. But we're also continuing, though, to really focus on optimizing the performance of that business, going forward, which is important. On the video and media side of the business, I think there's three areas here, but in news and sports, TV and film, and video creation. In news and sports, where we have a very large and strong market position, we've got a MediaCentral, which is our platform, which you can also demonstrate in the demo room. This platform is very widely adopted across the industry. We have a good footprint across the globe, and we are focused on delivering needed innovations in the space of news and sports that are gonna redefine the market solutions. Our emphasis is all around these kind of hybrid cloud deployment opportunities, but also taking a very digital-first approach that we think can grow share of wallet. We're already seeing that share of wallet grow as we've been leaning into this space. Secondly, another really core part of our business is the TV and film production. Obviously, Avid's a big brand in this space and well-known. We're gonna be focused on strengthening and expanding our market opportunity and our position across the production life cycle with some very, again, unique cloud-enabled innovations that we think can realize what we call, what Tim is gonna talk about, a virtualized production vision. We'll get into that in some detail. We see a very large opportunity there. We'll continue to optimize this business for performance. Finally, like in music creation and video creation, there's a big opportunity here, and we'll be building on our strong market position in the high-end editorial space, but we'll be expanding our opportunity by uniquely addressing the needs of the video creative market, which is evolving and is changing. This is both on the pro video market side, but also in the individual video creatives. Here, we're really looking at how we can innovate around better team collaboration and about concurrent creation, which again, Tim will talk a little bit about as he talks about his strategy. I should have said also, education market is also very important for us. Underpinning a lot of this is education, whether it's the educational institutions, the students, or even our learning partners around the world, or just for people to learn Avid tools. We're investing strategically in areas where we can improve go-to-market, improve our learning resources, and how we're helping people educate the next generation of users. That's an important strategy underpinning all of this. Also underpinning our strategy are four key themes I wanted to highlight. The first is, as I talked about, you can imagine that continued evolution is part of our forward-looking strategy. I wanna make a very important point here that we are taking a very strategic approach to our innovation focus. We wanna make sure that our investments are placing a strong emphasis on the strategic priorities that will drive subscription and drive SaaS growth. We're also making sure we're ensuring to build further unique differentiation in our offerings, which will continue to give us a very strong competitive edge. Second area is that over the past few years, we've built a very strong go-to-market engine as a company, and we're gonna continue to evolve that and optimize that in support of our overall strategy. Our go-to-market capability is being built to make sure it's highly efficient and it's a high-performance organization across both our customer and our commercial teams, and across all of our routes to market between e-commerce and channel and direct sales. Another element of critical importance for us is our strategy around customer experience, and this is something that KAM’s gonna talk about during one of the modules. This is obviously very important for a subscription SaaS business, and so we're continuing to make strategic investments in this space that are gonna deliver us that best-in-class customer experience. More importantly, it's really to drive the data that we're looking for, the results that we're looking for in our subscription business, whether it's acquisition or whether it's getting adoption to go wide with an account or to make sure we're retaining that account. There's a lot of work placed on that, and KAM will talk about it, about that today. Then finally, supporting all this is a key objective for us is to continue to optimize our business operations. We're really focused here on enhancing operational capabilities, but with the ultimate goal here to significantly improve efficiencies for the company. These are all being addressed through our digital transformation initiative, which I think Ken is gonna talk about. I'm sure everybody will mention it here and there, but Ken will, I know, will give some information behind this. Then finally, I wanna highlight that ESG and our corporate efforts around sustainability are strategic priorities for the company and are an integral part of our long-term strategic plan. Our executive leadership team is committed to it. Our employees across the globe are passionate about it. It's also quite important to our customers, users, and partners across the media industry. As well, the Avid Board of Directors strongly supports our company's commitment to ESG and believes that their oversight obligations including ensuring that social and environmental issues are part of Avid's long-term strategic vision and our plans. Now, what I wanna do is bring up Alessandra Melloni, who is Avid's General Counsel and our Chief Ethics and Compliance Officer, as a part of her role, but also because she has a great passion around this subject. Alessandra is executive who leads our cross-functional effort for the company on this. Alessandra, I'll let you. Thank you, Jeff. This is indeed something that I am very passionate about. We recently published our first sustainability report, and while we are somewhat early in the journey, as Jeff said, this is very much something that is part of our DNA, and it's a very strong focus for both management and for the board. Publishing the report was a really good step for us, and we were able to immediately leverage it to get some stakeholder feedback, to show us where we need to focus our next steps. Our next concrete steps are the formation of an executive-level steering committee that will coordinate our efforts, determinations on resourcing, and then we plan on doing a formal materiality assessment. We also do plan on updating the report regularly and to generally enhance our disclosures on ESG-related efforts. We're obviously also keeping a very close eye on legislative developments like the SEC Climate Change Disclosure Proposal to guide our focus for the next sort of 12– 18 months. Let me give you just a very few quick illustrative examples of what we've achieved so far and what we're proud of. A continued focus on diversity is something that we really feel very strongly about, and this permeates through all levels of the company. It doesn't just include, as you can see, the board and the executive team, but it extends into the leadership of the entire employee base. Since January 2021, 56% of all leaders that we've hired in the company were female. We have, as of this year, completely de-staggered the board, and we are committed to good corporate governance. Let me sort of give you a final topical example of how we view our role as a global citizen, and we can talk briefly about the unfortunate situation in the Ukraine. We both acted as a company, globally and decisively. We made strong public statements. We condemned the actions. We ended all commercial engagement in Russia and in Belarus, but we also acted on an individual level, where multiple team members, in particular in our Polish office, immediately sprung into action and organized relief efforts at the border. While it's very early days, I am very proud of where we are, and I am very excited about where we'll go with this. Thank you, Alessandra. Really appreciate that, and it's a great effort. Let me just include in a couple more slides, and I'll turn it over to the next presenter. Looking ahead to our vision for Avid in 2025, this is something that we do. We like to put out our goals to ourselves and hang them on the wall and stare at them all the time. I want to share with you what we see the outcomes for us in our strategy. We see in 2025, we'd be predominantly a software subscription and SaaS solutions company. That means there'll be a large majority of our business. We'll hold an even larger and stronger competitive position in the music creation segment. We'll be an undisputed market leader of end-to-end solutions for higher-end TV and film. We're there today, but we see an actually larger opportunity for us in that space. We're gonna have a strengthened industry leadership in news and sports with very unique hybrid cloud and digital-first end-to-end solutions, as I said earlier. We wanna be recognized as a leader for the next generation collaboration tools and workflow solutions for virtualized distributed teams, which is a very important move that technology is doing right now in the media space. With this, we've set a five-year strategic plan with our long-term financial objectives in 2025, and I know Ken's gonna go over those in some detail during his presentation. Maybe some high-level points here that I'm staying focused on is our target is to have more than $385 million in subscription and SaaS revenue, which would represent the mid-60s as a percent of total revenue in 2025. Our recurring revenue will be in the mid-80s as a percent of total revenue for the company, if not better. At a minimum, we'll have a target of 27% adjusted EBITDA margin with an expected free cash flow conversion of at least 80%. As you can see, it's a very compelling set of targets that we have for our financial plan. Again, as I said, Ken will go over this in some detail later today. While I close my portion of today's presentation, I do wanna leave you with a really important message. Underpinning all of our priorities, all of our efforts, and all of our focus, and as well as our strategic plan, are four key business outcomes that our management team is highly committed to and remains sharply focused on. We'll continue to focus on driving sustained revenue growth. We'll continue our efforts on improving profitability. We'll continue our ongoing focus of delivering strong cash generation, and all of this with the goal to increase shareholder value. We're confident, and I'm confident in our performance trajectory, and we're excited about the significant opportunities we see in the market and that we think our strategy is gonna deliver for the company. Now, I wanna invite up Tim Claman, who is our General Manager of the Video and Media business area. He's gonna be leading this presentation along with some of his colleagues. Before Tim takes the stage, though, again, we're a video company, so we're gonna show you a few videos. Sorry about that. We have a short video on one of our newest innovations that was developed to support remote workflows in post-production. It is called NEXIS | EDGE. In fact, just won an industry award a couple weeks ago. Thanks, everybody. We'll see you in a little bit. For over three decades, filmmakers, TV productions, and all kinds of content creators have used Avid tools and workflows to collaborate. The workflows were shaped by the tools themselves and by the intrinsic human need to collaborate, work together, and divide the effort among teammates. About 10 years ago, filmmakers and TV productions had a new ask. Was there a way for the workflow that they knew and were familiar with to extend beyond the boundaries of traditional brick-and-mortar post-production? Introducing Avid NEXIS | EDGE. The need to collaborate and the need to work from anywhere isn't new, but the global pandemic made this need that much more dire and that much more urgent. To accomplish this, we start with our core competency in post-production. Shared storage in the form of a facility-based Avid NEXIS, editing tools in the form of Avid Media Composer, and Avid shared bins, projects, and media. To enable a work-from-anywhere solution, we're adding a new proxy format. Proxy format is a sibling media format joined at the hip to every media file you have on your NEXIS shared storage. Every clip in your Avid project will now have two media formats associated, a high-resolution format and the new NEXIS | EDGE proxy. The high-resolution format is anything greater than the proxy. DNxHD 36 could be the high-res, for example. Avid NEXIS | EDGE is a new solution that ties together all the post-production focused tools from Avid. Avid NEXIS shared storage, new versions of Media Composer and Media Composer distributed processing, and a new NEXIS Client, all of which are integrated directly into NEXIS | Edge. The objective is work from anywhere and to bring with you the workflows and tool sets that productions have relied on for decades. NEXIS | Edge is just one example of technology innovation from Avid that's really changing the way our customers are working and positioning us for continued growth and profitability. My name is Tim Claman. I'm really happy to be here today to share more information about our story. On the video and media side of the business. To start, I'm just gonna give you an overview of that business. For those of you who don't know Avid, we are a market leader in video creation for film, television, entertainment, news and sports, and for customers outside of media and entertainment. We're positioned for profitable growth. What you can see on the left side is the three primary product lines for the video and media business area. Starting with the product that really launched Avid as a company, and that's Avid Media Composer. That's our Academy Award-winning software for video creation. For those of you who haven't followed the industry for decades, you might not know that Avid actually invented that category. We created the world's first computer-based digital video editing platform. We didn't just rest on our laurels there. We continued that innovation. What you see is, we extended the workflows to our expanded platform. MediaCentral is our media management and workflow automation platform for our enterprise customers. Underpinning those solutions is NEXIS software-defined storage. That enables the kind of collaborative workflows and high performance that are essential for our media customers. With that portfolio, we're able to address the needs of video creators, individual creators all the way up to the largest media enterprises, and everyone in between. The one thing our customers have in common is that they make amazing video content, and we're very lucky today to have actually a couple of our more innovative customers with us in the panel that directly follows my session here. Avid is well positioned for growth, given this really strong position in the market. One of the reasons why we are growing is there's a lot of change. Jeff touched on this. I'll add a little more detail. Our customers are having to transform their businesses, and that's in response to really unprecedented changes fueled by increased demand for premium content, and we all know that as media consumers, but also operational challenges that were accelerated by the pandemic. As media companies continue to shift towards direct-to-consumer business models, they are really facing intense competition for viewers. They need to find ways to create more content, so they need to be more efficient. They need to customize that content for more distribution outlets than ever before. With the disruption caused by the pandemic, they had to find new ways to work from anywhere. Really, what they see now, what they've been awakened to, is the opportunity to virtualize their workforce, their tools, and their data. They're not going back to the way they worked before. That creates an opportunity for Avid because we are innovating to help them with these challenges. Just to put some numbers around it, Jeff covered some of this, but there's a really, really significant growth trajectory available to Avid. You can see on the left side the kind of macroeconomic factors and some numbers that depict that. Video consumption revenues were more than $230 billion last year, growing 7% year-over-year. All the media that you've been watching during the pandemic, you just continued with even more viewing the following year. To compete in this increasingly competitive environment, our customers spent more on commissioning new content. You can see that here, as the top studios and streaming services spent more than $100 billion commissioning new premium content last year. To help generate all this content, there are now more than 45 million expert and pro video creators worldwide. You can see on the left side, there's a lot of opportunity, and a lot of growth in the marketplace for our customers, and that translates into significant addressable opportunities for Avid. You see $12 billion of technology spend by our calculation, and really, that's for technology spend in the product categories that we offer, that Avid offers today. It's a huge TAM for us to grow into, and it's actually continuing to grow, based on the market research we've looked at. It's projected to grow 11% per year over the next five years. Then you can also see 20 million+ video creators that are accessible to us within the segments we serve. That's therefore, it's no surprise that our software subscription and maintenance revenue grew 17% year-over-year in Q1 of this year. One of the strengths that makes Avid unique and different in the market is our scalable solutions portfolio, and that enables us to meet the needs of individuals all the way up to the most demanding media enterprises and everyone in between. You can see here a really simplified view of that scalable portfolio, and you can see how that projects against the customer segments that we serve. Starting with that top blue line is the kind of common element in Avid workflows, Media Composer for video creation. Below that, you can see NEXIS storage. That's the high-performance software-defined storage layer that really powers creative collaboration for teams of content creators. Then below that, you see MediaCentral, and that's our platform for media management and workflow automation. It's targeted primarily at enterprise customers, but you can see from the depiction here that we're really able to take the whole portfolio gradually into adjacent segments and really grow our market position. We also offer SaaS solutions. I'll talk about Edit On Demand in a few minutes. We also have, of course, additional offers for integrated graphics workflows, video ingest, video playout. We have APIs for integration. We have a very large partner ecosystem. This is just a simplified version of the portfolio. We have a lot to offer, and it's really the breadth and depth of this solutions portfolio that creates that stickiness that Jeff talked about. Stickiness with our customers, it translates into lifetime customer value for us and positions us for growth as we work to increase our share of wallet and extend our position into adjacent categories and segments. I'd like to touch for a couple minutes on some recent innovation. You know, Jeff said we're a technology company, so what gets us excited is innovating in ways that change things for our customers and make them more creative and efficient. Starting on the left is a solution where we've taken the power of video streaming. You all tap into the power of video streaming when you're watching your favorite shows. We've brought that capability into the post-production and production workflows upstream. What it means is, where a producer, a director, a showrunner might have had to be in an edit suite in a facility in the past, co-located with the editor who's actually putting the show together, now that's not necessary anymore. These creative stakeholders who used to have to be co-located in a specialized facility can now be anywhere because we can stream the output of Media Composer to anyone, anywhere. This is demonstrated, you'll see this available for demonstration next door during lunch. This is a really powerful concept because it really starts to create mobility for the workforce and for the participants in the workflow. We're also virtualizing the workflows for the editors themselves. That middle picture there, remote editing, and you just saw that video about NEXIS | EDGE. This means that the editors themselves don't have to be stuck in an edit suite in a facility. They can edit from anywhere, and as the video described, they get the exact same user experience and workflow that they're used to in the facility. That's really about NEXIS | EDGE. The third item on the right really shows the power of the MediaCentral platform, and it references the MediaCentral | Collaborate app. Again, this will be demonstrated next year next door. Collaborate allows us to connect all the roles in the workflow. For every editor that's actually editing a show, and that's traditionally our customer, there are now roughly nine or 10 participants in the workflow, whether that's writers, producers, directors, showrunners, assistants. There's a whole ecosystem of additional users that we can bring into the workflow with MediaCentral | Collaborate. That allows us to increase our footprint and our stickiness with customers, but it also allows us to increase our share of wallet. For our customers, it allows them to start to virtualize their workflows and get better utilization of their technology assets and their human resources. That's a little bit about innovation and virtual workflows. The other reason why virtualized workflows is important is, it's a pathway. It's a stepping stone in the gradual migration that our industry is following to the cloud. Once a customer has virtualized that user experience, they can gradually change out the infrastructure underneath. They can centralize it, and they can make it more economical and elastic by leveraging cloud technology. Over the past few years, Avid has been collaborating closely with our most innovative customers, including the panelists you're about to hear from. We've been working together to tap into the power of the cloud for content creation workflows. This collaboration has resulted for Avid in a growing portfolio of cloud solutions that offer flexible deployment models but also simplified user experience and flexible business models that scale from, you can see on the left here, self-service SaaS to managed services, where we're actually providing the service to the customers and managing the footprint of infrastructure and applications to bring your own cloud. I'll just give you a quick example for Edit On Demand. That's the solution on the left here. It's self-service. You could go to avid.com today, set up an account, go to a portal and say, "I'd like 10 Media Composers and 5 TB of storage, please." Immediately, we would orchestrate the deployment of that solution for you in the public cloud. You would then pay for that as you need it, and when you were done, let's say, editing your pilot TV show, you would just spin that resource down, and no longer have to pay for it. It's self-service, and it gives you that consumption-based business model that gives you that business agility and also over time reduces your cost. That's on the left. You know, we also offer managed services through our global cloud practice that Craig Dwyer heads, and he'll talk about that. On the right, some of our customers just want the software subscriptions from Avid, and they're gonna deploy them in their own cloud tenancy. We have an example of that on the right. Just to summarize this, the flexible commercial approach that we're following allows Avid to meet our customers wherever they are in their cloud journey while driving additional adoption of software subscriptions in the enterprise space. When we step back from the recent innovations and think about where this is all heading, our future vision becomes more clear, and that's a vision for fully virtualized production, so that the users can be wherever they are, the data can come to them automatically, and that they can focus on the core competency that is so essential for them, and they can generate that unique value, which is really reaching their audiences with the best possible premium content that can set them apart from their competition. We see this as a really powerful vision. For Avid, this transition will significantly, we believe, accelerate our growth, allowing us to expand our customer base and grow our share of wallet, but also increase our software subscriptions by providing services that help automate that data storage and management. Also, truly concurrent content creation, so teams can work on the same programs at the same time, and then connecting together all the roles in the workflow, enabling collaboration, communication, content sharing, and even project coordination from a central cloud-enabled workflow automation service. This is a very ambitious vision, and it's gonna take time, but the good news is that we're already very far down this road because just as our customers have been transforming, so have we been transforming at Avid. Here to tell us more about how we've been transforming to position ourselves for this new opportunity is my colleague and our CTO, Kevin Riley. Kevin. Thanks, Tim. Appreciate the introduction. Hello, everyone. It's great to be here again. Last year, a key message as part of my speech was technology fueling business expansion and acceleration. I wanna revisit that theme again this year 'cause we've been hard at work at that. Over the course of last year, we've made great progress with some very compelling proof points. Our cloud platform focus is really on using innovative technology to enable faster onboarding of customers and cost-efficient business scaling for Avid. As part of this is what Tim alluded to, a key part of the strategy and how we're engineering the platform is we have to meet the customers where they are and build a bridge for them. Whether they're on-premise, starting to move to cloud, and they're gonna run on what we call hybrid workflows between cloud and premise. Whether they wanna run on their own in their own cloud with our products or consume our SaaS product. It's really important that we build that bridge across all three of those different use cases with our platform capabilities so that our customers can take their full journey with Avid, end to end and never have to move away from us and our offer. As Tim noted, we've had a really strong launch into our target markets with cloud and SaaS, with some great proof points, with some of the customers he showed, some of those three large logos. What has this done? This really informed kind of our investment strategy last year. Where do we invest to advance our platform, based on what we're learning from the industry, what we're seeing from our customers? It's also informed our go-forward strategy. It's all great learnings and great experiences as we partner with some key customers in our industry. We're now shifting to the next innovation phase, which is really building the cloud platform infrastructure to drive increased business scale, repeatability and margin expansion. The strategy, the underlying strategy in support of that is really to kind of expand and build a common, reusable, scalable platform that allows us to monetize all the great assets that Tim showed you that we have in our portfolio in this business area, right? It's really about building a monetization engine that allows us to accelerate towards cloud and SaaS with the assets that we have. This will help, you know, accelerate our go-to-market obviously, but also help us optimize our cloud and SaaS OpEx internally through reuse and repurposing and commonality across the various offers. Across the board, we're using really innovative web-scale technology to achieve the following. We wanna leverage cloud infrastructure to deliver compelling economics. We wanna abstract away the complexities of deploying applications in the cloud and let our customers focus on their craft and their workflows. We wanna position security as a competitive differentiator for Avid. Avid is a trusted brand for secure media, and we wanna capitalize on that as we continue to move forward and move to cloud and SaaS, where security becomes even more top of mind. We wanna put self-service in the hands of the customers, so that they can onboard their users and they can scale on their own and consequently minimize time to revenue for Avid. Lastly, we wanna wrap all of this in a common subscription framework backed by the investments that we're making in our digital transformation to rewire our back office to allow us to rapidly operationalize new subscription offers. Tim will take you through kind of how far we've come so far with subscription, with his products, but also where we're going. You'll see how quickly we can move now that we have this common framework and infrastructure to leverage across the portfolio. Net-net, you know, all this really enables our customers to focus on their workflows and Avid to rapidly operationalize cloud and SaaS offers. You know, it's important. It's also really important to note that I've talked a little, talked a lot about, like, where we're going future-wise as we're delivering innovation towards our future. We have leveraged this cloud and SaaS factory, if you will, already with some of the early adopters Tim has shown and many more. We're running at scale today. In every cloud and SaaS use case I mentioned earlier. Our platform optimizations and learnings as we work with our customers have allowed us to reduce our onboarding times for customers and their users from hours to mere minutes now. We are accelerating towards cloud and SaaS business scale with the customers we're partnered with and our learnings over the last year. All this experience has really afforded us the opportunity to harden the platform, figure out what capabilities need to be optimized and can more importantly be monetized and shape our go-forward strategy. Internally, we've organized around this, between myself and Tim and Dana, who you'll hear later. We are organized around our platform strategy. We've brought in some key cloud and SaaS talent into the teams to help infuse some really good outside learnings and expertise. We understand the mission, and the team is very, very excited to go after the opportunity that Tim's laid out in front of you. With that, I'll thank you for your time and turn it back to Tim. Thanks, Tim. All right. Thank you very much, Kevin. That gives you a little bit of a glimpse into Avid's transformation, and how we're building this common platform, and we're using it not just in Video and Media Solutions, but also in the Audio and Music Solutions team, as Dana will tell you about in a few minutes. This is, again, a journey that we've already been on for a period of time, and it's largely fueling our growth because we're able to launch new subscription offerings, new SaaS and cloud offers, and really kind of drive our recurring revenues, our strategic revenues, at an accelerated pace. Let me touch on just a few of the subscription growth areas, the product lines that are really driving subscription on the video side, starting with Media Composer. Really what we've been doing, this transition to subscription for our video creation tools business has been underway for a while, and we've made really great progress. You can see, with some of the numbers there that we're just building continued momentum. If you look at our results just in the first quarter of this year, you can see we grew our subscription revenues for Media Composer by 36% year-over-year, and we grew the units, the actual seat count, by 29% year-over-year. That's not unusual for us. It was actually pretty typical for what we're doing on the Media Composer subscription business. I invite you to look at the results from other vendors who make video creation software, because I think you'll see what we are seeing, which is that we're actually outpacing the market in terms of our growth for video creation software. When we look at the subscription growth, we're really driving it in three ways. Of course, we're converting our existing customers to subscription, but we're also upselling them to higher value offerings. We're providing more value to them, so they're paying us more per seat, so ARPU is going up. Third, we're actually attracting net new customers and net new seats in our existing customers. In fact, when we looked at our 2021 numbers for Media Composer, we saw that roughly 40% of the seats were net new in the course of 2021, those are net new seats. The transition to subscription is in full swing for Media Composer and video creation software. At this point, we're really in the early days of the transition to subscription for MediaCentral, Avid's enterprise software platform for media management and workflow automation. Late in 2020, we made that shift towards subscription, opting in for higher value offers through the web store. When we really emphasized the subscription business for our enterprise customers starting in late 2020, we had high expectations, but the results have really outpaced those expectations. You can see that reflected in the numbers here. In Q1 of 2022, we saw 220% year-over-year growth in subscription revenue, and that translated to 435% subscription unit growth. That's a dynamic that you'll see in our subscription business. If those numbers were the same, like if revenue was growing the same as seat count, we wouldn't really be growing our position in the market. When we work with customers and we provide them subscription offers with higher value, they opt in. That's partly because they need more seats because they need to generate more content to be competitive. That's a really great story. That's the second video product line that's really a subscription growth engine. The third one is new and I'm very happy today to announce for the first time publicly that we are now offering NEXIS storage as a subscription as an alternative to traditional CapEx storage infrastructure purchases. Now, when you see NEXIS here, those of you who follow Avid closely, we have well over 5,000 NEXIS systems deployed worldwide at customer sites. When you think about NEXIS and how it looks in a facility, it looks like a bunch of hard drives and chassis in a machine room. But the real magic of NEXIS comes from the software layer that sits on top of that commodity cost hardware. Over the last few years, we've been working very hard to separate the software from the hardware, and that has allowed us to port the software so it can run, for example, in the cloud. This gives our customers a lot of flexibility. With NEXIS subscriptions, they can take that powerful NEXIS software that enables workflow collaboration and high performance, media workflows, and they can deploy it flexibly on-prem, or they can take those same licenses and deploy them in the cloud, and they can basically manage that transition gradually, to the cloud as it makes sense for them. They don't have to plan everything in advance. They can get into NEXIS subscription today, and then they can migrate as it makes sense for them. It's really powerful concept for customers, and we already have our first NEXIS subscription customers. For Avid, it's really meaningful because NEXIS is one of our biggest revenue product lines in the company. This transition is paving the way for us to convert this very large hardware-centric business to software and to convert that revenue from perpetual to recurring subscription revenue. Just to give you an example there. In the pricing model for our NEXIS subscriptions, we actually attribute more than 60% of the value of a NEXIS system to the software because that's where all the magic lies, that's where all the innovation lives, not in the hard drives that sit underneath. All right, so offering the option of perpetual CapEx models alongside subscription gives our customers choice, and it allows us to phase this transition over time, so we can really manage the business for profitable growth while positioning Avid for even greater participation in the market for cloud storage, which is growing at an estimated 37% CAGR. It's a great opportunity for us to take a really strong existing business and really put it on accelerated growth trajectory. What you can see here is these, conceptually, these product lines kind of layering up as we convert and offer subscription and SaaS solutions to our customers. That dotted line is where we are today, and I've talked about a lot of these solutions and how we've brought them to customers in new ways, giving them more agility with subscription and SaaS. This has really helped fuel our growth so far. We looked at the last eight quarters of business results, and just to give you an idea, we have grown our video subscription business by an average of 28% sequentially every quarter on an LTM basis for the last eight quarters. Really, when you see that green arrow, that is reflective of the kind of growth we're seeing numerically. We're really just getting started with enterprise subscriptions. You can see here some of the solutions I was talking about, the NEXIS Flex subscriptions, NEXIS | Edge, Team Licensing, which is for small to medium-sized businesses, so that they can just manage a pool of Media Composer licenses from a simple web portal. Maestro is our graphics solution product line, and FastServe is our ingest and playout. Even between now and the end of the year, we have five or six new subscription offerings that we're bringing to market, so we can bring that trajectory forward, and of course, there'll be more to come in the future. Shifting to recurring software subscription is a very large and compelling opportunity for us, but unlocking this opportunity really has required changes in the way we go to market. Next, I'd like to invite Tom Cordiner, our Chief Revenue Officer, up to tell us more. Great. Thanks. Hello, everybody. Last year at our Investor Day, I talked about, we've got thousands of customers that we can convert to a subscription. Although we're at the very early stages of this journey, we're really seeing very rapid take-up of these enterprise subscriptions offerings. That's really because it's kind of a win-win for both sides. On the left-hand side, you can see our customers and what they are gaining from deploying subscription. They are focused, of course, on building very highly efficient content factories so they can rapidly monetize the investments they're making in content. Subscription, enterprise subscription, helps them do that better and faster. The same versions of the software are easily deployed across multiple customer sites so they can collaborate easily. It's very easy for them to manage these multiple site estates. Also, very importantly, they have a path to the cloud, even if they're not quite ready to go there yet. Also, they have the most current and the value-added software features that Tim described. They're really only available in the subscription offerings. They get a better level of support as well, Elite versus ExpertPlus. Overall, it's a much more rewarding customer experience moving to subscription. For us, of course, it enables a longer term, more strategic engagement with these large media brands. It's also easier and more cost-effective for us to support, and it provides, of course, us as well, a path to these SaaS engagements, these managed service engagements with customers, and obviously, it's great for recurring revenue too. I'm now gonna take you through the major elements of growth, and all of these are driving our enterprise subscription uptake. Now, Avid, as most of you know, we have hundreds of thousands of customers, from the individual creators to the largest media brands in the world. Overall, as a total, these customers spend about $63 million on software maintenance annually. Now, of those hundreds of thousands, we've probably got 1,250 that we would call enterprise customers. The largest cohort of those, about 500, spend about $41 million annually on software maintenance. We started in Q3 2020 to transition this enterprise cohort, these 530 customers, away from maintenance onto enterprise subscription. As of the end of this past quarter, Q1 2022, we'd converted approximately 12% or 65 of those customers have done these longer term enterprise subscription agreements. Now, during these agreements, we've managed to achieve an average deal uplift of 1.4 x, and many of these customers have been longstanding Avid customers on long-term maintenance contracts, and they bought their last perpetual licenses five to 10 years ago, and been paying annual maintenance ever since. Now, the way we do these agreements is the majority of them are done at the time of the annual maintenance renewal every quarter as they come up. What that's enabled us to do with this uplift, because of the greater value that we can provide to these customers, is we're able to turn approximately $8 million of annual maintenance spend for these 65 customers into $11 million of subscription. As I said, we're only really just getting started, and our goal is to aggressively go after all of these opportunities, this whole cohort, but in a phased approach, so that we maximize our long-term model and of course maximize our free cash flow. As I said, this cohort, 532 customers, the total opportunity for their software maintenance is $41 million, but overall it's about $51 million-$61 million across the total opportunity. As I said, we've done 65, so that leaves 437 to go. Now, how we engage with customers, they're pretty detailed engagements. We really work hard with our customers to try and understand their value drivers, what they're trying to achieve with their business, and how we can best position all of our different enterprise subscription offerings to help them maximize the value in that investment and help them drive the transformation they want to do in their business model. As you look at this remaining 467 to go, we would expect to convert that $33 million of annual maintenance into somewhere between $40 million-$50 million of annual subscription. I have every reason to expect that the deal uplift will be anywhere from 1.2 x to maybe even 1.5 x as we build more value into our enterprise subscription offerings. Now, in addition to just uplifting maintenance, I also wanted to highlight here a couple of major enterprise subscription customer examples, who at the time of renewal, these were very early adopters of some of our subscription agreements, were able to very significantly grow the business that they're doing with us. The first one on the left is a global media and entertainment company. Both of these companies, in fact, are very global, but they're headquartered here in the U.S. This company on the left, they wanted to create a sort of global promo workflow capability for all their different production facilities around the world. We started in 2019 with a proof of concept with just 25 managed seats of Media Composer in one production hub. Over the last three years, we've worked very hard together, great partnership with them as well, and we've been able to grow that into a worldwide managed cloud subscription agreement with 320 managed seats of not just Media Composer, but also of Adobe Premiere as well, via also our MediaCentral management platform that Tim talked about with Flex in four different hubs. Obviously, we've seen significant expansion in the paid and the supported licenses we have there. We've also built a joint innovation lab to develop new cloud workflows, so we can help, you know, accelerate that business transformation. It's more than $3 million now of annual spend. Very pleased with the progress we've made there. Now, on the right-hand side, this is a good example of probably one of our earliest, in fact, if not our earliest, enterprise subscription agreement. This customer had more than 1,000 Media Composer and Pro Tools seats, they had the ability to burst kinda limitlessly, but they were only paying us about $400,000 annual value. Over the course of the renewal, we were able to drive it to a multi-year subscription process. They've now got more than 2,000 Media Composer and Pro Tools seats across not just the 20 business units and divisions that originally were there, but now there's about 40 business units and divisions using this subscription agreement. We've also added MediaCentral Flex as well to help them manage that. That's obviously provided a huge amount, 3x in fact, the annual value. In addition to just talking about software conversion and also talking about how we can drive significant uplifts during software renewals, we've also got thousands of customers, as Tim identified, with storage, with graphics, and with server hardware maintenance contracts. These have an approximate annual value of about $45 million. What we're now doing is we're focusing on converting this customer cohort to subscription as well. Again, it's gonna be a phased approach. We want to manage our profitability, especially the storage business conversion and of course our free cash flow. NEXIS is a great first example of that. We've just launched it, and we've already got a couple of wins and many more customers in our pipeline for this quarter. We're moving obviously the value over to the software portion, as Tim indicated. Hardware maintenance though is still a very important revenue stream of the company, and especially in our audio business unit. Many of our products there will generate significant and meaningful maintenance revenue and profitability, and these of course help us drive our long-term model as well. Now, in addition to existing customers, we're obviously actively targeting expansion via new logos as well. In the past 12-18 months, we've reshaped our commercial go-to-market team to orientate more resources to going after new business. We have a dedicated team. They are 100% focused and paid on achieving results with just going after new customers. Last year, we saw some great results. We won 160 new enterprise customers, many of which were new subscription agreements. The reason why we're starting to be successful is we've got a much lower barrier to entry now with some of the innovation and the new subscription offerings such as Edit On Demand, you heard Tim talk about, and NEXIS subscription as well. I'm also very pleased to see a lot of growth in the non-media company space as well. These can be financial institutions, they can be hotel chains, they can be arts and culture, government organizations. I'm very pleased with the momentum that we're driving here. Again, just to emphasize, enterprise subscription, early stage journey for us, but some great initial success across all the different growth engines. I've already highlighted the $11 million that we've seen for this initial cohort of customers that have converted. The remainder of those conversions of software has a tag of somewhere between $40 million-$50 million. I feel very confident that we will be able to convert all of them. In addition to that, we've got selective integrated solutions and hardware maintenance conversions. Well, that's the $45 million box I referenced as well. We're gonna do that in a phased approach, as I've said. In addition, as you saw from a couple of examples, as we get to renew and expand, expiring agreements, we can add more feature-rich releases to them, and we can get more uplift and more expansion opportunity. In addition, all of these customers, they also don't just do maintenance. They do a lot of new projects as well, whether they are building new streaming offerings, they are perhaps revamping or consolidating production facilities. They can be upgrading newsrooms and studios, and sometimes we're even launching new TV channels. All of these would in the past have been hardware boxes and perpetual licensed software. Now, the commercial team is focused on 100% subscription selling. In addition to that, we then have these new products and these new logo expansions, and that's a great opportunity for us to drive a wider market and new segment penetration as well. These first three categories in these purple boxes are $105 million alone, plus we've got expansion with new products and new customers too. In addition to all of that, we've got consumption-based cloud and SaaS growth as well. We're highly confident in the growth opportunity in front of us. I'll hand back to you, Tim. All right. Thanks very much, Tom. Okay, I'm just gonna wrap this up 'cause there's even more interesting information coming in in just a minute. I'll just recap what Tom, Kevin, and I told you so far. Avid's well-positioned for continued profitable growth in video and media, and that's because we play in a large marketplace that is growing in response to evolving business models and technology innovation. We're helping our customers transform in response to these rapid changes in the market conditions. We've built strong momentum in software subscriptions. Tom told you a lot about that. There's significant room for growth there as we extend our solutions portfolio, reach new customers, and really bring new value, especially to our enterprise customers, increasing ARPU and expanding share of wallet. Avid is at the forefront of the emerging cloud opportunity with our customers, as we work together to realize our shared vision for virtualized production workflows that are really gonna transform the way our customers work as they gradually migrate their workloads to more distributed models and the cloud. The good news though is you don't just have to take our word for it, because today we're very fortunate to have two of our most innovative customers with us here today to talk about distributed workflows and cloud. I'm very happy to introduce Ed Russo from A+E Networks, who's here, and also Darryl Jefferson from NBC Sports Group, as well as Avid's own Craig Dwyer, who heads up our global cloud and SaaS practice. He's gonna help lead the conversation. Thank you very much, folks, and thank you for your time. Thank you, Tim. Yeah. All right. Thanks, everyone. Thank you. Sure. Of course. Great. Well, thanks for the introduction. Darryl and Ed, really appreciate you guys joining us here today. Ed is responsible for the Edit On Demand, actually the production technology that A+E are using. In fact, we're gonna learn from Ed kind of how they've been applying Edit On Demand, and how they sort of see that going forward. Darryl has been a longtime collaborator for Avid and is responsible for, amongst other things, a lot of the Olympic technology and at NBC Sports. Again, fascinating, the journey they've been on over the last couple of years with us and kind of the innovation that they're sort of driving and, we see really kind of leading the market. I think what we're gonna do is I'll have a couple of questions, and then we'll sort of start the dialogue. The first one is, with this increased cloud and remote workflow that Tim spoke about, we're really beginning to see this true sea change in the way that organizations manage their infrastructure, manage their resources. Perhaps we can start with you, Darryl, how this new workflow, this new technology is kind of enabling NBC Sports. Yeah. It's interesting. Our business is always parking lots of hard equipment, big metal next to stadiums, tracks all over the world. The pandemic kind of helped us into a circumstance where we're trying to execute the same level of production, but from a distance, and with spread out teams that are kind of more global in nature. Out of necessity. It was just sort of a perfect storm where, when the pandemic hit, at A+E, which is comprised of A+E, History, Lifetime, LMN, fyi, that's our body of networks. We have an internal production division, unscripted production division. We were ramping up. We started to get a lot of 2020, we kind of rolled the dice a little bit with Edit On Demand, and it's been working out great ever since. We edited a pilot for History Channel, kind of as a one-off. I think it was a couple of edit seats. Today, long story short, we've had it in our stable and our edit, Media Composer seats in the on-demand platform. It was really necessity. We didn't have a choice. We couldn't get into the facility, we couldn't spend capital money, and we had to figure it out and expand, and that's what we did. Perfect. If I can add to that. It's amazing how much the pandemic kind of changed the conversation. Yeah. For the Beijing Olympics. Some of them more global than others, but we normally travel around 3,000 people to the host country and have 600 or 700 in the States. For Beijing, we flipped that entirely. We had around 3,000 in the continental U.S., kind of in a more spread out environment and fewer in the end and partially for other reasons. It really pivoted to Ed's point, some of those were opportunities and some of those kind of business realities were because we had no choice. We had to rethink it, and the Avid solutions were kind of at the forefront of that. Perfect. I think, as we see, it's essential that you can operate fully remote, and gain all of those kind of advantages. Maybe talk a little bit more about like how you see that sort of evolving. Sure. It's opened up a whole new world for us, right? We've got a pretty large footprint facility. Our base is here in New York, a couple blocks away. It doesn't matter where anyone is anymore. We're hiring showrunners and editors and assistants and everyone else on the production and post teams from really anywhere in the country 'cause everyone's working remotely and collaborating remotely. It's opened up a whole world of opportunity for us creatively where you don't need to hire an executive producer that's within commuting distance to the New York office, right? That doesn't matter anymore. Yeah. Darryl, I know you've got some sort of interesting stories where you've started to kind of really realize some of these benefits as well. Again, an example from the Beijing games. I got a call before one of our charters were leaving for Beijing from the editor who on his way to the airport found out that his wife had tested positive. I was like, "Oh, boy, this is not what we had planned." We used the solution and the editor was able to work in his flat in London. The producer was able to fly into Stamford and produce that edit on a live turnaround and it worked out flawlessly and we got the product out the door. There's a prime example of technology. You and the teams are rethinking how you resource these shows. Yeah. I think one of the interesting learnings here is, of course you can reduce costs, and you can actually be more sustainable, for example, right? You're drastically reducing things like travel. I know that you also have a huge demand of all the different kind of content outlets that you need to reach, right? Where you're shooting with the Olympics, you've got 4K HDR. You've got all of the digital and social. Maybe sort of help us understand a little bit more sort of the demands on the teams and how many outlets you're serving. Sure. We've spent an awful lot of time educating editors and producers alike on the kind of the finer points in editing, both in HDR, and in immersive audio in Atmos. For the biggest screens, the most immersive home theater setups, and the images and the sound is fantastic, right? That's the high end of our deliverables. Meanwhile, my kids don't watch on a big screen anymore. Everyone's watching on little screens, and they're watching kind of TikTok videos. We take that asset and it's iterative. The last generation of thought, and I've probably said it on stages like this for years, that we cut it once and it goes everywhere. That's not exactly true because the image that we're delivering to my kids, who are eight and 11, is a completely different imagination of that original asset. It's not going to be HDR. It's not going to have immersive audio. It's going to be specifically cut for that audience because we're trying to target a different audience altogether with a different aesthetic. Right? That's part of one of the things that we're doing with more people kind of cutting the product as we go and delivering a fundamentally different product to different targeted audiences. Right. Right. I think the other thing I've, we've spoken about before, Darryl is, you're putting the content in the form that the creative teams need it. Like, a lot of the infrastructure and the sort of technical preparation that's managed in the Avid tools? Correct. It's sort of invisible to the users. Correct. Your creative teams can focus on telling the story, getting it to the outlet as quickly as possible. Correct. Everything kind of funnels into the Avid ecosystem and then kind of normalizes such that if someone's cutting a 15-second TikTok hit, they don't need to know that this started out as a 6K image, with 16 channels of audio in multiple languages. They don't need to know that because it's normalized on the way into their environment and goes on from there. Yeah. Perfect. Great example. I remember, Ed, you know, some of the work you've done previously with the Avid tools around kind of almost creating like these video jukeboxes. Do you remember the work you did at FUSE? Yeah. Which I think was great, where you were sort of applying technology, just making it very easy for the creative teams to kind of accelerate their work, spend more time creatively. Right. Right. I mean, maybe just help us understand how, like, that works now at A+E, where you're sort of enabling these new creative processes. Sure. At A+E, we don't have our own streaming platform, believe it or not. Instead, we sell and license to really everyone else, right? As we all know, the competition out there to consume content is greater than it's ever been. A+E, like everyone else, has to get our name, our stuff out there, as best we can. The time to market for all of that is now critical, right? I know I said earlier, where our CEO wanted to get more shows on the air or more shows distributed during the pandemic when everyone else was shut down. We had to figure out a way to do that, right? That sort of process and flow continues where we need the fastest, quickest way to centralize our content. Right now, cloud offerings and cloud services through Avid are the best way to do that for us. Producers, editors, whoever needs to see it can access it, and we can just get stuff out the door faster, whether you're cutting a long-form show, whether you're cutting a promo for that show, a piece of short form, a TikTok video. Wherever it may be, the goal and our first point of access is to make sure everyone can have access to that, to that same content, and all of that creative can happen from there. Perfect. Thank you. We're at this point in time where, and obviously, both of you and your organizations have been very progressive for a number of years. How do you think, when we look at the broader industry, sort of where do you think we are in terms of kind of these workflows and this way of working sort of getting normalized? Yeah. I don't know that the toothpaste is going back in the tube at this point, so to speak. I think in a lot of ways people, our talent pool is accustomed to working from a distance. Again, I think a lot of folks in the sports world were accustomed to physically going to the Kentucky Derby or physically going to the Olympics or physically going to the NFL playoffs. Now, we'll have to rethink what that looks like and who really has to be there and what function are they serving that couldn't be done remotely. We can really start to look at targeting all the value that we're getting from that one individual traveler and really rethink how we deliver the best product we can. I think that change is full bore at this point, and our leadership is looking at the bottom line of how can we do more of this, how can we leverage a lot more people at a distance and deliver the same quality product we always have. Yeah. I mean, I think one of the interesting things I remember, Darryl, with the Olympics, you've just done such a great job of bringing the audience and the family and friends aspect into the production. Yeah. Again, that's the sort of different aspects of kind of using these technologies to create these very human, real stories with a lot of emotion. It's not just about the kind of production and distribution, it's also about storytelling itself. Yeah. We were faced with challenges both in Tokyo and Beijing, that there are no fans in the stands for the Olympics. It's impossible to kind of contextualize, like, that person was running really fast, but I guess, like, no one is cheering. How are we supposed to judge? We literally had to import the enthusiasm, so we put cameras all over the world in people's living rooms, in bars, in backyards, and so on, and created this friends and family setup. It was neat because it started up as an idea of like, "Oh, maybe this will work," but it turned into really intimate looks into these athletes' deeper lives. We really felt honored to be kind of brought into that world and seeing that aspect. The athletes themselves hadn't seen their families in a while. The emotional impact for viewers, simply because of using a bit of this technology throughout the world to kind of introduce and kind of reinsert that enthusiasm. Yeah. Well, I mean, it's just. It was really cool. Some of that coverage is just magical, those moments, the way you've been sort of capturing it. The toothpaste is not going back. Exactly. This is where we are now. This is it. My editors have no desire to go back into the facility ever again. They're working from home. They have their setups. They're very comfortable. Yeah. Yeah. I mean, I think one of the things that's interesting is that what we're now seeing. There's the initial sort of enthusiasm, and now what we're seeing is lots of people trying to enhance and innovate around that workflow. How can I create an environment where I'm not just on my own, but I'm now working as part of a team? I'm collaborating. I want that rich collaboration 'cause production is very much a team enterprise, right? There's a lot of things that we've been doing with clients to kind of create this, what we call an over-the-shoulder experience, where you can be like in a virtual editorial environment. The other one is like bringing innovation around bringing assets into the cloud. Making it much easier to bring assets and get to work more quickly and efficiently. I think we're at the beginning of this journey, but with your support and insights, it's been a thrilling ride so far, and we really look forward to continuing that. We are going to break for lunch in a moment. Actually, these walls will rise and there's a cafeteria or sort of restaurant out here. There's also some demos that we've set up for you. In fact, you'll be able to see a combination of things. MediaCentral Collaborate is being featured, as Tim spoke about. We've also got the Edit On Demand platform, where we can show you kind of the reality of Edit On Demand, including some of the new capabilities around over-the-shoulder workflows and contribution workflows. Then after lunch, actually, Dana is gonna be speaking about the Music Solutions. We'll also see the Pro Tools Artist solution. This is an entirely new suite of tools for the emerging new music creative. Very, very exciting. Get a preview of that over the break, and we'll see you back here at, I think 1:30 P.M. is when we're gonna restart. All right. Thank you very much. Guys, it's been a brilliant day. Welcome back. We hope you enjoyed this morning's session as well as the demonstrations of the products during the break. Let us get going with the afternoon session. Next up will be Dana Ruzicka, the GM of our Audio and Music Solutions business after this somewhat brief video. Pro Tools, as far as my workflow goes, is pretty much my foundation for everything. It's home base. It's where I cut vocals. It's how I make beats. It's how I come up with ideas as far as, you know, any type of instrumental part. Everything lives within that environment, and to me, it just makes so much sense how it works and makes my life so much easier because anything I need to do, the workflow. Pro Tools just kinda goes with my personality of how I like things to be organized but also still have that creative free flow. To a student, I would say, if you want to work in a commercial studio as a recording engineer or a mixer, I mean, 90% of commercial studios use Pro Tools. Yeah, I would definitely learn it properly and be good on it and fast. It just keeps consistency over a whole project, which I think is really important. For me, for multi-track recording, when I was a tracking engineer, there wasn't anything else that I would ever use, and as a mixer now as well. There's a number of reasons why Pro Tools is the standard for production in audio, right? The fact that it's in any commercial studio, it's given me the ability of visualizing things, having the control that I need on mixing for me to see and be able to manipulate every single aspect of the song. For one, it's used in all the major studios because of the scalability of the system in place. It's also just the workflow is so suited to recording, to mixing. Once you learn a couple of shortcuts, you're on your way to already, you know, becoming a great engineer. There's a reason it's called Pro Tools. Like, it's in those environments because it's the most reliable and the most detailed in terms of recording audio. Pro Tools just has the most flexibility. Pro Tools understands the professional workflow. They understand how I want to be unbound in my creative expression while I am working in the software. Pro Tools just opens the door up to create however and whatever you absolutely want. I love that it's a blank canvas with every tool that you need to get busy. It's the best sounding program, in my opinion, as far as the mixing. With any tool, it's important to commit it to muscle memory, so you can be quick and fluid and be able to not think about what you're doing. You just do it. Yeah, it's like, at this point, it's kind of like a part of who I am. It's my tools, it's my paintbrushes, it's my paint. I can do a session from home, take that session, and go into any studio, where they need me to work, and I know that it's gonna work seamlessly. I'm not gonna have any problems, and it's faultless. My workflow is very quick, and I think I'd hinder my workflow if I went to another DAW. When I'm in the creation process, Pro Tools is a one-stop shop for me. Some of the big misconceptions about Pro Tools is that, for example, only people like myself, studios use it. It's a very accessible, you know, it's great for making music, great for producing music. If you wanna record yourself, it's super easy, super intuitive, and it only takes learning a few little things, and you're up and running. The technology has evolved so much. It's just so powerful now, you know, to own basically many multi-million dollar studios, and you can literally put it on a laptop. It's just. It's incredible. It's incredible now, you know. It's like a dream. The packages that they offer now for people for Pro Tools when they're first starting off with, if I had that when I was starting. Like, that was like a $100,000 rig, like 10, 11 years ago. You know what I'm saying? Like, that's the exciting part about it because it's like people having more access to it, and we're gonna get a lot of kids that probably never would have got into music. We're gonna get the opportunity to discover music, and, you know, we're gonna find the next great artist. You know what I'm saying? Pro Tools provides that access, and it's amazing. I always tell up-and-coming producers, "Learn Pro Tools. I'm telling you, I'm telling you. That's gonna up your stock. That's gonna up your value as a producer, just as somebody in this industry, as a creator. If this is what the big boys are using, this is what I need." You know what I'm saying? It's gonna keep you busy. It's gonna keep you working because even if they don't call you for beats, they might call you for engineering, or they might call you to mix. Once you've gotten into it and doing it professionally, Pro Tools is the toy. It's the toy of choice. Nothing short of magic. Hi, I'm Dana Ruzicka. I'm General Manager of Avid's Audio and Music Solutions Group, and I love that quote, "Nothing short of magic." I hope you enjoyed that video. Watching some of our industry's best and brightest create magic on Avid solutions every day. Really excited to be here with you today. We have a lot of exciting growth opportunities to go after. Let's just jump right in. First off, when we think about where Avid plays in the audio market, for Audio and Music Solutions, we really are the undisputed leader in professional audio in the segments that we play in, with significant room for growth in adjacent product categories, and new customer segments. Just to sort of lay it out for you, on the left-hand side of this chart, or this slide is our product category. Very much our core focus is on creative software, so Pro Tools, which you just saw the video on, as well as Sibelius. But also, we produce integrated solutions like IO and hardware acceleration, control surfaces, really everything you need for an end-to-end solution, for anything for professional audio. We've really been recognized, I think, with the industry's leading awards, whether it's a Grammy or Oscar for technical achievement, dozens of industry awards. We really are the top of the heap in terms of what we do and the recognition we've got. We're used by the industry's top artists and professionals in three basic categories. First, music creation, and this is where Pro Tools, as you saw in the video, is really used on the world's most popular Grammy Award-winning productions for recording, editing and mixing. Audio post-production. This is basically Pro Tools being used to edit and mix television and film that you might see. In live sound, which is our S6L product lines all the big touring acts using our technology to bring their music to live audiences. Again, used by the best and brightest in the industry, really leading the pack in all of the segments that we're focused on. When you look at the market opportunity with Audio and Music Solutions, we operate in a large and growing space with significant room for software subscription and cloud service expansion. I'm gonna dig into that in a few slides. On the left-hand side of this chart, we look at sort of the macro growth drivers that really influence our space. You heard Jeff talk about this, I think, at the front of the presentation, global recorded music and just the growth that's going on there. The music industry is really healthy and growing, and one of the key metrics we look at is how much revenue is being produced just with globally recorded music and what's that growth curve like. Our estimate for 2021 is really coming in right around $26 billion for revenue associated with recorded music. That's a very important metric for our products because all of that, the content that generated that revenue needs our types of solutions, our software and our hardware, and our solutions to actually create that. As that grows, so does the need for our products and technology. Very good indicator there. What's probably more interesting is the next one down. 20 million+ global music creators uploading tracks to digital streaming platforms. We call this the self-publisher group, which is pretty interesting. If you look over the past five to seven years, the streaming platforms for music have created the ability for independents, so young music creators coming up to be able to create their own tracks and publish on the streaming platform so that their friends, their family, their peer base and fan base can actually experience their music. This is really interesting for us because it's creating a really massive pool of potential subscribers for us as we move forward. I'm gonna talk a little bit about that moving forward. At the bottom on the left is really global content spend. You heard Tim talk about that in his presentation, and Jeff up front. Very important metric that we track, how much money is being spent on highly produced content. Again, it just continues to grow every year. There's an insatiable appetite amongst consumers for highly produced content. Here we saw over $100 billion being invested just in the top eight studios and streaming service providers. Again, that tracks very nicely with us. The more content that's being created, the more of our end-to-end solutions are gonna be purchased by those producers of that content. It's three really good macro indicators, and that influences our total addressable market on the right side. You look at, as I mentioned before, we're the leaders in the segments that we focus on, but we do play in a large market, $2.9 billion TAM. The good news is there's room for us to grow and specifically downmarket. We're growing at about 11%. The overall market's growing at about 7%. We're outpacing market growth because we're very much focused on the faster-growing software segments. How are we capturing all this growth? Well, we've been driving a continuous wave of innovation over the last number of years, and it's accelerating moving forward. With new product introductions, software subscription and smart hardware capabilities across our entire line. Starting on the left, like, this past year, we delivered a really revolutionary new software hybrid engine, which really changes the way people can work in terms of real-time processing on a desktop. New software capabilities that run across our integrated solutions, our consoles, and our smart hardware. Most of our focus is really on delivering innovation for our subscription products, Pro Tools and Sibelius. A number of new features, capabilities, and workflows we've brought to market over the last year. A couple of examples are Dolby Atmos and Apple Spatial Audio, much deeper feature set there, enabling our customers to produce with those formats. You may have seen in the demo at lunchtime our mobile app for Sibelius for notation. These are just a few examples. Again, the innovation continues to accelerate. All of this leads to the core growth engine for us is software subscription. We have a very fast-growing Pro Tools, Sibelius software subscription business with, again, significant room for further expansion, which I'm gonna go into. If you look at just the commercial engine and how it operates today, we've had over three million downloads of our trial and first products, which is a pretty impressive number for the space that we're in here. These are the free products that our customers can use to sort of try out before they buy, get familiar with our interface, sort of fall in love with what we do, and ultimately graduate into our for-fee products, our paid products. We have a very rigorous and disciplined commercial engine that's basically nurtures these customers throughout their journey and brings them to a point where they step up into an actual paid product. This has been very successful for us, leading to over 334,000 paid subscribers in this area. Very large number of subscribers for their higher end pro software. We're growing 18% year-over-year. We feel that we've absorbed that COVID bump from last year, and we see that this growth rate, we really see that accelerating moving forward as we bring new products to market. Okay. We've talked about the high points. We're leaders, undisputed leaders, really, in the segments that we focus on. We're in a large and growing market, which is great, and subscription's at our core. What I wanna do is just take a few minutes and go a little bit deeper into music creation going downmarket. This is the biggest growth driver that we're focused on and really where a lot of our attention's being put looking forward. First off, the next level growth driver within music creation is new customer expansion. When you think about music creation, it spans aspiring creators to established top-tier pros, like the folks that you saw in that video. It also includes this growing pool of self-publishers I was just talking about. Millions of new users are entering this market and are candidates for the tools that we make. What I've laid out on the left side is just a basic customer segmentation grid, so you can get a feel for the numbers and the types of folks in each of the tranches in terms of customer segmentation. On the top, you'll have your film and television and music creation, sort of your established professionals, and that's been our core market for Avid and our tradition. In the mid-market, you have professional aspiring creatives, and you're now starting to see these self-publishers start to propagate in that market as well. Down in sort of the low tier of the market, your light hobbyists and introductory creatives. If you look at how the numbers play out, at the high end of the market, it's tens of thousands of users and facilities. In mid-market, you're talking millions of users. If you go all the way down to the very casual users, it could be literally tens of millions of users playing with applications and doing things around music creation. Our focus has really been on that sort of pro customer, and that's what we've built our business on. That's been our heritage. We've done very nicely. Mostly focused in that top tier, and we've kind of dipped into that middle tier. It's been a good growth driver for us, a very profitable growth. Where we see the big opportunity moving forward is really stretching down into that full middle tier where that green is, and even dipping into sort of that light hobbyist and introductory customer set. The way to think about it here is if we're doing hundreds of thousands of subscriptions today with our Pro Tools and Sibelius products, we really wanna go after a pool of millions of users, and that's what we have our sights set on. How do we do that? On the right side of this slide, I really kind of lay out a threefold strategy, three basic steps that we're looking at. The first is really leveraging our brand affinity with top-tier artists and pros to attract aspiring creatives. You saw in that video, or you saw on the first slide that I laid out here, again, we're in that leadership position in those high-end sort of top-tier segments that we're in. Basically, your top artists, your top professionals, they all use Avid, they all use Pro Tools, and they love to talk about our products. What we do in our marketing mix is very much leverage those user stories and use them to attract younger creatives coming up. It's sort of like use the tools that your heroes are using. This is a very effective marketing tactic that we already use, and we think after. As we go after this sort of middle tier and downmarket, it'll be a very effective tactic to actually pull people into our world. We have that brand gravitas, that brand gravity. Second piece is probably the most important, is really matching product experience and pricing to targeted personas. You have to have product market fit. Hopefully, for those of you in the room, you got a chance to see Greg's demo outside of there with our new Pro Tools Artist products. We've put a lot of effort in over the last 12-18 months to really understand the customers in this space, what makes them tick, what price points are they sensitive to, what types of capability do they need. Our first foray into this is Pro Tools Artist, and I'll go a little bit deeper into this in a few slides. Basically getting the right product, the right experience at the right price point. The third piece to our strategy is really enhancing the creative tool set with a focus on time to fun. You might hear this being talked about in enterprise time to value, but when we think about this in sort of the next generation music creation space, it's all about time to fun. How quickly can I get a user to, you know, download my software, load it up actually, and get sound out of the application? A lot of effort has been put into there to have the right things, and the right help to get new users up and running quickly. Those are the three things that we're going after to unlock these new users, and we're sort of well along the way into the productization of it. If you look at, the next growth driver for us is category expansion. You think about Avid today with Pro Tools, Sibelius, very much we're in the kind of bottom left-hand corner of that chart, DAW and Notation, so the creation of the actual the recording, the editing, the creation, the notation of the music. You'll see, we kind of dip into plugins and virtual instruments, and then there's sounds and samples and cloud services. If you're a new music creator, you not only need the application that we provide, you're also gonna want virtual instruments, and I think Greg probably demoed this for you. A drum machine or a keyboard or synthesizer or literally any instrument you can think of now can be represented as a plugin just on your desktop on your computer. As a serious music creator, eventually you're gonna want that type of capability as you're creating. You're also gonna want sounds, samples, beats, and loops. A lot of music creation today is very loop-oriented. With kids coming up, it's they start with the laying down of the drum track or the piano track or whatever it is, but very layering loops to actually build up their music. Sounds, samples, and loops are a very important part of music creation. Then cloud services. When you have a project that's done, you wanna master it, you wanna mix it, distribute it. Our view on the market moving forward is, for every $1 spent on DAW and notation, in the future, we believe $3 will be spent in these other categories, so plug-ins, sound samples, and cloud services. We're very uniquely positioned to actually capture that $3, because with Pro Tools, you're the hub of the creation process. You start in Pro Tools, and we can serve up plug-in sounds and cloud services in context of creating music. That's the next category lever. How do we go after it? First, again, threefold here. Upgrades and cross-sell, the simplest thing we can do, and we do it today. As you land a customer, either in our free or trial products, you upgrade them to a paid product. If they're in a paid product, there are tiers that you can basically bring them up the line. Upgrade them and cross-sell them within the line that we have today. We do that today. Second piece is our marketplace. You'll hear us talk a lot about this, our in-app mobile experiences. When you're in Pro Tools or you're in Sibelius, you can actually try out some of these plugins, these sounds, these samples, in the context of your creative process and just buy them right there. That's something we're investing in building out the technology infrastructure to be able to do moving forward. That's gonna be a big part of how we extend our footprint here. Ultimately, the number three is cloud services. Being able to write from within Pro Tools, if you wanna take your track that's finished, you wanna master it, you wanna get it ready for distribution, being able to do those right from within the application, shooting out to a cloud SaaS service, and then being able to do that right from within Pro Tools. Those are the three areas that we're focused on to drive category expansion. First step into this is our new Pro Tools tiers for 2022. This is exciting. This is in market today. In fact, we actually launched it April 26th. We've had about a month of runtime on this. This is probably the biggest, I think, refresh or change to our Pro Tools product line and software since I think we rolled out subscription back in 2015. This is a pretty big deal. This is a subscription-only set of offerings, so no more perpetual software commercially offered for Pro Tools. This is a big shift for us, really focusing in on subscription. There's three tiers, and the idea here is really getting that right product market fit, that feature functionality really dialed in for the personas we wanna go after. I'll start with Pro Tools Artist. We talked about that a little bit. We really said $9.99 per month, $99 per year, solution based on Pro Tools that's really tailored for that new music creator. It's got just enough for them to get started. It has the right user experience where they can get onboarded quickly, and we've bundled in the right instruments and beats and loops and that sort of stuff so they can get started, but it's not more than what they need. It's a very entry-level, get started creating music tier. The idea here is to have this as the first sort of product offering to go after that much broader swath of users I talked about, going from hundreds of thousands of users to now we're gonna target millions of users, hopefully, eventually. There's Pro Tools Studio. This is our workhorse product. This is basically what our top-tier professionals use today. It's our top running configuration. Here, we've raised the price a little bit on monthly subscription. We've added more capability to it, so really just beefed up the value proposition here, going very strong. That's continuing the momentum that we had there. We've added new Pro Tools Flex. Pro Tools Flex is very much our, let's call it an enterprise offering. Just like you've heard in the previous sessions for MediaCentral or Media Composer, it's really a higher-tier version of Pro Tools that's designed for large facilities, enterprises where you pay a little bit more, it's just a little bit more expensive, but you're getting a lot more capability here, deployment flexibility. You're getting the advanced workflow capability like sound for picture workflows and lots of other capabilities that we've built in here. You put it all together, and we have a great lineup now where, for the entry-level user to the mainstream pro user, all the way to the large enterprise, we have the right product, right price points matched up with the personas that we wanna go after. Again, we've only been in market with this for the last 30 days or so, but so far, the results are encouraging. It's not just about the product, though. All of this is also built to, sort of, thrive within an end-to-end user experience that's built to drive growth and built to drive ARPU expansion. I wanna take you through the drawing here, and if you start sort of the six o'clock position, you take Pro Tools, the application we just talked about. Somebody downloads a trial, they use one of our free products, and we convert them, so they're a natural commercial user of our products now. They're a subscriber. Immediately, we wanna be with them along their creative journey, so we can connect them with other cross-sell opportunities. Do they need hardware with that? Do they need another software application? Do they need plugins? We can connect them just going up to the nine o'clock position on the clock with our user communities. We have over 925,000 public members of our artist community, so people can find like-minded creators and work together, create music together. If you go to the 12 o'clock position, we can help them collaborate in the cloud. We have collaboration services where literally you could be in California, I can be over in Boston, and we're working on the same session in the cloud and making music together. We can connect them into the marketplace, as I just talked about, so as they need more sounds, services, music, we can serve them up in the context of their creative journey. Finally, they can be heard at the three o'clock part of that diagram there with AvidPlay. When they have a finished track, we have a service that allows them to post their final work to the multitude of different streaming services out there. It's not just about the product. Just as important as the innovation in the product is the journey we bring these customers through, and that sort of allows us to earn the right to sell them more content as they go through their journey. That's the idea behind what we're doing with music creation. We're very excited about this. What I wanna do is I would be remiss, though, I do wanna also cover two other really important segments for us. Music creation is the big focus area for us going down market. That's where a lot of the growth is. We have two very healthy, segments that we do business in, and I'll start with audio post. We see continued growth here. This is our heritage business here for audio post-production. We deliver end-to-end workflow solutions. We have integrations that's really uniquely suited for the rigors of television and film and streaming production. This is building on to a lot of what you heard Tim talk about earlier in those enterprise broadcast and film and television solutions. We see this market continuing to grow. I've already talked about the rising demand from consumers for more high-quality content. The spend there continues to increase, and that just helps drag in more of our technology as well, which is good. It's not just increased content creation, it's also the standards for delivery formats are getting more and more complex. It's pretty hard to produce this type of content, whether it's a higher quality. You heard Darryl Jefferson talk on the panel. The delivery requirements even for the Olympics and some of these other things, surround, high frame rates, high resolution. The production requirements are ever increasing and more complex, and our solutions are very tailored towards that. On the audio side, built in Dolby Atmos, spatial audio. One of the other big things that is a big trend for us right now is if you look at Netflix delivering over 30+ languages for each show, dubbing and foreign language dubbing is a really, really big deal. As more of this content is being created, there's only so many solutions that can actually meet the need here, and we're very uniquely positioned here. You can see that borne out by the business. We're seeing more S6 rooms being built out than ever before. We probably had our biggest year since 2017 in our end-to-end solutions, which is a really big deal. We're also targeting Pro Tools Flex, so that new enterprise facility class subscription offering to these users as well. Again, you pay a little bit more, but get a whole lot more capability to help tackle these complex workflows. This is an important area for us as well. Last, and certainly, but not least, the live sound. We're back to growth in live sound, which is great. You know, obviously with COVID, the live event and touring market took a bit of a hiatus as things were locked down, but things are opening up now. Our S6L solution really is the top choice for top-tier touring artists and festivals. Just a few of the quotes here, you can see Live Nation, they booked twice as many shows in 2022 as they did in 2019. People really wanna get back out. They wanna see live acts. All of the big touring acts are clamoring to get back on the road. This drives more demand for our products here. We see moving forward that this market will settle into probably a 10%-12% annual growth rate, so a nice steady growth rate for us. Our focus will be on optimizing profitability of those products while we drive growth in the products as the market recovers. Okay, there you have it. We've talked a little bit about where our place is in the market. The big growth driver for us is in music creation going down market. We have two other very important segments, which is audio post-production and live sound. What I wanna do now is shift gears. I'm gonna invite a couple of my colleagues from the executive team up here, Kevin Riley, who's our Chief Technology Officer, and Kathy-Anne McManus, who we affectionately call KAM, who is our Chief Customer Experience Officer, to talk a little bit about the technology platform behind these products, what we're doing for customer success, customer experience, and just generally the new methodologies and approaches we're taking to engaging these customers, and how all of that comes together to really make these solutions that I talk about sing. Because there's a lot that goes on behind the scenes to actually convert all of this commercially. With that, I'm gonna hand it over to Kevin. Over to you. All right. Thank you, Dana, and hello again. So when I spoke in the morning, I referenced using our cloud platform as a monetization engine. They're gonna move our assets and our portfolio into cloud and SaaS. I'm gonna shift gears and shift the theme a little bit, and we're gonna talk about how we're using that platform now to really deliver this Pro Tools plus ecosystem of services around our creative tools to really enrich the end-to-end user experience, righht? We're now in the context of audio or music creation. We're using our platform to fuel subscription and ecosystem growth. The services that we're delivering on this platform, they range across creative tools, content, services, community, and marketplace. Most importantly, all delivered from the cloud so that they can be accessed over mobile, web, and desktop. Pretty much at your fingertips, no matter where you are. We currently have over almost one million creators running on this platform today. The platform is running at scale, supporting and delivering this rich ecosystem to a large body of music creators today. It's built to scale far beyond where we currently sit. This is built using modern cloud technology that really allows us to add and enhance services very quickly and efficiently, which is absolutely essential to subscription, where we need to continually deliver increasing value over time. Right? At the same time, it has to be extremely reliable. It has to be always on. Right? Happy to report that with a lot of hard work and investment, last year and so far this year, we have met our uptime goals. We're delivering 99.99%, availability on par with any world-class SaaS service that's running in the cloud today. What does that mean? The Pro Tools ecosystem that Dana showed you, that's on the slide here, it's always available to our music creators. As we built this platform to shape the strategy, we're really focused on using this technology and this platform to help our creators first connect to Avid and buy, use our offers with minimal friction, and then continue to deliver a rich set of services and capabilities so that they stay and grow with Avid. This is an essential part of our push-down market and making it easy, simple, fast. A key part of that under that umbrella, one area we've spent particular focus on is really around kind of how do you buy, install, and start running on our products. Dana calls it time to run. I'm the technologist, I call it time to run, right. We spent the better part of last year reducing our install time to 60%. We've gone from, say, over 50 minutes to about 15 minutes to do a full install of Pro Tools. We've reduced two-thirds of the steps. Again, simple, fast. We've seen the results of that, of those investments in that effort. We've had a 40% reduction in customers calling KAM’s organization for help during buy, license, and install. Very measurable returns on those investments that we're very proud of. Again, helping us push down market and reach those less sophisticated music creators that we wanna expand and grow with. Along our journey, one of the things we've done last year is we've engineered really deep user insights into the products. Now we can see how our creators are using our tools. What commands, where are they getting tripped up? What features are they? Where are they in their journey? Really what we're doing is, we're exporting all of this data into a much broader engine, commercial engine that KAM is building that she'll elaborate on. That really helps us manage through, really helps us kind of like create stickiness and upsell capabilities with our customers because now we understand our customers. My job is to provide the raw data. KAM’s job is to help intelligently interpret it, to really create stickiness and upsell. She's gonna elaborate on that shortly. As we go forward and we think about innovation on the platform to support music creators, it's really all geared towards bringing that ecosystem of services right to the fingertips of our creators. We're really focused on in-app user experiences in context. Making it really, really simple to use your next command, get help, make your next purchase. A lot of this technology will be fueled by machine learning, recommendation engines, understanding what the user is doing, what their propensity is, what they may do next. We're looking at introducing new subscription models, try and buy an app, make it very easy to grow with Avid, make it very easy to grow within Pro Tools. That really is kind of the core theme of all of our investments. We wanna create an ecosystem where music creators wanna stay and grow with Avid. Just some key highlights I just wanna impress upon you and hopefully you take away is that our cloud platform is running at scale today, delivering rich set of capabilities to almost one million users. This is a significant subscriber base running on this platform. It's architected to scale and deliver increasingly rich user experiences, which is essential in this subscription world that we're growing in. We're actively investing and innovating in our end-to-end customer experience. I'm building the plumbing that Dana and KAM are then gonna go monetize and really help build our business on and help us understand our customers more deeply. We're leveraging state-of-the-art technology to personalize the creator experience. Really this is all geared towards building a scalable, easy consumable platform to support significant growth of our Pro Tools subscription business and really capitalize on that market opportunity that Dana has highlighted for you. My mission is to create an environment where music creators wanna stay and grow, connect, and create with Avid. With that, I'll turn it over to my colleague, KAM. Thank you, Kevin, and thank you, Dana. Hello, everyone. Delivering exceptional customer experience is really providing ongoing value and sustaining growth in any subscription offering. Securing loyal customers that will grow with us and be our advocates through the entire life cycle and their journey. Attracting new customers means expanding our markets, and that means, as you heard Kevin say, an always on engagement. We're constantly listening and quantifying what matters to them. Those are the insights that really matter. Avid is very fortunate to have a solid base of customers that are very passionate. I think you would have seen some of that with Darryl and with Ed earlier. One of the things with that is that they provide us industry insights, they give us feedback on market opportunity, and they also tell us how we continually grow and also where we should improve and also invest our time. We are actively engaging with our next generation of creators as well, envisaging how our experiences will evolve to address their future needs as we go forward. When I spoke last year, I highlighted the investments we were embarking on in customer experience and user experience. I'm happy to convey, and as you will have heard from Dana, that a year on, we actually have now put those into our business. Our UX and UI strategy and style guide is now in place along with our core UX team. Design-led thinking is behind our new products, including our Pro Tools re-tiering that Dana spoke to and all of the digital experiences that Kevin was speaking to in cloud licensing, Avid Link and our Edit On Demand. We have implemented customer success platform as well, Gainsight, and that's the engine behind actually delivering and managing our customer surveys and data as well as our customer onboarding and nurture and retention campaigns, which I'm going to speak to a little bit more in a moment. Also, the product experience data and also the insights that we get from that. That's embedded into the product, and that was something that Kevin touched on. As our customers engage with our products, our applications, our websites, our portals, all those user journeys, our mission is to deliver an exceptional experience that is valuable, desirable, consistent, frictionless, you've heard that already before, and most of all, as Dana says, it delivers a faster time to fun. We've also implemented a new customer engagement model that is designed to drive subscription growth. That's LAER. LAER stands for land, adopt, expand, and renew, and it's a way of describing four key customer stage parts of the journey in a recurring revenue business. This model isn't just for our audio business though. It is being applied across our entire business, including our enterprise customers as well. Let's start with land. This is the stage of attracting new customers through marketing and sales activities. We are doing this through persona-based marketing. You heard Dana speak to that as well. This is content that inspires the users on how they can actually create with our solutions. We are now doing digital and influencer marketing as well, which is geared towards that next generation of users. Our digital-first marketing has increased our average order value by 10% over this period of time last year. It is also we are working on continuing reducing and optimizing our customer acquisition costs. Let's move on to adopt. Once the customer has purchased, our aim here is now to make sure that onboarding experience is really smooth and that it's a really fast time to value. This is where actually our customer success management function is really key. With our enterprise customers, we have a customer success management team in place to guide these activities. CSMs, that's the acronym for Customer Success Manager, play a pivotal role in supporting our customers, particularly our enterprise customers, with that faster adoption of our products. They also support the customer to meet their business objectives and make sure they're aligned to the sales engagement and that there is also a return on investment that was perhaps identified during that sales engagement. These are all data-driven, delivered through customer success business plans, and also we share knowledge and best practice. We have insights, and also we have dashboards that report on the performance of our products. With our creative individual customers, though, we are leveraging Gainsight as a platform to deliver automated CSM activities at scale. We do this with our onboarding and nurture campaigns. That's in the form of delivering fast start videos, having continual learning material, and also support. Since November 2021, onboarding and nurturing campaigns have delivered over 852,000 emails to Pro Tools and Sibelius customers with an impressive average open rate of 51%, which is very high. This has driven over 53,000 additional avid.com web sessions, and that has also led to conversion in the web store as well. We'll be launching campaigns, these same campaigns for Media Composer in the very near future. Let's talk about expansion. After the customer develops loyalty of the product or the solution, this is when we then focus on that continual engagement, exposing our customers to a broader array of options like expanded feature sets or in-app marketplace that we've talked about. This is where they can purchase additional plugins and services, and this is where we create new value. Expansion is still greenfield for us right now, but as Dana covered, the opportunity ahead for us here is that we can maximize the revenue uplift with these plugins and services at this stage in the customer journey. This is where we'll start to also leverage those, the usage and product insights that Kevin spoke to. Gainsight provides us these insights, and they're integrated straight into our products. They're integrated into Pro Tools, and they will with all of our other applications as well. We drive personalized campaigns that then provide recommendations for upsell and cross-sell opportunities. The last stage of the journey. This is a very important stage, and this is when the customer decides to renew their subscription with us. This is where the experience and the value proposition that was delivered throughout the entire customer engagement leading up to that renewal has been one that creates stickiness and ensures that we retain our customers, but now with an expanded ARR and an uplift in ARPU. We are pleased that we've seen a lot of improvement in our retention rates since the launch in November of these nurture campaigns. I'm gonna wrap up where I began. The subscription and SaaS economy is driven by two fundamental things, consistently delivering exceptional experiences and consistently delivering value for the investment that the customer's making now on an ongoing basis. If we create that value for our customers, then the chances of us retaining them is much, much higher. Our customers will be loyal to our brand and our solution. Also this laser focus on our LAER go-to-market will yield continued growth in our recurring revenue streams. That also means increased customer lifetime value. What does this mean? Well, it all equates to a greater share of wallet in the market, stronger margins, higher revenues, and increasing market value for the company and the share price for the shareholders. Thank you, very much. I'm gonna now hand you back to Dana, who will wrap up this audio section. Thank you. Excellent. Thanks, KAM and Kevin. Really exciting technology and methodologies we're putting in place to really accelerate growth in this new subscription world that we're in. Quick key takeaways. We're well positioned for continued growth. Big opportunities in music creation that we're leaning into, but also for audio post-production and live sound are really good segments for us. We have an unparalleled brand presence that we can leverage down market. We have strong momentum with fast-growing software subscription business, and we have significant room for subscription growth through user and category expansion. With that's my time today. What I wanna do is, bring back to the stage Mr. Tom Cordiner, who's our Chief Revenue Officer, to talk about our commercial strategies. Tom, over to you. Hello again, everybody. We're starting to see real acceleration, I think, of our transformation into a subscription and into a SaaS-oriented business. I'm gonna talk now for a few minutes about how we're driving sustained revenue growth while also in parallel building a more targeted growth-oriented and efficient go-to-market engine to help us get into these new adjacent markets, as well as the more traditional media and entertainment segments. Our overall commercial strategy, three things, grow subscription, grow SaaS, and thus recurring revenue. That's core to everything that we're trying to do. There are really sort of three pillars here and three routes to market. The pillars are the growth of subscription and recurring revenue and optimizing our maintenance. On the left-hand side of the slide here, you can see what we're really focused on. Obviously, growing subscription, uplifting our existing customers that I talked about earlier, how we can win new logos, how we can build more SPAs with our channel partners, and drive more subscription through our e-commerce engine. Also partnering closely with KAM, as you've heard, to build out our CSM function to improve the customer experience and deliver greater value across the whole LAER lifecycle. As you can see, that translates to these significant deal uplifts in value that we've been seeing across our enterprise customer base. On the right-hand side, we've got our three routes to market. Each route has this emphasis again on the growth of subscription, recurring revenue, and optimizing our maintenance. We're especially focused actually on our enterprise customer relationships, sort of via driving those direct and the e-commerce routes to market. That basically delivers a higher margin, profitable stream of business for Avid. Over the next three to five years, I suspect, we'll see more rapid expansion in those direct and those e-commerce portions of our business as we engage more deeply with our enterprise customers. Avid, it's a global brand. We sell in more than 130 countries, around the world, and that gives us great scope to be able to expand our subscription base. Starting on the left-hand side in the U.S., now this is our most mature market, largest and most penetrated. We've seen a lot of great early subscription adoption, over here, and obviously, significant e-commerce, digital revenue as well. Given the U.S. is such a mature market and perhaps also a little more consolidated, it's maybe not surprising to see some of the fastest subscription growth actually emerging outside the U.S., and in particular, in markets such as EMEA. We've significant enterprise subscription opportunity here, in this less consolidated market, particularly around newsroom deployment, which is a core Avid heartland, with MediaCentral Flex and of course Media Composer as well. Now over in Asia, we've actually, just in Q1, signed our largest enterprise subscription agreement with NHK in Japan, the national broadcaster. That's going to trigger, I think, a wave of copycat customer subscription adoption in that market. Obviously, as well, we have a huge creative user base, as you've heard, and we're doing a lot of work around there in all of our global markets around new language work, more localization, and better customer experience features to drive growth there too. Last year, I talked about 21 enterprise subscription agreements that we'd signed. This year, for the past 12 months, that number has jumped, as you've seen, to 65. Each quarter as we go through, we're signing anywhere between 10– 20 enterprise subscription agreements 'cause the economics for our customers and the value they can get from moving to these subscription models is so compelling. The other thing that I'm very pleased about is that all of our market segments, all of our geos are doing these types of agreements. You can be a traditional TV and film studio, you can be a sports franchise, you can be a government body, an education facility, corporate customers, professional institutions, new logos as well. All of these market segments are signing these long-term subscription agreements, which gives me a lot of confidence about our future trajectory. Now, in terms of maintenance, our goal here is really to maximize the value of these contracts. As you can see on the right-hand side, the split's pretty much 50-50, software and hardware. On the software side, as I've talked about already, the focus is on subscription conversion. We're doing that very effectively, very efficiently, and profitably, with these uplifts that I talked about in my previous section. As you know, we're only at the start of that journey, 12% through 65 of the 532 enterprise customers converted. We're also focusing here though on ensuring that we become more efficient in terms of how we actually drive our process around maintenance renewals. That's gonna be improved with some of our DTI investments that we're making around improving the quote-to-cash process and making that more efficient as well. On the hardware side, we're selectively increasing our maintenance pricing. That's been very beneficial for us. We do enjoy an element of pricing power in the market with our customers, and we can also then either keep them on their maintenance contracts if that's really what they want to do for the hardware, or we can start to move them to subscription at healthy uplifts to maximize the profitability. Also in our hardware business, our hardware maintenance, a lot of that is actually tied to the audio markets as well, and that's a very profitable and relevant stream for Avid too. On our channel go-to-market, the focus again here is on subscription, strategic purchasing agreements, which of course grow recurring revenue. We've been very successful in signing increasing numbers of our channel partners onto these annual SPA program agreements. What we're also doing is working on reducing our go-to-market costs by consolidating multiple smaller partners in certain markets into distribution, and we've seen great success here. You can think of the markets like Latin America, where we have one master distributor now, and that's all we have to do to manage them and take care of going into that market for us. The same thing in China. We actually have two distributors over in China. That's our only engagement model. They manage that market for us. It allows us to effectively grow scale, but without adding additional cost into managing our business there. That's been very successful for us. What we're also doing with our SPA program is we're expanding that from a sort of core nucleus of partners so that we can capture more of the market, and we've seen the channel revenue continue to grow as a result of that. Over on the right-hand side, you can see we've got 40 SPA agreements, and we've been enjoying significant subscription growth in the lighter blue in the last three years. Also, just in this last quarter, you would continue to see that momentum going, and I feel very positive about the stage of the journey that we're on with our partners in terms of getting them to move to subscription. If you look down to the pie chart down there, you can see we're pretty early stage of that subscription adoption journey with our channel partners because a lot of the revenue you can see there is still product and maintenance. There's an opportunity to convert that to subscription as well, which we will do. Now, e-commerce, this is our direct consumer. This is our engine in terms of how we sell subscription to this large install base of creative professionals. Our creative growth generally is very solid. Even post-COVID, we're still seeing very, very good growth, and we're working very hard to orientate our e-commerce customer landscape to subscription. Pro Tools is by far and away our largest revenue stream on our e-commerce platform, and as you've heard from Dana, it's all subscription now. Now, in 2020, COVID was an unusual tailwind for us, and the fact that it drove a lot more creative license adoption. Subsequently, since then, we've actually been focused on optimizing our conversion rates and making that engine that we have more efficient, and we've seen some great progress there. We're also continuing to invest in search engine optimization and increasing our spend on paid media to drive more customers into the top of our acquisition funnel, which we can then convert through our very successful web engine. We're also investing in chatbots to drive more transactions, but also these chatbots will be able to schedule appointments for our enterprise customers to engage with us directly through the new business sales teams that I talked about in my earlier section. A lot of investment here in our e-commerce business will benefit our broader enterprise landscape too. I talked a little bit about the DTI investment that we're making, but this is very significant here because we're ultimately going to be re-platforming our e-commerce engine so that it is ready for it to be a $200 million or more business by 2025. Overall, you know, e-commerce, it's a very strong area of profitability for us. We have a much lower selling cost via this route to market. We have very positive LTV to CAC ratio. It's around 6, and we can certainly drive further optimization here, and we're certainly going to do that. I'm focused on many things in terms of our commercial business, but these are the top four. Our whole organization is focused on and is compensated against selling subscription and thus building recurring revenue. As I've highlighted earlier, we're pretty early stage on that, enterprise subscription journey, and I feel very confident that the early successes that we've been seeing, they are going to continue, and I think they're even going to expand with some of the new innovation and the product features that we're bringing. We're working hard in making sure that we maximize the efficiency of our go-to-market organization, both in terms of the channel, and that's got a big growth trajectory, I think, ahead of it for subscription, and we continue to refine the economics around the other go-to-market pieces as well. The way I think about it, I think we've made a very good start on our journey to subscription and SaaS, but there's much more growth to come. With that, I'm gonna hand over to talk about some of that to Ken Gayron, our CFO. Well, thank you, Tom. First I wanna thank all the participants for joining us today to see the progress we are making in Avid's business model. Avid's strategy is clear under Jeff's leadership, and our number one financial priority is to drive continued robust growth in our subscription business while improving margins, profitability, and free cash flow. Avid management will continue to benchmark ourselves against the five-year plan we established at the May 2021 Investor Day. Currently, based on the strong results we achieved in 2021 and what we see ahead of us in 2022 and beyond, our long-term public model remains intact, and we remain highly confident in delivering our 2025 financial targets. As you can see from our recent financial results, Avid is clearly in the second stage of rapid subscription growth, driven by, first, an expanding addressable market from creative individuals that is fueling consistent growth in our creative subscription products. Second, new growth from enterprise customers that are embracing subscription and cloud models to drive remote and collaborative workflows. Third, new subscription products we're introducing this year, including NEXIS. While we're focused on driving our high-margin subscription revenue streams, we are also driving efficiencies that generate improvements in margins, operating leverage, and favorable earnings growth in our financial model. Additionally, we continue to have substantial firepower given our strong free cash flow and unlevered balance sheet to enhance shareholder returns with accretive capital allocation priorities. We continue to make strong progress in our strategic initiatives, resulting in favorable performance against our 2021 targets. In 2021, we exceeded our revenue guidance, came in at the high end of our earnings guidance, and exceeded our free cash flow guidance. As a result, we are slightly ahead of our long-term public model and remain confident in our business trajectory. The Avid management team is laser-focused on driving key investments to support the next stage of our growth. While technology innovation is core to our strategic initiatives, we're investing in customer success management under Kathy-Anne's leadership to ensure strong retention and customer satisfaction, which is a core component to our long-term growth. We are also driving a more efficient go-to-market model and effective digital marketing engine under Tom's leadership, and gaining operating efficiencies in G&A that will create improved profitability and cash flow. For those of you that are new to Avid, I wanted to review our key financial metrics since 2020. First, assuming the midpoint of our 2022 guidance, we expect our total revenue to grow at a CAGR of 10.5% with our 2022 guidance range of $430 million-$450 million. You can see this revenue growth is being driven from our high-margin subscription and maintenance revenue streams that are projected to increase at a growth rate of 17% at the midpoint of our guidance range of $266 million-$274 million. As we expand our subscription and maintenance revenue, you can see the impressive growth in adjusted EBITDA from $59 million in 2020 to our 2022 guidance range of $84 million-$94 million, which should yield an adjusted EBITDA margin of 20% for fiscal year 2022. More importantly, with the strong growth in our subscription business, the reduction in interest expense from our 2021 bank refinancing, and the continued focus on driving more efficiencies in our operations, our earnings per share is projected to grow at a rate of 50% from $0.65 in 2020 to our guidance range of $1.40-$1.51 per share. Free cash flow should also continue to be robust, with substantial improvement from $34 million to our guidance range of $60 million-$67 million in 2022, yielding a growth rate of 37%. Since 2020, we expect to have double-digit revenue growth with a high-margin subscription business growing 46% during the period. With the strong growth in subscription as well as the high teens growth in subscription and maintenance, we are seeing consistent growth in our gross margin. Our gross margin was 63.7% in 2020 and should move up to 67% as we exit 2022. We expect improving margins in our long-term model as we continue to drive robust growth in our subscription business. As we reflect on the drivers of our subscription growth, we are seeing a clear trend that the second stage of growth is from our enterprise subscription business. business. Our total subscription license count grew 40% since the end of 2018, from 144,000 to 432,000. From the graph on the left, you can see the introduction of the enterprise subscription, which occurred at the end of 2020. Since 2020, we added roughly 19,000 enterprise subscriptions. As discussed, our enterprise subscriptions have a larger price per seat, and you can see that demonstrated on the graph on the right as enterprise subscriptions shown in green account for a larger share of revenue versus license count. We are still in the early stages of enterprise customers moving to subscription and cloud models, as Tom has illustrated. That said, based on our latest voice of the customer sessions, our enterprise customers are clearly seeing the benefits of creating, managing, and storing more high-quality content through the use of Avid's tools across the hybrid and remote workforce, a trend we expect to continue. We continue to experience an increase in enterprise transaction, as the number of maintenance customers moving to enterprise subscriptions has grown from five to seven customers a quarter to roughly 20 per quarter the last two quarters, given the strong value proposition that our customers see in moving to our enterprise subscription models. At the same time, as we add greater value in our products that is addressing a core need of our customer base, we are generating favorable economics to Avid. Our deal desk works closely with our commercial team to make sure we are achieving favorable economics as we transition our customer base. On a trailing 12 months, based on the economic uplift of moving a customer from a maintenance agreement to a subscription continues to positively move quarter-over-quarter and is averaging 140% of the prior and forecasted revenue streams, as Tom discussed a little earlier. This is consistent with the public comments we have made on our earnings call that we are converting customers at an uplift ranging from 120%-150%. As you can see in the chart, we have a rapidly expanding license base. We've converted a portion of our software maintenance contracts to subscription, but you can see the net adds for subscription of 253,000 over the past three years far exceeds the decline of active software maintenance contracts of 33,000 over the same period as we continue to attract and expand our user base by a ratio of 7.7 adds to one decline. Our total user growth comprised of active subscription licenses and active maintenance contracts grew 17% annually over the last three years. This clearly shows we are bringing in new users to our subscription business and monetizing perpetual customers that were not currently on maintenance. Although we are growing the number of subscriptions aggressively, our creative user base with maintenance contracts still represents 31% of the total active users, providing further monetization opportunities in addition to our growing addressable market. Although we do expect to see software maintenance contracts declining over time, we expect to see our total paid user base continue to expand aggressively and drive strong growth. This page highlights the strong trends we are experiencing in our subscription and maintenance revenue that grew at a 15% CAGR and increased $57 million since the first quarter of 2020, and how that's favorably impacting the solid growth in both ACV and the percentage of recurring revenue. Our annual contract value grew $75 million since Q1 2020, reflecting a 13% CAGR driven by the growth in subscription and maintenance, new long-term agreements, and expansion of existing long-term agreements with our strategic partners. These long-term strategic relationships are important to Avid's go-to-market engine and help create increasing levels of recurring revenue in our business. Our recurring revenue is a strategic metric our team continues to focus on driving. Since the first quarter of 2020, the percentage of revenue that is recurring, which is under a subscription and maintenance agreement or long-term agreement, has grown from 66% of revenue in the first quarter of 2020 to 79% today. The continued improvement in recurring revenue provides several benefits, including more predictability in our business and a positive catalyst to our gross margin. As our business model continues to move rapidly towards subscription, we are introducing a new key metric. We're introducing annual recurring revenue, or ARR, in our financial reporting for our subscription and maintenance revenue streams. ARR is based on the annualization of subscription and maintenance bookings. The definition is included in detail in our appendix. ARR will eliminate some of the unevenness in the quarter-to-quarter trends of our GAAP subscription revenue caused by ASC 606. Every dollar of ARR generates a dollar of revenue, so over the term of every subscription, ARR converges with revenue. Also, as you can see in the table on the left, the overall year-over-year growth in ARR of 16.5% is in line with the growth in the last twelve months subscription and maintenance revenue, which underpins the health of this high margin business for Avid. As mentioned in our 2021 Investor Day and prior earnings calls, Avid is focusing on a multiyear digital transformation with total investments estimated at $35 million that is included in our long-term model. These investments will help modernize certain back office functions to help scale our subscription and SaaS model, as well as drive better customer experience for our rapidly expanding digital business. As these investments are initiated, the company will begin to see efficiencies that will have a nice return on investment that Avid will start experiencing in 2024. Now, moving to our expense structure. We are investing more in R&D in 2022 to support our roadmap and expect R&D expense to move up in our forecast as a percentage of sales to accelerate the development of our technology in our key business areas. A significant portion of R&D expense will be directed at our creative and enterprise subscription products to drive our subscription and recurring revenue. As you look forward in the expense structure, you will see that there are efficiencies in the areas of sales and marketing and G&A as a percentage of revenue. We are seeing improvement in sales and marketing efficiencies as we move towards a more modern go-to-market strategy focused on direct digital marketing and a direct sales strategy. Additionally, we continue to see improvements in G&A as we drive efficiencies in finance, IT, legal, HR, and facilities. As we look forward in our model and as we complete our digital transformation efforts, we should expect continued operating efficiencies across the business that will help improve our expense ratios and margins in our long-term model. This chart highlights the great progress Avid is making in driving its free cash flow. Free cash flow is expected to grow at a growth rate of 72% from 2019 to the midpoint of our 2022 guidance. Free cash flow continues to expand due to improved profitability and a more favorable working capital cycle as we move the business to more subscriptions with growing annual paid annual contracts. As free cash flow expands, we expect to see continued improvement in the conversion of EBITDA to free cash flow and a significant improvement in free cash flow per share. As part of our free cash flow guidance, our long-term model will be making additional investments in capital expenditures through 2024 to support our digital transformation program to support the growing subscription business. Our capital structure, balance sheet, and leverage position continue to show great improvement, and we have reached an inflection point as our leverage position, which is our net debt to EBITDA, is below 2x, which is relatively conservative for a public company. Our goal is to operate our business with 2.5x target net leverage moving forward. Now that our net leverage is well below our target, coupled with the excess free cash flow, we will continue to evaluate opportunities to return capital to shareholders through our $115 million share authorization. Since September 2021, Avid has repurchased through May 23rd, 2022, 1.8 million shares for $49 million under this authorization. While at the same time, Avid continued to show improvement in its net leverage position given our strong free cash flow. We will continue to work with our board on options for capital deployment, and we expect that this will take the form of share repurchases and strategic M&A to accelerate our business plan and long-term model. Before we review our long-term model, I wanted to reaffirm both our Q2 2021 guidance shown on the left on this page and the annual guidance for 2022 that we reviewed on our first quarter earnings call on May 4. As you can see, we can look at revenue, subscription and maintenance, non-GAAP earnings per share, and adjusted EBITDA for both Q2 2022 and full year 2022, and we are affirming that guidance today on May 23. Additionally, we are affirming our full year 2022 guidance for free cash flow of $60 million-$67 million for 2022 at this time. Now the exciting part. We obviously have a very clear growth algorithm with multiple drivers of our subscription growth. The first layer is our creative subscription growth. Avid participates in the audio and video creative tools segment with a growing user base of 40 million, with strong tailwinds provided by the growth in content creation, coupled with the emergence of the fast-growing creator economy. Although we are proud of the progress with 413,000 creative subscriptions, we have significantly more opportunity ahead to drive further growth of this area given the large TAM. We grew our creative software licenses by 27% over the last two years. We see continued growth from the overall market growth, market share expansion through additional product innovation in our key tools, and selective price increases to drive our creative software growth. The second layer of growth is our enterprise subscription business. We have converted roughly 15% of the enterprise subscription installed base at favorable deal uplifts of 140%. We are seeing extremely strong demand from enterprise customers moving to subscription. We expect this revenue stream to grow favorably in our model as we continue to transition our maintenance customers to enterprise subscription, add new enterprise subscription products, and capture new customers. We are confident we will be able to see continued strong uplift and believe a significant portion of our maintenance revenue today will transition to subscription at very favorable uplifts. Finally, the third layer of growth is our cloud and SaaS business. We have a few major media customers who have moved a portion of their workflow to our cloud and SaaS products, accounting for $7 million of revenue today. We also have significant interest from multiple hyperscale cloud vendors and customers to deliver our solutions on additional cloud platforms. Over time, we expect not only to grow our wallet share in the existing major media customers who have moved to our cloud and SaaS products, but also likely dozens of other major media customers to the Avid Cloud platform. Although a smaller business today, every major media company is looking at ways to move to cloud workflows, and Avid sits in a pole position to capture this business, and is in a dialogue with numerous enterprise customers on moving to cloud models. As we model our business, we have a clear and strong path to achieve our 2022 revenue targets, consisting of generating subscription and maintenance revenue of $442 million-$454 million, and total revenue of $590 million-$610 million. Given the multiple layers of subscription growth we see in th following key themes driving this growth. Number one, we see our creative subscription business of $83 million today growing 25% per year through 2025, resulting in a revenue range of $194 million-$214 million, consistent with our historical results. We see our enterprise subscription business of $18 million today growing 69% per year through 2025, resulting in a revenue range of $136 million-$156 million, which highlights the substantial opportunity to convert our existing maintenance revenue subscription at favorable uplifts that Avid has already demonstrated in its commercial model, plus the introduction of new enterprise subscription products and new enterprise customer wins. Finally, we see our cloud business moving from a few early-stage customers generating $7 million in revenue to a more robust revenue stream over a larger customer set, yielding $25 million-$45 million in revenue. Given our expected success in converting maintenance to subscription, we do see our maintenance business coming down over the forecast period to $54 million-$74 million. We believe we will continue to have strong maintenance in our audio business plus there will be some portion of our enterprise customer base that will prefer purchasing certain products on a perpetual and maintenance business. That will still be an important piece of this revenue stream. Also, we will continue to raise our maintenance prices over the forecast period to encourage customers to move to subscription. We also believe our integrated solutions business will decline over the period and will consist mainly of audio hardware and storage, while professional services will remain relatively stable over the forecast period. This long-term model does assume we do end of life certain perpetual products over the period. This slide, finally, is a summary of Avid's long-term financial assumptions. It will reflect an organic model and does not assume any contribution from M&A or share repurchases. We are also showing the current view of the key assumptions on the right versus the May 2021 assumptions which are on the left. We also have shown a trend line for each of these assumptions. The first point I want to note is that Avid's actual 2021 performance was slightly ahead of the assumptions we had in our May 2021 long-term model. As we look forward, our financial model for 2022- 2025 shows continued strong total revenue growth, earnings growth, and free cash flow growth. We expect total revenue to grow in the high single digits with incremental improvement in total revenue growth each year through 2025. As the model moves to more subscription and cloud products, we expect total subscription revenue to be mid-60s% as a percentage of total revenue by the end of 2025. With the growth forecast in our subscription revenue, we see an acceleration of our subscription and maintenance revenue as the subscription becomes a more meaningful portion of that revenue stream. We expect subscription and maintenance revenue growth to remain solid with a growth rate in the high teens per year. As our high margin revenue stream continues to show strong growth, we expect to see continued improvement in our overall gross margin, which should be close to 71% by 2025. With that said, our forecast assumes continued investment in customer experience, which is accounted for in cost of sales to help drive retention and growth of our subscription business. Although our forecast shows strong investment in R&D, we expect OpEx as a percentage of sales to fall from the high 40% area to the mid 40% area as we achieve cost efficiencies in both G&A and sales and marketing as the business scales and we move to a more efficient back-office infrastructure. With the improving margin and cost profile, we expect EBITDA margin to continue to improve from the 20% area in 2022 to the high 20% EBITDA margin by 2025. As we look at the detailed components of our cash flow, we see our free cash flow more than doubling in our model from a high of $70 million in 2023 to the mid $130 million area in 2025. Again, as we saw in 2021, Avid is a strong inflection point in free cash flow generation with our forecasted growth, improving profitability, and improving working capital cycle. Our free cash flow is also aided by our NOL position with over $700 million of NOLs that can be carried forward as they are used for approximately 10 years. The NOLs have strategic value. As such, our cash tax rate is expected to be approximately 2%-5% in our model. It should not exceed 5% through 2025. Avid's free cash flow is also benefited by the relatively low level of capital expenditures. Although we are investing to automate certain back-office infrastructure and improve the customer experience to further scale our business, our capital expenditures will grow slightly in 2022 and 2023 to approximately 3.5% of revenue before falling back to the mid-twos at the end of our forecast model. This page provides more detail on our U.S. net operating loss carryforward. Currently, the gross value of our NOL is $700 million, which should last to 2030 and beyond. Given the current U.S. tax rate, the U.S. cash tax savings related to the NOL will be approximately $176 million. The NOL based on the long-term model results in the company paying less than 5% cash tax for the next eight to 10 years. We believe the present value of this NOL is approximately $110 million today or approximately $2.50 per share. As Avid continues to generate consistent profitability, Avid may at some point have to release a portion of its valuation allowance on its deferred tax assets, but this will have no impact to our cash taxes. The next slide highlights our key financial metrics from 2021 to 2025, given our model. The financial metrics for 2025 have been updated based on the current view of the business, and all metrics are positive to the long-term model we provided at the May 2021 Investor Day. As you can see, with the expected growth rates in our total revenue, our organic revenue should reach $590 million-$610 million by 2025, reflecting a CAGR of 10% at the midpoint, up from $580 million-$600 million in the May 2021 Investor Day. Our subscription and maintenance revenue will grow to a range of $442 million-$454 million by 2025, reflecting a CAGR of 18% at the midpoint, up from $430 million-$442 million in the May 2021 Investor Day. With our continued growth in our high-margin subscription business, we see our non-GAAP gross margin expanding to 71% and our adjusted EBITDA margin growing to 27%-28% by 2025. We expect to exit 2025 as a Rule of 40 company with a high 20% EBITDA margin and 12%+ of annual revenue growth. We also see strong upside in non-GAAP EPS per share and free cash flow per share with positive upside revisions from the May 2021 model. Given the improving organic model coupled with the additional shareholder value that will be created from prudent capital deployment, we see substantial earnings in free cash flow per share growth in our model. Finally, Avid's internal forecast model drives over $600 million of cumulative capital, which can be deployed to create additional shareholder value. The $600 million of available capital is created from $295 million of excess free cash flow and $310 million from additional borrowing capacity, assuming a 2.5x leverage profile. In terms of capital deployment, our priorities to drive shareholder value are to one, invest in the most prudent organic projects that have strong returns on capital that are already factored into our organic plan we just reviewed. While we're maintaining a prudent net leverage of 2.5x, we will evaluate strategic and accretive M&A that fills a product need for our customers to further grow our solutions and accelerate our business plan. Finally, share repurchases to improve share ownership and accelerate our share price. We believe by deploying the additional $600 million of capital prudently, we can drive significant shareholder value, and we'll be actively looking to deploy this capital in the near future and throughout our forecast. Avid management will be evaluating decisions on capital deployment in partnership with Avid's board, all of whom have a meaningful ownership percentage in Avid, to drive the best returns for all shareholders. Overall, we believe that with our organic model plus prudent capital deployment, we can drive our free cash flow per share to approximately $4 by 2025. With that, I'll ask Whit to rejoin, and we'll move to Q&A. Thank you, Ken. Hang on, let me get situated here. All right, that concludes the prepared remarks. Thank you all for staying with us. We're a few minutes behind, I think, where we thought we would be, so we can let the Q&A run a little bit past 3:00 P.M. if, depending on the level of questions that we have. Jeff and Ken, you're here on stage with me, and everyone else who is speaking is up over there. If you're in the room, please raise your hand, and we have a couple people with microphones that'll bring the microphone over to you. When you have a question, please state your name and your affiliation before you ask your question. If you are participating virtually, please submit your questions via the chat link, and we will do our best to answer the ones that are received. All right. Hi, Nehal Chokshi with Northland Capital Markets. I was just wondering the funnel going from the professionals to the 10 million+, like, creative users. As investors or outsiders, should we expect, like, higher advertising? How do you using the heroes, for example, to reach them, you mentioned. What should we look for in the next few months, maybe, like Yeah, that's a good question. So look, I don't think you're gonna see necessarily higher. I wouldn't say it's higher advertising. A lot of our work that we do is digital marketing. That's, you're doing search engine optimization, you're doing keywords, you're doing a lot of digital marketing. That will track. Actually, it pretty well tracks with the revenue. I don't think you're gonna see something that's gonna go outside of the relative nature of what you see today in our sales and marketing costs. We're very good about making sure we're investing in the right way. We don't get ahead of ourselves on what we're doing from a marketing perspective. I think you'll see that continue to track as the business tracks in general. On the enterprise side, it's a little more direct sales and channel that we're doing. Obviously, there's some marketing involved there, but it's a different engagement. Yeah. I would say we've reshaped some of the sales and marketing spend. Obviously, less focused on trade shows recently, and we will continue to adopt that model. We have been investing more in the direct digital marketing. We have very strong LTV to CAC ratios. We look at that with our marketing team hand in hand, and we've been putting a little more effort into that marketing. That's been driving mid-20s percent creative growth for us. We will continue to do that to help augment our subscription story, which is obviously, enterprise is really in the early stages, and we see that really driving forward and being a real growth engine for us. All right. Hi. Luis Sanchez of LVS Advisory. I have two questions. The first question is, you guys highlighted that you've converted about 15% of the enterprise base to subscription. Could you comment on what we should expect for the pace of conversion going forward, and what are some of the frictions that need to be overcome to convert? Well, I'd say from a pace perspective, you're gonna see the way the team's been performing, it's been pretty consistent. Tom's teams are pretty consistent. As you mentioned, I think, Tom, it's 10-12, sometimes a little more, some maybe one or two less, but generally in that range of what we're converting. I think we're gonna see that pace continue. You may see that widen a little bit as we get more down market in smaller medium-sized businesses that are part of that makeup. I think you'll see that pace continue, and I think we'll see pretty consistent growth profile as we proceed forward. Yeah. We're focused. I think it's a three to four year kind of horizon. We are focused on a phased approach to make sure that we grow profitably and generate the right cash flows. At the same time, we're introducing new products that are attractive to our enterprise customers and new features. As we sign an enterprise customer up, there's an opportunity to continue to go up and resell them and add more value toward those revenue streams. That’s gonna be real important given all the data and information that Kevin provided, that technology innovation and cloud. We see those uplifts as we can transition people to cloud, even expanding more. I will say, too, that conversion is just the initial step. I think a lot, and especially enterprise customers, there's a lot of opportunity to upsell, cross-sell, really grow the footprint of those customers. Yeah. If you could just expand on that, like, it seems like you guys are providing a lot more value for the subscription. What's the friction? Is it just when agreements term, or is there another friction? I wouldn't say. You're always gonna see some friction sometimes depending on what their views are. Some people may have a friction against moving from CapEx to OpEx. That is decreasing pretty significantly. I think most people are pretty comfortable now moving from CapEx to OpEx in that regard. Sometimes it's timing on contract. It may be timing on project availability when they're gonna time an expansion or an upgrade. I wouldn't actually call it friction. I think it really is just the sales team have got their sales motions in play. They're working those through and timing them at the right time lead to those customers. I think initially we thought there may be more friction than we're seeing. I don't think we're seeing anywhere near what we had originally thought. Okay. Just one more. On the personal side, you guys made two changes to your product. One was you removed First, which was a freemium model. Second, you decided to take price on some of the tiers. If you could just comment on, like, why you decided to switch from a freemium model and why this was a good time to take price? I can. I think, well, it's not the first time we've taken price. We have done this before. We've got experience in it, and we've seen how the customer base behaves, user base behaves on that. First was a great freemium product that I think did a great job in the initial days and when we were trying to expand the footprint of our business. We saw it really kind of. Its purpose was kind of, it served its purpose, let's just say, for us and what we see. We saw a real opportunity to create a tier in there. Instead of having a free product, have a lower priced product to get people into. Getting people from a free product to a $20-$30 product is a pretty big jump, so we felt like there was a place there. Instead of having a freemium tier, we really felt like a stronger trial program and a more aggressive trial program and then put them up into a, you know, $99 product was gonna be the right step to do that. It was really creating a paid tier down on that lower end. On the opposite side with the pricing, we also went for where we have a lot of pricing power at the high end. The new Flex product is a pretty significant price increase. We also moved the price up on monthly 'cause one of the things we learned is monthly could take a bit of a price increase for that, so we did that. We've done it before, and we do a lot of work. Before we do it, we do a lot of work modeling the scenarios to make sure that the outcome we're trying to get to, we're getting to. Does that make sense? Oh, hi. Martin Hale, HCP. Nicely done, team. Martin. It's really been fun to watch. Just curious about thoughts on discussing retention, gross and net over time, and then also on making hardware a service, sort of like a GreenLake. Just curious if you could talk about those two things. Yeah. This sort of talk about the actual service on making hardware a service. We don't wanna put a lot of capital out and things like that, but Ole can speak to it. Yeah. We're not publishing retention rates and those things. Ole can speak to what you'd like to speak to, but generally, of course, in a business like this, it's crucial 'cause you've gotta keep an eye on, as KAM laid out, how many we're acquiring, how we're acquiring, the cost of acquisition. How we're getting people to adopt successfully the product, how do we expand that relationship? How do we renew it? That's obviously very, very key. Across that whole spectrum of landing people to making sure we retain them is obviously a very important part, and we look at the data all across that journey. That's important. Yeah, I would say just generally, the in terms of retention, we're seeing positive trends. Obviously, KAM talked a little bit about Gainsight, some of the tools that she's using, and I think the LAER, the improvements that Kevin's made, I think customer satisfaction is improving, so we're seeing improvements in retention on the creative side. I think enterprises we're still very early. Our customer base is so sticky. They've been so loyal with us. I mean, I think we need to get a couple more years in before we get some of these, the year before the renewals are coming up. We just started this over, the last year. These same things will take a little bit of time to get some of that data in terms of renewal rates, since it really is our first full year this year. Those are some things that we'll look to start thinking about as we continue to add more metrics over time to our investor base. Your other question on hardware as a service or a subscription, I think Tim Claman did a wonderful job explaining NEXIS in terms of moving that storage product, which is in our integrated solutions business, separating the software layer out and providing that as a subscription opportunity at uplifts. That's obviously something that we just announced today, so very timely in terms of your question. We're really excited about that driving really good performance for the company to augment our subscription growth. Great. Thank you. Great. Thank you. Very timely, Martin, as usual. I do have one here from the webcast. For Ken Gayron, subscription revenue sometimes declines sequentially. That's not particularly like a traditional for subscription companies, so why does that tend to happen here? Yeah. You know, I think, you know, Avid, in terms of our revenue streams, we have to account for the revenue for ASC 606, you know, that does create a little bit of unevenness given, some of the subscription products that we sell. We're not a completely SaaS company. That said, that's one of the reasons why, you know, myself, Jeff, and the rest of the management team, wanted to introduce ARR. We think that's a great way to look at the health of the business. When I look at ARR versus the subscription and maintenance revenue, they're all moving directionally, year-over-year in the same alignment. We're up 16%, 16.5% in ARR, roughly very similar to the subscription and maintenance revenue. It underpins the health of that business. I think ARR will be a key metric that I would point investors to look at, given what ASC 606 requires in terms of the rev rec. Other questions in the room? All right. I do have one more from online. Jeff, what's giving us confidence to raise the sort of long-term earnings and free cash flow compared to last year, and why is this confidence not being reflected in sort of an increase in 2022 guidance? Well, I mean, 2022 is what it is, and we're looking at, you know, the near term. I think, you know, we look at our model, we spent the last year. We spent a lot of time looking at, obviously, how the business is performing, where we saw the business performing. We're looking at our strategy very closely and the timing of our strategy, which is important. When new offerings, when innovations, when category expansions that we're planning are happening in that model. That, you know, obviously, we don't make all that public. We don't need our competition to know exactly when we're gonna launch certain competitive, you know, moves against them in certain areas. Let's just say that we look very carefully over the years and look at what we're gonna launch when and look at where the market is going and make those estimates over the period. Again, I think we like the trajectory of the business. It's going all the right direction, and we're pretty happy with it. Great. Other questions in the room? All right then. Well, thank you. I will turn it back to Jeff for closing remarks. Okay, thanks. Hang on one second please. I will only take a moment. I just wanna say that, look, I wanna thank everybody for participating today. Again, not only for those here in the room, it was great to see you in person after what, three years since our last one in person, but also for the many people that are online on the live stream. Thank you so much. We hope you did enjoy learning more about Avid and what we're doing and where we're going. We've enjoyed spending time with all of you. We look forward to continuing those dialogues with our investors and all, also our prospective investors. I say this, we do believe we are well-positioned to take advantage of the opportunities that you saw in the presentations today. There's tremendous growth opportunity in, you know, high-end content creation, but also not just from what's going on in the media space, driven by consumer demand, but also what we see is the opportunity in even non-media sectors. As Tom laid out, we see a lot of opportunity in the greater, you know, media creation or video creation and audio creation business. As you can see, we've really become a quite capable subscription and SaaS growth engine as a company in the space. That will continue. We're gonna continue to drive that both the creative side and the enterprise side. As hopefully you saw today, we have a lot of tools in our toolbox to be able to keep the growth of both the creative tool subscription and the enterprise subscription going for some time to come. You know, we'll continue to innovate. We'll continue to be very good and very data-driven on our customer and commercial journey with these folks to derive a real good result. Ultimately, I wanna say, as I said before, we're very focused on business fundamentals. Yes, we're a growth story. Yes, we're a subscription growth company, but it is about profitability. It is about cash flow generation, and it is about valuing or creating value for our shareholders, so we'll never lose sight of that as we execute this plan. With that, thank you very much for your time. Really appreciate all of you spending several hours with us, so thanks so much. Appreciate it.