quarter very with our Jeff. and results you, we And good Overall, afternoon, pleased first Thank financial in everyone. are the of XXXX. business
robust Our structure stronger growth, plus by profitability. in has business improving subscription margins resulted return driven our revenue, recurring and our to our growing performance and in cost
recover. gradually be remainder related of as portions integrated for non-recurring of focus end the improve markets and continue higher to the to solutions, the revenue XXXX, will our recurring drive Our business quality to our
We results first efforts, results. expect our With including free cash now profitability financial to turn stronger financial quarter improvement in through and metrics, of and let's these flow the continued XXXX. key our that, details
year-over-year first XX% reached solutions. the subscription SaaS paid MediaCentral On XX% of count year-over-year encouraged are XXX quarter, growth and the Media pro these XX,XXX XX% or a Edit are count sold year the enterprise tools, they on up business. for base, for XXX% creative we Subscription XXX,XXX continued individuals subscriptions Sibelius early And composer, added of the paid expectations. our the from subscriptions products tools, reached progress provide and subscription subscriptions for year-over-year, our grew does returns which paid creative increase XX% up to Over subscriptions benefited quarter, Annual as an year-over-year. net represent adoption year-over-year. And software XX% These the Tools XX% Composer media first first In total subscription include at a up-front time, not the new where on additional Sibelius, by subscription our up tools plan revenue up subscriptions new with or total adding subscription ago. from subscription software our approximately exceeded detail Demand. enterprise was Subscription growth for strong all creative high Pro offerings our to new of represent subscriptions. such whose our and in count We roughly end now in enterprise growth subscriptions we our enterprises of for quarter. of
tools, the first our subscriptions dollars from first Now our $XX.X subscription of enterprise during the increase The the customers the drove paid our continued creative of and continued of that an revenue revenue the as several cloud, XX% trend to last year, reaching subscription in in agreements subscription quarter subscription started third well in during in a million, year-over-year. signed growth of enterprise million quarter, of resulting several revenues. moving of composition for our new Continuing number as more growth enterprise revenue. quarter
driving stage select of enterprise we subscription We as subscription the offerings, to customers growth through our expect additional XXXX. continue next
that quarters number know fourth that customers the of maintenance us first for and the natural end. and to However, largest around from traditional we convert calendar given to subscription, year existing cycles renew do the provide contracts maintenance the enterprise opportunity budget
As year-over-year the due million to the perpetual in each lower second expect in the to the but maintenance. associated a enterprise subscription and and quarters, subscription, growth XXXX from during quarter, Maintenance result, strong to sales trends see we maybe as customers move our subscription. in of $XX.X maintenance to due X% the X.X% customers was sequentially, more uneven quarter, and enterprise first down during year-over-year and third revenue product to transitioning
maintenance an was expect the in for the trend quarter. and revenue software the combined seeing market. moving continue with increased than the revenue maintenance perpetual solutions to are licensing XX.X% contracts as first provide improving greater revenue of integrated increased in the the first from by related revenue which up stability was XX% subscription first revenue year-over-year business year-over-year we forward, Total quarter, hardware and subscription should option. license growth million, recovers subscription Perpetual customers licenses our and in forward in $X.X perpetual the quarter, as as integrated some prefer over XX% to revenues growth decline. overall our rate solutions, maintenance renewal Looking maintenance we Total
million quarter Finally, $XX.X first XXXX. first the total the in since pandemic the was It quarter, first start of year-over-year. was of X.X% year-over-year the an revenue our growth quarter increase in of revenue of
higher XXXX. revenue QX, annual In up increased recurring and to revenue of and value. percentage revenue XX% revenue. due from The lower first recurring quarter the moving recurring revenue revenue, LTM subscription in to contract XX% of was non-recurring Now total
we While business of in impact the believe continue elevated revenue volatility to our which we has streams. grow, to expect recurring due quarters portion our revenue of been the few last the recurring percentage revenue in pandemic, the the caused has non-recurring to
revenue contract revenue As first which growth long-term non-recurring during benefited from $XXX quarters year-over-year. decline as in subscription such, next strong offset those the could streams maintenance. uneven few the improvement in ACV Annual of to was the quarter, the percentage million year-over-year revenue in recurring value continue agreements, XX% ACV end from a be from at recover. up and contribution
renew one one the first During purchasing quarter, strategic and we added SPA, distribution do last to other our new agreement. renewed not discussed We we that of the quarter. SPA American partner related we another transition successfully Latin
quarter. was $XX.X at was quarter, Now million, not these down Integrated the last the subscription markets quarter XX% XX.X% for the the products up in year-over-year. the and is but Combined in Integrated our to million let's the have pandemic, above of revenue end of solutions for first the solutions recovered. fully second well results year maintenance revenue low revenue seen $XX.X rest year-over-year. look first due
revenue in XXXX freight shift was keeps largest year-over-year us in The our EBITDA $XX.X was integrated decrease achieved Net margin operating on help expense. or due back year-over-year, experience historical remains solutions keep Operating approximately year-over-year revenue year. track of $X.XX any the was quarter and year-over-year, significantly solutions decrease revenue about expense. up and the $X In the services revenues come. that the permanent on remain quarter the to margin share summary prior the for points to million, audio was Professional million gross currency, higher Adjusted our resources year-over-year X,XXX quarter, year-over-year in the year-over-year expenses. improvement annual X% and year-over-year software XXX% and due of within roughly mixed the in volume, on down EBITDA quarter due due XXXX lower and first improvement reflecting the of Storage, fourth basis $XX.X third-party XX.X% gross $X.X total a adjusted $XX.X U.S. was pandemic in integrated However, in Overall, income XXX professional points year-over-year professional first the in of year-over-year. in to margin X,XXX At professional was product pre-pandemic X.X% integrated efforts quarter, improved first in first Gross strong expenses also due logistics. in higher operating million the mix up below operating by quarter surfaces were year-over-year start A the margin key the shift first in decline was revenue down last as in in margin costs levels, comes our an since Gross families improvements revenues our we of the of solutions the higher basis to basis savings structure. first smallest balance gross is still first up down introduced of we $XX.X we business lower points increase of of X.X% Video was points in weakening the million following: Adjusted from Pro working drive expenses from in products, our XX% XX% quarter, during our first learning basis hardware the higher lower revenue related million interface year-over-year, the operating perpetual in including Tools XX.X% lower flow to cost an of of XX%, basis quarter, period. now those theaters, up of trends. in $X.X Gross the the graphic XXXX first operating as the and revenue the and flat year gross Free target subscription points. to quarter, in the was XXXX. carbon revenue to first solutions quarter were And The Tools target quarter. and festivals an benefited coming service benefit expense a up achieved quarter, the increase first at margin a includes fourth was XXX to Pro improvement basically deemphasized from levels. capital million an of hardware maintenance recovery year-over-year. margin quarter, and $X.XX cost bring largely as per in in the XX% the supported expenses from XXXX margin have and selling products during the results new by margin despite during percentage was first revenue cash as up year-over-year of audio year-over-year quarter and sound quarter was quarter recovery Live an savings margin revenue services as from mixed of market in year-over-year levels. improved XX.X% have margin for solutions savings XXX dollar solutions up as $XXX income in concerts video also our first in year-over-year control benefits hardware quarter, increase interest from and roughly was sales. to Gross of retention. services. utilization growth higher for services. XXXX million year-over-year million the marketing from constant a to quarter, for XX% integrated above the revenue the also first subscription are revenue, made year-over-year favorable benefited up the with due first the to quarter a lower million versus XXXX. the our for the was subscription, the operating customer our quarter, reduction first $XX
cash quarter. employee during the was these use a of we paid the bonuses XXXX of of during XXXX. million the quarter. And the bonus first paid a also in $XXX,XXX Working million second remaining We $X.X $X.X the of quarter of capital
Avid’s from first in were working paid improvement first see as of our business moves upfront down more slightly XXXX. $X.X to subscriptions. cycle quarter, and to the quarter annual continuing capital are expenditures million We Capital software during
increase as We that the by during dollars million capital several of XXXX we to expenditures expect had capital expenditures during pandemic. XXXX will much reduced due
We will transformation the operations investing Jeff our to improve in issue mentioned internal as earlier. be digital
benefited million during of to seasonally inventory was at levels. in in repayment payable flow million free reductions down Net the $XX but sequentially sequentially, sheet. from Accounts XXXX. turn high let's that consistent the and quarter, March with million quarter efficiencies primarily in was remain sequentially our in XX due $XX.X $XX.X and million of million strong XX $X billings but $X Now year-over-year, debt The balance down with was strong Accounts Cash due improvements to fourth to at due forecasting in is hardware collections to balance year-over-year December our cash than the from operating payable lower million receivable the refinancing. of spend the million. accounts January inventory inventory reduction. drove $XX.X plan $X.X to reduce up cash down
AP will continued balance, from and we profitability. that With vendors we lower expect improvement allow seeing improved our for are pricing the
fourth our outstanding, the flexibility reducing during decrease our million of we due cost quarter and March maturities at debt the at liquidity. bank first call of significantly Total debt, quarter. Net our on $XXX.X debt at end end refinanced X, million total was providing of financial first to earnings additional $XXX.X quarter the in our and million refinancing. discussed extending our As the down to to January debt $XX.X was the debt
Now our metrics. let's to move credit
refinancing. quarter as end of total was pro of X.X the X.X in the growth times end at the reduced X.X leverage quarter, expense. and The of leverage interest first times refinancing from in for the continue adjusted further total times, the total of strong down flow to improve the fourth our cash metrics. January fourth EBITDA our the our of forma XXXX Our year-over-year leverage free end and At quarter
net Additionally, facility. XX, times for forma leverage first our at down December X.X quarter, the pro of times, was the from at XXXX end X.X the new
interest rate During the quarter, quarter, the basis on leverage second reduced the based pleased we Overall, health provide of level, company our new the are interest XX and balance in to the should its on with more interest business. spread will decrease points and leverage, expense. net as long-term was reductions the our facility in our flexibility sheet effective X.XX%, further another reduce the debt the operate which to first improvements
Let's now turn to guidance.
As Jeff issued said for underlying in this, that earlier, we business XXXX. year through maintenance given And cash on are we the and the subscription are confident March our XXXX. we X, free in raising progress full flow we strength as guidance revenue and
for million. a total Our of which $XX revenue XXXX represents quarter the $XX year-over-year mid $XX.X of million, revenue maintenance the range million to $XX.X revenue to at of point. is guidance is quarter XXXX Subscription and second million a growth for the XX% guidance second
the XXXX due thousand of million, from subscription included second EBITDA our solutions. midpoint. adjusted the the and several a the second that would guidance QX guidance related year the in quarter quarter to XXXX guidance of the EBITDA We we XXXX $XX.X subscription subscription quarterly quarter in enterprise million for trends benefited shares of XX.X for $XX The the see Adjusted revenue million to in revenue assuming XX% represents to for is per that expect expect is a subscriptions maintenance second increase to million past seeing growth strong in adoption income second midpoint end revenue. the outstanding. $XX of at similar the for the of year-over-year Non-GAAP hundred subscription during same and have quarter. to at Remember to also and $X.XX, share strong subscriptions and result seen net $X.XX maintenance cloud range of and net have pandemic,
Now XXXX guidance. year for full
For we subscription $XXX guidance million and the revenue year are for maintenance full XXXX, million. to our to $XXX raising
flow free impact $XX increased mentioned guidance to million. to are the cash XXXX free flow $XX We cash The million the guidance earlier. raising includes our capital for of expenditures
a of shares are is $XXX million. million to net guidance For $X.XX XXXX, XXXX XX.X we outstanding. million guidance EBITDA to revenue $XX share million. providing Adjusted per million income Non-GAAP for is to assuming $XX XXXX $XXX guidance for $X.XX
May that, call a Lastly, long-term to I on virtual Investor expect the like to Day, to back we'll Whit. With on and our be business XX. the provide further Wednesday, Day strategy we At turn hosting average model. detail Investor
