Tue 09/06/2022 14:25 PM
Veritas Technologies LLC reported that adjusted EBITDA for its first quarter ended June 30 fell 50% year over year to $85 million from $169 million, according to a lender presentation reviewed by Reorg. Revenue fell 16% to $367 million from $426 million. The results were disclosed to lenders on Sept. 1.
The company attributed the revenue decline to a change in revenue reporting method as it shifts from a perpetual license model to a subscription license model. The company noted that customer...
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