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Allscripts announces first quarter 2013 results
Date:5/9/2013

CHICAGO, May 9, 2013 /PRNewswire/ -- Allscripts Healthcare Solutions, Inc. (NASDAQ: MDRX) today announced financial results for the three months ended March 31, 2013.

First-Quarter Highlights:

  • Acquired dbMotion, Ltd., a platform for care coordination and population health management to aggressively advance Allscripts Open, Connected Community of Health strategy.  The Company also acquired Jardogs Follow My Health™ consumer health engagement platform to enable patients to participate in their care and optimize health status.
  • Increased gross research and development spending 19 percent year-over-year to support key industry requirements, including Stage 2 Meaningful Use preparedness and ICD-10 readiness and long-term product investments. 
  • The Company made progress on key client focus areas including executing multiple acute system new activations and upgrades across the client base.
  • Announced the general availability of Allscripts Care Director, a multi-tenant, web-based solution that coordinates outpatient care across healthcare settings and provides a targeted solution for population health management professionals.
  • Launched several initiatives to improve operational effectiveness including a Centers of Excellence strategy for Solutions Development and a plan to consolidate North American offices.  The Company continues to expect in excess of $50 million in annualized savings from operational effectiveness initiatives, beginning in 2014.
  • "We are making progress in key areas including an unwavering client focus, delivering on our commitments and driving operational effectiveness," said Paul M. Black, President and Chief Executive Officer of Allscripts. "In addition, we took a series of important actions this quarter to advance our Open, Connected Community of Health strategy, enhancing our competitive positioning, including the acquisitions of dbMotion and Jardogs."

    Mr. Black continued,"We are investing heavily in both our clients and our products and so while our financial results for the quarter are not surprising, they are not satisfactory and not indicative of our long term potential. This is a rebuilding year for Allscripts and I remain confident we are taking the right steps forward."

    First-Quarter Details:

  • Bookings(1) of $177.7 million.  This compares with bookings of $194.6 million in the first quarter of 2012 and $180.7 million in the fourth quarter of 2012.
  • GAAP revenue of $347.1 million and non-GAAP revenue of $348.0 million.  This compares with GAAP and non-GAAP revenue of $364.7 million and $365.5 million, respectively, in the first quarter of 2012. 
  • GAAP gross profit for the three months ended March 31, 2013, was $134.4 million.  This compares with GAAP gross profit of $155.7 million in the first quarter of 2012. 
  • Non-GAAP gross profit was $147.9 million for the three months ended March 31, 2013, or 42.5 percent of total non-GAAP revenue.  This compares with $164.7 million or 45.1 percent of non-GAAP revenue for the prior-year period.
  • GAAP operating loss for the three months ended March 31, 2013, including certain non-recurring expenses and transaction-related costs, was $28.3 million.  This compares with GAAP operating income of $13.0 million in the first quarter of 2012. 
  • Non-GAAP operating income, excluding certain non-recurring expenses and transaction-related costs, was $17.6 million for the three months ended March 31, 2013, or 5.1 percent of total non-GAAP revenue.  This compares with $40.9 million or 11.2 percent of non-GAAP revenue for the prior year.
  • GAAP net loss for the three months ended March 31, 2013, including certain non-recurring expenses and transaction-related costs, was $11.6 million and GAAP loss per share was $0.07.  This compares with net income of $5.8 million and diluted earnings per share of $0.03 in the first quarter of 2012.
  • Non-GAAP net income, after adjustments for certain non-recurring expenses and transaction-related costs, was $16.2 million resulting in non-GAAP diluted earnings per share of $0.09.  This compares with $23.5 million and $0.12, respectively, in the first quarter of 2012.
  • Adjusted EBITDA was $49.8 million for three months ended March 31, 2013, or 14 percent of total non-GAAP revenue.  This compares with $58.3 million or 16 percent of non-GAAP revenue for the prior-year period.
  • First quarter 2013 GAAP results include the following items, all on a pre-tax basis:
  • Acquisition-related deferred-revenue adjustment of $0.9 million.
  • Acquisition-related amortization expense of $16.2 million.
  • Stock-based compensation expense of $8.0 million.
  • Non-recurring expenses and transaction-related costs totaled $20.8 and consist of the following:
  • severance and other costs primarily associated with site consolidation totaling $12.6 million;
  • MyWay™  product consolidation costs of $6.2 million;
  • Transaction-related costs of $2.0 million related to the acquisitions of dbMotion and Jardogs. 
  • Please refer to the Explanation of Non-GAAP Financial Measures section in this news release for further discussion of these items.
  • Please refer to Table 4 "Condensed Non-GAAP Financial Information" for a complete reconciliation of all GAAP and non-GAAP financial measures discussed in this news release.Liquidity and CashDuring the first quarter of 2013, Allscripts repaid approximately $18 million of borrowings under its senior secured credit facilities.  In connection with the acquisitions of dbMotion and Jardogs in March 2013, the Company borrowed an additional $120 million under its existing revolving credit facility. 

    As of March 31, 2013, the Company had approximately $544 million of borrowings under its senior credit facilities.  The Company reported cash and marketable securities totaling approximately $94 million as of March 31, 2013.

    Conference CallAllscripts will conduct a conference call today, Thursday, May 9, 2013, at 4:30 PM Eastern Daylight Time to discuss the Company's earnings and other information.
    Investors can access the conference via the Internet at http://investor.allscripts.com.  Participants also may access the conference call by dialing (877) 303-0543 (toll free in the US) or +1 (973) 935-8787 (international) and requesting Conference ID # 32928759.

    A replay of the call will be available two hours after the conclusion of the call, for a period of two weeks, at http://www.allscripts.com or by calling (855) 859-2056 or +1 (404) 537-3406 - Conference ID # 32928759.

    Supplemental and non-GAAP financial information is also available at http://investor.allscripts.com.

    Footnotes(1)

    Bookings reflect the value of executed contracts for software, hardware, services, remote hosting, outsourcing and SaaS.About AllscriptsAllscripts (NASDAQ:  MDRX) delivers the insights that healthcare providers require to generate world-class outcomes. The company's Electronic Health Record, practice management and other clinical, revenue cycle, connectivity and information solutions create a Connected Community of Health™ for physicians, hospitals and post-acute organizations.  To learn more about Allscripts, please visit www.allscripts.com, Twitter, YouTube and It Takes A Community: The Allscripts Blog.

    © 2013 Allscripts Healthcare, LLC. All Rights Reserved.

    Allscripts, the Allscripts logo, and other Allscripts marks are either registered trademarks or trademarks of Allscripts Healthcare, LLC in the United States and/or other countries.  All other trademarks are the property of their respective owners.

    Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the federal securities laws. Statements regarding future events or developments, our future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements with the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition. Such risks, uncertainties and other factors include, among other things: the possibility that our current initiatives focused on product delivery, client experience, streamlining our cost structure, and financial performance may not be successful, which could result in customer attrition; the impact of the realignment of our sales and services organization; potential difficulties or delays in achieving platform and product integration and the connection and movement of data among hospitals, physicians, patients and others; the risk that we will not achieve the strategic benefits of the merger (the "Eclipsys Merger") with Eclipsys Corporation (Eclipsys), or other companies that we have purchased or that the Allscripts products will not be integrated successfully with these other companies products; competition within the industries in which we operate, including the risk that existing clients will switch to products of competitors; failure to maintain interoperability certification pursuant to the Health Information Technology for Economic and Clinical Health Act, with resulting increases in development and other costs for us and possibly putting us at a competitive disadvantage in the marketplace; the volume and timing of systems sales and installations, the length of sales cycles and the installation process and the possibility that our products will not achieve or sustain market acceptance; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; we may incur costs or customer losses relating to the standardization of our small office electronic health record and practice management systems that could adversely affect our results of operations; competitive pressures including product offerings, pricing and promotional activities; our ability to establish and maintain strategic relationships; errors or similar problems in our software products or other product quality issues; the outcome of any legal proceeding that has been or may be instituted against us and others; compliance obligations under new and existing laws, regulations and industry initiatives, including new regulations relating to HIPAA/HITECH, increasing enforcement activity in respect of anti-bribery, fraud and abuse, privacy, and similar laws, and future changes in laws or regulations in the healthcare industry, including possible regulation of our software by the U.S. Food and Drug Administration; the possibility of product-related liabilities; our ability to attract and retain qualified personnel; the continued implementation and ongoing acceptance of the electronic record provisions of the American Recovery and Reinvestment Act of 2009, as well as elements of the Patient Protection and Affordable Care Act (aka health reform) which pertain to healthcare IT adoption, including uncertainly related to changes in reimbursement methodology and the shift to pay-for-outcomes; maintaining our intellectual property rights and litigation involving intellectual property rights; legislative, regulatory and economic developments; risks related to third-party suppliers and our ability to obtain, use or successfully integrate third-party licensed technology; breach of data security by third parties and unauthorized access to patient health information by third parties resulting in enforcement actions, fines and other litigation. See our Annual Report on Form 10-K/10K-A for 2012 and other public filings with the SEC for a further discussion of these and other risks and uncertainties applicable to our business. The statements herein speak only as of their date and we undertake no duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations.Table 1Allscripts Healthcare Solutions, Inc.Condensed Consolidated Balance Sheets(In millions)(Unaudited)March 31,December 31,20132012ASSETSCurrent assets:Cash and cash equivalents

    $92.2$104.0Accounts receivable, net

    351.8337.0Deferred taxes, net

    57.056.5Prepaid expenses and other current assets

    118.3110.0Total current assets

    619.3607.5Long-term marketable securities

    1.71.7Fixed assets, net

    162.3155.6Software development costs, net

    92.995.6Intangible assets, net

    504.1427.0Goodwill

    1,189.81,039.4Deferred taxes, net

    7.57.5Other assets

    45.250.2Total assets

    $2,622.8$2,384.5LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

    $73.0$45.9Accrued expenses

    94.193.1Accrued compensation and benefits

    46.644.1Deferred revenue

    327.9290.7Current maturities of long-term debt and capital lease obligations

    85.779.3Total current liabilities

    627.3553.1Long-term debt

    458.6362.7Deferred revenue

    24.119.8Deferred taxes, net

    112.4125.9Other liabilities

    66.138.7Total liabilities

    1,288.51,100.2Total stockholders' equity

    1,334.31,284.3Total liabilities and stockholders' equity

    $2,622.8$2,384.5 Table 2Allscripts Healthcare Solutions, Inc.Condensed Consolidated Statements of Operations(In millions, except per-share amounts)(Unaudited)Three Months Ended March 31,20132012Revenue:System sales (a)

    $27.0$37.2Professional services

    61.171.5Maintenance (a)

    117.7118.3Transaction processing and other

    141.3137.7Total revenue

    347.1364.7Cost of revenue:System sales

    13.316.6Professional services

    57.561.7Maintenance

    36.636.0Transaction processing and other

    85.779.7Amortization of software development costs and acquisition-related assets (b)

    19.615.0Total cost of revenue

    212.7209.0Gross profit

    134.4155.7Selling, general and administrative expenses

    104.297.3Research and development

    51.036.1Amortization of intangible assets

    7.59.3(Loss) income from operations

    (28.3)13.0Interest expense

    (4.6)(3.9)Interest income and other, net (c)

    8.10.4(Loss) income before income taxes

    (24.8)9.5Benefit (provision) for income taxes

    13.2(3.7)Net (loss) income

    ($11.6)$5.8Earnings (loss) per share - basic and diluted

    ($0.07)$0.03Weighted average common shares outstanding:Basic

    173.7190.6Diluted

    173.7192.9(a) Certain prior period amounts in system sales have been reclassified to maintenance to conform to the current period presentation. The amount reclassed for each period presented is as follows:

    $0.0$3.5(b) Amortization of software development costs and acquisition-related assets includes:Amortization of capitalized software development costs

    $10.9$7.8Amortization of acquired intangible assets

    7.57.2Acquisition-related amortization

    1.20.0$19.6$15.0(c) Interest income and other for the three months ended March 31, 2013 includes a gain of approximately $4.7 million resulting from the sale of Allscripts investment in Humedica, Inc., as well as a gain of approximately $3.3 million from the final valuation of Allscripts' minority interest in dbMotion, Ltd. held prior to the acquisition of the company. Table 3Allscripts Healthcare Solutions, Inc.Condensed Consolidated Statements of Cash Flows(In millions)(Unaudited)Three Months Ended March 31,20132012Cash flows from operating activities:Net (loss) income

    ($11.6)$5.8Non-cash adjustments to net (loss) income:Depreciation and amortization

    40.835.2Stock-based compensation expense

    8.07.7Other non-cash (credits) charges, net

    (24.0)3.4Total non-cash adjustments to income

    24.846.3Cash impact of changes in operating assets and liabilities

    26.122.5Net cash provided by operating activities

    39.374.6Cash flows from investing activities:Capital expenditures

    (16.4)(19.4)Capitalized software

    (7.9)(13.3)Cash paid for business acquisitions, net of cash acquired (a)

    (148.8)0.0Sales and maturities of other investments

    12.50.0Net cash used in investing activities

    (160.6)(32.7)Cash flows from financing activities:Proceeds from issuance of common stock

    7.92.0Excess tax benefits from stock-based compensation

    1.70.1Taxes paid related to net share settlement of equity awards

    (1.6)(2.3)Debt borrowings (payments) net of financing costs

    101.2(24.8)Repurchase of common stock

    0.0(0.5)Net cash provided by (used in) financing activities

    109.2(25.5)Effect of exchange rate changes on cash and cash equivalents

    0.31.5Net increase (decrease) in cash and cash equivalents

    (11.8)17.9Cash and cash equivalents, beginning of period

    104.0157.8Cash and cash equivalents, end of period

    $92.2$175.7(a) Consists of cash paid for dbMotion, Ltd. in the amount of $125 million (net of $14 million cash acquired) and cash paid for Jardogs in the amount of $24 million.Table 4Allscripts Healthcare Solutions, Inc.Condensed Non-GAAP Financial Information(In millions, except per-share amounts)(Unaudited)Three Months EndedThree Months Ended3/31/133/31/12Total revenue, as reported$347.1$364.7Acquisition-related deferred revenue adjustment0.90.8Total non-GAAP revenue$348.0$365.5Gross profit, as reported$134.4$155.7Acquisition-related deferred revenue adjustments0.90.8Acquisition-related amortization8.77.2Stock-based compensation expense 1.41.0Non-recurring expenses and transaction-related costs (a)2.50.0Total non-GAAP gross profit$147.9$164.7Operating income/(loss), as reported($28.3)$13.0Acquisition-related deferred revenue adjustment0.90.8Acquisition-related amortization16.216.4Stock-based compensation expense 8.07.7Non-recurring expenses and transaction-related costs (a)20.83.0Total non-GAAP operating income$17.6$40.9Net income/(loss), as reported($11.6)$5.8Acquisition-related deferred revenue adjustment0.70.5Acquisition-related amortization12.410.4Stock-based compensation expense 6.14.9Non-recurring expenses and transaction-related costs16.01.9Tax rate alignment(7.4)0.0Non-GAAP net income$16.2$23.5Tax Rate23%37%Weighted shares outstanding - diluted173.7192.9Earnings per share - diluted, as reported($0.07)$0.03Non-GAAP earnings per share - diluted$0.09$0.12Note: all adjustments to reconcile GAAP to non-GAAP net income are net of tax.(a) Non-recurring expenses and transaction-related costs included in cost of revenue totals $2.5 million for the three months ended March 31, 2013 related to the MyWay product consolidation program.
    Operating expenses include non-recurring expenses and transaction-related costs of approximately $18.3 million and $3.0 million for the three months ended March 31, 2013 and 2012, respectively, comprised of the following: 

    Three Months EndedThree Months Ended3/31/133/31/12Severance and other costs$12.6$0.0MyWay product consolidation3.70.0Transaction-related costs2.01.5Other0.01.5$18.3$3.0 Table 5Allscripts Healthcare Solutions, Inc.Non-GAAP Financial Information - Adjusted EBITDA(In millions)(Unaudited)Three Months EndedThree Months Ended3/31/133/31/12Total revenue, as reported

    $347.1$364.7Acquisition related deferred revenue adjustment

    0.90.8Total non-GAAP revenue$348.0$365.5Net income/(loss), as reported

    ($11.6)$5.8Tax provision/(benefit)

    (13.2)3.7Interest expense (income) and other (income) expense (a)

    3.22.0Stock-based compensation expense

    8.07.7Depreciation and amortization

    40.835.2Acquisition-related deferred revenue adjustments

    0.90.8Acquisition-related amortization

    1.20.0Non-recurring expenses and transaction-related costs (b)

    20.43.0Non-GAAP adjusted EBITDA$49.8$58.3Non-GAAP adjusted EBITDA margin

    14%16%(a) Interest expense (income) and other (income) expense has been adjusted from the amounts presented in the statements of operations in order to remove the amortization of deferred debt issuance costs from interest expense since such amortization is also included in depreciation and amortization. Additionally, the amount presented for the three months ended March 31, 2013 excludes gains on investments totaling $8.0 million. (b)  Depreciation expense totaling $0.4 million has been excluded from non-recurring expenses for the three months ended March 31, 2013 since this amount is also included in depreciation and amortization.  Table 6Allscripts Healthcare Solutions, Inc.Supplemental Data Sheet(In millions)(unaudited)Pct ChangeCY 2012CY 2013YTD2013/20122013/2012Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013CY
    2012CY
    2013Q1YTDBookings$194.6

    $194.1

    $161.9

    $180.7$177.7

    -

    -

    -$194.6

    $177.7-8.7%-8.7%Contract Backlog:Systems 

    $126

    $122

    $111

    $107$101

    -

    -

    -$126

    $101-20.4%-20.4%Professional services

    375

    381

    395

    376387

    -

    -

    -375

    3873.4%3.4%Maintenance

    853

    849

    860

    875843

    -

    -

    -853

    843-1.1%-1.1%Transaction processing and other

    1,509

    1,485

    1,461

    1,4501,413

    -

    -

    -1,509

    1,413-6.3%-6.3%Total Contract Backlog$2,863

    $2,837

    $2,827

    $2,808$2,744

    -

    -

    -$2,863

    $2,744-4.1%-4.1%Explanation of Non-GAAP Financial MeasuresAllscripts reports its financial results in accordance with generally accepted accounting principles, or GAAP. To supplement this information, Allscripts presents in this release non-GAAP revenue, gross profit, operating income and net income, including non-GAAP net income on a per share basis, and Adjusted EBITDA, which are non-GAAP financial measures under Section 101 of Regulation G under the Securities Exchange Act of 1934, as amended.

  • Non-GAAP revenue consists of GAAP revenue as reported and adds back acquisition-related deferred revenue adjustment booked for GAAP purposes.
  • Non-GAAP gross profit consists of GAAP gross profit as reported and adds back acquisition-related deferred revenue adjustment booked for GAAP purposes and excludes acquisition-related amortization, stock-based compensation expense, and non-recurring expenses and transaction-related costs.
  • Non-GAAP operating income consists of GAAP operating income as reported and adds back acquisition-related deferred revenue adjustments booked for GAAP purposes and excludes acquisition-related amortization, stock-based compensation expense, and non-recurring expenses and transaction-related costs.
  • Non-GAAP net income consists of GAAP net income as reported, excludes acquisition-related amortization, stock-based compensation expense and non-recurring expenses and transaction-related costs, and adds back acquisition-related deferred revenue adjustments, in each case net of any related tax effects.  Non-GAAP net income also includes a tax rate alignment adjustment.
  • Adjusted EBITDA is a non-GAAP measure and consists of GAAP net income (loss) as reported and adjusts for: the provision for revenue deferral; provision/(benefit) for income taxes; net interest expense and interest income and other income/(expense); stock-based compensation expense; depreciation and amortization; deferred revenue adjustment; non-recurring and transaction-related costs; and non-cash asset impairment charges.
  • Acquisition-Related Deferred Revenue. Acquisition-related deferred revenue adjustments reflect the fair value adjustments to deferred revenues acquired in business acquisitions. The fair value of deferred revenue represents an amount equivalent to the estimated cost plus an appropriate profit margin, to perform services related to the acquiree's software and product support, which assumes a legal obligation to do so, based on the deferred revenue balances as of the acquisition date. Allscripts adds back this deferred revenue for its non-GAAP financial measures because it believes the inclusion of this amount directly correlates to the underlying performance of Allscripts operations.

    Acquisition-Related Amortization.  Acquisition-related amortization expense is a non-cash expense arising primarily from the acquisition of intangible assets in connection with acquisitions or investments. Allscripts excludes acquisition-related amortization expense from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Allscripts business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets.  Investors should note that the use of these intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation and the related amortization expense will recur in future periods.

    Stock-Based Compensation Expense. Stock-based compensation expense is a non-cash expense arising from the grant of stock awards to employees. Allscripts excludes stock-based compensation expense from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Allscripts business operations and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods and such expense will recur in future periods.

    Non-Recurring Expenses and Transaction-Related Costs.  Non-recurring expenses in the first quarter of 2013 relate to certain severance, product consolidation, legal, consulting, and other charges incurred in connection with activities that are considered one-time. 

    Transaction-related costs during the first quarter of 2013 are fees and expenses, including legal, investment banking and accounting fees incurred in connection with the acquisitions of dbMotion, Ltd. and Jardogs.
    Allscripts excludes transaction-related costs from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Allscripts business operations and (ii) such expenses can vary significantly between periods.Tax Rate Alignment. Tax adjustment to align the current quarter's effective tax rate to the expected annual effective tax rate.

    Management also believes that non-GAAP revenue, gross profit, operating income, net income and non-GAAP net income on a per share basis, and Adjusted EBITDA provide useful supplemental information to management and investors regarding the underlying performance of the Company's business operations. Acquisition accounting adjustments made in accordance with GAAP can make it difficult to make meaningful comparisons of the underlying operations of the business without considering the non-GAAP adjustments that we have provided and discussed herein.  Management also uses this information internally for forecasting and budgeting as it believes that these measures are indicative of the Company's core operating results. In addition, the Company uses non-GAAP revenue, operating income, net income and/or Adjusted EBITDA to measure achievement under the Company's stock and cash incentive compensation plans. Note, however, that non-GAAP revenue, gross profit, operating income and net income and non-GAAP net income on a per share basis and Adjusted EBITDA are performance measures only, and they do not provide any measure of the Company's cash flow or liquidity. Non-GAAP financial measures are not in accordance with, or an alternative for, measures of financial performance prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Allscripts results of operations as determined in accordance with GAAP.  Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures with GAAP financial measures contained within the attached condensed consolidated financial statements.

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