First quarter GAAP diluted EPS of $0.17; non-GAAP diluted EPS of $0.13
Closed the sale of Hospital & Large Physician Practices business segment to Constellation Software
Generated $35 million of cash flow from continuing operations in the quarter
CHICAGO--(BUSINESS WIRE)--Allscripts Healthcare Solutions, Inc. (Nasdaq: MDRX) (Allscripts) announced its financial results for the three months ended March 31, 2022.
First quarter 2022 Veradigm revenue was $136 million compared with $126 million in the first quarter of 2021. On a consolidated Allscripts basis first quarter 2022 revenue was $143 million compared with $134 million in the first quarter of 2021.
On a GAAP basis in the first quarter of 2022, Veradigm income from operations was $18 million compared with $11 million in the first quarter of 2021. Veradigm Non-GAAP income from operations in the first quarter of 2022 was $26 million compared with $19 million in the first quarter of 2021. On a consolidated basis in the first quarter of 2022, GAAP income from operations was $7 million compared with income from operations in the first quarter of 2021 of $8 million. Non-GAAP income from operations in the first quarter of 2022 was $24 million compared with $16 million in the first quarter of 2021.
Veradigm Adjusted EBITDA totaled $35 million in the first quarter of 2022 compared with $28 million in the first quarter of 2021. On a consolidated Allscripts basis Adjusted EBITDA totaled $34 million in the first quarter of 2022 compared with $26 million in the first quarter of 2021.
Consolidated GAAP net income in the first quarter of 2022 totaled $23 million compared with $9 million in the first quarter of 2021. Non-GAAP net income in the first quarter of 2022 was $16 million compared with $11 million in the first quarter of 2021.
Consolidated GAAP diluted earnings per share in the first quarter of 2022 were $0.17 compared with $0.06 in the first quarter of 2021. Non-GAAP diluted earnings per share in the first quarter of 2022 were $0.13 compared with $0.08 in the first quarter of 2021.
On April 29, 2022, Allscripts amended its Credit Agreement to extend maturity for an additional five years and improve pricing. The amendment consists of a $700 million senior secured revolving facility.
Stock repurchases totaled $50 million in the first quarter of 2022.
“Earlier this week we announced completion of the sale of Allscripts Hospital & Large Physician Practices business to Constellation Software. I firmly believe this transaction enables both companies to fuel their respective future growth strategies and continue to provide additional value to clients, employees, and shareholders,” said Paul M. Black, Allscripts Chief Executive Officer. “In the first quarter we delivered solid results, reporting strong year-over-year growth in revenue, gross profit, Adjusted EBITDA, margins and free cash flow.”
2022 Financial Outlook(1)
Allscripts is affirming its prior annual outlook and currently expects to achieve:
Conference Call
Allscripts will conduct a conference call today, Thursday, May 5, 2022, at 4:30 PM Eastern Time to discuss its earnings release and other information. Participants may access the conference call via webcast at http://investor.allscripts.com. Participants also may access the conference call by dialing +1 (877) 269-7756 or +1 (201) 689-7817 (international) and requesting Conference ID # 13728930.
A replay of the call will be available approximately two hours after the conclusion of the call, for a period of four weeks, on the Allscripts Investor Relations website or by calling +1 (877) 660-6853 or +1 (201) 612-7415 - Conference ID # 13728930.
Supplemental and non-GAAP financial information is also available at http://investor.allscripts.com.
Footnote |
|
(1) |
In providing financial guidance, the company does not reconcile Adjusted EBITDA and free cash flow to the corresponding GAAP financial measures. Allscripts does not provide guidance for the various reconciling items since certain items that impact GAAP net operating income and operating cash flow such as acquisition-related amortization, and transaction and other costs, any of which may be significant, are outside of its control and/or cannot be reasonably predicted. Please see the “Explanation of Non-GAAP Financial Measures” at the end of this press release for detailed information on calculating non-GAAP measures. For a reconciliation of other non-GAAP financial measures, see the non-GAAP financial reconciliation tables in this release (Tables 4, 5, 6, 8 and 10). |
NOTE: All percentage changes described within this press release are calculated from full dollar amounts as illustrated in the accompanying financial statements posted on the Investor Relations website. Rounding differences may occur when individually calculating percentages or totals from rounded amounts included within the press release body compared to full dollar amounts in the tables.
About Allscripts Allscripts (Nasdaq: MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com, Twitter, YouTube and It Takes A Community: The Allscripts Blog.
© 2022 Allscripts Healthcare, LLC and/or its affiliates. All Rights Reserved. Allscripts, the Allscripts logo, and other Allscripts marks are trademarks of Allscripts Healthcare, LLC and/or its affiliates. All other products are trademarks of their respective holders, all rights reserved. Reference to these products is not intended to imply affiliation with or sponsorship of Allscripts Healthcare, LLC and/or its affiliates.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our 2022 outlook, the disposition of Hospitals and Large Physician Practices Business, our profitability initiatives, our strategic priorities and our client outcomes. These forward-looking statements are based on the current beliefs and expectations of Allscripts management, only speak as of the date that they are made and are subject to significant risks and uncertainties. Such statements can be identified by the use of words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” “look forward,” “pipeline” and similar terms. Actual results could differ significantly from those set forth in the forward-looking statements, and reported results should not be considered an indication of future performance or events.
Certain factors that could cause our actual results to differ materially from those described in the forward-looking statements include, but are not limited to: our ability to achieve the margin targets associated with our margin improvement initiatives within the contemplated time periods, if at all; the magnitude, severity and duration of the COVID-19 pandemic, including the impacts of the pandemic, along with the impacts of our responses and the responses by governments and other businesses to the pandemic, on our business, our employees, our clients and our suppliers; security breaches resulting in unauthorized access to our or our clients’ computer systems or data, including denial-of-services, ransomware or other Internet-based attacks; the failure by Practice Fusion to comply with the terms of the settlement agreements with the U.S. Department of Justice (the “DOJ”); the costs and burdens of compliance by Practice Fusion with the terms of its settlement agreements with the DOJ; additional investigations and proceedings from governmental entities or third parties other than the DOJ related to the same or similar conduct underlying the DOJ’s investigations into Practice Fusion’s business practices; our ability to recover from third parties (including insurers) any amounts paid in connection with Practice Fusion’s settlement agreements with the DOJ and related inquiries; the expected financial results of businesses acquired by us; the successful integration of businesses acquired by us; the anticipated and unanticipated expenses and liabilities related to businesses acquired by us, including the civil investigation by the U.S. Attorney’s Office involving our Enterprise Information Solutions business; other risks associated with investments and acquisitions; risks associated with disposition of the Hospitals and Large Physicians Practices Business, our failure to compete successfully; consolidation in our industry; current and future laws, regulations and industry initiatives; increased government involvement in our industry; the failure of markets in which we operate to develop as quickly as expected; our or our customers’ failure to see the benefits of government programs; changes in interoperability or other regulatory standards; our ability to maintain and expand our business with existing clients or effectively transition clients to newer products; the effects of the realignment of our sales, services and support organizations; market acceptance of our products and services; the unpredictability of the sales and implementation cycles for our products and services; our ability to manage future growth; our ability to introduce new products and services; our ability to establish and maintain strategic relationships; risks associated with investments and acquisitions; the performance of our products; our ability to protect our intellectual property rights; the outcome of legal proceedings involving us; our ability to hire, retain and motivate key personnel; performance by our content and service providers; liability for use of content; price reductions; our ability to license and integrate third-party technologies; risks related to global operations; variability of our quarterly operating results; risks related to our outstanding indebtedness; changes in tax rates or laws; business disruptions; our ability to maintain proper and effective internal controls; and asset and long-term investment impairment charges. Additional information about these and other risks, uncertainties, and factors affecting our business is contained in our filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Qs. We do not undertake to update forward-looking statements to reflect changed assumptions, the impact of circumstances or events that may arise after the date of the forward-looking statements, or other changes in our business, financial condition or operating results over time.
Table 1 |
||||
Allscripts Healthcare Solutions, Inc. |
||||
Condensed Consolidated Balance Sheets |
||||
(In millions) |
||||
(Unaudited) |
||||
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2022 |
|
2021 |
|
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $82.8 |
$132.5 |
||
Restricted cash | 1.3 |
1.3 |
||
Accounts receivable, net | 170.5 |
171.6 |
||
Contract assets | 55.1 |
63.5 |
||
Prepaid expenses and other current assets | 56.2 |
60.5 |
||
Assets held for sale | 1,174.7 |
1,125.1 |
||
Total current assets | $1,540.6 |
$1,554.5 |
||
Fixed assets, net | 9.3 |
9.8 |
||
Software development costs, net | 78.3 |
74.7 |
||
Intangible assets, net | 158.3 |
149.7 |
||
Goodwill | 520.2 |
506.6 |
||
Deferred taxes, net | 6.1 |
0.0 |
||
Contract assets - long-term | 19.2 |
28.2 |
||
Right-of-use assets - operating leases | 16.8 |
18.3 |
||
Other assets | 81.4 |
83.4 |
||
Total assets | $2,430.2 |
$2,425.2 |
||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $15.5 |
$5.3 |
||
Accrued expenses | 61.8 |
54.5 |
||
Accrued compensation and benefits | 18.0 |
31.1 |
||
Deferred revenue | 106.5 |
120.7 |
||
Current operating lease liabilities | 6.0 |
6.1 |
||
Liabilities related to assets held for sale | 439.0 |
380.3 |
||
Total current liabilities | 646.8 |
598.0 |
||
Long-term debt | 377.1 |
350.1 |
||
Deferred revenue | 3.6 |
1.8 |
||
Deferred taxes, net | 0.0 |
16.6 |
||
Long-term operating lease liabilities | 15.2 |
16.8 |
||
Other liabilities | 34.4 |
33.8 |
||
Total liabilities | $1,077.1 |
$1,017.1 |
||
Total stockholders’ equity | $1,353.1 |
$1,408.1 |
||
Total liabilities and stockholders’ equity | $2,430.2 |
$2,425.2 |
Table 2 | ||||||
Allscripts Healthcare Solutions, Inc. | ||||||
Condensed Consolidated Statements of Operations | ||||||
(In millions, except per share amounts) | ||||||
(Unaudited) | ||||||
Three Months Ended March 31, |
||||||
2022 |
|
2021 |
||||
Revenue: | ||||||
Provider | $118.7 |
|
$111.2 |
|
||
Payer & Life Sciences | 24.0 |
|
22.5 |
|
||
Total Revenue | 142.7 |
|
133.7 |
|
||
Cost of revenue: | ||||||
Provider | 57.0 |
|
58.7 |
|
||
Payer & Life Sciences | 12.2 |
|
12.1 |
|
||
Total cost of revenue | 69.2 |
|
70.8 |
|
||
Gross profit | 73.5 |
|
62.9 |
|
||
Selling, general and administrative expenses | 41.3 |
|
32.2 |
|
||
Research and development | 23.4 |
|
20.6 |
|
||
Amortization of intangible and acquisition-related assets | 2.2 |
|
2.4 |
|
||
Income (loss) from operations | 6.6 |
|
7.7 |
|
||
Interest expense, net (a) | (2.1 |
) |
(3.1 |
) |
||
Other | (0.4 |
) |
0.8 |
|
||
Income (loss) before income taxes | 4.1 |
|
5.4 |
|
||
Income tax (provision) benefit | 14.4 |
|
(1.1 |
) |
||
Income (loss) from continuing operations, net of tax | 18.5 |
|
4.3 |
|
||
Income (loss) from discontinued operations | (5.0 |
) |
5.9 |
|
||
Gain (loss) on sale of discontinued operations | 0.0 |
|
0.6 |
|
||
Income tax (provision) from discontinued operations | 9.4 |
|
(1.7 |
) |
||
Income (loss) from discontinued operations, net of tax | 4.4 |
|
4.8 |
|
||
Net Income (loss) attributable to Allscripts Healthcare Solutions, Inc. stockholders | $22.9 |
|
$9.1 |
|
||
Diluted earnings per Common Share: | ||||||
Income (loss) from continuing operations, net of tax | $18.5 |
|
$4.3 |
|
||
Plus: Interest expense, net of tax, associated with 0.875% Convertible Senior Notes | $0.5 |
|
$0.0 |
|
||
Income (loss) from continuing operations, net of tax after the effect of assumed conversions | 19.0 |
|
4.3 |
|
||
Income (loss) from discontinued operations, net of tax | 4.4 |
|
4.8 |
|
||
Adjusted Net Income (loss) earnings per Common Share | $23.4 |
|
$9.1 |
|
||
Income (loss) from continuing operations per share - basic | $0.16 |
|
$0.03 |
|
||
Income (loss) from discontinued operations per share - basic | $0.04 |
|
$0.03 |
|
||
Income (loss) per share - basic | $0.20 |
|
$0.06 |
|
||
Adjusted Income (loss) from continuing operations per share - diluted | $0.14 |
|
$0.03 |
|
||
Income (loss) from discontinued operations per share - diluted | $0.03 |
|
$0.03 |
|
||
Adjusted Income (loss) per share - diluted | $0.17 |
|
$0.06 |
|
||
Weighted average common shares outstanding: | ||||||
Basic | 115.9 |
|
140.2 |
|
||
Diluted | 138.7 |
|
149.1 |
|
||
Three Months Ended March 31, |
||||||
2022 |
|
2021 |
||||
(a) Interest expense, net is comprised of the following for the periods presented: | ||||||
Interest expense | (1.5 |
) |
(1.3 |
) |
||
Interest income | 0.1 |
|
0.1 |
|
||
Non-cash charges to interest expense | (0.6 |
) |
(1.9 |
) |
||
Interest expense, net | ($2.1 |
) |
($3.1 |
) |
Table 3 |
||||||
Allscripts Healthcare Solutions, Inc. |
||||||
Condensed Consolidated Statements of Cash Flows |
||||||
(In millions) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
Three Months Ended March 31, |
||||
|
|
2022 |
|
2021 |
||
Cash flows from operating activities: | ||||||
Net income (loss) | $22.9 |
|
$9.1 |
|
||
Less: Income(loss) from discontinued operations | 4.4 |
|
4.8 |
|
||
Income (loss) from continuing operations | $18.5 |
|
$4.3 |
|
||
Non-cash adjustments to net income (loss): | ||||||
Depreciation and amortization | 14.1 |
|
16.2 |
|
||
Non-cash lease expense, net | (3.2 |
) |
(1.8 |
) |
||
Stock-based compensation expense | 6.3 |
|
2.8 |
|
||
Deferred Taxes | (17.0 |
) |
4.7 |
|
||
Other (income) loss, net | 0.6 |
|
0.7 |
|
||
Total non-cash adjustments to net income (loss) | 0.8 |
|
22.6 |
|
||
Cash impact of changes in operating assets and liabilities: | ||||||
Assets | 31.6 |
|
24.2 |
|
||
Liabilities | (16.4 |
) |
(36.0 |
) |
||
Total cash impact of changes on operating assets and liabilities | 15.2 |
|
(11.8 |
) |
||
Net cash provided by (used in) operating activities - Continuing operations | 34.5 |
|
15.1 |
|
||
Net cash provided by (used in) operating activities - Discontinued operations | 34.8 |
|
(10.6 |
) |
||
Net cash provided by (used in) operating activities | 69.3 |
|
4.5 |
|
||
Cash flows from investing activities: | ||||||
Capital expenditures | (0.4 |
) |
(0.2 |
) |
||
Capitalized software | (9.6 |
) |
(8.1 |
) |
||
Cash paid for business acquisitions, net of cash acquired | (24.1 |
) |
0.0 |
|
||
Sale of businesses and other investments, net of cash divested and distributions received | 1.1 |
|
1.7 |
|
||
Purchases of equity securities, other investments and related intangible assets, net | 0.0 |
|
(0.2 |
) |
||
Cash provided by (used in) investing activities - Continuing Operations | (33.0 |
) |
(6.8 |
) |
||
Cash provided by (used in) investing activities - Discontinued Operations | (11.2 |
) |
(12.2 |
) |
||
Net cash provided by (used in) investing activities | (44.2 |
) |
(19.0 |
) |
||
Cash flows from financing activities: | ||||||
Taxes paid related to net share settlement of equity awards | (13.3 |
) |
(4.7 |
) |
||
Credit facility payments | (25.0 |
) |
0.0 |
|
||
Credit facility borrowings, net of issuance costs | 25.0 |
|
0.0 |
|
||
Repurchase of common stock | (49.7 |
) |
0.0 |
|
||
Intercompany to/from parent/subsidiaries | 11.7 |
|
28.3 |
|
||
Payment of acquisition and other financing obligations | 0.0 |
|
(1.5 |
) |
||
Net cash provided by (used in) financing activities - continuing operations | (51.3 |
) |
22.1 |
|
||
Net cash provided by (used in) financing activities - discontinued operations | (11.7 |
) |
(29.6 |
) |
||
Net cash provided by (used in) financing activities | (63.0 |
) |
(7.5 |
) |
||
Effect of exchange rate changes on cash and cash equivalents | 0.0 |
|
0.0 |
|
||
Net increase (decrease) in cash and cash equivalents | (37.9 |
) |
(22.0 |
) |
||
Cash, cash equivalents and restricted cash, beginning of period | 190.5 |
|
537.5 |
|
||
Cash, cash equivalents and restricted cash, end of period | $152.6 |
|
$515.5 |
|
||
Less: Cash and cash equivalents and restricted cash included in current assets held for sale | ($68.5 |
) |
($60.4 |
) |
||
Cash, cash equivalents and restricted cash, end of period, excluding assets held for sale | $84.1 |
|
$455.1 |
|
Table 4 |
||||||
Allscripts Healthcare Solutions, Inc. |
||||||
Condensed Non-GAAP Financial Information |
||||||
(In millions, except per share amounts and percentages) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
Three Months Ended March 31, |
||||
|
|
2022 |
|
2021 |
||
Gross profit, as reported | $73.5 |
|
$62.9 |
|
||
Acquisition-related amortization | 1.6 |
|
1.8 |
|
||
Stock-based compensation expense | 0.3 |
|
0.3 |
|
||
Total non-GAAP gross profit | $75.4 |
|
$65.0 |
|
||
Income (loss) from operations, as reported | $6.6 |
|
$7.7 |
|
||
Acquisition-related amortization | 3.8 |
|
4.2 |
|
||
Stock-based compensation expense | 6.9 |
|
4.0 |
|
||
Transaction and other | 6.6 |
|
0.0 |
|
||
Total non-GAAP income from operations | $23.9 |
|
$15.9 |
|
||
Adjusted Net Income (loss) earnings per Common Share | $23.4 |
|
$9.1 |
|
||
Loss (income) from discontinued operations | 5.0 |
|
(5.9 |
) |
||
(Gain) on sale of business, net from discontinued operations | 0.0 |
|
(0.6 |
) |
||
Income tax provision from discontinued operations | (9.4 |
) |
1.7 |
|
||
Income (loss) from continuing operations, net of tax after the effect of assumed conversions | $19.0 |
|
$4.3 |
|
||
Less: Interest expense, net of tax, associated with 0.875% Convertible Senior Notes | (0.5 |
) |
0.0 |
|
||
Income (loss) from continuing operations, net of tax | $18.5 |
|
$4.3 |
|
||
Acquisition-related amortization | 3.8 |
|
4.2 |
|
||
Stock-based compensation expense | 6.9 |
|
4.0 |
|
||
Transaction and other | 6.6 |
|
0.0 |
|
||
Non-cash charges to interest expense and other | 0.0 |
|
1.3 |
|
||
Tax rate alignment | (19.6 |
) |
(2.6 |
) |
||
Non-GAAP net income attributable to Allscripts Healthcare Solutions, Inc. | $16.2 |
|
$11.2 |
|
||
Non-GAAP effective tax rate | 24 |
% |
24 |
% |
||
Weighted shares outstanding - basic | 115.9 |
|
140.2 |
|
||
Weighted shares outstanding - diluted | 138.7 |
|
149.1 |
|
||
Less the net effect of convertible notes and note hedges | (13.6 |
) |
(2.6 |
) |
||
Non-GAAP Weighted shares outstanding - diluted | 125.1 |
|
146.5 |
|
||
GAAP Adjusted Income (loss) from continuing operations per share - diluted | $0.17 |
|
$0.06 |
|
||
Non-GAAP Income (loss) per share - diluted | $0.13 |
|
$0.08 |
|
Table 5 |
||||||
Allscripts Healthcare Solutions, Inc. |
||||||
Non-GAAP Financial Information - Adjusted EBITDA |
||||||
(In millions, except percentages) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
Three Months Ended March 31, |
||||
|
|
2022 |
|
2021 |
||
Income (loss) from operations, as reported | $6.6 |
|
$7.7 |
|
||
Plus: | ||||||
Depreciation and amortization | 13.6 |
|
14.4 |
|
||
Stock-based compensation expense | 6.9 |
|
4.0 |
|
||
Transaction and other | 6.6 |
|
0.0 |
|
||
Adjusted EBITDA | $33.7 |
|
$26.1 |
|
||
Adjusted EBITDA margin (a) | 23.6 |
% |
19.5 |
% |
||
(a) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue. |
Table 6 |
||||||
Allscripts Healthcare Solutions, Inc. |
||||||
Non-GAAP Financial Information - Free Cash Flow |
||||||
(In millions) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
Three Months Ended March 31, |
||||
|
|
2022 |
|
2021 |
||
Net cash provided by (used in) operating activities - continuing operations | $34.5 |
|
$15.1 |
|
||
Cash flows from investing activities: | ||||||
Capital expenditures | (0.4 |
) |
(0.2 |
) |
||
Capitalized software | (9.6 |
) |
(8.1 |
) |
||
Free cash flow | $24.5 |
|
$6.8 |
|
Table 7 |
|||||||
Allscripts Healthcare Solutions, Inc. |
|||||||
Non-GAAP Financial Information from Continuing Operations - Segment Details |
|||||||
(In millions) |
|||||||
(unaudited) |
|||||||
2021 |
|
2022 |
|||||
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Q1 |
|
|
|
|
|
|
|
|
|
Total Veradigm, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 126.4 |
133.4 |
137.2 |
155.2 |
552.2 |
|
136.3 |
Gross profit | 60.7 |
65.7 |
67.7 |
86.7 |
280.8 |
|
71.1 |
Gross margin | 48.0% |
49.3% |
49.3% |
55.9% |
50.9% |
|
52.2% |
Income from operations | 19.0 |
25.2 |
24.2 |
42.4 |
110.8 |
|
25.5 |
Adjusted EBITDA | 28.4 |
35.3 |
34.5 |
51.9 |
150.1 |
|
35.2 |
Adjusted EBITDA margin | 22.5% |
26.5% |
25.1% |
33.4% |
27.2% |
|
25.8% |
Unallocated, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 7.3 |
7.8 |
7.5 |
6.0 |
28.6 |
|
6.4 |
Gross Profit | 4.3 |
4.8 |
3.9 |
3.3 |
16.3 |
|
4.3 |
Income from operations | (3.1) |
(0.8) |
1.4 |
6.3 |
3.8 |
|
(1.6) |
Adjusted EBITDA | (2.2) |
0.0 |
1.7 |
6.3 |
5.8 |
|
(1.5) |
Total Allscripts Consolidated, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 133.7 |
141.2 |
144.7 |
161.2 |
580.8 |
|
142.7 |
Gross profit | 65.0 |
70.5 |
71.6 |
90.0 |
297.1 |
|
75.4 |
Gross margin | 48.6% |
49.9% |
49.5% |
55.8% |
51.2% |
|
52.8% |
Income from operations | 15.9 |
24.4 |
25.6 |
48.7 |
114.6 |
|
23.9 |
Adjusted EBITDA | 26.2 |
35.3 |
36.2 |
58.2 |
155.9 |
|
33.7 |
Adjusted EBITDA margin | 19.6% |
25.0% |
25.0% |
36.1% |
26.8% |
|
23.6% |
Table 8 |
|||||||
Allscripts Healthcare Solutions, Inc. |
|||||||
Non-GAAP Financial Information Reconciliation - Segment Details |
|||||||
(In millions) |
|||||||
(unaudited) |
|||||||
2021 |
|
2022 |
|||||
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Q1 |
|
Total Veradigm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, as reported | $126.4 |
$133.4 |
$137.2 |
$155.2 |
$552.2 |
|
$136.3 |
|
|
|
|
|
|
|
|
Gross profit, GAAP | $58.6 |
$63.6 |
$65.7 |
$84.6 |
$272.5 |
|
$69.2 |
Acquisition-related amortization | 1.8 |
1.8 |
1.7 |
1.8 |
7.1 |
|
1.6 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $60.7 |
$65.7 |
$67.7 |
$86.7 |
$280.8 |
|
$71.1 |
|
|
|
|
|
|
|
|
Income (loss) from operations, GAAP | $11.4 |
$17.9 |
$16.9 |
$35.2 |
$81.4 |
|
$18.1 |
Acquisition-related amortization | 4.2 |
4.2 |
4.1 |
3.9 |
16.4 |
|
3.8 |
Stock-based compensation expense | 3.4 |
3.1 |
3.2 |
3.3 |
13.0 |
|
3.6 |
Non-GAAP Income (loss) from operations | $19.0 |
$25.2 |
$24.2 |
$42.4 |
$110.8 |
|
$25.5 |
|
|
|
|
|
|
|
|
Asset Impairment Charges | 0.0 |
0.2 |
0.6 |
0.0 |
0.8 |
|
0.0 |
Depreciation and amortization | 9.4 |
9.9 |
9.7 |
9.5 |
38.5 |
|
9.7 |
Adjusted EBITDA | $28.4 |
$35.3 |
$34.5 |
$51.9 |
$150.1 |
|
$35.2 |
|
|
|
|
|
|
|
|
Unallocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, as reported | $7.3 |
$7.8 |
$7.5 |
$6.0 |
$28.6 |
|
$6.4 |
|
|
|
|
|
|
|
|
Gross Profit, as reported | $4.3 |
$4.8 |
$3.9 |
$3.3 |
$16.3 |
|
$4.3 |
|
|
|
|
|
|
|
|
Income (loss) from operations, GAAP | ($3.7) |
($1.1) |
$1.5 |
$6.4 |
$2.9 |
|
($11.5) |
Stock-based compensation expense | 0.6 |
0.3 |
(0.1) |
(0.1) |
0.9 |
|
3.3 |
Transaction and other | 0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
6.6 |
Non-GAAP Income (loss) from operations | ($3.1) |
($0.8) |
$1.4 |
$6.3 |
$3.8 |
|
($1.6) |
|
|
|
|
|
|
|
|
Depreciation and amortization | 0.9 |
0.8 |
0.3 |
0.0 |
2.0 |
|
0.1 |
Adjusted EBITDA | ($2.2) |
$0.0 |
$1.7 |
$6.3 |
$5.8 |
|
($1.5) |
Table 9 |
|||||||
Allscripts Healthcare Solutions, Inc. |
|||||||
Non-GAAP Financial Information from Continuing Operations - Revenue and Gross Profit Details |
|||||||
(In millions) |
|||||||
(unaudited) |
|||||||
2021 |
|
2022 |
|||||
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Q1 |
|
Veradigm Provider, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 103.9 |
108.1 |
110.8 |
126.3 |
449.0 |
|
112.3 |
Gross profit | 49.8 |
52.4 |
54.2 |
70.6 |
227.0 |
|
58.8 |
Gross margin | 47.9% |
48.5% |
48.9% |
55.9% |
50.6% |
|
52.4% |
|
|
|
|
|
|
|
|
Veradigm Payer & Life Sciences, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 22.5 |
25.3 |
26.5 |
28.9 |
103.2 |
|
24.0 |
Gross Profit | 10.9 |
13.3 |
13.5 |
16.1 |
53.8 |
|
12.3 |
Gross Margin | 48.4% |
52.6% |
50.9% |
55.7% |
52.1% |
|
51.3% |
|
|
|
|
|
|
|
|
Total Veradigm, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 126.4 |
133.4 |
137.3 |
155.2 |
552.2 |
|
136.3 |
Gross profit | 60.7 |
65.7 |
67.7 |
86.7 |
280.8 |
|
71.1 |
Gross margin | 48.0% |
49.3% |
49.3% |
55.9% |
50.9% |
|
52.2% |
|
|
|
|
|
|
|
|
Allscripts Consolidated Provider, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 111.2 |
115.9 |
118.3 |
132.3 |
477.6 |
|
118.7 |
Gross profit | 54.1 |
57.2 |
58.1 |
73.9 |
243.3 |
|
63.1 |
Gross margin | 48.7% |
49.4% |
49.1% |
55.9% |
50.9% |
|
53.2% |
|
|
|
|
|
|
|
|
Allscripts Consolidated Payer & Life Sciences, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 22.5 |
25.3 |
26.5 |
28.9 |
103.2 |
|
24.0 |
Gross Profit | 10.9 |
13.3 |
13.5 |
16.1 |
53.8 |
|
12.3 |
Gross Margin | 48.4% |
52.6% |
50.9% |
55.7% |
52.1% |
|
51.3% |
|
|
|
|
|
|
|
|
Total Allscripts Consolidated, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 133.7 |
141.2 |
144.8 |
161.2 |
580.8 |
|
142.7 |
Gross profit | 65.0 |
70.5 |
71.6 |
90.0 |
297.1 |
|
75.4 |
Gross margin | 48.6% |
49.9% |
49.4% |
55.8% |
51.2% |
|
52.8% |
Table 10 |
|||||||
Allscripts Healthcare Solutions, Inc. |
|||||||
Non-GAAP Financial Information Reconciliation - Revenue and Gross Profit Details |
|||||||
(In millions) |
|||||||
(unaudited) |
|||||||
2021 |
|
2022 |
|||||
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Q1 |
|
Veradigm Provider |
|
|
|
|
|
|
|
Gross profit, as reported | $48.2 |
$50.8 |
$52.6 |
$69.0 |
$220.6 |
|
$57.4 |
Acquisition-related amortization | 1.3 |
1.3 |
1.3 |
1.3 |
5.2 |
|
1.1 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $49.8 |
$52.4 |
$54.2 |
$70.6 |
$227.0 |
|
$58.8 |
|
|
|
|
|
|
|
|
Veradigm Payer & Life Sciences |
|
|
|
|
|
|
|
Gross profit, as reported | $10.4 |
$12.8 |
$13.1 |
$15.6 |
$51.9 |
|
$11.8 |
Acquisition-related amortization | 0.5 |
0.5 |
0.4 |
0.5 |
1.9 |
|
0.5 |
Stock-based compensation expense | 0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
0.0 |
Non-GAAP Gross profit | $10.9 |
$13.3 |
$13.5 |
$16.1 |
$53.8 |
|
$12.3 |
|
|
|
|
|
|
|
|
Total Veradigm |
|
|
|
|
|
|
|
Gross profit, as reported | $58.6 |
$63.6 |
$65.7 |
$84.6 |
$272.5 |
|
$69.2 |
Acquisition-related amortization | 1.8 |
1.8 |
1.7 |
1.8 |
7.1 |
|
1.6 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $60.7 |
$65.7 |
$67.7 |
$86.7 |
$280.8 |
|
$71.1 |
|
|
|
|
|
|
|
|
Allscripts Consolidated Provider |
|
|
|
|
|
|
|
Gross profit, as reported | $52.5 |
$55.6 |
$56.5 |
$72.3 |
$236.9 |
|
$61.7 |
Acquisition-related amortization | 1.3 |
1.3 |
1.3 |
1.3 |
5.2 |
|
1.1 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $54.1 |
$57.2 |
$58.1 |
$73.9 |
$243.3 |
|
$63.1 |
|
|
|
|
|
|
|
|
Allscripts Consolidated Payer & Life Sciences |
|
|
|
|
|
|
|
Gross profit, as reported | $10.4 |
$12.8 |
$13.1 |
$15.6 |
$51.9 |
|
$11.8 |
Acquisition-related amortization | 0.5 |
0.5 |
0.4 |
0.5 |
1.9 |
|
0.5 |
Stock-based compensation expense | 0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
0.0 |
Non-GAAP Gross profit | $10.9 |
$13.3 |
$13.5 |
$16.1 |
$53.8 |
|
$12.3 |
|
|
|
|
|
|
|
|
Total Allscripts Consolidated |
|
|
|
|
|
|
|
Gross profit, as reported | $62.9 |
$68.4 |
$69.6 |
$87.9 |
$288.8 |
|
$73.5 |
Acquisition-related amortization | 1.8 |
1.8 |
1.7 |
1.8 |
7.1 |
|
1.6 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $65.0 |
$70.5 |
$71.6 |
$90.0 |
$297.1 |
|
$75.4 |
Explanation of Non-GAAP Financial Measures
Allscripts reports its financial results in accordance with U.S. generally accepted accounting principles, or GAAP. To supplement this information, Allscripts presents non-GAAP gross profit, income from operations, Adjusted EBITDA, Adjusted EBITDA margin, effective income tax rate, net income, diluted earnings per share and free cash flow, which are considered non-GAAP financial measures under Section 101 of Regulation G under the Securities Exchange Act of 1934, as amended. The definitions of non-GAAP financial measures are presented below:
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 gross profit, 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 because 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-based awards. Allscripts excludes stock-based compensation expense from non-GAAP gross profit, non-GAAP operating income, non-GAAP net income and Adjusted EBITDA 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 and valuation 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.
Transaction and Other Costs. Transaction and other costs relate to certain legal proceedings and investigations, consulting, severance, incentive compensation and other charges incurred in connection with activities that are considered not reflective of our core business. Other costs also include non-cash impairment charges based on management’s assessment of the likelihood of near-term recovery of the investments’ value.
Allscripts excludes transaction and other costs, in whole or in part, from non-GAAP gross profit, non-GAAP operating income, non-GAAP net income and Adjusted EBITDA 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.
Non-Cash Charges to Interest Expense and Other. Non-cash charges to interest expense include the amortization of the fair value of the conversion option embedded in the 0.875% Convertible Notes issued by Allscripts during the fourth quarter of 2019. Other includes certain other income and expense and impairments on long-term investments.
Tax Rate Alignment. Tax rate alignment aligns the applicable period’s effective tax rate to the expected annual non-GAAP effective tax rate.
Management also believes that non-GAAP gross profit, income from operations, effective income tax rate, net income, diluted earnings per share, Adjusted EBITDA, Adjusted EBITDA margin and free cash flow provide useful supplemental information to management and investors regarding the underlying performance of Allscripts business operations. Acquisition accounting adjustments, transaction, and other costs recorded 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 provided and discussed herein.
Management also uses this information internally for forecasting and budgeting, as it believes that these measures are indicative of core operating results. In addition, management may use non-GAAP gross profit, operating income, net income, diluted earnings per share, Adjusted EBITDA and/or Adjusted EBITDA margin to measure achievement under Allscripts stock and cash incentive compensation plans. Note, however, that non-GAAP gross profit, operating income, net income, diluted earnings per share, Adjusted EBITDA and Adjusted EBITDA margin are performance measures only, and they do not provide any measure of cash flow or liquidity. Allscripts considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after capital expenditures and capitalized software costs. Free cash flow provides management and investors a valuable measure to determine the quantity of capital generated that can be deployed to create additional shareholder value by a variety of means. 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 definitions and reconciliations of non-GAAP financial measures with GAAP financial measures contained within the attached condensed consolidated financial statements.
Разводненная прибыль на акцию по ОПБУ за первый квартал составила $0,17; разводненная прибыль на акцию без учета ОПБУ составила $0,13
Закрыта продажа бизнес-сегмента Hospital & Large Physical Practices компании Constellation Software
Денежный поток в размере 35 миллионов долларов США от продолжающейся деятельности в этом квартале
ЧИКАГО - (ДЕЛОВАЯ ПЕРЕПИСКА) -Allscripts Healthcare Solutions, Inc. (Nasdaq: MDRX) (Allscripts) объявила о своих финансовых результатах за три месяца, закончившихся 31 марта 2022 года.
Выручка Veradigm в первом квартале 2022 года составила 136 миллионов долларов по сравнению со 126 миллионами долларов в первом квартале 2021 года. На консолидированной основе Allscripts выручка за первый квартал 2022 года составила 143 миллиона долларов по сравнению со 134 миллионами долларов в первом квартале 2021 года.
На основе GAAP в первом квартале 2022 года доход Veradigm от операционной деятельности составил 18 миллионов долларов по сравнению с 11 миллионами долларов в первом квартале 2021 года. Доход Veradigm от операций, не связанных с GAAP, в первом квартале 2022 года составил 26 миллионов долларов по сравнению с 19 миллионами долларов в первом квартале 2021 года. На консолидированной основе в первом квартале 2022 года доход от операционной деятельности по ОПБУ составил 7 миллионов долларов по сравнению с доходом от операционной деятельности в первом квартале 2021 года в размере 8 миллионов долларов. Доход от операций, не связанных с GAAP, в первом квартале 2022 года составил 24 миллиона долларов по сравнению с 16 миллионами долларов в первом квартале 2021 года.
Скорректированная EBITDA Veradigm составила 35 миллионов долларов в первом квартале 2022 года по сравнению с 28 миллионами долларов в первом квартале 2021 года. На основе консолидированных показателей Скорректированная EBITDA составила 34 миллиона долларов в первом квартале 2022 года по сравнению с 26 миллионами долларов в первом квартале 2021 года.
Консолидированная чистая прибыль по GAAP в первом квартале 2022 года составила 23 миллиона долларов по сравнению с 9 миллионами долларов в первом квартале 2021 года. Чистая прибыль без учета GAAP в первом квартале 2022 года составила 16 миллионов долларов по сравнению с 11 миллионами долларов в первом квартале 2021 года.
Консолидированная разводненная прибыль на акцию по ОПБУ в первом квартале 2022 года составила 0,17 доллара по сравнению с 0,06 доллара в первом квартале 2021 года. Разводненная прибыль на акцию без учета GAAP в первом квартале 2022 года составила 0,13 доллара по сравнению с 0,08 доллара в первом квартале 2021 года.
29 апреля 2022 года Allscripts внесла изменения в свое Кредитное соглашение, чтобы продлить срок погашения еще на пять лет и улучшить ценообразование. Поправка предусматривает предоставление старшему обеспеченному оборотному фонду в размере 700 миллионов долларов.
Выкуп акций в первом квартале 2022 года составил 50 миллионов долларов.
“Ранее на этой неделе мы объявили о завершении продажи бизнеса Allscripts Hospital & Large Physical Practices компании Constellation Software. Я твердо верю, что эта сделка позволит обеим компаниям реализовать свои соответствующие стратегии будущего роста и продолжать приносить дополнительную пользу клиентам, сотрудникам и акционерам”, - сказал Пол М. Блэк, главный исполнительный директор Allscripts. “В первом квартале мы добились хороших результатов, сообщив о значительном росте выручки, валовой прибыли, скорректированной EBITDA, маржи и свободного денежного потока по сравнению с аналогичным периодом прошлого года”.
Финансовый прогноз на 2022 год(1)
Allscripts подтверждает свой предыдущий годовой прогноз и в настоящее время ожидает достижения:
Конференц-связь
Allscripts проведет телефонную конференцию сегодня, в четверг, 5 мая 2022 года, в 4:30 вечера по восточному времени, чтобы обсудить отчет о доходах и другую информацию. Участники могут получить доступ к конференц-связи через веб-трансляцию по адресу http://investor.allscripts.com . Участники также могут получить доступ к конференц-связи, набрав +1 (877) 269-7756 или +1 (201) 689-7817 (международный) и запросив идентификатор конференции # 13728930.
Повтор звонка будет доступен примерно через два часа после завершения звонка в течение четырех недель на веб-сайте Allscripts по связям с инвесторами или по телефону +1 (877) 660-6853 или +1 (201) 612-7415 - Идентификатор конференции # 13728930.
Дополнительная финансовая информация, не относящаяся к ОПБУ, также доступна по адресу http://investor.allscripts.com .
Footnote |
|
(1) |
In providing financial guidance, the company does not reconcile Adjusted EBITDA and free cash flow to the corresponding GAAP financial measures. Allscripts does not provide guidance for the various reconciling items since certain items that impact GAAP net operating income and operating cash flow such as acquisition-related amortization, and transaction and other costs, any of which may be significant, are outside of its control and/or cannot be reasonably predicted. Please see the “Explanation of Non-GAAP Financial Measures” at the end of this press release for detailed information on calculating non-GAAP measures. For a reconciliation of other non-GAAP financial measures, see the non-GAAP financial reconciliation tables in this release (Tables 4, 5, 6, 8 and 10). |
ПРИМЕЧАНИЕ: Все процентные изменения, описанные в этом пресс-релизе, рассчитаны на основе полных сумм в долларах, как показано в прилагаемых финансовых отчетах, размещенных на веб-сайте по связям с инвесторами. Различия в округлении могут возникать при индивидуальном расчете процентов или итогов из округленных сумм, включенных в текст пресс-релиза, по сравнению с полными суммами в долларах в таблицах.
О всех скриптах Allscripts (Nasdaq: MDRX) является лидером в области решений в области информационных технологий в области здравоохранения, которые улучшают клинические, финансовые и операционные результаты. Наши инновационные решения объединяют людей, места и данные в Открытом, связанном сообществе Health™. Подключение позволяет лицам, осуществляющим уход, принимать более обоснованные решения и оказывать более качественную помощь более здоровым группам населения. Чтобы узнать больше, посетите www.allscripts.com , Twitter, YouTube, и Для Этого Требуется Сообщество: Блог Allscripts.
© 2022 Allscripts Healthcare, LLC и/или ее филиалы. все права защищены. Allscripts, логотип Allscripts и другие знаки Allscripts являются товарными знаками Allscripts Healthcare, LLC и/или ее филиалов. Все остальные продукты являются товарными знаками соответствующих владельцев, все права защищены. Ссылка на эти продукты не подразумевает принадлежность или спонсорство Allscripts Healthcare, LLC и/или ее филиалов.
Прогнозные заявления
Этот пресс-релиз содержит прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, в том числе заявления относительно наших перспектив на 2022 год, расположения Больниц и крупных врачебных практик, наших инициатив по повышению прибыльности, наших стратегических приоритетов и результатов работы с клиентами. Эти прогнозные заявления основаны на текущих убеждениях и ожиданиях руководства Allscripts, действуют только на дату их составления и подвержены значительным рискам и неопределенностям. Такие утверждения могут быть идентифицированы с помощью таких слов, как “будущее”, “ожидает”, “полагает”, “оценивает”, “ожидает”, “намеревается”, “планирует”, “прогнозирует”, “будет”, “хотел бы”, “мог бы”, “может”, “может”, “с нетерпением ждем”, “трубопровод” и подобные термины. Фактические результаты могут существенно отличаться от тех, которые изложены в прогнозных заявлениях, и сообщаемые результаты не следует рассматривать как указание на будущие результаты или события.
Некоторые факторы, которые могут вызвать фактические результаты будут существенно отличаться от описанных в прогнозные заявления включают, но не ограничиваются следующим: нам возможность достичь маржи целей, связанных с нашими увеличения маржи за предусмотренные периоды времени, если вообще, величина, тяжесть и продолжительность COVID-19 пандемией, в том числе последствий пандемии, наряду с последствиями наших действий и ответов правительств и других предприятий в связи с пандемией, на наш бизнес, наши сотрудники, наши клиенты и поставщики; нарушений требований безопасности в результате несанкционированного доступа на наш или наших клиентов, системы ЭВМ или их данных, в том числе отказ-из-услуг, программ-вымогателей и других интернет-атак; невыполнение практика слияния в соответствии с условиями соглашений с Министерством юстиции США (“МЮ”); издержки и бремя соблюдения практика слияния с условиями его соглашения с МЮ; дополнительных расследований и разбирательств с государственными органами или третьими лицами иными, чем МЮ, связанные с той же или аналогичного поведения, лежащих в основе МЮ расследования на практике Фьюжн деловой практики; нам возможность оправиться от третьих лиц (в том числе, страховщиков) сумм, выплаченных в связи с практикой Фьюжн соглашений с Министерством юстиции и связанные с этим вопросы; ожидаемые финансовые результаты бизнеса приобретена нами; успешной интеграции приобретенных предприятий нами; предполагаемые и непредвиденные расходы и обязательства, связанные с предприятиями приобретена нами, в том числе гражданские расследования прокуратурой с привлечением наших корпоративных информационных бизнес-решений; других рисков, связанных с инвестициями и поглощений; риски, связанные с распоряжением больницы и врачей крупных бизнес-практик, нашей неспособности успешно конкурировать; консолидация нашей отрасли; текущих и будущих законов, нормативных актов и отраслевых инициатив; усиление государственного вмешательства в в нашей отрасли; отказ от рынков, на которых мы работаем, чтобы развиваться так быстро, как ожидалось; наши или наших клиентов неспособность увидеть преимущества государственных программ; изменения в совместимости или иных нормативных стандартов, наша способность поддерживать и расширять наш бизнес с существующими клиентами и эффективно переводить клиентов на новые продукты; последствия перестройки наших продаж, обслуживания и поддержки организаций; принятие рынком продуктов и услуг; непредсказуемость продаж и реализация циклов для наших продуктах и услугах; нашу способность управлять будущего роста; наша способность к внедрению новых продуктов и услуг; наша способность устанавливать и поддерживать стратегические отношения; риски, связанные с инвестициями и поглощений; производительность наших продуктов, наша способность защищать наши права на интеллектуальную собственность; результаты судебного разбирательства с участием США; наша способность нанимать, удерживать и мотивировать ключевых сотрудников; производительность на наш контент-и сервис-провайдеров; ответственности за использование контента; снижение цен; нам возможность получить лицензию и интегрировать сторонние технологии; риски, связанные с глобальным операциям; изменчивость наших квартальных операционных результатов; риски, связанные с нашей непогашенной задолженности; изменения налоговых ставок или законодательства; бизнес сбоев; наша способность для поддержания правильного и эффективного внутреннего контроля; активы и долгосрочные инвестиционные расходы от обесценения. Дополнительная информация об этих и других рисках, неопределенностях и факторах, влияющих на наш бизнес, содержится в наших заявках в Комиссию по ценным бумагам и биржам, в том числе под заголовком “Факторы риска” в нашем последнем Годовом отчете по Форме 10-K и последующих Квартальных отчетах по Форме 10-Qs. Мы не берем на себя обязательство обновлять прогнозные заявления, чтобы отразить изменившиеся допущения, влияние обстоятельств или событий, которые могут возникнуть после даты прогнозных заявлений, или другие изменения в нашем бизнесе, финансовом состоянии или результатах деятельности с течением времени.
Table 1 |
||||
Allscripts Healthcare Solutions, Inc. |
||||
Condensed Consolidated Balance Sheets |
||||
(In millions) |
||||
(Unaudited) |
||||
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2022 |
|
2021 |
|
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $82.8 |
$132.5 |
||
Restricted cash | 1.3 |
1.3 |
||
Accounts receivable, net | 170.5 |
171.6 |
||
Contract assets | 55.1 |
63.5 |
||
Prepaid expenses and other current assets | 56.2 |
60.5 |
||
Assets held for sale | 1,174.7 |
1,125.1 |
||
Total current assets | $1,540.6 |
$1,554.5 |
||
Fixed assets, net | 9.3 |
9.8 |
||
Software development costs, net | 78.3 |
74.7 |
||
Intangible assets, net | 158.3 |
149.7 |
||
Goodwill | 520.2 |
506.6 |
||
Deferred taxes, net | 6.1 |
0.0 |
||
Contract assets - long-term | 19.2 |
28.2 |
||
Right-of-use assets - operating leases | 16.8 |
18.3 |
||
Other assets | 81.4 |
83.4 |
||
Total assets | $2,430.2 |
$2,425.2 |
||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $15.5 |
$5.3 |
||
Accrued expenses | 61.8 |
54.5 |
||
Accrued compensation and benefits | 18.0 |
31.1 |
||
Deferred revenue | 106.5 |
120.7 |
||
Current operating lease liabilities | 6.0 |
6.1 |
||
Liabilities related to assets held for sale | 439.0 |
380.3 |
||
Total current liabilities | 646.8 |
598.0 |
||
Long-term debt | 377.1 |
350.1 |
||
Deferred revenue | 3.6 |
1.8 |
||
Deferred taxes, net | 0.0 |
16.6 |
||
Long-term operating lease liabilities | 15.2 |
16.8 |
||
Other liabilities | 34.4 |
33.8 |
||
Total liabilities | $1,077.1 |
$1,017.1 |
||
Total stockholders’ equity | $1,353.1 |
$1,408.1 |
||
Total liabilities and stockholders’ equity | $2,430.2 |
$2,425.2 |
Table 2 | ||||||
Allscripts Healthcare Solutions, Inc. | ||||||
Condensed Consolidated Statements of Operations | ||||||
(In millions, except per share amounts) | ||||||
(Unaudited) | ||||||
Three Months Ended March 31, |
||||||
2022 |
|
2021 |
||||
Revenue: | ||||||
Provider | $118.7 |
|
$111.2 |
|
||
Payer & Life Sciences | 24.0 |
|
22.5 |
|
||
Total Revenue | 142.7 |
|
133.7 |
|
||
Cost of revenue: | ||||||
Provider | 57.0 |
|
58.7 |
|
||
Payer & Life Sciences | 12.2 |
|
12.1 |
|
||
Total cost of revenue | 69.2 |
|
70.8 |
|
||
Gross profit | 73.5 |
|
62.9 |
|
||
Selling, general and administrative expenses | 41.3 |
|
32.2 |
|
||
Research and development | 23.4 |
|
20.6 |
|
||
Amortization of intangible and acquisition-related assets | 2.2 |
|
2.4 |
|
||
Income (loss) from operations | 6.6 |
|
7.7 |
|
||
Interest expense, net (a) | (2.1 |
) |
(3.1 |
) |
||
Other | (0.4 |
) |
0.8 |
|
||
Income (loss) before income taxes | 4.1 |
|
5.4 |
|
||
Income tax (provision) benefit | 14.4 |
|
(1.1 |
) |
||
Income (loss) from continuing operations, net of tax | 18.5 |
|
4.3 |
|
||
Income (loss) from discontinued operations | (5.0 |
) |
5.9 |
|
||
Gain (loss) on sale of discontinued operations | 0.0 |
|
0.6 |
|
||
Income tax (provision) from discontinued operations | 9.4 |
|
(1.7 |
) |
||
Income (loss) from discontinued operations, net of tax | 4.4 |
|
4.8 |
|
||
Net Income (loss) attributable to Allscripts Healthcare Solutions, Inc. stockholders | $22.9 |
|
$9.1 |
|
||
Diluted earnings per Common Share: | ||||||
Income (loss) from continuing operations, net of tax | $18.5 |
|
$4.3 |
|
||
Plus: Interest expense, net of tax, associated with 0.875% Convertible Senior Notes | $0.5 |
|
$0.0 |
|
||
Income (loss) from continuing operations, net of tax after the effect of assumed conversions | 19.0 |
|
4.3 |
|
||
Income (loss) from discontinued operations, net of tax | 4.4 |
|
4.8 |
|
||
Adjusted Net Income (loss) earnings per Common Share | $23.4 |
|
$9.1 |
|
||
Income (loss) from continuing operations per share - basic | $0.16 |
|
$0.03 |
|
||
Income (loss) from discontinued operations per share - basic | $0.04 |
|
$0.03 |
|
||
Income (loss) per share - basic | $0.20 |
|
$0.06 |
|
||
Adjusted Income (loss) from continuing operations per share - diluted | $0.14 |
|
$0.03 |
|
||
Income (loss) from discontinued operations per share - diluted | $0.03 |
|
$0.03 |
|
||
Adjusted Income (loss) per share - diluted | $0.17 |
|
$0.06 |
|
||
Weighted average common shares outstanding: | ||||||
Basic | 115.9 |
|
140.2 |
|
||
Diluted | 138.7 |
|
149.1 |
|
||
Three Months Ended March 31, |
||||||
2022 |
|
2021 |
||||
(a) Interest expense, net is comprised of the following for the periods presented: | ||||||
Interest expense | (1.5 |
) |
(1.3 |
) |
||
Interest income | 0.1 |
|
0.1 |
|
||
Non-cash charges to interest expense | (0.6 |
) |
(1.9 |
) |
||
Interest expense, net | ($2.1 |
) |
($3.1 |
) |
Table 3 |
||||||
Allscripts Healthcare Solutions, Inc. |
||||||
Condensed Consolidated Statements of Cash Flows |
||||||
(In millions) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
Three Months Ended March 31, |
||||
|
|
2022 |
|
2021 |
||
Cash flows from operating activities: | ||||||
Net income (loss) | $22.9 |
|
$9.1 |
|
||
Less: Income(loss) from discontinued operations | 4.4 |
|
4.8 |
|
||
Income (loss) from continuing operations | $18.5 |
|
$4.3 |
|
||
Non-cash adjustments to net income (loss): | ||||||
Depreciation and amortization | 14.1 |
|
16.2 |
|
||
Non-cash lease expense, net | (3.2 |
) |
(1.8 |
) |
||
Stock-based compensation expense | 6.3 |
|
2.8 |
|
||
Deferred Taxes | (17.0 |
) |
4.7 |
|
||
Other (income) loss, net | 0.6 |
|
0.7 |
|
||
Total non-cash adjustments to net income (loss) | 0.8 |
|
22.6 |
|
||
Cash impact of changes in operating assets and liabilities: | ||||||
Assets | 31.6 |
|
24.2 |
|
||
Liabilities | (16.4 |
) |
(36.0 |
) |
||
Total cash impact of changes on operating assets and liabilities | 15.2 |
|
(11.8 |
) |
||
Net cash provided by (used in) operating activities - Continuing operations | 34.5 |
|
15.1 |
|
||
Net cash provided by (used in) operating activities - Discontinued operations | 34.8 |
|
(10.6 |
) |
||
Net cash provided by (used in) operating activities | 69.3 |
|
4.5 |
|
||
Cash flows from investing activities: | ||||||
Capital expenditures | (0.4 |
) |
(0.2 |
) |
||
Capitalized software | (9.6 |
) |
(8.1 |
) |
||
Cash paid for business acquisitions, net of cash acquired | (24.1 |
) |
0.0 |
|
||
Sale of businesses and other investments, net of cash divested and distributions received | 1.1 |
|
1.7 |
|
||
Purchases of equity securities, other investments and related intangible assets, net | 0.0 |
|
(0.2 |
) |
||
Cash provided by (used in) investing activities - Continuing Operations | (33.0 |
) |
(6.8 |
) |
||
Cash provided by (used in) investing activities - Discontinued Operations | (11.2 |
) |
(12.2 |
) |
||
Net cash provided by (used in) investing activities | (44.2 |
) |
(19.0 |
) |
||
Cash flows from financing activities: | ||||||
Taxes paid related to net share settlement of equity awards | (13.3 |
) |
(4.7 |
) |
||
Credit facility payments | (25.0 |
) |
0.0 |
|
||
Credit facility borrowings, net of issuance costs | 25.0 |
|
0.0 |
|
||
Repurchase of common stock | (49.7 |
) |
0.0 |
|
||
Intercompany to/from parent/subsidiaries | 11.7 |
|
28.3 |
|
||
Payment of acquisition and other financing obligations | 0.0 |
|
(1.5 |
) |
||
Net cash provided by (used in) financing activities - continuing operations | (51.3 |
) |
22.1 |
|
||
Net cash provided by (used in) financing activities - discontinued operations | (11.7 |
) |
(29.6 |
) |
||
Net cash provided by (used in) financing activities | (63.0 |
) |
(7.5 |
) |
||
Effect of exchange rate changes on cash and cash equivalents | 0.0 |
|
0.0 |
|
||
Net increase (decrease) in cash and cash equivalents | (37.9 |
) |
(22.0 |
) |
||
Cash, cash equivalents and restricted cash, beginning of period | 190.5 |
|
537.5 |
|
||
Cash, cash equivalents and restricted cash, end of period | $152.6 |
|
$515.5 |
|
||
Less: Cash and cash equivalents and restricted cash included in current assets held for sale | ($68.5 |
) |
($60.4 |
) |
||
Cash, cash equivalents and restricted cash, end of period, excluding assets held for sale | $84.1 |
|
$455.1 |
|
Table 4 |
||||||
Allscripts Healthcare Solutions, Inc. |
||||||
Condensed Non-GAAP Financial Information |
||||||
(In millions, except per share amounts and percentages) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
Three Months Ended March 31, |
||||
|
|
2022 |
|
2021 |
||
Gross profit, as reported | $73.5 |
|
$62.9 |
|
||
Acquisition-related amortization | 1.6 |
|
1.8 |
|
||
Stock-based compensation expense | 0.3 |
|
0.3 |
|
||
Total non-GAAP gross profit | $75.4 |
|
$65.0 |
|
||
Income (loss) from operations, as reported | $6.6 |
|
$7.7 |
|
||
Acquisition-related amortization | 3.8 |
|
4.2 |
|
||
Stock-based compensation expense | 6.9 |
|
4.0 |
|
||
Transaction and other | 6.6 |
|
0.0 |
|
||
Total non-GAAP income from operations | $23.9 |
|
$15.9 |
|
||
Adjusted Net Income (loss) earnings per Common Share | $23.4 |
|
$9.1 |
|
||
Loss (income) from discontinued operations | 5.0 |
|
(5.9 |
) |
||
(Gain) on sale of business, net from discontinued operations | 0.0 |
|
(0.6 |
) |
||
Income tax provision from discontinued operations | (9.4 |
) |
1.7 |
|
||
Income (loss) from continuing operations, net of tax after the effect of assumed conversions | $19.0 |
|
$4.3 |
|
||
Less: Interest expense, net of tax, associated with 0.875% Convertible Senior Notes | (0.5 |
) |
0.0 |
|
||
Income (loss) from continuing operations, net of tax | $18.5 |
|
$4.3 |
|
||
Acquisition-related amortization | 3.8 |
|
4.2 |
|
||
Stock-based compensation expense | 6.9 |
|
4.0 |
|
||
Transaction and other | 6.6 |
|
0.0 |
|
||
Non-cash charges to interest expense and other | 0.0 |
|
1.3 |
|
||
Tax rate alignment | (19.6 |
) |
(2.6 |
) |
||
Non-GAAP net income attributable to Allscripts Healthcare Solutions, Inc. | $16.2 |
|
$11.2 |
|
||
Non-GAAP effective tax rate | 24 |
% |
24 |
% |
||
Weighted shares outstanding - basic | 115.9 |
|
140.2 |
|
||
Weighted shares outstanding - diluted | 138.7 |
|
149.1 |
|
||
Less the net effect of convertible notes and note hedges | (13.6 |
) |
(2.6 |
) |
||
Non-GAAP Weighted shares outstanding - diluted | 125.1 |
|
146.5 |
|
||
GAAP Adjusted Income (loss) from continuing operations per share - diluted | $0.17 |
|
$0.06 |
|
||
Non-GAAP Income (loss) per share - diluted | $0.13 |
|
$0.08 |
|
Table 5 |
||||||
Allscripts Healthcare Solutions, Inc. |
||||||
Non-GAAP Financial Information - Adjusted EBITDA |
||||||
(In millions, except percentages) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
Three Months Ended March 31, |
||||
|
|
2022 |
|
2021 |
||
Income (loss) from operations, as reported | $6.6 |
|
$7.7 |
|
||
Plus: | ||||||
Depreciation and amortization | 13.6 |
|
14.4 |
|
||
Stock-based compensation expense | 6.9 |
|
4.0 |
|
||
Transaction and other | 6.6 |
|
0.0 |
|
||
Adjusted EBITDA | $33.7 |
|
$26.1 |
|
||
Adjusted EBITDA margin (a) | 23.6 |
% |
19.5 |
% |
||
(a) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue. |
Table 6 |
||||||
Allscripts Healthcare Solutions, Inc. |
||||||
Non-GAAP Financial Information - Free Cash Flow |
||||||
(In millions) |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
Three Months Ended March 31, |
||||
|
|
2022 |
|
2021 |
||
Net cash provided by (used in) operating activities - continuing operations | $34.5 |
|
$15.1 |
|
||
Cash flows from investing activities: | ||||||
Capital expenditures | (0.4 |
) |
(0.2 |
) |
||
Capitalized software | (9.6 |
) |
(8.1 |
) |
||
Free cash flow | $24.5 |
|
$6.8 |
|
Table 7 |
|||||||
Allscripts Healthcare Solutions, Inc. |
|||||||
Non-GAAP Financial Information from Continuing Operations - Segment Details |
|||||||
(In millions) |
|||||||
(unaudited) |
|||||||
2021 |
|
2022 |
|||||
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Q1 |
|
|
|
|
|
|
|
|
|
Total Veradigm, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 126.4 |
133.4 |
137.2 |
155.2 |
552.2 |
|
136.3 |
Gross profit | 60.7 |
65.7 |
67.7 |
86.7 |
280.8 |
|
71.1 |
Gross margin | 48.0% |
49.3% |
49.3% |
55.9% |
50.9% |
|
52.2% |
Income from operations | 19.0 |
25.2 |
24.2 |
42.4 |
110.8 |
|
25.5 |
Adjusted EBITDA | 28.4 |
35.3 |
34.5 |
51.9 |
150.1 |
|
35.2 |
Adjusted EBITDA margin | 22.5% |
26.5% |
25.1% |
33.4% |
27.2% |
|
25.8% |
Unallocated, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 7.3 |
7.8 |
7.5 |
6.0 |
28.6 |
|
6.4 |
Gross Profit | 4.3 |
4.8 |
3.9 |
3.3 |
16.3 |
|
4.3 |
Income from operations | (3.1) |
(0.8) |
1.4 |
6.3 |
3.8 |
|
(1.6) |
Adjusted EBITDA | (2.2) |
0.0 |
1.7 |
6.3 |
5.8 |
|
(1.5) |
Total Allscripts Consolidated, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 133.7 |
141.2 |
144.7 |
161.2 |
580.8 |
|
142.7 |
Gross profit | 65.0 |
70.5 |
71.6 |
90.0 |
297.1 |
|
75.4 |
Gross margin | 48.6% |
49.9% |
49.5% |
55.8% |
51.2% |
|
52.8% |
Income from operations | 15.9 |
24.4 |
25.6 |
48.7 |
114.6 |
|
23.9 |
Adjusted EBITDA | 26.2 |
35.3 |
36.2 |
58.2 |
155.9 |
|
33.7 |
Adjusted EBITDA margin | 19.6% |
25.0% |
25.0% |
36.1% |
26.8% |
|
23.6% |
Table 8 |
|||||||
Allscripts Healthcare Solutions, Inc. |
|||||||
Non-GAAP Financial Information Reconciliation - Segment Details |
|||||||
(In millions) |
|||||||
(unaudited) |
|||||||
2021 |
|
2022 |
|||||
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Q1 |
|
Total Veradigm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, as reported | $126.4 |
$133.4 |
$137.2 |
$155.2 |
$552.2 |
|
$136.3 |
|
|
|
|
|
|
|
|
Gross profit, GAAP | $58.6 |
$63.6 |
$65.7 |
$84.6 |
$272.5 |
|
$69.2 |
Acquisition-related amortization | 1.8 |
1.8 |
1.7 |
1.8 |
7.1 |
|
1.6 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $60.7 |
$65.7 |
$67.7 |
$86.7 |
$280.8 |
|
$71.1 |
|
|
|
|
|
|
|
|
Income (loss) from operations, GAAP | $11.4 |
$17.9 |
$16.9 |
$35.2 |
$81.4 |
|
$18.1 |
Acquisition-related amortization | 4.2 |
4.2 |
4.1 |
3.9 |
16.4 |
|
3.8 |
Stock-based compensation expense | 3.4 |
3.1 |
3.2 |
3.3 |
13.0 |
|
3.6 |
Non-GAAP Income (loss) from operations | $19.0 |
$25.2 |
$24.2 |
$42.4 |
$110.8 |
|
$25.5 |
|
|
|
|
|
|
|
|
Asset Impairment Charges | 0.0 |
0.2 |
0.6 |
0.0 |
0.8 |
|
0.0 |
Depreciation and amortization | 9.4 |
9.9 |
9.7 |
9.5 |
38.5 |
|
9.7 |
Adjusted EBITDA | $28.4 |
$35.3 |
$34.5 |
$51.9 |
$150.1 |
|
$35.2 |
|
|
|
|
|
|
|
|
Unallocated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, as reported | $7.3 |
$7.8 |
$7.5 |
$6.0 |
$28.6 |
|
$6.4 |
|
|
|
|
|
|
|
|
Gross Profit, as reported | $4.3 |
$4.8 |
$3.9 |
$3.3 |
$16.3 |
|
$4.3 |
|
|
|
|
|
|
|
|
Income (loss) from operations, GAAP | ($3.7) |
($1.1) |
$1.5 |
$6.4 |
$2.9 |
|
($11.5) |
Stock-based compensation expense | 0.6 |
0.3 |
(0.1) |
(0.1) |
0.9 |
|
3.3 |
Transaction and other | 0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
6.6 |
Non-GAAP Income (loss) from operations | ($3.1) |
($0.8) |
$1.4 |
$6.3 |
$3.8 |
|
($1.6) |
|
|
|
|
|
|
|
|
Depreciation and amortization | 0.9 |
0.8 |
0.3 |
0.0 |
2.0 |
|
0.1 |
Adjusted EBITDA | ($2.2) |
$0.0 |
$1.7 |
$6.3 |
$5.8 |
|
($1.5) |
Table 9 |
|||||||
Allscripts Healthcare Solutions, Inc. |
|||||||
Non-GAAP Financial Information from Continuing Operations - Revenue and Gross Profit Details |
|||||||
(In millions) |
|||||||
(unaudited) |
|||||||
2021 |
|
2022 |
|||||
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Q1 |
|
Veradigm Provider, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 103.9 |
108.1 |
110.8 |
126.3 |
449.0 |
|
112.3 |
Gross profit | 49.8 |
52.4 |
54.2 |
70.6 |
227.0 |
|
58.8 |
Gross margin | 47.9% |
48.5% |
48.9% |
55.9% |
50.6% |
|
52.4% |
|
|
|
|
|
|
|
|
Veradigm Payer & Life Sciences, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 22.5 |
25.3 |
26.5 |
28.9 |
103.2 |
|
24.0 |
Gross Profit | 10.9 |
13.3 |
13.5 |
16.1 |
53.8 |
|
12.3 |
Gross Margin | 48.4% |
52.6% |
50.9% |
55.7% |
52.1% |
|
51.3% |
|
|
|
|
|
|
|
|
Total Veradigm, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 126.4 |
133.4 |
137.3 |
155.2 |
552.2 |
|
136.3 |
Gross profit | 60.7 |
65.7 |
67.7 |
86.7 |
280.8 |
|
71.1 |
Gross margin | 48.0% |
49.3% |
49.3% |
55.9% |
50.9% |
|
52.2% |
|
|
|
|
|
|
|
|
Allscripts Consolidated Provider, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 111.2 |
115.9 |
118.3 |
132.3 |
477.6 |
|
118.7 |
Gross profit | 54.1 |
57.2 |
58.1 |
73.9 |
243.3 |
|
63.1 |
Gross margin | 48.7% |
49.4% |
49.1% |
55.9% |
50.9% |
|
53.2% |
|
|
|
|
|
|
|
|
Allscripts Consolidated Payer & Life Sciences, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 22.5 |
25.3 |
26.5 |
28.9 |
103.2 |
|
24.0 |
Gross Profit | 10.9 |
13.3 |
13.5 |
16.1 |
53.8 |
|
12.3 |
Gross Margin | 48.4% |
52.6% |
50.9% |
55.7% |
52.1% |
|
51.3% |
|
|
|
|
|
|
|
|
Total Allscripts Consolidated, Non-GAAP |
|
|
|
|
|
|
|
Revenue | 133.7 |
141.2 |
144.8 |
161.2 |
580.8 |
|
142.7 |
Gross profit | 65.0 |
70.5 |
71.6 |
90.0 |
297.1 |
|
75.4 |
Gross margin | 48.6% |
49.9% |
49.4% |
55.8% |
51.2% |
|
52.8% |
Table 10 |
|||||||
Allscripts Healthcare Solutions, Inc. |
|||||||
Non-GAAP Financial Information Reconciliation - Revenue and Gross Profit Details |
|||||||
(In millions) |
|||||||
(unaudited) |
|||||||
2021 |
|
2022 |
|||||
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Q1 |
|
Veradigm Provider |
|
|
|
|
|
|
|
Gross profit, as reported | $48.2 |
$50.8 |
$52.6 |
$69.0 |
$220.6 |
|
$57.4 |
Acquisition-related amortization | 1.3 |
1.3 |
1.3 |
1.3 |
5.2 |
|
1.1 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $49.8 |
$52.4 |
$54.2 |
$70.6 |
$227.0 |
|
$58.8 |
|
|
|
|
|
|
|
|
Veradigm Payer & Life Sciences |
|
|
|
|
|
|
|
Gross profit, as reported | $10.4 |
$12.8 |
$13.1 |
$15.6 |
$51.9 |
|
$11.8 |
Acquisition-related amortization | 0.5 |
0.5 |
0.4 |
0.5 |
1.9 |
|
0.5 |
Stock-based compensation expense | 0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
0.0 |
Non-GAAP Gross profit | $10.9 |
$13.3 |
$13.5 |
$16.1 |
$53.8 |
|
$12.3 |
|
|
|
|
|
|
|
|
Total Veradigm |
|
|
|
|
|
|
|
Gross profit, as reported | $58.6 |
$63.6 |
$65.7 |
$84.6 |
$272.5 |
|
$69.2 |
Acquisition-related amortization | 1.8 |
1.8 |
1.7 |
1.8 |
7.1 |
|
1.6 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $60.7 |
$65.7 |
$67.7 |
$86.7 |
$280.8 |
|
$71.1 |
|
|
|
|
|
|
|
|
Allscripts Consolidated Provider |
|
|
|
|
|
|
|
Gross profit, as reported | $52.5 |
$55.6 |
$56.5 |
$72.3 |
$236.9 |
|
$61.7 |
Acquisition-related amortization | 1.3 |
1.3 |
1.3 |
1.3 |
5.2 |
|
1.1 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $54.1 |
$57.2 |
$58.1 |
$73.9 |
$243.3 |
|
$63.1 |
|
|
|
|
|
|
|
|
Allscripts Consolidated Payer & Life Sciences |
|
|
|
|
|
|
|
Gross profit, as reported | $10.4 |
$12.8 |
$13.1 |
$15.6 |
$51.9 |
|
$11.8 |
Acquisition-related amortization | 0.5 |
0.5 |
0.4 |
0.5 |
1.9 |
|
0.5 |
Stock-based compensation expense | 0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
0.0 |
Non-GAAP Gross profit | $10.9 |
$13.3 |
$13.5 |
$16.1 |
$53.8 |
|
$12.3 |
|
|
|
|
|
|
|
|
Total Allscripts Consolidated |
|
|
|
|
|
|
|
Gross profit, as reported | $62.9 |
$68.4 |
$69.6 |
$87.9 |
$288.8 |
|
$73.5 |
Acquisition-related amortization | 1.8 |
1.8 |
1.7 |
1.8 |
7.1 |
|
1.6 |
Stock-based compensation expense | 0.3 |
0.3 |
0.3 |
0.3 |
1.2 |
|
0.3 |
Non-GAAP Gross profit | $65.0 |
$70.5 |
$71.6 |
$90.0 |
$297.1 |
|
$75.4 |
Объяснение финансовых показателей, не относящихся к ОПБУ
Allscripts сообщает о своих финансовых результатах в соответствии с общепринятыми принципами бухгалтерского учета США, или GAAP. В дополнение к этой информации, Allscripts представляет валовую прибыль, не связанную с GAAP, доход от операций, Скорректированную EBITDA, скорректированную маржу EBITDA, эффективную ставку налога на прибыль, чистую прибыль, разводненную прибыль на акцию и свободный денежный поток, которые считаются финансовыми показателями, не связанными с GAAP, в соответствии с Разделом 101 Положения G Закона о ценных бумагах и биржах. от 1934 года с внесенными в него поправками. Определения финансовых показателей, не относящихся к ОПБУ, представлены ниже:
Амортизация, связанная с приобретением. Расходы на амортизацию, связанные с приобретением, представляют собой неденежные расходы, возникающие в основном в результате приобретения нематериальных активов в связи с приобретениями или инвестициями. Allscripts исключает расходы на амортизацию, связанные с приобретением, из валовой прибыли, не относящейся к GAAP, операционного дохода, не относящегося к GAAP, и чистой прибыли, не относящейся к GAAP, поскольку считает, что (i) сумма таких расходов в любом конкретном периоде может напрямую не коррелировать с базовыми показателями бизнес-операций Allscripts, и (ii) такие расходы могут значительно различаются между периодами из-за новых приобретений и полной амортизации ранее приобретенных нематериальных активов. Инвесторам следует учитывать, что использование этих нематериальных активов способствовало получению дохода в представленных периодах и будет способствовать получению дохода в будущем, а соответствующие расходы на амортизацию будут повторяться в будущих периодах.
Компенсационные Расходы На Основе Акций. Компенсационные расходы на основе акций - это неденежные расходы, возникающие в связи с присуждением премий на основе акций. Allscripts исключает расходы на компенсацию на основе акций из валовой прибыли, не относящейся к GAAP, операционного дохода, не относящегося к GAAP, чистой прибыли, не относящейся к GAAP, и скорректированной EBITDA, поскольку считает, что (i) сумма таких расходов в любом конкретном периоде может напрямую не коррелировать с базовыми показателями бизнес-операций Allscripts и (ii) такие расходы могут существенно различаться между периодами в результате сроков и оценки предоставления новых премий, основанных на акциях, включая субсидии в связи с приобретениями. Инвесторам следует отметить, что вознаграждение, основанное на акциях, является ключевым стимулом, предлагаемым сотрудникам, чьи усилия способствовали операционным результатам в представленных периодах и, как ожидается, будут способствовать операционным результатам в будущих периодах, и такие расходы будут повторяться в будущих периодах.
Транзакционные и другие расходы. Операционные и другие расходы связаны с определенными судебными разбирательствами и расследованиями, консультациями, выходным пособием, поощрительной компенсацией и другими расходами, понесенными в связи с деятельностью, которая считается не отражающей наш основной бизнес. Прочие расходы также включают неденежные расходы на обесценение, основанные на оценке руководством вероятности восстановления стоимости инвестиций в ближайшем будущем.
Allscripts исключает операционные и другие расходы, полностью или частично, из валовой прибыли, не относящейся к GAAP, операционного дохода, не относящегося к GAAP, чистой прибыли, не относящейся к GAAP, и скорректированной EBITDA, поскольку считает, что (i) сумма таких расходов в любой конкретный период может напрямую не коррелировать с базовыми показателями бизнеса Allscripts операции и (ii) такие расходы могут значительно варьироваться в зависимости от периода.
Безналичные начисления на Процентные расходы и прочее. Неденежные начисления на процентные расходы включают амортизацию справедливой стоимости опциона на конвертацию, заложенного в Конвертируемые облигации с процентной ставкой 0,875%, выпущенные Allscripts в четвертом квартале 2019 года. Прочие включают определенные прочие доходы и расходы, а также убытки от обесценения долгосрочных инвестиций.
Выравнивание Налоговых Ставок. Выравнивание налоговых ставок приводит в соответствие эффективную налоговую ставку соответствующего периода с ожидаемой годовой эффективной налоговой ставкой, не относящейся к ОПБУ.
Руководство также считает, что валовая прибыль без учета GAAP, доход от операционной деятельности, эффективная ставка налога на прибыль, чистая прибыль, разводненная прибыль на акцию, скорректированный показатель EBITDA, скорректированная рентабельность по EBITDA и свободный денежный поток предоставляют руководству и инвесторам полезную дополнительную информацию относительно основных показателей бизнес-операций Allscripts. Корректировки учета приобретения, транзакционные и другие затраты, отраженные в соответствии с GAAP, могут затруднить проведение значимых сравнений основных операций бизнеса без учета корректировок, не относящихся к GAAP, представленных и обсуждаемых здесь.
Руководство также использует эту информацию внутри компании для прогнозирования и составления бюджета, поскольку считает, что эти показатели отражают основные операционные результаты. Кроме того, руководство может использовать валовую прибыль, не связанную с GAAP, операционный доход, чистую прибыль, разводненную прибыль на акцию, скорректированную EBITDA и/или Скорректированную рентабельность по EBITDA для оценки достижений в рамках планов Allscripts по акциям и денежным поощрениям. Однако обратите внимание, что валовая прибыль, операционная прибыль, чистая прибыль, разводненная прибыль на акцию, скорректированная EBITDA и скорректированная рентабельность по EBITDA являются только показателями эффективности, и они не дают никаких показателей денежного потока или ликвидности. Allscripts рассматривает свободный денежный поток как показатель ликвидности, который предоставляет руководству и инвесторам полезную информацию о сумме денежных средств, полученных бизнесом после капитальных затрат и капитализированных затрат на программное обеспечение. Свободный денежный поток предоставляет руководству и инвесторам ценный показатель для определения количества генерируемого капитала, который может быть использован для создания дополнительной акционерной стоимости различными способами. Финансовые показатели, не относящиеся к GAAP, не соответствуют или не являются альтернативой показателям финансовой деятельности, подготовленным в соответствии с GAAP, и могут отличаться от показателей, не относящихся к GAAP, используемых другими компаниями. Показатели, не относящиеся к GAAP, имеют ограничения, заключающиеся в том, что они не отражают все суммы, связанные с результатами операций Allscripts, определенными в соответствии с GAAP. Инвесторам и потенциальным инвесторам рекомендуется ознакомиться с определениями и сверками финансовых показателей, не относящихся к GAAP, с финансовыми показателями GAAP, содержащимися в прилагаемой сокращенной консолидированной финансовой отчетности.
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