$MDRX
Veradigm Inc.

2015 Q1 Form 10-Q Financial Statement

#000156459015003747 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q1
Revenue $334.6M $340.9M $340.3M
YoY Change -1.68% -2.87% -1.95%
Cost Of Revenue $204.8M $204.5M $202.1M
YoY Change 1.32% -3.87% -4.96%
Gross Profit $129.8M $136.4M $138.2M
YoY Change -6.08% -1.34% 2.8%
Gross Profit Margin 38.8% 40.0% 40.61%
Selling, General & Admin $82.03M $85.04M $89.95M
YoY Change -8.8% -22.18% -13.71%
% of Gross Profit 63.2% 62.37% 65.09%
Research & Development $46.73M $41.54M $52.31M
YoY Change -10.66% -13.23% 3.25%
% of Gross Profit 36.0% 30.46% 37.85%
Depreciation & Amortization $41.66M $42.80M $45.13M
YoY Change -7.68% -8.94% 7.45%
% of Gross Profit 32.1% 31.39% 32.66%
Operating Expenses $128.8M $126.6M $142.3M
YoY Change -9.49% -19.45% -8.16%
Operating Profit -$5.695M $656.0K -$11.91M
YoY Change -52.19% -102.38% -57.89%
Interest Expense $7.256M $7.292M $7.233M
YoY Change 0.32% 3.82% 55.98%
% of Operating Profit 1111.59%
Other Income/Expense, Net $1.886M $397.0K -$32.00K
YoY Change -5993.75% -286.38% -100.39%
Pretax Income -$11.07M -$6.637M -$19.18M
YoY Change -42.3% -80.92% -22.64%
Income Tax -$981.0K -$4.459M $1.566M
% Of Pretax Income
Net Earnings -$10.08M -$2.178M -$20.74M
YoY Change -51.38% -89.44% 78.93%
Net Earnings / Revenue -3.01% -0.64% -6.1%
Basic Earnings Per Share -$0.06 -$0.12
Diluted Earnings Per Share -$0.06 -$12.20K -$0.12
COMMON SHARES
Basic Shares Outstanding 180.6M 180.3M shares 179.0M
Diluted Shares Outstanding 180.6M 179.0M

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.50M $53.20M $41.60M
YoY Change 112.74% -15.56% -54.88%
Cash & Equivalents $88.48M $53.17M $41.58M
Short-Term Investments
Other Short-Term Assets $143.7M $102.4M $158.7M
YoY Change -9.45% -37.33% -9.47%
Inventory
Prepaid Expenses
Receivables $325.2M $331.6M $341.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $557.4M $487.2M $541.9M
YoY Change 2.87% -9.75% -12.51%
LONG-TERM ASSETS
Property, Plant & Equipment $140.1M $145.8M $168.0M
YoY Change -16.62% -16.2% 3.52%
Goodwill $1.201B $1.191B
YoY Change 0.94% 0.07%
Intangibles $52.00M $455.4M $494.1M
YoY Change -89.47% -10.36% -11.16%
Long-Term Investments $0.00 $1.000M $1.300M
YoY Change -100.0% -23.08% -23.53%
Other Assets $136.4M $137.8M $197.9M
YoY Change -31.06% -15.66% 338.02%
Total Long-Term Assets $1.947B $1.977B $2.092B
YoY Change -6.93% -4.94% 4.44%
TOTAL ASSETS
Total Short-Term Assets $557.4M $487.2M $541.9M
Total Long-Term Assets $1.947B $1.977B $2.092B
Total Assets $2.505B $2.464B $2.634B
YoY Change -4.91% -5.93% 0.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $82.70M $70.82M $68.96M
YoY Change 19.92% -2.92% -5.54%
Accrued Expenses $103.1M $78.97M $82.25M
YoY Change 25.36% -18.17% -12.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $30.30M $27.50M $19.10M
YoY Change 58.64% 67.68% -77.6%
Total Short-Term Liabilities $538.2M $521.4M $529.1M
YoY Change 1.72% 0.84% -15.66%
LONG-TERM LIABILITIES
Long-Term Debt $542.4M $539.2M $529.8M
YoY Change 2.39% -1.09% 15.52%
Other Long-Term Liabilities $90.10M $75.26M $155.8M
YoY Change -42.16% -42.36% 135.72%
Total Long-Term Liabilities $632.5M $614.5M $685.5M
YoY Change -7.73% -9.07% 30.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $538.2M $521.4M $529.1M
Total Long-Term Liabilities $632.5M $614.5M $685.5M
Total Liabilities $1.227B $1.214B $1.327B
YoY Change -7.53% -6.69% 2.96%
SHAREHOLDERS EQUITY
Retained Earnings -$188.0M -$142.3M
YoY Change 54.67% 388.63%
Common Stock $1.752B $2.641M
YoY Change 66398.82% 0.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $278.0M $278.0M
YoY Change 0.0% 0.0%
Treasury Stock Shares $84.67M $84.67M 84.67M shares
Shareholders Equity $1.278B $1.284B $1.308B
YoY Change
Total Liabilities & Shareholders Equity $2.505B $2.508B $2.634B
YoY Change -4.92% -4.26% 0.44%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q1
OPERATING ACTIVITIES
Net Income -$10.08M -$2.178M -$20.74M
YoY Change -51.38% -89.44% 78.93%
Depreciation, Depletion And Amortization $41.66M $42.80M $45.13M
YoY Change -7.68% -8.94% 7.45%
Cash From Operating Activities $58.50M $51.50M $21.30M
YoY Change 174.65% 190.96% -45.89%
INVESTING ACTIVITIES
Capital Expenditures $6.115M -$18.10M $11.95M
YoY Change -48.81% -36.93% -27.32%
Acquisitions $0.00 $0.00
YoY Change -100.0%
Other Investing Activities $600.0K $0.00 -$5.900M
YoY Change -110.17% -95.67%
Cash From Investing Activities -$14.90M -$18.10M -$27.00M
YoY Change -44.81% -36.71% -83.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$40.00K $1.673M
YoY Change -102.39% -121.09%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.900M -17.20M -15.80M
YoY Change -50.0% -230.3% -114.47%
NET CHANGE
Cash From Operating Activities 58.50M 51.50M 21.30M
Cash From Investing Activities -14.90M -18.10M -27.00M
Cash From Financing Activities -7.900M -17.20M -15.80M
Net Change In Cash 35.70M 16.20M -21.50M
YoY Change -266.05% 604.35% 78.54%
FREE CASH FLOW
Cash From Operating Activities $58.50M $51.50M $21.30M
Capital Expenditures $6.115M -$18.10M $11.95M
Free Cash Flow $52.39M $69.60M $9.355M
YoY Change 459.97% 50.0% -59.2%

Facts In Submission

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CY2015Q1 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassification</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">During the three months ended March 31, 2015, we adopted a revised presentation of revenue and the associated cost of revenue in our consolidated statement of operations, which we believe is better aligned with and representative of the amount and profitability of our overall software and services revenue streams, as well as with the way we manage our business, review our operating performance and market our products. In recent years, we have experienced a continued shift in customer preferences from up-front software license, and associated support and maintenance, agreements to hosted subscription-based agreements. Under our previous presentation, the revenue and cost of revenue of each of these types of agreements were reported under separate revenue categories. By combining these separate revenue categories, we believe that our revised presentation better reflects the overall trend in our software delivery, support and maintenance sales.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under the revised presentation, revenue is reported based on two categories: (i) software delivery, support and maintenance, and (ii) client services. Previously, revenue was presented based on four categories: system sales, professional services, maintenance, and transaction processing and other. Software delivery, support and maintenance revenue consists of our previous system sales, maintenance and transaction processing and other revenue categories, excluding outsourcing and remote hosting managed IT services revenue previously included in transaction processing and other revenue. Client services revenue consists of our previous professional services category and outsourcing and remote hosting managed IT services revenue. The comparable 2014 quarterly period was revised for the new presentation. Total revenue and cost of revenue previously reported for the three months ended March 31, 2014 were not affected by this change in presentation. </p></div>
CY2015Q1 us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.</p></div>
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0
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MoneyMarketFundsAtCarryingValue
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FairValueNetAssetLiability
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CY2014Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
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CY2014 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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CY2015Q1 mdrx Equity And Cost Method Investment
EquityAndCostMethodInvestment
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CY2015Q1 mdrx Value Of Intangible Assets Commercial Agreement
ValueOfIntangibleAssetsCommercialAgreement
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CY2015Q1 us-gaap Cost Method Investments Fair Value Disclosure
CostMethodInvestmentsFairValueDisclosure
17800000
CY2014Q4 us-gaap Cost Method Investments Fair Value Disclosure
CostMethodInvestmentsFairValueDisclosure
17800000
CY2015Q1 us-gaap Equity Method Investments Fair Value Disclosure
EquityMethodInvestmentsFairValueDisclosure
1000000
CY2014Q4 us-gaap Equity Method Investments Fair Value Disclosure
EquityMethodInvestmentsFairValueDisclosure
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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2015Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0
CY2014Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
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CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2732000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.94
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
300000
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1700000
CY2015Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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179000
CY2014Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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174000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-10084000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20742000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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180581000
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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-0.06
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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-10084000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20742000
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180581000
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179033000
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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25144000
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2015Q1 us-gaap Finite Lived Intangible Assets Net
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CY2015Q1 us-gaap Goodwill Translation Adjustments
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-456000
CY2015Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
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0
CY2014Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2015Q1 us-gaap Debt Instrument Face Amount
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639212000
CY2015Q1 us-gaap Debt Instrument Unamortized Discount
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CY2015Q1 us-gaap Long Term Debt
LongTermDebt
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CY2014Q4 us-gaap Debt Instrument Face Amount
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69614000
CY2014Q4 us-gaap Long Term Debt
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CY2015Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
3861000
CY2014Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
3957000
CY2015Q1 us-gaap Amortization Of Debt Discount Premium
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2885000
CY2014Q1 us-gaap Amortization Of Debt Discount Premium
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2766000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
510000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
510000
CY2015Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
900000
CY2015Q1 us-gaap Unamortized Debt Issuance Expense
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9000000
CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
22500000
CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
39375000
CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
50625000
CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
181712000
CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0
CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
345000000
CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.089
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2014Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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10000000
CY2015Q1 mdrx Cumulative Operating Income Loss Period
CumulativeOperatingIncomeLossPeriod
P3Y
CY2015Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15300000
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15300000
CY2010Q4 us-gaap Derivative Inception Dates
DerivativeInceptionDates
2010-10-29
CY2010Q4 us-gaap Derivative Maturity Dates
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2014-10-31
CY2015Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
0
CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
166000
CY2015Q1 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
0
CY2014Q1 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
0
CY2014 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2015Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
7
CY2015Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2

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