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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2019

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 001-35547

 

ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

36-4392754

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

222 Merchandise Mart, Suite 2024

Chicago, IL 60654

(Address of Principal Executive Offices, Zip Code)

(800) 334-8534

(Registrant's Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on which Registered

Common Stock, par value $0.01 per share

MDRX

The Nasdaq Stock Market LLC

(Nasdaq Global Select Market)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes        No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes        No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes        No   

As of August 5, 2019, there were 166,653,482 shares of the registrant's $0.01 par value common stock outstanding.

 


ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.

FORM 10-Q

For the Fiscal Quarter Ended June 30, 2019

TABLE OF CONTENTS

 

 

  

 

 

PAGE

PART I. FINANCIAL INFORMATION

 

3

Item 1.

 

Financial Statements (unaudited)

 

3

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

29

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

42

Item 4.

 

Controls and Procedures

 

42

PART II. OTHER INFORMATION

 

43

Item 1.

 

Legal Proceedings

 

43

Item 1A.

 

Risk Factors

 

43

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

43

Item 5.

 

Other Information

 

44

Item 6.

 

Exhibits

 

44

SIGNATURES

 

45

 

2


PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements 

ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share amounts)

 

June 30, 2019

 

 

December 31, 2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

138,903

 

 

$

174,243

 

Restricted cash

 

 

9,236

 

 

 

10,552

 

Accounts receivable, net of allowance of $41,647 and $50,406 as of

   June 30, 2019 and December 31, 2018, respectively

 

 

428,085

 

 

 

465,264

 

Contract assets

 

 

75,351

 

 

 

66,451

 

Prepaid expenses and other current assets

 

 

152,476

 

 

 

142,455

 

Total current assets

 

 

804,051

 

 

 

858,965

 

Fixed assets, net

 

 

105,923

 

 

 

121,913

 

Software development costs, net

 

 

225,646

 

 

 

209,660

 

Intangible assets, net

 

 

402,783

 

 

 

431,081

 

Goodwill

 

 

1,382,244

 

 

 

1,373,744

 

Deferred taxes, net

 

 

5,000

 

 

 

5,036

 

Contract assets - long-term

 

 

98,362

 

 

 

71,879

 

Right-of-use assets - operating leases

 

 

96,097

 

 

 

0

 

Other assets

 

 

115,367

 

 

 

109,206

 

Total assets

 

$

3,235,473

 

 

$

3,181,484

 


3


ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.

CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Unaudited)

(In thousands, except per share amounts)

 

June 30, 2019

 

 

December 31, 2018

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

90,670

 

 

$

73,166

 

Accrued expenses

 

 

256,516

 

 

 

107,068

 

Accrued compensation and benefits

 

 

53,741

 

 

 

100,076

 

Income tax payable

 

 

0

 

 

 

29,644

 

Deferred revenue

 

 

432,222

 

 

 

466,797

 

Current maturities of long-term debt

 

 

22,121

 

 

 

20,059

 

Current operating lease liabilities

 

 

24,501

 

 

 

0

 

Current liabilities attributable to discontinued operations

 

 

0

 

 

 

920

 

Total current liabilities

 

 

879,771

 

 

 

797,730

 

Long-term debt

 

 

822,724

 

 

 

647,539

 

Deferred revenue

 

 

13,011

 

 

 

15,984

 

Deferred taxes, net

 

 

56,899

 

 

 

58,470

 

Long-term operating lease liabilities

 

 

93,117

 

 

 

0

 

Other liabilities

 

 

53,744

 

 

 

81,334

 

Total liabilities

 

 

1,919,266

 

 

 

1,601,057

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock: $0.01 par value, 1,000 shares authorized,

   no shares issued and outstanding as of June 30, 2019 and December 31, 2018

 

 

0

 

 

 

0

 

Common stock: $0.01 par value, 349,000 shares authorized as of June 30, 2019

   and December 31, 2018; 272,472 and 166,653 shares issued and outstanding as of

   June 30, 2019, respectively; 270,955 and 171,224 shares issued and outstanding

   as of December 31, 2018, respectively

 

 

2,724

 

 

 

2,709

 

Treasury stock: at cost, 105,818 and 99,731 shares as of June 30, 2019 and

   December 31, 2018, respectively

 

 

(524,767

)

 

 

(460,543

)

Additional paid-in capital

 

 

1,867,613

 

 

 

1,881,494

 

(Accumulated deficit) retained earnings

 

 

(24,641

)

 

 

132,842

 

Accumulated other comprehensive loss

 

 

(4,722

)

 

 

(5,389

)

Total Allscripts Healthcare Solutions, Inc.'s stockholders' equity

 

 

1,316,207

 

 

 

1,551,113

 

Non-controlling interest

 

 

0

 

 

 

29,314

 

Total stockholders’ equity

 

 

1,316,207

 

 

 

1,580,427

 

Total liabilities and stockholders’ equity

 

$

3,235,473

 

 

$

3,181,484

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(In thousands, except per share amounts)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software delivery, support and maintenance

 

$

285,023

 

 

$

284,485

 

 

$

560,535

 

 

$

565,038

 

Client services

 

 

159,437

 

 

 

156,979

 

 

 

315,974

 

 

 

310,148

 

Total revenue

 

 

444,460

 

 

 

441,464

 

 

 

876,509

 

 

 

875,186

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software delivery, support and maintenance

 

 

91,351

 

 

 

92,938

 

 

 

179,484

 

 

 

178,948

 

Client services

 

 

139,957

 

 

 

150,174

 

 

 

281,556

 

 

 

287,262

 

Amortization of software development and

    acquisition-related assets

 

 

29,030

 

 

 

24,585

 

 

 

57,252

 

 

 

50,544

 

Total cost of revenue

 

 

260,338

 

 

 

267,697

 

 

 

518,292

 

 

 

516,754

 

    Gross profit

 

 

184,122

 

 

 

173,767

 

 

 

358,217

 

 

 

358,432

 

Selling, general and administrative expenses

 

 

105,542

 

 

 

122,913

 

 

 

205,787

 

 

 

242,850

 

Research and development

 

 

63,414

 

 

 

74,491

 

 

 

127,724

 

 

 

139,281

 

Asset impairment charges

 

 

3,691

 

 

 

30,075

 

 

 

3,789

 

 

 

30,075

 

Amortization of intangible and acquisition-related assets

 

 

6,732

 

 

 

6,382

 

 

 

13,529

 

 

 

13,021

 

Income (loss) from operations

 

 

4,743

 

 

 

(60,094

)

 

 

7,388

 

 

 

(66,795

)

Interest expense

 

 

(10,424

)

 

 

(11,980

)

 

 

(20,608

)

 

 

(23,674

)

Other loss, net

 

 

(144,994

)

 

 

(13

)

 

 

(144,481

)

 

 

(48

)

Gain on sale of businesses, net

 

 

0

 

 

 

173,129

 

 

 

0

 

 

 

172,258

 

(Impairment) recovery of long-term investments

 

 

0

 

 

 

(9,987

)

 

 

1,045

 

 

 

(15,487

)

Equity in net income of unconsolidated investments

 

 

218

 

 

 

767

 

 

 

154

 

 

 

706

 

(Loss) income from continuing operations before income taxes

 

 

(150,457

)

 

 

91,822

 

 

 

(156,502

)

 

 

66,960

 

Income tax benefit (provision)

 

 

527

 

 

 

(7,256

)

 

 

(1,405

)

 

 

(7,555

)

(Loss) income from continuing operations, net of tax

 

 

(149,930

)

 

 

84,566

 

 

 

(157,907

)

 

 

59,405

 

Loss from discontinued operations

 

 

0

 

 

 

(14,107

)

 

 

0

 

 

 

(19,123

)

Income tax effect on discontinued operations

 

 

0

 

 

 

3,813

 

 

 

0

 

 

 

5,475

 

Loss from discontinued operations, net of tax

 

 

0

 

 

 

(10,294

)

 

 

0

 

 

 

(13,648

)

Net (loss) income

 

 

(149,930

)

 

 

74,272

 

 

 

(157,907

)

 

 

45,757

 

Net loss attributable to non-controlling interests

 

 

0

 

 

 

2,700

 

 

 

424

 

 

 

3,490

 

Accretion of redemption preference on redeemable

   convertible non-controlling interest - discontinued operations

 

 

0

 

 

 

(12,148

)

 

 

0

 

 

 

(24,297

)

Net (loss) income attributable to Allscripts Healthcare

   Solutions, Inc. stockholders

 

$

(149,930

)

 

$

64,824

 

 

$

(157,483

)

 

$

24,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to Allscripts Healthcare

   Solutions, Inc. stockholders per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.90

)

 

$

0.49

 

 

$

(0.94

)

 

$

0.35

 

Discontinued operations

 

 

0.00

 

 

 

(0.13

)

 

 

0.00

 

 

 

(0.21

)

Net (loss) income attributable to Allscripts Healthcare

   Solutions, Inc. stockholders per share

 

$

(0.90

)

 

$

0.36

 

 

$

(0.94

)

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.90

)

 

$

0.49

 

 

$

(0.94

)

 

$

0.35

 

Discontinued operations

 

 

0.00

 

 

 

(0.13

)

 

 

0.00

 

 

 

(0.21

)

Net (loss) income attributable to Allscripts Healthcare

   Solutions, Inc. stockholders per share

 

$

(0.90

)

 

$

0.36

 

 

$

(0.94

)

 

$

0.14

 

The accompanying notes are an integral part of these consolidated financial statements.

5


ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(In thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net (loss) income

 

$

(149,930

)

 

$

74,272

 

 

$

(157,907

)

 

$

45,757

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(156

)

 

 

(1,685

)

 

 

539

 

 

 

(1,562

)

Change in fair value of derivatives qualifying as cash flow hedges

 

 

42

 

 

 

(460

)

 

 

174

 

 

 

(1,093

)

Other comprehensive (loss) income before income

    tax (expense) benefit

 

 

(114

)

 

 

(2,145

)

 

 

713

 

 

 

(2,655

)

Income tax (expense) benefit related to items in

    other comprehensive (loss) income

 

 

(11

)

 

 

120

 

 

 

(46

)

 

 

434

 

Total other comprehensive income (loss)

 

 

(125

)

 

 

(2,025

)

 

 

667

 

 

 

(2,221

)

Comprehensive (loss) income

 

 

(150,055

)

 

 

72,247

 

 

 

(157,240

)

 

 

43,536

 

Comprehensive loss attributable to non-controlling interests

 

 

0

 

 

 

2,700

 

 

 

424

 

 

 

3,490

 

Comprehensive (loss) income, net

 

$

(150,055

)

 

$

74,947

 

 

$

(156,816

)

 

$

47,026

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 


6


ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(In thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Number of common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

272,013

 

 

 

270,601

 

 

 

270,955

 

 

 

269,335

 

Common stock issued under stock compensation plans,

    net of shares withheld for employee taxes

 

 

459

 

 

 

108

 

 

 

1,517

 

 

 

1,374

 

Balance at end of period

 

 

272,472

 

 

 

270,709

 

 

 

272,472

 

 

 

270,709

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

2,719

 

 

$

2,706

 

 

$

2,709

 

 

$

2,693

 

Common stock issued under stock compensation plans,

    net of shares withheld for employee taxes

 

 

5

 

 

 

1

 

 

 

15

 

 

 

14

 

Balance at end of period

 

$

2,724

 

 

$

2,707

 

 

$

2,724

 

 

$

2,707

 

Number of treasury stock shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(105,879

)

 

 

(92,648

)

 

 

(99,731

)

 

 

(88,504

)

Issuance of treasury stock

 

 

61

 

 

 

0

 

 

 

61

 

 

 

0

 

Purchase of treasury stock

 

 

0

 

 

 

(3,527

)

 

 

(6,148

)

 

 

(7,671

)

Balance at end of period

 

 

(105,818

)

 

 

(96,175

)

 

 

(105,818

)

 

 

(96,175

)

Treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(525,613

)

 

$

(380,335

)

 

$

(460,543

)

 

$

(322,735

)

Issuance of treasury stock

 

 

846

 

 

 

0

 

 

 

846

 

 

 

0

 

Purchase of treasury stock

 

 

0

 

 

 

(44,306

)

 

 

(65,070

)

 

 

(101,906

)

Balance at end of period

 

$

(524,767

)

 

$

(424,641

)

 

$

(524,767

)