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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 September 30, 2020
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 October 26, 2020, there were 157,981,681 shares of the registrant's $0.01 par value common stock outstanding.
ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
FORM 10-Q
For the Fiscal Quarter Ended September 30, 2020
TABLE OF CONTENTS
2
PART I. FINANCIAL INFORMATION
Item 1. |
Financial Statements |
ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share amounts) |
|
September 30, 2020 |
|
|
December 31, 2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
218,701 |
|
|
$ |
129,668 |
|
Restricted cash |
|
|
6,209 |
|
|
|
7,871 |
|
Accounts receivable, net of allowance of $37,025 and $23,879 as of
September 30, 2020 and December 31, 2019, respectively |
|
|
381,888 |
|
|
|
459,751 |
|
Contract assets, net of allowance of $1,068 and $0 as of September 30, 2020 and December 31, 2019, respectively |
|
|
101,333 |
|
|
|
95,982 |
|
Prepaid expenses and other current assets |
|
|
135,869 |
|
|
|
147,990 |
|
Assets held for sale |
|
|
104,782 |
|
|
|
0 |
|
Total current assets |
|
|
948,782 |
|
|
|
841,262 |
|
Fixed assets, net |
|
|
70,027 |
|
|
|
88,339 |
|
Software development costs, net |
|
|
241,656 |
|
|
|
243,929 |
|
Intangible assets, net |
|
|
329,011 |
|
|
|
374,142 |
|
Goodwill |
|
|
1,287,197 |
|
|
|
1,362,017 |
|
Deferred taxes, net |
|
|
5,881 |
|
|
|
5,704 |
|
Contract assets - long-term, net of allowance of $4,273 and $0 as of September 30, 2020 and December 31, 2019, respectively |
|
|
42,805 |
|
|
|
67,559 |
|
Right-of-use assets - operating leases |
|
|
102,217 |
|
|
|
98,020 |
|
Other assets |
|
|
118,689 |
|
|
|
124,767 |
|
Total assets |
|
$ |
3,146,265 |
|
|
$ |
3,205,739 |
|
3
ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Unaudited)
(In thousands, except per share amounts) |
|
September 30, 2020 |
|
|
December 31, 2019 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
53,627 |
|
|
$ |
104,014 |
|
Accrued expenses |
|
|
166,180 |
|
|
|
270,662 |
|
Accrued compensation and benefits |
|
|
97,515 |
|
|
|
68,569 |
|
Deferred revenue |
|
|
339,239 |
|
|
|
379,843 |
|
Current maturities of long-term debt |
|
|
48,293 |
|
|
|
364,465 |
|
Current operating lease liabilities |
|
|
22,317 |
|
|
|
23,137 |
|
Liabilities related to assets held for sale |
|
|
17,479 |
|
|
|
0 |
|
Total current liabilities |
|
|
744,650 |
|
|
|
1,210,690 |
|
Long-term debt |
|
|
1,026,048 |
|
|
|
551,004 |
|
Deferred revenue |
|
|
11,570 |
|
|
|
12,337 |
|
Deferred taxes, net |
|
|
24,534 |
|
|
|
21,038 |
|
Long-term operating lease liabilities |
|
|
98,866 |
|
|
|
95,162 |
|
Other liabilities |
|
|
32,210 |
|
|
|
30,320 |
|
Total liabilities |
|
|
1,937,878 |
|
|
|
1,920,551 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock: $0.01 par value, 1,000 shares authorized,
no shares issued and outstanding as of September 30, 2020 and December 31, 2019 |
|
|
0 |
|
|
|
0 |
|
Common stock: $0.01 par value, 349,000 shares authorized as of September 30, 2020
and December 31, 2019; 274,471 and 157,978 shares issued and outstanding
as of September 30, 2020, respectively; 272,609 and 162,475 shares issued
and outstanding as of December 31, 2019, respectively |
|
|
2,744 |
|
|
|
2,725 |
|
Treasury stock: at cost, 116,493 and 110,134 shares as of September 30, 2020 and
December 31, 2019, respectively |
|
|
(625,246 |
) |
|
|
(571,157 |
) |
Additional paid-in capital |
|
|
1,929,396 |
|
|
|
1,907,348 |
|
Accumulated deficit |
|
|
(94,706 |
) |
|
|
(49,336 |
) |
Accumulated other comprehensive loss |
|
|
(3,801 |
) |
|
|
(4,392 |
) |
Total stockholders’ equity |
|
|
1,208,387 |
|
|
|
1,285,188 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,146,265 |
|
|
$ |
3,205,739 |
|
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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
(In thousands, except per share amounts) |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software delivery, support and maintenance |
|
$ |
250,547 |
|
|
$ |
284,373 |
|
|
$ |
770,180 |
|
|
$ |
844,908 |
|
|
Client services |
|
|
151,483 |
|
|
|
159,811 |
|
|
|
454,786 |
|
|
|
475,785 |
|
|
Total revenue |
|
|
402,030 |
|
|
|
444,184 |
|
|
|
1,224,966 |
|
|
|
1,320,693 |
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software delivery, support and maintenance |
|
|
75,311 |
|
|
|
83,312 |
|
|
|
225,879 |
|
|
|
248,401 |
|
|
Client services |
|
|
131,915 |
|
|
|
156,275 |
|
|
|
420,185 |
|
|
|
452,226 |
|
|
Amortization of software development and
acquisition-related assets |
|
|
33,207 |
|
|
|
29,295 |
|
|
|
95,860 |
|
|
|
86,547 |
|
|
Total cost of revenue |
|
|
240,433 |
|
|
|
268,882 |
|
|
|
741,924 |
|
|
|
787,174 |
|
|
Gross profit |
|
|
161,597 |
|
|
|
175,302 |
|
|
|
483,042 |
|
|
|
533,519 |
|
|
Selling, general and administrative expenses |
|
|
97,231 |
|
|
|
101,152 |
|
|
|
309,139 |
|
|
|
306,939 |
|
|
Research and development |
|
|
48,476 |
|
|
|
63,873 |
|
|
|
158,913 |
|
|
|
191,597 |
|
|
Asset impairment charges |
|
|
210 |
|
|
|
248 |
|
|
|
210 |
|
|
|
4,037 |
|
|
Amortization of intangible and acquisition-related assets |
|
|
6,301 |
|
|
|
6,847 |
|
|
|
19,347 |
|
|
|
20,376 |
|
|
Income (loss) from operations |
|
|
9,379 |
|
|
|
3,182 |
|
|
|
(4,567 |
) |
|
|
10,570 |
|
|
Interest expense |
|
|
(7,662 |
) |
|
|
(10,839 |
) |
|
|
(31,280 |
) |
|
|
(31,447 |
) |
|
Other income (loss), net |
|
|
398 |
|
|
|
781 |
|
|
|
45 |
|
|
|
(143,700 |
) |
|
(Impairment) recovery of long-term investments |
|
|
(1,025 |
) |
|
|
0 |
|
|
|
(1,575 |
) |
|
|
1,045 |
|
|
Equity in net income (loss) of unconsolidated investments |
|
|
383 |
|
|
|
386 |
|
|
|
17,417 |
|
|
|
540 |
|
|
Income (loss) before income taxes |
|
|
1,473 |
|
|
|
(6,490 |
) |
|
|
(19,960 |
) |
|
|
(162,992 |
) |
|
Income tax (provision) benefit |
|
|
(931 |
) |
|
|
765 |
|
|
|
(7,457 |
) |
|
|
(640 |
) |
|
Net income (loss) |
|
|
542 |
|
|
|
(5,725 |
) |
|
|
(27,417 |
) |
|
|
(163,632 |
) |
|
Net loss attributable to non-controlling interests |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
424 |
|
|
Net income (loss) attributable to Allscripts Healthcare Solutions, Inc. stockholders |
|
$ |
542 |
|
|
$ |
(5,725 |
) |
|
$ |
(27,417 |
) |
|
$ |
(163,208 |
) |
|
Net income (loss) attributable to Allscripts Healthcare
Solutions, Inc. stockholders per share - Basic |
|
$ |
0.00 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.97 |
) |
|
Net income (loss) attributable to Allscripts Healthcare
Solutions, Inc. stockholders per share - Diluted |
|
$ |
0.00 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.97 |
) |
|
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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
(In thousands) |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
Net income (loss) |
|
$ |
542 |
|
|
$ |
(5,725 |
) |
|
$ |
(27,417 |
) |
|
$ |
(163,632 |
) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
983 |
|
|
|
(574 |
) |
|
|
(611 |
) |
|
|
(35 |
) |
|
Change in fair value of derivatives qualifying as cash flow hedges |
|
|
1,009 |
|
|
|
(305 |
) |
|
|
1,620 |
|
|
|
(131 |
) |
|
Other comprehensive income (loss) before income
tax (expense) benefit |
|
|
1,992 |
|
|
|
(879 |
) |
|
|
1,009 |
|
|
|
(166 |
) |
|
Income tax (expense) benefit related to items in
other comprehensive income (loss) |
|
|
(260 |
) |
|
|
80 |
|
|
|
(418 |
) |
|
|
34 |
|
|
Total other comprehensive income (loss) |
|
|
1,732 |
|
|
|
(799 |
) |
|
|
591 |
|
|
|
(132 |
) |
|
Comprehensive income (loss) |
|
|
2,274 |
|
|
|
(6,524 |
) |
|
|
(26,826 |
) |
|
|
(163,764 |
) |
|
Comprehensive loss attributable to non-controlling interests |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
424 |
|
|
Comprehensive income (loss), net |
|
$ |
2,274 |
|
|
$ |
(6,524 |
) |
|
$ |
(26,826 |
) |
|
$ |
(163,340 |
) |
|
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 September 30, |
|
|
Nine Months Ended September 30, |
|
(In thousands) |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Number of common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
|
274,463 |
|
|
|
272,472 |
|
|
|
272,609 |
|
|
|
270,955 |
|
Common stock issued under stock compensation plans,
net of shares withheld for employee taxes |
|
|
8 |
|
|
|
24 |
|
|
|
1,862 |
|
|
|
1,541 |
|
Balance at end of period |
|
|
274,471 |
|
|
|
272,496 |
|
|
|
274,471 |
|
|
|
272,496 |
|
Common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
2,743 |
|
|
$ |
2,724 |
|
|
$ |
2,725 |
|
|
$ |
2,709 |
|
Common stock issued under stock compensation plans,
net of shares withheld for employee taxes |
|
|
1 |
|
|
|
0 |
|
|
|
19 |
|
|
|
15 |
|
Balance at end of period |
|
$ |
2,744 |
|
|
$ |
2,724 |
|
|
$ |
2,744 |
|
|
$ |
2,724 |
|
Number of treasury stock shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
|
(111,493 |
) |
|
|
(105,818 |
) |
|
|
(110,134 |
) |
|
|
(99,731 |
) |
Issuance of treasury stock |
|
|
0 |
|
|
|
0 |
|
|
|
90 |
|
|
|
61 |
|
Purchase of treasury stock |
|
|
(5,000 |
) |
|
|
(3,459 |
) |
|
|
(6,449 |
) |
|
|
(9,607 |
) |
Balance at end of period |
|
|
(116,493 |
) |
|
|
(109,277 |
) |
|
|
(116,493 |
) |
|
|
(109,277 |
) |
Treasury stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
(579,678 |
) |
|
$ |
(524,767 |
) |
|
$ |
(571,157 |
) |
|
$ |
(460,543 |
) |
Issuance of treasury stock |
|
|
0 |
|
|
|
0 |
|
|
|
1,193 |
|
|
|
846 |
|
Purchase of treasury stock |
|
|
(45,568 |
) |
|
|
(37,090 |
) |
|
|
(55,282 |
) |
|
|
(102,160 |
) |
Balance at end of period |
|
$ |
(625,246 |
) |
|
$ |
(561,857 |
) |
|
$ |
(625,246 |
) |
|
$ |
(561,857 |
) |
Additional paid-in capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
1,920,645 |
|
|
$ |
1,867,613 |
|
|
$ |
1,907,348 |
|
|
$ |
1,881,494 |
|
Stock-based compensation |
|
|
8,811 |
|
|
|
7,773 |
|
|
|
25,931 |
|
|
|
29,296 |
|
Common stock issued under stock compensation plans,
net of shares withheld for employee taxes |
|
|
(60 |
) |
|
|
9 |
|
|
|
(5,604 |
) |
|
|
(6,702 |
) |
Capped call transactions |
|
|
0 |
|
|
|
0 |
|
|
|
797 |
|
|
|
0 |
|
Issuance of treasury stock |
|
|
0 |
|
|
|
0 |
|
|
|
(440 |
) |
|
|
(144 |
) |
Warrants issued |
|
|
0 |
|
|
|
683 |
|
|
|
1,364 |
|
|
|
2,047 |
|
Acquisition of non-controlling interest |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(29,913 |
) |
Balance at end of period |
|
$ |
1,929,396 |
|
|
$ |
1,876,078 |
|
|
$ |
1,929,396 |
|
|
$ |
1,876,078 |
|
Retained earnings (accumulated deficit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|