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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, 2021

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 2, 2021, there were 125,010,868 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, 2021

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

 

28

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

38

Item 4.

 

Controls and Procedures

 

38

PART II. OTHER INFORMATION

 

38

Item 1.

 

Legal Proceedings

 

38

Item 1A.

 

Risk Factors

 

38

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

38

Item 5.

 

Other Information

 

40

Item 6.

 

Exhibits

 

40

SIGNATURES

 

41

 

 

 

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, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

229,254

 

 

$

531,104

 

Restricted cash

 

 

2,129

 

 

 

6,361

 

Accounts receivable, net of allowance of $31,991 and $31,596 as of

   June 30, 2021 and December 31, 2020, respectively

 

 

338,587

 

 

 

347,355

 

Contract assets, net of allowance of $1,068 as of June 30, 2021 and December 31, 2020

 

 

120,051

 

 

 

106,717

 

Income tax receivable

 

 

0

 

 

 

25,421

 

Prepaid expenses and other current assets

 

 

150,968

 

 

 

136,264

 

Total current assets

 

 

840,989

 

 

 

1,153,222

 

Fixed assets, net

 

 

59,077

 

 

 

72,162

 

Software development costs, net

 

 

182,848

 

 

 

193,202

 

Intangible assets, net

 

 

261,258

 

 

 

286,602

 

Goodwill

 

 

974,834

 

 

 

974,729

 

Deferred taxes, net

 

 

5,872

 

 

 

5,790

 

Contract assets - long-term, net of allowance of $4,273 as of June 30, 2021 and December 31, 2020

 

 

49,849

 

 

 

43,682

 

Right-of-use assets - operating leases

 

 

75,052

 

 

 

96,601

 

Other assets

 

 

90,521

 

 

 

91,628

 

Total assets

 

$

2,540,300

 

 

$

2,917,618

 

 

 

 

 

 

 

 

 

 

 

 


3


 

ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.

CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Unaudited)

(In thousands, except per share amounts)

 

June 30, 2021

 

 

December 31, 2020

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

26,782

 

 

$

35,905

 

Accrued expenses

 

 

88,780

 

 

 

100,262

 

Accrued compensation and benefits

 

 

94,185

 

 

 

118,771

 

Deferred revenue

 

 

364,000

 

 

 

334,764

 

Current operating lease liabilities

 

 

19,662

 

 

 

22,264

 

Current liabilities attributable to discontinued operations

 

 

2,670

 

 

 

322,811

 

Total current liabilities

 

 

596,079

 

 

 

934,777

 

Long-term debt

 

 

421,312

 

 

 

167,587

 

Deferred revenue

 

 

2,862

 

 

 

3,471

 

Deferred taxes, net

 

 

17,797

 

 

 

18,186

 

Long-term operating lease liabilities

 

 

71,597

 

 

 

93,463

 

Other liabilities

 

 

37,179

 

 

 

33,891

 

Total liabilities

 

 

1,146,826

 

 

 

1,251,375

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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

   no shares issued and outstanding as of June 30, 2021 and December 31, 2020

 

 

0

 

 

 

0

 

Common stock: $0.01 par value, 349,000 shares authorized as of June 30, 2021

   and December 31, 2020; 276,668 and 125,011 shares issued and outstanding

   as of June 30, 2021, respectively; 274,558 and 139,942 shares issued

   and outstanding as of December 31, 2020, respectively

 

 

2,766

 

 

 

2,745

 

Treasury stock: at cost, 151,657 and 134,616 shares as of June 30, 2021 and

   December 31, 2020, respectively

 

 

(1,174,498

)

 

 

(870,558

)

Additional paid-in capital

 

 

1,903,542

 

 

 

1,902,776

 

Retained earnings

 

 

664,101

 

 

 

633,118

 

Accumulated other comprehensive loss

 

 

(2,437

)

 

 

(1,838

)

Total stockholders’ equity

 

 

1,393,474

 

 

 

1,666,243

 

Total liabilities and stockholders’ equity

 

$

2,540,300

 

 

$

2,917,618

 

 

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)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software delivery, support and maintenance

 

$

219,610

 

 

$

223,591

 

 

$

442,301

 

 

$

455,731

 

 

Client services

 

 

154,104

 

 

 

145,713

 

 

 

299,765

 

 

 

294,937

 

 

Total revenue

 

 

373,714

 

 

 

369,304

 

 

 

742,066

 

 

 

750,668

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software delivery, support and maintenance

 

 

69,303

 

 

 

71,130

 

 

 

140,034

 

 

 

144,214

 

 

Client services

 

 

122,597

 

 

 

131,171

 

 

 

240,684

 

 

 

279,391

 

 

Amortization of software development and

    acquisition-related assets

 

 

30,061

 

 

 

29,405

 

 

 

59,550

 

 

 

57,529

 

 

Total cost of revenue

 

 

221,961

 

 

 

231,706

 

 

 

440,268

 

 

 

481,134

 

 

    Gross profit

 

 

151,753

 

 

 

137,598

 

 

 

301,798

 

 

 

269,534

 

 

Selling, general and administrative expenses

 

 

79,090

 

 

 

109,897

 

 

 

160,798

 

 

 

202,722

 

 

Research and development

 

 

51,219

 

 

 

46,045

 

 

 

100,392

 

 

 

105,422

 

 

Asset impairment charges

 

 

5,244

 

 

 

0

 

 

 

5,244

 

 

 

0

 

 

Amortization of intangible and acquisition-related assets

 

 

5,825

 

 

 

6,321

 

 

 

11,649

 

 

 

13,031

 

 

Income (loss) from operations

 

 

10,375

 

 

 

(24,665

)

 

 

23,715

 

 

 

(51,641

)

 

Interest expense

 

 

(2,949

)

 

 

(10,314

)

 

 

(6,092

)

 

 

(20,979

)

 

Other income (loss), net

 

 

16,757

 

 

 

(875

)

 

 

17,794

 

 

 

(353

)

 

Impairment of long-term investments

 

 

0

 

 

 

(550

)

 

 

0

 

 

 

(550

)

 

Equity in net (loss) income of unconsolidated investments

 

 

(86

)

 

 

16,834

 

 

 

(64

)

 

 

17,034

 

 

Income (loss) from continuing operations before income taxes

 

 

24,097

 

 

 

(19,570

)

 

 

35,353

 

 

 

(56,489

)

 

Income tax (provision) benefit

 

 

(2,192

)

 

 

(2,009

)

 

 

(4,855

)

 

 

2,525

 

 

Income (loss) from continuing operations, net of tax

 

 

21,905

 

 

 

(21,579

)

 

 

30,498

 

 

 

(53,964

)

 

Income from discontinued operations

 

 

36

 

 

 

18,838

 

 

 

7

 

 

 

35,056

 

 

Gain on sale of discontinued operations

 

 

0

 

 

 

0

 

 

 

647

 

 

 

0

 

 

Income tax effect on discontinued operations

 

 

(15

)

 

 

(4,864

)

 

 

(169

)

 

 

(9,051

)

 

Income from discontinued operations, net of tax

 

 

21

 

 

 

13,974

 

 

 

485

 

 

 

26,005

 

 

Net income (loss)

 

$

21,926

 

 

$

(7,605

)

 

$

30,983

 

 

$

(27,959

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.16

 

 

$

(0.13

)

 

$

0.22

 

 

$

(0.33

)

 

Discontinued operations

 

 

0.00

 

 

 

0.08

 

 

 

0.00

 

 

 

0.16

 

 

Net income (loss) per share - Basic

 

$

0.16

 

 

$

(0.05

)

 

$

0.22

 

 

$

(0.17

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.15

 

 

$

(0.13

)

 

$

0.21

 

 

$

(0.33

)

 

Discontinued operations

 

 

0.00

 

 

 

0.08

 

 

 

0.00

 

 

 

0.16

 

 

Net income (loss) per share - Diluted

 

$

0.15

 

 

$

(0.05

)

 

$

0.21

 

 

$

(0.17

)

 

 

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)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Net income (loss)

 

$

21,926

 

 

$

(7,605

)

 

$

30,983

 

 

$

(27,959

)

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

421

 

 

 

918

 

 

 

520

 

 

 

(1,594

)

 

Change in fair value of derivatives qualifying as cash flow hedges

 

 

(828

)

 

 

1,084

 

 

 

(1,509

)

 

 

611

 

 

Other comprehensive income (loss) before income tax benefit

 

 

(407

)

 

 

2,002

 

 

 

(989

)

 

 

(983

)

 

Income tax benefit related to items in other comprehensive income (loss)

 

 

214

 

 

 

(280

)

 

 

390

 

 

 

(158

)

 

Total other comprehensive income (loss)

 

 

(193

)

 

 

1,722

 

 

 

(599

)

 

 

(1,141

)

 

Comprehensive income (loss)

 

$

21,733

 

 

$

(5,883

)

 

$

30,384

 

 

$

(29,100

)

 

 

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)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Number of common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

275,241

 

 

 

273,484

 

 

 

274,558

 

 

 

272,609

 

Common stock issued under stock compensation plans,

    net of shares withheld for employee taxes

 

 

1,427

 

 

 

979

 

 

 

2,110

 

 

 

1,854

 

Balance at end of period

 

 

276,668

 

 

 

274,463

 

 

 

276,668

 

 

 

274,463

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

2,751

 

 

$

2,733

 

 

$

2,745

 

 

$

2,725

 

Common stock issued under stock compensation plans,

    net of shares withheld for employee taxes

 

 

15

 

 

 

10

 

 

 

21

 

 

 

18

 

Balance at end of period

 

$

2,766

 

 

$

2,743

 

 

$

2,766

 

 

$

2,743

 

Number of treasury stock shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

(134,616

)

 

 

(111,583

)

 

 

(134,616

)

 

 

(110,134

)

Issuance of treasury stock

 

 

33

 

 

 

90

 

 

 

33

 

 

 

90

 

Purchase of treasury stock

 

 

(6,397

)

 

 

0

 

 

 

(6,397

)

 

 

(1,449

)

Accelerated share repurchase program

 

 

(10,677

)

 

 

0

 

 

 

(10,677

)

 

 

0

 

Balance at end of period

 

 

(151,657

)

 

 

(111,493

)

 

 

(151,657

)

 

 

(111,493

)

Treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(870,558

)

 

$

(580,871

)

 

$

(870,558

)

 

$

(571,157

)

Issuance of treasury stock

 

 

465

 

 

 

1,193

 

 

 

465

 

 

 

1,193

 

Purchase of treasury stock

 

 

(108,953

)

 

 

0

 

 

 

(108,953

)

 

 

(9,714

)

Accelerated share repurchase program

 

 

(195,452

)

 

 

0

 

 

 

(195,452

)

 

 

0

 

Balance at end of period

 

$

(1,174,498

)

 

$

(579,678

)

 

$

(1,174,498

)

 

$

(579,678

)

Additional paid-in capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

1,906,534

 

 

$

1,914,816

 

 

$

1,902,776

 

 

$

1,907,348

 

Stock-based compensation

 

 

8,383

 

 

 

7,166