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Cerner Reports First Quarter 2013 Results

Stocks in this article: CERN

Adjusted net earnings and diluted earnings per share exclude share-based compensation expense, which reduced first quarter 2013 net earnings and diluted earnings per share by $6.9 million and $0.04, respectively; and reduced first quarter 2012 net earnings and diluted earnings per share by $5.5 million and $0.03, respectively.

Other 2013 First Quarter Highlights:

  • First quarter cash collections of $784.0 million and operating cash flow of $213.6 million.
  • First quarter free cash flow of $129.9 million. Free cash flow is a non-GAAP financial measure defined as GAAP cash flows from operating activities less capital purchases and capitalized software development costs. For more detail, please see the accompanying schedule, titled "Reconciliation of GAAP Results to Non-GAAP Results."
  • First quarter days sales outstanding of 69 days, which is down from 76 days in the year-ago quarter.
  • Total backlog of $7.58 billion, up 21 percent over the year-ago quarter. This was comprised of $6.83 billion of contract backlog and $747.9 million of support and maintenance backlog.

"We got off to a good start in 2013, with almost all key metrics above expected levels, including very strong bookings, earnings and cash flow," Neal Patterson, Cerner chairman, CEO, president and co-founder said. "We expect 2013 to be a very good year, as we have a significant pipeline of opportunities both with existing clients and prospective clients. In addition, we are continuing to invest heavily in research and development to widen our competitive advantages and position ourselves for sustained growth throughout this decade."

Future Period Guidance

Cerner currently expects:

  • Second quarter 2013 revenue between $705 million and $735 million.
  • Full year 2013 revenue between $2.95 billion and $3.05 billion.
  • Second quarter 2013 adjusted diluted earnings per share before share-based compensation expense between $0.66 and $0.68.
  • Full year 2013 adjusted diluted earnings per share before share-based compensation expense between $2.78 and $2.83, up from a prior range of $2.75 to $2.82.
  • Second quarter 2013 new business bookings between $825 million and $875 million.
  • Share-based compensation expense to reduce diluted earnings per share by approximately $0.04 to $0.05 in the second quarter of 2013 and between $0.17 and $0.18 for the year.

Earnings Conference Call

Cerner will host an earnings conference call to provide additional detail on these results at 3:30 p.m. CT on April 25. The dial-in number for the conference call is (617) 614-3453; the passcode is Cerner. Cerner recommends joining the call 15 minutes early for registration. The re-broadcast of the call will be available from 5:30 p.m. CT, April 25 through 11:59 p.m. CT, April 28. The dial-in number for the re-broadcast is (617)-801-6888; the passcode is 82194650.

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