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Athenahealth, Inc. Reports First Quarter Fiscal Year 2013 Results

Stocks in this article: ATHN

Key metrics and milestones in the first quarter of fiscal year 2013 included the following:

  • $2.6 billion in collections posted to client accounts in the first quarter of 2013, compared to $2.1 billion in the same quarter of 2012  
  • 37.6 average client Days in Accounts Receivable (DAR) in the first quarter of 2013, compared to 40.0 average client DAR in the same quarter of 2012  
  • 40,937 active medical providers using athenaCollector ® at March 31, 2013, 28,850 of whom were physicians, compared to 33,923 providers and 24,101 physicians at March 31, 2012  
  • 12,139 active medical providers using athenaClinicals ® at March 31, 2013, 8,776 of whom were physicians, compared to 7,402 providers and 5,331 physicians at March 31, 2012  
  • 16,296 active medical providers using athenaCommunicator ® at March 31, 2013, 11,840 of whom were physicians, compared to 6,800 providers and 4,820 physicians at March 31, 2012

As of March 31, 2013, the Company had $47.8 million of cash and cash equivalents and $105.0 million outstanding on the line of credit.

Use of Non-GAAP Financial Measures

In the Company's earnings releases, conference calls, slide presentations, and webcasts, the Company may use or discuss non-GAAP financial measures, as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the consolidated financial statements. The Company's earnings press releases containing such non-GAAP reconciliations can be found on the Investors section of the Company's web site at http://www.athenahealth.com .

Conference Call Information

To participate in the Company's live conference call and webcast, please dial 800-447-0521 (or 847-413-3238 for international calls) using conference code No. 34414714, or visit the Investors section of the Company's web site at www.athenahealth.com . A replay will be available for one week following the conference call at 888-843-7419 (and 630-652-3042 for international calls) using conference code No. 34414714. A webcast replay will also be archived on the Company's website.

About athenahealth, Inc.

athenahealth is a leading provider of cloud-based services for electronic health record ( EHR), practice management, and care coordination. athenahealth's mission is to be caregivers' most trusted service, helping them do well doing the right thing. For more information, please visit www.athenahealth.com or call 888-652-8200.

Forward-Looking Statements

This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements reflecting management's expectations for future financial and operational performance and operating expenditures, expected growth, and business outlook; statements regarding the benefits of the Company's service offerings; statements regarding changes in the health care industry, including an increased emphasis on coordinated care and health information exchange, and the Company's positioning in regard to those changes; statements regarding the consummation and timing of the property and financing transactions; and statements found under the Company's "Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures" section of this release. The forward-looking statements in this release do not constitute guarantees of future performance. These statements are neither promises nor guarantees, and are subject to a variety of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: the Company's fluctuating operating results; the Company's variable sales and implementation cycles, which may result in fluctuations in its quarterly results; risks associated with the acquisition and integration of companies and new technologies to achieve expected synergies, including those related to the Company's ability to successfully integrate the services and offerings of Epocrates, Inc. and realize the expected benefits; risks associated with the expected performance of athenaClarity SM; risks associated with its expectations regarding its ability to maintain profitability; the impact of increased sales and marketing expenditures, including whether increased expansion in revenues is attained and whether impact on margins and profitability is longer term than expected; changes in tax rates or exposure to additional tax liabilities; the highly competitive industry in which the Company operates and the relative immaturity of the market for its service offerings; and the evolving and complex governmental and regulatory compliance environment in which the Company and its clients operate. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances, or otherwise. For additional disclosure regarding these and other risks faced by the Company, please see the disclosures contained in its public filings with the Securities and Exchange Commission, available on the Investors section of the Company's website at http://www.athenahealth.com and on the SEC's website at http://www.sec.gov .

athenahealth, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except per share amounts)
     
  March 31, 2013 December 31, 2012
Assets    
Current assets:    
Cash and cash equivalents  $ 47,807  $ 154,988
Short-term investments 38,092
Current portion of restricted cash 1,357 1,357
Accounts receivable - net 92,572 61,916
Deferred tax assets - net 8,023 6,907
Prepaid expenses and other current assets 16,469 10,924
Total current assets 166,228 274,184
     
Property and equipment - net 61,670 54,035
Capitalized software costs - net 18,829 16,050
Purchased intangibles - net 159,722 21,561
Goodwill 196,183 48,090
Deferred tax assets - net 11,759
Investments and other assets 3,466 2,773
Total assets  $ 606,098  $ 428,452
     
Liabilities and Stockholders' Equity    
Current liabilities:    
Line of credit  $ 105,000 $ — 
Accounts payable 5,256 1,733
Accrued compensation 22,775 36,393
Accrued expenses 29,368 19,683
Current portion of deferred revenue 36,358 8,209
Current portion of deferred rent 1,249 799
Total current liabilities 200,006 66,817
Deferred rent, net of current portion 2,095 2,854
Deferred revenue, net of current portion 48,861 45,515
Long-term deferred tax liability - net 16,424
Other long-term liabilities 2,877 1,618
Total liabilities 270,263 116,804
     
Stockholders' equity:    
Preferred stock, $0.01 par value: 5,000 shares authorized; no shares issued and outstanding at March 31, 2013, and December 31, 2012, respectively
Common stock, $0.01 par value: 125,000 shares authorized; 37,935 shares issued and 36,657 shares outstanding at March 31, 2013; 37,572 shares issued and 36,294 shares outstanding at December 31, 2012 380 376
Additional paid-in capital 326,974 303,547
Treasury stock, at cost, 1,278 shares (1,200) (1,200)
Accumulated other comprehensive loss (25) (81)
Retained earnings 9,706 9,006
Total stockholders' equity 335,835 311,648
Total liabilities and stockholders' equity  $ 606,098  $ 428,452
 
athenahealth, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except per share amounts)
     
  Three Months Ended March 31,
  2013 2012
Revenue:    
Business services  $ 121,463  $ 93,549
Implementation and other 4,133 3,017
Total revenue 125,596 96,566
Expense:    
Direct operating 53,185 38,798
Selling and marketing 32,922 23,728
Research and development 11,944 7,168
General and administrative 31,077 16,199
Depreciation and amortization 8,341 5,486
Total expense 137,469 91,379
Operating (loss) income (11,873) 5,187
Other (expense) income (110) 134
(Loss) income before income tax benefit (provision) (11,983) 5,321
Income tax benefit (provision) 12,683 (2,893)
Net income  $ 700  $ 2,428
Net income per share - Basic  $ 0.02  $ 0.07
Net income per share - Diluted  $ 0.02  $ 0.07
Weighted average shares used in computing net income per share:    
Basic 36,409 35,535
Diluted 37,744 36,996
 
athenahealth, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
     
  Three Months Ended March 31,
  2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income  $ 700  $ 2,428
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,138 6,276
Amortization of premium on investments 84 354
Provision for uncollectible accounts 242 287
Excess tax benefit from stock-based awards (2,829)
Deferred income tax (12,745) 40
Change in fair value of contingent considerations 71
Stock-based compensation expense 13,658 5,633
Other reconciling adjustments (6)
Changes in operating assets and liabilities:    
Accounts receivable (7,754) (4,307)
Prepaid expenses and other current assets (2,260) (847)
Other long-term assets 73 94
Accounts payable 1,985 3,054
Accrued expenses 4,199 77
Accrued compensation (15,640) (11,347)
Deferred revenue 2,095 858
Deferred rent (309) (221)
Net cash used in operating activities (5,540) (379)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capitalized software development costs (4,799) (2,839)
Purchases of property and equipment (11,003) (10,383)
Proceeds from sales and maturities of investments 56,245 25,224
Purchases of short-term and long-term investments (25,904)
Payments on acquisition, net of cash acquired (242,836)
Decrease in restricted cash 104
Net cash used in investing activities (202,393) (13,798)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock under stock plans and warrants 8,945 7,958
Taxes paid related to net share settlement of restricted stock awards (7,199) (1,825)
Excess tax benefit from stock-based awards 2,829
Payment of contingent consideration accrued at acquisition date (104)
Debt issuance costs (275)
Net settlement of acquired company's board of directors equity shares (5,806)
Net proceeds from line of credit 105,000
Net cash provided by financing activities 100,665 8,858
Effects of exchange rate changes on cash and cash equivalents 87 29
Net decrease in cash and cash equivalents (107,181) (5,290)
Cash and cash equivalents at beginning of period 154,988 57,781
Cash and cash equivalents at end of period  $ 47,807  $ 52,491
 
athenahealth, Inc.
STOCK-BASED COMPENSATION
(Unaudited, in thousands)
     
Set forth below is a breakout of stock-based compensation impacting the Condensed Consolidated Statements of Income for the three months ended March 31, 2013 and 2012:
     
  Three Months Ended March 31,
  2013 2012
Stock-based compensation charged to Consolidated Statements of Income:    
Direct operating  $ 1,717  $ 908
Selling and marketing 2,876 1,672
Research and development 1,323 765
General and administrative 7,742 2,288
Total stock-based compensation expense 13,658 5,633
Amortization of capitalized stock-based compensation related to software development (1) 156
Total  $ 13,814  $ 5,633
     
     
(1) In addition, for the three months ended March 31, 2013, $0.4 million of stock-based compensation was capitalized in the line item Capitalized Software Costs in the Consolidated Balance Sheet for which $0.2 million of amortization was included in the line item Depreciation and Amortization Expense in the Consolidated Statements of Income. The amount of stock-based compensation related to capitalized software development costs in prior periods was not significant.
     
athenahealth, Inc.
CASH, CASH EQUIVALENTS, AND AVAILABLE-FOR-SALE INVESTMENTS
(Unaudited, in thousands)
     
Set forth below is a breakout of total cash, cash equivalents, and available-for-sale investments as of March 31, 2013, and December 31, 2012:
     
  March 31, 2013 December 31, 2012
     
Cash, cash equivalents  $ 47,807  $ 154,988
Short-term investments 38,092
Total  $ 47,807  $ 193,080
 
athenahealth, Inc.
REVENUE AND NON-GAAP ADJUSTED OPERATING INCOME BY BUSINESS
(Unaudited, in thousands)
     
Set for below is a breakout of revenue and "Non-GAAP Adjusted Operating Income" by business for the three months ended March 31, 2013 and 2012:
     
  Three months ended March 31,
  2013 2012
Revenue:    
Business services:    
athenahealth  $ 115,946  $ 93,549
Epocrates 5,517
Implementation and other:    
athenahealth 4,133 3,017
Total revenue  $ 125,596  $ 96,566
     
  Three months ended March 31,
  2013 2012
Non-GAAP Adjusted Operating Income:    
athenahealth  $ 9,064  $ 11,573
Epocrates 326
Total Non-GAAP Adjusted Operating Income 9,390 11,573
Stock-based compensation expense 13,814 5,633
Integration and transaction costs 5,709
Amortization of purchased intangibles 1,740 753
Total operating income (loss) (11,873) 5,187
Other (expense) income (110) 134
(Loss) income before income tax benefit (provision) (11,983) 5,321
Income tax benefit (provision) 12,683 (2,893)
Net income  $ 700  $ 2,428
 
athenahealth, Inc.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP MEASURES
(Unaudited, in thousands, except per share amounts)
     
The following is a reconciliation of the non-GAAP financial measures used by the Company to describe the Company's financial results determined in accordance with accounting principles generally accepted in the United States of America (GAAP). An explanation of these measures is also included below under the heading "Explanation of Non-GAAP Financial Measures."
     
While management believes that these non-GAAP financial measures provide useful supplemental information to investors regarding the underlying performance of the Company's business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP.
     
Please note that these figures may not sum exactly due to rounding.  
     
Non-GAAP Adjusted Gross Margin    
     
Set forth below is a presentation of the Company's "Non-GAAP Adjusted Gross Profit" and "Non-GAAP Adjusted Gross Margin," which represents Non-GAAP Adjusted Gross Profit as a percentage of total revenue.
     
(unaudited, in thousands) Three Months Ended March 31,
  2013 2012
     
Total revenue  $ 125,596  $ 96,566
Direct operating expense 53,185 38,798
Total revenue less direct operating expense 72,411 57,768
Add: Stock-based compensation allocated to direct operating expense 1,717 908
Add: Amortization of purchased intangibles 1,740 753
     
Non-GAAP Adjusted Gross Profit  $ 75,868  $ 59,429
     
Non-GAAP Adjusted Gross Margin 60.4% 61.5%
     
Non-GAAP Adjusted EBITDA    
     
Set forth below is a reconciliation of the Company's "Non-GAAP Adjusted EBITDA" and "Non-GAAP Adjusted EBITDA Margin," which represents Non-GAAP Adjusted EBITDA as a percentage of total revenue.
     
(unaudited, in thousands) Three Months Ended March 31,
  2013 2012
     
Total Revenue  $ 125,596  $ 96,566
     
GAAP net income 700 2,428
Add: (Benefit) provision for income taxes (12,683) 2,893
Less: Total other expense (income) 110 (134)
Add: Stock-based compensation expense 13,658 5,633
Add: Depreciation and amortization 8,341 5,486
Add: Amortization of purchased intangibles 1,740 753
Add: Integration and transaction costs (tax deductible) 3,794
Add: Integration and transaction costs (non-tax deductible) 1,915
     
Non-GAAP Adjusted EBITDA  $ 17,575  $ 17,059
     
Non-GAAP Adjusted EBITDA Margin 14.0% 17.7%
     
Non-GAAP Adjusted Operating Income    
     
Set forth below is a reconciliation of the Company's "Non-GAAP Adjusted Operating Income" and "Non-GAAP Adjusted Operating Income Margin," which represents Non-GAAP Adjusted Operating Income as a percentage of total revenue.
   
(unaudited, in thousands) Three Months Ended March 31,
  2013 2012
     
Total revenue  $ 125,596  $ 96,566
     
GAAP net income 700 2,428
Add: (Benefit) provision for income taxes (12,683) 2,893
Less: Total other expense (income) 110 (134)
Add: Stock-based compensation expense 13,658 5,633
Add: Amortization of capitalized stock-based compensation related to software development 156
Add: Amortization of purchased intangibles 1,740 753
Add: Integration and transaction costs 3,794
Add: Non-tax deductible transaction costs 1,915
     
Non-GAAP Adjusted Operating Income  $ 9,390  $ 11,573
     
Non-GAAP Adjusted Operating Income Margin 7.5% 12.0%
     
Non-GAAP Adjusted Net Income    
     
Set forth below is a reconciliation of the Company's "Non-GAAP Adjusted Net Income" and "Non-GAAP Adjusted Net Income per Diluted Share."
     
(unaudited, in thousands) Three Months Ended March 31,
  2013 2012
     
GAAP net income  $ 700  $ 2,428
Add: Stock-based compensation expense 13,658 5,633
Add: Amortization of capitalized stock-based compensation related to software development 156
Add: Amortization of purchased intangibles 1,740 753
Add: Integration and transaction costs 3,794
     
Sub-total of tax deductible items 19,348 6,386
     
(Less): Tax impact of tax deductible items (1) (7,739) (2,554)
Add: Non-tax deductible transaction costs 1,915
     
Non-GAAP Adjusted Net Income 14,224 6,260
     
Weighted average shares - diluted 37,744 36,996
     
Non-GAAP Adjusted Net Income per Diluted Share  $ 0.38  $ 0.17
(1) Tax impact calculated using a statutory tax rate of 40%.    
     
(unaudited, in thousands) Three Months Ended March 31,
  2013 2012
     
GAAP net income per share - diluted  $ 0.02  $ 0.07
Add: Stock-based compensation expense 0.36 0.15
Add: Amortization of capitalized stock-based compensation related to software development
Add: Amortization of purchased intangibles 0.05 0.02
Add: Integration and transaction costs 0.10
     
Sub-total of tax deductible items 0.51 0.17
     
(Less): Tax impact of tax deductible items (1) (0.21) (0.07)
Add: Non-tax deductible transaction costs 0.05
     
Non-GAAP Adjusted Net Income per Diluted Share  $ 0.38  $ 0.17
     
Weighted average shares - diluted 37,744 36,996
(1) Tax impact calculated using a statutory tax rate of 40%.    
 
athenahealth, Inc.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO COMPARABLE GAAP MEASURES FOR FISCAL YEAR 2013 GUIDANCE
(Unaudited, in millions, except per share amounts)
     
Please note that the figures presented below may not sum exactly due to rounding.    
     
Non-GAAP Adjusted Gross Margin Guidance    
     
Set forth below is a presentation of the Company's "Non-GAAP Adjusted Gross Profit" and "Non-GAAP Adjusted Gross Margin" guidance for fiscal year 2013, which represents Non-GAAP Adjusted Gross Profit as a percentage of total revenue.
     
  LOW HIGH
  Fiscal Year Ending December 31, 2013
Total revenue $ 580.0 $ 615.0
Direct operating expense 233.4 240.2
Total revenue less direct operating expense $ 346.7 $ 374.9
     
Add: Stock-based compensation expense allocated to direct operating expense 5.3 5.3
Add: Amortization of purchased intangibles (1) 13.4 13.4
     
Non-GAAP Adjusted Gross Profit $ 365.4 $ 393.6
     
Non-GAAP Adjusted Gross Margin 63.0% 64.0%
(1) Based on preliminary estimates related to purchase accounting for the Epocrates transaction.    
     
Non-GAAP Adjusted Operating Income Guidance    
     
Set forth below is a reconciliation of the Company's "Non-GAAP Adjusted Operating Income" and "Non-GAAP Adjusted Operating Income Margin" guidance for fiscal year 2013, which represents Non-GAAP Adjusted Operating Income as a percentage of total revenue.
     
  LOW HIGH
  Fiscal Year Ending December 31, 2013
Total revenue $ 580.0 $ 615.0
     
GAAP net (loss) income (0.4) 3.2
Add: (Benefit) provision for income taxes (2.2) 7.6
Add (less): Total other (income) expense 5.0 3.5
Add: Stock-based compensation expense 42.5 42.5
Add: Amortization of capitalized stock-based compensation related to software development 0.5 0.5
Add: Amortization of purchased intangibles (1) 13.4 13.4
Add: Integration and transaction costs 7.0 7.0
Add: Non-tax deductible transaction costs 2.2 2.2
     
Non-GAAP Adjusted Operating Income $ 68.0 $ 80.0
     
Non-GAAP Adjusted Operating Income Margin 11.7% 13%
(1) Based on preliminary estimates related to purchase accounting for the Epocrates transaction.    
     
Non-GAAP Adjusted Net Income Guidance    
     
Set forth below is a reconciliation of the Company's "Non-GAAP Adjusted Net Income" and "Non-GAAP Adjusted Net Income per Diluted Share" guidance for fiscal year 2013.
     
  LOW HIGH
  Fiscal Year Ending December 31, 2013
GAAP net (loss) income  $ (0.4)  $ 3.2
Add: Stock-based compensation expense 42.5 42.5
Add: Amortization of capitalized stock-based compensation related to software development 0.5 0.5
Add: Amortization of purchased intangibles (1) 13.4 13.4
Add: Integration and transaction costs 7.0 7.0
     
Sub-total of tax deductible items  $ 63.4  $ 63.4
     
(Less): Tax impact of tax deductible items (2) (25.3) (25.3)
Add: Non-tax deductible transaction costs 2.2 2.2
     
Non-GAAP Adjusted Net Income  $ 39.8  $ 43.4
     
Weighted average shares - diluted 37.9 37.9
     
Non-GAAP Adjusted Net Income per Diluted Share  $ 1.05  $ 1.15
(1) Based on preliminary estimates related to purchase accounting for the Epocrates transaction.  
(2) Tax impact calculated using a statutory tax rate of 40%.    
     
  LOW HIGH
  Fiscal Year Ending December 31, 2013
GAAP net (loss) income per share - diluted  $ (0.01)  $ 0.08
Add: Stock-based compensation expense 1.12 1.12
Add: Amortization of capitalized stock-based compensation related to software development 0.01 0.01
Add: Amortization of purchased intangibles (1) 0.35 0.35
Add: Integration and transaction costs 0.18 0.18
     
Sub-total of tax deductible items  $ 1.67  $ 1.67
     
(Less): Tax impact of tax deductible items (2) (0.67) (0.67)
Add: Non-tax deductible transaction costs 0.06 0.06
     
Non-GAAP Adjusted Net Income per Diluted Share  $ 1.05  $ 1.15
     
Weighted average shares - diluted 37.9 37.9
(1) Based on preliminary estimates related to purchase accounting for the Epocrates transaction.  
(2) Tax impact calculated using a statutory tax rate of 40%.    

Explanation of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, management believes that, in order to properly understand the Company's short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. Management also uses results of operations before such items to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in the Company's ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of the Company's ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management's ability to make useful forecasts. Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing the Company's financial and operational performance and comparing this performance to its peers and competitors.

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