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--Adjusted Net Income of $23.4 Million or $0.68 Per Diluted Share
--Excluding Tax Benefit, Adjusted Net Income of $6.6 Million or $0.19 Per Diluted Share
athenahealth, Inc. (Nasdaq: ATHN), a leading provider of Internet-based business services for physician practices, today announced financial and operational results for the fourth quarter and full year of 2008. The Company will conduct a conference call on Friday, February 27, 2009, at 8:30 a.m. Eastern Time to discuss these results and management's outlook for future financial and operational performance.
Total revenue for the three months ended December 31, 2008 was $41.4 million, compared to $28.2 million in the same period last year, an increase of 47%. Full year 2008 revenue was $139.6 million compared to full year 2007 revenue of $100.8 million, an increase of 38%.
"We are pleased with our strong performance during 2008," said Jonathan Bush, the Company's Chairman, President and Chief Executive Officer. "During our first full year as a public company, we implemented a record number of new providers while continuing to execute on operational and strategic initiatives in support of continued growth."
For the three months ended December 31, 2008, non-GAAP Adjusted EBITDA grew to $8.0 million or 19% of revenue, from non-GAAP Adjusted EBITDA of $3.7 million or 13% of revenue in the same period last year. After concluding that its U.S. operations have achieved sustainable profitability, in the fourth quarter of 2008, the Company reversed its valuation allowance against U.S deferred tax assets, which resulted in a non-cash $16.7 million GAAP tax benefit.
As a result, GAAP net income for the fourth quarter of 2008 was $20.6 million or $0.60 per diluted share, compared to GAAP net income of $2.1 million in the same period last year. Non-GAAP Adjusted Net Income for the fourth quarter of 2008 was $23.4 million or $0.68 per diluted share, compared to Non-GAAP Adjusted Net Income of $2.4 million in the same period last year. Excluding the GAAP tax benefit, GAAP net income for the fourth quarter of 2008 would have been $3.8 million or $0.11 per diluted share, and non-GAAP Adjusted Net Income would have been $6.6 million or $0.19 per diluted share.
"The Company is tracking well toward our long-term targets," said Carl Byers, the Company's Chief Financial Officer. "We made significant progress during 2008 as we enhanced our operational scalability, grew our client base and improved profitability."
For the year ended December 31, 2008, non-GAAP Adjusted EBITDA grew to $23.7 million or 17% of revenue, from non-GAAP Adjusted EBITDA for 2007 of $11.3 million or 11% of revenue. For 2008, GAAP net income was $28.9 million compared to a GAAP net loss of $3.5 million in 2007. Non-GAAP Adjusted Net Income for the year ended December 31, 2008, was $35.1 million, compared to non-GAAP Adjusted Net Income of $3.5 million in 2007. Excluding the GAAP tax benefit, GAAP net income for 2008 would have been $12.1 million or $0.35 per diluted share and non-GAAP Adjusted Net Income would have been $18.4 million or $0.53 per diluted share.
Since the valuation allowance release is a non-cash adjustment, there has been no change to the Company's cash tax rate due to the utilization of net operating loss carryforwards. However, the Company's reported non-GAAP Adjusted Net Income will reflect a full GAAP tax rate in all future periods. A reconciliation of our GAAP and Non-GAAP net income excluding the reversal of the valuation allowance has been provided in the financial statement tables included in this press release.
Key metrics and milestones in the fourth quarter and full year of 2008 included the following:
-- $1.1 billion in collections posted to client accounts in the fourth quarter of 2008, compared to $0.8 billion in the same quarter of 2007
-- $3.7 billion in collections posted to client accounts in all of 2008, compared to $2.7 billion in all of 2007
-- 12,589 active physicians live in the fourth quarter of 2008, compared to 9,423 in the same quarter of 2007
-- 18,785 active medical providers live in the fourth quarter of 2008, compared to 12,118 in the same quarter of 2007
-- 798 active medical providers using athenaClinicals(SM)in the fourth quarter of 2008, 485 of which were physicians
-- Completed the acquisition of Crest Line Technologies, LLC d/b/a MedicalMessaging.net assets on September 5, 2008, and launched ReminderCall(SM) service
As of December 31, 2008, the Company had cash, cash equivalents, and short-term investments of $87.0 million and short- and long-term debt and capital lease obligations of $10.4 million.
A reconciliation of the Company's financial results determined in accordance with United States Generally Accepted Accounting Principles (GAAP) to certain non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Explanation of Non-GAAP Financial Measures."
Conference Call Information
To participate in athenahealth's live conference call and webcast, dial 877-856-1968 (719-325-4790 for international calls) or visit the Investors section of the Company's web site: at http://www.athenahealth.com. A replay of the conference call will be available via the website or by calling 888-203-1112 (719-457-0820 for international calls) and using Passcode Number: 4988866.
About athenahealth
athenahealth is a leading provider of Internet-based business services for physician practices. The Company's service offerings are based on proprietary web-native practice management and electronic health record (EHR) software, a continuously updated payer knowledge-base and integrated back-office service operations. For more information visit http://www.athenahealth.com or call 888-652-8200.
Explanation of Non-GAAP Financial Measures
athenahealth management believes that in order to properly understand the Company's short-term and long-term financial 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/or impact on continuing operations. In addition, management uses results of operations before such items to evaluate the operational performance of the company and as a basis for strategic planning. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures in accordance with GAAP. In addition to the description provided below, reconciliations of GAAP to non-GAAP results are provided in the financial statement tables included in this press release.
In this press release, the Company defines "Adjusted Net Income" as GAAP net income (loss) before other (income) expense, unrealized gain/loss on interest rate derivatives, and stock-based compensation expense. The Company defines "Adjusted Gross Margin" as total revenue less direct operating expense plus stock-based compensation expense allocated to direct operating expense divided by total revenue.
The Company defines "Adjusted EBITDA," as GAAP net income (loss) before (benefit from) provision for income taxes, net interest (income) expense, other (income) expense, unrealized gain/loss on interest rate derivatives, depreciation and amortization, amortization of purchased intangibles, and stock-based compensation expense. The Company defines "Adjusted EBITDA Margin" as Adjusted EBITDA as a percentage of total revenue.
These non-GAAP financial measures, as the Company defines them, may not be similar to non-GAAP measures used by other companies.
Management believes that "Adjusted Net Income", "Adjusted Gross Margin", "Adjusted EBITDA" and "Adjusted EBITDA Margin" provide useful information to investors about the Company's performance because they eliminate the effects of period-to-period changes in costs associated with capital investments, net income from interest on the Company's cash, cash equivalents and short-term investments, stock-based compensation expense, and similar expenses which are not directly attributable to the underlying performance of the Company's business operations. Management uses "Adjusted Net Income", "Adjusted Gross Margin", "Adjusted EBITDA" and "Adjusted EBITDA Margin" in evaluating the overall performance of the Company's business operations and believes these performance measures provide useful information to investors.
With respect to stock-based compensation expense, the Company advises investors that it adopted FASB Statement No. 123R, Share-Based Payments ("FAS 123R"), effective January 1, 2006, which requires that share-based payments, including employee stock options, be measured at their fair value and recorded as compensation expense in the Company's financial statements. Prior to the adoption of FAS 123R, the Company was required to record stock-based compensation expense using the awards' intrinsic values which generally resulted in no compensation expense being recorded in the financial statements. In accordance with the modified prospective method the Company used to adopt FAS 123R, the Company's financial statements for prior periods have not been restated to reflect, and do not include, changes in the method to expense share-based payments, including employee stock options, at their fair values.
Though management finds "Adjusted Net Income", "Adjusted Gross Margin", "Adjusted EBITDA" and "Adjusted EBITDA Margin" useful for evaluating aspects of the Company's business, its reliance on these measures is limited because excluded items can have a material effect on the Company's earnings (or losses) calculated in accordance with GAAP. Therefore, management uses "Adjusted Net Income", "Adjusted Gross Margin", "Adjusted EBITDA" and "Adjusted EBITDA Margin" in conjunction with GAAP net income (loss) in evaluating the overall performance of the Company's business operations. The Company believes that "Adjusted Net Income", "Adjusted Gross Margin", "Adjusted EBITDA" and "Adjusted EBITDA Margin" provide investors with additional tools for evaluating the Company's core performance, which management uses in its own evaluation of overall performance, and a baseline for assessing the future earnings potential of the Company. While GAAP results are more complete, the Company offers investors these supplemental metrics since, with reconciliations to GAAP, they may provide greater insight into the Company's financial results. Management does not intend the presentation of these non-GAAP financial measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP financial measures should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Private Securities Litigation Reform Act of 1995, including statements regarding expectations for future financial performance, expected growth and business outlook, and the benefits of the Company's current service offerings. 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 our 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: our history of operating losses and fluctuating operating results; our variable sales and implementation sales cycles, which may result in fluctuations in our quarterly results; risks associated with our expectations regarding our ability to maintain profitability; the highly competitive industry in which we operate and the relative immaturity of the market for our service offerings; the risk that our service offerings will not operate in the manner that we expect, including interruptions in service or errors or omissions that may occur in our rules engine and databases; and the evolving and complex governmental and regulatory compliance environment in which we and our 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, see the disclosure contained in our public filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the fiscal year ended December 31, 2008, under the heading Part I, Item IA "Risk Factors," available on the investors section of our 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)
December 31, December 31,
2008 2007
(In thousands)
Assets
Current assets:
Cash and cash equivalents $ 28,933 $ 71,891
Short-term investments 58,061 -
Accounts receivable, net 23,236 14,155
Deferred tax assets 8,499 -
Prepaid expenses and other current assets 3,624 2,643
Total current assets 122,353 88,689
Property and equipment, net 20,871 11,298
Restricted cash 1,848 1,713
Software development costs, net 1,879 1,851
Purchased intangibles, net 1,925 -
Goodwill 4,887 -
Deferred tax assets 7,997 -
Other assets 662 85
Total assets $ 162,422 $ 103,636
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt and capital lease obligations $ 2,038 $ 463
Accounts payable 803 1,048
Accrued compensation 10,154 6,451
Accrued expenses 7,442 3,725
Deferred revenue 6,945 4,243
Interest rate swap liability 881 -
Current portion of deferred rent 1,144 1,029
Total current liabilities 29,407 16,959
Deferred rent, net of current portion 8,662 10,223
Debt and capital lease obligations, net of current portion 8,378 935
Total liabilities 46,447 28,117
Preferred stock; $0.01 par value; 5,000 shares authorized and no - -
shares issued
and outstanding at December 31, 2008 and 2007, respectively
Common stock; $0.01 par value; 125,000 shares authorized; 346 336
34,645 shares issued and 33,367 shares outstanding at December 31,
2008 and
33,613 shares issued and 32,335 shares outstanding at December 31,
2007
Additional paid-in capital 156,303 144,994
Treasury stock, at cost, 1,278 shares (1,200 ) (1,200 )
Accumulated other comprehensive income 338 72
Accumulated deficit (39,812 ) (68,683 )
Total stockholders' equity 115,975 75,519
Total liabilities and stockholders' equity $ 162,422 $ 103,636
athenahealth, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
Three Months Ended December 31, Years Ended December 31,
2008 2007 2008 2007
Revenue: (In thousands, except per share amounts)
Business services $ 39,720 $ 26,534 $ 131,879 $ 94,182
Implementation and other 1,676 1,631 7,673 6,591
Total revenue 41,396 28,165 139,552 100,773
Expenses:
Direct operating 17,004 12,235 58,799 46,135
Selling and marketing 6,519 4,569 22,827 17,212
Research and development 3,331 2,025 10,600 7,476
General and administrative 8,636 6,010 29,330 19,922
Depreciation and amortization 1,381 1,216 5,993 5,541
Total expenses 36,871 26,055 127,549 96,286
Operating income 4,525 2,110 12,003 4,487
Other income (expense):
Interest income 425 1,059 1,942 1,415
Interest expense (225 ) (1,283 ) (428 ) (3,682 )
Loss on interest rate (881 ) - (881 ) -
derivative contract
Other income (expense) 95 - 182 (5,689 )
Total other (expense) income (586 ) (224 ) 815 (7,956 )
Income (loss) before income taxes 3,939 1,886 12,818 (3,469 )
Income tax benefit (provision) 16,624 183 16,053 (34 )
Net income (loss) 20,563 2,069 28,871 (3,503 )
Net income (loss) per share - basic $ 0.63 $ 0.06 $ 0.88 $ (0.28 )
Net income (loss) per share - diluted $ 0.60 $ 0.06 $ 0.83 $ (0.28 )
Weighted average shares used in
computing net income (loss)
per share
Basic 32,783 32,315 32,746 12,568
Diluted 34,307 34,891 34,662 12,568
athenahealth, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Years Ended December 31,
2008 2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 28,871 $ (3,503 ) $ (9,224 )
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization 5,993 5,541 6,238
Amortization of purchased intangibles 102 - -
Accretion of debt discount - 413 138
Amortization of discounts on investments (899 ) (74 ) (57 )
Non-cash rent expense 2,628 2,628 2,628
Financial advisor fee paid by investor - 592 -
Provision for uncollectible accounts 405 524 (17 )
Remeasurement of preferred stock warrants - - 12
Cumulative affect of change in accounting principle - - 373
Non-cash warrant expense - 4,995 702
Loss on interest rate derivative contract 881 - -
Deferred income tax benefit (16,684 ) - -
Stock based compensation expense 5,558 1,311 356
(Gain) loss on disposal of property and equipment (47 ) 102 259
Changes in operating assets and liabilities:
Accounts receivable (9,254 ) (4,670 ) (3,065 )
Prepaid expenses and other current assets (912 ) (1,033 ) (128 )
Accounts payable (1,195 ) 52 512
Accrued expenses 6,898 2,587 1,838
Deferred revenue 2,702 628 697
Deferred rent (4,074 ) (3,432 ) (3,281 )
Other long-term assets 86 162 (70 )
Net cash provided by (used in) operating activities 21,059 6,823 (2,089 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Capitalized software development costs (1,393 ) (1,090 ) (1,137 )
Purchases of property and equipment (13,452 ) (2,693 ) (4,068 )
Proceeds from disposal of property and equipment 317 - 15
Investment in unconsolidated company (550 ) - -
Proceeds from sales and maturities of investments 73,250 7,603 1,000
Purchases of investments (129,935 ) (1,949 ) (6,520 )
Proceeds from note receivable - - 5
Payments for acquisitions net of cash acquired (6,680 ) - -
(Increase) decrease in restricted cash (136 ) 1,457 355
Net cash (used in) provided by investing activities (78,579 ) 3,328 (10,350 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options and warrants 5,235 2,452 194
Proceeds of initial public offering, net of issuance costs - 81,287 -
Debt issuance costs (177 ) - -
Tax benefit from stock-based awards 526 - -
Proceeds from long-term debt and capital lease obligations 9,795 5,705 6,753
Proceeds line of credit - 5,914 11,044
Payments on long term debt and capital lease obligations (777 ) (24,776 ) (2,432 )
Payments on line of credit - (13,118 ) (8,239 )
Net cash provided by financing activities 14,602 57,464 7,320
Effects of exchange rate changes on cash and cash equivalents (40 ) 85 1
Net (decrease) increase in cash and cash equivalents (42,958 ) 67,700 (5,118 )
Cash and cash equivalents at beginning of period 71,891 4,191 9,309
Cash and cash equivalents at end of period $ 28,933 $ 71,891 $ 4,191
Supplemental disclosures of non-cash items - Property and equipment
recorded in accounts payable and accrued expenses
$ 998 $ 48 $ 184
Supplemental disclosure - Cash paid for interest $ 324 $ 3,666 $ 1,945
Set forth below is a breakout of stock-based compensation expense
for the three months and
year ended December 31, 2008 and
2007:
(unaudited, in thousands) Three Months Ended December 31, Year Ended December 31,
2008 2007 2008 2007
Stock-based compensation charged to:
Direct operating $ 330 $ 45 $ 872 $ 181
Selling and marketing 394 13 1,383 97
Research and development 501 82 1,086 260
General and administrative 799 234 2,217 773
Total $ 2,024 $ 374 $ 5,558 $ 1,311
Set forth below is a presentation of our "Adjusted Gross Margin":
(unaudited, in thousands) Three months ended Year ended
December 31, December 31,
2008 2007 2008 2007
Total revenue $ 41,396 $ 28,165 $ 139,552 $ 100,773
Direct operating expense 17,004 12,235 58,799 46,135
Total revenue less direct
operating expense
24,392 15,930 80,753 54,638
Stock-based compensation expense
allocated to direct operating expense
330 45 872 181
Adjusted gross profit $ 24,722 $ 15,975 $ 81,625 $ 54,819
Adjusted gross margin 59.7 % 56.7 % 58.5 % 54.4 %
Set forth below is a reconciliation of our "Adjusted EBITDA" and
"Adjusted EBITDA Margin" to our net income (loss), the most
directly comparable financial measure calculated and presented in
accordance with GAAP.
(unaudited, in thousands) Three months ended Year ended
December 31, December 31,
2008 2007 2008 2007
Total Revenue $ 41,396 $ 28,165 $ 139,552 $ 100,773
Net income (loss) 20,563 2,069 28,871 (3,503 )
Loss on interest rate derivative contract 881 - 881 -
(Benefit from) provision for income taxes (16,624 ) (183 ) (16,053 ) 34
Interest (income) expense, net (200 ) 224 (1,514 ) 2,267
Other (income) expense (95 ) - (182 ) 5,689
Amortization of purchased intangibles 80 - 102 -
Depreciation and amortization 1,381 1,216 5,993 5,541
Stock-based compensation expense 2,024 374 5,558 1,311
Adjusted EBITDA $ 8,010 $ 3,700 $ 23,656 $ 11,339
Adjusted EBITDA margin 19.3 % 13.1 % 17.0 % 11.3 %
Set forth below is a reconciliation of our "Adjusted Net Income"
to our net income (loss), the most directly comparable financial
measure calculated and presented in accordance with GAAP.
(unaudited, in thousands except per share amounts)
Three months ended Year ended
December 31, December 31,
2008 2007 2008 2007
Net income (loss) $ 20,563 $ 2,069 $ 28,871 $ (3,503 )
Other (income) expense (95 ) - (182 ) 5,689
Loss on interest rate derivative contract 881 - 881 -
Stock-based compensation expense 2,024 374 5,558 1,311
Adjusted net income $ 23,373 $ 2,443 $ 35,128 $ 3,497
Weighted average shares - diluted 34,307 34,891 34,662 12,568
Adjusted net income per $ 0.68 $ 0.07 $ 1.01 $ 0.28
share - diluted
Set forth below is a reconciliation of our "GAAP net income
excluding reversal of the valuation allowance against U.S.
deferred tax assets" to our net income (loss), the most directly
comparable financial measure calculated and presented in
accordance with GAAP.
(unaudited, in thousands except per share amounts)
Three months ended Year ended
December 31, December 31,
2008 2007 2008 2007
Net income (loss) $ 20,563 $ 2,069 $ 28,871 $ (3,503 )
Valuation allowance release (16,727 ) - (16,727 ) -
GAAP net income (loss) excluding $ 3,836 $ 2,069 $ 12,144 $ (3,503 )
reversal of the valuation allowance
against U.S. deferred tax assets
Weighted average shares - diluted 34,307 34,891 34,662 12,568
Adjusted net income (loss) per $ 0.11 $ 0.06 $ 0.35 $ (0.28 )
share - diluted
Set forth below is a reconciliation of our "Adjusted Net Income
excluding reversal of the valuation allowance against U.S.
deferred tax assets" to our net income (loss), the most directly
comparable financial measure calculated and presented in
accordance with GAAP.
(unaudited, in thousands except per share amounts)
Three months ended Year ended
December 31, December 31,
2008 2007 2008 2007
Net income (loss) $ 20,563 $ 2,069 $ 28,871 $ (3,503 )
Other (income) expense (95 ) - (182 ) 5,689
Loss on interest rate derivative contract 881 - 881 -
Stock-based compensation expense 2,024 374 5,558 1,311
Valuation allowance release (16,727 ) - (16,727 ) -
Adjusted Net Income excluding reversal $ 6,646 $ 2,443 $ 18,401 $ 3,497
of the valuation allowance against
U.S. deferred tax assets
Weighted average shares - diluted 34,307 34,891 34,662 12,568
Adjusted net income per $ 0.19 $ 0.07 $ 0.53 $ 0.28
share - diluted
SOURCE: athenahealth, Inc.
athenahealth, Inc. John Hallock (Media), 617-402-1428 Director, Corporate Communications media@athenahealth.com or Jennifer Heizer (Investors), 617-402-1322 Senior Manager, Investor Relations investorrelations@athenahealth.com
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