Allscripts Reports First Quarter 2011 Results

Friday, May 6, 2011 General News
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Comprehensive Portfolio Drives Revenue Growth Across New and Existing Clients, Realizing Value of Connected Community of Health

Allscripts Healthcare Solutions, Inc.

Condensed Non-GAAP Financial Information

(In millions, except per-share amounts)

(Unaudited)

Three Months

Three Months Ended

Ended

3/31/10

3/31/10

Q1 2010

3/31/11

Allscripts

Eclipsys

Total

Total revenue, as reported

$335.3

$184.4

$128.4

$312.8

    Deferred revenue adjustment

10.8

0.5

0.0

0.5

Total non-GAAP revenue

$346.1

$184.9

$128.4

$313.3

Gross profit, as reported

$159.8

$104.0

$60.7

$164.7

    Deferred revenue adjustment

10.8

0.5

0.0

0.5

    Depreciation reclass

0.0

0.0

(5.0)

(5.0)

Total non-GAAP gross profit

$170.6

$104.5

$55.7

$160.2

Operating income, as reported

$24.5

$32.0

$10.7

$42.7

    Deferred revenue adjustment

10.8

0.5

0.0

0.5

    Acquisition-related amortization

16.7

5.6

3.1

8.7

    Stock-based compensation expense

7.0

3.9

3.7

7.6

    Transaction-related expense (a)

13.1

0.2

0.0

0.2

Total non-GAAP operating income

$72.1

$42.2

$17.5

$59.7

Net income, as reported

$12.6

$18.6

$5.4

$24.0

    Deferred revenue adjustment

6.6

0.3

0.0

0.3

    Acquisition-related amortization

10.2

3.4

1.9

5.3

    Stock-based compensation expense

4.3

2.4

3.4

5.8

    Transaction-related expense (a) (b)

9.2

0.1

0.0

0.1

    Tax rate alignment

(2.3)

0.7

0.0

0.7

Non-GAAP net income

$40.6

$25.5

$10.7

$36.2

Tax Rate

39%

39%

38%

39%

Weighted shares outstanding - diluted

192.6

149.1

57.7

195.0

Earnings per share - diluted, as reported

$0.06

$0.12

$0.09

$0.12

Non-GAAP earnings per share - diluted

$0.21

$0.17

$0.19

$0.19

Note: all adjustments to reconcile GAAP to non-GAAP net income are net of tax

(a) Transaction-related expenses are fees and expenses, including legal, investment banking and accounting fees and other integration-related expenses, incurred in connection with announced transactions.

(b) Includes a $1.2 million one-time debt issuance cost write-off, net of tax (or $1.9 million, pre-tax), associated with the amendment and restatement of the Company’s senior credit facilities as disclosed in Allscripts Current Report on Form 8-K filed on April 6, 2011.



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