Allscripts Announces Third Quarter 2021 Results
Allscripts Healthcare Solutions (Nasdaq: MDRX) reported significant financial growth for Q3 2021, with GAAP diluted EPS of $0.12 and non-GAAP diluted EPS of $0.27, marking a 145% increase year-over-year. The company generated $57 million in cash flow from continuing operations and $35 million in free cash flow. Total bookings reached $166 million, up from $160 million in Q3 2020, while revenue increased to $369 million compared to $366 million in the previous year. Allscripts has revised its 2021 Adjusted EBITDA outlook to between $275 million and $285 million.
- GAAP diluted EPS increased to $0.12 from $0.00 YoY.
- Non-GAAP diluted EPS rose to $0.27, up 145% YoY.
- Generated $57 million in cash flow from continuing operations.
- Total bookings were $166 million, up from $160 million YoY.
- Adjusted EBITDA outlook raised to $275-$285 million from $265-$275 million.
- None.
-
Third quarter GAAP diluted EPS of
$0.12 $0.27 145% year-over-year -
Generated
$57 million $35 million - Increasing 2021 outlook for Adjusted EBITDA and free cash flow
Bookings(1) were
Third quarter 2021 revenue was
On a GAAP basis in the third quarter of 2021, income from operations was
GAAP net income in the third quarter of 2021 totaled
GAAP diluted earnings per share in the third quarter of 2021 was
Adjusted EBITDA totaled
“Allscripts saw continued success in the third quarter, once again reporting significant year-over-year growth in net income, Adjusted EBITDA, EPS and free cash flow. Our solid execution delivered these results, which enable us to both reinvest in the business and return substantial amounts of capital to shareholders,” said
2021 Financial Outlook(2)
-
Adjusted EBITDA between
$275 million $285 million $265 million $275 million
-
Free cash flow between
$145 million $155 million $115 million $125 million
-
Revenue of
$1.5 billion
Conference Call
A replay of the call will be available approximately two hours after the conclusion of the call, for a period of four weeks, on the Allscripts Investor Relations website or by calling +1 (877) 660-6853 or +1 (201) 612-7415 - Conference ID # 13724096.
Supplemental and non-GAAP financial information is also available at http://investor.allscripts.com.
Footnotes
(1) |
Bookings reflect the value of executed contracts for software, hardware and other client services on a continuing operations basis. |
(2) |
In providing financial guidance, the company does not reconcile Adjusted EBITDA and free cash flow to the corresponding GAAP financial measures. |
NOTE: All percentage changes described within this press release are calculated from full dollar amounts as illustrated in the accompanying financial statements and Allscripts Supplemental Financial Data Workbook, posted on the Investor Relations website. Rounding differences may occur when individually calculating percentages or totals from rounded amounts included within the press release body compared to full dollar amounts in the tables.
About
© 2021
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our 2021 outlook, profitability initiatives, strategic priorities and selling environment expectations. These forward-looking statements are based on the current beliefs and expectations of
| Table 1 | ||||
| Condensed Consolidated Balance Sheets | ||||
| (In millions) | ||||
| (Unaudited) | ||||
2021 |
2020 |
|||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents |
|
|
||
| Restricted cash | 2.1 |
6.4 |
||
| Accounts receivable, net | 340.9 |
347.3 |
||
| Contract assets | 123.3 |
106.7 |
||
| Income tax receivable | 0.0 |
25.4 |
||
| Prepaid expenses and other current assets | 124.5 |
136.3 |
||
| Total current assets |
|
|
||
| Fixed assets, net | 53.7 |
72.2 |
||
| Software development costs, net | 176.7 |
193.2 |
||
| Intangible assets, net | 248.4 |
286.6 |
||
974.4 |
974.7 |
|||
| Deferred taxes, net | 6.1 |
5.8 |
||
| Contract assets - long-term | 51.1 |
43.7 |
||
| Right-of-use assets - operating leases | 70.3 |
96.6 |
||
| Other assets | 98.6 |
91.6 |
||
| Total assets |
|
|
||
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable |
|
|
||
| Accrued expenses | 93.5 |
100.2 |
||
| Accrued compensation and benefits | 92.7 |
118.8 |
||
| Deferred revenue | 337.9 |
334.8 |
||
| Current operating lease liabilities | 19.3 |
22.3 |
||
| Current liabilities attributable to discontinued operations | 1.7 |
322.8 |
||
| Total current liabilities | 566.9 |
934.8 |
||
| Long-term debt | 373.2 |
167.6 |
||
| Deferred revenue | 4.5 |
3.4 |
||
| Deferred taxes, net | 16.5 |
18.2 |
||
| Long-term operating lease liabilities | 67.1 |
93.5 |
||
| Other liabilities | 37.5 |
33.9 |
||
| Total liabilities |
|
|
||
| Total stockholders’ equity |
|
|
||
| Total liabilities and stockholders’ equity |
|
|
||
| Table 2 | ||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||
| (In millions, except per share amounts) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||
| Revenue: | ||||||||||||
| Software delivery, support and maintenance |
|
|
|
|
|
|
|
|
||||
| Client services | 146.5 |
|
145.7 |
|
440.5 |
|
436.2 |
|
||||
| Total revenue | 369.2 |
|
365.6 |
|
1,111.3 |
|
1,116.3 |
|
||||
| Cost of revenue: | ||||||||||||
| Software delivery, support and maintenance | 68.4 |
|
72.5 |
|
208.5 |
|
216.7 |
|
||||
| Client services | 122.1 |
|
127.3 |
|
362.8 |
|
406.7 |
|
||||
| Amortization of software development and acquisition-related assets (a) | 29.9 |
|
30.7 |
|
89.4 |
|
88.2 |
|
||||
| Total cost of revenue | 220.4 |
|
230.5 |
|
660.7 |
|
711.6 |
|
||||
| Gross profit | 148.8 |
|
135.1 |
|
450.6 |
|
404.7 |
|
||||
| Selling, general and administrative expenses | 78.8 |
|
93.3 |
|
239.6 |
|
296.0 |
|
||||
| Research and development | 45.5 |
|
46.4 |
|
145.9 |
|
151.8 |
|
||||
| Asset impairment charges | 6.6 |
|
0.2 |
|
11.8 |
|
0.2 |
|
||||
| Amortization of intangible and acquisition-related assets | 5.9 |
|
6.3 |
|
17.5 |
|
19.3 |
|
||||
| Income (loss) from operations | 12.0 |
|
(11.1 |
) |
35.8 |
|
(62.6 |
) |
||||
| Interest expense, net (b) | (3.4 |
) |
(6.0 |
) |
(8.9 |
) |
(26.2 |
) |
||||
| Other | 12.6 |
|
(0.8 |
) |
29.7 |
|
14.5 |
|
||||
| Income (loss) before income taxes | 21.2 |
|
(17.9 |
) |
56.6 |
|
(74.3 |
) |
||||
| Income tax (provision) benefit | (5.1 |
) |
4.0 |
|
(10.0 |
) |
6.5 |
|
||||
| Income (loss) from continuing operations, net of tax | 16.1 |
|
(13.9 |
) |
46.6 |
|
(67.8 |
) |
||||
| Income (loss) from discontinued operations | 0.0 |
|
19.4 |
|
0.0 |
|
54.5 |
|
||||
| Gain (loss) on sale of discontinued operations | 0.0 |
|
0.0 |
|
0.6 |
|
0.0 |
|
||||
| Income tax (provision) from discontinued operations | 0.0 |
|
(5.0 |
) |
(0.1 |
) |
(14.1 |
) |
||||
| Income (loss) from discontinued operations, net of tax | 0.0 |
|
14.4 |
|
0.5 |
|
40.4 |
|
||||
| Net Income (loss) attributable to |
|
|
|
|
|
|
( |
) |
||||
| Income (loss) from continuing operations per share - basic |
|
|
( |
) |
|
|
( |
) |
||||
| Income (loss) from discontinued operations per share - basic |
|
|
|
|
|
|
|
|
||||
| Income (loss) per share - basic |
|
|
|
|
|
|
( |
) |
||||
| Income (loss) from continuing operations per share - diluted |
|
|
( |
) |
|
|
( |
) |
||||
| Income (loss) from discontinued operations per share - diluted |
|
|
|
|
|
|
|
|
||||
| Income (loss) per share - diluted |
|
|
|
|
|
|
( |
) |
||||
| Weighted average common shares outstanding: | ||||||||||||
| Basic | 123.9 |
|
161.1 |
|
133.5 |
|
162.1 |
|
||||
| Diluted | 131.4 |
|
161.1 |
|
142.1 |
|
162.1 |
|
||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|||||
| (a) Amortization of software development and acquisition-related assets includes: | ||||||||||||
| Amortization of capitalized software development costs | 23.0 |
|
22.5 |
|
68.8 |
|
63.6 |
|
||||
| Amortization of acquisition-related intangible assets | 6.9 |
|
8.2 |
|
20.6 |
|
24.6 |
|
||||
| Total amortization of software development and acquisition-related assets |
|
|
|
|
|
|
|
|
||||
| (b) Interest expense, net is comprised of the following for the periods presented: | ||||||||||||
| Interest expense | (1.7 |
) |
(4.7 |
) |
(4.1 |
) |
(14.2 |
) |
||||
| Interest income | 0.1 |
|
0.6 |
|
0.8 |
|
1.4 |
|
||||
| Non-cash charges to interest expense | (1.8 |
) |
(1.9 |
) |
(5.6 |
) |
(13.4 |
) |
||||
| Interest expense, net |
( |
) |
( |
) |
( |
) |
( |
) |
||||
| Table 3 | ||||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||||
| (In millions) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Cash flows from operating activities: | ||||||||||||
| Net income (loss) |
|
|
|
|
|
|
( |
) |
||||
| Less: Income(loss) from discontinued operations | 0.0 |
|
14.4 |
|
0.5 |
|
40.4 |
|
||||
| Income (loss) from continuing operations |
|
|
( |
) |
|
|
( |
) |
||||
| Non-cash adjustments to net income (loss): | ||||||||||||
| Depreciation and amortization | 44.3 |
|
46.7 |
|
133.0 |
|
146.0 |
|
||||
| Non-cash lease expense, net | (0.5 |
) |
0.3 |
|
(3.0 |
) |
0.5 |
|
||||
| Stock-based compensation expense | 8.8 |
|
8.8 |
|
25.9 |
|
25.9 |
|
||||
| Deferred Taxes | (1.6 |
) |
(0.2 |
) |
(1.7 |
) |
2.9 |
|
||||
| Impairment of assets and long-term investments | 6.6 |
|
1.2 |
|
11.8 |
|
1.8 |
|
||||
| Gain on sale of businesses, net | (8.4 |
) |
0.0 |
|
(8.4 |
) |
0.0 |
|
||||
| Other (income) loss, net | (1.9 |
) |
(2.2 |
) |
(9.5 |
) |
(21.9 |
) |
||||
| Total non-cash adjustments to net income (loss) | 47.3 |
|
54.6 |
|
148.1 |
|
155.2 |
|
||||
| Cash impact of changes in operating assets and liabilities: | ||||||||||||
| Assets | (8.8 |
) |
33.0 |
|
13.1 |
|
64.7 |
|
||||
| Liabilities | 2.3 |
|
(27.0 |
) |
(25.8 |
) |
(52.1 |
) |
||||
| Accrued DOJ settlement | 0.0 |
|
(15.7 |
) |
0.0 |
|
(88.7 |
) |
||||
| Total cash impact of changes on operating assets and liabilities | (6.5 |
) |
(9.7 |
) |
(12.7 |
) |
(76.1 |
) |
||||
| Net cash provided by (used in) operating activities - Continuing operations | 56.9 |
|
31.0 |
|
182.0 |
|
11.3 |
|
||||
| Net cash provided by (used in) operating activities - Discontinued operations | (1.0 |
) |
21.9 |
|
(322.5 |
) |
60.6 |
|
||||
| Net cash provided by (used in) operating activities | 55.9 |
|
52.9 |
|
(140.5 |
) |
71.9 |
|
||||
| Cash flows from investing activities: | ||||||||||||
| Capital expenditures | (1.5 |
) |
(3.0 |
) |
(4.6 |
) |
(7.8 |
) |
||||
| Capitalized software | (20.0 |
) |
(20.4 |
) |
(55.5 |
) |
(71.3 |
) |
||||
Sale of businesses and other investments, net of cash divested, and distributions received |
3.3 |
|
1.7 |
|
7.6 |
|
24.9 |
|
||||
| Purchases of equity securities, other investments and related intangible assets, net | (2.2 |
) |
(0.1 |
) |
(2.4 |
) |
(3.9 |
) |
||||
| Cash provided by (used in) investing activities - Continuing Operations | (20.4 |
) |
(21.8 |
) |
(54.9 |
) |
(58.1 |
) |
||||
| Cash provided by (used in) investing activities - Discontinued Operations | 0.0 |
|
(2.3 |
) |
0.0 |
|
(6.8 |
) |
||||
| Net cash provided by (used in) investing activities | (20.4 |
) |
(24.1 |
) |
(54.9 |
) |
(64.9 |
) |
||||
| Cash flows from financing activities: | ||||||||||||
| Taxes paid related to net share settlement of equity awards | 0.0 |
|
0.0 |
|
(13.9 |
) |
(5.5 |
) |
||||
| Repayment of Convertible Senior Notes | 0.0 |
|
(345.0 |
) |
0.0 |
|
(352.3 |
) |
||||
| Credit facility payments | (50.0 |
) |
(7.5 |
) |
(50.0 |
) |
(175.0 |
) |
||||
| Credit facility borrowings, net of issuance costs | 0.0 |
|
388.6 |
|
250.0 |
|
673.6 |
|
||||
| Repurchase of common stock | 0.0 |
|
(45.6 |
) |
(309.0 |
) |
(55.3 |
) |
||||
| Payment of acquisition and other financing obligations | 0.0 |
|
0.0 |
|
(2.4 |
) |
(5.2 |
) |
||||
| Net cash provided by (used in) financing activities | (50.0 |
) |
(9.5 |
) |
(125.3 |
) |
80.3 |
|
||||
| Effect of exchange rate changes on cash and cash equivalents | (0.6 |
) |
0.4 |
|
(0.5 |
) |
0.1 |
|
||||
| Net increase (decrease) in cash and cash equivalents | (15.1 |
) |
19.7 |
|
(321.2 |
) |
87.4 |
|
||||
| Cash, cash equivalents and restricted cash, beginning of period | 231.4 |
|
205.2 |
|
537.5 |
|
137.5 |
|
||||
| Cash, cash equivalents and restricted cash, end of period |
|
|
|
|
|
|
|
|
||||
| Table 4 | ||||||||||||
| Condensed Non-GAAP Financial Information | ||||||||||||
| (In millions, except per share amounts and percentages) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Gross profit, as reported |
|
|
|
|
|
|
|
|
||||
| Acquisition-related amortization | 6.8 |
|
8.2 |
|
20.6 |
|
24.6 |
|
||||
| Stock-based compensation expense | 1.1 |
|
1.8 |
|
4.2 |
|
4.5 |
|
||||
| Restructuring and other | 0.0 |
|
(0.1 |
) |
0.0 |
|
2.9 |
|
||||
| Total non-GAAP gross profit |
|
|
|
|
|
|
|
|
||||
| Income (loss) from operations, as reported |
|
|
( |
) |
|
|
( |
) |
||||
| Acquisition-related amortization | 12.7 |
|
14.5 |
|
38.1 |
|
43.9 |
|
||||
| Stock-based compensation expense | 10.4 |
|
10.5 |
|
32.5 |
|
28.9 |
|
||||
| Restructuring and other | 0.0 |
|
13.4 |
|
(0.0 |
) |
49.6 |
|
||||
| Total non-GAAP income from operations |
|
|
|
|
|
|
|
|
||||
| Net income (loss) attributable to |
|
|
|
|
|
|
( |
) |
||||
| Loss (income) from discontinued operations | 0.0 |
|
(19.4 |
) |
0.0 |
|
(54.5 |
) |
||||
| (Gain) on sale of business, net from discontinued operations | 0.0 |
|
0.0 |
|
(0.6 |
) |
0.0 |
|
||||
| Income tax provision from discontinued operations | 0.0 |
|
5.0 |
|
0.1 |
|
14.1 |
|
||||
| Income (loss) from continuing operations, net of tax |
|
|
( |
) |
|
|
( |
) |
||||
| Acquisition-related amortization | 12.7 |
|
14.5 |
|
38.1 |
|
43.9 |
|
||||
| Stock-based compensation expense | 10.4 |
|
10.5 |
|
32.5 |
|
28.9 |
|
||||
| Restructuring and other | 0.0 |
|
13.4 |
|
0.0 |
|
49.7 |
|
||||
| Non-cash charges to interest expense and other | 1.2 |
|
2.5 |
|
(1.2 |
) |
14.9 |
|
||||
| Tax rate alignment | (5.9 |
) |
(9.6 |
) |
(20.3 |
) |
(21.9 |
) |
||||
| Non-GAAP net income attributable to |
|
|
|
|
|
|
|
|
||||
| Non-GAAP effective tax rate | 24 |
% |
24 |
% |
24 |
% |
24 |
% |
||||
| Weighted shares outstanding - basic | 123.9 |
|
161.1 |
|
133.5 |
|
162.1 |
|
||||
| Weighted shares outstanding - diluted | 131.4 |
|
163.3 |
|
142.1 |
|
163.7 |
|
||||
| Less effect of convertible note hedges | (2.8 |
) |
0.0 |
|
(2.9 |
) |
0.0 |
|
||||
| Non-GAAP Weighted shares outstanding - diluted | 128.6 |
|
163.3 |
|
139.2 |
|
163.7 |
|
||||
| GAAP Income (loss) from continuing operations per share - diluted |
|
|
( |
) |
|
|
( |
) |
||||
| Non-GAAP Income (loss) per share - diluted |
|
|
|
|
|
|
|
|
||||
| Table 5 | ||||||||||||
| Non-GAAP Financial Information - Adjusted EBITDA | ||||||||||||
| (In millions, except percentages) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Net income (loss) from continuing operations, as reported |
|
|
( |
) |
|
|
( |
) |
||||
| Plus: | ||||||||||||
| Interest expense and other, net (a) | (11.4 |
) |
5.3 |
|
(26.8 |
) |
15.5 |
|
||||
| Depreciation and amortization | 44.3 |
|
46.7 |
|
133.0 |
|
146.0 |
|
||||
| Asset impairment charges | 6.6 |
|
0.0 |
|
11.8 |
|
0.0 |
|
||||
| Equity in net (income) loss of unconsolidated investments | 0.2 |
|
(0.4 |
) |
0.3 |
|
(17.4 |
) |
||||
| Tax provision/(benefit) | 5.1 |
|
(4.0 |
) |
10.0 |
|
(6.5 |
) |
||||
| EBITDA |
|
|
|
|
|
|
|
|
||||
| Plus: | ||||||||||||
| Stock-based compensation expense | 10.4 |
|
10.5 |
|
32.5 |
|
28.9 |
|
||||
| Restructuring and other | 0.0 |
|
13.4 |
|
0.0 |
|
49.7 |
|
||||
| Adjusted EBITDA |
|
|
|
|
|
|
|
|
||||
| Adjusted EBITDA margin (b) | 19.3 |
% |
15.8 |
% |
18.7 |
% |
13.3 |
% |
||||
| (a) Interest expense and other, net has been adjusted from the amounts presented in the statements of operations in order to remove the amortization of the fair value of the cash conversion option embedded in the |
||||||||||||
| (b) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue. | ||||||||||||
| Table 6 | ||||||||||||
| Non-GAAP Financial Information - Free Cash Flow | ||||||||||||
| (In millions) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||
| Net cash provided by (used in) operating activities - continuing operations |
|
|
|
|
|
|
|
|
||||
| Cash flows from investing activities: | ||||||||||||
| Capital expenditures | (1.5 |
) |
(3.0 |
) |
(4.6 |
) |
(7.8 |
) |
||||
| Capitalized software | (20.0 |
) |
(20.4 |
) |
(55.5 |
) |
(71.3 |
) |
||||
| Free cash flow |
|
|
|
|
|
|
( |
) |
||||
Explanation of Non-GAAP Financial Measures
- Non-GAAP gross profit consists of GAAP gross profit, as reported, and excludes acquisition-related amortization; stock-based compensation expense and restructuring and other costs. Non-GAAP gross margin consists of non-GAAP gross profit as a percentage of revenue in the applicable period. Reconciliations to GAAP gross profit are found in Table 4 within this press release.
- Non-GAAP income from operations consists of GAAP income (loss) from operations, as reported, and excludes acquisition-related amortization; stock-based compensation expense; and restructuring and other costs. Reconciliations to GAAP income (loss) from operations are found in Table 4 within this press release.
- Adjusted EBITDA is a non-GAAP measure and consists of GAAP net income/(loss), as reported, and adjusts for: depreciation and amortization; asset impairment charges; stock-based compensation expense; restructuring and other costs; interest expense and other, net; equity in net (income) loss of unconsolidated investments; and tax provision (benefit). Reconciliations to GAAP net income/(loss) are found in Table 5 within this press release.
- Adjusted EBITDA margin is a non-GAAP measure that is calculated by dividing Adjusted EBITDA by revenue. See the reconciliations in Table 5 within this press release with respect to Adjusted EBITDA.
-
Non-GAAP effective income tax rate is based on non-GAAP pre-tax earnings and consists of the statutory federal income tax rate,
Allscripts effective state income tax rate and adjustments for permanent differences.
-
Non-GAAP net income attributable to
Allscripts Healthcare Solutions, Inc. consists of GAAP net income/(loss) from continuing operations, as reported, and adds back acquisition-related amortization; stock-based compensation expense; restructuring and other costs; and non-cash charges to interest expense and other. Non-GAAP net income also includes a GAAP to non-GAAP tax rate alignment adjustment. Reconciliations to GAAP net income/(loss) attributable toAllscripts Healthcare Solutions, Inc. are found in Table 4 within this press release.
-
Non-GAAP diluted weighted shares outstanding consists of diluted weighted shares outstanding, as reported, less the effect of the capped call hedges related to the
0.875% Convertible Notes.
- Non-GAAP diluted earnings per share consist of non-GAAP net income, as defined above, divided by non-GAAP diluted weighted shares outstanding, as defined above, during the applicable period.
- Free cash flow consists of GAAP cash flows from continuing operations in the applicable period, net of capital expenditures and capitalized software costs. Reconciliations to GAAP cash flows from continuing operations are found in Table 6 within this press release.
Acquisition-Related Amortization. Acquisition-related amortization expense is a non-cash expense arising primarily from the acquisition of intangible assets in connection with acquisitions or investments.
Stock-Based Compensation Expense. Stock-based compensation expense is a non-cash expense arising from the grant of stock-based awards.
Restructuring and Other Costs. Restructuring and other costs relate to certain legal proceedings and investigations, consulting, severance, incentive compensation and other charges incurred in connection with activities that are considered not reflective of our core business. Other costs also include non-cash impairment charges based on management’s assessment of the likelihood of near-term recovery of the investments’ value.
Non-Cash Charges to Interest Expense and Other. Non-cash charges to interest expense include the amortization of the fair value of the conversion option embedded in the
Tax Rate Alignment. Tax rate alignment aligns the applicable period’s effective tax rate to the expected annual non-GAAP effective tax rate.
Management also believes that non-GAAP gross profit, income from operations, effective income tax rate, net income, diluted earnings per share, Adjusted EBITDA, Adjusted EBITDA margin and free cash flow provide useful supplemental information to management and investors regarding the underlying performance of
Management also uses this information internally for forecasting and budgeting, as it believes that these measures are indicative of core operating results. In addition, management may use non-GAAP gross profit, operating income, net income, diluted earnings per share, Adjusted EBITDA and/or Adjusted EBITDA margin to measure achievement under
View source version on businesswire.com: https://www.businesswire.com/news/home/20211104006221/en/
Investors:
312-506-1237
Jenny.Gelinas@allscripts.com
Media:
312-386-6765
tom.lynch@allscripts.com
Source:
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