Company Quick10K Filing
Nextgen Healthcare
Price16.27 EPS0
Shares66 P/E66
MCap1,067 P/FCF18
Net Debt-50 EBIT21
TEV1,016 TEV/EBIT47
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-01-28
10-Q 2020-09-30 Filed 2020-10-23
10-Q 2020-06-30 Filed 2020-07-31
10-K 2020-03-31 Filed 2020-06-01
10-Q 2019-12-31 Filed 2020-01-24
10-Q 2019-09-30 Filed 2019-10-24
10-Q 2019-06-30 Filed 2019-07-25
10-K 2019-03-31 Filed 2019-05-29
10-Q 2018-12-31 Filed 2019-01-24
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-K 2018-03-31 Filed 2018-05-25
10-Q 2017-12-31 Filed 2018-01-26
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-08-01
10-K 2017-03-31 Filed 2017-05-19
10-Q 2016-12-31 Filed 2017-01-26
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-29
10-K 2016-03-31 Filed 2016-05-25
10-Q 2015-12-31 Filed 2016-01-29
10-Q 2015-09-30 Filed 2015-10-23
10-Q 2015-06-30 Filed 2015-07-23
10-K 2015-03-31 Filed 2015-05-26
10-Q 2014-12-31 Filed 2015-01-22
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-28
10-K 2014-03-31 Filed 2014-05-29
10-Q 2013-12-31 Filed 2014-01-28
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-07-31
10-K 2013-03-31 Filed 2013-05-30
10-Q 2012-12-31 Filed 2013-02-06
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-02
10-K 2012-03-31 Filed 2012-05-25
10-Q 2011-12-31 Filed 2012-02-03
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-K 2011-03-31 Filed 2011-05-27
10-Q 2010-12-31 Filed 2011-02-02
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-03
10-K 2010-03-31 Filed 2010-06-01
10-Q 2009-12-31 Filed 2010-02-02
8-K 2020-10-26
8-K 2020-10-22
8-K 2020-08-18
8-K 2020-07-31
8-K 2020-07-30
8-K 2020-05-29
8-K 2020-05-19
8-K 2020-05-04
8-K 2020-01-27
8-K 2020-01-23
8-K 2019-12-06
8-K 2019-11-12
8-K 2019-10-23
8-K 2019-08-15
8-K 2019-07-24
8-K 2019-05-22
8-K 2019-01-21
8-K 2018-10-30
8-K 2018-10-29
8-K 2018-09-12
8-K 2018-09-06
8-K 2018-08-14
8-K 2018-07-31
8-K 2018-05-23
8-K 2018-03-29
8-K 2018-01-25

NXGN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 nxgn-ex311_8.htm
EX-31.2 nxgn-ex312_6.htm
EX-32.1 nxgn-ex321_7.htm

Nextgen Healthcare Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
0.60.50.40.20.10.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES and EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2020

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 001-12537

NEXTGEN HEALTHCARE, INC.

(Exact name of registrant as specified in its charter)

 

California

(State or other jurisdiction of incorporation or organization)

95-2888568

(IRS Employer Identification No.)

 

 

18111 Von Karman Avenue, Suite 800, Irvine, California

(Address of principal executive offices)

92612

(Zip Code)

 

(949) 255-2600

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 Par Value

NXGN

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Small reporting company

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No

The number of outstanding shares of the Registrant’s common stock as of January 25, 2021 was 67,002,554 shares.

 

 

 


 

 

NEXTGEN HEALTHCARE, INC.

TABLE OF CONTENTS

FORM 10-Q

FOR THE THREE MONTHS ENDED DECEMBER 31, 2020

 

 

 

Item

 

Page

 

 

PART I.  FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements.

 

3

 

 

Unaudited Condensed Consolidated Balance Sheets as of December 31, 2020 and March 31, 2020

 

3

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended December 31, 2020 and 2019

 

4

 

 

Unaudited Statements of Condensed Consolidated Stockholders’ Equity for the nine months ended December 31, 2020 and 2019

 

5

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2020 and 2019

 

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

26

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk.

 

39

Item 4.

 

Controls and Procedures.

 

39

 

 

PART II.  OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings.

 

40

Item 1A.

 

Risk Factors.

 

40

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

 

40

Item 3.

 

Defaults Upon Senior Securities.

 

40

Item 4.

 

Mine Safety Disclosure.

 

40

Item 5.

 

Other Information.

 

40

Item 6.

 

Exhibits.

 

41

 

 

Signatures

 

42

2


 

 

PART I.  FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

NEXTGEN HEALTHCARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

 

 

 

December 31, 2020

 

 

March 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

89,523

 

 

$

138,012

 

Restricted cash and cash equivalents

 

 

4,208

 

 

 

2,307

 

Accounts receivable, net

 

 

76,741

 

 

 

80,006

 

Contract assets

 

 

17,404

 

 

 

12,529

 

Income taxes receivable

 

 

3,397

 

 

 

856

 

Prepaid expenses and other current assets

 

 

26,074

 

 

 

26,305

 

Total current assets

 

 

217,347

 

 

 

260,015

 

Equipment and improvements, net

 

 

15,009

 

 

 

19,836

 

Capitalized software costs, net

 

 

41,090

 

 

 

37,004

 

Operating lease assets

 

 

26,268

 

 

 

31,004

 

Deferred income taxes, net

 

 

10,662

 

 

 

10,620

 

Contract assets, net of current

 

 

2,190

 

 

 

3,007

 

Intangibles, net

 

 

40,121

 

 

 

57,809

 

Goodwill

 

 

267,212

 

 

 

267,165

 

Other assets

 

 

36,000

 

 

 

33,656

 

Total assets

 

$

655,899

 

 

$

720,116

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,817

 

 

$

10,521

 

Contract liabilities

 

 

48,655

 

 

 

56,786

 

Accrued compensation and related benefits

 

 

40,002

 

 

 

23,792

 

Income taxes payable

 

 

65

 

 

 

148

 

Operating lease liabilities

 

 

12,398

 

 

 

10,619

 

Other current liabilities

 

 

51,104

 

 

 

41,352

 

Total current liabilities

 

 

160,041

 

 

 

143,218

 

Deferred compensation

 

 

6,624

 

 

 

5,300

 

Line of credit

 

 

29,000

 

 

 

129,000

 

Operating lease liabilities, net of current

 

 

29,291

 

 

 

38,823

 

Other noncurrent liabilities

 

 

5,231

 

 

 

3,281

 

Total liabilities

 

 

230,187

 

 

 

319,622

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

 

$0.01 par value; authorized 100,000 shares; issued and outstanding 67,002 and 66,134 shares at December 31, 2020 and March 31, 2020, respectively

 

 

670

 

 

 

661

 

Additional paid-in capital

 

 

297,711

 

 

 

282,857

 

Accumulated other comprehensive loss

 

 

(1,883

)

 

 

(2,143

)

Retained earnings

 

 

129,214

 

 

 

119,119

 

Total shareholders' equity

 

 

425,712

 

 

 

400,494

 

Total liabilities and shareholders' equity

 

$

655,899

 

 

$

720,116

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

NEXTGEN HEALTHCARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended December 31,

 

 

Nine Months Ended December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

$

128,243

 

 

$

124,787

 

 

$

373,456

 

 

$

364,823

 

 

Software, hardware, and other non-recurring

 

13,509

 

 

 

12,953

 

 

 

39,177

 

 

 

39,034

 

 

Total revenues

 

141,752

 

 

 

137,740

 

 

 

412,633

 

 

 

403,857

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

54,204

 

 

 

52,197

 

 

 

157,539

 

 

 

153,065

 

 

Software, hardware, and other non-recurring

 

6,800

 

 

 

6,975

 

 

 

18,924

 

 

 

19,816

 

 

Amortization of capitalized software costs and acquired intangible assets

 

9,320

 

 

 

8,963

 

 

 

29,180

 

 

 

26,219

 

 

Total cost of revenue

 

70,324

 

 

 

68,135

 

 

 

205,643

 

 

 

199,100

 

 

Gross profit

 

71,428

 

 

 

69,605

 

 

 

206,990

 

 

 

204,757

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

48,972

 

 

 

42,841

 

 

 

131,659

 

 

 

122,015

 

 

Research and development costs, net

 

18,197

 

 

 

20,026

 

 

 

54,111

 

 

 

61,866

 

 

Amortization of acquired intangible assets

 

1,112

 

 

 

964

 

 

 

3,336

 

 

 

2,694

 

 

Impairment of assets

 

2,215

 

 

 

1,948

 

 

 

2,215

 

 

 

4,353

 

 

Restructuring costs

 

 

 

 

546

 

 

 

2,562

 

 

 

2,428

 

 

Total operating expenses

 

70,496

 

 

 

66,325

 

 

 

193,883

 

 

 

193,356

 

 

Income from operations

 

932

 

 

 

3,280

 

 

 

13,107

 

 

 

11,401

 

 

Interest income

 

9

 

 

 

30

 

 

 

27

 

 

 

145

 

 

Interest expense

 

(631

)

 

 

(435

)

 

 

(2,873

)

 

 

(1,294

)

 

Other income (expense), net

 

(15

)

 

 

137

 

 

 

(17

)

 

 

214

 

 

Income before provision for (benefit of) income taxes

 

295

 

 

 

3,012

 

 

 

10,244

 

 

 

10,466

 

 

Provision for (benefit of) income taxes

 

(169

)

 

 

(1,403

)

 

 

149

 

 

 

(1,274

)

 

Net income

$

464

 

 

$

4,415

 

 

$

10,095

 

 

$

11,740

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation, net of tax

 

171

 

 

 

(103

)

 

 

260

 

 

 

(192

)

 

Comprehensive income

$

635

 

 

$

4,312

 

 

$

10,355

 

 

$

11,548

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.01

 

 

$

0.07

 

 

$

0.15

 

 

$

0.18

 

 

Diluted

$

0.01

 

 

$

0.07

 

 

$

0.15

 

 

$

0.18

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

66,943

 

 

 

65,493

 

 

 

66,644

 

 

 

65,304

 

 

Diluted

 

67,140

 

 

 

65,664

 

 

 

66,649

 

 

 

65,516

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

NEXTGEN HEALTHCARE, INC.

STATEMENTS OF CONDENSED CONSOLIDATED STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

 

Nine Months Ended December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated Other

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

Balance, March 31, 2020

 

 

66,134

 

 

 

661

 

 

 

282,857

 

 

 

119,119

 

 

 

(2,143

)

 

 

400,494

 

Common stock issued under stock plans, net of shares withheld for taxes

 

 

535

 

 

 

6

 

 

 

(1,414

)

 

 

 

 

 

 

 

 

(1,408

)

Stock-based compensation

 

 

 

 

 

 

 

 

5,393

 

 

 

 

 

 

 

 

 

5,393

 

Components of other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13

)

 

 

(13

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

(824

)

 

 

 

 

 

(824

)

Balance, June 30, 2020

 

 

66,669

 

 

 

667

 

 

 

286,836

 

 

 

118,295

 

 

 

(2,156

)

 

 

403,642

 

Common stock issued under stock plans, net of shares withheld for taxes

 

 

65

 

 

 

 

 

 

(45

)

 

 

 

 

 

 

 

 

 

 

(45

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

5,437

 

 

 

 

 

 

 

 

 

 

 

5,437

 

Components of other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102

 

 

 

102

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,455

 

 

 

 

 

 

 

10,455

 

Balance, September 30, 2020

 

 

66,734

 

 

 

667

 

 

 

292,228

 

 

 

128,750

 

 

 

(2,054

)

 

 

419,591

 

Common stock issued under stock plans, net of shares withheld for taxes

 

 

268

 

 

 

3

 

 

 

(450

)

 

 

 

 

 

 

 

 

 

 

(447

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

5,933

 

 

 

 

 

 

 

 

 

 

 

5,933

 

Components of other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

171

 

 

 

171

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

464

 

 

 

 

 

 

 

464

 

Balance, December 31, 2020

 

 

67,002

 

 

 

670

 

 

 

297,711

 

 

 

129,214

 

 

 

(1,883

)

 

 

425,712

 

 

 

 

Nine Months Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated Other

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

Balance, March 31, 2019

 

 

64,838

 

 

 

648

 

 

 

264,908

 

 

 

111,621

 

 

 

(1,231

)

 

 

375,946

 

Common stock issued under stock plans, net of shares withheld for taxes

 

 

545

 

 

 

6

 

 

 

(1,311

)

 

 

 

 

 

 

 

 

(1,305

)

Stock-based compensation

 

 

 

 

 

 

 

 

4,891

 

 

 

 

 

 

 

 

 

4,891

 

Components of other comprehensive income: