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 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 2020-05-19
8-K 2020-05-04 Earnings, Exhibits
8-K 2020-01-27
8-K 2020-01-23 Earnings, Exhibits
8-K 2019-12-06 Regulation FD, Other Events, Exhibits
8-K 2019-11-12 Enter Agreement, Regulation FD, Exhibits
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-08-15 Shareholder Vote, Exhibits
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-05-22 Earnings, Other Events, Exhibits
8-K 2019-01-21 Earnings, Officers, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-29 Officers
8-K 2018-09-12 Officers, Other Events
8-K 2018-09-06 Enter Agreement, Amend Bylaw, Regulation FD, Exhibits
8-K 2018-08-14 Officers, Shareholder Vote, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-23 Earnings, Other Events, Exhibits
8-K 2018-03-29 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-01-25 Earnings, Exhibits

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_7.htm
EX-31.2 nxgn-ex312_6.htm
EX-32.1 nxgn-ex321_8.htm

Nextgen Healthcare Earnings 2019-12-31

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

nxgn-10q_20191231.htm
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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, 2019

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 21, 2020 was 65,701,261 shares.

 

 

 


 

NEXTGEN HEALTHCARE, INC.

TABLE OF CONTENTS

FORM 10-Q

FOR THE THREE MONTHS ENDED DECEMBER 31, 2019

 

 

 

Item

 

Page

 

 

PART I.  FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements.

 

3

 

 

Unaudited Condensed Consolidated Balance Sheets as of December 31, 2019 and March 31, 2019

 

3

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended December 31, 2019 and 2018

 

4

 

 

Unaudited Statements of Condensed Consolidated Stockholders’ Equity for the nine months ended December 31, 2019 and 2018

 

5

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2019 and 2018

 

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

Item 2.

 

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

 

25

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk.

 

35

Item 4.

 

Controls and Procedures.

 

35

 

 

PART II.  OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings.

 

36

Item 1A.

 

Risk Factors.

 

37

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

 

37

Item 3.

 

Defaults Upon Senior Securities.

 

37

Item 4.

 

Mine Safety Disclosure.

 

37

Item 5.

 

Other Information.

 

37

Item 6.

 

Exhibits.

 

38

 

 

Signatures

 

39

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, 2019

 

 

March 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

26,790

 

 

$

33,079

 

Restricted cash and cash equivalents

 

 

5,696

 

 

 

1,443

 

Accounts receivable, net

 

 

79,731

 

 

 

87,459

 

Contract assets

 

 

12,488

 

 

 

13,242

 

Inventory

 

 

75

 

 

 

120

 

Income taxes receivable

 

 

5,485

 

 

 

3,682

 

Prepaid expenses and other current assets

 

 

23,101

 

 

 

20,826

 

Total current assets

 

 

153,366

 

 

 

159,851

 

Equipment and improvements, net

 

 

22,004

 

 

 

21,404

 

Capitalized software costs, net

 

 

39,678

 

 

 

37,855

 

Operating lease assets

 

 

34,424

 

 

 

 

Deferred income taxes, net

 

 

5,088

 

 

 

6,194

 

Contract assets, net of current

 

 

3,427

 

 

 

3,747

 

Intangibles, net

 

 

64,394

 

 

 

52,595

 

Goodwill

 

 

266,741

 

 

 

218,771

 

Other assets

 

 

33,773

 

 

 

32,478

 

Total assets

 

$

622,895

 

 

$

532,895

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

9,411

 

 

$

5,432

 

Contract liabilities

 

 

52,905

 

 

 

56,009

 

Accrued compensation and related benefits

 

 

25,309

 

 

 

25,663

 

Income taxes payable

 

 

 

 

 

64

 

Operating lease liabilities

 

 

10,323

 

 

 

 

Other current liabilities

 

 

38,931

 

 

 

41,064

 

Total current liabilities

 

 

136,879

 

 

 

128,232

 

Deferred compensation

 

 

6,198

 

 

 

5,905

 

Line of credit

 

 

37,000

 

 

 

11,000

 

Operating lease liabilities, net of current

 

 

39,297

 

 

 

 

Other noncurrent liabilities

 

 

3,765

 

 

 

11,812

 

Total liabilities

 

 

223,139

 

 

 

156,949

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

 

$0.01 par value; authorized 100,000 shares; issued and outstanding 65,701 and 64,838 shares at December 31, 2019 and March 31, 2019, respectively

 

 

657

 

 

 

648

 

Additional paid-in capital

 

 

277,161

 

 

 

264,908

 

Accumulated other comprehensive loss

 

 

(1,423

)

 

 

(1,231

)

Retained earnings

 

 

123,361

 

 

 

111,621

 

Total shareholders' equity

 

 

399,756

 

 

 

375,946

 

Total liabilities and shareholders' equity

 

$

622,895

 

 

$

532,895

 

 

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,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

$

124,787

 

 

$

117,446

 

 

$

364,823

 

 

$

353,770

 

Software, hardware, and other non-recurring

 

12,953

 

 

 

13,421

 

 

 

39,034

 

 

 

40,618

 

Total revenues

 

137,740

 

 

 

130,867

 

 

 

403,857

 

 

 

394,388

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

52,197

 

 

 

47,997

 

 

 

153,065

 

 

 

143,322

 

Software, hardware, and other non-recurring

 

6,975

 

 

 

6,576

 

 

 

19,816

 

 

 

20,752

 

Amortization of capitalized software costs and acquired intangible assets

 

8,963

 

 

 

7,098

 

 

 

26,219

 

 

 

20,566

 

Total cost of revenue

 

68,135

 

 

 

61,671

 

 

 

199,100

 

 

 

184,640

 

Gross profit

 

69,605

 

 

 

69,196

 

 

 

204,757

 

 

 

209,748

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

42,841

 

 

 

41,304

 

 

 

122,015

 

 

 

120,169

 

Research and development costs, net

 

20,026

 

 

 

20,682

 

 

 

61,866

 

 

 

61,181

 

Amortization of acquired intangible assets

 

964

 

 

 

1,027

 

 

 

2,694

 

 

 

3,316

 

Impairment of assets

 

1,948

 

 

 

 

 

 

4,353

 

 

 

 

Restructuring costs

 

546

 

 

 

 

 

 

2,428

 

 

 

 

Total operating expenses

 

66,325

 

 

 

63,013

 

 

 

193,356

 

 

 

184,666

 

Income from operations

 

3,280

 

 

 

6,183

 

 

 

11,401

 

 

 

25,082

 

Interest income

 

30

 

 

 

44

 

 

 

145

 

 

 

113

 

Interest expense

 

(435

)

 

 

(720

)

 

 

(1,294

)

 

 

(2,219

)

Other income (expense), net

 

137

 

 

 

(227

)

 

 

214

 

 

 

384

 

Income before provision for (benefit of) income taxes

 

3,012

 

 

 

5,280

 

 

 

10,466

 

 

 

23,360

 

Provision for (benefit of) income taxes

 

(1,403

)

 

 

456

 

 

 

(1,274

)

 

 

2,794

 

Net income

$

4,415

 

 

$

4,824

 

 

$

11,740

 

 

$

20,566

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation, net of tax

 

(103

)

 

 

411

 

 

 

(192

)

 

 

(881

)

Comprehensive income

$

4,312

 

 

$

5,235

 

 

$

11,548

 

 

$

19,685

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.07

 

 

$

0.07

 

 

$

0.18

 

 

$

0.32

 

Diluted

$

0.07

 

 

$

0.07

 

 

$

0.18

 

 

$

0.32

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

65,493

 

 

 

64,637

 

 

 

65,304

 

 

 

64,308

 

Diluted

 

65,664

 

 

 

64,776

 

 

 

65,516

 

 

 

64,499

 

 

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)

 

 

 

 

Three and 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54

 

 

 

54

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

1,244

 

 

 

 

 

 

1,244

 

Balance, June 30, 2019

 

 

65,383

 

 

 

654

 

 

 

268,488

 

 

 

112,865

 

 

 

(1,177

)

 

 

380,830

 

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

 

 

53

 

 

 

 

 

 

44

 

 

 

 

 

 

 

 

 

44

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,316

 

 

 

 

 

 

 

 

 

4,316

 

Components of other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(143

)

 

 

(143

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

6,081

 

 

 

 

 

 

6,081

 

Balance, September 30, 2019

 

 

65,436

 

 

 

654

 

 

 

272,848

 

 

 

118,946

 

 

 

(1,320

)

 

 

391,128

 

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

 

 

265

 

 

 

3

 

 

 

(308

)

 

 

 

 

 

 

 

 

(305

)

Stock-based compensation

 

 

 

 

 

 

 

 

4,621

 

 

 

 

 

 

 

 

 

4,621

 

Components of other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(103

)

 

 

(103

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

4,415

 

 

 

 

 

 

4,415

 

Balance, December 31, 2019

 

 

65,701

 

 

 

657

 

 

 

277,161

 

 

 

123,361

 

 

 

(1,423

)

 

 

399,756

 

 

 

 

Three and Nine Months Ended December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated Other

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

Balance, March 31, 2018

 

 

63,995

 

 

 

640

 

 

 

244,462

 

 

 

78,708

 

 

 

(400

)

 

 

323,410

 

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

 

 

225

 

 

 

2

 

 

 

(204

)

 

 

 

 

 

 

 

 

(202

)

Stock-based compensation

 

 

 

 

 

 

 

 

3,116

 

 

 

 

 

 

 

 

 

3,116

 

Cumulative effect adjustment related to the adoption of ASC 606

 

 

 

 

 

 

 

 

 

 

 

8,419

 

 

 

 

 

 

8,419

 

Components of other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(499

)

 

 

(499

)

Net income

 

 

 

 

 

 

 

 

 

 

 

2,648