Delaware (State or Other Jurisdiction of Incorporation) |
001-34435 (Commission File Number) |
20-5799664 (IRS Employer Identification No.) |
3055 Lebanon Pike, Suite 1000 Nashville, TN (Address of Principal Executive Offices) |
37214 (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |||
99.1 | Press Release dated March 8, 2011 |
EMDEON INC. |
||||
Date: March 8, 2011 | By: | /s/ Gregory T. Stevens | ||
Name: | Gregory T. Stevens | |||
Title: | Executive Vice President, General Counsel
and Secretary |
Exhibit No. | Description | |||
99.1 | Press Release dated March 8, 2011 |
| Revenue of $275.7 million, increased 15.5% over fourth quarter 2009 | ||
| Adjusted EBITDA of $74.1 million, increased 18.4% over fourth quarter 2009 | ||
| Transaction growth during 2010 was 9.4% despite industry-wide healthcare utilization declines | ||
| Completion of Chamberlin Edmonds acquisition in fourth quarter of 2010 broadens revenue cycle management offering with leading technology-enabled government program eligibility and enrollment services | ||
| Expanded clinical information exchange capabilities to deliver real-time patient information at the point of care |
% | % | |||||||||||||||||||||||
(In millions, except per share amts) | 4Q 10 | 4Q 09 | Change | FY 10 | FY 09 | Change | ||||||||||||||||||
Revenue |
$ | 275.7 | $ | 238.6 | 15.5 | % | $ | 1,002.2 | $ | 918.4 | 9.1 | % | ||||||||||||
Net Income |
$ | 15.0 | $ | 4.7 | 219.1 | % | $ | 33.2 | $ | 14.0 | 137.1 | % | ||||||||||||
Earnings per share (diluted) |
$ | 0.11 | $ | 0.03 | 266.7 | % | $ | 0.21 | $ | 0.12 | 75.0 | % | ||||||||||||
Non-GAAP Adjusted EBITDA |
$ | 74.1 | $ | 62.6 | 18.4 | % | $ | 268.1 | $ | 240.3 | 11.6 | % | ||||||||||||
Non-GAAP Adjusted EPS |
$ | 0.25 | $ | 0.20 | 25.0 | % | $ | 0.92 | $ | 0.87 | 5.7 | % | ||||||||||||
Non-GAAP fully diluted shares |
122.6 | 121.0 | 1.3 | % | 122.3 | 112.6 | 8.6 | % |
1
| 2011 revenue to be between $1.105 to $1.135 billion |
2
| 2011 Adjusted EBITDA to be between $300 to $310 million | ||
| 2011 Adjusted Net Income per fully diluted share to be between $1.00 to $1.06, using a weighted average share count of 124.0 million |
3
4
For the Three Months | For the Year | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenue |
$ | 275,661 | $ | 238,560 | $ | 1,002,152 | $ | 918,448 | ||||||||
Costs and expenses: |
||||||||||||||||
Cost of operations (exclusive of depreciation and
amortization below) |
169,246 | 144,788 | 612,594 | 562,867 | ||||||||||||
Development and engineering |
9,670 | 9,503 | 35,515 | 33,928 | ||||||||||||
Sales, marketing, general and administrative |
30,683 | 28,555 | 111,948 | 113,701 | ||||||||||||
Depreciation and amortization |
37,667 | 28,270 | 124,721 | 105,321 | ||||||||||||
(Gain) loss on abandonment of leased properties |
304 | 933 | (105 | ) | 1,675 | |||||||||||
Operating income |
28,091 | 26,511 | 117,479 | 100,956 | ||||||||||||
Interest income |
(2 | ) | | (14 | ) | (75 | ) | |||||||||
Interest expense |
13,284 | 17,921 | 61,031 | 70,246 | ||||||||||||
Other |
(5,144 | ) | (519 | ) | (9,284 | ) | (519 | ) | ||||||||
Income before income tax provision |
19,953 | 9,109 | 65,746 | 31,304 | ||||||||||||
Income tax provision |
4,931 | 4,416 | 32,579 | 17,301 | ||||||||||||
Net income |
15,022 | 4,693 | 33,167 | 14,003 | ||||||||||||
Net income attributable to noncontrolling interest |
5,331 | 1,552 | 13,621 | 4,422 | ||||||||||||
Net income attributable to Emdeon Inc. |
$ | 9,691 | $ | 3,141 | $ | 19,546 | $ | 9,581 | ||||||||
Net income per share Class A common stock: |
||||||||||||||||
Basic |
$ | 0.11 | $ | 0.03 | $ | 0.22 | $ | 0.12 | ||||||||
Diluted |
$ | 0.11 | $ | 0.03 | $ | 0.21 | $ | 0.12 | ||||||||
Weighted average common shares outstanding: |
||||||||||||||||
Basic |
90,362,054 | 90,322,841 | 90,100,070 | 82,459,169 | ||||||||||||
Diluted |
91,104,919 | 90,443,828 | 90,832,631 | 82,525,002 | ||||||||||||
5
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 99,188 | $ | 211,999 | ||||
Accounts receivable, net of allowance for doubtful accounts of $5,394 and $4,433 at
December 31, 2010 and 2009, respectively |
174,191 | 150,009 | ||||||
Deferred income tax assets |
4,911 | 4,924 | ||||||
Prepaid expenses and other current assets |
25,020 | 16,632 | ||||||
Total current assets |
303,310 | 383,564 | ||||||
Property and equipment, net |
231,307 | 152,091 | ||||||
Goodwill |
908,310 | 703,027 | ||||||
Intangible assets, net |
1,035,886 | 989,280 | ||||||
Other assets, net |
9,750 | 1,451 | ||||||
Total assets |
$ | 2,488,563 | $ | 2,229,413 | ||||
Liabilities and equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 4,732 | $ | 9,910 | ||||
Accrued expenses |
112,245 | 72,493 | ||||||
Deferred revenues |
12,130 | 11,140 | ||||||
Current portion of long-term debt |
12,494 | 9,972 | ||||||
Total current liabilities |
141,601 | 103,515 | ||||||
Long-term debt, excluding current portion |
933,749 | 830,710 | ||||||
Deferred income tax liabilities |
197,355 | 145,914 | ||||||
Tax receivable agreement obligations to related parties |
138,533 | 142,044 | ||||||
Other long-term liabilities |
22,037 | 27,361 | ||||||
Commitments and contingencies |
||||||||
Equity: |
||||||||
Preferred stock (par value, $0.00001), 25,000,000 shares authorized and 0 shares issued
and outstanding |
| | ||||||
Class A common stock (par value, $0.00001), 400,000,000 shares authorized and 91,064,486 and
90,423,941 shares outstanding at December 31, 2010 and 2009, respectively |
1 | 1 | ||||||
Class B common stock, exchangeable (par value, $0.00001), 52,000,000 shares authorized and
24,689,142 and 24,752,955 shares outstanding at December 31, 2010 and 2009, respectively |
| | ||||||
Additional paid-in capital |
738,888 | 730,941 | ||||||
Contingent consideration |
1,955 | | ||||||
Accumulated other comprehensive loss |
(2,569 | ) | (11,198 | ) | ||||
Retained earnings |
53,250 | 33,704 | ||||||
Emdeon Inc. equity |
791,525 | 753,448 | ||||||
Noncontrolling interest |
263,763 | 226,421 | ||||||
Total equity |
1,055,288 | 979,869 | ||||||
Total liabilities and equity |
$ | 2,488,563 | $ | 2,229,413 | ||||
6
Year Ended December 31, | ||||||||
2010 | 2009 | |||||||
Operating activities |
||||||||
Net income |
$ | 33,167 | $ | 14,003 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
124,721 | 105,321 | ||||||
Equity-based compensation expense |
17,721 | 25,415 | ||||||
Deferred income tax expense (benefit) |
12,236 | (1,248 | ) | |||||
Amortization of debt discount and issuance costs |
12,911 | 11,947 | ||||||
Amortization of discontinued cash flow hedge from other comprehensive loss |
5,800 | 7,970 | ||||||
Change in fair value of interest rate swap (not subject to hedge accounting) |
(3,908 | ) | | |||||
(Gain) loss on abandonment of leased properties |
(105 | ) | 1,675 | |||||
Change in contingent consideration |
(9,284 | ) | | |||||
Other |
524 | (502 | ) | |||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(2,429 | ) | (2,571 | ) | ||||
Prepaid expenses and other |
(12,552 | ) | 4,945 | |||||
Accounts payable |
(7,499 | ) | 4,731 | |||||
Accrued expenses, deferred revenue and other liabilities |
451 | (9,234 | ) | |||||
Tax receivable agreement obligations to related parties |
95 | 299 | ||||||
Net cash provided by operating activities |
171,849 | 162,751 | ||||||
Investing activities |
||||||||
Purchases of property and equipment |
(79,988 | ) | (48,292 | ) | ||||
Payments for acquisitions, net of cash acquired |
(251,464 | ) | (76,250 | ) | ||||
Other |
(3,000 | ) | 1,300 | |||||
Net cash used in investing activities |
(334,452 | ) | (123,242 | ) | ||||
Financing activities |
||||||||
Proceeds from issuance of stock |
306 | 147,964 | ||||||
Repurchase of Class A common stock |
| (1,586 | ) | |||||
Repurchase of Units of EBS Master LLC |
| (5,373 | ) | |||||
Proceeds from incremental term loan |
97,982 | | ||||||
Debt principal and sublicense obligation payments |
(11,423 | ) | (29,203 | ) | ||||
Repayment of assumed debt obligations |
(35,254 | ) | (200 | ) | ||||
Payments on revolver |
| (10,000 | ) | |||||
Capital contributions from stockholders |
| 203 | ||||||
Other |
(1,819 | ) | (793 | ) | ||||
Net cash provided by financing activities |
49,792 | 101,012 | ||||||
Net (decrease) increase in cash and cash equivalents |
(112,811 | ) | 140,521 | |||||
Cash and cash equivalents at beginning of period |
211,999 | 71,478 | ||||||
Cash and cash equivalents at end of period |
$ | 99,188 | $ | 211,999 | ||||
7
For the Three Months Ended December 31, 2010 |
For the Three Months Ended December 31, 2009 |
|||||||||||||||||||||||||||||||||||||||
Corporate & | Corporate & | |||||||||||||||||||||||||||||||||||||||
Payer | Provider | Pharmacy | Eliminations | Consolidated | Payer | Provider | Pharmacy | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Revenue from external customers |
||||||||||||||||||||||||||||||||||||||||
Claims management |
$ | 49,149 | $ | | $ | | $ | | $ | 49,149 | $ | 47,165 | $ | | $ | | $ | | $ | 47,165 | ||||||||||||||||||||
Payment services |
62,483 | | | | 62,483 | 55,552 | | | | 55,552 | ||||||||||||||||||||||||||||||
Patient statements |
| 64,307 | | | 64,307 | | 67,086 | | | 67,086 | ||||||||||||||||||||||||||||||
Revenue cycle management |
| 70,164 | | | 70,164 | | 40,287 | | | 40,287 | ||||||||||||||||||||||||||||||
Dental |
| 7,595 | | | 7,595 | | 7,823 | | | 7,823 | ||||||||||||||||||||||||||||||
Pharmacy services |
| | 21,963 | | 21,963 | | | 20,647 | | 20,647 | ||||||||||||||||||||||||||||||
Inter-segment revenue |
1,189 | 161 | | (1,350 | ) | | 468 | 110 | | (578 | ) | | ||||||||||||||||||||||||||||
Net revenue |
112,821 | 142,227 | 21,963 | (1,350 | ) | 275,661 | 103,185 | 115,306 | 20,647 | (578 | ) | 238,560 | ||||||||||||||||||||||||||||
Costs and expenses: |
||||||||||||||||||||||||||||||||||||||||
Cost of operations |
74,819 | 87,467 | 8,278 | (1,318 | ) | 169,246 | 65,379 | 73,236 | 6,721 | (548 | ) | 144,788 | ||||||||||||||||||||||||||||
Development and engineering |
3,189 | 4,470 | 2,011 | | 9,670 | 3,505 | 4,011 | 1,987 | | 9,503 | ||||||||||||||||||||||||||||||
Sales, marketing, general and
administrative |
6,681 | 9,662 | 1,450 | 12,890 | 30,683 | 5,342 | 7,643 | 2,608 | 12,962 | 28,555 | ||||||||||||||||||||||||||||||
Loss on abandonment |
| 304 | | | 304 | | 45 | | 888 | 933 | ||||||||||||||||||||||||||||||
Segment contribution (1) |
$ | 28,132 | $ | 40,324 | $ | 10,224 | $ | (12,922 | ) | 65,758 | $ | 28,959 | $ | 30,371 | $ | 9,331 | $ | (13,880 | ) | 54,781 | ||||||||||||||||||||
Depreciation and amortization |
37,667 | 28,270 | ||||||||||||||||||||||||||||||||||||||
Interest income |
(2 | ) | | |||||||||||||||||||||||||||||||||||||
Interest expense |
13,284 | 17,921 | ||||||||||||||||||||||||||||||||||||||
Other income, net |
(5,144 | ) | (519 | ) | ||||||||||||||||||||||||||||||||||||
Income before income tax
provision |
$ | 19,953 | $ | 9,109 | ||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2010 |
For the Year Ended December 31, 2009 |
|||||||||||||||||||||||||||||||||||||||
Corporate & | Corporate & | |||||||||||||||||||||||||||||||||||||||
Payer | Provider | Pharmacy | Eliminations | Consolidated | Payer | Provider | Pharmacy | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Revenue from external customers |
||||||||||||||||||||||||||||||||||||||||
Claims management |
$ | 194,239 | $ | | $ | | $ | | $ | 194,239 | $ | 184,605 | $ | | $ | | $ | | $ | 184,605 | ||||||||||||||||||||
Payment services |
234,176 | | | | 234,176 | 211,985 | | | | 211,985 | ||||||||||||||||||||||||||||||
Patient statements |
| 262,521 | | | 262,521 | | 274,390 | | | 274,390 | ||||||||||||||||||||||||||||||
Revenue cycle management |
| 198,019 | | | 198,019 | | 155,112 | | | 155,112 | ||||||||||||||||||||||||||||||
Dental |
| 31,403 | | | 31,403 | | 31,513 | | | 31,513 | ||||||||||||||||||||||||||||||
Pharmacy services |
| | 81,794 | | 81,794 | | | 60,843 | | 60,843 | ||||||||||||||||||||||||||||||
Inter-segment revenue |
3,501 | 402 | | (3,903 | ) | | 902 | 1,498 | | (2,400 | ) | | ||||||||||||||||||||||||||||
Net revenue |
431,916 | 492,345 | 81,794 | (3,903 | ) | 1,002,152 | 397,492 | 462,513 | 60,843 | (2,400 | ) | 918,448 | ||||||||||||||||||||||||||||
Costs and expenses: |
||||||||||||||||||||||||||||||||||||||||
Cost of operations |
283,050 | 303,252 | 30,067 | (3,775 | ) | 612,594 | 253,473 | 294,700 | 16,668 | (1,974 | ) | 562,867 | ||||||||||||||||||||||||||||
Development and engineering |
12,127 | 16,078 | 7,310 | | 35,515 | 12,677 | 15,294 | 5,957 | | 33,928 | ||||||||||||||||||||||||||||||
Sales, marketing, general and
administrative |
26,700 | 30,711 | 5,970 | 48,567 | 111,948 | 25,803 | 31,978 | 8,047 | 47,873 | 113,701 | ||||||||||||||||||||||||||||||
(Gain) Loss on abandonment |
66 | 477 | | (648 | ) | (105 | ) | | 45 | | 1,630 | 1,675 | ||||||||||||||||||||||||||||
Segment contribution (1) |
$ | 109,973 | $ | 141,827 | $ | 38,447 | $ | (48,047 | ) | 242,200 | $ | 105,539 | $ | 120,496 | $ | 30,171 | $ | (49,929 | ) | 206,277 | ||||||||||||||||||||
Depreciation and amortization |
124,721 | 105,321 | ||||||||||||||||||||||||||||||||||||||
Interest income |
(14 | ) | (75 | ) | ||||||||||||||||||||||||||||||||||||
Interest expense |
61,031 | 70,246 | ||||||||||||||||||||||||||||||||||||||
Other income, net |
(9,284 | ) | (519 | ) | ||||||||||||||||||||||||||||||||||||
Income before income tax
provision |
$ | 65,746 | $ | 31,304 | ||||||||||||||||||||||||||||||||||||
(1) | Segment contribution has been reduced by equity-based compensation expense of $5,030, $3,916, $17,721, and $25,415 for the three months ended December 31, 2010 and 2009 and for the years ended December 31, 2010 and 2009, respectively. Segment contribution without such equity-based compensation expense would have been $70,788, $58,697, $259,921 and $231,692 for the three months ended December 31, 2010 and 2009 and for the years ended December 31, 2010 and 2009, respectively. |
8
9
10
For the Three Months | For the Year | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net income |
$ | 15,022 | $ | 4,693 | $ | 33,167 | $ | 14,003 | ||||||||
Interest expense, net |
13,282 | 17,921 | 61,017 | 70,171 | ||||||||||||
Income tax provision |
4,931 | 4,416 | 32,579 | 17,301 | ||||||||||||
Depreciation and amortization |
37,667 | 28,270 | 124,721 | 105,321 | ||||||||||||
EBITDA |
70,902 | 55,300 | 251,484 | 206,796 | ||||||||||||
Equity-based compensation |
5,030 | 3,916 | 17,721 | 25,415 | ||||||||||||
Acquisition method adjustments |
49 | 209 | 254 | 1,398 | ||||||||||||
IPO-related transaction costs |
| | | 1,513 | ||||||||||||
Facilities consolidation costs |
1,796 | 1,964 | 3,347 | 2,541 | ||||||||||||
Tax receivable agreements change in
estimate |
413 | 299 | 95 | 299 | ||||||||||||
Acquisition and divestiture related
costs, net |
1,079 | 911 | 4,521 | 2,321 | ||||||||||||
Contingent consideration adjustments |
(5,144 | ) | | (9,284 | ) | | ||||||||||
EBITDA Adjustments |
3,223 | 7,299 | 16,654 | 33,487 | ||||||||||||
Adjusted EBITDA |
$ | 74,125 | $ | 62,599 | $ | 268,138 | $ | 240,283 | ||||||||
For the Three Months | For the Year | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net income |
$ | 15,022 | $ | 4,693 | $ | 33,167 | $ | 14,003 | ||||||||
Income tax provision |
4,931 | 4,416 | 32,579 | 17,301 | ||||||||||||
EBITDA Adjustments |
3,223 | 7,299 | 16,654 | 33,487 | ||||||||||||
Non-cash interest expense |
1,619 | 5,108 | 16,367 | 19,918 | ||||||||||||
Depreciation and amortization resulting
from acquisition method adjustments |
26,749 | 19,458 | 86,208 | 76,444 | ||||||||||||
Adjusted net income before income taxes |
51,544 | 40,974 | 184,975 | 161,153 | ||||||||||||
Normalized income tax provision |
20,360 | 16,185 | 73,065 | 63,655 | ||||||||||||
Adjusted Net Income |
$ | 31,184 | $ | 24,789 | $ | 111,910 | $ | 97,498 | ||||||||
11
For the Three Months | For the Year | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net income per diluted share of Class A common stock |
$ | 0.11 | $ | 0.03 | $ | 0.21 | $ | 0.12 | ||||||||
Impact of assuming full dilution of all
outstanding equity instruments for the
period |
0.01 | 0.00 | 0.06 | 0.01 | ||||||||||||
Adjustments on a per share basis: |
||||||||||||||||
Income tax provision |
0.04 | 0.04 | 0.27 | 0.15 | ||||||||||||
EBITDA Adjustments |
0.03 | 0.06 | 0.14 | 0.30 | ||||||||||||
Non-cash interest expense |
0.01 | 0.04 | 0.13 | 0.18 | ||||||||||||
Depreciation and amortization resulting from
acquisition method adjustments |
0.22 | 0.16 | 0.71 | 0.68 | ||||||||||||
Adjusted net income before income taxes |
0.42 | 0.33 | 1.52 | 1.44 | ||||||||||||
Normalized income tax provision |
0.17 | 0.13 | 0.60 | 0.57 | ||||||||||||
Adjusted Net Income per fully diluted share |
$ | 0.25 | $ | 0.20 | $ | 0.92 | $ | 0.87 | ||||||||
(1) | The calculation of Adjusted Net Income per fully diluted share assumes the following equity-based instruments were fully converted into Class A common stock on their date of issuance: |
(shares in thousands)* | ||||||||||||||||
For the Three Months | For the Year | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Weighted average of: |
||||||||||||||||
Class A shares outstanding |
90,747 | 90,323 | 90,622 | 82,459 | ||||||||||||
Class B shares outstanding |
24,689 | 24,753 | 24,698 | 25,039 | ||||||||||||
Restricted stock units outstanding |
657 | 639 | 683 | 859 | ||||||||||||
Options to purchase Class A shares outstanding |
6,495 | 5,247 | 6,262 | 4,254 | ||||||||||||
Shares assumed in Adjusted Net Income per
fully diluted share calculation |
122,588 | 120,962 | 122,265 | 112,611 | ||||||||||||
* | Note: Above shares include all potential securities as dilutive and outstanding except for shares issued and equity awards in connection with 2010 acquisitions and not contemplated in the shares denominator utilized in the 2010 annual Adjusted Net Income per fully diluted share financial outlook range. |
12
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