$5.5 B

ATHN Mkt cap, 18-Sep-2018

athenahealth Income Statement

Annual

usdFY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Revenue

245.5 m324.1 m422.3 m595 m752.6 m924.7 m1.1 b

Revenue growth, %

32%30%41%26%23%17%

Cost of goods sold

133.5 m

Gross profit

949.4 m

Gross profit Margin, %

88%

R&D expense

44.4 m

General and administrative expense

30.8 m

Operating expense total

75.2 m

EBIT

5.9 m955 k(4.1 m)12.4 m

EBIT margin, %

1%0%0%1%

Interest expense

314 k407 k3.9 m4.7 m5.8 m

Income tax expense

10.4 m13.8 m16.1 m(363 k)(745 k)4.9 m(1.7 m)

Net Income

2.6 m(3.1 m)14 m21 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

151.5 m163 m185.9 m190.4 m206.4 m224.7 m236.1 m256.1 m261.9 m276.7 m285.4 m301.1 m304.6 m

Cost of goods sold

144.4 m143.8 m144 m

Gross profit

141 m157.3 m160.6 m

Gross profit Margin, %

49%52%53%

R&D expense

15.1 m15.2 m16.4 m18.1 m23.7 m24.4 m22.6 m25.1 m23.6 m24.9 m42.8 m42.4 m44.8 m

General and administrative expense

21.7 m29.4 m30.4 m31.8 m36.2 m36.1 m34.8 m40.9 m41.3 m41.9 m31.4 m37.7 m35.4 m

Operating expense total

36.8 m44.5 m46.9 m49.9 m59.9 m60.5 m57.3 m66.1 m64.9 m66.7 m74.2 m80.1 m80.2 m

EBIT

2.6 m(11.1 m)(1.6 m)(1.3 m)(11.8 m)(2.2 m)3.2 m324 k(1.3 m)15.2 m1.1 m12.2 m18.6 m

EBIT margin, %

2%(7%)(1%)(1%)(6%)(1%)1%0%0%5%0%4%6%

Interest expense

1.4 m1.3 m1.3 m1.2 m1.1 m1.5 m1.6 m1.9 m1.5 m1.3 m

Income tax expense

(80 k)4.5 m739 k853 k4 m(8 m)(3.4 m)731 k884 k115 k(1.3 m)(600 k)(4.2 m)

Net Income

1.2 m(8.1 m)(2.2 m)(1.6 m)(8.8 m)9.3 m5.8 m(833 k)(1.9 m)13.9 m(1.4 m)9.9 m13 m

athenahealth Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016FY, 2017

Cash

30.5 m35.9 m57.8 m155 m65 m73.8 m141.9 m147.4 m165.1 mwdxefcqufszuzezftuxetqsqxt

Accounts Receivable

121.7 m148.2 m161.6 m

Inventories

17.2 m22.6 m30.2 m34.2 m

Current Assets

178.7 m259.1 m320.3 m343.2 m381.4 m

PP&E

271.6 m321.5 m347.7 m355.1 m

Goodwill

198 m198 m229.2 m240.7 m274.4 m

Total Assets

796.4 m932 m1.1 b1.2 b1.3 b

Accounts Payable

3.9 m9.4 m10.8 m9.5 m

Short-term debt

15 m

Current Liabilities

149.8 m205.6 m193.7 m197.9 m207.7 m

Long-term debt

173.8 m15 m10.8 m18.3 m20.2 m

Total Debt

188.8 m18.3 m20.2 m

Total Liabilities

555.9 m540.8 m

Additional Paid-in Capital

381 m443.3 m522.4 m591.5 m646.7 m

Retained Earnings

11.6 m8.5 m22.5 m43.5 m144.8 m

Total Equity

543.3 m633.3 m791.5 m

Debt to Equity Ratio

0 x

Debt to Assets Ratio

0.2 x0 x

Financial Leverage

2.1 x1.9 x1.7 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

62.3 m51.3 m56.2 m59.5 m32.6 m104.9 m116.7 m100.6 m134.3 m130 m98 m71.2 m122.7 m142 m

Accounts Receivable

87 m97.6 m101.5 m118.7 m127.3 m144.8 m147.3 m139.8 m151.3 m164.3 m170.3 m163.9 m

Current Assets

180.6 m231.4 m227.1 m229.5 m219 m279.8 m306.9 m283.1 m307.2 m320.5 m303.7 m287.9 m329.4 m

PP&E

212.3 m235 m259.7 m282.8 m298.2 m309.1 m323.1 m327.9 m332.7 m361.1 m362.7 m361.5 m

Goodwill

196.2 m198 m198 m198 m230.1 m229.2 m229.2 m229.2 m229.9 m240.7 m240.7 m274.1 m274.4 m

Total Assets

788.2 m846.8 m865.7 m891.6 m968.9 m1.1 b1.1 b1.1 b1.1 b1.2 b1.2 b1.2 b1.3 b

Accounts Payable

11.3 m8.5 m9 m10.4 m10 m12.4 m14.2 m6 m4.1 m13.9 m4.4 m5.7 m10.7 m

Short-term debt

15 m14.6 m16.4 m18.3 m24 m

Current Liabilities

175.5 m161.7 m180.8 m197 m128.8 m167.8 m178.9 m161.3 m183.4 m187.9 m165.2 m177.2 m197.5 m209 m

Long-term debt

177.5 m15 m15 m15 m3.8 m7.5 m14.5 m14.5 m14.5 m269.1 m263.6 m258.1 m

Total Debt

192.5 m15 m15 m15 m3.8 m7.5 m14.5 m14.5 m14.5 m283.7 m280 m276.4 m24 m

Total Liabilities

429.9 m417.4 m436.3 m452.2 m505.2 m571.9 m579.3 m539.6 m554.2 m554.8 m518.7 m527.1 m539.2 m

Additional Paid-in Capital

360.9 m381.4 m396.6 m413.1 m449.4 m467.8 m499.3 m525.6 m547.5 m567.7 m598.4 m618.1 m633.3 m

Retained Earnings

3.5 m1.4 m9 m14.8 m21.7 m19.8 m33.7 m90.3 m100.2 m113.2 m

Total Equity

480.3 m512.2 m545.7 m565.6 m599.9 m687.4 m717 m745.1 m

Financial Leverage

2.2 x2.1 x2 x2 x1.9 x1.8 x1.7 x1.7 x

athenahealth Cash Flow

Annual

usdFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

2.6 m(3.1 m)14 m21 m

Depreciation and Amortization

43.6 m18.1 m26.3 m142.7 m

Accounts Receivable

(4.2 m)(34 m)(25 m)(13.5 m)

Inventories

3.3 m4.3 m4.2 m5.1 m

Accounts Payable

(233 k)2.5 m2.8 m(4.8 m)

Cash From Operating Activities

93.3 m149.1 m163.8 m182.6 m

Purchases of PP&E

(38.3 m)(76.1 m)(87.2 m)(69 m)

Cash From Investing Activities

(424.9 m)(127.3 m)(199.1 m)(174.9 m)(204 m)

Long-term Borrowings

(173.8 m)(7.5 m)

Cash From Financing Activities

241.7 m(12.8 m)103.8 m(2 m)

Interest Paid

3.3 m4.5 m

Income Taxes Paid

1.3 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018Q2, 2018

Net Income

(10.6 m)(8.1 m)(2.2 m)(1.6 m)(8.8 m)517 k6.3 m(833 k)(2.7 m)11.2 m(1.4 m)

Depreciation and Amortization

43.7 m14.2 m15.2 m17.3 m20.4 m54.7 m85.9 m33.1 m66.5 m104 m

Accounts Receivable

(13.1 m)97.6 m101.5 m118.7 m(4.4 m)(21.9 m)903 k8.3 m(3.1 m)164.3 m

Accounts Payable

7.4 m9 m10.4 m10 m2.6 m5.6 m(4.4 m)(6 m)2.2 m4.4 m

Cash From Operating Activities

56.2 m74.6 m102.9 m8.3 m82 m136 m148 m

Purchases of PP&E

(21.4 m)(42 m)(65.1 m)(18.7 m)(34 m)(52.9 m)(16 m)

Cash From Investing Activities

(397.3 m)(124.6 m)(155.5 m)(39.5 m)(78.3 m)(137 m)

Long-term Borrowings

(7.5 m)(173.8 m)(173.8 m)(3.8 m)(7.5 m)

Cash From Financing Activities

248.5 m81.1 m96 m(10.2 m)(11.2 m)(10.8 m)(13 m)

Interest Paid

2 m

Income Taxes Paid

1.3 m91 k458 k205 k2 m
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athenahealth Operating Metrics

athenahealth's Customers was reported to be 88 k in FY, 2016.
FY, 2013Y, 2014FY, 2015FY, 2016

Customers

50.21 k62 k75 k88 k
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athenahealth Human Capital

Q1, 2016
Male Engineers, percent84.1 %
Female Engineers, percent15.9 %
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