athenahealth market cap is $5.6 b.

athenahealth Cash, 30-Sept-2018303.4 M

athenahealth EV5.5 B

USD | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|

## Revenue | 752.6m | 924.7m | |

| 26% | 23% | 17% |

## Sales and marketing expense | 229.9m | ||

## R&D expense | 94.3m | ||

## General and administrative expense | 144.6m | ||

## Operating expense total | 468.7m | 75.2m | |

## Depreciation and amortization | 93.5m | ||

## EBIT | 955.0k | (4.1m) | |

| 0% | 0% | |

## Interest expense | 4.7m | 5.8m | |

## Income tax expense | (745.0k) | (4.9m) | (1.7m) |

## Net Income | (3.1m) | 14.0m | 21.0m |

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q3, 2017 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 163.0m | 185.9m | 190.4m | 206.4m | 224.7m | 236.1m | 256.1m | 261.9m | 276.7m | 285.4m | |

## Cost of goods sold | 144.4m | 144.0m | |||||||||

## Gross profit | 141.0m | ||||||||||

| 49% | ||||||||||

## Sales and marketing expense | 43.2m | 50.7m | 45.2m | 54.4m | 55.9m | 57.6m | 65.9m | 59.1m | |||

## R&D expense | 15.2m | 16.4m | 18.1m | 23.7m | 24.4m | 22.6m | 25.1m | 23.6m | 24.9m | 42.8m | |

## General and administrative expense | 29.4m | 30.4m | 31.8m | 36.2m | 36.1m | 34.8m | 40.9m | 41.3m | 41.9m | 31.4m | |

## Operating expense total | 44.5m | 46.9m | 49.9m | 59.9m | 60.5m | 57.3m | 66.1m | 64.9m | 66.7m | 74.2m | 80.2m |

## Depreciation and amortization | 14.2m | 15.2m | 17.3m | 22.1m | 24.8m | 26.8m | 28.5m | 32.5m | |||

## EBIT | (11.1m) | (1.6m) | (1.3m) | (11.8m) | (2.2m) | 3.2m | 324.0k | (1.3m) | 15.2m | 1.1m | |

| (7%) | (1%) | (1%) | (6%) | (1%) | 1% | 0% | 0% | 5% | 0% | |

## Interest expense | 1.3m | 1.3m | 1.2m | 1.1m | 1.5m | 1.6m | 1.9m | 1.5m | 1.3m | ||

## Pre tax profit | (12.5m) | (2.9m) | (1.6m) | ||||||||

## Income tax expense | (4.5m) | (739.0k) | 853.0k | 4.0m | (8.0m) | (3.4m) | (731.0k) | 884.0k | 115.0k | (1.3m) | |

## Net Income | (8.1m) | (2.2m) | (1.6m) | (8.8m) | 9.3m | 5.8m | (833.0k) | (1.9m) | 13.9m | (1.4m) | 13.0m |

usd | Y, 2009 | FY, 2010 | Y, 2010 | FY, 2011 | Y, 2011 | Y, 2012 | FY, 2012 | FY, 2013 | Y, 2013 | Y, 2014 | FY, 2014 | Y, 2015 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 30.5m | 35.9m | 35.9m | 57.8m | 57.8m | 155.0m | 155.0m | 65.0m | 65.0m | 73.8m | 73.8m | 141.9m | 141.9m | 147.4m | 165.1m |

## Accounts Receivable | 36.9m | 49.0m | 61.9m | 87.3m | 121.7m | 121.7m | 148.2m | 148.2m | 161.6m | 169.5m | |||||

## Prepaid Expenses | 6.7m | 9.0m | 10.9m | 17.2m | 22.6m | 30.2m | 46.8m | ||||||||

## Inventories | 17.2m | 22.6m | 30.2m | 34.2m | |||||||||||

## Current Assets | 163.7m | 183.1m | 274.2m | 178.7m | 178.7m | 259.1m | 259.1m | 320.3m | 320.3m | 343.2m | 381.4m | ||||

## PP&E | 31.9m | 52.3m | 54.0m | 213.0m | 271.6m | 271.6m | 321.5m | 321.5m | 347.7m | 355.1m | |||||

## Goodwill | 22.5m | 47.3m | 48.1m | 198.0m | 198.0m | 198.0m | 198.0m | 229.2m | 229.2m | 240.7m | 274.4m | ||||

## Total Assets | 261.2m | 348.8m | 428.5m | 796.4m | 796.4m | 932.0m | 932.0m | 1.1b | 1.1b | 1.2b | 1.3b | ||||

## Accounts Payable | 559.0k | 6.3m | 1.7m | 3.9m | 3.9m | 9.4m | 9.4m | 10.8m | 10.8m | 9.5m | 10.6m | ||||

## Short-term debt | 2.9m | 4.8m | 8.2m | 50.0m | 15.0m | 50.0m | 10.8m | 20.2m | |||||||

## Current Liabilities | 40.6m | 59.6m | 66.8m | 149.8m | 149.8m | 205.6m | 205.6m | 193.7m | 193.7m | 197.9m | 207.7m | ||||

## Long-term debt | 6.3m | 173.8m | 173.8m | 15.0m | 158.8m | 10.8m | 287.4m | 18.3m | 252.6m | ||||||

## Total Debt | 9.2m | 4.8m | 8.2m | 223.8m | 188.8m | 208.8m | 10.8m | 18.3m | 20.2m | ||||||

## Total Liabilities | 90.4m | 112.3m | 116.8m | 405.1m | 456.9m | 575.4m | 555.9m | 540.8m | |||||||

## Common Stock | 358.0k | 367.0k | 376.0k | 387.0k | 395.0k | 403.0k | 400.0k | ||||||||

## Preferred Stock | |||||||||||||||

## Additional Paid-in Capital | 200.3m | 247.1m | 303.5m | 381.0m | 381.0m | 443.3m | 443.3m | 522.4m | 522.4m | 591.5m | 646.7m | ||||

## Retained Earnings | (28.8m) | (9.7m) | 9.0m | 11.6m | 11.6m | 8.5m | 8.5m | 22.5m | 22.5m | 43.5m | 144.8m | ||||

## Total Equity | 170.8m | 236.5m | 311.6m | 391.3m | 475.1m | 543.3m | 543.3m | 633.3m | 791.5m | ||||||

## Debt to Equity Ratio | 0.6 x | 0 x | 0 x | 0 x | |||||||||||

## Debt to Assets Ratio | 0.3 x | 0.2 x | 0 x | 0 x | 0 x | ||||||||||

## Financial Leverage | 1.5 x | 1.5 x | 1.4 x | 2 x | 2 x | 2.1 x | 2.1 x | 1.9 x | 1.7 x |

USD | FY, 2010 | FY, 2011 | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|---|---|---|

## Net Income | 12.7m | 19.0m | 18.7m | 2.6m | (3.1m) | 14.0m | 21.0m | 53.1m |

## Depreciation and Amortization | 13.0m | 19.0m | 29.1m | 61.9m | 93.8m | 118.0m | 142.7m | 147.3m |

## Accounts Receivable | (5.3m) | (12.1m) | (12.8m) | (4.2m) | (34.4m) | (25.3m) | (13.5m) | (7.9m) |

## Accounts Payable | (1.0m) | 688.0k | 13.0k | (233.0k) | 2.5m | 2.8m | (4.8m) | 4.5m |

## Cash From Operating Activities | 44.7m | 60.8m | 70.2m | 93.3m | 149.1m | 163.8m | 182.6m | 241.1m |

## Purchases of PP&E | (15.9m) | (16.7m) | (23.9m) | (38.3m) | (76.1m) | (87.2m) | (69.0m) | (80.1m) |

## Cash From Investing Activities | (53.6m) | (53.2m) | (116.0k) | (424.9m) | (127.3m) | (199.1m) | (174.9m) | (204.0m) |

## Short-term Borrowings | (120.0m) | (95.0m) | ||||||

## Long-term Borrowings | (3.5m) | (9.2m) | (11.2m) | (15.0m) | (173.7m) | (7.5m) | (18.8m) | |

## Cash From Financing Activities | 14.1m | 14.4m | 27.1m | 241.7m | (12.8m) | 103.8m | (2.0m) | (20.1m) |

## Net Change in Cash | 5.4m | 21.8m | 97.2m | (90.0m) | 8.8m | 68.1m | 5.5m | 17.7m |

## Interest Paid | 873.0k | 183.0k | 3.3m | 4.5m | 5.7m | 4.6m | 5.1m | |

## Income Taxes Paid | 1.6m | 2.7m | 3.9m | 1.3m | (1.9m) | 619.0k | 300.0k | 2.6m |

USD | Y, 2018 |
---|---|

## EV/CFO | 21.3 x |

## Financial Leverage | 1.5 x |

athenahealth's Customers was reported to be 88 k in FY, 2016.

FY, 2013 | Y, 2014 | FY, 2015 | FY, 2016 | |
---|---|---|---|---|

## Customers | 50.21 k | 62 k | 75 k | 88 k |

- Source: Company Filings