NASHVILLE, Tenn., Nov. 9, 2011 /PRNewswire/ --
- Revenue of $282.1 million, increased 14.7% over third quarter 2010
- Non-GAAP Adjusted EBITDA of $76.7 million, increased 15.3% over third quarter 2010
Emdeon Inc., a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, today announced financial results for the third quarter ended September 30, 2011, as summarized below:
(In millions, except per share amts) |
3Q 11 |
3Q 10 |
% Change |
|||
Revenue |
$ 282.1 |
$ 245.9 |
14.7% |
|||
Net Income |
$ 6.3 |
$ 6.6 |
-5.3% |
|||
Earnings per share (diluted) |
$ 0.04 |
$ 0.04 |
0.0% |
|||
Non-GAAP Adjusted EBITDA |
$ 76.7 |
$ 66.5 |
15.3% |
|||
Non-GAAP Adjusted EPS |
$ 0.26 |
$ 0.23 |
13.0% |
|||
Non-GAAP fully diluted shares |
124.2 |
122.6 |
1.3% |
|||
"We are pleased with our financial results for the third quarter. Our initiatives to address emerging areas of opportunity in payment integrity, clinical information exchange and the government space are resonating with our customer base," said George Lazenby, Emdeon's chief executive officer. "We are also excited about moving our business strategy forward with Blackstone and Hellman & Friedman, whose in-depth understanding of our business and industry will be beneficial as we continue to evolve our solutions to make healthcare more efficient."
Third quarter revenue was $282.1 million, an increase of 14.7%, compared to $245.9 million for the same period in 2010, as a result of recent acquisitions and organic growth. GAAP operating income for the third quarter of 2011 was $23.0 million compared to $27.9 million for the same period in 2010, a decrease of 17.6%. This decrease was primarily due to higher depreciation and amortization expense from 2010 acquisitions and capital expenditures, as well as higher equity compensation expense. Third quarter Non-GAAP Adjusted EBITDA grew 15.3% to $76.7 million, or 27.2% of revenue, from Non-GAAP Adjusted EBITDA of $66.5 million, or 27.0% of revenue, in the comparable period in 2010.
GAAP net income (before noncontrolling interest) for the third quarter of 2011 was $6.3 million compared to GAAP net income of $6.6 million for the same period in 2010. GAAP net income per diluted share for the third quarter of 2011 was $0.04 for both the third quarter of 2011 and 2010. Non-GAAP Adjusted Net Income per fully diluted share for the third quarter of 2011 was $0.26, using a weighted average fully diluted share count of 124.2 million, compared to $0.23, using a weighted average fully diluted share count of 122.6 million, for the same period in 2010.
A reconciliation of Emdeon's financial results determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP) to certain non-GAAP financial measures has been provided in the financial statement tables included in this release to supplement its unaudited condensed consolidated financial statements presented on a GAAP basis. An explanation of these non-GAAP measures is also included below under the heading "Explanation of Non-GAAP Financial Measures."
Conference Call and Webcast
As noted in an earlier release, a fund managed by Blackstone on behalf of its private equity investors has completed its acquisition of Emdeon on November 2, 2011. As a result, Emdeon will not host a conference call to discuss financial results for the third quarter of 2011.
About Emdeon
Emdeon is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers and patients in the U.S. healthcare system. Emdeon's offerings integrate and automate key business and administrative functions of its payer and provider customers throughout the patient encounter. Through the use of Emdeon's comprehensive suite of solutions, which are designed to easily integrate with existing technology infrastructures, customers are able to improve efficiency, reduce costs, increase cash flow and more efficiently manage the complex revenue and payment cycle and clinical information exchange processes. For more information, visit www.emdeon.com.
Forward-Looking Statements
Statements made in this press release that express Emdeon's or management's intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements, which Emdeon intends to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements often include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Forward-looking statements may include information concerning Emdeon's possible or assumed future results of operations, including descriptions of Emdeon's revenues, profitability, outlook and overall business strategy. You should not place undue reliance on these statements because they are subject to numerous uncertainties and factors relating to Emdeon's operations and business environment, all of which are difficult to predict and many of which are beyond Emdeon's control. Although Emdeon believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Emdeon's actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. Such factors related to Emdeon's actual financial results or results of operations include: effects of competition, including competition from entities that are customers for certain of Emdeon's solutions; Emdeon's ability to maintain relationships with its customers and channel partners; Emdeon's ability to effectively cross-sell its solutions to existing customers and to continue to generate revenue and maintain profitability by developing or acquiring and successfully deploying new or updated solutions; pricing pressures on Emdeon's solutions; the anticipated benefits from acquisitions not being fully realized or not being realized within the expected time frames; and general economic, business or regulatory conditions affecting the healthcare information technology and services industries; as well as the other risks discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and elsewhere in Emdeon's Annual Report on Form 10-K for the year ended December 31, 2010, as well as Emdeon's periodic and other reports, filed with the Securities and Exchange Commission.
You should keep in mind that any forward-looking statement made by Emdeon herein, or elsewhere, speaks only as of the date on which made. Emdeon expressly disclaims any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in Emdeon's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Emdeon Inc. |
||||||
Condensed Consolidated Statements of Operations |
||||||
(unaudited and amounts in thousands, except share and per share amounts) |
||||||
For the Three Months |
For the Nine Months |
|||||
Ended September 30, |
Ended September 30, |
|||||
2011 |
2010 |
2011 |
2010 |
|||
Revenue |
$ 282,149 |
$ 245,923 |
$ 835,758 |
$ 726,490 |
||
Costs and expenses: |
||||||
Cost of operations (exclusive of depreciation and amortization below) |
174,907 |
150,918 |
518,917 |
443,349 |
||
Development and engineering |
9,530 |
8,596 |
27,790 |
25,845 |
||
Sales, marketing, general and administrative |
34,833 |
28,494 |
97,980 |
80,856 |
||
Depreciation and amortization |
39,830 |
30,001 |
116,786 |
87,054 |
||
Operating income |
23,049 |
27,914 |
74,285 |
89,386 |
||
Interest income |
(4) |
(4) |
(10) |
(12) |
||
Interest expense |
12,577 |
16,163 |
37,858 |
47,747 |
||
Other |
(4,398) |
(2,370) |
(8,036) |
(4,140) |
||
Income before income tax provision |
14,874 |
14,125 |
44,473 |
45,791 |
||
Income tax provision |
8,601 |
7,498 |
21,696 |
27,650 |
||
Net income |
6,273 |
6,627 |
22,777 |
18,141 |
||
Net income attributable to noncontrolling interest |
2,906 |
2,890 |
9,214 |
8,289 |
||
Net income attributable to Emdeon Inc. |
$ 3,367 |
$ 3,737 |
$ 13,563 |
$ 9,852 |
||
Net income per share Class A common stock: |
||||||
Basic |
$ 0.04 |
$ 0.04 |
$ 0.15 |
$ 0.11 |
||
Diluted |
$ 0.04 |
$ 0.04 |
$ 0.15 |
$ 0.11 |
||
Weighted average common shares outstanding: |
||||||
Basic |
91,141,215 |
90,271,216 |
91,062,517 |
90,011,783 |
||
Diluted |
92,081,976 |
90,989,313 |
91,557,147 |
90,740,909 |
||
Emdeon Inc. |
||||
Condensed Consolidated Balance Sheets |
||||
(unaudited and amounts in thousands, except share and per share amounts) |
||||
September 30, |
December 31, |
|||
2011 |
2010 |
|||
Assets |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 185,068 |
$ 99,188 |
||
Accounts receivable, net of allowance for doubtful accounts of $5,852 and $5,394 at September 30, 2011 and December 31, 2010, respectively |
183,214 |
174,191 |
||
Deferred income tax assets |
9,012 |
7,913 |
||
Prepaid expenses and other current assets |
17,288 |
25,020 |
||
Total current assets |
394,582 |
306,312 |
||
Property and equipment, net |
230,090 |
231,307 |
||
Goodwill |
925,564 |
908,310 |
||
Intangible assets, net |
983,565 |
1,035,886 |
||
Other assets, net |
8,368 |
9,750 |
||
Total assets |
$ 2,542,169 |
$ 2,491,565 |
||
Liabilities and equity |
||||
Current liabilities: |
||||
Accounts payable |
$ 8,263 |
$ 4,732 |
||
Accrued expenses |
116,881 |
112,245 |
||
Deferred revenues |
12,710 |
12,130 |
||
Current portion of long-term debt |
12,491 |
12,494 |
||
Total current liabilities |
150,345 |
141,601 |
||
Long-term debt, excluding current portion |
937,510 |
933,749 |
||
Deferred income tax liabilities |
204,131 |
200,357 |
||
Tax receivable agreement obligations to related parties |
138,509 |
138,533 |
||
Other long-term liabilities |
12,602 |
22,037 |
||
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 91,252,352 and 91,064,486 shares outstanding at September 30, 2011 and December 31, 2010, respectively |
1 |
1 |
||
Class B common stock, exchangeable (par value, $0.00001), 52,000,000 shares authorized and 24,689,142 shares outstanding at September 30, 2011 and December 31, 2010 |
- |
- |
||
Additional paid-in capital |
754,121 |
738,888 |
||
Contingent consideration |
1,955 |
1,955 |
||
Accumulated other comprehensive loss |
(528) |
(2,569) |
||
Retained earnings |
66,813 |
53,250 |
||
Emdeon Inc. equity |
822,362 |
791,525 |
||
Noncontrolling interest |
276,710 |
263,763 |
||
Total equity |
1,099,072 |
1,055,288 |
||
Total liabilities and equity |
$ 2,542,169 |
$ 2,491,565 |
||
Emdeon Inc. |
||||
Condensed Consolidated Statements of Cash Flows |
||||
(unaudited and amounts in thousands) |
||||
For the Nine Months |
||||
Ended September 30, |
||||
2011 |
2010 |
|||
Operating activities |
||||
Net income |
$ 22,777 |
$ 18,141 |
||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
Depreciation and amortization |
116,786 |
87,054 |
||
Equity compensation expense |
17,610 |
12,691 |
||
Deferred income tax expense |
2,611 |
7,870 |
||
Amortization of debt discount and issuance costs |
10,470 |
9,536 |
||
Amortization of discontinued cash flow hedge from other comprehensive loss |
2,843 |
4,395 |
||
Change in contingent consideration |
(8,036) |
(4,140) |
||
Change in fair value of interest rate swap (not subject to hedge accounting) |
(7,983) |
- |
||
Other |
36 |
51 |
||
Changes in operating assets and liabilities: |
||||
Accounts receivable |
(7,040) |
(8,418) |
||
Prepaid expenses and other |
10,843 |
(5,691) |
||
Accounts payable |
5,888 |
(3,444) |
||
Accrued expenses and other liabilities |
15,748 |
5,158 |
||
Deferred revenues |
581 |
(2,045) |
||
Tax receivable agreement obligations to related parties |
(2,593) |
(318) |
||
Net cash provided by operating activities |
180,541 |
120,840 |
||
Investing activities |
||||
Purchases of property and equipment |
(48,207) |
(63,835) |
||
Payments for acquisitions, net of cash acquired |
(39,422) |
(42,477) |
||
Other |
- |
(3,000) |
||
Net cash used in investing activities |
(87,629) |
(109,312) |
||
Financing activities |
||||
Debt principal payments |
(6,412) |
(5,663) |
||
Other |
(620) |
(868) |
||
Net cash used in financing activities |
(7,032) |
(6,531) |
||
Net increase in cash and cash equivalents |
85,880 |
4,997 |
||
Cash and cash equivalents at beginning of period |
99,188 |
211,999 |
||
Cash and cash equivalents at end of period |
$ 185,068 |
$ 216,996 |
||
Segment Information |
||||||||||||||
(unaudited and amounts in thousands) |
||||||||||||||
For the Three Months Ended September 30, 2011 |
For the Three Months Ended September 30, 2010 |
|||||||||||||
Corporate & |
Corporate & |
|||||||||||||
Payer |
Provider |
Pharmacy |
Eliminations |
Consolidated |
Payer |
Provider |
Pharmacy |
Eliminations |
Consolidated |
|||||
Revenue from external customers |
||||||||||||||
Claims management |
$ 53,153 |
$ - |
$ - |
$ - |
$ 53,153 |
$ 48,927 |
$ - |
$ - |
$ - |
$ 48,927 |
||||
Payment services |
61,770 |
- |
- |
- |
61,770 |
58,369 |
- |
- |
- |
58,369 |
||||
Patient statements |
- |
64,273 |
- |
- |
64,273 |
- |
65,920 |
- |
- |
65,920 |
||||
Revenue cycle management |
- |
73,439 |
- |
- |
73,439 |
- |
44,575 |
- |
- |
44,575 |
||||
Dental |
- |
7,860 |
- |
- |
7,860 |
- |
7,925 |
- |
- |
7,925 |
||||
Pharmacy services |
- |
- |
21,654 |
- |
21,654 |
- |
- |
20,207 |
- |
20,207 |
||||
Inter-segment revenue |
852 |
151 |
- |
(1,003) |
- |
758 |
83 |
- |
(841) |
- |
||||
Net revenue |
115,775 |
145,723 |
21,654 |
(1,003) |
282,149 |
108,054 |
118,503 |
20,207 |
(841) |
245,923 |
||||
Costs and expenses: |
||||||||||||||
Cost of operations |
77,979 |
88,958 |
8,909 |
(939) |
174,907 |
70,876 |
73,040 |
7,811 |
(809) |
150,918 |
||||
Development and engineering |
3,077 |
4,705 |
1,748 |
- |
9,530 |
2,812 |
4,004 |
1,780 |
- |
8,596 |
||||
Sales, marketing, general and administrative |
6,986 |
7,810 |
1,537 |
18,500 |
34,833 |
6,576 |
7,626 |
1,459 |
12,833 |
28,494 |
||||
Segment contribution (1) |
$ 27,733 |
$ 44,250 |
$ 9,460 |
$ (18,564) |
62,879 |
$ 27,790 |
$ 33,833 |
$ 9,157 |
$ (12,865) |
57,915 |
||||
Depreciation and amortization |
39,830 |
30,001 |
||||||||||||
Interest income |
(4) |
(4) |
||||||||||||
Interest expense |
12,577 |
16,163 |
||||||||||||
Other |
(4,398) |
(2,370) |
||||||||||||
Income before income tax provision |
$ 14,874 |
$ 14,125 |
||||||||||||
For the Nine Months Ended September 30, 2011 |
For the Nine Months Ended September 30, 2010 |
|||||||||||||
Corporate & |
Corporate & |
|||||||||||||
Payer |
Provider |
Pharmacy |
Eliminations |
Consolidated |
Payer |
Provider |
Pharmacy |
Eliminations |
Consolidated |
|||||
Revenue from external customers |
||||||||||||||
Claims management |
$ 153,679 |
$ - |
$ - |
$ - |
$ 153,679 |
$ 143,770 |
$ - |
$ - |
$ - |
$ 143,770 |
||||
Payment services |
186,512 |
- |
- |
- |
186,512 |
171,693 |
- |
- |
- |
171,693 |
||||
Patient statements |
- |
192,813 |
- |
- |
192,813 |
- |
198,214 |
- |
- |
198,214 |
||||
Revenue cycle management |
- |
216,238 |
- |
- |
216,238 |
- |
129,175 |
- |
- |
129,175 |
||||
Dental |
- |
23,464 |
- |
- |
23,464 |
- |
23,808 |
- |
- |
23,808 |
||||
Pharmacy services |
- |
- |
63,052 |
- |
63,052 |
- |
- |
59,830 |
- |
59,830 |
||||
Inter-segment revenue |
2,572 |
391 |
- |
(2,963) |
- |
2,311 |
241 |
- |
(2,552) |
- |
||||
Net revenue |
342,763 |
432,906 |
63,052 |
(2,963) |
835,758 |
317,774 |
351,438 |
59,830 |
(2,552) |
726,490 |
||||
Costs and expenses: |
||||||||||||||
Cost of operations |
230,851 |
264,396 |
26,444 |
(2,774) |
518,917 |
207,455 |
216,561 |
21,790 |
(2,457) |
443,349 |
||||
Development and engineering |
8,804 |
13,737 |
5,249 |
- |
27,790 |
8,779 |
11,766 |
5,300 |
- |
25,845 |
||||
Sales, marketing, general and administrative |
20,857 |
27,766 |
4,126 |
45,231 |
97,980 |
19,742 |
21,326 |
4,520 |
35,268 |
80,856 |
||||
Segment contribution (1) |
$ 82,251 |
$ 127,007 |
$ 27,233 |
$ (45,420) |
191,071 |
$ 81,798 |
$ 101,785 |
$ 28,220 |
$ (35,363) |
176,440 |
||||
Depreciation and amortization |
116,786 |
87,054 |
||||||||||||
Interest income |
(10) |
(12) |
||||||||||||
Interest expense |
37,858 |
47,747 |
||||||||||||
Other |
(8,036) |
(4,140) |
||||||||||||
Income before income tax provision |
$ 44,473 |
$ 45,791 |
||||||||||||
(1) Segment contribution has been reduced by equity-based compensation expense of $6,126, $4,844, $17,610 and $12,691 for the three months and nine months ended September 30, 2011 and 2010, respectively. Segment contribution without such equity-based compensation expense would have been $69,005, $62,759, $208,681 and $189,131 for the three and nine months ended September 30, 2011 and 2010, respectively. |
||||||||||||||
Explanation of Non-GAAP Financial Measures
Emdeon's management believes that, in order to properly understand Emdeon's short-term and long-term financial trends, investors may wish to consider the impact of certain non-cash or non-operating items, when used as a supplement to financial performance measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These items result from facts and circumstances that vary in frequency and/or impact continuing operations. In addition, management uses results of operations before such excluded items to evaluate the operational performance of Emdeon as a basis for strategic planning and, in the case of Adjusted EBITDA, as a performance evaluation metric in determining achievement of certain executive and management incentive compensation programs. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition to the description provided below, reconciliations of GAAP to non-GAAP results are provided in the financial statement tables included in this release.
In this release, Emdeon defines Adjusted EBITDA as EBITDA (which is defined as net income before income tax provision (benefit), net interest expense and depreciation and amortization), plus certain other non-cash or non-operating items (collectively, "EBITDA Adjustments").
In this release, Emdeon defines Adjusted Net Income as the sum of (i) GAAP net income, (ii) EBITDA Adjustments, (iii) non-cash interest expense and (iv) depreciation and amortization expense resulting from adjustments of assets to fair value in connection with acquisition accounting, less income taxes computed based on a normalized income tax rate. Emdeon defines Adjusted Net Income per fully diluted share as the quotient of Adjusted Net Income and weighted average shares outstanding, assuming all potentially dilutive securities (except for contingently issuable shares subject to performance conditions and shares or other potentially dilutive securities not otherwise contemplated in the share denominator utilized in the applicable year's financial outlook range) are fully dilutive and outstanding shares from their date of grant or issuance.
To properly evaluate Emdeon's business, Emdeon encourages investors to review the GAAP financial information included in this release, and not rely on any single financial measure to evaluate Emdeon's business. Emdeon also strongly encourages investors to review the reconciliation of GAAP net income and GAAP net income per diluted share to the applicable non-GAAP measures of Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per fully diluted share. These non-GAAP measures, as Emdeon defines them, may not be similar to non-GAAP measures used by other companies.
Management uses Adjusted EBITDA and Adjusted Net Income per fully diluted share to facilitate a comparison of Emdeon's operating performance on a consistent basis from period to period that, when viewed in combination with Emdeon's GAAP results, management believes provides a more complete understanding of factors and trends affecting Emdeon's business than GAAP measures alone. Management believes these non-GAAP measures assist Emdeon's board of directors, management, lenders and investors in comparing Emdeon's operating performance on a consistent basis because they remove where applicable, the impact of Emdeon's capital structure, asset base, acquisition accounting, non-cash charges and non-operating items from Emdeon's operations.
Emdeon Inc. |
|||||||||
Reconciliation of GAAP Net Income to Adjusted EBITDA |
|||||||||
(unaudited and amounts in thousands) |
|||||||||
For the Three Months |
For the Nine Months |
||||||||
Ended September 30, |
Ended September 30, |
||||||||
2011 |
2010 |
2011 |
2010 |
||||||
Net income |
$ 6,273 |
$ 6,627 |
$ 22,777 |
$ 18,141 |
|||||
Interest expense, net |
12,573 |
16,159 |
37,848 |
47,735 |
|||||
Income tax provision |
8,601 |
7,498 |
21,696 |
27,650 |
|||||
Depreciation and amortization |
39,830 |
30,001 |
116,786 |
87,054 |
|||||
EBITDA |
67,277 |
60,285 |
199,107 |
180,580 |
|||||
Equity-based compensation |
6,126 |
4,844 |
17,610 |
12,691 |
|||||
Acquisition accounting adjustments |
- |
12 |
- |
205 |
|||||
Transaction costs |
5,689 |
- |
6,024 |
- |
|||||
Facilities consolidation costs |
198 |
1,148 |
711 |
1,551 |
|||||
Acquisition-related costs |
1,448 |
1,416 |
4,237 |
3,442 |
|||||
Tax receivable agreements change in estimate |
321 |
1,162 |
547 |
(318) |
|||||
Contingent consideration adjustments |
(4,398) |
(2,370) |
(8,036) |
(4,140) |
|||||
EBITDA Adjustments |
9,384 |
6,212 |
21,093 |
13,431 |
|||||
Adjusted EBITDA |
$ 76,661 |
$ 66,497 |
$ 220,200 |
$ 194,011 |
|||||
Emdeon Inc. |
|||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income |
|||||||||
(unaudited and amounts in thousands) |
|||||||||
For the Three Months |
For the Nine Months |
||||||||
Ended September 30, |
Ended September 30, |
||||||||
2011 |
2010 |
2011 |
2010 |
||||||
Net income |
$ 6,273 |
$ 6,627 |
$ 22,777 |
$ 18,141 |
|||||
Income tax provision |
8,601 |
7,498 |
21,696 |
27,650 |
|||||
EBITDA Adjustments |
9,384 |
6,212 |
21,093 |
13,431 |
|||||
Non-cash interest expense |
2,416 |
5,531 |
7,570 |
14,749 |
|||||
Depreciation and amortization resulting from acquisition method adjustments |
27,336 |
20,318 |
80,212 |
59,458 |
|||||
Adjusted net income before income taxes |
54,010 |
46,186 |
153,348 |
133,429 |
|||||
Normalized income tax provision |
21,334 |
18,243 |
60,572 |
52,704 |
|||||
Adjusted Net Income |
$ 32,676 |
$ 27,943 |
$ 92,776 |
$ 80,725 |
|||||
Emdeon Inc. |
|||||||||||||
Reconciliation of GAAP Net Income Per Diluted Share of Class A Common Stock to |
|||||||||||||
Adjusted Net Income Per Fully Diluted Share(1) |
|||||||||||||
(unaudited) |
|||||||||||||
For the Three Months |
For the Nine Months |
||||||||||||
Ended September 30, |
Ended September 30, |
||||||||||||
2011 |
2010 |
2011 |
2010 |
||||||||||
Net income per diluted share of Class A common stock |
$ 0.04 |
$ 0.04 |
$ 0.15 |
$ 0.11 |
|||||||||
Impact of assuming full dilution of all outstanding equity instruments for the period |
0.00 |
0.01 |
0.03 |
0.03 |
|||||||||
Adjustments on a per share basis: |
|||||||||||||
Income tax provision |
0.07 |
0.06 |
0.18 |
0.23 |
|||||||||
EBITDA Adjustments |
0.08 |
0.05 |
0.17 |
0.11 |
|||||||||
Non-cash interest expense |
0.02 |
0.05 |
0.06 |
0.12 |
|||||||||
Depreciation and amortization resulting from acquisition method adjustments |
0.22 |
0.17 |
0.65 |
0.49 |
|||||||||
Adjusted net income before income taxes |
0.43 |
0.38 |
1.24 |
1.09 |
|||||||||
Normalized income tax provision |
0.17 |
0.15 |
0.49 |
0.43 |
|||||||||
Adjusted Net Income per fully diluted share |
0.26 |
$ 0.23 |
$ 0.75 |
$ 0.66 |
|||||||||
(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 Nine Months |
|||||||||
Ended September 30, |
Ended September 30, |
|||||||||
Weighted average of: |
2011 |
2010 |
2011 |
2010 |
||||||
Class A shares outstanding |
91,141 |
90,656 |
91,063 |
90,584 |
||||||
Class B shares outstanding |
24,483 |
24,689 |
24,483 |
24,701 |
||||||
Restricted stock units outstanding |
859 |
744 |
851 |
694 |
||||||
Options to purchase Class A shares outstanding |
7,715 |
6,517 |
7,462 |
6,184 |
||||||
Shares assumed in Adjusted Net Income per fully diluted share calculation |
124,198 |
122,606 |
123,859 |
122,163 |
||||||
SOURCE Emdeon Inc.
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