Athenahealth inc (ATHN)
CashFlow / Quarterly
Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

26,400

36,400

31,100

31,600

13,000

9,900

-1,400

9,800

13,900

-1,900

-800

7,688

5,795

9,349

-8,832

8,748

-1,631

-2,162

-8,055

13,145

1,170

-12,421

700

5,940

6,210

4,154

2,428

5,329

5,280

5,186

3,251

7,303

3,826

1,298

277

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment, capitalized software, and purchased intangible assets

38,500

35,400

38,100

38,000

36,500

35,300

37,500

38,700

37,500

33,500

33,000

32,131

31,143

28,185

26,541

24,384

24,115

23,842

21,459

18,179

17,448

16,088

10,138

8,803

7,480

6,585

6,276

5,677

5,298

4,197

3,858

3,631

3,328

3,117

2,880

Amortization of deferred commissions and contract fulfillment costs

2,200

2,100

1,800

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for uncollectible accounts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-99

0

287

473

56

334

259

1,197

152

210

213

Excess tax benefit from stock-based awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,869

5,630

2,851

2,829

3,998

3,778

4,257

2,175

-

-

-

-

Amortization of premium on investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

84

-

330

327

354

310

401

487

381

-

-

-

-381

Deferred income tax

9,700

2,300

8,000

3,100

2,800

400

1,000

-6,800

-1,100

-1,000

-1,000

-6,848

-5,205

7,772

-4,219

-5,206

-1,016

-873

-4,605

-1,649

97

7,253

-12,745

373

-837

-466

40

-1,031

-1,112

-955

136

3,347

-1,935

-551

152

Change in fair value of contingent considerations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-333

-5,895

1,181

-71

380

-116

-110

-114

554

0

0

-304

Stock-based compensation expense

14,100

10,400

14,000

11,800

12,500

15,800

14,200

15,800

17,200

18,300

15,200

16,157

14,980

17,089

15,874

16,614

12,421

14,214

12,351

8,923

9,683

10,384

13,658

6,718

7,534

7,351

5,633

5,869

5,116

3,911

4,005

4,022

3,761

3,910

2,784

Other reconciling adjustments

-1,300

-500

-4,600

-4,800

100

100

-100

-

-

-

-100

-94

78

18

-102

221

22

28

-171

383

-218

-180

6

-1,234

22

120

0

0

0

-138

65

276

-111

-304

-60

Changes in operating assets and liabilities:
Accounts receivable, net

-16,300

-10,000

23,800

5,700

-6,500

6,000

2,700

10,400

11,400

-7,400

-900

3,359

17,518

8,606

-4,183

20,236

3,946

10,543

-325

-8,958

4,098

747

7,512

8,149

2,328

-2,173

4,307

2,395

2,085

1,547

6,103

1,916

1,056

1,225

1,122

Contract assets

-

-

9,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and other current assets

1,500

6,200

9,200

3,900

-3,600

5,000

7,200

-12,800

4,800

-2,200

5,100

-5,496

-5,991

2,796

4,491

-10,652

3,309

1,416

1,627

-7,605

-747

2,809

2,260

-7,322

-4,169

-1,452

847

-3,099

-2,703

-5,443

-542

-1,452

-4,593

-1,224

1,808

Deferred commissions and contract fulfillment costs and other long-term assets

-

-

8,100

-

-

-

-300

1,100

1,900

1,100

200

610

1,232

916

-58

-582

-406

-557

945

666

-107

-420

-73

95

-89

-23

-94

-154

-169

-87

-79

-98

618

-430

153

Accounts payable

-10,600

5,300

-1,400

3,900

1,700

100

-1,200

-7,000

8,200

-1,600

-4,400

-2,811

3,050

1,422

1,139

-2,570

499

658

3,913

-7,634

4,537

879

1,985

-1,612

403

-1,832

3,054

-1,695

1,602

-1,343

2,124

-629

-523

520

-392

Accrued expenses, deferred rent, and other long-term liabilities

9,200

500

-500

-5,700

-4,300

5,900

400

-2,300

200

-8,300

9,500

3,968

-2,920

469

6,683

1,713

-1,139

6,575

2,951

-1,025

1,800

-4,995

4,199

2,259

-103

1,665

77

106

2,338

-1,403

1,791

242

1,675

3,225

-4,121

Accrued compensation

16,700

18,300

-23,000

8,500

16,700

7,400

-28,100

8,500

1,700

29,600

-38,800

13,115

9,456

24,656

-30,027

15,921

6,527

17,381

-13,529

3,826

3,256

14,333

-15,640

4,586

4,056

10,664

-11,347

-

-

-

-6,593

-

-

-

-

Deferred revenue

-3,100

3,200

7,600

-2,300

-3,900

2,600

3,700

-3,600

-3,700

-3,400

-700

-2,815

-1,079

3,780

3,314

1,370

574

1

1,255

-5,432

110

137

2,095

605

1,256

250

858

2,928

2,172

2,156

2,731

1,465

1,586

2,902

1,964

Deferred rent

-

-

-

-

-

-

-

-200

-100

100

600

3,252

866

3,383

2,599

3,308

6,910

1,480

402

168

1,373

-3,323

-309

450

-251

-217

-221

-217

-45

-2,951

-352

-315

-346

-314

-300

Net cash provided by operating activities

110,300

117,800

30,200

80,300

87,000

57,200

16,600

46,600

54,000

73,700

8,300

60,881

28,339

61,656

12,924

44,959

40,389

49,686

14,066

37,105

36,448

25,295

-5,540

24,033

18,582

27,977

-379

21,523

19,072

16,186

3,983

19,421

10,059

14,121

1,119

CASH FLOWS FROM INVESTING ACTIVITIES:
Capitalized software costs

19,000

19,800

26,100

23,500

17,800

16,700

24,800

21,400

25,300

22,000

20,800

20,086

18,984

20,238

38,492

12,268

15,014

15,161

11,057

7,803

8,327

8,194

4,799

4,999

4,743

3,076

2,839

2,528

2,183

1,599

1,469

1,455

847

876

703

Purchases of property and equipment

7,100

8,800

16,000

13,300

15,800

26,100

24,900

16,100

18,900

15,300

18,700

22,110

23,097

19,178

22,815

24,969

22,140

23,666

5,325

16,855

4,804

5,598

11,003

4,778

3,469

5,274

10,383

7,290

2,565

4,774

2,067

1,827

4,235

3,034

6,836

Proceeds from sales and disposals of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1

362

Proceeds from sales and maturities of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

56,245

87,906

26,060

21,150

25,224

43,279

37,970

32,780

54,054

32,239

28,052

29,700

20,750

Purchases of investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

56,230

31,806

4,979

25,904

69,291

16,191

31,409

48,766

43,239

41,832

32,681

27,691

Payments on acquisitions, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

10

0

-275

40,165

0

0

0

0

0

0

167,325

242,836

5,798

0

0

0

-

-

-

-

-

-

-

-

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-149

-2,806

3,000

0

-1,357

0

501

-3,344

-703

-104

-375

-422

0

-2,887

-194

0

1

-332

Net cash used in investing activities

-26,300

-35,000

-42,100

-36,800

-33,900

-83,600

-49,700

-37,900

-58,700

-38,800

-39,500

-43,552

-30,969

-23,107

-101,472

-37,642

-37,154

-38,928

-13,576

-27,658

-15,131

-179,760

-202,393

15,600

-10,614

8,696

-13,798

-34,360

-11,536

-11,990

4,639

-14,088

-18,862

-6,891

-13,786

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock under stock plans

5,000

4,200

6,400

3,100

4,000

3,900

5,500

2,100

4,900

3,400

5,800

4,054

9,487

2,272

6,287

1,277

5,878

4,845

9,000

5,994

12,891

3,303

8,945

730

7,064

2,947

7,958

1,271

8,268

2,433

2,125

4,166

1,015

156

3,269

Taxes paid related to net share settlement of stock awards

1,700

700

13,500

800

1,900

700

14,500

900

2,200

500

16,000

736

1,946

3,408

15,310

598

1,782

7,056

19,464

982

1,169

2,725

7,199

562

0

1,861

1,825

-

-

-

-

-

-

-

-

Excess tax benefit from stock-based awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,869

5,630

2,851

2,829

3,998

3,778

4,257

2,175

-

-

-

-

Proceeds from line of credit

-

-

-

-

-

-

-

-

-

-

-

0

0

0

60,000

0

0

0

0

0

0

50,000

105,000

-

-

-

-

-

-

-

-

-

-

-

-

Payments on long-term debt

5,600

5,600

3,800

3,800

3,800

3,700

7,500

0

3,700

3,800

0

50

0

170,000

3,750

3,750

3,750

3,750

3,750

3,750

3,750

3,750

0

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activities

-

-

-

-

-

-

-

-

-

-

-

-1,000

0

0

0

-

-

-

-

-

-

-

-

0

-743

-703

-104

-375

-422

0

-2,558

-

-

-

-

Net settlement of acquired companys board of directors equity shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

5,806

0

0

0

0

-

-

-

-

-

-

-

-

Debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

107

1,317

275

0

0

0

0

-

-

-

-

-

-

-

-

Payment to terminate interest rate derivative contract

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-8,653

0

8,423

793

843

906

899

887

Net cash used in financing activities

-2,200

-2,100

-10,900

-1,500

-1,600

-500

-16,500

8,800

400

-1,000

-10,200

7,788

14,866

33,919

47,227

7,029

346

-5,961

-14,214

-6,828

7,340

140,511

100,665

3,037

11,951

3,234

8,858

4,153

11,624

-2,296

949

6,392

4,809

538

2,382

Effect of exchange rate changes on cash and cash equivalents

-500

-600

-300

400

0

100

200

-100

0

-200

100

58

-391

-194

127

-74

-296

185

-15

109

59

-295

87

4

65

-68

29

358

-423

-112

67

165

103

-77

13

Net increase (decrease) in cash and cash equivalents

81,300

80,100

-23,100

42,400

51,500

-26,800

-49,400

17,400

-4,300

33,700

-41,300

25,175

11,845

72,274

-41,194

14,272

3,285

4,982

-13,739

2,728

28,716

-14,249

-107,181

42,674

19,984

39,839

-5,290

-8,326

18,737

1,788

9,638

11,890

-3,891

7,691

-10,272

Non-cash transaction
Property, equipment, and purchased and internally-developed software recorded in accounts payable, accrued expenses, and accrued compensation

2,200

3,800

9,000

-7,400

5,500

-10,500

22,500

9,600

-4,200

2,600

9,500

-740

-2,204

5,887

9,557

-6,571

7,566

7,252

3,753

471

928

-622

890

1,309

2,458

-334

784

7,808

36

43

179

-

-

-

-

Non-cash leasehold improvements

-

-

-

-

-

-

-

-

-

-

-

831

241

1,123

105

2,853

1,427

1,620

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fair value of equity awards assumed

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

13,028

0

0

0

0

-

-

-

-

-726

0

1

362

Grant from government program to be used to reduce non-income taxes recorded in investments and other assets and other long-term liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Tax benefit recorded in prepaid expenses and other current assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,903

5,596

2,877

2,774

3,685

3,774

4,224

2,120

-

-

-

-

Taxes to be paid related to net share settlement of stock units in accrued compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,209

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Additional disclosures
Cash received for interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

600

1,309

-477

528

-

-

-

-

-

-

-

-

Cash paid for interest, net

1,700

1,700

1,600

600

1,500

1,400

1,600

-400

1,400

1,800

1,800

1,830

1,205

2,413

252

986

1,114

926

1,474

1,338

1,063

476

0

-

-

-

-

-

-

48

177

-

153

167

117

Cash paid for taxes

4,300

5,300

2,000

1,500

500

600

0

100

-300

400

100

461

1

2

136

2,712

-58

7

-761

75

279

964

30

63

45

3,091

733

544

1,360

563

241

171

76

406

983