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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Quality Systems, Inc. (delisted) | NASDAQ:QSII | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.36 | 22.34 | 22.37 | 0 | 01:00:00 |
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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California
(State or other jurisdiction of incorporation or organization)
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95-2888568
(IRS Employer Identification No.)
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|
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18111 Von Karman Avenue, Suite 800, Irvine, California
(Address of principal executive offices)
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92612
(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.01 Par Value
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NASDAQ Global Select Market
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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* For purposes of this Annual Report on Form 10-K, in addition to those shareholders which fall within the definition of “affiliates” under Rule 405 of the Securities Act of 1933, as amended, holders of ten percent or more of the Registrant’s common stock are deemed to be affiliates for purposes of this Report.
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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•
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Focus on the ambulatory client segment.
In October 2015, we sold our former Hospital Solutions division to focus on our core ambulatory clients. Further, a recent operational reorganization better allows us to serve the needs of our ambulatory clients through a simpler, more nimble, and focused organization. We believe it is essential to protect, build
|
•
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Platform as a service.
With the introduction of our API 2.0 framework and our continued leverage of the Mirth interoperability platform, we will continue our evolution to plug and play extensibility and information sharing that allows our customers to innovate and deploy high-fidelity extensions to our core applications without the costs, risks (security, performance, etc.) or complexity commonly associated with direct binding. We have also introduced platform-enabled automation capabilities to empower our clients to drive cost out of their processes while supporting their needs to implement the highly personalized workflows that are required to support value based care. Our acquisition of Entrada and its cloud-based, mobile application in April 2017 demonstrates our commitment to innovation that becomes essential for practitioners by improving their clinical productivity with documentation support services that seamlessly integrate into their electronic health record. We believe there is significant opportunity to extend the solutions we offer existing and new clients through value-added services such as RCM and EDI.
|
•
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Population health software and services.
We are migrating into applications, analytics and services that will enable our clients to proactively manage the health of patient populations. We are establishing strong development partnerships with our most innovative customers who are actively participating in shared-risk contracts, and working together with them to create progressive population health capabilities. We support extraordinary information sharing capabilities vital to managing patient populations through Mirth interoperability offerings.
|
|
Segment Revenue Breakdown
Fiscal Year Ended March 31,
|
|
Segment Revenue Growth (Decline)
Fiscal Year Ended March 31,
|
|||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
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2017
|
|
2016
|
|
2015
|
|||||||||
Software and Related Solutions
|
$
|
423,593
|
|
|
$
|
398,449
|
|
|
$
|
395,259
|
|
|
6.3
|
%
|
|
0.8
|
%
|
|
9.1
|
%
|
RCM and Related Services
|
86,031
|
|
|
86,559
|
|
|
76,962
|
|
|
(0.6
|
)%
|
|
12.5
|
%
|
|
15.3
|
%
|
|||
Hospital Solutions
(1)
|
—
|
|
|
7,469
|
|
|
18,004
|
|
|
(100
|
)%
|
|
(58.5
|
)%
|
|
15.3
|
%
|
|||
Consolidated
|
$
|
509,624
|
|
|
$
|
492,477
|
|
|
$
|
490,225
|
|
|
3.5
|
%
|
|
0.5
|
%
|
|
10.2
|
%
|
•
|
failure to achieve projected synergies and performance targets;
|
•
|
potentially dilutive issuances of our securities, the incurrence of debt and contingent liabilities and amortization expenses related to intangible assets with indefinite useful lives, which could adversely affect our results of operations and financial condition;
|
•
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using cash as acquisition currency may adversely affect interest or investment income, which may in turn adversely affect our earnings and /or earnings per share;
|
•
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unanticipated expenses or difficulty in fully or effectively integrating or retaining the acquired technologies, software products, services, business practices, management teams or personnel, which would prevent us from realizing the intended benefits of the acquisition;
|
•
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failure to maintain uniform standard controls, policies and procedures across acquired businesses;
|
•
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difficulty in predicting and responding to issues related to product transition such as development, distribution and client support;
|
•
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the possible adverse effect of such acquisitions on existing relationships with third party partners and suppliers of technologies and services;
|
•
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the possibility that staff or clients of the acquired company might not accept new ownership and may transition to different technologies or attempt to renegotiate contract terms or relationships, including maintenance or support agreements;
|
•
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the assumption of known and unknown liabilities;
|
•
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the possibility of disputes over post-closing purchase price adjustments such as performance-based earnouts;
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•
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the possibility that the due diligence process in any such acquisition may not completely identify material issues associated with product quality, product architecture, product development, intellectual property issues, regulatory risks,
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•
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difficulty in entering geographic and/or business markets in which we have no or limited prior experience;
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•
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difficulty in integrating acquired operations due to geographical distance and language and cultural differences;
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•
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diversion of management's attention from other business concerns; and
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•
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the possibility that acquired assets become impaired, or that acquired assets lead us to determine that existing assets become impaired, requiring us to take a charge to earnings which could be significant.
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•
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state and federal privacy and confidentiality laws;
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•
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our contracts with clients and partners;
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•
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state laws regulating healthcare professionals;
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•
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Medicaid laws;
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•
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the HIPAA and related rules proposed by CMS; and
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•
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CMS standards for Internet transmission of health data.
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•
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the size and timing of orders from clients;
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•
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the specific mix of software, hardware and services in client orders;
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•
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the length of sales cycles and installation processes;
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•
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the ability of our clients to obtain financing for the purchase of our products;
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•
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changes in pricing policies or price reductions by us or our competitors;
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•
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the timing of new product announcements and product introductions by us or our competitors;
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•
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changes in revenue recognition or other accounting guidelines employed by us and/or established by the Financial Accounting Standards Board ("FASB") or other rule-making bodies;
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•
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changes in government healthcare policies and regulations, such as the shift from fee-for-service reimbursement to value-based reimbursement;
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•
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accounting policies concerning the timing of the recognition of revenue;
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•
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the availability and cost of system components;
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•
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the financial stability of clients;
|
•
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market acceptance of new products, applications and product enhancements;
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•
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our ability to develop, introduce and market new products, applications and product enhancements;
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•
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our success in expanding our sales and marketing programs;
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•
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deferrals of client orders in anticipation of new products, applications, product enhancements, or public/private sector initiatives;
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•
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execution of or changes to our strategy;
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•
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personnel changes; and
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•
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general market/economic factors.
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•
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actual or anticipated quarterly variations in operating results;
|
•
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rumors about our performance, software solutions, or merger and acquisition activity;
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•
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changes in expectations of future financial performance or changes in estimates of securities analysts;
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•
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governmental regulatory action;
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•
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health care reform measures;
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•
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client relationship developments;
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•
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purchases or sales of company stock;
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•
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activities by one or more of our major shareholders concerning our policies and operations;
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•
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changes occurring in the markets in general;
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•
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macroeconomic conditions, both nationally and internationally; and
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•
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other factors, many of which are beyond our control.
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Square Feet
|
Notes
|
|
Primary Operating Locations
|
|
|
|
Horsham, Pennsylvania
|
92,800
|
|
(2) (4)
|
Irvine, California
|
83,100
|
|
(1) (2) (4)
|
Bangalore, India
|
73,800
|
|
(4)
|
St. Louis, Missouri
|
54,900
|
|
(3)
|
San Diego, California
|
40,000
|
|
(2) (4)
|
Atlanta, Georgia
|
35,500
|
|
(2) (4)
|
Hunt Valley, Maryland
|
34,000
|
|
(3)
|
North Canton, Ohio
|
22,100
|
|
(3)
|
South Jordan, Utah
|
7,300
|
|
(3)
|
Other locations
|
2,800
|
|
|
Total Primary Operating Locations
|
446,300
|
|
|
|
|
|
|
Vacated or Subleased Locations
|
|
|
|
Austin, Texas
|
43,700
|
|
|
Costa Mesa, California
|
25,100
|
|
|
Horsham, Pennsylvania
|
17,200
|
|
|
Solana Beach, California
|
12,000
|
|
|
Other locations
|
6,900
|
|
|
Total Vacated or Subleased Locations
|
104,900
|
|
|
|
|
|
|
Total Leased Properties
|
551,200
|
|
|
|
High
|
|
Low
|
Three Months Ended
|
|
|
|
June 30, 2015
|
$17.95
|
|
$15.33
|
September 30, 2015
|
$17.06
|
|
$12.01
|
December 31, 2015
|
$16.74
|
|
$12.11
|
March 31, 2016
|
$17.50
|
|
$12.51
|
June 30, 2016
|
$15.31
|
|
$11.10
|
September 30, 2016
|
$13.04
|
|
$11.13
|
December 31, 2016
|
$14.18
|
|
$10.61
|
March 31, 2017
|
$15.90
|
|
$13.07
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Per Share Dividend
|
||
|
|
|
|
|
|
|
||
May 20, 2015
|
|
June 12, 2015
|
|
July 6, 2015
|
|
$
|
0.175
|
|
July 22, 2015
|
|
September 11, 2015
|
|
October 5, 2015
|
|
0.175
|
|
|
October 21, 2015
|
|
December 11, 2015
|
|
January 4, 2016
|
|
0.175
|
|
|
Fiscal year 2016
|
|
|
|
|
|
$
|
0.525
|
|
*
|
$100 invested on March 31, 2012 in stock or index, including reinvestment of dividends. Fiscal year ended March 31.
|
|
Fiscal Year Ended March 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Statements of net income and comprehensive income data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
509,624
|
|
|
$
|
492,477
|
|
|
$
|
490,225
|
|
|
$
|
444,667
|
|
|
$
|
460,229
|
|
Cost of revenue
|
223,134
|
|
|
225,615
|
|
|
223,164
|
|
|
220,163
|
|
|
189,652
|
|
|||||
Gross profit
|
286,490
|
|
|
266,862
|
|
|
267,061
|
|
|
224,504
|
|
|
270,577
|
|
|||||
Selling, general and administrative
|
163,623
|
|
|
156,234
|
|
|
158,172
|
|
|
149,214
|
|
|
148,353
|
|
|||||
Research and development costs, net
|
78,341
|
|
|
65,661
|
|
|
69,240
|
|
|
41,524
|
|
|
30,865
|
|
|||||
Amortization of acquired intangible assets
|
10,435
|
|
|
5,367
|
|
|
3,693
|
|
|
4,805
|
|
|
4,859
|
|
|||||
Impairment of assets
|
—
|
|
|
32,238
|
|
|
—
|
|
|
5,873
|
|
|
17,400
|
|
|||||
Restructuring costs
|
7,078
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Income from operations
|
27,013
|
|
|
7,362
|
|
|
35,956
|
|
|
23,088
|
|
|
69,100
|
|
|||||
Interest income
|
14
|
|
|
428
|
|
|
111
|
|
|
269
|
|
|
76
|
|
|||||
Interest expense
|
(3,156
|
)
|
|
(1,304
|
)
|
|
(341
|
)
|
|
—
|
|
|
(183
|
)
|
|||||
Other expense, net
|
(262
|
)
|
|
(166
|
)
|
|
(62
|
)
|
|
(356
|
)
|
|
(79
|
)
|
|||||
Income before provision for income taxes
|
23,609
|
|
|
6,320
|
|
|
35,664
|
|
|
23,001
|
|
|
68,914
|
|
|||||
Provision for income taxes
|
5,368
|
|
|
663
|
|
|
8,332
|
|
|
7,321
|
|
|
26,190
|
|
|||||
Net income
|
$
|
18,241
|
|
|
$
|
5,657
|
|
|
$
|
27,332
|
|
|
$
|
15,680
|
|
|
$
|
42,724
|
|
Basic net income per share
|
$
|
0.30
|
|
|
$
|
0.09
|
|
|
$
|
0.45
|
|
|
$
|
0.26
|
|
|
$
|
0.72
|
|
Diluted net income per share
|
$
|
0.29
|
|
|
$
|
0.09
|
|
|
$
|
0.45
|
|
|
$
|
0.26
|
|
|
$
|
0.72
|
|
Basic weighted average shares outstanding
|
61,818
|
|
|
60,635
|
|
|
60,259
|
|
|
59,918
|
|
|
59,392
|
|
|||||
Diluted weighted average shares outstanding
|
62,010
|
|
|
61,233
|
|
|
60,849
|
|
|
60,134
|
|
|
59,462
|
|
|||||
Dividends declared per common share
|
$
|
—
|
|
|
$
|
0.525
|
|
|
$
|
0.70
|
|
|
$
|
0.70
|
|
|
$
|
0.70
|
|
|
March 31,
2017 |
|
March 31,
2016 |
|
March 31,
2015 |
|
March 31,
2014 |
|
March 31,
2013 |
||||||||||
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash, cash equivalents, and marketable securities
|
$
|
37,673
|
|
|
$
|
36,473
|
|
|
$
|
130,585
|
|
|
$
|
113,801
|
|
|
$
|
118,011
|
|
Working capital
|
$
|
18,108
|
|
|
$
|
45,931
|
|
|
$
|
100,893
|
|
|
$
|
124,782
|
|
|
$
|
158,156
|
|
Total assets
|
$
|
473,221
|
|
|
$
|
530,790
|
|
|
$
|
460,521
|
|
|
$
|
451,351
|
|
|
$
|
452,126
|
|
Long-term line of credit
|
$
|
15,000
|
|
|
$
|
105,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total liabilities
|
$
|
168,178
|
|
|
$
|
261,413
|
|
|
$
|
176,981
|
|
|
$
|
156,261
|
|
|
$
|
145,077
|
|
Total shareholders’ equity
|
$
|
305,043
|
|
|
$
|
269,377
|
|
|
$
|
283,540
|
|
|
$
|
295,090
|
|
|
$
|
307,049
|
|
|
Fiscal Year Ended March 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Revenues:
|
|
|
|
|
|
|||
Software license and hardware
|
12.9
|
%
|
|
14.3
|
%
|
|
16.7
|
%
|
Software related subscription services
|
17.1
|
|
|
11.2
|
|
|
9.1
|
|
Total software, hardware and related
|
29.9
|
|
|
25.6
|
|
|
25.8
|
|
Support and maintenance
|
31.2
|
|
|
33.5
|
|
|
34.5
|
|
Revenue cycle management and related services
|
16.2
|
|
|
16.9
|
|
|
15.1
|
|
Electronic data interchange and data services
|
17.5
|
|
|
16.7
|
|
|
15.6
|
|
Professional services
|
5.2
|
|
|
7.3
|
|
|
9.0
|
|
Total revenues
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
Cost of revenue:
|
|
|
|
|
|
|||
Software license and hardware
|
4.8
|
|
|
5.6
|
|
|
5.9
|
|
Software related subscription services
|
7.2
|
|
|
5.4
|
|
|
4.2
|
|
Total software, hardware and related
|
12.0
|
|
|
11.0
|
|
|
10.1
|
|
Support and maintenance
|
5.6
|
|
|
6.4
|
|
|
5.9
|
|
Revenue cycle management and related services
|
11.1
|
|
|
11.7
|
|
|
11.1
|
|
Electronic data interchange and data services
|
10.0
|
|
|
10.2
|
|
|
9.8
|
|
Professional services
|
5.1
|
|
|
6.6
|
|
|
8.6
|
|
Total cost of revenue
|
43.8
|
|
|
45.8
|
|
|
45.5
|
|
Gross profit
|
56.2
|
|
|
54.2
|
|
|
54.5
|
|
Operating expenses:
|
|
|
|
|
|
|||
Selling, general and administrative
|
32.1
|
|
|
31.7
|
|
|
32.3
|
|
Research and development costs, net
|
15.4
|
|
|
13.3
|
|
|
14.1
|
|
Amortization of acquired intangible assets
|
2.0
|
|
|
1.1
|
|
|
0.8
|
|
Impairment of assets
|
—
|
|
|
6.5
|
|
|
—
|
|
Restructuring costs
|
1.4
|
|
|
—
|
|
|
—
|
|
Total operating expenses
|
50.9
|
|
|
52.7
|
|
|
47.1
|
|
Income from operations
|
5.3
|
|
|
1.5
|
|
|
7.3
|
|
Interest income
|
—
|
|
|
0.1
|
|
|
—
|
|
Interest expense
|
(0.6
|
)
|
|
(0.3
|
)
|
|
(0.1
|
)
|
Other expense, net
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
Income before provision for income taxes
|
4.6
|
|
|
1.3
|
|
|
7.3
|
|
Provision for income taxes
|
1.1
|
|
|
0.1
|
|
|
1.7
|
|
Net income
|
3.6
|
%
|
|
1.1
|
%
|
|
5.6
|
%
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Software license and hardware
|
$
|
65,547
|
|
|
$
|
70,523
|
|
|
$
|
81,649
|
|
Software related subscription services
|
87,050
|
|
|
55,403
|
|
|
44,592
|
|
|||
Total software, hardware and related
|
152,597
|
|
|
125,926
|
|
|
126,241
|
|
|||
|
|
|
|
|
|
||||||
Support and maintenance
|
158,803
|
|
|
165,200
|
|
|
169,219
|
|
|||
Revenue cycle management and related services
|
82,552
|
|
|
83,006
|
|
|
74,237
|
|
|||
Electronic data interchange and data services
|
88,951
|
|
|
82,343
|
|
|
76,358
|
|
|||
Professional services
|
26,721
|
|
|
36,002
|
|
|
44,170
|
|
|||
Total revenues
|
$
|
509,624
|
|
|
$
|
492,477
|
|
|
$
|
490,225
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Total cost of revenue
|
$
|
223,134
|
|
|
$
|
225,615
|
|
|
$
|
223,164
|
|
Gross profit
|
286,490
|
|
|
266,862
|
|
|
267,061
|
|
|||
Gross margin %
|
56.2
|
%
|
|
54.2
|
%
|
|
54.5
|
%
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Selling, general and administrative
|
$
|
163,623
|
|
|
$
|
156,234
|
|
|
$
|
158,172
|
|
Selling, general and administrative, as a percentage of revenue
|
32.1
|
%
|
|
31.7
|
%
|
|
32.3
|
%
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Gross expenditures
|
$
|
86,590
|
|
|
$
|
80,336
|
|
|
$
|
83,841
|
|
Capitalized software costs
|
(8,249
|
)
|
|
(14,675
|
)
|
|
(14,601
|
)
|
|||
Research and development costs, net
|
$
|
78,341
|
|
|
$
|
65,661
|
|
|
$
|
69,240
|
|
|
|
|
|
|
|
||||||
Research and development costs, net, as a percentage of revenue
|
15.4
|
%
|
|
13.3
|
%
|
|
14.1
|
%
|
|||
Capitalized software costs as a percentage of gross expenditures
|
9.5
|
%
|
|
18.3
|
%
|
|
17.4
|
%
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Amortization of acquired intangible assets
|
$
|
10,435
|
|
|
$
|
5,367
|
|
|
$
|
3,693
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Interest income
|
$
|
14
|
|
|
$
|
428
|
|
|
$
|
111
|
|
Interest expense
|
(3,156
|
)
|
|
(1,304
|
)
|
|
(341
|
)
|
|||
Other expense, net
|
(262
|
)
|
|
(166
|
)
|
|
(62
|
)
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Provision for income taxes
|
$
|
5,368
|
|
|
$
|
663
|
|
|
$
|
8,332
|
|
Effective tax rate
|
22.7
|
%
|
|
10.5
|
%
|
|
23.4
|
%
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
18,241
|
|
|
$
|
5,657
|
|
|
$
|
27,332
|
|
Net income per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.30
|
|
|
$
|
0.09
|
|
|
$
|
0.45
|
|
Diluted
|
$
|
0.29
|
|
|
$
|
0.09
|
|
|
$
|
0.45
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Software and Related Solutions
|
$
|
423,593
|
|
|
$
|
398,449
|
|
|
$
|
395,259
|
|
RCM and Related Services
|
86,031
|
|
|
86,559
|
|
|
76,962
|
|
|||
Hospital Solutions
(1)
|
—
|
|
|
7,469
|
|
|
18,004
|
|
|||
Consolidated revenue
|
$
|
509,624
|
|
|
$
|
492,477
|
|
|
$
|
490,225
|
|
|
|
|
|
|
|
||||||
Gross profit:
|
|
|
|
|
|
||||||
Software and Related Solutions
|
$
|
278,121
|
|
|
$
|
252,136
|
|
|
$
|
256,922
|
|
RCM and Related Services
|
28,274
|
|
|
27,694
|
|
|
21,514
|
|
|||
Hospital Solutions
(1)
|
—
|
|
|
2,568
|
|
|
4,876
|
|
|||
Unallocated cost of revenue
(2)
|
(19,905
|
)
|
|
(15,536
|
)
|
|
(16,251
|
)
|
|||
Consolidated gross profit
|
$
|
286,490
|
|
|
$
|
266,862
|
|
|
$
|
267,061
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash and cash equivalents and marketable securities
|
$
|
37,673
|
|
|
$
|
36,473
|
|
|
$
|
130.585
|
|
Unused portion of revolving credit agreement
(1)
|
235,000
|
|
|
145,000
|
|
|
—
|
|
|||
Total liquidity
|
$
|
272,673
|
|
|
$
|
181,473
|
|
|
$
|
130,585
|
|
|
|
|
|
|
|
||||||
Net income
|
$
|
18,241
|
|
|
$
|
5,657
|
|
|
$
|
27,332
|
|
Net cash provided by operating activities
|
$
|
110,592
|
|
|
$
|
40,796
|
|
|
$
|
82,758
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
18,241
|
|
|
$
|
5,657
|
|
|
$
|
27,332
|
|
Non-cash expenses
|
62,147
|
|
|
81,013
|
|
|
23,546
|
|
|||
Cash from net income, as adjusted
|
$
|
80,388
|
|
|
$
|
86,670
|
|
|
$
|
50,878
|
|
|
|
|
|
|
|
||||||
Change in deferred revenue
|
$
|
(5,493
|
)
|
|
$
|
(8,390
|
)
|
|
$
|
(5,610
|
)
|
Change in accounts receivable
|
5,535
|
|
|
9,929
|
|
|
4,744
|
|
|||
Change in other assets and liabilities
|
30,162
|
|
|
(47,413
|
)
|
|
32,746
|
|
|||
Net cash provided by operating activities
|
$
|
110,592
|
|
|
$
|
40,796
|
|
|
$
|
82,758
|
|
|
|
For the year ended March 31,
|
|||||||||||||||||||
Contractual Obligations
|
Total
|
2018
|
2019
|
2020
|
2021
|
2,022
|
2023 and beyond
|
||||||||||||||
Operating lease obligations
|
$
|
60,109
|
|
$
|
8,136
|
|
$
|
8,350
|
|
$
|
8,067
|
|
$
|
8,037
|
|
$
|
7,713
|
|
$
|
19,806
|
|
Remaining lease obligations for vacated properties
(1)
|
6,599
|
|
2,487
|
|
1,413
|
|
794
|
|
816
|
|
551
|
|
538
|
|
|||||||
Line of credit obligations (Note 9)
|
15,000
|
|
—
|
|
—
|
|
—
|
|
15,000
|
|
—
|
|
—
|
|
|||||||
Contingent consideration liabilities
|
18,817
|
|
18,817
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Purchase commitments
(2)
|
3,800
|
|
1,250
|
|
1,250
|
|
1,300
|
|
|
|
—
|
|
|||||||||
Total
|
$
|
104,325
|
|
$
|
30,690
|
|
$
|
11,013
|
|
$
|
10,161
|
|
$
|
23,853
|
|
$
|
8,264
|
|
$
|
20,344
|
|
(1)
|
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
|
(2)
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of our company are being made only in accordance with authorizations of our management and directors; and
|
(3)
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.
|
|
Page
|
(1) Index to Financial Statements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) The following supplementary financial statement schedule of Quality Systems, Inc., required to be included in Item 15(a)(2) on Form 10-K is filed as part of this Report.
|
|
|
|
|
|
Schedules other than that listed above have been omitted since they are either not required, not applicable, or because the information required is included in the Consolidated Financial Statements or the notes thereto.
|
|
|
|
(3) The exhibits listed in the Index to Exhibits hereof are attached hereto or incorporated herein by reference and filed as a part of this Report.
|
|
|
|
|
|
|
|
Incorporated by Reference
|
||
Exhibit Number
|
|
Exhibit Description
|
Filed Herewith
|
Form
|
Exhibit
|
Filing Date
|
|
|
|
|
|
|
|
3.1
|
|
Restated Articles of Incorporation of Quality Systems, Inc. filed with the Secretary of State of California on September 8, 1989(Registration No. 333-00161)
|
|
S-1
|
3.1
|
January 11, 1996
|
3.2
|
|
Certificate of Amendment to Articles of Incorporation of Quality Systems, Inc. filed with the Secretary of State of California effective March 4, 2005
|
|
10-K
|
3.1.1
|
June 14, 2005
|
3.3
|
|
Certificate of Amendment to Articles of Incorporation of Quality Systems, Inc. filed with the Secretary of State of California effective October 6, 2005
|
|
8-K
|
3.01
|
October 11, 2005
|
3.4
|
|
Certificate of Amendment to Articles of Incorporation of Quality Systems, Inc. filed with the Secretary of State of California effective March 3, 2006
|
|
8-K
|
3.1
|
March 6, 2006
|
3.5
|
|
Amended and Restated Bylaws of Quality Systems, Inc., effective October 30, 2008
|
|
8-K
|
3.1
|
October 31, 2008
|
3.6
|
|
Certificate of Amendment to Articles of Incorporation of Quality Systems, Inc. filed with the Secretary of State of California effective October 6, 2011
|
|
8-K
|
3.1
|
October 6, 2011
|
10.1
|
*
|
Form of Non-Qualified Stock Option Agreement for Amended and Restated 1998 Stock Option Plan
|
|
10-Q
|
10.2
|
December 23, 2004
|
10.2
|
*
|
Form of Incentive Stock Option Agreement for Amended and Restated 1998 Stock Option Plan
|
|
10-Q
|
10.1
|
December 23, 2004
|
10.3
|
*
|
Amended and Restated 1998 Stock Option Plan
|
|
10-K
|
10.10.1
|
June 14, 2005
|
10.4
|
*
|
Second Amended and Restated 2005 Stock Option and Incentive Plan
|
|
DEF14A
|
Appendix I
|
July 1, 2011
|
10.5
|
*
|
Form of Nonqualified Stock Option Agreement for 2005 Stock Incentive Plan
|
|
8-K
|
10.2
|
June 5, 2007
|
10.6
|
*
|
Form of Incentive Stock Option Agreement for 2005 Stock Incentive Plan
|
|
8-K
|
10.3
|
June 5, 2007
|
10.7
|
*
|
2009 Quality Systems, Inc. Amended and Restated Deferred Compensation Plan.
|
|
10-K
|
10.8
|
May 30, 2013
|
10.8
|
*
|
Form of Outside Directors Amended and Restated Restricted Stock Agreement
|
|
8-K
|
10.2
|
February 2, 2010
|
10.9
|
*
|
Form of Outside Director's Restricted Stock Unit Agreement
|
|
8-K
|
10.1
|
August 15, 2011
|
10.10
|
*
|
Employment Arrangement dated September 19, 2012 between Quality Systems, Inc., and Daniel Morefield
|
|
8-K
|
10.1
|
September 25, 2012
|
10.11
|
*
|
Form of Indemnification Agreement
|
|
8-K
|
10.1
|
January 28, 2013
|
10.12
|
*
|
Form of Executive Officer Restricted Stock Agreement
|
|
8-K
|
10.2
|
May 28, 2013
|
10.13
|
*
|
Description of 2014 Director Compensation Program
|
|
8-K
|
10.3
|
May 28, 2013
|
10.14
|
*
|
Agreement by and among Quality Systems, Inc., the Clinton Group, Inc. and certain of its affiliates, dated as of July 17, 2013
|
|
8-K
|
10.1
|
July 17, 2013
|
10.15
|
*
|
Share Purchase Agreement by and among Quality Systems, Inc., each of the shareholders of Mirth Corporation identified on Annex A thereto, and Jon Teichrow dated as of September 9, 2013
|
|
10-Q
|
2.1
|
October 31, 2013
|
10.16
|
*
|
Form of Performance-Based Restricted Stock Unit Agreement.
|
|
10-K
|
10.17
|
May 29, 2014
|
10.17
|
*
|
Quality Systems, Inc. 2014 Employee Share Purchase Plan
|
|
DEF14A
|
Annex A
|
June 27, 2014
|
10.18
|
*
|
Executive Employment Agreement, dated June 3, 2015, between Quality Systems, Inc. and John R. Frantz
|
|
8-K
|
10.1
|
June 4, 2015
|
10.19
|
*
|
Separation Agreement and General Release, dated June 24, 2015, between Quality Systems, Inc. and Steven Plochocki
|
|
8-K
|
10.1
|
June 24, 2015
|
10.20
|
*
|
Quality Systems, Inc. 2015 Equity Incentive Plan
|
|
8-K
|
10.1
|
August 14, 2015
|
10.21
|
*
|
Form of Employee Restricted Stock Award Grant Notice and Restricted Stock Award Agreement for 2015 Equity Incentive Plan
|
|
8-K
|
10.2
|
August 14, 2015
|
10.22
|
*
|
Form of Outside Director Restricted Stock Award Grant Notice and Restricted Stock Award Agreement for 2015 Equity Incentive Plan
|
|
8-K
|
10.3
|
August 14, 2015
|
10.23
|
*
|
Form of Stock Option Grant Notice, Option Agreement and Notice of Exercise for 2015 Equity Incentive Plan
|
|
8-K
|
10.4
|
August 14, 2015
|
10.24
|
*
|
Agreement and Plan of Merger, dated October 30, 2015, by and among Quality Systems, Inc., Ivory Merger Sub, Inc., HealthFusion Holdings, Inc. and Seth Flam, Sol Lizerbram, and Jonathan Flam, as the Securityholder Representative Committee.
|
|
8-K
|
2.1
|
October 30, 2015
|
10.25
|
|
Description of 2016 Director Compensation Program
|
|
8-K
|
10.1
|
December 8, 2015
|
10.26
|
*
|
Credit Agreement, dated as of January 4, 2016, among Quality Systems, Inc., JPMorgan Chase Bank, N.A., as administrative agent, U.S. Bank National Association, as syndication agent, and Bank of the West, KeyBank National Association and Wells Fargo Bank, National Association, as co-documentation agents
|
|
10-Q
|
10.1
|
January 29, 2016
|
10.27
|
*
|
Employment Offer Letter, dated January 27, 2016, between David Metcalfe and Quality Systems, Inc.
|
|
8-K
|
10.1
|
January 28, 2016
|
10.28
|
*
|
Employment Offer Letter, dated February 16, 2016, between James R. Arnold and Quality Systems, Inc.
|
|
8-K
|
10.1
|
February 18, 2016
|
10.29
|
|
Description of 2017 Director Compensation Program
|
|
8-K
|
10.1
|
August 18, 2016
|
10.30
|
*
|
Form of Change of Control Severance Agreement, entered into with the Company's named executive officers effective December 27, 2016.
|
|
8-K
|
10.1
|
January 3, 2017
|
10.31
|
*
|
Form of Performance Stock Award Grant Notice and Performance/Restricted Stock Award Agreement for 2015 Equity Incentive Plan, entered into with the Company's named executive officers effective December 29, 2016.
|
|
8-K
|
10.2
|
January 3, 2017
|
10.32
|
*
|
Form of Restricted Stock Award Grant Notice and Performance/Restricted Stock Award Agreement for 2015 Equity Incentive Plan, entered into with the Company's named executive officers effective December 29, 2016.
|
|
8-K
|
10.3
|
January 3, 2017
|
10.33
|
*
|
Separation Agreement and General Release, dated March 31, 2017, between Daniel J. Morefield and Quality Systems, Inc.
|
|
8-K
|
10.1
|
April 4, 2017
|
10.34
|
|
Agreement and Plan of Merger, dated April 11, 2017, by and among Quality Systems, Inc., Engage Merger Sub, Inc., Entrada, Inc. and FCA Venture Partners V, LP, as the Company Stockholders' Representative
|
|
8-K
|
2.1
|
April 12, 2017
|
|
|
|
|
|
|
|
21
|
|
List of subsidiaries.
|
X
|
|
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm — PricewaterhouseCoopers LLP.
|
X
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
X
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
X
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
X
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
**
|
XBRL Instance
|
|
|
|
|
101.SCH
|
**
|
XBRL Taxonomy Extension Schema
|
|
|
|
|
101.CAL
|
**
|
XBRL Taxonomy Extension Calculation
|
|
|
|
|
101.DEF
|
**
|
XBRL Taxonomy Extension Definition
|
|
|
|
|
101.LAB
|
**
|
XBRL Taxonomy Extension Label
|
|
|
|
|
101.PRE
|
**
|
XBRL Taxonomy Extension Presentation
|
|
|
|
|
*
|
This exhibit is a management contract or a compensatory plan or arrangement.
|
**
|
XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of section 11 or 12 of the Securities and Exchange Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise is not subject to liability under these section.
|
|
By:
|
/s/ John R. Frantz
|
|
|
|
John R. Frantz
|
|
|
|
Chief Executive Officer (Principal Executive Officer)
|
|
|
|
|
|
|
By:
|
/s/ James R. Arnold
|
|
|
|
James R. Arnold
|
|
|
|
Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Jeffrey H. Margolis
|
|
Chairman of the Board and Director
|
|
May 19, 2017
|
Jeffrey H. Margolis
|
|
|
|
|
|
|
|
|
|
/s/ Craig A. Barbarosh
|
|
Vice Chairman of the Board and Director
|
|
May 19, 2017
|
Craig A. Barbarosh
|
|
|
|
|
|
|
|
|
|
/s/ John R. Frantz
|
|
Chief Executive Officer (Principal Executive Officer) and Director
|
|
May 19, 2017
|
John R. Frantz
|
|
|
|
|
|
|
|
|
|
/s/ James R. Arnold
|
|
Chief Financial Officer (Principal Financial Officer)
|
|
May 19, 2017
|
James R. Arnold
|
|
|
|
|
|
|
|
|
|
/s/ George H. Bristol
|
|
Director
|
|
May 19, 2017
|
George H. Bristol
|
|
|
|
|
|
|
|
|
|
/s/ James C. Malone
|
|
Director
|
|
May 19, 2017
|
James C. Malone
|
|
|
|
|
|
|
|
|
|
/s/ Morris Panner
|
|
Director
|
|
May 19, 2017
|
Morris Panner
|
|
|
|
|
|
|
|
|
|
/s/ D. Russell Pflueger
|
|
Director
|
|
May 19, 2017
|
D. Russell Pflueger
|
|
|
|
|
|
|
|
|
|
/s/ Sheldon Razin
|
|
Chairman Emeritus and Director
|
|
May 19, 2017
|
Sheldon Razin
|
|
|
|
|
|
|
|
|
|
/s/ Lance E. Rosenzweig
|
|
Director
|
|
May 19, 2017
|
Lance E. Rosenzweig
|
|
|
|
|
|
March 31, 2017
|
|
March 31, 2016
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
37,673
|
|
|
$
|
27,176
|
|
Restricted cash and cash equivalents (Note 2)
|
4,916
|
|
|
5,320
|
|
||
Marketable securities
|
—
|
|
|
9,297
|
|
||
Accounts receivable, net (Note 10)
|
83,407
|
|
|
94,024
|
|
||
Inventory
|
158
|
|
|
555
|
|
||
Income taxes receivable
|
2,679
|
|
|
32,709
|
|
||
Prepaid expenses and other current assets
|
17,969
|
|
|
14,910
|
|
||
Total current assets
|
146,802
|
|
|
183,991
|
|
||
Equipment and improvements, net
|
27,426
|
|
|
25,790
|
|
||
Capitalized software costs, net
|
13,607
|
|
|
13,250
|
|
||
Deferred income taxes, net
|
11,265
|
|
|
8,198
|
|
||
Intangibles, net
|
69,213
|
|
|
91,675
|
|
||
Goodwill
|
185,898
|
|
|
188,837
|
|
||
Other assets
|
19,010
|
|
|
19,049
|
|
||
Total assets
|
$
|
473,221
|
|
|
$
|
530,790
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
4,618
|
|
|
$
|
11,126
|
|
Deferred revenue
|
52,383
|
|
|
57,935
|
|
||
Accrued compensation and related benefits
|
24,513
|
|
|
18,670
|
|
||
Income taxes payable
|
405
|
|
|
91
|
|
||
Other current liabilities
|
46,775
|
|
|
50,238
|
|
||
Total current liabilities
|
128,694
|
|
|
138,060
|
|
||
Deferred revenue, net of current
|
1,394
|
|
|
1,335
|
|
||
Deferred compensation
|
6,629
|
|
|
6,357
|
|
||
Line of credit
|
15,000
|
|
|
105,000
|
|
||
Other noncurrent liabilities
|
16,461
|
|
|
10,661
|
|
||
Total liabilities
|
168,178
|
|
|
261,413
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
|
|
||
Shareholders' equity:
|
|
|
|
||||
Common stock
|
|
|
|
||||
$0.01 par value; authorized 100,000 shares; issued and outstanding 62,455 and 60,978 shares at March 31, 2017 and March 31, 2016, respectively
|
625
|
|
|
610
|
|
||
Additional paid-in capital
|
228,549
|
|
|
211,262
|
|
||
Accumulated other comprehensive loss
|
(358
|
)
|
|
(481
|
)
|
||
Retained earnings
|
76,227
|
|
|
57,986
|
|
||
Total shareholders' equity
|
305,043
|
|
|
269,377
|
|
||
Total liabilities and shareholders' equity
|
$
|
473,221
|
|
|
$
|
530,790
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Software license and hardware
|
$
|
65,547
|
|
|
$
|
70,523
|
|
|
$
|
81,649
|
|
Software related subscription services
|
87,050
|
|
|
55,403
|
|
|
44,592
|
|
|||
Total software, hardware and related
|
152,597
|
|
|
125,926
|
|
|
126,241
|
|
|||
Support and maintenance
|
158,803
|
|
|
165,200
|
|
|
169,219
|
|
|||
Revenue cycle management and related services
|
82,552
|
|
|
83,006
|
|
|
74,237
|
|
|||
Electronic data interchange and data services
|
88,951
|
|
|
82,343
|
|
|
76,358
|
|
|||
Professional services
|
26,721
|
|
|
36,002
|
|
|
44,170
|
|
|||
Total revenues
|
509,624
|
|
|
492,477
|
|
|
490,225
|
|
|||
Cost of revenue:
|
|
|
|
|
|
||||||
Software license and hardware
|
24,654
|
|
|
27,506
|
|
|
28,803
|
|
|||
Software related subscription services
|
36,744
|
|
|
26,622
|
|
|
20,672
|
|
|||
Total software, hardware and related
|
61,398
|
|
|
54,128
|
|
|
49,475
|
|
|||
Support and maintenance
|
28,317
|
|
|
31,329
|
|
|
28,866
|
|
|||
Revenue cycle management and related services
|
56,370
|
|
|
57,591
|
|
|
54,406
|
|
|||
Electronic data interchange and data services
|
51,102
|
|
|
50,153
|
|
|
48,244
|
|
|||
Professional services
|
25,947
|
|
|
32,414
|
|
|
42,173
|
|
|||
Total cost of revenue
|
223,134
|
|
|
225,615
|
|
|
223,164
|
|
|||
Gross profit
|
286,490
|
|
|
266,862
|
|
|
267,061
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Selling, general and administrative
|
163,623
|
|
|
156,234
|
|
|
158,172
|
|
|||
Research and development costs, net
|
78,341
|
|
|
65,661
|
|
|
69,240
|
|
|||
Amortization of acquired intangible assets
|
10,435
|
|
|
5,367
|
|
|
3,693
|
|
|||
Impairment of assets
|
—
|
|
|
32,238
|
|
|
—
|
|
|||
Restructuring costs
|
7,078
|
|
|
—
|
|
|
—
|
|
|||
Total operating expenses
|
259,477
|
|
|
259,500
|
|
|
231,105
|
|
|||
Income from operations
|
27,013
|
|
|
7,362
|
|
|
35,956
|
|
|||
Interest income
|
14
|
|
|
428
|
|
|
111
|
|
|||
Interest expense
|
(3,156
|
)
|
|
(1,304
|
)
|
|
(341
|
)
|
|||
Other expense, net
|
(262
|
)
|
|
(166
|
)
|
|
(62
|
)
|
|||
Income before provision for income taxes
|
23,609
|
|
|
6,320
|
|
|
35,664
|
|
|||
Provision for income taxes
|
5,368
|
|
|
663
|
|
|
8,332
|
|
|||
Net income
|
$
|
18,241
|
|
|
$
|
5,657
|
|
|
$
|
27,332
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||
Foreign currency translation, net of tax
|
80
|
|
|
(382
|
)
|
|
(117
|
)
|
|||
Unrealized gain on marketable securities, net of tax
|
43
|
|
|
93
|
|
|
107
|
|
|||
Comprehensive income
|
$
|
18,364
|
|
|
$
|
5,368
|
|
|
$
|
27,322
|
|
Net income per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.30
|
|
|
$
|
0.09
|
|
|
$
|
0.45
|
|
Diluted
|
$
|
0.29
|
|
|
$
|
0.09
|
|
|
$
|
0.45
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
61,818
|
|
|
60,635
|
|
|
60,259
|
|
|||
Diluted
|
62,010
|
|
|
61,233
|
|
|
60,849
|
|
|||
Dividends declared per common share
|
$
|
—
|
|
|
$
|
0.525
|
|
|
$
|
0.70
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Total
Shareholders’
Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance, March 31, 2014
|
60,206
|
|
|
$
|
602
|
|
|
$
|
194,739
|
|
|
$
|
99,931
|
|
|
$
|
(182
|
)
|
|
$
|
295,090
|
|
Common stock issued under stock plans, net of shares withheld for taxes
|
79
|
|
|
1
|
|
|
383
|
|
|
—
|
|
|
—
|
|
|
384
|
|
|||||
Common stock issued for earnout settlement
|
18
|
|
|
—
|
|
|
284
|
|
|
—
|
|
|
—
|
|
|
284
|
|
|||||
Tax benefit related to stock options
|
—
|
|
|
—
|
|
|
(228
|
)
|
|
—
|
|
|
—
|
|
|
(228
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
3,472
|
|
|
—
|
|
|
—
|
|
|
3,472
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,784
|
)
|
|
—
|
|
|
(42,784
|
)
|
|||||
Components of other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unrealized gain on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
107
|
|
|
107
|
|
|||||
Translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117
|
)
|
|
(117
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
27,332
|
|
|
—
|
|
|
27,332
|
|
|||||
Balance, March 31, 2015
|
60,303
|
|
|
603
|
|
|
198,650
|
|
|
84,479
|
|
|
(192
|
)
|
|
283,540
|
|
|||||
Common stock issued under stock plans, net of shares withheld for taxes
|
241
|
|
|
3
|
|
|
989
|
|
|
—
|
|
|
—
|
|
|
992
|
|
|||||
Common stock issued for earnout settlement
|
434
|
|
|
4
|
|
|
9,269
|
|
|
—
|
|
|
—
|
|
|
9,273
|
|
|||||
Tax benefit related to stock options
|
—
|
|
|
—
|
|
|
(941
|
)
|
|
—
|
|
|
—
|
|
|
(941
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
3,295
|
|
|
—
|
|
|
—
|
|
|
3,295
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,150
|
)
|
|
—
|
|
|
(32,150
|
)
|
|||||
Components of other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unrealized gain on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93
|
|
|
93
|
|
|||||
Translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(382
|
)
|
|
(382
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
5,657
|
|
|
—
|
|
|
5,657
|
|
|||||
Balance, March 31, 2016
|
60,978
|
|
|
610
|
|
|
211,262
|
|
|
57,986
|
|
|
(481
|
)
|
|
269,377
|
|
|||||
Common stock issued under stock plans, net of shares withheld for taxes
|
1,043
|
|
|
11
|
|
|
1,299
|
|
|
—
|
|
|
—
|
|
|
1,310
|
|
|||||
Common stock issued for earnout settlement
|
434
|
|
|
4
|
|
|
9,269
|
|
|
—
|
|
|
—
|
|
|
9,273
|
|
|||||
Tax benefit related to stock options
|
—
|
|
|
—
|
|
|
(879
|
)
|
|
—
|
|
|
—
|
|
|
(879
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
7,598
|
|
|
—
|
|
|
—
|
|
|
7,598
|
|
|||||
Components of other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Unrealized gain on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
43
|
|
|||||
Translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
80
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
18,241
|
|
|
—
|
|
|
18,241
|
|
|||||
Balance, March 31, 2017
|
62,455
|
|
|
$
|
625
|
|
|
$
|
228,549
|
|
|
$
|
76,227
|
|
|
$
|
(358
|
)
|
|
$
|
305,043
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
18,241
|
|
|
$
|
5,657
|
|
|
$
|
27,332
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
10,080
|
|
|
8,834
|
|
|
9,323
|
|
|||
Amortization of capitalized software costs
|
7,892
|
|
|
9,891
|
|
|
12,817
|
|
|||
Amortization of other intangibles
|
22,462
|
|
|
11,014
|
|
|
7,127
|
|
|||
Amortization of debt issuance costs
|
1,076
|
|
|
258
|
|
|
—
|
|
|||
Loss on disposal of equipment and improvements
|
530
|
|
|
205
|
|
|
51
|
|
|||
Provision for bad debts
|
5,082
|
|
|
3,573
|
|
|
855
|
|
|||
Provision for inventory obsolescence
|
418
|
|
|
48
|
|
|
25
|
|
|||
Share-based compensation
|
7,598
|
|
|
3,295
|
|
|
3,472
|
|
|||
Deferred income taxes
|
(129
|
)
|
|
10,030
|
|
|
(12,061
|
)
|
|||
Change in fair value of contingent consideration
|
4,247
|
|
|
261
|
|
|
1,937
|
|
|||
Restructuring costs, net of amounts paid
|
2,891
|
|
|
—
|
|
|
—
|
|
|||
Loss on disposition of Hospital Solutions Division
|
—
|
|
|
1,366
|
|
|
—
|
|
|||
Impairment of assets
|
—
|
|
|
32,238
|
|
|
—
|
|
|||
Changes in assets and liabilities, net of amounts acquired:
|
|
|
|
|
|
||||||
Accounts receivable
|
5,535
|
|
|
9,929
|
|
|
4,744
|
|
|||
Inventory
|
(21
|
)
|
|
17
|
|
|
187
|
|
|||
Accounts payable
|
(6,590
|
)
|
|
(271
|
)
|
|
1,281
|
|
|||
Deferred revenue
|
(5,493
|
)
|
|
(8,390
|
)
|
|
(5,610
|
)
|
|||
Accrued compensation and related benefits
|
5,237
|
|
|
(5,914
|
)
|
|
8,098
|
|
|||
Income taxes
|
34,740
|
|
|
(40,471
|
)
|
|
18,178
|
|
|||
Deferred compensation
|
272
|
|
|
607
|
|
|
941
|
|
|||
Other assets and liabilities
|
(3,476
|
)
|
|
(1,381
|
)
|
|
4,061
|
|
|||
Net cash provided by operating activities
|
110,592
|
|
|
40,796
|
|
|
82,758
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Additions to capitalized software costs
|
(8,249
|
)
|
|
(14,675
|
)
|
|
(14,601
|
)
|
|||
Additions to equipment and improvements
|
(12,165
|
)
|
|
(14,013
|
)
|
|
(6,531
|
)
|
|||
Proceeds from sales and maturities of marketable securities
|
9,291
|
|
|
8,795
|
|
|
11,077
|
|
|||
Purchases of marketable securities
|
—
|
|
|
(6,637
|
)
|
|
(12,123
|
)
|
|||
Payments for acquisitions, net of cash acquired
|
(282
|
)
|
|
(163,843
|
)
|
|
(2,345
|
)
|
|||
Net cash used in investing activities
|
(11,405
|
)
|
|
(190,373
|
)
|
|
(24,523
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from line of credit
|
—
|
|
|
173,509
|
|
|
—
|
|
|||
Principal repayments on line of credit
|
(90,000
|
)
|
|
(68,509
|
)
|
|
—
|
|
|||
Proceeds from issuance of shares under employee plans
|
1,310
|
|
|
992
|
|
|
383
|
|
|||
Dividends paid
|
—
|
|
|
(42,850
|
)
|
|
(42,770
|
)
|
|||
Payment of debt issuance costs
|
—
|
|
|
(5,382
|
)
|
|
—
|
|
|||
Net cash provided by (used in) financing activities
|
(88,690
|
)
|
|
57,760
|
|
|
(42,387
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
10,497
|
|
|
(91,817
|
)
|
|
15,848
|
|
|||
Cash and cash equivalents at beginning of period
|
27,176
|
|
|
118,993
|
|
|
103,145
|
|
|||
Cash and cash equivalents at end of period
|
$
|
37,673
|
|
|
$
|
27,176
|
|
|
$
|
118,993
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Cash paid for income taxes
|
$
|
4,800
|
|
|
$
|
33,246
|
|
|
$
|
3,814
|
|
Cash refunds from income taxes
|
29,575
|
|
|
2,344
|
|
|
1,291
|
|
|||
Cash paid for interest
|
1,958
|
|
|
781
|
|
|
—
|
|
|||
Common stock issued for settlement of share-based contingent consideration
|
9,273
|
|
|
9,273
|
|
|
—
|
|
|||
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Tenant improvement allowance from landlord
|
$
|
4,813
|
|
|
$
|
2,933
|
|
|
$
|
—
|
|
Dividends declared but not paid
|
—
|
|
|
—
|
|
|
10,700
|
|
|||
Unpaid additions to equipment and improvements
|
82
|
|
|
295
|
|
|
849
|
|
|||
|
|
|
|
|
|
||||||
On January 4, 2016, we acquired HealthFusion in a transaction summarized as follows:
|
|||||||||||
Fair value of net assets acquired
|
$
|
—
|
|
|
$
|
198,258
|
|
|
$
|
—
|
|
Cash paid, net of cash acquired
|
—
|
|
|
(163,843
|
)
|
|
—
|
|
|||
Unpaid portion of purchase price
|
—
|
|
|
(282
|
)
|
|
—
|
|
|||
Fair value of contingent consideration
|
—
|
|
|
(16,700
|
)
|
|
—
|
|
|||
Liabilities assumed
|
$
|
—
|
|
|
$
|
17,433
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
On March 11, 2015, we acquired Gennius in a transaction summarized as follows:
|
|||||||||||
Fair value of net assets acquired
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,571
|
|
Cash paid
|
—
|
|
|
—
|
|
|
(2,345
|
)
|
|||
Liabilities assumed
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
226
|
|
•
|
Computer equipment - 3 to 5 years
|
•
|
Furniture and fixtures - 3 to 7 years
|
•
|
Leasehold improvements - lesser of lease term or estimated useful life of asset
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Earnings per share — Basic:
|
|
|
|
|
|
||||||
Net income
|
$
|
18,241
|
|
|
$
|
5,657
|
|
|
$
|
27,332
|
|
Weighted-average shares outstanding — Basic
|
61,818
|
|
|
60,635
|
|
|
60,259
|
|
|||
Net income per common share — Basic
|
$
|
0.30
|
|
|
$
|
0.09
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
||||||
Earnings per share — Diluted:
|
|
|
|
|
|
||||||
Net income
|
$
|
18,241
|
|
|
$
|
5,657
|
|
|
$
|
27,332
|
|
|
|
|
|
|
|
||||||
Weighted-average shares outstanding
|
61,818
|
|
|
60,635
|
|
|
60,259
|
|
|||
Effect of potentially dilutive securities
|
192
|
|
|
598
|
|
|
590
|
|
|||
Weighted-average shares outstanding — Diluted
|
62,010
|
|
|
61,233
|
|
|
60,849
|
|
|||
Net income per common share — Diluted
|
$
|
0.29
|
|
|
$
|
0.09
|
|
|
$
|
0.45
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Costs and expenses:
|
|
|
|
|
|
||||||
Cost of revenue
|
$
|
514
|
|
|
$
|
404
|
|
|
$
|
373
|
|
Research and development costs, net
|
973
|
|
|
318
|
|
|
396
|
|
|||
Selling, general and administrative
|
6,111
|
|
|
2,573
|
|
|
2,703
|
|
|||
Total share-based compensation
|
7,598
|
|
|
3,295
|
|
|
3,472
|
|
|||
Income tax benefit
|
(2,637
|
)
|
|
(1,018
|
)
|
|
(1,054
|
)
|
|||
Decrease in net income
|
$
|
4,961
|
|
|
$
|
2,277
|
|
|
$
|
2,418
|
|
|
Balance at
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Unobservable Inputs (Level 3)
|
||||||||
|
March 31,
2017 |
|
|
|
|||||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
(1)
|
$
|
37,673
|
|
|
$
|
37,673
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash and cash equivalents
|
4,916
|
|
|
4,916
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
42,589
|
|
|
$
|
42,589
|
|
|
$
|
—
|
|
|
$
|
—
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Contingent consideration related to acquisitions
|
$
|
18,817
|
|
|
$
|
—
|
|
|
$
|
18,817
|
|
|
$
|
—
|
|
|
$
|
18,817
|
|
|
$
|
—
|
|
|
$
|
18,817
|
|
|
$
|
—
|
|
|
Balance at
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Unobservable Inputs (Level 3)
|
||||||||
|
March 31,
2016 |
|
|
|
|||||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
(1)
|
$
|
27,176
|
|
|
$
|
27,176
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash and cash equivalents
|
5,320
|
|
|
5,320
|
|
|
—
|
|
|
—
|
|
||||
Marketable securities
(2)
|
9,297
|
|
|
9,297
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
41,793
|
|
|
$
|
41,793
|
|
|
$
|
—
|
|
|
$
|
—
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Contingent consideration related to acquisitions
|
$
|
23,843
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,843
|
|
|
$
|
23,843
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,843
|
|
|
|
Total Liabilities
|
||
Balance at March 31, 2015
|
|
$
|
16,155
|
|
Contingent consideration related to acquisition of HealthFusion (Note 5)
|
|
16,700
|
|
|
Settlement of share-based contingent consideration related to Mirth
|
|
(9,273
|
)
|
|
Fair value adjustments, net
|
|
261
|
|
|
Balance at March 31, 2016
|
|
$
|
23,843
|
|
Settlement of share-based contingent consideration related to Mirth
|
|
(9,273
|
)
|
|
Fair value adjustments, net
|
|
4,247
|
|
|
Transfer of HealthFusion contingent consideration to Level 2
|
|
(18,817
|
)
|
|
Balance at March 31, 2017
|
|
$
|
—
|
|
Initial purchase price
|
$
|
165,000
|
|
Contingent consideration
|
16,700
|
|
|
Working capital and other adjustments
|
1,349
|
|
|
Total purchase price
|
$
|
183,049
|
|
|
January 4, 2016
|
||
Fair value of the net tangible assets acquired and liabilities assumed:
|
|
||
Acquired cash and cash equivalents
|
$
|
2,225
|
|
Accounts receivable, net
|
1,514
|
|
|
Prepaid expenses and other current assets
|
4,645
|
|
|
Equipment and improvements, net
|
767
|
|
|
Capitalized software costs, net
|
307
|
|
|
Other assets
|
700
|
|
|
Accounts payable
|
(1,085
|
)
|
|
Accrued compensation and related benefits
|
(533
|
)
|
|
Deferred revenue
|
(1,067
|
)
|
|
Deferred income taxes, net
|
(9,089
|
)
|
|
Other liabilities
|
(2,721
|
)
|
|
Total net tangible assets acquired and liabilities assumed
|
(4,337
|
)
|
|
Fair value of identifiable intangible assets acquired:
|
|
||
Software technology
|
42,500
|
|
|
Customer relationships
|
28,500
|
|
|
Trade name
|
4,000
|
|
|
Goodwill
|
112,386
|
|
|
Total identifiable intangible assets acquired
|
187,386
|
|
|
Total purchase price
|
$
|
183,049
|
|
|
Pro forma
year ended
March 31, 2016
(unaudited)
|
|
Pro forma
year ended
March 31, 2015
(unaudited)
|
||
Combined revenues
|
518,708
|
|
|
516,579
|
|
Combined net income
|
134
|
|
|
12,471
|
|
|
March 31,
2017 |
|
March 31,
2016 |
||||
Software and Related Solutions
|
$
|
153,608
|
|
|
$
|
156,547
|
|
RCM and Related Services
|
32,290
|
|
|
32,290
|
|
||
Total goodwill
|
$
|
185,898
|
|
|
$
|
188,837
|
|
|
March 31, 2017
|
||||||||||||||
|
Customer Relationships
|
|
Trade Name and Contracts
|
|
Software Technology
|
|
Total
|
||||||||
Gross carrying amount
|
$
|
50,550
|
|
|
$
|
5,480
|
|
|
$
|
67,810
|
|
|
$
|
123,840
|
|
Accumulated amortization
|
(28,972
|
)
|
|
(2,088
|
)
|
|
(23,567
|
)
|
|
(54,627
|
)
|
||||
Net intangible assets
|
$
|
21,578
|
|
|
$
|
3,392
|
|
|
$
|
44,243
|
|
|
$
|
69,213
|
|
|
March 31, 2016
|
||||||||||||||
|
Customer Relationships
|
|
Trade Name and Contracts
|
|
Software Technology
|
|
Total
|
||||||||
Gross carrying amount
|
$
|
50,550
|
|
|
$
|
7,368
|
|
|
$
|
67,810
|
|
|
$
|
125,728
|
|
Accumulated amortization
|
(19,618
|
)
|
|
(2,895
|
)
|
|
(11,540
|
)
|
|
(34,053
|
)
|
||||
Net intangible assets
|
$
|
30,932
|
|
|
$
|
4,473
|
|
|
$
|
56,270
|
|
|
$
|
91,675
|
|
|
Estimated Remaining Amortization Expense:
|
||||||||||
|
Operating Expense
|
|
Cost of Revenue
|
|
Total
|
||||||
For the year ended March 31,
|
|
|
|
|
|
||||||
2018
|
7,264
|
|
|
11,851
|
|
|
19,115
|
|
|||
2019
|
4,852
|
|
|
11,851
|
|
|
16,703
|
|
|||
2020
|
3,855
|
|
|
11,851
|
|
|
15,706
|
|
|||
2021
|
3,006
|
|
|
7,968
|
|
|
10,974
|
|
|||
2022
|
1,868
|
|
|
180
|
|
|
2,048
|
|
|||
2023 and beyond
|
4,125
|
|
|
542
|
|
|
4,667
|
|
|||
Total
|
$
|
24,970
|
|
|
$
|
44,243
|
|
|
$
|
69,213
|
|
|
March 31,
2017 |
|
March 31,
2016 |
||||
Gross carrying amount
|
$
|
104,948
|
|
|
$
|
96,699
|
|
Accumulated amortization
|
(91,341
|
)
|
|
(83,449
|
)
|
||
Net capitalized software costs
|
$
|
13,607
|
|
|
$
|
13,250
|
|
|
March 31,
2017 |
|
March 31,
2016 |
||||
Accounts receivable, gross
|
$
|
93,377
|
|
|
$
|
104,467
|
|
Sales return reserve
|
(7,213
|
)
|
|
(7,541
|
)
|
||
Allowance for doubtful accounts
|
(2,757
|
)
|
|
(2,902
|
)
|
||
Accounts receivable, net
|
$
|
83,407
|
|
|
$
|
94,024
|
|
|
March 31,
2017 |
|
March 31,
2016 |
||||
Prepaid expenses
|
$
|
14,884
|
|
|
$
|
11,804
|
|
Other current assets
|
3,085
|
|
|
3,106
|
|
||
Prepaid expenses and other current assets
|
$
|
17,969
|
|
|
$
|
14,910
|
|
|
March 31,
2017 |
|
March 31,
2016 |
||||
Computer equipment
|
$
|
22,014
|
|
|
$
|
32,213
|
|
Internal-use software
|
13,053
|
|
|
10,201
|
|
||
Furniture and fixtures
|
10,472
|
|
|
9,799
|
|
||
Leasehold improvements
|
16,360
|
|
|
13,408
|
|
||
Equipment and improvements, gross
|
61,899
|
|
|
65,621
|
|
||
Accumulated depreciation and amortization
|
(34,473
|
)
|
|
(39,831
|
)
|
||
Equipment and improvements, net
|
$
|
27,426
|
|
|
$
|
25,790
|
|
|
March 31,
2017 |
|
March 31,
2016 |
||||
Professional services
|
$
|
21,889
|
|
|
$
|
23,128
|
|
Software license, hardware and other
|
12,680
|
|
|
14,913
|
|
||
Support and maintenance
|
9,691
|
|
|
11,902
|
|
||
Software related subscription services
|
8,123
|
|
|
7,992
|
|
||
Deferred revenue
|
$
|
52,383
|
|
|
$
|
57,935
|
|
|
March 31,
2017 |
|
March 31,
2016 |
||||
Payroll, bonus and commission
|
$
|
15,836
|
|
|
$
|
9,683
|
|
Vacation
|
8,677
|
|
|
8,987
|
|
||
Accrued compensation and related benefits
|
$
|
24,513
|
|
|
$
|
18,670
|
|
|
March 31,
2017 |
|
March 31,
2016 |
||||
Contingent consideration and other liabilities related to acquisitions
|
$
|
18,817
|
|
|
$
|
24,153
|
|
Care services liabilities
|
4,957
|
|
|
5,339
|
|
||
Customer credit balances and deposits
|
4,124
|
|
|
4,123
|
|
||
Accrued consulting and outside services
|
2,496
|
|
|
3,650
|
|
||
Accrued EDI expense
|
2,490
|
|
|
2,604
|
|
||
Accrued royalties
|
2,033
|
|
|
2,341
|
|
||
Accrued self insurance expense
|
1,697
|
|
|
1,862
|
|
||
Accrued outsourcing costs
|
1,588
|
|
|
1,604
|
|
||
Deferred rent
|
1,370
|
|
|
828
|
|
||
Lease obligations
|
1,057
|
|
|
—
|
|
||
Accrued legal expense
|
853
|
|
|
864
|
|
||
Employee benefit plan withholdings
|
739
|
|
|
213
|
|
||
Sales tax payable
|
448
|
|
|
655
|
|
||
Other accrued expenses
|
4,106
|
|
|
2,002
|
|
||
Other current liabilities
|
$
|
46,775
|
|
|
$
|
50,238
|
|
|
|
|
|
||||
Deferred rent and lease obligations
|
$
|
11,402
|
|
|
$
|
6,577
|
|
Uncertain tax positions
|
4,762
|
|
|
3,955
|
|
||
Other liabilities
|
297
|
|
|
129
|
|
||
Other noncurrent liabilities
|
$
|
16,461
|
|
|
$
|
10,661
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal taxes
|
$
|
3,443
|
|
|
$
|
(9,338
|
)
|
|
$
|
18,055
|
|
State taxes
|
1,556
|
|
|
(403
|
)
|
|
1,887
|
|
|||
Foreign taxes
|
498
|
|
|
374
|
|
|
262
|
|
|||
Total current taxes
|
5,497
|
|
|
(9,367
|
)
|
|
20,204
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal taxes
|
$
|
824
|
|
|
$
|
10,474
|
|
|
$
|
(9,804
|
)
|
State taxes
|
(879
|
)
|
|
(100
|
)
|
|
(1,771
|
)
|
|||
Foreign taxes
|
(74
|
)
|
|
(344
|
)
|
|
(297
|
)
|
|||
Total deferred taxes
|
(129
|
)
|
|
10,030
|
|
|
(11,872
|
)
|
|||
Provision for income taxes
|
$
|
5,368
|
|
|
$
|
663
|
|
|
$
|
8,332
|
|
|
Fiscal Year Ended March 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Current:
|
|
|
|
|
|
|||
Federal income tax statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|||
Research and development tax credits
|
(12.5
|
)
|
|
(23.4
|
)
|
|
(4.4
|
)
|
Qualified production activities income deduction
|
(3.2
|
)
|
|
—
|
|
|
(5.4
|
)
|
Foreign rate differential
|
(1.7
|
)
|
|
(10.2
|
)
|
|
(1.6
|
)
|
Net operating loss carryback
|
—
|
|
|
9.1
|
|
|
—
|
|
Other non-recurring adjustments for state taxes
|
—
|
|
|
—
|
|
|
(1.8
|
)
|
Meals and entertainment
|
0.8
|
|
|
3.7
|
|
|
0.8
|
|
Stock option deduction
|
0.8
|
|
|
3.7
|
|
|
0.6
|
|
State income taxes, net of federal benefit
|
1.4
|
|
|
(5.2
|
)
|
|
2.0
|
|
Acquisition expenses
|
5.7
|
|
|
(3.6
|
)
|
|
—
|
|
Other
|
(3.6
|
)
|
|
1.4
|
|
|
(1.8
|
)
|
Effective income tax rate
|
22.7
|
%
|
|
10.5
|
%
|
|
23.4
|
%
|
|
March 31,
2017 |
|
March 31,
2016 |
||||
Deferred tax assets:
|
|
|
|
||||
Net operating losses
|
$
|
11,811
|
|
|
$
|
17,920
|
|
Deferred revenue
|
7,337
|
|
|
10,682
|
|
||
Accrued compensation and benefits
|
7,063
|
|
|
5,868
|
|
||
Deferred rent
|
5,446
|
|
|
2,760
|
|
||
Research and development credit
|
4,328
|
|
|
3,611
|
|
||
Compensatory stock option expense
|
4,028
|
|
|
2,664
|
|
||
Allowance for doubtful accounts
|
3,974
|
|
|
4,176
|
|
||
Deferred compensation
|
2,642
|
|
|
2,586
|
|
||
Foreign deferred taxes
|
1,173
|
|
|
1,098
|
|
||
State income taxes
|
329
|
|
|
445
|
|
||
Inventory valuation
|
232
|
|
|
68
|
|
||
Other
|
169
|
|
|
265
|
|
||
Total deferred tax assets
|
48,532
|
|
|
52,143
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Intangible assets
|
$
|
(18,038
|
)
|
|
$
|
(22,972
|
)
|
Capitalized software costs
|
(7,494
|
)
|
|
(9,644
|
)
|
||
Accounts receivable
|
(5,538
|
)
|
|
(5,096
|
)
|
||
Accelerated depreciation
|
(2,348
|
)
|
|
(2,434
|
)
|
||
Prepaid expenses
|
(1,776
|
)
|
|
(1,249
|
)
|
||
Total deferred tax liabilities
|
(35,194
|
)
|
|
(41,395
|
)
|
||
Valuation allowance
|
(2,073
|
)
|
|
(2,551
|
)
|
||
Deferred tax assets, net
|
$
|
11,265
|
|
|
$
|
8,198
|
|
Balance as of March 31, 2015
|
$
|
3,763
|
|
Additions for prior year tax positions
|
235
|
|
|
Reductions for prior year tax positions
|
(43
|
)
|
|
Balance as of March 31, 2016
|
$
|
3,955
|
|
Additions for prior year tax positions
|
920
|
|
|
Additions for current year tax positions
|
139
|
|
|
Reductions for prior year tax positions
|
(252
|
)
|
|
Balance as of March 31, 2017
|
$
|
4,762
|
|
|
|
Number of
Shares
|
|
Weighted-
Average
Exercise
Price
per Share
|
|
Weighted-
Average
Remaining
Contractual
Life (years)
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
|||||
Outstanding, March 31, 2014
|
|
1,370,101
|
|
|
$
|
27.85
|
|
|
5.8
|
|
|
||
Granted
|
|
469,650
|
|
|
15.97
|
|
|
7.2
|
|
|
|||
Forfeited/Canceled
|
|
203,575
|
|
|
24.85
|
|
|
4.9
|
|
|
|||
Outstanding, March 31, 2015
|
|
1,636,176
|
|
|
$
|
24.82
|
|
|
5.5
|
|
$
|
8
|
|
Granted
|
|
1,414,000
|
|
|
$
|
15.51
|
|
|
7.6
|
|
|
||
Exercised
|
|
(800
|
)
|
|
$
|
15.99
|
|
|
6.2
|
|
$
|
1
|
|
Forfeited/Canceled
|
|
(572,090
|
)
|
|
$
|
24.65
|
|
|
4.6
|
|
|
||
Expired
|
|
(30,000
|
)
|
|
$
|
22.81
|
|
|
|
|
|
||
Outstanding, March 31, 2016
|
|
2,447,286
|
|
|
$
|
19.55
|
|
|
6.3
|
|
$
|
574
|
|
Granted
|
|
1,146,500
|
|
|
11.30
|
|
|
7.2
|
|
|
|||
Forfeited/Canceled
|
|
(708,371
|
)
|
|
16.86
|
|
|
3.4
|
|
|
|
||
Outstanding, March 31, 2017
|
|
2,885,415
|
|
|
$
|
15.41
|
|
|
6.2
|
|
$
|
3,150
|
|
Vested and expected to vest, March 31, 2017
|
|
2,613,171
|
|
|
$
|
16.87
|
|
|
6.1
|
|
$
|
2,496
|
|
Exercisable, March 31, 2017
|
|
812,120
|
|
|
$
|
22.16
|
|
|
4.7
|
|
$
|
125
|
|
|
Year Ended
|
|
Year Ended
|
|
Year Ended
|
|
March 31, 2017
|
|
March 31, 2016
|
|
March 31, 2015
|
Expected term
|
6.0 - 6.6 years
|
|
3.8 - 3.9 years
|
|
4.8 years
|
Expected volatility
|
36.9% - 37.4%
|
|
38.3% - 41.1%
|
|
36.1% - 36.6%
|
Expected dividends
|
—%
|
|
0.0% - 5.3%
|
|
4.3% - 4.4%
|
Risk-free rate
|
1.2% - 2.1%
|
|
1.1% - 1.6%
|
|
1.6% - 1.7%
|
Option Grant Date
|
|
Number of Shares
|
|
Exercise Price
|
|
Vesting Terms
(1)
|
|
Expiration
|
|||
January 31, 2017
|
|
90,000
|
|
|
$
|
15.01
|
|
|
Four years
|
|
January 31, 2025
|
November 1, 2016
|
|
50,000
|
|
|
$
|
12.71
|
|
|
Four years
|
|
November 1, 2024
|
July 11, 2016
|
|
150,000
|
|
|
$
|
12.60
|
|
|
Four years
|
|
July 11, 2024
|
May 31, 2016
|
|
100,000
|
|
|
$
|
12.71
|
|
|
Five years
|
|
May 31, 2024
|
May 25, 2016
|
|
216,500
|
|
|
$
|
12.78
|
|
|
Four years
|
|
May 25, 2024
|
May 24, 2016
|
|
540,000
|
|
|
$
|
12.93
|
|
|
Four years
|
|
May 24, 2024
|
Fiscal year 2017 grants
|
|
1,146,500
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|||
March 1, 2016
|
|
450,000
|
|
|
$
|
15.60
|
|
|
Four years
|
|
March 1, 2024
|
February 1, 2016
|
|
200,000
|
|
|
$
|
14.20
|
|
|
Four years
|
|
February 1, 2024
|
January 4, 2016
|
|
200,000
|
|
|
$
|
16.85
|
|
|
(2)
|
|
January 4, 2024
|
August 17, 2015
|
|
150,000
|
|
|
$
|
12.80
|
|
|
(3)
|
|
August 17, 2023
|
May 22, 2015
|
|
414,000
|
|
|
$
|
16.64
|
|
|
Five years
|
|
May 22, 2023
|
Fiscal year 2016 grants
|
|
1,414,000
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|||
March 11, 2015
|
|
10,000
|
|
|
$
|
15.84
|
|
|
Five years
|
|
March 11, 2023
|
September 2, 2014
|
|
20,000
|
|
|
$
|
15.63
|
|
|
Five years
|
|
September 2, 2022
|
June 3, 2014
|
|
439,650
|
|
|
$
|
15.99
|
|
|
Five years
|
|
June 3, 2022
|
Fiscal year 2015 grants
|
|
469,650
|
|
|
|
|
|
|
|
|
|
Number of
Shares
|
|
Weighted-
Average
Grant-Date
Fair Value
per Share
|
|||
Non-vested, March 31, 2014
|
|
991,560
|
|
|
$
|
7.73
|
|
Granted
|
|
469,650
|
|
|
3.50
|
|
|
Vested
|
|
(269,785
|
)
|
|
8.24
|
|
|
Forfeited/Canceled
|
|
(123,135
|
)
|
|
6.57
|
|
|
Non-vested, March 31, 2015
|
|
1,068,290
|
|
|
$
|
5.81
|
|
Granted
|
|
1,414,000
|
|
|
4.44
|
|
|
Vested
|
|
(311,740
|
)
|
|
5.44
|
|
|
Forfeited/Canceled
|
|
(310,800
|
)
|
|
5.45
|
|
|
Non-vested, March 31, 2016
|
|
1,859,750
|
|
|
$
|
4.67
|
|
Granted
|
|
1,146,500
|
|
|
5.00
|
|
|
Vested
|
|
(540,595
|
)
|
|
3.87
|
|
|
Forfeited/Canceled
|
|
(392,360
|
)
|
|
4.50
|
|
|
Non-vested, March 31, 2017
|
|
2,073,295
|
|
|
$
|
5.09
|
|
|
|
Number of
Shares
|
|
Weighted-
Average
Grant-Date
Fair Value
per Share
|
|||
Outstanding, March 31, 2014
|
|
64,571
|
|
|
$
|
20.74
|
|
Granted
|
|
48,414
|
|
|
$
|
15.77
|
|
Vested
|
|
(34,780
|
)
|
|
$
|
21.33
|
|
Outstanding, March 31, 2015
|
|
78,205
|
|
|
$
|
17.94
|
|
Granted
|
|
165,634
|
|
|
$
|
14.06
|
|
Vested
|
|
(51,092
|
)
|
|
$
|
20.14
|
|
Canceled
|
|
(1,500
|
)
|
|
$
|
17.95
|
|
Outstanding, March 31, 2016
|
|
191,247
|
|
|
$
|
14.44
|
|
Granted
|
|
909,456
|
|
|
12.93
|
|
|
Vested
|
|
(92,543
|
)
|
|
15.25
|
|
|
Canceled
|
|
(105,212
|
)
|
|
13.00
|
|
|
Outstanding, March 31, 2017
|
|
902,948
|
|
|
$
|
12.92
|
|
|
|
For the year ended March 31,
|
|||||||||||||||||||
Contractual Obligations
|
Total
|
2018
|
2019
|
2020
|
2021
|
2,022
|
2023 and beyond
|
||||||||||||||
Operating lease obligations
|
$
|
60,109
|
|
$
|
8,136
|
|
$
|
8,350
|
|
$
|
8,067
|
|
$
|
8,037
|
|
$
|
7,713
|
|
$
|
19,806
|
|
Remaining lease obligations for vacated properties
(1)
|
6,599
|
|
2,487
|
|
1,413
|
|
794
|
|
816
|
|
551
|
|
538
|
|
|||||||
Line of credit obligations (Note 9)
|
15,000
|
|
—
|
|
—
|
|
—
|
|
15,000
|
|
—
|
|
—
|
|
|||||||
Contingent consideration liabilities
|
18,817
|
|
18,817
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
Purchase commitments
(2)
|
3,800
|
|
1,250
|
|
1,250
|
|
1,300
|
|
|
|
—
|
|
|||||||||
Total
|
$
|
104,325
|
|
$
|
30,690
|
|
$
|
11,013
|
|
$
|
10,161
|
|
$
|
23,853
|
|
$
|
8,264
|
|
$
|
20,344
|
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenue:
|
|
|
|
|
|
|
||||||
Software and Related Solutions
|
|
$
|
423,593
|
|
|
$
|
398,449
|
|
|
$
|
395,259
|
|
RCM and Related Services
|
|
86,031
|
|
|
86,559
|
|
|
76,962
|
|
|||
Hospital Solutions
(1)
|
|
—
|
|
|
7,469
|
|
|
18,004
|
|
|||
Consolidated revenue
|
|
$
|
509,624
|
|
|
$
|
492,477
|
|
|
$
|
490,225
|
|
|
|
|
|
|
|
|
||||||
Gross profit:
|
|
|
|
|
|
|
||||||
Software and Related Solutions
|
|
$
|
278,121
|
|
|
$
|
252,136
|
|
|
$
|
256,922
|
|
RCM and Related Services
|
|
28,274
|
|
|
27,694
|
|
|
21,514
|
|
|||
Hospital Solutions
(1)
|
|
—
|
|
|
2,568
|
|
|
4,876
|
|
|||
Unallocated cost of revenue
(2)
|
|
(19,905
|
)
|
|
(15,536
|
)
|
|
(16,251
|
)
|
|||
Consolidated gross profit
|
|
$
|
286,490
|
|
|
$
|
266,862
|
|
|
$
|
267,061
|
|
|
Quarter Ended
|
||||||||||||||||||||||||||||||
(Unaudited)
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Software license and hardware
|
$
|
16,581
|
|
|
$
|
16,995
|
|
|
$
|
17,182
|
|
|
$
|
14,789
|
|
|
$
|
18,497
|
|
|
$
|
16,150
|
|
|
$
|
19,687
|
|
|
$
|
16,189
|
|
Software related subscription services
|
23,139
|
|
|
22,546
|
|
|
21,490
|
|
|
19,875
|
|
|
19,015
|
|
|
11,705
|
|
|
12,437
|
|
|
12,246
|
|
||||||||
Total software, hardware and related
|
39,720
|
|
|
39,541
|
|
|
38,672
|
|
|
34,664
|
|
|
37,512
|
|
|
27,855
|
|
|
32,124
|
|
|
28,435
|
|
||||||||
Support and maintenance
|
41,898
|
|
|
39,924
|
|
|
38,974
|
|
|
38,007
|
|
|
39,792
|
|
|
39,519
|
|
|
42,176
|
|
|
43,713
|
|
||||||||
Revenue cycle management and related services
|
20,515
|
|
|
20,048
|
|
|
20,936
|
|
|
21,053
|
|
|
20,376
|
|
|
21,594
|
|
|
20,793
|
|
|
20,243
|
|
||||||||
Electronic data interchange and data services
|
23,424
|
|
|
21,790
|
|
|
21,613
|
|
|
22,124
|
|
|
20,930
|
|
|
20,643
|
|
|
20,581
|
|
|
20,189
|
|
||||||||
Professional services
|
6,828
|
|
|
6,565
|
|
|
6,971
|
|
|
6,357
|
|
|
9,302
|
|
|
7,421
|
|
|
9,695
|
|
|
9,584
|
|
||||||||
Total revenues
|
132,385
|
|
|
127,868
|
|
|
127,166
|
|
|
122,205
|
|
|
127,912
|
|
|
117,032
|
|
|
125,369
|
|
|
122,164
|
|
||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Software license and hardware
|
5,427
|
|
|
5,680
|
|
|
6,427
|
|
|
7,120
|
|
|
7,357
|
|
|
6,530
|
|
|
6,578
|
|
|
7,041
|
|
||||||||
Software related subscription services
|
9,637
|
|
|
9,345
|
|
|
8,675
|
|
|
9,087
|
|
|
9,168
|
|
|
5,533
|
|
|
5,963
|
|
|
5,958
|
|
||||||||
Total software, hardware and related
|
15,064
|
|
|
15,025
|
|
|
15,102
|
|
|
16,207
|
|
|
16,525
|
|
|
12,063
|
|
|
12,541
|
|
|
12,999
|
|
||||||||
Support and maintenance
|
7,414
|
|
|
7,299
|
|
|
7,036
|
|
|
6,568
|
|
|
7,455
|
|
|
7,537
|
|
|
8,394
|
|
|
7,943
|
|
||||||||
Revenue cycle management and related services
|
14,318
|
|
|
13,462
|
|
|
14,359
|
|
|
14,231
|
|
|
14,018
|
|
|
14,381
|
|
|
14,680
|
|
|
14,512
|
|
||||||||
Electronic data interchange and data services
|
12,870
|
|
|
12,662
|
|
|
12,807
|
|
|
12,763
|
|
|
12,851
|
|
|
12,437
|
|
|
12,539
|
|
|
12,326
|
|
||||||||
Professional services
|
6,304
|
|
|
5,904
|
|
|
6,693
|
|
|
7,046
|
|
|
8,406
|
|
|
7,367
|
|
|
8,444
|
|
|
8,197
|
|
||||||||
Total cost of revenue
|
55,970
|
|
|
54,352
|
|
|
55,997
|
|
|
56,815
|
|
|
59,255
|
|
|
53,785
|
|
|
56,598
|
|
|
55,977
|
|
||||||||
Gross profit
|
76,415
|
|
|
73,516
|
|
|
71,169
|
|
|
65,390
|
|
|
68,657
|
|
|
63,247
|
|
|
68,771
|
|
|
66,187
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Selling, general and administrative
(1)
|
42,710
|
|
|
37,542
|
|
|
42,790
|
|
|
40,581
|
|
|
40,272
|
|
|
39,395
|
|
|
37,396
|
|
|
39,171
|
|
||||||||
Research and development costs, net
|
22,111
|
|
|
19,714
|
|
|
18,292
|
|
|
18,224
|
|
|
16,077
|
|
|
14,518
|
|
|
17,981
|
|
|
17,085
|
|
||||||||
Amortization of acquired intangible assets
|
2,546
|
|
|
2,568
|
|
|
2,617
|
|
|
2,704
|
|
|
2,675
|
|
|
897
|
|
|
898
|
|
|
897
|
|
||||||||
Impairment of assets
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,238
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restructuring costs
|
2,393
|
|
|
231
|
|
|
701
|
|
|
3,753
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total operating expenses
|
69,760
|
|
|
60,055
|
|
|
64,400
|
|
|
65,262
|
|
|
91,262
|
|
|
54,810
|
|
|
56,275
|
|
|
57,153
|
|
||||||||
Income (loss) from operations
|
6,655
|
|
|
13,461
|
|
|
6,769
|
|
|
128
|
|
|
(22,605
|
)
|
|
8,437
|
|
|
12,496
|
|
|
9,034
|
|
||||||||
Interest income
|
5
|
|
|
—
|
|
|
1
|
|
|
8
|
|
|
27
|
|
|
55
|
|
|
44
|
|
|
302
|
|
||||||||
Interest expense
|
(711
|
)
|
|
(629
|
)
|
|
(803
|
)
|
|
(1,013
|
)
|
|
(1,295
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
—
|
|
||||||||
Other expense, net
|
(116
|
)
|
|
(4
|
)
|
|
(55
|
)
|
|
(87
|
)
|
|
(19
|
)
|
|
(43
|
)
|
|
(54
|
)
|
|
(50
|
)
|
||||||||
Income (loss) before provision for (benefit of) income taxes
|
5,833
|
|
|
12,828
|
|
|
5,912
|
|
|
(964
|
)
|
|
(23,892
|
)
|
|
8,443
|
|
|
12,483
|
|
|
9,286
|
|
||||||||
Provision for (benefit of) income taxes
|
1,418
|
|
|
2,342
|
|
|
1,925
|
|
|
(317
|
)
|
|
(7,570
|
)
|
|
1,141
|
|
|
4,168
|
|
|
2,924
|
|
||||||||
Net income (loss)
|
$
|
4,415
|
|
|
$
|
10,486
|
|
|
$
|
3,987
|
|
|
$
|
(647
|
)
|
|
$
|
(16,322
|
)
|
|
$
|
7,302
|
|
|
$
|
8,315
|
|
|
$
|
6,362
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
(3)
|
0.07
|
|
|
0.17
|
|
|
0.06
|
|
|
(0.01
|
)
|
|
(0.27
|
)
|
|
0.12
|
|
|
0.14
|
|
|
0.11
|
|
||||||||
Diluted
(3)
|
0.07
|
|
|
0.17
|
|
|
0.06
|
|
|
(0.01
|
)
|
|
(0.27
|
)
|
|
0.12
|
|
|
0.14
|
|
|
0.10
|
|
||||||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
62,345
|
|
|
62,093
|
|
|
61,658
|
|
|
61,179
|
|
|
60,899
|
|
|
60,867
|
|
|
60,461
|
|
|
60,312
|
|
||||||||
Diluted
|
62,348
|
|
|
62,093
|
|
|
62,052
|
|
|
61,676
|
|
|
60,899
|
|
|
61,279
|
|
|
61,194
|
|
|
61,064
|
|
||||||||
Dividends declared per common share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.175
|
|
|
$
|
0.175
|
|
|
$
|
0.175
|
|
|
Sales Return Reserve
|
||||||||||||||
(in thousands)
For the year ended
|
Balance at Beginning of Year
|
|
Additions Charged Against Revenue
|
|
Deductions
|
|
Balance at End of Year
|
||||||||
March 31, 2017
|
$
|
7,541
|
|
|
$
|
11,330
|
|
|
$
|
(11,658
|
)
|
|
$
|
7,213
|
|
March 31, 2016
|
$
|
8,835
|
|
|
$
|
6,737
|
|
|
$
|
(8,031
|
)
|
|
$
|
7,541
|
|
March 31, 2015
|
$
|
10,530
|
|
|
$
|
8,038
|
|
|
$
|
(9,733
|
)
|
|
$
|
8,835
|
|
|
Allowance for Doubtful Accounts
|
||||||||||||||
(in thousands)
For the year ended
|
Balance at Beginning of Year
|
|
Additions Charged to Costs and Expenses
|
|
Deductions
|
|
Balance at End of Year
|
||||||||
March 31, 2017
|
$
|
2,902
|
|
|
$
|
5,082
|
|
|
$
|
(5,227
|
)
|
|
$
|
2,757
|
|
March 31, 2016
|
$
|
3,303
|
|
|
$
|
3,573
|
|
|
$
|
(3,974
|
)
|
|
$
|
2,902
|
|
March 31, 2015
|
$
|
6,295
|
|
|
$
|
855
|
|
|
$
|
(3,847
|
)
|
|
$
|
3,303
|
|
|
Valuation Allowance on Deferred Tax Assets
|
||||||||||||||||||
(in thousands)
For the year ended
|
Balance at Beginning of Year
|
|
Additions Charged to Costs and Expenses
|
|
Acquisition-related Additions
|
|
Deductions
|
|
Balance at End of Year
|
||||||||||
March 31, 2017
|
$
|
2,551
|
|
|
$
|
—
|
|
|
$
|
(267
|
)
|
|
$
|
(211
|
)
|
|
$
|
2,073
|
|
March 31, 2016
|
$
|
1,840
|
|
|
$
|
112
|
|
|
$
|
599
|
|
|
$
|
—
|
|
|
$
|
2,551
|
|
March 31, 2015
|
$
|
2,288
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(448
|
)
|
|
$
|
1,840
|
|
Exhibit
Number
|
|
Description
|
|
|
|
21
|
|
List of subsidiaries.
|
|
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm — PricewaterhouseCoopers LLP.
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer Required by Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS*
|
|
XBRL Instance
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label
|
|
|
|
101.PRE*
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XBRL Taxonomy Extension Presentation
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XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of section 11 or 12 of the Securities and Exchange Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise is not subject to liability under these section.
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1 Year Quality Systems Chart |
1 Month Quality Systems Chart |
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