[October 18, 2018] |
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Medidata Reports Third Quarter 2018 Results
Medidata
(NASDAQ:MDSO) today announced its financial results for the third
quarter of 2018.
"Our strong financial and operational performance this quarter highlight
the momentum and success we are seeing in the market," said Tarek
Sherif, chairman and chief executive officer, Medidata. "Positive trends
in the life sciences market around innovation and operational efficiency
are driving demand for Medidata's cloud-based solutions. Our impressive
and rising win rate and healthy backlog underscore the strength of Rave,
as life sciences companies and CROs adopt the Medidata Cloud to drive
their digital transformations."
Third Quarter 2018 Results
-
Total revenue was $163.4 million, an increase of 18% compared with
$138.9 million in the third quarter of 2017
-
Subscription revenue was $137.0 million, an increase of 17% compared
with the same period last year. Professional services revenue was
$26.4 million, an increase of 22% compared with the third quarter of
2017
-
GAAP operating income was $14.1 million and non-GAAP operating income1
was $41.4 million, representing a GAAP and non-GAAP operating margin
of 8.6% and 25.3%, respectively. Both numbers reflect a full quarter
of expenses related to the acquisition and operations of SHYFT, which
was acquired on June 20, 2018
-
GAAP net income was $10.7 million, or $0.17 per diluted share,
compared with $13.0 million, or $0.22 per diluted share, in the third
quarter of 2017. Non-GAAP net income1 was $26.2 million, or
$0.42 per diluted share, compared with $20.4 million, or $0.34 per
diluted share, in the third quarter of 2017. See the non-GAAP
reconciliation included in this release for full details of the
non-GAAP adjustments
-
Total cash and marketable securities were $218.5 million at the end of
the quarter, compared with $663.3 million on December 31, 2017
-
Principal amount of $287.5 million convertible notes was repaid with
cash on August 1, 2018
-
Remaining 2018 adjusted subscription backlog2 as of
September 30, 2018 was $139 million, an increase of $22 million, or
19%, compared with a year ago
Additional Highlights:
-
Penetration into APAC markets continues to grow, highlighted by a
platform agreement with the largest pharmaceutical company in China
and expansion deals with two of the largest sponsors in Korea
-
A record 24 Rave Patient Cloud deals were closed this quarter,
reaffirming the growing prominence of mHealth solutions, as well as
the unique value proposition of our ePRO solution and its integration
with Rave EDC
-
The National Cancer Institute expanded its agreement with Medidata,
allowing it to double its number of studies to 700 per year over the
next five years, as it continues to scale our nation's support
infrastructure for cancer research
-
Medidata's revenue retention rate3 was nearly 100%
"The third quarter highlights the strength and durability of our
business," said Rouven Bergmann, chief financial officer, Medidata. "We
posted solid revenue growth, highlighted by subscription revenue growth
of 17%, and maintained a very healthy 25.3% EBITDAO margin despite the
dilutive impact of the SHYFT acquisition. We are well positioned to
achieve our 2018 plan."
For the full year 2018, the company's guidance provided on June 12, 2018
is unchanged. Please refer to the reconciliation of forward-looking
guidance included in this release for full details of the non-GAAP
adjustments.
Conference call details:
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Time:
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Today, October 18, 8 a.m. ET
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Conference ID:
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5480999
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Live dial-in:
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1-877-303-2528, domestic
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1-847-829-0023, international
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Webcast:
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investor.mdsol.com
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Replay:
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1-800-585-8367, domestic
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1-404-537-3406, international
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About Medidata
Medidata is leading the digital transformation of life sciences, with
the world's most used platform for clinical development, commercial, and
real-world data. Powered by artificial intelligence and delivered by the
#1 ranked industry experts, the Intelligent Platform for Life Sciences
helps pharmaceutical, biotech, medical device companies, and academic
researchers accelerate value, minimize risk and optimize outcomes.
Medidata serves more than 1,000 customers and partners worldwide and
empowers more than 100,000 certified users everyday to create hope for
millions of patients. Discover the future of life sciences: www.mdsol.com
Cautionary Statement
Certain statements made in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve significant risks and uncertainties
about Medidata Solutions, Inc. ("Medidata"), including, but not limited
to, statements about Medidata's forecast of financial performance,
products and services, business model, strategy and growth
opportunities, and competitive position. Such statements are subject to
risks and uncertainties that could cause actual performance or results
to differ materially from those expressed in these statements. Among
other things, the risks and uncertainties include those associated with
possible fluctuations in our financial and operating results;
integration activities, performance and financial impact of acquired
companies; our ability to retain and expand our customer base or
increase new business from those customers; and our ability to continue
to release, and gain customer acceptance of, new and improved versions
of our products. For additional disclosure regarding these and other
risks faced by Medidata, see disclosures contained in Medidata's public
filings with the Securities and Exchange Commission, including the "Risk
Factors" section of Medidata's Annual Report on Form 10-K for the year
ended December 31, 2017. You should consider these factors in evaluating
the forward-looking statements included in this press release and not
place undue reliance on such statements. The forward-looking statements
are made as of the date hereof, and Medidata undertakes no obligation to
update such statements as a result of new information, new developments
or otherwise, except as required by law.
(1) Non-GAAP Financial Information
Medidata provides non-GAAP operating income, net income, and net
income per share data as a supplement to its operating results. These
measures are not in accordance with, or an alternative to, generally
accepted accounting principles (GAAP), and may be different from
non-GAAP measures used by other companies. Management uses these
non-GAAP measures to evaluate its financial results, develop budgets,
manage expenditures, and as an important factor in determining variable
compensation. In addition, management believes, based on discussions
with investors, that these non-GAAP measures enhance investors' ability
to assess Medidata's historical and projected future financial
performance. While management believes these non-GAAP financial measures
provide useful supplemental information to investors, there are inherent
limitations associated with the use of non-GAAP financial measures.
Investors are encouraged to review the attached reconciliations of these
non-GAAP financial measures to the nearest comparable GAAP measures.
(2) Adjusted subscription backlog equals subscription backlog plus
outstanding intra-year renewals valued at an amount equal to the
contracts to be renewed.
(3) Revenue retention rate is calculated as the percentage of prior year
revenue attributable to customers retained in the current year.
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MEDIDATA SOLUTIONS, INC.
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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
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(Amounts in thousands, except per share data)
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Three Months Ended September 30,
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Nine Months Ended September 30,
|
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2018
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2017
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2018
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2017
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Revenues
|
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|
|
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Subscription
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$
|
137,046
|
|
|
$
|
117,271
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(4)
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|
$
|
394,351
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|
|
$
|
338,068
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(4)
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Professional services
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26,360
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|
21,674
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(4)
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|
74,158
|
|
|
64,548
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(4)
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Total revenues
|
|
163,406
|
|
|
138,945
|
|
|
|
468,509
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|
|
402,616
|
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|
Cost of revenues (1)(2)
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|
|
|
|
|
|
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Subscription
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24,618
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|
17,131
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|
|
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66,561
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51,277
|
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Professional services
|
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17,609
|
|
|
14,423
|
|
|
|
49,469
|
|
|
42,811
|
|
|
Total cost of revenues
|
|
42,227
|
|
|
31,554
|
|
|
|
116,030
|
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|
94,088
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|
Gross profit
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121,179
|
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|
107,391
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352,479
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308,528
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Operating costs and expenses
|
|
|
|
|
|
|
|
|
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Research and development (1)
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40,626
|
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|
36,207
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|
118,937
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|
102,028
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Sales and marketing (1)(2)
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38,329
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29,996
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(4)
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112,296
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|
92,701
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(4)
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General and administrative (1)
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28,105
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23,701
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|
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80,964
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|
70,772
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Wire transaction recovery (3)
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-
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(4,770
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)
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|
-
|
|
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(4,770
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)
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|
Total operating costs and expenses
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|
107,060
|
|
|
85,134
|
|
|
|
312,197
|
|
|
260,731
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|
Operating income
|
|
14,119
|
|
|
22,257
|
|
|
|
40,282
|
|
|
47,797
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|
|
Interest and other income (expense)
|
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|
|
|
|
|
|
|
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Interest expense
|
|
(3,147
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)
|
|
(4,407
|
)
|
|
|
(14,422
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)
|
|
(13,117
|
)
|
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Interest income
|
|
2,128
|
|
|
1,531
|
|
|
|
6,544
|
|
|
4,030
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|
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Other (expense) income, net
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|
(389
|
)
|
|
(7
|
)
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7,244
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(7
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)
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Total interest and other expense, net
|
|
(1,408
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)
|
|
(2,883
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)
|
|
|
(634
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)
|
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(9,094
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)
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Income before income taxes
|
|
12,711
|
|
|
19,374
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|
|
|
39,648
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|
|
38,703
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Provision for income taxes
|
|
2,023
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|
|
6,331
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|
(4)
|
|
2,046
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|
|
8,139
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(4)
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Net income
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|
$
|
10,688
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|
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$
|
13,043
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(4)
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$
|
37,602
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$
|
30,564
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(4)
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Earnings per share
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Basic
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$
|
0.18
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$
|
0.23
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(4)
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$
|
0.65
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$
|
0.54
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(4)
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Diluted
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$
|
0.17
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|
$
|
0.22
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(4)
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$
|
0.62
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|
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$
|
0.51
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(4)
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Weighted average common shares outstanding
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Basic
|
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58,680
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|
|
56,654
|
|
|
|
57,734
|
|
|
56,389
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|
|
Diluted
|
|
61,712
|
|
|
60,614
|
|
|
|
61,002
|
|
|
59,664
|
|
|
(1) Stock-based compensation expense included in cost of revenues
and operating costs and expenses is as follows:
|
Cost of revenues
|
|
$
|
1,918
|
|
|
$
|
1,152
|
|
|
|
$
|
4,692
|
|
|
$
|
3,567
|
|
|
Research and development
|
|
2,988
|
|
|
3,472
|
|
|
|
9,161
|
|
|
9,734
|
|
|
Sales and marketing
|
|
3,732
|
|
|
1,864
|
|
|
|
9,293
|
|
|
4,875
|
|
|
General and administrative
|
|
8,558
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|
|
5,521
|
|
|
|
22,324
|
|
|
16,846
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|
|
Total stock-based compensation
|
|
$
|
17,196
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|
|
$
|
12,009
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|
|
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$
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45,470
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|
|
$
|
35,022
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(2) Amortization of intangible assets included in costs of revenues
and operating costs and expenses is as follows:
|
Cost of revenues
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|
$
|
1,371
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|
|
$
|
1,094
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|
|
|
$
|
3,670
|
|
|
$
|
2,570
|
|
|
Sales and marketing
|
|
437
|
|
|
119
|
|
|
|
788
|
|
|
321
|
|
|
Total amortization of intangible assets
|
|
$
|
1,808
|
|
|
$
|
1,213
|
|
|
|
$
|
4,458
|
|
|
$
|
2,891
|
|
|
|
|
|
|
|
|
|
|
|
|
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(3) Operating costs and expenses for the three and nine months ended
September 30, 2017 include recognition of insurance recovery of
amounts associated with the previously recognized 2014 wire
transaction loss.
|
(4) Figures for the three and nine months ended September 30, 2017
have been recast to reflect our January 1, 2018 full retrospective
adoption of Accounting Standards Codification ("ASC") 606.
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MEDIDATA SOLUTIONS, INC.
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Reconciliation of GAAP Operating Income and GAAP Net Income to
|
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Non-GAAP Operating Income and Non-GAAP Net Income (Unaudited)
|
|
(Amounts in thousands, except per share data)
|
|
|
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Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
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|
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2018
|
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2017
|
|
|
2018
|
|
2017
|
|
Operating income:
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
|
|
$
|
14,119
|
|
|
$
|
22,257
|
|
(8)
|
|
$
|
40,282
|
|
|
$
|
47,797
|
|
(8)
|
GAAP operating margins
|
|
8.6
|
%
|
|
16.0
|
%
|
(8)
|
|
8.6
|
%
|
|
11.9
|
%
|
(8)
|
Stock-based compensation
|
|
17,196
|
|
|
12,009
|
|
|
|
45,470
|
|
|
35,022
|
|
|
Depreciation and amortization
|
|
9,118
|
|
|
6,853
|
|
|
|
25,336
|
|
|
16,918
|
|
|
Contingent consideration adjustment (1)
|
|
(270
|
)
|
|
102
|
|
|
|
(263
|
)
|
|
160
|
|
|
Cash compensation from acquisition-related agreements (2)
|
|
1,238
|
|
|
-
|
|
|
|
1,372
|
|
|
-
|
|
|
Wire transaction recovery (3)
|
|
-
|
|
|
(4,770
|
)
|
|
|
-
|
|
|
(4,770
|
)
|
|
Non-GAAP operating income
|
|
$
|
41,401
|
|
|
$
|
36,451
|
|
(8)
|
|
$
|
112,197
|
|
|
$
|
95,127
|
|
(8)
|
Non-GAAP operating margins
|
|
25.3
|
%
|
|
26.2
|
%
|
(8)
|
|
23.9
|
%
|
|
23.6
|
%
|
(8)
|
Net income:
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
|
$
|
10,688
|
|
|
$
|
13,043
|
|
(8)
|
|
$
|
37,602
|
|
|
$
|
30,564
|
|
(8)
|
Stock-based compensation
|
|
17,196
|
|
|
12,009
|
|
|
|
45,470
|
|
|
35,022
|
|
|
Amortization
|
|
1,808
|
|
|
1,213
|
|
|
|
4,458
|
|
|
2,891
|
|
|
Contingent consideration adjustment (1)
|
|
(270
|
)
|
|
102
|
|
|
|
(263
|
)
|
|
160
|
|
|
Cash compensation from acquisition-related agreements (2)
|
|
1,238
|
|
|
-
|
|
|
|
1,372
|
|
|
-
|
|
|
Wire transaction recovery (3)
|
|
-
|
|
|
(4,770
|
)
|
|
|
-
|
|
|
(4,770
|
)
|
|
Interest income on wire transaction recovery (4)
|
|
(1,149
|
)
|
|
-
|
|
|
|
(1,149
|
)
|
|
-
|
|
|
Non-cash interest expense (5)
|
|
1,861
|
|
|
3,698
|
|
|
|
9,732
|
|
|
10,944
|
|
|
Gain on step acquisition (6)
|
|
-
|
|
|
-
|
|
|
|
(7,648
|
)
|
|
-
|
|
|
Tax impact on add-back items (7)
|
|
(5,171
|
)
|
|
(4,901
|
)
|
|
|
(12,993
|
)
|
|
(17,699
|
)
|
|
Non-GAAP net income
|
|
$
|
26,201
|
|
|
$
|
20,394
|
|
(8)
|
|
$
|
76,581
|
|
|
$
|
57,112
|
|
(8)
|
GAAP basic earnings per share
|
|
$
|
0.18
|
|
|
$
|
0.23
|
|
(8)
|
|
$
|
0.65
|
|
|
$
|
0.54
|
|
(8)
|
GAAP diluted earnings per share
|
|
$
|
0.17
|
|
|
$
|
0.22
|
|
(8)
|
|
$
|
0.62
|
|
|
$
|
0.51
|
|
(8)
|
Non-GAAP basic earnings per share
|
|
$
|
0.45
|
|
|
$
|
0.36
|
|
(8)
|
|
$
|
1.33
|
|
|
$
|
1.01
|
|
(8)
|
Non-GAAP diluted earnings per share
|
|
$
|
0.42
|
|
|
$
|
0.34
|
|
(8)
|
|
$
|
1.26
|
|
|
$
|
0.96
|
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
(1) Change in fair value of acquisition-related contingent
consideration liabilities.
|
(2) Expense associated with acquisition-related cash compensation
agreements entered into with certain employees of SHYFT Analytics,
Inc. ("SHYFT").
|
(3) Operating costs and expenses for the three and nine months ended
September 30, 2017 include recognition of insurance recovery of
amounts associated with the previously recognized 2014 wire
transaction loss. We exclude these amounts for the purposes of
calculating non-GAAP operating income and non-GAAP net income
because we believe they are not indicative of our continuing
operations or meaningful when comparing current to past results.
|
(4) Interest income for the three and nine months ended September
30, 2018 includes interest on wire transaction recovery that was
received during the third quarter of 2018. We exclude this amount
for the purposes of calculating non-GAAP net income because we
believe it is not indicative of our continuing operations or
meaningful when comparing current to past results.
|
(5) Non-cash interest expense includes amortization of debt discount
and issuance costs on our 1.00% convertible senior notes issued in
2013, which were converted on August 1, 2018, and amortization of
issuance costs on our credit agreement entered into in 2017. We
exclude this incremental non-cash interest expense for purposes of
calculating non-GAAP net income. We believe that excluding these
expenses from our non-GAAP measures is useful to investors because
such incremental non-cash interest expense does not generate a cash
outflow, nor do the debt issuance costs represent a cash outflow
except in the period of issuance; therefore both are not indicative
of our continuing operations.
|
(6) Elimination of gain recognized upon step acquisition of SHYFT.
|
(7) Tax impact calculated using tax rates of 25% and 40% for the
periods ended September 30, 2018 and 2017, respectively.
|
(8) Figures for the three and nine months ended September 30, 2017
have been recast to reflect our January 1, 2018 full retrospective
adoption of ASC 606.
|
The table above presents a reconciliation of GAAP to non-GAAP
operating income, net income, and net income per share applicable
to common stockholders for the three and nine months ended
September 30, 2018 and 2017. Non-GAAP operating income excludes
the impact of stock-based compensation, depreciation, amortization
of intangible assets associated with acquisitions, adjustments to
the fair value of contingent consideration, cash compensation from
acquisition-related agreements, and wire transaction recovery.
Non-GAAP net income excludes the tax-affected impact of
stock-based compensation, amortization of intangible assets
associated with acquisitions, adjustments to the fair value of
contingent consideration, cash compensation from
acquisition-related agreements, wire transaction recovery and
interest thereon, non-cash interest expense, and gain on step
acquisition.
|
|
MEDIDATA SOLUTIONS, INC.
|
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
(Amounts in thousands, except per share data)
|
|
|
September 30, 2018
|
|
December 31, 2017
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
83,496
|
|
|
$
|
237,325
|
|
Marketable securities
|
|
115,083
|
|
|
246,967
|
|
Accounts receivable, net of allowance for doubtful accounts of
$1,642 and $1,454, respectively
|
|
163,180
|
|
|
110,685
|
|
Prepaid commission expense
|
|
18,422
|
|
|
12,404
|
|
Prepaid expenses and other current assets
|
|
27,898
|
|
|
33,636
|
|
Total current assets
|
|
408,079
|
|
|
641,017
|
|
Restricted cash
|
|
5,532
|
|
|
5,518
|
|
Furniture, fixtures and equipment, net
|
|
96,753
|
|
|
88,091
|
|
Marketable securities, long-term
|
|
19,878
|
|
|
179,041
|
|
Goodwill
|
|
215,000
|
|
|
47,435
|
|
Intangible assets, net
|
|
31,429
|
|
|
17,587
|
|
Deferred income taxes, long-term
|
|
43,242
|
|
|
35,789
|
|
Other assets
|
|
47,875
|
|
|
46,755
|
|
Total assets
|
|
$
|
867,788
|
|
|
$
|
1,061,233
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
6,661
|
|
|
$
|
5,009
|
|
Accrued payroll and other compensation
|
|
36,639
|
|
|
32,537
|
|
Accrued expenses and other
|
|
40,195
|
|
|
36,041
|
|
Deferred revenue
|
|
78,464
|
|
|
77,375
|
|
1.00% convertible senior notes, net
|
|
-
|
|
|
278,094
|
|
Total current liabilities
|
|
161,959
|
|
|
429,056
|
|
Noncurrent liabilities:
|
|
|
|
|
Term loan, net
|
|
89,512
|
|
|
92,841
|
|
Deferred revenue, less current portion
|
|
2,901
|
|
|
5,256
|
|
Deferred tax liabilities
|
|
98
|
|
|
99
|
|
Other long-term liabilities
|
|
19,332
|
|
|
21,371
|
|
Total noncurrent liabilities
|
|
111,843
|
|
|
119,567
|
|
Total liabilities
|
|
273,802
|
|
|
548,623
|
|
Commitments and contingencies
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Preferred stock, par value $0.01 per share; 5,000 shares authorized,
none issued and outstanding
|
|
-
|
|
|
-
|
|
Common stock, par value $0.01 per share; 200,000 shares authorized;
65,888 and 62,801 shares issued; 61,194 and 58,607 shares
outstanding, respectively
|
|
659
|
|
|
628
|
|
Additional paid-in capital
|
|
550,446
|
|
|
486,147
|
|
Treasury stock, 4,694 and 4,194 shares, respectively
|
|
(152,216
|
)
|
|
(132,705
|
)
|
Accumulated other comprehensive loss
|
|
(4,422
|
)
|
|
(3,377
|
)
|
Retained earnings
|
|
199,519
|
|
|
161,917
|
|
Total stockholders' equity
|
|
593,986
|
|
|
512,610
|
|
Total liabilities and stockholders' equity
|
|
$
|
867,788
|
|
|
$
|
1,061,233
|
|
|
|
|
|
|
|
|
|
|
MEDIDATA SOLUTIONS, INC.
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
(Amounts in thousands)
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2018
|
|
2017
|
|
Cash flows from operating activities
|
|
|
|
|
|
Net income
|
|
$
|
37,602
|
|
|
$
|
30,564
|
|
(1)
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Amortization of intangible assets and depreciation
|
|
25,336
|
|
|
16,918
|
|
|
Stock-based compensation
|
|
45,470
|
|
|
35,022
|
|
|
Amortization of discounts or premiums on marketable securities
|
|
79
|
|
|
1,131
|
|
|
Realized loss on available-for-sale marketable securities
|
|
375
|
|
|
-
|
|
|
Deferred income taxes
|
|
(495
|
)
|
|
6,035
|
|
(1)
|
Amortization of debt issuance costs
|
|
1,071
|
|
|
958
|
|
|
Amortization of debt discount
|
|
8,661
|
|
|
9,986
|
|
|
Provision for doubtful accounts
|
|
1,169
|
|
|
806
|
|
|
Loss (gain) on fixed asset disposal
|
|
399
|
|
|
(8
|
)
|
|
Gain recognized on step acquisition
|
|
(7,648
|
)
|
|
-
|
|
|
Changes in fair value of contingent consideration
|
|
(263
|
)
|
|
160
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
(53,664
|
)
|
|
9,050
|
|
|
Prepaid commission expense
|
|
(11,208
|
)
|
|
(8,157
|
)
|
(1)
|
Prepaid expenses and other current assets
|
|
6,113
|
|
|
(16,187
|
)
|
(1)
|
Other assets
|
|
774
|
|
|
596
|
|
|
Accounts payable
|
|
3,510
|
|
|
(3,796
|
)
|
|
Accrued payroll and other compensation
|
|
1,191
|
|
|
(3,155
|
)
|
|
Accrued expenses and other
|
|
6,394
|
|
|
3,539
|
|
|
Deferred revenue
|
|
(4,275
|
)
|
|
7,111
|
|
(1)
|
Other long-term liabilities
|
|
(3,344
|
)
|
|
1,001
|
|
|
Net cash provided by operating activities
|
|
57,247
|
|
|
91,574
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
Purchase of furniture, fixtures and equipment
|
|
(28,929
|
)
|
|
(30,502
|
)
|
|
Purchase of available-for-sale securities
|
|
(69,214
|
)
|
|
(224,291
|
)
|
|
Proceeds from sale of available-for-sale securities
|
|
360,272
|
|
|
220,059
|
|
|
Acquisition of businesses, net of cash acquired
|
|
(179,063
|
)
|
|
(22,941
|
)
|
|
Net cash provided by (used in) investing activities
|
|
83,066
|
|
|
(57,675
|
)
|
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
12,169
|
|
|
9,675
|
|
|
Proceeds from employee stock purchase plan
|
|
9,507
|
|
|
6,799
|
|
|
Acquisition of treasury stock
|
|
(19,509
|
)
|
|
(16,293
|
)
|
|
Repayment of convertible notes
|
|
(287,500
|
)
|
|
-
|
|
|
Term loan principal payments
|
|
(3,750
|
)
|
|
-
|
|
|
Payment of acquisition-related earn-outs
|
|
(4,417
|
)
|
|
-
|
|
|
Payment of credit facility financing costs
|
|
(175
|
)
|
|
-
|
|
|
Net cash (used in) provided by financing activities
|
|
(293,675
|
)
|
|
181
|
|
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
|
|
(453
|
)
|
|
591
|
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash
|
|
(153,815
|
)
|
|
34,671
|
|
|
Cash, cash equivalents and restricted cash - Beginning of period
|
|
242,843
|
|
|
99,279
|
|
|
Cash, cash equivalents and restricted cash - End of period
|
|
$
|
89,028
|
|
|
$
|
133,950
|
|
|
(1) Figures for the nine months ended September 30, 2017 have been
recast to reflect our January 1, 2018 full retrospective adoption of
ASC 606.
|
|
MEDIDATA SOLUTIONS, INC.
|
Reconciliation of Forward-Looking GAAP Operating Income Guidance
and GAAP Net Income Guidance to
|
Non-GAAP Operating Income Guidance and Non-GAAP Net Income
Guidance (Unaudited)
|
(Amounts in millions)
|
|
|
Estimated Full-Year 2018
|
Total revenues
|
|
$624.0 - $648.0
|
|
|
|
|
GAAP operating income:
|
|
$45.5- $53.5
|
|
Stock-based compensation (1)
|
|
64.0
|
|
Depreciation and amortization (1)
|
|
34.0
|
|
Contingent consideration adjustment (1)
|
|
0.5
|
|
Cash compensation from acquisition-related agreements (1)
|
|
2.0
|
|
Non-GAAP operating income
|
|
$146.0 - $154.0
|
|
|
|
|
GAAP net income:
|
|
$28.5 - $35.5
|
|
Stock-based compensation (1)
|
|
64.0
|
|
Amortization (1)
|
|
6.0
|
|
Non-cash interest expense (1)
|
|
10.0
|
|
Contingent consideration adjustment (1)
|
|
0.5
|
|
Cash compensation from acquisition-related agreements (1)
|
|
2.0
|
|
Tax impact on add-back items (2)
|
|
(20.5
|
)
|
Non-GAAP net income
|
|
$90.5 - $97.5
|
|
|
|
|
Fully diluted share count
|
|
61.0
|
|
|
|
|
(1) Represents the estimated midpoint of our guidance range.
|
(2) Tax impact estimated using a 25% rate.
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181018005241/en/
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