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Allscripts Reports Fourth Quarter Results

CHICAGO Feb. 15, 2011 December 31, 2010

Fourth Quarter Highlights:

  • $288.2 million $140.4 million $147.8 million
  • Total bookings growth of 34 percent sequentially over the third quarter of 2010
  • Legacy Eclipsys bookings growth of 31 percent in calendar 2010
  • $316.2 million $337.1 million
  • $9.5 million $69.3 million
  • $6.2 million $0.03 $38.7 million $0.20
    • $12.7 million $0.07
    • $10.6 million $0.05
    • $2.3 million $0.01
    • $10.9 million $0.06
    • $8.4 million $0.04
  • $74.3 million $40.9 million

http://photos.prnewswire.com/prnh/20100901/CG58147LOGO

Glen Tullman

Fourth Quarter Results

August 24, 2010 December 31, 2010 November 30, 2009 December 31, 2009

December 31, 2010 $316.2 million December 31, 2010 $337.1 million $306.4 million

$146.1 million $167.0 million $154.6 million

$9.5 million $17.8 million $69.3 million $55.0 million

$6.2 million $12.7 million $10.6 million $2.3 million $10.9 million $8.4 million

$38.7 million $33.8 million

December 31, 2010 $0.03 $0.07 $0.05 $0.01 $0.06 $0.04

$0.20 December 31, 2010 $0.17

August 2010 $470 million $250 million $570 million December 31, 2010 $81 million $489 million $131 million

Financial Commentary

Bill Davis

$74.3 million $81 million

Allscripts Financial Guidance

The company increased its earnings per share guidance for 2011 based on a lower expected share count.  Please see footnotes at the end of this press release for a reconciliation of GAAP and non-GAAP financial presentations and other information.

Calendar Year 2011 Non-GAAP Guidance Range(6)

Non-GAAP Revenue

$1,425.0 million to $1,450.0 million

Non-GAAP Adjusted Operating Income

$303.0 million to $308.0 million

Non-GAAP Adjusted Operating Margin

21 percent

Interest Expense

$24.5 million to $26.5 million

Tax Rate

38.0 percent to 39.5 percent

Non-GAAP Net Income

$167.0 million to $176.0 million

Non-GAAP Earnings Per Share

$0.86-$0.90

Diluted Shares

194.0 million

Conference Call

Tuesday February 15, 2011 4:30 PM Eastern Time www.allscripts.com www.allscripts.com

www.microsoft.com

Basis of Presentation

December 31

http://investor.allscripts.com

Footnotes

  1. December 31, 2010 $20.9 million $3.4 million $135.7 million
  2. December 31, 2010 $20.9 million $3.2 million $57.7 million $4.8 million
  3. December 31, 2010 $20.9 million $3.2 million $17.4 million $8.8 million $3.7 million $7.8 million $17.8 million $1.3 million $15.5 million
  4. December 31, 2010 $12.7 million $2.0 million $10.6 million $5.4 million $2.3 million $5.0 million $10.9 million $0.8 million $9.8 million $8.4 million $1.0 million December 31, 2010
  5. Please see below for a further discussion of non-GAAP measures.
  6. $1,418.0 million $21.0 million $70.0 million $40.0 million $21.0 million

Explanation of Non-GAAP Financial Measures

August 24, 2010

Acquisition-Related Deferred Revenue Adjustment. Acquisition-related deferred revenue adjustment reflects the fair value adjustment to deferred revenues acquired in business combinations. The fair value of deferred revenue represents an amount equivalent to the estimated cost plus an appropriate profit margin, to perform services related to the acquiree’s software and product support, which assumes a legal obligation to do so, based on the deferred revenue balances as of the acquisition date. Allscripts adds back this deferred revenue adjustment for non-GAAP revenue and non-GAAP net income because it believes the inclusion of this amount directly correlates to the underlying performance of Allscripts operations and facilitates comparisons of the separate 2010 pre-merger results of legacy Allscripts and Eclipsys to that of the company’s post-merger results.

Acquisition-Related Amortization. Acquisition-related amortization expense is a non-cash expense arising from the acquisition of intangible assets in connection with acquisitions or investments. Allscripts excludes acquisition-related amortization expense from non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Allscripts business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets. Management believes that this adjustment facilitates comparisons of the 2010 merger results of legacy Allscripts and Eclipsys to that of the company’s post-merger results.  Investors should note that the use of these intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation and should also note that such expense will recur in future periods.

Stock-Based Compensation Expense. Stock-based compensation expense is a non-cash expense arising from the grant of stock awards to employees. Allscripts excludes stock-based compensation expense from non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Allscripts business operations and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods and should also note that such expense will recur in future periods.

Transaction-Related Expenses. Transaction-related expenses are fees and expenses, including legal, investment banking and accounting fees and other integration-related expenses, incurred in connection with announced transactions. Allscripts excludes transaction-related expenses from non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Allscripts business operations and (ii) such expenses can vary significantly between periods.

Tax Rate Alignment. Additional income tax expense primarily related to non-deductible merger-related expenses.

Management also believes that non-GAAP revenue, gross profit, operating income and net income and non-GAAP net income on a per share basis provide useful supplemental information to management and investors regarding the underlying performance of the company’s business operations and facilitates comparisons of the separate 2010 pre-merger results of legacy Allscripts and legacy Eclipsys to that of the company’s 2010 post-merger results.  Acquisition accounting adjustments made in accordance with GAAP can make it difficult to make meaningful comparisons of the underlying operations of the business without considering the non-GAAP adjustments that we have provided and discussed herein. Management also uses this information internally for forecasting and budgeting as it believes that the measure is indicative of the company’s core operating results. In addition, the company uses non-GAAP operating income and/or net income to measure achievement under the company’s stock and cash incentive compensation plans.  Note, however, that non-GAAP revenue, gross profit, operating income and net income and non-GAAP net income on a per share basis are performance measures only, and they do not provide any measure of the company’s cash flow or liquidity. Non-GAAP financial measures are not in accordance with, or an alternative for, measures of financial performance prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Allscripts results of operations as determined in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures with GAAP financial measures contained within the attached condensed consolidated financial statements.

About Allscripts

Allscripts www.allscripts.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Statements regarding future events or developments, our future performance, as well as management’s expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements with the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties, some of which are outlined below. As a result, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition.

May 31, 2010

Allscripts Healthcare Solutions, Inc.

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

December 31,

May 31,

2010

2010

ASSETS

Current assets:

Cash and cash equivalents

$129.4

$143.4

Restricted cash

2.2

0.0

Accounts receivable, net

317.2

181.9

Deferred taxes, net

30.8

29.1

Inventories

3.8

3.2

Prepaid expenses and other current assets

92.1

50.6

Total current assets

575.5

408.2

Long-term marketable securities

1.7

1.9

Fixed assets, net

114.3

24.6

Software development costs, net

61.3

29.9

Intangible assets, net

554.7

206.7

Goodwill

1,037.0

413.4

Deferred taxes, net

5.5

0.0

Other assets

68.6

10.0

Total assets

$2,418.6

$1,094.7

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$46.6

$32.3

Accrued expenses

84.7

56.5

Accrued compensation and benefits

40.4

18.2

Deferred revenue

228.6

104.0

Other current liabilities

30.8

1.1

Total current liabilities

431.1

212.1

Long-term debt

459.8

0.0

Deferred revenue

6.4

0.0

Deferred taxes, net

88.5

71.3

Other liabilities

49.0

4.5

Total liabilities

1,034.8

287.9

Total stockholders’ equity

1,383.8

806.8

Total liabilities and stockholders’ equity

$2,418.6

$1,094.7

Allscripts Healthcare Solutions, Inc.

Condensed Consolidated Statements of Operations

(In millions, except per-share amounts)

(Unaudited)

Three Months Ended

December 31,

November 30,

2010

2009

Revenue:

System sales

$57.9

$33.6

Professional services

48.7

18.3

Maintenance

93.3

61.3

Transaction processing and other

116.3

56.1

Total revenue

316.2

169.3

Cost of revenue: (a)

System sales

34.7

18.3

Professional services

41.9

14.9

Maintenance

34.2

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