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These terms and conditions govern your use of the website alphaminr.com and its related services.
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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74-3032373
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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6600 Wall Street, Mobile, Alabama
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36695
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(Address of Principal Executive Offices)
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(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, par value $.001 per share
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The NASDAQ Stock Market LLC
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Large accelerated filer
¨
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Accelerated filer
x
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Non-accelerated filer
¨
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Smaller reporting company
¨
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(Do not check if smaller reporting company)
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Item No.
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Page No.
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PART I
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1
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1A.
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1B.
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2
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3
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4
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PART II
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5
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6
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7
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7A.
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8
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9
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9A.
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9B.
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PART III
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10
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11
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12
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13
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14
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PART IV
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15
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*
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Portions of the definitive Proxy Statement for the 2016 Annual Meeting of Stockholders are incorporated by reference into Part III of this report to the extent described herein.
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overall business and economic conditions affecting the healthcare industry, including the potential effects of the federal healthcare reform legislation enacted in 2010, and implementing regulations, on the businesses of our hospital customers;
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government regulation of our products and services and the healthcare and health insurance industries, including changes in healthcare policy affecting Medicare and Medicaid reimbursement rates and qualifying technological standards;
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changes in customer purchasing priorities, capital expenditures and demand for information technology systems;
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saturation of our target market and hospital consolidations;
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general economic conditions, including changes in the financial and credit markets that may affect the availability and cost of credit to us or our customers;
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our substantial indebtedness, and our ability to incur additional indebtedness in the future;
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our inability to generate sufficient cash in order to meet our debt service obligations;
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restrictions on our current and future operations because of the terms of our senior secured credit facilities;
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market risks related to interest rate changes;
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our ability to successfully integrate the businesses of Healthland Inc., American HealthTech, Inc., and Rycan Technologies, Inc. with our business and the inherent risks associated with any potential future acquisitions;
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competition with companies that have greater financial, technical and marketing resources than we have;
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failure to develop new technology and products in response to market demands;
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failure of our products to function properly resulting in claims for medical losses;
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breaches of security and viruses in our systems resulting in customer claims against us and harm to our reputation;
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failure to maintain customer satisfaction through new product releases free of undetected errors or problems;
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interruptions in our power supply and/or telecommunications capabilities, including those caused by natural disaster;
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our ability to attract and retain qualified and key personnel;
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failure to properly manage growth in new markets we may enter;
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misappropriation of our intellectual property rights and potential intellectual property claims and litigation against us;
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changes in accounting principles generally accepted in the United States of America; and
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fluctuations in quarterly financial performance due to, among other factors, timing of customer installations.
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ITEM 1.
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BUSINESS
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Evident, formed in April 2015, provides comprehensive electronic health record ("EHR") solutions and services for rural and community hospitals, including those solutions previously sold under the CPSI name as well as an expanded range of offerings specifically targeting rural and community healthcare organizations.
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TruBridge focuses exclusively on providing business management, consulting and managed IT services to rural and community healthcare organizations, regardless of their primary healthcare information solutions provider.
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Healthland, acquired in the acquisition of HHI, provides integrated technology solutions and services to small rural and critical access hospitals.
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AHT, acquired in the acquisition of HHI, is one of the nation's largest providers of financial and clinical technology solutions and services for post-acute care facilities.
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Rycan, acquired in the acquisition of HHI, provides revenue cycle management workflow and automation software to hospitals, healthcare systems, and skilled nursing organizations.
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strengthens our position in providing healthcare information systems to rural and community healthcare organizations with the addition of Healthland;
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introduces CPSI to the post-acute market with the addition of AHT; and
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expands the products and capabilities of TruBridge with the addition of Rycan and its suite of revenue cycle management products.
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The iPad application provides users with access to our EHR system from Apple iOS devices. The initial focus is on providers, with the first function delivered through the app being access to our mobile rounding suite. This suite provides physicians with quick access to patient charts allowing for the review of patient information, vitals, medication lists, test results, problems and history. Additionally, it allows the providers to pend orders and set reminders for later tasks to be performed from a PC.
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Clinical Content works in conjunction with our existing Emergency Department suite, Multi-Disciplinary Documentation application and Thrive Provider EHR. This content provides structured specialty-specific patient care documentation using our managed entry methodology and content. Our new Content Services Department oversees the creation and maintenance of this, ensuring the product reflects on-going best practices.
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IdentiReg integrates biometric fingerprint scanners into the patient registration process. The application provides a means to positively identify individual patients and provides protection against identity theft and fraud.
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Final rules regarding Meaningful Use ("MU") Stage 3 for electronic health records were released in October 2015. Hospitals may begin reporting for MU Stage 3 requirements as early as January 1, 2017. The volume and complexity of changes associated with MU Stage 3 are considerable. MU Stage 3 increases the data capture requirements and use of medical vocabularies, expands Stage 2 functionality requirements, increases interoperability requirements and emphasizes greater patient engagement. To meet the requirements, new data elements and functionalities must be created and tied to the existing data structure and system functionalities in a manner that is consistent with healthcare provider workflows.
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CPSI is a participant in the CommonWell Health Alliance. The purpose of the alliance is to develop and implement an interoperability standard for the communication of patient data between disparate EHR systems. We are taking a phased approach to development. In the first phase, we developed the ability for participating customers to automatically submit a small amount of patient demographic data. This phase helped to prove the concept of the alliance and is helping to build the network of EHR systems participating in the CommonWell Health Alliance. The second and current phase of development will focus on integrating CommonWell patient engagement and enrollment into the registration process. The final phase will focus on providing healthcare providers with a means to query and retrieve clinical documentation from other CommonWell member facilities.
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We will be continuing our development efforts in data analytics in 2016. Our first pilot program focusing on predictive data modeling, scoring, categorization and classification was completed in 2015. While we continue our work on predictive analytic solutions, current market demand appears strong for business intelligence solutions. Consequently, our current development efforts are focused on dashboard software and the development of a library of financial, clinical and operational metrics to help improve outcomes and better manage hospital operations.
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provide automated processes that improve clinical workflow and support clinical decision-making;
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allow healthcare providers to efficiently input and easily access the most current patient medical data in order to improve quality of care and patient safety;
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integrate clinical, financial and patient information to promote efficient use of time and resources, while eliminating dependence on paper medical records;
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provide tools that permit healthcare organizations to analyze past performance, model new plans for the future and measure and monitor the effectiveness of those plans;
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provide for rapid and cost-effective implementation, whether through the installation of an in-house system or through our Software as a Service ("SaaS") services; and
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increase the flow of information by replacing centralized data over which there is limited control with broad-based, secure access by clinical and administrative personnel to data relevant to their functional areas.
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Patient Management
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Financial Accounting
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Clinical
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Patient Care
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Enterprise Applications
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Patient Management
. Our patient management software enables a hospital to identify a patient at any point in the healthcare delivery system and to collect and maintain patient information throughout the entire process of patient care on an enterprise-wide basis. Thrive's single database structure permits authorized hospital
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Financial Accounting
. Our financial accounting software provides a variety of business office applications designed to efficiently track and coordinate information needed for managerial decision-making. Our financial accounting software applications include:
Executive Information System, General Ledger, Accounts Payable, Payroll/Personnel, Time and Attendance, Electronic Direct Deposits, Human Resources, Budgeting, Fixed Assets, and Materials Management.
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Clinical
. Our clinical software automates record keeping and reporting for many clinical functions including laboratory, radiology, physical therapy, respiratory care and pharmacy. These products eliminate tedious paperwork, calculations and written documentation while allowing for easy retrieval of patient data and statistics. Our clinical software applications include:
Laboratory Information Systems, Laboratory Instrument Interfaces, Radiology Information Systems, ImageLink® Picture Archiving and Communication System (PACS), Physical Therapy and Respiratory Care, and Pharmacy.
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Patient Care
. Our patient care applications allow hospitals to create computerized "patient files" in place of the traditional paper file systems. This software enables physicians, nurses and other hospital staff to improve the quality of patient care through increased access to patient information, assistance with projected care requirements and feedback regarding patient needs. Our software also addresses current safety initiatives in the healthcare industry such as the transition from written prescriptions and physician orders to computerized physician order entry. Our patient care software applications include:
Order Entry/Results Reporting, Point-of-Care System, Patient Acuity, ChartLink®, Computerized Physician Order Entry (CPOE), Medication Verification, Resident Assessment Instruments, Thrive Provider EHR, Outreach Client Access, Electronic Forms, Physician Documentation, and Emergency Department System.
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Enterprise Applications
. We provide software applications that support the products described above and are useful to all areas of the hospital. These applications include: ad hoc reporting, automatic batch and real-time system backups, an integrated fax system, archival data repository, document scanning and Microsoft Office integration, and an Application Portal. The Application Portal allows clients to access our applications remotely via Microsoft Internet Explorer and the Internet without requiring the loading of any additional client software on the accessing PC. User information and data accessed is secured with HIPAA compliant 128 bit cipher strength Secure Socket Layer (SSL) encryption. Remote access using the Application Portal results in no discernible difference to the user in software functionality.
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Computerized Practitioner Order Entry ("CPOE")
. The cornerstone of inpatient EHR systems, CPOE promotes user adoption by including medication interaction alerts, access to relevant laboratory results, duplicate order checking, customizable order sets and protocols, and order templates containing pre-populated screens.
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Clinical Documentation
. This system securely enables a patient’s caregivers to view the vital signs, intake-output values, progress notes, and nursing tasks that are entered into the patient’s EHR.
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Emergency Department
. This system expedites and simplifies registration, patient tracking, order management, assessments, and other activities in a fast-paced environment.
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Laboratory
. This system automates routine tasks such as lab order processing and tracking, enabling the practitioner to focus on the results and ultimately better patient care.
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Radiology
. This application delivers faster turnaround times and enhanced communications among caregivers by automatically processing radiology orders, managing and tracking images, and generating reports.
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Pharmacy
. This application helps pharmacies manage all aspects of medication verification and dispensing, including order coordination, interaction checks, administration, and charging.
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Financial Accounting
. A hospital financial accounting management solution that helps rural and community hospitals gain better insight and perspective on their costs.
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Patient Management
. An accounting system to better manage patient information and automate the hospital billing process.
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Ambulatory Software Solutions
. Enables clinicians to focus on providing high-quality patient care by streamlining the management of patient data. Each offers a broad set of features and functionalities that can help clinics reduce costs, increase revenue, and improve administrative and clinical staff efficiency, all while enhancing patient care and safety.
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Care Management
. This integrated offering helps manage the delivery of quality care, collect and report on resident information, and manage compliance risk. Core modules include Work Center, Clinical, Smart Charting Order Administration (Point of Care), Quality Assurance, Therapy Tracking, Supplies Tracking, and Disease State Management.
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Financial and Enterprise Management
. This comprehensive set of financial solutions enables customers to improve cash flow and better manage costs. Core modules include Accounts Payable, General Ledger, Payroll, Financial Management, Trust Funds, and Enterprise Management.
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Total System Support
. We believe the quality of continuing customer support is one of the most critical considerations in the selection of an information system provider. We provide hardware, technical and software support for all aspects of our system which gives us the flexibility to take the necessary course of action to resolve any issue. Unlike our competitors who use third-party services for hardware and software support, we provide a single, convenient and efficient resource for all of our customers’ system support needs. In order to minimize the impact of a system problem, we train our customer service personnel to be technically proficient, courteous and prompt. Because a properly functioning information system is crucial to a hospital’s operations, our support teams are available 24 hours per day to assist customers with any problem that may arise. Customers can also use the Internet to directly access our support system. This allows customers to communicate electronically with our support teams at any time.
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User Group
. All of our Thrive customers have the opportunity to be members of our user group from which we solicit feedback regarding our products. We host a national user group meeting annually. This group meets to discuss and recommend product modifications and improvements which it then evaluates and prioritizes. Upon confirming that the desired improvements are technically feasible, we agree to allocate a significant amount of programming time each year to undertake the requested modification or improvement. The majority of our product enhancements originate from suggestions from our customers that we receive through the user group structure.
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Software Releases
. We are committed to providing our customers with software and technology solutions that will continue to meet their information system needs. To accomplish this purpose, we continually work to enhance and improve our application programs. As part of this effort, for each customer covered under our general support agreement, we provide software updates as they become available at no additional cost. We design these enhancements to be seamlessly integrated into each customer’s existing Thrive system. The benefit of these enhancements is that each customer, regardless of its original installation date, uses the most advanced Thrive software available. Through this process, we can keep our customers up-to-date with the latest operational innovations in the healthcare industry as well as with changing governmental regulatory requirements. Another benefit of this "one system" concept is that our customer service teams can be more effective in responding to customer needs because they maintain a complete understanding of and familiarity with the one system that all customers use.
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Hardware Replacement
. As part of our general support agreements, we are also committed to promptly replacing malfunctioning system hardware in order to minimize the effect of operational interruptions. By offering all hardware used in our system, we believe we are better able to meet and address all of the information technology needs of our customers.
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Cloud Electronic Health Record (EHR)
. In some circumstances, we offer Cloud EHR services to customers via remote access telecommunications. Cloud EHR is a "Software as a Service" (or "SaaS") configuration and is in essence a subscription to access and use application software maintained by CPSI in a cloud environment for a monthly fee. Under this configuration, a customer is able to obtain access to an advanced EHR without a significant initial capital outlay. We store and maintain all Cloud EHR customers’ critical
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Forms and Supplies
. We offer our customers the forms that they need for their patient and financial records, as well as their general office supplies. Furnishing these forms and supplies helps us to achieve our objective of being a one-source solution for a hospital’s complete healthcare information system requirements.
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eLearning
. Engaging content that can be accessed anytime, anywhere with built-in assessments to measure content retention and comprehension.
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Virtual Classrooms
. Live, on-line training to promote interaction and collaboration with a team of product experts. Plus, a set quarterly training schedule to help providers balance training needs with their core job responsibilities.
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Campus Classrooms
. Live, instructor-led classes at the Healthland corporate office promoting hands-on training and interaction with peers from other client facilities.
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Online Learning Tools
. Easy access to a comprehensive set of training tools including product release notes and documentation, software guides, and key reference material related to all supported products.
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User Forum and Expert Exchange
. Annual user conference plus regional user group forums that allow clients to interact with peers and leverage Healthland experts to learn more about key industry issues and get their specific product questions answered.
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Experienced and Dedicated Support Representatives
. Seasoned experts assigned to each client site that not only understand the challenges in the post-acute care industry, but know how to best address them. This includes proactive education on the key regulatory changes and requirements before they impact business operations.
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Client Portal and Training
. Instant, on-line access to the most up-to-date industry information impacting long-term care, plus a vast array of product training opportunities.
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Customer Enhancement Council
. Access to a community of peers along with a robust set of resources and knowledge to help clients get the most out of their AHT investment.
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Annual Customer Symposium
. This forum provides clients with an opportunity to share best practices, gain industry insight on key topics impacting post-acute care providers, network with peers, and learn more about current and future AHT product and service offerings.
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Business Management Services
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Consulting Services
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Managed Information Technology Services
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Business Management Services
. Our business management services span a healthcare enterprise’s revenue cycle and provide customers with a strong alternative to in-house operations. The services leverage our deep service and technology experience and are designed to allow customers to streamline their administrative staffing while improving operational efficiencies. Our business management services include the following service offerings:
Electronic Billing, Insurance Services, Statement Processing, Accounts Receivable Management, Payroll Processing, and Contract Management.
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Consulting Services
. Our consulting services are designed to help healthcare organizations by assessing their needs, setting goals, and creating an action plan to achieve those goals, and, if needed, implementing the action plan. Many of our professional consultants possess decades of experience and all are skilled in adopting new technologies, redesigning processes, educating staff, and providing interim or on-going management services. Our consulting services include the following service offerings:
Revenue Cycle Consulting, Clinical Consulting, Medical Coding, and Information Technology Consulting.
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Managed Information Technology ("IT") Services
. Our managed IT services provide a range of services designed to meet the IT needs of community healthcare enterprises. The pace of technological change can be overwhelming. Our services allow customers to affordably maintain an advanced IT infrastructure, meet regulatory requirements, and reduce risk. Our managed IT services include the following service offerings:
Cloud Computing, Internet Service Provider, Managed Network Services, Server and Storage Management, Desktop Support, Communications Solutions, Connectivity Solutions, Security Services, and Data Center Services.
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Patient Liability Estimates
. Improve patient satisfaction, maximize point-of-service collections, and equip staff with the ability to provide transparent pricing with the PLE module.
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Eligibility Verification
. Reduce claim denials and carrier rejections by performing on-demand eligibility look-ups, assuring the care provided is covered.
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Claim Scrubbing and Submission
. A powerful claim management solution for submitting, validating, and processing a healthcare facility’s claims with ease with a high quality of edits.
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Remittance Management
. Remittance advice can be effortlessly gathered and managed with the Electronic Remittance Advice ("ERA") Retrieval and Remittance Management modules, simplifying workflow and involvement.
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Denial/Audit Management
. Equips healthcare facilities with the tools necessary to combat denied and audited claims, assisting organizations in recovering lost revenue.
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Contract Management
. Allows healthcare facilities to take control over complex healthcare contracts by prospectively pricing every claim submitted to payers, retrospectively pricing every remittance to ensure proper payment was received, and modeling proposed contract terms during payer negotiations.
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Reporting and Data Mining
. Brings together a facility’s revenue cycle data to gain a better understanding of the facility's financial health by analyzing reports and utilizing interactive, drill-in graphs.
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Year ended December 31,
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2015
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2014
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2013
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Sales revenues:
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System sales
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23.6
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%
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36.7
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%
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39.7
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Support and maintenance
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41.4
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35.9
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%
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35.6
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Business management, consulting and managed IT services
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35.0
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27.4
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%
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24.7
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%
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100.0
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%
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100.0
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%
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100.0
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%
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Year ended December 31,
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2015
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2014
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2013
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Sales revenues:
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Domestic
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$
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181,715,723
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$
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203,730,687
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$
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200,863,332
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International
(1)
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458,161
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1,011,450
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—
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$
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182,173,884
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$
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204,742,137
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$
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200,863,332
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(1)
International sales revenues for all periods presented are related to a single foreign country, the Caribbean nation of St. Maarten.
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product features, functionality and performance;
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range of services offered;
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level of customer service and satisfaction;
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ease of integration and speed of implementation;
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product price;
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cost of services offered;
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results of services engagements;
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knowledge of the healthcare industry;
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sales and marketing efforts; and
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company reputation.
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ITEM 1A.
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RISK FACTORS
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•
|
make it more difficult for us to satisfy our obligations with respect to our indebtedness, and any failure to comply with the obligations under any of our debt instruments, including restrictive covenants, could result in an event of default under such instruments;
|
|
•
|
make us more vulnerable to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
|
|
•
|
require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions and other general corporate purposes;
|
|
•
|
limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
|
|
•
|
place us at a competitive disadvantage compared to our competitors that are less highly leveraged and therefore able to take advantage of opportunities that our indebtedness prevents us from exploiting; and
|
|
•
|
limit our ability to borrow additional amounts for working capital, capital expenditures, acquisitions, debt service requirements, execution of our business strategy or other purposes.
|
|
•
|
significant acquisition and integration costs;
|
|
•
|
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;
|
|
•
|
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;
|
|
•
|
difficulty in fully or effectively integrating the acquired technologies, software products, services, business practices or personnel, which would prevent us from realizing the intended benefits of the acquisition;
|
|
•
|
failure to maintain uniform standard controls, policies and procedures across acquired businesses;
|
|
•
|
difficulty in predicting and responding to issues related to product transition such as development, distribution and customer support;
|
|
•
|
the possible adverse effect of such acquisitions on existing relationships with third party partners and suppliers of technologies and services;
|
|
•
|
the possibility that staff or customers of the acquired companies might not accept new ownership and may transition to different technologies or attempt to renegotiate contract terms or relationships, including maintenance or support agreements;
|
|
•
|
the assumption of known and unknown liabilities;
|
|
•
|
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, key personnel issues or legal and financial contingencies, including any deficiencies in internal controls and procedures and the costs associated with remedying such deficiencies;
|
|
•
|
difficulty in entering geographic and/or business markets in which we have no or limited prior experience;
|
|
•
|
diversion of management’s attention from other business concerns; and
|
|
•
|
the possibility that acquired assets become impaired, requiring us to take a charge to earnings which could be significant.
|
|
•
|
changes in customer budgets and purchasing priorities;
|
|
•
|
the ability of our customers to obtain financing for the purchase of our products;
|
|
•
|
the financial stability of our customers;
|
|
•
|
the specific mix of software, hardware and services in orders from customers;
|
|
•
|
the timing of new product announcements and product introductions by us and our competitors;
|
|
•
|
market acceptance of new products, product enhancements and services from us and our competitors;
|
|
•
|
product and price competition;
|
|
•
|
our success in expanding our sales and marketing programs;
|
|
•
|
the availability and cost of system components;
|
|
•
|
delay of revenue recognition to future quarters due to an increase in the sales of our remote access SaaS services;
|
|
•
|
the length of sales cycles and installation processes;
|
|
•
|
changes in revenue recognition or other accounting guidelines employed by us and/or established by the Financial Accounting Standards Board or other rulemaking bodies;
|
|
•
|
accounting policies concerning the timing of recognition of revenue;
|
|
•
|
personnel changes; and
|
|
•
|
general market and economic factors.
|
|
•
|
actual or anticipated quarterly variations in operating results;
|
|
•
|
rumors about our performance, software solutions, or merger and acquisition activity;
|
|
•
|
changes in expectations of future financial performance or changes in estimates of securities analysts;
|
|
•
|
governmental regulatory action;
|
|
•
|
healthcare reform measures;
|
|
•
|
customer relationship developments;
|
|
•
|
purchases or sales of Company stock;
|
|
•
|
changes occurring in the markets in general;
|
|
•
|
macroeconomic conditions, both nationally and internationally; and
|
|
•
|
other factors, many of which are beyond our control.
|
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS
|
|
ITEM 2.
|
PROPERTIES
|
|
ITEM 3.
|
LEGAL PROCEEDINGS
|
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
|
High
|
|
Low
|
|
Dividends
Declared
Per Share
|
|
||||||
|
2015
|
|
|
|
|
|
|
||||||
|
First Quarter
|
$
|
62.98
|
|
|
$
|
47.40
|
|
|
$
|
0.64
|
|
|
|
Second Quarter
|
57.49
|
|
|
51.78
|
|
|
0.64
|
|
|
|||
|
Third Quarter
|
56.86
|
|
|
41.64
|
|
|
0.64
|
|
|
|||
|
Fourth Quarter
|
54.99
|
|
|
36.04
|
|
|
0.64
|
|
|
|||
|
2014
|
|
|
|
|
|
|
||||||
|
First Quarter
|
$
|
71.89
|
|
|
$
|
56.60
|
|
|
$
|
0.57
|
|
|
|
Second Quarter
|
67.42
|
|
|
59.21
|
|
|
0.57
|
|
|
|||
|
Third Quarter
|
66.71
|
|
|
57.22
|
|
|
0.57
|
|
|
|||
|
Fourth Quarter
|
64.86
|
|
|
57.13
|
|
|
0.57
|
|
|
|||
|
ITEM 6.
|
SELECTED FINANCIAL DATA
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
|
(in thousands except for share and per share data)
|
||||||||||||||||||
|
INCOME DATA:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total sales revenues
|
$
|
182,174
|
|
|
$
|
204,742
|
|
|
$
|
200,863
|
|
|
$
|
183,309
|
|
|
$
|
173,476
|
|
|
Total costs of sales
|
108,065
|
|
|
110,766
|
|
|
107,126
|
|
|
102,648
|
|
|
94,065
|
|
|||||
|
Gross profit
|
74,109
|
|
|
93,976
|
|
|
93,737
|
|
|
80,661
|
|
|
79,411
|
|
|||||
|
Total operating expenses
|
49,022
|
|
|
44,389
|
|
|
43,493
|
|
|
39,384
|
|
|
38,116
|
|
|||||
|
Operating income
|
25,087
|
|
|
49,587
|
|
|
50,244
|
|
|
41,277
|
|
|
41,295
|
|
|||||
|
Total other income
|
404
|
|
|
152
|
|
|
466
|
|
|
721
|
|
|
667
|
|
|||||
|
Income before taxes
|
25,491
|
|
|
49,739
|
|
|
50,710
|
|
|
41,998
|
|
|
41,962
|
|
|||||
|
Provision for income taxes
|
7,148
|
|
|
16,819
|
|
|
17,967
|
|
|
12,025
|
|
|
16,129
|
|
|||||
|
Net Income
|
$
|
18,343
|
|
|
$
|
32,920
|
|
|
$
|
32,743
|
|
|
$
|
29,973
|
|
|
$
|
25,833
|
|
|
Net income per share - basic
|
$
|
1.62
|
|
|
$
|
2.94
|
|
|
$
|
2.95
|
|
|
$
|
2.71
|
|
|
$
|
2.34
|
|
|
Net income per share - diluted
|
$
|
1.62
|
|
|
$
|
2.94
|
|
|
$
|
2.95
|
|
|
$
|
2.71
|
|
|
$
|
2.34
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic
|
11,083,403
|
|
|
11,025,897
|
|
|
10,997,890
|
|
|
10,976,982
|
|
|
10,961,245
|
|
|||||
|
Diluted
|
11,083,403
|
|
|
11,026,406
|
|
|
10,997,890
|
|
|
10,976,982
|
|
|
10,961,245
|
|
|||||
|
Cash dividends declared per common share
|
$
|
2.56
|
|
|
$
|
2.28
|
|
|
$
|
2.04
|
|
|
$
|
2.84
|
|
|
$
|
1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
As of December 31,
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
$
|
24,951
|
|
|
$
|
23,792
|
|
|
$
|
11,729
|
|
|
$
|
8,912
|
|
|
$
|
6,664
|
|
|
Working capital
|
57,136
|
|
|
63,355
|
|
|
51,301
|
|
|
32,486
|
|
|
37,498
|
|
|||||
|
Total assets
|
92,788
|
|
|
99,325
|
|
|
92,535
|
|
|
77,839
|
|
|
75,645
|
|
|||||
|
Total current liabilities
|
17,421
|
|
|
18,161
|
|
|
21,451
|
|
|
18,461
|
|
|
16,671
|
|
|||||
|
Total stockholders’ equity
|
75,366
|
|
|
80,781
|
|
|
69,083
|
|
|
57,202
|
|
|
57,384
|
|
|||||
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
•
|
Evident, formed in April 2015, provides comprehensive electronic health record ("EHR") solutions and services for rural and community hospitals, including those solutions previously sold under the CPSI name as well as an expanded range of offerings targeted specifically at rural and community healthcare organizations.
|
|
•
|
TruBridge focuses exclusively on providing business management, consulting and managed IT services to rural and community healthcare organizations, regardless of their IT vendor.
|
|
•
|
Healthland, acquired in the acquisition of HHI, provides integrated technology solutions and services to small rural and critical access hospitals.
|
|
•
|
AHT, acquired in the acquisition of HHI, is one of the nation's largest providers of financial and clinical technology solutions and services for post-acute care facilities.
|
|
•
|
Rycan, acquired in the acquisition of HHI, provides revenue cycle management workflow and automation software to hospitals, healthcare systems, and skilled nursing organizations.
|
|
|
Year ended December 31,
|
|||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||
|
|
Amount
|
|
% Revenues
|
|
Amount
|
|
% Revenues
|
|
Amount
|
|
% Revenues
|
|||||||||
|
INCOME DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Sales revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
System sales
|
$
|
42,994
|
|
|
23.6
|
%
|
|
$
|
75,099
|
|
|
36.7
|
%
|
|
$
|
79,792
|
|
|
39.7
|
%
|
|
Support and maintenance
|
75,392
|
|
|
41.4
|
%
|
|
73,553
|
|
|
35.9
|
%
|
|
71,506
|
|
|
35.6
|
%
|
|||
|
Business management, consulting and managed IT services
|
63,788
|
|
|
35.0
|
%
|
|
56,090
|
|
|
27.4
|
%
|
|
49,565
|
|
|
24.7
|
%
|
|||
|
Total sales revenues
|
182,174
|
|
|
100.0
|
%
|
|
204,742
|
|
|
100.0
|
%
|
|
200,863
|
|
|
100.0
|
%
|
|||
|
Costs of sales:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
System sales
|
39,514
|
|
|
21.7
|
%
|
|
44,620
|
|
|
21.8
|
%
|
|
47,840
|
|
|
23.8
|
%
|
|||
|
Support and maintenance
|
27,214
|
|
|
14.9
|
%
|
|
29,081
|
|
|
14.2
|
%
|
|
28,640
|
|
|
14.3
|
%
|
|||
|
Business management, consulting and managed IT services
|
41,337
|
|
|
22.7
|
%
|
|
37,065
|
|
|
18.1
|
%
|
|
30,646
|
|
|
15.3
|
%
|
|||
|
Total costs of sales
|
108,065
|
|
|
59.3
|
%
|
|
110,766
|
|
|
54.1
|
%
|
|
107,126
|
|
|
53.4
|
%
|
|||
|
Gross profit
|
74,109
|
|
|
40.7
|
%
|
|
93,976
|
|
|
45.9
|
%
|
|
93,737
|
|
|
46.6
|
%
|
|||
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Sales and marketing
|
12,212
|
|
|
6.7
|
%
|
|
14,370
|
|
|
7.0
|
%
|
|
14,737
|
|
|
7.3
|
%
|
|||
|
General and administrative
|
36,810
|
|
|
20.2
|
%
|
|
30,019
|
|
|
14.7
|
%
|
|
28,756
|
|
|
14.3
|
%
|
|||
|
Total operating expenses
|
49,022
|
|
|
26.9
|
%
|
|
44,389
|
|
|
21.7
|
%
|
|
43,493
|
|
|
21.6
|
%
|
|||
|
Operating income
|
25,087
|
|
|
13.8
|
%
|
|
49,587
|
|
|
24.2
|
%
|
|
50,244
|
|
|
25.0
|
%
|
|||
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Other income
|
404
|
|
|
0.2
|
%
|
|
152
|
|
|
0.1
|
%
|
|
466
|
|
|
0.2
|
%
|
|||
|
Total other income
|
404
|
|
|
0.2
|
%
|
|
152
|
|
|
0.1
|
%
|
|
466
|
|
|
0.2
|
%
|
|||
|
Income before taxes
|
25,491
|
|
|
14.0
|
%
|
|
49,739
|
|
|
24.3
|
%
|
|
50,710
|
|
|
25.2
|
%
|
|||
|
Provision for income taxes
|
7,148
|
|
|
3.9
|
%
|
|
16,819
|
|
|
8.2
|
%
|
|
17,967
|
|
|
8.9
|
%
|
|||
|
Net income
|
$
|
18,343
|
|
|
10.1
|
%
|
|
$
|
32,920
|
|
|
16.1
|
%
|
|
$
|
32,743
|
|
|
16.3
|
%
|
|
|
Year Ended December 31,
|
||||
|
|
2015
|
|
2014
|
||
|
Payroll and related expenses
|
51.3
|
%
|
|
31.8
|
%
|
|
Travel expenses
|
13.5
|
%
|
|
11.7
|
%
|
|
Cost of equipment
|
11.3
|
%
|
|
6.3
|
%
|
|
|
Year Ended December 31,
|
||||
|
|
2014
|
|
2013
|
||
|
Payroll and related expenses
|
31.8
|
%
|
|
31.0
|
%
|
|
Travel expenses
|
11.7
|
%
|
|
14.1
|
%
|
|
Cost of equipment
|
6.3
|
%
|
|
7.3
|
%
|
|
|
Year ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
Gross margin on system sales
|
$
|
3,479
|
|
|
$
|
30,479
|
|
|
$
|
31,953
|
|
|
Add: Unrecognized revenue accumulated related to First Generation Meaningful Use Installment Plans
|
—
|
|
|
11
|
|
|
597
|
|
|||
|
Less: Revenue recognized related to First Generation Meaningful Use Installment Plans
|
(246
|
)
|
|
(2,243
|
)
|
|
(4,488
|
)
|
|||
|
Less: Deferred cost of equipment related to First Generation Meaningful Use Installment Plans
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Add: Amortization of deferred cost of equipment related to First Generation Meaningful Use Installment Plans
|
40
|
|
|
47
|
|
|
416
|
|
|||
|
Adjusted gross margin on system sales
|
$
|
3,273
|
|
|
$
|
28,294
|
|
|
$
|
28,478
|
|
|
|
Year ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
Cost of equipment
|
$
|
4,850
|
|
|
$
|
4,734
|
|
|
$
|
5,836
|
|
|
Add: Deferred cost of equipment related to First Generation Meaningful Use Installment Plans
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Less: Amortization of deferred cost of equipment related to First Generation Meaningful Use Installment Plans
|
(40
|
)
|
|
(47
|
)
|
|
(416
|
)
|
|||
|
Adjusted cost of equipment
|
$
|
4,810
|
|
|
$
|
4,687
|
|
|
$
|
5,420
|
|
|
|
Year ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
System sales
|
$
|
42,994
|
|
|
$
|
75,099
|
|
|
$
|
79,792
|
|
|
Add: Unrecognized revenue accumulated related to First Generation Meaningful Use Installment Plans
|
—
|
|
|
11
|
|
|
597
|
|
|||
|
Less: Revenue recognized related to First Generation Meaningful Use Installment Plans
|
(246
|
)
|
|
(2,243
|
)
|
|
(4,488
|
)
|
|||
|
Adjusted system sales
|
$
|
42,748
|
|
|
$
|
72,867
|
|
|
$
|
75,901
|
|
|
|
Payment due by period
|
||||||||||||||||||
|
|
Total
|
|
Less than 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than 5
Years
|
||||||||||
|
Operating lease obligations
|
$
|
4,044,572
|
|
|
$
|
737,656
|
|
|
$
|
1,143,390
|
|
|
$
|
1,005,675
|
|
|
$
|
1,157,851
|
|
|
•
|
The sale of information systems, which includes perpetual software licenses, conversion, installation and training services, hardware and peripherals;
|
|
•
|
The provision of system support services, which includes software application support, hardware maintenance, continuing education, Software as a Service (or "SaaS") products, and forms and supplies; and
|
|
•
|
The provision of business management services, which includes electronic billing, statement processing, payroll processing, accounts receivable management, contract management and insurance services, as well as Internet service provider ("ISP") services and consulting and managed IT services (collectively, "other professional IT services").
|
|
1)
|
The allocation of total arrangement consideration to the various elements of our multiple-element arrangements, including, for certain elements, estimates and judgments regarding vendor-specific objective evidence ("VSOE") of fair value, which we base on either the price charged when the same element is sold separately or the price established by management having the relevant authority to do so, for an element not yet sold separately. VSOE calculations are updated and reviewed regularly depending on the nature of the product or service. We base VSOE for the related undelivered elements on either renewals or stand-alone sales as appropriate.
|
|
2)
|
Our determination that total fees for our products and services are fixed or determinable, which we base on signed contracts and orders.
|
|
3)
|
Our assessment that collection of amounts due is reasonably assured, which we base on our standard payment terms and collection history.
|
|
|
Aggregate Fair Value
|
|
Weighted Average
Interest Rate
|
||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||
|
Cash and Cash Equivalents:
|
|
|
|
|
|
|
|
||||||
|
Cash and cash equivalents
|
$
|
24,950,617
|
|
|
$
|
23,791,748
|
|
|
—
|
%
|
|
—
|
%
|
|
Short-Term Investments:(1)
|
|
|
|
|
|
|
|
||||||
|
Accrued income
|
$
|
51,803
|
|
|
$
|
61,371
|
|
|
—
|
%
|
|
—
|
%
|
|
Money market funds
|
1,217,375
|
|
|
33,224
|
|
|
0.28
|
%
|
|
0.07
|
%
|
||
|
Obligations of the U.S. Treasury, U.S government corporations and agencies
|
789,640
|
|
|
1,116,703
|
|
|
0.38
|
%
|
|
1.93
|
%
|
||
|
Corporate debt securities
|
626,075
|
|
|
1,987,945
|
|
|
2.17
|
%
|
|
1.92
|
%
|
||
|
Total short-term investments
|
$
|
2,684,893
|
|
|
$
|
3,199,243
|
|
|
|
|
|
||
|
Long-Term Investments:(2)
|
|
|
|
|
|
|
|
||||||
|
Obligations of the U.S. Treasury, U.S government corporations and agencies
|
$
|
767,568
|
|
|
$
|
904,083
|
|
|
1.35
|
%
|
|
0.36
|
%
|
|
Mortgage backed securities
|
55,100
|
|
|
69,532
|
|
|
1.88
|
%
|
|
1.63
|
%
|
||
|
Certificates of deposit
|
1,993,192
|
|
|
1,975,245
|
|
|
1.85
|
%
|
|
1.85
|
%
|
||
|
Corporate debt securities
|
5,322,936
|
|
|
4,555,023
|
|
|
2.36
|
%
|
|
2.33
|
%
|
||
|
Total long-term investments
|
$
|
8,138,796
|
|
|
$
|
7,503,883
|
|
|
|
|
|
||
|
(1)
|
Reflects instruments with a contractual maturity of less than one year.
|
|
(2)
|
Reflects instruments with a contractual maturity of one year or more.
|
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index to Financial Statement Schedules
|
|
|
|
|
|
|
|
|
All other schedules to the financial statements required by Article 9 of Regulation S-X are not applicable and therefore have been omitted.
|
|
|
/s/ GRANT THORNTON LLP
|
|
|
|
Atlanta, Georgia
|
|
March 14, 2016
|
|
/s/ GRANT THORNTON LLP
|
|
|
|
Atlanta, Georgia
|
|
March 14, 2016
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
Assets
|
|
|
|
||||
|
Current assets:
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
24,950,617
|
|
|
$
|
23,791,748
|
|
|
Investments
|
10,823,689
|
|
|
10,703,126
|
|
||
|
Accounts receivable, net of allowance for doubtful accounts of $1,216,000 and $1,253,000, respectively
|
22,594,069
|
|
|
23,101,575
|
|
||
|
Financing receivables, current portion, net
|
10,576,154
|
|
|
18,111,633
|
|
||
|
Inventories
|
1,494,859
|
|
|
1,431,560
|
|
||
|
Deferred tax assets
|
2,335,112
|
|
|
2,318,988
|
|
||
|
Prepaid income taxes
|
426,818
|
|
|
1,120,487
|
|
||
|
Prepaid expenses and other
|
1,356,101
|
|
|
936,915
|
|
||
|
Total current assets
|
74,557,419
|
|
|
81,516,032
|
|
||
|
Property and equipment, net
|
14,350,669
|
|
|
17,038,619
|
|
||
|
Financing receivables, net of current portion
|
1,569,179
|
|
|
770,169
|
|
||
|
Deferred tax assets
|
2,310,606
|
|
|
—
|
|
||
|
Total assets
|
$
|
92,787,873
|
|
|
$
|
99,324,820
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
|
Current liabilities:
|
|
|
|
||||
|
Accounts payable
|
$
|
4,590,660
|
|
|
$
|
3,990,368
|
|
|
Deferred revenue
|
3,820,526
|
|
|
5,890,431
|
|
||
|
Accrued vacation
|
3,411,868
|
|
|
3,930,778
|
|
||
|
Other accrued liabilities
|
5,598,401
|
|
|
4,349,207
|
|
||
|
Total current liabilities
|
17,421,455
|
|
|
18,160,784
|
|
||
|
Deferred tax liabilities
|
—
|
|
|
383,050
|
|
||
|
Stockholders’ equity:
|
|
|
|
||||
|
Common stock, $0.001 par value; 30,000,000 shares authorized; 11,302,688 and 11,208,879 shares issued and outstanding
|
11,303
|
|
|
11,209
|
|
||
|
Additional paid-in capital
|
44,186,771
|
|
|
38,983,350
|
|
||
|
Accumulated other comprehensive loss
|
(37,678
|
)
|
|
(19,337
|
)
|
||
|
Retained earnings
|
31,206,022
|
|
|
41,805,764
|
|
||
|
Total stockholders’ equity
|
75,366,418
|
|
|
80,780,986
|
|
||
|
Total liabilities and stockholders’ equity
|
$
|
92,787,873
|
|
|
$
|
99,324,820
|
|
|
|
Year ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
Sales revenues:
|
|
|
|
|
|
||||||
|
System sales
|
$
|
42,993,672
|
|
|
$
|
75,099,075
|
|
|
$
|
79,792,563
|
|
|
Support and maintenance
|
75,391,633
|
|
|
73,552,764
|
|
|
71,505,736
|
|
|||
|
Business management, consulting and managed IT services
|
63,788,579
|
|
|
56,090,298
|
|
|
49,565,033
|
|
|||
|
Total sales revenues
|
182,173,884
|
|
|
204,742,137
|
|
|
200,863,332
|
|
|||
|
Costs of sales:
|
|
|
|
|
|
||||||
|
System sales
|
39,514,513
|
|
|
44,620,446
|
|
|
47,839,794
|
|
|||
|
Support and maintenance
|
27,213,840
|
|
|
29,080,564
|
|
|
28,639,891
|
|
|||
|
Business management, consulting and managed IT services
|
41,337,010
|
|
|
37,065,515
|
|
|
30,646,789
|
|
|||
|
Total costs of sales
|
108,065,363
|
|
|
110,766,525
|
|
|
107,126,474
|
|
|||
|
Gross profit
|
74,108,521
|
|
|
93,975,612
|
|
|
93,736,858
|
|
|||
|
Operating expenses:
|
|
|
|
|
|
||||||
|
Sales and marketing
|
12,212,241
|
|
|
14,369,752
|
|
|
14,737,440
|
|
|||
|
General and administrative
|
36,809,998
|
|
|
30,019,270
|
|
|
28,755,477
|
|
|||
|
Total operating expenses
|
49,022,239
|
|
|
44,389,022
|
|
|
43,492,917
|
|
|||
|
Operating income
|
25,086,282
|
|
|
49,586,590
|
|
|
50,243,941
|
|
|||
|
Other income:
|
|
|
|
|
|
||||||
|
Other income
|
404,832
|
|
|
152,419
|
|
|
466,678
|
|
|||
|
Total other income
|
404,832
|
|
|
152,419
|
|
|
466,678
|
|
|||
|
Income before taxes
|
25,491,114
|
|
|
49,739,009
|
|
|
50,710,619
|
|
|||
|
Provision for income taxes
|
7,147,728
|
|
|
16,818,730
|
|
|
17,967,381
|
|
|||
|
Net income
|
$
|
18,343,386
|
|
|
$
|
32,920,279
|
|
|
$
|
32,743,238
|
|
|
Net income per share - basic
|
$
|
1.62
|
|
|
$
|
2.94
|
|
|
$
|
2.95
|
|
|
Net income per share - diluted
|
$
|
1.62
|
|
|
$
|
2.94
|
|
|
$
|
2.95
|
|
|
Weighted average shares outstanding used in per common share computations:
|
|
|
|
|
|
||||||
|
Basic
|
11,083,403
|
|
|
11,025,897
|
|
|
10,997,890
|
|
|||
|
Diluted
|
11,083,403
|
|
|
11,026,406
|
|
|
10,997,890
|
|
|||
|
|
Year Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
Net income
|
$
|
18,343,386
|
|
|
$
|
32,920,279
|
|
|
$
|
32,743,238
|
|
|
Other comprehensive loss, net of tax
|
|
|
|
|
|
||||||
|
Unrealized loss on investments available for sale, net of tax
|
(18,341
|
)
|
|
(30,705
|
)
|
|
(16,325
|
)
|
|||
|
Total other comprehensive loss, net of tax
|
(18,341
|
)
|
|
(30,705
|
)
|
|
(16,325
|
)
|
|||
|
Comprehensive income
|
$
|
18,325,045
|
|
|
$
|
32,889,574
|
|
|
$
|
32,726,913
|
|
|
|
Common
Shares
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income(Loss)
|
|
Retained
Earnings
|
|
Total
Stockholders’
Equity
|
|||||||||||
|
Balance at December 31, 2012
|
11,077,672
|
|
|
$
|
11,078
|
|
|
$
|
32,848,101
|
|
|
$
|
27,693
|
|
|
$
|
24,315,320
|
|
|
$
|
57,202,192
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,743,238
|
|
|
32,743,238
|
|
|||||
|
Unrealized loss on investments held for sale, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,325
|
)
|
|
—
|
|
|
(16,325
|
)
|
|||||
|
Issuance of restricted stock
|
81,470
|
|
|
81
|
|
|
(81
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,699,128
|
|
|
—
|
|
|
—
|
|
|
1,699,128
|
|
|||||
|
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,642,438
|
)
|
|
(22,642,438
|
)
|
|||||
|
Income tax benefit from restricted stock dividends
|
—
|
|
|
—
|
|
|
74,939
|
|
|
—
|
|
|
—
|
|
|
74,939
|
|
|||||
|
Income tax benefit from restricted stock
|
—
|
|
|
—
|
|
|
21,813
|
|
|
—
|
|
|
—
|
|
|
21,813
|
|
|||||
|
Balance at December 31, 2013
|
11,159,142
|
|
|
$
|
11,159
|
|
|
$
|
34,643,900
|
|
|
$
|
11,368
|
|
|
$
|
34,416,120
|
|
|
$
|
69,082,547
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,920,279
|
|
|
32,920,279
|
|
|||||
|
Unrealized loss on investments held for sale, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,705
|
)
|
|
—
|
|
|
(30,705
|
)
|
|||||
|
Issuance of restricted stock
|
49,737
|
|
|
50
|
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
4,172,174
|
|
|
—
|
|
|
—
|
|
|
4,172,174
|
|
|||||
|
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,530,635
|
)
|
|
(25,530,635
|
)
|
|||||
|
Income tax benefit from restricted stock dividends
|
—
|
|
|
—
|
|
|
140,571
|
|
|
—
|
|
|
—
|
|
|
140,571
|
|
|||||
|
Income tax benefit from restricted stock
|
—
|
|
|
—
|
|
|
26,755
|
|
|
—
|
|
|
—
|
|
|
26,755
|
|
|||||
|
Balance at December 31, 2014
|
11,208,879
|
|
|
$
|
11,209
|
|
|
$
|
38,983,350
|
|
|
$
|
(19,337
|
)
|
|
$
|
41,805,764
|
|
|
$
|
80,780,986
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,343,386
|
|
|
18,343,386
|
|
|||||
|
Unrealized loss on investments held for sale, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,341
|
)
|
|
—
|
|
|
(18,341
|
)
|
|||||
|
Issuance of restricted stock
|
106,694
|
|
|
107
|
|
|
(107
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Forfeiture of common stock
|
(12,885
|
)
|
|
(13
|
)
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
5,379,716
|
|
|
—
|
|
|
—
|
|
|
5,379,716
|
|
|||||
|
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,943,128
|
)
|
|
(28,943,128
|
)
|
|||||
|
Income tax benefit from restricted stock dividends
|
—
|
|
|
—
|
|
|
74,660
|
|
|
—
|
|
|
—
|
|
|
74,660
|
|
|||||
|
Deficient tax benefit from restricted stock
|
—
|
|
|
—
|
|
|
(250,861
|
)
|
|
—
|
|
|
—
|
|
|
(250,861
|
)
|
|||||
|
Balance at December 31, 2015
|
11,302,688
|
|
|
$
|
11,303
|
|
|
$
|
44,186,771
|
|
|
$
|
(37,678
|
)
|
|
$
|
31,206,022
|
|
|
$
|
75,366,418
|
|
|
|
Year ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
Operating Activities
|
|
|
|
|
|
||||||
|
Net income
|
$
|
18,343,386
|
|
|
$
|
32,920,279
|
|
|
$
|
32,743,238
|
|
|
Adjustments to net income:
|
|
|
|
|
|
||||||
|
Provision for bad debt
|
909,878
|
|
|
581,943
|
|
|
1,911,480
|
|
|||
|
Deferred taxes
|
(2,698,540
|
)
|
|
(1,551,828
|
)
|
|
(67,848
|
)
|
|||
|
Stock based compensation
|
5,379,716
|
|
|
4,172,174
|
|
|
1,699,128
|
|
|||
|
Deficient (excess) tax benefit from restricted stock
|
250,861
|
|
|
(26,755
|
)
|
|
(21,813
|
)
|
|||
|
Income tax benefit from restricted stock dividends
|
(74,660
|
)
|
|
(140,571
|
)
|
|
(74,939
|
)
|
|||
|
Depreciation
|
3,174,241
|
|
|
3,665,414
|
|
|
3,429,053
|
|
|||
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
|
Accounts receivable
|
(166,073
|
)
|
|
(3,956,206
|
)
|
|
(974,145
|
)
|
|||
|
Financing receivables
|
6,500,170
|
|
|
7,406,071
|
|
|
(14,766,789
|
)
|
|||
|
Inventories
|
(102,180
|
)
|
|
157,113
|
|
|
93,335
|
|
|||
|
Prepaid expenses and other
|
(419,186
|
)
|
|
(35,687
|
)
|
|
180,193
|
|
|||
|
Accounts payable
|
600,292
|
|
|
776,654
|
|
|
233,540
|
|
|||
|
Deferred revenue
|
(2,069,905
|
)
|
|
(3,690,926
|
)
|
|
2,128,745
|
|
|||
|
Other liabilities
|
730,284
|
|
|
421,143
|
|
|
575,668
|
|
|||
|
Prepaid income taxes/income taxes payable
|
517,468
|
|
|
(1,750,262
|
)
|
|
1,958,368
|
|
|||
|
Net cash provided by operating activities
|
30,875,752
|
|
|
38,948,556
|
|
|
29,047,214
|
|
|||
|
Investing Activities
|
|
|
|
|
|
||||||
|
Purchases of property and equipment
|
(447,410
|
)
|
|
(1,472,661
|
)
|
|
(3,630,451
|
)
|
|||
|
Purchases of investments
|
(150,144
|
)
|
|
(50,023
|
)
|
|
(2,733,109
|
)
|
|||
|
Sale of investments
|
—
|
|
|
—
|
|
|
2,678,760
|
|
|||
|
Net cash used in investing activities
|
(597,554
|
)
|
|
(1,522,684
|
)
|
|
(3,684,800
|
)
|
|||
|
Financing Activities
|
|
|
|
|
|
||||||
|
Dividends paid
|
(28,943,128
|
)
|
|
(25,530,635
|
)
|
|
(22,642,438
|
)
|
|||
|
(Deficient) excess tax benefit from restricted stock
|
(250,861
|
)
|
|
26,755
|
|
|
21,813
|
|
|||
|
Income tax benefit from restricted stock dividends
|
74,660
|
|
|
140,571
|
|
|
74,939
|
|
|||
|
Net cash used in financing activities
|
(29,119,329
|
)
|
|
(25,363,309
|
)
|
|
(22,545,686
|
)
|
|||
|
Increase in cash and cash equivalents
|
1,158,869
|
|
|
12,062,563
|
|
|
2,816,728
|
|
|||
|
Cash and cash equivalents at beginning of year
|
23,791,748
|
|
|
11,729,185
|
|
|
8,912,457
|
|
|||
|
Cash and cash equivalents at end of year
|
$
|
24,950,617
|
|
|
$
|
23,791,748
|
|
|
$
|
11,729,185
|
|
|
Supplemental disclosure of cash flow information
|
|
|
|
|
|
||||||
|
Cash paid for interest
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Cash paid for income taxes
|
$
|
9,231,214
|
|
|
$
|
20,068,807
|
|
|
$
|
16,236,693
|
|
|
Reclassification of inventory to property and equipment
|
$
|
38,881
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Write-off of fully depreciated assets
|
$
|
—
|
|
|
$
|
1,974,025
|
|
|
$
|
2,360,563
|
|
|
•
|
System Sales
- the sale of information systems, which includes perpetual software licenses, conversion, installation and training services, hardware and peripherals;
|
|
•
|
Support and Maintenance
- the provision of system support services, which includes software application support, hardware maintenance, continuing education, "Software as a Service" (or "SaaS") services, and forms and supplies; and
|
|
•
|
Business Management, Consulting and Managed IT Services
- the provision of business management services, which includes electronic billing, statement processing, payroll processing, accounts receivable management,
|
|
•
|
Perpetual software licenses and conversion, installation and training services – The selling price of perpetual software licenses and conversion, installation and training services is based on management’s best estimate of selling price. In determining management’s best estimate of selling price, we consider the following: (1) competitor pricing, (2) supply and demand of installation staff, (3) overall economic conditions, and (4) our pricing practices as they relate to discounts. With the exception of certain arrangements with extended payment terms that were entered into in 2012 and that are not comparable to our historical or current arrangements (see Note 10), the method of recognizing revenue for the perpetual license of the associated modules included in the arrangement, and the related conversion, installation and training services over the term the services are performed, is on a module by module basis as the related perpetual licenses are delivered and the respective conversion, installation and training for each specific module is completed, as this is representative of the pattern of provision of these services.
|
|
•
|
Hardware – We recognize revenue for hardware upon shipment. The selling price of hardware is based on management’s best estimate of selling price, which consists of cost plus a targeted margin.
|
|
•
|
Software application support and hardware maintenance – We have established vendor-specific objective evidence ("VSOE") of the fair value of our software application support and hardware maintenance services by reference to the price our customers are required to pay for the services when sold separately via renewals. Support and maintenance revenue is recognized on a straight-line basis over the term of the maintenance contract, which is generally
three
to
five
years.
|
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
|
Short-term investments (money market funds and accrued income)
|
$
|
1,269,178
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,269,178
|
|
|
Obligations of U.S. Treasury, U.S. government corporations and agencies
|
1,561,937
|
|
|
887
|
|
|
(5,616
|
)
|
|
1,557,208
|
|
||||
|
Mortgaged-backed securities
|
53,755
|
|
|
1,345
|
|
|
—
|
|
|
55,100
|
|
||||
|
Certificates of deposit
|
2,000,000
|
|
|
225
|
|
|
(7,033
|
)
|
|
1,993,192
|
|
||||
|
Corporate debt securities
|
5,999,590
|
|
|
34
|
|
|
(50,613
|
)
|
|
5,949,011
|
|
||||
|
|
$
|
10,884,460
|
|
|
$
|
2,491
|
|
|
$
|
(63,262
|
)
|
|
$
|
10,823,689
|
|
|
|
Amortized
Cost
|
|
Fair
Value
|
||||
|
Due in 2016
|
$
|
2,687,853
|
|
|
$
|
2,684,892
|
|
|
Due in 2017
|
506,705
|
|
|
504,122
|
|
||
|
Due in 2018
|
3,033,559
|
|
|
3,015,233
|
|
||
|
Due in 2019
|
4,072,262
|
|
|
4,041,545
|
|
||
|
Due thereafter
|
584,081
|
|
|
577,897
|
|
||
|
|
$
|
10,884,460
|
|
|
$
|
10,823,689
|
|
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
|
Short-term investments (money market funds and accrued income)
|
$
|
94,595
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
94,595
|
|
|
Obligations of U.S. Treasury, U.S. government corporations and agencies
|
2,017,250
|
|
|
3,885
|
|
|
(349
|
)
|
|
2,020,786
|
|
||||
|
Mortgaged-backed securities
|
66,982
|
|
|
2,550
|
|
|
—
|
|
|
69,532
|
|
||||
|
Certificates of deposit
|
2,000,000
|
|
|
—
|
|
|
(24,755
|
)
|
|
1,975,245
|
|
||||
|
Corporate debt securities
|
6,555,485
|
|
|
8,826
|
|
|
(21,343
|
)
|
|
6,542,968
|
|
||||
|
|
$
|
10,734,312
|
|
|
$
|
15,261
|
|
|
$
|
(46,447
|
)
|
|
$
|
10,703,126
|
|
|
|
At December 31, 2015
|
||||||||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
|
Obligations of U.S. Treasury, U.S. government corporations and agencies
|
$
|
767,569
|
|
|
$
|
(5,453
|
)
|
|
$
|
409,906
|
|
|
$
|
(163
|
)
|
|
$
|
1,177,475
|
|
|
$
|
(5,616
|
)
|
|
Certificates of deposit
|
—
|
|
|
—
|
|
|
1,742,968
|
|
|
(7,033
|
)
|
|
1,742,968
|
|
|
(7,033
|
)
|
||||||
|
Corporate debt securities
|
2,565,909
|
|
|
(25,976
|
)
|
|
3,234,530
|
|
|
(24,637
|
)
|
|
5,800,439
|
|
|
(50,613
|
)
|
||||||
|
|
$
|
3,333,478
|
|
|
$
|
(31,429
|
)
|
|
$
|
5,387,404
|
|
|
$
|
(31,833
|
)
|
|
$
|
8,720,882
|
|
|
$
|
(63,262
|
)
|
|
|
At December 31, 2014
|
||||||||||||||||||||||
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
|
Obligations of U.S. Treasury, U.S. government corporations and agencies
|
$
|
904,083
|
|
|
$
|
(349
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
904,083
|
|
|
$
|
(349
|
)
|
|
Certificates of deposit
|
1,975,245
|
|
|
(24,755
|
)
|
|
—
|
|
|
—
|
|
|
1,975,245
|
|
|
(24,755
|
)
|
||||||
|
Corporate debt securities
|
3,975,432
|
|
|
(21,220
|
)
|
|
149,838
|
|
|
(123
|
)
|
|
4,125,270
|
|
|
(21,343
|
)
|
||||||
|
|
$
|
6,854,760
|
|
|
$
|
(46,324
|
)
|
|
$
|
149,838
|
|
|
$
|
(123
|
)
|
|
$
|
7,004,598
|
|
|
$
|
(46,447
|
)
|
|
|
2015
|
|
2014
|
||||
|
Land
|
$
|
2,848,276
|
|
|
$
|
2,848,276
|
|
|
Buildings and improvements
|
9,432,234
|
|
|
9,422,696
|
|
||
|
Maintenance equipment
|
1,230,714
|
|
|
1,230,714
|
|
||
|
Computer equipment
|
4,798,031
|
|
|
4,668,006
|
|
||
|
Leasehold improvements
|
4,753,386
|
|
|
4,680,233
|
|
||
|
Office furniture and fixtures
|
4,335,474
|
|
|
4,061,899
|
|
||
|
Automobiles
|
334,398
|
|
|
334,398
|
|
||
|
|
27,732,513
|
|
|
27,246,222
|
|
||
|
Less: accumulated depreciation
|
(13,381,844
|
)
|
|
(10,207,603
|
)
|
||
|
Property and equipment, net
|
$
|
14,350,669
|
|
|
$
|
17,038,619
|
|
|
|
2015
|
|
2014
|
||||
|
Salaries and benefits
|
$
|
2,291,623
|
|
|
$
|
2,782,862
|
|
|
Severance
|
1,568,920
|
|
|
—
|
|
||
|
Commissions
|
434,605
|
|
|
504,952
|
|
||
|
Self-insurance reserves
|
883,600
|
|
|
668,800
|
|
||
|
Other
|
419,653
|
|
|
392,593
|
|
||
|
|
$
|
5,598,401
|
|
|
$
|
4,349,207
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
Basic EPS
|
|
|
|
|
|
||||||
|
Numerator
|
|
|
|
|
|
||||||
|
Net income
|
$
|
18,343,386
|
|
|
$
|
32,920,279
|
|
|
$
|
32,743,238
|
|
|
Less: Net income attributable to participating securities
|
(373,276
|
)
|
|
(499,270
|
)
|
|
(298,939
|
)
|
|||
|
Net income attributable to common stockholders
|
$
|
17,970,110
|
|
|
$
|
32,421,009
|
|
|
$
|
32,444,299
|
|
|
|
|
|
|
|
|
||||||
|
Denominator
|
|
|
|
|
|
||||||
|
Weighted average shares outstanding used in basic per common share computations
|
11,083,403
|
|
|
11,025,897
|
|
|
10,997,890
|
|
|||
|
|
|
|
|
|
|
||||||
|
Basic EPS
|
$
|
1.62
|
|
|
$
|
2.94
|
|
|
$
|
2.95
|
|
|
|
|
|
|
|
|
||||||
|
Diluted EPS
|
|
|
|
|
|
||||||
|
Numerator
|
|
|
|
|
|
||||||
|
Net income attributable to common stockholders
|
$
|
17,970,110
|
|
|
$
|
32,421,009
|
|
|
$
|
32,444,299
|
|
|
Reallocation of net income attributable to participating securities
|
—
|
|
|
5
|
|
|
—
|
|
|||
|
Net income attributable to common stockholders for diluted EPS
|
$
|
17,970,110
|
|
|
$
|
32,421,014
|
|
|
$
|
32,444,299
|
|
|
|
|
|
|
|
|
||||||
|
Denominator
|
|
|
|
|
|
||||||
|
Weighted average shares outstanding used in basic per common share computations
|
11,083,403
|
|
|
11,025,897
|
|
|
10,997,890
|
|
|||
|
Weighted average effect of dilutive securities:
|
|
|
|
|
|
||||||
|
Performance share awards
|
—
|
|
|
509
|
|
|
—
|
|
|||
|
Weighted average shares outstanding used in diluted per common share computations
|
11,083,403
|
|
|
11,026,406
|
|
|
10,997,890
|
|
|||
|
|
|
|
|
|
|
||||||
|
Diluted EPS
|
$
|
1.62
|
|
|
$
|
2.94
|
|
|
$
|
2.95
|
|
|
|
2015
|
|
2014
|
||||
|
Beginning balance
|
$
|
1,455,871
|
|
|
$
|
1,317,977
|
|
|
Additions based on tax positions related to the current year
|
—
|
|
|
112,492
|
|
||
|
Additions for tax positions of prior years
|
—
|
|
|
25,402
|
|
||
|
Reductions for tax positions of prior years
|
(1,455,871
|
)
|
|
—
|
|
||
|
Ending balance
|
$
|
—
|
|
|
$
|
1,455,871
|
|
|
|
2015
|
|
2014
|
||||
|
Deferred tax assets:
|
|
|
|
||||
|
Accounts receivable and financing receivables
|
$
|
729,494
|
|
|
$
|
879,094
|
|
|
Accrued vacation
|
725,543
|
|
|
1,158,764
|
|
||
|
Stock-based compensation
|
1,783,880
|
|
|
1,133,986
|
|
||
|
Deferred revenue
|
25,334
|
|
|
105,554
|
|
||
|
Accrued severance (see Note 5)
|
611,879
|
|
|
—
|
|
||
|
Accrued liabilities and other
|
242,863
|
|
|
175,575
|
|
||
|
Transaction costs
|
1,166,170
|
|
|
—
|
|
||
|
Other comprehensive income
|
23,091
|
|
|
11,851
|
|
||
|
Total deferred tax assets
|
$
|
5,308,254
|
|
|
$
|
3,464,824
|
|
|
Deferred tax liabilities:
|
|
|
|
||||
|
Depreciation
|
$
|
662,536
|
|
|
$
|
1,528,886
|
|
|
Total deferred tax liabilities
|
$
|
662,536
|
|
|
$
|
1,528,886
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
Current provision:
|
|
|
|
|
|
||||||
|
Federal
|
$
|
8,576,285
|
|
|
$
|
15,546,110
|
|
|
$
|
15,437,727
|
|
|
State
|
1,269,983
|
|
|
2,824,448
|
|
|
2,597,502
|
|
|||
|
Deferred provision:
|
|
|
|
|
|
||||||
|
Federal
|
(2,421,766
|
)
|
|
(1,392,666
|
)
|
|
(60,890
|
)
|
|||
|
State
|
(276,774
|
)
|
|
(159,162
|
)
|
|
(6,958
|
)
|
|||
|
Total income tax provision
|
$
|
7,147,728
|
|
|
$
|
16,818,730
|
|
|
$
|
17,967,381
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
Income taxes at U.S. federal statutory rate
|
$
|
8,921,890
|
|
|
$
|
17,408,653
|
|
|
$
|
17,748,717
|
|
|
Provision-to-return adjustments
|
(293,335
|
)
|
|
(464,049
|
)
|
|
(217,206
|
)
|
|||
|
State income tax, net of federal tax effect
|
944,052
|
|
|
1,772,595
|
|
|
1,824,908
|
|
|||
|
Domestic production activities deduction
|
(669,869
|
)
|
|
(1,606,060
|
)
|
|
(1,423,425
|
)
|
|||
|
Tax credits
|
(413,665
|
)
|
|
(596,807
|
)
|
|
(502,400
|
)
|
|||
|
Uncertain tax positions
|
(1,218,833
|
)
|
|
137,894
|
|
|
573,272
|
|
|||
|
Other
|
(122,512
|
)
|
|
166,504
|
|
|
(36,485
|
)
|
|||
|
Total income tax provision
|
$
|
7,147,728
|
|
|
$
|
16,818,730
|
|
|
$
|
17,967,381
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
Costs of sales
|
$
|
2,013,867
|
|
|
$
|
1,648,311
|
|
|
$
|
601,377
|
|
|
Operating expenses
|
3,365,849
|
|
|
2,523,863
|
|
|
1,097,751
|
|
|||
|
Pre-tax stock-based compensation expense
|
5,379,716
|
|
|
4,172,174
|
|
|
1,699,128
|
|
|||
|
Less: income tax effect
|
(2,098,089
|
)
|
|
(1,627,148
|
)
|
|
(662,660
|
)
|
|||
|
Net (after tax) stock-based compensation expense
|
3,281,627
|
|
|
2,545,026
|
|
|
1,036,468
|
|
|||
|
|
Shares
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
|
Nonvested stock outstanding at January 1, 2013
|
94,729
|
|
|
$
|
59.12
|
|
|
Granted
|
81,470
|
|
|
57.39
|
|
|
|
Vested
|
(22,525
|
)
|
|
59.48
|
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
|
Nonvested stock outstanding at December 31, 2013
|
153,674
|
|
|
$
|
58.15
|
|
|
Granted
|
49,737
|
|
|
61.63
|
|
|
|
Performance share awards converted to restricted stock
|
—
|
|
|
—
|
|
|
|
Vested
|
(43,195
|
)
|
|
58.48
|
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
|
Nonvested stock outstanding at December 31, 2014
|
160,216
|
|
|
$
|
59.14
|
|
|
Granted
|
60,850
|
|
|
51.85
|
|
|
|
Performance share awards converted to restricted stock
|
45,844
|
|
|
60.28
|
|
|
|
Vested
|
(62,628
|
)
|
|
59.30
|
|
|
|
Forfeited
|
(12,885
|
)
|
|
58.06
|
|
|
|
Nonvested stock outstanding at December 31, 2015
|
191,397
|
|
|
$
|
57.12
|
|
|
|
Shares
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
|
Performance share awards outstanding at December 31, 2013
|
—
|
|
|
$
|
—
|
|
|
Granted
|
46,541
|
|
|
60.28
|
|
|
|
Performance share awards converted to restricted stock
|
—
|
|
|
—
|
|
|
|
Performance share awards outstanding at December 31, 2014
|
46,541
|
|
|
$
|
60.28
|
|
|
Granted
|
52,364
|
|
|
49.29
|
|
|
|
Forfeited or unearned
|
(3,590
|
)
|
|
51.42
|
|
|
|
Performance share awards converted to restricted stock
|
(45,844
|
)
|
|
60.28
|
|
|
|
Performance share awards outstanding at December 31, 2015
|
49,471
|
|
|
$
|
49.29
|
|
|
|
2015
|
|
2014
|
||||
|
Second Generation Meaningful Use Installment Plans, gross
|
$
|
9,372,065
|
|
|
$
|
15,554,900
|
|
|
Fixed Periodic Payment Plans, gross
|
454,472
|
|
|
2,239,817
|
|
||
|
Short-term payment plans, gross
|
$
|
9,826,537
|
|
|
$
|
17,794,717
|
|
|
|
|
|
|
||||
|
Less: allowance for losses
|
(491,327
|
)
|
|
(889,736
|
)
|
||
|
Less: unearned income
|
—
|
|
|
—
|
|
||
|
Short-term payment plans, net
|
$
|
9,335,210
|
|
|
$
|
16,904,981
|
|
|
|
2015
|
|
2014
|
||||
|
Sales-type leases, gross
|
$
|
3,239,511
|
|
|
$
|
2,152,218
|
|
|
Less: allowance for losses
|
(163,052
|
)
|
|
(111,450
|
)
|
||
|
Less: unearned income
|
(266,336
|
)
|
|
(63,947
|
)
|
||
|
Sales-type leases, net
|
$
|
2,810,123
|
|
|
$
|
1,976,821
|
|
|
|
|
||
|
2016
|
$
|
1,497,303
|
|
|
2017
|
1,021,503
|
|
|
|
2018
|
364,118
|
|
|
|
2019
|
315,346
|
|
|
|
2020
|
41,241
|
|
|
|
Thereafter
|
—
|
|
|
|
Total minimum lease payments to be received
|
3,239,511
|
|
|
|
Less unearned income
|
(266,336
|
)
|
|
|
Net lease receivables
|
$
|
2,973,175
|
|
|
|
Beginning
Balance
|
|
Provision
|
|
Charge-offs
|
|
Recoveries
|
|
Ending
Balance
|
||||||||||
|
December 31, 2015
|
$
|
1,001,186
|
|
|
$
|
236,298
|
|
|
$
|
(583,105
|
)
|
|
$
|
—
|
|
|
$
|
654,379
|
|
|
December 31, 2014
|
$
|
1,365,190
|
|
|
$
|
(349,280
|
)
|
|
$
|
(14,724
|
)
|
|
$
|
—
|
|
|
$
|
1,001,186
|
|
|
|
1 to 90 Days
Past Due
|
|
91 to 180 Days
Past Due
|
|
181 + Days
Past Due
|
|
Total
Past Due
|
||||||||
|
December 31, 2015
|
$
|
250,749
|
|
|
$
|
66,117
|
|
|
$
|
29,284
|
|
|
$
|
346,150
|
|
|
December 31, 2014
|
$
|
161,160
|
|
|
$
|
16,978
|
|
|
$
|
10,072
|
|
|
$
|
188,210
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
Customer balances with amounts reclassified to trade accounts receivable that are:
|
|
|
|
||||
|
1 to 90 Days Past Due
|
$
|
515,352
|
|
|
$
|
361,303
|
|
|
91 to 180 Days Past Due
|
230,037
|
|
|
349,721
|
|
||
|
181+ Days Past Due
|
—
|
|
|
27,500
|
|
||
|
Total customer balances with past due amounts reclassified to trade accounts receivable
|
$
|
745,389
|
|
|
$
|
738,524
|
|
|
Total customer balances with no past due amounts reclassified to trade accounts receivable
|
2,227,786
|
|
|
1,349,747
|
|
||
|
Total financing receivables with contractual maturities of one year or less
|
9,826,537
|
|
|
17,794,717
|
|
||
|
Less allowance for losses
|
(654,379
|
)
|
|
(1,001,186
|
)
|
||
|
Total financing receivables
|
$
|
12,145,333
|
|
|
$
|
18,881,802
|
|
|
|
|
||
|
2016
|
$
|
737,656
|
|
|
2017
|
597,980
|
|
|
|
2018
|
545,410
|
|
|
|
2019
|
539,710
|
|
|
|
2020
|
465,965
|
|
|
|
Thereafter
|
1,157,851
|
|
|
|
|
$
|
4,044,572
|
|
|
|
|
|
Fair Value at December 31, 2015 Using
|
||||||||||||
|
|
|
|
Quoted Prices in
|
|
|
|
|
||||||||
|
|
Carrying
|
|
Active Markets for
|
|
Significant Other
|
|
Significant
|
||||||||
|
|
Amount at
|
|
Identical Assets
|
|
Observable Inputs
|
|
Unobservable Inputs
|
||||||||
|
|
12/31/2015
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Description
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
|
Short-term investments (money market funds and accrued income)
|
$
|
1,269,178
|
|
|
$
|
—
|
|
|
$
|
1,269,178
|
|
|
$
|
—
|
|
|
Mortgage backed securities
|
55,100
|
|
|
—
|
|
|
55,100
|
|
|
—
|
|
||||
|
Certificates of deposit
|
1,993,192
|
|
|
—
|
|
|
1,993,192
|
|
|
—
|
|
||||
|
Obligations of U.S. Treasury, U.S. government corporations and agencies
|
1,557,208
|
|
|
—
|
|
|
1,557,208
|
|
|
—
|
|
||||
|
Corporate debt securities
|
5,949,011
|
|
|
—
|
|
|
5,949,011
|
|
|
—
|
|
||||
|
Total available-for-sale securities
|
$
|
10,823,689
|
|
|
$
|
—
|
|
|
$
|
10,823,689
|
|
|
$
|
—
|
|
|
|
|
|
Fair Value at December 31, 2014 Using
|
||||||||||||
|
|
|
|
Quoted Prices in
|
|
|
|
|
||||||||
|
|
Carrying
|
|
Active Markets for
|
|
Significant Other
|
|
Significant
|
||||||||
|
|
Amount at
|
|
Identical Assets
|
|
Observable Inputs
|
|
Unobservable Inputs
|
||||||||
|
|
12/31/2014
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
Description
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
|
Short-term investments (money market funds and accrued income)
|
$
|
94,595
|
|
|
$
|
—
|
|
|
$
|
94,595
|
|
|
$
|
—
|
|
|
Mortgage backed securities
|
69,532
|
|
|
—
|
|
|
69,532
|
|
|
—
|
|
||||
|
Certificates of deposit
|
1,975,245
|
|
|
—
|
|
|
1,975,245
|
|
|
—
|
|
||||
|
Obligations of U.S. Treasury, U.S. government corporations and agencies
|
2,020,786
|
|
|
—
|
|
|
2,020,786
|
|
|
—
|
|
||||
|
Corporate debt securities
|
6,542,968
|
|
|
—
|
|
|
6,542,968
|
|
|
—
|
|
||||
|
Total available-for-sale securities
|
$
|
10,703,126
|
|
|
$
|
—
|
|
|
$
|
10,703,126
|
|
|
$
|
—
|
|
|
•
|
strengthens our position in providing healthcare information systems to community healthcare organizations with approximately
1,200
combined hospital customers;
|
|
•
|
introduces CPSI to the post-acute care market; and
|
|
•
|
expands the products and capabilities of TruBridge with the addition of Rycan and its suite of revenue cycle management software products.
|
|
|
|
||
|
2016
|
$
|
3,125,000
|
|
|
2017
|
6,250,000
|
|
|
|
2018
|
9,375,000
|
|
|
|
2019
|
12,500,000
|
|
|
|
2020
|
15,625,000
|
|
|
|
Thereafter
|
103,125,000
|
|
|
|
|
$
|
150,000,000
|
|
|
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
|
|
(In thousands except for share and per share data)
|
||||||||||||||
|
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
||||||||
|
Sales revenues
|
$
|
46,239
|
|
|
$
|
47,087
|
|
|
$
|
44,618
|
|
|
$
|
44,230
|
|
|
Gross profit
|
19,306
|
|
|
19,676
|
|
|
17,611
|
|
|
17,516
|
|
||||
|
Operating income
|
7,834
|
|
|
8,386
|
|
|
4,261
|
|
|
4,605
|
|
||||
|
Net income
|
5,508
|
|
|
5,904
|
|
|
3,539
|
|
|
3,392
|
|
||||
|
Net income per share
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
0.49
|
|
|
$
|
0.52
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
Diluted
|
0.49
|
|
|
0.52
|
|
|
0.31
|
|
|
0.30
|
|
||||
|
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
||||||||
|
Sales revenues
|
$
|
52,094
|
|
|
$
|
53,053
|
|
|
$
|
53,327
|
|
|
$
|
46,268
|
|
|
Gross profit
|
24,435
|
|
|
25,179
|
|
|
25,260
|
|
|
19,102
|
|
||||
|
Operating income
|
11,987
|
|
|
14,069
|
|
|
14,175
|
|
|
9,356
|
|
||||
|
Net income
|
7,715
|
|
|
9,106
|
|
|
9,355
|
|
|
6,744
|
|
||||
|
Net income per share
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
0.69
|
|
|
$
|
0.81
|
|
|
$
|
0.83
|
|
|
$
|
0.60
|
|
|
Diluted
|
0.69
|
|
|
0.81
|
|
|
0.83
|
|
|
0.60
|
|
||||
|
Description
|
|
|
Balance at
beginning of
period
|
|
Additions
charged to cost
and expenses (1)
|
|
Deductions (2)
|
|
Balance at end
of period
|
||||||||
|
Allowance for doubtful accounts deducted from accounts receivable in the balance sheet
|
2013
|
|
$
|
1,124,000
|
|
|
$
|
602,000
|
|
|
$
|
(601,000
|
)
|
|
$
|
1,125,000
|
|
|
|
2014
|
|
$
|
1,125,000
|
|
|
$
|
931,000
|
|
|
$
|
(803,000
|
)
|
|
$
|
1,253,000
|
|
|
|
2015
|
|
$
|
1,253,000
|
|
|
$
|
674,000
|
|
|
$
|
(711,000
|
)
|
|
$
|
1,216,000
|
|
|
(1)
|
Adjustments to allowance for change in estimates.
|
|
(2)
|
Uncollectible accounts written off, net of recoveries.
|
|
Description
|
|
|
Balance at
beginning of
period
|
|
Additions
charged to cost
and expenses (1)
|
|
Deductions (2)
|
|
Balance at end
of period
|
||||||||
|
Allowance for credit losses deducted from financing receivables in the balance sheet
|
2013
|
|
$
|
662,315
|
|
|
$
|
1,309,160
|
|
|
$
|
(606,285
|
)
|
|
$
|
1,365,190
|
|
|
|
2014
|
|
$
|
1,365,190
|
|
|
$
|
(349,280
|
)
|
|
$
|
(14,724
|
)
|
|
$
|
1,001,186
|
|
|
|
2015
|
|
$
|
1,001,186
|
|
|
$
|
236,298
|
|
|
$
|
(583,105
|
)
|
|
$
|
654,379
|
|
|
(1)
|
Adjustments to allowance for change in estimates.
|
|
(2)
|
Uncollectible accounts written off, net of recoveries.
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
|
ITEM 9A.
|
CONTROLS AND PROCEDURES.
|
|
ITEM 9B.
|
OTHER INFORMATION.
|
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
|
|
|
Equity Compensation Plan Information
|
|
||||
|
|
|
Number of securities
to be issued
upon exercise of
outstanding options,
warrants and rights
|
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
|
|
Number of securities
remaining available for
future issuance under
equity compensation
plans
(excluding securities
reflected in column (a))
|
|
|
Plan Category
|
|
(a)
|
|
(b)
|
|
(c)
|
|
|
Equity compensation plans approved by stockholders
|
|
-0-
|
|
N/A
|
|
417,073
|
(1)
|
|
Equity compensation plans not approved by stockholders
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Total
|
|
-0-
|
|
|
|
417,073
|
(1)
|
|
(1)
|
Represents (i) 5,040 shares of common stock issuable pursuant to our 2005 Restricted Stock Plan, (ii) 82,763 shares of common stock issuable pursuant to our 2012 Restricted Stock Plan for Non-Employee Directors, and (iii) 329,270 shares of common stock issuable pursuant to our 2014 Incentive Plan. We do not intend to use the 2005 Restricted Stock Plan to make any future grants of restricted stock.
|
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
|
ITEM 14.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
|
|
|
|
|
COMPUTER PROGRAMS AND SYSTEMS, INC.
|
||
|
|
|
|
|
By:
|
|
/s/ J. Boyd Douglas
|
|
|
|
J. Boyd Douglas
|
|
|
|
President and Chief Executive Officer
|
|
Name
|
|
Title
|
|
Date
|
|
|
|
|
||
|
/s/ J. Boyd Douglas
|
|
President, Chief Executive Officer and Director (principal executive officer)
|
|
March 14, 2016
|
|
J. Boyd Douglas
|
|
|
|
|
|
|
|
|
||
|
/s/ Matt J. Chambless
|
|
Chief Financial Officer
(principal financial officer) |
|
March 14, 2016
|
|
Matt J. Chambless
|
|
|
|
|
|
|
|
|
||
|
/s/ David A. Dye
|
|
Chairman of the Board and Director,
Chief Growth Officer |
|
March 14, 2016
|
|
David A. Dye
|
|
|
|
|
|
|
|
|
||
|
/s/ James B. Britain
|
|
Vice President – Finance and Controller (principal accounting officer)
|
|
March 14, 2016
|
|
James B. Britain
|
|
|
|
|
|
|
|
|
||
|
/s/ W. Austin Mulherin, III
|
|
Director
|
|
March 14, 2016
|
|
W. Austin Mulherin, III
|
|
|
|
|
|
|
|
|
||
|
/s/ William R. Seifert, II
|
|
Director
|
|
March 14, 2016
|
|
William R. Seifert, II
|
|
|
|
|
|
|
|
|
||
|
/s/ John C. Johnson
|
|
Director
|
|
March 14, 2016
|
|
John C. Johnson
|
|
|
|
|
|
|
|
|
||
|
/s/ Charles P. Huffman
|
|
Director
|
|
March 14, 2016
|
|
Charles P. Huffman
|
|
|
|
|
|
|
|
|
||
|
/s/ A. Robert Outlaw, Jr.
|
|
Director
|
|
March 14, 2016
|
|
A. Robert Outlaw, Jr.
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
2.1
|
|
Agreement and Plan of Merger and Reorganization, dated as of November 25, 2015, by and among Computer Programs and Systems, Inc., HHI Merger Sub I, Inc., HHI Merger Sub II, Inc., Healthland Holding Inc. and AHR Holdings, LLC (filed as Exhibit 2.1 to the CPSI’s Current Report on Form 8-K dated December 1, 2015 and incorporated herein by reference)
|
|
|
|
|
|
2.2
|
|
Amendment to Agreement and Plan of Merger and Reorganization, dated as of January 8, 2016, by and among Computer Programs and Systems, Inc., Healthland Holding, Inc. and AHR Holdings, LLC (filed as Exhibit 2.2 to the CPSI’s Current Report on Form 8-K dated January 8, 2016 and incorporated herein by reference)
|
|
|
|
|
|
3.1
|
|
Certificate of Incorporation (filed as Exhibit 3.4 to CPSI’s Registration Statement on Form S-1 (Registration No. 333-84726) and incorporated herein by reference)
|
|
|
|
|
|
3.2
|
|
Amended and Restated Bylaws (filed as Exhibit 3 to CPSI’s Current Report on Form 8-K dated October 28, 2013 and incorporated herein by reference)
|
|
|
|
|
|
10.1
|
|
Form of Indemnity Agreement entered into by CPSI and each of its non-employee directors (filed as Exhibit 10.1 to CPSI’s Quarterly Report on Form 10-Q for the period ended September 30, 2002 and incorporated herein by reference)
|
|
|
|
|
|
10.2
|
|
Real Property Lease Agreement, dated September 14, 2009 between CPSI and 3725 Airport Boulevard, LP (filed as Exhibit 10.1 to CPSI’s Quarterly Report on Form 10-Q for the period ended September 30, 2009 and incorporated herein by reference)
|
|
|
|
|
|
10.3
|
|
First Amendment to Real Property Lease Agreement, dated October 9, 2009, between CPSI and 3725 Airport Boulevard, LP (filed as Exhibit 10.2 to CPSI’s Quarterly Report on Form 10-Q for the period ended September 30, 2009 and incorporated herein by reference)
|
|
|
|
|
|
10.4
|
|
Real Property Lease Agreement, dated March 19, 2012, between CPSI and Fairhope Group, LLC (filed as Exhibit 10.6 to CPSI's Annual Report on Form 10-K for the period ended December 31, 2012 and incorporated herein by reference)
|
|
|
|
|
|
10.5*
|
|
Amendment and Restatement of the Computer Programs and Systems, Inc. 2005 Restricted Stock Plan (filed as Exhibit 10.6 to CPSI's Annual Report on Form 10-K for the period ended December 31, 2005 and incorporated herein by reference)
|
|
|
|
|
|
10.6*
|
|
Form of Five-Year Restricted Stock Award Agreement under the Amended and Restated 2005 Restricted Stock Plan (filed as Exhibit 10.1 to CPSI's Current Report on Form 8-K dated January 30, 2006 and incorporated herein by reference)
|
|
|
|
|
|
10.7*
|
|
Form of Four-Year Restricted Stock Award Agreement under the Amended and Restated 2005 Restricted Stock Plan (filed as Exhibit 10.1 to CPSI's Current Report on Form 8-K dated September 25, 2013 and incorporated herein by reference)
|
|
|
|
|
|
10.8*
|
|
Computer Programs and Systems, Inc. Amended and Restated 2012 Restricted Stock Plan for Non-Employee Directors (filed as Exhibit 10.16 to CPSI's Annual Report on Form 10-K for the period ended December 31, 2013 and incorporated herein by reference)
|
|
|
|
|
|
10.9*
|
|
Form of Restricted Stock Award Agreement under the Amended and Restated 2012 Restricted Stock Plan for Non-Employee Directors (filed as Exhibit 10.2 to CPSI's Quarterly Report on Form 10-Q for the period ended June 30, 2012 and incorporated herein by reference)
|
|
|
|
|
|
10.10*
|
|
Computer Programs and Systems, Inc. 2014 Incentive Plan (filed as Exhibit 10.1 to CPSI’s Current Report on Form 8-K dated May 16, 2014 and incorporated herein by reference)
|
|
|
|
|
|
10.11*
|
|
Form of Performance Share Award Agreement under the 2014 Incentive Plan (filed as Exhibit 10.2 to CPSI’s Current Report on Form 8-K dated May 16, 2014 and incorporated herein by reference)
|
|
|
|
|
|
10.12*
|
|
Form of Performance-Based Cash Bonus Award Agreement under the 2014 Incentive Plan (filed as Exhibit 10.3 to CPSI’s Current Report on Form 8-K dated May 16, 2014 and incorporated herein by reference)
|
|
|
|
|
|
10.13*
|
|
Form of Restricted Stock Award Agreement under the 2014 Incentive Plan (filed as Exhibit 10.4 to CPSI’s Current Report on Form 8-K dated May 16, 2014 and incorporated herein by reference)
|
|
|
|
|
|
10.14*
|
|
Healthland Holding Inc. (f/k/a Dairyland Healthcare Solutions Holding Corp) Stock Incentive Plan (filed as Exhibit 99.1 to CPSI’s Registration Statement on Form S-8 (Registration No. 333-208915) and incorporated herein by reference)
|
|
|
|
|
|
10.15*
|
|
Commission Program for Victor S. Schneider (filed as Exhibit 10.9 to CPSI's Annual Report on Form 10-K for the period ended December 31, 2012 and incorporated herein by reference)
|
|
|
|
|
|
10.16*
|
|
Commission Program for Troy D. Rosser (filed as Exhibit 10.10 to CPSI's Annual Report on Form 10-K for the period ended December 31, 2012 and incorporated herein by reference)
|
|
|
|
|
|
10.17*
|
|
Employment Agreement, dated as of July 8, 2013, by and between Healthland Holdings Inc. and Chris Bauleke
|
|
|
|
|
|
10.18
|
|
Credit Agreement, dated as of January 8, 2016, by and among Computer Programs and Systems, Inc., certain of its subsidiaries, as guarantors, certain lenders named therein, and Regions Bank, as administrative agent and collateral agent (filed as Exhibit 10.1 to CPSI’s Current Report on Form 8-K dated January 8, 2016 and incorporated herein by reference)
|
|
|
|
|
|
10.19
|
|
Pledge and Security Agreement, dated as of January 8, 2016, by and among the parties identified as Obligors therein and Regions Bank, as collateral agent (filed as Exhibit 10.2 to CPSI’s Current Report on Form 8-K dated January 8, 2016 and incorporated herein by reference)
|
|
|
|
|
|
10.20
|
|
Investor Agreement, dated as of January 8, 2016, by and among Computer Programs and Systems, Inc., Francisco Partners II, L.P., Francisco Partners Parallel Fund II, L.P., and AHR Holdings, LLC. (filed as Exhibit 10.3 to CPSI’s Current Report on Form 8-K dated January 8, 2016 and incorporated herein by reference)
|
|
|
|
|
|
10.21
|
|
Support Agreement, dated as of November 25, 2015, by and among Computer Programs and Systems, Inc., HHI Merger Sub I, Inc., HHI Merger Sub II, Inc., AHR Holdings, LLC, Francisco Partners II, L.P., and Francisco Partners Parallel Fund II, L.P. (filed as Exhibit 10.1 to CPSI’s Current Report on Form 8-K dated December 1, 2015 and incorporated herein by reference)
|
|
|
|
|
|
21.1
|
|
Subsidiaries of the registrant
|
|
|
|
|
|
23.1
|
|
Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm
|
|
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
31.2
|
|
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
32.1
|
|
Certifications 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
|
|
Interactive Data Files for CPSI’s Annual Report on Form 10-K for the period ended December 31, 2015
|
|
*
|
Management compensation plan or arrangement
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|