The TriZetto(R) Group, Inc.
Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)
Three Months Three Months
Ended Ended
March 31, March 31,
2001 2000
Revenues
Recurring $30,323 $11,967
Non-recurring 15,716 5,750
Total revenues 46,039 17,717
Cost of revenues
Recurring 24,271 11,365
Non-recurring 9,656 4,071
Total cost of revenues 33,927 15,436
Gross profit 12,112 2,281
Operating expenses
Research and development 4,844 1,640
Selling, general and administrative 30,294 8,222
Write-off of acquired in-process technology -- 536
Total operating expenses 35,138 10,398
Loss from operations (23,026) (8,117)
Interest income 408 263
Interest expense (334) (27)
Loss before benefit for income taxes (22,952) (7,881)
Benefit for income taxes (5,018) --
Net loss $(17,934) $(7,881)
Net loss per share:
Basic $(0.50) $(0.42)
Diluted $(0.50) $(0.42)
Other financial data:
Pro forma net loss (a) $(4,798) $(5,253)
EBITDA (b) $(2,808) $(4,387)
12-month backlog (c) $134,000 N/A
Total backlog (d) $420,500 N/A
Shares used in computing net loss and
pro forma net loss per share:
Basic 35,764 18,888
Diluted 35,764 18,888
(a)The Company defines pro forma net loss as earnings before
amortization of acquisition intangibles and deferred stock
compensation, write-off of in-process research and development and
income tax related benefits.Amortization of acquisition intangibles
and deferred stock compensation for the three months ended March 31,
2001 and 2000 were $18,154 and $2,092, respectively.
(b)The Company defines EBITDA as Earnings Before Interest, Taxes,
Depreciation, Amortization and Write-off of acquired in-process
technology.Total depreciation and amortization for the three months
ended March 31, 2001 and 2000 were $20,218 and $3,194, respectively.
(c)The Company defines 12-month backlog as minimum recurring revenue and
non-recurring software licenses from existing contracts to be
recognized over the next 12 months.
(d)The Company defines total backlog as total revenue not yet recognized
from recurring revenue and non-recurring software licenses from
existing contracts.
The TriZetto(R) Group, Inc.
Condensed Consolidated Balance Sheets
(unaudited and in thousands)
March 31, December 31,
2001 2000
ASSETS
Current assets:
Cash, cash equivalents, restricted
cash and short-term investments $31,195 $28,384
Accounts receivable, net 23,052 18,102
Prepaid expenses and other current assets 6,437 7,433
Total current assets 60,684 53,919
Property and equipment, net 26,387 25,623
Other assets 4,105 2,602
Goodwill and other intangible assets, net 264,441 281,607
Total assets $355,617 $363,751
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term note payable and
capital lease obligations $16,105 $14,555
Accounts payable 7,871 9,502
Other accrued liabilities 51,781 37,703
Total current liabilities 75,757 61,760
Deferred Taxes 20,082 25,141
Other long-term obligations 7,141 7,420
Total liabilities 102,980 94,321
Total stockholders' equity 252,637 269,430
Total liabilities and stockholders' equity $355,617 $363,751