Quovadx Reports Solid Second Quarter Financial Results; Company Reports EPS of $0.00; Demonstrates Improved Gross Margins, Reduced Operating Expenses and Increased Cash.ENGLEWOOD, Colo. -- Quovadx, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : QVDX), a global software and services company, today announced financial results for the second quarter and six-months ended June 30, 2005. Second Quarter Highlights Include: --Net loss narrowed to $90,000 or $0.00 per share, compared with a net loss of $1.5 million or $0.04 per share in the first quarter of 2005, and a loss of $5.9 million or $0.15 per share in the same period a year ago --Revenue of $20.5 million, down from $20.8 million in the first quarter of 2005; and increased 1% from $20.3 million in the second quarter of 2004 --Gross margin increased to 56% --Positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $2.9 million, up from $1.3 million in the first quarter of 2005 --Operating income generated from each of the Company's three divisions --Balance sheet strengthened with cash, short-term investments and restricted cash growing to $27.7 million; maintained zero debt position --Net days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSO See CSO. ) of 61 days, down from 63 in the first quarter of 2005 "As a whole, Quovadx showed continued improvements in a number of key areas of our business in the second quarter of 2005," said Harvey A. Wagner, president and chief executive officer of Quovadx. "We made progress against many of our ongoing financial and operational goals, including the introduction of new products to key markets and the growth of both international and distribution sales in our ISD See IDD. and Rogue Wave rogue wave n. An unpredictable, abnormally large wave that occurs on a seemingly random basis in the oceans. Software divisions. Once again, we improved gross margins, reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and grew our cash. Additionally, for the first time, we generated operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. across each of our three divisions." Financial Results Total revenue was $20.5 million in the second quarter of 2005, compared to $20.8 million in the first quarter of 2005, and up from $20.3 million in the second quarter of 2004. Software license revenue grew 1% sequentially and was up 29% compared to the second quarter of 2004. Net loss narrowed to $90,000 or $0.00 per share for the second quarter of 2005, which included a reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. receivable of $868,000, or $0.02 per share, for legal fees incurred in 2004 and 2005. This compared with a net loss of $1.5 million or $0.04 per share for the quarter ended March 31, 2005, and a net loss of $5.9 million or $0.15 per share for the second quarter of 2004. In the second quarter 2005, gross margin increased to 56% versus 55% in the first quarter of 2005 and 42% in the second quarter of 2004. The second quarter of 2004 results included income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. totaling $197,000 and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges totaling $7.1 million. EBITDA for the second quarter of 2005 was $2.9 million, an increase of $1.6 million versus the first quarter of 2005 and an increase of $6.5 million compared to the second quarter of 2004. Cash flow provided by operations for the second quarter of 2005 was $888,000, compared to $2.3 million in the first quarter of 2005 and $178,000 in the second quarter of 2004. For the six months ended June 30, 2005, cash flow provided by operations of $3.2 million was up $12.2 million from the six months ended June 30, 2004. The reconciliation for all non-GAAP measures are provided in the attached tables. Revenue for the six months ended June 30, 2005 was $41.3 million, a decrease of 3% compared to $42.6 million for the first six months of 2004. Software license revenue for the first six months of 2005 increased by 9% to $14.1 million, while services revenue declined 20% as legacy, fixed-price contracts were closed ahead of schedule. Recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue of $20.1 million for the first six months of 2005 was down 3% compared to $20.8 million for the first half of 2004. The Company recorded a net loss of $1.6 million, or $0.04 per share, for the six months ended June 30, 2005. For the first six months of 2004, the Company reported a net loss of $18.7 million or $0.47 per share. Balance Sheet Highlights As a result of generating cash during the quarter, the Company's cash, short-term investments and restricted cash was $27.7 million on June 30, 2005, up from $27.1 million on March 31, 2005. The Company's deferred revenue was $19.0 million on June 30, 2005, versus $19.8 million on March 31, 2005. In addition, net DSO was 61 days for the second quarter of 2005, compared to 63 days for the first quarter of 2005. "While we continue to be encouraged by our ability to deliver operational efficiencies during the first half of this year, we understand that the key to our continued success is to maintain a constant focus on the critical objective of growing revenue. Our recent progress in bringing enhanced product releases to the market across all three divisions, as well the successful, concentrated effort to grow domestic and international distribution partnerships, are good indications that our focus on revenue generation is making headway head·way n. 1. Forward movement or the rate of forward movement, especially of a ship. 2. Progress toward a goal. 3. The clear vertical space beneath a ceiling or archway; clearance. 4. and will help us move closer to our goal of profitability in 2005," concluded Wagner. Business Division Highlights Integration Solutions Division The Integration Solutions division (ISD) of Quovadx provides proven software, consulting and services that help healthcare and public sector organizations, such as hospitals, health systems, health plans and public health entities, meet the growing challenges of healthcare interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. . Second-quarter 2005 revenue for the division was $9.2 million with an operating income of $344,000, compared with revenue of $10.6 million and an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $809,000 for the same period in 2004. Gross margin for ISD improved to 36% compared to 26% in the second quarter of 2004. ISD signed several new and expansion agreements with healthcare providers in the second quarter, including agreements for the division's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , the Cloverleaf(R) Integration Suite, with Benedictine Hospital in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Rockford Cardiology cardiology Medical specialty dealing with heart diseases and disorders. It began with the 1749 publication by Jean Baptiste de Sénac of contemporary knowledge of the heart. Diagnostic methods improved in the 19th century, and in 1905 the electrocardiograph was invented. in Illinois. Also, the Institute for Transfusion Medicine transfusion medicine Blood banking A subspecialty of clinical pathology or internal medicine which is involved in Pt management through administration of blood cells and blood products including fresh-frozen plasma and cryoprecipitate; TM specialists are versant in expanded its use of the Cloverleaf Integration Suite to power the integration of test results, procedure requests and patient admission, discharge and transfer (ADT (Asynchronous Data Transfer) A transmission technique used in ISDN PBXs that dynamically allocates bandwidth. See also abstract data type. ADT - abstract data type ) information between the organization's data systems and beyond the four walls of its enterprise to those of its clients. In addition, continued focus on channel partner relationships and sales through distribution led to new and expanded sales domestically and abroad, including E.Novation The substitution of a new contract for an old one. The new agreement extinguishes the rights and obligations that were in effect under the old agreement. A novation ordinarily arises when a new individual assumes an obligation to pay that was incurred by the original party Lifeline Networks BV (E.Novation LifeLine) in the Netherlands, Health-Comm in Germany, Sobha Renaissance Information Technology (SRIT SRIT Sobha Renaissance Information Technology ) in the Middle East, KMD KMD Kazaa Media Desktop KMD Kiss Me Deadly (band) KMD Kausing Much Damage (hip hop) KMD Komodo Manchester Debugger KMD Knock Me Down KMD Kazaa Movie Database KMD Key Management Device KMD Kernel Model Driver in Denmark and CommerceWorks in the United Kingdom and France. Overall, international revenue for ISD grew 61% year-over-year and total sales through distribution were up exponentially ex·po·nen·tial adj. 1. Of or relating to an exponent. 2. Mathematics a. Containing, involving, or expressed as an exponent. b. year-over-year. ISD expanded its role as a leading enabler of interoperability technology beyond the single healthcare enterprise and across healthcare communities. Purkinje, a leading provider of Electronic Medical Record (EMR (ElectroMagnetic Radiation) The emanation of energy from everything in the universe. Although the EMR from electrical and electronic devices is typically measured for practical, every-day situations, every object, including humans, emanates energy. ) and e-Prescribing software, purchased the Cloverleaf Integration Suite to be used in its ASP software solutions distributed to its customers. In addition, Purkinje will include INSURENET(R) Direct revenue management software, a key component of the QUOVADX Cash Accelerator Suite, in its solutions to provide HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, compliant eligibility validation for payer reimbursement and payment processing. CareScience Division The CareScience division provides care-management, clinical-measurement, analysis and quality-improvement solutions. Second quarter 2005 revenue for the division increased 12% to $3.9 million, up from $3.5 million in the second quarter of 2004. The division generated an operating income of $218,000 in the second quarter of 2005, compared with an operating loss of $271,000 in the second quarter of 2004. CareScience signed agreements with two new customers in the second quarter of 2005; Deaconess dea·con·ess n. 1. A Protestant woman who assists the minister in various functions. 2. Used as a title prefixed to the surname of such a woman: Deaconess Brown. Noun 1. Billings Clinic, a Montana healthcare provider; and Maury Regional Healthcare System, Columbia, Tennessee Columbia is a city in Maury County, Tennessee, United States. The population was 33,055 at the 2000 census. It is the county seat of Maury CountyGR6. , for its CareScience Quality Manager. Both facilities will use the CareScience Quality Manager, a key component of the CareScience Care Management Suite to identify, prioritize pri·or·i·tize v. pri·or·i·tized, pri·or·i·tiz·ing, pri·or·i·tiz·es Usage Problem v.tr. To arrange or deal with in order of importance. v.intr. and develop best practices for clinical process improvement. CareScience Quality Manager will also enable the Billings Clinic to collect, aggregate and submit Core Measure data to the Joint Commission on Accreditation of Healthcare Organizations Joint Commission on Accreditation of Healthcare Organizations, n.pr the United States body that accredits healthcare organizations. Joint Commission on Accreditation of Healthcare Organizations (JCAHO/TJC), n. (JCAHO JCAHO Joint Commission on Accreditation of Healthcare Organizations, see there ) and the Centers for Medicare and Medicaid Services The Centers for Medicare and Medicaid Services (CMS), previously known as the Health Care Financing Administration (HCFA), is a federal agency within the United States Department of Health and Human Services (DHHS) that administers the Medicare program and (CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. ) via timely, accurate and HIPAA standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. electronic transactions. Existing customers expanding and renewing their use of CareScience software and services during the quarter included MedStar Health MedStar Health is a $2.9 billion non-profit healthcare organization. It operates 25 businesses, including seven hospitals in the Baltimore-Washington region of the United States. , Temple University Health System, Tulsa Regional Medical Center, Sisters of Mercy (R. C. Ch.) a religious order founded in Dublin in the year 1827. Communities of the same name have since been established in various American cities. The duties of those belonging to the order are, to attend lying-in hospitals, to superintend the education of girls, and protect Health System, and Carolinas Health. During the second quarter of 2005, CareScience continued the production roll-out of its CareScience Quality Manager across its customer base. A key component of the Care Management Suite, CareScience Quality Manager is used by hospitals and health systems across the country to isolate, prioritize and quantify clinical process improvement opportunities and to implement strategies for adopting best-practices that have a real-world impact on patient care. Rogue Wave Software Division The Rogue Wave Software division specializes in high-performance development tools, frameworks and software libraries for the professional developer. Second-quarter 2005 revenue for the division increased 20% to $7.4 million with an operating income of $2.6 million, compared with revenue of $6.2 million and an operating income of $881,000 in the second quarter of 2004. International revenue for the division in the second quarter of 2005 grew 70% year-over-year, following a solid performance in the EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. region. The Division signed several second quarter agreements with leading companies for its SourcePro(R) and Stingray stingray: see ray. stingray or whip-tailed ray Any of various species (family Dasyatidae) of rays noted for their slender, whiplike tail with barbed, usually venomous spines. (R) product lines, both domestically and abroad. Rogue Wave(R) LEIF LEIF Leif Erikson International Foundation LEIF Lightweight Extensible Information Framework , which allows customers to expose existing C++ applications as Web services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. , also secured important wins with large financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , defense and IT organizations. Recently, Rogue Wave Software donated its popular C++ Standard Library In C++, the Standard Library is a collection of classes and functions, which are written in the core language. The Standard Library provides several generic containers, functions to utilise and manipulate these containers, function objects, generic strings and streams (including software to the world software development community through the Apache Software Foundation (open source, body) Apache Software Foundation - (ASF) An umbrella consortium that manages the development of the Apache web server, dozens of XML- and Java-based projects (under the name Jakarta), the Ant build tool, the Geronimo J2EE server, the SpamAssassin anti-SPAM tool, and . The C++ Standard Library, a foundational software component used in many enterprise applications, is now available through the Apache Software Foundation's Incubator incubator, apparatus for the maintenance of controlled conditions in which eggs can be hatched artificially. Incubator houses with double walls of mud, a fireroom, and several compartments each holding about 6,000 hens' eggs were developed in ancient times; the program. This initiative underscores the division's commitment to serving its core audience, the professional developer community, and reiterates its focus on delivering quality enterprise-class components and services to optimize software solutions for interoperability, performance and reliability. "The second quarter of 2005 showed meaningful progress which resulted in continued improvements in our financial and operating metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. ," stated Melvin L. Keating, chief financial officer, Quovadx. "With improved processes and experienced leadership in place, we have continued to be effective in tightly managing our operating expenses -- generating positive operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. and improved EBITDA both sequentially and year-over-year, as well as delivering ongoing improvement in our operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: across all three divisions." Other Matters In the second quarter of 2004, the Company became the subject of a number of shareholder lawsuits. These class action and derivative lawsuits are ongoing. The previously announced Securities and Exchange Commission investigation is not yet concluded. Non-GAAP Financial Measures EBITDA and other operational measures are non-GAAP financial measures as defined by the rules under "Conditions for Use of Non-GAAP Financial Measures." Reconciliations of non-GAAP items included in this press release, as compared to the most directly similar GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). financial measures, are set forth in the EBITDA reconciliation table at the end of this release. Conference Call Quovadx will host a conference call today, August 3, 2005, at 3:00 PM MDT/5:00 PM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , which will broadcast live over the Internet. Please visit the "Investor" event section of the Company's Website at http://www.quovadx.com/investors/calendar.jsp. A replay will be available through August 9, 2005, at http://www.quovadx.com, or by dialing 1-719-457-0820 or toll free at 1-888-203-1112 and entering pass code 5659437. About Quovadx, Inc. Quovadx (Nasdaq: QVDX) offers software and services for application and system development, extension, integration and analysis to enterprise customers worldwide. Quovadx is comprised of three divisions, including the Integration Solutions division (ISD), which offers private and public healthcare organizations software infrastructure to facilitate system interoperability, improve processes and leverage existing technology, the CareScience division, which provides care management and analytical solutions to hospitals and health systems and is a pioneer in regional healthcare information organization (RHIO RHIO Regional Health Information Organization ) technology, and the Rogue Wave Software division, which provides reusable software components and services to professional developers for enterprise-class application development. Quovadx, through its respective divisions, serves companies in the healthcare, financial services, telecommunication and public sectors and has over 450 employees. For more information, please visit http://www.quovadx.com. Cautionary Statement Certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are included in this release, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc goals and future business opportunities. These statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainties and other factors that could cause actual results to differ materially from those referred to in the forward-looking statements. Factors that may affect future results and our ability to achieve profitability and maintain sustainable, profitable growth include market acceptance of and demand for our solutions; technology adoption within the healthcare sector; our success in maintaining and expanding current relationships, winning new clients and growing internationally; our renewed partnership and channel-sales marketing strategy; our ability to hit the market window for new technologies we are developing; the success of our open source initiatives, increased competition in our markets; the impact of the pending SEC investigation and class action litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; our ability to manage and mitigate the liability we face under privacy and security laws, regulations and contract requirements, the Company's ability to remedy the deficiencies that exist in its internal controls over financial reporting and other risks described in the Company's annual and quarterly filings with the SEC, copies of which are available without charge from the Company. The filings are available electronically through a link from the Quovadx investor relations Investor relations The process by which the corporation communicates with its investors. Web page or from the SEC Web site at www.sec.gov under "Quovadx, Inc." If any of the events described in those filings were to occur, either alone or in combination, it is likely that our ability to reach the results described in the forward-looking statements could be impaired and our stock price could be adversely affected. We do not undertake any obligation to update or correct any forward-looking statements included in this release to reflect events or circumstances occurring after the date of this release. QUOVADX is a trademark of Quovadx, Inc. Rogue Wave, SourcePro, Stingray, INSURENET and CLOVERLEAF are registered trademarks of Quovadx, Inc. All other company and product names mentioned may be trademarks of the companies with which they are associated.
Quovadx, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
June 30, December 31,
2005 2004
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $27,164 $24,847
Accounts receivable, net 12,985 14,068
Unbilled accounts receivable 956 1,195
Other current assets 3,212 2,598
------------ ------------
Total current assets 44,317 42,708
Property and equipment, net 3,572 4,182
Software, net 8,773 11,333
Other intangible assets 15,787 17,713
Goodwill 46,724 46,724
Restricted cash 578 578
Other assets 565 707
------------ ------------
Total assets $120,316 $123,945
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,162 $3,523
Accrued liabilities 10,034 10,097
Unearned revenue 18,993 19,927
------------ ------------
Total current liabilities 31,189 33,547
Commitments and contingencies
Total stockholders' equity 89,127 90,398
------------ ------------
Total liabilities and stockholders' equity $120,316 $123,945
============ ============
End of the period common shares
outstanding 40,986 40,619
============ ============
Quovadx, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- ------------------
2005 2004 2005 2004
------------------- ------------------
Revenue:
Software license $7,089 $5,495 $14,074 $12,901
Professional services 3,447 4,313 7,086 8,874
Recurring services 9,963 10,468 20,115 20,795
------------------- ------------------
Total revenue 20,499 20,276 41,275 42,570
Cost of revenue:
Software license 2,229 2,880 4,420 7,019
Professional services 2,666 4,069 5,133 8,347
Recurring services 4,117 4,736 8,787 9,817
Asset Impairments - - - 6,765
------------------- ------------------
Total cost of revenue 9,012 11,685 18,340 31,948
------------------- ------------------
Gross profit 11,487 8,591 22,935 10,622
------------------- ------------------
Operating expenses:
Sales and marketing 4,038 4,830 8,420 11,364
General and administrative 3,504 6,738 8,229 10,431
Research and development 3,137 3,657 6,107 7,340
Amortization of acquired
intangibles 963 755 1,925 1,937
------------------- ------------------
Total operating expenses 11,642 15,980 24,681 31,072
------------------- ------------------
Loss from operations (155) (7,389) (1,746) (20,450)
Gain on sales of assets - 1,175 - 1,175
Other income, net 145 127 300 245
------------------- ------------------
Loss before income taxes (10) (6,087) (1,446) (19,030)
Income tax expense 80 - 153 -
------------------- ------------------
Loss from continuing
operations (90) (6,087) (1,599) (19,030)
Income from discontinued
operations - 197 - 358
------------------- ------------------
Net loss $(90) $(5,890) $(1,599) $(18,672)
=================== ==================
Loss from continuing
operations per common share -
basic and diluted $(0.00) $(0.15) $(0.04) $(0.48)
Income from discontinued
operations per common share -
basic and diluted - 0.00 - 0.01
------------------- ------------------
Net loss per common share -
basic and diluted $(0.00) $(0.15) $(0.04) $(0.47)
=================== ==================
Weighted average common shares
outstanding - basic and
diluted 40,834 39,648 40,691 39,544
=================== ==================
Quovadx, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended
June 30,
--------------------
2005 2004
--------------------
Cash flows from operating activities
Net loss $(1,599) $(18,672)
Adjustments to reconcile net loss to net cash
provided by
(used in) operating activities:
Depreciation and amortization 4,019 6,074
Amortization of acquired intangibles 1,925 1,595
Amortization of deferred compensation 179 356
Asset impairments - 7,116
Gain on sale of minority investment - (1,175)
Bad debt recovery (310) (294)
Change in assets and liabilities:
Accounts receivable 1,394 2,666
Unbilled accounts receivable 239 1,568
Other assets (516) (337)
Accounts payable (1,360) (4,307)
Accrued liabilities 180 (2,899)
Unearned and deferred revenue (934) (690)
--------------------
Net cash provided by (used in) operating
activities 3,217 (8,999)
--------------------
Cash flows from investing activities
Purchase of property and equipment (506) (535)
Capitalized software (299) (915)
Purchases of short-term investments (100) (5,450)
Proceeds from sale of minority investment 3,135
--------------------
Net cash used in investing activities (905) (3,765)
--------------------
Cash flows from financing activities
Proceeds from issuance of common stock 655 1,014
--------------------
Net cash provided by financing activities 655 1,014
--------------------
Effect of foreign exchange rate changes on cash (750) 109
--------------------
Cash, cash equivalents and short-term investments
Net increase (decrease) 2,217 (11,641)
Beginning of period 18,822 23,688
--------------------
End of period $21,039 $12,047
====================
Quovadx, Inc.
EBITDA Reconciliation
(in thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
--------- --------- --------- ----------
GAAP net loss $(90) $(5,890) $(1,599) $(18,672)
Interest income (145) (127) (300) (245)
Depreciation & amortization 3,033 3,542 5,944 7,669
Gain on sale of assets - (1,175) - (1,175)
Income taxes 80 - 153 -
Asset impairments - - - 7,116
--------- --------- --------- ----------
EBITDA $2,878 $(3,650) $4,198 $(5,307)
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