CERNER CORP /MO/

CIK:0000804753|SEC Filings

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 1,429,801	$ 1,387,778
Costs and expenses:
Costs of revenue	243,848	230,656
Sales and client service	612,997	622,176
Software development (Includes amortization of $65,206 and $64,850, respectively)	195,091	192,327
General and administrative	109,279	112,365
Amortization of acquisition-related intangibles	16,602	12,196
Total costs and expenses	1,177,817	1,169,720
Operating earnings	251,984	218,058
Other income, net	26	1,206
Earnings before income taxes	252,010	219,264
Income taxes	(45,881)	(47,012)
Net earnings	$ 206,129	$ 172,252
Basic earnings per share	$ 0.70	$ 0.57
Diluted earnings per share	$ 0.70	$ 0.56
Basic weighted average shares outstanding	293,412	304,731
Diluted weighted average shares outstanding	296,336	308,031

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 206,129	$ 172,252
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	175,223	175,313
Share-based compensation expense	33,332	47,950
Provision for deferred income taxes	(36,301)	(2,829)
Changes in assets and liabilities:
Receivables, net	(16,712)	(12,301)
Inventory	461	(7,411)
Prepaid expenses and other	13,600	24,173
Accounts payable	35,730	30,118
Accrued income taxes	75,323	21,378
Deferred revenue	(72,800)	14,768
Other accrued liabilities	(38,922)	(12,977)
Net cash provided by operating activities	375,063	450,434
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital purchases	(42,393)	(75,925)
Capitalized software development costs	(56,300)	(83,550)
Purchases of investments	(8,439)	(321,670)
Sales and maturities of investments	99,638	306,935
Purchase of other intangibles	(4,703)	(7,975)
Net cash used in investing activities	(12,197)	(182,185)
CASH FLOWS FROM FINANCING ACTIVITIES:
Long-term debt issuance	0	500,000
Repayments of Long-term Debt	(225,000)	0
Proceeds from exercise of stock options	63,394	36,514
Payments to taxing authorities in connection with shares directly withheld from associates	(1,583)	(4,897)
Treasury stock purchases	0	(341,715)
Dividends paid	(79,183)	(67,477)
Other financing activities	1,038	(5,310)
Net cash provided by (used in) financing activities	(241,334)	117,115
Effect of exchange rate changes on cash and cash equivalents	(1,847)	(3,118)
Net increase (decrease) in cash and cash equivalents	119,685	382,246
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 709,532	$ 997,861

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 709,532	$ 589,847
Short-term investments	171,180	252,622
Receivables, net	1,178,037	1,161,361
Inventory	27,704	28,159
Prepaid expenses and other	381,404	417,465
Total current assets	2,467,857	2,449,454
Property and equipment, net	1,610,496	1,656,171
Right-of-use assets	76,474	82,940
Software development costs, net	1,003,806	1,000,357
Goodwill	1,129,539	1,131,121
Intangible assets, net	434,900	458,482
Long-term investments	456,398	461,984
Other assets	194,761	193,649
Total assets	7,374,231	7,434,158
Current liabilities:
Accounts payable	359,562	329,582
Current installments of long-term debt	0	225,000
Deferred revenue	456,929	531,234
Accrued payroll and tax withholdings	284,145	317,092
Other current liabilities	278,236	223,350
Total current liabilities	1,378,872	1,626,258
Long-term Debt	1,611,303	1,611,256
Deferred income taxes	362,236	395,177
Other liabilities	113,301	121,005
Total liabilities	3,465,712	3,753,696
Shareholders' Equity:
Common stock, $0.01 par value, 500,000,000 shares authorized, 381,357,862 shares issued at March 31, 2022 and 380,232,975 shares issued at December 31, 2021	3,814	3,802
Additional paid-in capital	2,811,612	2,717,244
Retained earnings	6,877,111	6,751,692
Treasury stock, 87,383,166 shares at March 31, 2022 and December 31, 2021	(5,664,718)	(5,664,718)
Accumulated other comprehensive loss, net	(119,300)	(127,558)
Total shareholders' equity	3,908,519	3,680,462
Total liabilities and shareholders' equity	$ 7,374,231	$ 7,434,158
Common stock, par value	$ 0.01
Common Stock, Shares Authorized	500,000,000
Common stock, shares issued	381,357,862	380,232,975
Treasury Stock, Shares	87,383,166