UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
July 30, 2009
Date of Report
(Date of earliest event reported)
QUALITY SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation)
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001-12537 |
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95-2888568 |
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(Commission File No.) |
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(IRS Employer Identification Number) |
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18111 Von Karman Avenue, Suite 600 |
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Irvine, California 92612 |
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(Address of Principal Executive Offices) |
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(949) 255-2600 |
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(Registrant’s Telephone Number, Including Area Code) |
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Not applicable. |
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(Former Name or Former Address, if Changed Since Last Report) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On July 30, 2009, Quality Systems, Inc. (the “Company”) held a conference call concerning its financial performance for the period ended June 30, 2009. The Company shall file a copy of the transcript of the conference call as soon as available by the amendment to the Form 8-K. The conference call contains
forward-looking statements regarding the Company and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.
Use of Non-GAAP Financial Measures
The Company from time to time discloses its Days Sales Outstanding (“DSO”), which is a non-GAAP financial measure. During the quarter ended June 30, 2009, DSO was 127 days. The Company calculates DSO as follows: Net revenue for the quarter is annualized (multiplied by four) and then divided
by 365 days to yield an average daily sales amount. The balance of accounts receivable net of any reserves for bad debts is then divided by that average daily sales amount resulting in a DSO figure. For the quarter ended June 30, 2009, the calculation was as follows:
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Quarterly Revenue: |
$66,638,000 |
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Annualized (X 4): |
$266,552,000 |
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Divided by 365: |
$730,279 = Average daily revenue |
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Net Accounts Receivable: |
$92,430,000 |
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Divided by average daily revenue: |
$730,279 |
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Equals: |
127days (rounded) |
The Company believes the use of DSO provides useful information to investors regarding the Company’s ability to convert its receivables into cash. DSO thus provides more detailed information regarding the Company’s financial results than the financial measures calculated and presented in accordance with GAAP.
As used herein, “GAAP” refers to accounting principles generally accepted in the United States.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Quality Systems, Inc. |
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Date: August 4, 2009 |
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By: |
/s/ Paul Holt |
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Paul Holt |
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Chief Financial Officer |
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