CERN
$54.98
Cerner
$.54
.99%
Earnings Details
3rd Quarter September 2018
Thursday, October 25, 2018 4:01:00 PM
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Summary

Cerner Misses

Cerner (CERN) reported 3rd Quarter September 2018 earnings of $0.62 per share on revenue of $1.3 billion. The consensus earnings estimate was $0.63 per share on revenue of $1.4 billion. The Earnings Whisper number was $0.64 per share. Revenue grew 5.0% on a year-over-year basis.

The company said it expects fourth quarter non-GAAP earnings of $0.62 to $0.64 per share on revenue of $1.37 billion to $1.42 billion. The current consensus earnings estimate is $0.67 per share on revenue of $1.39 billion for the quarter ending December 31, 2018.

Cerner Corp is a supplier of health care information technology, and offers software, professional services, medical device integration, remote hosting and employer health and wellness services.

Results
Reported Earnings
$0.62
Earnings Whisper
$0.64
Consensus Estimate
$0.63
Reported Revenue
$1.34 Bil
Revenue Estimate
$1.36 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Cerner Reports Third Quarter 2018 Results

KANSAS CITY, Mo., Oct. 25, 2018 (GLOBE NEWSWIRE) -- Cerner Corporation (Nasdaq: CERN) today announced results for the 2018 third quarter that ended September 29, 2018.

Bookings in the third quarter of 2018 were $1.588 billion, an increase of 43 percent compared to $1.111 billion in the third quarter of 2017.

Third quarter revenue was $1.340 billion, an increase of 5 percent compared to $1.276 billion in the third quarter of 2017.

On a U.S. Generally Accepted Accounting Principles (GAAP) basis, third quarter 2018 net earnings were $169.4 million and diluted earnings per share were $0.51. Third quarter 2017 GAAP net earnings were $177.4 million and diluted earnings per share were $0.52.

Adjusted Net Earnings for third quarter 2018 were $209.4 million, compared to $205.9 million of Adjusted Net Earnings in the third quarter of 2017. Adjusted Diluted Earnings Per Share were $0.63 in the third quarter of 2018 compared to $0.61 of Adjusted Diluted Earnings Per Share in the year-ago quarter. Analysts’ consensus estimate for third quarter 2018 Adjusted Diluted Earnings Per Share was $0.63.

Adjusted Net Earnings and Adjusted Diluted Earnings Per Share are not recognized terms under GAAP. These non-GAAP financial measures should not be substituted for GAAP net earnings or GAAP diluted earnings per share, respectively, as measures of Cerner’s performance, but instead should be utilized as supplemental measures of financial performance in evaluating our business. Please see the accompanying schedule, titled “Reconciliation of GAAP Results to Non-GAAP Results,” where our non-GAAP financial measures are defined and reconciled to the most comparable GAAP measures.

Other Highlights:

  • Third quarter operating cash flow of $338.5 million.

  • Third quarter Free Cash Flow of $155.3 million. Free Cash Flow is a non-GAAP financial measure defined as GAAP cash flows from operating activities less capital purchases and capitalized software development costs.  Please see the accompanying schedule, titled “Reconciliation of GAAP Results to Non-GAAP Results.”

  • Third quarter days sales outstanding of 82 days, up from 73 days in the year-ago period.

  • Total backlog of $14.70 billion

“Our third quarter results were solid, with all key metrics in our expected ranges,” said John Peterzalek, Chief Client Officer. “We remain optimistic about our ability to continue delivering solid results and good growth over the long term as health care is still in the early stages of driving value from digitization. We believe we are in a great position to play a significant role in helping health care stakeholders move towards a more efficient and higher quality system of care.”

Future Period Guidance
Cerner currently expects:

  • Fourth quarter 2018 revenue between $1.370 billion and $1.420 billion.

    -- The midpoint of this range reflects growth of 6% over the fourth quarter of 2017 and would bring expected full-year 2018 revenue to $5.396 billion, which reflects 5% growth over 2017 and is above the midpoint of Cerner’s previously provided full-year guidance range.

  • Fourth quarter 2018 Adjusted Diluted Earnings Per Share between $0.62 and $0.64.

    -- The midpoint of this range is 9% higher than the fourth quarter of 2017 and would bring expected full-year 2018 Adjusted Diluted Earnings Per Share to $2.46, which is above the low-end of Cerner’s previously provided full-year guidance range.  

  • Fourth quarter 2018 new business bookings between $1.850 billion and $2.050 billion.

    -- The midpoint of this range reflects a 16% decrease compared to our record high bookings of $2.329 billion in the fourth quarter of 2017, but it would bring expected full-year 2018 bookings to $6.711 billion, which reflects growth of 6% over 2017.

Earnings Conference Call
Cerner will host an earnings conference call to provide additional detail on the Company’s results and outlook at 3:30 p.m. CT on October 25, 2018. On the call, Cerner will discuss its third quarter 2018 results and answer questions from the investment community. The call may also include discussion of Cerner developments, and forward-looking and other material information about business and financial matters. The dial-in number for the conference call is (678)-509-7542; the passcode is Cerner. Cerner recommends joining the call 15 minutes early for registration. The re-broadcast of the call will be available from 6:30 p.m. CT, October 25, 2018 through 6:30 p.m. CT, October 28, 2018.  The dial-in number for the re-broadcast is (855) 859-2056; the passcode is 1497566.

An audio webcast will be available live and archived on Cerner’s website at www.cerner.com under the About Us section (click Investor Relations, then Presentations and Webcasts).

About Cerner
Cerner’s health technologies connect people and information systems at more than 27,500 contracted provider facilities worldwide dedicated to creating smarter and better care for individuals and communities. Recognized globally for innovation, Cerner assists clinicians in making care decisions and assists organizations in managing the health of their populations. The company also offers an integrated clinical and financial system to help manage day-to-day revenue functions, as well as a wide range of services to support clinical, financial and operational needs, focused on people. For more information, visit Cerner.com, The Cerner Blog, The Cerner Podcast or connect on Facebook, Instagram, LinkedIn or Twitter. Nasdaq: CERN. Smarter Care. Better Outcomes. Healthier You.

Certain trademarks, service marks and logos set forth herein are property of Cerner Corporation and/or its subsidiaries.

All statements in this press release that do not directly and exclusively relate to historical facts constitute forward-looking statements. These forward-looking statements are based on the current beliefs, expectations and assumptions of Cerner's management with respect to future events and are subject to a number of significant risks and uncertainties. It is important to note that Cerner's performance, and actual results, financial condition or business could differ materially from those expressed in such forward-looking statements. The words “expects”, “expected”, “guidance”, “position”, “believe”, “plan”, “opportunity”, “forecasted”, “estimate”, “would”, “outlook”, “anticipate” or the negative of these words, variations thereof or similar expressions are intended to identify such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: possibility of significant costs and reputational harm related to product-related liabilities; potential claims for system errors and warranties; the possibility of interruption at our data centers or client support facilities that could expose us to significant costs and reputational harm; the possibility of increased expenses, exposure to legal claims and regulatory actions and reputational harm associated with a cyberattack or other breach in our IT security; our proprietary technology may be subject to claims for infringement or misappropriation of intellectual property rights of others, or may be infringed or misappropriated by others; potential claims or other risks associated with relying on open source software in our proprietary software solutions or technology-enabled services; material adverse resolution of legal proceedings; risks associated with our global operations, including without limitation greater difficulty in collecting accounts receivable; risks associated with fluctuations in foreign currency exchange rates; changes in tax laws, regulations or guidance that could adversely affect our tax position and/or challenges to our tax positions in the U.S. and non-U.S. countries; the uncertainty surrounding the impact of the United Kingdom’s vote to leave the European Union (commonly referred to as Brexit) on our global business; risks associated with the unexpected loss or recruitment and retention of key personnel or the failure to successfully develop and execute succession planning to assure transitions of key associates and their knowledge, relationships and expertise; risks related to our dependence on strategic relationships and third party suppliers; risks inherent with business acquisitions and combinations and the integration thereof into our business; risks associated with volatility and disruption resulting from global economic or market conditions; significant competition and our ability to quickly respond to market changes and changing technologies and to bring competitive new solutions, devices, features and services to market in a timely fashion; managing growth in the new markets in which we offer solutions, health care devices or services; long sales cycles for our solutions and services; risks inherent in contracting with government clients, including without limitation, complying with strict compliance and disclosure obligations, navigating complex procurement rules and processes and defending against bid protests; risks associated with our outstanding and future indebtedness, such as compliance with restrictive covenants, which may limit our flexibility to operate our business; changes in accounting standards issued by the Financial Accounting Standards Board or other standard-setting bodies may adversely affect our financial statements; the potential for losses resulting from asset impairment charges; changing political, economic, regulatory and judicial influences, which could impact the purchasing practices and operations of our clients and increase costs to deliver compliant solutions and services; non-compliance with laws, government regulation or certain industry initiatives or failure to deliver solutions or services that enable our clients to comply with laws or regulations applicable to their businesses; variations in our quarterly operating results; potential variations in our sales forecasts compared to actual sales; volatility in the trading price of our common stock and the timing and volume of market activity; and our directors’ authority to issue preferred stock and the anti-takeover provisions in our corporate governance documents. Additional discussion of these and other risks, uncertainties and factors affecting Cerner's business is contained in Cerner's filings with the Securities and Exchange Commission. The reader should not place undue reliance on forward-looking statements, since the statements speak only as of the date that they are made. Except as required by law, Cerner undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in our business, results of operations or financial condition over time.

Investor Contact:  Allan Kells, (816) 201-2445, akells@cerner.com
Media Contact:  Dan Smith, (913) 304-3991, dan.smith1@cerner.com  
Cerner’s Internet Home Page:  www.cerner.com

      
CERNER CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
For the three and nine months ended September 29, 2018 and September 30, 2017 
(unaudited) 
      
(In thousands, except per share data)Three Months Ended Nine Months Ended
 20182017 20182017
      
Revenues$  1,340,073 $  1,276,007  $  4,000,661 $  3,828,487 
Costs of revenue  230,332   202,904    700,393   624,960 
Margin  1,109,741   1,073,103    3,300,268   3,203,527 
      
Operating expenses     
Sales and client service  605,946   564,621    1,830,999   1,688,208 
Software development  172,297   153,834    502,192   442,570 
General and administrative  102,789   84,178    290,547   263,203 
Amortization of acquisition-related intangibles  21,553   22,564    65,872   68,126 
Total operating expenses  902,585   825,197    2,689,610   2,462,107 
      
Operating earnings  207,156   247,906    610,658   741,420 
      
Other income, net  6,943   2,509    18,404   4,054 
      
Earnings before income taxes  214,099   250,415    629,062   745,474 
Income taxes  (44,718)  (72,991)   (130,323)  (215,154)
Net earnings$  169,381 $  177,424  $  498,739 $  530,320 
      
Basic earnings per share$  0.51 $  0.53  $  1.51 $  1.60 
      
Basic weighted average shares outstanding  329,342   331,993    330,789   331,319 
      
Diluted earnings per share$  0.51 $  0.52  $  1.49 $  1.57 
      
Diluted weighted average shares outstanding  332,937   338,780    334,493   337,946 
      
Note 1: Our revenues by business model for the three and nine months ended September 29, 2018 and September 30, 2017 were as follows:
      
(In thousands)Three Months Ended Nine Months Ended
 20182017 20182017
      
Licensed software$  139,888 $  144,515  $  447,095 $  442,729 
Technology resale  60,378   56,946    199,011   194,185 
Subscriptions  79,115   122,560    238,702   354,771 
Professional services  456,725   400,884    1,345,311   1,193,362 
Managed services  302,000   263,584    855,857   785,082 
Support and maintenance  277,780   263,361    841,300   785,039 
Reimbursed travel  24,187   24,157    73,385   73,319 
Total revenues$  1,340,073 $  1,276,007  $  4,000,661 $  3,828,487 
      

 

 

 

 
CERNER CORPORATION AND SUBSIDIARIES  
RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS  
For the three and nine months ended September 29, 2018 and September 30, 2017 
(unaudited) 
      
ADJUSTED OPERATING EARNINGS   
      
(In thousands)Three Months Ended Nine Months Ended
 20182017 20182017
      
Operating earnings (GAAP)$  207,156 $  247,906  $  610,658 $  741,420 
      
Share-based compensation expense  26,882   21,359    79,620   63,368 
Health Services acquisition-related amortization  20,685   20,706    62,833   62,579 
Acquisition-related deferred revenue adjustment  —   4,141    —   12,913 
Other adjustments  2,924   32    2,924   72 
      
Adjusted Operating Earnings (non-GAAP)$  257,647 $  294,144  $  756,035 $  880,352 
      
ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE   
      
(In thousands, except per share data)Three Months Ended Nine Months Ended
 20182017 20182017
      
Net earnings (GAAP)$  169,381 $  177,424  $  498,739 $  530,320 
      
Pre-tax adjustments for Adjusted Net Earnings:     
Share-based compensation expense  26,882   21,359    79,620   63,368 
Health Services acquisition-related amortization  20,685   20,706    62,833   62,579 
Acquisition-related deferred revenue adjustment  —   4,141    —   12,913 
Other adjustments  2,924   32    2,924   72 
      
After-tax adjustments for Adjusted Net Earnings:     
Income tax effect of pre-tax adjustments  (10,545)  (13,477)   (30,098)  (40,095)
Share-based compensation permanent tax items  121   (4,251)   (3,615)  (19,911)
      
Adjusted Net Earnings (non-GAAP)$  209,448 $  205,934  $  610,403 $  609,246 
      
Diluted weighted average shares outstanding   332,937    338,780     334,493    337,946 
      
Adjusted Diluted Earnings Per Share (non-GAAP)$  0.63 $  0.61  $  1.82 $  1.80 
      
FREE CASH FLOW   
      
(In thousands)Three Months Ended Nine Months Ended
 20182017 20182017
      
Cash flows from operating activities (GAAP)$  338,454 $  362,937  $  1,047,120 $  958,765 
Capital purchases  (116,957)  (73,000)   (305,951)  (262,372)
Capitalized software development costs  (66,171)  (67,067)   (209,122)  (210,033)
Free Cash Flow (non-GAAP)$  155,326 $  222,870  $  532,047 $  486,360 
      
Cash flows from investing activities (GAAP)$  (350,912)$  (252,186) $  (562,094)$  (593,689)
      
Cash flows from financing activities (GAAP)$  4,576 $  (11) $  (345,704)$  27,639 
      
Explanation of Non-GAAP Financial Measures     
      
We report our financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, we supplement our GAAP results with certain non-GAAP financial measures, which we believe enable investors to better understand and evaluate our ongoing operating results and allows for greater transparency in the review and understanding of our overall financial, operational and economic performance. These non-GAAP financial measures are not meant to be considered in isolation, as a substitute for, or superior to GAAP results and investors should be aware that non-GAAP measures have inherent limitations and should be read only in conjunction with Cerner's consolidated financial statements prepared in accordance with GAAP. These non-GAAP measures may also be different from similar non-GAAP financial measures used by other companies and may not be comparable to similarly titled captions of other companies due to potential inconsistencies in the method of calculations. We provide the measures of Adjusted Operating Earnings, Adjusted Net Earnings and Adjusted Diluted Earnings Per Share as such measures are used by management, along with GAAP results, to analyze Cerner's business, make strategic decisions, assess long-term trends on a comparable basis, and for management compensation purposes. We provide the measure of Free Cash Flow as such measure takes into account certain capital expenditures necessary to operate our business. Free Cash Flow is used by management, along with GAAP results, to analyze our earnings quality and overall cash generation of the business.
      
We calculate each of our non-GAAP financial measures as follows:   
      
Adjusted Operating Earnings - Consists of GAAP operating earnings adjusted for: (i) share-based compensation expense, (ii) Health Services acquisition-related amortization, (iii) acquisition-related deferred revenue adjustment, and (iv) other adjustments.
      
Adjusted Net Earnings - Consists of GAAP net earnings adjusted for: (i) share-based compensation expense, (ii) Health Services acquisition-related amortization, (iii) acquisition-related deferred revenue adjustment, (iv) other adjustments, (v) the income tax effect of the aforementioned items, and (vi) share-based compensation permanent tax items.
      
Adjusted Diluted Earnings Per Share - Consists of Adjusted Net Earnings, as defined above, divided by diluted weighted average shares outstanding, in the applicable period.
      
Free Cash Flow - Consists of cash flows from operating activities, less capital purchases and capitalized software development costs.
      
Adjustments included in the calculations of Adjusted Operating Earnings and Adjusted Net Earnings are described below: 
      
Share-based compensation expense - Non-cash expense arising from our equity compensation and stock purchase plans available to our associates and directors. We exclude share-based compensation expense as we believe the amount of such non-cash expenses in any specific period may not directly correlate to the underlying performance of our business operations. Share-based compensation expense is included in our Condensed Consolidated Statements of Operations as follows:
      
(In thousands)Three Months Ended Nine Months Ended
 20182017 20182017
      
Sales and client service$  10,131 $  12,576  $  35,917 $  34,913 
Software development  5,206   4,839    16,367   13,702 
General and administrative  11,545   3,944    27,336   14,753 
Total share-based compensation expense$  26,882 $  21,359  $  79,620 $  63,368 
      
Health Services acquisition-related amortization - Non-cash expense consisting of the amortization of customer relationships, acquired technology, and trade name intangible assets recorded in connection with our acquisition of the Health Services business in February 2015. We exclude Health Services acquisition-related amortization as we believe the amount of such non-cash expenses in any specific period may not directly correlate to the underlying performance of our business operations. Such amount is included in our Condensed Consolidated Statements of Operations in the caption "Amortization of acquisition-related intangibles."
      
Acquisition-related deferred revenue adjustment - Consists of acquisition-related deferred revenue adjustments in connection with our acquisition of the Health Services business in February 2015. Accounting guidance requires that deferred revenue acquired in a business combination be written-down to an estimate of fulfillment cost, plus a normal profit margin, as a part of the allocation of purchase price to assets acquired and liabilities assumed. We add back the amount of the write-down applicable to the period as we believe such amount directly correlates to the underlying performance of our business operations.
      
Other adjustments - Consists of certain non-recurring charges which we believe may not directly correlate to the underlying performance of our business operations. Other adjustments for the three and nine months ended September 29, 2018 are comprised of certain expenses incurred in connection with our president's upcoming separation from the Company. Other adjustments for the three and nine months ended September 30, 2017 are comprised of acquisition, employee separation, and other costs associated with our acquisition of the Health Services business in February 2015. Such amounts are included in our Condensed Consolidated Statements of Operations in the caption "General and administrative" expense.
      
Income tax effect of pre-tax adjustments - The GAAP effective income tax rate for the applicable quarterly period is applied to pre-tax adjustments for Adjusted Net Earnings.
      
Share-based compensation permanent tax items - Consists of permanent items impacting the Company's income tax provision related to our share-based compensation arrangements, including net excess tax benefits recognized upon the exercise of stock options. We exclude such items as we believe the amount of such items in any specific period may not directly correlate to the underlying performance of our business operations. Such amount is included in our Condensed Consolidated Statements of Operations in the caption "Income taxes."
      
Cerner's future period guidance in this release includes adjustments for items not indicative of our core operations, which may include without limitation share-based compensation expense and acquisition-related expenses, such as integration expenses, and may be affected by changes in ongoing assumptions and judgments relating to the Company's acquired businesses, and may also be affected by nonrecurring, unusual or unanticipated charges, expenses or gains, all of which are excluded in the calculation of non-GAAP Adjusted Operating Earnings, Adjusted Net Earnings and Adjusted Diluted Earnings Per Share as described above. The exact amount of these adjustments are not currently determinable, but may be significant. It is therefore not practicable to reconcile this non-GAAP guidance to the most comparable GAAP measures.
 


   
CERNER CORPORATION AND SUBSIDIARIES  
CONDENSED CONSOLIDATED BALANCE SHEETS  
As of September 29, 2018 and December 30, 2017  
(unaudited) 
   
(In thousands)2018 2017
   
Assets  
Current assets:  
Cash and cash equivalents$  498,614 $  370,923 
Short-term investments  314,932   434,844 
Receivables, net  1,210,616   1,042,781 
Inventory  24,744   15,749 
Prepaid expenses and other  337,904   515,930 
Total current assets  2,386,810   2,380,227 
   
Property and equipment, net  1,697,249   1,603,319 
Software development costs, net  882,257   822,159 
Goodwill  848,237   853,005 
Intangible assets, net  420,542   479,753 
Long-term investments  338,233   196,837 
Other assets  212,072   134,011 
Total assets$  6,785,400 $  6,469,311 
   
Liabilities and Shareholders’ Equity  
Current liabilities:  
Accounts payable$  258,431 $  218,996 
Current installments of long-term debt and capital lease obligations  2,318   11,585 
Deferred revenue  352,778   311,337 
Accrued payroll and tax withholdings  233,011   183,770 
Other accrued expenses  60,487   63,907 
Total current liabilities  907,025   789,595 
   
Long-term debt and capital lease obligations  438,781   515,130 
Deferred income taxes and other liabilities  369,547   365,674 
Deferred revenue  4,317   13,564 
Total liabilities  1,719,670   1,683,963 
   
Shareholders’ Equity:  
Common stock  3,619   3,592 
Additional paid-in capital  1,527,224   1,380,371 
Retained earnings  5,445,205   4,938,866 
Treasury stock  (1,809,309)  (1,464,099)
Accumulated other comprehensive loss, net  (101,009)  (73,382)
Total shareholders’ equity  5,065,730   4,785,348 
Total liabilities and shareholders’ equity$  6,785,400 $  6,469,311 
   

 

 

      
CERNER CORPORATION AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
For the three and nine months ended September 29, 2018 and September 30, 2017  
(unaudited)  
      
 Three Months Ended Nine Months Ended
(In thousands)20182017 20182017
      
CASH FLOWS FROM OPERATING ACTIVITIES:     
Net earnings$  169,381 $  177,424  $  498,739 $  530,320 
Adjustments to reconcile net earnings to net cash provided by operating activities:     
Depreciation and amortization  161,103   146,352    473,748   425,241 
Share-based compensation expense  25,209   19,858    74,348   59,217 
Provision for deferred income taxes  14,676   10,818    16,412   36,667 
Changes in assets and liabilities:     
Receivables, net  (64,003)  60,643    (250,042)  (19,080)
Inventory  (9,396)  (1,120)   (9,006)  (909)
Prepaid expenses and other  (18,982)  (12,014)   162,053   (11,908)
Accounts payable  (21,602)  (46,298)   21,762   (12,651)
Accrued income taxes  (17,069)  5,830    (9,150)  1,984 
Deferred revenue  74,448   413    34,316   12,749 
Other accrued liabilities  24,689   1,031    33,940   (62,865)
      
Net cash provided by operating activities  338,454   362,937    1,047,120   958,765 
      
CASH FLOWS FROM INVESTING ACTIVITIES:     
Capital purchases  (116,957)  (73,000)   (305,951)  (262,372)
Capitalized software development costs  (66,171)  (67,067)   (209,122)  (210,033)
Purchases of investments  (282,564)  (154,526)   (477,156)  (337,010)
Sales and maturities of investments  122,711   50,557    454,439   237,912 
Purchase of other intangibles  (7,931)  (8,150)   (24,304)  (22,186)
      
Net cash used in investing activities  (350,912)  (252,186)   (562,094)  (593,689)
      
CASH FLOWS FROM FINANCING ACTIVITIES:     
Repayment of long-term debt  —   —     (75,000)  —  
Proceeds from exercises of stock options  60,658   23,395    82,001   61,688 
Payments to taxing authorities in connection with shares directly withheld from associates  (2,441)  (17)   (9,749)  (7,989)
Treasury stock purchases  (57,586)  (23,389)   (345,210)  (23,389)
Contingent consideration payments for acquisition of businesses  —   —     (1,691)  (2,671)
Other  3,945   —     3,945   —  
      
Net cash provided by (used in) financing activities  4,576   (11)   (345,704)  27,639 
      
Effect of exchange rate changes on cash and cash equivalents  (4,472)  1,884    (11,631)  9,478 
      
Net increase (decrease) in cash and cash equivalents  (12,354)  112,624    127,691   402,193 
Cash and cash equivalents at beginning of period  510,968   460,430    370,923   170,861 
      
Cash and cash equivalents at end of period$  498,614 $  573,054  $  498,614 $  573,054 
      

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Source: Cerner Corporation