CHNG · Change Healthcare Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|
| Revenue | $3.48B | $3.09B | $196.79M |
| Cost of Revenue | - | - | - |
| Gross Profit | - | - | - |
| R&D | $277.93M | $227.04M | $11.56M |
| SG&A | $734.55M | $686.64M | $39.89M |
| Total Operating Expenses | $3.34B | $2.99B | $907.98M |
| D&A | $681.81M | $591.05M | $30.84M |
| Operating Income | $136.81M | $100.07M | ($711.18M) |
| Interest Expense | $234.24M | $245.24M | $16.65M |
| Income Tax | ($48.61M) | ($35.19M) | ($143.25M) |
| Net Income | ($57.39M) | ($112.21M) | ($947.60M) |
| EPS - Basic | ($0.18) | ($0.35) | ($6.92) |
| EPS - Diluted | ($0.18) | ($0.35) | ($6.92) |
Balance Sheet
| Line item | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|
| Cash & Equivalents | $252.30M | $113.10M | $410.40M |
| Accounts Receivable | $720.12M | $732.61M | $740.11M |
| Inventory | - | - | - |
| Accounts Payable | $104.27M | $57.45M | $68.17M |
| Current Assets | $1.31B | $1.12B | $1.40B |
| Total Assets | $9.93B | $10.11B | $10.11B |
| Current Liabilities | $1.08B | $1.05B | $1.06B |
| Long-term Debt | $4.58B | $4.73B | $4.71B |
| Total Liabilities | $6.66B | $6.86B | $166.34M |
| Stockholders' Equity | $3.28B | $3.25B | $1.09B |
| Retained Earnings | ($1.10B) | ($1.04B) | ($930.06M) |
Cash Flow
| Line item | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|
| Operating Cash Flow | $696.88M | $586.20M | ($153.93M) |
| Investing Cash Flow | ($276.94M) | ($568.03M) | ($564.66M) |
| Financing Cash Flow | ($280.91M) | ($318.78M) | $1.13B |
| CapEx | $276.28M | $246.38M | $13.00M |
| Free Cash Flow | $420.60M | $339.81M | ($166.93M) |
Ratios
| Metric | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|
| Profitability | |||
| Gross margin | - | - | - |
| Operating margin | 3.9% | 3.2% | -361.4% |
| EBITDA margin | 23.5% | 22.4% | -345.7% |
| Net margin | -1.6% | -3.6% | -481.5% |
| Free cash flow margin | 12.1% | 11.0% | -84.8% |
| FCF / Net income | -7.33 | -3.03 | 0.18 |
| R&D / Revenue | 8.0% | 7.3% | 5.9% |
| SG&A / Revenue | 21.1% | 22.2% | 20.3% |
| Effective tax rate | - | - | - |
| Return on assets | -0.6% | -1.1% | -9.4% |
| Return on equity | -1.8% | -3.5% | -87.1% |
| Return on invested capital | 1.4% | 1.0% | -9.7% |
| Liquidity | |||
| Current ratio | 1.22 | 1.07 | 1.32 |
| Quick ratio | 1.22 | 1.07 | 1.32 |
| Cash ratio | 0.23 | 0.11 | 0.39 |
| Leverage | |||
| Debt / Equity | 1.40 | 1.46 | 4.33 |
| Debt / Assets | 0.46 | 0.47 | 0.47 |
| Debt / EBITDA | 5.59 | 6.85 | - |
| Interest coverage | 0.6x | 0.4x | -42.7x |
| Equity multiplier | 3.03 | 3.11 | 9.29 |
| Liabilities / Assets | 0.67 | 0.68 | 0.02 |
| Efficiency | |||
| Asset turnover | 0.35 | 0.31 | 0.02 |
| Inventory turnover | - | - | - |
| Days sales outstanding | 76d | 87d | 1373d |
| Days inventory outstanding | - | - | - |
| Days payable outstanding | - | - | - |
| Cash conversion cycle | - | - | - |
| Valuation | |||
| P / E | - | - | - |
| P / B | - | - | - |
| P / S | - | - | - |
| EV / EBITDA | - | - | - |
| Growth | |||
| Revenue growth (YoY) | 12.6% | 1470.4% | - |
| Revenue CAGR (3y) | - | - | - |
| Revenue CAGR (5y) | - | - | - |
| Gross profit growth (YoY) | - | - | - |
| Operating income growth (YoY) | 36.7% | - | - |
| Net income growth (YoY) | 48.9% | 88.2% | - |
| EPS growth (YoY) | 48.6% | 94.9% | - |
| EPS CAGR (3y) | - | - | - |
| EPS CAGR (5y) | - | - | - |
| FCF growth (YoY) | 23.8% | - | - |
| FCF CAGR (5y) | - | - | - |
| Book value growth (YoY) | 0.7% | 198.9% | - |
Stability scores
Altman Z′
FY 2022 · bankruptcy risk
0.52
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2022 · 9-point quality
6/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Computer Processing & Data Preparation
Comparing Change Healthcare Inc. against the 5 most active filers in the same SIC group.