Exhibit 99.3
Updated 2004 Financial Guidance
Quarterly Mix | ||||||||||||||||||||||||
Consolidated | Range | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||
Revenues | $ | 1,145,000 | $ | 1,175,000 | 23%-24 | % | 24%-25 | % | 25%-26 | % | 26%-27 | % | ||||||||||||
Income before taxes, non-cash and other items | 150,000 | 158,000 | 18 | % | 21 | % | 27 | % | 34 | % | ||||||||||||||
Depreciation and amortization | 56,000 | 57,000 | 22 | % | 25 | % | 26 | % | 27 | % | ||||||||||||||
Non-cash content and stock compensation | 27,000 | 27,000 | 26 | % | 27 | % | 26 | % | 21 | % | ||||||||||||||
Income tax provision | 13,000 | 14,000 | ||||||||||||||||||||||
Net income | $ | 54,000 | $ | 60,000 | 10 | % | 15 | % | 30 | % | 45 | % | ||||||||||||
Segment Information
Revenues:
• | Envoy — Approximately 58% of consolidated revenues for the balance of the year. | |||
• | Practice Services – Approximately 26% of consolidated revenues for the year. | |||
• | Health – Approximately 11% of consolidated revenue in Q2, increasing sequentially to approximately 13% by year-end. | |||
• | Porex – Approximately 7% of consolidated revenues for the year. | |||
• | Eliminations – Approximately 3% of net revenues. |
Operating Margin:
• | Envoy – Increasing to the low 20% range over the balance of the year. | |||
• | Practice Services – Increasing to 10% or 11% by year-end. | |||
• | Health – Increasing up to the high 20% range by year-end. | |||
• | Porex – Approximately 27-30% throughout the year. |
Corporate:
• | Corporate expenses should be approximately 5% of net revenues. | ||
• | This guidance does not include any expense relating to the pending investigation by the Department of Justice and SEC. |