Author

Jae Jun

mail questions or comments to: jjun0366@gmail.comwww.oldschoolvalue.com

Disclaimer

Nothing on Old School Value, related pages, emails, or other communications by the author, either written or oral, are intended to be arecommendation to either buy, hold, or sell any specific security or group of securities. Likewise, nothing herein should be construed as anendorsement of any financial adviser, investment manager, commercial information provider, transaction service, or brokerage firm.The findings from this spreadsheet is merely a start to a means of further research and uncovering a great business and investment. OldSchool Value holds no responsibility for any investment whatsoever.

Company NameTicker

Quality Systems Inc

www.oldschoolvalue.com

QSII

3/17/2009

Financial Statement figures in $Mil

Fiscal Ending Date2008/032007/032006/032005/032004/032003/032002/032001/032000/031999/03Data Loaded2008-06-132007-06-112006-06-092005-06-202004-05-272003-05-222002-05-232001-05-242000-06-191999-06-10

2008200720062005200420032002200120001999Income Statement

Revenues

Operating Revenue186.5$ 157.2$ 119.3$ 89.0$ 70.9$ 54.8$ 44.4$ 39.9$ 36.4$ 33.8$

Total Revenue

186.5$ 157.2$ 119.3$ 89.0$ 70.9$ 54.8$ 44.4$ 39.9$ 36.4$ 33.8$ Adjustments to Revenue-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Cost of Sales56.0$ 45.6$ 36.0$ 29.7$ 26.3$ 21.6$ 17.2$ 14.6$ 14.2$ 13.4$ Cost of Sales w/ Depreciation62.5$ 50.8$ 39.8$ 32.7$ 28.7$ 23.8$ 19.3$ 14.6$ 14.2$ 13.4$

COGS (%)33.5%32.3%33.4%36.7%40.5%43.4%43.5%36.6%39.0%39.6%

Gross Margin124.0$ 106.4$ 79.5$ 56.3$ 42.3$ 31.0$ 25.2$ -$ -$ -$ Gross Operating Profit130.5$ 111.6$ 83.3$ 59.3$ 44.6$ 33.2$ 27.3$ 25.4$ 22.2$ 20.4$

Gross Profit (%)70.0%71.0%69.8%66.6%62.9%60.6%61.5%63.7%61.0%60.4%

Operating Expense

R&D Expense11.4$ 10.2$ 8.1$ 6.9$ 6.1$ 5.1$ 4.2$ 4.1$ 3.7$ 3.6$

R&D (%)6.1%6.5%6.8%7.8%8.6%9.3%9.5%10.3%10.2%10.7%

SG&A Expense53.3$ 45.3$ 35.6$ 24.8$ 19.5$ 15.3$ 13.1$ 13.6$ 12.6$ 13.5$

SG&A (%)28.6%28.8%29.8%27.9%27.5%27.9%29.5%34.1%34.6%39.9%

Advertising-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Operating Income59.4$ 50.9$ 35.8$ 31.7$ 16.6$ 10.7$ 7.9$ 5.0$ -$ -$

Operating Income (%)31.8%32.4%30.0%35.6%23.4%19.5%17.8%12.5%0.0%0.0%

EBITDA65.9$ 56.1$ 39.6$ 27.6$ 19.0$ 12.8$ 9.9$ 7.7$ 5.8$ 3.3$ Depreciation6.5$ 5.2$ 3.8$ 3.0$ 2.3$ 2.2$ 2.1$ 2.7$ 2.2$ 2.5$ Depreciation Unrecognised-$ -$ -$ -$ -$ -$ -$ 2.7$ 2.2$ 2.5$ Amortization-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Amortization of Intangibles-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Operating Profit after Depreciation59.4$ 50.9$ 35.8$ 24.6$ 16.6$ 10.7$ 7.9$ 5.0$ 3.6$ 0.8$

Other Income and Expense

Interest Income2.7$ 3.3$ 2.1$ -$ -$ -$ -$ -$ -$ -$ Other Income Net1.0$ -$ -$ 0.9$ 0.4$ 0.4$ 0.6$ 1.0$ 0.8$ 0.4$ Other Special Charges-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Special Income Charges-$ -$ -$ -$ -$ -$ -$ -$ -$ -$

EBIT

63.0$ 54.2$ 37.9$ 25.5$ 17.0$ 11.1$ 8.5$ 6.0$ 4.4$ 1.2$ Interest Expense-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Pre-Tax Income63.0$ 54.2$ 37.9$ 25.5$ 17.0$ 11.1$ 8.5$ 6.0$ 4.4$ 1.2$ Income Taxes22.9$ 21.0$ 14.6$ 9.4$ 6.6$ 4.1$ 3.2$ 2.5$ 1.9$ 0.7$

Net Income: Cont. Operations

40.1$ 33.2$ 23.3$ 16.1$ 10.4$ 7.0$ 5.3$ 3.5$ 2.5$ 0.6$ Net Income: Disc Operations-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Gains/Losses-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Total Net Income40.1$ 33.2$ 23.3$ 16.1$ 10.4$ 7.0$ 5.3$ 3.5$ 2.5$ 0.6$

Total Net Income (%)21.5%21.1%19.5%18.1%14.7%12.8%11.9%8.8%6.9%1.8%

Dividends & EPS

Preferred Dividends-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Basic EPS1.5$ 1.2$ 0.9$ 0.6$ 0.4$ 0.3$ 0.2$ 0.1$ 0.1$ 0.0$

Diluted EPS: Total

1.4$ 1.2$ 0.9$ 0.6$ 0.4$ 0.3$ 0.2$ 0.1$ 0.1$ 0.0$ Diluted EPS: Dividends per Share0.8$ 1.0$ 0.9$ 0.8$ -$ -$ -$ -$ -$ -$

Shares Outstanding

Shares Out (Common Class Only)27.427.126.726.225.324.624.423.924.824.9Preferred Shares0.00.00.00.00.00.00.00.00.00.0Basic Weighted Shares27.326.926.425.724.924.524.124.524.90.0

Diluted Weighted Shares

27.827.627.426.425.925.625.024.824.90.0

Assets

Cash & Equivalents

59.0$ 60.0$ 57.2$ 51.2$ 51.4$ 36.4$ 25.4$ 18.5$ 15.9$ 14.2$ Restricted Cash-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Marketable Securities2.5$ -$ -$ -$ -$ -$ 0.3$ 0.3$ 2.5$ 0.6$ Accounts Receivable76.6$ 63.9$ 44.7$ 33.4$ 20.3$ 17.6$ 13.7$ 13.3$ -$ -$ Other Receivable-$ -$ 1.2$ -$ -$ -$ -$ -$ -$ -$

Receivables

76.6$ 63.9$ 45.9$ 33.4$ 20.3$ 17.6$ 13.7$ 13.3$ 13.7$ 12.5$

Inventories: Raw Materials

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventories: Work in Progress

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventories: Purchased Components

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventories: Finished Goods

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Inventories: Other

1.0$ 1.2$ 0.6$ 1.0$ 0.7$ 0.7$ 1.1$ 1.0$ -$ -$

Inventories -- Total

1.0$ 1.2$ 0.6$ 1.0$ 0.7$ 0.7$ 1.1$ 1.0$ 1.0$ 0.8$ Prepaid Expenses-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Current Defered Income Taxes6.4$ 3.4$ 1.8$ 1.8$ 3.0$ 2.0$ 1.4$ 1.6$ -$ -$ Other Current Assets4.6$ 4.5$ 2.9$ 1.7$ 1.4$ 2.1$ 1.0$ 0.5$ 2.5$ 1.3$

Total Current Assets150.1$ 133.1$ 108.4$ 89.0$ 76.9$ 58.8$ 42.9$ 35.2$ 33.4$ 28.7$

Land And Improvements-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Building And Improvements1.3$ 0.9$ 0.6$ 0.2$ 0.2$ 0.1$ -$ 0.1$ -$ -$ Machinery, Furniture & Equipment14.4$ 12.6$ 9.7$ 7.7$ 6.1$ 5.2$ 5.3$ 4.9$ -$ -$ Construction in Progress-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Fixed Assets-$ -$ -$ -$ -$ -$ 0.1$ -$ -$ -$

Total Fixed Assets

15.7$ 13.6$ 10.3$ 7.9$ 6.2$ 5.3$ 5.4$ 5.0$ -$ -$ Accumulated Depreciation10.9$ 8.5$ 6.6$ 5.2$ 4.2$ 3.6$ 3.8$ 3.2$ 2.5$ 2.3$ Net Fixed Assets4.8$ 5.0$ 3.7$ 2.7$ 2.0$ 1.8$ 1.6$ 1.8$ 1.8$ 1.8$

Intangibles

8.9$ 7.0$ 5.2$ 1.8$ 1.8$ 1.8$ 1.8$ 1.8$ 2.1$ 2.5$ Other Long-Term Assets22.3$ 2.6$ 2.0$ 5.9$ 4.9$ 3.4$ 3.1$ 3.1$ 6.8$ 7.3$ Total Lonng-Term Assets37.8$ 17.6$ 13.9$ 10.5$ 9.8$ 8.8$ 9.3$ 9.7$ 10.8$ 11.6$

Total Assets187.9$ 150.7$ 122.2$ 99.4$ 86.7$ 67.6$ 52.1$ 44.9$ 44.1$ 40.2$

Liabilities & Equity

Accounts Payable4.7$ 5.2$ 2.9$ 2.3$ 1.7$ 2.5$ 2.7$ 1.8$ 1.2$ 1.8$ Notes Payable-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Short-Term Debt-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Accrued Expenses-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Accrued Liabilities8.3$ 6.5$ 5.5$ 3.4$ 3.0$ -$ -$ -$ -$ -$ Deferred Revenues44.4$ 38.8$ 34.4$ 24.1$ 17.3$ 11.7$ 6.2$ 5.6$ -$ -$ Current Deferred Income Taxes-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Current Liabilities12.8$ 17.6$ 3.8$ 4.0$ 3.8$ 5.9$ 3.3$ 3.6$ 10.8$ 8.7$

Total Current Liabilities

70.2$ 56.5$ 46.7$ 33.9$ 25.7$ 20.1$ 12.1$ 11.0$ 12.1$ 10.6$ Long-Term Debt-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Capital Lease Obligations-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Deferred Income Taxes1.6$ -$ -$ 0.3$ -$ -$ -$ -$ -$ -$ Other Non-Current Liabilities2.4$ 3.0$ 3.2$ 2.6$ -$ -$ -$ -$ -$ -$ Total Non-Current Liabilities4.0$ 3.0$ 3.2$ 2.9$ -$ -$ -$ -$ -$ -$

Total Liabilities

74.2$ 59.4$ 49.8$ 36.7$ 25.7$ 20.1$ 12.1$ 11.0$ 12.1$ 10.5$ Preferred Stock Equity-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Common Stock Equity113.7$ 91.2$ 72.4$ 62.7$ 61.0$ 47.5$ 40.1$ 33.9$ 32.1$ 29.7$ Retained Earnings38.1$ 25.3$ 19.2$ 19.2$ 22.8$ 12.4$ 5.3$ -$ (3.5)$ (6.0)$

Total Capitalization/Invested Capital

113.7$ 91.2$ 72.4$ 62.7$ 61.0$ 47.5$ 40.1$ 33.9$ 32.1$ -$

Total Equity

113.7$ 91.2$ 72.4$ 62.7$ 61.0$ 47.5$ 40.1$ 33.9$ 32.1$ 29.7$

Total Liabilities & Stock Equity187.9$ 150.7$ 122.2$ 99.4$ 86.7$ 67.6$ 52.1$ 44.9$ 44.1$ 40.2$ Working Capital79.9$ 76.6$ 61.7$ 55.1$ 51.2$ 38.7$ 30.8$ 24.2$ 21.3$ 18.2$ Invested Capital113.7$ 91.2$ 72.4$ 62.7$ 61.0$ 47.5$ 40.1$ 33.9$ 32.1$ -$ Cash Flow46.6$ 38.4$ 27.2$ 19.1$ 12.7$ 9.2$ 7.4$ 6.2$ 4.7$ 3.1$