UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED JUNE 30, 2019

0-28092
(Commission file number)

Medical Information Technology, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Massachusetts
(State of Incorporation)

04-2455639
(IRS Employer Identification Number)

Meditech Circle, Westwood, MA
(Address of Principal Executive Offices)

02090
(Zip Code)

781-821-3000
(Registrant's Telephone Number)

No public trading market exists for the registrant's common stock. There were 37,190,854 shares of common stock, $1.00 par value, outstanding at June 30, 2019.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X] Smaller reporting company [ ] Emerging growth company [ ]

Page 1 of 12

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revisited financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [ ] No [X]

Index to Form 10-Q	Page

Part I - Financial Information
Item 1 - Financial Statements (Unaudited)
Balance Sheets - December 31, 2018 and June 30, 2019	3
Statements of Income - Three and Six Months Ended on June 30, 2018 and 2019	4
Statements of Shareholder Equity - Six Months Ended on June 30, 2018 and 2019	4
Statements of Cash Flow - Six Months Ended on June 30, 2018 and 2019	5
Notes to Financial Statements	6
Item 2 - Management's Discussion and Analysis of Operating Results and
Financial Condition	10
Item 3 - Quantitative and Qualitative Disclosures About Market Risk	11
Item 4 - Controls and Procedures	11
Part II - Other Information
Item 1 - Legal Proceedings	11
Item 1A - Risk Factors	12
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds	12
Item 3 - Defaults Upon Senior Securities	12
Item 4 - Mine Safety Disclosures	12
Item 5 - Other Information	12
Item 6 - Exhibits	12
Signatures	12

Page 2 of 12

Part I - Financial Information

Item 1 - Financial Statements (Unaudited)

Balance Sheets
December 31, 2018 and June 30, 2019

	Dec 31, 2018	Jun 30, 2019

Cash and equivalents	$23,095,977	$9,087,737
Marketable securities	268,638,359	306,937,267
Trade receivables, net of reserve	36,760,812	35,076,571
Contract assets, prepaid and other	12,077,935	13,083,448

Current assets	340,573,083	364,185,023

Computer equipment	13,979,609	12,369,584
Furniture and fixtures	92,804,040	91,567,476
Buildings	240,288,774	240,230,574
Land	40,959,230	33,717,577
Accumulated depreciation	(175,832,443)	(176,912,496)

Fixed assets	212,199,210	200,972,715

Other assets	8,430,515	7,960,260
Deferred tax assets	8,257,144	9,085,455

Total assets	$569,459,952	$582,203,453


Accounts payable	$701,524	$374,986
Taxes payable	1,825,528	2,293,588
Accrued expenses	23,916,832	22,897,440
Deferred revenue	52,666,651	49,722,867

Current liabilities	79,110,535	75,288,881

Deferred tax liabilities	12,409,407	19,346,199
Tax reserves	17,039,282	15,858,424

Total liabilities	108,559,224	110,493,504

Common stock, $1.00 par value, authorized
40,000,000 shares, issued and outstanding
37,190,854 shares in 2018 and 2019	37,190,854	37,190,854
Additional paid-in capital	122,907,959	122,907,959
Retained income	300,801,915	311,611,136

Shareholder equity	460,900,728	471,709,949

Total liabilities and shareholder equity	$569,459,952	$582,203,453

Page 3 of 12

Statements of Income
Three and Six Months Ended on June 30, 2018 and 2019

	3 months	ended on	6 months	ended on
	Jun 30, 2018	Jun 30, 2019	Jun 30, 2018	Jun 30, 2019

Product revenue	$44,449,399	$37,590,999	$86,367,219	$70,496,478
Service revenue	80,573,783	82,363,866	161,024,566	164,818,098

Total revenue	125,023,182	119,954,865	247,391,785	235,314,576

Operations, development	83,449,544	83,137,671	167,418,065	167,709,065
Selling, G & A	23,575,093	21,738,523	46,201,480	41,919,882

Operating expense	107,024,637	104,876,194	213,619,545	209,628,947

Operating income	17,998,545	15,078,671	33,772,240	25,685,629

Other income	10,440,652	5,561,295	15,574,992	11,107,168
Change in unrealized securities gains	1,343,455	1,748,292	(16,305,444)	30,321,710
Other expense	1,715,977	1,670,183	3,588,893	3,471,530

Pre-tax income	28,066,675	20,718,075	29,452,895	63,642,977

State income tax	278,000	716,000	37,000	356,000
Federal income tax	3,662,000	3,687,000	2,467,000	10,824,000

Income tax	3,940,000	4,403,000	2,504,000	11,180,000

Net income	$24,126,675	$16,315,075	$26,948,895	$52,462,977

Statements of Shareholder Equity
Six Months Ended on June 30, 2018 and 2019

	6 months	ended on
	Jun 30, 2018	Jun 30, 2019

Shareholder equity at beginning of period	$496,928,250	$460,900,728
Net income	26,948,895	52,462,977
Dividends paid	(46,116,658)	(41,653,756)

Shareholder equity at end of period	$477,760,486	$471,709,949

Page 4 of 12

Statements of Cash Flow
Six Months Ended on June 30, 2018 and 2019

	6 months	ended on
	Jun 30, 2018	Jun 30, 2019

Net income	$26,948,895	$52,462,977
Depreciation and amortization expense	7,484,601	7,098,394
Loss (gain) on sale of marketable securities	199,924	(1,578,402)
Loss (gain) on sale of fixed assets	(5,051,454)	532,297
Change in unrealized securities gains	16,305,444	(30,321,710)
Change in trade receivables, net of reserve	(953,996)	1,684,241
Change in contract assets, prepaid and other	(18,585)	(1,005,513)
Change in deferred tax assets	591,269	(828,311)
Change in accounts payable	35,225	(326,538)
Change in taxes payable	(2,006,804)	468,060
Change in accrued expenses	(305,086)	(1,019,392)
Change in deferred revenue	(326,276)	(2,943,784)
Change in deferred tax liabilities	(4,384,673)	6,936,792
Change in tax reserves	(836,721)	(1,180,858)

Net cash from operations	37,681,763	29,978,253

Purchases of marketable securities	(4,976,750)	(26,585,470)
Sales of marketable securities	18,837,843	20,186,674
Purchases of fixed assets	(7,594,923)	(2,834,842)
Sales of fixed assets	8,238,158	6,711,896
Change in other assets	22,919	189,005

Net cash from (used in) investing	14,527,247	(2,332,737)

Dividends paid	(46,116,658)	(41,653,756)

Net cash used in financing	(46,116,658)	(41,653,756)

Net change in cash and equivalents	6,092,352	(14,008,240)
Cash and equivalents at beginning of period	17,436,627	23,095,977

Cash and equivalents at end of period	$23,528,979	$9,087,737

Page 5 of 12

Notes To Financial Statements

Note 1. Significant Accounting Policies

The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2018 included in MEDITECH's Form 10-K filed on January 31, 2019. The unaudited financial statements presented herein have not been audited by our Independent Registered Public Accounting Firm in accordance with the standards of the Public Company Accounting Oversight Board (United States), but in the opinion of management such financial statements include all normal recurring adjustments necessary to present fairly MEDITECH's financial position, operating results and cash flow.

Note 2. Marketable Securities

MEDITECH follows the provisions of ASC 321, Investments - Equity Securities, which requires marketable securities to be recorded at fair value and records the unrealized change in marketable securities gains within the income statement.

MEDITECH follows the provisions of ASC 820-10, Fair Value Measurements and Disclosures, which provides for expanded disclosure and guidelines to determine fair value of assets and liabilities. ASC 820-10 applies whenever other standards require or permit assets and liabilities to be measured at fair value, but does not expand the use of fair value in any new circumstances. MEDITECH's marketable securities represent assets measured at fair value on a recurring basis, and are considered Level 1 assets as defined by ASC 820-10. MEDITECH has no elements of other comprehensive income. During the first six months of 2019, said change increased by $29,004,052 from the December 31, 2018 value of $51,469,005 to the June 30, 2019 value of $80,473,057.

The following table indicates the original cost, unrealized pretax gains and losses, and fair market value of MEDITECH's securities.

	Dec 31, 2018	Jun 30, 2019

Original cost	$217,169,354	$226,464,210
Unrealized pretax gains	62,156,967	83,246,838
Unrealized pretax losses	(10,687,962)	(2,773,781)

Fair market value	$268,638,359	$306,937,267

Note 3. Equity Method Investments

MEDITECH follows the provisions of ASC 323-10, Investments - Equity Method and Joint Ventures, and as such, accounts for the equity investment in Meditech South Africa in accordance with the cost method. Meditech South Africa licenses MEDITECH's software technology and re-licenses it to its respective customers. Meditech South Africa serves a market niche which is part of the overall medical market but is outside of the health care market which MEDITECH serves. MEDITECH believes the fair value of this investment approximates its June 30, 2019 carrying value.

Page 6 of 12

During the 2nd quarter 2007 MEDITECH acquired Patient Care Technologies, Inc. (PtCT), a company engaged in the development, manufacture, licensing and support of computer software products for the home health care market. MEDITECH accounted for this acquisition under the purchase method of accounting in accordance with ASC 805-10, Business Combinations. PtCT merged with and into MEDITECH effective December 31, 2009.

During the 1st quarter 2011 MEDITECH acquired LSS Data Systems, Inc. (LSS), a company engaged in the development, manufacture, licensing and support of ambulatory information system software for physician practices. MEDITECH accounted for this acquisition under the purchase method of accounting in accordance with ASC 805-10, Business Combinations. LSS merged with and into MEDITECH effective December 31, 2013.

MEDITECH follows the provisions of ASC 350-20-35 Intangibles, Goodwill and Other Qualitative Testing. MEDITECH annually assesses qualitative factors of its goodwill assets for impairment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The evaluation assesses all relevant economic, industry, regulatory, and legal facts and circumstances as well as overall performance. If, after assessing the totality of such facts and circumstances, MEDITECH determines that it is more likely than not that the fair value of a reporting unit is not less than its carrying amount, then no further goodwill impairment testing is necessary.

Note 4. Revenue Recognition

MEDITECH follows the provisions of ASC 606, Revenue from Contracts with Customers. MEDITECH enters into perpetual software license contracts which provide for a customer deposit upon contract execution, milestone billings during the implementation phase and fixed monthly support fees thereafter.

MEDITECH considers software fees and related implementation fees together as a single performance obligation and classifies it as product revenue within the income statement. Such revenue is recognized over time with the transfer of promised goods and services to the customer. MEDITECH considers post-implementation support fees as a separate performance obligation and classifies it as service revenue within the income statement. Such revenue is recognized over time as the related services are rendered.

MEDITECH identifies the performance obligations for each contract, determines the transaction price, allocates the price to the performance obligations, and recognizes revenue when (or as) a performance obligation is satisfied on the percent completion method based on completion of specific events. The primary factors taken into consideration involve tracking and measuring the progress of events needed to complete software delivery, training on software usage, interfacing the software with other vendor software, and bringing the software operational at the customer's site. Events identified are estimated at the outset of a contract and the transaction price is allocated equally over said events. Annual studies are conducted on the events required to complete contracted performance obligations and to verify the validity of total events required. Variable consideration is reviewed at the outset of a contract and if present, included in the percentage completion allocation.

At June 30, 2019, outstanding performance obligations amounted to $209.9 million, with revenue to be recognized over the next 12-36 months as MEDITECH works with respective customers to schedule the corresponding software delivery and implementation events.

Page 7 of 12

MEDITECH's invoices are issued as per contract terms and are typically paid by customers within one month of invoice date. Differences between timing of MEDITECH's invoicing and timing of completed performance obligations are categorized as Deferred Revenues and Contract Assets. Deferred Revenues represent invoices rendered in advance of revenue recognition. Contract Assets represent revenue recognized for which invoices have not yet been rendered.

Deferred product revenue was $42.9 million and $38.8 million at December 31, 2018 and June 30, 2019 respectively. During the first six months a total of $17.7 million was removed and recognized as revenue when specific events were completed. Also, Contract Assets were $5.9 million and $7.3 million at December 31, 2018 and June 30, 2019 respectively.

Note 5. Leases

MEDITECH follows the provisions of ASC 842, Leases, which requires improved disclosure on timing and uncertainties of cash flow arising from leases. MEDITECH owns all 9 facilities it occupies, containing 1.6 million square feet of office space. MEDITECH occupies 78% of the space and the remainder is leased to various tenants. All are operating leases. Related operating expenses are allocated based on square footage ratio of leased to MEDITECH space. The length of MEDITECH's lease agreements vary and may include a rent-free period, extension options, or escalated lease payment. There are no agreements with termination options or variable payments dependent on outside variables. MEDITECH recognizes lease income and related brokerage fees on a straight-line basis for all agreements. MEDITECH will not consider a lease extended until an amendment is signed by both parties, at which point it is accounted for as a new lease.

When a lease agreement is entered into between MEDITECH (lessor) and another party (lessee), the agreement may include non-lease components, being services such as cleaning, utilities, security and grounds maintenance. The company does not separate the lease and non-lease components and treats all as a single lease component. In all cases there is a provision that requires the lessee to pay a proportional share of real estate taxes on a quarterly basis over and above the base year of the lease. Such costs are considered variable and a reimbursement of costs MEDITECH has paid, which are expensed as incurred.

MEDITECH does not lease space for its own use, nor does it lease other property and equipment in its operations. All contracts the company has with vendors are reviewed annually for identification of lease components and none exist.

Quarterly lease income was $2.1 million and $1.9 million for the 3 months ended on June 30, 2018 and 2019 respectively. Such income is included within Other Income for financial reporting purpose. Cash Flow projections through the end of all outstanding lease terms for properties currently under lease commitment at June 30, 2019 is as follows:

Year	Cash Flow

2019	8,405,000
2020	7,662,000
2021	4,658,000
2022	3,152,000
2023	1,508,000
After	355,000

Page 8 of 12

Investments in Operating leases are as follows at June 30, 2019:

Building and Office Space, at cost	$54,657,762
Lease Origination Costs	930,931
Accumulated Depreciation	(22,707,671)
Allowance for credit loss	0

Net Investment in Operating Leases	$32,881,022

Lease disclosure will be impacted by the pending sale of one building that represents 59% of cash flows and 37% of net investment. On April 17, 2019 MEDITECH executed an agreement to sell one of its nine facilities for $120 million with an after-tax gain of $88 million expected. The proceeds will be invested.

Note 6. Income Tax Accounting

MEDITECH follows the provisions of ASC 740-10, Accounting for Income Taxes. Deferred taxes relate to the earlier recognition of certain revenue and the later recognition of certain expenses for tax purposes. They also relate to the increase in fair market value over the cost basis of marketable securities. Tax reserves relate to the uncertainty of state nexus. Key judgments are reviewed annually and adjusted to reflect current assessments. The years 2016 through 2018 are subject to examination by the IRS, and various years are subject to examination by state tax authorities.

Note 7. Earnings Per Share

MEDITECH follows the provisions of ASC 260-10, Earnings per Share, which requires reporting both basic and diluted earnings per share. MEDITECH has no common share equivalents such as preferred stock, warrants or stock options which would dilute earnings per share. Thus, earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the applicable period.

	3 months	ended on	6 months	ended on
	Jun 30, 2018	Jun 30, 2019	Jun 30, 2018	Jun 30, 2019

Net income	$24,126,675	$16,315,075	$26,948,895	$52,462,977
Average number of shares	37,190,854	37,190,854	37,190,854	37,190,854
Earnings per share	$0.65	$0.44	$0.72	$1.41

Note 8. Segment Reporting

MEDITECH follows the provisions of ASC 280-10, Segment Reporting. Based on the criteria set forth in ASC 280-10, MEDITECH currently operates in one operating segment, medical software and services. MEDITECH derives most of its operating revenue from the sale and support of one group of similar products and services. All of MEDITECH's assets are located within the United States. The following table indicates the operating revenue percentage based on location of customer.

	3 months	ended on	6 months	ended on
	Jun 30, 2018	Jun 30, 2019	Jun 30, 2018	Jun 30, 2019

United States	86%	87%	87%	87%
Canada	12%	11%	11%	11%
All others	2%	2%	2%	2%

Page 9 of 12

Item 2 - Management's Discussion and Analysis of Operating Results and Financial Condition

Operating	3 months	ended on	Percent
Results	Jun 30, 2018	Jun 30, 2019	Change

Total revenue	$125,023,182	$119,954,865	(4.1%)
Operating income	17,998,545	15,078,671	(16.2%)
Net income	24,126,675	16,315,075	(32.4%)
Average number of shares	37,190,854	37,190,854	--
Earnings per share	$0.65	$0.44	(32.4%)
Cash dividends per share	$0.62	$0.56	(9.7%)

Product revenue decreased by $6.9 million or 15.4% due primarily to a lower backlog. Service revenue increased by $1.8 or 2.2% due primarily to more customers becoming live. The resultant total revenue decreased by $5.1 million.

Operating expense decreased by $2.1 million or 2.0% due primarily to a reduction of staff related expenses. The resultant operating income decreased by $2.9 million.

Other income decreased $4.9 million due primarily to the prior year's sale of a building. Change in unrealized marketable securities gains increased $0.4 million. Other expenses decreased a nominal amount. The resultant pre-tax income decreased by $7.3 million.

MEDITECH's effective tax rate increased from 14.0% to 21.3%. Net income decreased $7.8 million also due primarily to the prior year's sale of a building.

Operating	6 months	ended on	Percent
Results	Jun 30, 2018	Jun 30, 2019	Change

Total revenue	$247,391,785	$235,314,576	(4.9%)
Operating income	33,772,240	25,685,629	(23.9%)
Net income	26,948,895	52,462,977	94.7%
Average number of shares	37,190,854	37,190,854	--
Earnings per share	$0.72	$1.41	94.7%
Cash dividends per share	$1.24	$1.12	(9.7%)

Product revenue decreased by $15.9 million or 18.4% due primarily to a lower backlog. Service revenue increased by $3.8 million or 2.4% due primarily to more customers becoming live. The resultant total revenue decreased by $12.1 million.

Operating expense decreased by $4.0 million or 1.9% due primarily to a reduction of staff related expenses. The resultant operating income decreased by $8.1 million.

Other income decreased $4.5 million due primarily to the prior year's sale of a building. Change in unrealized marketable securities gains increased $46.6 million. Other expenses decreased $0.1 million. The resultant pre-tax income increased by $34.2 million.

MEDITECH's effective tax rate increased from 8.5% to 17.6% due primarily to the change in unrealized marketable securities gains. Net income increased $25.5 million due primarily to the change in unrealized marketable securities gains.

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Financial Condition	Dec 31, 2018	Jun 30, 2019

Working capital	$261,462,548	$288,896,142
Total assets	569,459,952	582,203,453
Total liabilities	108,559,224	110,493,504
Shareholder equity	460,900,728	471,709,949
Outstanding number of shares	37,190,854	37,190,854
Shareholder equity per share	$12.39	$12.68

Accrued bonus expenses decreased by $5.5 million during the period due to the payment of $15.0 million in bonuses applicable to 2018 offset by the accrual of $9.5 million in bonus expenses applicable to 2019. Self-insured health insurance expenses decreased $0.7 million during the period reflecting the timing difference of claims billings for payment. Other components of accrued expenses increased during the period for a net decrease of $1.0 million.

At June 30, 2019 MEDITECH's cash, cash equivalents and marketable securities totaled $316.0 million. Marketable securities consisted of preferred and common equities. For the first six months of 2019 cash flow from operations was $30.0 million, cash flow used in investing was $2.3 million and cash flow used in financing was $41.7 million. The $41.7 million dividend payment to shareholders was the primary use of cash generated by operating and investing activities during the period. MEDITECH has no long-term debt. Shareholder equity at June 30, 2019 was $471.7 million. Management anticipates additions to fixed assets will continue, including new facilities and computer systems for product development, sales and marketing, implementation, service and administrative staff. Management believes existing cash, cash equivalents and marketable securities together with funds generated from operations will be sufficient to meet operating and capital expense requirements for the foreseeable future.

Item 3 - Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes from the market risk disclosed in MEDITECH's Annual Report on Form 10-K for the year ended December 31, 2018.

Item 4 - Controls and Procedures

An evaluation was conducted under the supervision and with the participation of MEDITECH's management, including the Chief Executive Officer and Chief Financial Officer, on the effectiveness of MEDITECH's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded MEDITECH's disclosure controls and procedures are effective at June 30, 2019 to ensure information requiring disclosure by MEDITECH in reports which it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. There were no changes in MEDITECH's internal control over financial reporting occurring during the fiscal quarter covered by this report which have materially affected or are reasonably likely to materially affect MEDITECH's internal control over financial reporting.

Part II - Other Information

Item 1 - Legal Proceedings

None.

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Item 1A - Risk Factors

There have been no material changes from the risk factors disclosed in MEDITECH's Annual Report on Form 10-K for the year ended December 31, 2018.

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds

MEDITECH did not repurchase any of its shares of common stock during the 2nd quarter of 2019. However, during the 2nd quarter the Medical Information Technology, Inc. Profit Sharing Trust purchased MEDITECH's common stock in individual private transactions 8,794 shares in April at $44 per share, 8,630 shares in May at $44 per share and 21,792 shares in June at $44 per share for a total of $1,725,504.

Item 3 - Defaults Upon Senior Securities

None.

Item 4 - Mine Safety Disclosures

Not applicable.

Item 5 - Other Information

None.

Item 6 - Exhibits

Exhibit 3.1: MEDITECH's Articles of Organization, as amended to date, are incorporated by reference to an exhibit to the quarterly report on Form 10-Q for the quarter ended March 31, 2007. Exhibit 3.2: MEDITECH's By-Laws, as amended to date, are incorporated by reference to an exhibit to the current report on Form 8-K filed on July 2, 2010.

Exhibit 31: Rule 13a-14(a) Certifications, Exhibit 32: Section 1350 Certifications and Exhibit 101: Interactive Data Files are appended to this report.

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, thereunto duly authorized.

Medical Information Technology, Inc.
(Registrant)

July 31, 2019
(Date)

Howard Messing, Chief Executive Officer
(Signature)

Barbara A. Manzolillo, Chief Financial Officer and Treasurer
(Signature)

Page 12 of 12

Medical Information Technology, Inc. 10-Q