Financial Performance - Net income for 2022 decreased by $2.6 million to $15.9 million, or $1.08 per share, compared to $18.4 million, or $1.26 per share, for 2021 [294]. - Income before taxes decreased to $18.1 million in 2022, compared to $23.1 million in 2021 [291]. - The effective income tax rate for 2022 was 12%, down from 20% in 2021, due to lowered provision-to-return adjustments and tax-free gains [292]. - Net cash provided by operating activities decreased by $31.3 million from $32.4 million for 2022 to $1.1 million for 2023, largely due to a decrease in net income [311]. Goodwill and Impairment - The company recorded a goodwill impairment charge of $35.9 million in the fourth quarter of 2023, with $21.9 million associated with the Post-acute care EHR reporting unit [287]. - Goodwill impairment charges totaled $2.2 million for the Post-acute care EHR, $6.4 million for the Acute care EHR, and $7.6 million for the Patient Engagement reporting unit, significantly impacting consolidated net income for the year [348]. - As of December 31, 2023, remaining goodwill was $171.9 million, with potential future impairment charges posing a risk to operational results [349]. Revenue and Bookings - Adjusted EBITDA for the RCM segment increased by $7.0 million, or 25%, compared to 2021, driven by a revenue growth of 37% [296]. - EHR bookings during 2023 decreased by $5.0 million, or 13%, primarily due to a challenging decision environment for new Acute Care EHR system arrangements [307]. - Bookings for the Patient Engagement business unit decreased by $0.2 million in 2023 compared to 2022, remaining effectively flat [318]. - RCM bookings increased by $0.9 million, or 2%, in 2023 compared to 2022, with net-new bookings rising by $3.4 million, or 23% [329]. Cash and Borrowing - As of December 31, 2023, the company had cash and cash equivalents of $3.8 million and remaining borrowing capacity of $24.3 million under its revolving credit facility, a decrease from $7.0 million and $86.3 million respectively as of December 31, 2022 [285]. - The company had $199.6 million in outstanding borrowings under credit facilities with Regions Bank as of December 31, 2023 [365]. - A 100 basis point change in interest rates on borrowings would result in an annual change in interest expense of approximately $2.0 million [365]. Credit Agreement and Compliance - As of December 31, 2023, the company was not in compliance with the fixed charge coverage ratio required by the Amended and Restated Credit Agreement, leading to a one-time waiver being provided [314]. - The Fourth Amendment to the Amended and Restated Credit Agreement decreased the required consolidated fixed charge coverage ratio from 1.25:1.00 to 1.15:1.00 for each fiscal quarter ending March 31, 2024, through December 31, 2024 [314]. - The company is permitted to voluntarily prepay credit facilities at any time without penalty, following the removal of mandatory prepayment requirements [316]. Acquisitions - The company completed a $36.7 million acquisition of Viewgol in the fourth quarter of 2023, following a $43.4 million acquisition of HRG in the first quarter of 2022 [312]. - Viewgol, LLC, a wholly-owned subsidiary acquired in 2023, represents 9% of total assets and 1% of revenues in the consolidated financial statements as of December 31, 2023 [361]. Internal Controls - Management assessed the effectiveness of internal control over financial reporting as of December 31, 2023, and believes it maintained effective control [360]. - The company’s internal control over financial reporting received an unqualified opinion based on PCAOB standards as of December 31, 2023 [364]. - The estimated fair value for the RCM reporting unit exceeded its carrying value by 48% as of October 1, 2023 [352]. Financial Instruments - The company has not utilized derivative financial instruments to manage interest rate risks as of December 31, 2023 [341]. Product Development - Product development expenses decreased by $0.9 million, or 3%, as increased costs related to migrating to a public cloud environment were offset by a $5.6 million increase in product development labor capitalization costs [288].

Computer Programs and Systems (CPSI) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.88%. A quarter ago, it was expected that this healthcare information technology company would post earnings of $0.40 per share when it actually produced earnings of $0.45, delivering a surprise of 1 ...

Revenue Performance - Fourth quarter 2023 total revenue was $85.9 million, an increase of 3.2% compared to $83.2 million in Q4 2022[15] - Full year 2023 total revenue reached $339.4 million, up from $326.6 million in 2022, marking a 3.5% increase[15] - Revenue Cycle Management (RCM) revenue for Q4 2023 was $51.0 million, representing 60.7% of total recurring revenue and 59.3% of total revenue[15] - Full year 2023 RCM revenue was $193.9 million, accounting for 58.9% of total recurring revenue and 57.1% of total revenue[15] - Bookings for Q4 2023 were $26.0 million, up from $24.7 million in Q4 2022[15] - Revenue from RCM for Q4 2023 was $6,596 thousand, down from $8,824 thousand in Q4 2022[25] - EHR revenue increased to $5,506 thousand in Q4 2023 from $4,886 thousand in Q4 2022[25] - Total revenue for the twelve months ended December 2023 was $47,576 thousand, compared to $55,899 thousand for the same period in 2022[25] - Total revenues for the fourth quarter of 2023 were $85,868 million, an increase of 3.2% compared to $83,224 million in the same period of 2022[34] - Revenue Cycle Management (RCM) segment generated $50,956 million in Q4 2023, up from $45,670 million in Q4 2022, reflecting a growth of 5.6%[34] - Patient engagement revenue reached $1,500 million in Q4 2023, a decrease of 5.4% from $1,586 million in Q4 2022[34] Financial Metrics - Adjusted EBITDA for Q4 2023 was $12.0 million, a decrease of 9.1% from $13.2 million in Q4 2022[15] - Adjusted EBITDA for Q4 2023 was $11,984, a decrease from $13,228 in Q4 2022, resulting in an Adjusted EBITDA margin of 14.0% compared to 15.9% in the prior year[26] - The company expects Q1 2024 revenue to be in the range of $82 million to $84 million and adjusted EBITDA between $8.5 million and $9.5 million[6] - For the full year 2024, the company projects revenue between $340 million and $350 million, with adjusted EBITDA of $45 million to $50 million[6] Net Income and Loss - The company reported a GAAP loss per diluted share of $(2.92) for Q4 2023, compared to a loss of $(3.15) for the full year 2023[15] - Net income for 2023 was $(45,789) thousand, a significant decrease from $15,867 thousand in 2022[22] - Net loss per common share for Q4 2023 was $(2.92), a decline from a net income of $0.17 per share in Q4 2022[34] - The company reported a net loss of $(42,474) million for the year ended December 31, 2023, compared to a net income of $2,517 million for the previous year[34] - Non-GAAP net income for Q4 2023 was $5,129, compared to $8,710 in Q4 2022, with Non-GAAP EPS at $0.36, down from $0.61[26] Expenses and Impairments - Total expenses for Q4 2023 were $127,649 million, significantly higher than $78,958 million in Q4 2022, marking an increase of 62%[34] - Operating loss for Q4 2023 was $(41,781) million, compared to an operating income of $4,266 million in Q4 2022[34] - The company reported an impairment of goodwill amounting to $35,913 thousand in 2023, with no such impairment recorded in 2022[22] - The company reported an impairment of goodwill amounting to $35,913 in Q4 2023, with no such impairment recorded in Q4 2022[26] - The company incurred severance and other nonrecurring charges of $22,186 for the twelve months ended December 2023, significantly higher than $4,505 in the previous year[26] - Interest expense for the twelve months ended December 2023 was $11,776, compared to $5,267 in the previous year[26] Cash Flow and Investments - Total cash provided by operating activities decreased to $1,059 thousand in 2023 from $32,375 thousand in 2022[22] - Cash and cash equivalents at the end of the period were $3,848 thousand, down from $6,951 thousand at the beginning of the period[22] - The company experienced a net cash used in investing activities of $(60,110) thousand in 2023, compared to $(62,731) thousand in 2022[22] - Proceeds from the revolving line of credit increased to $67,023 thousand in 2023 from $48,000 thousand in 2022[22] - The company invested $23,059 thousand in software development in 2023, up from $19,097 thousand in 2022[22] Market Position and Challenges - The recent acquisition of Viewgol is expected to strengthen the company's market position and enhance financial health for community hospital partners[15] - The company highlighted ongoing challenges in the healthcare industry, including market saturation and regulatory uncertainties, which may impact future performance[32] - Management emphasized the importance of non-GAAP financial measures as indicators of operational strength and performance trends[30] Contract and Subscription Growth - The company achieved net new RCM contracts of $7,130 million in Q4 2023, up from $5,173 million in Q4 2022, representing a growth of 37.8%[39] - Subscription revenue for EHR in Q4 2023 was $5,596 million, slightly up from $5,191 million in Q4 2022, indicating a growth of 7.8%[39]

MOBILE, Ala.--(BUSINESS WIRE)--CPSI (NASDAQ: CPSI), a healthcare solutions company, today announced that it will release its financial results for the fourth quarter and year ended December 31, 2023, on Thursday, February 29, 2024, after the market closes. The Company will host a conference call at 4:30 p.m. Eastern Time that same day. The live broadcast of CPSI’s conference call will be available online at the Company’s website, www.cpsi.com. The 30-day online replay will be available approximately an hou ...

MOBILE, Ala.--(BUSINESS WIRE)--CPSI (NASDAQ: CPSI), a healthcare solutions company, today announced that the Company is rebranding and changing its name to TruBridge, Inc. (“TruBridge”). In a strategic move to streamline its offerings, enhance its market presence and position the Company for future growth, the Company is consolidating its diverse portfolio of solutions under a unified identity. CPSI will officially transition to TruBridge on Monday, March 4, 2024, when its common stock will begin trading on ...

Computer Programs and Systems, Inc. (NASDAQ:CPSI) Q3 2023 Earnings Conference Call November 8, 2023 4:30 PM ET Company Participants Chris Fowler - President and Chief Executive Officer Matt Chambless - Chief Financial Officer Conference Call Participants George Hill - Deutsche Bank Jeff Garro - Stephens Operator Greetings, and welcome to the CPSI Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presen ...

Nine Months Ended September 30, 2022 We do not believe that any other recently issued but not yet effective accounting standards, if adopted, would have a material impact on our consolidated financial statements. information. EHR implementations include a system warranty that terminates thirty days from the software go-live date, the date which the client begins using the system in a live environment. Deferred Revenue Acquisition of Healthcare Resource Group Software development costs are accounted for in a ...

Computer Programs and Systems, Inc. (NASDAQ:CPSI) Q2 2023 Earnings Conference Call August 9, 2023 4:30 PM ET Company Participants Chris Fowler – President and Chief Executive Officer Matt Chambless – Chief Financial Officer Conference Call Participants Jeff Garro – Stephens George Hill – Deutsche Bank Operator Good afternoon, and welcome to the CPSI Second Quarter 2023 Earnings Conference Call. Leading today’s call are Chris Fowler, President and Chief Executive Officer; and Matt Chambless, Chief Financial ...

Costs to obtain and fulfill contracts related to SaaS and RCM arrangements are included within the "Prepaid expenses and other" and "Other assets, net of current portion" line items on our condensed consolidated balance sheets. The allocation of the purchase price paid for HRG was as follows: | --- | --- | --- | --- | --- | |------------------------------------------------------|-------|-------------------------|-------|-----------------------------| | (In thousands) \nSalaries and benefits | $ | June 30, 2 ...

Computer Programs and Systems, Inc. (NASDAQ:CPSI) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET Company Participants Dru Anderson - Corporate Communications Christopher Fowler - President and CEO Matt Chambless - CFO Conference Call Participants Stephanie Davis - SVB Jeffrey Garro - Stephens George Hill - Deutsche Bank Dru Anderson Good morning and welcome to the CPSI First Quarter 2023 Earnings Conference Call. Leading today's call are Chris Fowler, President and Chief Executive Officer and Matt ...