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TruBridge(TBRG) - 2024 Q2 - Quarterly Report
2024-08-14 20:13
Revenue Performance - Revenue cycle management (RCM) revenues comprised 57% of the company's consolidated revenue for 2023[130]. - Total revenues for the first six months of 2024 were $168.0 million, a decrease of 2% from $170.9 million in the same period of 2023[147]. - RCM revenues increased by $10.8 million, or 11%, in the first six months of 2024, primarily due to the acquisition of Viewgol, which contributed $9.9 million[166]. - Total EHR revenue for the first six months of 2024 was $60.831 million, down from $74.464 million in the same period of 2023, representing a decrease of $13.633 million, or 18%[183]. - RCM segment revenues increased by $10.755 million, or 11%, to $107.146 million for the first six months of 2024 compared to $96.391 million in 2023[183]. Customer Retention and Growth - The company achieved a retention rate of 92.1% for its Acute Care EHR customers in 2023, with rates consistently in the mid-to-high 90th percentile since 2019[136]. - The shift towards Software as a Service (SaaS) license models increased from 12% of annual new acute care EHR installations in 2018 to 100% in 2023[141]. - The company plans to enhance its recurring revenue base to stabilize revenues and cash flows, focusing on customer retention and subscription demand[137]. - RCM revenues are expected to grow as the company cross-sells services to its existing EHR customer base and expands market share[135]. Financial Performance and Costs - Net loss for the first six months of 2024 was $7.6 million, a decrease of $7.8 million from the prior-year period[147]. - General and administrative expenses decreased by $0.2 million, or 1%, compared to the second quarter of 2023, driven by reductions in non-recurring severance costs[160]. - Total costs of revenue (exclusive of amortization and depreciation) decreased to 51% of revenues during the second quarter of 2024, down from 52% in the same quarter of 2023[155]. - General and administrative expenses increased by $4.8 million, or 14%, compared to the first six months of 2023, driven by stock compensation and the acquisition of Viewgol[175]. - Net loss for the second quarter of 2024 was $5.0 million, compared to a net loss of $2.8 million in the second quarter of 2023[165]. Strategic Initiatives - The transition to a subscription-based recurring revenue model is a key component of the company's long-term growth strategy[127]. - Margin optimization efforts include organizational realignment and expanded use of offshore resources, with expectations of improved cost efficiencies[144]. - The company anticipates additional pressure on margins due to the integration of Viewgol, acquired in October 2023[145]. Market and Regulatory Environment - The healthcare IT sector is projected to continue receiving investment due to its potential to improve efficiency and meet regulatory requirements[139]. - The company faces risks related to significant legislative and regulatory uncertainty in the healthcare industry, which may impact operations[126]. Cash Flow and Debt Management - Net cash provided by operating activities increased by $1.5 million, from $10.2 million for the six months ended June 30, 2023, to $11.7 million for the six months ended June 30, 2024, primarily due to improved working capital management[190]. - As of June 30, 2024, the company had $181.5 million in principal amount of indebtedness outstanding under credit facilities[188]. - The company had cash and cash equivalents of $7.7 million as of June 30, 2024, compared to $3.8 million as of December 31, 2023[188]. - The company made a draw of $41.0 million on the revolving credit facility in connection with the Viewgol acquisition on October 16, 2023[189]. - As of June 30, 2024, the company had $58.1 million in principal amount outstanding under the term loan facility and $123.4 million under the revolving credit facility, with an average interest rate of 8.42%[195]. Bookings and Backlog - RCM bookings increased by $2.1 million, or 8%, in the first six months of 2024 compared to the same period in 2023, driven by strong performance from Viewgol[203]. - EHR bookings increased by $2.5 million, or 34%, during the second quarter of 2024 compared to the second quarter of 2023, with Acute Care EHR bookings increasing by $3.1 million[204]. - As of June 30, 2024, the company had a twelve-month backlog of approximately $10 million in non-recurring system purchases and approximately $318 million in recurring payments under support and maintenance and RCM services[201].
TruBridge(TBRG) - 2024 Q2 - Earnings Call Transcript
2024-08-10 18:34
Financial Data and Key Metrics Changes - Total bookings for Q2 2024 reached $23.3 million, marking an 11% increase year-over-year and the third consecutive quarter exceeding $20 million [4][14] - Cash flow from operations was positive at $13.8 million for the quarter, compared to $0.7 million in the same quarter last year [11][17] - Revenue for the quarter was $84.7 million, essentially flat compared to the previous year, impacted by the divestiture of AHT and the sunsetting of Centric [14][15] - Adjusted EBITDA was $12.6 million, a 12% increase year-over-year and a 33% increase sequentially, with an adjusted EBITDA margin of 14.8% [16] Business Line Data and Key Metrics Changes - Revenue Cycle Management (RCM) generated $54.1 million, accounting for approximately 64% of total revenue, with gross margins improving to 44.1% [15] - Electronic Health Records (EHR) bookings were $9.8 million, with over two-thirds coming from existing customers, indicating strong customer satisfaction [14] - The integrated nTrust solution saw a 60% increase in new clients in the first half of 2024 compared to the same period in 2023 [5] Market Data and Key Metrics Changes - The company reported that over 90% of projected 2024 revenue is under contract, indicating strong future revenue visibility [7] - The offshoring initiative has progressed, with 43% of CBO and EVO operations now offshore, up from 25% at the end of Q1 [8] Company Strategy and Development Direction - The company is focused on enhancing its financial quality controls and forecasting processes, aiming for long-term margin expansion despite short-term challenges [10][13] - Continued emphasis on client retention and proactive customer management is a priority, especially during the transition to offshore operations [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the continued momentum in bookings and the potential for revenue growth in the second half of the year [4][7] - The competitive landscape is evolving, with increasing acceptance of outsourcing models among hospitals, which is expected to drive demand for the company's services [38] Other Important Information - The company is on track to achieve $5 million in cost savings for the year, with most initiatives already initiated [11] - The company reiterated its full-year revenue guidance of $330 million to $340 million and adjusted EBITDA guidance of $45 million to $50 million [18] Q&A Session Summary Question: Can you talk about margin progression? - Management indicated that while margins are expected to improve, they may be muted in the near term due to the transition to offshore staffing [20][21] Question: How is the financial health of your customer base? - Management noted that the customer base is mixed but has benefited from past COVID relief, allowing for cash accumulation [25] Question: Is there momentum biased towards one segment in the second half? - Management sees growth opportunities in both RCM and EHR segments, with a larger market opportunity in RCM [28][30] Question: How is the legacy base holding up? - Retention rates outside of the Centric customer base are strong, with ongoing investments to keep customers satisfied [45] Question: Are you seeing utilization strength flow through to RCM? - Management observed that hospitals expanding services are seeing increased utilization, which is beneficial for RCM [47]
TruBridge(TBRG) - 2024 Q2 - Quarterly Results
2024-08-08 20:33
Financial Performance - Total bookings for Q2 2024 reached $23.3 million, a 10.95% increase from $21.0 million in Q2 2023[2] - Total revenue for Q2 2024 was $84.7 million, slightly up from $84.6 million in Q2 2023[2] - Revenue Cycle Management (RCM) revenue was $54.1 million, representing 63.9% of total revenue, compared to $47.8 million in the same quarter last year[2] - GAAP loss per diluted share was $(0.34), compared to $(0.20) in Q2 2023[2] - Non-GAAP earnings per diluted share decreased to $0.16 from $0.40 year-over-year[2] - Adjusted EBITDA for Q2 2024 was $12.6 million, an increase from $11.2 million in Q2 2023[2] - TruBridge reported a net loss of $7,565,000 for Q2 2024, compared to a net income of $247,000 in Q2 2023[12] - Net income for Q2 2024 was reported at a loss of $5,049,000, compared to a loss of $2,837,000 in Q2 2023[17] - Non-GAAP net income for Q2 2024 was $2,318,000, compared to $5,701,000 in Q2 2023, reflecting a decline of 59.3%[17] Guidance and Future Expectations - For Q3 2024, TruBridge expects total revenue between $82 million and $85 million[4] - The full year 2024 revenue guidance remains between $330 million and $340 million[4] - The company plans to continue focusing on operational improvements and strategic planning to enhance financial performance moving forward[20] Cash Flow and Assets - TruBridge reported a significant improvement in cash flow from operations during the quarter[2] - Cash and cash equivalents at the end of Q2 2024 were $7,709,000, up from $3,848,000 at the beginning of the period, marking an increase of approximately 100.0%[12] - Total current assets decreased to $91,583,000 as of June 30, 2024, down from $111,455,000 at the end of 2023, reflecting a decline of approximately 17.8%[11] - Total liabilities decreased to $231,185,000 as of June 30, 2024, down from $247,804,000 at the end of 2023, a reduction of about 6.7%[11] - TruBridge's total stockholders' equity decreased to $181,102,000 as of June 30, 2024, down from $186,618,000 at the end of 2023, a decline of about 3.0%[11] Revenue Breakdown - Total consolidated bookings for Q2 2024 reached $23,290,000, an increase from $20,970,000 in Q2 2023, representing a growth of approximately 11.7%[13] - TruBridge's subscription revenue for Q2 2024 was $5,749,000, a substantial increase from $2,864,000 in Q2 2023, reflecting a growth of approximately 100.0%[14] - Total recurring revenues from EHR for Q2 2024 were $26,666,000, down from $33,742,000 in Q2 2023, indicating a decrease of approximately 20.9%[18] - Total EHR revenues for the first six months of 2024 were $60,831,000, down from $74,464,000 in the same period of 2023, a decrease of 18.3%[18] Expenses and Charges - Stock-based compensation expense for Q2 2024 was $1,501,000, compared to a negative expense of $123,000 in Q2 2023[17] - Severance and other non-recurring charges amounted to $4,586,000 in Q2 2024, down from $6,819,000 in Q2 2023[17] - Interest expense for Q2 2024 was $4,151,000, significantly higher than $2,586,000 in Q2 2023, marking an increase of 60.5%[16] Operational Investments - The company invested $9,324,000 in software development during Q2 2024, compared to $12,143,000 in the same period last year[12] - The company continues to focus on enhancing financial operations and cross-selling efforts to drive future growth[2] Share Information - The company reported a total of 14,313 diluted weighted average shares outstanding for Q2 2024, compared to 14,200 in Q2 2023[17]
TruBridge(TBRG) - 2024 Q1 - Earnings Call Transcript
2024-05-12 11:48
TruBridge, Inc. (NASDAQ:TBRG) Q1 2024 Earnings Conference Call May 10, 2024 8:00 AM ET Company Participants Chris Fowler - President and Chief Executive Officer Vinay Bassi - Chief Financial Officer Conference Call Participants Sean Dodge - RBC Capital Markets Jeff Garro - Stephens Stephanie Davis - Barclays George Hill - Deutsche Bank Operator Good morning, and welcome to the TruBridge First Quarter 2024 Earnings Conference Call. Leading today's call are Chris Fowler, President and Chief Executive Officer; ...
TruBridge(TBRG) - 2024 Q1 - Quarterly Report
2024-05-10 19:00
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 quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-49796 TRUBRIDGE, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 74-3032373 (State or Other Jurisdiction of Incorporatio ...
TruBridge(TBRG) - 2024 Q1 - Quarterly Results
2024-05-10 11:05
TRUBRIDGE ANNOUNCES FIRST QUARTER 2024 RESULTS MOBILE, ALA. (May 10, 2024) – TruBridge, Inc. (NASDAQ: TBRG), a healthcare solutions company, today announced financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights All comparisons are to the quarter ended March 31, 2023, unless otherwise noted Exhibit 99.1 Commenting on the results, Chris Fowler, chief executive officer of TruBridge, Inc., stated, "We continued to make significant progress on our transformation efforts duri ...
TruBridge(TBRG) - 2023 Q4 - Annual Report
2024-03-15 20:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission file number: 000-49796 TruBridge, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 74-3032373 (State or Other Jurisdiction of Incorporatio ...
TruBridge(TBRG) - 2023 Q4 - Earnings Call Transcript
2024-03-01 03:00
Computer Programs and Systems, Inc. (CPSI) Q4 2023 Earnings Conference Call February 29, 2024 4:30 PM ET Company Participants Dru Anderson - Investor Relations Chris Fowler - President and Chief Executive Officer Vinay Bassi - Chief Financial Officer Conference Call Participants Jeff Garro - Stephens, Inc. Sarah James - Cantor Fitzgerald Stephanie Davis - Barclays Operator Greetings, and welcome to the CPSI Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A ...
TruBridge(TBRG) - 2023 Q4 - Annual Results
2024-02-29 21:18
Revenue Growth and Performance - Q4 2023 total revenue increased to $85.9 million from $83.2 million in Q4 2022, with RCM revenue growing to $51.0 million from $45.7 million, representing 60.7% of total recurring revenue[6] - Full year 2023 total revenue rose to $339.4 million from $326.6 million in 2022, with RCM revenue increasing to $193.9 million from $179.9 million, accounting for 58.9% of total recurring revenue[6] - For Q1 2024, the company expects revenue in the range of $82 million to $84 million and adjusted EBITDA of $8.5 million to $9.5 million[10] - For full year 2024, the company anticipates revenue in the range of $340 million to $350 million and adjusted EBITDA of $45 million to $50 million[10] Earnings and Profitability - Q4 2023 GAAP loss per diluted share was $(2.92), while non-GAAP earnings per diluted share were $0.36, with adjusted EBITDA at $12.0 million compared to $13.2 million in Q4 2022[6] - Full year 2023 GAAP loss per diluted share was $(3.15), while non-GAAP earnings per diluted share were $1.79, with adjusted EBITDA at $47.6 million compared to $55.9 million in 2022[6] - Net income for 2023 was a loss of $45.789 million, compared to a profit of $15.867 million in 2022[18] - Non-GAAP net income for Q4 2023 was $5.129 million, compared to $8.710 million in Q4 2022[30] - Non-GAAP EPS for Q4 2023 was $0.36, down from $0.61 in Q4 2022[30] - Full-year 2023 Non-GAAP net income was $25.410 million, compared to $37.031 million in 2022[30] - Full-year 2023 Non-GAAP EPS was $1.79, down from $2.58 in 2022[30] Bookings and Segment Performance - Q4 2023 bookings were $26.0 million, up from $24.7 million in Q4 2022, while full year 2023 bookings were $85.1 million, down from $89.4 million in 2022[6] - Total bookings for 2023 were $85.102 million, down from $89.405 million in 2022[20] - RCM segment bookings increased from $48.065 million in 2022 to $48.986 million in 2023[20] - EHR segment bookings decreased from $38.152 million in 2022 to $33.143 million in 2023[20] Impairments and Non-Recurring Charges - Q4 2023 operating loss was $(41.8) million, primarily due to a $35.9 million goodwill impairment and $2.3 million trademark intangible impairment[13] - Goodwill impairment charge of $35.913 million recorded in 2023[28] - Goodwill impairment charges for 2023 totaled $35.913 million[30] - Trademark intangible impairment charges for 2023 were $2.342 million[30] - Severance and nonrecurring charges for 2023 amounted to $22.186 million[30] Cash Flow and Financial Position - Cash and cash equivalents decreased from $6.951 million in 2022 to $3.848 million in 2023[18] - Total assets decreased slightly from $430.963 million in 2022 to $434.199 million in 2023[16] Adjusted EBITDA and Margins - Adjusted EBITDA for 2023 was $47.576 million, down from $55.899 million in 2022[26] - Adjusted EBITDA margin decreased from 17.1% in 2022 to 14.0% in 2023[28] Investments and Expenses - Software development investment increased from $19.097 million in 2022 to $23.059 million in 2023[18] - Stock-based compensation for 2023 was $3.271 million[30] - Amortization of acquisition-related intangibles for 2023 was $16.426 million[30] - Non-cash interest expense for 2023 was $359,000[30] Strategic Initiatives - The company completed the acquisition of Viewgol, strengthening its market position and ability to improve the financial health of community hospital partners[5] - The company announced its rebranding to TruBridge, reflecting its transformation and focus on delivering a more cohesive suite of solutions to customers[4]
TruBridge(TBRG) - 2023 Q3 - Quarterly Report
2023-11-09 22:15
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 Commission file number: 000-49796 COMPUTER PROGRAMS AND SYSTEMS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 74-3032373 (State or Other Jurisdiction of Incorporation or Organization) 54 St. Emanuel Street, Mobile, Alabama 36602 (Address of Principal Executive Offices) (Zip Code) (I.R.S. Employer Identification No. ...