TruBridge(TBRG) - 2023 Q4 - Annual Results

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$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]