TruBridge(TBRG) - 2024 Q2 - Quarterly Results

Financial Performance - Total bookings for Q2 2024 reached $23.3 million, a 10.95$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$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]