Financial Performance - Total bookings for Q3 2024 reached 15.0 million in Q3 2023, representing a 40% increase[1] - Total revenue for Q3 2024 was 82.7 million in Q3 2023, indicating a 1.3% growth[1] - Financial Health revenue accounted for 46.6 million in Q3 2023, representing 64.7% of total revenue[1] - Adjusted EBITDA for Q3 2024 was 9.7 million in Q3 2023, reflecting a 42.3% increase[1] - TruBridge, Inc. reported a net loss of 3,315,000 for the same period in 2023[12] - For the three months ended September 30, 2024, TruBridge, Inc. reported a net loss of 3,562,000 for the same period in 2023[16] - Non-GAAP net income for the three months ended September 30, 2024, was 6,348,000 for the same period in 2023[17] - The company reported a net income margin of (11.7%) for the three months ended September 30, 2024, compared to (4.3%) in the same period of 2023[16] Revenue Projections - For Q4 2024, TruBridge expects total revenue between 85.5 million[5] - For the full year 2024, total revenue is projected to be between 337 million, narrowed from previous guidance of 340 million[5] Operational Changes - The company is focused on optimizing operations and realizing margin improvements over time following the Viewgol integration[2] - Executive leadership changes include the retirement of COO David Dye, effective December 31, 2024, with general managers now reporting directly to the CEO[4] Asset and Liability Management - Total current assets decreased to 111,455,000 at the end of 2022, reflecting a decline of approximately 17.8%[11] - Total liabilities decreased to 247,804,000 at the end of 2022, representing a reduction of about 7.6%[11] - The company’s long-term debt decreased to 195,270,000 at the end of 2022, a decline of about 11.2%[11] - The company’s total stockholders' equity decreased to 186,618,000 at the end of 2022, a decline of about 7.5%[11] Cash Flow and Operating Activities - Cash and cash equivalents increased to 1,473,000 at the end of September 30, 2023[12] - TruBridge, Inc. experienced a net cash provided by operating activities of 13,319,000 for the same period in 2023, reflecting an increase of approximately 64.4%[12] Patient Care and Bookings - The company reported a significant increase in patient care bookings, reaching 5,897,000 for the same period in 2023, a growth of approximately 43.5%[13] - Total recurring revenues from Patient Care for the three months ended September 30, 2024, were 32,662,000 in the same period of 2023[18] - Total Patient Care revenues for the nine months ended September 30, 2024, were 110,594,000 in the same period of 2023[18] Non-GAAP Financial Measures - Management emphasizes the importance of non-GAAP financial measures as indicators of operational strength and performance[23] - Adjusted EBITDA, Non-GAAP net income, and Non-GAAP EPS are used to measure performance objectives under the Company's incentive programs[23] - Non-GAAP financial measures do not provide a measure of cash flow or liquidity, and are not alternatives to GAAP measures[23] - Limitations of non-GAAP measures include not reflecting all amounts associated with results of operations as per GAAP[23] - There is uncertainty regarding future expenses similar to those excluded in non-GAAP calculations[23] - Investors are encouraged to review the "Unaudited Reconciliation of Non-GAAP Financial Measures" for clarity[23]
TruBridge(TBRG) - 2024 Q3 - Quarterly Results