TruBridge(TBRG) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for 2024 was $339.2 million, with Q4 revenue at$ 87.4 million, representing a slight decrease from $339.4 million in 2023[5]. - Financial Health revenue for 2024 was$ 216.1 million, accounting for 63.7% of total revenue, compared to $193.9 million in 2023[11]. - Total annual bookings reached$ 82.1 million, up from $80.2 million in 2023[11]. - TruBridge's total revenue from the Financial Health segment for the twelve months ended December 31, 2024, was$ 34,559,000, up from $24,800,000 in 2023, reflecting a growth of approximately 39%[26]. - Total bookings for the twelve months ended December 31, 2024, were$ 82,074,000, up from $80,239,000 in 2023, showing a growth of about 2%[21]. Profitability and Loss - Net loss for 2024 was$ 23.1 million, with a Q4 net loss of $5.7 million, compared to a net loss of$ 42.5 million in Q4 2023[6]. - TruBridge reported a net loss of $23,084,000 for the twelve months ended December 31, 2024, an improvement from a net loss of$ 45,789,000 in 2023, indicating a reduction of 49% year-over-year[19]. - For the three months ended December 31, 2024, the company reported a non-GAAP net income of $715,000, compared to$ 5,129,000 in the same period of 2023, representing a decrease of approximately 86%[30]. - The non-GAAP EPS for the twelve months ended December 31, 2024, was $0.24, down from$ 1.79 in 2023, indicating a decline of about 87%[30]. Adjusted EBITDA and Margins - Adjusted EBITDA for 2024 was $53.1 million, with Q4 adjusted EBITDA at$ 17.2 million, an increase from $12.0 million in Q4 2023[6]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was$ 53,090,000, compared to $47,576,000 in 2023, marking an increase of approximately 11%[28]. - The company’s adjusted EBITDA margin improved to 15.7% in 2024 from 14.0% in 2023[28]. Operational Efficiency - The company transitioned approximately 30% of its Financial Health Complete Business Office client base offshore, improving operational efficiency[5]. - The leverage ratio improved from 4x at the end of 2023 to approximately 3x at the end of 2024 due to significant debt repayment[5]. Assets and Liabilities - Total current assets decreased to$ 90,274,000 in 2024 from $111,455,000 in 2023, representing a decline of approximately 19%[17]. - Total liabilities decreased to$ 225,737,000 in 2024 from $247,804,000 in 2023, reflecting a reduction of about 9%[17]. - The company’s total stockholders' equity decreased to$ 168,695,000 in 2024 from $186,618,000 in 2023, a decline of approximately 10%[17]. - Cash and cash equivalents increased to$ 12,324,000 at the end of 2024 from $3,848,000 at the end of 2023, representing a significant increase of 221%[19]. Strategic Initiatives - The company divested American Health Tech, marking its first divestiture in history, as part of its strategic initiatives[5]. - The provision for expected credit losses increased to$ 3,669,000 in 2024 from $1,920,000 in 2023, indicating a rise of 91%[19]. - The company plans to focus on strategic planning and operational performance evaluation using non-GAAP financial measures to better understand ongoing business trends[33]. - Management emphasizes that non-GAAP financial measures are important indicators of operational strength and should be considered alongside GAAP measures for a comprehensive view of financial performance[39]. Revenue Breakdown - Total Patient Care revenues for the twelve months ended December 31, 2024, were$ 123,098,000, a decrease of 15.4% from $145,506,000 in 2023[32]. - Recurring revenues from Acute Care for the three months ended December 31, 2024, were$ 28,193,000, slightly down from $28,640,000 in the same period of 2023[32]. - Non-recurring revenues from Acute Care increased to$ 4,515,000 for the three months ended December 31, 2024, compared to $2,447,000 in 2023, marking an increase of approximately 84.5%[32]. Other Financial Adjustments - The company incurred a pre-tax adjustment of$ 2,993,000 for severance and other nonrecurring charges in the three months ended December 31, 2024[30]. - The amortization of acquisition-related intangible assets for the twelve months ended December 31, 2024, was $12,505,000, down from$ 16,426,000 in 2023, reflecting a decrease of about 23.5%[30]. - The weighted average shares outstanding, diluted, increased to 14,330,000 for the three months ended December 31, 2024, compared to 14,205,000 in the same period of 2023[30].