CareCloud(CCLD) - 2024 Q4 - Annual Results

Financial Performance - GAAP net income for full year 2024 was $7.9 million, a significant turnaround from a net loss of$48.7 million in 2023[5] - Adjusted EBITDA for full year 2024 increased by 56% to $24.1 million, up from$15.4 million in 2023[5] - Free cash flow for full year 2024 reached $13.2 million, representing a 244$3.8 million in 2023[5] - Fourth quarter 2024 GAAP net income was $3.3 million, compared to a net loss of$43.7 million in Q4 2023[8] - Adjusted EBITDA for Q4 2024 was $7.1 million, or 25$4.1 million in the same period last year[9] - Operating income for the year ended December 31, 2024, was $9,121, compared to a loss of$47,115 in 2023, indicating a significant turnaround[31] - Net income for the year ended December 31, 2024, was $7,851, compared to a net loss of$48,674 in 2023, reflecting improved financial performance[31] - GAAP net income for Q4 2024 was $3,296,000, a significant improvement compared to a loss of$43,692,000 in Q4 2023; for the year, net income was $7,851,000 compared to a loss of$48,674,000 in 2023[41] - Non-GAAP adjusted operating income for Q4 2024 was $3,940,000, up from$1,191,000 in Q4 2023, with a non-GAAP adjusted operating margin of 14.0% compared to 4.2% in the same quarter last year[39] - Non-GAAP adjusted net income for Q4 2024 was $3,871,000, compared to$835,000 in Q4 2023, resulting in a non-GAAP adjusted net income per share of $0.24 versus$0.05[41] Revenue and Cash Flow - Revenue for full year 2024 was $110.8 million, a decrease from$117.1 million in 2023[6] - Total net revenue for the year ended December 31, 2024, was $110,837, a decrease of 5.2$117,059 in 2023[31] - Net revenue for Q4 2024 was $28,239,000, a slight decrease from$28,416,000 in Q4 2023, while total revenue for the year decreased from $117,059,000 in 2023 to$110,837,000 in 2024[39] - Free cash flow for Q4 2024 was $2,967,000, an increase from$1,449,000 in Q4 2023, while annual free cash flow rose to $13,236,000 from$3,848,000[45] - Cash at the end of the year increased to $5,145 from$3,331, marking a 54.4% increase[33] - Net cash provided by operating activities for Q4 2024 was $5,229,000, up from$3,740,000 in Q4 2023[45] Cost Management and Liabilities - Total operating expenses for the year decreased to $101,716 in 2024 from$164,174 in 2023, a reduction of 38.0%[31] - Total liabilities decreased significantly to $21,840 in 2024 from$36,109 in 2023, a reduction of 39.4%[29] - The company’s accumulated deficit improved to $(66,630) in 2024 from$(74,481) in 2023, showing a reduction of 10.4%[29] - The conversion of 3.5 million Series A Preferred Stock into common stock will reduce annual dividend burden by $7.7 million[5] - The company reported a preferred stock dividend of$12,310 for the year ended December 31, 2024, down from $15,674 in 2023[31] - The company incurred goodwill impairment charges of$42,000,000 in Q4 2023, which did not recur in Q4 2024[39] Future Projections - The company expects 2025 revenue to be between $111 million and$114 million, based on growth from existing clients and new acquisitions[15] - Adjusted EBITDA for 2025 is projected to be between $26 million and$28 million, reflecting cost reduction efforts[16] Shareholder Information - The total number of end-of-period shares increased to 16,256,236 in Q4 2024 from 15,880,092 in Q4 2023[41] Financial Metrics - Free cash flow is considered an important financial measure for evaluating the Company's performance[61] - Free cash flow does not account for payments required for debt service and other contractual obligations[61] - The Company views free cash flow as supplemental information to its condensed consolidated statements of cash flows[61]