CPSI(CPSI) - 2024 Q2 - Quarterly Results

Financial Performance - Total bookings for Q2 2024 reached $23.3 million, a 10.95% increase from $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% of total revenue, compared to $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] - Non-GAAP net income for Q2 2024 was $2,318,000, compared to $5,701,000 in Q2 2023, a decline of 59.3%[17] - Non-GAAP EPS for Q2 2024 was $0.16, down from $0.40 in Q2 2023, a decrease of 60.0%[17] - The company reported a net income margin of (6.0%) for Q2 2024, compared to (3.4%) in Q2 2023[16] Revenue Guidance - For Q3 2024, total revenue is expected to be between $82 million and $85 million[4] - Full year 2024 revenue guidance is reiterated at between $330 million and $340 million[4] - Adjusted EBITDA for the full year 2024 is expected to be between $45 million and $50 million[4] Asset and Liability Management - 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 18%[11] - Total liabilities decreased to $231,185,000 as of June 30, 2024, down from $247,804,000 at the end of 2023, representing a reduction of about 7%[11] - The total stockholders' equity decreased to $181,102,000 as of June 30, 2024, down from $186,618,000 at the end of 2023, reflecting a decline of approximately 3%[11] Cash Flow and Investments - Cash and cash equivalents increased to $7,709,000 at the end of Q2 2024, compared to $3,848,000 at the beginning of the period, marking a rise of about 100%[12] - The net cash provided by operating activities was $11,730,000 in Q2 2024, an increase from $10,190,000 in Q2 2023[12] - The company invested $9,324,000 in software development during Q2 2024, compared to $12,143,000 in Q2 2023[12] Segment Performance - Adjusted EBITDA for the RCM segment was $7,804,000 in Q2 2024, up from $5,682,000 in Q2 2023, indicating a growth of approximately 37%[15] - Total recurring revenues from EHR for Q2 2024 were $26,666,000, down from $33,742,000 in Q2 2023, representing a decrease of 20.9%[18] - Total EHR revenues for the first six months of 2024 were $60,831,000, compared to $74,464,000 for the same period in 2023, a decrease of 18.3%[18] Expenses - Interest expense for Q2 2024 was $4,151,000, up from $2,586,000 in Q2 2023, an increase of 60.5%[16] - Stock-based compensation for Q2 2024 was $1,501,000, compared to a negative $123,000 in Q2 2023[16] - Severance and other non-recurring charges for Q2 2024 were $4,586,000, down from $6,819,000 in Q2 2023, a decrease of 32.4%[16] Margins - Total adjusted EBITDA margin for Q2 2024 was 14.8%, compared to 13.3% in Q2 2023, an improvement of 1.5 percentage points[16] - The company emphasized a strong pipeline and positive outlook for the remainder of the year[3] - The company reported a significant gain on the sale of business amounting to $1,250,000 in Q2 2024[12]