CPSI(CPSI) - 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]. - TruBridge expects total revenue for Q1 2025 to be between $85 million and $88 million, and for the full year 2025, total revenue is projected to be between $345 million and $360 million[11]. - Total Patient Care revenues for the twelve months ended December 31, 2024, were $123,098,000, down from $145,506,000 in 2023, indicating a decline of about 15.4%[32]. - Total recurring revenues from Patient Care for the three months ended December 31, 2024, were $28,193,000, compared to $32,122,000 in 2023, a decrease of approximately 12.1%[32]. 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 $45.8 million in 2023[11]. - 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, representing a 49.6% reduction in losses[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]. - Non-GAAP EPS for the twelve months ended December 31, 2024, was $0.24, compared to $1.79 in 2023, reflecting a decrease of approximately 86.6%[30]. Adjusted EBITDA - Adjusted EBITDA for 2024 was $53.1 million, with Q4 adjusted EBITDA at $17.2 million, an increase from $47.6 million in 2023[11]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $53,090,000, compared to $47,576,000 in 2023, reflecting an increase of 11.8%[28]. - The company’s Adjusted EBITDA margin improved to 15.7% in 2024 from 14.0% in 2023[28]. - The Financial Health segment generated $10,792,000 in Adjusted EBITDA for Q4 2024, compared to $6,596,000 in Q4 2023, a 63.4% increase[26]. - The Patient Care segment's Adjusted EBITDA was $6,448,000 for Q4 2024, up from $5,388,000 in Q4 2023, representing a 19.7% increase[26]. Financial Health and Assets - Financial Health revenue for 2024 was $216.1 million, representing 63.7% of total revenue, up from $193.9 million in 2023[11]. - Total current assets decreased to $90,274,000 in 2024 from $111,455,000 in 2023, a decline of 19%[17]. - Cash and cash equivalents increased significantly to $12,324,000 in 2024 from $3,848,000 in 2023, marking a 220% increase[19]. - Total liabilities decreased to $225,737,000 in 2024 from $247,804,000 in 2023, a reduction of 8.9%[17]. Operational Efficiency - The company successfully transitioned approximately 30% of its Financial Health Complete Business Office client base offshore, enhancing operational efficiency[5]. - TruBridge achieved total annual bookings of $82.1 million, compared to $80.2 million in 2023[11]. - Total bookings for the twelve months ended December 31, 2024, reached $82,074,000, up from $80,239,000 in 2023, indicating a growth of 2.3%[21]. - 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]. Strategic Initiatives - The company rebranded as TruBridge to pursue a more focused marketing strategy under one brand, aiming to enhance customer satisfaction and retention[5]. - The company plans to continue using non-GAAP financial measures to evaluate operating performance and make strategic decisions, emphasizing their importance in understanding financial trends[39]. Other Financial Metrics - The company reported a significant increase in accounts payable, which rose to $15,040,000 in 2024 from $10,133,000 in 2023, an increase of 48.5%[17]. - 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, a reduction of about 23.5%[30]. - The company incurred a goodwill impairment charge of $35,913,000 in 2023, which was excluded from Non-GAAP financial measures[30]. - The weighted average shares outstanding, diluted, for the twelve months ended December 31, 2024, was 14,300,000, compared to 14,187,000 in 2023, an increase of about 0.8%[30].