Revenue Performance - TruBridge reported total revenues of $87.2 million for Q1 2025, an increase of 3.1% compared to $84.1 million in Q1 2024[5] - Financial Health revenue was $56.1 million, representing 64% of total revenue, up from $53.4 million in the previous year[5] - TruBridge's recurring revenue accounted for 94% of total revenue in Q1 2025[5] - Total revenues for the three months ended March 31, 2025, were $87,208,000, compared to $84,117,000 in 2024, reflecting a year-over-year growth of 3%[34] - Recurring revenues for the three months ended March 31, 2025, increased to $81,970,000 from $80,660,000 in 2024, indicating a stable revenue stream[34] Profitability - The company achieved a GAAP net income of $0.5 million, compared to a net loss of $1.9 million in Q1 2024[5] - Non-GAAP net income increased to $5.2 million, up from $3.4 million year-over-year[5] - Net income for the three months ended March 31, 2025, was $459,000, a significant improvement from a net loss of $1,854,000 in the same period of 2024[17] - The company reported a Non-GAAP net income of $5,192,000 for the three months ended March 31, 2025, compared to $3,369,000 in 2024, marking a 54% increase[32] Adjusted EBITDA - Adjusted EBITDA for Q1 2025 was $18.2 million, significantly higher than $10.3 million in Q1 2024[5] - Adjusted EBITDA for the three months ended March 31, 2025, was $18,231,000, representing a 76% increase from $10,324,000 in 2024[27] - The company’s Adjusted EBITDA margin improved to 20.9% in 2025 from 12.3% in 2024, reflecting enhanced operational efficiency[29] Future Guidance - TruBridge expects total bookings of $22.0 million for Q2 2025, down from $23.6 million in Q2 2024[5] - The company anticipates total revenue for the full year 2025 to be between $345 million and $360 million, unchanged from previous guidance[6] - The company plans to transition to reporting bookings on an Annual Contract Value (ACV) basis starting January 2025, enhancing revenue recognition clarity[24] Cash Flow and Financial Health - Cash and cash equivalents at the end of the period were $10,124,000, down from $12,324,000 at the beginning of the period[17] - The company experienced a net cash provided by operating activities of $5,760,000 for the three months ended March 31, 2025, a turnaround from a cash used of $2,034,000 in 2024[17] - The leverage ratio improved to 2.4x following additional debt repayment[3] Non-GAAP Financial Measures - Non-GAAP net income is derived from GAAP net income with adjustments for amortization, stock-based compensation, and nonrecurring charges, reflecting core profitability[39] - Non-GAAP EPS is calculated from Non-GAAP net income divided by diluted weighted average shares outstanding, offering a clearer view of earnings per share[39] - Stock-based compensation is excluded from non-GAAP measures as it may not correlate directly with business performance and varies significantly over periods[40] - Severance and other nonrecurring charges are excluded from non-GAAP measures due to their nonrecurring nature, which may not reflect ongoing operational performance[40] - Non-cash interest expense is excluded from non-GAAP measures as it relates to specific transactions and may not reflect underlying business performance[40] - The gain on the sale of AHT is excluded from non-GAAP measures as it pertains to a specific transaction and does not correlate with ongoing operations[40] - The company emphasizes that non-GAAP financial measures are not alternatives to GAAP measures and have limitations in reflecting overall financial performance[39] - Investors are encouraged to review the "Unaudited Reconciliation of Non-GAAP Financial Measures" for a comprehensive understanding of financial performance[39]
TruBridge(TBRG) - 2025 Q1 - Quarterly Results