TruBridge(TBRG) - 2025 Q4 - Annual Results

Financial Performance - Total bookings for Q4 2025 reached $19.8 million, up from $14.3 million in Q4 2024, representing a growth of 38.6%[6] - Total revenue for Q4 2025 was $87.2 million, slightly down from $88.1 million in Q4 2024, with recurring revenue constituting 94% of total revenue[6] - Financial Health revenue for Q4 2025 was $56.2 million, compared to $55.0 million in Q4 2024, accounting for 65% of total revenue[6] - GAAP net loss for Q4 2025 was $5.5 million, compared to a net loss of $5.1 million in Q4 2024[6] - Non-GAAP net income for Q4 2025 was $11.4 million, a significant increase from $1.1 million in Q4 2024[6] - Adjusted EBITDA for Q4 2025 was $19.2 million, compared to $17.9 million in Q4 2024, reflecting a growth of 7.2%[6] - For the full year 2025, total revenue was $346.8 million, up from $342.2 million in 2024, with recurring revenue also at 94%[6] - Financial Health revenue for the full year 2025 was $221.7 million, compared to $217.4 million in 2024, representing 64% of total revenue[6] - GAAP net income for the full year 2025 was $4.4 million, a turnaround from a net loss of $20.9 million in 2024[6] - Non-GAAP net income for the full year 2025 was $38.5 million, compared to $4.6 million in 2024, indicating substantial improvement in profitability[6] Assets and Liabilities - Total assets increased to $402,528, up from $395,824, representing a growth of 0.18% year-over-year[19] - Total current liabilities rose to $57,959, compared to $56,000 in the previous year, showing a slight increase of 3.5%[19] - Cash and cash equivalents at the end of the period increased to $24,850, up from $12,324, marking a growth of 102.5%[22] - The company reported a provision for credit losses of $3,002 for the year, down from $3,669 in 2024, indicating improved credit quality[22] Bookings and Revenue Segments - The new Annual Contract Value (ACV) methodology was introduced, with total bookings (ACV) for 2025 at $70,889[30] - Financial Health segment bookings for the three months ended December 31, 2025, were $11,735, up from $8,515 in 2024, a growth of 37.5%[24] - Patient Care segment bookings for the twelve months ended December 31, 2025, were $35,201, compared to $33,214 in 2024, reflecting a growth of 5.9%[24] - The total recurring revenues for the twelve months ended December 31, 2025, were $327,153, slightly up from $323,379 in 2024[40] - The total non-recurring revenues for the twelve months ended December 31, 2025, were $19,683, compared to $18,826 in 2024, showing growth in this segment[40] Adjusted Metrics - Adjusted EBITDA for the twelve months ended December 31, 2025, was $68,669, compared to $55,899 in 2024, reflecting a year-over-year increase of 22.9%[33] - The adjusted EBITDA margin for the twelve months ended December 31, 2025, improved to 19.8%, compared to 16.3% in 2024[38] - Stock-based compensation for the three months ended December 31, 2025, was $3,562, an increase from $1,823 in the same period of 2024[38] Net Income and Loss - The net income (loss) for the twelve months ended December 31, 2025, was $4,354, compared to a net loss of $20,945 in 2024, indicating a significant turnaround[38] - Non-GAAP net income for the twelve months ended December 31, 2025, was $38,541, up from $4,631 in 2024, reflecting a strong operational performance[38] - The company reported a net loss margin of (6.3%) for the three months ended December 31, 2025, compared to (5.8%) in 2024[38] Financial Statement Revisions - The company made revisions to its previously issued financial statements for the years ended December 31, 2024, and December 31, 2023, to correct errors related to revenue recognition[41] - Total revenue for the twelve months ended December 31, 2024, was $342,205, a decrease of $441 compared to previously reported figures[45] - Financial Health segment revenue was $217,366, while Patient Care segment revenue was $124,839, reflecting adjustments of $(306) and $(135) respectively[45] - Total costs of revenue amounted to $168,920, with Financial Health costs at $116,738 and Patient Care costs at $52,182, showing an increase in Patient Care costs by $542[45] - The net loss for the period was $20,945, with a net loss per share of $(1.41) on both basic and diluted bases[45] - Adjusted EBITDA for the period was $55,899, reflecting a decrease of $671 from previous calculations[45] - Accounts receivable stood at $52,952, after adjustments of $(801)[45] - Deferred revenue increased to $13,678, up by $3,025 from prior figures[45] - Retained earnings decreased to $(16,577), reflecting a reduction of $(1,625)[45] - The company reported a loss before taxes of $(10,468), which included a provision for income taxes of $10,477[45] Operational Performance Evaluation - The company emphasizes the importance of non-GAAP financial measures for evaluating operational performance and trends[46]