CPSI(US:CPSI)2024-05-10 11:05Financial Performance - Bookings for the first quarter of 2024 reached $23.6 million, an increase from $19.8 million in the same quarter of 2023[16] - Total revenue for the first quarter of 2024 was $83.2 million, down from $86.2 million year-over-year[16] - Revenue Cycle Management (RCM) revenue was $53.0 million, representing 63.7% of total revenue, compared to $48.6 million in the previous year[16] - GAAP loss per diluted share was $(0.17), a decrease from earnings of $0.21 per diluted share in the prior year[16] - Non-GAAP earnings per diluted share were $0.19, down from $0.58 year-over-year[16] - Adjusted EBITDA for the first quarter was $9.5 million, compared to $14.6 million in the same quarter of 2023[16] - Total revenues for Q1 2024 were $83,247 million, a decrease of 3% from $86,233 million in Q1 2023[22] - Revenue from RCM (Revenue Cycle Management) increased to $53,038 million, up 9.9% from $48,631 million in the previous year[22] - EHR (Electronic Health Records) revenue decreased to $28,022 million, down 20.5% from $35,191 million in Q1 2023[22] - Net loss for Q1 2024 was $(2,516) million, a significant decline from a net income of $3,084 million in Q1 2023[22] - Non-GAAP net income for Q1 2024 was $2,707 million, compared to $8,232 million in Q1 2023, with a non-GAAP EPS of $0.19[53] Guidance and Expectations - For the full year 2024, the company expects total revenue to be between $330 million and $340 million, revised from a previous range of $340 million to $350 million[17] - The adjusted EBITDA guidance for 2024 remains unchanged at $45 million to $50 million[17] - Adjusted EBITDA for Q2 2024 is expected to be between $8.0 million and $10.0 million[31] Expenses and Losses - Total expenses for Q1 2024 were $84,705 million, an increase of 6.5% compared to $79,938 million in Q1 2023[22] - Operating loss for Q1 2024 was $(1,458) million, compared to an operating income of $6,295 million in Q1 2023[22] - Total cash used in operating activities was $(2,034) million, compared to $9,473 million in the previous year[37] - The company reported a provision for credit losses of $500 million in Q1 2024, compared to a benefit of $(352) million in Q1 2023[37] Assets and Equity - Total current assets decreased to $91,904 million from $111,455 million at the end of 2023[36] - Total liabilities decreased to $231,744 million from $247,804 million at the end of 2023[36] - Stockholders' equity decreased to $184,673 million from $186,618 million at the end of 2023[36] - Cash and cash equivalents at the end of Q1 2024 were $4,115 million, down from $6,816 million at the end of Q1 2023[37] Strategic Focus - The company noted a strong position in profitability due to effective expense management despite the revenue guidance revision[16] - The company is focusing on capturing larger deals in its RCM business, which may introduce timing complexities in revenue recognition[16] - Subscription revenue increased to $5,532 million in Q1 2024, compared to $3,207 million in Q1 2023, marking a growth of 72%[39] - Total recurring revenues from EHR decreased to $26,492 million in Q1 2024 from $31,519 million in Q1 2023, a decline of 16%[43] - The company made a significant investment of $21,410 million in the purchase of a business during Q1 2024[37]