Core Insights - The company is undergoing a leadership transition with Ben Albert stepping in as CEO, focusing on long-term success and addressing challenges with clarity and discipline [5][6][15] - A strategic review is being conducted to maximize shareholder value, with an emphasis on simplifying operations and improving communication about the company's business model [14][31] Financial Performance - For the full year 2025, the company generated $311.1 million in revenue, reflecting a 1% year-over-year growth, while adjusted EBITDA was $41.4 million, representing a 59% increase year-over-year [17][22] - In Q4 2025, total revenue was $74.7 million, down from $79.6 million in the prior year, with technology revenue at $51.9 million and professional services revenue at $22.8 million [18][19] - Adjusted gross margin for Q4 2025 was 53.5%, up from 46.6% in the prior year, while the full year adjusted gross margin was 51.1% [20][22] Strategic Initiatives - The company is focusing on tightening leadership and execution discipline, including appointing general managers for key business areas and searching for a Chief Operating Officer and Chief Marketing Officer [7][8] - A fresh approach to execution is being implemented, with a focus on technology bookings, improving retention, and leveraging intellectual property to solve healthcare challenges [12][13] Market Conditions and Challenges - The company is experiencing pressure from the transition of clients from the DOS platform to the Ignite platform, with an expected revenue decline in Q1 2026 due to various factors including downselling and migration-related challenges [24][25] - Approximately $12.5 million in DOS-related annual recurring revenue (ARR) is at risk, with an additional $52 million subject to negotiation, primarily affecting 2026 and 2027 [56][57] Future Outlook - The company is not providing full-year guidance for 2026 but expects Q1 revenue to be between $68 million and $70 million, with adjusted EBITDA between $7 million and $8 million [23][16] - The focus will remain on operational efficiency and targeted investments to support growth and retention initiatives, with expectations of improved cost structures in the latter half of the year [24][28]

Financial Data and Key Metrics Changes - For the full year of 2025, the company generated $311.1 million in revenue and $41.4 million of Adjusted EBITDA, representing a 1% year-over-year growth [16][17] - In Q4 2025, total revenue was $74.7 million, down from $79.6 million in the prior year period [16][17] - Adjusted gross margin for Q4 was 53.5%, compared to 46.6% in the prior year [18] - Adjusted operating expenses for Q4 were $26.2 million, representing 35% of revenue, down from 37% in Q4 2024 [18][19] - The company incurred impairment charges on goodwill and intangible assets of $110.2 million during 2025, leading to a GAAP net loss of $178 million, up from a loss of $69.5 million in 2024 [19][20] Business Line Data and Key Metrics Changes - Technology revenue for Q4 was $51.9 million, while professional services revenue was $22.8 million, with the decline in professional services attributed to reduced FTE service offerings [17] - For the full year, technology revenue increased by 7% year-over-year to $208.3 million, while professional services revenue declined by 8% [17] Market Data and Key Metrics Changes - The company finished the year with 32 net new logos, ahead of the target of 30 but below the initial expectation of 40 [16] - The dollar-based retention rate for technology plus TAMS closed the year at 93% [16] Company Strategy and Development Direction - The company is focused on long-term success and is conducting a strategic review to position itself better for shareholder value [6][29] - There is a renewed emphasis on simplifying the commercial engine to drive technology ARR bookings and improve retention through predictable migrations [12][13] - The company aims to leverage its intellectual property and expertise in AI to differentiate itself in the market [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the healthcare market is under pressure, with clients needing to manage costs while maintaining clinical quality [40] - The company is not providing full-year guidance for 2026 but expects Q1 revenue to be between $68 million and $70 million, with Adjusted EBITDA of $7 million to $8 million [21][22] - There are anticipated challenges related to the DOS to Ignite migration, with expected revenue declines due to downselling and churn [22][23] Other Important Information - The company is undergoing leadership changes, with a new CEO emphasizing a back-to-basics approach and a focus on core capabilities [6][9] - The company is reviewing its cost structure to ensure strategic capital allocation and is focused on expanding technology bookings and margins [9][12] Q&A Session Summary Question: Does the strategic review include the possibility of selling the company? - Management is focused on positioning the company for long-term success and creating shareholder value, but is currently in an assessment mode [29][31] Question: Can you elaborate on the transition impact regarding the $52 million in data platform revenue? - The $52 million encompasses both integrated applications and data platform infrastructure, with the latter facing the highest pressure during the migration [35][66] Question: What insights were gained regarding bookings and demand in Q4? - The market is in need of better cost management and clinical quality, which is reflected in the sales funnel and demand for the company's solutions [40] Question: How does the company plan to maintain client relationships amid potential downsells? - The company generally retains application relationships even when facing downsells in data platform infrastructure, focusing on client needs and expertise [49][66] Question: What is the expected impact of the DOS-related ARR churn on 2026? - Approximately 75% of the $12.5 million in ARR churn is expected to impact 2026, with negotiations ongoing to retain application relationships [65][66]

Financial Data and Key Metrics Changes - For the full year of 2025, the company generated $311.1 million in revenue and $41.4 million of Adjusted EBITDA, with total revenue for Q4 2025 at $74.7 million, down from $79.6 million in the prior year period [25][26] - Adjusted gross margin for Q4 2025 was 53.5%, compared to 46.6% in the prior year period, while for the full year, it was 51.1% driven by technology gross margin of 67.4% and professional services gross margin of 18.3% [27] - Adjusted operating expenses for Q4 2025 were $26.2 million, representing 35% of revenue, down from $29.2 million or 37% of revenue in Q4 2024 [28] Business Line Data and Key Metrics Changes - Technology revenue for Q4 2025 was $51.9 million, while professional services revenue was $22.8 million, with the decline in professional services revenue attributed to reductions in FTE service offerings and exiting unprofitable pilot arrangements [25][26] - For the full year, technology revenue increased 7% year-over-year to $208.3 million, while professional services revenue declined 8% [27] Market Data and Key Metrics Changes - The company finished the year with 32 net new logos, ahead of the target of 30 but below the initial expectation of 40 [25] - The tech plus TAMS dollar-based retention closed the year at 93% [25] Company Strategy and Development Direction - The company is focused on long-term success, emphasizing a back-to-basics approach to deliver measurable outcomes across cost efficiency, clinical improvement, and consumer experience [10][17] - Plans include tightening leadership focus, improving operational rigor, and simplifying the commercial story to better articulate the value proposition [12][16] - The company aims to strengthen and simplify its commercial engine to drive technology ARR bookings and improve retention through predictable migrations [19][21] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is under pressure, with clients needing to manage costs while maintaining clinical quality [56] - The company is currently in an assessment mode to best position itself for shareholder value, with no immediate plans for selling the company [44][46] - The first quarter of 2026 is expected to see revenue of $68 million to $70 million and Adjusted EBITDA of $7 million to $8 million, with anticipated challenges due to migration-related revenue declines [33][35] Other Important Information - The company incurred impairment charges on goodwill and intangible assets of $110.2 million during 2025, primarily due to a decrease in market cap and forecast revisions [31] - The company is reviewing its cost structure to ensure strategic capital allocation and is focused on expanding technology bookings and margins [13][22] Q&A Session Summary Question: Does the strategic review include the possibility of selling the company? - Management is focused on positioning the company for long-term success and creating shareholder value, with no definitive answer on selling the company at this time [44][46] Question: Can you elaborate on the transition impact regarding the $52 million in data platform revenue? - The $52 million encompasses both integrated applications and data platform infrastructure, with the latter experiencing the highest pressure during the migration [50][51] Question: What insights were gained regarding bookings and demand environment in Q4? - The market is in need of better cost management and clinical quality, with significant pressure on profitability for provider clients [56] Question: How does the company plan to maintain client relationships amid data platform disintermediation? - The company aims to retain application relationships while addressing the challenges posed by data platform infrastructure changes [52][66] Question: What is the expected impact of the $12.5 million in ARR churn on 2026? - Approximately 75% of the $12.5 million is expected to impact 2026, with more details to be provided in future guidance [84][85]

Financial Data and Key Metrics Changes - For the full year of 2025, the company generated $311.1 million in revenue and $41.4 million of Adjusted EBITDA, with total revenue for Q4 2025 at $74.7 million, down from $79.6 million in the prior year period [15][16] - Adjusted gross margin for Q4 2025 was 53.5%, compared to 46.6% in the prior year period, while for the full year, it was 51.1% [17] - Adjusted operating expenses for Q4 2025 were $26.2 million, representing 35% of revenue, down from 37% in Q4 2024 [17][18] - The company incurred impairment charges on goodwill and intangible assets of $110.2 million during 2025, leading to a GAAP net loss of $178 million, up from a loss of $69.5 million in 2024 [18][19] Business Line Data and Key Metrics Changes - Technology revenue for Q4 2025 was $51.9 million, while professional services revenue was $22.8 million, with the decline in professional services attributed to reduced FTE service offerings [16] - For the full year, technology revenue increased by 7% year-over-year to $208.3 million, while professional services revenue declined by 8% [16] Market Data and Key Metrics Changes - The company finished the year with 32 net new logos, ahead of the target of 30 but below the initial expectation of 40 [15] - The dollar-based retention rate for technology plus TAMS closed the year at 93% [15] Company Strategy and Development Direction - The company is focused on tightening leadership and execution discipline, with plans to strengthen operational rigor and clarify market positioning [6][7] - A renewed focus on simplifying the commercial engine to drive technology ARR bookings and improve retention through predictable migrations is emphasized [11][12] - The company aims to leverage its intellectual property and expertise in AI to solve pressing healthcare problems [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging market conditions for clients, emphasizing the need for better cost management and clinical quality [43][46] - The company is currently in an assessment mode regarding its strategic positioning and potential opportunities for shareholder value [28][31] - Guidance for Q1 2026 revenue is expected to be between $68 million and $70 million, with Adjusted EBITDA of $7 million to $8 million [20] Other Important Information - The company is reviewing its cost structure to ensure strategic capital allocation and is focused on expanding technology bookings and margins [8][12] - The company is not yet in a position to provide full-year guidance for 2026 but plans to offer more clarity in the next earnings call [14][64] Q&A Session Summary Question: Does the strategic review include the possibility of selling the company? - Management is focused on positioning the company for long-term success and creating shareholder value, but no definitive answer was provided regarding a sale [27][28][31] Question: Can you elaborate on the transition impact and the $52 million in data platform revenue at risk? - The $52 million encompasses both integrated applications and data platform infrastructure, with the latter facing the highest pressure during the migration [34][35] Question: What insights were gained regarding bookings and demand in Q4? - The market is under pressure to manage costs and improve clinical quality, which is reflected in the demand for the company's solutions [41][43] Question: How does the company plan to maintain margins amid revenue pressure? - There is expected pressure on gross margins due to migration costs, but these are anticipated to be removed post-migration [61][63] Question: Can you break down the $12.5 million in ARR churn and its impact on 2026? - Approximately 75% of the $12.5 million is expected to impact 2026, with more details to be provided in the upcoming guidance [68][70]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $76.3 million, flat year-over-year, exceeding guidance [7][15] - Adjusted EBITDA for Q3 2025 was $12 million, up 64% compared to Q3 2024, exceeding guidance of approximately $10.5 million [17] - Adjusted gross margin increased to 53%, up approximately 510 basis points year-over-year [16] Business Line Data and Key Metrics Changes - Technology segment revenue was $52.1 million, representing a 7% year-over-year growth driven by recurring revenue from new and acquired clients [7][15] - Professional services revenue for Q3 2025 was $24.3 million, a 12% decline compared to Q3 2024, primarily due to exiting less profitable contracts [15][16] - Adjusted technology gross margin was 68%, an increase of approximately 330 basis points year-over-year [16] Market Data and Key Metrics Changes - The company anticipates approximately 30 net new platform client additions for 2025, with dollar-based retention expected to be in the low 90% [8][14] - The market remains dynamic, with ongoing financial and workforce pressures impacting client operations [10][14] Company Strategy and Development Direction - The company is focused on solutions with proven ROI, aiming to maintain a strong pipeline while managing costs and making targeted investments [8][14] - Recent leadership appointments aim to support long-term vision and improve performance, reflecting a commitment to building an agile organization [10] - The company plans to balance growth, revenue mix, and free cash flow progression while prioritizing existing capabilities and recently acquired assets [15][21] Management's Comments on Operating Environment and Future Outlook - Management expects revenue performance in 2026 to be a few points lower than in 2025, driven by dollar-based retention pressures and lower net new client counts [14] - The company is optimistic about improving adjusted EBITDA in 2026, reflecting ongoing strategic focus and cost management [14][21] - Management emphasizes the importance of meeting clients where they are, providing flexibility in migration timelines to enhance client experience and retention [12][28] Other Important Information - The company is committed to realizing a strong return on acquisition investments and does not anticipate pursuing additional acquisitions in the near to medium term [15] - The company is making progress on Ignite migration initiatives, with approximately two-thirds of DOS clients expected to migrate by the end of 2025 [11][12] Q&A Session Summary Question: What is driving the longer timeline for Ignite migration? - Management noted that clients desire to stay on DOS longer due to its current value, and flexibility is being provided to meet client needs [26][27] Question: How does the sequential decline in tech revenue relate to dollar-based retention? - Management explained that the decline is influenced by DOS to Ignite headwinds and growth in the apps layer, with a mix of factors affecting revenue [32][33] Question: What is the value of one-time revenues and the outlook for positive revenue growth? - Management indicated that one-time revenues are becoming more common in professional services, and the pipeline remains robust, with expectations for growth in mid-2026 [37][38] Question: How are competing priorities affecting client decisions? - Management acknowledged that clients are focused on data quality and may prefer to leverage existing capabilities before migrating to Ignite [52][53] Question: What are the growth rates for Ignite versus DOS customers? - Management highlighted a shift in approach to provide flexibility for clients on DOS, allowing for growth opportunities in the apps layer [64][66]

Financial Data and Key Metrics Changes - The company reported Q2 2025 revenue of $80.7 million, representing a 6% year-over-year increase and exceeding guidance [31] - Adjusted EBITDA for Q2 2025 was $9.3 million, the highest in the company's history, and also above guidance [34] - The company revised its full-year 2025 revenue guidance to $310 million due to significant impacts from Medicaid and research funding cuts [6][7] - Adjusted gross margin for Q2 2025 was 50%, a decrease of approximately 30 basis points year-over-year [32] Business Line Data and Key Metrics Changes - Technology segment revenue for Q2 2025 was $52.9 million, reflecting an 11% year-over-year growth driven by recurring revenue from new and acquired clients [32] - Professional services revenue for Q2 2025 was $27.8 million, a 1% decline compared to Q2 2024 [32] - Adjusted technology gross margin was 66%, down approximately 140 basis points year-over-year, while adjusted professional services gross margin was 18%, down approximately 190 basis points year-over-year [32][34] Market Data and Key Metrics Changes - The company anticipates that the impacts of Medicaid and research funding cuts will be a headwind not only in 2025 but likely over the next few years [13] - The company has seen delays in signing new platform client contracts due to macroeconomic uncertainty and funding cuts [9][12] Company Strategy and Development Direction - The company is focused on improving profitability and has removed its previously shared 2028 revenue target of $500 million, emphasizing near-term profitability improvements [14] - The strategic focus is on expanding applications revenue, which has been growing at over 20% year-over-year, and leveraging the Ignite platform for cross-selling opportunities [16][17] - The company plans to complete the migration of platform clients to Ignite by mid-2026, which is expected to alleviate some revenue headwinds [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy despite current macroeconomic challenges, including inflation and funding cuts [6][14] - The company expects to maintain adjusted EBITDA guidance of $41 million for 2025, despite the revenue reduction [21] - Management acknowledged the need for clients to adjust to new funding realities, which may take time [52] Other Important Information - The company announced a restructuring plan that will impact approximately 9% of its workforce, aimed at improving profitability by over $40 million annually [20] - A new director, Justin Spencer, will join the board effective September 1, bringing relevant experience from the healthcare technology sector [29] - The CEO announced plans to retire effective June 30, 2026, after 15 years in the role [30] Q&A Session Summary Question: How is the Life Science business performing and what level of investment is needed for growth? - Management noted delays in late-stage opportunities in the CareVive business due to research funding cuts but remains confident in the differentiated offering [41][42] Question: Can you explain the market reaction to the recent Medicaid cuts? - Management highlighted a conservative approach among not-for-profit clients, which has led to delays in project initiation as they adjust to funding cuts [50][51] Question: What is the expected EBITDA for 2026? - Management indicated a run rate of approximately $60 million of adjusted EBITDA going into 2026, with potential for additional operating leverage [52][54] Question: What is the contribution of app layer client wins versus external client wins for new platform clients? - Approximately two-thirds of new platform clients have come from existing clients, reflecting strong cross-sell momentum [58][59] Question: How should investors think about growth rates for 2026 and beyond? - Management suggested that growth may be in the low single digits for 2026 due to ongoing macro headwinds, but expects a return to growth as the Ignite migration is completed [66][71]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $79.4 million, representing a 6% year-over-year increase [26] - Adjusted EBITDA for Q1 2025 was $6.3 million, exceeding guidance [26] - Technology revenue for Q1 2025 was $51.5 million, reflecting a 10% year-over-year growth [27] - Professional services revenue for Q1 2025 was $27.9 million, a 1% increase compared to Q1 2024 [27] - Total adjusted gross margin was 49%, a decrease of approximately 210 basis points year-over-year [27] - Adjusted technology gross margin was 67%, a decrease of approximately 120 basis points year-over-year [27] - Adjusted professional services gross margin was 16%, a decrease of approximately 630 basis points year-over-year [27] Business Line Data and Key Metrics Changes - The technology segment showed strong performance with a 10% revenue growth year-over-year [27] - Professional services revenue growth was modest at 1% year-over-year [27] - The shift to the Ignite platform is expected to enhance profitability, with Ignite clients showing an 80/20 revenue mix favoring technology over services [52] Market Data and Key Metrics Changes - The company added 10 net new platform clients in Q1 2025, with two-thirds coming from existing app clients [6] - The average total ARR and non-recurring revenue per net new platform client was around the midpoint of $300,000 to $700,000 [6][23] - The company anticipates achieving approximately 40 net new platform clients for the full year 2025 [23] Company Strategy and Development Direction - The strategic shift to the Ignite platform is aimed at providing a more flexible, modular, and cost-effective solution compared to the legacy DOS model [8] - Ignite's lower entry price point is expected to accelerate sales cycles and enhance cross-selling opportunities [8] - The company is focusing on organic growth and capital allocation, with a recent $5 million share repurchase [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of Ignite in the face of macroeconomic challenges, including potential funding cuts [20] - The company expects to complete the majority of Ignite migrations by mid-2026, with two-thirds expected by the end of 2025 [11] - Management noted that the operating margins remain strong and stable, despite some uncertainties in the market [19] Other Important Information - The company ended Q1 2025 with $342 million in cash and short-term investments [30] - The face value of the term loan is $162 million, and the convertible notes were paid off in full on April 14, 2025 [30] - The company expects total revenue of approximately $80.5 million and adjusted EBITDA of approximately $8 million for Q2 2025 [31] Q&A Session Summary Question: Can you provide more color on the decision-making process with the modular strategy versus DOS? - The modularity and lower price point of Ignite allow for quicker decision-making and shorter sales cycles, making it easier to provide tangible value to clients [38][39] Question: Should we expect a different cadence in customer additions? - There may be a smoothing of customer additions throughout the year due to the flexibility of the offering, rather than being strictly aligned with budget seasons [44] Question: What is driving the higher weighting of tech versus services in Ignite? - The lower price point and specific use cases associated with Ignite lead to a higher technology-driven solution, requiring less service delivery compared to DOS [49][52] Question: How is the average starting ARR accounted for? - The $300,000 to $700,000 average applies to new net platform clients, with existing clients migrating to Ignite potentially reflecting a headwind in dollar-based retention metrics [57][59] Question: What is the expected timing for tech margins to improve? - An uplift in tech adjusted gross profit margins is expected in the second half of the year as the migration process progresses [80][81]

Financial Data and Key Metrics Changes - Total revenue for full year 2024 was $307 million, representing a 4% year-over-year growth, while adjusted EBITDA was $26 million, reflecting a 137% increase year-over-year [17][56] - For Q4 2024, total revenue was $80 million, a 6% increase year-over-year, and adjusted EBITDA was $8 million, above the midpoint of guidance [56][61] - Technology revenue for full year 2024 was $195 million, with Q4 2024 revenue at $52 million, marking a 10% growth year-over-year for the quarter [17][56] Business Line Data and Key Metrics Changes - Technology segment revenue for full year 2024 grew by 4% year-over-year, while professional services revenue was $112 million, representing a 3% increase year-over-year [56][58] - Adjusted gross margin for the Technology segment in Q4 2024 was 65%, a decrease of approximately 200 basis points year-over-year, primarily due to initial deployment costs [58][59] - Professional services segment adjusted gross margin for Q4 2024 was 13%, an increase of approximately 170 basis points year-over-year [59] Market Data and Key Metrics Changes - Health system operating margins are stabilizing and approaching pre-pandemic levels, which is expected to positively impact client adoption of the company's applications [33] - The company anticipates approximately 40 net new platform client additions in 2025, with an average range of $300,000 to $700,000 ARR plus nonrecurring revenue [35][39] Company Strategy and Development Direction - The company is focusing on profitable growth, with an emphasis on technology revenue, which is expected to grow approximately 13% year-over-year in 2025 [69] - The company plans to exit unprofitable ambulatory operations TEMS pilots by mid-2025 to prioritize profitable growth [37][69] - The modular and flexible Ignite platform is expected to drive cross-selling opportunities and improve client retention [78][121] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the operating environment, noting improvements in health system operating margins and the potential for increased client adoption of applications [33][78] - The company expects to see improvements in bookings metrics compared to 2024, driven by the strengthening end market and continued momentum from Ignite [34][39] - Management anticipates that dollar-based retention rate will be approximately 103% under the updated definition for 2025 [36][88] Other Important Information - The company ended Q4 2024 with $392 million in cash and cash equivalents, compared to $387 million in Q3 2024 [63] - The company has made several leadership updates, including the appointment of Dr. Jill Hoggard Green to the Board of Directors [47][50] Q&A Session Summary Question: What is driving the acceleration in platform bookings in 2025? - Management highlighted improvements in the end market, the modularity and lower price point of Ignite compared to DOS, and the ability to cross-sell to existing app clients as key factors driving the expected increase in platform bookings [76][78] Question: Can you discuss the differences in the new Ignite platform versus DOS regarding annual escalators? - Management noted that Ignite contracts typically have more modest annual escalators in the low to mid-single-digit range, making them easier for clients to digest [82][84] Question: How do you control the pace of migrations to Ignite? - Management is working closely with clients to manage the migration pace responsibly, aiming to complete the majority of migrations by mid-2026 [90][92] Question: What is the visibility into growth in technology revenue after Q1? - Management indicated good visibility into technology revenue growth, estimating approximately 10% year-over-year growth for Q1 2025 [130]

Financial Data and Key Metrics Changes - Total revenue for full year 2024 was $307 million, representing a 4% year-over-year growth [7][33] - Adjusted EBITDA for full year 2024 was $26 million, a significant increase from $11 million in 2023, reflecting a 137% year-over-year growth [7][37] - Adjusted gross margin for full year 2024 was 49%, an increase of approximately 10 basis points year-over-year [36] Business Line Data and Key Metrics Changes - Technology segment revenue for full year 2024 was $195 million, with a 4% year-over-year growth [33] - Professional services revenue for full year 2024 was $112 million, representing a 3% year-over-year growth [34] - Adjusted technology gross margin for Q4 2024 was 65%, a decrease of approximately 200 basis points year-over-year due to initial deployment costs [35] Market Data and Key Metrics Changes - The company reported a dollar-based retention rate of 100% under the legacy definition for 2024, and 102% under the new definition focusing on technology and TEMs segments [15][19] - The company has over 1,000 total clients, combining platform and app clients, indicating a strong client base for future growth [12][13] Company Strategy and Development Direction - The company is focusing on cross-selling Ignite-enabled offerings to existing app clients, which is expected to drive future growth [12][19] - The company plans to exit unprofitable ambulatory TEMS pilots, representing approximately $9 million of annual professional services revenue, to prioritize profitable growth [21] - The company anticipates technology revenue to grow approximately 13% year-over-year in 2025, driven by the momentum of Ignite sales [42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, noting that health system operating margins are stabilizing and approaching pre-pandemic levels [18] - The company expects to add approximately 40 net new platform clients in 2025, with a focus on converting existing app clients [19][20] - Management highlighted the importance of the Ignite platform in driving future growth and improving client retention [24][80] Other Important Information - The company ended Q4 2024 with $392 million in cash and short-term investments, up from $387 million in Q3 2024 [38] - The company raised its expected adjusted EBITDA for 2025 by $2 million to approximately $41 million, reflecting better-than-expected integration progress from recent acquisitions [22] Q&A Session Summary Question: What is driving the acceleration in platform bookings in 2025? - Management noted improvements in the end market and the modular, flexible nature of the Ignite platform as key drivers for increased bookings [48][49] Question: Can you discuss the differences in the new Ignite platform versus DOS regarding annual escalators? - Management indicated that Ignite contracts typically have more modest annual escalators in the low to mid single-digit range compared to larger escalators with DOS [53] Question: How is the company managing the pace of migrations to Ignite? - Management is working closely with clients to manage migration pace responsibly, aiming to complete the majority of migrations by mid-2026 [60] Question: What is the visibility into growth in technology revenue after Q1? - Management expressed confidence in visibility for technology revenue growth, estimating approximately 10% year-over-year growth for Q1 [85]