CareCloud Inc (CCLD) 2024 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the CareCloud second quarter 2024 results conference call.

女士們、先生們，歡迎參加 CareCloud 2024 年第二季業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I will now turn the call over to Kristen.

我現在將把電話轉給克里斯汀。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning, everyone.

大家早安。

Welcome to CareCloud's Second Quarter 2024 Conference Call.

歡迎參加 CareCloud 2024 年第二季電話會議。

On today's call are Mahmud Haq, our Founder and Executive Chairman; Hadi Chaudhry, our Chief Executive Officer and Director; Stephen Snyder, our President; and Norman Roth, our Interim Chief Financial Officer and Controller.

參加今天電話會議的有我們的創辦人兼執行主席 Mahmud Haq； Hadi Chaudhry，我們的執行長兼董事；史蒂芬‧史奈德，我們的總裁；以及我們的臨時財務長兼財務總監諾曼羅斯 (Norman Roth)。

Before we begin, I would like to remind you that certain statements made during this conference call are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

在我們開始之前，我想提醒您，本次電話會議期間所做的某些陳述屬於1933 年《證券法》（修訂版）第27A 條和1934 年《證券交易法》第21E 條含義內的前瞻性陳述。

All statements other than statements of historical fact made during this conference are forward-looking statements, including, without limitation, statements regarding our expectations and guidance for future financial and operational performance, expected growth, business outlook and potential organic growth and acquisitions.

本次會議期間除歷史事實陳述外的所有陳述均為前瞻性陳述，包括但不限於有關我們對未來財務和營運業績的預期和指導、預期增長、業務前景以及潛在有機增長和收購的陳述。

Forward-looking statements may sometimes be identified with words such as will, may, expect, plan, anticipate, upcoming, believe, estimate or similar terminology and the negative of these terms.

前瞻性陳述有時可以用諸如將、可能、期望、計劃、預期、即將到來、相信、估計或類似術語以及這些術語的否定詞來識別。

Forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risks and uncertainties, many of which are beyond our control, which would cause actual results to differ materially from those contemplated in these forward-looking statements.

前瞻性陳述不是對未來績效的承諾或保證，並受到各種風險和不確定性的影響，其中許多風險和不確定性超出了我們的控制範圍，這將導致實際結果與這些前瞻性陳述中預期的結果存在重大差異。

These statements reflect our opinions only as to the date of this presentation, and we undertake no obligation to revise these forward-looking statements in light of new information or future events.

這些陳述僅反映我們截至本簡報發布之日的意見，我們不承擔根據新資訊或未來事件修改這些前瞻性陳述的義務。

Please refer to our press release and our reports filed with the Securities and Exchange Commission, where you will find a more comprehensive discussion of our performance and factors that could cause actual results to differ materially from these forward-looking statements.

請參閱我們的新聞稿和向美國證券交易委員會提交的報告，您可以在其中找到對我們的業績以及可能導致實際結果與這些前瞻性陳述存在重大差異的因素的更全面的討論。

For anyone who dialed into the call by telephone, you may wish to download our second quarter 2024 earnings presentation.

對於透過電話撥打電話的任何人，您可能想要下載我們的 2024 年第二季收益簡報。

Please visit our Investor Relations site, ir.carecloud.com, click on News and Events, then click IR Calendar, click on Second Quarter 2024 Results Conference Call and download the earnings presentation.

請造訪我們的投資者關係網站 ir.carecloud.com，點擊新聞和活動，然後點擊 IR 日曆，點擊 2024 年第二季業績電話會議並下載收益簡報。

Finally, on today's call, we may refer to certain non-GAAP financial measures.

最後，在今天的電話會議上，我們可能會提到某些非公認會計準則財務指標。

Please refer to today's press release announcing our second quarter 2024 results for a reconciliation of these non-GAAP performances measures to our GAAP financial results.

請參閱今天發布的 2024 年第二季業績新聞稿，以了解這些非 GAAP 業績指標與 GAAP 財務表現的對照表。

With that said, I'll now turn the call over to our CEO, Hadi Chaudhry.

話雖如此，我現在將把電話轉給我們的執行長哈迪喬杜里 (Hadi Chaudhry)。

Hadi?

哈迪？

Thank you, Kristen, and thanks to all of you for joining our second quarter 2024 earnings call.

謝謝克里斯汀，也謝謝大家參加我們的 2024 年第二季財報電話會議。

I'm very pleased to announce that we are turning the corner in our pivot towards improved profitability as our net income, free cash flow and related metrics are all moving strongly in the right direction, even with lower nonrecurring professional services revenues, enabling us to pay down $7.5 million on our credit facility to date this year.

我很高興地宣布，我們正在轉向提高盈利能力，因為我們的淨利潤、自由現金流和相關指標都在朝著正確的方向強勁發展，即使非經常性專業服務收入較低，這使我們能夠今年迄今為止，我們已支付了750 萬美元的信貸額度。

You will hear more about this from Steve and Norm, but everyone is doing a great job generating cash each month instead of using cash as we were last year.

你會從史蒂夫和諾姆那裡聽到更多關於這一點的信息，但每個人每個月都在創造現金方面做得很好，而不是像去年那樣使用現金。

Repaying our debt is a priority for us and is a key step to being able to restart the dividends on our preferred stock.

償還債務是我們的首要任務，也是能夠重新啟動優先股股利的關鍵一步。

High-level focus has been on reducing expenses and improving profitability for the first half of the year, and this will remain a focus in the second half.

上半年高層的重點是削減開支、提高獲利能力，下半年仍將是重點。

We are starting to turn some attention to growth, which I know investors have been waiting to hear about.

我們開始將注意力轉向成長，我知道投資人一直在等待聽到這個消息。

On our last earnings call, I talked about addition of new generative AI product called CareCloud cirrusAI Notes.

在我們上次的財報電話會議上，我談到了名為 CareCloud cirrusAI Notes 的新生成式 AI 產品的新增。

Today, I'm pleased to provide an update on the progress of CareCloud cirrusAI Notes, which has now been deployed at a small subset of our existing clients.

今天，我很高興提供有關 CareCloud cirrusAI Notes 進展的最新信息，該軟體現已部署在我們現有客戶的一小部分中。

Our pilot users have reported significant improvements in the efficiency and accuracy of clinical documentation.

我們的試點用戶報告說，臨床記錄的效率和準確性有了顯著提高。

The [NB&TI] technology embedded within CareCloud cirrusAI Notes has proven effective at capturing and transcribing crucial dialogue during patient interactions, producing precise clinical notes in real time.

事實證明，CareCloud cirrusAI Notes 中嵌入的 [NB&TI] 技術可以有效捕捉和轉錄患者互動過程中的關鍵對話，從而即時產生精確的臨床記錄。

As part of our rollout strategy, we offered a 30-day risk-free trial with these initial users, allowing them to fully explore the capabilities of CareCloud cirrusAI Notes.

作為我們推出策略的一部分，我們為這些初始使用者提供了 30 天的無風險試用，使他們能夠充分探索 CareCloud cirrusAI Notes 的功能。

The feedback has been overwhelmingly positive, with users highlighting the seamless integration with their existing workflows and the time-saving benefits of real-time transcription.

回饋非常積極，使用者強調了與現有工作流程的無縫整合以及即時轉錄的節省時間的優勢。

After the completion of the trial period, CareCloud cirrusAI Notes will be available at a competitive license fee of $199 per provider per month.

試用期結束後，CareCloud cirrusAI Notes 將以每位提供者每月 199 美元的競爭性授權費提供。

This pricing structure reflects the value that CareCloud cirrusAI Notes brings to enhancing provider efficiency and patient care.

這種定價結構反映了 CareCloud cirrusAI Notes 為提高提供者效率和病患照護帶來的價值。

We are confident that this offering will continue to gain momentum as more practices recognize the tangible benefits of integrating AI into their daily operations.

我們相信，隨著越來越多的實踐認識到將人工智慧整合到日常營運中的實際好處，該產品將繼續獲得動力。

We have started to recognize revenues from this product in quarter 3 of 2024.

我們已於 2024 年第三季開始確認該產品的收入。

Even though it's a very small number at the moment, we anticipate significant growth as adoption increases and more practices begin to see the value it brings to the operation.

儘管目前這個數字非常小，但我們預計隨著採用率的增加以及更多實踐開始看到它為營運帶來的價值，將會顯著成長。

One of our early adopters with 7 medical providers commented, "I'm used to using dictation devices, but we are a very basic clinic.

一位擁有 7 家醫療服務提供者的早期採用者評論道：「我習慣使用聽寫設備，但我們是一家非常基本的診所。

So I was trying to look for any way to make our workload easier.

所以我試著尋找任何方法來減輕我們的工作量。

I found that CareCloud AI tools are very efficient when it comes to dictation.

我發現 CareCloud AI 工具在聽寫方面非常有效率。

Instead of me trying to figure out where information should go in the chart, as I'm talking to the patient, this software automatically puts everything where it needs to be, and it's been amazing.

當我與患者交談時，我不需要試圖弄清楚資訊應該放在圖表中的哪個位置，而這個軟體會自動將所有內容放在需要的位置，這真是太神奇了。

It will add suggested codes based on the encounter.

它將根據遇到的情況添加建議的程式碼。

I'm still learning the nuances of this program.

我仍在學習這個程式的細微差別。

But so far, I'm enjoying it.

但到目前為止，我很享受。

We are saving a lot of time on the back end."

我們在後端節省了大量時間。

In conclusion, we remain committed to advancing health care technology through innovative AI solutions like CareCloud cirrusAI Notes.

總之，我們仍然致力於透過 CareCloud cirrusAI Notes 等創新人工智慧解決方案來推進醫療保健技術。

As we expand CareCloud cirrusAI Notes to a broader audience, we anticipate continued growth and adoption, driving value for both our clients and shareholders.

隨著我們將 CareCloud cirrusAI Notes 擴展到更廣泛的受眾，我們預計將持續成長和採用，為我們的客戶和股東帶來價值。

Now let's turn over attention to our revenue growth.

現在讓我們把注意力轉向我們的收入成長。

In this quarter, we have continued to capitalize on our diversified client base, which spans multiple market segments, including hospitals and medical practices of all sizes.

在本季度，我們繼續利用多元化的客戶群，涵蓋多個細分市場，包括各種規模的醫院和醫療機構。

This diversity not only stabilizes our revenue streams, but also unlock significant upsell and cross-sell opportunities.

這種多樣性不僅穩定了我們的收入來源，而且還釋放了大量的追加銷售和交叉銷售機會。

With our proprietary comprehensive suite of integrated products and services, we are uniquely positioned to offer tailored solutions that meet the evolving needs of our clients.

憑藉我們專有的綜合產品和服務套件，我們具有獨特的優勢，能夠提供量身定制的解決方案，以滿足客戶不斷變化的需求。

This strategic approach allows us to deepen relationships, enhance client retention and expand our footprint within each segment, driving both top line growth and long-term value for our stakeholders.

這種策略方法使我們能夠加深關係，提高客戶保留率並擴大我們在每個細分市場的足跡，從而推動收入成長和利害關係人的長期價值。

Year-to-date earnings from cross-sell and upsell initiatives have doubled compared to the same period last year.

年初至今，交叉銷售和追加銷售措施帶來的收入與去年同期相比翻了一番。

We expect recognized revenue from these bookings to be approximately 50% higher in 2024 than last year.

我們預計 2024 年這些預訂的確認收入將比去年增加約 50%。

In Q2, our CareCloud Wellness program, including chronic care management and remote patient monitoring, saw a remarkable 154% year-over-year revenue increase, exceeding $1 million in recognized revenue for the first time in a quarter.

第二季度，我們的 CareCloud Wellness 計劃（包括慢性護理管理和遠端患者監控）的收入年增 154%，季度內首次超過 100 萬美元的確認收入。

Most of this revenue is derived from upselling within our existing client base.

大部分收入來自我們現有客戶群的追加銷售。

We see tremendous opportunity in this solution and are committed to further expanding this revenue stream.

我們在此解決方案中看到了巨大的機遇，並致力於進一步擴大此收入來源。

It has taken a long time for patients who recognize the value that our health care providers recognize immediately.

患者花了很長時間才認識到我們的醫療保健提供者立即認識到的價值。

And we think use of this program will improve patient health and simultaneously control health care costs by identifying issues earlier before they get more serious.

我們認為，使用該計劃將在問題變得更加嚴重之前儘早發現問題，從而改善患者健康，同時控制醫療保健成本。

This year marks a pivotal transition for us, during which we have already reached significant milestones in fortifying our financial position and establishing a strong foundation for the future.

今年對我們來說是一個關鍵的轉變，在此期間，我們在鞏固財務狀況和為未來奠定堅實基礎方面已經達到了重要的里程碑。

Our primary focus remains on growing over positive free cash flow, which is crucial, not only covering operating expenses, but also for paying down our credit line and eventually resuming preferred dividends.

我們的主要重點仍然是實現正自由現金流的成長，這至關重要，不僅可以覆蓋營運費用，還可以償還我們的信貸額度並最終恢復優先股股息。

We have made considerable progress towards these goals and are fully committed to maintaining this positive trajectory.

我們已經在實現這些目標方面取得了長足進展，並完全致力於保持這一積極的軌跡。

As we look ahead to 2025, our focus will shift back towards driving growth.

展望 2025 年，我們的重點將重新轉向推動成長。

Our goal is to deliver consistent year-over-year revenue increases, while enhancing profitability.

我們的目標是實現持續的年收入成長，同時提高獲利能力。

We are confident that this growth will be fueled by multiple channels, including new sales, cross-sell and upsell opportunities, the continued innovation of our fully integrated AI solutions and the expansion of our CareCloud Wellness program.

我們相信，這種成長將由多種管道推動，包括新的銷售、交叉銷售和追加銷售機會、我們完全整合的人工智慧解決方案的持續創新以及我們 CareCloud Wellness 計劃的擴展。

Additionally, we plan to leverage our strategic partnerships, enabling our industry players to utilize our white-label technology solutions and our highly skilled global workforce.

此外，我們計劃利用我們的策略合作夥伴關係，使我們的行業參與者能夠利用我們的白標技術解決方案和我們高技能的全球勞動力。

Finally, we aim to capitalize on our extensive high-quality health care data set to support life sciences companies, health care providers and payers.

最後，我們的目標是利用我們廣泛的高品質醫療保健資料集來支援生命科學公司、醫療保健提供者和付款人。

We will share more details on our growth strategy during our next earnings call.

我們將在下次財報電話會議上分享更多有關我們成長策略的細節。

I will now turn the floor over to Steve.

我現在將發言權交給史蒂夫。

Steve?

史蒂夫？

Good morning, and thank you, everyone, for joining us on today's call.

早安，謝謝大家參加今天的電話會議。

As a team, we are making great progress at accomplishing our objective of transforming our cost structure.

作為一個團隊，我們在實現成本結構轉型的目標方面取得了巨大進展。

With this transformation, we are achieving our goal of increasing our free cash flow, which will enable us this year to eliminate the entire balance on our credit line, which was $10 million at the start of the year, and move us closer to resuming dividends.

透過這項轉型，我們正在實現增加自由現金流的目標，這將使我們今年能夠消除信貸額度的全部餘額（年初為 1000 萬美元），並使我們更接近恢復股息。

Our revised cost structure will position us to further expand margins as we've been heavily into revenue growth during 2025 and beyond.

我們修訂後的成本結構將使我們能夠進一步擴大利潤率，因為我們在 2025 年及以後大力推動營收成長。

Over the last 3 quarters, we have identified more than $26 million in annualized cost savings.

在過去 3 個季度中，我們發現年化成本節省超過 2,600 萬美元。

Of this $26 million in savings, we expect to realize a reduction to our 2024 in-year expenses of approximately $20 million.

在這 2,600 萬美元的節省中，我們預計 2024 年的年內支出將減少約 2,000 萬美元。

We are achieving these savings through a 3-pronged strategy.

我們透過三管齊下的策略來實現這些節約。

First, we are strategically deploying our proprietary technology, enabling us to reduce costs, while accomplishing day-to-day tasks in a more systematic, effective and repeatable manner; second, we have continued to reduce our reliance on third-party contractors, leveraging our in-house expertise at a small fraction of the cost of the prior third-party contractor costs, while also increasing our control and reducing the natural risks that come with relying on third parties to handle critical business functions; and third, we have leaned further into our core strength of our global business model, strategically leveraging our most effective and cost-efficient resource for each discrete process, thereby enabling us to both increase our overall bandwidth, while simultaneously reducing the associated costs.

首先，我們正在策略性地部署我們的專有技術，使我們能夠降低成本，同時以更有系統、有效和可重複的方式完成日常任務；其次，我們持續減少對第三方承包商的依賴，利用我們的內部專業知識，而成本僅為先前第三方承包商成本的一小部分，同時也增強了我們的控制力，減少了隨之而來的自然風險。第三，我們進一步依靠我們全球業務模式的核心優勢，策略性地利用我們對每個離散流程最有效和最具成本效益的資源，使我們能夠增加整體頻寬，同時降低相關成本。

In summary, this cost transformation has been made possible for our use of CareCloud's proprietary technology, eliminating expensive third-party relationships and embracing the strength of our global model.

總之，我們使用 CareCloud 的專有技術、消除了昂貴的第三方關係並利用了我們全球模式的優勢，使這種成本轉變成為可能。

During the first half of 2024, we were pleased to realize significantly improved year-over-year free cash flow and a large increase in cash provided from operations.

2024年上半年，我們很高興看到自由現金流較去年同期顯著改善，營運提供的現金大幅增加。

And we turned our GAAP net income from negative to positive for the first time in two years.

我們兩年來首次將 GAAP 淨利潤從負轉為正。

Our team's decisive actions are beginning to yield fruit, and we are excited to see that our financial transformation is well underway.

我們團隊的果斷行動已開始取得成果，我們很高興看到我們的財務轉型正在順利進行中。

On a separate front, as we have communicated before, we distributed a special proxy to all Series A preferred shareholders recommending their approval of certain important changes to the terms of our Series A preferred stock.

另一方面，正如我們之前所傳達的，我們向所有 A 輪優先股股東分發了一份特別委託書，建議他們批准對我們 A 輪優先股條款的某些重要變更。

If approved, holders of Series A preferred stock will be placed on a more equal footing with Series B shareholders, having similar protections in the event of a change of control and equivalent dividend rights.

如果獲得批准，A系列優先股持有人將與B系列股東處於更加平等的地位，在控制權發生變化和同等股息權利時享有類似的保護。

Further, the company would have the right to exchange common stock for Series A preferred shares, as more fully described in the proxy materials that we filed with the SEC.

此外，公司有權將普通股換成 A 系列優先股，正如我們向 SEC 提交的代理資料中更詳細地描述的那樣。

The initial response of the Series A preferred shareholders has been overwhelming and unambiguous.

A 輪優先股股東的初步反應是壓倒性的、明確的。

More than 85% of proxies returned to date have been in favor of the amendments.

迄今為止，超過 85% 的投票代表支持修正案。

The support has been shared by Glass Lewis, a leading proxy vote advisory firm that analyzed our proposal and recommended that shareholders vote for the changes.

領先的代理投票諮詢公司 Glass Lewis 也提供了支持，該公司分析了我們的提案並建議股東投票支持這些變更。

While level of support has been strong, we still need the affirmative vote of at least 2/3 of all outstanding shares.

雖然支持力道很大，但我們仍然需要至少 2/3 的所有流通股投票贊成。

A challenge for even a popular proposal like this one, given a fragmented retail ownership base.

鑑於散戶所有權基礎分散，即使是像這樣受歡迎的提案也是一項挑戰。

Therefore, we encourage Series A preferred shareholders to take the time to read the proxy materials and then let their voices be heard.

因此，我們鼓勵A輪優先股股東花時間閱讀代理材料，然後讓他們的聲音被聽到。

I'll now turn the floor over to our interim CFO, Norm Roth.

現在我將把發言權交給我們的臨時財務長諾姆羅斯 (Norm Roth)。

Norm?

規範？

Thanks, Steve, and thank you all for joining our call today.

謝謝史蒂夫，也謝謝大家今天加入我們的電話會議。

I would like to start by talking about our positive GAAP net income and cash flow, which I am sure are welcome news for investors.

我想先談談我們的積極的 GAAP 淨利潤和現金流，我相信這對投資者來說是受歡迎的消息。

Second quarter of 2024 was our first quarter with positive GAAP net income since 2022.

2024 年第二季是我們自 2022 年以來第一個以 GAAP 淨利達到正值的季度。

During the 6 months ended June 30, 2024, we generated $8.3 million of cash from operations and $4.9 million of free cash flow.

截至 2024 年 6 月 30 日的 6 個月內，我們從營運中產生了 830 萬美元的現金，以及 490 萬美元的自由現金流。

We were able to use the profits and cash flows we generated to repay 75% of the balance on our Silicon Valley Bank line of credit as of today.

截至今天，我們能夠利用產生的利潤和現金流償還矽谷銀行信貸額度餘額的 75%。

As of June 30, 2024, we had repaid $5 million of the January 1 balance on our line of credit.

截至 2024 年 6 月 30 日，我們已償還 1 月 1 日信用額度餘額中的 500 萬美元。

Since June 30, we repaid an additional $2.5 million, bringing the balance from $10 million on January 1 of this year to $2.5 million today.

自6月30日起，我們又償還了250萬美元，使餘額從今年1月1日的1000萬美元增加到今天的250萬美元。

This means we have much more financial flexibility.

這意味著我們擁有更大的財務靈活性。

In the second quarter, we reported revenues of $28.1 million.

第二季度，我們報告收入為 2810 萬美元。

While down $1.3 million year-over-year, $1 million of the decline was due to medSR, which is a project-based professional services business that tends to fluctuate. medSR had softness since the second half of last year, which is continuing, but we are hopeful that we will see some growth in the second half of 2024.

雖然年減 130 萬美元，但其中 100 萬美元的下降是由於 medSR 造成的，這是一項基於專案的專業服務業務，往往會出現波動。自去年下半年以來，medSR 一直處於疲軟狀態，這種情況仍在持續，但我們希望在 2024 年下半年看到一些成長。

However, CareCloud Wellness generated over $1 million in revenue for the first time this quarter and is up by $1.1 million for the first six months this year compared to 2023.

然而，CareCloud Wellness 本季的收入首次超過 100 萬美元，並且今年前 6 個月的收入比 2023 年增長了 110 萬美元。

Our direct operating costs continued to decline, and they are down by nearly $2.2 million from Q2 2023.

我們的直接營運成本持續下降，較 2023 年第二季下降了近 220 萬美元。

Our operating expenses, including G&A, R&D and sales and marketing expenses, decreased by $2.9 million.

我們的營運費用，包括一般管理費用、研發費用以及銷售和行銷費用，減少了 290 萬美元。

On an annual run rate basis, these operating expenses are already down over $20 million since Q1 2023.

以年運行率計算，自 2023 年第一季以來，這些營運費用已減少超過 2,000 萬美元。

In the second quarter, we reported positive GAAP operating income of $2.3 million and GAAP net income of $1.7 million, both the highest amount since Q2 2022.

第二季度，我們報告的 GAAP 營業收入為 230 萬美元，GAAP 淨利為 170 萬美元，均為 2022 年第二季以來的最高金額。

This compares to a GAAP operating loss of $1.3 million and a GAAP net loss of $1.8 million during Q2 2023.

相比之下，2023 年第二季 GAAP 營運虧損為 130 萬美元，GAAP 淨虧損為 180 萬美元。

The GAAP net loss per share was $0.14 based on the net loss attributable to common shareholders, which takes into account the preferred stock dividends earned whether or not they were declared or paid during the quarter.

基於歸屬於普通股股東的淨虧損，GAAP 每股淨虧損為 0.14 美元，其中考慮了所賺取的優先股股息，無論是否在本季度宣派或支付。

This requires a little explanation.

這需要一點解釋。

Even though by definition, GAAP net income is always shown before dividends, and only dividends, which have been declared by our Board of Directors are recorded on the balance sheet, the GAAP net loss per common share calculation reflects the dividends that accumulate monthly, whether or not these dividends were declared or paid.

儘管根據定義，GAAP 淨利潤始終顯示在股息之前，並且只有董事會宣布的股息才記錄在資產負債表上，但 GAAP 普通股淨虧損計算反映了每月累積的股息，無論是或未宣派或支付這些股息。

Non-GAAP adjusted net income for the second quarter 2024 was $3 million or $0.18 per share, calculated using the end-of-period common shares outstanding.

根據期末已發行普通股計算，2024 年第二季非 GAAP 調整後淨利為 300 萬美元，即每股 0.18 美元。

We reported adjusted EBITDA of $6.4 million in the second quarter compared to $3.8 million in the same period last year.

我們報告第二季調整後 EBITDA 為 640 萬美元，而去年同期為 380 萬美元。

This is our highest adjusted EBITDA since the second quarter of 2022.

這是我們自 2022 年第二季以來調整後的最高 EBITDA。

Revenue for the first six months of 2024 was $54.1 million compared to $59.4 million in the first six months of 2023.

2024 年前 6 個月的收入為 5,410 萬美元，而 2023 年前 6 個月的收入為 5,940 萬美元。

Of the $5.3 million decline, $3.3 million was attributable to medSR.

在 530 萬美元的下降中，330 萬美元歸因於 medSR。

For the first six months of 2024, the company's GAAP net income was $1.4 million compared to a GAAP net loss of $2.2 million in the first six months of 2023.

2024 年前 6 個月，該公司的 GAAP 淨利潤為 140 萬美元，而 2023 年前 6 個月的 GAAP 淨虧損為 220 萬美元。

This equates to a loss of $0.24 per share after subtracting the preferred stock dividends earned but not declared or paid.

這相當於扣除已賺取但未宣派或支付的優先股股息後每股虧損 0.24 美元。

Non-GAAP adjusted net income for the first half of 2024 was $3.2 million or $0.20 per share.

2024 年上半年非 GAAP 調整後淨利為 320 萬美元，即每股 0.20 美元。

Year-to-date, adjusted EBITDA was $10.1 million, an increase of $2 million from $8.1 million in the same period last year.

年初至今，調整後 EBITDA 為 1,010 萬美元，比去年同期的 810 萬美元增加了 200 萬美元。

As of June 30, 2024, the company had approximately $2.6 million of cash.

截至2024年6月30日，該公司擁有約260萬美元現金。

Net working capital was $674,000 and we had $5 million drawn on our line of credit.

淨營運資本為 674,000 美元，我們的信用額度為 500 萬美元。

As previously stated, since June 30, we repaid an additional $2.5 million on the line, bringing the balance to $2.5 million today.

如前所述，自 6 月 30 日起，我們額外償還了 250 萬美元，目前餘額達 250 萬美元。

Now that we are not dependent on our SVB line of credit, the company is considering reducing the total size of the line of credit from $25 million to $10 million.

現在我們不再依賴 SVB 信貸額度，該公司正在考慮將信貸額度總規模從 2,500 萬美元減少到 1,000 萬美元。

This would save us fees on the unused portions of the line that still provide the company with ample liquidity in the event there is a cash need.

這將為我們節省該線路未使用部分的費用，這些部分在出現現金需求時仍可為公司提供充足的流動性。

The second quarter results put us on a good footing for the year ahead.

第二季的業績為我們未來的一年奠定了良好的基礎。

We're happy to have returned to profitability and look forward to updating you later in the year.

我們很高興能夠恢復獲利，並期待在今年稍後向您通報最新情況。

With that, I'll now turn the call over to Mahmud for his closing remarks.

現在，我將把電話轉給馬哈茂德，讓他作總結發言。

Mahmud?

馬哈茂德？

Thank you, Norm.

謝謝你，諾姆。

We are very pleased with the great improvement in profitability that we have achieved.

我們對獲利能力的大幅提高感到非常高興。

Our primary focus is on creating long-term value for our shareholders.

我們的首要重點是為股東創造長期價值。

I would like to thank our employees, our customers and shareholders for their continuous support in furthering CareCloud's mission.

我要感謝我們的員工、客戶和股東為推動 CareCloud 使命而給予的持續支持。

Operator, please open the floor for questions.

接線員，請開放提問。

(Operator Instructions)

（操作員說明）

Jeffrey Cohen with Ladenburg Thalmann.

傑弗裡·科恩和拉登堡·塔爾曼。

This is Destiny on for Jeff.

這是傑夫的命運。

I just had a few quick questions.

我只是有幾個簡單的問題。

Maybe I'll start with your comments around contractors versus in-house.

也許我會從您對承包商與內部的評論開始。

And I'm wondering what percentage now of your operations is through contractors?

我想知道現在你們的營運有多少百分比是透過承包商進行的？

And what percentage is now in-house?

現在內部人員的比例是多少？

Thank you for the question.

謝謝你的提問。

And just a little clarification then I turn it over to Steve.

只要稍微澄清一下，然後我就把它交給史蒂夫。

So when we talk about contractors it was -- there were 1 or 2 very specific contractors on the IT side, which were being used by the CareCloud acquisition that we did, the CareCloud that's part of us now.

因此，當我們談論承包商時，IT 方面有 1 或 2 個非常特定的承包商，我們收購的 CareCloud 正在使用這些承包商，CareCloud 現在是我們的一部分。

So it's not at any operational, the RCM side of the thing.

所以它不屬於任何可操作的、RCM 方面的事。

There were some very specific niche areas on the technology development side for which we were using the contractors, which took us a little more time than usual to transition to our workforce.

在技​​術開發方面，我們使用承包商來處理一些非常具體的利基領域，這使我們比平常花費了更多的時間來過渡到我們的勞動力。

So in terms of the percent, I'm not sure if Steve or Norm, if you have any -- but Steve, by any chance, do you have any specific number for that contractor percent?

因此，就百分比而言，我不確定史蒂夫或諾姆是否有，但史蒂夫，無論如何，您有承包商百分比的具體數字嗎？

Not a specific number, but the overwhelming majority of the work being performed is performed by our employees.

雖然不是具體數字，但絕大多數工作都是由我們的員工完成的。

There's a really minute portion that's being performed, Destiny, by contractors.

《命運》中有一小部分是由承包商執行的。

And as Hadi said, really, the contractors that we spoke about were a variety of different subcontractors, some in India, some in Central America and South America that were helping us from an R&D perspective, and they were really a holdover from 2 prior acquisitions.

正如哈迪所說，實際上，我們談到的承包商是各種不同的分包商，有些在印度，有些在中美洲和南美洲，他們從研發角度為我們提供幫助，他們實際上是之前兩筆收購的遺留物。

So as we move forward and we analyze that particular spend, we really came to conclusion that we would be much better off long term reducing that overall expense, which candidly by moving to our in-house experts, we're able to reduce that expense by about 80%, 85% roughly and also have greater control over the work being performed.

因此，當我們繼續前進並分析特定支出時，我們確實得出結論，從長遠來看，減少總體支出會更好，坦率地說，透過轉向我們的內部專家，我們能夠減少該支出大約80%、大約85%，並且對正在執行的工作也有更大的控制權。

So really a positive all the way around.

所以這確實是一個積極的整體。

Okay.

好的。

Got it.

知道了。

Yes, that makes sense.

是的，這是有道理的。

And then I'd kind of like to move to your commentary around industry partners, especially moving into 2025.

然後我想談談您對行業合作夥伴的評論，尤其是進入 2025 年。

Is the interest largely inbound?

利息主要是流入的嗎？

Or are you also -- are there also efforts kind of outbound as well, finding potential partners that way?

或者您也在進行一些對外的努力，以這種方式尋找潛在的合作夥伴？

Great question, Destiny.

好問題，命運。

It's both.

兩者都是。

So one is we already have multiple channel partners who we work with.

一是我們已經擁有多個合作通路合作夥伴。

So they are either acting as resellers for us or, let's say, for our CareCloud Force as an example.

因此，他們要么充當我們的經銷商，要么以我們的 CareCloud Force 為例。

So there are a number of these partners who leverage our employees.

因此，有許多合作夥伴利用我們的員工。

So there is an inbound interest for expansion based on the different marketing campaigns, and then we'll be spending more -- doing some more investment towards an outreach for finding additional partners.

因此，根據不同的行銷活動，人們對擴張產生了濃厚的興趣，然後我們將投入更多資金，進行更多投資，以尋找更多合作夥伴。

Okay.

好的。

Got it.

知道了。

And then I think, historically, if I remember correctly, you've given us kind of a number on the value of your pipeline.

然後我想，從歷史上看，如果我沒記錯的話，你已經給了我們一個關於你的管道價值的數字。

Are you able to provide those numbers?

您能提供這些數字嗎？

Yes.

是的。

So I think what we have -- Destiny, what we tried to do going forward is more focused on the recognized revenue, the actual revenue that we are able to generate out of those bookings.

所以我認為我們所擁有的——《命運》，我們未來試圖做的更多是專注於已確認的收入，也就是我們能夠從這些預訂中產生的實際收入。

But if you just think about the pipeline, right now, the number is about $16 million-plus in pipeline, but this number continuously keeps evolving.

但如果你只考慮管道，目前管道中的數字約為 1600 萬美元以上，但這個數字不斷變化。

It keeps adding and removed -- and being removed.

它不斷地添加和刪除——然後又被刪除。

But over if you just zoom out and think about the possible the way from we think about growing.

但如果你把目光放遠一點，像我們思考成長一樣思考可能的方式。

And the $16-plus million does not include the cross-sell and upsell opportunities.

16 多萬美元不包括交叉銷售和追加銷售機會。

This is all from the new logos perspective.

這都是從新標誌的角度來看的。

So there's a tremendous opportunity that exists in our existing client base.

因此，我們現有的客戶群中存在著巨大的機會。

And that's what I mentioned that this year, year-to-date booking numbers is almost doubled from cross-sell/upsell compared to the same time last year.

這就是我提到的，今年迄今為止的交叉銷售/追加銷售預訂數量與去年同期相比幾乎翻了一番。

And even on the recognized revenue basis, it's 50 -- we expect this year to be, from the first half of the year of the booking, the recognized revenue to be 50% higher than the last year same time.

即使在確認收入的基礎上，它也是 50——我們預計今年，從預訂的上半年開始，確認收入將比去年同期高出 50%。

So I won't count too much on that pipeline number.

所以我不會太看重管道數量。

I think if we look at it from the revenue growth perspective, the recognized revenue perspective, that's where I would give more focus to.

我認為，如果我們從收入成長的角度、公認的收入角度來看，這就是我會更關注的地方。

Okay.

好的。

Okay.

好的。

Got it.

知道了。

And then when you talk about cirrusAI and the -- I don't want to call it like a beta launch, but the initial users.

然後，當您談論 cirrusAI 和 - 我不想將其稱為測試版發布，而是將其稱為初始用戶。

What is the size -- what are the size of those users?

規模有多大──這些用戶的規模有多大？

And based on your learnings and early adopter feedback, what would be some of the areas you would deploy AI next?

根據您的經驗和早期採用者的回饋，您下一步將部署人工智慧的領域是什麼？

Sure.

當然。

And so we have -- as I mentioned, we pushed it to a couple hundred, I would say, the existing users, and they are -- the initial interest for -- it's couple dozen at the moment who have signed up for our -- the 30 days risk-free trial.

所以我們——正如我所提到的，我們把它推到了幾百個，我想說，現有用戶，他們是——最初的興趣——目前有幾十個已經註冊了我們的—— - 30天無風險試用。

And we still have to do some work in terms of convincing the clients for the real value of the AI and the adoption.

我們仍然需要做一些工作來說服客戶相信人工智慧的真正價值和採用。

So we launched 2 products from the front-end perspective.

所以我們從前端角度推出了2個產品。

One was that cirrusAI Guide, which basically recommends the procedure and the diagnosis and this other product was cirrusAI Notes, which basically listens to the dialogue between patients and doctor and converts that into a chart.

一個是 cirrusAI Guide，它主要建議手術和診斷，另一個產品是 cirrusAI Notes，它主要聆聽患者和醫生之間的對話並將其轉換為圖表。

So what -- the next product that we are working on next is, and that's also actually, we just recently rolled out to at least one of the providers, which is going to provide the best of the both worlds.

那麼，我們接下來正在開發的下一個產品是，實際上，我們最近剛剛向至少一個提供者推出，它將提供兩全其美的服務。

So that's similar to cirrusAI Notes, it will listen to the conversation, and that conversation then gets converted into the recommended cohort.

這與 cirrusAI Notes 類似，它會監聽對話，然後對話將轉換為建議的群組。

So we just tried to merge the 2 applications together to provide the true value.

因此，我們只是嘗試將這兩個應用程式合併在一起以提供真正的價值。

So if you think about it, a patient, doctor talking to each other, it extract the information and then based on the prior social history and the historical care plans, also, at the same time, recommends and converts their dialogue in not only just the chart, but the suggested diagnosis and procedure codes.

所以如果你想一想，一個病人、醫生互相交談，它會提取信息，然後根據之前的社會歷史和歷史護理計劃，同時推薦和轉換他們的對話，不僅僅是圖表，但建議的診斷和程序代碼。

So that's the next step we already have started to roll out is just our first provider who have started to use it on the test basis.

因此，這就是我們已經開始推出的下一步，我們的第一個提供者已經開始在測試的基礎上使用它。

The same user base who will sign up for our CareCloud Notes, that will be our first set of clients who will be updated to this new version.

註冊我們的 CareCloud Notes 的用戶群將是我們第一批更新到這個新版本的客戶。

Okay.

好的。

All right.

好的。

Got it.

知道了。

And then one last one, I promise.

然後是最後一個，我保證。

How does M&A kind of fit into your growth strategy in 2025?

併購如何適應您 2025 年的成長策略？

It sounds like most of the growth is going to be organic.

聽起來大部分的成長將是有機。

But is there any part of that strategy that is dedicated to M&A?

但該戰略中有專門用於併購的部分嗎？

Good question, Destiny.

好問題，命運。

As we think about growth as we pivot into full growth mode in 2025, we think the majority of that overall growth will come from expanding the existing wallet share of our existing customers and then through partnerships, which you mentioned before.

當我們考慮到 2025 年轉向全面成長模式時的成長時，我們認為整體成長的大部分將來自擴大現有客戶的現有錢包份額，然後透過您之前提到的合作夥伴關係。

So we have, today, about 25 partnerships, reseller relationships, primarily with medical billing companies, but we have the opportunity to be able to sell into those existing relationships, things like Force, which helps them augment their [workforce] and other solutions like CCM and the like.

因此，今天我們擁有大約25 個合作夥伴關係、經銷商關係，主要是與醫療計費公司，但我們有機會能夠向這些現有關係進行銷售，例如Force，這有助於他們增強[勞動力]和其他解決方案，例如CCM 等。

So in terms of being able to take those partnerships and expand those existing partnerships and also to develop other partnerships with other billing companies primarily.

因此，就能夠採取這些合作夥伴關係並擴大現有的合作夥伴關係以及主要與其他計費公司發展其他合作夥伴關係而言。

There are 1,500, roughly, billing companies in the U.S. So we think there's a significant opportunity to be able to partner with them, to enable them to be a reseller of our software and then also to be able to empower them with our force augmentation so that they can grow in their space and become increasingly profitable.

美國大約有 1,500 家計費公司。自己的領域發展並變得越來越有利可圖。

To your question though, in particular with regard to acquisitions, we really do see kind of within this partnership, within this kind of billing company partnership area, we see the opportunity to maybe not engage in traditional -- kind of traditional acquisitions, but to engage in some quasi acquisitions, by which I mean to really enable them to provide our software to leverage our team and to really revolutionize their current construct, their current business model in such a way that, in many respects, we have the benefits of the acquisition from a revenue perspective and from a cash flow perspective, without actually doing a traditional purchase of the stock.

不過，對於你的問題，特別是在收購方面，我們確實看到在這種合作夥伴關係中，在這種計費公司合作夥伴關係領域中，我們看到了可能不參與傳統收購的機會，而是進行一些準收購，我的意思是真正使他們能夠提供我們的軟體來利用我們的團隊，並真正徹底改變他們當前的結構，他們當前的商業模式，這樣，在很多方面，我們都可以從收入角度和現金流角度進行收購，而無需實際進行傳統的股票購買。

So we'll see as the year unfolds, but we're really committed to continuing to expand free cash flow as the year progresses.

因此，隨著時間的推移，我們將拭​​目以待，但我們確實致力於隨著時間的推移繼續擴大自由現金流。

And then any of our growth will really be, first and foremost, sort of concentrated on opportunities that we can pursue in a manner that allows us to continue to expand cash flow.

然後，我們的任何成長實際上首先會集中在我們可以追求的機會上，使我們能夠繼續擴大現金流。

Allen Klee with Maxim Group.

艾倫·克利（Allen Klee）與馬克西姆集團（Maxim Group）。

Yes.

是的。

Great execution.

出色的執行力。

Can we start on medSR?

我們可以開始 medSR 嗎？

You mentioned continued softness, some hope for growth in the second half.

您提到持續疲軟，有些人希望下半年會成長。

What's the state of the market there?

那裡的市場狀況如何？

Is it the competitive environment that some parties are not allowed to use you?

是不是競爭環境不允許某些人用你？

Or where do you see the potential to maybe turn things around?

還是你認為扭轉局面的潛力在哪裡？

Thank you, Allen.

謝謝你，艾倫。

So you're right.

所以你是對的。

I think the industry of the health system, as we all know, is still continue to be dominated by at least one stakeholder and the rest of the market shares between the next 2 or 3 other vendors.

我認為，眾所周知，衛生系統行業仍然繼續由至少一個利益相關者主導，其餘市場份額由接下來的 2 到 3 個其他供應商佔據。

So we continue to work and expand the relationship with the second and the third into the industry and the market.

所以我們繼續努力，將與第二家、第三家的關係拓展到產業和市場。

When it comes to the first dominated player in the market, we still only can do a small piece of the overall services that we could have offered for the other smaller market share vendors.

當談到市場上第一家佔據主導地位的供應商時，我們仍然只能為其他較小市場份額供應商提供的整體服務的一小部分。

And that one, we started to try to earn that business since it was completely stopped for us for the last two years.

就這一點而言，我們開始嘗試贏得這項業務，因為過去兩年我們完全停止了這項業務。

So getting back on track is realistically going to take some time because the projects are already signed and in works.

因此，回到正軌實際上需要一些時間，因為項目已經簽署並正在進行中。

So someone who is looking to get a new project started by the time we even sign up and start to recognize the revenue, it's going to take us a couple of months before we can earn that.

因此，當我們註冊並開始確認收入時，那些希望啟動新專案的人，我們需要幾個月的時間才能獲得收入。

But overall, bigger picture for medSR how we think we can grow into that space, which is continue to leverage our technology-enabled RCM solutions and some of these, whether it's in AI-based tools or tools on our BI solutions, how we can cross-sell and upsell into that medSR space.

但總的來說，對於medSR 來說，我們認為我們可以如何發展到這個領域，即繼續利用我們的技術支援的RCM 解決方案以及其中的一些解決方案，無論是基於人工智慧的工具還是我們的BI解決方案上的工具，我們如何能夠交叉銷售並追加銷售到該 medSR 領域。

So we continue to -- we will continue and continue to push towards that.

因此，我們將繼續——我們將繼續並繼續推動這一目標。

And the second thing is expanding our relationship to the second and the third after the first -- the largest marketing order.

第二件事是將我們的關係擴大到繼第一個之後的第二個和第三個——最大的行銷訂單。

And then you had positive commentary on remote patient monitoring, wellness overall.

然後您對遠端患者監測和整體健康狀況做出了積極的評價。

How -- is that growing as -- it just takes longer with existing customers to get set up where then they can get patients compliant and billing?

這種情況是如何成長的－現有客戶需要更長的時間才能建立起來，然後才能讓病患合規併計費？

Or is it also from like expanding the number of customers?

還是也來自於擴大客戶數量？

Great.

偉大的。

And then actually, it's a combination of both.

實際上，這是兩者的結合。

And as we evolved over the last roughly two years now, into this -- 1.5 years, 2 years now for the chronic care management and remote patient monitoring, so as an example, now recently, we have started -- we launched our internal, the next-generation platform for the more patient monitoring and chronic care management.

隨著我們在過去大約兩年的時間裡發展到現在，1.5 年，現在 2 年用於慢性護理管理和遠端患者監測，舉個例子，最近，我們已經開始了，我們啟動了我們的內部、使用於更多病患監測和慢性病照護管理的下一代平台。

So now we started to leverage other layers to engage the patient instead of just calling the patient.

因此，現在我們開始利用其他層面來吸引患者，而不僅僅是打電話給患者。

So in addition to calling the patient, now we're also trying to engage them through text messages, through e-mails, sending them the training video, sending them the different type of text messages, which whenever the patient has the time, can click on it and fill up the forms and then our care managers get involved.

因此，除了打電話給患者之外，現在我們還嘗試通過短信、電子郵件來吸引他們，向他們發送培訓視頻，向他們發送不同類型的短信，只要患者有時間，就可以單擊它並填寫表格，然後我們的護理經理就會參與其中。

So we have overall improved the way we are approaching and trying to engage the patients.

因此，我們從整體上改進了接近患者並試圖吸引患者的方式。

So, one, it will, yes, even increase the existing patient adoption from the existing clients who already have started to take this service from us.

因此，第一，是的，它甚至會增加已經開始接受我們這項服務的現有客戶的現有患者採用率。

And then, secondly, expanding our existing client base the chronic care management -- doing the new sales in our existing client base.

其次，擴大我們現有的長期照護管理客戶群—在我們現有的客戶群中進行新的銷售。

In terms of the new logos, we do try to pitch those to the external clients, but this becomes a secondary nature.

就新徽標而言，我們確實嘗試向外部客戶推銷這些徽標，但這已成為次要性質。

With the help of this and the hope we try to always sign up for the overall technology-enabled solution, RCM plus SaaS solution and then also provide this chronic care management in a more patient monitoring service.

在此幫助下，並希望我們始終嘗試註冊整體技術支援的解決方案、RCM 加 SaaS 解決方案，然後在更多的患者監控服務中提供這種慢性護理管理。

Because for us, the best thing would be to sign up our customer for the full end-to-end services that we can offer, chronic care management and remote patient monitoring being one part of it.

因為對我們來說，最好的事情就是讓我們的客戶註冊我們可以提供的完整的端到端服務，長期照護管理和遠端病患監控就是其中的一部分。

Last question on CareCloud cirrusAI.

關於 CareCloud cirrusAI 的最後一個問題。

How do you -- could you talk a little about how you're thinking about going from a relatively small amount of customers to expanding it broader?

您能談談您如何考慮從相對較少的客戶數量擴大到更廣泛的客戶數量嗎？

Do you feel you have the sales infrastructure to do that?

您認為您擁有做到這一點的銷售基礎設施嗎？

Or how would you approach that?

或者你會如何處理這個問題？

And is it -- how do you feel about the competitive market of affecting decision-makers?

您對影響決策者的競爭市場有何看法？

Yes.

是的。

So -- and if you think about it, until the last let's say, the 30 days of the 60 days before, our first challenge for similar to other AI companies are refining their results, focusing on.

所以——如果你想一想，直到最後，比如說，之前的 60 天中的 30 天，我們與其他人工智慧公司類似的第一個挑戰是完善他們的結果，專注於。

So we tried to use our own data, and with the help of the AI technology, leveraged through either Google partnership or other players, how we can leverage our own data plus using the LLMs already provided by whether it's Google or other players.

因此，我們嘗試使用我們自己的數據，並在人工智慧技術的幫助下，透過谷歌合作夥伴或其他參與者利用我們自己的數據以及使用谷歌或其他參與者已經提供的法學碩士。

So we kept on refining our applications.

因此我們不斷完善我們的應用程式。

And then finally, we was able to push it out over the -- in the last 30 to 45 days to the existing client base.

最後，我們能夠在過去 30 到 45 天內將其推送給現有客戶群。

Similar to any other service and other solution offering we have, our best opportunity exists with the existing client base.

與我們提供的任何其他服務和其他解決方案類似，我們最好的機會存在於現有的客戶群中。

We work with 2,600-plus practices and 40,000 providers, including the BI solution clients.

我們與 2,600 多家實踐機構和 40,000 家供應商合作，其中包括 BI 解決方案客戶。

So I think there's a tremendous opportunity that exists to expand into the existing client base.

因此，我認為存在擴大現有客戶群的巨大機會。

So -- and I think AI is becoming, one, the top line direct revenue driver.

因此，我認為人工智慧正在成為最重要的直接收入驅動因素之一。

But in addition to that, improving the existing workflows, how the same practice can save time because now the AI is part of their workflows.

但除此之外，改進現有的工作流程，同樣的做法可以節省時間，因為現在人工智慧已經成為他們工作流程的一部分。

When you use ChatGPT, the same e-mail can be written in, let's say, 5 seconds compared to 2 minutes.

當您使用 ChatGPT 時，可以在 5 秒內寫出相同的電子郵件，而相較之下，則需要 2 分鐘。

So -- but it's not that you will be driving the direct revenue, but the overall workflow will help improve the revenue of the client.

所以，但這並不是說您將推動直接收入，而是整個工作流程將有助於提高客戶的收入。

And since most of our clients, we charge them on the collection fee, our revenue will increase.

由於我們的大多數客戶，我們向他們收取託收費，我們的收入將會增加。

So to answer the question, yes, there is a competitive market out there when you go out and trying to sell field AI solutions.

因此，要回答這個問題，是的，當你出去嘗試銷售現場人工智慧解決方案時，就會存在一個競爭激烈的市場。

But for us, if you think about it, our AI solutions is going to improve transcription as an example.

但對我們來說，如果你想一想，我們的人工智慧解決方案將以改進轉錄為例。

The existing client can take the service, sign up for the service and the existing EHR system, this solution become part of the existing workflow.

現有的客戶可以接受服務，註冊服務和現有的 EHR 系統，該解決方案成為現有工作流程的一部分。

So we think that this is one of the differentiation when you compare us to our competitors out there. where they might need to have one separate solution running independently and not fully integrated into their existing platform.

因此，我們認為，當您將我們與競爭對手進行比較時，這是差異化之一。他們可能需要一個單獨的解決方案獨立運行，而不是完全整合到現有平台中。

(Operator Instructions) As there are no further questions, I would now like to hand the conference over to Norman Roth for closing remarks.

（操作員指示） 由於沒有其他問題了，我現在想將會議交給 Norman Roth 進行閉幕致辭。

Thank you, everyone, for attending our conference today.

謝謝大家今天參加我們的會議。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。