CareCloud Inc (CCLD) 2024 Q3 法說會逐字稿

Greetings, and welcome to the CareCloud, Inc., third-quarter 2024 results conference call.

您好，歡迎參加 CareCloud, Inc. 2024 年第三季業績電話會議。

(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。

It is now my pleasure to introduce your host, Alejandra Rodriguez.

現在我很高興向大家介紹你們的主持人亞歷杭德拉·羅德里格斯。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning, everyone.

大家早安。

Welcome to CareCloud's third-quarter 2024 conference call.

歡迎參加 CareCloud 2024 年第三季電話會議。

On today's call are Mahmud Haq, our Founder and Executive Chairman; Hadi Chaudhry, our Chief Executive Officer and Director; Stephen Snyder, our President; Crystal Williams, our Chief Operating Officer; and Norman Roth, our Interim Chief Financial Officer and Corporate 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；克里斯多威廉斯 (Crystal Williams)，我們的營運長；以及我們的臨時財務長兼公司財務總監諾曼羅斯 (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.

除本次會議期間所做的歷史事實陳述外，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, approximately, 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、大約、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 could cause actual results to differ materially from those contemplated in these forward-looking statements.

前瞻性陳述並非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，這可能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 want to download our third-quarter 2024 earnings presentation.

對於透過電話撥打電話的任何人，您可能需要下載我們的 2024 年第三季收益簡報。

Please visit our investor relations site, ir.carecloud.com; click on News and Events, then click IR calendar, click on third-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 年第三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 third-quarter 2024 results for a reconciliation of these non-GAAP performance measures to our GAAP financial results.

請參閱今天發布的 2024 年第三季業績新聞稿，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, Alejandra, and good morning, everyone.

謝謝你，亞歷杭德拉，大家早安。

Thank you for joining us today for CareCloud's third-quarter 2024 earnings call.

感謝您今天參加 CareCloud 2024 年第三季財報電話會議。

I'm pleased to start with two key updates.

我很高興從兩個關鍵更新開始。

First, we have fully paid down our $10 million credit line, demonstrating our commitment to strong financial management and a solid balance sheet.

首先，我們已經全額償還了 1000 萬美元的信貸額度，這表明了我們對強有力的財務管理和穩健的資產負債表的承諾。

Second, we are on track to resume monthly dividend payments on our Series A and Series B preferred shares, starting in March 2025, demonstrating our confidence in CareCloud's profitability and our commitment to generating strong free cash flow to deliver value to our shareholders.

其次，我們預計從 2025 年 3 月開始恢復 A 系列和 B 系列優先股的每月股息支付，這表明了我們對 CareCloud 盈利能力的信心以及我們對產生強勁自由現金流以為股東創造價值的承諾。

In terms of our Q3 financials, we generated $6.8 million in adjusted EBITDA, a 111% increase over last year and achieved $10.3 million in year-to-date free cash flow, a 328% improvement over 2023.

就第三季的財務數據而言，我們的調整後 EBITDA 為 680 萬美元，比去年增長 111%，年初至今的自由現金流為 1,030 萬美元，比 2023 年增長 328%。

Revenue for Q3 was $28.5 million, slightly down from $29.3 million in Q3 2023 due to fluctuations in non-recurring revenue from our medSR division.

由於 medSR 部門的非經常性收入波動，第三季的營收為 2,850 萬美元，略低於 2023 年第三季的 2,930 萬美元。

With these accomplishment in 2024, we have met our key financial goals, setting a strong foundation for 2025.

憑藉 2024 年的這些成就，我們實現了主要財務目標，為 2025 年奠定了堅實的基礎。

This quarter we remained laser-focused on advancing CareCloud CirrusAI, our flagship AI solution that streamlines administrative tasks and clinical documentation, enabling providers to prioritize patient care.

本季度，我們仍然專注於推進 CareCloud CirrusAI，這是我們的旗艦人工智慧解決方案，可簡化管理任務和臨床文檔，使提供者能夠優先考慮患者護理。

CirrusAI's integrated technology reduces non-clinical workload, allowing doctors to spend more time with patients and see more of them per day.

CirrusAI 的整合技術減少了非臨床工作量，使醫生能夠將更多時間花在患者身上，每天接收更多患者。

We have enhanced CirrusAI Notes to generate fully structured patient charts that integrate directly into the EHR, capturing natural patient provider conversations to improve documentation quality and reduce administrative burdens.

我們增強了 CirrusAI Notes，以產生完全結構化的患者圖表，直接整合到 EHR 中，捕捉自然的患者提供者對話，以提高文件品質並減輕管理負擔。

Now the solution also provides diagnostic and procedural support, automating documentation, while suggesting relevant diagnosis and procedures.

現在，該解決方案還提供診斷和程序支援、自動化文檔，同時建議相關的診斷和程序。

Adaptable to various health care settings and supporting multiple languages, CareCloud CirrusAI is a powerful tool for boosting clinical efficiency and enhancing patient outcomes.

CareCloud CirrusAI 可適應各種醫療保健環境並支援多種語言，是提高臨床效率和改善患者治療效果的強大工具。

A key differentiator of CareCloud CirrusAI is its seamless integration within our EHR systems, enabling users to work within a single platform without the need to toggle between different systems or manually input data.

CareCloud CirrusAI 的一個關鍵區別在於它與我們的 EHR 系統無縫集成，使用戶能夠在單一平台上工作，無需在不同系統之間切換或手動輸入資料。

This deep integration streamlines workflows and enhances user efficiency.

這種深度整合簡化了工作流程並提高了使用者效率。

Additionally, CirrusAI can function as an overlay, making it compatible with various health care environments and systems with other vendors, allowing for flexible implementation across diverse settings.

此外，CirrusAI 可以充當覆蓋層，使其與其他供應商的各種醫療保健環境和系統相容，從而可以在不同的環境中靈活實施。

Through CareCloud CirrusAI, we are enhancing our entire product suite, including EHR, practice management and billing systems, with advanced AI functionalities.

透過 CareCloud CirrusAI，我們正在增強我們的整個產品套件，包括 EHR、實踐管理和計費系統，以及先進的 AI 功能。

Recently, we launched an AI module that summarizes clinical documentation, helping providers review patient histories quickly and thoroughly.

最近，我們推出了一個人工智慧模組，可以總結臨床文檔，幫助提供者快速、徹底地審查患者病史。

We also introduced a claim note summarization feature that streamlines workflows for RCM staff, significantly reducing the time spent on lengthy claim details.

我們還推出了索賠單摘要功能，可以簡化 RCM 員工的工作流程，顯著減少花在冗長索賠詳細資訊上的時間。

Our logs show these two features save approximately 70% of users' time compared to conventional methods.

我們的日誌顯示，與傳統方法相比，這兩個功能可以節省約 70% 的使用者時間。

These tools are now enabled for over 100 of our providers.

我們的 100 多家供應商現已啟用這些工具。

Our billing teams benefit from AI-powered denial management tools that significantly enhance accuracy and efficiency by identifying denied claims and automating resubmissions.

我們的計費團隊受益於人工智慧驅動的拒絕管理工具，透過識別被拒絕的索賠和自動重新提交，顯著提高準確性和效率。

The system not only flags denied claims, but also provides specific reasons for each denial, guiding users on targeted areas to review.

該系統不僅標記被拒絕的索賠，還提供每次拒絕的具體原因，指導用戶針對目標領域進行審查。

It recommends solutions such as verifying the use of specific modifiers and where applicable, automatically resubmits the claim.

它建議解決方案，例如驗證特定修飾符的使用以及在適用的情況下自動重新提交索賠。

For example, if a claim is denied to missing documentation, the AI retrieves and upload the necessary files to the appropriate portal.

例如，如果索賠因缺少文件而被拒絕，人工智慧會檢索必要的文件並將其上傳到適當的入口網站。

This advanced automation minimizes manual effort, accelerates resolution times and ensures greater accuracy in denial management.

這種先進的自動化最大限度地減少了手動工作，加快了解決時間並確保了拒絕管理的更高準確性。

Similarly, our AI-generated appeals are saving over 75% of manual appeals generation time.

同樣，我們的人工智慧產生申訴節省了超過 75% 的手動申訴產生時間。

Our AI solutions use a hybrid pricing model based on value we deliver.

我們的人工智慧解決方案使用基於我們提供的價值的混合定價模型。

For features that improve efficiency and accuracy, directly boosting client revenue, we do not charge separately as many of our fees are contingency-based, aligning our success with our clients.

對於提高效率和準確性、直接增加客戶收入的功能，我們不會單獨收費，因為我們的許多費用都是基於應急費用的，從而使我們的成功與客戶保持一致。

For standalone products like CareCloud CirrusAI Notes, we apply specific charges.

對於 CareCloud CirrusAI Notes 等獨立產品，我們收取特定費用。

While revenue from this product is still modest, it shows promising growth potential for the future.

雖然該產品的收入仍然不大，但它顯示出未來廣闊的成長潛力。

Our unique ability to connect clinical and financial data sets us apart in the industry.

我們連接臨床和財務數據的獨特能力使我們在行業中脫穎而出。

Over the past two decades, we have built a robust data asset that integrates comprehensive insurance claims data with rich clinical information, enabling us to deliver highly accurate AI-driven solutions that support better decision-making for providers and offer life sciences partners, valuable insights into diverse patient populations.

在過去的二十年中，我們建立了強大的數據資產，將全面的保險理賠數據與豐富的臨床資訊整合在一起，使我們能夠提供高度準確的人工智慧驅動的解決方案，支援提供者更好的決策，並為生命科學合作夥伴提供寶貴的見解進入不同的患者群體。

This reflects our commitment to using technology for better health outcomes, accessibility and sustainable value.

這反映了我們致力於利用科技實現更好的健康結果、可近性和永續價值的承諾。

These are just a few examples of our AI products and the value they bring to CareCloud.

這些只是我們的人工智慧產品及其為 CareCloud 帶來的價值的幾個示例。

We have many more AI-driven solutions in active development, with several already in various stages of rollout.

我們還有更多人工智慧驅動的解決方案正在積極開發中，其中一些已經處於不同的推出階段。

Looking ahead, our main goal for next year is to generate enough free cash flow to cover dividends, while continuing to grow profitably.

展望未來，我們明年的主要目標是產生足夠的自由現金流來支付股息，同時繼續實現獲利成長。

We believe our success should be measured by our ability to operate profitably and remain cash flow positive.

我們相信，我們的成功應該以我們獲利營運和維持正現金流的能力來衡量。

With our end-to-end solutions, skilled global workforce and strong record of innovation, including generative AI, we are well positioned for sustainable growth, delivering value to our clients and shareholders as we advance CareCloud's mission into 2025 and beyond.

憑藉我們的端到端解決方案、熟練的全球員工隊伍和包括生成式人工智慧在內的強大創新記錄，我們已做好可持續增長的準備，在我們將CareCloud 的使命推進到2025 年及以後的過程中，為我們的客戶和股東創造價值。

I will now turn the call over to our President, Steve Snyder.

我現在將把電話轉給我們的總統史蒂夫·斯奈德。

Steve?

史蒂夫？

Good morning, everyone.

大家早安。

Thank you for joining us today on CareCloud's third-quarter 2024 earnings call.

感謝您今天參加 CareCloud 2024 年第三季財報電話會議。

Today, I'll be covering three key topics, including our successful focus on free cash flow during 2024, the outcomes and significance of our recent Series A preferred shareholder proposal, and finally, the path that lies ahead for growth.

今天，我將討論三個關鍵主題，包括我們對 2024 年自由現金流的成功關注、我們最近 A 輪優先股股東提案的成果和意義，以及最後的成長之路。

Let's turn first to free cash flow.

讓我們先轉向自由現金流。

In line with the objectives we discussed during the last quarterly earnings call, expense reduction and the generation of free cash flow remain our primary goals for 2024.

根據我們在上一季財報電話會議中討論的目標，減少費用和產生自由現金流仍然是我們 2024 年的主要目標。

Our strategy remains clear.

我們的戰略仍然明確。

By enhancing efficiency and maintaining financial discipline, we are positioning CareCloud for long-term value creation and enabling us to resume dividends on our shares of preferred stock on March 15, 2025, a truly exciting milestone.

透過提高效率和維護財務紀律，我們將 CareCloud 定位為長期價值創造，並使我們能夠在 2025 年 3 月 15 日恢復優先股股息，這是一個真正令人興奮的里程碑。

As we discussed in our last earnings call, we are achieving these increased efficiencies in three primary ways, which are each having a direct positive impact on our generation of free cash flow.

正如我們在上次財報電話會議中所討論的那樣，我們正在透過三種主要方式實現效率的提高，這三種方式都對我們自由現金流的產生產生直接的積極影響。

First, we have been using our proprietary technology, including our AI, which has empowered us to reduce costs while accomplishing day-to-day tasks in a more systematic, efficient and reliable manner.

首先，我們一直在使用我們的專有技術，包括人工智慧，它使我們能夠降低成本，同時以更有系統、高效和可靠的方式完成日常任務。

Second, we have continued to reduce our reliance on third-party contractors, leveraging our lower-cost in-house team of subject matter experts instead.

其次，我們持續減少對第三方承包商的依賴，轉而利用成本較低的內部主題專家團隊。

This approach increases our operational control and reduces the risk that comes with relying upon third-parties to handle critical business functions.

這種方法增強了我們的營運控制，並降低了依賴第三方處理關鍵業務功能所帶來的風險。

And third, we continue to embrace the core strength of our global business model, 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.

第三，我們繼續擁抱全球業務模式的核心優勢，為每個離散流程利用我們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。

During 2024, we have made meaningful progress increasing our free cash flow and expanding our margins.

2024 年，我們在增加自由現金流和擴大利潤率方面取得了有意義的進展。

This progress has enabled us to fully pay off the $10 million balance on our credit facility and further strengthen our balance sheet, while building cash reserves.

這項進展使我們能夠全額償還 1000 萬美元的信貸額度餘額，並進一步加強我們的資產負債表，同時建立現金儲備。

Through the end of Q3, we generated a remarkable $10.3 million in free cash flow, representing growth of almost 330% compared to the same period in 2023.

截至第三季末，我們產生了 1,030 萬美元的自由現金流，與 2023 年同期相比成長了近 330%。

This level of free cash flow generation represents an all-time high for our company.

這種自由現金流產生水準代表了我們公司的歷史最高水準。

Our refreshed expense structure will enable us to continue to produce cash and further expand margins as we scale.

我們更新的費用結構將使我們能夠繼續產生現金並隨著規模的擴大進一步擴大利潤率。

This gives us great confidence that we are in a solid position to resume dividend payments, accomplishing a key objective for 2024.

這讓我們充滿信心，相信我們有能力恢復股利支付，實現 2024 年的關鍵目標。

Now let's turn to the recent Series A preferred shareholder proposal.

現在讓我們來看看最近的 A 輪優先股股東提案。

This proposal was designed to provide protection to Series A preferred shareholders, equalize the dividend rate and incorporate more flexibility with an exchange feature.

該提案旨在為 A 系列優先股股東提供保護，均衡股息率，並透過交換功能提供更大的靈活性。

Our special proxy vote was held on September 11, 2024, and I'm pleased to report that 89% of the shares that were affirmatively voted on the proposal, cast their votes in favor of the changes.

我們的特別代理投票於 2024 年 9 月 11 日舉行，我很高興地報告，對該提案投贊成票的股份中有 89% 投票贊成這些變更。

The proposal was passed with extremely strong support, which reflects the widespread investor confidence in the soundness of these changes.

該提案在極力支持下獲得通過，這反映了投資者對這些變化的合理性的廣泛信心。

These approved changes are pivotal for a few reasons.

基於以下幾個原因，這些批准的變更至關重要​​。

First, they protect Series A shareholders in a change of control event, giving them the right to have their shares liquidated at $25 per share in the event of a change of control.

首先，它們在控制權變更事件中保護 A 輪股東，使他們有權在控制權變更時以每股 25 美元的價格清算其股票。

This avoids the possibility that a future acquirer could purchase CareCloud and nevertheless leave shares of Series A preferred stock outstanding.

這避免了未來的收購方購買 CareCloud 的同時仍保留 A 系列優先股流通的可能性。

In essence, this change creates parity between the rights of Series A and Series B shareholders in the event of a change of control.

從本質上講，這項變更在控制權發生變化時創造了 A 輪和 B 輪股東的權利平等。

Second, these changes equalize the dividend treatment between Series A and Series B shareholders at 8.75%.

其次，這些變化使 A 輪和 B 輪股東之間的股利待遇相等，均為 8.75%。

This change translates to an annual reduction of approximately $2.5 million in our annual dividend obligation, thereby strengthening our cash flow and freeing up capital for reinvestment.

這項變更意味著我們的年度股息義務每年減少約 250 萬美元，從而加強我們的現金流並釋放資本用於再投資。

Third, the new exchange feature is a strategic win for the company and for all classes of shareholders.

第三，新的交易所功能對公司和各級股東來說都是策略性勝利。

Under the exchange feature, the company may, at an appropriate point in time, exchange shares of Series A preferred stock for common stock at the $25 redemption price for each share of preferred stock.

根據交換功能，公司可以在適當的時間點以每股優先股 25 美元的贖回價將 A 系列優先股交換為普通股。

This exchange feature empowers the company and by extension all of our shareholders, to avoid traditional offering expenses and discounts associated with the secondary issuance of common stock, which oftentimes average 30% or more of the capital raised.

這種交換功能使公司以及所有股東能夠避免與普通股二次發行相關的傳統發行費用和折扣，二次發行通常平均佔籌集資金的 30% 或更多。

Turning to growth and the path ahead, as we previously emphasized, refreshing our operational cost structure and substantially growing our free cash flow have been and continue to be our core focus in 2024.

談到成長和未來的道路，正如我們之前所強調的那樣，刷新我們的營運成本結構和大幅增加我們的自由現金流已經並將繼續成為我們 2024 年的核心重點。

However, as we progress through 2025, our focus will expand to include strengthening our recurring revenue base and ultimately pivoting to annualized net growth.

然而，隨著 2025 年的進展，我們的重點將擴大到加強我們的經常性收入基礎，並最終轉向年化淨成長。

As we do this, we will pursue a disciplined approach and ensure that new growth opportunities allow us to grow our free cash flow.

在此過程中，我們將採取嚴格的方法，確保新的成長機會使我們能夠增加自由現金流。

This growth will come from a variety of sources.

這種增長將來自多種來源。

First, we'll continue to heavily lean into AI in 2025 as a transformational part of our larger growth strategy.

首先，我們將在 2025 年繼續大力依賴人工智慧，作為我們更大成長策略的轉型部分。

In particular, CareCloud CirrusAI makes our integrated solutions from the EHR to the practice management system and related tools far more attractive and powerful.

特別是，CareCloud CirrusAI 使我們從 EHR 到實踐管理系統和相關工具的整合解決方案更具吸引力和功能。

And it provides a significant differentiator in the market, giving us a clear competitive advantage in our space.

它在市場上提供了顯著的差異化因素，使我們在我們的領域中具有明顯的競爭優勢。

Second, we see significant opportunity around the ramp-up of our new in-house remote patient monitoring solution, which leverages our core technology strength to generate high-margin revenue.

其次，我們看到了圍繞我們新的內部遠端患者監測解決方案的提升的重大機遇，該解決方案利用我們的核心技術優勢來產生高利潤收入。

This focus on RPM is part of our larger wallet share expansion initiative and includes upsells to other CareCloud solutions, including our full RCM and CCM solutions.

對 RPM 的關注是我們更大的錢包份額擴張計劃的一部分，包括對其他 CareCloud 解決方案的追加銷售，包括我們完整的 RCM 和 CCM 解決方案。

Third, we'll focus on strategic partnerships and reseller relationships with revenue cycle management companies and other complementary vendors.

第三，我們將重點放在與收入週期管理公司和其他互補供應商的策略合作夥伴關係和經銷商關係。

Finally, we will explore further expanding our Force offering in which we provide our customers with specialized human capital and related AI-powered tools to support their operations.

最後，我們將探索進一步擴展我們的 Force 產品，為客戶提供專業的人力資本和相關的人工智慧工具來支援他們的營運。

To sum it up, we are achieving strong progress on the financial and operational goals outlined at the beginning of this year.

總而言之，我們在今年年初制定的財務和營運目標方面取得了巨大進展。

From free cash flow improvements to shareholder protections and strategic growth initiatives, we are firmly positioned for a transformative 2025.

從自由現金流的改善到股東保護和策略成長計劃，我們已為變革性的 2025 年做好了堅定的準備。

With that said, let me introduce you to our new Chief Operating Officer, Crystal Williams.

話雖如此，讓我向您介紹我們的新任營運長 Crystal Williams。

Crystal?

水晶？

Thank you, Steve, and good morning, everyone.

謝謝你，史蒂夫，大家早安。

As Chief Operating Officer, my primary focus is on maximizing client satisfaction.

作為首席營運官，我的主要關注點是最大限度地提高客戶滿意度。

Our objective is clear.

我們的目標很明確。

We do not want to lose a single client due to performance issues or dissatisfaction.

我們不想因為性能問題或不滿意而失去任何一個客戶。

While our metrics are already best-in-class, we know that maintaining our competitive edge requires continuous improvement.

雖然我們的指標已經是同類最佳，但我們知道保持競爭優勢需要持續改進。

In today's fast-evolving landscape, achieving this goal is impossible without leveraging advanced technology and AI is central to our approach.

在當今快速發展的環境中，如果不利用先進技術就不可能實現這一目標，而人工智慧是我們方法的核心。

As Hadi mentioned, we have developed and deployed a range of AI-powered tools to support these objectives.

正如哈迪所提到的，我們開發並部署了一系列由人工智慧驅動的工具來支援這些目標。

I'm focused on ensuring that our AI-driven solutions, such as denial management and appeal generation, are effectively implemented and fully utilized to maximize their impact.

我專注於確保我們的人工智慧驅動解決方案（例如拒絕管理和上訴生成）得到有效實施和充分利用，以最大限度地發揮其影響力。

These AI tools are critical for enhancing performance across the board.

這些人工智慧工具對於全面提高效能至關重要。

For example, our AI-driven quality monitoring system in the contact center allows us to perform QA on customer and patient support calls.

例如，我們聯絡中心的人工智慧驅動的品質監控系統使我們能夠對客戶和患者支援電話進行品質保證。

This technology provides detailed scoring and sentiment analysis for every interaction, enabling us to take proactive measures and deliver a more personalized and responsive support experience, achieving results much faster and more effectively than would be possible manually.

該技術為每次互動提供詳細的評分和情緒分析，使我們能夠採取主動措施並提供更個人化和響應迅速的支援體驗，比手動更快、更有效地取得結果。

With AI at the core of our operations, we're committed to driving unmatched efficiency and setting a new standard for client satisfaction.

以人工智慧為我們營運的核心，我們致力於提高無與倫比的效率並為客戶滿意度設定新標準。

Now, I'll turn the call over to our CFO, Norm Roth.

現在，我將把電話轉給我們的財務長諾姆羅斯 (Norm Roth)。

Norm?

規範？

Thanks, Crystal, and thanks, everyone, for joining our call today.

謝謝克里斯托，也謝謝大家今天加入我們的電話會議。

As you just have heard, we had a great quarter and are proceeding nicely with accomplishing the goals we laid out for ourselves this year.

正如您剛才所聽到的，我們度過了一個美好的季度，並且正在順利實現我們今年為自己設定的目標。

In particular, we are now generating record levels of free cash flow and will resume paying dividends on our preferred shares on March 15, 2025.

特別是，我們現在正在創造創紀錄的自由現金流水平，並將於 2025 年 3 月 15 日恢復支付優先股股息。

Further, we have fully paid off our Silicon Valley Bank line of credit with internally generated profits and cash flows.

此外，我們已經用內部產生的利潤和現金流完全償還了矽谷銀行的信貸額度。

We generated $10.3 million of free cash flow during the last nine months and used $10 million to repay our line of credit.

在過去 9 個月中，我們產生了 1,030 萬美元的自由現金流，並使用了 1,000 萬美元來償還我們的信貸額度。

Since we are not relying on our line of credit and we do not plan on using the line in the near future, we have negotiated with SVB to reduce the total capacity on the line to $10 million, thereby lowering our costs and alleviating the need to spend management time satisfying bank covenants, while still providing us with some rainy day money.

由於我們不依賴信用額度，也不打算在不久的將來使用該額度，因此我們已與 SVB 協商，將該額度的總容量減少至 1000 萬美元，從而降低我們的成本並減輕對花管理時間來滿足銀行契約，同時仍為我們提供一些未雨綢繆的錢。

The key to growing our free cash flow has been reducing expenses and growing our GAAP net income.

增加自由現金流的關鍵是減少開支並增加我們的 GAAP 淨利潤。

Third-quarter 2024 GAAP net income was $3.1 million as compared to a net loss of $2.7 million in the same period last year.

2024 年第三季 GAAP 淨利為 310 萬美元，而去年同期淨虧損為 270 萬美元。

GAAP net loss was $0.04 per share 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 淨虧損為每股 0.04 美元，其中考慮了所賺取的優先股股息，無論股息是否在本季度宣派或支付。

This is our second consecutive quarter returning to positive GAAP net income and our largest quarterly net income since Q4 2021.

這是我們連續第二季恢復正 GAAP 淨利潤，也是我們自 2021 年第四季以來最大的季度淨利潤。

Revenue for the third quarter 2024 was $28.5 million compared to $29.3 million for the third quarter of 2023.

2024 年第三季的營收為 2,850 萬美元，而 2023 年第三季的營收為 2,930 萬美元。

Recurring technology-enabled business solution revenues during third quarter 2024 were $24.2 million, essentially flat with third quarter 2023 and up approximately $200,000 from second quarter 2024.

2024 年第三季度，技術支援的業務解決方案經常性收入為 2,420 萬美元，與 2023 年第三季度基本持平，比 2024 年第二季度增長約 20 萬美元。

While non-recurring professional services revenues from medSR declined from $5 million to $4.3 million.

而來自 medSR 的非經常性專業服務收入則從 500 萬美元下降至 430 萬美元。

Adjusted EBITDA for the third quarter 2024 was $6.8 million or 24% of revenue compared to $3.2 million in the same period last year.

2024 年第三季調整後 EBITDA 為 680 萬美元，佔營收的 24%，去年同期為 320 萬美元。

This was an increase of 111% year over year and was the highest quarterly adjusted EBITDA we've reported in two years.

年比成長 111%，是我們兩年來報告的最高季度調整後 EBITDA。

On a year-to-date basis, the story is similar.

從今年迄今的情況來看，情況也類似。

With our emphasis on improving profitability, revenue for the first nine months of 2024 was $82.6 million compared to $88.6 million in the first nine months of 2023, but our GAAP operating income was $5.7 million compared to an operating loss of $3.5 million in the same period last year, and our GAAP net income was $4.6 million compared to a GAAP net loss of $5 million in the first nine months of 2023.

由於我們注重提高獲利能力，2024 年前9 個月的收入為8,260 萬美元，而2023 年前9 個月的收入為8,860 萬美元，但我們的GAAP 營業收入為570 萬美元，而同期營業虧損為350 萬美元去年，我們的 GAAP 淨利潤為 460 萬美元，而 2023 年前 9 個月的 GAAP 淨虧損為 500 萬美元。

Adjusted net income was $6.6 million or $0.41 per share, calculated using the end-of-period common shares outstanding.

根據期末已發行普通股計算，調整後淨利為 660 萬美元，即每股 0.41 美元。

Year to date, adjusted EBITDA was $16.9 million, an increase of 50% or $5.6 million from $11.3 million in the same period last year.

年初至今，調整後 EBITDA 為 1,690 萬美元，比去年同期的 1,130 萬美元增長了 50%，即 560 萬美元。

During the nine months ended September 30, 2024, we generated $15.4 million of cash from operations and $10.3 million of free cash flow.

截至 2024 年 9 月 30 日的九個月中，我們從營運中產生了 1,540 萬美元的現金，以及 1,030 萬美元的自由現金流。

The free cash flow amount of $10.3 million increased by 328% compared to $2.4 million in the same period last year.

自由現金流量為 1,030 萬美元，較去年同期的 240 萬美元成長 328%。

As of September 30, 2024, the company had approximately $2.8 million of cash.

截至2024年9月30日，該公司擁有約280萬美元現金。

Net working capital was $732,000.

淨營運資本為 732,000 美元。

Now that we've repaid our bank debt, free cash flow during the fourth quarter will allow us to increase our cash balance and build some cushion in our net working capital.

現在我們已經償還了銀行債務，第四季度的自由現金流將使我們能夠增加現金餘額，並為我們的淨營運資本建立一些緩衝。

I am pleased to update our forward-looking guidance for the full year.

我很高興更新我們的全年前瞻性指引。

We are updating our adjusted EBITDA guidance to $23 million to $25 million for full year 2024, which is an increase from the guidance we originally provided at the start of this year, reflecting our emphasis on improving profitability and cash flow throughout the year.

我們將 2024 年全年調整後 EBITDA 指導值更新為 2300 萬至 2500 萬美元，這比我們今年年初最初提供的指導值有所增加，反映了我們對提高全年盈利能力和現金流的重視。

We are reaffirming analyst expectations for our revenue guidance of $109 million to $111 million.

我們重申分析師對我們 1.09 億至 1.11 億美元營收指引的預期。

Revenue guidance is based on our expectations of revenues from existing clients.

收入指導是基於我們對現有客戶收入的預期。

Our financial position has improved tremendously during the first nine months of 2024.

2024 年前 9 個月，我們的財務狀況有了巨大改善。

We are happy to have returned to profitability, fully repaid our bank debt, will resume our dividends in March, and look forward to reporting strong results for the full year in a few months.

我們很高興能夠恢復獲利，完全償還銀行債務，並將在三月恢復股息，並期待在幾個月後報告全年的強勁業績。

Our team has really worked well together to achieve this turnaround.

我們的團隊確實通力合作，才實現了這項轉變。

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。

Third-quarter accomplishments, including substantial improvement in profitability, the full repayment of our credit line and setting us up to resume dividends by March '25, demonstrates the strength of our strategy and resilience of our team.

第三季的成就，包括獲利能力的大幅改善、全額償還我們的信貸額度以及在 25 月 3 月之前恢復股息，證明了我們的策略實力和團隊的韌性。

I want to extend a heartfelt thank you to our employees, shareholders, investors and clients for their continued trust and support.

衷心感謝我們的員工、股東、投資者和客戶一直以來的信任與支持。

As we look to the future, we remain committed to sustainable growth, continuous innovation and setting new standards in health care technology.

展望未來，我們仍致力於永續成長、持續創新並在醫療保健技術領域樹立新標準。

Thank you for being part of this journey with us.

感謝您參與我們的這段旅程。

Operator, please open the floor for questions.

接線員，請開放提問。

(Operator Instructions) Jeff Cohen, Ladenburg.

（操作員說明）Jeff Cohen，拉登堡。

This is Destiny on for Jeff.

這是傑夫的命運。

In your prepared remarks, I heard you mention life science partnerships.

在您準備好的發言中，我聽到您提到了生命科學夥伴關係。

And I'm not sure that I have heard that before on any of the other conference calls.

我不確定我之前是否在其他電話會議上聽過這樣的說法。

So I'm wondering if you can give any more color or insight on what types of companies, and whatever else you're able to give us at the moment?

所以我想知道您是否可以就哪些類型的公司以及您目前能夠向我們提供的其他資訊提供更多資訊或見解？

So we did a recent press release with an initial partnership as an example with [Doquerie], and so it's a medicine adherence.

因此，我們最近發布了一份新聞稿，以與 [Doquerie] 的初步合作為例，這是一種藥物依從性。

We look at any patient-specific, the existing medications, the different demographic information and the previous symptoms.

我們會關注患者的具體情況、現有藥物、不同的人口統計資訊和先前的症狀。

And based on that, we recommend and suggest to those companies, through Doquerie, and they push a specific ad to that specific provider that these could be the different medicines that can be provided.

基於此，我們透過 Doquerie 向這些公司推薦和建議，然後他們向特定的提供者推送特定的廣告，說明這些可能是可以提供的不同藥物。

Then, at the same time, the method gets pushed to the cell phone of the patient if there are any applicable, as an example, any coupons available for those specific medicines, and then also confirmation when it's ready to be picked up and when the medicine will get picked up.

然後，同時，如果有任何適用的優惠券，該方法會被推送到患者的手機上，例如，可用於這些特定藥物的優惠券，然後還會確認何時可以領取以及何時領取。撿起來。

But that's just one of those relationships that we have entered into.

但這只是我們已經建立的關係之一。

But the whole idea behind this is, if you look at our entire -- the data asset of 20-plus years, whether it's clinical, whether it's medicine related, whether it's financial related, lot of this information can be used and it can be very effectively used with the help of these life sciences partners, whether it's through giving them the specific guidance in terms of the different medicines available, or for them to do their risk assessment and the research on their side.

但這背後的整個想法是，如果你看看我們20多年來的整個數據資產，無論是臨床的，無論是醫學相關的，還是金融相關的，很多資訊都可以使用，並且可以在這些生命科學合作在夥伴的幫助下，無論是透過提供他們不同可用藥物的具體指導，或是讓他們進行風險評估和研究，都可以非常有效地使用這些方法。

So even though right now the revenue is not being separately identified, other than the top line item, but we anticipate -- we expect that -- this revenue to start contributing towards our revenue goals for the next year.

因此，儘管目前除了頂行項目之外，沒有單獨確定收入，但我們預計 - 我們預計 - 該收入將開始為我們明年的收入目標做出貢獻。

Okay.

好的。

So this is your current partnership, is putting different kind of medicines in front of patients through an ad, if I understood correctly.

如果我理解正確的話，這就是你們目前的合作關係，透過廣告向患者展示不同種類的藥物。

Now you also said it could be used for life science companies to kind of derisk -- or things of that nature.

現在你還說它可以被生命科學公司用來降低風險或類似性質的事情。

Are you also able to, or interested in kind of helping these companies determine what patient groups are best for trials?

您是否也能夠或有興趣幫助這些公司確定哪些患者群最適合進行試驗？

Or are you going to stay a little further down the whole clinical and regulatory areas, companies?

或者您打算在整個臨床和監管領域、公司中進一步發展嗎？

And I think this is going to be any and all of these possibilities.

我認為這將是所有這些可能性。

Our team is working with a whole variety of at the moment the different possible opportunities.

我們的團隊目前正在與各種不同的可能機會合作。

And we will keep everyone up to date as we move forward.

隨著我們的進展，我們將讓每個人都了解最新情況。

But I think the real value from where this whole thing is stemming from, whether it's for AI or whether it's for the life science -- supporting the life sciences company, is that we are trying to monetize -- we are trying to use the value of the data that we have for the last 20-plus years.

但我認為這整件事的真正價值來自於，無論是人工智慧還是生命科學——支持生命科學公司，是我們正在努力貨幣化——我們正在努力利用價值我們過去 20 多年所擁有的數據。

It started with financials, then there is an extensive -- the data for -- from the clinical perspective, a whole different demographic at almost every single state of the US.

它從財務開始，然後是從臨床角度來看的廣泛數據，美國幾乎每個州都有完全不同的人口統計。

So it's a large data set that can be utilized and help these companies.

因此，這是一個可以利用並幫助這些公司的大型數據集。

Allen Klee, Maxim Group.

艾倫克利，馬克西姆集團。

You've spoken in the past that your strategy of rolling out your AI services would start giving -- letting your clients trial them and then move to charging.

您過去曾說過，推出人工智慧服務的策略將開始提供—讓您的客戶試用它們，然後開始收費。

Where are you on that today?

今天你在哪裡？

And what are you thinking about the early indications?

您對早期跡像有何看法？

No, you're very right.

不，你說得非常對。

And we still continue -- so let me step back there.

我們仍在繼續——所以讓我回到那裡。

So for us, the way we think that we have positioned ourselves a little differently with our competitors, there is a front end and there is a back end.

因此，對我們來說，我們認為自己的定位與競爭對手略有不同，有前端，也有後端。

So we simultaneously have started to work on both fronts.

因此，我們同時開始在這兩個方面開展工作。

So if you talk about it from the front end, which is the doctor, our initial -- the application was CirrusAI Notes, which have been significantly enhanced, and we basically merged the two applications together, which is the CirrusAI Guide that we initially launched and then the CirrusAI Notes.

所以如果從前端來講，也就是醫生，我們最初的——應用程式是CirrusAI Notes，它已經得到了顯著的增強，我們基本上把這兩個應用程式合併在一起了，這就是我們最初推出的CirrusAI Guide然後是 CirrusAI Notes。

So best of the both worlds when this enhanced version is launched.

因此，當這個增強版本推出時，兩全其美。

Now this one application can listen to the practice provider conversation and not only converts it into a SOAP note, instead, now it converts that into a structured chart and at the same time suggest and recommend whether it's a diagnosis or procedure based on the current and the prior history.

現在，這個應用程式可以監聽實踐提供者的對話，不僅將其轉換為 SOAP 註釋，而且現在還將其轉換為結構化圖表，同時根據當前和情況建議和推薦是否是診斷或程序。

So yes, this product we initially launched as a 30-day trial, which we extended to 60 days trial.

所以，是的，我們最初推出產品時提供 30 天試用期，後來我們將其延長至 60 天試用期。

And we have started to convert those providers into a paying client, so revenue-generating clients.

我們已經開始將這些提供者轉變為付費客戶，即創收客戶。

At the same time, some of these additional features we were able to launch during this quarter, which is chart summary.

同時，我們在本季推出了一些附加功能，這是圖表摘要。

Think about it, if you go and look at the -- one of the patient charts, there could be 50 different prior visits over the last three years.

想一想，如果你去看一張病人圖表，在過去三年可能有 50 次不同的先前就診。

So you expect the doctor -- the doctor expect to go through each one of those to understand, okay, this is -- I need to remember all of this before I take an action or decide about the next course of action for the patient.

所以你期望醫生 - 醫生期望透過每一個來理解，好吧，這是 - 在我採取行動或決定病人的下一步行動之前，我需要記住所有這些。

Now with the help of the AI, everything gets summarized over the last 10, 15 different visits, and it helps the doctor on one side not to miss any critical information, and also saving them significant time.

現在，在人工智慧的幫助下，過去 10 到 15 次不同就診的所有情況都會得到總結，這可以幫助醫生不錯過任何關鍵訊息，同時也節省了他們大量的時間。

So all of this together, for some of those, we have added it as part of the regular flow because there is no point of charging separately, because it's going to bring on -- bring in the overall value.

因此，對於其中一些，我們將所有這些加在一起，將其添加為常規流程的一部分，因為單獨收費是沒有意義的，因為它將帶來整體價值。

The -- For charging, yes, we started to charge.

- 對於充電，是的，我們開始充電。

There is a revenue, as I mentioned, it is a modest revenue.

正如我所提到的，有一項收入，這是一筆不大的收入。

The overall client base who are using front end, the different AI features has gone over roughly 1,000 plus -- 100 plus users, but not all of them are paying.

使用前端、不同人工智慧功能的整個客戶群已經超過大約 1,000 多個 - 100 多個用戶，但並非所有人都付費。

There are a subset of those which are paying, another subset which is still in trial and the other subset which will not be paying.

其中一部分正在付費，另一部分仍在試用中，另一部分將不會付費。

Then, moving on to medSR, I think you mentioned it was around $4.3 million of revenue during the quarter.

然後，轉向 medSR，我想您提到該季度的收入約為 430 萬美元。

I know it's kind of hard to forecast the nature of the business.

我知道預測業務的性質有點困難。

But is there anything from what you're hearing from your pipeline and stuff that gives you a good sense that this might be bottoming or has a potential for growth in the future?

但是，從您從頻道中聽到的消息以及其他資訊中，是否有任何資訊讓您感覺到這可能正在觸底或未來有成長潛力？

Allen, let me just take this opportunity to just zoom out and just remind everyone that how did we get to this point in terms of the overall revenue and from the medSR standpoint.

Allen，讓我藉此機會縮小範圍並提醒大家，從整體收入和 medSR 的角度來看，我們是如何達到這一點的。

So when we acquired medSR in second quarter of 2021, it was doing about $32 million in professional services revenue.

因此，當我們在 2021 年第二季收購 medSR 時，它的專業服務收入約為 3,200 萬美元。

And we bought medSR at about 30% to 35% multiples of revenue.

我們以收入的 30% 至 35% 倍左右的價格購買了 medSR。

So a great price in terms of the -- buying this company.

因此，就購買這家公司而言，這是一個很好的價格。

The narrative behind us was, one is the revenue and the second, how we can leverage this relationship and try to upsell into the hospital space.

我們背後的敘述是，一是收入，二是我們如何利用這種關係並嘗試向醫院領域進行追加銷售。

About 60% -- 55% to 60% was Epic-related professional services revenue and balance was from different consulting services, from other EHRs with smaller portion of the market.

約 60% - 55% 到 60% 是 Epic 相關的專業服務收入，其餘收入來自不同的諮詢服務，以及其他市場佔有率較小的 EHR。

And if you think about it, this Epic challenge, which is, if you think which -- you can call it like a 800-pound gorilla in the hospital space with over 55% to 60% on the basis of the hospital beds or roughly in that number, the market share.

如果你想一想，這個史詩般的挑戰，如果你認為是的話，你可以稱它為醫院空間中的 800 磅重的大猩猩，基於醫院床位或大約超過 55% 至 60%這個數字就是市場份額。

Post acquisition, they became increasingly paranoid that we may be try to compete with them and begin erecting roadblocks for us and then really prohibited us altogether from supporting the clients.

收購後，他們變得越來越偏執，認為我們可能會試圖與他們競爭，並開始為我們設置路障，然後完全禁止我們為客戶提供支援。

So we cannot from that point onward service any of the Epic clients.

因此，從那時起我們就無法為任何 Epic 客戶提供服務。

We respect their decision.

我們尊重他們的決定。

It's their business decision what they did.

他們所做的事情是他們的商業決定。

In retrospect for us, our mistake was that we took -- it took too long for us to respond, and we did not cut or realign our expenses because of -- there were still some light of hopes that we may be able to convince them on the point that we are not competing with them, or there was some activation probability, but none of them really got materialized.

回想起來，我們的錯誤在於我們花了太長時間才做出回應，並且我們沒有削減或重新調整我們的開支，因為我們仍然有一些希望能夠說服他們就我們不與他們競爭這一點而言，或者存在一些激活機率，但它們都沒有真正實現。

So if you think about that, take the Epic down, that hit us about somewhere between $18 million to $20 million.

所以如果你考慮一下這一點，把 Epic 拿下來，我們的損失大約在 1800 萬到 2000 萬美元之間。

So if you think about our top revenue from $137 million, $138 million, you take out that $20 million just because of the direct Epic impact coming from medSR.

因此，如果您考慮我們的最高收入 1.37 億美元、1.38 億美元，您會因為 medSR 產生的直接 Epic 影響而扣除這 2000 萬美元。

And then there were a number of others -- if you take that -- the similar, Epic, the other -- some of the large clients that we lost, part of that challenge, the issue was, again, the Epic-related, that we cannot service those clients at all.

然後還有很多其他的——如果你這麼認為的話——類似的，Epic，其他的——我們失去了一些大客戶，這是挑戰的一部分，問題再次與 Epic 相關，我們根本無法為這些客戶提供服務。

And I apologize for the long answer to your question, but I was just trying to put the things in perspective.

對於你問題的冗長回答，我深表歉意，但我只是想正確地看待事情。

I think this -- and if you look at from the -- it will continue to be a challenge for us in terms of exactly predicting how much revenue each quarter we will be driving.

我認為，如果你從角度來看，準確預測每個季度我們將帶來多少收入，這對我們來說仍然是一個挑戰。

Only one point I can tell you, we are entering into -- we hope to enter in 2025 almost with the same booked and backlog business as what we entered into the last year.

我只能告訴你一點，我們正在進入——我們希望在 2025 年進入幾乎與去​​年相同的預訂和積壓業務。

But does not -- that does not mean that it will -- we will hit the same number in the next year, and we'll keep everyone up to date as we get close to the end of the year and give the guidance for the next year.

但這並不——這並不意味著——我們明年會達到同樣的數字，當我們接近年底時，我們會讓每個人都了解最新情況，並為未來的發展提供指導。

(Operator Instructions) Allen Klee, Maxim Group.

（操作員說明）Allen Klee，Maxim Group。

I have a couple more questions, I got cut off.

我還有幾個問題，被打斷了。

In the past you've provided that you've identified $26 million of potential expense cuts, of which $20 million you hope to make happen in 2024 and the rest in '26.

您過去曾表示，您已經確定了 2600 萬美元的潛在開支削減，其中 2000 萬美元您希望在 2024 年實現，其餘的在 2026 年實現。

I'm not sure if I saw that on this call, but do you still feel comfortable with that?

我不確定我是否在這次通話中看到了這一點，但您仍然對此感到滿意嗎？

Or is there any reason why it might be more or less?

或者有什麼理由可以解釋為什麼它可能會更多或更少？

Great question.

很好的問題。

We still feel very comfortable with that.

我們對此仍然感到很舒服。

The $26 million number in overall cost rationalization is still the right number to be thinking about.

2600 萬美元的總體成本合理化數字仍然是值得考慮的正確數字。

And really, that number, of course, relates to all the expenses that we've been able to cut since the beginning of this exercise through the end of the year.

事實上，這個數字當然與我們自這項工作開始到年為止能夠削減的所有費用有關。

So we have another 1.5 months, two months still to go, and we believe that we will hit that $26 million number by the end of this year.

所以我們還有 1.5 個月，還有兩個月的時間，我們相信到今年年底我們將達到 2,600 萬美元的數字。

And of course, you won't see all the positive impact in our financials for this year, but you will see that -- entirety of that impact as we progress into next year.

當然，您不會看到我們今年財務狀況的所有積極影響，但隨著我們進入明年，您將看到全部影響。

Is there a way to think of how much we see this year of the $26 million?

有沒有辦法想想今年 2600 萬美元中有多少？

Yes.

是的。

And I think if you think about probably the $20 million number is probably the right number to think about so that there's still some additional benefit we'll see in the upcoming year.

我認為，如果你考慮一下，2000 萬美元的數字可能是正確的數字，這樣我們在來年仍然會看到一些額外的好處。

And again, if we kind of step back for a moment, how do we get here?

再說一次，如果我們退後一步，我們如何到達這裡？

How do we accomplish those cuts?

我們如何實現這些削減？

We really accomplished those cuts through those expense reductions through three main avenues.

我們確實透過三個主要途徑減少了開支，從而實現了這些削減。

One was -- one has been utilizing our proprietary technology, our AI in order to perform the same tasks that we were performing before on a manual basis with the use of technology.

一是——我們一直在利用我們的專有技術、人工智慧來執行我們之前使用技術手動執行的相同任務。

Kind of a second key component of those overall reductions relates to taking work that was being handled by outside third-parties and bringing that work in-house.

整體削減的第二個關鍵組成部分涉及將外部第三方處理的工作轉移到內部。

And that not only has the benefit of reducing the expenses, but also has the benefit of giving us more control from an end-to-end perspective with regard to that overall responsibility and discharging those responsibilities.

這不僅有利於減少開支，而且有利於我們從端到端的角度對整體責任和履行這些責任有更多的控制權。

And a third key basis or way that we were able to accomplish this really comes through kind of recognizing the fact that we have this powerful global business model and then fully utilizing that global business model to further reduce costs.

我們能夠實現這一目標的第三個關鍵基礎或方式實際上是透過認識到我們擁有這種強大的全球商業模式這一事實，然後充分利用該全球商業模式來進一步降低成本。

But the overall number is right that you say, which is $26 million.

但你說的總數字是對的，是 2600 萬美元。

You guys commented on remote patient monitoring as an opportunity.

你們評論說遠端患者監控是一個機會。

Could you give some color on where -- kind of how it performed this quarter and where -- how you think about the outlook or pipeline for this in the future?

您能否介紹一下本季的表現以及您如何看待未來的前景或管道？

Sure.

當然。

We'd be happy to, for sure.

我們當然很樂意這麼做。

And from an RPM perspective, one of the things to think about, Allen, is we've actually launched our own RPM solution in-house.

從 RPM 的角度來看，Allen，需要考慮的事情之一是我們實際上已經在內部推出了自己的 RPM 解決方案。

We were partnering before with a third-party who is helping us with RPM.

我們之前曾與幫助我們進行 RPM 的第三方合作。

So we've launched our own in-house solution, and we're really excited by that because of the margin -- the margins will be significantly different.

因此，我們推出了自己的內部解決方案，我們對此感到非常興奮，因為利潤率將顯著不同。

And we think we'll be far more capable of being able to meet our clients' needs and to deliver the results that they'd like to be able to deliver through RPM.

我們認為，我們將更有能力滿足客戶的需求，並提供他們希望透過 RPM 提供的結果。

So if you think about the overall number, maybe Hadi or Norm can jump in, in terms of the full-year number for this year from RPM, CCM perspective.

因此，如果你考慮一下總體數字，也許哈迪或諾姆可以加入進來，從 RPM、CCM 的角度來看今年全年的數字。

So just -- if we want to break it up between chronic care management and RPM.

所以，如果我們想將慢性病護理管理和 RPM 分開的話。

So for the nine months in 2024, we did $2.2 million just of chronic care management and then $544,000 in remote patient monitoring.

因此，在 2024 年的 9 個月裡，我們僅在慢性病護理管理方面就投入了 220 萬美元，在遠端患者監測方面投入了 544,000 美元。

So that's about $2.7 million, $2.8 million.

大約是 270 萬美元、280 萬美元。

And Allen, if you think about it, again, as we've been saying since the very beginning of the year, certainly, during 2024, our North Star has been generating free cash flow.

艾倫，如果你再想一想，正如我們從今年年初以來一直在說的那樣，當然，在 2024 年期間，我們的北極星一直在產生自由現金流。

That's the reason, of course, we're able to fully satisfy the Silicon Valley Bank obligation and have that be zero today as we stand here in the fourth quarter.

當然，這就是我們能夠完全履行矽谷銀行義務的原因，並且在我們第四季的今天將其為零。

That's the reason why we feel very confident to be able to say that we're going to be resuming dividends in the first quarter of next year, because we believe that from an expense perspective, we have an expense model that lays the foundation for continued growth as we go into this next year.

這就是為什麼我們非常有信心能夠說我們將在明年第一季恢復派息，因為我們相信從費用角度來看，我們有一個費用模型，為持續成長奠定了基礎。就會出現成長。

So whether it be RPM or CCM or Force or leveraging AI across our entire platform, we're excited about that.

因此，無論是 RPM、CCM、Force 或在整個平台上利用人工智慧，我們都對此感到興奮。

Just a follow-up.

只是後續行動。

You've mentioned that you brought the RPM solution in-house.

您提到您在內部引入了 RPM 解決方案。

I assume you mean RPM and CCM.

我假設你指的是 RPM 和 CCM。

Does -- when did that happen?

那是——什麼時候發生的？

So it's actually just RPM at this point in time because RPM really gives us the ability to utilize our core technology strength, coupled with the support that's provided together with that core technology strength and to leverage that core technology strength to the benefit of our clients.

所以現在實際上只是 RPM，因為 RPM 確實使我們能夠利用我們的核心技術優勢，再加上與該核心技術優勢一起提供的支持，並利用該核心技術優勢為我們的客戶帶來利益。

And that -- we just launched that within the last 30 days.

我們剛剛在過去 30 天內推出了它。

So we're -- we have a team that we've built in-house.

所以我們——我們有一個內部建立的團隊。

We're managing that out of our Miami office, and we expect great things ahead -- in the year ahead.

我們正在邁阿密辦公室進行管理，我們預計未來一年會發生偉大的事情。

My last two questions are a little bit more related to models.

我的最後兩個問題與模型更相關。

And if you want to take it offline, that's fine.

如果您想將其離線，也可以。

But what they were was, how to think about -- is capitalized software an area where going forward that might be at a lower run rate?

但它們是什麼，如何思考——資本化軟體是否是一個未來運作率可能較低的領域？

And then, just wanted to understand, with you paying off both your line and reducing it to $10 million, what does that imply?

然後，我想了解一下，當您還清了兩條線並將其減少到 1000 萬美元時，這意味著什麼？

But you have to pay like -- I don't know what the word is, maintenance fee, just for having it even if you don't draw it.

但你必須支付——我不知道這個詞是什麼，維護費，只是為了擁有它，即使你沒有提取它。

What would be the expense related to that?

與此相關的費用是多少？

Allen, I think we can find a specific answer right now, but we can get into the more details offline on our call, if that makes sense.

艾倫，我認為我們現在可以找到具體的答案，但如果有意義的話，我們可以透過電話線下了解更多細節。

Well, congrats on everything you've accomplished.

好吧，恭喜你所取得的一切。

I was told by people that when companies stop paying their dividends, like they almost never resume them on the preferred.

人們告訴我，當公司停止支付股息時，他們幾乎永遠不會恢復優先股股息。

So you guys really stand out on everything that you accomplished.

所以你們在所取得的一切成就上確實脫穎而出。

Very, very impressive discipline.

非常非常令人印象深刻的紀律。

So congrats.

所以恭喜。

Allen, we really appreciate that, and we really appreciate the support -- your support and support of all of our analysts who continue to recommend CareCloud.

Allen，我們非常感謝這一點，也非常感謝您的支持——您的支持以及我們所有繼續推薦 CareCloud 的分析師的支持。

And we've heard the same thing.

我們也聽過同樣的事情。

I don't know whether it's necessarily true, but at the point in time when we stopped the dividends, we were told by bankers there is a 1% chance that you'll ever resume dividends, and they kind of wrote us off.

我不知道這是否一定是真的，但在我們停止派息的時候，銀行家告訴我們，有 1% 的機會恢復派息，他們有點註銷了我們。

So much like the -- much like our IPO, which was given about a 0% chance of being successful.

就像我們的 IPO 一樣，成功的機會約為 0%。

We're excited to be able to defy the odds and really thankful for all the support.

我們很高興能夠克服困難，並非常感謝所有的支持。

And to your point, Allen, if you think more broadly just for a moment about the dividends, and maybe that kind of brings into maybe clear focus the preferred -- the Series A preferred changes.

艾倫，就你的觀點而言，如果你更廣泛地思考一下股息，也許這會讓你清楚地關注首選——A 輪首選的變化。

Maybe if we kind of think about that, if you don't mind, I'll just take a minute and we'll kind of walk through those changes.

也許如果我們考慮一下這個問題，如果您不介意的話，我會花一點時間來討論這些變化。

Obviously, you're very familiar with them, Allen, but I'm not sure that our investors more broadly have the same familiarity with those.

顯然，艾倫，你對它們非常熟悉，但我不確定我們的投資者是否更廣泛地對它們也有同樣的熟悉程度。

So maybe we'll just kind of walk through those changes, what were the changes, and why do the changes matter.

所以也許我們會簡單介紹一下這些變化，變化是什麼，以及為什麼這些變化很重要。

Why do they benefit or how they benefit the shareholders?

他們為何受益或如何使股東受益？

Those three changes were, first of all, changing the change of control provision.

這三個變化首先是改變控制權變更條款。

So what that really means is that we provided protection for the Series A shareholders, giving them the right to have their shares liquidated at $25 per share in the event of a change of control.

因此，這實際上意味著我們為 A 輪股東提供了保護，讓他們有權在控制權發生變化時以每股 25 美元的價格清算其股票。

So the benefits certainly to the Series A shareholders are pretty clear.

因此，A 輪股東的利益無疑是非常明顯的。

It really ensures that the As can't be left outstanding against their will for change of control.

它確實確保了 A 不會因控制權變更而違背其意願而被擱置。

It gives them essentially the same protection that has been afforded to the Series B shareholders.

它為他們提供了與 B 系列股東基本相同的保護。

It puts them on an equal playing field with the Bs.

這使他們與 B 處於平等的競爭環境。

That's the first change.

這是第一個變化。

The second change was really equalizing the dividends and equalizing the dividends at 8.75% going forward, 8.75%.

第二個變化是真正均衡股息，並將股息均衡為 8.75%，即 8.75%。

And if we kind of just think about that, that essentially equates to about a $2.5 million savings for the company, which from a Series A and Series B perspective, that -- well, to put it in perspective, that's about the amount of the overall dividends for the Series B. And more broadly, to put it in perspective, what it enables us to do and has enabled us to do is to more quickly be able to resume dividends because the overall dividend burden has been somewhat reduced.

如果我們想一想，這基本上相當於為公司節省了約 250 萬美元，從 A 輪和 B 輪的角度來看，這大約是從更廣泛的角度來看，它使我們能夠做的以及已經使我們能夠更快地恢復股息，因為整體股息負擔減輕。

And if you're a common shareholder, as a common shareholder, and again, almost 40% of the shares of common are owned by insiders, so you can feel very comfortable as a common shareholder that we're acting in full alignment with your best interest.

如果您是普通股股東，那麼，作為普通股股東，幾乎 40% 的普通股由內部人士擁有，因此，作為普通股股東，您可以感到非常放心，因為我們的行為與您的利益完全一致。利益。

But as a common shareholder, it preserves additional capital to reinvest in the business.

但作為普通股東，它保留了額外的資本用於對業務的再投資。

And finally, there's -- the third thing is there's an exchange feature that the shareholders approved and all these changes in terms of the affirmative vote were approved by almost 90% of those who voted.

最後，第三件事是股東批准了交換功能，所有這些關於贊成票的變化都得到了近 90% 的投票者的批准。

So I think there's a really clear understanding amongst the shareholders that these changes are overwhelmingly favorable to the company.

因此，我認為股東們非常清楚地認識到這些變化對公司來說是極其有利的。

But the exchange feature really enables the company at the appropriate point in time to exchange shares of Series A preferred stock for common stock at the $25 redemption price.

但交換功能確實使公司能夠在適當的時間點以 25 美元的贖回價格將 A 系列優先股股票交換為普通股。

And if you think about the overall preferred shares, just from an A perspective, the real number probably to think about is, it's probably a $27.50 -- I'm sorry, $27.50 type share because there is a -- there are accrued dividends that are associated with that share.

如果你考慮整體優先股，僅從 A 的角度來看，可能需要考慮的實際數字是，它可能是 27.50 美元——對不起，27.50 美元類型的股票，因為有——有應計股息與該共享相關聯。

So again, the benefits with regard to the exchange are across all the shareholders.

再次強調，交換的利益惠及所有股東。

It's like having children, you don't like to pick your favorite.

就像生小孩一樣，你不喜歡挑選自己喜歡的。

And for us, we really tried to keep that in mind when we were fashioning the proposed changes.

對我們來說，在製定擬議的變更時，我們確實努力牢記這一點。

So why does that matter?

那麼為什麼這很重要呢？

Why is that beneficial to shareholders?

為什麼這對股東有利？

Well, for all shareholders and for the company, the cost, if we were to move ahead and we were to raise capital and do a secondary offering, for instance, with regard to -- in order to be able to redeem the shares, the cost of capital together with the discounts associated with it would generally be about 30%.

好吧，對於所有股東和公司來說，如果我們要繼續前進，我們要籌集資金並進行二次發行，例如，為了能夠贖回股票，資本成本加上與之相關的折扣通常約為 30%。

And if you think about the $115 million roughly in preferred A that's outstanding, that would be $35 million.

如果你考慮一下優先 A 中未償還的大約 1.15 億美元，那麼這將是 3500 萬美元。

So by having that exchange feature in place, we have the ability just in terms of the preferred A to be able to save all shareholders about $35 million.

因此，透過實施交換功能，僅就優先 A 股而言，我們就有能力為所有股東節省約 3,500 萬美元。

That would be our estimate.

這就是我們的估計。

And again, I think one thing to keep in mind with regard to the exchange, with regard to all these changes is the significant ownership -- inside ownership interest that there is in terms of the common.

再說一次，我認為關於交易所，關於所有這些變化，需要記住的一件事是重要的所有權——就普通股而言存在的內部所有權利益。

So again, we want to thank everyone.

再次感謝大家。

We want to thank all the preferred -- Series A preferred shareholders for taking the time to understand the changes and also for their overwhelming support for those changes.

我們要感謝所有優先股——A 系列優先股股東花時間了解這些變化，並感謝他們對這些變化的大力支持。

Allen, I know that was a little bit kind of beyond what you had asked about, but do you have any other questions?

艾倫，我知道這有點超出了你所問的問題，但是你還有其他問題嗎？

I mean, I don't have a public opinion on the preferreds.

我的意思是，我對偏好沒有公眾意見。

I cover your common stock.

我承保你的普通股。

I have a personal opinion that it's one of the most compelling investments of anything in the market right now.

我個人認為，這是目前市場上最有吸引力的投資之一。

You may want to -- I don't know if you're interested to walk through to investors like, what they get from a potential return if they invest in them.

你可能想——我不知道你是否有興趣向投資者介紹一下，如果他們投資這些產品，他們會從潛在回報中獲得什麼。

I don't know if that's the focus of this call, but

我不知道這是否是這次通話的重點，但是

--

--

No, I appreciate the comments.

不，我很欣賞這些評論。

Whether it be the A or the B or the common, 100% agreed that the thesis for investing in any of them, we think, is a pretty compelling thesis.

無論是 A、B 還是普通股，我們認為投資其中任何一個的論文都是 100% 非常引人注目的論文。

So we appreciate your comments for sure.

因此，我們非常感謝您的評論。

Well, very good.

嗯，非常好。

Maybe over to Norm.

也許到了規範。

Okay.

好的。

I think that will conclude our call today.

我想我們今天的通話就到此結束。

So thank you, everyone, for attending, and have a great day.

謝謝大家參加，祝您有美好的一天。

Thanks, everyone.

謝謝大家。

Ladies and gentlemen, that concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect your lines.

現在您可以斷開線路。