CareCloud Inc (CCLD) 2025 Q2 法說會逐字稿

Ladies and gentlemen.

女士們，先生們。

Greetings and welcome to the Ky cloud 2nd quarter 2025 results conference call. At this time, all participant lines are in the listen-only mode. A brief question and answer session will follow the formal presentation.

問候並歡迎參加 Ky cloud 2025 年第二季業績電話會議。此時，所有參與者線路都處於只聽模式。正式演講之後將有一個簡短的問答環節。

If anyone requires operator assistance during the conference, please signal the operator by pressing, then 0 on your telephone keypad.

如果會議期間有人需要接線員協助，請按下電話鍵盤上的 ，然後按 0 向接線員發出信號。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

Good morning everyone. Welcome to CareCloud's 2nd quarter 2025 conference call. On today's call are Mahmud Haq, our founder and executive Chairman, co-Chief Executive Officer Stephen Schneider and Hady Chaudhury, and Norman Roth, our interim Chief Financial Officer and corporate controller.

大家早安。歡迎參加 CareCloud 2025 年第二季電話會議。參加今天電話會議的有我們的創辦人兼執行主席 Mahmud Haq、聯合執行長 Stephen Schneider 和 Hady Chaudhury，以及我們的臨時財務長兼公司控制員 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 1,933 as amended in Section 21 E of the Securities Exchange Act of 1,934 as amended.

在我們開始之前，我想提醒您，本次電話會議中所作的某些陳述屬於 1933 年證券法第 27A 節（經修訂）和 1934 年證券交易法第 21E 節（經修訂）定義下的前瞻性陳述。

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 acquisition.

本次會議期間除歷史事實陳述以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、預期成長、業務前景以及潛在有機成長和收購的預期和指導的陳述。

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

前瞻性陳述有時可能與將、可能、預期、計劃、預期、大約、即將發生、相信、估計等詞語或這些術語的否定形式類似。

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，並且受各種風險和不確定性的影響，其中許多是我們無法控制的，這可能導致實際結果與這些前瞻性陳述中預期的結果有重大差異。

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. Please refer to our press release in 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.

這些聲明僅反映我們對本報告發布之日的觀點，我們不承擔根據新資訊或未來事件修改這些前瞻性聲明的義務。請參閱我們向美國證券交易委員會提交的報告中的新聞稿，您將在其中找到有關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 2nd quarter 2025 earnings presentation. Please visit our investor relations site I.careCloud.com. Click on news and events, then click IR calendar, click on 2nd quarter 2025 results conference call, and download the earnings presentation.

對於透過電話撥入電話的任何人，您可能想要下載我們的 2025 年第二季財報。請造訪我們的投資者關係網站 I.careCloud.com。點擊“新聞和活動”，然後點擊“投資者關係日曆”，點擊“2025 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-gap financial measures. Please refer to today's press release announcing our 2nd quarter results and for a reconciliation of these non-gap performance measures to our GAAP financial results.

最後，在今天的電話會議上，我們可能會參考某些非差距財務措施。請參閱今天宣布我們第二季度業績的新聞稿，並了解這些非差距績效指標與我們的 GAAP 財務結果的對帳情況。

With that said, I'll now turn the call over to our co-CEO Stephen Schneider. Stephen.

話雖如此，我現在將電話轉給我們的聯合執行長史蒂芬施耐德。史蒂芬。

Thank you, Kristen, and good morning everyone.

謝謝你，克里斯汀，大家早安。

I appreciate you joining us today for CareCloud's 2nd quarter 2025 earnings call.

感謝您今天參加 CareCloud 2025 年第二季財報電話會議。

I'm very pleased to report another strong quarter for CareCloud, one that reflects not just financial stability, but meaningful strategic progress across the core pillars of our business, namely AI-driven innovation, operational discipline, and sustainable growth.

我很高興地報告 CareCloud 又一個強勁的季度，這不僅反映了財務穩定，也反映了我們業務核心支柱的有意義的策略進展，即人工智慧驅動的創新、營運紀律和永續成長。

These results are a continuation of the transformation we initiated in 2024, and they highlight our ability to execute in the dynamic and evolving healthcare environment.

這些成果是我們在 2024 年啟動的轉型的延續，凸顯了我們在動態和不斷發展的醫療保健環境中的執行能力。

Let me start with the financials.

我先從財務狀況說起。

We achieved GAAP net income of $2.9 million an improvement of 73% from $1.7 million in the same period last year, and this was in spite of a modest year over year revenue decline driven largely by a one-time non-recurring revenue item in Q2 2024. Importantly, this quarter marks the first time in CareCloud's history that we've delivered positive GAAP earnings per share at $0.04 compared to a loss of $0.14 per share in Q2 of 2024.

我們實現了 GAAP 淨收入 290 萬美元，較去年同期的 170 萬美元增長 73%，儘管收入同比略有下降，主要原因是 2024 年第二季度的一次性非經常性收入項目。重要的是，本季是 CareCloud 史上首次實現每股 GAAP 收益為 0.04 美元，而 2024 年第二季每股虧損 0.14 美元。

This is a remarkable accomplishment and one that we're proud of.

這是一個了不起的成就，我們對此感到自豪。

Reporting our first positive EPS as a public company again is a major milestone. And a clear demonstration of the traction behind our strategy.

作為一家上市公司，我們再次報告了第一個正每股收益，這是一個重要的里程碑。這也清楚地展示了我們策略背後的吸引力。

Year-to-date, we've generated $4.9 million in GAAP net income, more than triple we reported in the first half of 2024.

年初至今，我們已實現 490 萬美元的 GAAP 淨收入，是 2024 年上半年報告的三倍多。

Adjusted IEDA stands at $12.1 million a 20% increase year over year, and free cash flow reached $9 million up 85% over the same period.

調整後的 IEDA 為 1,210 萬美元，年增 20%，自由現金流達 900 萬美元，年增 85%。

These metrics underscore the scalability and efficiency of our operating model and provide us the flexibility to reinvest in growth.

這些指標強調了我們營運模式的可擴展性和效率，並為我們提供了再投資於成長的靈活性。

Based on our performance, we are pleased to reaffirm our full year 2025 guidance. We continue to expect revenue between $111 million and $114 million adjusted IEDA, the range of $26 million to $28 million and GAAP earnings per share between $0.10 and $0.13.

根據我們的業績，我們很高興重申我們對 2025 年全年的預期。我們繼續預期調整後的 IEDA 收入在 1.11 億美元至 1.14 億美元之間，範圍在 2,600 萬美元至 2,800 萬美元之間，每股 GAAP 收益在 0.10 美元至 0.13 美元之間。

As to tech innovation, our AI Center of excellence is operational and is beginning to deliver measurable results while we continue to ramp up and broaden the team.

至於技術創新，我們的人工智慧卓越中心已經投入運營，並開始提供可衡量的成果，同時我們也持續擴大和拓寬團隊。

We are actively using AI to enhance the provider and the and patient experience on the front end, while we're also applying it quietly on the back end to meaningfully improve our internal operations and cost structure. Across our back office and service delivery teams, we've deployed AI powered automation to reduce manual work, accelerate turnaround times, and eliminate redundancies.

我們正在積極使用人工智慧來增強前端提供者和患者的體驗，同時我們也在後端悄悄地應用它來顯著改善我們的內部營運和成本結構。在我們的後台和服務交付團隊中，我們部署了人工智慧自動化系統，以減少手動工作、加快週轉時間並消除冗餘。

For example, we're leveraging machine learning models to streamline claims coding, pre adjudicate denials, and prioritize accounts receivable workflows.

例如，我們正在利用機器學習模型來簡化索賠編碼、預先裁定拒絕並確定應收帳款工作流程的優先順序。

These tools are enabling our team to more efficiently manage higher volumes with lower with fewer resources, thriving productivity gains.

這些工具使我們的團隊能夠以更少的資源和更少的資源更有效地管理更大的工作量，從而大幅提高生產力。

We're also using generative AI internally to support functions like denial management, audit prep, and revenue forecasting. In the past, these areas required intensive manual review and lengthy cross-functional coordination. Now with AI enhanced workflows, we're able to move quickly, reduced error rates, and focus our team on higher value strategic work.

我們還在內部使用生成式人工智慧來支援拒絕管理、審計準備和收入預測等功能。過去，這些領域需要大量的人工審查和漫長的跨職能協調。現在，借助人工智慧增強的工作流程，我們能夠快速行動、降低錯誤率，並讓我們的團隊專注於更高價值的策略工作。

Taken together, these operational efficiencies are not only expanding our margins, they're strengthening our ability to scale profitably without adding incremental costs.

總的來說，這些營運效率不僅擴大了我們的利潤率，還增強了我們在不增加增量成本的情況下擴大獲利的能力。

As we move forward, we'll continue to embed intelligence deeper into our infrastructure so we can grow faster, serve clients better, and deliver stronger returns for our shareholders.

隨著我們繼續前進，我們將繼續將智慧更深入地嵌入到我們的基礎設施中，以便我們能夠更快地發展，更好地服務客戶，並為股東帶來更豐厚的回報。

We're advancing our 2025 product roadmap and gaining traction with serious AI notes and serious AI voice solutions purpose built to improve documentation accuracy, reduce provider burden, and enhance the patient experience. These aren't just incremental tools. They represent the foundation of a broader platform strategy to embed intelligence into every layer of the care delivery process.

我們正在推進我們的 2025 年產品路線圖，並透過嚴肅的 AI 筆記和嚴肅的 AI 語音解決方案獲得關注，這些解決方案旨在提高文件準確性、減輕提供者負擔並增強患者體驗。這些不僅僅是增量工具。它們代表了更廣泛的平台策略的基礎，將智慧嵌入到醫療服務流程的每一層。

We've also remained committed to financial discipline and shareholder alignment. Since resuming preferred dividend payments, we've declared 9 consecutive months of distributions, all funded entirely from our free cash flow.

我們也始終致力於財務紀律和股東協調。自從恢復優先股股息支付以來，我們已宣布連續 9 個月的分配，所有資金均來自我們的自由現金流。

That consistency reflects our operational strength and capital stewardship.

這種一致性反映了我們的營運實力和資本管理能力。

On the M&A front, we've returned to a more active posture.

在併購方面，我們恢復了更積極的姿態。

We've completed two acquisitions this year, each aligned with our focus on specialty AI powered RCM. These tuckins.

我們今年完成了兩次收購，每次收購都與我們對專業 AI 驅動的 RCM 的關註一致。這些塞子。

Reflect the kind of disciplined, a creative M&A that has historically been a core part of our growth strategy.

體現出一種有紀律、有創意的併購，這在歷史上一直是我們成長策略的核心部分。

And with a strong balance sheet and a scalable platform, we are well positioned to continue to actively evaluate additional opportunities.

憑藉強大的資產負債表和可擴展的平台，我們完全有能力繼續積極評估更多機會。

In summary, this quarter marks a pivotal moment for CareCloud.

總而言之，本季對於 CareCloud 來說是一個關鍵時刻。

We are delivering profitability at scale, launching differentiated AI capabilities, and reigniting our acquisition engine, all while maintaining a lean, capital efficient model. We're executing executing from a position of strength and building a platform that we believe will lead the next wave of intelligent healthcare delivery.

我們正在實現規模獲利，推出差異化的人工智慧功能，並重新點燃我們的收購引擎，同時保持精益、資本高效的模式。我們正在以實力為依托，建構一個我們相信將引領下一波智慧醫療服務浪潮的平台。

With that, I now turn the floor over to Hatt. Hatty.

現在，我把發言權交給哈特 (Hatt)。哈蒂。

Thank you, Steve, and thank you everyone for joining us.

謝謝你，史蒂夫，也謝謝大家加入我們。

As Steve mentioned, AI is already reshaping how we operate, and I'm excited to take that conversation a level deeper.

正如史蒂夫所提到的，人工智慧已經重塑了我們的運作方式，我很高興能夠更深入地討論這個問題。

This morning I will focus exclusively on the work we have done to bring AI from concept to execution across CareCloud.

今天上午，我將重點介紹我們在 CareCloud 中將 AI 從概念變為執行所做的工作。

Over the past few quarters, we have gone from planning to production, embedding AI into real-world workflows that are improving efficiency, driving smarter decisions, and enhancing the experience for both providers and patients.

在過去的幾個季度中，我們已經從規劃轉向生產，將人工智慧嵌入現實世界的工作流程中，從而提高效率、推動更明智的決策並增強供應商和患者的體驗。

And while the momentum around our AI products continues to build, today's calls mark an important inflection point, not only in how we scale those innovations, but also in how we expand our platform into entirely new market segments. I will begin with an update on AI progress, and later I will share a significant step we have taken to bring our intelligent cloud-based platform to a critical part of a healthcare ecosystem that has long been underserved.

雖然我們的人工智慧產品發展勢頭持續增強，但今天的電話會議標誌著一個重要的轉折點，不僅在我們如何擴大這些創新方面，而且在我們如何將我們的平台擴展到全新的細分市場方面。我將首先介紹人工智慧的最新進展，然後分享我們已採取的重要舉措，即將我們的智慧雲端平台引入長期服務不足的醫療保健生態系統的關鍵部分。

To ensure this AI transformation, we launched our AI Center of Excellence earlier this year, and I'm pleased to share that it's now fully operational.

為了確保這項人工智慧轉型，我們在今年稍早啟動了人工智慧卓越中心，我很高興地告訴大家，它現在已經全面投入營運。

We have hired 100 full-time AI professionals, including machine learning engineers, data scientists, and NLP specialists. Alongside them, we have onboarded another 100 interns. Many of them are already being evaluated for full-time roles. This structure gives us the scale and flexibility to move quickly while continuously investing in talent and innovation.

我們聘請了 100 名全職 AI 專業人員，包括機器學習工程師、資料科學家和 NLP 專家。除他們之外，我們還招募了另外 100 名實習生。其中許多人已在接受全職職位評估。這種結構使我們具備了快速發展的規模和靈活性，同時不斷投資於人才和創新。

Importantly, we are taking a pragmatic and strategic approach to AI development.

重要的是，我們對人工智慧發展採取了務實和策略性的方法。

Where appropriate, we leverage 25 years of proprietary clinical and financial data to train purpose-built models tailored for healthcare. At the same time, we are also integrating market available foundational models that they accelerate time to value, such as transcription, summarization, and conversational AI.

在適當的情況下，我們利用 25 年的專有臨床和財務資料來訓練專門針對醫療保健的模型。同時，我們也正在整合市場上可用的基礎模型，以加快價值實現時間，例如轉錄、摘要和對話式 AI。

This hybrid approach allows us to maintain control where it matters most while benefiting from innovation across the ecosystem.

這種混合方法使我們能夠在最重要的地方保持控制，同時受益於整個生態系統的創新。

The result is a growing set of production grade solutions delivered at scale without compromising performance, security, or clinical relevance. This center isn't just a hub for innovation, it's an execution engine powering the next generation of Care cloud products and capabilities.

結果是，在不影響效能、安全性或臨床相關性的情況下，大規模交付了越來越多的生產級解決方案。該中心不僅僅是一個創新中心，它還是一個為下一代 Care 雲端產品和功能提供動力的執行引擎。

On the client side, our flagship AI solution, CS AI notes and CSAI Voice continue to gain traction and anchor our broader intelligent platform strategy.

在客戶端，我們的旗艦 AI 解決方案 CS AI notes 和 CSAI Voice 繼續獲得關注，並鞏固了我們更廣泛的智慧平台策略。

CSI notes is a fully integrated documentation assistant that reduces provider workload and improves node quality.

CSI notes 是一個完全整合的文件助手，可以減少提供者的工作量並提高節點品質。

It uses ambient listening, smart summarization, and specialty specific logic to streamline documentation directly within the EHR.

它使用環境聆聽、智慧摘要和專業特定邏輯來直接在 EHR 中簡化文件。

Since our last earnings call, the number of providers using CSCI notes has more than doubled. We have continued to expand specialty support, refined natural language capabilities, and improved real-time usability. While revenue contribution is still early, this product is delivering significant strategic value, enhancing provider satisfaction, increasing platform stickiness, and differentiating our offering in an increasingly crowded EHR market.

自從我們上次召開收益電話會議以來，使用 CSCI 票據的提供者數量增加了一倍以上。我們不斷擴大專業支持，完善自然語言能力，並提高即時可用性。雖然收入貢獻仍處於早期階段，但該產品正在提供重要的策略價值，提高供應商滿意度，增加平台黏性，並在日益擁擠的 EHR 市場中使我們的產品脫穎而出。

CSI voice is our AI powered call center monitoring and auditing platform. It analyzes 100% of calls, scores each agent's performance against KPIs, and uses sentiment analysis to surface coaching opportunities and quality issues in real time.

CSI 語音是我們基於人工智慧的呼叫中心監控和稽核平台。它分析 100% 的通話，根據 KPI 對每個代理商的表現進行評分，並使用情緒分析來即時發現指導機會和品質問題。

This quarter we deployed CSCI Voice internally across hundreds of other employees to improve call center performance. We have also launched it with one of our enterprise clients where it's currently undergoing performance evaluation as part of their phased rollout.

本季度，我們在數百名其他員工內部部署了 CSCI Voice，以提高呼叫中心的效能。我們還與我們的企業客戶一起推出了該系統，目前該客戶正在分階段進行效能評估。

Early feedback has been very encouraging.

早期的回饋非常令人鼓舞。

Together, Si AI notes and voice are foundational to our AI roadmap, built not as stand-alone tools, but as a part of a connected intelligent ecosystem spanning both clinical and operational workflows.

總之，Si AI 筆記和語音是我們 AI 路線圖的基礎，它們不是作為獨立工具構建的，而是作為涵蓋臨床和操作工作流程的互聯智慧生態系統的一部分。

We are actively deploying AI to improve internal operations and scale more efficiently. In revenue cycle and denial management, Machine learning and generative AI are streamlining claim coding, appeal generation, and AI prioritization, reducing manual work and accelerating turnaround times. We are also piloting AI tools for forecasting to support faster data-driven decisions.

我們正在積極部署人工智慧，以改善內部營運並更有效地擴展規模。在收入週期和拒絕管理中，機器學習和產生人工智慧正在簡化索賠編碼、申訴生成和人工智慧優先級，減少手動工作並加快週轉時間。我們也正在試用人工智慧工具進行預測，以支援更快的數據驅動決策。

These early deployments are already delivering clear productivity gains and operational leverage.

這些早期的部署已經帶來了明顯的生產力提升和營運槓桿。

Now looking ahead to Q3, we are actively working on a broad set of AI initiatives across the organization.

展望第三季度，我們正在整個組織內積極開展一系列人工智慧計畫。

Among them, here are a few key projects that illustrate how we are continuing to push the boundaries of intelligent automation and patient engagement.

其中，以下幾個關鍵項目展示了我們如何不斷突破智慧自動化和患者參與的界限。

The first one is an AI front desk agent.

第一個是AI前台客服。

We are piloting a conversational AI agent capable of handling inbound calls without human intervention. It performs front office tasks like appointment scheduling, prescription refills, lab results updates, and general inquiries with a human-like voice experience.

我們正在試用一種無需人工幹預就能處理來電的對話式人工智慧代理。它以類似人類的語音體驗執行前台任務，如預約安排、處方續藥、實驗室結果更新和一般查詢。

This will help reduce call volumes and improve service responsiveness.

這將有助於減少呼叫量並提高服務回應能力。

The number 2.

數字 2。

AI enabled personal health record a PHR. We are building an AI powered PHR that allows patients to interact with their health data using natural language through both text and voice. A key feature is an AI voice assistant that conducts adaptive pre-visit interviews, asking context to their questions to complete intake, assesses the patient's condition, and pre-populate clinical notes, saving time for providers and improving visit quality.

人工智慧使個人健康記錄成為 PHR。我們正在建立一個由人工智慧驅動的 PHR，讓患者能夠透過文字和語音使用自然語言與他們的健康數據互動。一個關鍵功能是人工智慧語音助手，它可以進行自適應的訪問前訪談，詢問問題的背景以完成攝入，評估患者的狀況，並預先填寫臨床記錄，從而節省提供者的時間並提高訪問品質。

Additional capabilities include smart scheduling, chart summarization, and proactive care prompts, all aimed at making health care more personalized, accessible, and actionable.

其他功能包括智慧調度、圖表摘要和主動護理提示，旨在使醫療保健更加個人化、更易於存取和更可操作。

Number 3, enhanced AI denial management. We are expanding our AI power denial management capabilities with deeper use of generative AI to automate appeals, classify root causes and surface pair trends, helping clients recover revenue faster and reduce future denials.

第三，增強人工智慧拒絕管理。我們正在擴展我們的人工智慧拒絕管理能力，更深入地使用生成人工智慧來自動化申訴、對根本原因進行分類和表面配對趨勢，幫助客戶更快地恢復收入並減少未來的拒絕。

These projects reflect our commitment to delivering real-world AI that improves experience, efficiency, and outcomes across the care continuum.

這些項目體現了我們致力於提供現實世界的人工智慧，以改善整個護理過程中的體驗、效率和結果。

Earlier I mentioned that today's call represents a strategic inflection point not only in how we scale our AI innovations, but also in how we expand the reach of our platform. I'm pleased to share that as of August 1, 2025, CareCloud has received ONC Health IT certification for our TakiHR platform tailored specifically for critical access hospitals.

我之前提到過，今天的電話會議不僅代表著我們如何擴展人工智慧創新的策略轉折點，也代表著我們如何擴大平台的覆蓋範圍。我很高興地告訴大家，截至 2025 年 8 月 1 日，CareCloud 已獲得 ONC Health IT 認證，該認證針對的是專為關鍵通道醫院量身定制的 TakiHR 平台。

This certification enables us to support CAS participating in Medicare and federal quality programs and allows us to bring our technology into an underserved and critically important segment of the healthcare system.

此認證使我們能夠支持 CAS 參與醫療保險和聯邦品質計劃，並使我們能夠將我們的技術引入醫療保健系統中服務不足且至關重要的領域。

Our CS certified platform is cloud-based, AI enabled, and designed to support inpatient, outpatient, and swing bed workflows, delivering the same operational efficiency and regulatory compliance we are known for it in the ambulatory space.

我們的 CS 認證平台基於雲，支援 AI，旨在支援住院、門診和搖擺床工作流程，提供我們在門診領域所熟知的相同營運效率和法規遵循。

This milestone opens access over $1.5 billion dollar addressable market across more than 1,300 rural hospitals, many of which are actively seeking modern replacement for outdated high maintenance systems. It also reinforces a broader strategy of supporting the full continuum of care from independent practices to rural inpatient facilities through a unified intelligent platform.

這一里程碑打開了覆蓋 1,300 多家鄉村醫院的超過 15 億美元潛在市場，其中許多醫院正在積極尋求現代化系統來取代過時的高維護系統。它還強化了一項更廣泛的策略，即透過統一的智慧平台支援從獨立診所到農村住院設施的全方位護理。

To summarize, we are executing with focus and discipline across every layer of our AI strategy. From client facing innovation to internal automation, we are embedding intelligence into the core of our platform, delivering viable improvements in experience, efficiency, and scalability. We have built the internal infrastructure, expanded into new markets.

總而言之，我們正在有重點、有紀律地執行我們人工智慧策略的每一層。從面向客戶的創新到內部自動化，我們將智慧嵌入到我們平台的核心，在體驗、效率和可擴展性方面實現可行的改進。我們已經建立了內部基礎設施，並擴展到新的市場。

And actively developing next generation capabilities that will further differentiate CareCloud in the quarters ahead.

並積極開發下一代功能，以在未來幾季進一步使 CareCloud 脫穎而出。

Our entry into the inpatient market reinforces our commitment to serving the full continuum of care, and our conviction that AI can and should power meaningful practical improvements in our healthcare is delivered and managed. We believe we are still in the early inning of AI in healthcare, but with the foundation we have built, we are well positioned to lead.

我們進入住院市場加強了我們致力於提供全方位護理服務的承諾，並且我們堅信人工智慧能夠並且應該為我們的醫療保健提供和管理有意義的實際改進。我們相信，我們仍處於醫療保健人工智慧的早期階段，但憑藉我們已經建立的基礎，我們已處於領先地位。

Thank you again for your time and continued support. I will now turn the call over to our intern CFO and controller Nom Roth.

再次感謝您的時間和持續的支持。現在我將把電話轉給我們的實習財務長兼財務主管 Nom Roth。

No.

不。

Thank you, Heidi, and thanks everyone for joining our call today. We delivered a strong quarter reflecting the strength of our business model and the disciplined execution of our strategic priorities. Positive earnings per share and strong cash flow underscore our continued operational efficiency and financial help.

謝謝你，海蒂，也謝謝大家今天參加我們的電話會議。我們本季表現強勁，體現了我們業務模式的實力以及戰略重點的嚴格執行。每股收益為正，現金流強勁，彰顯了我們持續的營運效率和財務幫助。

During the six months ended June 30th, 2025, we generated $12.5 million of cash from operations and $9 million of free cash flow. We're proud of this accomplishment. In the second quarter, we reported revenues of $27.4 million while down approximately $700,000 year over year. The decline was due to a one-time non-recurring revenue item in Q2 2024.

在截至 2025 年 6 月 30 日的六個月內，我們產生了 1,250 萬美元的營運現金和 900 萬美元的自由現金流。我們為這項成就感到自豪。第二季度，我們的營收為 2,740 萬美元，年減約 70 萬美元。下降的原因是 2024 年第二季的一次性非經常性收入項目。

CareCloud Wellness generated approximately $1 million in revenue for the quarter and approximately $1.8 million for the first six months of this year.

CareCloud Wellness 本季的營收約為 100 萬美元，今年前六個月的收入約為 180 萬美元。

Our direct operating costs continue to decline, and they are down approximately $760,000 from 2 2024. Our operating expenses, including GNA, R&D.

我們的直接營運成本持續下降，比 2024 年下降了約 76 萬美元。我們的營運費用，包括 GNA、研發。

And sales and marketing expenses decreased by approximately $1.4 million.

銷售和行銷費用減少了約140萬美元。

In the second quarter, we reported positive GAAP operating income of $3 million and GAAP net income of $2.9 million. This compares to GAAP operating income of $2.3 million and GAAP net income of $1.7 million during Q2 2024. The GAAP net income per share was $0.04 based on the net income attributable to common shareholders, which takes into account the preferred stock dividends.

第二季度，我們報告的 GAAP 營業收入為正 300 萬美元，GAAP 淨收入為正 290 萬美元。相比之下，2024 年第二季的 GAAP 營業收入為 230 萬美元，GAAP 淨收入為 170 萬美元。根據計入優先股股息的普通股股東淨利潤，每股 GAAP 淨利潤為 0.04 美元。

Non-gap adjusted net income for the second quarter of 2025 was $3.3 million or $0.07 per share calculated using the end of period common shares outstanding.

2025 年第二季的非缺口調整後淨收入為 330 萬美元，即每股 0.07 美元，以期末流通普通股計算。

We reported adjusted IBEA of $6.5 million in the second quarter compared to $6.4 million in the same period last year.

我們報告第二季調整後的 IBEA 為 650 萬美元，而去年同期為 640 萬美元。

Revenue for the first six months of 2025 was $55 million compared to $54.1 million for the same period in 2024.

2025 年前六個月的收入為 5,500 萬美元，而 2024 年同期的收入為 5,410 萬美元。

For the first six months of 2025, the company's GAAP net income was $4.9 million compared to a GAAP net income of $1.4 million for 2024. This equates to income of $0.02 per share after subtracting the preferred stock dividends. Non-gap adjusted net income for the first half of 2025 was $5.6 million or $0.13 per share.

2025 年前六個月，該公司的 GAAP 淨收入為 490 萬美元，而 2024 年的 GAAP 淨收入為 140 萬美元。這相當於扣除優先股股息後每股收益 0.02 美元。2025 年上半年非差距調整後淨收入為 560 萬美元，即每股 0.13 美元。

Year-to-date, adjusted IEA was $12.1 million an increase of $2 million from $10.1 million in the same period last year.

年初至今，調整後的 IEA 為 1,210 萬美元，比去年同期的 1,010 萬美元增加了 200 萬美元。

As of June 30, 2025, the company had approximately $10.4 million of cash. Networking capital was approximately $14.9 million.

截至 2025 年 6 月 30 日，該公司擁有約 1,040 萬美元現金。網路資本約1490萬美元。

This performance gives us confidence as we enter the second half of the year.

這一表現讓我們對進入下半年充滿信心。

We remain focused on profitability and cash flow and delivering long term shareholder value. We look forward to updating you later in the year.

我們仍然專注於獲利能力和現金流以及實現長期股東價值。我們期待在今年稍後向您更新最新情況。

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

現在，我將把電話交給馬哈茂德，請他作最後發言。馬哈茂德。

Thank you, Noam. I want to take a moment to sincerely thank our employees, clients, and shareholders for their continued trust and support. This quarter marks a significant milestone for CareCloud. Not only have we delivered our first ever positive GAAP earning per share since our IPO, but we have done so while continuing to invest in the future.

謝謝你，諾姆。我想花點時間真誠感謝我們的員工、客戶和股東的持續信任和支持。本季是 CareCloud 的一個重要里程碑。我們不僅實現了自首次公開募股以來首次正的 GAAP 每股收益，而且我們還在繼續投資未來。

As we look ahead, we remain committed to thoughtful execution, sustainable growth, and delivering long term value for all our stakeholders. Operator, please open the line for questions.

展望未來，我們將繼續致力於深思熟慮的執行、永續成長以及為所有利害關係人創造長期價值。接線員，請打開熱線以回答問題。

Thank you, ladies and gentlemen. We will now begin the question and answer session.

謝謝各位，女士們、先生們。我們現在開始問答環節。

If you would like to ask a question, please press star and one on your telephone keypad.

如果您想提問，請按電話鍵盤上的「星號」和「一」。

A confirmation tone will indicate your line is in the question queue.

確認音將表示您的線路已進入問題佇列。

You may press 2 if you would like to remove your question from the queue.

如果您想從佇列中刪除您的問題，請按 2。

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

對於使用揚聲器裝置的參與者，可能需要先拿起聽筒，然後按星號鍵。

Ladies and gentlemen, we will wait for a moment while we poll for questions.

女士們、先生們，我們稍等片刻，進行問卷調查。

The first question comes from Alan Klee with Maxim Group. Please go ahead.

第一個問題來自 Maxim Group 的 Alan Klee。請繼續。

Yes, hi, great quarter, free cash flow, really standing out. I wanted to touch on your AI center of excellence and the opportunities you're creating there. Could you, How do you think about kind of The spend that you'll have and how you're thinking about that relative to the potential revenue generating opportunities.

是的，嗨，這個季度表現很棒，自由現金流非常突出。我想談談你們的人工智慧卓越中心以及你們在那裡創造的機會。您能否談談您將會進行的支出以及您如何看待相對於潛在創收機會的支出？

Thank you.

謝謝。

Good morning, Ellen.

早安，艾倫。

Thank you for joining and for your question.

感謝您的參與與提問。

So, as we mentioned or the way we are trying to focus on it is threeold. One is the top line, which is we can bring in to the market some products that can generate some incremental revenue. And the second part is making the products more comparative and AI enabled, which is a which is an evolution the whole industry is going through.

因此，正如我們所提到的，或者我們試圖關注它的方式是三種。一是營收，即我們可以向市場推出一些可以產生增量收入的產品。第二部分是讓產品更具比較性和人工智慧功能，這是整個產業正在經歷的變革。

Like if it's an EHR, there are 100 different ways we can optimize how the things can operate in the in the next generation with the help of an AI, whether it's the summarization of charts, whether it is the recommendations, whether it is the. Sorting out with the help of AI all the different incoming documents and suggesting and recommending the next procedures, suggesting to the doctor as an example of the different, the next prevent training, for example.

例如，如果它是 EHR，那麼在人工智慧的幫助下，我們可以透過 100 種不同的方式優化下一代事物的運作方式，無論是圖表摘要，還是建議，還是。在人工智慧的幫助下整理所有不同的傳入文件，並建議和推薦下一步的程序，例如向醫生建議下一步的預防訓練。

And as I mentioned in our call earlier, for example, the AI agent which can intercept the call and instead of a human being who is taking the answering the call, simple questions such as appointments, scheduling, cancellations, and the like. So many of the things are some of those would be where we can have an incremental revenue, other is making the product more competitive in the market.

正如我之前在電話中提到的，例如，人工智慧代理可以攔截電話，代替接聽電話的人回答一些簡單的問題，例如預約、日程安排、取消等。很多事情都是這樣的，其中一些可以讓我們獲得增量收入，其他一些則可以使產品在市場上更具競爭力。

And the third one is our back office optimization. The many tasks that we were doing manually today are in the process of being converted into an automated way or with the help of an AI. There are less and less human resources needed to perform the same task or we can perform the same task with much more efficiency.

第三個是我們的後台優化。我們今天手動完成的許多任務正在轉變為自動化方式或使用人工智慧完成。完成同樣的任務所需的人力資源越來越少，或者我們可以以更高的效率完成相同的任務。

So I think the benefit is going to come in all these three areas, not just one.

所以我認為益處將體現在這三個領域，而不只是一個領域。

One is the revenue driver, the product being more comp it eventually will result into more revenue, better sale and positioning in the market. And third one is helping us improve the margins, with the help of an AI.

一個是收入驅動因素，產品越有競爭力，最終將帶來更多的收入、更好的銷售和市場定位。第三個是藉助人工智慧幫助我們提高利潤率。

I hope that answers the question.

我希望這能回答這個問題。

Yes, You, you've come out with some new products you've talked about critical access hospitals and then some specialized EHR.

是的，您推出了一些新產品，您談到了關鍵通道醫院以及一些專門的 EHR。

Maybe can you talk about how you're approaching the because it sounds like you're reaching out to new potential customers how you're thinking about the sales approach to TRY to win the business with your new offerings.

也許您可以談談您是如何處理這個問題的，因為這聽起來您正在接觸新的潛在客戶，您如何考慮銷售方法，嘗試透過您的新產品贏得業務。

Sure, let me start and then maybe Steve can take it from there. If you think about it, some of these specialties such as dermatology, let's take that as an example, we have many clients who are using today Care cloud services when it comes to RCM. And practice management and the like, but they may be using some other industry specific EHR who those players may have been in the industry focusing on those specific specialty areas for decades.

當然，讓我先開始，然後史蒂夫也許可以從那裡接手。如果你仔細想想，以皮膚科等一些專業為例，我們有很多客戶在 RCM 方面使用 Today Care 雲端服務。以及實踐管理等，但他們可能正在使用一些其他行業特定的 EHR，這些參與者可能已經在行業中專注於這些特定的專業領域數十年了。

Even though we are providing the services by integrating those systems into our into our platform, that's where one of the areas where we see a true opportunity where the full end to end solution can offer much better outcomes compared to an integrated version.

儘管我們透過將這些系統整合到我們的平台來提供服務，但這也是我們看到真正機會的領域之一，與整合版本相比，完整的端到端解決方案可以提供更好的結果。

And in many cases those EHRs or those other platforms still lack the capabilities. The next generation of capabilities of AI and the like, so that's one of the areas where we see the see the opportunity, and I think you can I'm sure you have more things to add here.

在許多情況下，這些 EHR 或其他平台仍然缺乏這些功能。人工智慧的下一代功能等等，這是我們看到機會的領域之一，我相信你還可以在這裡補充更多內容。

Well, thanks, Ay, and Alan, thanks for the question. So if we focus in particular in terms of the EHR for the inpatient space, our focus is primarily strategically on the critical access hospital space where there are 1,300 roughly critical access hospitals across the United States.

好吧，謝謝，Ay，還有艾倫，謝謝你的提問。因此，如果我們特別關注住院空間的 EHR，我們的重點主要在策略上放在關鍵通道醫院空間，全美大約有 1,300 家關鍵通道醫院。

And if we kind of step back even further and think about the inpatient hospital space from an EHR perspective, there's a very small universe of vendors who are focused in on this space and have the technological capability to develop an end to end solution.

如果我們進一步回顧並從 EHR 的角度考慮住院醫院領域，就會發現專注於這一領域並擁有開發端到端解決方案的技術能力的供應商非常少。

And there's even a smaller number that have not only the technological capability to develop an end to end solution from a clinical perspective, but also have a long track record of meeting the needs of hospitals and independent practices from a revenue cycle management perspective. So, we're excited about this.

甚至有更少的公司不僅擁有從臨床角度開發端到端解決方案的技術能力，而且從收入週期管理角度長期滿足醫院和獨立診所的需求。因此，我們對此感到很興奮。

This is a pretty huge milestone in terms of our overall ability to penetrate this market and to reach out to this market. And over the next quarter, we, we're excited to share some additional information, and some additional updates, as we move forward.

就我們滲透和接觸這個市場的整體能力而言，這是一個相當大的里程碑。在下一季度，我們很高興能分享一些額外的資訊和一些額外的更新，以推進我們的發展。

Thank you. I'll ask one more question and then I'll jump back in the queue for.

謝謝。我會再問一個問題，然後我會回到隊列中。

But Excuse me.

但請原諒。

Could you just comment on how Metas are remote patient monitoring and chronic care management performed.

您能否評論一下 Metas 在遠端患者監控和慢性病管理方面的表現如何？

For sure. So, if we step back for a minute, Alan, and we think about the year overall, what our strategic focus has been, it's really been, there have been 4 key things. First of all, to gain the leading edge in the AI space within the healthcare IT market. We've already spoken about that. Secondly, would be to stabilize overall revenue. And we're excited to again report that year-to-date revenue has increased.

一定。所以，艾倫，如果我們退一步思考一下，回顧今年的整體情況，我們的戰略重點實際上有 4 件關鍵的事情。首先，在醫療IT市場AI領域取得領先優勢。我們已經討論過這個了。二是穩定整體收入。我們很高興再次報告今年迄今為止的收入增加。

Third, it's been to further expand margins and as we think about the margins and we think about most specifically the most recent quarter, of course. Presents the first time in our company history where we've been able to report positive net earnings. So we've taken the momentum from last year and we've continued that momentum into this year and then the final thing would be to really focus on reigniting.

第三，進一步擴大利潤率，當我們考慮利潤率時，我們當然最具體地考慮的是最近一個季度。這是我們公司歷史上第一次報告正淨收益。因此，我們繼承了去年的勢頭，並將這種勢頭延續到了今年，最後一件事就是真正專注於重新點燃。

Acquisitions and acquisitive activities together with continuing to expand the opportunities with regard to organic growth. So, in particular your question focused in on MSR. Again for MSR we're pleased to say that the overall revenue base has largely stable just like the larger revenue base across the company. So, we expect revenue this year to be roughly equal to what it was last year.

收購和收購活動以及繼續擴大有機成長的機會。因此，您的問題特別集中在 MSR 上。對於 MSR，我們很高興地再次宣布，公司整體收入基礎與整個公司的整體收入基礎一樣基本穩定。因此，我們預計今年的營收將與去年大致持平。

Obviously, there's still time, there's still wins to be made, but we're striving to achieve that. Likewise, from an RPM perspective, RPM is an exciting addition to the overall revenue mix, but as we've spoken about in the past, we still anticipate that the overall revenue mix will continue to be about 5% or less from RPM, and that's about what where we're tracking today.

顯然，我們還有時間，我們還有很多勝利需要取得，但我們正在努力實現這一目標。同樣，從每千次展示收入 (RPM) 的角度來看，RPM 對整體收入組合來說是一個令人興奮的補充，但正如我們過去所說的那樣，我們仍然預計整體收入組合中來自 RPM 的份額將繼續保持在 5% 左右或更低，這就是我們今天所追踪的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

We have our next question from Michael Kim with Zach's Small group Small capp Research. Please go ahead.

下一個問題來自 Zach's Small group Small capp Research 的 Michael Kim。請繼續。

Everyone, good morning and thanks for taking my questions. .

大家早安，謝謝你們回答我的問題。。

First, maybe just to follow up on.

首先，也許只是為了跟進。

Seemingly it seems like you guys are targeting more specialized practices and being able to come to market with a fully integrated end to end solution. So just wondering where you might be seeing.

看起來你們似乎正在瞄準更專業的實踐，並能夠透過完全整合的端到端解決方案進入市場。所以只是想知道您可能會在哪裡看到。

Incremental opportunities going forward as you sort of look out into the future.

當你展望未來時，你會發現未來會有更多的機會。

Certainly, thanks, Michael, for the question. Certainly from the perspective of overall growth, our focus continues to be on upselling the existing revenue base, so delivering value and meeting the needs of our existing client base and looking for other opportunities, whether it be RPM or other opportunities from an upselling perspective.

當然，邁克爾，謝謝你提出這個問題。當然，從整體成長的角度來看，我們的重點仍然是追加銷售現有的收入基礎，從而提供價值並滿足現有客戶群的需求，並尋找其他機會，無論是 RPM 還是從追加銷售角度來看的其他機會。

Together with the net new types of opportunities that you reference that are more specialty specific EHRs and the like, and this, and as we lean further into the, in particular the am rather the inpatient space, we're excited about. Having a brand new market that we can unlock, especially the smaller healthcare facilities, the critical access hospitals, and those that are generally speaking 25 beds or less, together with the life sciences opportunities we've spoken about before.

加上您所提到的更專業的 EHR 等新型網路機會，隨著我們進一步深入，特別是住院領域，我們對此感到興奮。我們擁有一個可以開拓的全新市場，特別是小型醫療機構、關鍵通道醫院以及一般擁有 25 張或更少床位的醫院，以及我們之前談到的生命科學機會。

So we really see again when we look at this year, looking at those kind of 4 key objectives, we're pleased to see that at least along that, at least along all these 4 key objectives, we're really tracking well.

因此，當我們回顧今年，回顧這 4 個關鍵目標時，我們很高興地看到，至少在這 4 個關鍵目標上，我們都進展順利。

Got it, thanks. And then just in terms of M&A, just wondering what you're seeing from a competitive standpoint and then obviously you talked about the strengthening balance sheet, but just curious how you're thinking about capacity from a funding perspective.

明白了，謝謝。然後就併購而言，我只是想知道您從競爭的角度看到了什麼，然後顯然您談到了加強的資產負債表，但只是好奇您如何從融資角度考慮產能。

If from a competitive perspective in the M&A space, again, we're seeing a very active environment when it comes to healthcare IT and revenue cycle management opportunities. So, as we've discussed in the past, it, it's our belief that over the last year and a half, the overall valuations in this space have normalized and they've normalized to Something close to the evaluation that that we experienced pre-COVID.

如果從併購領域的競爭角度來看，我們再次看到醫療保健 IT 和收入週期管理機會的環境非常活躍。因此，正如我們過去討論過的，我們相信，在過去的一年半中，該領域的整體估值已經正常化，並且已經正常化到接近我們在 COVID 之前經歷的評估水平。

So that really unlocks other actionable opportunities for us here in the revenue cycle management quisitive space together with the broader healthcare IT space. Also seeing some distressed companies and core and non-core assets of companies come to market and in many of these cases, we really See an opportunity to take our operating model, scale, and healthcare IT capabilities and to unlock some very meaningful value within these companies.

因此，這確實為我們在收入週期管理領域以及更廣泛的醫療保健 IT 領域釋放了其他可行的機會。我們也看到一些陷入困境的公司以及公司的核心和非核心資產進入市場，在許多這樣的案例中，我們確實看到了利用我們的營運模式、規模和醫療保健 IT 能力並在這些公司中釋放一些非常有意義的價值的機會。

You also asked about it from a funding perspective and from a funding perspective.

您也從資金角度和融資角度詢問了這個問題。

We're continuing to approach all these acquisitive opportunities with discipline.

我們將繼續以紀律嚴明的態度對待所有這些收購機會。

We're in a strong position to be able to fund these tuck in deals through our internally generated cash flow we talked about before. We also have, of course, an untapped and undrawn credit facility with SVB which gives us a bit of additional flexibility, and, we feel like we're in a very good position. To be able to move forward and take action with regard to these opportunities as they as they materialize and we're continuing to actively explore what opportunities make sense as we look to deploy our capital in a way that that will drive further ROI.

我們有能力透過我們之前談到的內部產生的現金流來為這些交易提供資金。當然，我們也與矽谷銀行 (SVB) 擁有尚未開發和提取的信貸額度，這給了我們一些額外的靈活性，而且，我們覺得我們處於非常有利的地位。為了能夠在這些機會實現時向前邁進並採取行動，我們將繼續積極探索哪些機會是有意義的，因為我們希望以一種能夠進一步推動投資回報率的方式部署我們的資本。

So, broadly speaking, we're pursuing these strategic acquisitions that are financially creative, operationally synergistic, and also aligned with our long-term growth objectives, including the opportunity to be able to deploy our AI technology.

因此，從廣義上講，我們正在進行這些具有財務創造力、營運協同效應且符合我們長期成長目標的策略性收購，包括能夠部署我們的人工智慧技術的機會。

Ladies and gentlemen, the line for the speaker has got disconnected. I request you to stay online while we get him connected.

女士們、先生們，發言人的線路已斷線。我請求你在我們幫他連線期間保持在線。

Thank you.

謝謝。

Hey Mike Steve is dialing back on.

嘿，麥克，史蒂夫正在重新撥號。

Give us a moment.

請稍等片刻。

Ladies and gentlemen, we've got the management back. Please go ahead.

女士們、先生們，我們已經奪回了管理權。請繼續。

Cannot hear you.

聽不到你說話。

Okay, I.

好的，我。

Guess he's got disconnected again. I'll TRY to connect him. Please stay online.

我猜他又斷線了。我會盡力聯絡他。請保持在線。

Upgra okay, while we are waiting for Steve.

升級好了，我們正在等待史蒂夫。

Sorry about that. Sorry about that, everyone. My apologies, a little bit of a, of an issue here with the phone lines. So, when I dropped off there, my apologies, Michael, I was just talking about the overall Strategy associated with these opportunities that we're pursuing in the acquisitive space. I can't believe it's almost. I was just going to mention and then I can ask then feel free to ask any follow-up questions.

很抱歉。各位，很抱歉。抱歉，電話線路出了問題。所以，當我停下來時，我很抱歉，邁克爾，我只是在談論與我們在收購領域追求的這些機會相關的整體策略。我簡直不敢相信這已經快完成了。我只是想提一下，然後我可以問，然後可以隨意問任何後續問題。

I was going to mention one other acquisition that we've already spoken about some, and that's the revenue med acquisition. I think that probably is a good acquisition to think about as a good reference point for those opportunities that are particularly attractive and fit well within our model. You'll recall that Revenue meed is focused on the hearing help space.

我本來要提到我們已經討論過的另一項收購，那就是收入醫療收購。我認為這可能是一次很好的收購，可以作為那些特別有吸引力且非常適合我們模式的機會的一個很好的參考點。您會記得，Revenue meed 專注於聽力幫助領域。

And gave us the opportunity to acquire a business that not only added the existing client base but also gave us the opportunity to expand the scope of our existing solutions into a new sub subsection of the market, and that's that particular transaction you may recall involved no money down. 100% of the purchase price is based on the revenue generated over time.

這讓我們有機會收購一家企業，這不僅增加了現有的客戶群，還讓我們有機會將現有解決方案的範圍擴展到新的市場細分領域，您可能還記得，這筆特定交易無需首付。 100% 的購買價格是基於一段時間內產生的收入。

So again, it's the type of of tin that really fits well, low customer acquisition cost, an immediate client base and a platform that we can enhance using our broader technological and AI capabilities. And if you think about this represents not only a win for us from an acquisition perspective but also represents an opportunity that we're able to move forward on in terms of organic growth.

所以，再說一次，這是一種非常適合的錫，具有較低的客戶獲取成本、直接的客戶群以及我們可以使用更廣泛的技術和人工智慧能力來增強的平台。如果你仔細想想，這不僅代表我們從收購角度的勝利，也代表我們在有機成長方面向前邁進的機會。

So if you think about it from the perspective of this particular acquisition, just as an example, I'll share a couple of things that have happened with regard to revenue me.

因此，如果您從這次特定收購的角度來考慮，僅作為一個例子，我將分享一些與我的收入有關的事情。

The largest customer in revenue med, we've been able to meet their needs, and, I think can really, I believe exceed their expectations, and they've taken the one year contract that we started with and have expanded that to a three year agreement. So we believe that's a real validation of the success of this approach. We've also been able to expand the overall reach deeper into the audiology and hearing health market.

作為收入醫療領域最大的客戶，我們已經能夠滿足他們的需求，而且我認為我們真的能夠超越他們的期望，他們已經將我們最初的一年合約擴展為三年期協議。因此我們相信這是對該方法成功的真正驗證。我們也能夠將整體影響力進一步擴大到聽力學和聽力健康市場。

So, every acquisition, of course, is different, but this one represents a really good Story for you to think about in terms of what the overall acquisitive strategy is able to accomplish for us. And, Michael, do you have any other questions that would be along the lines either of acquisitions or anything else related?

當然，每次收購都是不同的，但這次收購代表了一個非常好的故事，值得您思考整體收購策略能為我們帶來什麼。邁克爾，您還有其他與收購或其他相關問題嗎？

No, that was very helpful. I appreciate the color there, so thanks for taking my questions.

不，這非常有幫助。我很欣賞那裡的色彩，所以感謝您回答我的問題。

Absolutely thank you.

非常感謝。

Thank you. We have a follow-up question from Alan Klee with Maxim Group. Please go ahead.

謝謝。我們還有來自 Maxim Group 的 Alan Klee 的後續問題。請繼續。

Yes, hi, it's clear.

是的，嗨，很清楚。

With your free cash flow generation, it creates a lot of optionality and positives that.

透過產生自由現金流，它可以創造很多可選性和積極性。

You can go after so I think that's very bullish for your outlook getting into your outlook. I just wanted to touch base a little any commentary on seasonality for 3 and 4Q and then.

你可以繼續追求，所以我認為這對你的前景非常有利。我只是想稍微談談對第三季和第四季季節性的評論。

It seems like you're using your AI internally could be like helping margins and maybe that can offset.

看起來你在內部使用人工智慧可能有助於提高利潤率，甚至可能產生抵消作用。

That along with maybe some of the new revenue contribution can offset any of the new costs related to.

這可能與部分新收入貢獻一起可以抵消與之相關的任何新成本。

People you're hiring at the AI data center center of excellence. Is that the way to think about it or or what colors could you provide?

您在 AI 資料中心卓越中心招募的人員。是這樣思考的嗎？或您能提供什麼顏色？

Thank you.

謝謝。

Good question, Alan, and I'll let Norm jump in here and provide some additional detail. But what we think that is the right way to look at it. First of all, we'll start with your, the second part of your question from an AI perspective.

艾倫，這個問題問得好，我會讓諾姆來補充並提供一些額外的細節。但我們認為這是看待這個問題的正確方式。首先，我們從人工智慧的角度回答您問題的第二部分。

Our focus is really on building this AI center of excellence in such a way that we are hoping to really remain. And cement our role on the leading edge of healthcare IT, AI.

我們的重點是建立這個人工智慧卓越中心，並希望能夠真正維持下去。並鞏固我們在醫療 IT、AI 領域的前沿地位。

I think, having said that, again, it's, this is our own internal investment. And when we think about free cash flow, we anticipate that free cash flow this year, absent additional acquisitions and things along those lines, we anticipate that free cash flow this year will meet or exceed our free cash flow last year in spite of all the additional investment. And at the same time that positions us very well from an organic growth perspective and also from an acquisitive growth perspective.

我認為，話雖如此，但這仍然是我們自己的內部投資。當我們考慮自由現金流時，我們預計今年的自由現金流，如果沒有額外的收購和類似的事情，我們預計今年的自由現金流將達到或超過去年的自由現金流，儘管有所有額外的投資。同時，從有機成長和收購成長的角度來看，這也使我們處於非常有利的地位。

From an acquisition, I mentioned that just because of the fact that that is a theme that we hear consistently when we're talking to sellers. Their realization that the market is fundamentally changing and the understanding that they have that.

從收購的角度來說，我提到這一點只是因為當我們與賣家交談時，我們經常聽到這個話題。他們意識到市場正在發生根本性的變化，他們也理解這一點。

It's essential to either leverage their own AI technology or to partner with someone like us who can help them unlock that AI functionality on behalf of their clients and on behalf of their own company on the back end in terms of reducing costs and streamlining overall operations. So that's the second part and Ellen, the first part of your question was what again?

至關重要的是，要么利用他們自己的人工智慧技術，要么與我們這樣的公司合作，我們可以幫助他們在後端代表他們的客戶和自己的公司解鎖人工智慧功能，以降低成本並簡化整體營運。這是第二部分，艾倫，你的問題的第一部分又是什麼？

Just thinking about seasonality of.

只是考慮季節性。

Revenues in the second half and.

下半年的收入和。

And expenses.

和費用。

For sure, and I'll let norm jump on that and answer that. But overall, we would say again, we believe this year that we've stabilized revenue. We believe that we'll have a modest increase and and from a A profitability perspective, we again anticipate that we'll continue to generate positive EPS based upon where we're at today. Again, notwithstanding any additional changes and the like, but over the norm.

當然，我會讓norm來回答這個問題。但總的來說，我們想再次強調，我們相信今年我們的收入已經穩定下來。我們相信，我們將實現適度成長，並且從獲利能力的角度來看，我們再次預計，基於目前的狀況，我們將繼續產生正的每股收益。再次，儘管有任何額外的變化之類的，但超過了常態。

Thank you, Steve and thanks, Alan. So yeah, I think, as we ramp up the AI Center of Excellence, that is all going to be funded from internal cash flow, which is strongly expected to, increase, as far as seasonality, Alan, I would say if you looked at Q3 and Q4 of last year, it really isn't. I would expect this year's Q3 and Q4 to mirror last year with Steve said some modest increases. Q1 and Q2s, been strong, so I would expect that trend to continue.

謝謝你，史蒂夫，謝謝你，艾倫。是的，我認為，隨著我們擴大人工智慧卓越中心的建設，所有這些都將由內部現金流資助，而內部現金流預計會增加，就季節性而言，艾倫，我想說，如果你看看去年第三季度和第四季度，事實並非如此。我預計今年第三季和第四季的表現將與去年持平，史蒂夫表示將出現小幅成長。Q1 和 Q2 表現強勁，因此我預計這種趨勢將會持續下去。

That's great thank you.

太好了，謝謝。

In Yes, sir, please go ahead.

是的，先生，請繼續。

I'm sorry, I think that's.

抱歉，我想是的。

Just in terms of capitalized software what what is that focused on?

就大寫軟體而言，其重點是什麼？

So the cap software is basically right now improvements to our existing platforms and the packages that we have, we're always putting in, modifications and just making it, more AI.

因此，cap 軟體基本上是對我們現有平台和軟體包的改進，我們一直在對其進行修改，使其更加人工智慧。

More AI focused. So as we're making these updates, GAAP allows us to capitalize that and then we advertise it over a short period.

更加註重人工智慧。因此，當我們進行這些更新時，GAAP 允許我們將其資本化，然後我們會在短時間內宣傳它。

That's great, thank you. .

太好了，謝謝。。

And then with just just in general like when you're talking to customers and you and you're having a lot more to offer with all these enhancements you're doing with AI how just some comments on how those conversations are going because it sounds like you have a lot more to offer to your customers.

然後，就像當您與客戶交談時一樣，您可以透過 AI 提供的所有這些增強功能提供更多服務，您可以對這些對話的進展發表一些評論，因為這聽起來您可以為客戶提供更多服務。

Yeah, sure, so, I think for us the advantage is since they're using already our existing platforms, so our internal marketing strategy or sales strategy starts with showing them at the right places, the right communication through splash screens as an example.

是的，當然，所以，我認為對我們來說，優勢在於，由於他們已經在使用我們現有的平台，所以我們的內部行銷策略或銷售策略首先要向他們展示正確的位置，例如透過啟動畫面進行正確的溝通。

But if I share with you some of the numbers that for CSI notes as an example, so the clients that are signing up for initially the trial period, we have seen over 75% adaption or continuation after the. The period ends. It's all very good feedback and even though this 25% is there which are not continuing, most of that was in the initial phase where we see an opportunity that this number should even be higher than the 75%.

但是，如果我與您分享一些 CSI 筆記的數據，那麼對於最初註冊試用期的客戶，我們已經看到超過 75% 的客戶在試用期後適應或繼續使用。該期限結束。這些都是非常好的回饋，儘管這 25% 沒有繼續下去，但其中大部分是在初始階段，我們看到了這個數字甚至應該高於 75% 的機會。

So I think we see the more and more traction towards the AI as the clients are also hearing from left right sideways, the AI into the healthcare, but then when they get an opportunity to at least test it out, the overwhelming majority undertakes it or accepts it or TRY to use it and continue to use it.

因此，我認為我們看到了對人工智慧的越來越多的關注，因為客戶也聽到了來自左右兩側的消息，人工智慧進入醫療保健領域，但是當他們有機會至少測試它時，絕大多數人都會進行或接受它或嘗試使用它並繼續使用它。

There are other small pieces like similar you can give them the flavor of AI or summarization of the charts as an example, very rudimentary AI feature. So, clients see as they start to use it, the adaption is increasing and it's all it's all positive at the moment.

還有其他類似的小片段，您可以賦予它們 AI 的風格或圖表摘要作為範例，這是一個非常基本的 AI 功能。因此，客戶發現，當他們開始使用它時，適應性正在增加，目前一切都是正面的。

That's great. Okay, thank you so much and congrats.

那太棒了。好的，非常感謝，恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Norman Roth, the CFO, for the closing comments.

女士們、先生們，由於沒有其他問題，我現在想將會議交給財務長諾曼·羅斯 (Norman Roth) 作結束語。

Thank you everyone for joining our call today. Hope you have a great day. Thanks again. Bye now.

感謝大家今天參加我們的電話會議。祝您有個愉快的一天。再次感謝。再見了。

Thank you, sir. Ladies and gentlemen, the conference of Care cloud has now concluded.

謝謝您，先生。女士們、先生們，關懷雲大會到此結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。