CareCloud Inc (CCLD) 2025 Q3 法說會逐字稿

Greetings and welcome to the CareCloud Inc. third quarter 2025 results conference call.

各位來賓，歡迎參加 CareCloud Inc. 2025 年第三季業績電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the conference over to your host, Kristen Rothy. You may begin.

現在我將把會議交給主持人克莉絲汀羅西。你可以開始了。

Good morning, everyone. Welcome to Care Cloud's third quarter 2025 conference call. On today's caller, Mahmud Haq, our founder and executive Chairman, Co-Chief Executive Officer Stephen Snyder and Hadi Chaudhry, and Norman Roth, our interim Chief Financial Officer and corporate Controller.

各位早安。歡迎參加 Care Cloud 2025 年第三季電話會議。今天的來電者是我們的創辦人兼執行主席 Mahmud Haq、聯合執行長 Stephen Snyder 和 Hadi Chaudhry，以及我們的臨時財務長兼公司財務總監 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. 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.

在開始之前，我想提醒各位，本次電話會議中作出的某些陳述屬於經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條所指的前瞻性陳述。除本次會議期間所作的歷史事實陳述外，所有其他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績效、預期成長、業務前景以及潛在內生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, belief.

前瞻性陳述有時會使用諸如“將”、“可能”、“預期”、“計劃”、“預計”、“大約”、“即將到來”、“相信”等詞語。

Estimate or similar terminology in the negative of these terms, forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risk 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.

估計或類似術語的否定形式，前瞻性陳述並非對未來績效的承諾或保證，並且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設想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. 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. For anyone who dialed into this call by telephone, you may want to download our third quarter 2025 earnings presentation. Please visit our investor relations site, ir.careCloud.com. Click on news and events, then click IR calendar, click on third quarter 2025 results conference call, and download the earnings presentation.

這些聲明僅反映我們截至本次演示之日的觀點，我們不承擔因新資訊或未來事件而修改這些前瞻性聲明的義務。請參閱我們的新聞稿和提交給美國證券交易委員會的報告，其中對我們的業績以及可能導致實際結果與這些前瞻性聲明存在重大差異的因素進行了更全面的討論。如果您是透過電話撥入本次電話會議的，您可能需要下載我們 2025 年第三季的收益簡報。請造訪我們的投資者關係網站 ir.careCloud.com。點擊“新聞與活動”，然後點擊“投資者關係日曆”，點擊“2025年第三季業績電話會議”，下載收益簡報。

Finally, on today's call, we may refer to certain non-GAAP financial measures. Please refer to today's press release announcing our third quarter results and for a reconciliation of these non-GAAP performance measures to our GAAP financial results. With that said, I'll now turn the call over to our Co-CEO Stephen Snyder. Stephen?

最後，在今天的電話會議上，我們可能會提到一些非GAAP財務指標。請參閱今天發布的公告，以了解我們第三季業績以及這些非GAAP業績指標與我們的GAAP財務表現的調節表。接下來，我將把電話交給我們的聯合執行長史蒂芬·史奈德。史蒂芬？

Thank you, Kristen, and good morning everyone.

謝謝你，克里斯汀，大家早安。

We appreciate you joining us as we discuss our year-to-date performance and progress against our strategic objectives.

感謝您參加我們的討論會，我們將共同探討公司今年迄今的業績以及在實現策略目標方面取得的進展。

Q3 was a truly transformational quarter for CareCloud.

第三季對CareCloud而言是一個真正具有變革意義的季度。

We delivered strong results and hit important AI milestones while simultaneously closing two strategic acquisitions that expanded our reach into the hospital market and deepened our analytics and benchmarking capabilities.

我們取得了強勁的業績，實現了重要的人工智慧里程碑，同時完成了兩項策略性收購，擴大了我們在醫院市場的業務範圍，並加深了我們的分析和基準測試能力。

I'm excited about what this means for our overall trajectory and for the value we can create for providers in today's market.

我對此感到非常興奮，因為這將對我們的整體發展軌跡以及我們能夠為當今市場上的供應商創造的價值產生積極影響。

Also, we are pleased to be raising fully revenue guidance to $117million to $119 million up from the $111million to $114 million we set at the beginning of the year. And we are reaffirming adjusted EBITDA guidance of $26million to $28 million. And GAAP EPS guidance of $0.10 to $0.13, reflecting the momentum we are seeing and disciplined execution.

此外，我們很高興地將營收預期從年初設定的 1.11 億美元至 1.14 億美元上調至 1.17 億美元至 1.19 億美元。我們重申調整後 EBITDA 預期為 2,600 萬美元至 2,800 萬美元。GAAP每股收益預期為0.10至0.13美元，反映了我們目前看到的成長動能和嚴謹的執行力。

Turning to the quarter, CareCloud delivered another period of profitable growth with revenue of $31.1 million, an increase of 9% from the same period last year.

再來看本季，CareCloud 再次實現了獲利成長，營收達 3,110 萬美元，比去年同期成長了 9%。

Further, growth is converting to earnings power. GAAP EPS improved by $0.08 year over year to $0.04, and adjusted EBITDA increased 13% to $7.7 million, demonstrating operating leverage in our model.

此外，成長正在轉化為獲利能力。GAAP 每股盈餘年增 0.08 美元至 0.04 美元，調整後 EBITDA 成長 13% 至 770 萬美元，證明了我們模式中的經營槓桿效應。

I'll come back to guidance in a moment, but first I want to go deeper on the two strategic acquisitions that are reshaping the company, namely MedSphere and Map App.

我稍後會再談到指導問題，但首先我想深入探討正在重塑公司的兩項策略收購，即 MedSphere 和 Map App。

First, on August 22nd, we completed the acquisition of the assets of the MedSphere Systems Corporation. This transaction represents a significant expansion of CareCloud into the inpatient market.

首先，在 8 月 22 日，我們完成了對 MedSphere Systems Corporation 資產的收購。此次交易標誌著 CareCloud 向住院市場進行了重大擴張。

Historically, CareCloud has been known primarily for its ambulatory solutions, revenue cycle, and technology enabled services. MedSphere immediately broadens that profile. We can now serve community hospitals, regional systems, and critical access hospitals with a full stack that includes CareView, an integrated inpatient EHR, RCM Cloud. Which extends our revenue cycle capabilities into hospital billing and collections. Wellsoft, a class recognized emergency department information system.

從歷史上看，CareCloud 主要以其門診解決方案、收入週期和技術賦能服務而聞名。MedSphere 立即擴展了這個用戶群。我們現在可以為社區醫院、區域系統和重點連接醫院提供全套解決方案，包括 CareView（整合的住院 EHR）和 RCM 雲端。這使我們的收入周期能力擴展到了醫院計費和收款領域。Wellsoft，業界公認的急診資訊系統。

Healthline for hospital supply chain management. Chart logic, our ambulatory EHR and practice management suite, which has a particular strength in the surgical subspecialties such as orthopedics, Marketware, which provides physician relationship management and referral analytics to grow service lines and reduce referral leakage, and managed IT services for implementation, interface management, infrastructure support, and a 24/7 help desk.

Healthline 為醫院供應鏈管理提供支援。Chart logic，我們的門診電子病歷和診所管理套件，在骨科等外科亞專科領域具有特別的優勢；Marketware，提供醫生關係管理和轉診分析，以拓展服務線並減少轉診流失；以及用於實施、介面管理、基礎設施支援和全天候服務台的託管 IT 服務。

Put simply, we've evolved from an ambulatory first company to serving the entire care continuum. We can now support the full patient clinician journey from the doctor's office or outpatient clinic to the emergency department into the inpatient bed, through the revenue cycle, and even into the supply chain.

簡而言之，我們已經從一家以門診服務為主的公司發展成為一家服務整個醫療保健領域的公司。現在，我們可以支持患者從醫生辦公室或門診部到急診科，再到住院病床，貫穿整個收入週期，甚至進入供應鏈的完整臨床診療過程。

That is a fundamentally different and stronger posture for CareCloud.

對CareCloud而言，這是一種截然不同且更強大的姿態。

Skill matters here as well. MedSphere brings a national network of hospitals and gives us immediate hospital reach and credibility of buyers who are often priced out of large enterprise suites but still need AI enabled capabilities to operate.

技術在這裡也很重要。MedSphere 帶來了全國性的醫院網絡，讓我們能夠立即接觸到醫院，並獲得那些因價格過高而無法購買大型企業套件，但仍需要人工智慧功能來運作的買家的信任。

Consistent with our playbook, we were disciplined in how we financed it. We acquired MedSphere for $16.5 million funding roughly half with cash on hand and the balance under our new credit facility.

按照我們既定的策略，我們在融資方面非常嚴謹。我們以 1,650 萬美元的價格收購了 MedSphere，其中大約一半資金來自我們現有的現金，其餘部分來自我們新的信貸安排。

Since closing in late August, we've rapidly delevered and have already reduced the finance portion by nearly half, and today the outstanding balance on the line of credit is under $5 million. In other words, approximately 70% of the purchase price has been funded from our internally generated cash, and we expect to pay off the remaining balance to zero over the upcoming months.

自 8 月下旬完成交易以來，我們迅速降低了槓桿率，融資部分已減少了近一半，目前信貸額度的未償餘額已低於 500 萬美元。換句話說，大約 70% 的收購價格已由我們內部產生的現金支付，我們預計將在未來幾個月內將剩餘餘額付清。

Further, we execute this plan with no dilution to common shareholders. That is what we mean by disciplined capital allocation. We add it in that scale hospital IT platform and client base while strengthening the balance sheet and driving positive cash flow.

此外，我們執行該計劃不會稀釋普通股股東的權益。這就是我們所說的有紀律的資本配置。我們將其納入該規模的醫院 ​​IT 平台和客戶群，同時增強資產負債表並推動正現金流。

Our near term integration priorities are straightforward. First, cross sell and upsell.

我們近期整合工作的重點很明確。首先，進行交叉銷售和向上銷售。

We are beginning to introduce AI-driven revenue cycle services, analytics and automation across the medsphere hospital footprint to help facilities collect cash faster and at higher levels, address staffing constraints, and gain access to integrated AI solutions that were previously out of their reach.

我們正開始在 medsphere 醫院網路中引入人工智慧驅動的收入週期服務、分析和自動化，以幫助醫療機構更快、更有效率地收取現金，解決人員配備限制問題，並獲得以前無法獲得的整合人工智慧解決方案。

Second, infrastructure leverage.

其次，利用基礎設施優勢。

We are aligning MedSphere's support implementation and managed services with CareCloud's operating model to accelerate go-lives and lower support costs per client, supporting margin expansion over time.

我們正在將 MedSphere 的支援實施和管理服務與 CareCloud 的營運模式相結合，以加快上線速度並降低每位客戶的支援成本，從而隨著時間的推移支援利潤成長。

MedSphere is not just more revenue, it is strategic positioning, placing us firmly inside the hospital IT stack with deployed assets and creating a national cross-sell channel for our AI and RCM automation.

MedSphere 不僅僅是更多的收入，更是策略定位，它將我們牢牢地置於醫院 IT 體系中，部署了資產，並為我們的 AI 和 RCM 自動化創建了全國性的交叉銷售管道。

The second transaction since our last earnings call was our acquisition of Map App from the Healthcare Financial Management Association, which closed on October first alongside a long-term joint marketing agreement.

自上次財報電話會議以來，我們完成的第二筆交易是從醫療保健財務管理協會收購 Map App，該交易於 10 月 1 日完成，同時還簽署了一項長期聯合行銷協議。

Map App is a hospital benchmarking and performance analytics platform used by leading hospitals and integrated delivery networks to measure and compare revenue cycle metrics such as cash collection efficiency, denial performance, and cost to collect, exactly the levers CFOs and revenue cycle leaders are focused on right now.

Map App 是一個醫院基準測試和績效分析平台，領先的醫院和綜合醫療服務網絡使用該平台來衡量和比較收入周期指標，例如現金收款效率、拒付率和收款成本，這些正是首席財務官和收入周期負責人目前關注的重點。

HFMA built this tool to show with clarity where an organization is underperforming and what best in class looks like.

HFMA 開發此工具的目的是為了清楚顯示組織在哪些方面表現不佳，以及一流組織是什麼樣的。

That matters for us for multiple reasons. First, we move up the decision stack. We can now walk into a CFO conversation leading with benchmarking insights.

這對我們來說意義重大，原因有很多。首先，我們向上推進決策流程。現在，我們可以帶著標竿分析的見解進入與財務長的對話。

And and tie gaps directly to our solutions.

並將差距直接與我們的解決方案連結起來。

Second, we create an analytics-led plan of action. Map App can identify the problems, and Care Cloud's RCM capabilities and AI automation can then in turn provide the solutions. Third, through our joint marketing agreement with HFMA, we further extend our reach and our credibility in the hospital finance leadership.

其次，我們制定以數據分析為導向的行動計劃。地圖應用程式可以識別問題，而 Care Cloud 的 RCM 功能和 AI 自動化則可以反過來提供解決方案。第三，透過與 HFMA 的聯合行銷協議，我們進一步擴大了我們在醫院財務領導層中的影響力和信譽。

From a near-term revenue standpoint, Map App is about improving win rates and expansions into 2026 and beyond, particularly on top of the MedSphere base. And there is a tight product fit with our AI center of excellence. We intend to enrich map benchmarks with AI-driven recommendations.

從近期收入的角度來看，地圖應用旨在提高勝率，並擴展到 2026 年及以後，尤其是在 MedSphere 的基礎上。而且該產品與我們的人工智慧卓越中心高度契合。我們計劃利用人工智慧驅動的建議來豐富地圖基準數據。

Where a provider, for instance, is underperforming, the expected dollar impact of closing that GAAP. And the automation to prioritize first.

例如，如果某個供應商的業績不佳，那麼根據 GAAP 關閉該供應商預計會產生怎樣的美元影響。首先要實現自動化，並優先處理。

That is where the market is going, and we intend to lead it.

這就是市場的發展方向，而我們打算引領它。

Let me close with how we see the path forward.

最後，我想談談我們對未來發展方向的看法。

Again, we are increasing our full year 2025 revenue guidance to a range of $117million to $119 million and reaffirming adjusted EBITDA guidance of $26million to $28 million with $0.10 to $0.13 of GAAP EPS.

我們再次將 2025 年全年營收預期上調至 1.17 億美元至 1.19 億美元，並重申調整後 EBITDA 預期為 2,600 萬美元至 2,800 萬美元，GAAP 每股收益為 0.10 美元至 0.13 美元。

More importantly, we believe the combination of MedSphere and Map App positions care cloud very differently from a year ago. We now have a credible hospital presence covering inpatient EHR, ED systems, RCM technology, analytics, supply chain, and managed IT already deployed in facilities across the country.

更重要的是，我們認為 MedSphere 和 Map App 的結合，使護理雲的定位與一年前截然不同。我們現在在醫院領域擁有可靠的影響力，涵蓋住院電子病歷、急診系統、收入週期管理技術、分析、供應鏈和託管 IT，這些服務已在全國各地的醫療機構部署。

And we have a benchmarking engine that allows us to start commercial conversations with data, not just a pitch.

我們擁有一個基準測試引擎，使我們能夠用數據而非僅僅是推銷來展開商業對話。

And we have an AI center of excellence that sits on top of both driving targeted automation, measurable financial benefits, and operating leverage. We're doing all this while remaining profitable, generating cash, and preserving flexibility.

我們擁有一個人工智慧卓越中心，該中心致力於推動有針對性的自動化、可衡量的財務收益和營運槓桿。我們在做到這一切的同時，也能保持獲利、創造現金流並保持靈活性。

Said simply, we are building an integrated AI enabled ambulatory and hospital platform that's designed to meet and exceed the needs of providers in today's market.

簡而言之，我們正在建立一個整合的、人工智慧驅動的門診和醫院平台，旨在滿足並超越當今市場醫療服務提供者的需求。

With that, I'll turn the floor over to Hadi to discuss how we are productizing AI inside clinical and strike that stop with that, I'll turn the floor over to Hadi to discuss how we are productizing AI inside clinical and revenue cycle workflows and then the norm for additional financial details. Hadi.

接下來，我將把發言權交給 Hadi，讓他討論我們如何在臨床領域將人工智慧產品化，以及我們如何在臨床和收入週期工作流程中將人工智慧產品化，以及其他財務細節。哈迪。

Thank you, Steve, and good morning, everyone. I would like to start by echoing Steve's comments and thanking all of you for joining us today.

謝謝你，史蒂夫，大家早安。首先，我想附和史蒂夫的觀點，並感謝各位今天蒞臨。

Artificial intelligence remains at the center of CareCloud's transformation strategy, driving both operational efficiency and long-term growth.

人工智慧仍然是 CareCloud 轉型策略的核心，它既能提高營運效率，又能推動長期成長。

Over the past year we have made measurable progress embedding AI across our platform, improving clinical documentation, accelerating revenue cycle performance, and modernizing patient engagement. Through our AI Center of Excellence, we are rapidly converting innovation into results, enhancing client productivity, reducing costs, and positioning CareCloud as a scalable, differentiated player in the healthcare technology landscape.

過去一年，我們在將人工智慧融入我們的平台、改進臨床文件、加快收入週期績效以及實現患者互動現代化方面取得了可衡量的進展。透過我們的人工智慧卓越中心，我們正在迅速將創新轉化為成果，提高客戶生產力，降低成本，並將 CareCloud 定位為醫療保健技術領域中可擴展、差異化的參與者。

One of the most exciting developments from our AI Center of Excellence is our upcoming agentic AI front desk solution, which is currently in advanced pilot testing and scheduled for formal launch in mid-December.

我們人工智慧卓越中心最令人興奮的進展之一是即將推出的智慧前台解決方案，該方案目前正在進行高級試點測試，計劃於 12 月中旬正式發布。

This next generation multilingual voice-driven digital assistant autonomously managed patient calls, handling appointment scheduling, rescheduling and cancellations, new patient registrations, prescription refills, lab results inquiries, preventive care reminders, billing questions, and referral requests all through natural conversational interactions.

這款新一代多語言語音驅動數位助理能夠自主管理患者來電，處理預約安排、重新安排和取消、新患者註冊、處方續開、實驗室結果查詢、預防保健提醒、帳單問題和轉診請求，所有這些都透過自然的對話互動完成。

Operating 24/7 with no hold times, it can securely access, process, and where needed, update real-time clinical and financial data to deliver accurate contextual responses.

它全天候 24 小時運行，無需等待，可以安全地存取、處理並在需要時更新即時臨床和財務數據，以提供準確的上下文回應。

The system is fully integrated with ClearCloud's EHR and practice management platforms and can also interface with other leading systems across the industry.

該系統與 ClearCloud 的 EHR 和診所管理平台完全集成，還可以與業內其他領先系統對接。

To the best of my knowledge, none of our direct competitors are offering this level of proprietary AI capabilities or depth.

據我所知，我們的直接競爭對手中沒有一家能夠提供這種程度的專有人工智慧能力或深度。

In our pilot deployments, the agentic AI front desk solution has already delivered strong results, successfully handling over 70% of incoming patient calls end to end without human intervention and achieving over 80% success in appointment scheduling and related tasks.

在我們的試點部署中，智慧AI前台解決方案已經取得了顯著成效，成功處理了超過70%的患者來電，無需人工幹預，並在預約安排和相關任務方面取得了超過80%的成功率。

The pilot included calls in multiple languages, roughly 90% English and 10% Spanish, demonstrating the system's ability to serve diverse patient populations seamlessly.

試點計畫包括使用多種語言進行通話，其中約 90% 為英語，10% 為西班牙語，這表明該系統能夠無縫地服務不同的患者群體。

By reducing administrative burden, eliminating wait times, improving patient access, and removing language barriers, this solution creates measurable efficiency gains and represents a major growth opportunity for CareCloud as we scale its deployment.

透過減少行政負擔、消除等待時間、改善患者就醫途徑和消除語言障礙，該解決方案可帶來可衡量的效率提升，隨著我們擴大部署規模，該解決方案也代表著 CareCloud 的一個重大增長機會。

Looking across both our client base and the broader market, the opportunity for this technology is significant.

無論從我們的客戶群或更廣泛的市場來看，這項技術都蘊藏著巨大的機會。

As a fully integrated and highly scalable solution, the agentic AI front desk is positioned to transform patient communication across both ambulatory and hospital settings.

作為一款完全整合且高度可擴展的解決方案，智慧AI前台旨在改變門診和醫院環境中的患者溝通方式。

We see strong potential to deepen relationships with existing clients while expanding adoption among new healthcare organizations, unlocking meaningful recurring revenue opportunities as the solutions scale.

我們看到了深化與現有客戶關係的巨大潛力，同時在新醫療機構中擴大採用範圍，隨著解決方案的規模擴大，將釋放出有意義的經常性收入機會。

At the end of my remarks, we will play a brief recording of a real patient call that highlights the depth and capability of a very gentic AI solution. We have chosen a more complex interaction rather than a routine scheduling call to show the system's sophistication and versatility.

在我發言的最後，我們將播放一段真實的病人通話錄音，以突顯基因人工智慧解決方案的深度和能力。我們選擇了一個更複雜的互動方式，而不是例行的調度調用，以展示系統的複雜性和多功能性。

This recording was shared with patient consent and all protected health information has been removed in full compliance with HIPAA.

該錄音已獲得患者同意並已刪除所有受保護的健康訊息，完全符合 HIPAA 的規定。

Following our recent acquisition of Medsphere, we are making steady progress on the integration and modernization of their platform portfolio.

繼我們最近收購 Medsphere 之後，我們在整合和現代化其平台組合方面取得了穩步進展。

Our roadmap is centered on merging Metsopher's CareView inpatient system with CareCloud's ONC certified CAH platform, creating a unified next-generation solution tailored for community and critical access hospitals. A major focus is on re-establishing CareView as an industry-leading, mobile-friendly platform designed to simplify workflows for physicians and nurses while improving speed, usability, and access across devices.

我們的路線圖以將 Metsopher 的 CareView 住院系統與 CareCloud 的 ONC 認證 CAH 平台合併為中心，打造一個統一的下一代解決方案，專為社區醫院和重點接入醫院量身定制。重點在於將 CareView 重新打造為業界領先的行動友善平台，旨在簡化醫生和護理師的工作流程，同時提高速度、可用性和跨裝置的可近性。

In addition, ChartLogic customers will gain access to CareCloud's proprietary EHR, practice management, and AI enabled capabilities, expanding the value of our combined portfolio.

此外，ChartLogic 的客戶將獲得 CareCloud 專有的 EHR、診所管理和 AI 功能，從而擴大我們合併產品組合的價值。

We are also working on plans to advance the recently acquired HFMA Map App, a benchmarking tool that helps providers compare key operational and financial matrix. Our goal is to enhance it with AI-driven analytics and predictive insights, transforming static benchmarks into actionable intelligence and further extending our AI footprint to help healthcare leaders optimize performance in real time.

我們目前也在製定計劃，推進最近收購的 HFMA Map App，這是一款基準測試工具，可協助供應商比較關鍵的營運和財務指標。我們的目標是利用人工智慧驅動的分析和預測洞察來增強它，將靜態基準轉化為可操作的情報，並進一步擴展我們的人工智慧應用範圍，以幫助醫療保健領導者即時優化績效。

Together these initiatives reflect how Care Cloud is evolving into a unified AI-driven healthcare technology company now serving both the hospital and ambulatory segments.

這些舉措共同體現了 Care Cloud 如何發展成為一家統一的、人工智慧驅動的醫療保健技術公司，目前同時服務於醫院和門診部門。

By connecting front office automation, clinical intelligence, and financial performance within a single platform, we are expanding our reach, strengthening our product portfolio, and positioning CareCloud to deliver stronger growth, improved margins, and sustained value creation heading into 2026.

透過將前台自動化、臨床智慧和財務績效連接在一個平台上，我們正​​在擴大我們的覆蓋範圍，加強我們的產品組合，並使 CareCloud 能夠在 2026 年實現更強勁的成長、更高的利潤率和持續的價值創造。

Before I hand the call over to Norman Roth, of interim CFO and Controller, let's listen to the patient call I mentioned earlier demonstrate the real world depth and capability of our agentic AI front desk solution.

在我將電話交給臨時財務長兼財務總監諾曼·羅斯之前，讓我們聽聽我之前提到的病人通話，以展示我們智慧前台解決方案在現實世界中的深度和能力。

(Audio Call)

（語音通話）

Welcome to Doctor's office. This is Sarah. This call may be recorded for quality assurance and training purposes. How can I help you Today?

歡迎來到醫生辦公室。這是莎拉。本次通話可能會被錄音，用於品質保證和訓練目的。今天我能幫您什麼忙？

I got a bill from LabCorp, and they want the doctor to send them the code for the blood test.

我收到了LabCorp的帳單，他們要求醫生提供驗血代碼。

I understand you've received a bill from LabCorp and need assistance with getting the proper code sent from our doctors. Please wait second. I need to verify your identity first. I see your phone number is 732. Is that correct?

我了解到您收到了LabCorp的帳單，需要我們協助您從醫生那裡獲取正確的代碼。請稍等片刻。我需要先核實您的身分。我看到你的電話號碼是732。是這樣嗎？

Thank you for confirming. To verify your identity, could you please tell me your date of birth? 6.

感謝您的確認。為了核實您的身份，請問您的出生日期是什麼時候？6.

Thank you. I can help you with your LabCorp bill issue. Let me check your lab results to see what's going on with the codes. I can see your lab results from LabCorp. To help with your billing issue, could you tell me which specific blood test date this bill is referring to? I see you've had several tests done with LabCorp over time.

謝謝。我可以幫您解決LabCorp的帳單問題。讓我來看看你的化驗結果，看看這些程式碼到底是怎麼回事。我可以看到您在LabCorp的化驗結果。為了幫助您解決帳單問題，請問您能否告知我這張帳單指的是哪一次具體的驗血日期？我看到你之前在LabCorp做過幾次檢測。

Yeah, there was one is thyroid.

是的，其中一個是甲狀腺疾病。

The other one is vitamin B12, and then there is one that's vitamin D3 level.

另一個指標是維生素B12，還有一個指標是維生素D3含量。

Thank you for that information. I see you had lab work done on July 21, 2025 that included TSH, thyroid test, vitamin B12, and vitamin D25 hydroxy total. Is this the lab work you're referring to?

謝謝你提供的資訊。我看到您在 2025 年 7 月 21 日做了實驗室檢查，包括 TSH、甲狀腺檢查、維生素 B12 和維生素 D25 羥基總量。這是你指的是實驗室工作嗎？

Yes, there is more. These are the main.

是的，還有更多。這些是主要的。

I understand. For your July 20 and 2025 lab work with LabCorp, I can confirm that the tests included TSH, thyroid, vitamin B12, and folate, and vitamin D25 hydroxy total, along with several other tests. This lab report has been Signed by the doctor, and there are comments from Dr.

我明白。對於您在 2020 年 7 月 20 日和 2025 年在 LabCorp 進行的實驗室工作，我可以確認測試包括 TSH、甲狀腺、維生素 B12、葉酸和維生素 D25 羥基總量，以及其他幾項測試。這份化驗報告已由醫師簽字，並附有醫師的評語。

Noting to check how much vitamin B12 you're taking and continue to monitor. I'll create a task for to send the proper billing codes to LabCorp regarding these tests. This should help resolve your billing issue. I've created a high priority task for our staff to address this issue.

請注意檢查您攝取的維生素 B12 量，並繼續監測。我將建立一個任務，向 LabCorp 發送與這些測試相關的正確計費代碼。這應該有助於解決您的帳單問題。我已經安排工作人員優先處理這個問題。

Office will send the proper billing codes to LabCorp for your July 21st test. This should help resolve the billing issue you're experiencing. Is there anything else you need help with? No.

辦公室會將您7月21日檢測的正確計費代碼傳送給LabCorp。這應該有助於解決您遇到的帳單問題。您還有其他需要幫忙的地方嗎？不。

That's it.

就是這樣。

Thank you, but please make it faster because LabCorp is bothering me.

謝謝，但請加快速度，因為LabCorp那邊一直在催我。

I completely understand your frustration with LabCorp bothering you about this. I've marked the task as high priority, and Dr. office will address this as soon as possible. They should contact LabCorp with the proper codes quickly to resolve this billing issue for you.

我完全理解您對LabCorp在這件事上不斷打擾您的不滿。我已經將這項任務標記為高優先級，醫生辦公室會盡快處理。他們應該盡快聯繫 LabCorp 並提供正確的代碼，以幫助您解決這個帳單問題。

Thank you for your patience and please don't hesitate to call back if you need any further assistance.

感謝您的耐心等待，如果您需要任何進一步的幫助，請隨時致電。

Thank you, Heidi. That was a very interesting demonstration of our AI capabilities, and thanks everyone for joining our call today. We delivered another 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 health.

謝謝你，海蒂。剛才的示範非常精彩，充分展現了我們的人工智慧能力，感謝大家今天參加我們的電話會議。我們又取得了一項強勁的季度業績，這反映了我們商業模式的優勢以及我們對策略重點的嚴格執行。每股收益為正，現金流強勁，凸顯了我們持續的營運效率和財務健康狀況。

During the nine months ended September 30th, 2025, we generated $19.9 billion of cash flow from operations compared to $15.4 million in the same period last year.

截至 2025 年 9 月 30 日的九個月內，我們從經營活動中產生了 199 億美元的現金流，而去年同期為 1,540 萬美元。

In the third quarter we reported revenue of $31.1 million an increase of $2.5 million compared to the same period last year. Here Cloud Wellness generated approximately $900,000 in revenue for the quarter and approximately $2.6 million for the first nine months of this year.

第三季度，我們的營收為 3,110 萬美元，比去年同期成長了 250 萬美元。Cloud Wellness 本季創造了約 90 萬美元的收入，今年前九個月創造了約 260 萬美元的收入。

There was approximately $3.4 million in revenue related to the MedSphere acquisition, which was completed towards the end of this past August.

此次收購 MedSphere 帶來了約 340 萬美元的收入，該收購於今年 8 月底完成。

In the third quarter we reported GAAP operating income of $3.2 million and GAAP net income of $3.1 million. This is consistent with the GAAP operating income of $3.3 million and GAAP net income of $3.1 million during Q3 2024.

第三季度，我們公佈的 GAAP 營業收入為 320 萬美元，GAAP 淨收入為 310 萬美元。這與 2024 年第三季 GAAP 營業收入 330 萬美元和 GAAP 淨收入 310 萬美元相符。

The GAAP net income per share for the quarter was $0.04 based on the net income attributable to common shareholders, which takes into account the preferred stock dividends. There was a loss of $0.04 per share in the third quarter of 2024.

根據歸屬於普通股股東的淨利計算，本季每股GAAP淨利為0.04美元，其中已計入優先股股息。2024年第三季每股虧損0.04美元。

Non-GAAP adjusted net income for the third quarter 2025 was $4.4 million or $0.10 per share, calculated using the end of period common shares outstanding. We reported adjusted EBITDA of $7.7 million in the third quarter compared to $6.8 million in the same period last year.

2025 年第三季非 GAAP 調整後淨收入為 440 萬美元，即每股 0.10 美元，計算方法是使用期末流通普通股數。第三季調整後 EBITDA 為 770 萬美元，去年同期為 680 萬美元。

Revenue for the nine months of 2025 was $86.1 million compared to $82.6 million for the same period in 2024.

2025 年前九個月的營收為 8,610 萬美元，而 2024 年同期為 8,260 萬美元。

For the first nine months of 2025, the company's GAAP net income was $7.9 million compared to GAAP net income of $4.6 million for the first nine months of 2024.

2025 年前九個月，該公司 GAAP 淨收入為 790 萬美元，而 2024 年前九個月的 GAAP 淨收入為 460 萬美元。

This equates to income of $0.07 per share after subtracting the preferred stock dividends.

扣除優先股股息後，每股收益為 0.07 美元。

This compares to a $0.28 loss for the same period last year.

相較之下，去年同期虧損0.28美元。

Non-GAAP adjusted net income for the nine months was $10 million or $0.24 per share.

前九個月的非GAAP調整後淨收入為1000萬美元，即每股0.24美元。

Year-to-date, the adjusted EBITDA was $19.9 million an increase of $3 million from $16.9 million in the same period last year.

今年迄今為止，調整後的 EBITDA 為 1,990 萬美元，比去年同期的 1,690 萬美元增加了 300 萬美元。

As of September 30th, 2025, the company had approximately $4.3 million of cash, net of restricted cash of $815,000. Net working capital was approximately $6.1 million.

截至 2025 年 9 月 30 日，該公司擁有約 430 萬美元現金，扣除受限現金 81.5 萬美元後淨額為 430 萬美元。淨營運資本約610萬美元。

We have a new $10 million line of credit with Provident Bank, and as of September 30th, 2025, the line of credit balance was $6.5 million.

我們在 Provident Bank 獲得了一筆新的 1000 萬美元信貸額度，截至 2025 年 9 月 30 日，該信貸額度餘額為 650 萬美元。

Since then we have made $1.6 million of additional payments on the line of credit, bringing the balance today to $4.9 million. Our intention is to fully pay the balance on the line of credit as soon as possible. We remain focused on profitability and cash flow and delivering long-term shareholder value. We look forward to updating you at year end. With that, I'll now turn the call over to Mahmud for his closing remarks. Mahmud.

此後，我們又向該信貸額度支付了 160 萬美元，使目前的餘額達到 490 萬美元。我們的目標是盡快全額償還信用額度餘額。我們將繼續專注於獲利能力和現金流，並為股東創造長期價值。我們期待在年底向您報告最新情況。接下來，我將把電話交給馬哈茂德，請他作總結發言。馬哈茂德。

Thank you. As we look ahead to 2026, we remain focused on driving innovation, improving patient experience and creating lasting value for our shareholders. I want to thank our employees for their dedication, our clients for their continued trust, and our shareholders for their confidence and support.

謝謝。展望 2026 年，我們將繼續專注於推動創新、改善患者體驗並為股東創造持久價值。我要感謝員工們的奉獻精神，感謝顧客的持續信任，感謝股東們的信心與支持。

Thank you. Operator, you can open the call for questions.

謝謝。操作員，您可以開啟問答環節。

(Operator Instructions)

（操作說明）

Allen Klee with Maxim Group.

艾倫·克利與馬克西姆集團合作。

Hello, good morning, great quarter, starting out with your push into the hospital space, can you talk about your plan to try to Win new customers and grows sales. What, what's your go to market strategy on that?

您好，早安，本季表現出色，從進軍醫院領域開始，您能否談談您爭取新客戶和提高銷售額的計劃？你們的市場推廣策略是什麼？

Good morning, Allan. Certainly. So if we step back for a minute, we think about what has transpired since our last earnings call, we would really focus in on two primary things. One would be the acquisition of MedSphere. The second would be Map App.

早安，艾倫。當然。所以，如果我們回顧一下自上次財報電話會議以來發生的事情，我們會專注於兩件主要事情。其中一種方法是收購 MedSphere。第二個是地圖應用程式。

If we think about MedSphere truly brings us from, the position we were in a year ago, roughly, where we were an ambulatory centric, provider, to one that, will serve the full care continuum. And it also with it immediate credibility, community hospitals, acute care facilities, critical access hospitals and the like. And then the second would be Map App. So Map App brings with it the analytics engine and the credibility to be able to extend the throughput of the overall, MedSphere, operations and cross selling, within that same hospital segment.

如果我們仔細想想，MedSphere 確實將我們從大約一年前以門診為中心的醫療服務提供者，轉變為能夠服務整個醫療服務鏈的醫療服務提供者。它還能立即提升信譽度，惠及社區醫院、急診機構、緊急醫療服務醫院等。其次是地圖應用。因此，地圖應用程式帶來了分析引擎和信譽，能夠擴展 MedSphere 在同一醫院領域內的整體營運和交叉銷售的吞吐量。

So if we think about the more immediate opportunities, our near term opportunities candidly will really be more so focused on cross selling and upselling into that installed base. So we are now working with, hundreds of hospitals throughout the country.

因此，如果我們考慮更直接的機會，坦白說，我們近期的機會將更多地集中在向現有客戶群進行交叉銷售和向上銷售。所以我們現在正與全國數百家醫院合作。

And we have the opportunity to cross sell our AI solutions to implement the AI solutions to embed them more fully in existing platforms to cross sell and upsell our RCM solutions into those existing relationships, that would be really the first order of priority. Our second order of priority will really be more focused on extending the same benefits that we're able to deliver to these existing customers to the broader hospital community with a focus initially on critical access hospitals. There are more than 1,400 critical access hospitals throughout the country.

我們有機會交叉銷售我們的 AI 解決方案，將這些 AI 解決方案更充分地嵌入到現有平台中，並將我們的 RCM 解決方案交叉銷售和向上銷售到這些現有關係中，這才是真正的首要任務。我們的第二項優先事項將更加專注於將我們能夠為現有客戶提供的相同好處擴展到更廣泛的醫院群體，最初重點是關鍵連接醫院。全國共有超過1400家急診醫院。

They are underserved in terms of their technology opportunities from a platform perspective and also. In terms of the opportunity to avail themselves of RCM and AI platforms, so we see a significant opportunity to be able to sell into these critical access facilities, but that will really come in the order of 2 priority in relationship to the significant upselling crossing opportunities we have in the existing base.

從平台角度來看，他們在技術機會方面沒有得到充分的滿足，而且…就利用 RCM 和 AI 平台的機會而言，我們看到了一個向這些關鍵接入設施銷售產品的重要機會，但這實際上將排在第二位，因為我們在現有客戶群中擁有重要的追加銷售機會。

Thank you. My next question after that, I'll go back in the queue and ask more after other people is, for AI, how are you thinking about the rollout of the new, your new offerings?

謝謝。接下來，我會重新排隊，在其他人提問之後再問一個問題：對於人工智慧，您是如何考慮推出你們的新產品的？

Thank you.

謝謝。

And thanks for your question. I think before even getting into the more specific to the products, of this FDA genetic AI, product, as an example, let's look at, let's understand if we can take a note of how this whole AI landscape is changing and evolving, especially in the healthcare. And if you think about it, in the first six months of 2025 alone, nearly 6 billion of venture funds to digital health and about 60% of that was captured by AI startups. So that level of investment, is basically it's transforming the AI landscape and especially into the clinical, financial and operational workloads. And before we think about our own opportunity of, this FDA into the space of, this voice based AI, as we all have heard about, one of the prominent names, the Sound hound, they did really well. They have demonstrated how scalable conversational AI can be across industries. If you think about it, I think that 2022 revenue was approximately $46 million to now they have, they're expecting the 2025 revenue to be about $160million to $170 million and with that their market cap is around, $7 billion today. So that success at least validates both the demand and the value creation, potential for high performing voice.

感謝你的提問。我認為，在更具體地討論產品之前，以FDA批准的這款基因人工智慧產品為例，我們先來看看，了解整個人工智慧領域是如何變化和發展的，尤其是在醫療保健領域。仔細想想，光是 2025 年上半年，就有近 60 億美元的創投流入數位醫療領域，其中約 60% 被人工智慧新創公司所吸引。因此，這種程度的投資，基本上正在改變人工智慧的格局，尤其是在臨床、金融和營運工作負載方面。在我們考慮自身機會之前，FDA 進入了語音人工智慧領域，正如我們都聽說過的，其中一個知名品牌 Soundhound 做得非常出色。他們已經證明了對話式人工智慧如何在各個行業中實現可擴展性。仔細想想，2022 年他們的收入大約是 4,600 萬美元，而現在他們預計 2025 年的收入將達到 1.6 億至 1.7 億美元，因此他們目前的市值約為 70 億美元。因此，這項成功至少驗證了高效能語音的需求和價值創造潛力。

Now if you look at the healthcare, the biggest barrier is domain depth and compliance. Healthcare, as we all know, isn't just about understanding the speech, it's about understanding clinical context, pay rules, PHI privacy and interoperability standards. And everything about CareCloud, we have, that we have been, we have spent years in building the infrastructure and certification. To make this thing possible. So while voice AI companies are great at natural conversation, but we think that the care los advantages in operational execution into the healthcare, workflows. So another differentiator, if you think about this AI front desk solution, that it isn't just a bolt on voice tool, it's natively built. Into our EHR and practice management platforms, which give us a secure real time access, into the high, highly regulated clinical and financial, data. So while hound and many other, companies have proved the commercial scalability of conversational AI, but CareCloud is bringing the same sophisticated. Sophistication into the healthcare. And if you think about this example of the call that we have played and we purposefully picked up a more complicated, call, more difficult call, difficult accent, and difficult questions and it still kept even the empathy factor into by answering those questions to the patient.

現在，如果你看看醫療保健領域，最大的障礙是領域深度和合規性。我們都知道，醫療保健不僅僅是理解言語，還要理解臨床背景、支付規則、PHI隱私和互通性標準。關於 CareCloud 的一切，我們投入了多年的時間來建立基礎設施和獲得認證。為了讓這件事成為可能。因此，雖然語音人工智慧公司在自然對話方面表現出色，但我們認為，在醫療保健工作流程的營運執行方面，護理損失優勢仍然存在。所以，如果你仔細想想這個 AI 前台解決方案，它的另一個區別在於它不僅僅是一個外接的語音工具，而是原生建構的。進入我們的電子健康記錄和診所管理平台，這些平台為我們提供了安全、即時的存取權限，讓我們能夠存取高度規範的臨床和財務數據。因此，雖然 Hound 和許多其他公司已經證明了對話式 AI 的商業可擴展性，但 CareCloud 帶來了同樣複雜的技術。醫療保健領域的精細化。如果你想想我們播放的這個通話範例，我們特意選擇了更複雜、更困難的通話，口音很重，問題也很棘手，但我們仍然透過回答這些問題來保持同理心。

So the 70%, success rate, and this also includes even the calls where patients specifically ask to transfer the call to the human agent. So if you remove that the success rate or the call handling rate even, would be much higher.

所以，70% 的成功率，甚至包括病人明確要求將電話轉接給人工客服的電話。因此，如果去掉這個因素，成功率甚至呼叫處理率都會高很多。

So now with the MedSphere, more clients added to our ambulatory clients on our existing platform to chart logic platform. So we see between all of them, they probably handle, millions of calls each year so we see a tremendous out there to be able to cross sell and upsell into all this space.

現在有了 MedSphere，我們現有的平台上的門診客戶數量增加到圖表邏輯平台。因此，我們看到，所有這些公司每年可能要處理數百萬個電話，所以我們看到在這個領域進行交叉銷售和向上銷售的巨大機會。

I'm sorry for the long answer to your question. Just wanted to make sure that, we are positioning this, conversational AI and AI applications.

很抱歉，您的問題的答案有點長。我只是想確認一下，我們對對話式人工智慧和人工智慧應用的定位是否正確。

Michael Kim with Zacks Small cap Research.

Michael Kim，來自 Zacks Small cap Research。

Hi, everyone. Good morning and thanks for taking my questions. First, I guess just in terms of M&A, I know you recently closed the MedSphere and Map app, but just wondering, maybe taking a step back, what you're seeing from a competitive standpoint, particularly as it relates to buyer and seller expectations around valuations and then related to that I know you plan to pay down the credit facility balance in the coming months, but just curious how you're thinking about capacity from a funding standpoint going forward. Thanks.

大家好。早上好，感謝您回答我的問題。首先，就併購而言，我知道您最近完成了 MedSphere 和 Map 應用的收購，但我想從另一個角度來探討一下，您從競爭的角度看到了什麼，特別是買賣雙方對估值的預期。另外，我知道您計劃在未來幾個月償還部分信貸餘額，但我只是好奇您是如何考慮未來融資能力的。謝謝。

Thanks Michael. AI is absolutely driving conversations, in the M&A space, and AI is creating pressure, both amongst, RCM companies and also, healthcare IT companies like MedSphere and Map app product.

謝謝你，麥可。人工智慧正在推動併購領域的對話，人工智慧正在為RCM公司以及MedSphere和Map app產品等醫療保健IT公司帶來壓力。

From an expectation perspective, companies who are looking to exit or owners who are looking to exit.

從預期角度來看，是那些尋求退出的公司或尋求退出的所有者。

Are seem to appreciate the fact that if they are not actively rapidly deploying AI throughout their overall service offering or a platform that they're anticipated.

他們似乎意識到，如果他們沒有積極快速地在其整體服務產品或平台中部署人工智慧，那麼他們就會受到期望。

Expectation when it comes to evaluation includes or bakes that that into the overall formula. So maybe you said more simply, companies who are not leveraging AI understand that they have a limited window of time to make an exit, and I think we're seeing that in terms of evaluations. So think about the evaluations of these two companies again.

評估時的預期已經包含或體現了這一點，並將其納入整體公式中。所以，也許你可以更簡單地說，那些沒有利用人工智慧的公司明白，他們退出市場的時間窗口是有限的，我認為我們在評估方面已經看到了這一點。所以請再次思考這兩家公司的評估。

These are both technology these are both technology suites. One was a technology company. The other one was a technology product created by a nonprofit in our space.

它們都是技術，它們都是技術套件。其中一家是科技公司。另一個是我們領域內非營利組織開發的科技產品。

But both of them recognize the fact that they didn't have the capacity to be able to build AI into their platforms and understood that that that their days were limited in terms of their ability to meet the end users' expectations. So from the perspective of evaluations I think that's the reality of what we're seeing we're going to be open to. Opportunities where we can move forward with an asset purchase, opportunities that we can close without any dilution to the common shareholders, opportunities where we can, continue to keep balance sheet flexibility and and arrive at attractive evaluations, and if all of those. Initial criteria are met, then we, analyze whether or not there's a good fit from the, from a product perspective and in terms of overall synergies. So, if you think about where we started last year, we did not, Explicitly, bake in any of the four acquisitions that we had into our overall expectations that we set and forecast, but nevertheless that pressure that's building on the seller side, resulted in these acquisitions this year.

但他們兩人都意識到，他們沒有能力將人工智慧融入自己的平台中，並且明白，在滿足最終用戶期望方面，他們的時間是有限的。所以從評估的角度來看，我認為這就是我們所看到的現實，我們將對此持開放態度。我們可以推進資產收購的機會，我們可以在不稀釋普通股股東權益的情況下完成收購的機會，我們可以繼續保持資產負債表的靈活性並達成有吸引力的估值的機會，如果所有這些條件都滿足的話。如果滿足了初步標準，那麼我們將從產品角度和整體協同效應分析是否合適。所以，如果你回顧我們去年的起點，我們並沒有明確地將這四項收購納入我們設定和預測的總體預期中，但儘管如此，賣方方面不斷增加的壓力最終促成了今年的這些收購。

Got it. That's super helpful. Appreciate that and maybe just to follow-up on your comments around, specifically MedSphere and Map app, just curious how, the structures of those transactions may have differed from, prior deals in the past and how you think about kind of structuring going forward.

知道了。這太有幫助了。非常感謝您的回覆。關於您提到的 MedSphere 和 Map 應用，我想進一步了解一下，這些交易的結構與以往的交易有何不同？您對未來的交易結構有何看法？

Certainly, so, at a high level all four acquisitions that we closed this year, really follow the same discipline playbook, for our creative well priced acquisitions, so they were asset purchases again as I mentioned before, they were non-dilutive maintained balance sheet flexibility evaluations of one time or less, if we think about MedSphere in particular which closed in late August, the price was $16.5 million and we paid roughly half of that in cash at closing and then we paid the balance of that through a credit facility.

當然，從總體上看，我們今年完成的四項收購都遵循了相同的策略，即以合理的價格進行創意收購。正如我之前提到的，這些都是資產收購，它們不會稀釋資產負債表，保持了資產負債表的靈活性，估值不超過一倍。特別是以8月下旬完成的MedSphere收購案為例，收購價格為1650萬美元，我們在交易完成時以現金支付了大約一半，然後透過信貸額度支付了剩餘部分。

That credit facility, was with a new bank, no warrants, very practical covenants and the like, and a lower effective interest rate.

那筆信貸來自一家新銀行，沒有認股權證，條款非常實用等等，而且實際利率較低。

So, notwithstanding all of that, we've taken that initial amount and we've reduced that by half. So from a practical perspective, we've paid from our internally generated cash, we've paid about 70%- 75% of that overall consideration, from cash and closing, I'm sorry, from cash generated internally, and we expect to be able to, fully satisfy the remaining balance within the next number of months, whether it be next quarter, two quarters.

所以，儘管如此，我們還是將最初的金額減少了一半。因此，從實際角度來看，我們已經用內部產生的現金支付了總對價的約 70%-75%，也就是現金和交割款，抱歉，是用內部產生的現金支付的，我們預計能夠在接下來的幾個月內，無論是下一個季度還是兩個季度，全額支付剩餘款項。

We're not totally sure, but we're paying it off as quickly as we can. Map App has a similar, is similar from the perspective of the other two acquisitions that we closed. We paid all cash at closing, and again, at a, an accretive, acquisition, non-dilutive very attractive valuation.

我們不太確定，但我們正在盡快還清貸款。從我們完成的另外兩項收購的角度來看，地圖應用程式與之類似。我們在交易完成時全額支付了現金，而且，這是一筆增值收購，不會稀釋股權，估值非常有吸引力。

Great, appreciate it. Thanks for taking my questions.

太好了，謝謝。謝謝您回答我的問題。

(Operator Instructions)

（操作說明）

Alan Klee with Maxim Group.

Alan Klee 與 Maxim Group 合作。

was just wondering, do you think for the acquisitions if you're able to do the cross selling upselling synergies that they have the potential to get to the type of margins that your company has overall.

我只是想問一下，您認為對於收購而言，如果您能夠進行交叉銷售和向上銷售的協同效應，它們是否有可能達到貴公司整體的利潤率水平？

Certainly, so our basic playbook, Alan, with regard to the acquisitions is from the perspective of looking out three quarters or so to be able to get them to an operating cash flow. A margin of about 30% or greater that that's what we strive for, and with regard to the four acquisitions this year, we believe we're making good progress, at getting to those numbers so yes, and from an upselling cross selling perspective we can upsell cross sell for instance RCM solutions, AI solutions and the like, and we can do that at, an extremely attractive margins. So, the answer to that, the answer to your question is yes.

當然，艾倫，我們關於收購的基本策略是從未來三個季度左右的角度出發，爭取讓收購產生營運現金流。我們力求達到 30% 或更高的利潤率，就今年的四項收購而言，我們相信我們在實現這些數字方面取得了良好的進展，所以是的，從追加銷售和交叉銷售的角度來看，我們可以追加銷售和交叉銷售例如 RCM 解決方案、AI 解決方案等，而且我們可以以極具吸引力的利潤率做到這一點。所以，你問題的答案是肯定的。

This now concludes our question-and-answer session. I would like to turn the floor back over to Norman Roth for closing comments.

我們的問答環節到此結束。我想把發言權交還給諾曼·羅斯，讓他做總結發言。

Thank you everyone for enjoying, joining our call. Enjoy your day.

感謝大家參與我們的通話。祝您今天愉快。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。