CareCloud Inc (CCLD) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to CareCloud, Inc., first quarter 2026 results conference call. (Operator Instructions) This call is being recorded on Thursday, May 7, 2026.

各位女士、先生，早安，歡迎參加 CareCloud, Inc. 2026 年第一季財報電話會議。(接線員指示) 本通話於 2026 年 5 月 7 日（星期四）錄音。

I would now like to turn the conference over to Brendan Covello, Legal Counsel. Please go ahead.

現在我想將會議交給法務顧問 Brendan Covello。請開始。

Good morning, everyone. Welcome to CareCloud's first quarter 2026 conference call. On today's call are Mahmud Haq, our Founder and Executive Chairman; Stephen Snyder, our Chief Executive Officer; A. Hadi Chaudhry, our Chief Strategy Officer; and Norman Roth, our Interim Chief Financial Officer and Corporate Controller.

各位早安。歡迎參加 CareCloud 2026 年第一季電話會議。今天與會者包括：我們的創辦人兼執行董事長 Mahmud Haq；執行長 Stephen Snyder；策略長 A. Hadi Chaudhry；以及臨時財務長兼公司財務控管主管 Norman Roth。

Before we begin, I would like to remind you that certain statements made during this call are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 of the Securities Exchange Act of 1934 as amended. All statements other than the statements of historical facts made during this call are forward-looking statements, including, without limitation, statements regarding our expectations and guidance for future financial and operational performance, expected growth, business outlook and potential organic growth and acquisitions.

在開始之前，我想提醒各位，本次通話中所作的某些陳述，可能構成《1933 年證券法》（修訂後）第 27A 條及《1934 年證券交易法》（修訂後）第 21 條所定義的前瞻性陳述。除歷史事實陳述外，本次通話中的所有陳述均為前瞻性陳述，包括但不限於：我們對未來財務與營運表現的預期與指引、預期成長、業務展望，以及潛在的有機成長與併購。

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

前瞻性陳述有時可透過「將」、「可能」、「預期」、「計畫」、「預估」、「約」、「即將」、「相信」、「估計」或類似用語及其否定形式加以辨識。前瞻性陳述並非對未來表現的承諾或保證，且受多項風險與不確定性影響，其中許多超出我們的控制範圍，可能導致實際結果與這些前瞻性陳述所預期者出現重大差異。

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 Act 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.

這些陳述僅反映截至本簡報日期我們的觀點；對於因新資訊或未來事件而修訂這些前瞻性陳述，我們不承擔任何義務。請參閱我們的新聞稿以及向美國證券交易委員會提交的報告，其中包含對我們表現及可能導致實際結果與前瞻性陳述存在重大差異之因素的更完整討論。

For anyone who dialed into the call by telephone, you may want to download our first quarter 2026 earnings presentation. Please visit our Investor Relations site, ircarecloud.com. Click on News and Events, then click IR calendar, click on first quarter 2026 results conference call and download the earnings presentation.

對於透過電話撥入本次會議的各位，您可能會想下載我們 2026 年第一季財報簡報。請造訪我們的投資人關係網站 ircarecloud.com。點選「News and Events」，再點選「IR calendar」，點選「2026 年第一季財報電話會議」，並下載財報簡報。

Finally, on today's call, we may refer to certain non-GAAP financial measures. Please refer to today's press release announcing our first quarter 2026 results for a reconciliation of these non-GAAP performance measures to our GAAP financial results.

最後，在今天的通話中，我們可能會提及某些非 GAAP 財務衡量指標。請參閱今日發布、公告我們 2026 年第一季業績的新聞稿，以取得這些非 GAAP 績效衡量指標與我們 GAAP 財務結果之間的調節表。

With that said, I'll now turn the call over to our CEO, Stephen Snyder. Stephen?

話不多說，現在我把電話交給我們的執行長 Stephen Snyder。Stephen？

Thanks, Brendan, and good morning, everyone. I'm pleased to report that the first quarter of 2026 marked a strong start to the year for CareCloud, with revenue growth of 13%, the broadest product portfolio in our history, accelerating commercial traction in our AI platform and a transformational simplification of our capital structure that we executed shortly after quarter's end. We delivered the kind of momentum we expected entering 2026, and we are reaffirming our full year guidance with great confidence.

謝謝你，Brendan，各位早安。我很高興報告，2026 年第一季為 CareCloud 帶來強勁的年度開局：營收成長 13%，我們擁有史上最完整的產品組合，AI 平台的商業動能加速，並且在季後不久完成了一項具轉型意義的資本結構簡化。我們交出了進入 2026 年時所預期的動能，並且以高度信心重申全年財測指引。

Let me start with our top line numbers. For the first quarter of 2026, we generated revenue of $31.3 million, up 13% from $27.6 million in Q1 of last year. On profitability, GAAP operating income was $1 million for the quarter and GAAP net income was $900,000 as anticipated, both lower than the prior year's quarter, driven primarily by increased amortization of acquired intangible assets and integration costs associated with the Medsphere acquisition.

我先從營收數字談起。2026 年第一季，我們創造營收 3,130 萬美元，較去年第一季的 2,760 萬美元成長 13%。在獲利方面，本季 GAAP 營業利益為 100 萬美元，GAAP 淨利為 90 萬美元，符合預期；兩者均低於去年同期，主要原因是併購取得之無形資產攤銷增加，以及與 Medsphere 併購相關的整合成本。

Adjusted EBITDA, adjusted net income, and adjusted EPS were each essentially in line with the prior year, and we generated $2.4 million in free cash flow. These non-GAAP measures are the cleaner read on our underlying operating performance, and they show a business that is holding margin while we absorb a material acquisition. Norm will walk you through this in more detail in a few minutes. Next, I'd like to spend some time on our capital structure, because what we executed in April represents the most significant simplification of CareCloud's balance sheet since our IPO.

調整後 EBITDA、調整後淨利與調整後每股盈餘（EPS）基本上與去年同期持平，我們也產生了 240 萬美元的自由現金流。這些非 GAAP 指標更能清楚反映我們的核心營運表現，顯示在吸收一筆具規模的併購之際，我們仍能維持利潤率。Norm 將在幾分鐘後為各位更詳細說明。接下來，我想花一些時間談談我們的資本結構，因為我們在 4 月所執行的事項，是 CareCloud 自 IPO 以來資產負債表最重大的簡化。

On April 13, we closed a new $50 million credit facility with Citizens Bank and Provident Bank, comprised of a $40 million term loan and a $10 million revolving line, which replaced our previous $10 million Provident Bank facility. In parallel, we also put an at-the-market or an ATM equity facility in place, not as a financing we plan to lean on, but as a flexible just-in-time tool we can deploy on opportunistic terms if and when it makes sense for our shareholders.

4 月 13 日，我們與 Citizens Bank 及 Provident Bank 完成一項新的 5,000 萬美元信貸額度，包括 4,000 萬美元的定期貸款與 1,000 萬美元的循環信用額度，取代我們先前的 1,000 萬美元 Provident Bank 額度。同時，我們也設立了「隨市發行」（at-the-market，或 ATM）股權融資機制；這不是我們計畫倚重的融資來源，而是一項具彈性的即時工具，當且僅當對股東有利、且條件合適時，我們可在機會性情況下加以運用。

The day after closing, on April 14, our Board elected to redeem 100% of our outstanding Series B preferred stock. The redemption is scheduled for May 15, and we have already prefunded approximately $41.6 million of the new credit facility to satisfy it. Let me underline what this means in plain terms.

在完成上述交易的隔天，也就是 4 月 14 日，我們董事會決議贖回 100% 尚未償付的 B 系列優先股。贖回預定於 5 月 15 日進行，我們已先行自新的信貸額度預撥約 4,160 萬美元以履行該贖回。我用白話強調一下這代表什麼。

Together with the conversion of approximately 80% of the Series A preferred stock that we completed in March of last year, the full redemption of our Series B preferred stock effectively removes the preferred equity overhang that has shaped our capital structure for many years. We are exchanging high-cost preferred dividends for lower-cost senior debt, dramatically simplifying our story for investors. And we are doing it with zero common shareholder dilution from the redemption itself.

加上我們在去年 3 月完成約 80% A 系列優先股的轉換，全面贖回 B 系列優先股，等同於移除多年來影響我們資本結構的優先股權益「懸而未決」因素。我們以成本較低的優先順位債務，取代成本較高的優先股股利，大幅簡化投資人理解公司的敘事。而且，這項贖回本身對普通股股東不造成任何稀釋。

This is more than a balance sheet exercise. A simpler capital structure broadens our investor universe, particularly among institutional investors who have historically been deterred by complex preferred equity stocks, improving the visibility of common shareholder economics and it lowers our weighted average cost of capital. In short, the structure of the company now aligns with the way we run it as a focused, profitable, growing healthcare IT technology platform.

這不僅僅是資產負債表上的操作。更簡化的資本結構能擴大我們的投資人範圍，特別是過去因複雜優先股架構而卻步的機構投資人；同時提升普通股股東經濟利益的可視性，並降低我們的加權平均資本成本。簡言之，公司現在的結構與我們的經營方式一致：作為一個聚焦、獲利且成長中的醫療保健 IT 技術平台。

Turning to our acquisition portfolio. The integration of the transactions we completed in 2025 is progressing well. Through Medsphere, we entered the inpatient hospital market and significantly expanded our addressable market, adding the number one Black Book-ranked Wellsoft emergency department information system, the CareView inpatient EHR, ChartLogic for surgical specialties, Marketware for physician relationship management, offline for hospital supply chain and managed IT services. That portfolio took us from ambulatory first to care continuum.

接著談我們的併購組合。我們於 2025 年完成的各項交易整合進展順利。透過 Medsphere，我們切入住院醫院市場並大幅擴大可服務市場（TAM），納入 Black Book 排名第一的 Wellsoft 急診科資訊系統、CareView 住院電子病歷（EHR）、針對外科專科的 ChartLogic、用於醫師關係管理的 Marketware、用於醫院供應鏈的 offline，以及代管 IT 服務。該產品組合使我們從以門診為主，延伸至完整照護連續體。

On MAP App, our HFMA partnership is opening hospital finance conversations that would have taken years to build organically. Hadi will walk you through how we're layering AI-driven recommendations on top of MAP App's benchmarking foundation. But the strategic point is quite simple, MAP App identifies where hospitals underperforming and our RCM and AI capabilities demonstrate how to fix it. That is a powerful combination and 2026 is the year where we believe we'll scale it.

在 MAP App 方面，我們與 HFMA 的合作正在開啟醫院財務端的對話，若靠有機方式建立，可能需要多年時間。Hadi 將說明我們如何在 MAP App 的基準比較（benchmarking）基礎之上，疊加 AI 驅動的建議。但策略重點很簡單：MAP App 能辨識醫院在哪些方面表現落後，而我們的營收循環管理（RCM）與 AI 能力則示範如何改善。這是強而有力的組合，而我們相信 2026 年將是把它規模化的一年。

As to our AI platform, it is really no longer a vision, it is a product line in the market with paying customers and measurable results. StratusAI Desk Agent, our agentic AI phone receptionist, reached full commercial release in December and is scaling. Across early adopters, the platform is now handling approximately 75% of inbound calls automatically, bringing Front Desk staff to focus on more complex patient needs and lifting the throughput of every practice that deploys it.

至於我們的 AI 平台，它其實已不再只是願景，而是一條已在市場上推出、擁有付費客戶且具可衡量成果的產品線。StratusAI Desk Agent——我們的代理式（agentic）AI 電話接待員——已於 12 月達到全面商業化發布，並正在擴張。在早期採用者中，該平台目前約可自動處理 75% 的來電，讓前台人員能專注於更複雜的病患需求，並提升每一家導入診所的整體處理量。

Our AI Center of Excellence launched in April of last year is fully operational and is the engine behind everything in our AI portfolio. In a moment, Hadi will walk you through the three-track framework we use to apply AI across the business inside our own operations embedded in the products our clients already use every day, and as a stand-alone AI solution.

我們於去年四月成立的 AI 卓越中心已全面投入運作，並且是我們整個 AI 產品組合背後的引擎。稍後，Hadi 將帶您了解我們用來在全公司推動 AI 的三軌框架：在我們自身營運中導入、嵌入客戶每天已在使用的產品中，以及作為獨立的 AI 解決方案。

And where each track stands today? The point I want to leave you with is that the believed addressable market for our AI Front Desk capability alone exceeds $4 billion in the United States, and we are bringing it to the large provider customer base that already trust CareCloud with its core clinical and revenue cycle workflows. That integration advantage is hard to replicate.

那麼各軌目前進展到哪裡？我想讓各位記住的一點是：僅就我們的 AI Front Desk 能力而言，在美國被認為的可服務市場規模就超過 40 億美元；而我們正把它帶給已經信任 CareCloud、並將其用於核心臨床與營收循環工作流程的大型醫療服務提供者客群。這種整合優勢很難被複製。

Our 2026 growth strategy is unchanged and fully on track. First, we are actively cross-selling stratusAI and our RCM services to our existing ambulatory client base. Second, we are penetrating the Medsphere installed base of hospital and health system customers with our RCM and AI capabilities, creating a multiplier effect on sales efficiency.

我們的 2026 年成長策略維持不變，且完全按計畫推進。第一，我們正積極向既有門診客戶群交叉銷售 stratusAI 與我們的 RCM 服務。第二，我們正以 RCM 與 AI 能力切入 Medsphere 的既有醫院與醫療體系客戶裝機基礎，進而在銷售效率上形成倍增效應。

Accordingly, we are reaffirming our 2026 guidance. We continue to expect revenue of $128 million to $132 million, adjusted EBITDA of $29 million to $31 million, and GAAP earnings per share of $0.20 to $0.23, which would represent more than a 100% increase over our 2025 EPS of $0.10. Our confidence in this outlook is grounded on our continued growth in our RCM business, accelerating AI revenue contribution from stratusAI and the synergy of cross-sell opportunities from our 2025 acquisitions, each of which we expect to ramp meaningfully through the back half of the year.

因此，我們重申 2026 年財測指引。我們仍預期營收為 1.28 億至 1.32 億美元，調整後 EBITDA 為 2,900 萬至 3,100 萬美元，且 GAAP 每股盈餘為 0.20 至 0.23 美元；這將較我們 2025 年每股盈餘 0.10 美元增加逾 100%。我們對此展望的信心，來自於 RCM 業務的持續成長、stratusAI 帶動的 AI 營收貢獻加速，以及 2025 年收購案所帶來交叉銷售機會的協同效應；我們預期上述各項在今年下半年都將明顯加速放量。

A brief word on operational efficiency. We are also deploying AI inside our own back office and consolidating overlapping systems from our 2025 acquisitions, and we expect that work to be an ongoing source of margin improvement through 2026 and into 2027. Hadi will go deeper on this as the first of his three AI tracks. Stepping back, this is exactly the kind of quarter we wanted to deliver to start 2026.

簡要談一下營運效率。我們也正在自家後台導入 AI，並整併 2025 年收購案中重疊的系統；我們預期這項工作將在 2026 年並延續至 2027 年，持續帶來毛利率/利潤率改善的來源。Hadi 會在他三條 AI 軌道中的第一條更深入說明。退一步看，這正是我們希望用來開啟 2026 年的那種季度表現。

Revenue grew by 13%. Our AI platform in in-market and scaling. Our acquisition portfolio is contributing as planned. Our integration work on Medsphere is well underway, and we have used the early weeks of the second quarter to fundamentally simplify our capital structure, closing a new credit facility, putting an ATM in place and announcing the full redemption of our Series B preferred stock.

營收成長 13%。我們的 AI 平台已在市場上線並持續擴張。我們的收購組合正如計畫般貢獻成果。我們對 Medsphere 的整合工作進展順利；同時，我們也利用第二季最初幾週，從根本上簡化資本結構：完成新的信貸融資安排、建立 ATM（隨市發行）機制，並宣布全額贖回我們的 B 系列優先股。

The underlying business, recurring revenue, cash generation, the customer base, the product road map is moving in the right direction, and we are reaffirming our 2026 guidance, and we are entering the rest of the year with more capability, more scale and more momentum than at any point in our history. We are a profitable, growing company with a clear AI strategy and the operational discipline to execute on it. I look forward to sharing our progress with you throughout the year.

核心業務、經常性收入、現金創造能力、客戶基礎，以及產品路線圖都朝正確方向前進；我們重申 2026 年財測指引，並以比公司歷史上任何時點都更強的能力、更大的規模與更充足的動能，迎接今年剩餘時間。我們是一家獲利且成長中的公司，具備清晰的 AI 策略，以及落實執行所需的營運紀律。我期待在今年持續與各位分享我們的進展。

With that, I'll turn the call over to Hadi Chaudhry, our Chief Strategy Officer, who will provide more details on our AI strategy and product road map. Hadi?

接下來，我把電話會議交給我們的首席策略長 Hadi Chaudhry，他將就我們的 AI 策略與產品路線圖提供更多細節。Hadi？

Thank you, Steve, and good morning, everyone. Before I get into first quarter, I want to remind everyone of the framework we are using to apply AI across CareCloud, because everything I'm about to walk you through fits inside that framework. And I think it's the clearest way to understand both what we are doing today and what compounds over time.

謝謝你，Steve，各位早安。在我進入第一季內容之前，我想提醒大家我們用來在 CareCloud 全面導入 AI 的框架，因為我接下來要帶各位看的所有內容都在這個框架之內。我認為這是理解我們今天在做什麼，以及哪些成果會隨時間複利累積的最清楚方式。

As Steve mentioned, we are pursuing AI along three parallel tracks. The first is back-end cost and efficiency optimization, where AI applied inside our own RCM, financial, and administrative operations to do the work we already do for our clients, but faster, more accurately and at a much lower cost. The economic outcome shows up in the margins.

如 Steve 所提到的，我們以三條平行軌道推進 AI。第一條是後端成本與效率最佳化：將 AI 應用於我們自身的 RCM、財務與行政營運中，去完成我們已為客戶在做的工作，但更快、更精準、且成本大幅更低。其經濟成果會反映在利潤率上。

The second is embedding AI into our existing customer-facing applications, our EHR, practice management, patient engagement and benchmarking platforms, bringing AI inside the products our clients already use makes them smarter, stickier and more valuable without asking clients to buy something new. The outcome shows up in retention, expansion and the strength of our existing revenue base.

第二條是把 AI 嵌入我們既有的客戶端應用中，包括 EHR、診所管理、病患互動與基準分析平台；把 AI 帶進客戶每天已在使用的產品裡，能讓產品更聰明、更具黏著度、也更有價值，而不需要客戶再額外購買新產品。成果會反映在留存、擴張，以及我們既有營收基礎的強度上。

The third is building entirely new AI products for discrete, high-value problems in healthcare operations. StratusAI Front Desk Agent and cirrusAI Notes are the two most visible examples today with AI prior authorization, AI-assisted medical coding, and additional clinical documentation capability and active development. The outcome is new revenue lines as those products mature.

第三條是針對醫療營運中明確且高價值的問題，打造全新的 AI 產品。目前最顯著的兩個例子是 StratusAI Front Desk Agent 與 cirrusAI Notes；此外，AI 事前授權、AI 輔助醫療編碼，以及更多臨床文件能力也在積極開發中。隨著這些產品成熟，成果將體現在新的營收線上。

These three tracks are not separate strategies competing for resources, they are the same investment compounding three different ways. Let me walk you through where each one stands at the end of Q1. On the back-end track, we continued in Q1 to apply AI across our own RCM financial and administrative operations. This is a track that gets the least external attention, but it is where AI is creating its most measurable near-term impact.

這三條軌道不是彼此競爭資源的不同策略，而是同一筆投資以三種不同方式產生複利。我來帶各位看看截至第一季末各自的進展。在後端軌道方面，我們在第一季持續將 AI 應用於自身的 RCM、財務與行政營運。這條軌道受到的外部關注最少，但卻是 AI 在短期內創造最可量化影響的地方。

Inside our RCM operations, AI is reducing claim errors, improving documentation accuracy and increasing first pass acceptance rates to payers. Across our administrative and financial functions, it is helping our internal teams handle higher volumes with the same headcount.

在我們的 RCM 營運中，AI 正在降低理賠申請錯誤、提升文件準確性，並提高向付款方的首次送審通過率。在行政與財務職能方面，AI 正協助內部團隊在不增加人力編制的情況下處理更高的工作量。

We are also adopting AI-driven tools across the software development life cycle such as code generation, code review, QA, and testing and application design. This is the same productivity revolution the broader software industry is going through, and we are participating in it as a deliberate strategy. Over time, we expect two compounding outcomes, higher code quality and meaningfully more output per engineer.

我們也在軟體開發生命週期中採用 AI 驅動工具，例如程式碼生成、程式碼審查、QA、測試與應用程式設計。這正是更廣泛軟體產業正在經歷的同一場生產力革命，而我們以明確策略參與其中。隨著時間推進，我們預期會有兩個複利式成果：更高的程式碼品質，以及每位工程師顯著更高的產出。

For a company shipping across the wide product surface EHR, RCM, practice management, patient engagement, benchmarking and an expanding AI portfolio, that engineering leverage matters. How we measure progress on this track matters. We are not just tracking lag indicators, outcomes like acceptance rates and denial ratios that tell you what already has happened.

對一家在廣泛產品面向上持續交付的公司而言——涵蓋 EHR、RCM、診所管理、病患互動、基準分析，以及不斷擴大的 AI 產品組合——這種工程槓桿非常重要。我們如何衡量這條軌道的進展也很重要。我們不只是追蹤落後指標，也就是像通過率與拒付比率這類告訴你「已經發生什麼」的結果指標。

We are actively monitoring lead indicators, the signals that predict revenue cycle performance before it shows up in the financials. How early errors are caught, how many claims are pre-validated before submission, how much human intervention is required for a claim and how effectively our AI predicts denials, so that rules can be configured proactively, not reactively. These upstream metrics are where AI creates its leverage, and they are what give us confidence in where the trajectory is heading, not just where it has been.

我們也在主動監測領先指標，也就是在財務數字反映之前就能預測營收循環表現的訊號。例如：錯誤在多早被攔截、有多少理賠在提交前已預先驗證、一筆理賠需要多少人工介入，以及我們的 AI 對拒付的預測有多有效，從而讓規則能夠主動（而非被動）配置。這些上游指標正是 AI 創造槓桿之處，也正是讓我們對趨勢將走向何方（而不只是過去走到哪裡）更有信心的原因。

Our longer-term ambition is to set a new industry benchmark, zero-touch claims, a fully automated workflow where AI handles intake, validation, submission and follow-up with minimal human intervention, allowing billing teams to focus on acceptance rather than routine processing. Q1 was a quarter of measurable progress on the underlying lead indicators that bring that vision closer.

我們更長期的目標，是建立新的產業標竿：零接觸理賠（zero-touch claims），也就是一個高度自動化的工作流程，由 AI 以最少的人工作業完成受理、驗證、提交與後續追蹤，讓帳務團隊能把重心放在提高通過率，而不是例行處理。第一季在推動這個願景所需的底層領先指標上，取得了可衡量的進展。

The second track is bringing AI into the products our clients already use every day. Our existing suite, EHR practice management, patient engagement, benchmarking represents thousands of touch points per client per day. Everyone is an opportunity to make our software more intelligent without asking the client to buy something new. This creates more lasting AI value than launching a new product, because it improves everything already deployed with customers.

第二條軌道，是把 AI 帶進客戶每天已在使用的產品中。我們既有的產品套件——EHR、診所管理、病患互動、基準分析——每天為每位客戶帶來數以千計的接觸點。每一個接觸點都是在不要求客戶購買新產品的前提下，讓我們軟體更智慧的機會。這比推出一個新產品更能創造持久的 AI 價值，因為它能改善所有已部署在客戶端的既有功能。

In Q1, we continued deepening AI inside these platforms, improving how our EHR surfaces relevant information at the point of care, making our practice management system more predictive about scheduling and intake, and enhancing the analytical depth of our benchmarking capabilities. None of this is a new product announcement, it is continuous embedded improvement to platforms our clients are already paying for.

在第一季，我們持續在這些平台內深化 AI，改善我們的 EHR 在照護現場呈現相關資訊的方式，使我們的診所管理系統在排程與收案（intake）方面更具預測性，並提升我們基準比較（benchmarking）能力的分析深度。這些都不是新產品發表，而是對客戶已在付費使用的平台所進行的持續性、內嵌式改良。

The most successful version of this track is one where AI inside the product is invisible to the user. They simply find that the software is doing more for them than it used to. We will share specific results as they become meaningful to disclose. This track is also where leverage on our acquisitions plays out. Some of the platforms we brought in through Medsphere and the MAP App serve a different client segment than our ambulatory base, hospital systems, health networks and emergency departments.

這條路線最成功的版本，是產品內的 AI 對使用者而言是「看不見」的。他們只是發現軟體比以前能替他們做更多事。我們會在具備披露意義時分享具體成果。這條路線也是我們併購所帶來的槓桿效益發揮之處。我們透過 Medsphere 與 MAP App 納入的一些平台，服務的客戶區隔不同於我們以門診為主的基礎客群，包括醫院系統、醫療網路與急診部門。

The AI work there is in earlier stages, but the principle is the same. The platforms get more value and AI is part of them. And that value accrues to clients already on them, that is leverage we paid for, and we are working through it methodically.

那裡的 AI 工作仍處於較早階段，但原則相同。平台獲得更多價值，而 AI 是其中的一部分。而這些價值會累積到已在使用這些平台的客戶身上；這就是我們付費取得的槓桿，我們正有條不紊地推進。

The third track is the one that gets the most public attention, new stand-alone AI products for specific high-value workflows. This is where stratusAI Front Desk Agent and cirrusAI Notes live and where our development pipeline continues to expand. Let me start with stratusAI Front Desk Agent, our agentic AI Front Desk solution.

第三條路線是最受外界關注的：針對特定高價值工作流程推出新的獨立 AI 產品。這就是 stratusAI Front Desk Agent 與 cirrusAI Notes 所在之處，也是我們研發管線持續擴張的領域。我先從我們的代理式 AI 前台解決方案 stratusAI Front Desk Agent 談起。

We continue to sign new business in Q1, almost entirely from within our existing client base, exactly the motion we wanted at this stage. Our priority right now is not maximizing contracts signed, it is making sure every agent we sign is implemented well, completes its trial successfully and earns the right to expand inside this account.

我們在第一季持續簽下新業務，幾乎完全來自既有客戶群，這正是我們在此階段想要的推進方式。我們目前的優先事項不是把簽約數量最大化，而是確保每一個簽下的代理都能良好導入、順利完成試用，並在該帳戶內贏得擴張的資格。

Expansion means more agents per client, additional functions, extended coverage hours and broader used cases. This is the curve we are deliberately working depth before breadth, because it produces durable standing revenue rather than a flurry of signed contracts that don't convert into real used case. Within the Desk Agent suite, stratusAI Voice Audit continues to play an important complementary role, giving practice administrators visibility into both AI handled and staff handled calls. Some clients adopt Voice Audit alongside Desk Agent from day one. Others bring it on later as their AI deployment matures. Either way, it deepens our broader stratusAI footprint inside the account.

擴張意味著每位客戶配置更多代理、增加功能、延長涵蓋時段，以及更廣泛的使用情境。這是一條我們刻意採取「先深後廣」的曲線，因為它能帶來持久的經常性收入，而不是一波簽約熱潮卻無法轉化為真正的使用情境。在 Desk Agent 套件中，stratusAI Voice Audit 持續扮演重要的互補角色，讓診所管理者能同時掌握由 AI 處理與由員工處理的來電。有些客戶從第一天就將 Voice Audit 與 Desk Agent 一起採用。另一些客戶則在其 AI 部署更成熟後才導入。無論哪種方式，都能加深我們在該帳戶內更廣泛的 stratusAI 佈局。

Turning to cirrusAI Notes, our ambient documentation product. Notes continues to be an entry point for many providers into the cirrusAI family on ambulatory side, where it serves the most acute pain point in clinician stay.

接著談 cirrusAI Notes，我們的環境式（ambient）病歷文件產品。在門診端，Notes 持續成為許多醫療提供者進入 cirrusAI 產品家族的切入點，因為它解決了臨床人員最迫切的痛點。

What I want to highlight this quarter is the integration efforts underway to bring cirrusAI Notes into the inpatient platforms we acquired through Medsphere, opening the door to AI-assisted documentation inside hospitals and health systems, a different clinical workflow, user and buying center that ambulatory market we have served historically. This is exactly the cross-pollination between our acquisitions and our AI portfolio that we described as the multiplier effect when we closed Medsphere.

本季我想強調的是，我們正在進行整合工作，將 cirrusAI Notes 導入我們透過 Medsphere 取得的住院端平台，為醫院與醫療系統內的 AI 輔助文件撰寫打開大門；這是一套不同於我們過去主要服務之門診市場的臨床工作流程、使用者與採購決策中心。這正是我們在完成 Medsphere 併購時所描述的「乘數效應」——併購資產與 AI 產品組合之間的交叉授粉。

Beyond Front Desk Agent and Notes, our pipeline continues to advance. AI prior authorization, AI-assisted medical coding and additional clinical documentation capabilities are all in active development inside the AI Center of Excellence and bringing those to market is a goal for this year. We will share more on each as they get closer to client readiness.

除了 Front Desk Agent 與 Notes 之外，我們的研發管線也持續推進。AI 事前授權（prior authorization）、AI 輔助醫療編碼，以及更多臨床文件能力，都在 AI 卓越中心內積極開發中，並且今年將其推向市場是我們的目標。隨著各項產品更接近客戶可用狀態，我們會分享更多細節。

Let me close by coming back to the three tracks framework, because I think this is where the strategic picture comes together. A company pursuing only the third track, only new AI products is making the bet that depends entirely on those products achieving scale. A company pursuing only the first track, only internal cost optimization captures margin, but doesn't differentiate its products. A company pursuing only the second track only bringing AI into existing apps strengthens retention, but doesn't create new revenue lines. CareCloud is doing all three at once, and the reason that matters is that each track derisks the other.

最後我想回到「三條路線」的框架，因為我認為這正是整體策略圖像匯聚之處。只追求第三條路線、只做新 AI 產品的公司，是在押注其成敗完全取決於這些產品能否達到規模化。只追求第一條路線、只做內部成本優化的公司，能提升毛利，但無法讓產品差異化。只追求第二條路線、只把 AI 導入既有應用程式的公司，能強化留存，但無法創造新的營收線。CareCloud 三條路線同時推進，而其重要性在於每一條路線都能為其他路線降低風險。

Internal AI improves our economics regardless of how fast the new AI products itself. Embedded AI strengthens our existing revenue base regardless of how fast we capture new markets. And new AI products give us a path to entirely new revenue lines built on top of an installed base that AI is already making stronger every day. Q1 was a quarter where each of those three tracks move forward. Each one continue to compound in the direction we have been describing and together, they form the durable profitable AI strategy we are executing.

內部 AI 不論新 AI 產品推進速度如何，都能改善我們的經濟效益。內嵌式 AI 不論我們開拓新市場的速度如何，都能強化既有營收基礎。而新的 AI 產品則讓我們有機會在一個已安裝基礎之上打造全新的營收線，而 AI 每天都在讓這個基礎更強。第一季是這三條路線都向前推進的一季。每一條都持續朝我們所描述的方向累積成長，而合在一起，構成我們正在執行的、可持續且具獲利性的 AI 策略。

With that, I will turn it over to Norm to walk you through the financials. Norm?

接下來，我把時間交給 Norm，請他帶大家看財務數字。Norm？

Thanks, Hadi, and thanks, everyone, for joining our call today. As you've just heard, we had another strong quarter and are moving forward with our plans for the remainder of the year. In particular, we are continuing to generate sufficient amounts of free cash flow, and in May, we will liquidate all of the outstanding Series B preferred shares.

謝謝你，Hadi，也謝謝各位今天參加我們的電話會議。如各位剛才所聽到的，我們又交出一個強勁的季度，並正按計畫推進今年剩餘時間的工作。特別是，我們持續產生足夠的自由現金流，並且在 5 月將清償所有尚未清償的 B 系列優先股。

Revenue for the first quarter of 2026 was $31.3 million compared to $27.6 million for the first quarter of 2025. Recurring technology-enabled business solution revenue was $23 million during the first quarter of 2026, up approximately $5.3 million from the first quarter of 2025, while the non-recurring project-based professional services revenue from ASR decreased approximately $2.9 million.

2026 年第一季營收為 3,130 萬美元，較 2025 年第一季的 2,760 萬美元增加。2026 年第一季經常性、科技賦能的商業解決方案營收為 2,300 萬美元，較 2025 年第一季約增加 530 萬美元；同時，來自 ASR 的非經常性、專案型專業服務營收約減少 290 萬美元。

First quarter 2026 GAAP net income was $922,000 as compared to net income of $1.9 million in the same period last year. This is our eighth consecutive quarter of positive GAAP net income. Although our revenue has increased, we are continuing to integrate the Medsphere acquisition and eliminating duplicative costs. As a result of the 2025 acquisitions, there was also an increase in the amortization of intangibles and transitional costs impacting net income.

2026 年第一季 GAAP 淨利為 92.2 萬美元，相較去年同期淨利 190 萬美元。這是我們連續第八個季度實現 GAAP 淨利為正。儘管營收增加，我們仍在持續整合 Medsphere 併購並消除重複成本。此外，受 2025 年併購影響，無形資產攤銷與過渡期成本增加，進而影響淨利。

We generated $2.4 million of free cash flow for the first quarter of this year compared to $3.6 million last year. Again, the decrease resulted primarily from the Medsphere integration. Adjusted EBITDA for the first quarter 2026 was $5.4 million or 17% of revenue compared to $5.6 million in the same period last year. Adjusted net income was $2.2 million or $0.05 per share compared to $2.3 million in the same period last year, calculated using the end-of-period common shares outstanding.

今年第一季我們產生 240 萬美元的自由現金流，去年同期為 360 萬美元。同樣地，下降主要源自 Medsphere 的整合。2026 年第一季調整後 EBITDA 為 540 萬美元，占營收 17%，去年同期為 560 萬美元。調整後淨利為 220 萬美元，或每股 0.05 美元，去年同期為 230 萬美元；每股數據係以期末流通在外普通股股數計算。

As of March 31, 2026, the company had approximately $3.9 million of cash and net working capital was $2.6 million, both of which have slightly improved since year-end. We are fortunate that we have not been affected by any of the tariffs that were instituted or are contemplated since tariffs are being applied to physical goods, not services.

截至 2026 年 3 月 31 日，公司現金約 390 萬美元，淨營運資金為 260 萬美元，兩者較年末均略有改善。我們很幸運，並未受到已實施或正在考慮中的任何關稅影響，因為關稅適用於實體商品，而非服務。

Even better, the revenue of doctors' practices, our customers should not be significantly affected by the tariffs or the uncertainty of potential recessions or inflation, so we don't anticipate the pressure of reduced demand for our services. The conflicts in the Middle East and Ukraine have also not impacted us.

更好的是，醫師診所（我們的客戶）的營收不太可能受到關稅或潛在衰退或通膨不確定性的重大影響，因此我們不預期會面臨對我們服務需求下降的壓力。中東與烏克蘭的衝突也未對我們造成影響。

Our financial position remains strong as the company continues to take a disciplined approach to spending, ensuring our investments are aligned with clear returns. We are encouraged by the progress we've made and remain focused on executing through the remainder of the year. We look forward to reporting strong results for the remainder of 2026.

由於公司持續以嚴謹的支出紀律來管理成本，確保投資與明確回報相一致，我們的財務狀況依然穩健。我們對已取得的進展感到振奮，並將持續專注於執行今年剩餘期間的計畫。我們期待在2026年剩餘期間報告強勁的業績。

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

接下來，我將把電話會議交給我們的董事長Mahmud，請他做結語。Mahmud？

Thank you, Norm. CareCloud is a profitable growing company. The full redemption of our Series B preferred and last year's Series A conversion mark a major step towards a simpler capital structure and a stronger story for our investors. We are also focused on leading the industry transformation and our AI strategy positions us well for what's ahead. Thank you to our employees, clients and shareholders for their continued support.

謝謝你，Norm。CareCloud是一家獲利且持續成長的公司。我們已全數贖回B系列優先股，以及去年A系列的轉換，這標誌著我們朝向更簡化的資本結構邁出重要一步，也為投資人帶來更強而有力的投資故事。我們也專注於引領產業轉型，而我們的AI策略讓我們能夠為未來做好充分準備。感謝我們的員工、客戶與股東持續的支持。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions) Allen Klee, Maxim Group.

(接線員指示) Allen Klee，Maxim Group。

Hello, good morning. To start with in the in-house like patient software segment, talk a little about your traction and the plans to -- it seems like you have a good strategy there, but it seems like this could be a big driver for the future. So if you could maybe just highlight kind of what you're focused on strategically?

你好，早安。先從院內（in-house）住院病患軟體這個區塊談起，能否談談你們目前的進展與後續規劃——看起來你們在那裡有不錯的策略，但也似乎可能成為未來很大的成長驅動力。所以你們是否可以重點說明一下，在策略上目前主要聚焦哪些方向？

Good morning, Allen. Thanks for joining. And that's a great question. And I think I'll use this as an opportunity to dive into a little bit details about whatever road map or the strategy is when it comes to the Medsphere product.

早安，Allen。謝謝你加入。這是個很好的問題。我想藉此機會，針對Medsphere產品的路線圖或策略，稍微深入說明一些細節。

So as you know, this acquisition brought us a comprehensive suite of platforms across the inpatient and hospital ecosystem, as example, Wellsoft in emergency, and CareView for inpatient EHR, Marketware for physician relationship management and Healthline for hospital supply chain. Across all four, we are executing on a deliberate value creation strategy with four parallel work streams.

如你所知，這次收購為我們帶來涵蓋住院與醫院生態系的完整平台組合，例如急診的Wellsoft、住院EHR的CareView、醫師關係管理的Marketware，以及醫院供應鏈的Healthline。針對這四個平台，我們正以審慎的價值創造策略推進，並同時展開四條平行的工作主軸。

So first one is, if you think about the technical debt remediation and modernization. So as Medsphere had paused most enhancement activity going into the acquisition. So the foundational catch-up has been substantial. So Wellsoft, CareView, they are being modernized from tech client desktop application to fully cloud-based SaaS platforms. To put one number on it, just if you think about on the RCM side only, we are closing more than 50 carryforward items this quarter to bring desktop and cloud to functional parity. Similar work is running in parallel across the entire portfolio.

第一條是技術債的修復與現代化。由於Medsphere在收購前已暫停大多數的功能增強活動，因此基礎性的追趕工作相當可觀。Wellsoft與CareView正從技術客戶端的桌面應用程式，現代化為完全雲端化的SaaS平台。用一個數字來說，僅就RCM端而言，我們本季就關閉了超過50項延續待辦事項，使桌面版與雲端版在功能上達到一致。類似的工作也正於整個產品組合同步推進。

Our second one is the net new capability development, moving these platforms well beyond where we acquired them on Marketware alone, more than 20 new features are in active development this quarter, including our flagship integration with PracticeMatch, that's the leading physician talent network that automates candidate data transfer and streamline recruiter workflows. On the supply chain side, we have already delivered web-based mobility for warehouse workflows, and we are building exploration and implant log tracking as an example.

第二條是全新能力的開發，讓這些平台的能力大幅超越我們收購時的狀態。僅Marketware一項，本季就有超過20項新功能正在積極開發中，其中包括我們與PracticeMatch的旗艦整合；PracticeMatch是領先的醫師人才網路，可自動化候選人資料傳輸並簡化招募人員的工作流程。在供應鏈方面，我們已交付倉儲作業流程的網頁式行動化功能，並正在建置例如探索（exploration）與植入物紀錄追蹤等功能。

Third is our cross-portfolio integration with the existing CareCloud suite. Wellsoft is being integrated with -- our patient experience platform, which will bring a seamless patient engagement layer into the emergency department. And we are also connecting Wellsoft to CareCloud's RCM infrastructure to extend RCM capabilities into urgent care.

第三條是與既有CareCloud產品套件的跨產品組合整合。Wellsoft正與我們的病患體驗平台整合，將無縫的病患互動層帶入急診部門。我們也正在把Wellsoft連接到CareCloud的RCM基礎架構，以將RCM能力延伸到急診照護（urgent care）。

And the fourth one is our AI infusion. The clearest example is integration of cirrusAI into Wellsoft emergency department workflows, NBN clinical documentation and care setting that has historically been an underserved AI innovation, as we believe. We are also embedding AI into market player to surface intelligent candidate recommendation, turning it from a relationship management tool into AI-powered recruitment engine.

第四條是導入AI。最明確的例子是把cirrusAI整合進Wellsoft的急診工作流程、NBN臨床文件與照護場景；我們認為這一直是AI創新相對被忽視的領域。我們也正把AI嵌入market player，以提供智慧化的候選人推薦，讓它從關係管理工具轉型為AI驅動的招募引擎。

And in addition to that, there's a lot of other things from the ONC, from the compliance standpoint, ONC Cures Certification, SOC 2 Type 2 for EPCS migrations and the like. So we are -- our focus at the moment is just making sure we go through these four tracks simultaneously. And we already -- the teams have started to reach out to the customers where we can bring the value and then start cross-selling and upselling activity.

此外，還有許多與ONC及合規相關的事項，例如ONC Cures Certification、SOC 2 Type 2、EPCS移轉等。因此，我們目前的重點就是確保這四條主軸能同時推進。而且團隊也已開始接觸客戶，在我們能帶來價值的地方啟動交叉銷售與向上銷售。

I'm sorry for the long answer, but I just want to take this opportunity to give you the -- our strategy and the road map for the entire acquisition of Medsphere platforms.

抱歉回答得有點長，但我想藉此機會向你說明我們對Medsphere平台整體收購案的策略與路線圖。

No, that was great. In terms of some of your new AI products like stratusAI, Voice Audi and Notes, can you just give us a sense of how customers have been how -- any feedback you've been getting?

不，那很棒。就你們一些新的AI產品，例如stratusAI、Voice Audi和Notes，你能否讓我們了解一下客戶的採用情況——以及你們收到的任何回饋？

Right. So first of all, there has been no lack of interest at all from the customers. We are getting a lot of traction. We continue to close the new business from the existing client base throughout the first quarter. And as you know, our strategy has been the first after the signing of the contract, they will be going through an initial implementation, then there is a 30-days trial, then many times the customers say just because of the first AI adoption resistance, you would say, or okay, we'll only implement refill agent as an example.

好的。首先，客戶的興趣完全不缺。我們獲得了很多進展。整個第一季，我們持續從既有客戶群中成交新的業務。如你所知，我們的策略是：合約簽署後先進行初始導入，接著有30天試用期；而很多時候，客戶會因為初次採用AI的阻力（可以這麼說）而表示，好，那我們先只導入例如補藥代理（refill agent）。

So we go through those one by one. And as I mentioned in our -- in my remarks earlier, our goal today is that every single customer and the agent is implemented, complete the trial successfully and start growing beyond just the trial and keep adding and activating more agents. So to answer your question, we are getting a lot of tractions, there are no issues in terms of finding the interest and rolling the contracts. We are right now laser-focused on implementation and expansion.

所以我們會逐一推進。如我先前在談話中提到的，我們目前的目標是：每一位客戶都把代理（agent）導入完成、順利完成試用，並在試用之外持續成長，進而不斷新增並啟用更多代理。因此回答你的問題：我們確實獲得很多進展，在取得興趣與推動合約落地方面沒有問題。我們現在高度聚焦在導入與擴張。

Thank you. My last question now is, you showed your pipeline of AI prior authorization, AI-assisted medical coding, and additional clinical documentation. How do you think about what the opportunity is here?

謝謝。我最後一個問題是：你們展示了AI事前授權（prior authorization）、AI輔助醫療編碼，以及額外的臨床文件等AI產品管線。你們如何看待這裡的機會？

And for both of those, and just to give a little more detail for -- as an example, for medical coding, we already have started to deploy it internally, because, as you know, we provide the medical coding to many clients today. So internally, we have -- and that will be used as a proof point and maturing and refining the product to achieve the right accuracy levels. And then we can start expanding and start selling into the other -- the client base where we are not doing the coding as an example today.

就這兩項而言，我再補充一些細節——以醫療編碼為例，我們已開始在內部部署，因為如你所知，我們目前就為許多客戶提供醫療編碼服務。因此在內部，我們會把它作為驗證案例（proof point），並持續讓產品成熟與精煉，以達到正確的準確度水準。接著我們就能開始擴大推廣，並銷售給其他客戶群——例如目前我們尚未替其提供編碼服務的客戶。

And then also, this also helps us define further our cirrusAI and Notes application because our long-term vision is it should be a one cohesive starting from this Notes. The coding should be done automatically right off of that. So that's our -- and these pieces will eventually will be integrated into that entire workflow or the stream.

此外，這也有助於我們進一步定義cirrusAI與Notes應用，因為我們的長期願景是：它應該是一個整體一致的流程，從Notes開始。編碼應該能直接在此基礎上自動完成。所以這就是我們的方向——而這些模組最終都會整合進整個工作流程或流程串流之中。

Same case goal for the prior authorizations since we also, in addition to the AI-based development on our side, we also need to complete our integration with external clearing houses and the payers, so we can submit those authorizations electronically. We are -- we have completed significant milestones in terms of completing the testing -- in the testing environment. We are in the initial phase of picking up the pilot customers to deploy this AI authorization.

事前授權也是同樣的目標；因為除了我們端的AI開發之外，我們也需要完成與外部清算機構（clearing houses）及付款方（payers）的整合，才能以電子方式提交這些授權。在測試環境中，我們已完成多項重要里程碑，特別是在完成測試方面。我們正處於挑選試點客戶、部署這項AI授權功能的初期階段。

So if you think about both of these two things and authorization as an example, I don't have the industry numbers in front of me at the moment, but this is one of the most -- one of the pain points, especially in this healthcare industry for specialties such as orthopedics, for neurosurgeries, where you really need these authorizations to be done accurately on time before the procedure is done. And then in the hospital space on the Medsphere, we see a tremendous opportunity there once these products get materialized.

所以如果你把這兩件事一起思考，並以授權為例，我目前手邊沒有產業數據，但這是最——其中一個痛點，特別是在醫療保健產業中，像骨科、神經外科這類專科，你確實需要在手術進行前，準確且及時地完成這些授權。然後在醫院端、在 Medsphere 這一塊，一旦這些產品落地成形，我們看到那裡有非常巨大的機會。

That's great. I'll get back in the queue. Thank you so much.

太好了。我會回到隊列裡。非常感謝。

Thank you.

謝謝。

Lisa Thompson, Zacks Investment Research.

Lisa Thompson，Zacks Investment Research。

Good morning. I have a few questions for you. First off, I would like to -- for you to discuss the Series B redemption. I know it's a good thing and you enumerated some things that were positive. But could you talk about the timing? Why now?

早安。我有幾個問題想請教。首先，我想請你——談談 B 輪（Series B）贖回。我知道這是件好事，你也列舉了一些正面的點。但你能談談時點嗎？為什麼是現在？

For sure. Thanks for the question, Lisa. So as you mentioned, this probably is the single biggest capital structure simplification in our history, at least as a public company. The Series B redemption removes a preferred equity overhang that has existed since shortly after IPO.

當然可以。謝謝你的問題，Lisa。如你所提，這大概是我們歷史上——至少作為一家上市公司以來——最大的一次資本結構簡化。B 輪贖回移除了自 IPO 不久後就一直存在的優先股權益壓力（overhang）。

But it's a good question like why now? Why is now the right time to make sure that we remove that overhang. And at least from our perspective, there are three main reasons, that first is from an operating performance and free cash flow. We've really reached an inflection point. We're generating the cash to support a senior debt funded redemption. So we have the capacity, we have the capability to do it. That's one.

但這確實是個好問題：為什麼是現在？為什麼現在是確保移除這個壓力的正確時機？至少從我們的角度，有三個主要原因。第一個是營運表現與自由現金流。我們確實已經到達一個拐點。我們正在產生足以支持以高順位債務資金進行贖回的現金。所以我們有容量，也有能力去做。這是第一點。

Second would be from a credit market perspective, we're able to secure an attractive senior debt facility with attractive economics for the $50 million facility. So the ability to move forward with very attractive senior debt economics was another key driver.

第二個是從信貸市場的角度，我們能夠為 5,000 萬美元的融資額度取得一個具吸引力的高順位債務融資安排，且條件（經濟性）相當有利。因此，能以非常具吸引力的高順位債務條件推進，是另一個關鍵驅動因素。

And then the third thing was the fact that we're eliminating the preferred dividend burden and that really frees us up from a cash flow perspective to redirect the capital to growth investment, M&A, and common shareholders. So from a strategic perspective, there's been a long-standing complexity in our equity story that really is driven by the preferred.

第三點是我們正在消除優先股股利的負擔，這從現金流角度真正讓我們更有彈性，可以把資本重新導向成長投資、併購（M&A）以及普通股股東。所以從策略面來看，我們股權故事中長期存在的一個複雜性，確實是由優先股所驅動。

It's something that we've heard in the majority of the conversations we have with institutional investors. And we really believe that this transformation allows us with zero dilution to create an investment in the common shares that's far more attractive for a broader base of investors. So for a variety of reasons, we thought the time is now, and we're excited about being able to move forward with that redemption. Of course, the official redemption will occur later this month on the 15.

這也是我們與機構投資人多數對話中都會聽到的事情。我們真的相信，這次轉型能在零稀釋的情況下，讓普通股的投資吸引力大幅提升，並吸引更廣泛的投資人基礎。因此基於多種原因，我們認為時機就是現在，也很期待能推進這次贖回。當然，正式贖回會在本月稍晚、15 號進行。

Okay. Great. And as far as the ATM goes, you said that you would be using it when appropriate. Could you give us some examples of when that might be appropriate?

好的。很好。那關於 ATM（隨市發行）方面，你說會在適當時使用。你能舉一些什麼情況下可能適當的例子嗎？

Sure. So think about the ATM, Lisa, as really simply a tool that gives us optionality, not as a plan. So our default posture has always been and will continue to be a very conservative posture. We've intentionally refrained from issuing new common equity opportunistically, and we'll continue to do that. So it's not a general financing source.

當然。Lisa，把 ATM 想成一個提供我們選擇權的工具，而不是一個計畫。所以我們一貫的預設立場一直是、也會繼續是非常保守。我們刻意避免機會性地發行新的普通股股權，未來也會持續如此。所以它不是一般性的融資來源。

When would we consider it, we really consider it in a few different circumstances. One, we would consider it to fund attractive accretive M&A transactions where the strategic value is moving quickly, and we can do so without dilution. So that will be one to be able to fund M&A transactions.

我們會在什麼時候考慮使用？主要是在幾種情況下。第一，我們會考慮用它來資助具吸引力、具增益性（accretive）的併購交易，當策略價值正在快速推進，且我們能在不造成稀釋的情況下完成。所以這會是用來資助併購交易的一種情境。

The second would be if the stock price is trading at a level where we're able to opportunistically derisk the balance sheet, we'd consider it then. And then maybe a final point would be more so to support clear growth objectives, so investments with a defined return profile.

第二，如果股價交易在某個水準，使我們能夠機會性地降低資產負債表風險，我們會在那時考慮。最後一點可能是用來支持明確的成長目標，也就是具有明確報酬輪廓的投資。

So those would be really the three main reasons why we would use it. But again, I think it's important to remember that, again, our posture has been very conservative. We'll continue to be very conservative. We'll only use the proceeds when there's a clearly accretive acquisition or one of these other criteria is met.

所以大致上就是這三個主要原因我們會使用它。但再次強調，我覺得重要的是要記得，我們的立場一直非常保守。我們也會繼續非常保守。只有在有明確具增益性的收購，或符合上述其他條件之一時，我們才會動用這些資金。

Okay. Great. That makes sense. I was wondering if you could just talk about where you are with AI versus competitors? Are there other people out there with the same capabilities? And in that respect, what functionality is AI giving you that's most helpful for the salesforce when they're going out versus the competition?

好的。很好。這很合理。我想請你談談你們在 AI 方面相較競爭對手的定位？外面是否也有人具備相同能力？在這方面，AI 提供了哪些功能，對你們的銷售團隊在外出對戰競爭時最有幫助？

Absolutely. Yeah, I'll let, Hadi dive into that a little bit more, but the common theme that we hear is that AI incorporated into the fully integrated system, which includes EHR, the practice management system and patient health experience that, that AI that's embedded within that ecosystem or that environment is really what unlocks the utility, the usefulness of AI.

當然。是的，我會讓 Hadi 更深入說明，但我們聽到的共同主題是：AI 若能被納入一個完全整合的系統——包含 EHR、診所管理系統以及病患健康體驗——也就是嵌入在該生態系或環境中的 AI，才真正能釋放 AI 的效用與實用性。

So really where we've been focusing from a sales perspective has been on things like stratusAI, where there's a very clear picture from a healthcare provider's perspective in terms of the return on that investment. So they're able to see a very clear path towards return on that investment and to free up their internal resources to focus on higher-value activities. So really stratus, I think, exemplifies one of the key areas where our healthcare providers are increasingly appreciating the value of AI and are embracing it.

所以從銷售角度，我們真正聚焦的是像 stratusAI 這樣的產品，因為從醫療服務提供者的角度，對投資報酬有非常清楚的圖像。他們能看到非常明確的投資回收路徑，並釋放內部資源去專注在更高價值的活動上。所以我認為 stratus 充分體現了一個關鍵領域：我們的醫療服務提供者正越來越重視 AI 的價值並加以採用。

But I'll let Hadi address that more broadly.

不過我會讓 Hadi 從更宏觀的角度來回答。

Sure. And as Steve mentioned, Lisa, there is no shortage of point solution AI vendors. They are targeting individual workflows in healthcare. As an example, you might find very -- many vendors who are providing the NBN solutions. Other, you will find vendors who are providing something similar to what we are -- with our stratusAI Front Desk Assistant Agent as an example.

好的。而且如 Steve 所說，Lisa，市場上並不缺乏提供點狀解決方案的 AI 供應商。他們鎖定醫療保健中的單一工作流程。例如，你可能會看到非常——很多供應商提供 NBN 解決方案。另外，你也會看到一些供應商提供與我們類似的東西——以我們的 stratusAI 前台助理代理（Front Desk Assistant Agent）為例。

But what really differentiates us is it's a full embedded integrated solution versus a bolt-on solution, which most of these vendors are providing. So as our overall AI strategy is a three-pronged approach. So back-end optimization to embedding the AI into the existing platform, as Steve is saying. And the third one is where stratus is the NBN solution of our stratusAI most application and the like. So those are the ones from the net new revenue perspective, where the sales team is focusing on.

但真正讓我們與眾不同的是：我們提供的是完整、內嵌且整合的解決方案，而不是外掛式（bolt-on）解決方案；多數供應商提供的都是外掛式。因此，我們整體 AI 策略是三管齊下。第一是後端最佳化；第二是把 AI 嵌入既有平台，如 Steve 所說。第三則是以 stratus 為代表的部分，也就是我們 stratusAI 的 NBN 解決方案、以及類似的應用。這些是從淨新增營收（net new revenue）的角度，銷售團隊正在聚焦的項目。

Great, thank you. That's all my questions.

很好，謝謝你。我的問題就這些。

Thank you.

謝謝。

Allen Klee, Maxim Group.

Allen Klee，Maxim Group。

You stated that you're reaffirming your full year guidance and the first quarter is seasonally always the lowest quarter and then you had integration-related items during the quarter. But I thought it was important how you said that margins you expect to improve throughout the year. Could you comment a little on how you think about how that progresses and any seasonality?

你提到你們重申全年指引，而第一季在季節性上通常一直是最低的一季，且本季還有一些與整合相關的項目。但我覺得你說你們預期毛利率會在全年逐步改善這點很重要。你能稍微評論一下你如何看待這個改善的進程，以及任何季節性因素嗎？

Sure. Thanks, Allen. And I'll let Norm jump in. But to your point, quarter one is always a seasonally weak quarter for us, because of deductibles and other factors. So that not only compresses our overall top line, but also from a profitability perspective, you see the impact associated with that reduced revenue.

當然。謝謝你，Allen。我會讓 Norm 接著說。不過就你提到的點而言，第一季對我們來說一向是季節性偏弱的一季，因為自付額（deductibles）和其他因素。因此，這不僅壓縮了我們整體營收規模，從獲利角度來看，你也會看到與營收下降相關的影響。

I'll let Norm talk about it in a little bit more detail.

我讓 Norm 再更詳細說明一下。

Sure. Thank you, Steve. Thanks, Allen. So we bought the Medsphere Corporation in August of '23. So even in the first quarter, we were eliminating some duplicative costs with some transitional costs and integration costs. So we're trying to get through those, sometimes duplicative personnel.

好的。謝謝你，Steve。謝謝你，Allen。我們在 23 年 8 月收購了 Medsphere Corporation。所以即使在第一季，我們也在消除一些重複成本，同時也有一些過渡成本與整合成本。我們正努力把這些處理完，有時也包含重複的人員配置。

Also, you see in our purchase price allocation, a significant amount of intangible assets that are amortized. We amortize them on a double declining balance. So that amortization is going to decrease over time. So as we digest the acquisition, we removed the duplicative costs and get past the transitional cost, we would expect margins to improve.

另外，你也會在我們的收購價分攤（purchase price allocation）中看到相當大一部分的無形資產需要攤銷。我們採用雙倍餘額遞減法（double declining balance）進行攤銷。因此，該攤銷費用會隨時間下降。所以，隨著我們消化這項收購、移除重複成本並度過過渡成本期，我們預期毛利率／利潤率會改善。

Allen, maybe one other thing to think about -- sorry, Allen, I was just going to mention one other thing to think about in terms of margins for the year is as we progress through the year, as you get -- especially as we get into the back half of the year, you'll see those margins continue to grow. And if you just think about the kind of the typical average month, we believe that free cash flow will exceed $2 million on average during any given month.

Allen，還有一點可以思考——抱歉 Allen，我只是想再補充一點關於今年利潤率的看法：隨著年度推進，尤其進入下半年，你會看到利潤率持續成長。如果你以一般典型月份來看，我們相信在任何一個月份，平均自由現金流將超過 200 萬美元。

If you kind of counterbalance that against our obligations, the obligations associated with the loan will result in payment obligations of about $1 million, $1.1 million. So from a cash flow perspective, we have that cash to continue to reinvest in attractive M&A opportunities. We have the cash to continue to invest in other growth opportunities and the like.

如果把這與我們的義務做個對照，與貸款相關的義務將帶來約 100 萬到 110 萬美元的付款義務。因此，從現金流角度來看，我們有現金可以持續再投資於具吸引力的併購（M&A）機會。我們也有現金可以持續投資於其他成長機會等等。

So even from an ATM perspective, that's why we truly say that ATM is really -- it's really a tool to give us optionality down the road, really not a plan. Obviously, we went public at -- or you may recall, we went public at $5 per share. There really have to be a very compelling reason to sell shares at less than that. It doesn't mean it's impossible, but there has to be a very compelling thesis to sell shares at something lower than $5.

所以即使從 ATM（按市價發行）角度來看，這也是為什麼我們確實說 ATM 其實——它真的是一個讓我們未來保有選擇權的工具，而不是一個計畫。很明顯地，我們上市時——或者你可能記得，我們上市價格是每股 5 美元。要在低於那個價格賣股，必須有非常有說服力的理由。這不代表不可能，但必須有非常有力的論點，才會在低於 5 美元的價格發行／出售股票。

And that's because we're generating this cash flow internally. If you think about the acquisitions last year, we closed four total acquisitions, and those acquisitions were paid with zero common shares, so zero dilution and paid from our internally generated cash flow. So we continue to see really that being the proper path for us as we move forward.

這是因為我們正在內部產生這些現金流。如果你回想去年我們的收購，我們總共完成了四筆收購，而這些收購支付時使用了零普通股，也就是零稀釋，並且是用我們內部產生的現金流支付。因此，展望未來，我們仍然認為這才是適合我們的正確路徑。

That's great. Is it available any of the terms on the new credit facility?

很好。新的信貸額度（credit facility）條款有對外提供嗎？

Yes, Allen, we filed an 8-K, and in there is all the exhibits, as required in the 8-K, so you can see all the related documents.

有的，Allen，我們已提交 8-K 文件，裡面依 8-K 規定附上所有附件，所以你可以看到所有相關文件。

Great, thank you. And maybe the last thing, just you guys had a history of like you could buy things with a better cost of customer acquisition cost than doing it organically. But now it seems like you have the opportunity on both sides. In terms of like having a salesforce to go after the opportunities you have, how are you approaching that?

很好，謝謝。也許最後一點，你們過去的歷史是：透過收購取得客戶的成本（customer acquisition cost）比有機成長更划算。但現在看起來你們兩邊都有機會。就像你們有一支銷售團隊可以去追逐現有機會，你們打算怎麼做？

So from a salesforce perspective, our salesforce today is multiple times what it was at the same time last year. So I would say it's grown probably 3 times compared to what it was last year at the same time. So that sales team is focused on cross-selling within our existing base. And as our existing base continues to grow through the Medsphere acquisition and through organic growth and through the other acquisitions, then the overall size and scope of that cross-selling campaign continues to increase.

就銷售團隊而言，我們目前的銷售團隊規模是去年同期的好幾倍。我會說大概成長到去年同期的 3 倍左右。這支銷售團隊專注於在既有客戶基礎中進行交叉銷售（cross-selling）。而隨著我們的既有客戶基礎透過 Medsphere 收購、透過有機成長以及其他收購持續擴大，交叉銷售活動的整體規模與範圍也會持續增加。

So that team is really primarily focused on sales activities that are oriented towards expanding the wallet share within our existing base. So I think that will continue to be the case. But I think what we have now is now we have really two prongs from the growth strategy perspective that we're comfortable with, one prong being the organic growth and the other prong being the acquisitive growth of the inorganic growth.

因此，這支團隊主要聚焦在以擴大既有客戶基礎中的錢包占比（wallet share）為導向的銷售活動。我認為這會持續如此。但我認為我們現在具備的是：從成長策略角度，我們對兩條路徑都感到有把握，一條是有機成長，另一條是透過收購帶來的非有機成長（inorganic growth）。

From a cost perspective, you'll recall that the acquisitive growth for us generally is somewhere between 0.6 and 1 times revenue is the cost of acquiring portfolios of customers, recurring revenue relationships in the context of these acquisitions. In our space, of course, the industry average is somewhere between 1.2 to 1.4 times revenue for that same cost of acquiring that customer relationship. We're attempting to do that at a lower cost. And again, we're -- you'll appreciate the fact that we're relatively early in terms of this overall expansion.

從成本角度，你會記得我們的收購式成長，一般而言，收購客戶組合、經常性收入關係的成本大約是營收的 0.6 到 1 倍。在我們這個領域，產業平均取得同樣客戶關係的成本大約是營收的 1.2 到 1.4 倍。我們正嘗試以更低的成本做到這件事。而且你也會理解，我們在整體擴張上仍相對處於早期階段。

So the jury is still out, quite candidly, in terms of whether we can do that at a comparable CAC to our acquisitive growth, but that's what we're endeavoring to do. We have the capital to push forward and to give that a full try, and which is what we're doing. So with the capacity, with the capital to be able to invest in that two-pronged strategy, that's what we're doing. And we believe that the results will bear out the wisdom of that overall approach.

所以坦白說，陪審團還沒下定論（jury is still out）：我們是否能以與收購式成長相當的 CAC（客戶取得成本）做到這件事，但這正是我們努力的方向。我們有資本可以推進並全力嘗試，而我們也正在這麼做。因此，在具備能力與資本可投入這種雙引擎策略的情況下，我們就這麼做。我們相信結果將證明這個整體方法的明智之處。

But again, time will tell.

但同樣地，時間會給出答案。

Okay, that's a lot. Thank you. Thank you so much.

好的，資訊很多。謝謝。非常感謝。

Certainly.

當然。

Thank you. And there are no further questions that came through at this time. I'll now turn the call over back to Norman Roth for any closing remarks. Please go ahead, sir.

謝謝。目前沒有其他問題進來。我現在把電話會議交回給 Norman Roth，請他做結語。先生，請開始。

Yes, thank you, everyone, for attending our call today. Hope you have a great day.

好的，謝謝各位今天參加我們的電話會議。祝各位有美好的一天。

Thank you.

謝謝。

Thank you. This concludes our conference call for today. Thank you all for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。