Veradigm Inc (MDRX) 2022 Q1 法說會逐字稿

Greetings, and welcome to the Allscripts First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Jenny Gelinas, Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎參加 Allscripts 2022 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。我現在想將電話轉給投資者關係副總裁 Jenny Gelinas。謝謝。你可以開始了。

Thank you very much. Good afternoon, and welcome to the Allscripts' First Quarter 2022 Earnings Conference Call. Our speakers today are Paul Black and Rick Poulton.

非常感謝。下午好，歡迎參加 Allscripts 2022 年第一季財報電話會議。今天我們的演講者是保羅·布萊克和里克·波爾頓。

We will be making a number of forward-looking statements during the presentation and the Q&A part of the call. These statements are based on current expectations and involve a number of risks and uncertainties that could cause our actual results to vary materially. We undertake no obligation to revise these forward-looking statements in light of new information or future events. Please refer to our earnings release and SEC filings for more information regarding the risk factors that may affect our results. Please reference the GAAP and non-GAAP financial statements as well as our non-GAAP tables in our earnings release that are available on our Investor Relations website.

我們將在演講和電話問答部分發表一些前瞻性聲明。這些陳述是基於目前的預期，涉及許多風險和不確定性，可能導致我們的實際結果出現重大差異。我們不承擔根據新資訊或未來事件修改這些前瞻性陳述的義務。請參閱我們的收益發布和 SEC 文件，以了解有關可能影響我們業績的風險因素的更多資​​訊。請參考我們的投資人關係網站上提供的收益報告中的 GAAP 和非 GAAP 財務報表以及我們的非 GAAP 表格。

And with that, I'm going to hand the call over to Paul Black.

接下來，我會把電話轉給保羅布萊克。

Thanks, Jenny. Good afternoon, and thank you all for joining us today. Roughly 10 years ago, I stepped off the Board as an Independent Director to take over the role of CEO, because I believe in the company; our clients; and most importantly, our people. Over the past 10 years, we've seen unparalleled change in our industry as providers, payers and pharma adopted the technology and solutions, Allscripts Health Pioneer. This week's closing of the sale of our Hospital Large Physician Practices segment marks yet another dramatic change in our company's history and positions all of our stakeholders, employees, clients and investors for continued success.

謝謝，珍妮。下午好，感謝大家今天加入我們。大約十年前，我辭去董事會獨立董事職務，接任執行長一職，因為我相信公司；我們的客戶；最重要的是，我們的人民。在過去的 10 年裡，隨著提供者、付款人和製藥公司採用 Allscripts Health Pioneer 的技術和解決方案，我們看到了產業發生了前所未有的變化。本週我們醫院大型醫生業務部門的出售結束，標誌著我們公司歷史上的另一個巨大變化，並為我們所有利益相關者、員工、客戶和投資者的持續成功奠定了基礎。

As the company transforms and launches into its next evolution, focusing on our Veradigm business, it is a natural time for the next generation of leaders to step forward. As such, I have decided to step down as CEO effective Friday, May 6. While obviously a difficult decision, I leave knowing the company is stronger than ever and in the hands of an accomplished and proven leadership team. I'm incredibly proud to announce Rick Poulton, whom all of you know, will be assuming the CEO role effective tomorrow.

隨著公司轉型並進入下一個發展階段，專注於我們的 Veradigm 業務，這是下一代領導者向前邁進的自然時機。因此，我決定辭去執行長職務，生效日期為5 月6 日星期五。驗證的領導團隊管理。我非常自豪地宣布，你們都認識的里克·波爾頓 (Rick Poulton) 將在明天就任首席執行官一職。

Rick has been an amazing partner to me and a stance support of our clients, employees and shareholders over the past 10 years. I will be working with Rick through the end of the second quarter to ensure a smooth transition and will remain an avid supporter of Allscripts.

里克（Rick）對我來說是一位出色的合作夥伴，在過去 10 年裡，他為我們的客戶、員工和股東提供了堅定的支持。我將在第二季末與 Rick 合作，確保平穩過渡，並將繼續擔任 Allscripts 的狂熱支持者。

So in wrapping up my last earnings call, I want to thank our investors for placing their confidence in Allscripts, thank our clients for repeatedly choosing our technology and solutions and thank our employees for their undying dedication to serving our clients and making things all possible.

因此，在結束我的上一次財報電話會議時，我要感謝我們的投資者對Allscripts 的信任，感謝我們的客戶反覆選擇我們的技術和解決方案，感謝我們的員工為服務客戶並使一切成為可能而不懈的奉獻。

Let me now turn the call over to Rick Poulton, Allscripts' President and CFO.

現在讓我將電話轉給 Allscripts 總裁兼財務長 Rick Poulton。

Okay. Thanks, Paul, for the very kind words. It's truly been a pleasure to partner with you through all the highs and the lows that we faced together over the last 10 years. Your leadership and confidence allowed us to accomplish a tremendous amount, particularly over the last 2 years. And I will always appreciate both your mentorship and your friendship.

好的。謝謝保羅的善意之言。很高興與您合作，共同經歷過去 10 年中的所有高潮和低潮。您的領導和信心使我們取得了巨大的成就，特別是在過去的兩年。我將永遠感謝您的指導和友誼。

I don't know if it will be a fishing pole, a golf club or an ice-cold corona that you'll have on one hand, but I know your phone will always been the other. And so I look forward to many more phone calls together, sharing thoughts on the challenges and opportunities that lie ahead. I could share many funny stories from the last 10 years, but if I keep rambling, this is going to start sounding like a eulogy. And I know neither one of us want that. So let me get back to the task at hand by just saying a big thank you.

我不知道你的一隻手會是一根釣竿、一根高爾夫球桿還是一個冰冷的電暈，但我知道你的另一隻手永遠是手機。因此，我期待更多的電話，分享對未來挑戰和機會的想法。我可以分享過去十年裡的許多有趣的故事，但如果我繼續胡言亂語，這聽起來就會像一篇悼詞。我知道我們誰都不希望這樣。因此，讓我回到手邊的任務，向大家致以深深的謝意。

Welcome.

歡迎。

Okay. So thanks to everybody in the audience for joining us today for our first quarter earnings call. We are, of course, very pleased to have successfully closed the transaction with Constellation Software. This transaction completes a multiyear journey to streamline and recapitalize the operations of the company. It leaves us as a more focused, differentiated company with significant growth opportunity, strong margins and strong cash flow, all underpinned by a very powerful balance sheet.

好的。感謝所有觀眾今天加入我們的第一季財報電話會議。當然，我們非常高興能夠成功完成與 Constellation Software 的交易。此次交易完成了公司多年的營運精簡和資本重組之旅。它使我們成為一家更專注、差異化的公司，擁有巨大的成長機會、強勁的利潤率和強勁的現金流，而所有這些都以非常強大的資產負債表為基礎。

So while it is a little bitter sweet to say goodbye to more than 5,000 of our colleagues, we know these associates and the clients are in a good home with Harris Health, and we wish them nothing but the best for the future.

因此，雖然告別 5,000 多名同事有點苦樂參半，但我們知道這些員工和客戶在 Harris Health 擁有美好的家，我們只祝福他們未來一切順利。

I want to start by orienting you on how we have reported our first quarter numbers. The results of the Hospital & Large Physician Practices business segment are reported in the financials as discontinued operations. And you should expect to see this again in Q2 on both the P&L and the cash flow statement for the stub period that we own the business.

我想先向您介紹我們如何報告第一季的數據。醫院和大型醫師診所業務部門的表現在財務報表中作為已終止業務報告。您應該期望在第二季度我們擁有該業務的存根期間的損益表和現金流量表上再次看到這一點。

For the remaining continuing operations, Veradigm is our core operating entity, representing approximately 95% of our consolidated revenue. But we continue to own a small unrelated product line that represents the remaining 5% of revenue. Additionally, we have some stranded corporate costs from the transaction that we expect to whittle down a fair bit over the next several quarters. And I also anticipate some other modest onetime costs that we will incur in the months ahead to complete the physical separation of the companies.

對於剩餘的持續營運業務，Veradigm 是我們的核心營運實體，約占我們合併收入的 95%。但我們仍然擁有一小部分不相關的產品線，佔剩餘 5% 的收入。此外，我們也從交易中獲得了一些擱淺的企業成本，我們預計這些成本將在未來幾季內大幅削減。我還預計，在未來幾個月內，我們將承擔一些其他適度的一次性成本，以完成公司的實體分離。

And so because of all that, for at least the remainder of 2022, we will report both Veradigm performance as well as full consolidated results for the company. Additionally, we have tried to streamline your view by putting all tables into the press release and scrapping the supplemental data package that we previously prepared each quarter, while at the same time, we're providing more enhanced disclosures of both revenue and gross profit of our provider versus payer and life science business lines.

因此，至少在 2022 年剩餘時間內，我們將報告 Veradigm 的表現以及該公司的完整合併表現。此外，我們試圖透過將所有表格放入新聞稿中並取消我們先前每季準備的補充資料包來簡化您的觀點，同時，我們提供了更多關於收入和毛利的揭露。付款人以及生命科學業務線。

Our goal is simple and streamlined transparency, and of course, welcome any feedback once you have digested this information. So with all that framing, let me get to the numbers.

我們的目標是簡單、精簡和透明，當然，在您消化完這些訊息後，歡迎任何回饋。說了這麼多，讓我來談談數字。

We were pleased with our start to 2022. We saw strong year-over-year growth in revenue, gross profit and adjusted EBITDA as well as an overall improvement in margins, earnings per share and free cash flow. The Veradigm business segment saw a year-over-year revenue growth of 8% during the quarter, which was consistent with our expectations. The Veradigm provider platform continues its growth trajectory, adding over 500 new practices and 6,100 prescribing physicians during the quarter.

我們對 2022 年的開局感到滿意。 Veradigm 業務部門本季營收年增 8%，符合我們的預期。 Veradigm 提供者平台持續保持成長勢頭，本季增加了 500 多個新診所和 6,100 名處方醫生。

Additionally, in April, the U.S. Department of State selected our practice management, patient registration and scheduling platform for deployment to over 200 designated health units housed within MSCs and missions around the globe. This project will expand on the cloud-based EHR deployment that is already underway.

此外，4 月份，美國國務院選擇了我們的實務管理、病患登記和調度平台，將其部署到全球 MSC 和代表團內的 200 多個指定衛生單位。該專案將擴展已經正在進行的基於雲端的 EHR 部署。

On the payer and life science side of Veradigm, we continue to leverage our scaled provider network effectively using our proprietary data sets, our clinical data exchange platform and point-of-care connectivity to create significant value for our payer and life science clients. During the quarter, we went live with 2 more marketplace data partnerships, allowing us to continue to expand our reach and ease of use for our customers.

在Veradigm 的付款人和生命科學方面，我們繼續利用我們的專有資料集、臨床資料交換平台和護理點連接有效地利用我們規模化的提供者網絡，為我們的付款人和生命科學客戶創造重大價值。在本季度，我們與另外 2 個市場數據合作夥伴建立了合作關係，使我們能夠繼續擴大我們的覆蓋範圍並提高客戶的易用性。

Veradigm non-GAAP gross margin was 52.2%, which was up 420 basis points year-over-year, reflecting good operating leverage and good balance of improvement between our end-market revenue areas. Further down the P&L, we continue to manage our operating expenses while also investing for the future. You will see in our results that on a GAAP basis, we incurred approximately $7 million in transaction-related and legal costs, which we have excluded from our non-GAAP earnings calculation. We will likely have a little more of this in Q2, but then I would expect to get back to clean reporting by Q3, with only adjustments for purchase accounting amortization, stock-based compensation and a normalized tax rate representing the differences between our GAAP and non-GAAP reporting.

Veradigm 非 GAAP 毛利率為 52.2%，較去年同期成長 420 個基點，反映出良好的營運槓桿和我們終端市場收入領域之間改善的良好平衡。在損益表的進一步下方，我們繼續管理營運費用，同時也為未來進行投資。您將在我們的結果中看到，根據 GAAP 基準，我們產生了約 700 萬美元的交易相關費用和法律費用，我們已將其排除在非 GAAP 收益計算之外。我們可能會在第二季有更多這樣的情況，但我預計到第三季就能恢復乾淨的報告，僅對購買會計攤銷、基於股票的薪酬和代表我們的GAAP 和GAAP 之間差異的標準化稅率進行調整。

We held the nice operating leverage with Veradigm, reporting 24% year-over-year adjusted EBITDA growth in the quarter, and this resulted in an adjusted EBITDA margin of 25.8%, an increase of 330 basis points year-over-year. On a per share basis, we reported consolidated non-GAAP EPS of $0.13 per share, which was up 63% year-over-year, reflecting our growing earnings as well as our aggressive share repurchases over the last year. We continued this in the first quarter, repurchasing $50 million of common stock through open market repurchases.

我們與 Veradigm 保持良好的營運槓桿，本季調整後 EBITDA 較去年同期成長 24%，調整後 EBITDA 利潤率為 25.8%，年成長 330 個基點。以每股計算，我們報告的綜合非公認會計原則每股收益為 0.13 美元，同比增長 63%，反映了我們不斷增長的盈利以及去年我們積極的股票回購。我們在第一季繼續這樣做，透過公開市場回購回購了 5,000 萬美元的普通股。

Now I want to turn to cash. We had an excellent quarter of free cash flow generation as we generated $35 million of cash flow from continuing operations and $25 million of free cash flow. I also want to point out that accounting rules governing what is classified as continuing operations versus discontinued operations creates a little bit of confusion with what our true cash position was at the end of the quarter.

現在我想轉向現金。我們季度的自由現金流產生非常出色，持續經營產生了 3500 萬美元的現金流，另外還有 2500 萬美元的自由現金流。我還想指出，管理持續經營與終止經營的會計規則對我們在季度末的真實現金狀況造成了一些混亂。

As you can see at the bottom of Table 3 of the press release, there was more than $68 million of cash sitting on the books of the discontinued operation at the end of the quarter. We received all of that cash on top of the acquisition price. So our balance sheet net debt position at the end of the quarter appears much higher than it really was.

正如您在新聞稿表 3 底部看到的那樣，截至本季度末，已終止業務的帳簿上有超過 6800 萬美元的現金。除了收購價格之外，我們還收到了所有現金。因此，本季末我們的資產負債表淨負債部位似乎比實際情況高得多。

Finally, last week, we announced that we amended our credit agreement to extend maturity of the facility for an additional 5 years as well as secured improved pricing. The amendment consists of a $700 million senior secured revolving facility with significant flexibility to expand as necessary in support of Veradigm's growth trajectory.

最後，上週，我們宣布修改了信用協議，將貸款期限再延長 5 年，並​​提高了定價。該修正案包括一項價值 7 億美元的高級擔保循環貸款，具有極大的靈活性，可以根據需要進行擴展，以支持 Veradigm 的成長軌跡。

So now turning to our outlook for 2022. We are maintaining our outlook and expect that Veradigm revenue to grow in a range of 6% to 7% year-over-year. Veradigm adjusted EBITDA, we expect to grow in a range of 10% to 15% year-over-year. And we expect that our consolidated free cash flow from continuing operations to be in a range of $110 million to $120 million.

現在轉向我們對 2022 年的展望。 Veradigm 調整後 EBITDA 預計年增 10% 至 15%。我們預計來自持續經營業務的綜合自由現金流將在 1.1 億至 1.2 億美元之間。

So to wrap up, we feel 2022 got off to a strong start, and we look forward to maintaining that momentum in our new streamlined company. Now I'd like to open up the call for any questions.

總而言之，我們認為 2022 年有了一個良好的開端，我們期待在我們精簡後的新公司中保持這種勢頭。現在我想打開電話詢問任何問題。

(Operator Instructions) Our first questions come from the line of Sean Dodge with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Sean Dodge。

I'll start by saying congratulations to you Paul, for a hard plot 10 years, and congratulations to Rick, to you, as well.

首先，我要祝賀你，保羅，10年來的艱苦奮鬥，也祝賀里克，也祝賀你。

Thanks, Sean.

謝謝，肖恩。

The free cash flow guidance for Veradigm, the $110 million to $120 million for the year, Rick, can we think about that as being a good representation of the run rate going forward? If I'm interpreting this correct, it was $24.5 million of free cash flow attributable to Veradigm, kind of the continuing op in the quarter. Is that -- again, is that a good kind of run rate going forward? Or is there something you'd point out there as being kind of noisy contributing?

Veradigm 的自由現金流指導，即今年 1.1 億至 1.2 億美元，Rick，我們是否可以將其視為未來運行率的良好代表？如果我的解釋正確的話，Veradigm 的自由現金流為 2,450 萬美元，屬於本季的持續營運。再說一次，這是一種良好的運行率嗎？或者您認為有什麼貢獻有點吵嗎？

Yes. Well, first off, Sean, thanks for the kind words. With respect to free cash flow, I want to just be clear, that guidance is for the consolidated entity, okay. So that actually reflects what we expect in terms of some of the costs and whatnot that I referred to at the consolidated level. And so as to, is that an unusual number? Though I think that's part of our steady state, yes, there was nothing unusual in the quarter. And we're not really counting on anything unusual for the year. So we think that's reflective of the business. And obviously, as we look to grow the business, I would hope that would continue to grow as well.

是的。好吧，首先，肖恩，謝謝你的客氣話。關於自由現金流，我想澄清一下，該指導是針對合併實體的，好吧。因此，這實際上反映了我們對一些成本的預期以及我在綜合層面上提到的內容。那麼，這是一個不尋常的數字嗎？儘管我認為這是我們穩定狀態的一部分，是的，本季沒有任何異常情況。我們並沒有真正指望今年會出現什麼不尋常的事情。所以我們認為這反映了業務。顯然，當我們尋求發展業務時，我希望業務也能繼續成長。

Okay. And then on the margins, you've said payer and life sciences, those oriented offerings are going to grow faster than the provider business. How do gross margins on each of those businesses compare? I guess what, if anything, is that revenue mix shift -- due to margins, gross margins over time?

好的。然後在邊緣，您說過付款人和生命科學，這些面向的產品將比提供者業務成長得更快。這些業務的毛利率如何比較？我想，如果有的話，收入結構的變化是什麼——由於利潤率、毛利率隨著時間的推移而變化？

Yes. Actually, we -- I know we just sent the press release out, not long before the call, so I'm sure you haven't had full time to digest. But you'll see, with some of the tables we've augmented to the press release, is the answer to a lot of that question, Sean, with respect to how it breaks down.

是的。事實上，我知道我們剛剛在電話會議前不久發出了新聞稿，所以我確信您還沒有足夠的時間來消化。但你會看到，肖恩，我們在新聞稿中增加的一些表格，是許多問題的答案，關於它是如何分解的。

In particular, I would point you towards tables 9 and 10, where we give detail at the revenue line item and gross profit and gross margin line item. The short answer, though, to your question is you'll see, when you get a chance to digest that, that the difference in margins between the provider side and the payer life science side are not very large. They're actually pretty comparable to each other. So as revenue mix changes, I don't think we'll get -- we won't see a lot from the revenue mix. I think we'll instead see improvement come from continued operating leverage.

我特別建議您查看表 9 和表 10，其中我們提供了收入行項目以及毛利和毛利率行項目的詳細資訊。不過，對於您的問題，簡短的回答是，當您有機會消化這一點時，您會發現，提供方和付款方生命科學方面之間的利潤差異並不是很大。他們實際上非常具有可比性。因此，隨著收入組合的變化，我認為我們不會從收入組合中看到太多。我認為我們會看到持續的營運槓桿帶來的改善。

Our next questions come from the line of Jeff Garro with Piper Sandler.

我們的下一個問題來自傑夫·加羅和派珀·桑德勒。

And I'll echo the congrats to Paul and whatever next steps are ahead and to Rick for stepping into CEO role. So wanted to ask about revenue on the payer and life science cohort. Curious what headwinds and tailwinds, that piece of the business saw in the first quarter, and what can drive an inflection up towards the 20% to 25% growth expectation for the year.

我也將祝賀保羅以及接下來的計劃，並祝賀里克擔任首席執行官。所以想詢問付款人和生命科學群體的收入。我很好奇該業務在第一季遇到了哪些逆風和順風，以及什麼可以推動今年 20% 至 25% 的成長預期出現轉折點。

Yes. Thanks for the wishes, Jeff. Payer and life science area, first of all, there's definitely some seasonality. You'll see that if you look backwards, and we'll continue to experience that going forward. I would say the quarter was a little slow. We had added some new folks to our sales team effort there. And so we're looking forward to a little more momentum later in the year. But there's not really a seasonal story beyond that, Jeff. So I mean we're still confident in those numbers. I think we'll see those numbers rise in Q2, that year-over-year growth. But we're -- the real power of the growth that we had forecasted will come as we continue to build momentum through the year.

是的。謝謝你的祝福，傑​​夫。支付者和生命科學領域，首先，肯定存在一些季節性。如果你回顧過去，你會發現這一點，並且我們將繼續經歷這一點。我想說這個季度有點慢。我們在那裡的銷售團隊中增加了一些新人員。因此，我們期待今年晚些時候能有更多的動力。但除此之外，並沒有真正的季節性故事，傑夫。所以我的意思是我們仍然對這些數字充滿信心。我認為我們將在第二季度看到這些數字的上升，即同比增長。但隨著我們在這一年中繼續增強勢頭，我們預測的成長的真正力量將會到來。

Great. And maybe dive a little more on the details there, now that we have more disclosure on the revenue. I'm just curious in terms of product mix for the payer and life science revenue contribution. I don't want to overlook the common technology elements and that you have a portfolio of products and I think a growing set of use cases. But are there any particular products that you'd call out as just key drivers that investors should focus on?

偉大的。既然我們對收入有了更多的披露，也許可以更深入地了解那裡的細節。我只是對付款人的產品組合和生命科學收入貢獻感到好奇。我不想忽視常見的技術元素，並且您擁有一系列產品，我認為用例越來越多。但您認為有哪些特定產品是投資人應該關注的關鍵驅動因素嗎？

Yes. I mean, you can see that the total of it all, Jeff, is about 20% of revenue, and we expect that mix to shift. And I think you've got -- you picked that up from us by now. But the numbers are not large, and so percentages can change a lot with even singular transactions that happen. So I think we're not going to get into really product line level details, at least not yet. As we look ahead to, I think, later in the year, we're going to think about doing an Investor Day. And when we do that, we'll take a little deeper dive.

是的。我的意思是，傑夫，你可以看到這一切的總和約為收入的 20%，我們預計這種結構會改變。我想你現在已經從我們這裡收到了。但這個數字並不大，因此即使發生單筆交易，百分比也可能會發生很大變化。所以我認為我們不會進入真正的產品線級別的細節，至少現在不會。我認為，展望今年晚些時候，我們將考慮舉辦投資者日活動。當我們這樣做時，我們將進行更深入的研究。

Great. Look forward to more to come there. One last one for me, more on the reporting side of things, a lot to digest and not surprising to -- not see a bookings number because of potential lack of comparability there. But I'm just curious what we can expect going forward there? And also on backlog, whether that will show up in the 10-Q. And what the right way might be to interpret that number if it will be in there?

偉大的。期待更多的人來到那裡。對我來說最後一個，更多的是關於事情的報告方面，有很多東西需要消化，這並不奇怪——沒有看到預訂數量，因為那裡可能缺乏可比性。但我只是好奇我們未來能期待什麼？還有積壓工作，是否會出現在 10-Q 中。如果該數字存在的話，解釋該數字的正確方法可能是什麼？

The business changed a lot. I don't -- backlog, we'll probably not go -- get into because it's not a business that has long-term contracts the way the hospital side did. And so backlog doesn't really -- backlog changes don't -- to me, aren't as good a predictor of stable revenue ahead. But that's our current thinking of that.

生意發生了很大變化。我不會——積壓，我們可能不會——進入，因為它不像醫院方面那樣擁有長期合約。因此，對我來說，積壓訂單並不能很好地預測未來穩定的收入，積壓訂單的變化也不會。但這是我們目前的想法。

Bookings, we will bring back into the fold. We have to -- it's been a busy week, and we didn't -- I didn't actually really intend to leave that out to be candid with you. So we'll work on that, and we'll get that back in here next quarter.

預訂，我們將重新納入其中。我們必須——這是忙碌的一周，但我們沒有——坦白說，我實際上並不想漏掉這一點。因此，我們將努力解決這個問題，並在下個季度將其返回。

Our next question come from the line of Stephanie Davis with SVB Securities.

我們的下一個問題來自 SVB 證券的 Stephanie Davis。

Paul, congrats on retirement. Rick, congrats on the new title.

保羅，恭喜退休。瑞克，恭喜你獲得新頭銜。

Thank you, Stephanie.

謝謝你，斯蒂芬妮。

How should we think about the CFO role? Is that something you guys are going to actively look to fill? Or are we just declaring, Rick, the supreme leader of Allscripts?

我們該如何看待CFO的角色？你們會積極尋求填補這一點嗎？或者我們只是宣布，Rick，Allscripts 的最高領導者？

We'll be making some announcements about the rest of the leadership team soon, Stephanie, and that will come out probably later today, actually.

史蒂芬妮，我們很快就會發布一些關於領導團隊其他成員的公告，實際上可能會在今天晚些時候發布。

It's in the 8-K already. So my legal counsel is telling me, it's already in the 8-K that's coming out. So we have -- we're promoting (inaudible) to fill the CFO role. And I look forward to introducing you and passing that to time. But I will be here. The goal of all of this is to have very smooth transitions. And so just as Paul will work with me over the next couple of months to make sure we try not to miss anything at the top, I will continue to help as much as necessary to keep -- make sure we have the financial reporting consistent and everybody understands what we're doing.

已經在8K了。所以我的法律顧問告訴我，它已經在即將推出的 8-K 中了。因此，我們正在提升（聽不清楚）填補財務長的職位。我期待著向您介紹並把它交給時間。但我會在這裡。所有這一切的目標是實現非常平穩的過渡。因此，正如保羅將在接下來的幾個月中與我合作，以確保我們不會錯過任何高層的事情一樣，我將繼續提供必要的幫助，以確保我們的財務報告保持一致和一致。都明白我們在做什麼。

Super helpful. Looking forward to the announcement. On the strategy side, I'd be curious what you guys are interested in focusing in on for the Veradigm business now that you can hone in on entirely. Is there any efforts or any strategies you want to really target now that you have a -- has your full attention?

超有幫助。期待公告。在策略方面，我很好奇你們現在對 Veradigm 業務感興趣的是什麼，因為你們現在可以完全磨練了。既然您全神貫注，是否有任何您想要真正瞄準的努力或策略？

Yes. I mean I think, Stephanie, the big question, obviously, will be -- and this will be something we'll discuss with our Board as well. But it'll be -- we have a nice organic growth that we've shared our expectations with already. But the question is, should we augment that? Should we accelerate that through potentially some acquisitions? But we have a lot to do organically right now, and we have good runway. So that's the immediate focus. But as we look out ahead, we'll have to entertain that. Certainly, we have the balance sheet capacity to do whatever we want.

是的。我的意思是，我認為，史蒂芬妮，顯然，最大的問題是——這也是我們將與董事會討論的問題。但這將會是——我們已經實現了良好的有機成長，並且我們已經分享了我們的期望。但問題是，我們應該加強這一點嗎？我們是否應該透過一些潛在的收購來加速這一進程？但我們現在有很多事情要做，而且我們有良好的跑道。這就是目前的焦點。但當我們展望未來時，我們必須考慮這一點。當然，我們的資產負債表有能力做我們想做的事。

I think in terms of specific strategy, Stephanie, I'd kind of -- I'd probably defer a little bit. The same answer I gave Jeff earlier is we're going to look to do an Investor Day later in the year. And when we do that, I think we'll get into a little more depth of how we're making money today and where we expect to take that going forward.

我認為就具體策略而言，史蒂芬妮，我可能會推遲一點。我早些時候給傑夫的答案是，我們將在今年稍後舉辦投資者日活動。當我們這樣做時，我認為我們將更深入地了解我們今天如何賺錢以及我們預計未來將如何發展。

All right. Sounds like a plan. Looking forward to it. And congrats again all around.

好的。聽起來像是個計劃。期待它。再次恭喜大家。

Our next questions come from the line of George Hill with Deutsche Bank.

我們的下一個問題來自喬治·希爾與德意志銀行的電話。

This is [Pragya] on behalf of George Hill. So my question is, are you seeing the slowdown in fundraising in the early-stage biotech markets, have any impact on demand at Veradigm? Or are you seeing any changes in demand from CROs you partner with?

我是代表喬治·希爾的[Pragya]。所以我的問題是，您是否看到早期生技市場融資放緩對 Veradigm 的需求有任何影響嗎？或者您發現與您合作的 CRO 的需求改變了？

Could I ask you to repeat the first part of the question? You cut out a little bit. You reduced funding, and I lost you after that.

我可以請你重複問題的第一部分嗎？你刪掉一點點。你減少了資金，之後我就失去你了。

Yes. I'm saying, are you seeing any slowdown -- sorry, are you seeing the slowdown in the early-stage biotech market have any impact on the demand at Veradigm? Or are you seeing any change in demand from CROs you're partnering with?

是的。我是說，您是否看到任何放緩 - 抱歉，您是否看到早期生物技術市場的放緩對 Veradigm 的需求有任何影響？或者您發現與您合作的 CRO 的需求改變了？

We are not seeing any real impact from early-stage biotech companies and any funding issues they have there. That's not really ever been our target audience. We definitely work with more mature, much larger pharma companies. And as for CROs, they also tend to be quite large as well. So there's -- these are not companies dependent on new infusions of capital.

我們沒有看到早期生技公司產生任何真正的影響，也沒有看到他們存在的任何資金問題。那並不是我們真正的目標受眾。我們肯定與更成熟、更大的製藥公司合作。至於 CRO，它們也往往規模很大。所以，這些公司並不依賴新的資本注入。

Have we seen a slowdown? No, no. I mean I think the market continues to operate where we expected to. And I think, to me, again, the best evidence of that is in the results we had for the quarter.

我們看到經濟放緩了嗎？不，不。我的意思是，我認為市場繼續按照我們預期的方式運作。我認為，對我來說，最好的證據就是我們本季的業績。

Okay. And another one for me. Now that you've shed most of your enterprise EMR assets, does this change the willingness of other EMR vendors to partner with you, so data to be used within the Life Science space?

好的。還有另一份給我的。既然您已經放棄了大部分企業 EMR 資產，這是否會改變其他 EMR 供應商與您合作的意願，從而改變在生命科學領域使用數據的意願？

Yes. I think that's a fair question, and we'll see what the answer to that becomes. I mean we have partnerships today with some that are -- might be viewed as competitive in some aspects of our business. I would point out to you that I think health care is full of coopetition, if you will, if that's a word. There's a lot of folks that are on one -- some aspects of their business compete and other aspects of their business, they partner. And so I don't think that's an unusual dynamic. And so far, our partnership agreements, I think, are quite successful. And my hope is that we will continue to expand those.

是的。我認為這是一個公平的問題，我們將看看答案是什麼。我的意思是，我們今天與一些在我們業務的某些方面可能被視為具有競爭力的合作夥伴建立了合作夥伴關係。我想向你指出，如果你願意的話，如果這是一個詞的話，我認為醫療保健充滿了合作。有很多人都在其中——他們的業務的某些方面是競爭的，而他們業務的其他方面是合作夥伴。所以我不認為這是一個不尋常的動態。到目前為止，我認為我們的合作夥伴協議非常成功。我希望我們能夠繼續擴大這些範圍。

Our next questions come from the line of Michael Cherny with Bank of America.

我們的下一個問題來自美國銀行的 Michael Cherny。

This is Allen Lutz in for Mike. I want to talk about the Veradigm Touchpoint Media business or the -- I guess, the advertising hub for you guys. I'm not sure how big it is, but can you talk about the uptake with big pharma? And then how fast can it grow? And is this business material to your top line at the moment?

這是艾倫·盧茨（Allen Lutz）代替邁克。我想談談 Veradigm Touchpoint Media 業務，或者——我猜，你們的廣告中心。我不確定它有多大，但你能談談大型製藥公司的採用情況嗎？那麼它能成長多快呢？這項業務目前對您的營收有重要影響嗎？

Well, the answer to all of them, I guess, are yes. You see a lot of that media type business or at least, I think, that's what you're referring to, in reflecting the seasonality. So that tends to happen -- tends to be a bolus in later in the year. Our outlook right now is that we'll have another strong year there, but we do business with very large pharma companies. And so the dollars, they can be significant.

嗯，我想，所有這些問題的答案都是肯定的。您會看到很多媒體類型的業務，或者至少，我認為，這就是您所指的反映季節性的業務。所以這種情況往往會發生——往往會在今年稍後進行一次推注。我們現在的前景是，我們將在那裡度過另一個強勁的一年，但我們與非常大的製藥公司有業務往來。因此，美元可能很重要。

You can -- again, I guess, significance is always -- beauty is in the eye of the beholder. And again, I'll start by saying or remind you that 80% of our revenue today is coming from health care providers, the balance coming from payer and life science companies. But we do expect the payer and life sciences segment of our business to grow faster, and that growth is certainly -- a part of that growth is coming off of that media platform. Absolutely.

你可以──我想，意義始終是──情人眼裡出西施。再次，我首先要說或提醒您，我們今天 80% 的收入來自醫療保健提供者，其餘部分來自付款人和生命科學公司。但我們確實預期我們業務的付款人和生命科學部分會成長得更快，而且這種成長肯定是來自該媒體平台的。絕對地。

And then, Rick, you mentioned a comment on the net debt that I missed. What's the right net debt number that we should think about?

然後，里克，你提到了我錯過的關於淨債務的評論。我們應該考慮的正確淨債務數字是多少？

If you look at the balance sheet, I would just -- I think the right way to look at it is add another $68 million of cash effectively to what's on the balance sheet listed as cash, and then you can do the math off of that. It gets you to a net debt of around $230 million.

如果你看一下資產負債表，我認為正確的看待它的方法是在資產負債表上列為現金的內容上再有效地添加 6800 萬美元現金，然後你可以據此進行數學計算。它使您的淨債務約為 2.3 億美元。

There are no further questions at this time. I would now like to turn the call back over to Paul Black for any closing comments.

目前沒有其他問題。我現在想將電話轉回保羅布萊克以徵求結束意見。

Thanks, everybody, for your time today. It's been great to be at the helm of this great company. It's even greater to see the leadership step up and the ability to have a no-brain choice, if you will, a no-brainer choice for the successors to run this company. And I'm thrilled to work with everybody on this call for the last past 10 years. You felt to encourage us. You felt to ask tough questions. And importantly, as we've always tried to do, we try to reward your trust and confidence in us with performance. And certainly, over the last 24 months, your forbearance and your patients with us has paid off. So we're also quite proud of that.

謝謝大家今天抽出時間。能夠掌舵這家偉大的公司真是太好了。更棒的是看到領導層的提升，以及有能力做出不經過大腦的選擇，如果你願意的話，對於繼任者來說，這是管理這家公司的不經過大腦的選擇。我很高興在過去 10 年與大家一起參與這次電話會議。你覺得鼓勵我們。你覺得要問一些棘手的問題。重要的是，正如我們一直在努力的那樣，我們努力用業績來回報您對我們的信任和信心。當然，在過去 24 個月裡，您的忍耐和您對我們的耐心治療已經得到了回報。所以我們也為此感到非常自豪。

So thank you very much. Thank you for the nice comments, and I will bid you all a final adieu. Goodbye.

非常感謝。感謝大家的精彩評論，我將向大家最後告別。再見。

This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time, enjoy the rest of your day.

今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路，享受剩下的一天。