TruBridge Inc (TBRG) 2013 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

We'll come to the Computer Programs & Systems first quarter 2013 earnings conference call.

During the presentation, all participants will be in a listen-only mode.

Afterwards, we will conduct a question-and-answer session.

(Operator Instructions)

As a reminder, this conference is being recorded Friday, April 26, 2013.

I would now like to turn the conference over to Boyd Douglas, President and Chief Executive Officer.

Please go ahead, sir.

Thank you, Suzy.

Good morning, everyone, and thank you for joining us.

During this conference call, we may make statements regarding future operating plans, expectations and performance that constitute forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

We caution you that any such forward-looking statements only reflect management expectations and predictions based upon currently available information, and are not guarantees of future results or performance.

Actual results might differ materially from those expressed or implied by such forward-looking statements as a result of known and unknown risks, uncertainties, and other factors, including those described in our public releases and reports filed with the Securities and Exchange Commission, including but limited to our most recent Annual Report on Form 10-K.

We also caution investors that the forward-looking information provided this call represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call.

Joining me on the call this morning is David Dye, our Chief Financial Officer.

David and I have a few minutes of prepared comments, and then we will be happy to take your questions.

In the first quarter, we installed our financial and patient accounting system in 70 hospitals and our core clinical departmental applications at 15 facilities.

Additionally, 15 hospitals implemented Nursing Point of Care, and 39 customers went live with physicians' applications, which consist of ChartLink, CPOE and Physician Documentation.

Add-on sales to existing clients were $11.9 million or 24% of total revenue for the quarter.

At this time, we expect to install our financial and patient accounting system in 10 facilities in the second quarter.

We anticipate 14 new installations of core clinical departmental modules, 13 Nursing Point of Care implementations, and 39 installations of physicians' applications.

As you will note from the installation numbers I just announced, sales and installation of the Physician Documentation is going extremely well.

We are very pleased with our penetration for this application thus far, and we expect this trend to continue, as the effective date of the Stage 1 Meaningful Use requirements approaches.

While all of you might be tired of hearing this, I am certainly not tired of telling you that the tremendous success we've had with our client hospitals achieving State 1 of Meaningful Use continues.

The latest CMS figures as of March 14 show that not only do we continue to dominate in the rural and community hospital segment, but we are among the leaders of all vendors in -- for successful hospital attestations.

As you would expect, our performance here continues to have a significant positive impact on new client sales.

Now, to address our new subsidiary services company, TruBridge.

During the quarter, TruBridge executed 11 new accounts receivable management contracts, four of which were for full services, and seven for private pay services and insurance follow-up services.

Overall, we are pleased with TruBridge his performance this quarter, and it bears noting that one of the full-service AR management contracts was a hospital who does not utilize CPSI as their EHR vendor.

Frankly, the signing of a non-CPSI hospital for TruBridge services came earlier than we had anticipated.

We believe this early success is a further indication of the substantial opportunity we are confident exists for TruBridge to provide their services to all rural and community hospitals, not just CPSI EHR clients.

With that, I would like to turn the call over to David for his comments.

Thanks, Boyd, and good morning, everyone.

I have a few comments regarding our financial metrics, and some broader thoughts on the market, and then we will take questions.

CapEx for the quarter was more than we anticipated.

This was primarily due to in-house computer equipment upgrades, the final build-out costs of the new Fairhope location, and the re-landscaping of our Mobile corporate headquarters.

CapEx should return to normalized levels in the second and subsequent quarters of 2013 of $600,000 to $750,000 per quarter.

G&A for the first quarter, as is the case every year, was negatively affected by the timing of our employee 401(k) match program.

This Company 401(k) matching amount will decrease approximately $900,000 from the first quarter to the second quarter.

Also, our health insurance costs within our self-insurance program were dramatically high in the quarter, due to an unprecedented number of shock loss claims.

While the timing of such claims is hard to predict, we certainly do not expect this to be a continuing trend, and we will benefit for the remainder of 2013 as we have already reached our shock loss excess deductible for the year.

Our employee headcount as of March 31 was 1,423, down 20 over last quarter and up 93 year-over-year.

We continue to expect our total employee headcount inclusive of TruBridge to remain below 1,450 employees for the remainder of 2013.

The total accumulated unrecognized revenue related to first-generation Meaningful Use contracts as of March 31 was $5.2 million.

This $5.2 million is made up of amounts outstanding from six hospital implementations.

We continue to expect all unrecognized amounts from first-generation Meaningful Use contracts to be recognized by the end of the third quarter.

Six of the seven new customer system implementations in the first quarter were generation-2 Meaningful Use contracts, and the seventh was a traditional SaaS.

Recall that in the generation-2 contracts, revenue was recognized for each application at go-live, and based on our Meaningful Use collection history, and the generation-2 contract terms, we expect to be paid in full for these implementations in an average of nine months.

As stated in the earnings release, current financing receivables, which by definition represents amounts outstanding under payment arraignments less than 12 months, increased $10 million in the quarter, due primarily to installations that occurred under generation-2 MU contract terms.

All 10 of the second quarter new system implementations are generation-2 contracts.

Beginning with this quarter's earnings release, a handful of revenue and cost of sales items including ISP, clinical and revenue cycle consulting, and cloud computing fees and corresponding expenses, have been re-classed from support and maintenance to business management services on the income statement.

This increased TruBridge revenue by $1.47 million, and TruBridge cost of sales by $802,000, and decreased support and maintenance revenue and cost of sales by the same amounts.

As Boyd stated, although TruBridge is in its infancy, we are encouraged by the response that we have received to last quarter's announcement, both from current CPSI EHR customers and in particular from non-CPSI EHR customers, and believe in the years ahead we will capitalize on this significant market opportunity.

Finally, the last several months have been encouraging from a new system sales standpoint.

Several of our competitors are clearly struggling with failed EHR system implementations, and as a result the number of new prospects and contracts that are competitive replacements is increasing.

This, in combination with our Meaningful Use success leaves us optimistic regarding new client sales, as Phase 2 deadlines approach beginning in 2014.

Suzy, please open call for questions.

(Operator Instructions)

David Larsen, Leerink Swann.

Hey, guys.

Good morning.

Just with the G&A expense, it looks like it increased over $3 million sequentially, and about $2 million from 3Q '12 to 1Q '13.

I think you said there was going to be a $900,000 sequential decline.

What is the delta there, that other $1 million or so, please?

As I said in the prepared comments, a lot of it is health insurance, and that's difficult to quantify because that's always fluctuated, but it was -- I can't remember the term I used, but it was phenomenally high.

We had seven shock loss claims in the quarter, and I can't remember a quarter before where we've ever had more than three, and as I said, we've already hit our deductible.

So it is impossible to know what's going to happen consequentially with that.

I mean we could -- maybe we will have 10 shock loss claims next quarter, but certainly -- based on our history, certainly don't think so.

So that number -- and again, we've hit some deductibles there within our self-insurance program, so I would expect that number, this is just a guess, to decline somewhere between $500,000 and $1 million quarter-over-quarter from a health insurance standpoint, and that explains the majority of it.

Okay, and when you use the term shock loss, I imagine that just means sort of an outlier case, like a few individuals maybe got injured or something like that, so the costs were unusually high, is that correct?

Yes, we're self-insured for each individual claim up to a large sum, like a six-figure number, and then over and above that we are covered.

So we -- as I mentioned, we had seven of those in the first quarter, which is unprecedented.

Okay.

So, heading forward, the G&A expense seems like it should stabilize, and into 2014 it should improve, okay.

Then just one more question, if I can.

In terms of the generation-2, the revenue recognition for those is consistent with a normal revenue recognition process, is that correct?

The system gets installed, then you recognize revenue.

The difference is the cash flow and the payment timing, is that correct?

That is correct.

Okay.

Thanks a lot, guys.

Thanks, Dave.

George Hill, Citigroup.

Hey, good morning, Boyd and David.

Thanks for taking the questions.

I will start off with the support and maintenance revenue, down pretty sharply sequentially from Q4 to Q1, I guess.

Can you talk about what drove that?

Yes, with the -- mainly with the generation-2 contracts, we don't get the benefit of the support and maintenance until they achieve Meaningful Use.

So, as those begin to kick in, you will see a sharper than normal increase in support and maintenance to make up for that.

Okay.

I guess that would explain a sharp tick up, but I don't get what explains the tick down?

Oh, I am sorry.

Yes, now I get it.

As I explained in the prepared comments, it is the reclassification.

Oh, okay.

So it is (multiple speakers) --

Of several items that are now part of TruBridge.

Okay.

I heard you say something about that as I was taking notes pretty quickly.

I thought I was going to have to circle back to that on the transcript, but you made that clear.

Then I want to do one more quick follow-up to David's question, only because it doesn't jive with what it sounds like in the press release.

So you guys sell the gen-2 contracts, you recognize the revenue, so there's $10.5 million in revenue that flowed through the income statement this quarter related to those contracts.

That receivable is now on the balance sheet.

I guess I want to ask, is that the case?

Just because the press release says the -- the test in the press release says, I want to read this back -- revenue for these installations is recognized when -- oh, so I guess the installation is complete if you have recognize the revenue for it.

Nevermind, I get (multiple speakers) --

Yes, that is correct, George.

And should we think of that all -- the receivable and revenue recognized, is that all systems sales or is there another -- does any of the revenue fall into any of the other buckets?

No, it is all system sales.

Okay.

I appreciate the color, thanks guys.

Thanks, George.

Jeff Garro, William Blair.

Good morning, guys, and thanks for taking the questions.

First, I wanted to ask if you have any visibility on the remaining first-generation Meaningful Use installment plans, when the attestation will happen, and when your customers will receive the checks from CMS, and if there's any kind of weighting between Q2 and Q3?

I would roughly guess that slightly more than half will be Q2 and the rest Q3, but as we said, I think it will all wash out by the end of Q3, so we don't particularly care.

But it is all in process, and we are comfortable with them.

Good to hear.

Yes, that's somewhat out of your control.

So then moving to the second-generation Meaningful Use contracts, it seems like those were a disproportionate number of the new contract bookings.

So can you talk about the strength that you are seeing in that area?

I think you guys have mentioned that competitors are offering those as well, but is there something unique to your terms that's making those more attractive?

I think what makes ours unique is the fact that we are better at getting people to Meaningful Use, so I think that makes ours more attractive.

We can clearly just throw one sheet of paper down in front of them with a summary of the numbers competitively, and it's obviously that if their goal is to get to Meaningful Use, they should go with us.

That's the first part of your question, yes, it is virtually 100% of the contracts that we are signing are gen-2 contracts.

Great, and then to ask about the pipeline, I just wanted to see if you're seeing any uptick from the ED application that you're going to launch shortly?

Or on the TruBridge front, if having a separate booth for TruBridge at HIMSS started to really generate interest, or if the non-CPSI customer that came along, if that lead was generated otherwise?

I will start at the latter part of your question there.

HIMSS is -- it is almost -- I would say it is impossible to quantify the value of being at HIMSS, whether you have one booth, or now that we have two.

I think it is just one of those things that you're conspicuous by your absence if you are not there, so I can't quantify that.

I know that the one -- I will say that the one non-EH -- CPSI HER contract that we got with TruBridge was not a result of being at HIMSS.

Regarding the ED application, again, I would say that equally is impossible to quantify.

I think the fact that we now have an ED application that is imminent certainly helps us competitively with new client sales, and certainly do know of cases now where our current customers have not gone out and gotten a third-party, because they know that our release is forthcoming shortly of our ED products.

So, it is certainly a positive development, but it is hard to quantify.

Great.

And one last one, and then I will jump off.

I just want to see -- you discussed 36 new installations as your forecast for the year, and if you can give us an update on your progress there?

It seems like you are more than halfway there, and if you kind of have revised your expectations at all for that?

No, we haven't.

I think it's 35 we said on the last call, and we have not revised our expectations, other than what we've tried to provide you with what Boyd said, and my commentary, was that we feel what as good about the new system sales market as we have in a while, both in terms of folks that are scrambling to buy a system to get to Meaningful Use because they don't have a system that can get them there, but then more than ever now, some that are on a vendor that could potentially get into Meaningful Use but they're dissatisfied, either with the current product or they're dissatisfied with the recent attempt to install a competitive product, and they are looking to CPSI.

So overall, it is very positive.

Great.

Thanks again for taking the questions, guys.

Thank, Jeff.

Jamie Stockton, Wells Fargo.

Hey, good morning, guys.

This is Steven in for Jamie.

Just a couple of quick ones.

First, are the hospitals in the second half going to be mostly critical access facilities?

Yes.

Okay.

How long do you expect demand from the critical access hospitals, related to the Meaningful Use stimulus, to remain strong?

Given that they've got until basically July of next year to do it, I certainly would think it would be the logical thing, that demand would continue all the way -- certainly through the first and second quarter of next year.

Got you.

Maybe one other area really quick.

How much demand did you see related to hospitals that were expanding just user licenses for modules that had already implemented during the quarter?

I don't have that number, Steven, but it's minimal.

We are selling site licenses for the most part now and have been for the last year so, because folks no that with Phase 2 Meaningful Use they've got to be, for example, fully implemented with Nursing Point of Care throughout the facility, 60% of their physicians' orders have to be a CPOE.

So those applications that previously a lot of people would just onesie-twosie buy licenses, they're buying a site license now for the most part.

Got you.

So would you expect a similar dynamic in the June quarter, or could we expect it maybe to be stronger ahead of the July deadline, for hospitals to start their Meaningful Use window?

Logically, there should be -- it should be a little -- at least a little bit stronger, based on the seasonality that we have experienced the last couple of years with regard to those applications.

All right.

That's great.

I appreciate it, guys.

Thanks, Steven.

Bret Jones, Oppenheimer.

Hi, morning, this is Rohit in for Bret Jones.

So I just had a question, last time I thought on the quarterly call that you said that there were nine generation-1 hospitals, and five had already attested, but now you're saying that there were six hospitals that are remaining in generation-1?

Did I miss something there?

I would have though those five hospitals would have -- you would have been able to at least recognize that revenue?

Well, you know, just because you have -- you have attested, and then after you attest, it generally takes an average of six weeks before you hear back and get paid.

And then with critical access hospitals, sometimes it can take longer, because they've got to submit their depreciation schedule for their cost reports and that kind of thing, so it all is a timing issue.

Okay.

So has more than five at this point attested?

Yes.

The five of the nine originally?

Yes.

Okay, so it's just a delay in receiving that attestation and some may be critical access hospitals?

That is correct.

And then I want to know the value of that extra gen-1 contract?

I think the last quarter it was $7.1 million.

You had one extra gen-1 contract, you drew some down, and that got you to the $5.2 million.

What was the one that I'm missing there?

I don't follow.

I was just looking for the math behind -- to get to the $5.2 million?

You had $7.1 million of deferred revenue last year.

You took one -- you took around one more gen-1 contract, which I know was a value of (multiple speakers) --

No, I don't know.

We didn't -- we haven't taken on any more gen-1 contracts.

Okay, I'm sorry, I missed that then.

Then the last question I had, was there anything consistent within those seven shock claims within your employee base?

No.

Okay, those are my questions.

Thanks very much.

Thanks, Rohit.

Neil Chatterji, Sidoti & Company.

Hi guys, thank you for taking the call -- or taking my questions.

So just to clarify on the financing receivable, so that revenue has already been recognized, correct, the $10.5 million?

That's correct.

Then in terms of the installation timing, is there kind of an average timeline for the installations?

I am not sure I understand the question.

These would be (multiple speakers) --

In terms of how long the installation -- or you get to that point where you can recognize the revenue?

Yes, it all happens within a month.

Within a month, okay.

Yes, with our traditional method.

We go live on the first of the month, everything goes in, we recognize the revenue in that month.

Okay.

And coming back to -- just in terms of the pipeline, I think on the last call we talked -- or there was a little bit more emphasis on the greenfield.

It sounds like there's some more replacement opportunities coming up, so if you could kind of talk about the mix there?

And then also, I think we were at 16 signs of the 35; there is an update on the number?

Yes, there has been an increase, I would say, in our prospects in contracts as a result of competitive replacement.

I mean, we still like the greenfield opportunity, but I mean it's no secret, as we move towards 2015, in particular, that is going down.

I would say we're pleasantly, to some degree, surprised by the way it looks from a competitive replacement standpoint.

I don't want to go into any particular vendors at this point.

And then I think the updated number is 24 thus far, for the year.

Okay.

Okay, thanks.

That's it for me.

Thanks, Neil.

Sandy Draper, Raymond James.

Thanks very much, and good morning, Boyd and David.

Two questions.

One, I was curious, I can't remember if Boyd, you said it, or David, in talking about TruBridge and the positive reception from your existing customers?

I am just interested, I'm trying -- and maybe I'm missing something, is there a new service or did you expand the service offering from your new customers -- I mean from your existing customers?

Because obviously, selling outside the base, I can understand how the branding gets interested and saying, hey, CPSI is doing something different, this is new.

What besides the name is new and different for existing customers, or maybe it is just the branding that's making your existing customers wake up to what you're doing?

It is the latter.

You just took the words out of my mouth.

It just puts more emphasis on it.

Certainly there are some services, mostly around the consulting services that we've added within the last two years or so, that we're putting more emphasis on now with our current customers, sort of in conjunction with the TruBridge announcement.

But I think it is just mostly a result of positive emphasis from the branding.

Okay, and so -- and I don't know if you have done a survey or anything.

Do you know what the -- I guess maybe in a year from now you could do a brand recognition survey on TruBridge, but right now, how many of your existing customers who are running your software do you think fully realise the service capabilities that you guys have?

We're pretty penetrated.

I think we said it on the last call, but 600 of our existing clients use TruBridge for something.

Okay.

So it really is really just a function of them broadening it?

Yes, and it certainly doesn't mean just because they use it for something, that they are as aware as they should be of everything that we offer, and we should constantly strive to make them aware of the breadth of our services there, which we do.

But I think just that number alone speaks to the fact they are reasonably aware of what we have.

Okay.

Great.

That is really helpful.

Second question, I'm trying to see if there's maybe -- certainly the small end of the market operates a lot different than the big end.

When I talk to hospital execs, and it is generally -- especially CIOs, they are generally more the mid-to-large size, I would say that they are a lot less focused on Meaningful Use 2 and 3 and doing something to time that and are more focused on a longer-term vision, and ACAs and ACOs, and all these different acronyms.

But it sounds like for your customer, there is still very much of a focus to either get me to Meaningful Use 1, can I make it to Meaningful Use 2?

So they're still really driven by those Meaningful Use milestones or signposts.

Is that still very active in your marketplace?

That is very active, and I'd say the another thing that is going on, back to what we've said a couple of times with some other vendors struggling with implementations, I think that is part of it, too.

It is so unique, that these implementations are difficult to do in the small hospital environment.

So I think some of that is, you know, yes, it's these milestones of Meaningful Use but it's also, okay, we've done this, whether it was put an HER on top of the existing financials, or whatever they came up with to meet Stage 1. But they are now starting to realize, which is what we've been saying and what we've been hopeful would happen, that this really -- I think they're starting to realize this isn't a good long-term solution for us, and I think I've said it a bunch.

But certainly, I think we've proved over the years that a fully integrated system like ours is really the only solution for a hospital under 100 beds.

Great.

Thanks, appreciate it.

Sure.

Sean Wieland, Piper Jaffray.

Good morning.

Can you tell us the SaaS revenue in the quarter?

Yes, give me just a second, Sean.

All right, and while you are getting that, what's your thoughts on Commonwealth?

I will give you our general thoughts at this point is, we think it is a great concept, and are supportive.

So you think you will have an intent to join?

I don't want to comment on that, specifically, right now.

But I think -- I understand what has been done, and what they are trying to do.

Boyd and I are fully supportive, and -- at some point hope to be on board.

Okay.

Oh, and the SaaS for the quarter was $289,000.

$289,000, okay.

Just so I'm doing my math right, the generation-1 conversation revenue, was that $1.9 million?

Am I doing my math right?

Yes.

Okay, great.

Last question on TruBridge.

Interesting, a non-CPSI customer using it.

What is the go-to-market strategy for outside the base to grow non-CPSI users on TruBridge?

Yes, well, the go-to-market strategy, maybe to oversimplify it, it's just improve their cash flow and reduce their AR base.

I mean, it's -- we don't really care who the iEHR vendor is.

We'll take -- we want outsourcing or back-office business from any of them.

The overall strategy is to point to our success, and show them how much we have improved cash flow at our average client facility in the each of the products that we offer, and demonstrate to them how we've done that, and earn their business regardless of the HER vendor that they have in place.

Are they a CPSI user revenue for revenue cycle, for patient accounting?

No.

Can you tell us who they are using?

No.

At some point in the future, maybe, as we get more non-CPSI HER clients, we may give some additional color as to who is in place, but we're not prepared to do that at this time.

Okay.

All right, thanks very much.

Thanks, Sean.

Thank you.

(Operator Instructions)

Gene Mannheimer, B. Riley.

Good morning.

Just piggybacking off of Sean's question, the new -- first of all, congratulations on getting that TruBridge deal done within just 60 days of your announcing the service.

How do we think about how many of those going forward in the non-CPSI base?

One a quarter, is that right way to think about it, or too difficult to quantify?

Too difficult to quantify.

I wish I knew, but certainly very, very focused on adding to that number.

As with everything with CPSI, we're a lot more worried about the long-term than the short-term, but we'd like to see that number grow as quickly as possible, but I can't give you any guidance there.

Okay, fair enough.

With respect to the CPOE, rather the physician applications, are you able to break out for us the CPOE from the Physician Documentation?

I know you have done that in the past, it's about one-third/two-thirds.

Is that the way to look at it?

That is probably a good guess.

I don't have that right in front of me at this point, but -- and it will certainly shift and become more and more stronger with the Physician Documentation piece.

But probably one-third/two-thirds is a good way to still break it down.

Okay, thanks, Boyd.

And then, lastly, could you remind us again, when is the ED product slated for GA?

Was it July 1?

No.

It was actually -- and I misspoke on the last call, because I got confused between version 19 and version 18.5.

So just to clarify all that, version 18.5 is essentially out there now.

The majority of our hospitals have that, are up and running on it.

We've got a few stragglers that are left, but that is behind us.

And then version 19 is when the ED product is slated.

It will be on version 19.

Version 19, right now, we are scheduled for beta testing June and July, with the general release slated for August.

And then, any revenue at all will probably be fourth quarter, would be my guess, on the ED system.

Perfect.

Thanks, Boyd.

Sure.

Steve Halper, Lazard Capital Markets.

Hi, it's Caroline LeCates on for Steve.

Just two quick questions here, and I apologize if you went over this already.

What accounted for the lower tax rate this quarter?

And what rate should we think about for the remainder of the year?

I would say 36% for the remainder of the year, and the amount under that for this quarter was a result of the R&D tax credit for the full-year 2012 being taken in the first quarter of 2013 because President Obama didn't sign it until -- I think it was January 2.

Okay, that make sense.

And then just it terms of the system sales margin, just with the first-generation contracts, a little difficult to forecast that going forward.

Should we expect margins to increase in the fourth quarter after the -- after these contracts are phased out?

Is there something else driving the lower margins, like are the physician applications or the Nursing Point of Care applications a little bit lower margined?

Golly, the first part of the question, I'm not sure how to think about that.

As we -- we don't run our business based on margins, so that is why I'm going to struggle here for a second.

But as the gen-1 contracts are recognized, that will help margins, because it's revenue that's recognized for work that was done previously and costs that have already been incurred.

Right.

And if that is fleshed out by the fourth quarter, then that would have -- that would be a negative effect on margins for the fourth quarter, at least the way I am thinking about it in these few seconds that I've had to answer the question.

The cost -- these are certainly -- the installations that we are doing now are very labor and travel cost-intensive with all of the training that we have to do for the clinical staff, where additionally we are doing a lot more than we have ever done on the West Coast, which is more expensive from a travel standpoint.

So, our travel costs are up, which I think would maybe explain a little bit of that.

Okay.

That makes more sense.

Thank you.

Thanks, Caroline.

George Hill, Citigroup.

Hey, guys, thanks for the follow-up.

I don't think this one's been touched on yet, but on the competitive environment, where you guys were seeing more displacement RFPs, can you provide any color around -- I'll say, should we think of it as one of the two principal competitors where you are seeing difficulties?

Or is it some of the -- what I will call the tertiary competitors?

I don't want to name names, you know, the guys who only have like a clinical solution or have smaller -- have fewer than 30 total customers, where you guys are seeing the issues?

It is actually a little bit of both, or a combination of both, yes.

All right, that was all I was looking for.

Thanks a lot, guys.

You bet.

Thanks, George.

Thank you.

Mr. Douglas, there are no further questions at this time.

I will turn the call back to you.

Please continue with your presentation or closing remarks.

Great, we certainly appreciate everyone's time this morning.

Thanks for your interest in CPSI, and I hope everybody has a great weekend.

Ladies and gentlemen, that does conclude the conference call for today.

We thank you for your participation, and ask that you please disconnect your lines.

Have a great day.