TruBridge Inc (TBRG) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the CPSI Fourth Quarter and 2023 earnings conference call.

下午好，歡迎參加 CPSI 第四季和 2023 年收益電話會議。

Leading today's call are Chris Fowler, President and Chief Executive Officer, and Renee Bassi, Chief Financial Officer.

今天的電話會議由總裁兼執行長 Chris Fowler 和財務長 Renee Bassi 主持。

This call may include 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.

本次電話會議可能包括有關未來營運計畫、預期和績效的聲明，這些聲明構成根據 1995 年《私人證券訴訟改革法案》安全港條款做出的前瞻性聲明。

Company cautions 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.

本公司提醒您，任何此類前瞻性陳述僅反映管理階層基於目前可用資訊的預期和預測，並非對未來結果或績效的保證。

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 public releases and reports filed with the Securities and Exchange Commission, including, but not limited to the most recent annual report on Form 10 K. The company also cautions investors that the forward-looking information provided in this call represents their outlook only as of this day, and they undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call.

由於已知和未知的風險、不確定性和其他因素，包括公開發布的信息和向美國證券交易委員會提交的報告中描述的因素，實際結果可能與此類前瞻性陳述明示或暗示的結果存在重大差異，包括但不限於僅限於10 K 表格上的最新年度報告。性陳述的義務反映本次電話會議之後發生的事件或進展。

At this time, I will now turn the call over to Mr. Chris Fowler, President and Chief Executive Officer.

現在，我將把電話轉給總裁兼執行長克里斯·福勒先生。

Please go ahead, sir.

請繼續，先生。

Thank you, Drew, and thank you to everyone for joining us this afternoon.

謝謝你，德魯，也謝謝大家今天下午加入我們。

I want to start off today's call by saying how excited I am about our recently announced rebranding.

在今天的電話會議開始時，我想表達我對我們最近宣布的品牌重塑感到多麼興奮。

We are coming together behind our TruBridge brand to simplify the way we do business and reinforce our commitment to delivering a comprehensive suite of financial and clinical solutions for our clients and the communities they serve.

我們齊心協力支持 TruBridge 品牌，以簡化我們開展業務的方式，並強化我們為客戶及其服務的社群提供一整套財務和臨床解決方案的承諾。

We believe this new brand more accurately reflects the evolution of the Company and more closely defines who we are today and the opportunity ahead of us.

我們相信這個新品牌更準確地反映了公司的發展，更準確地定義了我們今天的身份和我們面前的機會。

We remain committed to delivering high-quality service to all of our clients regardless of the solutions they are using on Monday, March fourth, we will officially transition to TruBridge when our common stock will begin trading on the NASDAQ stock market under our new ticket ticker symbol TBRG.

我們仍然致力於為所有客戶提供高品質的服務，無論他們使用什麼解決方案，3 月4 日星期一，當我們的普通股開始在納斯達克股票市場以新的股票代碼進行交易時，我們將正式過渡到TruBridge符號 TRG。

With that in mind, we will refer to our company as CPSI. on the call today, taking a look back, 2023 saw ups and downs throughout the course of the year, but we finished on strong footing with meaningful bookings and solid fourth quarter results.

考慮到這一點，我們將我們的公司稱為 CPSI。在今天的電話會議上，回顧 2023 年，我們在這一年中經歷了起起落落，但我們憑藉有意義的預訂和穩健的第四季度業績，奠定了堅實的基礎。

Today, I'll touch on some financial highlights, provide updates on our ongoing initiatives and introduce our new CFO, then a biopsy to dive deeper into the numbers and share our initial outlook for the first quarter and full year 2024.

今天，我將介紹一些財務亮點，提供我們正在進行的舉措的最新信息，並介紹我們的新任首席財務官，然後進行活檢以更深入地了解這些數據，並分享我們對2024 年第一季度和全年的初步展望。

Let's start with a quick overview of 2023 results.

讓我們先快速概述 2023 年的結果。

For the full year, revenue came in at $339 million, and adjusted EBITDA came in at $48 million.

全年營收為 3.39 億美元，調整後 EBITDA 為 4,800 萬美元。

For fourth quarter bookings, we signed $26 million, which represents a sequential increase from $16.2 million in the previous quarter and was driven by driven by meaningful increases in both RCM and EHR.

對於第四季度的預訂，我們簽署了 2600 萬美元的合同，較上一季度的 1620 萬美元環比增長，這是受到 RCM 和 EHR 大幅增長的推動。

Fourth quarter 2023 bookings were up about 5.5% from fourth quarter of 2022, driven by RCM bookings, which increased 5.9%.

受 RCM 預訂量成長 5.9% 的推動，2023 年第四季的預訂量較 2022 年第四季成長約 5.5%。

We believe the pickup in RCM bookings was driven by several factors.

我們認為 RCM 預訂量的增加是由多個因素所推動的。

First, the local labor market for our community hospitals is seldom expansive enough to meet all of their needs.

首先，我們社區醫院的當地勞動市場很少足以滿足他們的所有需求。

Second, RCM is very complex and getting more so by the day.

其次，RCM 非常複雜，而且日益複雜。

And third, the stigma of outsourcing billing efforts is diminishing as the problems of poor cash collections and increasing accounts receivables continue to weigh on community hospitals.

第三，隨著現金回款不良和應收帳款增加的問題繼續困擾社區醫院，外包計費工作的恥辱正在消失。

Taking a step back from the numbers, I'd like to shift to a few updates on the strategic moves we made over the past few months.

從數字上退一步，我想談談我們在過去幾個月中採取的策略舉措的一些最新情況。

First, in January, we announced our divestiture of American HealthTech, also known as HT. two point click care.

首先，一月份，我們宣布剝離 American HealthTech（也稱為 HT）。兩點單擊護理。

We believe that this was the best decision for both existing HD customers and for CPSI.

我們相信，這對現有 HD 客戶和 CPSI 來說都是最佳決定。

This divestiture allows us to focus more acutely on our core market of small to midsize hospitals, while ensuring our HD. customers are in good hands with point click care given their high level of service and exclusive focus on delivering EHR solutions to the post-acute care market.

此次剝離使我們能夠更加專注於中小型醫院的核心市場，同時確保我們的 HD 業務。鑑於其高水準的服務和專注於向急診後護理市場提供 EHR 解決方案，客戶可以透過點擊式護理獲得良好的幫助。

As part of the agreement, we will be DCC's exclusive partner for complete business office services.

作為協議的一部分，我們將成為 DCC 完整商務辦公室服務的獨家合作夥伴。

We are not including anything at this time materially in our forecast as the post-acute market is lagging behind the acute care market in terms of converting to the outsource model.

目前，我們的預測中並未包含任何實質內容，因為急性後市場在轉向外包模式方面落後於急性照護市場。

Second, our integration of Hugo is progressing as expected.

其次，我們對Hugo的整合正在如預期進行。

As a reminder, early in the fourth quarter, we acquired Bugle with the aim of bringing our globalized workforce in-house rather than continuing to rely on third party outsource.

提醒一下，我們在第四季度初收購了 Bugle，目的是將我們的全球化勞動力引入內部，而不是繼續依賴第三方外包。

We split the initial integration plan into two tracks one, getting our offshore resources to scale for existing customers and to bring on the new cost for existing customers.

我們將最初的整合計畫分為兩個軌道，一是讓我們的離岸資源為現有客戶擴展，並為現有客戶帶來新的成本。

We went account-by-account to map out a plan for the ramp and for our new customers, we are planning to staff them with the appropriate mix from the initial go-live.

我們逐一制定了坡道計劃，並為新客戶制定了計劃，我們計劃從最初的上線開始就為他們配備適當的人員組合。

It's important to note that as we ramp up our global capacity over the course of 2024, we will likely experience a little margin pressure early on, but we expect that to reverse as the year progresses.

值得注意的是，隨著我們在 2024 年提高全球產能，我們可能會在早期遇到一些利潤壓力，但我們預計這種情況會隨著今年的進展而扭轉。

Longer term, our goal is to achieve a workforce comprised of 70% offshore and 30% US-based employees.

從長遠來看，我們的目標是實現 70% 的海外員工和 30% 的美國員工組成的員工隊伍。

While we work through this transition, it remains a top priority to remain to maintain the same quality of service for all of our customers.

在我們完成這項轉變的過程中，為所有客戶保持相同的服務品質仍然是我們的首要任務。

As we look forward into 2024, our entire organization is committed to returning to growth and realizing the operational leverage that our global workforce can achieve.

展望 2024 年，我們整個組織致力於恢復成長並實現我們全球員工可以實現的營運槓桿。

We believe that our dedication to embracing technology and modernizing our infrastructure is key to our ability to consistently deliver best-in-class solutions to our customers.

我們相信，我們致力於擁抱科技和現代化基礎設施是我們能夠始終如一地為客戶提供一流解決方案的關鍵。

This is exactly why we continue to use AI to automate DRCM process wherever possible and utilize the cloud to improve capabilities and enhance our services.

這正是我們繼續使用人工智慧盡可能自動化 DRCM 流程並利用雲端來提高功能和增強我們的服務的原因。

This commitment to leveraging technology has and will continue to be a top priority within our organization.

這種對利用科技的承諾已經並將繼續成為我們組織內的首要任務。

As we've acknowledged in the past, we are in the midst of a transition transformation. 2023 was focused primarily on our people and ensuring we have the right team in place to take advantage of the growth opportunities for this year and beyond in 2024.

正如我們過去所承認的，我們正處於轉型轉型之中。 2023 年的重點是我們的員工，確保我們擁有合適的團隊來利用今年及 2024 年以後的成長機會。

While we'll still continue to invest in our people, our focus will be on capital allocation.

雖然我們仍將繼續投資於我們的員工，但我們的重點將是資本配置。

For example, making sure our investments in technology have a sharp focus on our alignment to ensure our investments closely align with our strategic aim with that I'm very excited to hand it over to our new CFO and a vastly Rene brings a skill set that is already proving to be a huge asset to our organization.

例如，確保我們對技術的投資重點關注我們的一致性，以確保我們的投資與我們的策略目標緊密結合，我很高興將其移交給我們的新首席財務官，並且Rene 帶來了一套技能，事實證明，它是我們組織的巨大資產。

Has extensive experience across the board.

擁有豐富的各方面經驗。

He has extensive experience across the board, but particularly in offshore operations and has been and will be continue to be extremely beneficial to our team during this transformational time today.

他在各方面都擁有豐富的經驗，特別是在離岸運營方面，並且在當今這個轉型時期，已經並將繼續為我們的團隊帶來極大的益處。

Can you take us through the numbers?

您能為我們介紹一下這些數字嗎？

Thank you, Chris, for the introduction.

謝謝克里斯的介紹。

Before I review our fourth quarter results and our initial 2024 outlook I want to share with you all a bit about why I joined CPSI and most of my working years have been focused in technology and services, primarily telecom communications at Avaya and media meals.

在回顧我們的第四季度業績和2024 年初步展望之前，我想與大家分享我加入CPSI 的原因以及我的大部分工作時間都集中在技術和服務方面，主要是Avaya 的電信通信和媒體餐食。

CPSI. is an extension of that journey where I'm excited to join the company operating and health care technology and service during the interview process.

消費品安全指數。是這段旅程的延伸，我很高興在面試過程中加入公司營運以及醫療保健技術和服務。

I was impressed with Chris and his commitment to transform the Company.

克里斯和他對公司轉型的承諾給我留下了深刻的印象。

I was fully aware of the missteps in 2023 performance, but the company's strong mode of RCM growth within the EHR customer base, coupled with strategic acquisitions and divestitures, reinforced my confidence that the team is focused on transforming the Company, my own experience in building a strong team enforcing fiscal discipline and leading with the data driven approach vote at the forefront of my decision to join CPSI to be part of its next chapter.

我充分意識到 2023 年業績中的失誤，但公司在 EHR 客戶群中強大的 RCM 成長模式，加上策略性收購和剝離，增強了我的信心，即團隊專注於公司轉型，我自己的經驗一個強大的團隊執行財務紀律並以數據驅動的方法領導，這是我決定加入CPSI 的最前線，並成為其下一章的一部分。

Some of my areas of focus for the near term include, first, getting a total understanding of the key business drivers that serve as a leading indicator for forecasting, including bookings, bookings, conversion and increasing trajectory of offshore resources while meeting customer service level agreements.

我近期關注的一些領域包括，首先，全面了解作為預測領先指標的關鍵業務驅動因素，包括離岸資源的預訂、預訂、轉換和成長軌跡，同時滿足客戶服務水準協議。

Second, building a strong finance team built on principle of a fact-based, forward-looking approach and closely linked with the business.

二是建立一支實事求是、前瞻性、與業務緊密結合的強大財務團隊。

I believe this will help in improving forecasting and fiscal discipline going forward.

我相信這將有助於改善未來的預測和財務紀律。

First, taking a fresh look at capital allocation and CapEx, vigor of return on investment mindset.

首先，重新檢視資本配置與資本支出，投資回報思維的活力。

We have invested in many projects to date and we will be reviewing those efforts to prioritize the ones that will benefit us near term, both continuing the cost optimization initiatives that directly impact EBITDA and loss, ensuring the successful integration of vehicles.

迄今為止，我們已經投資了許多項目，我們將審查這些努力，優先考慮那些短期內對我們有利的項目，同時繼續實施直接影響 EBITDA 和損失的成本優化舉措，確保車輛的成功整合。

Now let's jump into the numbers.

現在讓我們來看看數字。

Total bookings in the quarter came in at $26 million.

該季度的總預訂額為 2600 萬美元。

Rcm bookings at $14.2 million made up about 54% of the total, which represents an increase 5.9% from 2022.

RCM 預訂量為 1,420 萬美元，約佔總預訂量的 54%，較 2022 年增長 5.9%。

Total revenue for the fourth quarter of $85.9 million compares to $83.2 million a year ago last year comprised 59% of the total revenue.

第四季總營收為 8,590 萬美元，去年同期為 8,320 萬美元，佔總營收的 59%。

It crossed the $50 million threshold for the first time.

它首次突破了 5000 萬美元的門檻。

Let me provide additional color on revenue vehicles contributed approximately $3.8 million in about two and a half months in Q4.

讓我對第四季約兩個半月內營收工具貢獻約 380 萬美元的情況提供更多說明。

Further RTM, excluding vehicle, showed growth of 3.3% compared to Q4 22 EBITDA showed a decline primarily due to the impact of sunsetting the SentriX platform.

此外，不包括車輛在內的 RTM 與 22 年第四季相比成長了 3.3%，EBITDA 出現下降，主要是由於 SentriX 平台退役的影響。

In the quarter, we reported cost of revenue of $43.7 million that yielded a gross margin of 49.1% compared to 46.5% a year ago.

本季度，我們報告的收入成本為 4,370 萬美元，毛利率為 49.1%，而去年同期為 46.5%。

The improvement in margins came primarily from savings associated with our voluntary employee retirement program and lower bonus accruals due to the 2023 performance in the fourth quarter, reporting reported operating expenses, excluding goodwill and trademark impairment as a percent of total revenue was 53.2% compared to 41.4% a year ago.

利潤率的提高主要來自與我們的自願員工退休計劃相關的節省以及由於2023 年第四季度的業績而導致的應計獎金減少，報告的運營費用（不包括商譽和商標減值）佔總收入的百分比為53.2%，而一年前為 41.4%。

The increase was primarily from severance expense and other one-time items, including fees incurred for M&A activities on an apples-to-apples basis, excluding these one-time items, operating expense as a percent of revenue would have been 45.2%, driven primarily by variable and increase investments in sales and marketing technology, including the cloud migration as well as aging receivables.

這一成長主要來自遣散費和其他一次性項目，包括同類併購活動產生的費用，排除這些一次性項目，營運費用佔收入的百分比將為 45.2%，主要透過對銷售和行銷技術的可變投資和增加投資，包括雲端遷移以及帳齡應收帳款。

With all that taken into consideration, adjusted EBITDA for the quarter came out to $12 million compared to $13.2 million a year ago.

考慮到所有因素，本季調整後的 EBITDA 為 1,200 萬美元，而去年同期為 1,320 萬美元。

Adjusted EBITDA margin of 14% in the quarter decreased 190 basis points over year due to the impact from increased investments in sales and marketing cloud, so Microsoft licenses and technology resources for future growth and were partially offset by the benefit from our savings associated with our voluntary employment retirement program.

由於銷售和行銷雲端投資增加的影響，本季調整後的EBITDA 利潤率為14%，較上年同期下降190 個基點，因此Microsoft 為未來成長提供了許可證和技術資源，但部分被我們與我們的業務相關的節省帶來的收益所抵銷。

And lower bonus accrual in 2023.

2023 年應計獎金較低。

We ended the year with a cash balance of $3.8 million and a net debt of $194.5 million.

年底，我們的現金餘額為 380 萬美元，淨債務為 1.945 億美元。

Operating cash flow for the year was $1 million versus $32.4 million in 2022.

本年度營運現金流為 100 萬美元，而 2022 年為 3,240 萬美元。

The reason for decline was primarily a result of lower adjusted EBITDA higher interest expense from funding the vehicle acquisition, severance and other one-time items.

下降的原因主要是調整後的 EBITDA 較低，以及為車輛購置、遣散費和其他一次性項目提供資金的利息費用較高。

Lastly, in connection with the Company's disposition of EHC. in January 2024 and other factors management is finalizing certain line items in the financial statements, primarily related to the amount of goodwill impairment and the final numbers will be included in our 10 K filing.

最後，關於公司對 EHC 的處置。 2024 年 1 月和其他因素管理階層正在最終確定財務報表中的某些項目，主要與商譽減損金額相關，最終數字將包含在我們的 10 K 備案中。

Moving to our guidance.

轉向我們的指導。

First, in an effort to improve our transparency, we will begin providing guidance for the upcoming quarter starting today.

首先，為了提高透明度，我們將從今天開始為下一季提供指導。

For the first quarter, we expect revenue to be in the range of $82 million to $84 million, adjusted EBITDA to be between $8.5 million and $9.5 million.

我們預計第一季營收將在 8,200 萬美元至 8,400 萬美元之間，調整後 EBITDA 將在 850 萬美元至 950 萬美元之間。

And for the full year 2024 we expect revenue of $340 million to $350 million, adjusted EBITDA to be $45 million to $50 million.

我們預計 2024 年全年營收為 3.4 億至 3.5 億美元，調整後 EBITDA 為 4,500 萬至 5,000 萬美元。

I want to give you a little insight into our thought process and the assumptions that went into this year's guidance.

我想讓您深入了解我們的思考過程以及今年指導中的假設。

Firstly, we have assumed impact of HD. in the guidance.

首先，我們假設了高清的影響。在指導中。

In other words, the guidance assumes only 15 days of HD. in Q1.

換句話說，該指南僅假設 HD 為 15 天。在第一季。

As a point of reference, D. accounted for approximately $16 million in revenue in 2023 with approximately $2 million contribution to adjusted EBITDA.

作為參考，D. 2023 年的收入約為 1600 萬美元，調整後的 EBITDA 貢獻約為 200 萬美元。

Secondly, a full year of vehicle is included in these numbers.

其次，這些數字中包含一整年的車輛。

For 2024, we expect revenue of less than $20 million with an approximately $4.5 million contribution to adjusted EBITDA.

2024 年，我們預計營收將低於 2,000 萬美元，調整後 EBITDA 貢獻約 450 萬美元。

Starting with bookings, we took the conservative approach for the full year and assume 2024 will be relatively flat compared to last year.

從預訂量開始，我們對全年採取了保守的方法，並假設 2024 年與去年相比將相對持平。

Excluding EFC. and variable.

不包括EFC。和變數。

In terms of quarterly cadence, we expect the first quarter to be the lowest of the year and then build as the year progresses.

就季度節奏而言，我們預計第一季將是全年最低的，然後隨著時間的推移而增加。

That said, please keep in mind that bookings are lumpy.

也就是說，請記住，預訂是不穩定的。

The midpoint of our annual revenue ranges implies 6.5% growth, excluding TSB from 2023.

我們的年收入範圍的中點意味著 2023 年起 6.5% 的成長（不包括 TSB）。

And that will be primarily driven by organic growth in our Austrian business and the full year contribution from renewables last year.

這將主要由我們奧地利業務的有機成長以及去年再生能源的全年貢獻所推動。

Rcm, including variable in Q4 accounted for 57% of our total revenue and this year, we think could be about two thirds of total revenue.

Rcm（包括第四季的變數）占我們總營收的 57%，我們認為今年可能佔總營收的三分之二左右。

We are forecasting our EHR business to be relatively flat, excluding the impact from sunsetting of our centric platform.

我們預測我們的電子病歷業務將相對持平，排除我們中心平台廢棄的影響。

I also want to provide further detail on how we anticipate EBITDA margins to progress over the year.

我還想提供更多細節，說明我們預計 EBITDA 利潤率今年將如何發展。

The first quarter will be our lowest EBITDA margin in 2024 at approximately 11% based on the midpoint of our quarterly guidance range.

根據我們季度指引範圍的中位數，第一季將是我們 2024 年最低的 EBITDA 利潤率，約 11%。

This is because we have just begun ramping our global workforce and therefore have some duplicative costs during the initial transition to ensure continuity for our existing customers.

這是因為我們剛開始增加全球員工隊伍，因此在最初的過渡期間會產生一些重複成本，以確保現有客戶的連續性。

We expect the second half to have higher EBITDA margins to reflect the benefits from already negotiated vendor savings savings, ramping the offshore workforce and expected first half bookings converting to revenue.

我們預計下半年將有更高的 EBITDA 利潤率，以反映已協商好的供應商節省費用、增加海外勞動力以及預計上半年預訂轉化為收入的好處。

I have been conservative to not include any other future cost savings booked initiatives in our guidance that we have initiated as part of cost rationalization and capital allocation strategy.

我一直保守地認為，我們作為成本合理化和資本分配策略的一部分而發起的指導中不包括任何其他未來成本節約預訂計劃。

These initiatives are in the preliminary stages, but include a review of overall cost structure relating to vendors.

這些措施尚處於初步階段，但包括對與供應商相關的整體成本結構的審查。

Then G&A, including real estate and CapEx spend.

然後是一般管理費用，包括房地產和資本支出。

We should see benefits in the second half, but there are too many moving parts as it relates to the contribution from the offshore transition, along with other factors to count them in the financials.

我們應該在下半年看到收益，但有太多的變化因素，因為它與離岸轉型的貢獻以及其他因素有關，無法將其計入財務數據。

From that, I'd like to close out my first call by thanking Chris and the rest of the CPSI. team for a warm welcome to the Company.

在此，我想透過感謝 Chris 和 CPSI 的其他成員來結束我的第一次電話會議。團隊對公司的到來表示熱烈的歡迎。

And a great first couple of months.

前幾個月過得很好。

I'm excited to help CPSI successfully capitalize on the many opportunities that lie ahead of us.

我很高興能夠幫助 CPSI 成功地利用我們面前的許多機會。

And I look forward to getting to know many of you in the coming weeks and months and keeping you updated on our progress as the year unfolds.

我期待在接下來的幾週和幾個月內認識你們中的許多人，並隨著時間的推移向你們通報我們的最新進展。

The task, I will open the call up to questions.

任務，我會打開電話提問。

Thank you.

謝謝。

We will now be conducting a question and answer session.

我們現在將進行問答環節。

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

如果您想提問，請按電話鍵盤上的星號一。

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

確認音將表示您的線路已在佇列中。

You may press star two.

您可以按星二號。

If you would like to remove your question from the queue For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys for one moment, please while we poll for questions.

如果您想從佇列中刪除您的問題 對於使用揚聲器裝置的參與者，可能需要先拿起聽筒，然後再按星號鍵一會兒，請在我們輪詢問題時提出。

Our first question comes from Jeff Garrow with Stephens Inc.

我們的第一個問題來自 Stephens Inc. 的 Jeff Garrow。

Please speed with your cost Yes, good afternoon.

請加快您的費用 是的，下午好。

Thanks for taking the questions, and welcome to the call today.

感謝您提出問題，歡迎今天致電。

Wanted to ask about margins in 2024, we would expect view go and further offshore leverage as well as potentially some reduced R&D following the post-acute divestiture to be accretive to margins.

想詢問 2024 年的利潤率，我們預計，視圖轉移和進一步的離岸槓桿以及在急性剝離後可能減少的研發將增加利潤率。

So could you discuss those in some more detail and also any potential offsets the heavy landing at those roughly flat EBITDA margins at the midpoint of the guidance year over year.

那麼，您能否更詳細地討論這些問題，以及任何可能抵消同比指導值大致持平的 EBITDA 利潤率大幅下降的影響。

Thank you, Jeff.

謝謝你，傑夫。

First of all, I'm excited and looking forward to building this relationship with all of you, and you're absolutely right, it looks like a flat margin and all the reasons you outlined are also factored in.

首先，我很興奮並期待與你們所有人建立這種關係，你們是絕對正確的，看起來利潤率持平，並且你們概述的所有原因也都考慮在內。

But there are a big couple of big offsets that I would highlight.

但我要強調一些重大的偏移。

One is some budget for 2024 will be based at full bonus.

一是 2024 年的一些預算將基於全額獎金。

So compensation related expense adds a significant portion and this compensation and bonus accruals as well as merit increase that offsets most of those gains operator and body the body that then obviously, we had smaller increases from the full-time impact of the items that we have done in this in the second half of 23.

因此，與薪酬相關的費用增加了很大一部分，這種薪酬和獎金應計以及績效增加抵消了運營商和身體機構的大部分收益，那麼顯然，我們所擁有的項目的全職影響的增長較小23 號下半年完成。

Full year impact is felt in 24.

全年影響將在 24 日顯現。

So these are investments in support technology and sales and markets.

因此，這些是對支援技術、銷售和市場的投資。

Got it.

知道了。

That helps and you step back a bit and throw it out there for Chris.

這很有幫助，你退後一步，把它扔給克里斯。

Yes, you've done the Vigo acquisition.

是的，您已經完成了 Vigo 收購。

You've divested the post-acute business.

您已經剝離了急性後期業務。

Curious if we should think about potential for additional street strategic moves to come?

好奇我們是否應該考慮未來採取更多街頭策略措施的可能性？

Or do you now have the platform that you want to grow and drive leverage across?

或者您現在是否擁有想要發展並提高影響力的平台？

You know, I think it's a super fair question.

你知道，我認為這是一個非常公平的問題。

And I would say right now for 2024.

我想說的是 2024 年。

We've got a full plate and we're looking to execute.

我們已經完成了全部工作，並且正在尋求執行。

And so we were excited about obviously getting the Bugle deal done at the end of last year, excited about the HT. divestiture, creating the additional focus there.

因此，我們對去年底完成 Bugle 交易感到興奮，並對 HT 感到興奮。剝離，在那裡創造額外的焦點。

And right now top of mind for us is continuing to drive sales and revenue growth and really capturing the value of the vehicle workforce transformation over the course of this year.

目前，我們的首要任務是繼續推動銷售和收入成長，並真正抓住今年汽車勞動力轉型的價值。

And you know, going back to that margin question you have you can look at I'm excited about the fact that we're providing the quarterly look ahead guidance, which allows a bit more visibility for you guys as we're continuing to march through this transformation.

你知道，回到你可以看的那個保證金問題，我很高興我們提供季度展望指導，這讓你們在我們繼續前進的過程中有更多的可見性通過這種轉變。

But you can also tell just from the bridge of looking at Q1 over the course of the year, there's a pretty steady ramp on as that margin grows as we continue to execute on the on the offshore workforce.

但您也可以從全年第一季的情況來看，隨著我們繼續執行離岸勞動力計劃，利潤率會不斷增長。

Thanks.

謝謝。

And I appreciate that one last one from me before I jump back in the queue, but I want to make sure we have bookings and solve a nice finish for the year.

在我重新加入隊列之前，我很感激我的最後一個，但我想確保我們有預訂並為這一年畫上一個漂亮的句號。

Could you help us think about the pipeline from here and where our expectations should be for bookings in 2024?

您能否幫助我們思考接下來的管道以及我們對 2024 年預訂的期望應該在哪裡？

Yes, we were definitely thrilled to see the rebound that we had in Q4 over Q3.

是的，我們確實很高興看到第四季相對第三季的反彈。

We continue to remain cautiously optimistic.

我們繼續保持謹慎樂觀。

I think the track we fell into last year, Jeff was getting a little over our skis with and I know we've talked about this throughout the year of how quickly this market was going to unlock.

我認為去年我們陷入的賽道上，傑夫對我們的滑雪板有點不滿意，我知道我們全年都在談論這個市場將如何快速開放。

And so so if you look at our guidance.

如果您查看我們的指南，情況也是如此。

I think that we've taken a very measured approach at how the bookings contribution has impact over the course of the year.

我認為我們對預訂貢獻在這一年中的影響採取了非常謹慎的方法。

With that said, the pipeline continues to be strong.

話雖如此，管道仍然強勁。

We're continuing to have the same great conversations with customers and seeing those pickup both in our existing customer base and with our Yes, outside of the EHR.

我們將繼續與客戶進行同樣精彩的對話，並在我們現有的客戶群和 EHR 之外的「是的」客戶群中看到這些對話。

Great.

偉大的。

Thanks again, for taking the questions back in the queue.

再次感謝您將問題重新納入隊列。

Our next question comes from Sarah James with Cantor Fitzgerald.

我們的下一個問題來自莎拉·詹姆斯和康托·菲茨杰拉德。

Please proceed with your question.

請繼續你的問題。

Thank you.

謝謝。

And I was hoping you could unpack the seasonality a little bit more and what the year looks like, especially on the EBITDA side, a little bit more back-end loaded.

我希望你能更多地了解季節性以及今年的情況，特別是在 EBITDA 方面，後端負​​載更多一些。

Are there any one-timers in there?

裡面有一次性的嗎？

We should think about is the cost of rebranding in 1Q 24?

我們該思考的是，24年第一季品牌重塑的成本是多少？

And how sizable is that?

那有多大呢？

Yes.

是的。

So that's a great question and certainly nice to meet you again.

這是一個很好的問題，很高興再次見到你。

Some of the margins that give us adjusted EBITDA margins and re-branding and all one-time items that are taken out.

一些為我們提供調整後 EBITDA 利潤和品牌重塑的利潤以及所有一次性項目都被剔除。

We have the rebranding cost of this year, but it's not included in the adjusted EBITDA margin, you're right, the margin is back-end loaded for two reasons.

我們有今年的品牌重塑成本，但它沒有包含在調整後的 EBITDA 利潤中，你是對的，利潤是後端加載的，原因有兩個。

The ramping that you will have is on a month-to-month basis.

您將獲得的增量是按月計算的。

So if I have something in the 1st month, I guess in the last quarter, all the benefits.

因此，如果我在第一個月有一些東西，我想在最後一個季度，所有的好處。

So it's a ramping up of month by month so that my Q4 will be the maximum benefit.

因此，這是逐月增加的，這樣我的第四季將獲得最大的收益。

That's one.

這是一個。

Secondly, my vendor savings that we have negotiated is it kicks in from Q2 onwards.

其次，我們已經協商好的供應商節省費用是從第二季開始的。

So that's that's the second aspect of it.

這就是它的第二個面向。

And obviously, the bookings and the revenue that you expect is the benefits that we will see is also back-end loaded.

顯然，您期望的預訂和收入是我們將看到的好處，也是後端加載的。

So it's a mix of all three.

所以它是三者的混合。

The good advantage part of it is vendor savings has already been negotiated and the bookings of first half and design will give us a great color for the second half quite often.

它的好處是供應商節省的費用已經協商好了，上半年和設計的預訂通常會為我們下半年帶來很好的色彩。

Great.

偉大的。

Thank you, Rene.

謝謝你，雷內。

And maybe you could give us a little bit of insight into your process there, how you've been going through the review of the business units and how you think about guidance philosophy, whether it it's conservative or optimistic?

也許您可以向我們介紹一下您的流程、您如何進行業務部門的審查以及您如何看待指導理念，無論是保守還是樂觀？

That's a that's a great question that you say I've always been told futures and tell me whether I was optimistic or conservative, but I'll tell you how much I have thought through this.

這是一個很好的問題，你說我總是被告知未來並告訴我我是樂觀還是保守，但我會告訴你我對此進行了多少思考。

As you know, so there are a lot of moving pieces, a lot of pieces that could change.

如你所知，有很多變化的部分，很多可能改變的部分。

But how I talk to is looking at the past to be my looking at history and then looking at future and breaking into two parts, like what Chris said, one being a little conservative on making sure what we learnt of optimism of 23 is not baked into 24.

但我的談話方式是回顧過去，就像我回顧歷史，然後展望未來，分成兩部分，就像克里斯所說的那樣，一部分有點保守，以確保我們從23 的樂觀主義中學到的知識不會被烘烤。

So a flat bookings number, excluding the Oval and PSD was a good, especially despite coming off a high, a good on the Q4.

因此，不包括 Oval 和 PSD 在內的預訂量持平是一件好事，尤其是儘管在第四季度表現不錯，但預訂量卻很高。

That was one.

那是一個。

Second aspect on margins.

第二個方面是關於利潤率。

And some of it is my my history and my background laser focused on the controllable and making sure the rigor that we need.

其中一些是我的歷史和我的背景雷射專注於可控性並確保我們需要的嚴格性。

We have started putting on on on these expenses and everyone to fight to stay on that on the P&L has has, I would say some of it which are fully baked is already captured like the window saving.

我們已經開始增加這些費用，每個人都在努力維持損益表上的費用，我想說，其中一些完全成熟的費用已經被捕獲，例如窗戶節省。

But the other that I mentioned in my in my prepared remarks, our work that I'm trying to do and have an ROI focus and more near term focused.

但我在準備好的演講中提到的另一個問題是，我們正在努力的工作，重點是投資報酬率和近期的工作。

So CapEx but product development expenses that we are spending looking at it from a project by project and ROA of not having to long-term and near-term is the cadence that we have just introduced started.

因此，我們從一個專案一個專案地支出的資本支出和產品開發費用以及不必長期和近期的 ROA 是我們剛剛介紹的節奏。

It's still early, but I would say that's the mindset I have to answer your question.

現在還為時過早，但我想說這就是我回答你的問題的心態。

I feel at least 60 days, and it looks like a balanced budget to the best of my ability of understanding.

我感覺至少有 60 天，而且據我所知，這看起來是一個平衡的預算。

But I feel more like what we've said cautiously optimistic and then a lot more work to be done in the coming months because what we do?

但我感覺更像是我們所說的謹慎樂觀，然後在接下來的幾個月裡還有很多工作要做，因為我們做了什麼？

No, I think you nailed it.

不，我想你已經成功了。

And again, Sarah, I would say definitely between the optimistic and conservative, I would say realistic is some over the first 60 days is the way that I would categorize the day and appreciate that approach also, again, I'm going to say this for the second time, I love the fact that we're giving the quarterly guidance, which I think helps everybody kind of keep track of our progress as we go as we do know that it's not quite a straight line on this transformation.

再說一遍，莎拉，我肯定會說，在樂觀和保守之間，我會說，在前60 天裡，現實是一些，這是我對這一天進行分類的方式，並且也欣賞這種方法，我要再說一次我第二次喜歡我們提供季度指導，我認為這可以幫助每個人跟踪我們的進展，因為我們確實知道這一轉變並不是一條直線。

Our next question comes from Jesse Davis with Barclays.

我們的下一個問題來自巴克萊銀行的傑西戴維斯。

Please proceed with your question.

請繼續你的問題。

Our guys have Stephanie Davis from Barclays, but it's okay because I can have a new name as you guys have a new name to Congress on the rebranding.

我們的人有來自巴克萊銀行的史蒂芬妮戴維斯，但這沒關係，因為我可以有一個新名字，就像你們在國會重塑品牌時有一個新名字一樣。

Now I was hoping to hear, Chris, you just came from a customer conference week on hearable everywhere.

現在我希望聽到，克里斯，你剛參加完可聽式無處不在的客戶會議週。

So tell me what's the feedback, what are folks looking for and what was the big area of demand that everyone talks about.

那麼請告訴我回饋是什麼，人們在尋找什麼以及每個人談論的最大需求領域是什麼。

Will color, Stephanie.

會顏色，史蒂芬妮。

So Stephanie, thanks for the question.

史蒂芬妮，謝謝你的提問。

Like I was saying, we have been thrilled with the response to the rebrand on all fronts.

就像我說的，我們對品牌重塑在各個方面的反應感到非常興奮。

And granted it is early days, but you know, obviously you shared your e-mail and obviously you've been you've been bugging us about this for quite a while.

誠然，現在還處於早期階段，但你知道，顯然你分享了你的電子郵件，而且顯然你已經為此困擾我們很長一段時間了。

I think the sentiment from the from the Street has been finally make it easier to tell the story, our customers and our employees all seem to get it as well and appreciate the consolidation and the ease of how we how we talk about who we are.

我認為來自華爾街的情緒終於讓講故事變得更容易了，我們的客戶和員工似乎也明白了這一點，並欣賞我們如何談論我們是誰的整合和輕鬆。

I'm going to go into the conference devices what I would say that we saw kind of more than anything was it people are people are looking for insights on insights on where there are opportunities for there to for them to improve efficiencies, which lined up really nicely with them.

我將討論會議設備，我想說的是，我們看到的最重要的是人們正在尋找洞察力，了解哪裡有機會提高效率，這些都排列在一起和他們相處得很好。

We had a little soft launch for an analytics platform that we're driving now.

我們對我們現在正在推動的分析平台進行了一些軟啟動。

And so, you know, our thought is that step one is the technology that's available to find.

所以，你知道，我們的想法是第一步是找到可用的技術。

There's the areas for improvement on the RCM side.

RCM 方面還有需要改進的地方。

And then obviously, with the opportunity for us to back that up with some services that come in, which I think is, you know, is as much of top of mind to the customers as identifying what those problems are once you've identified and it's about how do you solve them.

顯然，我們有機會透過一些進來的服務來支持這一點，我認為，你知道，這對客戶來說是最重要的，就像一旦你發現並確定這些問題是什麼一樣。 。

When I think about a legacy industry that does a lot of insights work, I think in Nielsen, and we've got the name coming from there.

當我想到一個具有許多洞察力的傳統產業時，我想到了尼爾森，我們的名字就來自那裡。

Renee is there anything you're seeing in that opportunity where you can kind of get some learnings from your past?

Renee，你認為在這個機會中你能從過去的經驗中學到一些東西嗎？

I would say Stephanie boss, not just Nielsen from hubs of IONA's banking everything has and I'm learning and learning from those experiences and utilizing it here.

我想說的是史蒂芬妮老闆，不僅僅是來自 IONA 銀行業務中心的尼爾森，一切都有，我正在從這些經驗中學習並在這裡利用它。

And the key one I would say is and focus a lot on my controllable.

我想說的關鍵是，專注於我的可控性。

This is cost structure and CapEx because that's a that's an influence I can make and having lived through two private equity learnings and they have been amazing teachers to me.

這是成本結構和資本支出，因為這是我可以產生的影響，並且經歷了兩次私募股權學習，他們對我來說是很棒的老師。

So bringing that cadence of an ROI mindset has helped me a lot one.

因此，引入投資報酬率心態的節奏對我幫助很大。

Secondly, in my Nielsen on having focused on revenue and all, it's building that partnership with the business where accountability is an ownership are shared and that plus translation of bookings into revenue in the right, it's from a forecasting is the second one and the third, which is not Nielsen, not have.

其次，在我的尼爾森中，重點關注收入和所有方面，它正在與企業建立合作夥伴關係，其中責任是共享所有權，再加上右側將預訂轉化為收入，這是第二個和第三個預測，這不是尼爾森，沒有。

I just why I am cash is the only tool I'm going after.

我只是因為現金是我追求的唯一工具。

So improving my free cash flow has been the mantra that uncommitted two sets of journey that I'm I know might be longer, but every day every month is where I'm looking to make a difference.

因此，改善我的自由現金流一直是我不承諾的兩套旅程的口頭禪，我知道這可能會更長，但每一天、每個月都是我希望有所作為的地方。

You mean that on the rev cycle side, I wanted to dig in a little bit it looks like your cross-sell motions have been a little bit softer for the past few quarters.

您的意思是，在轉速週期方面，我想深入研究一下，在過去的幾個季度裡，您的交叉銷售動作似乎有點溫和。

Is there any color on this?

這上面有顏色嗎？

And then last one's a quick housekeeping one.

最後一個是快速的內務管理。

I didn't see an NPR metric.

我沒有看到 NPR 指標。

Is that going to be disclosed?

這要被披露嗎？

Or is there anything you can share on?

或是有什麼可以分享的嗎？

Yes.I'll take the first and then let let me now talk a little bit about the NPR and kind of the approach there from as it relates to the bookings and just kind of from a macro view, I would say we're still very confident on as it relates to the cross sell opportunity, we continue to see that that into the market can continue to have some momentum.

是的。繼續看到進入市場可以繼續有一些動力。

I think it's still we still have the same challenges to an extent, while we're seeing them turn down a little bit.

我認為我們在某種程度上仍然面臨著同樣的挑戰，但我們看到它們有所下降。

It's the it's the economic impact of the jobs in the community, and it is the the concept of outsourcing in general?

是社區工作的經濟影響，還是一般外包的概念？

Yes.

是的。

Remember, we're still talking about a market that that 70%, 80% of it's still being done in-house, and there's not a regulatory push to drive to this to drive to this model.

請記住，我們仍在談論一個 70%、80% 的市場仍在內部完成，並且沒有監管推動推動這種模式的發展。

And so we're still we're still selling the idea of outsourcing before we're selling TruBridge as the provider for that service.

因此，在我們將 TruBridge 作為該服務的提供者出售之前，我們仍然在推銷外包的想法。

And so we're making great strides on that.

因此，我們正在這方面取得長足進展。

That sales force has now been intact for a full year.

該銷售隊伍現已完好無損地維持了一整年。

So they're definitely have their feet under them.

所以他們肯定已經站穩了。

One on the value proposition of what it is that we're selling and to building that relationship with their customers.

一是關於我們所銷售產品的價值主張以及與顧客建立這種關係。

And so we're expecting to see that as the as the year unfolds continue to make progress there.

因此，我們期望看到隨著時間的推移，這方面將繼續取得進展。

And I'll let Bill talk a little bit about the MDR?

我會讓 Bill 談談 MDR 嗎？

Yes.

是的。

So certainly, I feel bookings is a is a great metric because it is an important rebound of our own that we are reflecting NPR.

當然，我認為預訂量是一個很好的指標，因為我們反映的 NPR 是我們自己的一個重要反彈。

I just wanted to take a little more time to do the homework of understanding the ins and outs because like everyone else of a portion of our NPR data is relied on third-party inputs.

我只是想多花一點時間來了解細節，因為像其他人一樣，我們的 NPR 數據的一部分依賴第三方輸入。

And then when you know when it's not in my cost control, knowing how the out inputs come in, what's the cadence?

然後當你知道什麼時候它不在我的成本控制範圍內時，知道輸出輸入是如何進入的，節奏是怎樣的？

I just want to do that homework a little bit longer to just make sure I understand what are the ins and outs and how how is that a leading indicator for me.

我只是想多做一點作業，以確保我了解其來龍去脈，以及這對我來說是一個領先指標。

So that's the reason why you didn't see it in this.

這就是為什麼你沒有在這裡看到它的原因。

But bookings, which is obviously our deals closed, is a great indicator for us for the time being.

但預訂量（顯然是我們的交易已完成）目前對我們來說是一個很好的指標。

Is that helpful?

有幫助嗎？

The conversion metrics?

轉化指標？

Thank you guys basically every or Jesse, whichever it is.

基本上謝謝你們，或是傑西，無論是誰。

Yes said.

是的說。

Our next question comes from George Hill with Deutsche Bank.

我們的下一個問題來自德意志銀行的喬治·希爾。

Please proceed with your question.

請繼續你的問題。

And yes, hi.

是的，嗨。

It's Max now for George, thanks for taking the question.

現在是喬治的麥克斯，感謝您提出問題。

And can you talk a little bit about what has changed in outsourcing conversations lately, prospective client, just given the recent macro environment?

潛在客戶，考慮到最近的宏觀環境，您能談談最近外包對話發生了什麼變化嗎？

Yes.

是的。

And sorry, I didn't catch your name, so but I'll answer the question.

抱歉，我沒聽清楚你的名字，所以我會回答這個問題。

I think I did hear most of that from what I would say is that definitely we're seeing the increased interest.

我想我確實聽到了大部分內容，我想說的是，我們肯定看到了人們的興趣增加。

And that is based on, as I said in the prepared remarks, the pressure on the labor market specific to the communities that we're serving.

正如我在準備好的演講中所說，這是基於我們所服務的社區所面臨的勞動力市場壓力。

And secondly, you know, as as the reimbursements tick and continue to get complex more complex.

其次，你知道，隨著報銷的進行，情況會變得越來越複雜。

The need for specialized skills and continuing to stay on top of that continues to ratchet up.

對專業技能和繼續保持領先地位的需求不斷增加。

And to give an example that if you go back five years ago, the vast majority of these hospitals, we're their payments were on the backs of traditional Medicare Medicaid and probably a Blue Cross.

舉個例子，如果你回到五年前，絕大多數這些醫院，我們的付款都是基於傳統的醫療保險醫療補助，可能還有藍十字。

It was going to make up the vast majority of their payments and a pretty straightforward payment model that they were getting reimbursed on and also getting paid within 14 to 17 days while it may not be the dollars that they want to get, they will get.

它將構成他們的絕大多數付款，並且是相當簡單的付款模式，他們可以獲得報銷，並且會在14 到17 天內收到付款，雖然這可能不是他們想要得到的美元，但他們會得到。

They knew that they knew the money that they were going to get a new win in the time that they would get it and they can budget for that.

他們知道他們知道他們將在獲得新勝利時獲得多少錢，並且可以為此做好預算。

What's happened as you've seen this kind of proliferation of the move to the Medicare Advantage or the value-based care model has created more complexity and making a little not quite so straightforward and getting that money in.

正如您所看到的，這種向醫療保險優勢或基於價值的護理模式的轉變已經造成了更多的複雜性，並且使得資金的投入變得有些不那麼簡單。

So it's about, again having the resources one that are available, just the the bodies and the chairs.

所以，這又是關於擁有可用的資源，只有身體和椅子。

And then secondly, making sure that they're able bodies and they're on top of the, you know, the changing landscape of how that reimbursement is.

其次，確保他們身體健康，並且能夠適應報銷方式不斷變化的情況。

So that's really where the vast majority of the conversation has shifted to.

所以這確實是絕大多數談話已經轉向的地方。

And again, you know, as we have some of this is what we do.

再說一次，你知道，因為我們有一些這就是我們所做的。

We live and breathe by this specifically with more than half of our business.

我們一半以上的業務都以此為生。

And so we're able to sell on the success that we've had with our 20 plus years of experience to be able to bring that consistency and on succession to the delivery for those opportunities.

因此，我們能夠利用我們 20 多年的經驗所取得的成功，能夠為這些機會帶來一致性和連續性。

It appears that there are no further questions at this time.

目前看來沒有其他問題了。

I would now like to turn the floor back over to Chris Fowler for closing.

我現在想把發言權交還給克里斯·福勒來結束。

Well, thanks, everybody, for joining us.

好的，謝謝大家加入我們。

Also thank you for the patience with our technical difficulties.

也感謝您對我們技術難題的耐心解答。

Hopefully, that will be a one-time and only and obviously being a thank you to the to the new co pilot that we've got sitting with us than a bashing.

希望這將是一次性的、唯一的、顯然是對我們坐在一起的新副飛行員的感謝，而不是猛烈的抨擊。

I'm looking forward to to go and finish in this transformation and continuing the progress that we've started here at CPSS. soon to be TruBridge on Monday, but hope everybody has a wonderful rest of your day and good weekend, and thank you again.

我期待著完成這項轉變，並繼續我們在 CPSS 已經開始的進展。週一即將成為 TruBridge，但希望大家度過愉快的一天，週末愉快，再次感謝大家。

For your support in our company.

感謝您對我們公司的支持。