TruBridge Inc (TBRG) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the TruBridge second-quarter 2024 earnings conference call.

下午好，歡迎參加 TruBridge 2024 年第二季財報電話會議。

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

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

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。

The 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.

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，包括但不限於表格 10-K 上的最新年度報告。

The company also cautions investors that the forward-looking information provided in this call represents their outlook only as of this date, and they undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call.

該公司還提醒投資者，本次電話會議中提供的前瞻性資訊僅代表他們截至該日期的展望，他們沒有義務更新或修改任何前瞻性陳述以反映本次電話會議之後的事件或發展。

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

此時，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, Dru, and thank you to everyone for joining us today.

謝謝你，德魯，也謝謝大家今天加入我們。

I'm pleased to report that our second quarter saw continued bookings momentum, strong revenue performance, EBITDA margin expansion, dramatic improvement in cash flow from operations.

我很高興地向大家報告，我們第二季的預訂動能持續強勁，營收表現強勁，EBITDA 利潤率擴大，營運現金流大幅改善。

Our total bookings for the quarter came in at $23.3 million, marking the third straight quarter over $20 million.

我們本季的總預訂額為 2,330 萬美元，連續第三季超過 2,000 萬美元。

At the first of the year, we said that we were cautiously optimistic about our sales momentum, and that continues to be the case.

今年年初，我們表示對銷售動能持謹慎樂觀態度，而且情況仍然如此。

We have also talked about the two-step process for selling our RCM services, the first being educating the client about the virtues of outsourcing, and secondly, selling TruBridge as the vendor.

我們也討論了銷售 RCM 服務的兩步驟流程，首先是向客戶介紹外包的優點，其次是作為供應商出售 TruBridge。

While still a bit anecdotal, we are seeing promising signs that the market is becoming more educated on outsourcing, thus allowing us to focus more on simply selling TruBridge as their future partner.

雖然仍然有點傳聞，但我們看到了有希望的跡象，表明市場對外包的了解越來越多，使我們能夠更多地專注於將 TruBridge 作為他們未來的合作夥伴進行銷售。

Looking deeper at our bookings, our integrated nTrust solution is resonating in the market.

深入研究我們的預訂，我們的整合 nTrust 解決方案在市場上引起了共鳴。

In the first half of the year, we saw a 60% increase in the number of new nTrust clients compared to the first half of 2023.

與 2023 年上半年相比，今年上半年，我們發現 nTrust 新客戶數量增加了 60%。

Our fully integrated solution is better for our clients as the shared risk SaaS model eliminates the need to budget for new products, price increases or ongoing maintenance payments, and is a benefit to TruBridge as those clients represent a higher lifetime value for us and tend to be stickier over time.

我們完全整合的解決方案對我們的客戶來說更好，因為共擔風險SaaS 模式消除了新產品預算、價格上漲或持續維護費用的需要，並且對TruBridge 來說也有好處，因為這些客戶對我們來說代表著更高的終身價值，並且傾向於隨著時間的推移而變得更加黏稠。

Our cross-selling efforts are bearing fruit with $7 million signed in the quarter.

我們的交叉銷售努力正在取得成果，本季簽署了 700 萬美元的合約。

Several enterprise clients expanded their relationship with TruBridge to include coding and additional billing and collecting opportunities, and current CBO clients added service lines like ambulatory billing, even in instances where they're not running our EHR.

一些企業客戶擴大了與 TruBridge 的關係，包括編碼以及額外的計費和收集機會，而目前的 CBO 客戶添加了動態計費等服務線，即使在他們沒有運行我們的 EHR 的情況下也是如此。

Importantly, at an increasing rate, our clients are turning to TruBridge as their sole revenue cycle partner, even when they're not yet ready to fully outsource.

重要的是，我們的客戶越來越多地將 TruBridge 作為他們唯一的收入週期合作夥伴，即使他們尚未準備好完全外包。

Last quarter, we spent time discussing the timing of our bookings-to-revenue conversion.

上個季度，我們花了時間討論預訂到收入轉換的時間。

While those larger deals can still take time to implement, we have seen the rate of conversion slightly decrease this quarter.

雖然這些較大的交易仍需要時間來實施，但我們看到本季的轉換率略有下降。

We are laser-focused on accelerating the implementation of new contracts while being mindful of our customers' limitations and their time constraints.

我們專注於加快新合約的實施，同時注意客戶的限制和時間限制。

Much of the work Vinay and his team have done to increase visibility into how and when bookings convert to revenue has been a key piece in managing this figure.

Vinay 和他的團隊為提高預訂如何以及何時轉化為收入的可見性所做的大部分工作都是管理這一數字的關鍵部分。

At this point in the year, we have over 90% of our projected 2024 revenue under contract, and based on our pipeline, we're optimistic the momentum in bookings will continue into the back half of the year.

今年此時，我們預計 2024 年收入的 90% 以上都已簽訂合同，並且根據我們的管道，我們樂觀地認為預訂勢頭將持續到今年下半年。

During the quarter, we also made progress on our offshoring initiative and saw early successes from our acquisition of Viewgol.

本季度，我們的離岸外包計畫也取得了進展，並透過收購 Viewgol 取得了早期成功。

We saw sequential improvement in EBITDA during the quarter and feel confident that Viewgol will achieve the $4.5 million adjusted EBITDA target for the year.

我們看到本季 EBITDA 連續改善，並相信 Viewgol 將實現今年 450 萬美元的調整後 EBITDA 目標。

At the end of Q2, 43% of our CBO and EVO operation is offshore, compared to 25% at the end of Q1.

截至第二季末，我們 43% 的 CBO 和 EVO 業務位於離岸，而第一季末這一比例為 25%。

During the conversion, we are maintaining overlapping staff to ensure a smooth transformation of service.

在轉型期間，我們會保留重疊的人員，以確保服務的順利轉型。

In addition, we tend to staff new opportunities ahead of the anticipated contracts and expect these savings to ramp over the next few quarters.

此外，我們傾向於在預期合約簽訂之前尋找新的工作機會，並預計這些節省將在未來幾季逐步增加。

For these reasons, we remain confident in our long-term margin expansion, but believe that will be muted in the near-term.

基於這些原因，我們對長期利潤率擴張仍然充滿信心，但相信短期內利潤率擴張將會減弱。

As we stated last year, we did see some hiccups with our offshore partner, which spurred us on to the acquisition of our own captive offshore operation with Viewgol, but some of last year's challenges with that offshore partner has translated into slightly lower retention this year.

正如我們去年所說，我們確實與離岸合作夥伴發生了一些問題，這促使我們與Viewgol 收購了我們自己的自營離岸業務，但去年與該離岸合作夥伴面臨的一些挑戰已轉化為今年的保留率略有下降。

To counter this, we're doubling down on our client retention efforts and being more proactive by leveraging Viewgol's extensive experience and best-in-class approach to customer management, specifically getting the domestic client management teams and offshore production teams aligned quickly and as smoothly as possible.

為了解決這個問題，我們正在加倍努力保留客戶，並利用 Viewgol 豐富的經驗和一流的客戶管理方法更加積極主動，特別是讓國內客戶管理團隊和海外生產團隊快速、順利地協調一致盡可能。

We look to end the year on stable footing and continue to be optimistic about the delivery of the offshore staff.

我們希望以穩定的方式結束今年，並對離岸員工的交付繼續持樂觀態度。

Vinay will provide an update on the progress he continues to make on our financial initiatives, but I would be remiss not to mention how pleased I am with the improvements he and his team have made thus far.

維奈將提供他在我們的財務計劃方面繼續取得的進展的最新信息，但如果我不提及我對他和他的團隊迄今為止所取得的進步感到多麼高興，那我就失職了。

Overall, this was a solid first half to our year and I believe we're delivering sustainable results.

整體而言，今年上半年表現不錯，我相信我們正在取得可持續的成果。

While our transformation is still underway, we are pleased with the progress we have made in both of our business units.

雖然我們的轉型仍在進行中，但我們對兩個業務部門所取得的進展感到高興。

The rural and community market is still our focus, and we will continue to advance our products and services to keep care local.

農村和社區市場仍然是我們的重點，我們將繼續改進我們的產品和服務，以維持本地護理。

With that, I'll turn the call over to Vinay.

這樣，我就把電話轉給 Vinay。

Thank you, Chris, and thank you all for joining us today to discuss our second-quarter results.

謝謝克里斯，也謝謝大家今天加入我們討論我們的第二季業績。

In addition to the strong operational performance that Chris just highlighted, we also made improvements to our financial operations.

除了克里斯剛才強調的強勁營運表現之外，我們還改善了財務營運。

As Chris mentioned, we are working diligently to enhance our financial quality controls and forecasting.

正如克里斯所提到的，我們正在努力加強我們的財務品質控制和預測。

In the second quarter, we saw some early indicators that our efforts are paying off.

在第二季度，我們看到了一些早期跡象，表明我們的努力正在取得回報。

One of my first priorities was to improve our cash collection and management.

我的首要任務之一是改善我們的現金收集和管理。

To that end, as I mentioned last quarter, we added additional headcount and implemented a process of daily AR and weekly payables review.

為此，正如我上季度提到的，我們增加了員工人數，並實施了每日 AR 和每週應付帳款審核流程。

Although these are early results, the metrics are moving in the right direction.

儘管這些只是早期結果，但指標正在朝著正確的方向發展。

Accounts receivable is down 7.2% sequentially.

應收帳款季減 7.2%。

Days sales outstanding are down approximately six days from Q1.

應收帳款天數比第一季減少了大約六天。

At the same time, accounts payable increased just over $4 million, as we are becoming more regimented, aligning with the terms of the contract.

同時，應付帳款增加了 400 萬美元多一點，因為我們變得更加嚴格，與合約條款保持一致。

The next priority was getting the business to free cash flow from operations positive.

下一個優先事項是讓企業從營運中釋放現金流。

In the second quarter, we delivered positive $13.8 million of cash flow from operations, primarily from improved working capital management and improved profitability.

第二季度，我們實現了 1,380 萬美元的營運現金流，主要來自營運資金管理的改善和獲利能力的提高。

Looking forward, it is our goal to remain free cash flow positive.

展望未來，我們的目標是維持自由現金流為正。

On year to date, cash flow from operations is $11.7 million, compared to $10.2 million in corresponding six months in 2023.

今年迄今為止，營運現金流為 1,170 萬美元，而 2023 年相應六個月為 1,020 萬美元。

On the P&L, we are focused on identifying efficiencies in an effort to improve profitability.

在損益表上，我們專注於確定效率以提高獲利能力。

We are on track to deliver the $5 million cost savings mentioned in the last earnings call in the year.

我們預計將實現今年上次財報電話會議中提到的 500 萬美元成本節省。

The majority of actions have been initiated.

大多數行動已經啟動。

We are continuously looking for areas to drive more efficiency in operations.

我們不斷尋找能夠提高營運效率的領域。

In terms of improving the quality of our reported earnings, the percent of capitalized software in the quarter was 5.2% of revenue and down 50 basis points from last quarter.

在提高報告收益品質方面，本季資本化軟體佔營收的比例為 5.2%，比上季下降了 50 個基點。

You will also see on our cash flow statement that our investment in software development has come in $3 million lower in the first two quarters this year compared to 2023.

您還會在我們的現金流量表中看到，與 2023 年相比，今年前兩季我們在軟體開發的投資減少了 300 萬美元。

We are investing wisely with an ROI focus and decline was primarily driven by sunsetting Centric and other low ROI projects.

我們正在以投資回報率為重點進行明智的投資，下降主要是由於 Centric 和其他低投資回報率項目的退出所致。

Lastly, looking forward, we are focused on improving our forecasting processes.

最後，展望未來，我們的重點是改善我們的預測流程。

We have been working to strengthen the partnership between the finance team and each business leader, and we have added a few experienced people to our FP&A team.

我們一直致力於加強財務團隊和各個業務負責人之間的合作夥伴關係，並且我們在 FP&A 團隊中增加了一些經驗豐富的人員。

We are building a monthly cadence of reviewing results, improving on key drivers for revenue and costs to help improving the forecasting process.

我們正在建立每月審查結果的節奏，改善收入和成本的關鍵驅動因素，以幫助改善預測流程。

I want to note that this won't be a quick fix, and I view it as an interactive multi-quarter journey.

我想指出的是，這不會是一個快速解決方案，我將其視為一個互動式的多季度旅程。

While all of these proof points are promising, there is still more room for improvement in these areas.

儘管所有這些證據都充滿希望，但這些領域仍有更多改進空間。

Moving on to our second-quarter results, starting from the top with bookings.

接下來是我們的第二季業績，從預訂量的頂部開始。

Total bookings of $23.3 million in the second quarter was approximately 11% higher than last year, mainly from Viewgol and increases in EHR by slightly offset by RCM.

第二季的總預訂量為 2,330 萬美元，比去年增長約 11%，主要來自 Viewgol 和 EHR 的成長，但 RCM 略有抵銷。

In this quarter, RCM had bookings of $13.5 million, including Viewgol, with about 50% coming from our existing EHR install base, demonstrating the progress we are making on our cross-selling goal.

本季度，RCM 的預訂量為 1,350 萬美元，其中包括 Viewgol，其中約 50% 來自我們現有的 EHR 安裝基礎，這表明我們在交叉銷售目標方面取得了進展。

EHR generated $9.8 million in bookings with over two-thirds coming from existing customers.

EHR 產生了 980 萬美元的預訂，其中三分之二以上來自現有客戶。

We view this as a good sign that the customers are happy with the solution and are willing to buy more from us.

我們認為這是一個好兆頭，表明客戶對解決方案感到滿意，並願意向我們購買更多產品。

Revenue of $84.7 in the quarter was essentially flat compared to last year.

本季營收為 84.7 美元，與去年同期基本持平。

The divestiture of AHT in January of this year and impact from sunsetting Centric by year end was offset by the positive contributions from Viewgol, which we acquired in the fourth quarter of last year.

今年 1 月剝離 AHT 以及年底關閉 Centric 的影響被我們去年第四季收購的 Viewgol 的積極貢獻所抵消。

RCM revenue of $54.1 million accounted for approximately 64% of total revenue.

RCM 收入為 5,410 萬美元，約佔總收入的 64%。

Viewgol performed in line with expectations.

Viewgol 的表現符合預期。

Total gross margin of 48.8% increased 100 basis points year over year.

總毛利率為48.8%，較去年成長100個基點。

RCM gross margins of 44.1% in the quarter improved approximately 84 basis points compared to the prior year, primarily due to revenue seasonality and Viewgol.

RCM 本季毛利率為 44.1%，與上年同期相比提高了約 84 個基點，主要是由於收入季節性和 ​​Viewgol。

This margin expansion was partially muted by efforts to seamlessly transition to our global workforce.

由於無縫過渡到我們的全球員工隊伍，利潤率的成長在一定程度上受到了抑制。

Additionally, EHR gross margins of 57.3% increased 350 basis points year over year driven by internal cost actions.

此外，在內部成本行動的推動下，EHR 毛利率為 57.3%，較去年同期成長 350 個基點。

Moving down the income statement, reported operating expenses represented 52.4% of total revenue in this quarter compared to 50.1% a year ago.

從損益表來看，報告的營運費用佔本季總收入的 52.4%，而去年同期為 50.1%。

While product development, sales and marketing and G&A are all down versus prior year, the increase in operating expense was primarily driven by an accelerated amortization of capitalized software costs associated with our financial management application product in EHR, which was shut down in Q2 as part of cost efficiency efforts.

雖然產品開發、銷售和行銷以及一般管理費用均較上年有所下降，但營運費用的增加主要是由於與我們的EHR 財務管理應用程式產品相關的資本化軟體成本加速攤銷所致，該產品在第二季被關閉成本效率的努力。

All of these items led to an adjusted EBITDA of $12.6 million in the quarter, a 12% increase year over year and 33% increase sequentially.

所有這些項目導致本季調整後 EBITDA 達到 1,260 萬美元，年增 12%，較上季成長 33%。

Likewise, adjusted EBITDA margin of 14.8% in the quarter increased 150 basis points year over year and about 350 basis points sequentially.

同樣，本季調整後 EBITDA 利潤率為 14.8%，較去年同期成長 150 個基點，較上季成長約 350 個基點。

Some of the outperformance in the quarter can be attributed to revenue seasonality and timing of annual license revenue recognition.

本季的優異表現可歸因於收入季節性和年度授權收入確認的時間。

Sequentially, when combined, these factors accounted for about $2 million in revenue.

因此，這些因素綜合起來，帶來了約 200 萬美元的收入。

Turning to the balance sheet, we ended the quarter with $7.7 million of cash and a net debt of $172.3 million.

轉向資產負債表，本季末我們擁有 770 萬美元現金和 1.723 億美元淨債務。

Operating cash flow was a positive $13.8 million in the quarter, compared to a positive $0.7 million last year and a loss of $2 million in the first quarter of this year.

本季營運現金流為正 1,380 萬美元，而去年為正 70 萬美元，今年第一季虧損 200 萬美元。

In the quarter, we also paid an incremental $4 million of principal on our debt, bringing our first-half repayment to $17 million.

本季度，我們也增加了 400 萬美元的債務本金，使上半年的還款額達到 1,700 萬美元。

We reiterate our goal of getting it down to a range of 2.5 times to 3 times, mainly from improving adjusted EBITDA and potential debt repayments.

我們重申將其降至2.5倍至3倍的目標，主要來自於改善調整後的EBITDA和潛在的債務償還。

My final topic is guidance.

我的最後一個主題是指導。

We are providing our outlook for the third quarter and maintaining our full-year ranges.

我們提供第三季的展望並維持全年範圍。

For the third quarter, we expect revenue between $82 million and $85 million and adjusted EBITDA between $11.5 million to $13.5 million.

對於第三季度，我們預計營收在 8,200 萬美元至 8,500 萬美元之間，調整後 EBITDA 在 1,150 萬美元至 1,350 萬美元之間。

I'd like to highlight that the third-quarter adjusted EBITDA benefits from the additional cost savings and lower than expected annual conference costs mentioned in the last earnings call, offsets from some revenue seasonality and timing of license revenue recognition mentioned earlier.

我想強調的是，第三季調整後的EBITDA 受益於上次財報電話會議中提到的額外成本節省和低於預期的年度會議成本，抵消了一些收入季節性和前面提到的許可收入確認時間。

For the full year, we are reiterating our ranges and expect revenue to be between $330 million to $340 million and adjusted EBITDA to be between $45 million and $50 million.

對於全年，我們重申了我們的範圍，預計收入將在 3.3 億美元至 3.4 億美元之間，調整後的 EBITDA 將在 4500 萬美元至 5000 萬美元之間。

In conclusion, I'm pleased with our second-quarter results and the progress we have made in the first half of this year, enhancing and improving our financial acumen.

總而言之，我對我們第二季的業績以及今年上半年的進展感到滿意，這增強並改善了我們的財務敏銳度。

Based on the recent results, the improving quality of our financials and our pipeline, I feel increasingly confident that we have a clear line of sight to achieve our 2024 targets and return to growth in the out year.

根據最近的業績、我們財務品質和管道品質的改善，我越來越有信心，我們有清晰的願景來實現 2024 年的目標並在一年內恢復成長。

With that, we'll open to questions.

至此，我們將開放提問。

(Operator Instructions) Sarah James, Cantor Fitzgerald.

（操作員說明）莎拉詹姆斯、坎托菲茨傑拉德。

Thank you, and congrats on a great quarter.

謝謝，並祝賀您度過了一個美好的季度。

It's nice to see the balance sheet improve on so many metrics.

很高興看到資產負債表在許多指標上都有所改善。

Can you talk a little bit about margin progression?

您能談談保證金進度嗎？

So if we look at the 3Q guide and the implied 4Q, it looks like your EBITDA margin is ticking up at about 20 basis points to 40 basis points a quarter.

因此，如果我們查看第三季度指南和隱含的第四季度，您的 EBITDA 利潤率似乎每季上漲約 20 個基點至 40 個基點。

Is that a fair pacing of how we can think of improvement going forward or are there certain initiatives that could make it more lumpy as the company progresses towards their long-term guidance?

這是我們如何思考未來改進的公平節奏，還是隨著公司朝著長期指導方向前進，某些舉措可能會使其變得更加不穩定？

Hey, Sarah.

嘿，莎拉。

This is Chris.

這是克里斯。

I'll start and let Vinay kind of fill in behind me.

我先開始，讓維奈在我身後填補。

I think the big thing for us right now, and I called this out in my comments, was how we're thinking about the conversion to our offshore staff or our CBO operations and making sure that we are being very intentional to protect the service and keep our retention levels at or above where they need to be and so this year may see a little bit of a muted margin gain based on where we expect things to go forward.

我認為現在對我們來說最重要的是，我在評論中指出了這一點，就是我們如何考慮將我們的離岸員工或 CBO 業務轉變為我們的業務，並確保我們非常有意識地保護服務和將我們的保留水準保持在或高於所需的水平，因此，根據我們對未來發展的預期，今年的利潤率成長可能會有所放緩。

And with that, while we're pleased with what we're seeing, we still want to make sure that we're giving ourselves a little bit of grace to be able to get through the year to make sure that, again, customers are satisfied with this big step in our change and the way that we're delivering the service before we really kind of push the gas pedal on that.

因此，雖然我們對所看到的情況感到滿意，但我們仍然希望確保我們給自己一點寬容，以便能夠度過這一年，以確保客戶再次在我們真正踩油門之前，我們對我們變革中的這一重大步驟以及我們提供服務的方式感到滿意。

So I would say -- I would give us probably the next month or the next quarter or so to really kind of get a good sense of, as we see that continue to accelerate, what that's going to be.

所以我想說——我可能會給我們下個月或下個季度左右的時間，讓我們真正了解，隨著我們看到這種情況繼續加速，將會發生什麼。

But again, along with that, and Vinay can jump in here as well, there are the continued savings initiatives that we continue to see really paying off and making sure that we are intentional about every dollar that we spend in making sure that it's going to the betterment of our customers or the betterment of our employees.

但除此之外，Vinay 也可以在這裡加入，我們繼續看到持續的儲蓄舉措確實得到了回報，並確保我們有意識地花每一美元，以確保它能夠改善我們的客戶或改善我們的員工。

And I would echo that, Sarah, and that's a great question.

我也同意這一點，莎拉，這是一個很好的問題。

Especially, as I mentioned, there was some seasonality and timing between Q3 and -- Q2 and Q3, but by Q4, we expect margins to improve a little bit more with incremental revenues, which takes the benefit of last two, three quarters that has been great for us.

特別是，正如我所提到的，第三季度和第二季度和第三季度之間存在一些季節性和時間安排，但到第四季度，我們預計利潤率會隨著收入的增加而有所改善，這得益於過去兩三個季度的收益對我們來說很棒。

But longer term, as Chris mentioned, once I have a few more quarters, understand the full drivers and have the process a little more, I do expect our margins to continue improving because that's our goal.

但從長遠來看，正如克里斯所提到的，一旦我再有幾個季度的時間，了解完整的驅動因素並了解更多的流程，我確實預計我們的利潤率將繼續提高，因為這是我們的目標。

And it's a very simple way for me, a very laser-focused, tighter control on cost, and giving all the support needed to generate the white space, as well as our home turf in rural healthcare to get increased bookings.

對我來說，這是一種非常簡單的方法，非常專注，更嚴格地控製成本，並提供創造空白空間以及我們在農村醫療保健領域的主場所需的所有支持，以增加預訂量。

So that benefit should start falling in.

因此，這種好處應該開始體現出來。

So my goal will be to once, like Chris said, have this quarter, one more quarter behind us, and start seeing the regular improvement in margins.

因此，我的目標是，就像克里斯所說的那樣，在本季度再落後一個季度，並開始看到利潤率的定期改善。

And I'll end with this, with that, Sarah.

我將以這個、那個結束，莎拉。

We have said in quarters past our expectation or desire to be back at a 20% plus margin from an EBITDA perspective, and I still think that that is well within striking distance and hopefully a waypoint, not a destination.

我們曾在幾個季度表示，從EBITDA 的角度來看，我們的預期或願望是恢復20% 以上的利潤率，而且我仍然認為，這已經在很短的時間內，希望是一個途徑，而不是目的地。

That's great.

那太棒了。

And one more, if I could.

如果可以的話，再來一張。

So we're starting to see a little bit of relief on hospital margins, and some of your peers have started talking about how that flows into the sales pipeline.

因此，我們開始看到醫院利潤率有所緩解，而您的一些同行已經開始討論如何將其流入銷售管道。

Could you give us an update on the financial health of your customer base and how that translates into demand for product expansion next year?

您能否向我們介紹一下您客戶群的財務狀況的最新情況以及這如何轉化為明年產品擴展的需求？

Yeah.

是的。

I would say our customer base is still a bit of a mixed bag, but has really felt the benefit, still kind of carried over from some of the COVID relief over the last several years and have given them the opportunity to really to store some cash on hand.

我想說，我們的客戶群仍然是魚龍混雜，但確實感受到了好處，仍然是過去幾年新冠疫情緩解措施帶來的好處，讓他們有機會真正儲存一些現金手頭的。

I think for us, because the vast majority of our customers, especially on the EHR side, really have the full suite of products that we have delivered, whether that be through nTrust as they're going forward or through the past with meaningful use.

我認為對我們來說，因為我們的絕大多數客戶，尤其是 EHR 方面的客戶，確實擁有我們提供的全套產品，無論是透過 nTrust 繼續前進，還是透過過去有意義的使用。

And so what they're focused on right now is continued efficiency and operations, and I think that's where we're continuing to see the demand on the services side as much as we are from a product perspective.

因此，他們現在關注的是持續的效率和運營，我認為這就是我們繼續看到服務方面的需求以及我們從產品角度來看的需求。

Thank you.

謝謝。

Jeff Garro, Stephens.

傑夫·加羅，史蒂芬斯。

Good afternoon.

午安.

Thanks for taking the questions.

感謝您提出問題。

Looking at the bookings results year to date, we see momentum for both segments of the business.

縱觀今年迄今為止的預訂結果，我們看到了這兩個業務部門的發展勢頭。

So I wanted to ask, as you look out on the pipeline for the second half, whether you see the expectations for continued momentum biased towards one segment or the other in the back half of the year?

所以我想問一下，當您展望下半年的管道時，您認為下半年持續成長動能的預期是否偏向某一細分市場或另一個細分市場？

Hey, Jeff.

嘿，傑夫。

Thanks for the question.

謝謝你的提問。

It's a great one and something we, obviously, pay a lot of attention to.

這是一件偉大的事情，顯然我們非常關注。

And if you go back to the end of last year, first of this year, maybe even before that, and we talked about the RCM side of the house really being where we saw the opportunity for growth.

如果你回到去年年底、今年年初，甚至可能更早，我們就談到了 RCM 方面確實是我們看到成長機會的地方。

But to your point, we're seeing a bit of a renaissance in the EHR opportunities.

但就您而言，我們看到電子病歷機會出現了一些復興。

I think it might be a little early for us to say that we think that that's a trend, but we are seeing where there is opportunity, especially when we think about the nTrust, the ability to couple the EHR with the RCM service, and that being a differentiator that, there's still some disparate or not disparate, there's still some vendors out there that we feel like are primed for replacement on the EHR side.

我認為現在說我們認為這是一種趨勢可能有點早，但我們正在看到機會，特別是當我們考慮 nTrust 時，將 EHR 與 RCM 服務結合起來的能力，以及作為一個差異化因素，仍然有一些不同或不不同的供應商，我們認為仍然有一些供應商已經準備好在EHR 方面進行替換。

We continue to enhance the experience for our customers there and invest, as Vinay said.

正如維奈所說，我們將繼續增強客戶的體驗並進行投資。

We're being smarter about how we're spending those dollars to make sure that our customers are really getting the outsized return for that and I think it's leading to some promising opportunities for us there.

我們在如何使用這些資金方面更加明智，以確保我們的客戶真正獲得巨額回報，我認為這為我們帶來了一些有希望的機會。

But going forward, I'd love to see both sides continue to compete for who's going to be the leader every quarter because I think that's just a good thing for us.

但展望未來，我希望看到雙方每季繼續爭奪誰將成為領先者，因為我認為這對我們來說是一件好事。

I do think that the world of opportunity is much bigger on the RCM side.

我確實認為 RCM 方面的機會世界要大得多。

So I think for us it's about how we think about that continuing to expand while we're continuing to see the EHR come along nicely.

所以我認為對我們來說，關鍵在於我們如何看待繼續擴張，同時我們繼續看到電子病歷進展順利。

Excellent.

出色的。

Great to hear.

很高興聽到。

Maybe to follow up a little bit on the momentum for nTrust, just curious if there's any particular driver you would call out there, whether it's recent regulatory rules being put out in the public domain or you alluded a little bit to a competitive dynamic.

也許是為了跟進 nTrust 的勢頭，只是好奇您是否會提到其中的任何特定驅動因素，無論是最近在公共領域發布的監管規則，還是您提到的競爭動態。

And then also whether there's any kind of tailwind from, call it the final leg of trying to convert your own legacy EHR platforms to your more modern platform.

然後，是否有任何形式的順風，稱之為嘗試將您自己的傳統 EHR 平台轉換為更現代的平台的最後一步。

Yeah.

是的。

I think there's a little bit of everything in there.

我認為裡面什麼都有。

I think if you look at our existing customer base, so our customers that are already on the HER.

我想如果你看看我們現有的客戶群，我們的客戶已經在 HER 上了。

I think the first thing is, is they have to believe that we're going to continue to be the right partner for them on the EHR.

我認為第一件事是，他們必須相信我們將繼續成為他們在電子病歷方面的正確夥伴。

So it's super important for them to see the value in that, which really allows us to have a good seat at the table from an RCM standpoint.

因此，對他們來說，看到其中的價值非常重要，從 RCM 的角度來看，這確實讓我們在談判桌上擁有了良好的席位。

Even though they could look at us standalone if they were leaving us to go to another vendor, I do think that when they're -- at one -- however we want to look at it, we're all TruBridge.

儘管如果他們離開我們去另一家供應商，他們可以獨立地看待我們，但我確實認為，當他們——無論我們想如何看待它——時，我們都是 TruBridge。

And so I think for that cohort, that cross-sell opportunity, them seeing the value in the EHR is super important and so our investment and delivery there is top of the house.

所以我認為對於這個群體來說，交叉銷售機會，他們看到電子病歷的價值是非常重要的，所以我們在那裡的投資和交付是最重要的。

When we're thinking about the net new market, so a replacement more than likely, I do think it is a differentiating value that we are the lone wolf out there that can provide both the EHR and the RCM service together.

當我們考慮淨新市場時，因此很有可能進行替代，我確實認為這是一個差異化價值，因為我們是可以同時提供 EHR 和 RCM 服務的獨狼。

And I think the fact that it's all at a contingent based on, so their EHR is no longer a flat fee or a licensed purchase.

我認為這一切都是基於一個事實，因此他們的 EHR 不再是固定費用或許可購買。

It's based on the utilization at their hospital.

這是基於他們醫院的使用率。

It's based on our performance from a collection standpoint.

它是基於我們從收集角度的表現。

So our initiatives are aligned, as well as they can possibly be and that our definitions of success match up.

因此，我們的舉措是一致的，而且它們可能是一致的，而且我們對成功的定義也是一致的。

So I think, those are really the two biggest things that we're seeing.

所以我認為，這確實是我們所看到的最重要的兩件事。

We're seeing that momentum on the EHR side with the continued investment in the product.

隨著對產品的持續投資，我們看到了電子病歷的動力。

We're seeing the ability to sell the two together to really kind of drive that opportunity for interest going forward.

我們看到將兩者一起出售的能力確實可以推動未來的興趣機會。

Excellent.

出色的。

I appreciate those comments.

我很欣賞這些評論。

And last one for me, I do want to make sure to hit the demand side a little bit more on RCM.

最後一點是，我確實希望確保在 RCM 上更多地滿足需求方面的需求。

Last quarter, you told a nice story of the combination with Viewgol being cited by one of the prospects that you were dialoguing with.

上個季度，您講述了一個與 Viewgol 合併的精彩故事，並被與您對話的一位潛在客戶引用。

So I'm curious whether that combination specifically or maybe your efforts on automation more generally are not just a margin driver, but are also helping fuel the pipeline for future demand on the RCM side.

因此，我很好奇這種組合，或者更廣泛地說，您在自動化方面的努力是否不僅僅是利潤驅動因素，而且還有助於推動 RCM 方面未來需求的發展。

There's no doubt that our ability to deliver the service at a lower price point is absolutely getting us more opportunities and also giving us a better right to win.

毫無疑問，我們以更低的價格提供服務的能力絕對會為我們帶來更多的機會，也讓我們有更好的獲勝權利。

We're just short of a 20% increase on our winning percentage year over year.

我們的勝率年增幅僅差 20%。

And I think that's directly attributable to our ability to be, while not every deal that we're in is competitive, when they are competitive, it helps for us to be able to be at or better than the competition from a price standpoint, knowing that our delivery is going to be there.

我認為這直接歸因於我們的能力，雖然並非我們參與的每筆交易都具有競爭力，但當它們具有競爭力時，這有助於我們從價格的角度達到或優於競爭對手，因為我們知道我們的送貨將在那裡。

So yeah, I still continue to be very optimistic about what that means for us going forward.

所以，是的，我仍然對這對我們未來的意義感到非常樂觀。

I think, we've talked about it in the past, we're just scratching the surface still on the automation and how that shows up and translates into margin expansion.

我想，我們過去已經討論過這個問題，但我們只是觸及了自動化的表面，以及自動化如何顯現並轉化為利潤擴張。

I think the fact that we're delivering quality analytics and insights to our customers today gives them belief that we're going to be able to actually execute on meaningful leverage of the artificial intelligence.

我認為，我們今天向客戶提供高品質的分析和見解，讓他們相信我們將能夠真正有效地利用人工智慧來執行任務。

Excellent.

出色的。

Great to hear that data point on the win rate.

很高興聽到關於勝率的數據點。

Thanks again for taking the questions.

再次感謝您提出問題。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Hey, guys.

嘿，夥計們。

Thanks for taking my question.

感謝您提出我的問題。

Congrats on the quarter.

恭喜本季。

So first off, I was hoping you can tell us about some broader trends.

首先，我希望您能告訴我們一些更廣泛的趨勢。

We've seen a lot of movement in the revenue cycle space across the past few months with some IPOs, some takeouts.

在過去的幾個月裡，我們看到收入週期空間發生了很大的變化，包括一些首次公開募股和一些收購。

But I get you have a little bit of a different competitive backdrop.

但我知道你們的競爭背景有些不同。

So could you give us a refresh if you're seeing anything different or any changes on the backdrop and how it could be impacting us forward?

那麼，如果您發現背景有任何不同或變化，以及它如何影響我們的前進，您能否為我們介紹一下？

Thanks for joining.

感謝您的加入。

Thanks for the nice comments.

感謝您的精彩評論。

I would say, and again said this in the remarks, what we're seeing is the market continuing to come closer to us, meaning that we're not having to knock the door down, for lack of a better term, when it relates to explaining why our hospitals need to be evaluating the outsource model.

我想說，並在評論中再次說過，我們看到的是市場繼續向我們走近，這意味著我們不必因為缺乏更好的術語而敲門，當它涉及到時解釋為什麼我們的醫院需要評估外包模式。

We do have a different market.

我們確實有不同的市場。

We are -- our customers are, if they're not the number one, they're in the top three employers in the community that they serve and so there are some dynamics from an employee headcount standpoint and economic development in the community, which has traditionally been a barrier for us.

我們 - 我們的客戶，即使他們不是第一，他們也是他們所服務的社區中排名前三的雇主，因此從員工人數和社區經濟發展的角度來看，存在一些動態，這傳統上一直是我們的障礙。

I would say that -- if there was one thing that I've watched in either the on-site meetings that I've gone to or as I watch our sales team and see the feedback that they're getting on the opportunities, it's that those barriers and the willingness for our customers to have meaningful conversations about moving to an outsource model just continue to grow.

我想說的是，如果我在參加的現場會議或觀察我們的銷售團隊並看到他們對機會的反饋時看到了一件事，那就是這些障礙以及我們的客戶就轉向外包模式進行有意義的對話的意願不斷增長。

So I do think that, as the months and quarters go on, we're just going to continue to see that expand.

因此，我確實認為，隨著時間的推移，我們將繼續看到這種情況的擴大。

And so for us, it's about how do we make sure that we're built in a manner to capture that demand as it comes along.

因此，對我們來說，問題在於我們如何確保我們的建造方式能夠在需求出現時抓住它。

But I think that's the big trend is, our hospitals, very similar to the larger market, is seeing this as a business decision that they've got to do so that they can be viable -- financially viable, keep the doors open and keep the care in their communities.

但我認為大趨勢是，我們的醫院與更大的市場非常相似，將其視為一項商業決策，他們必須這樣做，這樣他們才能在財務上可行，保持開放並保持活力。 。

So I guess a bit related one then for Vinay, because you are calling out kind of an improving demand and improving backdrop.

所以我想維奈的這一點有點相關，因為你正在呼籲一種不斷改善的需求和不斷改善的背景。

When I think about this print and guidance versus the few -- first few out of the gate, how much of this positivity is a function of improving demand and improving macro versus improvement in execution and getting a better handle on numbers going forward?

當我考慮這份印刷品和指導與少數幾個——最初的幾個走出大門時，這種積極性有多少是由於改善需求和改善宏觀而不是改善執行和更好地處理未來的數字而產生的？

And Stephanie, thanks for giving me the question.

史蒂芬妮，謝謝你向我提出這個問題。

I just wanted to make sure I understand the question.

我只是想確保我理解這個問題。

Feel free to take all the credit.

請隨意承擔所有的功勞。

No, just to make sure I answered it right.

不，只是為了確保我回答正確。

So your question is more about how does the strong momentum in bookings translate into guidance?

因此，您的問題更多是關於預訂的強勁勢頭如何轉化為指導？

Well, how has the strong momentum, how much of that is a function of an improving backdrop versus some of the actions you guys have taken?

那麼，強勁的勢頭如何？

So I would say it's a function of both, because one is controllable, one is non-controllable.

所以我想說這是兩者的函數，因為一個是可控的，一個是不可控的。

The controllable part that we have done is the focus on making sure the need from a customer delight, customer focus is there.

我們所做的可控部分是專注於確保滿足客戶的需求，以客戶為中心。

And it is not about -- see growth for financial terms is not about just winning new bookings.

這並不是要看到財務方面的成長不僅僅是贏得新預訂。

It is stemming attrition.

它正在阻止人員流失。

So it's that focus and making sure that touching the customer and especially when we are going through the global workforce thing is ensuring that that customer delight remains the focus.

因此，重點在於確保接觸客戶，特別是當我們在全球範圍內進行員工培訓時，確保客戶滿意仍然是焦點。

So that, to some extent, is factored, is also reflected in the revenues that we see.

因此，在某種程度上，這已被考慮在內，也反映在我們看到的收入中。

And the non-controllable of the market demand certainly is a tailwind that I expect to see in the near future and continue because, as you know, we win a booking in a certain quarter.

市場需求的不可控性肯定是一種順風，我預計在不久的將來會看到這種情況並持續下去，因為如您所知，我們在某個季度贏得了預訂。

And depending upon the complexities of the deal in the future quarters, I read those benefits.

根據未來幾季交易的複雜性，我了解了這些好處。

So that's why I'm more hopeful that whatever is in our controllable continue to make wise investments, whether it's in the sales, in marketing, and investments that can help us increase our customer delight and yield that benefit when the revenues show up in the coming quarters.

因此，我更希望我們的可控範圍內的一切都能夠繼續做出明智的投資，無論是在銷售、行銷方面，還是在收入出現在我們的收入中時，能夠幫助我們提高客戶滿意度和收益的投資。

Yeah.

是的。

And I'll give you a great example just from this week.

我將在本週給大家一個很好的例子。

So earlier this week, I was in Arizona and California at some sales opportunities.

本週早些時候，我在亞利桑那州和加利福尼亞州尋找一些銷售機會。

And the California site, the catalyst was less than stellar operations, but also some regulatory changes in California around wage increases and minimum wage and what the impact is going to be for them.

而加州工廠的催化劑並不是出色的運營，而是加州圍繞工資成長和最低工資的一些監管變化以及對他們的影響。

But before we were there, before we had given them any customer reference, they had already unsolicitedly made three or four calls to our customers to see how we were doing.

但在我們到達那裡之前，在我們向他們提供任何客戶參考之前，他們已經主動給我們的客戶打了三四通電話，以了解我們的情況。

And so, to your point, our execution is always going to play a huge part in our ability to convert, because as great as we can sell and have the best story and marketing material and sales staff, if we're not executing, if we don't have a referenceable customer base, then they're going to go somewhere else.

因此，就您而言，我們的執行力始終會在我們的轉化能力中發揮重要作用，因為如果我們不執行，我們可以銷售盡可能多的產品並擁有最好的故事、行銷材料和銷售人員我們沒有可參考的客戶群，那麼他們就會去其他地方。

So I think it's a little bit of both.

所以我認為兩者都有一點。

I think there are the factors in the macro that are driving people to the market, but I definitely think our performance is going to be the thing that determines whether they pick us or not.

我認為宏觀因素促使人們進入市場，但我絕對認為我們的表現將決定他們是否選擇我們。

Looking forward to seeing the execution.

期待看到執行。

Thanks, guys.

謝謝，夥計們。

George Hill, Deutsche Bank.

喬治·希爾，德意志銀行。

Hey.

嘿。

Good evening, guys, and thanks for taking the question.

晚上好，夥計們，感謝您提出問題。

I guess, Chris, on the EMR side of the business, I'd ask you quickly, like, how's the legacy base holding up?

克里斯，我想，在業務的 EMR 方面，我會很快問你，例如，遺留基礎狀況如何？

Because you talked about the sales pipeline, and to see growth there is interesting, but, like, I guess what I'm kind of interested in, and Vinay kind of made the comment on, like, holding on to the legacy base versus kind of what's new and available.

因為你談到了銷售管道，看到那裡的成長很有趣，但是，就像，我猜我對什麼感興趣，維奈發表了評論，例如，堅持傳統基礎與同類什麼是新的和可用的。

I guess I would just like to hear you talk about the competitive environment and the base?

我想我只是想聽你談談競爭環境和基礎？

And then a quick follow-up would just be, as it relates to the provider side of the business, we're seeing a lot of or the rev cycle side of the business, we're seeing a lot of growth in utilization in a lot of provider categories.

然後快速跟進就是，因為它與業務的提供者方面相關，我們看到了業務的許多或週轉週期方面，我們看到了利用率的大量增長很多提供者類別。

Are you guys seeing the utilization strength flow through to both kind of volume and pricing growth on the RCM side of the business?

你們是否看到利用強度會影響 RCM 業務方面的銷售和價格成長？

Thanks.

謝謝。

Okay, great.

好的，太好了。

I'll try to -- I may have to ask you to help me come back to some of that, but let me start with the first one around the EHR business.

我會盡力——我可能需要請你幫我回過頭來討論其中的一些問題，但讓我從關於電子病歷業務的第一個開始。

I would say our retention, outside of the Centric customer base, we're very pleased with how our retention and our stickiness in our customer base is holding up.

我想說的是，我們對 Centric 客戶群之外的保留率和客戶群黏性的保持情況感到非常滿意。

We continue to make investments into the product to keep those customers happy and on the EHR and also.

我們繼續對產品進行投資，以使這些客戶滿意，並對 EHR 進行投資。

So we are -- from a competitive standpoint, I think I've said this in calls past, it seems like there is still a bit of a hangover as it relates to EHR spend, especially in our end of the market.

所以我們 - 從競爭的角度來看，我想我在過去的電話中說過這一點，似乎仍然存在一些與 EHR 支出相關的後遺症，特別是在我們的市場末端。

If it's not on fire, they're probably looking to invest that money elsewhere, whether it be the facility, whether it be in additional services or something there in the community.

如果它沒有著火，他們可能會考慮將這筆錢投資到其他地方，無論是設施、附加服務還是社區中的其他東西。

But we are -- there are drivers. [HDI-1] was something that we thought would be a catalyst for us in this year.

但我們——有司機。我們認為 [HDI-1] 將成為我們今年的催化劑。

It obviously got delayed into 2025.

顯然被延後到了2025年。

As there are regulatory impacts like that, we tend to see a pickup in our opportunities for EHR wins.

由於類似的監管影響，我們往往會看到贏得 EHR 的機會增加。

So a couple of our retention rates that we've had this year with how we see kind of a favorable market going in next year, we continue to be optimistic about that part of the business.

因此，根據今年我們的保留率以及我們對明年有利市場的看法，我們繼續對這部分業務持樂觀態度。

On the second side as it relates to, see if I make sure I get this right, the provider volumes and utilization going up.

在與之相關的第二方面，看看我是否確保我做對了，提供者的數量和利用率都會上升。

What I would say is that, we're seeing our hospitals that are thriving are really starting to expand the services that they're providing through their positions and seeing that utilization go up.

我想說的是，我們看到我們蓬勃發展的醫院確實開始擴大他們透過其職位提供的服務，並看到利用率上升。

I don't think it's any surprise to anybody that care is moving sort of outside of the four walls of the hospital.

我認為護理正在轉移到醫院的四牆之外，這對任何人來說都不會感到驚訝。

And so I think the smart hospitals are really making sure that they've got a strong physician network that's able to capture that, which again goes back to one of the rationales for us making the acquisition of Viewgol last year, was that we see the winds changing to where I think there's going to be a big market and opportunity for us in the RCM space there and we're seeing that kind of to play out through our customers today.

因此，我認為聰明的醫院確實會確保他們擁有強大的醫生網絡，能夠捕捉到這一點，這又回到了我們去年收購 Viewgol 的理由之一，那就是我們看到風向發生了變化，我認為RCM 領域將有一個巨大的市場和機會，今天我們看到這種情況正在透過我們的客戶發揮作用。

Thank you.

謝謝。

That's helpful.

這很有幫助。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the conference back to Chris for closing remarks.

現在我將把會議轉回克里斯的閉幕詞。

Chris?

克里斯？

Thank you, Mark.

謝謝你，馬克。

And thanks again to everybody for joining today, and thanks for your continued interest in TruBridge.

再次感謝大家今天加入，並感謝您對 TruBridge 的持續關注。

I'd also like to thank all of our employees who work hard every day to make our clients successful and deliver quality health care to our communities.

我還要感謝我們所有每天辛勤工作的員工，讓我們的客戶取得成功，並為我們的社區提供優質的醫療保健服務。

It's our privilege to work with some really wonderful clients and the amazing things that they do in the challenging environments that they're in.

我們很榮幸能夠與一些非常優秀的客戶合作，以及他們在充滿挑戰的環境中所做的令人驚奇的事情。

Everybody have a great evening.

大家度過了一個美好的夜晚。

Talk to everyone soon.

快和大家聊聊吧。