TruBridge Inc (TBRG) 2024 Q4 法說會逐字稿

Greetings, and welcome to the TruBridge Q4 earnings conference call.

大家好，歡迎參加 TruBridge 第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Dru Anderson.

現在我很高興介紹您的主持人德魯安德森 (Dru Anderson)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you.

謝謝。

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

下午好，歡迎參加 TruBridge 2024 年第四季財報電話會議。

Leading to the call are Chris Fowler, President and Chief Executive Officer; and Vinay Bassi, Chief Financial Officer.

主持此次電話會議的是總裁兼執行長克里斯·福勒 (Chris Fowler)；以及財務長 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的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.

該公司提醒您，任何此類前瞻性陳述僅反映管理層基於當前可用資訊的預期和預測，並不能保證未來的結果或績效。

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，包括公開發布的內容和向美國證券交易委員會提交的報告中所述的因素（包括但不限於最新的 10-K 表年度報告），實際結果可能與此類前瞻性陳述表達或暗示的結果存在重大差異。

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.

該公司也提醒投資者，本次電話會議中提供的前瞻性資訊僅代表截至目前的觀點，他們不承擔更新或修改任何前瞻性陳述以反映本次電話會議召開日後事件或發展的義務。

At this time, I will 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.

先生，請繼續。

Thanks, Dru, and thanks to everyone for joining us today.

謝謝，Dru，也謝謝大家今天的參與。

I would categorize 2024 as a year of constant improvement, highlighted by a rebranded TruBridge, acceleration in our global workforce strategy and dramatic improvement to our financial operations.

我將 2024 年歸類為持續改善的一年，其中最突出的是 TruBridge 的品牌重塑、全球勞動力策略的加速以及財務營運的顯著改善。

Today, I'll provide you with updates on the progress we've made on the initiatives we started in 2024 and discuss new areas of focus as we move into 2025.

今天，我將向大家介紹我們在 2024 年啟動的計劃所取得的進展，並討論我們邁入 2025 年的新重點領域。

While we're very proud of our team's execution in both the quarter and for the year overall, we are equally excited about the opportunity we have in front of us for 2025 and beyond.

雖然我們對團隊在本季和全年的表現感到非常自豪，但我們對 2025 年及以後面臨的機會也同樣感到興奮。

In the fourth quarter, we saw revenue of $87.4 million, an increase of 2% and adjusted EBITDA of $17.2 million, which was an increase of 44% over last year.

第四季度，我們的營收為 8,740 萬美元，成長 2%，調整後 EBITDA 為 1,720 萬美元，較去年同期成長 44%。

Margins improved steadily each quarter in 2024, starting at 11.4% in Q1 and growing to 20% by Q4.

2024 年每季的利潤率都穩定提高，從第一季的 11.4% 成長到第四季的 20%。

However, there are also a few onetime items included in Q4 that Vinay will cover in just a few minutes.

不過，Q4 中還包含一些一次性項目，Vinay 將在幾分鐘內介紹完這些項目。

Lastly, cash flow from operations of $10.3 million was a $23 million improvement compared to a year ago.

最後，營運活動現金流為 1,030 萬美元，與一年前相比增加了 2,300 萬美元。

Turning now to our full-year highlights.

現在來談談我們全年的亮點。

Revenue for the year came in at $339 million, with an adjusted EBITDA of $53 million, exceeding the high end of our guidance ranges.

全年收入為 3.39 億美元，調整後 EBITDA 為 5,300 萬美元，超過了我們預期範圍的高端。

As a result of our focus on increasing operating efficiency and fiscal prudence, we were able to grow cash flow from operations to $32 million from just over $1 million last year.

由於我們注重提高營運效率和財務審慎，我們能夠將營運現金流從去年的 100 萬美元增加到 3,200 萬美元。

We deployed capital effectively through judicious use of capital expenditures and reduced our leverage ratio from 4 times to 3 times, and we will continue to focus on de-levering going forward.

我們透過合理使用資本支出有效地配置了資本，並將槓桿率從 4 倍降低到 3 倍，未來我們將繼續致力於去槓桿。

We remain on track with the integration of Viewgol, our ambulatory offering that we acquired in Q4 of 2023 and are currently working through our second wave of customer transitions.

我們仍在按計畫整合 Viewgol，這是我們於 2023 年第四季收購的門診產品，目前正致力於第二波客戶轉型。

Bookings for the full year were in line with expectations at $82 million.

全年預訂金額符合預期，達到 8,200 萬美元。

For the fourth quarter, we saw $14.3 million in bookings as a few deals we had hoped would be signed in the fourth quarter have taken longer to finalize.

第四季度，我們的訂單金額為 1,430 萬美元，因為我們原本希望能在第四季度簽署的一些交易花費了更長時間才完成。

One of those deals has already signed in the first quarter and the rest we expect to be completed in the first half of 2025.

其中一筆交易已於第一季簽署，其餘交易我們預計於 2025 年上半年完成。

While I am a bit disappointed by our fourth quarter bookings performance I'm still pleased with the strength of the first 3 quarters and with where we landed for the full year.

雖然我對我們第四季的預訂表現有點失望，但我仍然對前三個季度的強勁表現以及全年的業績感到滿意。

Going forward, though, there are two things to keep in mind that could present continued lumpiness in bookings.

不過，展望未來，有兩件事需要注意，它們可能會導致預訂量持續波動。

First, while I ultimately believe the changes in Washington will be a net positive for our space, there is uncertainty associated with how this administration will address the funding of healthcare, which could have a slight impact on the timing of deals.

首先，雖然我最終相信華盛頓的變化將對我們的領域產生積極影響，但本屆政府將如何解決醫療保健資金問題仍存在不確定性，這可能會對交易時機產生輕微影響。

And secondly, as we scale up and see deals getting larger, the concentrations of bookings in those specific contracts could provide an increase in short-term volatility.

其次，隨著規模的擴大和交易規模的擴大，這些特定合約的訂單集中度可能會導致短期波動性增加。

That said, we are already learning from this and being proactive by making tweaks to our sales force incentive structure that we believe will continue to drive bookings execution, and I'll touch base on that more in detail in a bit.

儘管如此，我們已經從中吸取了教訓，並積極主動地對銷售人員激勵結構進行調整，我們相信這將繼續推動預訂執行，稍後我將更詳細地介紹這一點。

The past few quarters, I've talked about how our nTrust offering, our Integrated Financial Health and Patient Care Solution is critical to our long-term success and share my confidence that this is gaining traction in the market.

過去幾個季度，我已經談到了我們的 nTrust 產品、我們的綜合財務健康和病人護理解決方案對於我們的長期成功至關重要，我相信這正在市場上獲得關注。

With 2024 behind us, we are now able to add a new data point to demonstrate that claim.

2024 年已經過去，我們現在可以添加一個新的數據點來證明這一說法。

In 2024 -- I'm sorry, in 2022, nTrust had 14 unique wins, in 2023 we had 18, and this past year, we reached 24 nTrust deals.

2024 年——抱歉，2022 年，nTrust 獲得了 14 筆獨特勝利，2023 年獲得了 18 筆勝利，而去年，我們達成了 24 筆 nTrust 交易。

Our recent proof point of the value nTrust delivers is seen in the announcement we made after Lady of the Sea General Hospital from Louisiana selected TruBridge.

我們最近在路易斯安那州海上夫人綜合醫院選擇 TruBridge 後發表的聲明中證明了 nTrust 所提供的價值。

Lady of the Sea was a long-time customer that left in 2018.

海上女士號 (Lady of the Sea) 是我們的老顧客，但於 2018 年離開。

However, in 2024, they decided a change was needed.

然而，在 2024 年，他們決定需要做出改變。

After a competitive evaluation, TruBridge stood out to them based on our reliability of our RCM service and the progress we have made on modernizing our EHR solution.

經過競爭性評估，TruBridge 憑藉我們 RCM 服務的可靠性以及我們在現代化 EHR 解決方案方面的進展脫穎而出。

Along with cross-sell success, part of our long-term growth strategy is our plan to use our financial health offerings to build a larger presence in 100 to 400 bed hospitals.

除了交叉銷售的成功之外，我們長期成長策略的一部分是計劃利用我們的金融健康產品在擁有 100 至 400 個床位的醫院中擴大影響力。

From 2023 to 2024, this part of the market grew from 5% of the financial health opportunities in our pipeline to just over 20%, and we intend to capitalize on that.

從 2023 年到 2024 年，這一部分市場占我們金融健康機會的比例將從 5% 成長到 20% 多一點，我們打算利用這一點。

As reimbursement and billing become ever more complex, most hospitals still operate their own RCM efforts internally.

隨著報銷和計費變得越來越複雜，大多數醫院仍然在內部進行自己的 RCM 工作。

I still believe there is a great -- there are great opportunities for growth ahead of us.

我仍然相信，我們的眼前還有巨大的成長機會。

In fact, 75% of the time, no decision remains the reason we don't close a deal, not a loss to a competitor.

事實上，75% 的時間裡，我們無法達成交易的原因是沒有做出任何決定，而不是輸給了競爭對手。

Looking ahead to 2025, we have no intention of slowing down the progress we have made with the plan we set forth in 2024.

展望 2025 年，我們無意放慢 2024 年制定的計畫所取得的進展。

We will continue to focus on fine-tuning our operations across the board.

我們將繼續致力於全面調整我們的營運。

Our top priorities for the organization are improving customer satisfaction and retention, and increased profitability and growth.

我們組織的首要任務是提高客戶滿意度和保留率，以及提高獲利能力和成長。

In that spirit, we recognize that to see long-term success our Financial Health business unit must operate seamlessly.

本著這種精神，我們認識到，要取得長期成功，我們的財務健康業務部門必須無縫運作。

So in January, we brought in new leadership to build on the work being delivered by the team.

因此，我們在一月份引入了新的領導層來進一步推進團隊的工作。

Merideth Wilson brings over 25 years of Healthcare Technology leadership experience to the TruBridge team, including 20 years with Experian.

Merideth Wilson 為 TruBridge 團隊帶來了超過 25 年的醫療技術領導經驗，其中包括在 Experian 工作的 20 年。

At Experian, she held several roles, including heading up their revenue cycle solution and leading their successful offshoring initiative.

在 Experian，她擔任過多個職務，包括負責其收入週期解決方案和領導其成功的離岸外包計劃。

In addition, Merideth has extensive experience optimizing RCM solutions regardless of hospital size.

此外，無論醫院規模如何，Merideth 都擁有優化 RCM 解決方案的豐富經驗。

Her invaluable experience made us confident she was the right choice for her role where she'll be focused on customer satisfaction retention, the global transition, pipeline expansion and revenue growth.

她的寶貴經驗使我們相信她是該職位的正確選擇，她將專注於客戶滿意度維持、全球轉型、通路擴展和收入成長。

We welcome her leadership and look forward to benefiting from her wealth of experience.

我們歡迎她的領導，並期待從她的豐富經驗中受益。

As a reminder, in 2024, we made the decision to elevate the role of General Manager to report directly to me, increasing autonomy and accountability for both Merideth and David Harse.

提醒一下，2024 年，我們決定提升總經理的職位，直接向我匯報，增加了 Merideth 和 David Harse 的自主權和責任感。

David is a 20-year veteran who joined us from Cerner two years ago to lead our Patient Care business unit.

David 擁有 20 年的工作經驗，兩年前從 Cerner 加入我們，領導我們的病患照護業務部門。

In February, we made additional corporate governance enhancements further demonstrating continuous progress to enhance all aspects of the business.

二月份，我們進一步加強了公司治理，進一步顯示我們在提升業務各個方面不斷取得進展。

We are taking steps to declassify our Board in an effort to align better with shareholder expectations and we have expanded the Board by adding two independent directors.

我們正在採取措施對董事會進行解密，以便更好地滿足股東的期望，我們已增加兩名獨立董事來擴大董事會。

Jerry Canada, the former Group President of Harris Computers Healthcare Group; and Dris Upitis, who is the Head of Ocho Capital, his family office and who sits on the Board of Directors of several private companies.

哈里斯電腦醫療集團前集團總裁傑瑞加拿大 (Jerry Canada)；以及 Dris Upitis，他是 Ocho Capital 的負責人，Ocho Capital 是他的家族理財室，同時擔任多家私人公司的董事會成員。

With these new additions, 7 of the 9 directors on our board are independent and we look forward to benefiting from the unique skill set and new perspectives of the 4 board members that we have added in the last 2 years.

隨著這些新成員的加入，我們董事會的 9 名董事中有 7 名是獨立董事，我們期待從過去 2 年新增的 4 名董事會成員的獨特技能和新視角中受益。

When we began our journey last year, we were very transparent about our financial initiatives and provided you with updates on our progress each quarter.

當我們去年開始我們的旅程時，我們對我們的財務計劃非常透明，並且每個季度都會向您提供我們的進度更新。

We'd like to take a similar approach this year with our operational initiatives and they can be bucketed under 3 categories: Financial Health, Patient Care and Sales and Marketing.

我們今年想在營運計畫中採取類似的方法，這些計畫可分為 3 個類別：財務健康、病患照護以及銷售和行銷。

Let's start with the business unit Financial Health.

讓我們從財務健康業務部門開始。

Our global workforce execution will be a top priority in 2025.

我們的全球勞動力執行將成為 2025 年的首要任務。

As of year-end, 30% of our CBO clients are being supported by our global team.

截至年底，我們 30% 的 CBO 客戶正在接受我們全球團隊的支持。

While our goal for 2025 is to double that number to 60%, we do not view that as the end of this process.

雖然我們的目標是在 2025 年將這一數字翻一番，達到 60%，但我們並不認為這是這個過程的結束。

Global workforce remains a major level for us to achieve our margin expansion goals, and we are working hard to ensure that this transition is as smooth as possible from a customer perspective.

全球勞動力仍然是我們實現利潤擴張目標的重要水平，我們正在努力確保從客戶角度來看這一過渡盡可能順利。

Our first wave of customer transitions taught us a lot and we have since been implementing best practices.

我們的第一波客戶轉型教會了我們很多東西，從那時起我們一直在實施最佳實踐。

From an employee ratio standpoint, we are committed to investing in stability and continuity for our customers early in the process, but expect it will show continued improvements and efficiency over time.

從員工比例的角度來看，我們致力於在流程早期為客戶投資穩定性和連續性，但預計隨著時間的推移，它將持續改善並提高效率。

Renewals are another focus for the Financial Health business unit this year.

更新是財務健康業務部門今年的另一個重點。

We have approximately 60 key CBO customers that are up for renewal in the next 24 months and Merideth and her team are on top of this with plans and monitoring in place to ensure retention of these customers, and we intend to give you insight into our progress as the year unfolds.

我們有大約 60 個關鍵的 CBO 客戶需要在未來 24 個月內續約，Merideth 和她的團隊已經制定了計劃和監控措施以確保留住這些客戶，我們打算在今年年底前讓您了解我們的進展。

Now turning to our Patient Care operational initiatives.

現在來談談我們的病患照護營運計畫。

Our first patient care initiative is measuring client success by revenue retention.

我們的首要病人照護計畫是透過收入保留來衡量客戶的成功。

Except for Centriq, we have over 95% client retention, but remain focused with a dedicated team to enhance customer satisfaction.

除了 Centriq，我們的客戶保留率都超過 95%，但我們仍致力於透過專門的團隊來提高客戶滿意度。

The next area of focus is to expand the wallet share of our customer base by delivering new offerings.

下一個重點領域是透過提供新產品來擴大客戶群的錢包份額。

Excluding AHT and Centriq, EHR was a flat business.

除 AHT 和 Centriq 外，EHR 業務表現平平。

However, we expect growth in the business from offerings such as our own analytics solutions and partner solutions like ERP for Multiview.

然而，我們預計業務將透過我們自己的分析解決方案和合作夥伴解決方案（如 Multiview 的 ERP）來成長。

We believe that the uptake of the new products are key to our long-term success.

我們相信，新產品的採用是我們長期成功的關鍵。

Lastly, leveraging the advent of these offerings, we will continue to focus on converting our customer base to 1 of our 2 SaaS solutions, our pure SaaS model or our nTrust.

最後，利用這些產品的出現，我們將繼續致力於將我們的客戶群轉化為我們的兩種 SaaS 解決方案中的一種、我們的純 SaaS 模型或我們的 nTrust。

For the past few years, 100% of our new EHR system sales have been SaaS or volume-based nTrust offerings.

在過去幾年裡，我們 100% 的新 EHR 系統銷售都是 SaaS 或基於大量的 nTrust 產品。

Right now, only about one-third of our customers are on one of those models but we remain optimistic that with the continued investment in the EHR and the nTrust model, we will see meaningful movement to SaaS.

目前，只有大約三分之一的客戶採用其中一種模式，但我們仍然樂觀地認為，隨著對 EHR 和 nTrust 模型的持續投資，我們將看到向 SaaS 的重大轉變。

Finally, I'll discuss our sales and marketing focus for 2025.

最後，我將討論我們 2025 年的銷售和行銷重點。

While we have continually improved the sales team and processes to align with the gross needs of the business in recent quarters, evolve the commission structure to reward sales of newer product offerings and renewals, we still have plans to improve.

雖然我們不斷改進銷售團隊和流程以滿足最近幾季的業務整體需求，並改善佣金結構以獎勵新產品和續約的銷售，但我們仍有改進計劃。

This year, we intend to increase investments in brand and lead generation that are weighted toward financial health.

今年，我們打算增加對品牌和潛在客戶開發的投資，並專注於財務健康。

This is aimed toward improving pipeline stability for consistent bookings and improved win rates.

這是為了提高通路穩定性，從而實現持續預訂並提高贏率。

As you can see, we're proud of the headway we've made on the goals we set for ourselves in 2024 to kick start this journey and now have a renewed determination to further this progress in 2025.

正如您所看到的，我們為在 2024 年開啟這一征程時為自己設定的目標所取得的進展感到自豪，現在我們又下定決心在 2025 年進一步取得進展。

For this year, through the priorities I have laid out for you, we are setting our sights on higher client retention, increased profitability, improved cash flow and capital allocation and core business growth of 4%.

今年，透過我為您列出的優先事項，我們的目標是提高客戶保留率、提高盈利能力、改善現金流和資本配置以及實現 4% 的核心業務成長。

Over the next few years, we will continue to achieve mid-single-digit revenue growth and EBITDA margins in the mid-20s.

未來幾年，我們將繼續實現中等個位數的營收成長和20%左右的EBITDA利潤率。

Our financial outcomes are directly related to the progress we make on these initiatives and therefore, our rapid progress on each imperatives.

我們的財務表現與我們在這些措施上的進展直接相關，因此也與我們在每項要務上取得的快速進展直接相關。

Moving forward, we feel encouraged about our several tangible avenues to further growth in nTrust cross-selling, expansion, expanding our presence in larger 100 to 400 bed hospitals and wallet expansion of our existing customers.

展望未來，我們對 nTrust 交叉銷售、業務擴張、擴大我們在 100 至 400 個床位的大型醫院的業務以及擴大現有客戶的錢包的幾種切實可行的進一步增長途徑感到鼓舞。

We spent last year course correcting.

我們花了去年的時間來修正路線。

Now we're able to shift our energy and resources towards execution and we will continue to invest in our team to ensure we are in the best position possible to succeed.

現在我們能夠將精力和資源轉向執行，並將繼續投資於我們的團隊，以確保我們處於最佳位置以取得成功。

We're making meaningful progress on all fronts, and I look forward to seeing what's to come.

我們在各方面都取得了有意義的進展，我期待著看到未來的發展。

With that, I'll turn the call over to Vinay for a deep dive in the financials.

說完這些，我會把電話轉給 Vinay，讓他深入探討財務問題。

Vinay?

維奈？

Thanks, Chris, and welcome, everyone.

謝謝，克里斯，歡迎大家。

Today, I will begin by providing an update on our key financial initiatives, review fourth quarter results, share the 2024 full year highlights and close by providing color on our initial 2025 outlook.

今天，我將首先介紹我們的主要財務舉措，回顧第四季度的業績，分享 2024 年全年亮點，最後介紹我們對 2025 年的初步展望。

Overall, we had a great 2024 ending the year on solid footing with a strong Q4.

總體而言，我們度過了一個美好的 2024 年，並以強勁的第四季度為今年打下了堅實的基礎。

I'm also very pleased with the progress we made on each of our key initiatives, which I will share.

我對我們在每項關鍵措施上所取得的進展感到非常高興，我將與大家分享。

Starting with our priority to improve cash flows and working capital management.

我們的首要任務是改善現金流量和營運資本管理。

Q4 was another improvements we have been making all year and our continued focus on accounts receivables and collections.

Q4 是我們全年一直在進行的另一項改進，我們將繼續關注應收帳款和收款。

In Q4, cash flow from operations was $10.3 million, up approximately $23 million compared to the prior year.

第四季度，營運現金流為 1,030 萬美元，較上年增加約 2,300 萬美元。

Q4 accounts receivable balance was down 5% sequentially and down 10% versus the prior year, and DSOs improved 10 days over the last 12 months.

第四季應收帳款餘額季減 5%，年減 10%，DSO 在過去 12 個月內改善了 10 天。

For the full year, we generated $32.1 million in cash flow from operations compared to just $1 million in 2023.

全年而言，我們的營運活動現金流為 3,210 萬美元，而 2023 年僅為 100 萬美元。

Free cash flow, which we define as cash flow from operations less CapEx, was $15.5 million in 2024 compared to a negative $22 million a year ago, an improvement of $38 million year-over-year.

自由現金流（我們將其定義為經營活動產生的現金流減去資本支出）在 2024 年為 1550 萬美元，而一年前為負 2200 萬美元，同比增長 3800 萬美元。

The year-over-year growth is primarily from increased profitability, improved work in capital management and lower net capital expenditures.

年比成長主要源自於獲利能力的提高、資本管理工作的改善以及淨資本支出的降低。

Free cash flow as a percent of adjusted EBITDA was 29% in 2024, up significantly from the negative percentage a year ago.

2024 年，自由現金流佔調整後 EBITDA 的百分比為 29%，較一年前的負百分比大幅上升。

While there is still some room for improvement, I'm pleased with the results we saw in 2024.

雖然還有一些改進空間，但我對 2024 年的成果感到滿意。

As a result of these improvements, we were able to pay down an additional $4 million of principal on our debt, bringing the total year-to-date repayment to $23 million.

由於這些改進，我們能夠額外償還 400 萬美元的債務本金，使年初至今的總還款額達到 2,300 萬美元。

Our net leverage ratio in Q4 improved to 3x, down from over 4x a year ago.

我們第四季的淨槓桿率從一年前的 4 倍以上下降到 3 倍。

While we are pleased with the progress to date, reduction of debt and capital expenditure spend remain a critical part of our capital allocation strategy as we continue to work towards our goal of being in the range of 2.5x. In addition, we continue to see progress in our efforts to optimize the business and expand profitability.

雖然我們對迄今為止的進展感到滿意，但減少債務和資本支出仍然是我們資本配置策略的關鍵部分，因為我們將繼續努力實現 2.5 倍的目標。此外，我們在優化業務和擴大盈利能力的努力方面繼續取得進展。

As discussed last quarter, we saw a meaningful impact on margins from a continued focus on expense management, including the cost rationalization actions we completed in Q3 that provided slightly better-than-expected cost savings with approximately $6 million in a year and over $8 million in run rate savings.

正如上個季度所討論的那樣，我們看到持續關注費用管理對利潤率產生了重大影響，包括我們在第三季度完成的成本合理化行動，這些行動帶來的成本節約略好於預期，一年內節約約 600 萬美元，運行率節省超過 800 萬美元。

In addition, we tightened our process on hiring and vendor management to further optimize our expenses, both of which we expect to further -- provide further saving opportunities in 2025.

此外，我們加強了招募和供應商管理流程，以進一步優化我們的費用，我們預計這兩項措施將在 2025 年進一步提供進一步的節省機會。

Finally, we saw a positive impact on margins in Q4 from the global workforce initiatives as we transition the first wave of clients this year and started to see the cost savings flow through.

最後，隨著我們今年轉型第一批客戶並開始看到成本節約的流轉，我們看到全球勞動力計畫對第四季的利潤率產生了積極影響。

As a result, Q4 adjusted EBITDA margin increased to 19.7% this quarter, an improvement of approximately 580 basis points compared to the prior year and 325 basis points sequentially.

因此，第四季調整後的 EBITDA 利潤率本季上升至 19.7%，較上年同期提高約 580 個基點，較上一季提高 325 個基點。

Throughout 2024, we remain committed to improving the quality of our reported earnings.

在整個 2024 年，我們將繼續致力於提高報告收益的品質。

We implemented additional reviews on all our major investments with an increased focus on ROI and work diligently to clean up our balance sheet and rationalize our real estate footprint.

我們對所有重大投資進行了額外審查，更加關注投資回報率，並努力清理我們的資產負債表並合理化我們的房地產足跡。

While CapEx remains a key driver for our organic growth strategy, we have taken steps to rationalize our spend and sunset projects with a low ROI.

雖然資本支出仍然是我們有機成長策略的關鍵驅動力，但我們已採取措施合理化我們的支出並淘汰投資報酬率較低的項目。

To that end, capitalized software as a percent of total revenue was 4.3% in Q4, down 150 basis points compared to the previous year and down 84 basis points sequentially.

為此，第四季資本化軟體佔總營收的百分比為 4.3%，比上年下降 150 個基點，比上一季下降 84 個基點。

On the year, total capitalized software of $17.5 million, down $5.6 million versus prior year, primarily driven by sunsetting Centriq and other lower ROI projects.

全年軟體資本總額為 1,750 萬美元，比上年減少 560 萬美元，主要原因是 Centriq 和其他投資回報率較低的專案的停產。

Full year capitalized software represented 5.1% of total revenue, an improvement of approximately 160 basis points compared to 6.8% a year ago.

全年資本化軟體佔總收入的 5.1%，較一年前的 6.8% 提高了約 160 個基點。

As mentioned last quarter, in October 2024, we rationalized our real estate footprint in Mobile, Alabama and received net proceeds of $2.5 million.

正如上個季度所提到的，2024 年 10 月，我們合理化了位於阿拉巴馬州莫比爾的房地產足跡，並獲得了 250 萬美元的淨收益。

Finally, I'd like to highlight the progress we have made in 2024 to improve our forecasting and accounting processes.

最後，我想強調我們在 2024 年改進預測和會計流程方面所取得的進展。

Over the course of 2024, we strengthened our finance and accounting teams and continued implementing more robust processes and controls.

2024 年期間，我們加強了財務和會計團隊，並繼續實施更強大的流程和控制。

While our financials are getting more predictable for 2025, there could be a couple of million dollars of nonrecurring items relating to short-term projects, the impact of collections of ads receivable and other items that can trickle in any quarter.

雖然我們的財務狀況對 2025 年來說變得更加可預測，但可能會出現數百萬美元的與短期項目相關的非經常性項目、應收廣告款收取的影響以及可能在任何季度出現的其他項目。

We have also increased accountability and rigor of our monthly reviews of results leading to greater predictability and more effective controls on path to remediation of the control weaknesses.

我們也增強了每月結果審查的責任感和嚴格性，從而提高了可預測性和對糾正控制弱點的控制效率。

As a result, we were able to set achievable and meaningful guidance expectations and looking back, we met or exceeded those goals.

因此，我們能夠設定可實現且有意義的指導期望，回顧過去，我們已經達到或超越了這些目標。

Forecast accuracy and building predictability remains a key initiative in 2025 as there is still some room to grow on our accuracy, estimating expenses and further strengthening our processes and controls.

預測準確性和建立可預測性仍然是 2025 年的關鍵舉措，因為我們在準確性、估算費用以及進一步加強流程和控制方面仍有一定的提升空間。

Now turning to the fourth quarter review.

現在來回顧第四季。

We delivered another strong quarter that exceeded our prior guidance estimates due to solid performance across both business units.

由於兩個業務部門的穩健表現，我們又一個季度表現強勁，超出了我們先前的預期。

The quarter also benefited from some onetime revenue in Patient Care and labor cost timings as well as additional seasonality in G&A.

本季也受惠於病人照護和勞動成本時間的一些一次性收入以及一般行政管理的額外季節性因素。

As Chris mentioned, bookings in the fourth quarter was $14 million, down $7 million sequentially primarily due to the timing of closing a few large deals worth a combined $6 million that is expected to close by the first half of 2025.

正如克里斯所提到的，第四季度的預訂額為 1,400 萬美元，比上一季下降 700 萬美元，這主要是由於完成幾筆合計價值 600 萬美元的大額交易的時間安排，預計將在 2025 年上半年完成。

The decline impacted mainly new business sales in both Finance, Financial Health and Patient Care.

銷售下滑主要影響了金融、金融健康和病患照護領域的新業務銷售。

Fourth quarter revenue was $87.4 million, up approximately 2% compared to the prior year, driven by the growth in our core RCM product line in Viewgol, partially offset by the divestiture of AHT in January 2024 and the impact from sunsetting Centriq.

第四季營收為 8,740 萬美元，比上年成長約 2%，這得益於 Viewgol 核心 RCM 產品線的成長，但部分被 2024 年 1 月 AHT 的剝離以及 Centriq 停產的影響所抵消。

Excluding Viewgol, AHT and Centriq, Q4 revenue was notably higher compared to the prior year.

不包括 Viewgol、AHT 和 Centriq，第四季的營收明顯高於去年同期。

Financial Health revenue of $54.7 million was up 7.3% compared to the prior year and represented approximately 63% of the total revenue.

財務健康收入為 5,470 萬美元，比上年增長 7.3%，約佔總收入的 63%。

This revenue growth was primarily driven by our core CBO offerings and approximately 2% of the Financial Health revenue growth came from Viewgol.

收入成長主要得益於我們的核心 CBO 產品，其中約 2% 的財務健康收入成長來自 Viewgol。

Patient Care revenue of $32.7 million decreased 6.3% compared to Q4 of last year, driven by the impact of revenues from ESG and Centriq in the fourth quarter of 2023.

病患照護收入為 3,270 萬美元，與去年第四季相比下降 6.3%，這受到 2023 年第四季 ESG 和 Centriq 收入的影響。

Excluding AHT and Centriq, Patient Care revenue was meaningfully higher year-over-year, partially driven by onetime contract settlement and an uptick in nonrecurring revenue in Q4, both of which accounted for just over $1 million combined.

除 AHT 和 Centriq 外，患者護理收入同比大幅增長，部分原因是一次性合約結算和第四季度非經常性收入的增長，這兩項收入合計略高於 100 萬美元。

Total gross margins in the quarter were 53%, up 390 basis points versus the prior year and up 355 basis points sequentially.

本季總毛利率為 53%，較上年同期成長 390 個基點，較上一季成長 355 個基點。

Financial Health gross margins of 49.1% increased 545 basis points versus prior year, driven by Viewgol, core revenue growth and a combination of permanent savings from cost rationalization actions and the first wave of global offshore initiative discussed earlier and some timing of labor hiring.

財務健康毛利率為 49.1%，較上年增加 545 個基點，這得益於 Viewgol、核心收入增長以及成本合理化行動和前面討論過的第一波全球離岸計劃以及一些勞動力招聘時機帶來的永久性節約。

Patient Care gross margin of 59.6% were also up approximately 250 basis points year-over-year, primarily due to the cost rationalization actions and an uptick in onetime and nonrecurring revenue.

病人照護毛利率為 59.6%，較上年同期增加約 250 個基點，主要歸因於成本合理化措施以及一次性及非經常性收入的增加。

Total reported operating expenses of $40.6 million in the fourth quarter represented 46.5% of total revenue, down 670 basis points from 53.2% in prior year, excluding goodwill and intangible impairment in 2023.

第四季報告的總營運費用為 4,060 萬美元，佔總收入的 46.5%，較上年的 53.2% 下降 670 個基點，不包括 2023 年的商譽和無形資產減損。

The decrease is driven by reductions in product development, primarily from the divestiture of AHT and lower nonrecurring expenses, including severance, partially offset by the increased expenses from Viewgol.

下降的主要原因是產品開發費用的減少，主要由於 AHT 的剝離以及遣散費等非經常性費用的降低，但 Viewgol 的費用增加部分抵消了這一減少。

Q4 adjusted EBITDA of $17.2 million increased 44% compared to the prior year with a margin expansion of 580 basis points from 14% in Q4 2023 to 19.7% this quarter.

第四季調整後 EBITDA 為 1,720 萬美元，較上年同期成長 44%，利潤率從 2023 年第四季的 14% 擴大 580 個基點至本季的 19.7%。

As expected, we saw a consistent improvement in our adjusted EBITDA margin each quarter throughout 2024.

正如預期的那樣，我們看到 2024 年每個季度的調整後 EBITDA 利潤率都在持續提高。

From 11.4% in Q1, 14.8% in Q2 and 16.5% in Q3, primarily driven by increased revenue in Financial Health, cost optimization action and global offshore savings and onetime benefits.

從第一季的 11.4%、第二季的 14.8% 和第三季的 16.5%，主要得益於財務健康狀況的收入增加、成本優化行動以及全球離岸節省和一次性福利。

Normalizing for the onetime revenue in Patient Care and labor cost saving, I previously mentioned and some seasonality in G&A which together accounted for a couple of million dollars net impact in Q4, adjusted EBITDA margin would have been slightly more than the Q3 '24.

由於我之前提到過，由於病人照護的一次性收入和勞動力成本節省，以及 G&A 的一些季節性因素，導致第四季度的淨影響達幾百萬美元，因此調整後的 EBITDA 利潤率將略高於 24 年第三季。

As we head in 2025, we look to build on this momentum by continuing to find areas of efficiency, both people and non-people and maximizing the value of the global offshore initiative.

邁向 2025 年，我們希望繼續保持這一勢頭，繼續尋找人力和非人力方面的效率領域，並最大限度地提高全球離岸計劃的價值。

Next, I'd like to provide a few full year highlights.

接下來，我想介紹一下全年的一些亮點。

Total bookings for the year were $82.1 million, up 2.3% compared to the prior year.

全年總預訂額為 8,210 萬美元，比上年增長 2.3%。

This reflects the decline in bookings from divestiture of AHT in January 2024 was partially offset from the full year impact of bookings from Viewgol.

這反映了 2024 年 1 月 AHT 剝離導致的預訂量下降，部分抵消了 Viewgol 全年預訂量的影響。

Financial Health bookings of $49 million were roughly flat to the prior year and Patient Care bookings of $33 million were up 6%, driven by a mix of both add-on sales and new businesses.

4,900 萬美元的金融健康預訂額與去年基本持平，3,300 萬美元的病患照護預訂金額成長 6%，這得益於附加銷售和新業務的共同推動。

Full year revenue of $339.2 million were roughly flat to prior year as growth in both Financial Health core revenue and Viewgol was offset by the impact from AHT divestitures and sunsetting Centriq.

全年營收為 3.392 億美元，與去年基本持平，因為 Financial Health 核心收入和 Viewgol 的成長被 AHT 資產剝離和 Centriq 停產的影響所抵消。

Excluding Viewgol, AHT and Centriq, revenue would have been up moderately.

除 Viewgol、AHT 和 Centriq 外，收入將會適度成長。

Financial health revenue of $216 million was up 11.4% compared to the prior year, driven by Viewgol and growth in core products.

財務健康收入為 2.16 億美元，比上年增長 11.4%，這得益於 Viewgol 和核心產品的成長。

Patient Care revenue was $123 million, down 15.4% versus prior year.

病人照護收入為 1.23 億美元，較前一年下降 15.4%。

Excluding AHT and Centriq, Patient care revenue would have been almost flat on the year.

除去 AHT 和 Centriq，病人照護收入與去年同期相比幾乎持平。

2024 adjusted EBITDA of $53.1 million increased 12% year-over-year with margin expansion of 164 basis points.

2024 年調整後 EBITDA 為 5,310 萬美元，年增 12%，利潤率擴大 164 個基點。

Moving to the balance sheet.

轉到資產負債表。

We ended the quarter with $12.3 million in cash up $8.5 million versus the prior year and up $3.7 million sequentially.

本季結束時，我們的現金餘額為 1,230 萬美元，比上年增加 850 萬美元，比上一季增加 370 萬美元。

Net debt at the end of the quarter was $159 million with a net leverage ratio of approximately 3x.

本季末的淨債務為 1.59 億美元，淨槓桿率約為 3 倍。

Finally, turning to guidance for the full year 2025.

最後，談談 2025 年全年指引。

We expect revenue to be between $345 million and $360 million and adjusted EBITDA to be between $59 million and $66 million.

我們預計營收在 3.45 億美元至 3.6 億美元之間，調整後的 EBITDA 在 5,900 萬美元至 6,600 萬美元之間。

With the guidance range, we reiterate our previously shared goal of mid-single-digit top line growth with approximately 200 basis points of margin expansion in 2025.

透過該指導範圍，我們重申了先前的共同目標，即到 2025 年實現中等個位數的營收成長，利潤率擴大約 200 個基點。

The 4% year-over-year revenue growth implied with the midpoint of this guidance range is driven by growth in our Financial Health business, primarily in CBO and new offerings in patient care.

本指導範圍中點暗示的 4% 的同比收入增長是由我們的財務健康業務的增長推動的，主要是在 CBO 和病人護理方面的新產品。

For the first quarter, we expect revenue to be between $85 million and $88 million and adjusted EBITDA to be between $14 million and $16 million.

對於第一季度，我們預計營收在 8,500 萬美元至 8,800 萬美元之間，調整後 EBITDA 在 1,400 萬美元至 1,600 萬美元之間。

The midpoint of the quarter one guidance range implies 4% revenue growth and 600 basis points of margin expansion versus the prior year.

第一季指引範圍的中點意味著營收將比去年同期成長 4%，利潤率將比去年同期擴大 600 個基點。

When comparing Q1 guidance to Q4 '24 actual results I'd like to once again point out that the fourth quarter adjusted EBITDA benefited from a couple of million dollars of onetime nonrecurring items.

在將第一季指引與 24 年第四季的實際結果進行比較時，我想再次指出，第四季度調整後的 EBITDA 受益於數百萬美元的一次性非經常性項目。

Similar to 2024, we expect margins to step down sequentially in Q2 because of our annual client conference and merit increases with an uptick in the second half from improved operational and financial performance.

與 2024 年類似，我們預計第二季的利潤率將環比下降，原因是我們的年度客戶會議和績效加薪，而下半年由於營運和財務業績的改善，利潤率將有所上升。

In conclusion, as I reflect on my first year with TruBridge, I'm very pleased with the 2024 results and the many improvements we implemented in 2024.

總而言之，回顧我在 TruBridge 的第一年，我對 2024 年的表現以及我們在 2024 年實施的許多改進感到非常滿意。

In 2025, I look forward to the work we have ahead of us and continue building on this momentum, and I'm excited about the financial outlook, particularly the return to growth.

2025 年，我期待我們未來的工作能繼續保持這一勢頭，我對財務前景，尤其是恢復成長感到興奮。

Thank you all again for joining us today, and we'll now open the line for questions.

再次感謝大家今天的參與，我們現在開始回答大家的提問。

Sachi, please open the line for questions.

Sachi，請打開熱線來回答問題。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員指令）

Sarah James, Cantor Fitzgerald.

莎拉詹姆斯 (Sarah James)，費茲傑拉領唱者。

This is Gabie on for Sarah.

這是加比 (Gabie) 為莎拉 (Sarah) 表演的。

Can you speak to the visibility you have on closing the remaining deals that were expected to close in the end of 2024?

您能否談談預計在 2024 年底完成的剩餘交易的預期？

I know you mentioned one has already confirmed for the first quarter of 2025, but just the remaining other visibility.

我知道您提到其中一個已經確認在 2025 年第一季度，但剩下的只是其他的可見性。

Thanks for joining.

感謝您的加入。

So again, we've given ourselves a little bit of runway here and said first half of the year because there's a -- it's not about whether or not the customers made the decision to go forward with the opportunity.

所以，我們再說一次，我們給自己留出了一點空間，並說是上半年，因為這與客戶是否決定抓住這個機會無關。

There's a bit of uncontrollable aspect to it from their side that we're just kind of waiting to see what happens.

從他們的角度來看，這有點難以控制，我們只是在等著看會發生什麼。

For instance, there's an acquisition, a hospital is making another acquisition that based on some administration changes in their state government that has delayed the situation.

例如，有一項收購，一家醫院正在進行另一項收購，但由於其州政府的一些行政變化，收購情況被推遲了。

So we've got just a couple of things like that happening that again, we're outside of our control, outside of the customer's control but still feel very positive that we expect them to close in the first half of this year.

因此，我們再次遇到了一些類似的情況，這超出了我們的控制範圍，也超出了客戶的控制範圍，但我們仍然非常積極地預計它們將在今年上半年完成。

And obviously, as we sit here almost through the through the first quarter, we wanted to give ourselves a little bit more room from that respect.

顯然，當我們幾乎已經度過第一季時，我們希望在這方面為自己留出更多的空間。

Okay.

好的。

Awesome.

驚人的。

That's very helpful.

這非常有幫助。

And then on the sales and marketing initiatives that you mentioned, anything to call out there particularly?

那麼，關於您提到的銷售和行銷舉措，有什麼特別需要指出的嗎？

Or do you expect those to increase in tandem with revenue increases.

或者您是否預計這些將隨著收入的增加而增加。

So where you were at in 2024 for that sales and marketing ratio looks similar in '25?

那麼，2024 年的銷售和行銷比率與 2025 年的銷售和行銷比率相似嗎？

Yes.

是的。

So obviously, we're making a substantial investment in the sales and marketing front and probably more on the marketing than on the sales side.

顯然，我們在銷售和行銷方面投入了大量資金，而且在行銷方面的投資可能比在銷售方面的投資還要多。

And again, that's to increase exposure with the brand.

再次強調，這是為了增加品牌的知名度。

Obviously, in our installed customer base.

顯然，在我們已安裝的客戶群中。

So if you look at it from where we're trying to grow, the cross-sell opportunities, obviously, our customers already have a great -- we have a great relationship, and they know what it is that we're doing.

因此，如果從我們試圖成長的角度來看交叉銷售機會，顯然，我們的客戶已經與我們建立了良好的關係，他們知道我們正在做什麼。

They know who we are.

他們知道我們是誰。

What we're really trying to make sure that we're doing is getting our name out in front of that 100 to 400 bed hospitals that don't run our EHR or some of our technology so that when there's opportunities, we're top of mind.

我們真正想要確保的是，我們的名字出現在那些沒有運行我們的 EHR 或部分技術的 100 到 400 個床位的醫院面前，這樣當有機會時，我們就是首選。

Obviously, that will be a leading indicator to the success of that initiative will be an indicator into future revenue, probably into 2026, to be quite honest.

顯然，這將是該計劃成功的一個領先指標，也將成為未來收入的指標，坦白說，可能到 2026 年。

If we're thinking about lead generation starting in the first half of the year, leading to sales in the second half of the year, which would lead to revenue expansion into 2026.

如果我們考慮從上半年開始進行潛在客戶開發，從而帶來下半年的銷售，這將導致 2026 年的收入擴大。

Sean Dodge, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Sean Dodge。

And congratulations on just a great strong finish to the year.

恭喜您今年取得了圓滿的成績。

Going back to the guidance in the bookings, Chris, you mentioned some of the deals that slipped out of Q4.

回到預訂指導，克里斯，您提到了一些第四季度未能達成的交易。

If we just set those aside, if we look at what you've signed and the pipeline you've established thus far, and the proportion of recurring revenue you all now have, is there any way to -- from that kind of frame or quantify the visibility you have at this point in to '25 revenue guidance?

如果我們把這些放在一邊，如果我們看看你們已經簽署的內容和你們迄今為止建立的渠道，以及你們現在擁有的經常性收入的比例，有沒有辦法——從這種框架中量化你們目前對‘25 年收入指導的可見性？

And then just with Vinay having been in the seat for a full rotation, the way you've established those targets, have you made any kind of change in the way those have been constructed versus years past?

那麼，在 Vinay 擔任該職位整整一年之後，您制定這些目標的方式與過去幾年相比，是否有任何改變？

Well, I'll say a couple of things, and I'll let Vinay kind of chime in on the backside of that.

好吧，我要說幾件事，然後讓 Vinay 就此事發表看法。

Obviously, the slippage of those deals in Q4 is already baked into our guidance for 2025, right?

顯然，第四季度這些交易的下滑已經反映在我們對 2025 年的預期中了，對嗎？

Because if we decide that in Q4, we've got a little more goodness from them in this year, but obviously, that's going to push out.

因為如果我們在第四季度做出決定，那麼今年我們會從他們那裡得到更多好處，但顯然，這將會推遲。

And so the true value of those deals, we'll probably see in the back half of the year and into 2026.

因此，我們可能會在今年下半年和 2026 年看到這些交易的真正價值。

With that said, and I think this proved out through the year 2024, our continued focus on just visibility and understanding of the puts and the takes into the business, understanding that bookings don't have a direct line to revenue as far as there's not a 90 day assumption that we can always make.

話雖如此，我認為這將在 2024 年得到證明，我們將繼續專注於可見性和對業務投入和收益的理解，了解預訂量與收入並沒有直接關係，因為我們無法總是做出 90 天的假設。

There's a lot of exceptions to the rule.

該規則有很多例外。

So I think that there is a very close marriage internally between our operations and our sales team and finance to be able to have great visibility and understanding as to when the bookings come in, how they actually translate into revenue and what the impact is on this year.

因此，我認為我們的營運、銷售團隊和財務部門之間存在著非常緊密的聯繫，以便很好地了解和理解預訂的時間、它們如何轉化為收入以及對今年的影響。

I think in the past, we probably got ourselves hung up a little too much on that bookings just having a blind conversion of x days to revenue, where that's just not the case.

我認為在過去，我們可能過於糾結於預訂量，只是盲目地將 x 天轉化為收入，但事實並非如此。

And so Vinay and team and my team meeting into the business units have done a tremendous amount of work over the last year to really have a tight interlock there to have good visibility.

因此，Vinay 和他的團隊以及我的團隊在業務部門會議上在過去的一年裡做了大量的工作，以確保業務部門之間緊密聯繫，並獲得良好的可視性。

So I think our guidance reflects both the learnings of 2024 and also the execution of the end of the year.

因此，我認為我們的指導既反映了 2024 年的經驗教訓，也反映了年底的執行情況。

Vinay?

維奈？

Yes.

是的。

And Sean, that's a great question.

肖恩，這個問題問得非常好。

That was a lot of work that we put in last year and as I have updated to you guys on the forecasting.

去年我們投入了大量的工作，我已向你們更新了預測結果。

Just as a data point I'll give you our so-called contractor revenue.

作為一個數據點，我會給你我們所謂的承包商收入。

Contractor revenue, obviously, as you know, is -- although we have a contract, these are driven with volume-based is in the low 90s.

顯然，如您所知，承包商的收入是 - 儘管我們有合同，但這些都是由數量驅動的，在 90% 左右。

So low 90s percent of revenue at the beginning of the year, I have a contract, and hopefully, that will play out, so it's the balance part that we have to go after through bookings and some short-term wins like we get.

所以年初的收入低於 90%，我有一個合同，希望能夠實現，所以我們必須透過預訂和一些短期勝利來追求平衡部分。

So I feel in the range that we have given, we have tried our best to capture because now it is no longer just a finance input we have tied up with the business to give that because that visibility helps us too.

因此，我覺得在我們所給予的範圍內，我們已經盡了最大的努力去把握，因為現在它不再只是與業務掛鉤的財務投入，因為這種可見性也對我們有幫助。

And the same is if I look at from a total recurring revenues also in the, I would say, in the mid-90s.

如果我從總經常性收入來看，情況也是一樣的，我想，是在 90 年代中期。

So for us, I feel tying up with what Chris said, there is a controllable aspect and a noncontrollable aspect.

因此對我們來說，我覺得與克里斯所說的相符，存在著可控的面向和不可控的面向。

The controllable aspect is where we are laser-focused to get to the maximum, which is every customer delight is important.

在可控方面，我們全神貫注於實現最大化，即讓每位顧客滿意都很重要。

Every client has to be -- that's why we identified 60 key CBO clients over the next 24 months and retaining them.

每個客戶都必須如此——這就是為什麼我們在未來 24 個月內確定了 60 個關鍵 CBO 客戶並留住他們。

So far, it has been great, almost 100% in the first few months that we have had.

到目前為止，一切都很順利，在前幾個月裡，我們的進展幾乎達到了 100%。

So we just want controllable to be done at this peak and obviously, with the scenario that Chris maintain bookings translate into revenue will happen.

因此，我們只是希望在這個高峰期能夠可控地完成，顯然，在克里斯保持預訂量轉化為收入的情況下，就會發生這種情況。

But to the best of our ability, I feel we have tried to capture it in our guidance.

但我覺得我們已經盡最大努力在指導中捕捉到這一點。

Yes.

是的。

And one last thing there, Sean, and by the way, thank you for the nice comments about the year and the quarter.

最後還有一件事，肖恩，順便說一句，謝謝你對今年和本季的友好評價。

But also, I think as we are continuing to provide guidance quarter in front, I think that that's giving as we understand the translation of those bookings, it gives us a little more comfort in how we're seeing that layout.

但是，我認為，由於我們將繼續在前一個季度提供指導，我認為這讓我們了解這些預訂的翻譯，這讓我們對所看到的佈局更加放心。

And I think that will be something that we definitely plan to continue so that we're still -- there is still, like I said, just some volatility in when we sign something and when we're able to turn it on.

我認為我們肯定會計劃繼續這樣做，這樣我們仍然——就像我說的，當我們簽署某些協議以及何時能夠啟動它時，仍然存在一些波動。

And if it's an EHR customer, obviously, they're already in a system that's got a contract in date on it that is going to -- we're a little bit held captive by that.

如果是 EHR 客戶，顯然他們已經處於一個有日期合約的系統中，我們會有點受其束縛。

And on the flip side, on the RCM business, there could be something that's not quite as cut and dry as it just being 90 days from when we signed the contract.

另一方面，就 RCM 業務而言，可能有些事情並不像簽約後 90 天那麼簡單。

So I think for us to continue to provide that 90-day look, I think is the best practice right now for us to keep you guys on the front page of how we're seeing the year unfold.

因此，我認為，對於我們來說，繼續提供 90 天的回顧，是目前最好的做法，讓我們讓你們了解我們對這一年進展的了解。

Okay.

好的。

That's great, thanks for all the detail there.

太棒了，謝謝你提供的所有詳細資訊。

So on the '25 targets, and if we think about the revenue growth that's implied there, is there anything you can share on how we should be thinking about kind of growth among the 2 states or the -- the 2 segments, is financial health expected to be the primary contributor?

因此，關於‘25 個目標’，如果我們考慮其中隱含的收入增長，您能否分享一下我們應該如何考慮兩個州或兩個部分之間的增長，財務健康是否有望成為主要貢獻者？

And then if we think about the patient care side, is that kind of maybe flat, up low single digits.

然後，如果我們考慮病人照護方面，這種情況可能是持平的，上升到個位數的低水平。

Is that kind of directionally the way you see things playing out for the year?

您認為今年的事情發展方向是這樣的嗎？

Yes.

是的。

I'll try.

我會盡力。

I know, Sean, you would have asked this question, so I'll try my best to answer it in my prepared.

肖恩，我知道你會問這個問題，所以我會盡力在準備好的情況下回答。

So this is -- you're absolutely right.

所以這是——你完全正確。

Financial Health, we expect to have higher growth than the average that we have presented on board.

財務健康方面，我們預期成長速度將高於我們先前提出的平均水準。

But we do expect to see a low single-digit growth in Patient Care to primarily from some of the new products that we introduced last year, like the Multiview that we mentioned, we have seen some good traction on that and then the analytics one.

但我們確實預計患者護理業務將出現低個位數成長，這主要得益於我們去年推出的一些新產品，例如我們提到的 Multiview，我們已經看到了一些良好的發展勢頭，然後是分析業務。

So if you take the average of it, RCM or Financial Health will be higher and Patient Care would have low single digits, lower than that average.

因此，如果取平均值，RCM 或財務健康狀況會更高，而病患照護則會有一個較低的個位數，低於平均值。

Okay.

好的。

Congratulations again.

再次恭喜。

Jeff Garro, Stephens Inc.

加羅（Jeff Garro），Stephens Inc.

Maybe start a little bit more on the bookings number and the demand environment.

也許可以從預訂數量和需求環境方面多做一些了解。

I was hoping you could tell us a little bit more about some of the secondary metrics like pipeline, length of sales cycle and win rate to put some more context on the current demand environment.

我希望您能告訴我們更多關於一些次要指標的信息，例如通路、銷售週期長度和成功率，以便更清楚地了解當前的需求環境。

I know I appreciate all the transparency on the timing-related issues that you saw in Q4.

我知道我很欣賞您在第四季度看到的與時間相關的問題的所有透明度。

Yes.

是的。

Jeff, so what I would say from a pipeline standpoint, we see I would say maybe about 40% of our bookings in a quarter are opportunities that actually opened and closed in that quarter.

傑夫，從通路的角度來看，我們看到，一個季度中大約 40% 的訂單是該季度實際開啟和關閉的機會。

So looking at it from the historical size of the pipeline, there's always an influx that comes in that we're seeing really kind of continue to play out.

因此，從管道的歷史規模來看，總是有大量的石油流入，我們看到這種現象確實持續發生。

That's something that we've been tracking over the last several quarters, and that continues to be something that is an aspect to it.

這是我們過去幾個季度一直在追蹤的事情，而這仍然是其中的一個面向。

Going back to the prepared comments, when we talk about the no decision I think that, that's something that we're going to continue to focus on from a -- obviously, there is interest.

回到準備好的評論，當我們談論沒有決定時，我認為，這是我們將繼續關注的事情 - 顯然，人們對此感興趣。

If we're getting to something where we call it, a qualified lead that we have put into our pipeline and then we close it as a loss, but we closed it as a loss to no decision.

如果我們得到了我們稱之為的某個東西，即我們已經放入了渠道的合格線索，然後我們將其作為損失而結束，但我們將其作為沒有做出決定的損失而結束。

I think that just goes to the sentiment of people are -- and I would say the vast majority of those opportunities are in that CBO space, the full central business outsourcing opportunities.

我認為這只是人們的情緒——我想說絕大多數機會都在 CBO 領域，也就是完整的中央業務外包機會。

And it's just an opportunity for us to continue to push on the value that we're selling and making sure that we're doing our level best to get the customer comfortable with giving this piece of the business away and that once they get comfortable with that, that we're the ones that they give it to.

這對我們來說只是一個機會，讓我們繼續推動我們所銷售的價值，並確保我們盡最大努力讓客戶願意放棄這部分業務，一旦他們對此感到滿意，他們就會把業務交給我們。

So I think it's consistent with what we continue to see is that regardless of what poll you look at the business office remains to be one of the top priorities for hospital leadership and providers, it's just still something that we have this additional hurdle that we've just got to keep pushing to get them over, keep working with our sales team to really drive the value so that we see more of those no decisions turn into wounds.

因此，我認為這與我們繼續看到的情況一致，無論你從哪項民意調查來看，業務辦公室仍然是醫院領導層和服務提供者的首要任務之一，但這仍然是一個額外的障礙，我們必須繼續努力幫助他們克服它，繼續與我們的銷售團隊合作，真正推動價值，以便我們看到更多那些沒有做出的決定變成傷害。

Appreciate it.

非常感謝。

And just to follow up there.

只是為了跟進。

You speak to the win rate and the no decision being the kind of most frequent unfavorable decision, but maybe you could speak to win rate when there is a decision made with others involved?

您談到了勝率，而無決定是最常見的不利決定，但也許您可以談談與其他人一起做出決定時的勝率？

Yes.

是的。

So that number is north of 50% when we remove that -- when we removed the node decision.

因此，當我們刪除該節點決策時，該數字將超過 50%。

So when we're -- and again, that's either -- they made the decision to keep it in-house or that -- and that's an a firm decision versus just no decision in pushing it down the road or that there was a loss to a competitor.

所以當我們 — — 再說一次，那要么 — — 他們決定將其保留在公司內部，要么 — — 這是一個堅定的決定，而不是根本沒有決定將其推後，要么就是損失給了競爭對手。

So I still feel like we've got a really good batting average.

所以我還是覺得我們的擊球率很高。

We'd always like to see that go up.

我們一直希望看到這一數字上升。

But I also think that it's as much about the at-bats, right?

但我也認為這與擊球次數同樣重要，對嗎？

And so that's why we talk about the investment that we're making on the marketing front to continue to get our name out there and to be very pointed at the marketing efforts that we're making, more account-based marketing approach so that we're getting our team more of that.

這就是為什麼我們要談論我們在行銷方面所做的投資，以繼續提高我們的名字，並非常有針對性地進行行銷工作，採用更多基於帳戶的行銷方法，以便我們的團隊能夠從中獲得更多。

And so that [500%] to 600% winning percentage that we'd like to see that play out over 200 beds versus 100 beds.

因此，我們希望看到 200 張床位和 100 張床位之間的勝率分別為 [500%] 到 600%。

And that way, we have 2 opportunities to win.

這樣，我們就有兩次獲勝的機會。

Makes sense.

有道理。

I appreciate that detail.

我很欣賞這個細節。

And then I want to ask one more about the renewals looming here in 2025.

然後我想再問一個有關 2025 年即將發生的更新的問題。

How does that number of 60 compared to a typical year?

與典型年份相比，60 這個數字如何？

And any kind of outsized larger clients in that 60 and just the pacing of those decisions, anything you can tell us about kind of seasonality back half versus first half of the year as we think about potential for those decisions to impact your financial performance here in 2025?

在這 60 位客戶中，有任何超大型客戶嗎？

Yes.

是的。

So I'll start.

那我就開始了。

And just as a reminder, I think we said this, the 60 that we put kind of a box around is actually going to play out over the next 24 months.

提醒一下，我想我們說過，我們設定的 60 個框架實際上會在未來 24 個月內發揮作用。

So not -- they're all not making a decision in this year.

所以不是——他們今年都不會做出決定。

But we landed on that number based on either there was a renewal date this year or they're a strategic customer that we wanted to make sure that was in that first wave of global transition that we're making sure that we're focused on client delight for that level of customer.

但是，我們根據今年的續約日期或他們是策略客戶來確定這個數字，我們希望確保他們處於全球轉型的第一波浪潮中，我們要確保我們專注於該級別客戶的滿意度。

What was the second part of the question?

問題的第二部分是什麼？

Jeff, I got lost there.

傑夫，我迷路了。

You're all good, a multi-parter.

你們都很棒，是個多角色的人。

I want to ask if there's any kind of outsized larger clients in that 60 you just referenced the strategic customers?

我想問一下，您剛剛提到的 60 個策略客戶中，是否有超大型客戶？

And then kind of the pacing of decisions over the next 24 months, any particular weighting we should be aware of?

那麼，在接下來的 24 個月內，我們該注意哪些具體的決策節奏呢？

Yes.

是的。

So on the first answer, there's no real we did lose a customer a few years ago that was outsized as it related to the rest of the base.

因此，對於第一個答案，幾年前我們確實失去了一個規模過大的客戶，因為這與其他客戶群有關。

The good and bad is that we don't really have that high concentration, high volume now, obviously, as we're pushing into the 100, 400 bed deals, we may see that start to pop up.

好的和壞的是我們目前並沒有那麼高的集中度和高交易量，顯然，當我們推進 100、400 個床位的交易時，我們可能會看到這種情況開始出現。

But right now, I would say they're all kind of equally laid out.

但現在，我想說它們的佈局都是差不多的。

Vinay go ahead.

Vinay 繼續。

So there is no outsized customers like last time, it's a very diversified base that we have.

因此，我們不會像上次那樣擁有超大的客戶規模，我們擁有非常多樣化的客戶基礎。

And secondly, from timing of these renewals, they are like reasonably spread out during the year.

其次，從這些續約的時間來看，它們在一年內合理地分佈。

It's not like in 1 quarter, most of them, it's all throughout the year.

這並不是只在某個季度發生，大多數情況下，是全年都發生。

So that's why we have put this together with the team to make sure we bring the customer delight to where it actually matters with making sure these renewals are taken care of and then upside as we go forward.

因此，我們與團隊一起努力，確保將客戶滿意度帶到真正重要的地方，並確保這些續約得到妥善處理，然後在我們前進的過程中不斷提升。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Chris, you gave you a lot of things to lead into I guess, Chris, I'm going to -- I have 3 if you guys will give me that much leash to hang myself.

克里斯，我想，你給了你很多東西來引導我，克里斯，我打算——如果你們願意給我那麼多束縛，我就有 3 個。

First is on the bookings slipping out of the quarter, do you feel like they were deals that just slipped out of the quarter?

首先是關於本季訂單下滑的問題，您是否覺得這些交易是本季下滑的？

Or my macro question is, are you seeing something as it relates to the lengthening of sales cycles, do you feel like?

或者我的宏觀問題是，您是否看到與銷售週期延長相關的某些事情，您覺得呢？

It's a good question, George.

這是個好問題，喬治。

And I would say put this into the prepared comments, I do think that there is a bit of uncertainty right now about what's going to happen.

我想說，把這個放入準備好的評論中，我確實認為現在對於接下來會發生什麼存在一些不確定性。

You can't turn on the TV right now without seeing what's going on in Washington.

現在你只要打開電視就能看到華盛頓正在發生的事。

And if you just look at it from a numbers standpoint, you got to think that Health Care is on the radar of the potential cuts that they're going to make.

如果你只是從數字的角度來看，你會認為醫療保健是他們可能會削減開支的對象。

And so I do think that there is a bit of a slowdown that's happening.

因此我確實認為，確實出現了一些放緩的現象。

I don't think it's causing a stop, but I do think it's causing a bit of a slowdown.

我不認為這會導致停止，但我確實認為這會導致一點放緩。

As it relates to those 3 deals, again, it's -- there are very specific reasons why they slip.

就這三筆交易而言，它們失敗的原因非常具體。

So I don't think there's like a global/macro environment that we're seeing play out from that respect.

因此，我認為從這個角度來看，我們所看到的全球/宏觀環境並沒有發揮作用。

It's encouraging for us to continue to as much as I hate to say it, that it's encouraging to hear that there's continued pain.

儘管我不願意這麼說，但聽到痛苦持續下去還是讓我們感到鼓舞。

But there's continued pain at the provider and hospital level from just reliability and stability from a collection standpoint and just making sure that those dollars are coming in, that they've got the staff able to do it and that they can do it at a cost that they can work with.

但是，從收集角度來看，供應商和醫院層面的可靠性和穩定性仍然存在問題，他們必須確保這些資金能夠到位，有足夠的員工能夠做到，並且能夠以可負擔的成本做到。

So I do think that we're still on the right topic.

因此我確實認為我們仍然在討論正確的話題。

We've just got to keep driving to what's going to push them over the line.

我們必須繼續努力，幫助他們跨越界限。

So we're going to be patient this first year or the first half of this year is kind of whatever happens in Washington plays out.

因此，我們將在第一年或上半年保持耐心，看看華盛頓會發生什麼。

But that doesn't mean that we won't still be out there pushing on our team to make sure that we're getting in front of the opportunities that are there and making sure that we can get to a number that we feel good about to deliver on the '25 guidance.

但這並不意味著我們不會繼續努力推動我們的團隊，以確保我們能夠抓住現有的機遇，並確保我們能夠達到令我們滿意的『25 年指導目標』。

Okay.

好的。

And then Vinay, I would go in with one here, which is like if we think about the 60 renewals in 2025, are we thinking about these -- first thing, are we thinking about these renewals are kind of positive or negative pricing opportunities?

然後 Vinay，我想在這裡提一個問題，例如，如果我們考慮 2025 年的 60 次續約，我們是否考慮這些 - 首先，我們是否考慮這些續約是積極的還是消極的定價機會？

And kind of putting the renewals in the context of like the lengthening sales cycle question, I just asked, Chris, is like how do we think about which part of those come due in '25 contributing '25 and if there's slippage risk to '25?

將續約放在延長銷售週期問題的背景下，我剛剛問克里斯，我們如何考慮其中的哪些部分將在 2025 年到期，對 2025 年的貢獻如何，以及 2025 年是否存在下滑風險？

So we have -- it's a great question, George.

所以我們有—這是一個很好的問題，喬治。

Let me compliment you because there are some parts of it which are due during the year and how we normally take it when it's something which is under contract.

讓我讚美一下你，因為其中有些部分是在今年到期的，而且當它是合約中規定的事項時我們通常會如此處理。

It has very high probability that we will get the revenue.

我們獲得收入的可能性非常高。

Obviously, it's a volume based, it can go up or down a little bit.

顯然，這是基於成交量的，它可能會稍微上升或下降。

But once that once it comes due and then it's up for renewal, there is a -- I would say a larger chunk is for '26 smaller part, but dollar value-wise, we have tried to not assume almost 100%, will come in or we have assumed our own best guesstimates at this time to just make sure we can cover some of the slippage that happens.

但一旦到期並且需要續簽，那麼我會說，其中較大的一塊是 26 個較小的部分，但從美元價值來看，我們試圖不假設幾乎 100% 都會進來，或者我們目前假設了我們自己的最佳估計，只是為了確保我們能夠彌補發生的一些延誤。

But to answer your question after -- because these contracts come anytime during the year, post that, that's where if the renewals doesn't happen, it will carry a risk and to the best of our ability, we have captured that in our guidance.

但要回答你的問題——因為這些合約是在一年中的任何時候簽訂的，在那之後，如果沒有續約，就會帶來風險，並且我們盡最大努力在我們的指導中捕捉到了這一點。

Okay.

好的。

That's helpful.

這很有幫助。

I have more long-winded questions that, I guess, are not as smart as that last one.

我還有更多冗長的問題，但我想，它們並不像最後一個問題那麼聰明。

I'll circle back with you guys.

我會再回來和你們聯絡。

Thanks, George.

謝謝，喬治。

Gene Mannheimer, Freedom Capital Markets.

吉恩‧曼海默 (Gene Mannheimer)，自由資本市場 (Freedom Capital Markets)。

Congrats on the quarter of the year, gentlemen.

先生們，恭喜本季的順利完成。

I had just 2.

我只有 2 個。

When you think about your EBITDA guidance, it's pretty strong above consensus, while you guided your revenue guidance bracketed consensus.

當您考慮您的 EBITDA 指導時，它會非常強勁地高於普遍預期，同時您的收入指導也處於普遍預期範圍之內。

Where would you say the bulk of that over attainment is coming from?

您認為這種超額完成的大部分成就來自哪裡？

If you could rank it, say, in the top 3, you have improved revenue, you have vehicle, You have your cost initiatives?

如果您可以對其進行排名，比如說，進入前三名，那麼您的收入有所提高，您有車輛，您有成本計劃嗎？

How would you characterize it?

您如何描述它？

So the 2 parts -- Gene, so nice to hear from you too.

所以有兩個部分——吉恩，很高興收到你的來信。

So the 2 big parts is for us is the same one that we carried last time.

因此，對我們來說，這兩個大部件和我們上次攜帶的東西是一樣的。

We would pause a rationalization initiatives will obviously kick in here.

我們將暫停，合理化措施顯然將在這裡啟動。

The global offshore will contribute, Patient Care has slight growth will contribute and then the overall piece that you look at from the Financial Health.

全球離岸業務將有所貢獻，病人護理業務將略有增長，然後是從財務健康角度來看的整體部分。

So it's a mix of all that 4, but the exit of '24 also, the momentum helps us to carry that through.

所以這是所有這四個因素的混合，但 24 年的退出也有助於我們實現這一目標。

And what we tried to capture in the guidance, you are absolutely right that the analyst -- the consensus was reasonable on the revenue, but I think they were under own.

我們試圖在指引中捕捉到的是，您完全正確，分析師對收入的共識是合理的，但我認為他們處於自己的水平。

But it was also at a time that we had not overperformed.

但那時我們的表現還未超出預期。

So the overperformance of Q4 gives us the momentum to carry it through so that is some of it.

因此，第四季度的出色表現為我們提供了完成目標的動力，而這就是其中的一部分。

Plus we have tried our best to build enough our maniacal focus on vendor and people that we would like to get maximum out of it.

此外，我們已盡最大努力將足夠的關注放在供應商和人員身上，以便從中獲得最大收益。

So that why this range reflects higher than the consensus.

所以這就是為什麼這個範圍反映出高於共識的原因。

That's great.

那太棒了。

Nice job on that, Vinay.

幹得好，Vinay。

And just on the revenue, Patient Care, as you -- I think you mentioned that you're focusing on converting the balance of your clients to SaaS over time.

就收入而言，患者護理，正如您所提到的那樣，您正專注於隨著時間的推移將客戶的平衡轉化為 SaaS。

And I'm wondering if that would create a meaningful drag on revenue growth as you convert from those license maintenance to pro rata revenue recognition?

我想知道，當您從許可證維護轉換為按比例收入確認時，這是否會對收入成長造成重大阻礙？

Not too much because today, we get support revenue from them, which is not lumpy.

不算太多，因為今天我們從他們那裡得到了支持收入，這並不算多。

And tomorrow, we will get a SaaS revenue from them.

而明天我們就可以從他們身上獲得SaaS收入。

So the only piece we just have to make sure the pricing and all because pricing as a lever has been trying -- we are trying to bring it into our DNA.

因此，我們唯一要做的就是確保定價，因為定價作為一種槓桿，我們一直在努力將其融入我們的 DNA。

So I don't feel it will be a drag, but also it won't be a significant boost to our revenue.

因此，我認為這不會成為拖累，但也不會顯著提高我們的收入。

But what we expect is it gives longer term and more predictability, that's what we are looking for.

但我們期望它能提供更長期和更高的可預測性，而這正是我們所尋求的。

And again, I think it's about -- it's just that.

再說一次，我認為這只是——僅此而已。

An example is last year, we had some products that were released on the Patient Care side that had some onetime benefits and while that's great for the year, it obviously creates a step for us in 2025 to see growth off of that.

例如，去年我們在患者護理方面發布了一些產品，這些產品具有一些一次性的益處，雖然這對於今年來說很棒，但顯然為我們在 2025 年實現成長奠定了基礎。

And so I think as we're continuing to roll out new offerings, the idea of driving the customers to a SaaS model creates that very smooth revenue recognition and visibility into the future versus we get some nice one-time pops, then we've got to go figure out how to recreate that in the next year.

因此，我認為，隨著我們繼續推出新產品，將客戶引導至 SaaS 模式的想法可以創造非常順暢的收入確認和未來的可見性，而不是獲得一些不錯的一次性收益，然後我們必須想辦法在明年重新創造這種收益。

So we're excited about the investments that we've made in some of these new offerings and using that as kind of the leverage to keep pushing our customers to that SaaS model or even ideally having them go in the interest model, where we're bringing in the financial health of the RCM Solutions as well.

因此，我們對在這些新產品上的投資感到非常興奮，並利用這種投資作為一種槓桿，繼續推動我們的客戶採用 SaaS 模式，甚至理想情況下讓他們採用興趣模式，我們也將 RCM 解決方案的財務健康狀況引入其中。

There are no further questions at this time.

目前沒有其他問題。

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

我想將發言權交還給克里斯·福勒，請他發表最後評論。

Thanks.

謝謝。

And as always, thanks to all of you for your continued interest in TruBridge.

和往常一樣，感謝大家對 TruBridge 的持續關注。

We look forward to sharing our progress and success with you throughout this year.

我們期待今年與您分享我們的進步和成功。

Thanks, and have a wonderful week.

謝謝，祝你有個愉快的一周。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。