Q4 2023 Computer Programs and Systems Inc Earnings Call

Operator: Greetings and welcome to the CPSI 4th Quarter Earnings Conference Call. At this time, all participants are in a listen only mode.

Greetings and welcome to the C. P. S. I fourth quarter earnings Conference call. At this time all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad.

Operator: A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. Thank you.

As a reminder, this conference is being recorded it is now my pleasure to introduce your host drew Anderson. Thank you you may begin.

Thank you good afternoon, and welcome to the C. P. S I fourth quarter in 2023 earnings Conference call.

Dru L. Anderson: Good afternoon, and welcome to the CPSI fourth quarter and 2023 earnings conference call. Leading today's call are Chris Fowler, President and Chief Executive Officer, and Vinay Bhasi, Chief Financial Officer. 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. The company cautions you that any such forward-looking statements only reflect management expectations and predictions based upon currently available information and are not guaranteed future results or performance. Actual results might differ materially from those expressed or implied by such forward-looking statements as a result of known and unknown risks, uncertainties, and other factors, including those described in 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.

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

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.

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.

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.

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

10-K.

The company also caution 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.

At this time I will now turn the call over to Mr. Chris Sadler, President and Chief Executive Officer. Please go ahead Sir.

Chris Fowler: Thanks, Drew, and thank you to everyone for joining us this afternoon. I want to start off today's call by saying how excited I am about our recently announced rebranding. We are coming together behind our Truebridge brand to simplify the way we do business and reinforce our commitment to delivering a comprehensive suite of financial and clinical solutions for our clients and the communities they serve. We believe this new brand more accurately reflects the evolution of the company and more closely defines who we are today and the opportunity ahead of us. We remain committed to delivering high-quality service to all of our clients, regardless of the solutions they are using. On Monday, March 4th, we will officially transition to TrueBridge when our common stock will begin trading on the NASDAQ stock market under our new ticker symbol, TBRG.

Thanks drew and thank you to everyone for joining us this afternoon.

To start off today's call by saying how excited I am about our recently announced rebranding we're coming together behind our true bridge brand to simplify the way, we do business and reinforce our commitment to delivering a comprehensive suite of financial and clinical solutions for our clients and the communities they serve.

We believe this new brand more accurately reflects the evolution of the company and more closely defines who we are today and the opportunity ahead of US we remain committed to delivering high quality service to all of our clients regardless of the solutions they are using.

On Monday March the fourth we will officially transitioned to true bridge what are common stock will begin trading on the NASDAQ stock market under our new ticket ticker symbol T BRG with that in mind, we will refer to our company our Cps I on the call today.

Chris Fowler: With that in mind, we will refer to our company as CPSI on the call today. Taking a look back, 2023 saw ups and downs throughout the course of the year, but we finished on strong footing with meaningful bookings and solid fourth quarter results. Today I'll touch on some financial highlights, provide updates on our ongoing initiatives, and introduce our new CFO, Vinay Bhatse, to dive deeper into the numbers and share our initial outlook for the first quarter and full year 2024. Let's start with a quick overview of our 2023 results. For the full year, revenue came in at $339 million, and adjusted EBITDA came in at $48 million.

Taking a look back 2023 saw ups and downs throughout the course of the year, but we finished on strong footing with meaningful bookings and solid fourth quarter results today I'll touch on some financial highlights provide updates on our ongoing initiatives and introduce our new CFO than a biopsy to dive deeper into the <unk>.

<unk> and share our initial outlook for the first quarter and full year 2024.

Let's start with a quick overview of 2023 results for the full year revenue came in at $339 million and adjusted EBITDA came in at $48 million.

Chris Fowler: For fourth quarter bookings, we signed $26 million, which represents a sequential increase from $16.2 million in the previous quarter and was driven by meaningful increases in both RCM and EHR. Fourth quarter 2023 bookings were up by 5.5% from the fourth quarter of 2022, driven by RCM bookings, which increased 5.9%. We believe the pickup in RCM bookings was driven by several factors. First, the local labor market for our community hospitals is seldom expansive enough to meet all of their needs.

For fourth quarter bookings, we signed $26 million, which represents a sequential increase from $16 2 million in the previous quarter and was driven by driven by meaningful increases in both RCM and EHR.

Fourth quarter 2023 bookings were up by five 5% from fourth quarter of 2022, driven by RCM bookings, which increased five 9%.

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

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

Chris Fowler: Second, RCM is very complex and getting more so by the day. And third, the stigma of outsourcing billing efforts is diminishing as the problems of poor cash collections and increasing accounts receivables continue to weigh on community hospitals. Now taking a step back from the numbers, I'd like to shift to a few updates on the strategic moves we've made over the past few months. First, in January, we announced our divestiture of American Health Tech, also known as AHT, to Point Click Care. We believe that this was the best decision for both existing AHT customers and for CPSI. This divestiture allows us to focus more acutely on our core market of small to mid-sized hospitals while ensuring our AHT customers are in good hands with point-click care given their high level of service and exclusive focus on delivering EHR solutions to the post-acute care market. As part of the agreement, we will be PCC's exclusive partner for complete business office services.

RCM is very complex and getting more so by the day and third the stigma of outsourcing building efforts is diminishing as the problems of poor cash collections and increasing accounts receivables continue to weigh on community hospitals.

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

First in January we announced our divestiture of American Health Tech also known as H T to point click here we.

We believe that this was the best decision for both existing H D customers and for <unk>.

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

As part of the agreement, we will be PCC as exclusive partner for a complete business office services.

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

Second our integration of Yugo is progressing as expected as a reminder, early in the fourth quarter. We acquired if you go with the aim of bringing our globalized workforce in house, rather than continuing to rely on third party outsourcing. We split. These initial integration planning into two tracks one getting our offshore resources to scale.

Chris Fowler: We are not including anything materially at this time in our forecast as the post-acute market is lagging behind the acute care market in terms of converting to the outsource model. Second, our integration of YouGle is progressing as expected. As a reminder, early in the fourth quarter, we acquired Bugle with the aim of bringing our globalized workforce in-house rather than continuing to rely on third-party outsourcers. We split the initial integration plan into two tracks.

For existing customers and to bringing on the new customers for existing customers. We weren't account by account to map out a plan for the ramp and for our new customers. We are planning to staff them with the appropriate mix from the initial go live.

It is important to note that as we ramp up our global capacity over the course of 'twenty 'twenty four we will likely experience a little margin pressure early on but we expect that to reverse as the year progresses longer term. Our goal is to achieve a workforce comprised of 70% offshore and 30% U S based employees.

Chris Fowler: One, getting our offshore resources to scale for existing customers, and two, bringing on new customers. For existing customers, we went account by account to map out a plan for the ramp, and for our new customers, we are planning to staff them with the appropriate mix from the initial go line. It's important to note that as we ramp up our global capacity over the course of 2024, we will likely experience a little margin pressure early on, but we expect that to reverse as the year progresses. In the longer term, our goal is to achieve a workforce comprised of 70% offshore and 30% U.S.-based employees.

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

As we look forward into 2020 for our entire organization is committed to returning to growth and realizing the operational leverage that our global workforce can achieve we believe that our dedication to embracing technology and modernizing our infrastructure is key to our ability to consistently deliver best in class solutions to our.

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

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

As we've acknowledged in the past we are in the midst of a transfer transformation 20.

Chris Fowler: While we work through this transition, it remains a top priority to maintain the same quality of service for all of our customers. As we look forward into 2024, our entire organization is committed to returning to growth and realizing the operational leverage that our global workforce can provide. We believe that our dedication to embracing technology and modernizing our infrastructure is key to our ability to consistently deliver best-in-class solutions to our customers. This is exactly why we continue to use AI to automate the RCM process wherever possible and utilize the cloud to improve capabilities and enhance our services.

2023 was focused primarily on our people and ensuring we have the right team in place to take advantage of the growth opportunities for this year and beyond.

In 2024, while we'll still continue to invest in our people our focus will be on capital allocation for example, making sure our investments in technology have a sharp focus on ROI to ensure our investments closely align with our strategic game.

With that I'm very excited to hand, it over to our new CFO, but a backseat.

<unk> brings a skill set that is already proving to be a huge asset to our organization has extensive experience across the board. He has extensive experience across the board, but particularly in offshore operations and has been and will be continue to be extremely beneficial to our team. During this transformational time Vinay can.

Chris Fowler: This commitment to leveraging technology has and will continue to be a top priority within our organization. As we've acknowledged in the past, we are in the midst of a transformation. 2023 was focused primarily on our people and ensuring we have the right team in place to take advantage of the growth opportunities for this year and beyond. In 2024, while we'll still continue to invest in our people, our focus will be on capital allocation. For example, making sure our investments in technology have a sharp focus on ROI to ensure our investments closely align with our strategic aims. With that in mind, I'm very excited to hand it over to our new CFO, Vinay Bassey. Vinay brings a skill set that is already proving to be a huge asset to our organization.

You take us through the numbers.

Thank you Chris for the introduction.

Before I review, our fourth quarter results and our initial 2024 outlook I want to share with you all a bit about why I joined CPI Si.

Most of my working years have been focused in technology and services, primarily telecom communications like Avaya and media means.

<unk> is an extension of that journey, but I am excited to join the company operating in health care technology and service.

During the interview process I was impressed with Chris and his commitment to cross from the company.

I was fully aware of the missteps in 'twenty two 'twenty three performance.

The company's strong moat.

<unk> growth within the EHR customer base, coupled with strategic acquisitions and divestitures reinforce my confidence that the team is focused on transforming the company.

Vinay Bhasi: He has extensive experience across the board, but particularly in offshore operations, and has been and will continue to be extremely beneficial to our team during this transformational time. Vinay, can you take us through the numbers? Thank you, Chris, for the introduction. Before I review our fourth quarter results and our initial 2024 outlook. I want to share with you all a bit about why I joined CPS. Most of my working years have been focused on technology and services, primarily telecom communications at Avaya and media at Nielsen.

My own experience in building a strong team.

Enforcing physical discipline.

And leading with a data driven approach.

We're at the forefront of my decision to join <unk>.

It will be part of its next job.

Some of my areas of focus for the near term include first.

Getting a puddle understanding of the key business drivers that serve as a leading indicator for forecasting including bookings bookings conversion and increasing trajectory of offshore resources, while meeting customer service level agreements.

Vinay Bhasi: CPSI is an extension of that journey, where I'm excited to join a company operating in healthcare technology and services. During the interview process, I was impressed with Chris and his commitment to transform the company. I was fully aware of the missteps in 2023 performance, but the company's strong moat of RCN growth within the EHR customer base, coupled with strategic acquisitions and divestitures, reinforced my confidence that the team is focused on transforming the company. My own experience in building a strong team.

Second building a strong finance team built on principle of our fact base forward looking approach and closely linked with the business I believe this will help them improving forecasting and fiscal discipline going forward.

First taking a fresh look at capital allocation and Capex.

Our return on investment mindset.

We have invested in many projects to date and we will be reviewing those efforts to prioritize the ones that will benefit us near term.

Both continuing the cost optimization initiatives that directly impact EBITDA and.

Vinay Bhasi: Enforcing fiscal discipline and leading with a data-driven approach were at the forefront of my decision to join CPSI, to be part of its next chapter. Some of my areas of focus for the near term include, first... Getting a thorough understanding of the key business drivers that serve as a leading indicator for forecasting, including bookings conversion and increasing trajectory of offshore resources while meeting customer service level expectations.

And last ensuring the successful integration of Bureau.

Now, let's jump into the numbers.

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

RCM bookings at $14 $2 million made up about 54% of the total this represents an increase of five 9% from 2022.

Total revenue for the fourth quarter of $85 $9 million compares to $83 2 million a year ago.

Vinay Bhasi: Building a strong finance team built on the principle of a fact-based, forward-looking approach and closely linked with the business. I believe this will help in improving forecasting and fiscal discipline going forward. Third, taking a fresh look at capital allocation and capital expenditure with a return on investment mindset. We have invested in many projects to date, and we will be reviewing those efforts to prioritize the ones that will benefit us in the near term. Fourth, continuing the cost optimization initiatives that directly impact EBITDA. And last, ensuring the successful integration of your business. Now, let's jump into the numbers. Total bookings in the quarter came in at $26 million.

RCM comprised 59% of the total revenue and cross the $50 million threshold for the first time.

Okay.

Let me provide additional color on revenue.

<unk> contributed approximately $3 $8 million in about two and a half months in Q4.

Further Austrian excluding vehicles showed growth of three 3% compared to Q4 'twenty two.

Yeah, John showed a decline primarily due to the impact of sunsetting the centric platform.

In the quarter, we reported cost of revenue of $43 $7 million that yielded a gross margin of 49, 1% compared to 46, 5% a year ago.

Vinay Bhasi: RCM bookings, at $14.2 million, made up about 54% of the total, which represents an increase of 5.9% from 2020. Total revenue for the fourth quarter of $85.9 million compares to $83.2 million a year ago. RCM comprised 59% of the total revenue and crossed the $50 million threshold for the first time.

The improvement in margin scale, probably from savings associated with our voluntary employment retirement program and lower bonus accrual due to the 2023 performance.

Yeah.

In the fourth quarter reporting.

Reported operating expenses, excluding goodwill and trademark impairment as a percent of brokered revenue was 53, 2% compared to 41, 4% a year ago.

Vinay Bhasi: Let me provide additional color on revenue. VUGO contributed approximately $3.8 million in about two and a half months in Q4. Further, RCM excluding vehicles showed growth of 3.3% compared to Q4 2018. EHR showed a decline primarily due to the impact of setting the centric planet.

The increase was primarily from severance expense and other one time items, including fees incurred for M&A activities on an apples to apples basis. Excluding these one time items operating expense as a percent of revenue would have been 45, 2% driven primarily by vehicle and increased investments in <unk>.

And marketing technology, including the cloud migration as well as aging receivables.

Vinay Bhasi: In the quarter, we reported a cost of revenue of $43.7 million, which yielded a gross margin of 49.1% compared to 46.5% a year ago. The improvement in margins came primarily from savings associated with our Voluntary Employment Retirement Program and lower bonus accruals due to the 2023 performance. In the fourth quarter reporting, reported operating expenses excluding goodwill and trademark impairment as a percent of total revenue were 53.2 percent compared to 41.4 percent a year ago. The increase was primarily due to severance expense and other one-time items, including fees incurred for M&A activities.

With all that taken into consideration adjusted EBITDA for the quarter came out to $12 million compared to $13 $2 million a year ago.

Adjusted EBITDA margin of 14% in the quarter decreased 190 basis points over Europe due to the impact from increased investments in sales and marketing cloud, So Microsoft licenses and technology resources for future growth and was partially offset by the benefit from our savings associated with our voluntary and <unk>.

One one for Diamond program and lower bonus accrual in place rent.

We ended the year with a cash balance of $3 8 million and a net debt of $194 5 million operating cash flow for the year was $1 million versus $32 $4 million in 2020 due the reason for decline was primarily a result of lower adjusted EBITDA higher interest expense from.

Vinay Bhasi: On an apples-to-apples basis, excluding these one-time items, operating expense as a percent of revenue would have been 45.2 percent, driven primarily by vehicle and increased investments in sales and marketing, technology, including the cloud migration, as well as aging receivers. With all that taken into consideration, Adjusted EBITDA for the quarter came out to $12 million compared to $13.2 million a year ago. Adjusted EBITDA margin of 14% in the quarter decreased 190 basis points over the year due to the impact of increased investments in sales and marketing, the cloud, some Microsoft licenses, and technology resources for future growth, and was partially offset by the benefit from our savings associated with our Voluntary Employment Retirement Program and lower bonus accrual in 2020. We ended the year with a cash balance of $3.8 million and a net debt of $194.5 million. Operating cash flow for the year was $1 million versus $32.4 million in 2022. The reason for the decline was primarily a result of lower adjusted EBITDA and higher interest expense from funding the vehicle acquisition.

Funding the vehicle acquisition.

Severance and other one time items.

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

Moving on to our guidance.

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

For the first quarter, we expect revenue to be in the range of 82 million to $84 million.

Adjusted EBITDA to be between eight five to nine five.

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Ladies and gentlemen, please standby the conference will resume momentarily. Thank you for your patience.

Operator: Severance and other one-timers. Lastly, in connection with the company's disposition of AHC in January 2024 and other factors, management is finalizing certain line items in the financial statements primarily related to the amount of goodwill impairment, and the final numbers will be included in our 10k form. Moving on to our guidance. First, in an effort to improve our transparency, we will begin providing guidance for the upcoming quarter starting today. For the first quarter, we expect revenue to be in the range of $82 million to $84 million, and adjusted EBITDA to be between 8.5 to 9.5. It appears that we are just experiencing some technical difficulties.

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Operator: One second. Ladies and gentlemen, please stand by. The conference will resume momentarily. We thank you for your patience. Thank you, www.globalonenessproject.org or or or or or or or or or or or www.globalonenessproject.org The End. Again, ladies and gentlemen, we thank you for your patience. Our event will now resume. Yeah, this is Chris.

Ladies and gentlemen, we thank you for your patience I'll revert will now resume.

Yeah. This is Chris we're going to go back to the nice starting at the beginning of our guidance. So we just wanted to make sure that we went ahead and putting straight into the fire. So here. We go thank you.

Chris Fowler: We're going to go back to Vinay starting at the beginning of guidance. So we just wanted to make sure that we went ahead and, you know, put him straight into the fire. So here we go. Thank you. Moving to our guidance. First, in an effort to improve our transparency, we will begin providing guidance for the upcoming quarter starting today. For the first quarter, we expect revenue to be in the range of $82 million to $84 million, and adjusted EBITDA to be between $8.5 million and $9.5 million.

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

For the first quarter, we expect revenue to be in the range of 82 million to $84 million at.

Adjusted EBITDA to be between $8 5 million and $9 $5 million.

Vinay Bhasi: And for the full year 2024, we expect revenue of $340 million to $350 million, and adjusted EBITDA to be $45 million to $50 million. I want to give you a little insight into our thought process and assumptions that went into this year's guidance. Firstly, we have assumed the impact of AHC in the guidance. In other words, the guidance assumes only 15 days of AHC in Q1.

And for the full year, Greg 'twenty, four we expect revenue of $340 million to $315 million.

Adjusted EBITDA to be $45 million to $50 million.

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

Firstly, we have assumed impact of itch seen the guidance in other words the guidance assumes only 15 days of EMC in Q1.

Vinay Bhasi: As a point of reference, AHT accounted for approximately $16 million in revenue in 2023, with approximately $2 million a contribution to adjusted EBIT. Secondly, a full year of VUGLE is included in these numbers. For 2024, we expect revenue of less than $20 million with an approximately $4.5 million contribution to adjusted EBITDA. Starting with bookings, we took a conservative approach for the full year and assumed 2024 revenue will be relatively flat compared to last year, excluding AFC and viewable. In terms of quarterly cadence, we expect the first quarter to be the lowest of the year and then build as the year progresses. That said, please keep in mind that bookings are lumped.

As a point of reference ESD accounted for approximately $16 million in revenue and trays ready three with approximately $2 million of contribution to adjusted EBITDA.

Secondly, a full year of vehicle is included in these numbers for 'twenty 'twenty four we expect revenue of less than $20 million with an approximately $4 5 million contribution to adjusted EBITDA.

Starting with bookings, we took a conservative approach for the full year and they view 'twenty 'twenty four will be relatively flat compared to last year, excluding ESB enviable.

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

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

Vinay Bhasi: The midpoint of our annual revenue ranges implies 6.5% growth, excluding ASD from 2023, and that will be primarily driven by organic growth in our RCM business and the full-year contribution from viewers. Last year, RCM, including vehicles in Q4, accounted for 57% of our total revenue and this year, we think could be about two-thirds of total revenue. We are forecasting our EHR business to be relatively flat, excluding the impact from some setting of our centric platform. I also want to provide further detail on how we anticipate EBITDA margins to progress over the year. The first quarter will be our lowest EBITDA margin in 2024 at approximately 11% based on the midpoint of our quarterly guidance range.

The midpoint of our annual revenue ranges implies six 5% growth, excluding ESB from trade regulatory and that will be primarily driven by organic growth in our Austrian business and the full year contribution from Veeva.

Last year ostium, including vehicles in Q4 accounted for 57% of October revenue and this year, we think could be about two thirds of brokerage revenue.

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

I also.

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

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

Vinay Bhasi: This is because we have just begun ramping up our global workforce and therefore have some duplicated costs during the initial transition to ensure continuity for our existing customers. We expect the second half to have higher EBITDA margins to reflect the benefits from already negotiated vendor savings, savings from ramping up the offshore workforce, and expected first-half bookings converting to revenue. I have been conservative to not include any other future cost savings initiatives in our guidance that we have initiated as part of the cost rationalization and capital allocation strategy.

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

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

Our have been tons of it they do not include any other future cost savings.

Booked initiatives in our guidance that we have.

Amy shifted as part of cost rationalization and capital allocation strategy.

Vinay Bhasi: These initiatives are in the preliminary stages but include a review of the overall cost structure relating to vendor spend, GNA, including real estate, and capital. We could see benefits in the second half, but there are too many moving parts as it relates to the contribution from the offshore transition along with other factors to count them in the financials for now. I'd like to close out my first call by thanking Chris and the rest of the CPSI team for a warm welcome to the company and a great first couple of months. I'm excited to help CPSI successfully capitalize on the many opportunities that lie ahead of us, and I look forward to getting to know many of you in the coming weeks and months and keeping you updated on our progress as the year unfolds.

These initiatives are in the preliminary stages, but include a review of overall cost structure relating to vendor spend GMA, including real estate and Capex spend.

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

I'd like to close out my first call by Panky, Chris and the rest of the C. P. S ICD and put a warm welcome to the company.

Great first couple of months.

I am excited to help CP aside successfully capitalize on the many opportunities that lie ahead of us and I look forward to getting to know many of you in the coming weeks and months and keeping you updated on our progress as the year unfolds with that ill open the call up to questions.

Vinay Bhasi: With that said, I will open the poll up to questions. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in. You may press star 2 if you would like to remove your question. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start key.

Thank you.

We will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate that your line is in the queue you.

You May press star two if he would like to remove your question from the queue.

Participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Operator: One moment, please, while we poll for questions. Our first question comes from Jeff Garro with Stevens, Inc. Please proceed with your question. Yeah, good afternoon.

One moment, please I'll we poll for questions.

Our first question comes from Jeff Garrow with Stephens, Inc. Please proceed with your question.

Yeah. Good afternoon, thanks for taking the questions and welcome to the call today won't want to ask about margins in 2024.

Jeffrey Robert Garro: Thanks for taking the questions and welcome to the call, Vinay. We want to ask about margins in 2024, and I would expect view goal and further offshore leverage as well as, you know, potentially some reduced R&D following the post-acute divestiture to be accretive to margins. So could you discuss those in some more detail and also any potential offsets that have you landing at those roughly flat EBITDA margins at the midpoint of the guidance year over year? Thanks. Thank you, Jeff. First of all, I'm excited and looking forward to building this relationship with all of you. You're absolutely right. It looks like a flat margin, and all the reasons you outlined are also factored in.

We'd expect.

Jugal and further offshore leverages as well as potentially some reduced R&D following the post acute divestiture to be accretive to margins.

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

Thank you Jeff first of all.

I'm excited and looking forward to building this relationship with all of you.

Youre absolutely right it looks like a flat margin and all the reasons you outlined are also factored in but they're a big couple of big offsets that I would highlight one is.

Vinay Bhasi: But there are a couple of big offsets that I would highlight. One is... Our budget for 24 will be based on full bonus, so compensation-related expense adds a significant portion, and this compensation is bonus accrual as well as merit increase that offsets most of these gains right now. And barring that, obviously, we had smaller increases from the full-time impact of the hiring that we had done in the second half of 23, four years later, the impact is felt in 24. So these are investments in support, technology, and sales. Got it. That helps.

Our budget for 'twenty four it will be based at full bonus so compensation related expense adds a significant portion and this compensation as bonus accrual as well as merit increase that offsets most of this games right now.

And body body that then obviously, we had smaller increases from the full time impact of the items that we had them in this in the second half of 'twenty three full year impact of something 24. So these are the investments in support technology and sales and marketing.

Got it that helps.

Chris Fowler: And you step back a bit and throw it out there for Chris, you know, you've done the bugle acquisition, you've divested the post acute business. Curious if we should think about potential for additional street strategic moves to come? Or do you now have the platform that you want to grow and drive leverage across? You know, I think it's a super fair question.

Back a bit and throw it out there for Chris.

The bugle acquisition, you've divested the post acute business.

Curious if we should think about potential for additional street strategic moves to come or do you now have the platform that you want to grow and drive leverage across.

You know I think it's a super fair question and I would say right now for 2024, we've got a full plate and we're looking to execute and so we were excited about obviously getting the vehicle deal done at the end of last year are excited us about the H T divestiture.

Chris Fowler: And I would say right now for 2024, we've got a full plate, and we're looking to execute. And so, you know, we were excited about getting the Bugle deal done at the end of last year, excited about the AHT divestiture, and creating the additional focus there. And right now, the top of mind for us is continuing to drive sales and revenue growth and really capturing the value of the Bugle workforce transformation over the course of this year. And, you know, going back to that margin question, you can look at, I'm excited about the fact that we're providing quarterly look-ahead guidance, which allows a bit more visibility for you guys as we're continuing to march through this transformation. But you can also tell, you know, just from the bridge of looking at Q1 over the course of the year, there's a pretty steady ramp as that margin grows as we continue to execute on the offshore workforce. Excellent. I appreciate that. One last one for me before I jump back into Cuba.

You are creating the additional focus there and right now top of mind for US is continuing to drive sales and revenue growth and really capturing the value of the bugle workforce transformation over the course of this year and.

Going back to that margin question you have it.

You can look at you know I'm excited about the fact that we're providing the quarterly look ahead guidance, which allows a bit more visibility for you guys is as we're continue and up to March through this transformation.

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

Excellent I appreciate that one last one for me before I jump back in the queue, but want to make sure we have bookings and solve a nice finish to the year could you help us think about the pipeline from here.

Chris Fowler: I want to make sure we hit bookings and, you know, have a nice finish to the year. Could you help us think about the pipeline from here and where our expectations should be for bookings in 2024? Yeah, we were definitely thrilled to see the rebound that we had in Q4 over Q3.

Dan.

Our expectation should be for bookings in 2024.

Yeah, we were definitely thrilled to see the rebound that we had in Q4 over Q3, we continue to remain cautiously optimistic I think the trap we fell into last year Jeff.

Was getting a little over our skis with and I know we've talked about this throughout the year of how quickly this market was going to unlock.

Chris Fowler: We continue to remain cautiously optimistic. I think the trap we fell into last year, Jeff, was getting a little over our skis with, and I know we've talked about this throughout the year, of how quickly this market was going to unlock. So if you look at our guidance, I think that we've taken a very measured approach to how the bookings contribution will impact us over the course of the year. With that said, the pipeline continues to be strong. We're continuing to have the same great conversations with customers and seeing those pick up both in our existing customer base and with our, you know, outside of the EHR. Thanks again for taking the questions. I'll hop back in the queue.

So so if you look at our guidance I think that we've taken a very measured approach at how the bookings contribution has impact over the course of the year with that said the pipeline continues to be strong. We're continuing to have the same great conversations with customers and seeing those pick up both in our existing.

<unk> customer base and with our outside of the the EHR.

Great. Thanks, again for taking the questions I'll hop back in the queue.

Our next question comes from Sarah James with Cantor Fitzgerald. Please proceed with your question.

Thank you.

If you could unpack the seasonality a little bit more so.

The year looks like especially on the EBIT side, a little bit more backend loaded.

Sarah James: Our next question comes from Sarah James with Cantor Fitzgerald. Please proceed with your question. Thank you. I was hoping you could unpack the seasonality a little bit more so that the year looks like, especially on the EBITDA side, a little bit more back-end loaded. Are there any one-timer items in there we should think about?

One timers in there we should think about is the cost of rebranding Q1'twenty four and how sizeable is that.

Yeah. So that's a great question several nice to meet you again.

The margins I give us adjusted EBITDA margins and rebranding and all of our onetime items that are taken out we have a rebranding costs for this year, but it's not included in the adjusted EBITDA margin Youre right.

Vinay Bhasi: Is the cost of rebranding in 1Q24 and how sizable is that? Yeah, so that's a great question. Sarah, nice to meet you again. Sarah, the margins I give are adjusted EBITDA margins and rebranding and all our one-time items that are taken out. We have a rebranding course for this year, but it's not included in the adjusted EBITDA margin. You'

Margin is back end loaded for two reasons the ramping that we will have is on a month to month basis. So if I had something.

In the first month I get in the last quarter all of the benefits. So it's a ramping up month by month, so that my fourth quarter will be the maximum benefit. That's one secondly, my vendor savings that we have negotiated as it kicks in from Q2 onwards. So that's debt that's the second aspect of it and obviously the bookings and the revenue got you.

Vinay Bhasi: The margin is back-end loaded for two reasons. The ramping that we will have is on a month-to-month basis. So if I had something in the first month, I get all the benefits in the last quarter. So it's a ramping up month by month so that my fourth quarter will be the maximum benefit. That's one.

Expect us.

The benefits that we will seize also backend loaded so it's a mix of all three the good advantage part of it is vendor savings has already been negotiated and the bookings our first half and decided to give us a great color for the second half of.

Revenues.

Great. Thank you and maybe you could give.

Give us a little bit of insight into your process. There how you think going through the review of the business units and how you think about guidance philosophy.

Vinay Bhasi: Secondly, the vendor savings that we have negotiated kick in from Q2 onwards. So that's the second aspect of it. And obviously, the bookings and the revenue that you expect are the benefits that we will see are also back-end loaded. So it's a mix of all three.

Whether it's conservative or optimistic.

That's a that's a great question that you say.

I've always been told future will tell me that I was optimistic or comes of it about on schedule highlights I have talked through this.

Vinay Bhasi: The good advantage part of it is that vendor savings have already been negotiated, and the bookings of the first half will give us a great color for the second half of revenue. Great, thank you, Vinay. And maybe you could give us a little bit of insight into your process there, how you've been going through the review of the business units, and how you think about guidance philosophy, whether it's conservative or optimistic. That's a great question that you ask. I've always been told that the future will tell me whether I am optimistic or conservative, but I'll tell you how I have thought through this. As you know, Sarah, there are a lot of moving pieces, a lot of pieces that could change, but how I have thought through this is looking at the past to be my own, looking at history, and then looking at the future and breaking it into two parts, like what Chris said. One, being a little conservative on making sure what we learned of optimism about 23 is not baked into 24. So, a flat bookings number excluding real-world and EHT was a good number, especially despite coming high, a good number on Q4. That was one. Second aspect on the margins; some of it is my history and my background.

These.

As you know.

So there are a lot of moving pieces lot of pieces that could change, but how I've talked through is looking at the cost to be my looking at history, and then looking at future and breaking it into two parts like what Chris said.

One being a little comes a weighted on making sure what we learned on optimism of 'twenty three is not baked into 24, so a flat bookings number excluding the overland ESD was a good especially despite a company high of good on the Q4 that was one second aspect on margins some of it is Mike.

My history in my background laser focused on the controllable and making sure the rigor that we need to be have started putting on.

On these expenses and.

And everyone to fight to stay on that on the P&L has.

I would say some of it which are fully baked is already captured like the window saving but the other that I mentioned in my in my prepared remarks.

Work that I'm trying to do and have an auto I focused and more near term focused so capex and product development expenses that we are spending looking at it from a project by project and the Rois of not having to long term and near term is the cadence that we I have just institute stop.

It's still early but I would say that's the mindset that absolute answer your question I feel at least 60 days and it looks like a balanced budget to the best of my ability of understanding but I feel more like walk the set cautiously optimistic and a lot more work to be done in the coming months Chris.

Vinay Bhasi: Laser focused on the controllable and making sure the rigor that we need, we have started putting these expenses on the P&L, and everyone has to fight to stay on that, on the P&L. Has, I would say, some of it, which is fully baked, is already captured, like the vendor savings, but the other that I mentioned in my prepared remarks are work that I'm trying to do and have an ROI focus and a more near So, CapEx, product development expenses that we are spending, looking at it project-by-project and the ROI of not having too long-term and near-term is the cadence that I have just instituted. It's still early, but I would say that's the mindset I have. So, answer your question.

What would you know I think you nailed it and again, Sara I would say I'm definitely you know between the optimistic and conservative I would say realistic as yeah over the first 60 days as the way that I would categorize the ne and appreciate that that approach also again I'm going to say this for the second.

Time, I love, the fact that we're giving the quarterly guidance, which I think helps you know everybody kind of keep track of our progress as we go as we do know that it's not quite a straight line on this transformation.

Vinay Bhasi: I feel at least 60 days in, it looks like a balanced budget to the best of my ability to understand. But I feel more like what Chris said, cautiously optimistic, and there's a lot more work to be done in the coming months. Chris, what would you do?

Okay.

Our next question comes from Jesse Davis with Barclays. Please proceed with your question.

Hey, guys. Its Stephanie is from Barclays.

Okay, because I can have a new name that you guys have a new name to you congrats on the rebranding.

Chris Fowler: No, I think you nailed it. And again, Sarah, I would definitely say, between the optimistic and the conservative, I would say realistic is, you know, over the first 60 days is the way that I would categorize Vinay and appreciate that approach. Also, again, I'm going to say this for the second time. I love the fact that we're giving quarterly guidance, which I think helps, you know, everybody kind of keep track of our progress as we go, as we do know that it's not quite a straight line on this transformation. Our next question comes from Jesse Davis with Barclays. Please proceed with your question.

No I was hoping to hear Chris you just came from a customer conference week on heels of that rebrand to Tom.

What's the feedback wire folks looking for and what was the big areas.

Wow.

Hello, Chris are you there.

Please standby y.

Yes.

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Stephanie July Davis: Hey guys, it's Stephanie Davis from Barclays, but it's okay because I can have a new name as you guys have a new name too. Congratulations on the rebranding. Now, I was hoping to hear, Chris, you just came from a customer conference week on Healing of Every Brand. So tell me what the feedback was, what folks were looking for, and what was the big area of interest? talk about. Hello, Chris, are you there? Please stand by while I... Please see the complete disclaimer at https://sites.google.com or at www.google.com, Title Microsoft Office Word Document MSWordDoc Word. Document.8 Please see the complete disclaimer at https://sites.google.com or at www.google.com, Microsoft Word 8.0 Inc., Ta-ra!

Maria we're welcoming back our speakers now cancer Jesse Davis from Barclays.

Correct, well what will color Stephanie.

So Stephanie.

Thanks for the question like I was saying we have been thrilled with the response to the rebrand on all fronts and granted it is early days.

But you know obviously you shared your email and obviously you've been you've been bugging us about this for quite a while.

The sentiment from the from the Street has been finally make it easier to tell the story, our customers and our employees all seem to get it as well and appreciate the consolidation and the ease of of how we are how we talk about who we are yeah go into go into the conference survive you know what I would say.

Operator: Ta-ra! Ta-ra! Ta-ra! Ta-ra! Copyright 2020, New Thinking Allowed Foundation. We're welcoming back our speaker now, Chancellor Jesse Davis from Barclays. Chris, well, we'll call her Stephanie.

Chris Fowler: So Stephanie, thanks for the question. Like I was saying, we have been thrilled with the response to the rebrand on all fronts. Granted, it is early days, but obviously, you shared your email, and obviously, you've been bugging us about this for quite a while.

Say that that we saw kind of more than anything is it people are people are looking for insights insights on where there are opportunities for there to for them to improve efficiencies, which which lined up really nicely with our we had a little soft launch for an analytics platform that that where that.

Chris Fowler: I think the sentiment from the street has finally made it easier to tell the story. Our customers and our employees all seem to get it as well and appreciate the consolidation and the ease of how we talk about who we are. Going to the conference for VIVE, what I would say that we saw kind of more than anything was that people were looking for insights. Insights on where there are opportunities for them to improve efficiencies, which lined up really nicely. We had a little soft launch for an analytics platform that we're driving out. Our thought is that step one is the technology that's available to find the areas for improvement on the RCM side, and then, obviously, with the opportunity for us to back that up with some services that come in, which I think is as much of a top of mind to the customers as identifying what those problems are. Once you've identified them, then it's about how you solve them.

We're driving out and so you know our thought is that step one is the technology that's available to fine there's the areas for improvement on the RCM side, and then obviously with the opportunity for us to back that up with some services that they come in which I think is you know is is.

Is as much a top of mind to the to the customers as identifying what those problems are once you've identified then it's about how do you solve them.

Vinay Bhasi: When I think about a legacy industry that does a lot of insights work, I think of Nielsen, and we've got Vinay coming from there. Vinay, is there anything you're seeing in that opportunity where you can kind of get some learnings from your past? I would say, Stephanie, PaaS, not just Nielsen but Avaya, my banking, everything, I'm learning from those experiences and utilizing it here, and the key one, I would say, is to focus a lot on my controllable, which is cost structure and capex, because that's an influence I can make. And having lived through two private equity learnings, they have been amazing teachers to me, so bringing that cad Secondly, in my Nielsen on having focused on revenue and all, it's building that partnership with the business where accountability is a share of ownership, and that translation of bookings into revenue in the right way from forecasting is the second one. And the third, which is not Nielsen, not Avaya, just who I am; cash is the only truth I'm going after.

When I think about our legacy industry that there's a lot of open science I think of Nielsen.

We've got the ne coming from there.

Is there anything you're seeing in that opportunity, where you can kind of guess.

Get some learnings from your past.

I would say.

Stephanie boss not just Nielsen.

<unk> helps.

Avaya with banking everything has.

On learning and learning from those experiences and utilizing a tier and the key one that I would say is.

<unk> focused a lot on my controllable, which is cost structure in capex because that's the.

That's an influence I can make and having lived through two private equity learnings and they have been amazing features to me so bringing that cadence of Ottawa mindset has helped me along one secondly in my Nielsen on having focused on revenue enrolled is building that.

Partnership with the business of Accountability is an ownership share and that trumps translation of bookings into revenue and the right. It's from a forecasting is the second one and the third which is not Nielsen not.

Just who I am.

Cash is the only true I'm going after so improving our free cash flow is been the mantra that I am committed to six of journey that I'm I know might be longer but every day every month is where I'm looking to make a difference.

Vinay Bhasi: So improving my free cash flow is the mantra that I'm committed to. So it's a journey that I know might be longer, but every day, every month is where I'm looking to make a difference. On the red cycle side, I want to dig in a little bit. It looks like your crosshairs motion is a little bit softer for the past two quarters. Is there any color on this?

And that on the rent cycle side I wanted to dig out a little bit it looks like your cross sales next year.

A little bit softer for the past two quarters.

Is there any color on this and then last one is a quick housekeeping one.

Chris Fowler: And then last one's a quick housekeeping one. I didn't see an NPR mechanism. Is that going to be disclosed, or is there anything you can share on that? Yeah, I'll take the first and then let Vinay talk a little bit about the NPR and kind of the approach there. As it relates to the bookings, and just kind of from a macro view, you know, I would say we're still very confident as it relates to the cross-sell opportunity. We continue to see that that end of the market can continue to have some momentum. I think it's still, you know, we still have the same challenges to an extent while we're seeing them turn down a little bit. It's the economic impact of jobs in the community, and it is the concept of outsourcing in general.

MTR metric is that.

Going to be disclosed or is there anything you can share on that.

Yeah I'll take the first and then let <unk> talk a little bit about the MTR and kind of the approach there.

As it relates to the bookings and just kind of from a macro view I would say, we're still very confident as it relates to the the the cross sell opportunity we.

We continue to see that that end of the market.

We continue to have some momentum.

I think it's still we still have the same challenges to an extent, while we're seeing them turned down a little bit. It's the it's the economic impact of the jobs in the community and it is the the concept of outsourcing in general.

Chris Fowler: You know, remember, we're still talking about a market that, you know, 70, 80 percent of it's still being done in-house and, you know, there's not a regulatory push to drive to this, to drive to this model. And so we're still selling the idea of outsourcing before we're selling TruBridge as the provider for that service. And so we're making great strides. You know, that sales force has now been intact for a full year, so they're definitely have their feet under them, one, on the value proposition of what it is that we're selling, and two, building that relationship with their customers. And so we're expecting to see that, you know, as the year unfolds, continue to make progress there. And I'll let Vinay talk a little bit about the NPR. Yeah.

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

So we're still we're still selling the idea of outsourcing before we're selling true bridge as the provider for that service and so we're making great strides.

That that sales force has now been intact for a full year. So there definitely have their feet under them one on the value proposition of what it is that we're selling and to building that relationship with their customers and so we're expecting to see that as the as the year unfolds continue to make progress there.

And I'll, let <unk> talk a little bit about the N. P. R. Yeah. So sent me I feel bookings is a is a great metric because it is a potent revolt of auto on.

That we are reflecting N P. R. I just wanted to take a little more time to do the homework of understanding the England now because like everyone else.

Vinay Bhasi: So Stephanie, I feel bookings is a great metric because it is the effort and reward of our own that we are reflecting. NPR, I just wanted to take a little more time to do the homework of understanding the ins and outs because, like everyone else, a portion of our NPR data is relied on third-party inputs. And when, you know, when it's not in our control, knowing how the outside inputs come in, what's the cadence, I just want to do that homework a little bit longer to just make sure I understand what the ins and outs are and how that is a leading indicator for me.

Ocean offer NPR data is relied on third party imports.

And then do you know when it's not and Mike off control, knowing how the imports come in what's the cadence I just wanted to do back home work a little bit longer to just make sure I understand what are the ins and outs and how how is that a leading indicator for me. So that's the reason why you didn't see it in this but bookings which is obviously a.

These close is a great indicator for us for the family.

Is that helpful comparison, the metrics. Thank you guys.

Thanks, Stephanie or Jesse whichever it is.

Yeah.

Our next question comes from George Hill with Deutsche Bank. Please proceed with your question.

Vinay Bhasi: So that's the reason why you didn't see it in this, but bookings, which are obviously deals closed, are a great indicator for us for the time being. Super helpful. Looking forward to seeing the metrics. Thank you, guys. Thanks, Stephanie, or Jessie, whichever it is. Our next question comes from George Hill with Deutsche Bank. Please proceed with your question. Yeah, hi, it's Maxima on for George.

Yeah, Hi, it's Matt.

George Thanks for taking the question.

Can you talk a little bit about what has changed in outsourcing conversations lately with prospective clients just given the recent macro environment. Thanks.

Yeah.

Sorry, I didn't catch your name so I'll answer the question I didn't I did hear most of that you know what I would say is you know.

Definitely we're seeing the increased interest and that is based on.

George Robert Hill: Thanks for taking the question. Can you talk a little bit about what has changed in outsourcing conversations lately with prospective clients, just given the recent macro environment? Yeah, I'm sorry, I didn't catch your name. But I'll answer the question anyway. I did. I did hear most of that.

As I said in the prepared remarks, you know the pressure on the labor market specific to the communities that we're serving and secondly, you know as as the reimbursements to can continue to get complex more complex the need for the <unk>.

<unk> skills.

And and continuing to stay on top of that and continues to ratchet up and to give an example of that if you go back five years ago. The vast majority of these hospitals were there their payments were on the backs of traditional Medicare Medicaid and probably a blue cross are what's going to make up the vast majority.

Chris Fowler: You know, what I would say is, you know, definitely, we're seeing increased interest. And that is based on, you know, as I said in the prepared remarks, the pressure on the labor market specific to the communities that we're serving. And secondly, you know, as reimbursements continue to get complex and more complex, the need for specialized skills and continuing to stay on top of that continues to ratchet up. And, you know, to give an example of that, if you go back five years ago, the vast majority of these hospitals were paying for their services with traditional Medicare, Medicaid, and probably Blue Cross was going to make up the vast majority of the vast majority of their payments, and a pretty straightforward payment model that they were getting reimbursed on and also getting paid, you know, within 14 to 17 days. While it may not be, you know, the dollars that they wanted What's happened is you've seen this kind of proliferation of the move to the Medicare Advantage or the, you know, value-based care model. It's created more complexity and made a little, you know, not quite so straightforward in getting that money in.

City of their payments.

And a pretty straightforward payment model that they were getting reimbursed on and also getting paid within 14 to 17 days, while it may not be the dollars that they want to get they were getting they knew that they knew the money that they were going to get a new in went in the time that they would get it and they can budget for that what's happened is you've seen this.

The proliferation of the move to the Medicare advantage.

Or the value based care model is created more complexity and making a little not quite so straightforward and getting that money in so it's about again, having the resources. One that are available just of the bodies and the chairs and then secondly, making sure that theyre able bodies and.

That they're on top of the you know the changing landscape of how that reimbursement is so that's really where the vast majority of the conversation has shifted to and again you know as we have this is what we do we live and breathe. This specifically you now with more than half of our business and so we're able to sell.

The success that we've had with our 20 plus years of experience to be able to bring that consistency and success into the delivery for those opportunities.

Yeah.

It appears that there are no further questions at this time I would now like to turn the floor back over to Chris Fowler for closing comments.

Chris Fowler: So it's about, you know, again, having the resources, one, that are available, just the bodies in the chairs, and then secondly, making sure that they're capable bodies and that they're on top of the changes that are being made. The changing landscape of how that reimbursement is. So that's really where the vast majority of the conversation is shifted to. And again, you know, as we have, you know, this is what we do; we live and breathe it, specifically, you know, with more than half of our business. And so we're able to sell the success that we've had with our, you know, 20 plus years of experience to be able to bring that consistency and success into the delivery of those opportunities.

Okay, well thanks, everybody for joining US also thank you for the patience with our technical difficulties hopefully that'll be a one time only.

And obviously.

Thank you to the to the Newco pilot that we've got sitting with US today Bassi I'm looking forward to to go and finishing this transformation and continuing the progress that we've started here at Cps and soon to be Trowbridge on Monday, but hope everybody has a wonderful rest of your day and good weekend and thank you again for your support in our company.

Okay.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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Operator: It appears that there are no further questions at this time. I would now like to turn the floor back over to Chris Fowler for closing. Well, thank you everybody for joining us. Also, thank you for your patience with our technical difficulties. Hopefully, that'll be a one-time and only.

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Chris Fowler: And obviously, you know, thank you to the new co-pilot that we've got sitting with us, Benet Bassey. I'm looking forward to going and finishing this transformation and continuing the progress that we've started here at CPSI, soon to be True Bridge on Monday. But I hope everybody has a wonderful rest of their day and a good weekend. And thank you again for your support of our company. Bye-bye. This concludes today's teleconference. You may disconnect your lines at this time.

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Operator: Thank you for your participation, www.globalonenessproject.org. Thank you. Please Like, Comment, and Subscribe Support me by LIKING, COMMENTING, and SHAREING this Movie... Thanks a lot, Please see the complete disclaimer at www.globalonenessproject.org. Subs by www.zeoranger.co.uk, www.globalonenessproject.org, www.freebiblecommentary.org You can also follow us on Twitter, www.globalonenessproject.org, and like this video so I can get the proof. Please see the complete disclaimer at www.sites.go Thank you. See you next time. Hey! There is an ear missing. There is no armor. Open the door. There's no armor. www.globalonenessproject.org

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