Revenue of $342.6 million for 2024 and $88.2 million in the fourth quarter

Net loss of $20.4 million for 2024 and $5.0 million in the fourth quarter

Adjusted EBITDA of $56.6 million for 2024 and $18.1 million in the fourth quarter

Rebranded as TruBridge to pursue a more focused marketing strategy under one brand

Achieved total annual bookings of $82.1 million

Achieved solid organic growth in Financial Health (the revenue cycle management (RCM) business)

Improved the quality of the Company’s financial results, forecasting accuracy, and capital allocation strategy

Transitioned approximately 30% of Financial Health Complete Business Office (CBO) client base offshore

Improved cash flows with significant debt repayment resulting in reduced leverage ratio from 4x at year end 2023 to approximately 3x at year end 2024

Divested American Health Tech (AHT), the first divestiture in the Company’s history

Elevated role of general manager for Financial Health and Patient Care business units

Added Amy O’Keefe to the Board of Directors, deepening the financial expertise of the Board

Total bookings of $14.3 million compared to $24.4 million

Total revenue of $88.2 million compared to $85.0 million

Recurring revenue represented 94.6% of total revenue

Financial Health revenue of $55.1 million compared to $50.6 million

Financial Health revenue represented 62.4% of TruBridge’s total revenue

GAAP net loss of $5.0 million and non-GAAP net income of $1.4 million

Adjusted EBITDA of $18.1 million compared to $11.1 million

Total bookings of $82.1 million compared to $80.2 million

Total revenue of $342.6 million compared to $336.0 million

Recurring revenue represented 95.5% of total revenue

Financial Health revenue of $217.7 million compared to $192.3 million

Financial Health revenue represented 63.5% of TruBridge’s total revenue

GAAP net loss of $20.4 million and non-GAAP net income of $6.1 million

Adjusted EBITDA of $56.6 million compared to $44.1 million

As of the third quarter of 2024, TruBridge is now reporting two segments in its financial statements representing the two business units. Financial Health represents the previous Revenue Cycle Management (RCM) segment, and Patient Care represents the previous Electronic Health Record (EHR) segment, including the patient engagement business.

Total revenue between $85 million and $88 million

Adjusted EBITDA between $14 million and $16 million

Total revenue between $345 million and $360 million

Adjusted EBITDA between $59 million and $66 million

Revenues

Financial Health *

Patient Care *

Total revenues *

Expenses

Costs of revenue (exclusive of amortization and depreciation)

Financial Health

Patient Care

Total costs of revenue (exclusive of amortization and depreciation)

Product development

Sales and marketing

General and administrative

Amortization

Depreciation

Impairment of goodwill

Impairment of trademark intangibles

Total expenses

Operating income (loss) *

Other income (expense):

Interest expense

Other income (expense)

Total other income (expense)

Income (loss) before taxes *

Provision (benefit) for income taxes *

Net loss *

Net loss per common share—basic *

Net loss per common share—diluted *

Weighted average shares outstanding used in per common share computations:

Basic

Diluted

As described above, this line item has been revised to correct an error related to the reversal of revenue from customers that was recognized improperly in the prior year. These revisions increased revenue for the year ended December 31, 2024 by $3.5 million and decreased revenue for the year ended December 31, 2023 by the same amount. These revisions had no cash flow consequences.

Assets

Current assets

Cash and cash equivalents

Accounts receivable, net of allowance for expected credit losses of $5,861 and $3,631 *

Current portion of financing receivables, net of allowance for expected credit losses of $417 and $319

Inventories

Prepaid income taxes *

Prepaid expenses and other current assets

Assets held for sale

Total current assets

Property & equipment, net

Software development costs, net

Operating lease right-of-use assets

Financing receivables, less current portion, less allowance for expected credit losses of $21 and $97

Other assets, less current portion

Intangible assets, net

Goodwill

Total assets

Liabilities & Stockholders’ Equity

Current liabilities

Accounts payable

Current portion of long-term debt

Deferred revenue

Accrued vacation

Income taxes payable

Other accrued liabilities

Liabilities held for sale

Total current liabilities

Long-term debt, less current portion

Operating lease liabilities, less current portion

Deferred tax liabilities

Total liabilities

Stockholders’ Equity

Common stock, $0.001 par value; 30,000 shares authorized; 15,522 and 15,121 shares issued, respectively

Additional paid-in capital

Retained earnings (deficit) *

Accumulated other comprehensive income

Treasury stock, 619 and 572 shares

Total stockholders’ equity

Total liabilities and stockholders’ equity

As described above, this line item has been revised to correct an error related to the reversal of revenue from customers that was recognized improperly in the prior year. These revisions increased revenue for the year ended December 31, 2024 by $3.5 million and decreased revenue for the year ended December 31, 2023 by the same amount. These revisions had no cash flow consequences.

Operating activities:

Net loss *

Adjustments to net income:

Provision for expected credit losses

Deferred taxes

Stock-based compensation

Depreciation

Gain on sale of business

Amortization of acquisition-related intangibles

Amortization of software development costs

Amortization of deferred finance costs

Impairment of goodwill

Impairment of trademark intangibles

Gain on contingent consideration

Non-cash operating lease costs

Loss on disposal of property and equipment

Changes in operating assets and liabilities:

Accounts receivable *

Financing receivables

Inventories

Prepaid expenses and other current assets

Accounts payable

Deferred revenue

Operating lease liabilities

Other liabilities

Income taxes, net *

Net cash provided by operating activities

Investing activities:

Sale of business, net of cash and cash equivalent sold

Proceeds from sale of property and equipment

Purchase of business, net of cash acquired

Investment in software development

Purchases of property and equipment

Net cash provided by (used in) investing activities

Financing activities:

Treasury stock purchases

Payments of long-term debt principal

Proceeds from revolving line of credit

Payments of revolving line of credit

Debt issuance cost

Net cash provided by (used in) financing activities

Increase (decrease) in cash and cash equivalents

Change in cash and cash equivalents included in assets sold

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

As described above, this line item has been revised to correct an error related to the reversal of revenue from customers that was recognized improperly in the prior year. These revisions increased revenue for the year ended December 31, 2024 by $3.5 million and decreased revenue for the year ended December 31, 2023 by the same amount. These revisions had no cash flow consequences.

In ‘000s

Financial Health⁽¹⁾

Patient Care⁽²⁾

Total

Generally calculated as the annual contract value

Generally calculated as the total contract value for system sales and SaaS, and annual contract value for maintenance and support

Adjustment was made to the 2023 bookings, due to 3rd Party Software, and Forms and Supplies being doubled counted in the total Patient Care bookings.

Financial Health

Net new⁽¹⁾

Cross-sell⁽¹⁾

Patient Care

Non-subscription sales⁽²⁾

Subscription revenue⁽³⁾

Total

“Net new” represents bookings from outside the Company’s core Patient Care client base, and “Cross-sell” represents bookings from existing Patient Care customers. In each case, such bookings are generally comprised of recurring revenues to be recognized ratably over a one-year period and an average timeframe for commencement of bookings-to-revenue conversion of four to six months following contract execution.

Represents nonrecurring revenues that generally exhibit a timeframe for bookings-to-revenue conversion of five to six months following contract execution.

Represents recurring revenues to be recognized on a monthly basis over a weighted-average contract period of five years, with a start date in the next 12 months and an average timeframe for commencement of bookings-to-revenue conversion of five to six months following contract execution.

Adjustment was made to the 2023 bookings, due to 3rd Party Software, and Forms and Supplies being doubled accounted for in the total Patient Care bookings.

In ‘000s

Financial Health *

Patient Care *

Total*

As described above, this line item has been revised to correct an error related to the reversal of revenue from customers that was recognized improperly in the prior year. These revisions increased revenue for the year ended December 31, 2024 by $3.5 million and decreased revenue for the year ended December 31, 2023 by the same amount. These revisions had no cash flow consequences.

Adjusted EBITDA:

Net loss, as reported *

Net Income Margin *

Depreciation expense

Amortization of software development costs

Amortization of acquisition-related intangibles

Impairment of goodwill

Impairment of trademark intangibles

Stock-based compensation

Severance and other nonrecurring charges

Interest expense and other, net

Gain on contingent consideration

Loss on disposal of property and equipment

Gain on sale of AHT

Provision (benefit) for income taxes *

Total Adjusted EBITDA *

Adjusted EBITDA Margin *

As described above, this line item has been revised to correct an error related to the reversal of revenue from customers that was recognized improperly in the prior year. These revisions increased revenue for the year ended December 31, 2024 by $3.5 million and decreased revenue for the year ended December 31, 2023 by the same amount. These revisions had no cash flow consequences.

Non-GAAP Net Income and Non-GAAP EPS:

Net income (loss), as reported *

Pre-tax adjustments for Non-GAAP EPS:

Amortization of acquisition-related intangible assets

Stock-based compensation

Severance and other nonrecurring charges

Non-cash interest expense

Impairment of trademark intangibles

Impairment of goodwill

After-tax adjustments for Non-GAAP EPS:

Tax-effect of pre-tax adjustments, at 21%

Tax shortfall (windfall) from stock-based compensation

Gain on contingent consideration

Non-GAAP net income *

Weighted average shares outstanding, diluted

Non-GAAP EPS

As described above, this line item has been revised to correct an error related to the reversal of revenue from customers that was recognized improperly in the prior year. These revisions increased revenue for the year ended December 31, 2024 by $3.5 million and decreased revenue for the year ended December 31, 2023 by the same amount. These revisions had no cash flow consequences.

Recurring revenues - Patient Care

Acute care *

Post-acute care

Total recurring revenues - Patient Care *

Non-recurring revenues - Patient Care

Acute care

Post-acute care

Total non-recurring revenues - Patient Care

Total Patient Care revenues *

As described above, this line item has been revised to correct an error related to the reversal of revenue from customers that was recognized improperly in the prior year. These revisions increased revenue for the year ended December 31, 2024 by $3.5 million and decreased revenue for the year ended December 31, 2023 by the same amount. These revisions had no cash flow consequences.

Adjusted EBITDA – Adjusted EBITDA consists of GAAP net income as reported and adjusts for (i) depreciation expense; (ii) amortization of software development costs; (iii) amortization of acquisition-related intangibles; (iv) impairment of goodwill; (v) impairment of trademark intangibles; (vi) stock-based compensation; (vii) severance and other nonrecurring charges; (viii) interest expense and other, net; (ix) gain on contingent consideration; (x) loss on disposal of property and equipment; (xi) gain on sale of AHT; and (xii) the provision (benefit) for income taxes.

Adjusted EBITDA Margin – Adjusted EBITDA Margin is calculated as Adjusted EBITDA, as defined above, divided by total revenue.

Non-GAAP net income – Non-GAAP net income consists of GAAP net income as reported and adjusts for (i) amortization of acquisition-related intangible assets; (ii) stock-based compensation; (iii) severance and other nonrecurring charges; (iv) non-cash interest expense; (v) impairment of trademark intangibles; (vi) impairment of goodwill; (vii) the total tax effect of items (i) through (vi); and (viii) gain on contingent consideration.

Non-GAAP EPS – Non-GAAP EPS consists of Non-GAAP net income, as defined above, divided by weighted average shares outstanding (diluted) in the applicable period.

Amortization of acquisition-related intangibles – Acquisition-related amortization expense is a non-cash expense arising primarily from the acquisition of intangible assets in connection with acquisitions or investments. We exclude acquisition-related amortization expense from non-GAAP financial measures because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets. Investors should note that the use of these intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation, and the related amortization expense will recur in future periods.

Impairment of goodwill – Goodwill impairment charges are non-cash expenses that are the result of annual (and, if necessary, more frequently than annual) impairment tests required by GAAP. These impairment tests are required to be on a per-reporting-unit basis, with our accounting policy elections resulting in any impairment being the result of the reporting unit carrying value exceeding the estimated fair value. We exclude these non-cash goodwill impairment charges because we believe (i) such items are largely non-recurring in nature and (ii) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations.

Impairment of trademark intangibles – Impairment charges are non-cash expenses that are the result of tests required by GAAP whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. We exclude these non-cash impairment charges because we believe (i) such items are largely non-recurring in nature and (ii) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations.

Stock-based compensation – Stock-based compensation expense is a non-cash expense arising from the grant of stock-based awards. We exclude stock-based compensation expense from non-GAAP financial measures because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of the timing and valuation of grants of new stock-based awards, including grants in connection with acquisitions. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods, and such expense will recur in future periods.

Severance and other nonrecurring charges – Non-recurring charges relate to certain severance and other charges incurred in connection with activities that are considered non-recurring. We exclude non-recurring expenses (primarily related to costs associated with our recent business transformation initiative and transaction-related costs) from non-GAAP financial measures because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods.

Non-cash Interest expense – Non-cash interest expense includes amortization of deferred debt issuance costs. We exclude non-cash interest expense from non-GAAP financial measures because we believe these non-cash amounts relate to specific transactions and, as such, may not directly correlate to the underlying performance of our business operations.

Interest expense: Interest expense represents (i) interest incurred on our term loan and revolving credit facility and (ii) non-cash interest expense. We exclude interest expense from non-GAAP financial measures because we believe these amounts relate to specific transactions and, as such, may not directly correlate to the underlying performance of our business operations.

Gain on contingent consideration: The purchase agreement for our acquisition of Viewgol in 2023 contained contingent consideration, or “earnout,” provisions whereby the previous shareholders of Viewgol would receive additional consideration depending on the achievement of certain performance metrics. After the initial measurement period, U.S. GAAP requires that any adjustments to the estimated fair value of this contingent liability, including upon final determination of amounts due, should be recorded in the relevant period’s earnings. We exclude gains on contingent consideration from non-GAAP financial measures because we believe (i) the amount of such gains in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such gains can vary significantly between periods.

Loss on disposal of property and equipment: Loss on assets held for sale represents the excess of book value of assets sold over the proceeds received in connection with the sale of real estate assets during the period. We exclude loss on sale of real estate assets held for sale from non-GAAP financial measures because we believe (i) the amount of such gains gain or loss in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such gains gain or loss can vary significantly between periods.

Gain on sale of AHT: Gain on sale of AHT represents the excess of proceeds received over the net assets sold from our sale of AHT, our previously wholly-owned post-acute business, in January 2024. We exclude gain on sale of AHT from non-GAAP financial measures because we believe the amount relates to a specific transaction and, as such, may not directly correlate to the underlying performance of our business operations.

Tax shortfall (windfall) from stock-based compensation – ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, became effective for the Company during the third quarter of 2017 and changes the treatment of tax shortfall and excess tax benefits arising from stock based compensation arrangements. Prior to ASU 2016-09, these amounts were recorded as an increase (for excess benefits) or decrease (for shortfalls) to additional paid-in capital. With the adoption of ASU 2016-09, these amounts are now captured in the period’s income tax expense. We exclude this component of income tax expense from non-GAAP financial

measures because we believe (i) the amount of such expenses or benefits in any specific period may not directly correlate to the underlying performance of our business operations; and (ii) such expenses or benefits can vary significantly between periods as a result of the valuation of grants of new stock-based awards, the timing of vesting of awards, and periodic movements in the fair value of our common stock.