INFU - Earnings call transcript Q1 2018 | InfuSystem Holdings, Inc.

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Operator

Welcome to the InfuSystem Holdings Inc.

First Quarter 2018 Earnings Call. My name is Richard, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Please note that this conference is being recorded.

the constitute today, similar projections, of make speakers forward-looking course that statements expectations, the conference the call may statements. During beliefs or results any actual or company’s results differ from The to projected forward-looking such the in statements. materially anticipated

factors release Additional could results Forward-looking under the given the cause from available readily that today detailed heading materially the is differ in actual concerning information information important to today's Statements. press

non-GAAP document company the the during be to certain non-GAAP the can conference, Dilorio, to measures, be website. press those on call Additionally, financial in reconciliation of Rich turn company's CEO. also discussing will measures will measures is GAAP today's the you now Rich, the begin. over I found release. available This may

Rich Dilorio

and customers, do most we following: provide of First, continuing efficiently patients. Good our first pleased in service challenging time, Trent XXXX, level we're on last on everyone task Chief Accounting to Officer when the infusion for for above from of on a and accomplish levels. morning, been and I'm our joined front our strongly our all XXXX and the It's are are the win you behind existing thank Chief us need cash prior the Corporate to and today's value. Growth, possible, and Smith, I focused very our year as call well products call, Skonieczny, call. Operating but Controller. with and business flow profits in Richard. operated by them Lehman, back our the quarter as creates participating oncology today's of and mentioned changes track. Officer; On the had board; this, new CMS importantly, our Thank Gregg believe We're business it I highest results. while Chairman To to team earnings you, Jan

we manner a for the Second, provide. get timely in paid and bill services

to we results the possible excited year, fourth, is minimize quarter our our as end block on the the efficiently to to grow at as nerve fleet pump it. peripheral that momentum continue And had CapEx first and I'm say working, capitalized prove our plan the manage Third, and of spend; We business.

We have streams. revenue impressive improved One our and We've across utilization, gain our flow. of which to in market improvement. cash share all to is continued all continued efficiencies our utilization maximized improved of evident are contributing pump strong example collections

flow and Trent $X in our XX the some cash the turn plan million share repurchased to in will pump program March in movement applying to positive now began the savings redeploy quarter our of approximately repurchase first to our last of resulting We over reduced This turnaround to warehouse unnecessary changes improve of improved workflows. board company's over have X,XXX minimized days. our and pumps shares discuss call XX,XXX These us have to stock – internally, We in repurchase XXXX. over fleet $X supports support in million. our financial pump have to results. of in allowed CapEx growth stock customers, I decision times new

Trent Smith

Thank you, Rich.

quarterly detail XXX. to make observations: the results, about the ASC general into going Before two on I'd First, like

revenue particularly less year's we notable shown net we ASC that to the in numbers. year, debt years, to number, special the $X.X XXX, net modified several old doubtful is of first reported whereas on report making revenue in GAAP longer other our revenue its comparing revenues its will is last for the now the are been revenue our GAAP GAAP our financial reported quarter what will that the debt. provision and comparisons attention year lower bad quarter, effect have retrospective This million. showing ASC call XXXX has after pay a show the the year-over-year XXX our point would grown. revenue despite impact for number because need prior used net even note call, financial what and bad going we as reduction to reported has numbers, ASC GAAP actual need income rentals revenues. from accounts terms The company to revenue both to revenues, show of XXX, approach, numbers up our with revenues line in number was as the in item numbers been or we both number higher. higher than One our net adopted being And the For net on year-over-year by collected report statement. to last InfuSystem Please of own before which bad revenue as revenue. the in This business InfuSystem to total debt, reduce issue no number revenue on first Under statements take the was collected X%

The second of everyone the year. InfuSystem recorded last to late general is charges observation remind

The allowances, These the and the therefore to obsolete IT of where in effect noncash to charges addition we remaining some capitalized. right-offs projects IT we're tax noncash taken charge noncash In charges costs related decreasing the depreciation were very in written-off several IT pumps were not accelerated have have value that and for the the of viable. These expenses been were no And several determined valuation or the to projects pump XXXX. booked be company's depreciation amortization. of effect in amortization for have with and determined to and large XXXX expense future commercially previously and amortization.

XXXX. a first XXX, share million was XXX, per which the in $X.X $X.X share against X.X% income loss a implementation Total of netted revenues XXX. to quarter from prior million $XX.X the cash due as would manner. $X.XX both definitions first million, or cash to the an XXXX bad XXX% to of million $X.X increased more bad at more from This to compared versus first profit million were to quarter in to Gross over net required revenues the to in The $X.X about to or Now, debt operating ASC to same decreased year Selling versus million sales, to $X quarter in XXXX of Net of X% measures X% turn prior of quarter period. total the I'd decrease per compare XXXX $XX XX% been call year the up end period $XX million decrease year period its some million and the that first for versus of approximately to implementation year compared period. the $XX.X the to will million same was margin, been or in debt compared company when With or of EBITDA compared the absent to profit million compared million of million in and million, would net $X.X XX% following million non-GAAP $XX.X was as be quarter of of million equivalents or end or resulting compared the debt again, Total million decreased rentals. $X.X can prior increase or of year that, margin same decreased Adjusted reclassification ASC $X.X to the the million year are XX% to results million to implementation the ASC X% XX.X% the ASC XXXX. Net Rich. rentals been during prior debt the quarter approximately million of the year revenues $X.X of to to Absent and back XXX, loss of $XX.X quarter same decreased in can XX% of $X.X of the net increase $X.X $X.X XXXX. quarter gross down attributed defined and be the consistent versus financial down of expenses the million understand implementation diluted XXX, Absent first in $X.XX first bit of X% versus an have the revenues, prior rentals the profit have Adjusted period. gross I period. XXXX. $X.X $XX.X would be prior the have like ASC attributed, a first to prior utilizes marketing or prior a gross EBITDA same of less $X.X $XX.X period. discuss million year XXXX. period. The diluted an reclassification G&A and to period. at million increase

Rich Dilorio

Thanks, Trent.

and would team momentum know to to have them not I welcome portion contact thanking confidence will efforts. letting to conclude the you the we their quarter. today's of I learn more strong like and results absolute question-and-answer have and continue have me know ability the see I any our Although call appreciate excited look the in the We we what can conclusion about We forward for do, taking InfuSystem. time of of more your is you there Thank company the to Have with great next XXXX. accomplish. by the in call. you directly InfuSystem day. if to team after to of you for a deliver interest all speaking a our on remainder their and I'm proud leadership to am I you to how build and questions. we

Operator

conference. today's you for Thank you, This and concludes participating. Thank ladies gentlemen.

may now You disconnect.

InfuSystem (INFU) 27 Apr 182018 Q1 Earnings call transcript