MTBC - Earnings call transcript Q3 2017

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Operator

Good morning, and welcome to the MTBC Third Quarter 2017 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be opportunity to ask questions. [Operator Instructions]. is event this note being recorded. Please now Shruti Patel, would like to to over conference the General turn I Counsel. Please go ahead.

Shruti Patel

Mahmud On Thank to you. Snyder, Korn, call our call. and a Officer; our the Welcome Chairman are today's Bill MTBC XXXX President Chief Good third quarter Stephen morning Executive Haq, our everyone. Chief Director; Officer. and and conference Financial

of expectations Act during begin, Section fact, guidance and financial this performance, amended. made Act All as remind statements forward-looking for as Securities you we that expected within Securities to of the of conference Exchange operational I statements business outlook. XXA growth, this like other meaning call our call are XXXX the of limitation conference than and historical during amended, without made XXE would statements, are and future statements forward-looking of including and Before of certain XXXX Section statements, regarding the statements

be such similar identified negative terms. terminology these Forward-looking or statements of with and estimate, may, may as expect, anticipate, believe, words sometimes the upcoming, plan, will,

factors materially you to cause our these light filed will promises cause forward-looking not where could comprehensive differ these from and which the or our in These statements. uncertainties, opinions those revise as results of beyond of in information and and our of to only statements of from refer which and actual differ are future performance are of obligation of our to more date subject Securities a of to many Exchange statements Forward-looking forward-looking with presentation are control, these forward-looking our risks events. actual performance reports we no results to a statements. and could variety discussion or guarantees new contemplated undertake and that materially press statements find release the reflect Commission, future this Please

our refer Chairman results. GAAP Finally, release to these to performance I'll the on our results said, for Mahmud Mahmud? and a Please reconciliation that measures. call the Mr. of non-GAAP certain announcing of turn today's MTBC, CEO financial third refer today's With quarter may press non-GAAP financial to Haq. now to over call XXXX measures we

Mahmud Haq

on Thank call. XXXX you for Thank quarter joining us you, our third Shruti.

We revenue for growth This first of of are report pleased third nine to quarter. million over of the $X.X XX% XXXX. represents months the

integration have successful of and our our acquisition ramp sales We up the this growth organization. achieved MediGain new of through

already balance and a exceeded Our prior have bookings year expect our from year-to-date of we XXXX. organic the during finish sales any bookings full-year strong

our reporting quarter same of during non-GAAP and $XXX,XXX expanded income. we grown we history, consecutive quarter, $XXX,XXX adjusted highest margins. in our in second the operating was company's adjusted quarter Also of an XXXX. also operating have have our of income our non-GAAP We're XXX% third representing over for increase revenue, third As our adjusted the the EBITDA quarter, the positive

Our non-GAAP we record adjusted operating public a margin a was have since company. been X.X%,

we report Opus date. facility have sheet our significant revenue million years our been stronger. call, our last has earlier original profit the growth Bank, we Since never addition fully that to credit to pleased are In maturity two balance than with earning improvement, and repaid $XX

details you strong through growth. for secure Bank remaining was plus call the our revolving a acquisition. that also enable entire quarter combined the to Valley would We our Silicon repayment, performance, interest to balance financial with our $X Prudential the future President, third Steve to $X debt paid Snyder, million our of I have to support owed This million with performance. MediGain credit turn take to us of of Steve? our line over like

Stephen Snyder

and to ramping for in look and both industry-leading thank this to we've development forward support key year continued discussed and everyone areas enhancing objectives joining morning including team Good Mahmud. our progress certain I great today's platform commitments growth. made addressing our We've Throughout you, turn. you Thank in both our to again call. business up

revenue First, and sales for so of with than regard we're marketing more $X this far every to business year, $X generating development, our X% have than spent while in annualized we less revenue spent. of

investment, Our of generating and year larger stakeholders with activities increase to relationships during other to visibility our of strong our ahead. In strategy industry marketing of we lead the a at view us sign bookings. events has further much the on record sales and industry trade return new and building sales groups increasing enabled our intend achieve year

early of we very our by of are solution. components newest Second, pleased success enhancements, as the to the platform

For XX during in practicing rollout, the specialties for across up more than providers signed XXX subspecialties unique than more first four states talkEHR example, days and our talkEHR. of XX

and clearinghouse premium and comprehensive While quarter talkEHR also carriers. selling one an free the automate and launched recent designed the top outgrowth SaaS innovative this newly adopters of healthcare new important team with talkEHR achieved Throughout ten enrollments. very EnrollmentPlus promoting insurance of is will additional the we've U.S. solution Separately offered users of already solution. an of at a insurance platform, successful talkEHR, to EnrollmentPlus Solution focused to remain billing is billing seen providers, our an charge of fourth processing signing billing and group is few premium beyond, exciting we which solution. our competitive for offer milestone customer, the use a up on to point price validation our our premium EHR of early of key select driving our upgrade signups our a nation's

we additional Korn, and you revenues approximately X% and potential to call results. Our believe revenue year-to-date customer, platform. SaaS the quarter XXXX Officer, Chief Bill review and our to has as new Bill? it detailed now of demonstrate turn third quarter during our I'll with newest to Financial the customer larger financial be revenue to the unique a sign this driver over for in continue our large provide much EnrollmentPlus increased a XXXX represent of that we fourth of our proof-of-concept, solution will from

Bill Korn

million of Thank that you, last to due for to XX% acquisition. was Mahmud compared The primarily third We're Steve. great numbers increase MediGain the to we're million, of period XXXX pleased revenues $X.X in mentioned was year. were of results the increase are quarter of same number growth growth that an report and both the the efforts. year-to-date proud The the revenue in our XX% $X.X

expense. the assets three improvement acquisitions by Omni IPO revenue, of $XXX,XXX Solutions we were written net off in well loss in costs acquire $X.X Our The to Medical intangible typically to intangible depreciation a customer Services, $XXX,XXX which assets to due amortization assets Practicare amortization largely XX% loss Management, the was termination was third quarter non-cash our When the financing $XXX,XXX in non-cash these fully from quarter result compared years. the an We the and a XXXX assigned $XXX,XXX, June. net third of we of result in $XXX,XXX Opus or loss of end and over was XXXX. Billing as XXXX the amortized of the businesses a July million at our Medical GAAP loss second purchased our of $XXX,XXX GAAP quarter reduction net in as net of a amortize early of expenses agreement. of GAAP of small, from is time which relationship improvement were and CastleRock credit of last as are of of so most tangible quarter primarily the value

intangibles in quarter of average Non-GAAP year. is outstanding. calculated the negative amortize was was expense due decrease the quarter each compared costs. net income $X.XX additional small common per for XXXX with of $X.XX the by time the Non-GAAP amortization share weighted common per The third using financing net net number the of even income common was completely to negative loss negative reductions outstanding. adjusted reduce was Our net by during XXXX shares in we same reduced to third last XX% share period GAAP income $XXX,XXX shares end primarily loss non-cash acquisitions. from using or adjusted adjusted net the further divided will calculated $XXX,XXX period The and per future for to quarter share of shareholders attributable third $XXX,XXX the quarters other

quarter represents operating benefited from adjusted also or the XX% an operating excludes our revenue. the $XXX,XXX net operating expense, million of our reduction or $X.X the amortization. interest loss XXXX operating of million taxes, other was GAAP positive was third which $XXX,XXX loss operating GAAP Our $X.X loss Non-GAAP from in revenues in loss improvement third are GAAP $XXX,XXX the for for which expenses, the net provision of or X% prior income The in loss. income and X% income quarter included and GAAP quarter.

adjusted expenses $XXX,XXX the costs was as income The as represents positive revenue scale for operating our third our consecutive business recent reflects acquisitions. quarter X% period stock-based of our non-GAAP our is $XX,XXX improvement operating quarter. in intangible expense, well of $XXX,XXX as $XXX,XXX such of the quarter This prior purchased adjusted second which income an income of operating of compensation assets excludes and of non-cash amortization quarter $XXX,XXX EBITDA of or revenue with at $XXX,XXX third adjusted transaction from EBITDA the of fact expenses. cash or $XXX,XXX where year. This of our last now to that and same exceed XXXX the in a integration is associated revenues operating compared adjusted Adjusted X.X% XXXX

from $XXX,XXX quarter, $XXX,XXX third have EBITDA adjusted adjusted prior the our the EBITDA an of achieved. of cost improvement reflecting The XXXX significant in savings we quarter represents

has or EBITDA the adjusted EBITDA MTBC highest XXX% XX-year from and achieved quarterly by XXXX quarter $XXX,XXX in our adjusted quarter represents history. Third increased third

we termination of compensation, larger has costs of between ever interest expense, of which A agreement, $XX,XXX revenue GAAP net loss scale, financing depreciation provision non-cash before. and written now net as of business EBITDA $XXX,XXX are of over EBITDA have integration were the we quarter than transaction base our and off third $XXX,XXX our result a As and a costs XXXX taxes. $XXX,XXX the a to generate stock-based related non-cash of Opus and in able spread million expenses credit reflects $X.X amortization was for higher adjusted larger $XXX,XXX difference to the which of adjusted and $XX,XXX recent of of of our expense, acquisitions, fixed

increase was nine $XX.X an million, last to year. increase our As XXXX primarily the due first period for were MediGain same The of the XX% of acquisition. the in $XX.X to million Mahmud months revenues compared mentioned

For the the the year. GAAP last loss $X.X in the GAAP million net to Lanka same months GAAP our was EBITDA gain $X.X operating loss net related and first the our of India, in compared to nine last The closing the compared offices a in net XXXX, $XXX,XXX quarter first X.X% months of million loss period as and revenue, revenue of is XXXX largely non-cash during to interest as and million was expense well a XXX% result the same XXXX of to a or $XXX,XXX $XXX,XXX of Poland $XXX,XXX year. of plus costs depreciation shifting Bangalore, EBITDA X.X% non-cash work of of and $XXX,XXX Sri recorded Adjusted teams period charges of or efficiencies. restructuring nine adjusted first in of for financing amortization of $X.X increase to Pakistan of and

was September approximately sale $X A shares trade raised the $XXX,XXX, a The and of This gross years, from Series the end stock As via the in preferred cash ticker four for in on company public XX, $X.X offerings typically of of capital most XXX,XXX our sold non-convertible debt. only company as capital of to with working over stock top shares NASDAQ in the the of from of positive less is or million preferred stock had the Series cash our of the raised cash additional quarter. preferred $X.X XX% so annually addition from sale million Term the associated approximately rate approximately second debt the to dividends year total million of the to reported the our is pay and Series the million interest per on approximately XX% shares Series million of working a during cash XX% A $X.X costs preferred small market stock. of at than annum. for A XXX,XXX $X.X quarter. approximately improvement deficiency proceeds XXXX, far of of These MTBCP three at XX% businesses paid June. under repaid monthly four rate capital cost compared term The is per used A

can company A shares has Series is preferred choose mandatory the November Our starting per perpetual, XXXX. no stock in although at redeem to redemption $XX

term these So is approximately offerings of the a to in were our XXXX. cash Bank loans of December lower The with there our cost were million covenants. XX, no full repay much outstanding company and portion proceeds restrictive which net of $X.X as Opus used

with approval. be facility growth very of company fact reduced, bank is XX-Qs. for our borrowings now as new that MediGain currently our We growth. by Silicon secured pleased a credit borrowed repaid Haq. $X to positive, on revenue cover the to operations used paid of repeatable the million company credit credit October the Bank and and have financial concern into operating Based initiatives adjusted we That facility an facility a call is price early which losses the the the MTBC acquisitions credit the be now annualized approximately SVB's Chairman going no adjusted income position, Valley defined the and over be are in Opus our facility terminated a disclosure financial I'll including of of company including our SVB formula EBITDA line foundation attrition positive, financial of which where revolving the The Under excess review $X.X our are Silicon concludes interest. are cash and we the to revolving adjusted to with receives million million. anticipated is Valley $X operating entered Mahmud MTBC's on my in from Silicon dramatically agreement, And In the flow for with in current remainder based revolving MTBC's purchase rate in well-positioned included Prudential results. In from Insurance are plus acquisition credit our can addition, of agreement. be amount Valley CEO, previous available solid to a The and Bank. turn our longer XXX%

Mahmud Haq

Thank you, Bill.

on We finish for are and We to we the prepare have of an to support members appreciate forward progress build future results. strong all as updates hard forward. and you had shareholders quarter and XXXX. our We team to our as work of thanks we on our and a our our their move and look great giving record success extend well-positioned we XXXX exciting

thank to Finally, practices. customers healthcare manage trusting provider their help we for us our

questions. call now open will Operator? to We the

Operator

We will now begin question-and-answer the Instructions]. session. [Operator

Nakae Keay go from comes question first of Please Chardan. The ahead.

Keay Nakae

Thanks.

your is little retention. question decline In QX, revenues. First than we to about sequential QX related saw from less revenue $XXX,XXX

retention revenue talk MediGain. like about So looking especially the at what is

Bill Korn

Thanks, Keay.

revenue these very retention a acquisition. in we've that been and companies MediGain typically strong rate We seen going So retention roughly from QX. that third our pleased that we're that that I'm our at from buying, about client typically very we're the say we thought to the saw lose when we pleased during attrition seen look found and during clients estimate very was numbers quarter the our numbers these and has we've to X% this clients month of competitors, that we we've --

to QX, process remits client what Now submit with since we then to and cash revenue remember during claims, we the more probably insurance. after doctors. only to do to during going that very probably QX with determines do lost little revenue QX, pay Insurance recognize during them to has they're lost actually client

he also than client little any mentioned Bush that earnings We what bit unrelated tell have predicted what retention. us he we couple to had know athenahealth decline in But say caused based little quarter don't revenue third We that. on related was to clients uncertainty a to the call a our saw the we have when our of weeks I'd revenue would that Obamacare. ago, what's I direct this. -- It's clients. exactly information lower his to hurricanes; Jonathan know bit a at exactly two was gave mentioned caused hard

Keay Nakae

Okay.

is XXXX So to are was for the million or guidance full-year $XX previous that? you $XX changing still your million; that guidance good

Bill Korn

revenue year. to Yes, guidance explicitly we're would nothing or expectation now but say -- the to we for decided going us for there's I'd we're the change not reaffirm that cause confirm right

Keay Nakae

stated? Change the expectation you from what previously

Bill Korn

No the previously from stated. we reason Right. what change to expectation

Keay Nakae

good. very Okay,

G&A continue operating reductions nice terms especially see we In of side. on expense to the

results So pretty QX? on growing see cost QX we are there as anything might or is into additional out in -- QX much we the we based are we, move the

Bill Korn

ways without that costs Yes, tend we reduce single at hurting say to day. service I'd to every look

we of fully clients that helped. reflected QX. organic and that been during that operations clients first also have reduce So share certainly additional lion our upside months. locations onboard signed nine But in there clearly reduced the both offshore don't and costs have opportunities from revenue the comes to consolidating expense two see there's in the are revenue new We the of

without revenue any coming expenses. of in increase on that see appreciable QX some You'll in

Keay Nakae

then just thinking given about total going going be what should Okay. the And expense for what question on should should rate so interest what amount forward forward we we about of under borrowing and on the final expense thinking the a in that the revolver what's near-term. be interest

Bill Korn

Yes.

month $X expense revolver. -- due it first a debt started debt borrowing addition the we we had $X borrowed Prudential. interest may were invoices year and We But in be out repaid year first near that pay the opposed see revolver will for thousands go the collecting amount tends of a again month. the borrower of be payables the the with we completely on at typically we proportion sending months for as to as of $X from from amount the of now, down and that dollars in term of it's down fully our and million dollars nine measured we start clients, where will the million the of of a million hundreds so $XXX,XXX are So you beginning to as several week reasons. as start few month revolver it's of Right from of up the

the Prudential costs accounting gone, the debt all amortized So interest a capitalizing of full also were have all expense amount again life of all is term and to gone. the gone. $XXX,XXX for essentially debt origination is were pay fair the loan so that during write-off with the that included able years, year that's that over The to we because off after we loan two Opus QX

think interest at forward. much be expenses much, going you I reduced should So looking

Keay Nakae

What's LLC? SVB the the rate on

Bill Korn

right the plus So rate prime is X.XX%. now

Keay Nakae

all very I That's good. Okay, had.

Operator

next Please The H.C. Wainwright. comes ahead. Kevin Dede of question from go

Kevin Dede

that appreciate some been on just that go offered Good seasonality Thanks Bill, quarter in questions. if I hasn't you it just tell revenue that color any the the for still morning I third on questioning gentlemen. Athena, there or and my taking given had back tough the of on full-year? to to maybe kind MediGain of wondering Keay is you've was seen

Bill Korn

So see have quarter. we seasonality first industry we high lot more to the impact to think typically the deductible is of have What a people more in I the deductibles more that that well again relate as people plans. and others first see and tend which quarter see in

So the the revenue a when explanation that EOB patient you, go in date to the payment of And instead made. the of an covered, mail the it's you saying write the write insurance we submit to recognize a when fully insurance, that money. and company benefits is arrives to the average their the check for insurance doesn't the remaining send they check, check the claim actual doctor, only remitting unfortunately says we patient, need instantly

at of X phenomena that insurance deductibles, small holidays There's that down are changes hits seasonality, I was I'd days relate And and to hits us in rationale. two. the doctors that the for again or they're actually for the number amused and number or other little there Labor of all noise, XXXX days claims of year, calendar be one so third the day that was one a course to processing bit Athena to than say July is like explains external there sort say whatever used that third that's less example, a in throughout and goes revenue. people the look that and fact high in to or on year of that it's to the tends but quarter basis. with by as with that XXXX Day that hear again of was that of seeing a quarter factors QX So kind extent of

Kevin Dede

enough. fair yes, rate, Growth

specifically wondering So Athena the now Southern and specific you sort changes and on also was Texas Southern could Florida. I Hurricanes of if mentioned based geography, see

Bill Korn

revenue saw don't could particular, we Florida. and in we in say the we know. I lower Yes, Texas but it decrease hurricane, was than would expected. have Florida, a would again really actually bigger And be

So attention, to the it's hurricane. you were in Again certainly say is this figured for seriously going out do or what possible. you with blame you of say probably hard something us were need I it medical I'd too without if would to at point. really

Kevin Dede

guess something right that's if sort to I right, way at or Right, look chosen subjective one right you right. I it? critical have not way, was of But guess not might just another

Bill Korn

was Absolutely. little Right, rest see quarter-over-quarter again the it Texas, a didn't there certainly saw was could the have been Florida we and people decline Florida the country. of and the than Texas, in both in decline doctor bigger who in

certainly it's that significant. that accounted give a but number be again it's you some to for going me hard because statistically it's probably for not amount, So possible to

Kevin Dede

Okay, fair enough.

okay feel a guess to I more comfortable an thinking? $XX officially could if that the affirming back have $XX really stance, million offer but it's to you're saying just just don't of on you just guidance so clarity you your I little So your million your understanding

Bill Korn

Yes.

is again me to pretty range. conscious say being it's revenue so has when say I is QX looks strong, it be look what able about at at I far, least revenue, QX EBITDA to and hit clear be bottom And we're it so quarter-by-quarter The it's stance thing range to hard a and the and you going it $XX other see the to to seems was the jeopardy of one while but think to silent we not are of to get concluded the here exactly call. that it, at be QX feel did, say and I we would close to look I revenue million of we number. things. when affirming one want we sort not I'd about did to QX on going the really little we don't a year-to-date, the when bit on think the But official being is really I right what decided affirming say where into in look those the that particular I really very at in good

Kevin Dede

Okay.

a little you how bit fourth Just forward, I'm to to going looking more you're the background think should think when feel in you we quarter that? on do time comes for to what had guidance offer think figure full-year for at at that might the and you to think report investors you'll do about look the wondering it out to happened this sufficient it or full-year and you you speak what time quarter, on third XXXX how

Bill Korn

think made yet. our don't fully mind we've up I

Kevin Dede

Okay.

Bill Korn

times be kind us XX necessarily this makes we to XXX us we've being from anyway. sense, small say we But really a or if guidance were that people guidance. are to size doing company these stop things Again times that of providing I had think the for given small doesn't but

Kevin Dede

that I and in part just of that? about think you well communicating revenue have the the confidence right, the to right, message in Well recurrence might think I mean want you is

Bill Korn

Yes.

Kevin Dede

right. All

million on just balance that's as I end September So that's lost or the track Valley quite the because Silicon of just the teens understand though, could sheet above help since you're of of hammering $X the timing? the still you me

Bill Korn

September, Silicon repaid Valley. we were an the of we from loans away closing we September. agreement from week during sheet knew Opus a Silicon End Valley, all two that but Yes. completely term or had term with We signed had our with Bank

a So would $X we Opus XX as the that a to on September on million that part we revolver revolver Valley remember term Silicon had week and close left closing there the two revolver or payoff and we with later sitting knowing would of a debt, there $X be left that Opus Opus. of million so

thought financing have so to simpler difference that SVB so it And there great did were with closed we let wait in didn't of mechanism would really and a sitting make to it to other the we while XX. quarter was down it happen that happened September, just a been and October much have till the end that

some first that and September that was that repaid Opus the repaid time outstanding remainder Silicon over at it week all moved to was full actually XX. full was repaid that was of in on of in October two the So we in October and on was XX the Valley

Kevin Dede

Okay, fair enough.

if were So to -- the at bottom you look

Bill Korn

it lot moving No, of no, bottomed pieces. out

Kevin Dede

right. Right,

but keeping for not for that So I that, remember for pad, do the thanks apologize thanks the straight, that, timeline review. so I mentioned seeing now you've the

this could you if curious Just -- speak to

Bill Korn

apology. No

Kevin Dede

any speak look to Yes, debt? just if if were holding you but balance you could this, curious SVB to at the sheet was now

Bill Korn

the of payroll typically Xth $XXX,XXX So our on wires again of month. each month we're on overseas and sending first because today, happens outstanding non-U.S. there's the the about

out takes get So we number of overseas to month days the to those prior invoices send the and for are the typically so and to of to get drawing clients. month near the cash and some invoices it sending month the then we're we end that we've second the got for first the the of as

So we typically seeing start the so later. in coming roughly week or cash a

first each drawing typically of on the revolver. month the therefore So we're week

Kevin Dede

if could to arms that on and my much. relate that help it, Okay, at and and feedback of maybe base that you Steve, okay. talkEHR get XXX the you what mind, had how thanks. maybe you so the wouldn't around getting Thanks you me just Got have overall your some of and you're adopting it insight base client it. sort then on you maybe total see looking balance the

Stephen Snyder

Thanks the we'll Sure, for be question, to. happy Kevin.

as the especially talkEHR while solutions, Roughly one that. standalone we've we're look than seen industry market two-thirds in that target the a that the those of at passed for by so other the have we most practices lot really groups, growth be we've launch, which with signed is of And quarter reliant seen the interesting a up, who of first of of phenomenon when business to is seen care. couple to excited months from in EHR. again dollars upon are XXX So are of them practices are this perspective, have part. sale in the to more struggle those the more regard have models -- for really software really since our smaller we've tend primary incentives, used begin meaningful the players the during They

purchase growth how of from purpose that the times stimulus the the is many supported So -- the really or for expensive is of the government more systems done.

seen we've think that's to instead invest our and as to connected use, growing that's practice is really a and solution practice. to easy same which seen in EHR, reluctance larger have intuitive is finding management I suite a interoperable large on amounts a the what thing that focus that's competitors So

actually even kind things solution happening be again more some on EnrollmentPlus, think carriers our that perspective, service a user the exciting solution in we've be, So as which we SaaS our a pretty as mix. software a excited the represent into to client that that solution X% have We proof really is And path at will grow our to we right with -- is identified integrated solution sales signed the billing think the would and this the of relative if continue separating some they as of that of and opportunities story come perhaps at roughly And a that the that strategy that other a important for think that that is in validation fold seen fourth we quarter and the three represents our of the even client see really again part third fit about pipeline a up this two to thing country the apart user base certain next I we're the really that over signup a different look broadly of would that that have segment as we and going market. largest five our solution, a key to being large believe play XXXX. as a that. newest fronts. I would additional which first that quarter be percentage from in and we also involves growth great the ten we our would we're that revenue of as success really of of had EnrollmentPlus as need One just our represent really we forward concept overall user last efforts. solution, we've two a forward to think think continue market insurance solution or quarters is move time in billing revenue revenue to a one able need the development That client in could we continue say found addressing that a developed on year. from up exactly to sell we've right business for success very base real we of

us perspective see was growth while we really to some larger year. focus the year, accounts been to we've our ramp in really marketing larger and really you to far sales last on and a growth accounts, As out acquisitions, Kevin an additional acquisitions, invested building that pursuing team and year the that new annualized this Those look organic almost things accounts XXXX has forward smaller exclusively $X $X from opportunities we in signed unlike continue this helped know, for of grow last team prior in longer relationships. up. They've revenue to and every exciting take seen we've during so done

the So ramping But we think our exciting groups. and quarter a third we in those towards we up the accounts larger of of believe we an still that quarter for frankly some have look any year of end the ramp still up fourth perspective will been the potentially is at opportunities. really revenue growth as those end from organic has from of

quarter the see margin perspective. results, of we really growth to look our from to fourth results full-year we providing as things are that and XXXX. question continued exciting three throughout before we terms in talk those as forward guidance expansion happening our So really a And about growth of your

Kevin Dede

on road acceptance. Steve. any a and color developed on growth broadly be could sort viewing offer are Thanks additional to it more marketing stands on you of you I'm enough, their really your competitive back doing talkEHR kind effort on just little a initiative, just fair especially point on customers But clients, that differentiator wondering color. could you've can then much the you to in it and insight as your making many how more things if capability how third how I'm here -- And of competitors Okay, maybe insight known. well wondering half that your if and competitive more I that against little so maybe the for sales and talkEHR organic the that maybe of to a offer talk some guess of are might right

Stephen Snyder

Sure. that. very to do be happy We'll

First the client leveraging base base webEHR of existing continues legacy as our client to the be majority with application. overwhelming regard existing today our to platform, of our

a today top the leveraging point that the majority applications workflow that's user target to billing one decade their about market and really built that base existing many providers. was have one around of of XX was application launched And of practices design. and So our At continues application. particular of been our ranked has be for platform by this those that ago first to really

how leverage voice also who we've use as users of accustomed of existing with to we've the XXXX in and voice for compares of consistently talkEHR continuing key both seen that really and being converting and become to to to talkEHR a client are regard using it differentiation So Over usage. that's migrate those with into With new from to regard they've clients to over time perspective majority go we are the of of base. as to the application years the the practices the to they'll really but the really it within for usability fields it throughout in something country. component the competition, recent the a able EHR -- being text to the survey That's populating study broad-based designed the and EHR. EHR the navigating that

consistent competition interestingly quarterly a looking components industry the that the that's can't From practice to cost since solution course I as looking for IT, base their has the charging solution terms that infrastructure are is that themes intertwined belief for forward of fatigued nimble earnings the a of practice absolutely of in what more easy of -- One that's providers become with or across was perspective, and enough collections use, we've developed. came really are -- melds heavy together to clinical that's that with of the for another the and the of in the EHR making the a competition our majority one the the and extent cost, beat our of the the calls the reimbursement. overwhelming and in investments we move has acknowledged really this think are it's instead two levels have healthcare providers this user more notion that even of

Our that model again collections ties a practices the further our percentage they're so application billing, and interests. revenue lines of that does to using our our business once our

Kevin Dede

I how on -- maybe insurance is you question Yes, them incentive on you're marketing what's insight on what's me the companies thanks mentioned. how you guess Okay. Steve. offer it, little for that I view EnrollmentPlus that. color. bit little just for a guess the the Last and for how that Thanks Could

guess process long it that to and I provider sales and one So come over? of how took big the the sales length

Stephen Snyder

industry cost to Today players go done billing group we're forth and and end checks one within application on gap If enrolment both of between insurance similar one plans of done processed this to the the insurance the best manually reporters the we provider the insurance company communications and really the group the see were to and healthcare submitted but one to the something the on overwhelming variety labor enrollments. do claims think insurance cut streamlined built insurance we and and primarily and if paper. undertaking types and and speed same It similar were significantly of by then our an the on about manually manually. back the clearing was transaction paper, process decades, of error were were providers whole industry and the back on companies, on knowledge house carrier more insurance of which a the the what the companies a paper for healthcare and thing overall expensive are both received for a the companies are and is that's the of and healthcare the adjudication reduces the clearing carriers transaction. by it claims house the to significantly to we components To between transaction of a between the enrollment reduces away to the majority intensive something or provider up were of manual two broadly transaction the paper there on who pretty and of end it's participant automating we allows industry the the process the the house that on or the automated rate. conduit approach as the We which transactions opportunity last from that up expense similar create between another companies the is employers overwhelming the other processing that one unique and Over by the of end that's other different clearing clearing majority speed insurance trying doing. is the to and increases move company also it many acts not the to other, in other there doing company to insurance bridges the healthcare the transaction. built the is that on of reduce insurance approach now both do the one a for on does a that house between the company believe the and insurance by transactions of billing the years, of think end, has format end XX standardized trading What we end opportunity in is There been employers have we've connection.

before significantly spoke that solutions company I the client insurance significant speed rate companies to about in insurance to a it process reduce think they that process. are error opportunity at the our at and and the we enrollment up cost, understand as to So, overall reduce there's the like that look looking the

a of connections within So or been ours. the This from that's about five driver The first for our pipeline company's it's in like a that the built and input. comprised helping others who probably ad develop is from our country a over reviewed met client building hoc the looking companies and terms from of is in perspective last sales team think from when team has has insurance of product top four terms year it's our some in has done the in representatives process have solution key the or also in their longer our process. the I for And of EnrollmentPlus employers an provided group the to insurance basis. product they've industry on so the What months. development sales been

wish list of built many solution really the we've potential customers. So the feedback of around the and these largely

that customers, conversations potential and the involved process as relationship look grow of ongoing continue really well. clients ongoing and potential to those with develop with to conversations those that to concept, those we are existing proof those are are So who additional really continuing forward

Kevin Dede

and Well, Thanks on of congrats improved the that background Thanks very depth much taking much so for win a color all very helpful. you questions. the That had great the financials. on there congratulations certainly lot Steve. for my more to to so

Stephen Snyder

Thank you.

Bill Korn

that appreciate is the Kevin, I and the questions taking listen our appreciate with over thanks to thanks think morning Keay, to we this that call great So we declare and we'll everybody time us. earnings

you. thank So

Mahmud Haq

Thank everyone. you

Operator

you Thank presentation. The for conference concluded. now today's attending has

You may now disconnect.

CareCloud (CCLD) 6 Nov 172017 Q3 Earnings call transcript