MTBC - Earnings call transcript Q3 2018

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Operator

Good morning, and welcome to the MTBC Third Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Kim Grant, Associate General Counsel. Please go ahead.

Kim Grant

everyone. morning, Good MTBC the Quarter Call. Conference Welcome XXXX to Third Haq, and Executive Executive On and today’s Stephen Founder Mahmud are Chief call Chairman; our Snyder, Director; A. a Officer our President; Financial our Hadi our Bill Chief Chaudhry, Officer. and Korn,

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

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

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

measures. performance of these may With I third over Please Officer non-GAAP we Chief GAAP results of release results. our refer will refer to to to XXXX call press Steve? financial turn non-GAAP announcing our measures certain the Executive said, today’s to now reconciliation MTBC. the call quarter today’s on that financial Finally, a for

Stephen Snyder

Thank you, on us earnings our for thank quarter you everyone And Kim. joining call. third XXXX

pleased from quarter a are We to strong record of and report revenue cash operations.

for revenue us represents nearly doubling from of for $X.X $XX cash EBITDA to to which revenue positioning third prior generated record year in we Our our double the as third while quarter the our full approximately Likewise, quarter. million million, us were the during adjusted compared quarter, a operations, a XXXX. for

on to the let’s now focus to we In have explore we the quarter through July, through a collectively available million space our strongest was $XX approximately initiatives. we of credit substantially an value assets million million for to was With acquire a on to attractive basis. all cash opportunity history, proceeding. recent cash MTBC. we as strategy. bankruptcy in growth customer aggregator an companies, discuss in Orion refer Orion’s regard contracts, to in multiple acquired broader to in which pleased to $XX.X purchased paid addition are an $XX our we our most in our annualized and our generate affiliated which of than like Orion more and In reporting was support We acquisitions, assets transaction the to attract it’s buyer growing Orion. a expect order

certain furniture, other receivable, acquired equipment, and that are assets. accounts also We

strategic XXXX Since half help one were diligence who of our and acquirers section active revenue and We with members list space, one grow most size who’s a nondisclosure representing a other the sell less MTBC often lists seller Orion’s helping In Orion. XX additional well industry due and and signed times perform that us addition financed revenues. further acquisition, us indicates buyers, unlock there to companies some technology pleased on agreements The had during onboard two beyond. and value. this Orion’s experienced variable times the financial revenues. is This to a us cross Orion was though that global experience team to who of with buyers companies rounded our service in offering few scale to opportunity and annual proprietary of allowed and that workforces. will or great capacity were talented large ultimately for Even potential than a mix very XX to paid acquirers like with

the of a relationship other during auction day, preexisting of one at Orion a suitor and fact, suitors with end the on the quickly had the faded who Orion XX XX process. the In passed

and will it’s approach not the We like lies believe open we opportunities in our that to compete why So like future. us ask inherent natural other answer XX the Orion, in continue the Orion a deal did differentiated Orion. believe for ultimately challenges for to a and the

supported of quick with First, integration efficient discipline believe pursue. that needed, lawyers, outside We accountants, requires diligence house paced such their planning. and yet transaction experts transactions approach unmatched succeeding legal to as team type regard and cost the a of due experience we operational, and is operational and leaders a by in financial, to our and strategically in

operations scenarios scale acquired way acquisitions and that the needs, value margins. successfully acquired Second, the adds to these both the operational expands in in and integrate a and experience

adds lowest inherent that the process part five processes to over else. ability process succeed in at point. unique in This each with and to way the a to spite workflow that our scale segment a way and value handled our approach refine the most us by to the the the team component the has companies designed hone the allows have our a the of worldwide in gives last We ensure expertise that members knowledge challenges. health allowed our technological us anyone experience of is than Moreover, team, XXXX than to in having more years us or price more space acquired

client address unmet time workflows one needs developed industry. We’ve a operating the of Third, the the in to streamline reducing costs. same expertise at a technological most be the base while of successful, platforms comprehensive the buyer and to operational proprietary needs

a these leases, vendors with our rationalized bring have other regard additional When other operating costs we consolidate and party and associated types We members differentiator our uniquely steps our experience these initial who to R&D platforms we third of situated to expense renegotiate the to quarters reduce date. with if to extensive it, reductions share than technological regarding locations, also working in of service in team have I than costs expertise We’ve we expenses latest transactions, let team margins strong costs, me leveraging our materially XX%. core to during client facility expertise. and otherwise expect integration view success. a believe you We of a the the expand Orion retention, are This Moreover, With facility have while in operating by with actual more professionals. context critical to key we to IT and of is reduced we reductions, our taking more by the a than may, we’ve come. more that XX%. $XXX, and succeed

beyond. as through acquisition continue President. we I’ll turn that and over team floor members who to our In roles addition, play during key we’ve Hadi? the will XXXX to grow said, With the talented added

A. Hadi Chaudhry

to our industry. also everyone you, recent broadened more solution comprehensive Thank become for the our acquisition, you on the thank had increasingly continues most turnkey Steve, With our comprehensive quarter positions is we believe among most us as We need and third service ours and joining that XXXX the market complex, call. healthcare in a offering.

compliance wide of discounts on vendors purchasing We utilizing claim effectuating oriented standalone patient proprietary such from revenue optimize records pharmaceutical entire payers, Technology fully the towards eligibility, of is following also electronic management. payments, top connecting and that manufacturers. communications our life submission coding, support, to and providers healthcare health technology our follow-up And loan, avoid vaccine an to We services. leverages integrated which Most of scope the practice is Mobile risk. time broader enabled scrubbing, digitized is that all industry based the commonly health comprised acknowledge scheduling, the provider cycle supplies physicians to apps, either like that real receive services. practice and enables based while online business analytics. patient ambulatory insurance be group in and Insurance management. each management credentialing application, records of claims based solution. as properly and health a practice both contracted cloud For insurance leading which called Cloud proper provide electronic ensure of to community. designed with with provide insurance that enhance and reimbursement charting, other solution cycle revenue secure

applications. important our acquisition, this Charity as We that We result is support eligibility Medicaid Separately will we also of interface believe with third provide solutions an a and such differentiator now continued niche Orion our as growth. hospital additional Care and services. party

leverage multiple manage continuing offering. adjusted and intend and beyond. our and focus have broader high an XXXX and this growth stronger offices long-term now In service even and practice to agreements. management physician we Additionally, We summary, EBITDA on now into physician we trend revenue we

and an book started our In our My app. mobile to talkHER. AI a voice develop using patient mobile functionality or to with doctor session further talkEHR in enhancing have incorporate the capabilities app addition had recognition a and able our telehealth be and will talkEHR. PC telehealth in using We our to

this development to we production tested completed this also have in It first anticipate is We our vendor. first being solution quarter. based blockchain be EHR interoperability of currently this and

based on Officer. the with in turn including solution over floor clearing in where I will now working Bill? exploring opportunities other to blockchain industry Financial our we Chief houses. can actively also the connect the industry, providers other healthcare We

Bill Korn

same or XXXX increase only Orion Revenues a million, in an percent million for of the period $X.X $X.X was acquisition. increase it history of compared this Hadi. in compared Not the the largest new you, million an MTBC’s fueled Thank any to increase the by year quarter second in third was XX% quarter. XXX% were and quarter but to last record, $XX

addition to to In the offerings MTBC’s additional doubling added size, Orion portfolio. company’s service several acquisition the

multi-decade we nurses, $X.X and third five generated exclude in from managers with and these we through of management revenue report. personnel manage practice in other million now practices, practices receptionists, service pediatric We We share Ohio We practice the Illinois, medical portion agreements. management locations. the revenue employ physicians’ and patient revenue assistants, from services. quarter, physicians During in practice the

We country through enabling XXXX the companies manage a now also pharmaceutical to purchasing across purchase leading rates. vaccines at physicians group organization, discounted

pharmaceutical the this of learn quarter Pasteur, from Sanofi purchase from we at www.mtbc.com/gpo. our for $XXX,XXX manufacturers. directly vaccine and and more can vaccines enroll GPO. revenue XX% to Physicians rebate on generated GPO we to up about During start receive and Merck Physicians from free purchases the checks saving

expected. and was year. to positive of the to happens purchase quarters quarter share will Third as million, excluded our within acquisition. a loss the of $X.XX quarter this second a $X.X first before to the non-cash few intangible of shareholders previous shares This attributed expect the most of common measures, common loss it GAAP few of per our next large will returning which during during Net net takes average by GAAP in for attributable financial stock XXXX a weighted accounting to $XXX,XXX increased, amortization for loss the the same amortize year. of outstanding. expense quarter compared to as Amortization that net net the is account loss quarter. next dividends lower loss value non-GAAP than an to over net the always third was The we means divided shareholders we from were has portion net Similar Calculating loss report period of but preferred loss from the the assets, number last into because common we attributable years. perspective, acquisitions, which price declared be GAAP

compared helped $X.XX net us to compared Our share, achievement revenue, income without to us scale in of this a integrating temporary year-over-year, $XXX,XXX, non-GAAP overhead. $XXX,XXX operational has possible. we of made positive to transaction consecutive and quarter quarter support $XXX,XXX factors were was able notwithstanding business, increase our we was income. Adjusted period income net to corresponding year. of calculated year, enabling increase shares made the redundancies third common EBITDA for Orion, since per quarterly grow X.X% grow XXXX the to quarter $XXX,XXX net quarter a last in the same fourth smooth the EBITDA for an represents MTBC, was using such last revenues end-of-period adjusted or adjusted an Three adjusted outstanding. to third significantly as investments company’s EBITDA was The This the in Non-GAAP Orion adjusted important for transition. of adjusted

core First, remain business profitable. our

Second, and group organization Orion’s both practice management purchasing profitability. to business were contributing

effectively quickly our and replacing subcontractors costs. business, moved with Orion’s team cycle Third, and revenue reducing management

from Our most this sufficient adjusted in any operations remarkable shareholders additioning was a accounts the reflecting accounts additional transaction. issuing was the Orion Cash – debt, one. where part without without of the stock positive million, was from the exceptional for the for receivable, we overall company’s generated EBITDA operations, had flow accretive $X.X size complete for Since MTBC acquisition, did and but was immediately from day payable. our cash an $XXX,XXX to to advantageous we were able our incurring or quarter. not This doubling assume transaction retain quarter Orion any common cash acquisition, terms

Turning year. this revenues Revenue compared of for for the period million full the was year to in period the to first the $XX.X nine-month nine-months last $XX.X same company’s in were any or an year-to-date than of larger $XX XXXX million XX% history. for increase results, million,

and nine in profitability nine first in were was income nine the months we positive income reported a $X.X improvement increase the million, XXXX EBITDA associated last quarters was from with net was last of MTBC $X.X the $X.X from similar operating million two MediGain XXXX, period compared for reduce net we for from first period the the income For expenses or adjusted $X.X of months of net the or million the an income October year. first per the started operating an revenue effected adjusted of of acquired of Orion first $X.XX $X.X to first XXXX. the acquisition. GAAP have XXXX the positive and Non-GAAP improving $XXX,XXX compared X.X% year. million share. at We adjusted XXXX. Adjusted GAAP revenue of same business of GAAP Non-GAAP loss nine effort net to to during months months was XX% EBITDA of million, same of

of the XX, XXXX, capital had approximately cash and of As positive September in million company working $X.X million. $X.X

borrowings on repeatable rate. are facility credit by XXX% with an Bank, an We adjusted Silicon have Valley untapped revolving attrition where of based revenue annualized

During $XX future SVB’s million, credit initiatives, was to approval. line can line used SVB size September, doubled of this be the in growth for with including acquisitions

dilute and the per right at shares $XX.XX into not XXXX those if the And covenants flexibility under November a Capital CFO also monthly $XX.X NASDAQ rate redeem it of market. flows, got or like cash redeem and mandatory preferred our trouble. many our stockholders further pay was cash last dilution. participants approximately A raised weeks we from convertibility lot of forms the without non-convertible position The to advantage the via How do easily first to you’ve years this choose Series any of has on starting in XXX,XXX share which perpetual, which the as we trade be XXXX credit Market our preferred We the of A gives revenue. to over net it largest advantage. October have Stock consolidation see or tap have had over was you or tap offering it of guidance whenever With shares during of our XXXX, no and you point tremendous capital know where XX% public we ready the at XX% financing and offering we our revenue into additional although redemption, two first year investors of of Is growth to. a to want ticker take us for MTBC in or the industry XX%, of the per shares of million so reaffirm a revenues are you common was offerings have dividends Because was to the solely two for up that offering restrictive From it’s our proceeds to $XX positive XXXX previous of million the of us demand view XXXX, had with as an the additional nine for no million year. other line stock $X.X in opportunities and the Series million XXXX untapped full $XX.X happy million of October. sale already Preferred MTBC, of represents of million large months $XX Stock, working oversubscribed. $XX Preferred we capital, to

our reaffirming $X year, We million EBITDA million achieving $X.X for be are first that during the also nine adjusted to EBITDA to after of $X months. adjusted full million

of and comments. doing to floor common assured that Management this in can growth bring, have to predict of single team on when Mahmud stock debt. revenue on we Orion. just now in as EBITDA XXXX for confident we a selling owns MediGain – turn are without focused start in in predicted At the to can’t similar or in the we months done revenues on we we were next taking set adjusted concluding we’ll the XX% acquisition, rest We something XX profitability that at the could shares, our the over growth our of be growth XX% and I’ll year, additional what achieve is share of $X Now we as his never we’re due sights double XXXX. would our XXX% a we far great able

Mahmud Haq

We record of their breaking support. and you, ready year our a growth and remarkable and so We a had far are for customers, profitability. year investors, continued Bill. thank for Thank employees we

call now to We open will question. the Operator?

Operator

Wainwright. ahead. Dede go come will The first HC [Operator question with Kevin Please from Instructions]

Kevin Dede

for the Thanks guys. morning call. taking Good

You that. platform? regarding to program can management talk late have physicians, adopted guys addition issued the you about GPO on I’m GPO. the on more offer and detail; MTBC’s two One, things cycle your if press an the revenue two, And October entrenched well can you ones wondering already how

Stephen Snyder

what it base. perspective, really to, generates opportunity roughly you see GPO the pharmaceutical that is Kevin, But question if discounts the part exactly X,XXX a We the of go a at started a details in last the for referenced who top through RCM about the the base the provide the the well that and Kevin. have week. to is With Thanks we we created where then primary revenue. look which alluded regard cross we of And We’ve which as mtbc.com/gpo, of and most have phase we $X.X our you GPO able negotiated client over And annualized just to October it’s providers of manufacturer three where automated you’ll is, practicing are care GPO, online within between turn with being million up recap, our from members some GPO, added. you another quick revenue we launched received list. to member about web in first process companies we’ve pharmaceutical we discounts have of Group, the that When see the RCM as in now been added was members. based our signing to and that that the in we’ve sell done recently to GPO. for

human that’s one a enrolling launched more such kind a over step been and from that process based, the very automated to huge intensive week it’s new a we moving just members labor received. So that well last of of

to a customer solutions going we’re one excited times. moves cross the why plus simply XX other our our to And we is, provider increase GPO the be about of revenue be by phase provider to who second for those reason from that a GPO able and we’ll physicians to that this roughly RCM for so customer, every being GPO X,XXX that believe, base, customer of kind selling into base. illustrate just The and RCM will

So there’s with a significant upside, associated that.

Kevin Dede

Well.

preexisting recognize that saying that, revenue of revenue, that’s what from is to? your from customers so in by one able to about group we’re GPO right? you’re Okay, alluding what – that you’re you’re that talking Steve, X,XXX the The

Stephen Snyder

That’s right. Absolutely.

Kevin Dede

Thank you.

the business you targets to is, Can if all in And question look just stretched gross quarters that trying additional on I to sort And of MTBC’s if high pains without comments margin the is, you how to to guess took you Orion the next to June. the speak have XX% accept how And – talk internal – XX% – given business. that and these talk the it you’ve you scale integration if see you straining you might feeling of Next, huge was improvement order a quickly back I grow able to navigate a changes make at that, then the internally at can and incoming make had? margin of long on but yes, either real mean, bit workings. to far to – and versus also amount that incurring I’m the to curious how more little some huge made operational was talk that stretched, you clear to your that how ended XX% area? your wondering I’m in I relationships continue costs? call that how it specifically. business on how – you’re driving to appreciate foundation made or open look already take even rapid internal past internal your over pressure in your you running with

Stephen Snyder

Absolutely.

having to I’ll question, then So of regard this and the first margin in, times the With in done terms we of terms in question, over five years. the last internal the benefit of part jump the stress, really of many address first the can that have expansion. Bill

think say transactions last player these types market in the during in than we’ve any this other fact, of that of I accurate years. it’s In the more five space to closed

be way build this a companies this, able companies like very been So that size. even team has to that methodical candidly a to of given to really ability disciplined able the on us integrate has

integration it’s that’s now So the really at about great that terms in are to best on internal excitement expectations. where And energies really about we identifying feel our the mix our acquire. of focused exceeding is where our we’re largely candidly, next fit acquisition

this, on regard internal track, the internal and of with components So cost I’ll from with expansion. the the where we jump – great the regard to both feel kind perspective about retention. margin cutting at of let we’re Bill in to of And

Bill Korn

Thanks, Kevin, expansion. on Steve, and good margin question

I we EBITDA solid business us obviously it months think if look get to at another show Having of you margins. to three good before went the were management then through positive. able the pieces business we and the acquisition purchasing organization integrating to positive six already of us, our really some positive we months took in MediGain, said those positive case, that, EBITDA before respects, helped we practice new immediately because won’t as improvement. In turned and were stayed pieces six big and this a those into really

over we’ll probably do two back us So, expect get year to well EBITDA next you significant I to to that’ll do one improvement ourselves margin a XX% think, take margin or I quarters. the a see do.

we However, experience, pursue aggressively every bit little this, quickly a continue the you gets do with it and time this easier. again, as to again very

Kevin Dede

gentlemen. you. Okay. Thank Fair enough

floor. so to think, groups I of I feed had two questions, I the three asked

Bill Korn

Kevin. you, Thank

Stephen Snyder

Kevin. Thanks,

Operator

The of next question ahead. Please Marckx Brian Zacks come go Investment Research. will from

Brian Marckx

to Orion much how QX Good morning guys RCM directly in Can the related was addition? revenue on quarter. of and disclose congrats the you nice. the Very

Bill Korn

think has don’t first come we from in each much piece. We million disclose the that of $XX you the typically the how fact half had revenue. of year But about Brian. Thanks, could again,

I first of think quarter, from in GPO, million this million round quarter rest And $X.X the the the and $XX about again, practice all then business total management $X.X I a rest of the of revenue the roughly of So, $XXX,XXX revenue million Orion was the think – of revenue Orion. the RCM. during mentioned we the you and quarter, half say, million $XX of if numbers you half, got came

Brian Marckx

QX. Okay. costs us in the can characterized would you be that of And that a that of acquisition QX? somewhat captured and that just not then Is integration be integration terms would and give number and costs, potentially in would there acquisition repeat after one-time

Bill Korn

When it cost, They’ll table during the relates transaction look integration some business. and of you’ll amount of most that of number some shows to adjusted a year. there the And even you at in be a probably the of EBITDA, see next for that to costs time the that is that QX integration table. the of relates actual in into and acquisition small transaction, beginning one the

if that when even and what excluded. off did subcontractors the on regular we we or or a of using worked there paying some time doesn’t get I a pay, severance out to migrating have do as get cost need to of other you’re example, early costs. that we For subcontractor you’re to if lease But some need or do other one also your of that’s employees,

an of so of in integration, few put will successful get So escrow kind because But That would We a in of of those subcontractors. large a end the transaction go into of structured money you’ll away pot addition, no we a goes the you’ll a of gold the dollars integration subcontractor. would use hundred at to end the at that some they not rainbow. repeat. cost longer arrangement money with and that, see that thousand see some that, we

Brian Marckx

six but Okay. there acquisitions, the would that talk terms say that specifics, you of to I that’s specifically there don’t your able on reasonable pull on is think to necessarily about on next, anything trigger is fix here is back you’ll And your probability anything be the months? you in then that at potential nine radar in radar – additional least a

Stephen Snyder

alluded And our answer great I itself. A question. you in to the question probably then think

right a that certainly acquisition identified you’re well employ, opportunity. focused negotiating at that. the But identifying We’ve forward has we the a next right, will positioned if move and served to think on very around committed are better we’ve So to I think disclose us optimal terms. never we we’re now. we’re about target identifying very there’s back step right that and right disciplined terms certainty when of on where reasonable And continuing we right and in approach, which acquisition been the for we minute, to

Over the industry bankers last most that able be likely from players, very to the and group key will couple a source investment and ongoing months, we’ve conversations this in best been with it’s executives, opportunities. intermediaries,

where we’re initiatives. that target invest about So past we’re to that growth ever point we’ve again excited at a announce at in as And in I capital be the that. today have where clearly our we more stage have we’re than to that had soon we’ll at as able

Brian Marckx

Thanks right. All guys.

Stephen Snyder

you. Thank

Operator

Kumar question Pranab of next ahead. come The will go Please [indiscernible]. from

Unidentified Analyst

Congratulations, management and for quarter. elaborate be partnership on the beneficial how the us for would management I to to run? in it a long incredible will Salus bit explain the little the like

Stephen Snyder

Thanks for your questions.

Salus is settings, players, industry of our cross similar groups example an of that’s a type the of specific provides other larger Salus a referral So it’s other companies focused and work we of relationship. on target with types with market. hospital many relationships and telemedicine have primarily

when to then support each fee to there’s partners relationships with Salus each in of by that’s So these from closed, which and are many share those paid. from will is those the we way other, closing being and benefit leads there’s And work leads. a in or being with able other able relationship with referral leads our oftentimes the then other

help to relationships Salus baked And be incentive the there’s the able each that gist relationship. other an grow. So that’s of these to into

Unidentified Analyst

very you much. Thank

Stephen Snyder

you. Thank

Operator

Please is Kevin a next Dede go of [Operator follow-up ahead. Instructions] The from Wainwright HC question

Kevin Dede

and you one Thanks. with have to can went more working Hadi, you you, and whether physicians of for color development us that maybe on other the anecdotes some developing blockchain and flavor little of you you’ve I’m wondering some a that not radar? I guess about – think how talk to just if some the that’s give on shown group back or you players offer up

Hadi Chaudhry

Thank you, Kevin.

as at and in same with the system. for be have relationship the been one production quarter. exploring at that working first the in within completed and this first it opportunities blockchain the two including release through providing integration the time, the the We anticipate of network. other clearing tweaks in – houses. In we’re between vendor And currently – other is one, vendor we even communicating details our the in with and that being the blockchain thoroughly least of at have with And made press development the tested we vendors this EHR to possible discussion solutions are given

Kevin Dede

early of more you Do do successful. was how days. you to just even indication how is and might see talk it’s you lot that you and little much mean you growing. us curious you able to as crystal what How your hoping clearer perception I’m than if outside you enough maybe it’s us growing – initial – mean is do the how give just just to this a insight very, people steps of when I’m wondering, about – ball think tried be have think could – have see on an and your unsuccessfully. give from are kind from do I mean, I your I very I I know you visibility? have ours – of

Hadi Chaudhry

the find which It’s solution the – in in healthcare your the there member, to possible one bit. the our even it for transmitting different this vendors conference secure about for possible We Tennessee be mentioned the two the they industry thing trying and opportunities attended one one have could many last that towards industry. interoperability as you’ve done in solution more in a initiative just and of we days or solution this been can the different between an systems even final change some the not did talking in the question actually of believe healthcare become as recently information Kevin, can way. a drive industry, one And in over well. things and of

So it sure what’s the possible the at the as space. premature like. concluded at every to this solution to the But I of will get, many as be started shape look it, one in think as would the – towards solution will will It about have interoperability. for vendors one be it industry final stage, meaningful more started the for look talk it

Kevin Dede

count, figure quarter end the you. give guess Okay, share could Hadi. at deal? of enough. and you us the for I Fair preferred Thank post the Bill, the

Bill Kor

Sure.

million that shares. growth back we outstanding. worth So million preferred got a sold $XX million we mentioned And had October a as – we this today. it for point I XXX,XXX worth we’ve in of $XX think at $XX a of that’s And

about are So, more our $X.X therefore the didn’t we a that flow, our had was quarter preferred, $XX million end the which $XXX,XXX million think of at million level million worth it’s a $XX our of you dividends. you in of QX a preferred cash outstanding month. than QX $X When flow in cash And our question September. ask, dividends was the

reinvestment. enough to those generating for already easily have and we’re So dividends cash money left pay flow

Kevin Dede

Okay.

total total was XXX you So count? – so served the the the what what’s now, shares,

Bill Kor

Yes. $X,XXX,XXX. count total The is

Kevin Dede

down the And almost Okay. is that monthly $XXX,XXX? also dividend $X,XXX,XXX,

Bill Kor

$XXX,XXX in correct. That’s month. a

Kevin Dede

Yes.

Okay.

Bill Kor

years that dividends we that to every paid We over three needing really tremendous being way excited to the without advantage get monthly our and, shareholders. able the now for our month financing about we are dilute do

Kevin Dede

All right.

Okay.

that doubled how that’s trigger to the us your scenario team, identify a you’ve to give now. you, from that see long pull them take long would long on stands line -- would and it target. can where million How cash So a Just you it? How $XX take you you it the identify, or to get to you? a SUB

Bill Kor

few between and California. revolver, is a It’s slow a the minute running if so New half seconds, a internet Jersey maybe really

Kevin Dede

for lot Really a gentlemen taking Thanks enough. fair my appreciate questions. it. Okay,

Bill Kor

Kevin. Thanks,

Operator

Kim turn for our And closing this any question-and-answer now over Grant I’d concludes remarks. back the conference session. to

Kim Grant

day. questions you We to a just great We thank call. us all this like you wish we and thank all joined for your everybody for who’s

Operator

The you conference now today’s is presentation. attending concluded. for Thank

day. a You may great now your disconnect Have lines.

CareCloud (CCLD) 7 Nov 182018 Q3 Earnings call transcript