CCLD - Earnings call transcript Q3 2024

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Operator

Greetings, and welcome to the CareCloud, Inc.

Third Quarter 2024 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Alejandra Rodriguez. Thank you.

You may begin.

Unknown Executive

everyone. morning, Good third CareCloud's conference call. Welcome quarter to XXXX Chief our today's Executive Chairman; Executive Chief are Financial Williams, Officer our Corporate Norman Haq, call Mahmud Founder our Crystal Hadi President; Director; Officer Snyder, and Officer; Interim Stephen and Roth, On and our Operating Controller. Chaudhry, and our Chief

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

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

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

Relations by earnings into on earnings and site, the the Please Quarter visit anyone dialed want click Events, Call Investor XXXX XXXX Results then calendar, quarter call Third our presentation. download Conference News IR our and on telephone, third may For ir.carecloud.com. presentation. you who click to download Click

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

A. Chaudhry

third Thank you, good Alejandra, everyone. with quarter earnings us Thank and I'm to X call. for CareCloud's today you updates. morning, joining start pleased for XXXX key

our a our million First, financial commitment sheet. management demonstrating strong fully $XX we credit down line, paid to and have solid balance

Series monthly in we generating confidence in our on flow strong value cash preferred Second, March shareholders. Series CareCloud's on our starting resume A commitment are track XXXX, demonstrating and B deliver free to payments and to to our to our dividend profitability shares,

in of XXXX. QX cash slightly in achieved XXX% EBITDA, improvement fluctuations nonrecurring XXXX revenue terms was XXX% from in from increase we over QX free a over and million flow, year-to-date due a medSR In our adjusted down QX year division. million in Revenue financials, generated $XX.X million, $X.X $XX.X $XX.X for last our million to

With goals, foundation financial key strong have for these XXXX, a XXXX. met in accomplishment setting we our

integrated providers doctors flagship AI time workload, to This streamlines and to laser-focused technology with CirrusAI, enabling more on quarter nonclinical advancing see we of spend CareCloud them tasks patient allowing per clinical reduces prioritize remained and our documentation, administrative patients solution day. CirrusAI's more that care.

administrative fully that improve structured patient generate into burdens. quality enhanced EHR, natural have charts CirrusAI integrate Notes capturing the documentation directly to reduce patient provider We to conversations and

efficiency a of suggesting and and procedural is patient health need workflows boosting powerful to procedures. the integration different users platform toggle supporting work multiple CareCloud differentiator its user outcomes. A efficiency. a documentation, care automating Now systems without between within CirrusAI and relevant within is enhances clinical single support, and enabling while languages, the deep settings various CirrusAI data. integration to streamlines key This enhancing solution systems, diagnosis Adaptable seamless EHR and tool or diagnostic our also for provides CareCloud to manually input

settings. Through Additionally, making enhancing function and we implementation it as CirrusAI for with care systems compatible health across are an other with can our overlay, various environments flexible allowing vendors, CirrusAI, diverse CareCloud AI entire module systems, helping review quickly including thoroughly. with and clinical functionalities. documentation, we launched product billing practice management advanced and providers patient that EHR, suite, histories AI Recently, summarizes an

significantly also staff, reducing that for streamlines the introduced note on workflows a feature claim spent summarization time RCM lengthy details. We claim

XX% these show are conventional logs XXX methods. now Our enabled to providers. our compared over of X for tools approximately time features of users' save These

teams solutions the management recommends and targeted that AI-powered system to billing also verifying denied resubmits the and accuracy review. tools claims resubmissions. benefit from denial, automatically of significantly use areas claims, Our identifying on by denied reasons guiding such for and denial not users applicable, each claim. It specific specific flags but efficiency enhance The as modifiers only provides where automating

denied over denial saving example, the the This appeals generation advanced portal. to AI effort, appeals missing claim and resolution appropriate times minimizes of accelerates automation is the greater accuracy XX% management. Similarly, files if to documentation, necessary are manual For a our ensures manual in time. upload retrieves AI-generated and

model pricing value use deliver. based we hybrid Our a AI solutions on

are and separately accuracy, For our success clients. charge that our many directly fees our efficiency with as boosting improve client revenue, we contingency-based, not aligning of features do

we stand-alone like CareCloud specific CirrusAI charges. Notes, For products apply

While this product for it is potential growth still revenue from shows modest, future. promising the

the sets us and clinical ability industry. unique Our connect apart in data to financial

reflects and Over that bring life that examples insights with and to better for accessibility just robust to accurate highly data information, value. These products clinical asset deliver commitment sciences populations. outcomes, integrates have rich AI partners, and the they value valuable the support data diverse AI-driven of are using a our a CareCloud. enabling to into This health claims patient sustainable technology we few insurance for our decision-making solutions us built providers past comprehensive better X decades, offer

more We solutions active have of already several in in development, stages with various AI-driven rollout. many

global cash Looking continuing be solutions, year as workforce including operate over Steve? our of innovation, mission for to end-to-end Steve XXXX believe ability by will to ahead, enough record and dividends, to strong and With goal sustainable to measured our should the generate beyond. I flow are President, We cover free remain grow turn to Generative advance success and we our clients for profitably call value to skilled shareholders Snyder. now AI, into profitably. CareCloud's positive. cash delivering our our while growth, main next positioned and well our flow is we

Stephen Snyder

Thank and on earnings XXXX call. key X cash ahead preferred be for I'll today third that during CareCloud's everyone. you Series Good our topics, us including focus growth. joining of quarter recent lies XXXX, successful Today, morning, significance and outcomes path A free shareholder for proposal, finally, the flow on covering the our

line remain first flow. free In for the discussed the turn primary our cash XXXX. to we free the Let's during generation earnings cash reduction quarterly of with last objectives goals flow expense and call,

exciting shares CareCloud Our remains and discipline, milestone. to enhancing us financial March XX, a strategy truly long-term on positioning By XXXX, dividends on clear. resume enabling efficiency preferred for stock of our maintaining we creation value and are

our in As primary increased we are achieving generation a free which discussed efficiencies are call, these ways, flow. our in of X earnings we impact direct having each cash last on positive

proprietary us has our reduce have accomplishing including more been which a costs to technology, in and day-to-day we using our empowered systematic, reliable First, AI, efficient while manner. tasks

third, thereby third-parties our both continued our increases team matter continue of while our effective control operational have experts approach associated enabling the strength that us each handle to of reliance functions. And to increase the we overall leveraging reduces subject Second, our to business model, and business bandwidth, process, reduce instead. third-party to most comes resource risk reducing global This relying on critical cost-efficient we contractors, discrete for upon core simultaneously our embrace lower-cost with the in-house our costs. leveraging and

of During cash the to XXXX, our in building have while represents and meaningful further This of pay we million margins. free fully reserves. Through and our off facility company. all-time on an for This us generation the sheet, flow, in QX, of cash compared almost generated XXX% our million a $XX.X XXXX. flow representing $XX balance growth cash cash progress flow balance expanding high to increasing our free has level made period strengthen same we progress end enabled remarkable credit free the our

dividend structure refreshed This to scale. Our will expense continue cash us gives a we XXXX. resume accomplishing objective and are enable key to that payments, as margins solid produce to us further position confidence we in a for great expand

with shareholder to shareholders, let's equalize provide an recent feature. and A Now incorporate Series This to more dividend rate the was proposal. the A flexibility preferred Series to turn preferred protection exchange designed proposal

I'm pleased and September Our votes proposal, with the are voted shares of for support, cast strong of vote the was approved on which in these confidence report a was changes changes. special passed The the held extremely were reasons. reflects XX, These widespread few that XX% XXXX, favor affirmatively soundness in pivotal proxy the changes. that on to their of investor the proposal

and of shareholders control between of preferred purchase the share Series at the possibility event, Series this This CareCloud have the shareholders $XX that their of a a change liquidated Series protect of future First, In them per shares a could A the event giving parity outstanding. event in they of A Series creates change nevertheless of stock shares leave in essence, acquirer the A in avoids to of and right B change a change rights control. control.

reduction $X.X X.XX%. annual and million equalize A Second, thereby strengthening This at Series obligation, B for the shareholders capital in between treatment up these annual flow approximately cash to our and of dividend our change reinvestment. freeing translates changes dividend an Series

and and of of an or associated A win and common exchange stock the feature, capital the of at more raised. price Third, may, shares share the of extension to point of $XX by classes redemption exchange This avoid a company company expenses preferred of the preferred ] offering for average is appropriate common exchange exchange for the Series the feature secondary [ feature the stock shareholders, for at company all our strategic all shareholders. in each the oftentimes Under which stock. new issuance discounts traditional with stock, for empowers XX% time,

the path ahead. to and Turning growth

in As XXXX. and focus continue refreshing our structure our cash cost operational core be we our growing flow been have emphasized, and free to substantially previously

to progress focus expand annualized However, XXXX, will net recurring pivoting ultimately as base we revenue strengthening our and through to growth. include our

a us cash will do allow from we As a of disciplined growth will we that come variety new sources. growth ensure free approach pursue opportunities to our This grow and this, flow.

powerful. In we'll the from And solutions it and to EHR continue our of growth and a related in in giving XXXX in system the part far us strategy. significant as the particular, our a CareCloud a to larger our First, market, management integrated advantage differentiator clear provides makes AI more space. lean transformational heavily into tools CirrusAI attractive practice competitive

remote of and Second, includes we see RPM wallet in-house which around technology solutions, initiative core significant generate share CCM high-margin our ramp-up to CareCloud our our opportunity on our revenue. solution, full of leverages focus expansion solutions. including patient monitoring strength other RCM This part the upsells larger to is new and

and and Third, strategic partnerships relationships revenue companies vendors. other complementary we'll on with reseller focus cycle management

our it progress firmly strategic beginning outlined to will we free Chief operations. To operational Crystal Williams. growth achieving and up, at expanding year. that and support our for protections further Officer, this a me our new strong related positioned improvements cash sum AI-powered transformative financial we introduce capital Force offering provide let Finally, human specialized to are the you From of the initiatives, XXXX. With are Operating in we flow said, goals tools customers Crystal? which to and with we on explore their shareholder

Crystal Williams

good Steve, morning, and everyone. you, Thank

As Chief is maximizing primary Operating Officer, my client satisfaction. on focus

lose client is dissatisfaction. objective Our want performance to do clear. issues a not due to We or single

maintaining continuous While and advanced our approach. is is achieving we improvement. In landscape, technology fast-evolving requires impossible metrics are already today's our that central without leveraging AI know this edge goal best-in-class, our competitive to

management denial support are and their ensuring range to these for board. These AI-driven utilized I'm appeal AI-powered such effectively our AI deployed enhancing Hadi a of we maximize As focused tools critical to have mentioned, on and solutions, objectives. fully generation, implemented tools performance across and are impact. that as developed the

achieving quality provides interaction, standard our a experience, possible new and support and a every more satisfaction. scoring faster This support AI-driven manually. contact the deliver allows for us our analysis be and technology effectively proactive personalized patient perform unmatched sentiment in QA AI more responsive to would results client on take For measures us for and example, With operations, committed center to customer and the detailed at setting enabling to core much we're calls. system driving than efficiency and of monitoring

our CFO, over turn the Norm? call I'll Norm Roth. Now to

Norman Roth

joining everyone, call Crystal, today. Thanks, thanks, our for and

total we heard, preferred this with accomplishing levels particular, our bank covenants, have cash quarter free fully the Silicon great key time $XX shares to with million have the not on reducing are just spend still on on free cash of we out has plan to nicely us of have record cash are and net and cash day flows. we paid months our income. using on lowering $XX.X laid and not March proceeding repay our for capacity off our the flow ourselves we X generating you future, last XX, paying negotiated with some of the do in we need line flow As credit. on XXXX. dividends Since we million, of thereby and a the providing line and resume to rainy line relying satisfying had Valley are used million now alleviating growing $XX Further, SVB management GAAP and line flow of growing been Bank In while our free with reduce goals costs we the year. line profits to internally the generated during generated money. The credit We and will credit to our expenses our near

to per period technology-enabled quarter. dividends up our business income based net the GAAP quarter on second quarter takes essentially approximately to net or common into year. This for loss consecutive quarterly solution XXXX and million quarter loss since $X.X quarter net QX revenues is net of compared net share $X.X they was during XXXX which third XXXX. during million the to from the net third in was XXXX paid quarter income compared GAAP million, stock third $X.XX whether for XXXX. Revenue loss account to was were $XX.X $XX.X quarter same Third returning Recurring the the declared attributable of $XXX,XXX $XX.X a positive largest as or million with GAAP preferred the shareholders, second income not third last quarter and million flat earned, XXXX our were XXXX.

improving calculated quarter the While increase the million the years. was to in in period $XX.X to the compared $XX.X XX% of XXXX from nonrecurring of to declined million adjusted This EBITDA million highest $X.X and was similar. With million million. Adjusted quarterly reported medSR million months or from the we've professional emphasis to year. million was same GAAP operating revenue a but services first revenues was XXXX, is $X.X story net of $X.X period income adjusted the XXXX. Adjusted $XX.X $X.X million was our compared million loss EBITDA to operating the per or last was of of compared period $X X income last million months million the was or and months same in $X.X in outstanding. share, GAAP in million loss shares $X.XX end-of-period XX% our common GAAP income year. an the Year-to-date, using $X.X million of XXX% $X.X X same $X last On for revenue for a first on of in an from an compared year-over-year X $X.X year, EBITDA of million, third basis, first increase X $XX.X was our profitability, XXXX net year-to-date the net

million year. XXXX, in million of September XXX% compared from increased same period of ended the to amount The free and $XX.X $X.X During cash million million $XX.X flow operations the X last cash free by flow. XX, cash months we of generated $XX.X

capital September million of company was $X.X of Net $XXX,XXX. cash. working had approximately XXXX, the XX, As

that the to repaid bank to flow Now capital. I full debt, fourth net will working cash and guidance the our free our increase quarter cash forward-looking during year. pleased balance us our our in build allow cushion we've update for am some

an XXXX, increase our We the the are we flow million cash $XX year, which start emphasis at year. updating guidance to EBITDA provided of is this our full adjusted year for throughout million profitability improving guidance and on $XX from originally reflecting the to

revenue expectations of $XXX to of analyst our guidance revenues reaffirming expectations for Revenue on clients. million is $XXX are from million. our based existing guidance We

of financial the months first Our X tremendously position during XXXX. has improved

We our to in to are our strong fully have results for bank will look March, happy to returned reporting in debt, repaid resume profitability, and full year months. forward dividends few the a

Our remarks. I'll really Mahmud has for Mahmud? achieve team turn well to worked to closing that, together the call this over turnaround. With his now

Mahmud Haq

Thank you, Norm.

profitability, dividends in repayment our their want 'XX, thank our heartfelt and improvement demonstrates substantial of strategy clients shareholders, our you team. including extend a accomplishments, to line resume and for support. employees, to the setting to full of quarter March and resilience and up strength our us the by Third continued I trust of credit investors

future, As innovation you committed we of please the for growth, questions. sustainable remain the journey new health we setting look and floor us. Operator, care continuous to to this Thank in for standards open with being part technology.

Operator

Instructions] first Cohen [Operator of have is Jeff we Ladenburg. question from The

Destiny Buch

on prepared I I not This conference science other calls. of remarks, have I'm the heard sure is Destiny In for you life mention that before Jeff. on partnerships. And that your heard any

of insight any if and you're companies, the color us able at whatever give what So types to moment? I'm wondering you give or can else more on

A. Chaudhry

an So example, release we a with with partnership press recent an -- partnership did [indiscernible]. our initial as

different ad and patient-specific, giving the partners, idea recommend same companies, patient to up be and the or And at life if at any method a -- asset example, risk relationships specific that the whether it's that, gets on those so it's available, and -- will medicines those them that that related, it's provider suggest to to We financial when those into. But cell behind coupons phone is, time, picked [indiscernible] in whether adherence. -- whether previous available data of for are look used entered information these you the and pushed be could we the it's get entire to XX-plus it specific an push and years, then that help they as can there the on when specific medicines, medicine of any of be it's can existing lot and whole symptoms. medicine the the medicines different that's the it's related, a we at different up. But the to one of applicable, based the be medications, confirmation medicine whether our of through for -- this demographic also can the terms any And used the and if look ready ] Then, of provided. sciences do just [ picked different have research with this the effectively information the the to specific be very these the guidance assessment them their side. through clinical, their

So, being item, the towards to even next is that though not -- for year. this start other we revenue separately anticipate revenue our revenue than right identified, expect but the now contributing goals the line we top --

Destiny Buch

Okay.

current is medicines understood is if So correctly. front I your putting ad, through partnership, this of different an patients kind of in

further of Now you are you trials? patient used determine what Gap] are you in best groups derisk for a of could companies life these little kind companies the [Audio down whole to, nature, also also companies? science or interested able and going clinical kind things to be for to stay said regulatory it nature. of helping Are Or areas, that that

A. Chaudhry

be And all is possibilities. to these and going I of think this any

the whether is demographic forward. possible value last the that it's years. use whole move for the everyone at that we at will with date this stemming trying financials, real thing clinical life I are -- for single the from variety a is science with every different we we the supporting XX-plus sciences different for U.S. life an almost monetize to is data team think Our or But trying And keep of whether AI the have then opportunities. it's started up data to from the to from, -- of working It the where whole -- we for company, perspective, we moment the a whole extensive value there is of the -- are state as the

large a set be it's help can that So these data companies. and utilized

Operator

question Maxim next is Allen we of Group. The Klee from have

Allen Klee

early You've then the letting giving rolling -- services that you to spoken on them thinking your what of today? your in charging. and start clients strategy And are Where the that indications? your out past trial move you AI are would about

A. Chaudhry

No, -- still we right. let back so And there. me step you're very continue

have the and there there is for way differently ourselves little is competitors, back So we our end. we a a that us, positioned with front think end a

work we both So fronts. simultaneously on started have to

doctor, been it CirrusAI applications -- and merged if the which significantly Guide from X is end, is which So our CirrusAI enhanced, launched the talk then about was the the together, that which the you front initial and the we we have basically application initially Notes, Notes. CirrusAI

So both the launched. version worlds best this of enhanced when is

application note to recommend practice a the this time the that structured the one ] history. at chart same prior diagnosis and into it based the procedure can listen only or on suggest converts swap a it converts current a and and provider and now whether Now [ conversation instead, it's into not

at XX-days clients. At convert paying this over same one XX-day -- if initially trial. able last X look during And were which the client, we some go patient started to the the chart about prior we the launch these is extended we as charts, revenue-generating So yes, you launched which of those we different be to so this time, there it, XX and a into additional visits features have quarter, to of a trial, product could years. Think summary. providers

for take through next to before this expect action all of this I need remember the an expect about to those is -- of decide each action you to go doctor okay, doctor I So -- or understand, one course the the patient. the of

the significant information, saving the to XX Now time. side last it with critical miss also the over doctor helps any and help not summarized visits, them of gets XX, and one everything the on different AI,

The it part because there all started to of it on of point are this client There using added which we has those, and who is AI subset I'm charge. a we base different end, paying. bring For value. in their them because revenue, but all ] the revenue. -- for I of users, regular overall are to [ no together, of the gone front X,XXX So a paying. going the overall The modest [ charging, are of ] subset have plus is bring There features of XXX-plus which which roughly trial is it's still not sorry, other flow, those some is mentioned, a not over are subset paying, -- as charging will be as -- another yes, separately, in

Allen Klee

Then moving to medSR. on

I good that quarter. revenue you bottoming of be growth kind stuff I the you're think business. your and it the hearing hard the around But for what to might or during a forecast it's million the mentioned from gives a was nature in there $X.X of has that sense future? know pipeline anything of you from this is potential

A. Chaudhry

overall just [ opportunity out and terms just medSR take Allen get let everyone that point we this in revenue standpoint. of zoom the me to did ], to and from this just how remind the

services $XX doing in to we XX% million medSR of in we XXXX, professional acquired So about when was And about at bought medSR quarter XX% it multiples of revenue. revenue. second

think the how upsell this and roadblocks a -- is, The space in gorilla leverage roughly second, us behind this and the share. us of Epic company. in number, we the to or think balance the buying of over About and which with of you -- space. XX% be into was EHRs the market was we call really consulting paranoid XXX-pound erecting with can from smaller it the prohibited is price can supporting XX% and if compete hospital the begin increasingly altogether on this the try challenge, which to narrative one relationship basis So you for Epic-related beds try a if in them revenue they XX% to portion great clients. then about revenue became was, hospital hospital the -- professional the XX% may us that to services, from market. And and services acquisition, that XX% from with you like different Post it, other terms

are So we they decision In was it decision. their service did cannot took too Epic for not our It's mistake and the competing or of cut because point expenses may some them, that of activation for business that on still them light our realign convince the but -- did. that of there some to none from be any hopes there them us, onward were got we we of retrospect clients. that point able us -- their respond, we probability, took not with or We long really respect was we materialized. what to

$XX the million take So hit us million. to Epic between somewhere $XX think that, about that about if you down,

the clients those put that others $XXX Epic-related, other large the about you a at similar, the just the if the again, the I just trying challenge, then -- million that perspective. cannot take but I long [indiscernible] to answer direct all. And part take were medSR. And service -- think top of lost, was, $XX of $XXX issue we there the Epic out million, of some we to in apologize that was from our impact -- for the things coming your So clients question, that from you revenue of that if million, you because number

next -- Only at you be can enter be much into backlog it as of the year exactly in challenge we that us But driving. business year. close with the end give to predicting the one same I for tell continue entered it next keep into -- from I revenue does -- point in the the entering will in look to the you, will almost last if hit get same the think mean what we number how to -- that we we are a this the date -- terms and will year, guidance does of year. we hope will and the and XXXX to not booked as we up each for and we'll not quarter everyone

Operator

[Operator Instructions] a follow-up Klee from Allen of Maxim have We question Group.

Allen Klee

couple the you there more I $XX expense be not cut you identified In feel got of happen and reason XXXX Or which you've off. questions, past less? a that? saw cuts, make hope I call, on the this any 'XX. in it rest sure million that is do why with have or to $XX in potential I that million if of but might provided more you've comfortable I'm still

Norman Roth

Great still question. year. expenses the thinking about. that relates exercise that. to of number, still feel course, number of cut been overall with that the be really, -- $XX cost We to since to right million through that end the we've all And The beginning of is very this the the able number comfortable rationalization in

by have in year. and go, all year. financials So entirety we we that positive our we impact $XX another months, -- that we the but of see for still to next X.X will won't impact X progress you as into you end this number the see that believe hit year, million months that of this course, will And, of

Allen Klee

year how a we there way much this $XX million? Is think to see of of the

Norman Roth

probably and in proprietary the we the year. back think expense basis really only I regard us reducing so one additional of third-parties not responsibilities. And taking the handled the How reductions control work key was through get to here? is X performing of fact you discharging this giving And kind number that to accomplish has fully use those Yes. of $XX really those those were benefit relates in-house. cuts? we'll million. for that that upcoming to which that some a that number responsibility a about on the the do to number we an the way and that step tasks do the about AI technology, if of model we overall overall benefit you if again, global reduce from kind million a how we third accomplish bringing of see that is and right And [ utilizing a ] still has by probably key right perspective manual We think global this of been before we the expenses, comes say, to the moment, model costs. that has And accomplished second there's powerful in were to more main with reductions through Kind through outside or basis technology. business was end-to-end avenues. that those is also recognizing One those being further utilizing order perform of $XX -- with have same that we our work cuts but business our component able overall But think benefit then

Allen Klee

think You guys -- it where color you how where an some monitoring or kind commented how and on -- on this of give the for as opportunity. about in outlook remote you the Could this patient performed future? quarter pipeline

Stephen Snyder

We in-house. helping our Sure. RPM own were We'd we've be from the happy of RPM. RPM one an who with launched a perspective, things with is third-party sure. Allen, think solution before actually us And to, to about, partnering is for

we've will through clients' solution, that of margin able launched to really our by meet capable deliver we RPM. our the to So to significantly results the able of -- more to margins be be that they'd being we're think like the and in-house needs different. because and be excited we'll own And far deliver

from in think can Norm maybe or number you Hadi full in, the the number, about CCM terms of overall jump RPM, if year for this perspective. So, year

Norman Roth

RPM. management chronic care to between we just if So -- want it up break and

months So $XXX,XXX and chronic ] monitoring. then XXXX, in XXX of remote yeah in [ patient X care for and the million management just -- did $X.X we

So ], $X.X that's [ [ $X.X about ]. million million

Stephen Snyder

about again, we into have beginning to able be go the we're of year. you the we fourth saying been as that has very have today fully foundation if Bank we've year, perspective, obligation we NorthStar this the we're for be year, from X since to to as be very continued in Valley confident say lays first to we an an expense the dividends going believe next quarter model resuming reason next of XXXX, our we during generating the the certainly, the Allen, it, that think flow. Silicon course, in reason, the been of That's stand able that quarter. growth as cash satisfy And free and That's expense that because why feel here

or across our platform, it leveraging whether we're be about RPM entire AI CCM that. Force excited or So or

Allen Klee

follow-up. a Just

that solution you brought Does did -- CCM. when assume that I in-house. mentioned You've and you the RPM RPM mean happen?

Stephen Snyder

So strength provided it's the that we just that's within point to technology with benefit together to actually the time core the technology that And our support launched just strength at in ability to the our of core coupled strength, and last XX -- this days. RPM technology that leverage because clients. really RPM that us utilize core with gives

of things in we're So ahead. -- we've Miami and our out great a team year We're in-house. -- office, we have ahead built the managing that that we expect

Allen Klee

want if understand, what paying just forward to line to draw the with to My where at questions models. it a just related think about rate? to And a even that was, But you X [indiscernible] million, that's you fee, are you an what expense software little they fine. capitalized to don't to to ]. you -- lower area bit that? then, and And -- be But reducing don't both wanted pay what it if is that having have were offline, imply? $XX maintenance be your word does for know What how going last take [ related I run might it the like would is, off

A. Chaudhry

into right details I get Allen, ] answer more makes the offline [ if sense. find we on a that but our can we specific now, can call, think

Allen Klee

by dividends, them companies accomplished. was people paying everything they on when like preferred. stop their you've almost told congrats on never that resume Well, the I

on out discipline. really guys you Very, that accomplished. very you stand impressive everything So

So congrats.

Stephen Snyder

we support you'll support at is it's appreciate we by when X% chance of a same to Allen, And bankers and know the there point we your don't us in of that they really appreciate time support and kind told really continue the heard were our I thing. necessarily whether we we've dividends, but that, -- stopped wrote the who true, ever resume analysts the recommend CareCloud. off. and dividends, of all

minute which to be really able X% to excited your our moment about same kind of maybe the kind just we'll broadly through sure if much like changes. mind, have maybe We're them, to investors -- a walk successful. defy don't for preferred take just those. you kind with chance you're and about given like those of the I'm familiar familiarity of IPO, that was think So very clear broadly point, Series thankful a more but we more for the odds into and much with the the you I'll that, preferred of focus all if dividends, support. And and the changes. Allen, A being Maybe if brings not about the our think a Obviously, Allen, -- that

provision. we'll did benefit just what through Why the Those changes, those ]? they kind of [ do they control X why change of So maybe benefit and were or all, changing first the were, walk changes the how of changes shareholders? changes, matter the

of at right Series change we share is provided shares really protection control. of them what the have for A a per So to event means liquidated $XX the their in that giving that the shareholders,

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perspective, But was -- about which and A change equates going the can that just again, been ], burden Series a a X.XX%. $X.X million so shareholder, feel you equalizing And if the comfortable alignment somewhat of common common second shareholder, the as of think almost a dividends at full shareholder dividends equalizing about well, those additional these to the a affirmative it of savings forward, best that business. And the for The acting XX% in Series interest. finally, the if reduced. in it of common dividends and essentially insiders to you're third of exchange shareholders X.XX% dividend we that overall really that, the kind from owned us it a with has the company, Series reinvest about more put as is almost we're it approved in And your and that changes that's do are put common to to for very [ the resume common were quickly by shares there's all the overall XX% broadly, us ] do able perspective, a to B. And is has an dividends terms of preserves capital what and enables perspective, the to enabled who because in feature by as there's -- vote thing be more in to [ amount B to the approved voted. shareholder, and

that appropriate to think probably think $XX a about about are shares probably dividends because sorry, there to number that is, type company. But clear common at in perspective, stock these really real share. -- I exchange share really with overwhelmingly of accrued $XX.XX from the at you to are I'm A for if -- redemption a the time the preferred And associated amongst A Series a overall So price. think there's shareholders point feature that enables changes the the understanding stock the preferred the company favorable are it's the shares, just is an $XX.XX there exchange

regard the your are like So favorite. for mind pick changes. the like having when again, us, keep really shareholders. fashioning all across to you exchange were don't tried in It's proposed to we the the with And that benefits children, we to

capital And the we it to about if we Well, to with with matter? $XXX discounts be secondary able company, $XX does and why the order that's to think A of you shareholders in were and do redeem is XX%. and be capital for beneficial were -- if to Why all regard outstanding, cost, offering, shareholders? in a be would move instance, together raise for preferred to associated So that for would that roughly to with the the that shares, about the cost the generally million. million ahead

thing mind the million. about estimate. And of there with ownership in the these ability interest think the all exchange, to ownership So save is significant terms -- That I to in to of by shareholders inside that regard place, common. just in one have feature the our $XX able with would be terms keep to all is be to that again, exchange changes regard having preferred in we A the

what thank everyone. So know I had A preferred any asked overwhelming taking do you support time to again, want bit the their other beyond -- those of that was shareholders for preferred to have questions? to a the We also all changes. and for Allen, want thank for the kind but changes we Series little understand you about,

Allen Klee

have don't I mean, the preferreds. the market investments compelling a most I opinion the of I on common stock. have that of it's anything your in one personal cover a opinion I public now. right

in to want may -- they don't invest I what you're return investors but if that's if through if I get like, -- to the a know don't focus from them. they to You know interested of call, walk this potential

Stephen Snyder

that any or for appreciate B we the or I Whether is compelling be the thesis. in XXX% of investing agreed it pretty A No, them, the the the thesis a common, comments. think,

So we for sure. your comments appreciate

Stephen Snyder

to Maybe good. over very Norm. Well,

Norman Roth

Okay.

conclude our that will call today. I think

have day. and great a you, everyone, thank So for attending,

Stephen Snyder

everyone. Thanks,

Operator

that Thank joining you for today's Ladies and conference. concludes us. gentlemen,

You lines. disconnect your may now

CareCloud (CCLD) 12 Nov 242024 Q3 Earnings call transcript