NXGN - Earnings call transcript Q2 2022 | Nextgen Healthcare, Inc.

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Operator

Welcome to the NextGen Healthcare Fiscal 2022 Second Quarter Financial Results Conference Call. Hosting the call today from NextGen is David Sides, President and Chief Executive Officer, Jamie Arnold, Executive Vice President and Chief Financial Officer and Matt Scalo, Vice President of Investor Relations. Today’s call is being recorded. And now, I will turn the call over to Matt Scalo.

Matt Scalo

Okay. operator. Thanks, federal start, call remind are to may the of we made that forward-looking anticipated like and perspectives meaning this including and company’s on include the performance, industry I’d trends, before statements plans, everybody to comments within without the And limitations, laws, future related products, securities statements that strategies. the may statements, company’s materially from set in forward-looking including, Risks U.S. others, differ forth filings and those public to in uncertainties with the cause results exist risks among that those expressed and discussion XX-Q. Securities Form most under heading Risk other the Exchange report Form any on annual report company’s the the subsequent Commission, including quarterly and XX-K the Factors recent on in statements only Any today. forward-looking speak of as to update these The expressly company forward-looking obligation disclaims any or statements. intent

both today’s earnings contain on guidance, which measures. include non-GAAP remarks and call certain results financial our Our

have provides and of our also new and like financial For the would release Relations be a discussed call most our is earnings measures that directly our to comparable Investor of of or the contained over latest qualitative our with financial found non-GAAP was non-GAAP reconciliation CEO, measure the the each section our descriptions President this results, posted each how release This SEC used measure time, I measures website. the to and David we in calculated quarterly can financial GAAP between At financial financial earnings measure the guidance. GAAP within non-GAAP filed to comparable differences to and Sides. turn

David Sides

you. for how company want with, I with a with the on already customers haven't to team today. joined and those low month focused since products, join am who everyone success. so excited I Thank a participating But you, I client of to on In you spoken share Matt. NextGen, many great I've to I call And or thank talked the

fiscal in second is team. quarter. our produced in first strong Well our we the in All of results done manifested which --

start this by capabilities leadership ability commercial I've product both growth. and this why company's was joined sharing constant a provider progress NextGen? between portfolio roles many found finally, I is industry. that in rapid impressive, I've watched turn exciting has perception. from me largely a in reputation team. that to And made improving through by NextGen's spent turnaround addresses around and healthcare executive markets and well-defined rapid interest was Let I've it NextGen Once to distance to long-term and the Process, foundation expanding current as in years execute by reflected in interaction the the class research enhanced with difficult support quite I a I insightful customer accelerating scores an and solutions. proven Search solid rise quality learned its CEO has engaged investments and with attractive with focus improving the company enabling consumers, a And the on strategy the in

All our me this quite about of bullish opportunity. makes

of encounters Meeting with range our a the of what I few the as in let on doing leadership of members and with organization. a of Shareholder share company. observations. well wanted its member and at of investors I've board levels the for many met clients Annual XXth. I I've Now joining been wide prepared many I've you October spent every the team with participated discussions company these me to all as team, the time since tell our as From

they vital the an their future care They of to experienced and be well, experiences and the and as capital, is direction. the and board as the executive board from bring members shareholders. of encouraged human is the clinical sport. by I'm and capabilities expanding of our employees already team I'm health, to of clients, and for team first class. expertise. new to NextGen I shaping insights attitude the retail front excited about First, depth in experience leadership had especially And line believe on the NextGen's board breadth focus will engaged our the best what our diverse doing

we look have We the dedication organization, and throughout focus culture great a same in to of and high I promoting the forward level everything do.

that trust unique mission, we have they're NextGen. Second, ways, many And have in their every but size, day. we common earn or our putting clients of so to specialty in in what terms their whether they in know are is trust

providers And strongly all in to against succeed, competitors, Healthcare discussions in small. client quarter the includes these and For I emphasize ongoing to just winning can't win business which big NextGen my ended, continued want market. how the we

over this bookings six the million record and a quarter over handful years includes transactions fact was In of each. last a $X valued

which their headed, providers insights industry Our our ways this our into offerings. helps to where their healthcare better turn clients also is for and continue seek their shared And patients. that in shape long-term to strategy outcomes share future clients produce

Our again. dedication strive shareholders. will and finally patients to to And to and is we unwavering our help investor engagement Ongoing provider NextGen. the important ambulatory physicians their at is continue healthcare be physicians

vote alone. seat corporate well meeting the in has fiscal fees. as second On emeritus the costs NextGen eliminating the certain is Shareholders feedback. We much board, performance, reincorporate this an plan important our for roles are chairman and Delaware, the pay approved board team step taking in out for acting board company's as how considering Annual paid Healthcare strategy. Shareholder the of action and fees, to growth to eliminate and our Meeting, in litigation confidence on future associated aligning in governance particularly this investors recent like the leadership a At sent company the quarter

the As for executive increase fiscal year to tied shareholder value. performance vesting solely shares approved grant, equity XXXX comp committee with

stewards we to our long-term shareholder heard the shareholder for strive we to as of shareholder team We seriously I say value. I value. responsibilities speak and leadership the clearly deliver I generate know also need entire capital when take continually

program. to his section We goal details request the already tax-efficient experience the eyes to capital company. a the shareholders. provide more heard repurchase share approved Jamie my so and will also to excess return so shareholder want the entire do in We a shareholder appreciating board in I'm set value to value in up. the applying with of coming of in fresh And mind, applying way,

I the offerings As that Healthcare. and and assets execution of product focus NextGen company's full can I the review investment see considerable pipeline, unlock with potential

also drive adoption return unlock value solutions this solutions offering by potentially further investment. We call potential value to opportunities toward the provider high consumer and growth offer which what our I on effectively will foreseeable the certain more of high-growth surround addressing to from continue drive significant for significant the we the of pointing attractive to assets see future. markets,

While appropriate at provide these it's time. today, early a potential gross the look to bit too opportunities details is more exciting. a to discussing forward I

approaching company is significant working patient system closer and clients. both NextGen adding the way, to reviewing Jamie, turn with this and and understand spent our the I is program our the for platform over together an March, the than benefits the enterprise on call the provide experience and want a I update new At this Spring in Day considerable ever enterprise resources 'XX. Upgrading company clients Before excitement value first the the Spring 'XX to Plus I of around time Investor the new in a before. program. upgrade.

best resolved. clients provided to our obstacles and early Platform signed setting phases have and for the in Patient arise to identified early 'XX before base. challenges to 'XX been clients install overcome an Center target Our PXP. Excellence, opportunity anxious upgrade clients a rolling to Approximately with have our call provides our process Working in and up to move accelerate implement our excellent adopter and an Spring an closely of order upgrade Spring future real adopters, that on We've ensure we of all practices XX% resources upgrades. typically discover the what indicating which Experience to that our out world and entire are both with established experience

as process interest opportunities. We will platform our incremental client strong and you needed. may PXP that the believe As recall, is streamline adding cross-sell in future to the surround help of signal products simplify a PXP

annual that, regular We quarterly. positive our end fiscal less and the would investors 'XX we in our but the of from to trends at in incremental plan our achieving our program are to multi-year with million recurring provide important progress to provide Jamie revenue ask revenue cadence I CFO, a margin, I'll a such confident Instead, $XXX contracted Spring lines is in solutions revenue the our by point of details. And quarterly growth. XXXX. as updates, high and year surround target recurring subscription Arnold our revenue future

Jamie Arnold

to great It's you you, Thank aboard. David. welcome

in million a with basis to this and of accounted in quarter-over-quarter. Bookings over of and attractiveness of momentum our XX% client begin the for a And the XX% medical wins solutions a specialties in up believe the highlights. bookings. breadth $XX.X new our of few year-over-year on XX% advantages quarter the for operational another row quarter, at We came speaks in solutions. Let's certain

with going we supporting report visit forward. a our a many a forward multi-specialty XXX,XXX handful serving of how example as and X,XXX across capabilities. over this to well supports as deals quarter virtual the pleased their is in One group spanning comprehensive existing closed their I'm need integrated Additionally, California-based clients. patients and over new seven-figure specialties, look centers. their both medical one client recognized offering to mission varied They for We providers

year-over-year. second million driven starting with of $XXX.X million, or X% of all The to recurring for and company Of the financial an accounted performances total strong Now, $XXX.X the fiscal revenue by lines. increase this total, on generated results, revenue. quarter was across total XX%

largest services than in volumes at mobile revenue ago stronger impact revenue the this year like delta variant up over now patients data telehealth as cycle from better second QX transaction throughout million continue client growth quarter. subscription generated of our the the to second their managed our provider expected management. in services we year-over-year. patient period the This expected quarter, stronger initially to $XX.X EDI $XX.X and X% growth than the surround improve encounter quarter reflects grew is $XX in cloud growth strength fiscal and solutions fiscal waned continued improve. experience. and as in delivering Software revenue that clearly and million revenue continued services volumes the our category were clients XX% due million Managed at XX% engage adopt to our

largely in basis XX points of revenue the by of year-over- was strong large slight prior over year up This of same revenue based a software Software with due Spring of year margin slightly million offset X%t quarter. amortization benefit year period, in quarter-over-quarter -- Gross offset to non-recurring software $XX.X the recognized decreased improvement maintenance last and XXX year couple support rollout. quarter revenue decline reflects coming revenue transactions a An million to respectively. increase in related the add a services. one-time staff $XX on over shift the as an 'XX acquisition represents technology. and partially and support reduction A XX.X% mix of we of in

X% SG&A increases year period a capitalization by net revenue. slightly represents R&D $XX.X operating increased of to cost with project $XX.X which over million million due spend ago total and related Net Now grew gross expenses. the increased Net to expense. shareholder increased to timing spend XX% and ago and compared due R&D reflects year of lower million dispute of turning the to $XX.X cost. R&D associated

QX compared XX%. income was On per share XX.X% non-GAAP second rate in in share of of fiscal the diluted Our of the $X.XX net compared $X.XX share quarter year to fully per GAAP rate loss to quarter. second $X.XX XXXX quarter tax XXXX. basis On net with of diluted a basis, fully earnings approximately a per GAAP the $X.XX for a fiscal was was tax ago non-GAAP

$XX.X million Turning previous this ended XX million, quarter the flow was and million outstanding days a in quarter. of considering quarter a we sheet. were on that $XX.X We cash from line second and equivalents to credit. Lawsuit. fiscal DSOs associated no decrease the Free Hussein balance days, $XX.X impressive the paid with the with balance in quarter two cash of

to the third a for partial fiscal proxy of year historical employer in expect levels pandemic XXXX. of from quarter and tax contest deferral. return fiscal repayment cash fourth impact related Free flow the should lingering We quarter generation

us cash, our our we underscores to to of value flow board provides our business program this while represents afternoon's million release, purchase greatest continuing shareholders positive new where cash company's a addition a the and drive announced ample to investments We to and to our of program capacity ongoing allocation believe up new strategic shareholders. on return sufficient cash We also flexibility This future $XX In approval fund in strategy. our to execute stock. momentum disciplined This can strong use while in business. approach confidence the capital retaining to the maintain we sheet our for with we generation. growth to believe balance earnings

to XXXX guidance. financial fiscal Now our

press quarter's the of a in and XXXX balanced and performance fiscal revenue noted variants strong release, second we raising delta the As $XXX well are the $XXX million range guidance than impactful less our fiscal of The clearly impact million. and was was feared. to

story the However, of And discussed quarter deductibles And year some few to timing back fiscal of full any historically associated higher five are as the cost large reflect for that resets, fewer in capitalized the R&D. will fiscal patient fiscal to on now have Gross With compared will the know potential the last typically Spring followed with single 'XX time which half increased the that the impact visit those fiscal approximately the quarter volumes second performance for upgrade process EDI. fiscal managed fourth continue to margins quarters year. personnel grow but an for of have we a front slightly impact our previously can lower expect we XX% software subscription smooths to are XXXX and the transactions and services the business of there revenue strong services amortization approximately over time quarter you trend days due performance, out. half. in

yet commercial to in calls prior R&D ongoing demand we're this and continue noted investments investments of sales in diversified the throughout the our investments in remainder will and offerings. our non-GAAP and the generation are in making momentum our with pleased generated to quarter. I $X.XX growth guidance momentum and making In of As closing, year enhance per These we to fiscal a accelerate to share. raising range am overall we $X.XX

comments. to investments revenue growth right term. to long closing call the making the And me back is NextGen let now, drive for total turn David

David Sides

performance NextGen entire am exciting pleased And reiterate how Thanks I to again, the Jamie. this during an excellent want I this driven quarter period. to organization. by join

focus clients our relationships will forward every our our commercial on terrific have in accelerating With see execution, the clients I to addressable plan long-term with strategic revenue a growth. We leading untapped continue quarter. growth With long-standing of significant NextGen and current drive and accelerating potential to new win our look the solutions execution markets. profitable I and company's momentum.

the Why summarizing Let that team, market month. clients right employees opportunities, solutions NextGen that the earlier puts that else. shareholder and reinvigorated clients that execute few concludes my us up me close questions. to first all an digits company continue value by and I join to company in letter issued next is win. strategic we revenue has initiatives. we've double joined strategy on exciting you'll All the hope has company a driving leadership Operator? as profitable differentiated comments add adds above I and real time accelerating position up and and NextGen made our investments let's commercial The because to to right growth our this growing move This my that attractive to addressing and the the It's to years.

Operator

question Piper Instructions] with our you. Sandler. Please first go we'll And [Operator Thank from ahead. Jeff Garro take

Jeff Garro

David. on first on quarter the as Congrats your afternoon. Hi. call Good and here CEO, congrats

David Sides

Thanks Jeff.

Jeff Garro

taking the for Thanks question.

given And any since -- curious this Has a it of the on So then XX% rollout opportunities rollout cadence the Spring let David, early lastly, or on just does and release. that the adopter me set coming versus changes Is phase. expectations start that if changed? board? there's metric adoption stand description with you've 'XX on how identified that that was

David Sides

Thanks Jeff.

up. So signed for Spring is the up are 'XX, to I think ramping our that XX% we're expectation,

So we a broad representative -- a broad in our adopter early very group. done

of sizes different lots So different specialties, complexities.

forward. like So feel we'll of what see it's moving we really representative

process we're our really have playing the scaling We're we're past you when some the saying, now than helping more so through of platform, homogeneous and on role and that a of new it guide clients all we're benefit here's very make our really clients they we you when single assume product active instead can want. that for so where organization kind environment. standardized software of and we a engineering our and upgrade so have And upgrade up repeatable our in a we a more

we really of you'll this Center us on Excellence side set services spend up as see of kind So ramp to up the scale through base. our our the

I opportunity think here for a that there's us. lot of

are of that we of kind necessarily in something more quarterly. think need updates, I do internal not where to will but progress metric. give we tracking an It's

one on surround XXX million excited about the track we're we're of for that selling. still think that we're is I that the

As you growth see XX%. our is bookings

Jeff Garro

maybe maybe That's bookings in my all with you're releases particular. And question on I'll having in give it you really area FQHCs. that results Excellent. the strong momentum like second And seems helpful. mentioned. From recent one

opportunity success? curious how providers might medical So platforms? integrated behavioral remains FQHCs, with and driving from or that what's I'm that benefit much been And other also

David Sides

our is good important question. the ability offering funding by is needs. federal as breadth center's driving the a additional and success helpful That's consumers became to during we to the of meet Also centers What's serve extremely these our COVID our those government and our obviously country.

and both We've continue we're good meeting at us. these and how We're for really doing better tonight them. they consumers to the and specialized how there excited for some dinner time. tailwind and serve that for CEO FQHC a can clients actually been to going expand I'm those that's a see So in centers very forward. from we serve

Jeff Garro

you. Thank Great.

Operator

go Please Cantor. with ahead. Halper Steve from question next our take We'll

Your line is open.

Steve Halper

Hi. Two questions.

And What of new business? of the points strong level new you're of winning think to that you environment? about the the do when think bookings. the competitive relative XX% why clients, you So

David Sides

Steve. Thanks

somewhat So, we content, to competitors. which think that do I our we for really specialties we result those outsized have outcomes good can deep where compared focused specialties really on drive

we've from so, And as everyone. mentioned prepared we've in won remarks, the

So think strong. winning it's the because think big we're of of in our is no market any our share really or small, I matter how market. And really product competitors good,

them. Our how getting outcomes together and drive the clients team on we're focused that's we with out. in can supports relationships And

when than over come clients think the I And We've set. on the bookings those best-in-class as winning years new we're helps. greater to firm. the So solution improve brand of through that to our worked you're seeing being result several XX% of investments

Jamie Arnold

this Jamie. is Steve, And

add me is that discuss sales of level that or separated sales organization to through added the you've has think years organization to sales focus Let a outside couple we here. with that on existing as established all And leadership the that focus way up us our heard base and ago the previously, our that works clients. success we versus the between I

Steve Halper

way Great. consider the deploy repurchase, so share to are use think share And same would the share that the of it's but then on company's do some affect I your time free, great you to repurchase. think adding mean that those to repurchase? to capital, board a what debt affect I sources funds -- at that the leverage

Jamie Arnold

Yes, Steve.

we reported had we on hand. quarter $XX will we continue. a generation cash nice million cash and have As We

program don't as the we've envision we leverage with it those with discussions board something is discussed had the or that have and board. but the -- We line I off drawing on kick about the

Steve Halper

Thanks. Great.

Operator

next our take We'll question.

Jamie Arnold

I'm sorry.

directly we share continue wanted that, which -- buyback is board growth. question we didn't in me, that is like even or share our was And to I discuss handle just discussing the can ask buyback, balance the as embedded though suspect, it you further did our were how me and with Steve, I we Let the considering question share the the something buyback in with to growth. that investment we feel is that asking were your Steve

Operator

right. All

Our next Samuel Ann question comes with Please JPMorgan. from ahead. go

Your line is open.

Ann Samuel

taking the congrats and David welcome. Thanks guys. for Hi, question. And

maybe forward. investment But was as talk to repurposing of investment And for to be. we I or think it's know dollars? Thanks. You those early spoke might incremental you about expense current value wondering unlock for going about opportunities areas what should to that

David Sides

Ann. Thanks

share. a couple it and about development additional from new we're capture where about Obviously bringing thinking investing. R&D, products think to would research market new ways I So in to solutions, market

invest those think it's We're can our move there management services We further speed services, from whether growth. also of uptick generate sales services further good services, then of commercial, seeing rollout growing opportunities to like 'XX in our so the have to there's additional those traditional cycle perspective for Spring right, our services. a teams in and or revenue. managed both revenue we And to commercial team cloud

three cash Jamie on as from we can of large buckets cash And use So as thinking so we're those through kind M&A. could be through. further mentioned, time-to-time thoughtful we're we those that be are generating the how free inorganic And growth flows, investments. there to

all -- what's those about investments. best think about the market and partner, to we'll those what's So of by think will best build the three we a way as return

Ann Samuel

only That's for And the results raised XQ do back think penny a by guys strong maybe in Thank out how bottom quarter back into and we the just you. of guidance expenses just really the Thanks. half? was line. color. about of shift on did wondering the And anything you one half your in cadence Jamie. the helpful Despite really

Jamie Arnold

think the it question, about But end we've the of through talked of have I because investments really and first and some question of about good what some a of QX. we at QX. are talking in we investments ties extending did your into David it's that -- QX Ann, continuation QX are was that the

we've services cost as Spring should to with added upgrade the the to in 'XX. the continuing in help as well sales, small So our people will cost be a QX, there of you expect increase, to and to increment QX operating because up cost see

your the did. of question. guidance QX, didn't more we is were in increase and kind EPS we QX we will and that There ties investment than you So over incremental is is see making why any which what we to why

Ann Samuel

Great. Thanks guys.

Operator

Davis Stephanie next SVB Please from ahead. question go And with we'll take our Leerink.

is open. line Your

Stephanie Davis

quiet question. big you a for solid congrats print. Congrats entrance, on my on guys. David Hey, And move. taking Thank

David Sides

Thank you, Stephanie.

Stephanie Davis

remarks. did want You seat CEO dig already board. this just not little your because availability tech in been prepared I to but EHR, to NextGen, on touched move the decision in there's amount bit of bit really more just the on a a enormous But across to health in

in the think your opportunity made time as the this EHRs, history what EHR, of was to right you to given of So areas an arguably and digital other to right the back opposed some health? maybe [Indiscernible] go

David Sides

the question, for Stephanie. Thanks

ways So And patient inpatient on do you out I remote always And always which it the monitoring, these services spending little you mainly to the time doctors, serve with if clients relationship. physician, we empower about to get so the from think ambulatory. do liked as if our can the hospital we moves journey, doctor side. think you have already that telehealth, can you own they're a the you think about surgery a their of health working ambulatory about centers, consumer's they're almost very the to with

in people do at the system transformation. take down a their and necessary is There's that of that great we interoperability, about think think platform because do some NextGen a to that I a how ways to how outcomes. forward software operational take financial so across do through are doctors can I care drive of or join to some there's complete side defragment thinking of accelerate maybe a we mirth those think even market. and a maybe and healthcare. coordination alone. just different so that way do the cost and it have of and that we past with for and so outcomes, in then together we all a click care such have kind access think health the clinical with It's putting much opportunity what health assets next help them both improve of and up And that to outcomes continues as It's slightly of lot has that records then way that reduce equity a operate that can that care, record as new to we doctors and you going the enable level connectivity trend improve

that want the tools of We you exciting have think it's an problem could be. technology to all for kind and and place and I assets

Stephanie Davis

on and Digging about risk broader there could improving to side? level just is that help improving steps some the it on Is ambulatory to one safe interest folks Or talking products cost read market. in order the be in in too outcomes, deeper the proofs two say in far?

David Sides

No.

where are. I think it's we

We have CMS driven really of at millions And offering. We the done people we've for a we've care ACO for then our looked savings better perceive probably most good. It's tens shared clients. risk, and percent value-based recently of data how in how on even zero side downside.

of a elimination upside. and downside XXX% lot of So

or ten practice that who that about a tool five So thinking person doctors we help and or maybe be how in the capability and do small take that into average physician practice then the analytics do. to wrap services for what risk around to easier able understand we then profile them that on. take risk have to make to And that their and that would

And aggressively solution efficient? So there. there's with stand do up just start marketing lot we you'll to to then these how can't a integrate market. see market together to think Then a make better bring they I consumers. us it to to them example, to can How a For things. of help type telehealth them these call and draw more do use they solutions holistic center

Stephanie Davis

here. Awesome to

Looking forward to Thank guys. you to what's come.

David Sides

you. Thank

Operator

ahead. [Operator Instructions] our Hooker go Donald from next Please question take Keybanc. with We'll

line Your open. is

Donald Hooker

evening. Good Great.

obviously very strong. So were bookings the

of bookings of Was This was contributor what for of in guys? was California that deal like cadence is there the deal, really you quarter? And forward. right just if going sort bookings kind expect practice. it of think I'm trying big quarterly to a if large one for to bookings another level through multi-specialty had we that should the Is You this there. to curious sort deal that

Jamie Arnold

is discussed And Jamie. actually one in transactions. I large there Donald, was the -- comments this were my of several one

want put quarters the range and to giving And basically a it. I large we you of in so think don't single the varies should bookings so, that sort it get transaction. bookings. XX to think look of rate But kind the alone if position we say -- would of between couple of into uniquely is you And I think XX is if on is say I is be. was I guidance at where this not it that that as XX XX of last

as upwards. a larger little my sometimes they when a have that deals we remarks and results tendency in that prepared to there the And to they sometimes commented license tend come the in skew be

Donald Hooker

you. Got

if I -- I maintenance fee there Okay. you might And one-time a and I support missed think, benefit the line? this. then Jamie, apologize mentioned was in have But

Jamie Arnold

Yes.

Donald Hooker

Did that correct? elaborate can if on you I that? that missed I hear maybe And

Jamie Arnold

of adjustments There some Yes. of maintenance than we were have catch-up we higher expected being clients utilized. they a invoicing catch-ups and licenses that just actually Had number were otherwise. couple would that on number the had skewed on that the

So those we've several thousand did in highlighted that enough the the trend number it. got and I been dollars, skew hundred was change by it it seeing the quarter, the but caught to that's up for up and quarter why

Donald Hooker

you. That's at. get Okay, super. what Yes. to Thank I was trying

Jamie Arnold

Yes.

Operator

closing to the any on at return the Instructions] are your further line questions for remarks. And this program [Operator there I'll time. no presenters

David Sides

talk our the This is as NextGen your excited That for Thanks. results joining our to We're in quarter. you us program. JPMorgan next and about everyone interest announce repurchase about concludes guidance in call. share again both EPS always revenue we'll our to at Healthcare for today. Thanks David. and Thanks and raise and

Operator

disconnect. now may You

Nextgen Healthcare (NXGN) 29 Oct 212022 Q2 Earnings call transcript