CPSI Announces Fourth Quarter and Year-End 2021 Results|||

Highlights for Fourth Quarter 2021:

  • Revenues of $74.0 million;
  • GAAP net income of $5.iv 1000000 and non-GAAP internet income of $10.one million;
  • GAAP earnings per diluted share of $0.37 and non-GAAP earnings per diluted share of $0.seventy;
  • Adjusted EBITDA of $14.3 million;
  • Bookings of $fifteen.half-dozen million;
  • Cash provided by operations of $thirteen.iii million; and
  • Net debt of $87.9 million

MOBILE, Ala.–(BUSINESS WIRE)–$CPSI–CPSI (NASDAQ: CPSI), a customs healthcare solutions company, today announced results for the quaternary quarter and twelvemonth concluded December 31, 2021.

Total revenues for the quarter ended Dec 31, 2021, were $74.0 million, compared with total revenues of $66.8 million for the prior-year 4th quarter. GAAP cyberspace income for the quarter ended Dec 31, 2021, was $v.4 million, or $0.37 per diluted share, compared with $3.1 1000000, or $0.22 per diluted share, for the quarter concluded December 31, 2020. Greenbacks provided past operations for the quaternary quarter of 2021 was $13.iii million, compared with $16.2 one thousand thousand for the prior-year quarter. Net debt at Dec 31, 2021, was $87.9 million.

Total revenues for the year ended December 31, 2021, were $280.6 million, compared with total revenues of $264.5 million for the prior year. GAAP cyberspace income for the year concluded December 31, 2021, was $xviii.4 million, or $1.26 per diluted share, compared with $14.2 million, or $0.98 per diluted share, for the twelvemonth ended Dec 31, 2020. Cash provided by operations for 2021 was $47.7 million, compared with $49.1 million for the prior year.

Commenting on the Company’s financial performance for the quaternary quarter of 2021, Matt Chambless, master financial officer of CPSI, stated, “The fourth quarter concluded with solid metrics beyond the board. We continue to make meaningful progress on our strategic objectives, leveraging TruBridge’s operational excellence to propel recurring revenues to however some other tape high, now making upwardly 93% of our top-line. Looking back at 2021, nosotros were able to successfully deliver top-line and bottom-line growth, with overall acquirement growth of half dozen%, net income growing by more than 29% and Adjusted EBITDA growing by more than 21%.”

“Looking forrard, the Company expects to attain three-twelvemonth annual organic recurring revenue growth of 5% to eight%, with the continued growth of TruBridge among both existing and new customers serving as our chief goad for recurring acquirement growth. For 2022, we expect total revenues of $288 to $298 million. GAAP internet income margin is expected to be 6.75% to 7.75%, and Adjusted EBITDA margin is expected to be 18.25% to xix.25%.

Boyd Douglas, president and primary executive officer of CPSI, stated, “2021 marked the completion of the first year on our journey of transformation to drive long-term sustainability and growth, creating a solid foundation for usa to build upon over the side by side few years. The performance from TruBridge continued to lead the way for us in the quaternary quarter as nosotros have made great strides this twelvemonth in driving core growth, delivering digital innovation and margin optimization. The energy and delivery across CPSI to evangelize on our target of achieving $80 million in Adjusted EBITDA in 2024 continues to build.”

CPSI will concur a live webcast to discuss fourth quarter and full-year 2021 results today, Tuesday, February 15, 2022, at four:30 p.one thousand. Eastern time. A 30-day online replay will exist available approximately i hour following the conclusion of the alive webcast. To listen to the alive webcast or admission the replay, visit the Company’south website, www.cpsi.com.

About CPSI

CPSI is a leading provider of healthcare solutions and services for community hospitals, their clinics and post-acute care facilities. Founded in 1979, CPSI is the parent of five companies – Evident, LLC, American HealthTech, Inc., TruBridge, LLC, iNetXperts, Corp. d/b/a Go Real Wellness and TruCode LLC. Our combined companies are focused on helping ameliorate the health of the communities we serve, connecting communities for a better patient care experience, and improving the fiscal operations of our customers. Axiomatic provides comprehensive EHR solutions for community hospitals and their affiliated clinics. American HealthTech is ane of the nation’s largest providers of EHR solutions and services for post-acute intendance facilities. TruBridge focuses on providing business, consulting and managed IT services, along with its complete RCM solution, for all care settings. Get Real Health focuses on solutions aimed at improving patient date for individuals and healthcare providers. TruCode provides medical coding software that enables consummate and accurate lawmaking assignment for optimal reimbursement. For more information, visit www.cpsi.com.

Frontward-Looking Statements

This press release contains forrad-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forrad-looking statements can be identified by and large past the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable significant. Without limiting the generality of the preceding statement, all statements in this press release relating to the Company’due south time to come financial and operational results are forward-looking statements. Nosotros circumspection investors that whatever such forward‑looking statements are only predictions and are non guarantees of future functioning. Certain risks, uncertainties and other factors may crusade actual results to differ materially from those projected in the forrad‑looking statements. Such factors may include: the touch of the ongoing COVID-nineteen pandemic and related economic disruptions which accept materially affected CPSI’s acquirement and could materially affect CPSI’southward gross margin and income, too as CPSI’southward financial position and/or liquidity; federal, state and local regime actions to address and contain the impact of COVID-19 and their touch on united states of america and our hospital clients; operational disruptions and heightened cybersecurity risks due to a meaning percentage of our workforce working remotely; significant legislative and regulatory incertitude in the healthcare industry; exposure to liability for failure to comply with regulatory requirements; saturation of our target market place and infirmary consolidations; unfavorable economic or market weather condition that may cause a decline in spending for it and services; general economic conditions, including changes in the financial and credit markets that may affect the availability and cost of credit to the states or our customers; potential inability to secure additional financing on favorable terms to come across our future capital needs; our substantial indebtedness, and our ability to incur additional indebtedness in the hereafter; competition with companies that have greater fiscal, technical and marketing resources than nosotros accept; potential time to come acquisitions that may be expensive, time consuming, and subject to other inherent risks; potential failure to develop new products or enhance electric current products that proceed pace with market demands; failure to develop new technology and products in response to market demands; failure of our products to office properly resulting in claims for medical and other losses; breaches of security and viruses in our systems resulting in customer claims against united states and impairment to our reputation; failure to maintain client satisfaction through new product releases costless of undetected errors or problems; failure to convince customers to drift to current or time to come releases of our products; failure to maintain our margins and service rates; increase in the percentage of total revenues represented by service revenues, which take lower gross margins; exposure to liability in the result we provide inaccurate claims information to payors; exposure to liability claims arising out of the licensing of our software and provision of services; dependence on licenses of rights, products and services from 3rd parties; misappropriation of our intellectual belongings rights and potential intellectual property claims and litigation against usa; interruptions in our ability supply and/or telecommunication capabilities, including those caused by natural disaster; our ability to attract and retain qualified client service and support personnel; disruption from periodic restructuring of our sales force; potential inability to properly manage growth in new markets we may enter; exposure to numerous and often alien laws, regulations, policies, standards or other requirements through our international business organization activities;
potential litigation against us; pressures on greenbacks period to service our outstanding debt; restrictive terms of our credit agreement on our electric current and time to come operations; changes in and interpretations of financial accounting matters that govern the measurement of our performance; pregnant charges to earnings if our goodwill or intangible assets become dumb; fluctuations in quarterly financial performance due to, among other factors, timing of customer installations; volatility in our stock price; failure to maintain effective internal control over financial reporting; lack of employment or non-competition understanding with almost of our key personnel; inherent limitations in our internal command over financial reporting; vulnerability to significant damage from natural disasters; market risks related to interest rate changes; and other risk factors described from time to time in our public releases and reports filed with the
Securities and Exchange Committee, including, but not express to, our almost recent Annual Written report on Form 10-G. Relative to our dividend policy, the payment of cash dividends is bailiwick to the discretion of our Board of Directors and will be adamant in light of then-current weather, including our earnings, our leverage, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the futurity, our Lath of Directors may alter our dividend policy, including the frequency or amount of any dividend, in light of then-existing atmospheric condition. We also caution investors that the frontwards-looking information described herein represents our outlook only as of this date, and nosotros undertake no obligation to update or revise whatever forward-looking statements to reflect events or developments after the appointment of this press release.

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Computer Programs and Systems, Inc.
Condensed Consolidated Statements of Income
(In ‘000s, except per share data)
(Unaudited)

Three Months Ended Dec 31,

Twelve Months Ended December 31,

2021

2020

2021

2020

Sales revenues:
Arrangement sales and support

$

35,217

$

36,657

$

143,109

$

152,954

TruBridge

38,784

30,192

137,521

111,534

Full sales revenues

74,001

66,849

280,630

264,488

Costs of sales:
System sales and support

xviii,415

17,460

lxx,664

69,361

TruBridge

eighteen,734

14,781

69,083

58,881

Total costs of sales

37,149

32,241

139,747

128,242

Gross profit

36,852

34,608

140,883

136,246

Operating expenses:
Product evolution

vii,791

8,265

30,389

33,457

Sales and marketing

half dozen,164

5,310

21,978

22,835

Full general and administrative

11,700

12,237

50,022

47,479

Amortization of acquisition-related intangibles

three,672

ii,822

13,786

11,421

Total operating expenses

29,327

28,634

116,175

115,192

Operating income

seven,525

5,974

24,708

21,054

Other income (expense):
Other income

368

252

1,528

1,494

Loss on extinguishment of debt

(202

)

Interest expense

(911

)

(730

)

(3,160

)

(3,562

)

Total other income (expense)

(543

)

(478

)

(1,632

)

(2,270

)

Income before taxes

6,982

v,496

23,076

18,784

Provision for income taxes

1,581

two,373

4,646

4,538

Net income

$

5,401

$

three,123

$

18,430

$

14,246

Net income per common share—basic

$

0.37

$

0.22

$

1.26

$

0.98

Net income per common share—diluted

$

0.37

$

0.22

$

i.26

$

0.98

Weighted average shares outstanding used in per common share computations:
Basic

14,332

fourteen,086

14,290

xiv,038

Diluted

14,362

14,086

14,318

14,038

Computer Programs and Systems, Inc.
Condensed Consolidated Rest Sheets
(In ‘000s, except per share data)
December 31, 2021
(unaudited)
December. 31, 2020
Assets
Current assets
Cash and cash equivalents

$

eleven,431

$

12,671

Accounts receivable, net of assart for doubtful accounts of $1,826 and $i,701, respectively

34,431

32,414

Financing receivables, current portion, net

6,488

ten,821

Inventories

855

i,084

Prepaid income taxes

iv,599

1,789

Prepaid expenses and other

11,194

eight,365

Full current assets

68,998

67,144

Property & equipment, net

11,590

13,139

Software development costs, net

11,644

3,210

Operating charter assets

7,097

6,610

Financing receivables, net of current portion

7,231

11,477

Other assets, net of current portion

3,874

2,787

Intangible assets, net

95,203

71,689

Goodwill

177,713

150,216

Total assets

$

383,350

$

326,272

Liabilities & Stockholders’ Disinterestedness
Current liabilities
Accounts payable

$

8,079

$

7,716

Current portion of long-term debt

iv,394

3,457

Deferred revenue

xi,529

eight,130

Accrued vacation

5,262

v,353

Other accrued liabilities

17,163

12,786

Total current liabilities

46,427

37,442

Long-term debt, less current portion

94,966

73,360

Operating charter liabilities, net of current portion

five,505

5,092

Deferred tax liabilities

thirteen,880

x,378

Full liabilities

160,778

126,272

Stockholders’ Equity
Common stock, $0.001 par value; 30,000 shares authorized; 14,734 and 14,511 shares issued

xv

xv

Treasury stock, 89 and 47 shares

(two,576

)

(ane,261

)

Additional paid-in capital

187,079

181,622

Retained earnings

38,054

19,624

Total stockholders’ disinterestedness

222,572

200,000

Total liabilities and stockholders’ equity

$

383,350

$

326,272

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Figurer Programs and Systems, Inc.
Condensed Consolidated Statements of Greenbacks Flows
(In ‘000s)
(Unaudited)

Twelve Months Ended December 31,

2021

2020

Operating activities:
Cyberspace income

$

18,430

$

14,246

Adjustments to internet income:
Provision for bad debt

2,592

four,370

Deferred taxes

three,502

2,755

Stock-based bounty

five,457

vii,005

Depreciation

ii,156

1,790

Acquittal of acquisition-related intangibles

xiii,786

11,421

Acquittal of software development costs

931

118

Amortization of deferred finance costs

293

317

Loss on extinguishment of debt

202

Loss on disposal of property and equipment

313

Changes in operating assets and liabilities:
Accounts receivable

(3,204

)

iii,667

Financing receivables

viii,098

6,369

Inventories

229

342

Prepaid expenses and other

(three,914

)

(three,519

)

Accounts payable

(615

)

(i,088

)

Deferred revenue

2,099

(498

)

Other liabilities

401

2,097

Prepaid income taxes

(2,810

)

(452

)

Cyberspace cash provided by operating activities

47,744

49,142

Investing activities:
Purchase of business, net of greenbacks received

(59,634

)

Investment in software development

(nine,365

)

(3,328

)

Purchases of property and equipment

(920

)

(3,336

)

Net greenbacks used in investing activities

(69,919

)

(half-dozen,664

)

Financing activities:
Dividends paid

(4,337

)

Treasury stock purchases

(1,315

)

(one,261

)

Payments of long-term debt principal

(three,750

)

(four,069

)

Proceeds from long-term debt

64

Proceeds from revolving line of credit

61,000

Payments of revolving line of credit

(35,000

)

(27,561

)

Internet cash provided by (used in) financing activities

twenty,935

(37,164

)

Internet increase (decrease) in cash and cash equivalents

(1,240

)

v,314

Cash and greenbacks equivalents, beginning of menstruum

12,671

vii,357

Greenbacks and cash equivalents, terminate of flow

$

11,431

$

12,671

Computer Programs and Systems, Inc.
Consolidated Bookings
(In ‘000s)
Three Months Ended Twelve Months Concluded
In ‘000s 12/31/2021 12/31/2020 12/31/2021 12/31/2020
Organization sales and back up(1)

$

8,232

$

eleven,144

$

40,873

$

48,790

TruBridge(2)

vii,331

10,062

29,340

33,238

Total

$

fifteen,563

$

21,206

$

70,213

$

82,028

(i)

Generally calculated as the total contract price (for system sales) and annualized contract value (for back up).

(2)

Generally calculated as the total contract price (for non-recurring, project-related amounts) and annualized contract value (for recurring amounts).

Computer Programs and Systems, Inc.
Bookings Composition
(In ‘000s, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
12/31/2021 12/31/2020 12/31/2021 12/31/2020
System sales and support
Non-subscription sales(1)

$

2,436

$

half dozen,498

$

12,581

$

27,500

Subscription revenue(2)

4,439

3,243

23,468

16,899

Other

one,357

ane,403

4,824

4,391

TruBridge
Net new(iii)

681

3,700

6,959

x,511

Cantankerous-sell(3)

4,079

4,970

12,477

20,285

Become Real Health

2,247

1,392

9,007

2,442

TruCode

324

897

Total

$

15,563

$

21,206

$

lxx,213

$

82,028

(1)

Represents nonrecurring revenues that generally exhibit a timeframe for bookings-to-acquirement conversion of five to six months post-obit contract execution.

(2)

Represents recurring revenues to be recognized on a monthly basis over a weighted-average contract menses of five years, with a start appointment in the next 12 months and an average timeframe for commencement of bookings-to-revenue conversion of five to vi months post-obit contract execution.

(iii)

“Net new” represents bookings from outside the Visitor’s core EHR client base of operations, and “Cross-sell” represents bookings from existing EHR customers. In each case, generally comprised of recurring revenues to be recognized ratably over a i-year catamenia and an average timeframe for outset of bookings-to-revenue conversion of four to six months following contract execution.

Computer Programs and Systems, Inc.
Acute Care EHR Net New License Mix
Iii Months Ended Twelve Months Ended
12/31/2021 12/31/2020 12/31/2021 12/31/2020
SaaS(1)

2

3

10

17

Perpetual license(2)

six

eight

Full

ii

3

xvi

25

(one)

Showroom acquirement attribution that is recurring in nature.

(2)

Exhibit revenue attribution that is nonrecurring in nature.

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Estimator Programs and Systems, Inc.
Arrangement Sales and Support Acquirement Limerick
(In ‘000s)
(Unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2021

2020

2021

2020

Recurring revenues – organization sales and support
Acute Care EHR

$

27,648

$

27,010

$

108,440

$

105,597

Mail-astute Intendance EHR

4,070

4,116

sixteen,472

16,272

Full recurring revenues – system sales and support

31,718

31,126

124,912

121,869

Nonrecurring revenues – system sales and support
Acute Care EHR

3,154

4,960

xvi,939

29,173

Mail-acute Care EHR

345

571

1,258

1,912

Total nonrecurring revenues – organisation sales and support

iii,499

v,531

18,197

31,085

Total system sales and support revenues

$

35,217

$

36,657

$

143,109

$

152,954

Computer Programs and Systems, Inc.

Reconciliation of Non-GAAP Financial Measures
(In ‘000s)
(Unaudited)

Three Months Ended Dec 31,

Twelve Months Ended December 31,

Adjusted EBITDA:

2021

2020

2021

2020

Net income, as reported

$

5,401

$

3,123

$

18,430

$

xiv,246

Deferred acquirement and other acquisition-related adjustments

201

747

Depreciation expense

515

456

2,156

1,790

Acquittal of software development costs

404

39

931

118

Amortization of conquering-related intangible assets

3,672

2,822

13,786

xi,421

Stock-based compensation

1,279

1,831

v,457

7,005

Severance and other nonrecurring charges

728

1,183

four,892

1,998

Interest expense and other, cyberspace

543

478

1,632

2,270

Provision for income taxes

one,581

2,373

4,646

4,538

Adjusted EBITDA

$

14,324

$

12,305

$

52,677

$

43,386

Computer Programs and Systems, Inc.

Reconciliation of Non-GAAP Financial Measures

(In ‘000s, except per share information)

(Unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

Non-GAAP Net Income and Non-GAAP EPS:

2021

2020

2021

2020

Internet income, every bit reported

$

v,401

$

3,123

$

18,430

$

14,246

Pre-revenue enhancement adjustments for Non-GAAP EPS:
Deferred acquirement and other acquisition-related adjustments

201

747

Amortization of acquisition-related intangible avails

three,672

2,822

13,786

11,421

Stock-based compensation

ane,279

1,831

5,457

7,005

Severance and other nonrecurring charges

728

1,183

4,892

ane,998

Non-operating loss from lease termination (non-greenbacks)

313

Non-cash interest expense

73

75

293

317

Loss on extinguishment of debt

202

Subsequently-tax adjustments for Not-GAAP EPS:
Tax-effect of pre-tax adjustments, at 21%

(1,250

)

(1,241

)

(5,352

)

(iv,398

)

Tax shortfall (windfall) from stock-based compensation

(ii

)

(84

)

297

Non-GAAP net income

$

10,104

$

7,791

$

38,482

$

31,088

Weighted average shares outstanding, diluted

14,362

14,086

xiv,318

14,038

Non-GAAP EPS

$

0.seventy

$

0.55

$

2.69

$

ii.21

Explanation of Non-GAAP Fiscal Measures

We written report our financial results in accordance with accounting principles by and large accepted in the United states of america of America, or “GAAP.” However, management believes that, in order to properly understand our brusk-term and long-term financial and operational trends, investors may wish to consider the touch on of certain not-cash or not-recurring items, when used as a supplement to financial operation measures that are prepared in accordance with GAAP. These items consequence from facts and circumstances that vary in frequency and impact on continuing operations. Management uses these non-GAAP fiscal measures in order to evaluate the operating performance of the Company and compare it against past periods, brand operating decisions, and serve as a basis for strategic planning. These non-GAAP fiscal measures provide management with additional ways to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business organization with prior periods more than hard, obscure trends in ongoing operations, or reduce management’s ability to brand useful forecasts. In add-on, management understands that some investors and financial analysts observe these not-GAAP financial measures helpful in analyzing our fiscal and operational performance and comparing this performance to our peers and competitors.

Equally such, to supplement the GAAP information provided, we present in this press release and during the live webcast discussing our financial results the following not‑GAAP financial measures: Adjusted EBITDA, Non-GAAP internet income, and Not-GAAP earnings per share (“EPS”).

We calculate each of these non-GAAP fiscal measures every bit follows:

  • Adjusted EBITDA
    – Adjusted EBITDA consists of GAAP internet income every bit reported and adjusts for (i) deferred acquirement purchase accounting adjustments arising from purchase resource allotment adjustments related to business acquisitions; (2) depreciation expense; (3) amortization of software development costs; (iv) amortization of conquering-related intangible assets; (five) stock-based compensation; (vi) severance and other non‑recurring charges; (seven) involvement expense and other, net; and (viii) the provision for income taxes.
  • Not-GAAP net income
    – Non-GAAP net income consists of GAAP internet income as reported and adjusts for (i) deferred revenue purchase accounting adjustments arising from purchase resource allotment adjustments related to concern acquisitions; (two) amortization of conquering-related intangible assets; (iii) stock-based bounty; (iv) severance and other non-recurring charges; (5) non-operating loss from lease termination (non-cash); (vi) non-greenbacks involvement expense; (vii) loss on extinguishment of debt; and (eight) the total taxation effect of items (i) through (vii).

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