TruBridge Q1 2025 Earnings Call Transcript

Quartr
Provided by Quartr
May 7, 2025

There are 7 speakers on the call.

Operator

Good afternoon, ladies and gentlemen, and welcome to TruBridge First Quarter Earnings Conference Call. This call is being recorded on Wednesday, 05/07/2025. I would now like to turn the conference over to Drew Anderson. Please go ahead.

Speaker 1

Thank you. Good afternoon, and welcome to the TruBridge first quarter twenty twenty five earnings conference call. Leading today's call are Chris Fowler, President and Chief Executive Officer and Vinay Bassey, Chief Financial Officer. This call may include statements regarding future operating plans, expectations and performance that constitute forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cautions you that any such forward looking statements only reflect management expectations and predictions based upon currently available information and are not guarantees of future results or performance.

Speaker 1

Actual results may differ materially from those expressed or implied by such forward looking statements as a result of known and unknown risks, uncertainties and other factors, including those described in public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, the most recent annual report on Form 10 ks. The company also cautions investors that the forward looking information provided in this call represents their outlook only as of this date, and they undertake no obligation to update or revise any forward looking statements to reflect events or developments after the date of this call. At this time, I will now turn the call over to Mr. Chris Fowler, President and Chief Executive Officer. Please go ahead, sir.

Speaker 2

Hey. Thanks, Drew, and thanks to everyone for joining us today. Q one results have us coming out of the gate strong, exceeding key financial expectations and making progress on several fronts. And equally impressive, what a difference a year has made. Last year in the first quarter, we had adjusted EBITDA of $10,000,000 cash flow from operations of negative $2,000,000 and a net leverage ratio of 4.4 times.

Speaker 2

This year, our adjusted EBITDA has nearly doubled to 18,200,000 cash flow from operations increased over $7,000,000 and our net leverage ratio is down two turns to 2.4 times. Our financial results this quarter showed notable improvement to nearly every metric. Revenue of $87,000,000 came in on the high end of our guidance range and adjusted EBITDA exceeded the high end of guidance. But I'd like to note that some of this upside was a result of a couple million dollars in favorable revenue and cost timing between Q1 and Q2 that Vinay will discuss in just a bit. Now I'd like to share an overview of our first quarter financial highlights and provide some insight into our booking trends and our operational initiatives within the financial health and patient care businesses.

Speaker 2

Q1 bookings totaled $22,000,000 compared to $24,000,000 year over year and 14,000,000 in Q4 twenty twenty four. And given the strength of last year's first quarter, we are pleased with this quarter's bookings that came in ahead of our expectations. We successfully signed two thirds of the bookings that slipped out of the fourth quarter, and we'll continue to update you on the remaining opportunities as we make progress on them. As a note, approximately 25% of this quarter's bookings will have little to no revenue impact on 2025, which is a bit unusual. In general, it takes one to two quarters to implement our systems, but there are certain instances when the go live timing is driven by specific customer situations that elongate the process.

Speaker 2

Taking closer look at bookings, 13,000,000 is attributed to financial health, a 50% sequential increase from q four of twenty twenty four. Further, this quarter, we signed two deals in the hundred to 400 bed hospital market segment, representing examples of the land and expand strategy where we were initially brought in for a short term contract. And then based on that performance and outcomes, the scope of work has expanded. On the patient care side, we signed $9,000,000 in bookings this quarter, a 60% sequential increase and relatively flat compared to a year ago. These bookings include two net new customers.

Speaker 2

One is moving from a paper based system, implementing their first EHR solution, while the other was a competitive displacement. As we continue our efforts to increase the transparency and clarity of our business, I'd like to discuss a reporting change that we'll be implementing starting this quarter. Moving forward, we'll be providing bookings on an annual contract value basis or ACV. Up to this point, our bookings numbers were a mix of ACV for financial health and mostly total contract value or TCV for patient care. The ACV number will show just the newly contracted revenue that is expected to be recognized over a twelve month period.

Speaker 2

For the remainder of 2025, we will provide you with both TCV and ACV, giving you the ability to compare them to 2024 results before phasing out TCV completely in 2026. With that being said, on an ACV basis, our '20 our q one twenty five bookings were just over $17,300,000. Rounding out the bookings discussion today, I'll comment on the ongoing uncertainty related to future health care funding as well as the potential impact of tariffs on many US businesses. While we believe this could potentially cause our customers to slow down their decision making process as they take a more cautious approach to allocating their capital, we still firmly believe the need for our solutions remains strong. In times of uncertainty, it's more important than ever that hospitals and providers are collecting all the payment they're entitled to, working to eliminate excess AR days, and improved days cash on hand are valuable tools for prepare for preparing for the unknown.

Speaker 2

Shifting gears, on our last call, we discussed applying the same approach we took towards our financial initiatives in 2024 to our operational initiatives this year. As you know, in January, we brought on Meredith Wilson to lead our financial health division. For the past three months, she has immersed herself in the business, observing and learning as much as possible about TruBridge. After completing her first full quarter at the company, she came away with a few key observations. First and foremost, Meredith built a deep understanding of the vital relationship between TruBridge and our core community markets.

Speaker 2

Being that we are the only services and tech vendor solely dedicated to this important US market, we have a truly critical role in the livelihood, solvency, and sustainability of our clients and their communities. Secondly, she saw firsthand the importance of exceptional customer service in delivering the financial results expected from our RCM clients. In order to provide this, we must attract, hire, and retain the right talent both domestically and offshore. At the end of the day, it's the knowledge base and people who really make a difference in client success. Lastly, she's identified an opportunity to capitalize on our tech stack by responding to a clear demand for automation.

Speaker 2

Meredith observed firsthand that our community market is intrigued by the potential of using AI to drive revenue cycle improvements. In response, she intends to further accelerate innovation in the financial health team to automate CBO workflows. Meredith took the insights gained from her first quarter in the role and carefully mapped out a plan of action that ensures our workforce transition will continue to progress smoothly. Our assessments and recommendations are grounded in creating customer delight. Coming off of a solid q one, we are increasing our investments in the following areas.

Speaker 2

First, we will standardize our global hiring process and establish a centralized workplace to streamline our operations and strengthen team dynamics. To that end, we are currently in the initial planning process for the new location and will provide updates in future quarters as the efforts unfold. Second, we are experiencing slightly elevated levels of customer sales customer satisfaction challenges, so we are evolving where and how the work gets done and we'll continue to evaluate the right mix of global and domestic workforce and use of automation. At the end of q one, we have about a third of our CVO clients being supported offshore, showing continued progress towards our goal of 60% by the end of twenty twenty five. And finally, on our last call, we noted that approximately 60 financial health clients are up for renewal in the next twenty four months.

Speaker 2

In the first quarter of this year, we secured nine out of 11, which was in line with our expectations. Turning now to patient care. Our customer retention stands at 98% excluding Sentric for q one and compared favorably to the first quarter of last year in the mid nineties. As I've shared previously, expanding the wallet share within our customer base by delivering new offerings and converting clients to our SaaS solutions is a priority. We continue to make good progress, highlighted by the sales team meeting last week where we shared customer insights, success, key value drivers for the new SaaS bundle and TruBridge Analytics.

Speaker 2

In addition to nTrust, which is a volume based SaaS offering, the sales team was equipped to begin in the second quarter selling a tiered SaaS package that is inclusive of only our EHR offerings and not based on collection volumes. With the additional sales preparation around TruBridge Analytics and the new SaaS bundle, we believe they are equipped to support the long term success of our clients by creating greater efficiencies. With that said, we added four net new SaaS customers in q one, including two centric conversions and two interest deals. So the solid start to 2025, and I'm incredibly pleased to have the strong management team alongside me as we work to bring operational and financial rigor up to the levels I know we can achieve. At our annual client conference later this month, we are looking forward to connecting with over 500 customers.

Speaker 2

The investment we make each year in bringing our clients' education, thought leadership, and networking is only a part of the equation. Even more important to us is the opportunity we get to spend with end users and decision makers, which gives us a deeper understanding of their perspectives and their needs as leaders in the rural and community hospital market. This has always been the most valuable outcome for us. To close, we we remain committed to furthering the initiatives we laid out to you at the end of last year and enhancing transparency along the way. With that, I'll turn the call over to Vinay to dig into the financial results.

Speaker 3

Thank you, Chris, and welcome everyone. Today, I will start by giving a quick update on our 2025 priorities, and then I will review our first quarter results in further detail and finish by providing a guidance update. Overall, we had a great q one twenty twenty five. I'm also pleased in the continued progress on my key initiatives, which I will share. We continue to focus on improving working capital management and generating cash flows to repay debt.

Speaker 3

In q one twenty five, cash from operation was 5,400,000.0, which was 7,400,000.0 better than q one of twenty twenty four. Our accounts receivable was down 12% and DSO was twelve days better compared to the prior year. While there is still room for improvement, I'm pleased with the fact that we were able to pay down additional 3,000,000 of principal on our debt in q one, bringing the total repayments to $26,000,000 since January of twenty twenty four. Our net leverage ratio, which we define as net debt over LTM adjusted EBITDA, improved to 2.4 times in q one twenty five, down from 2.8 times in q four twenty four and down from four four times a year ago. We are pleased with these results and would like to maintain the leverage around these levels.

Speaker 3

In addition, we remain committed to optimizing our business to improve profitability in 2025, and the results of q one were very positive in that respect. Q one twenty five adjusted EBITDA margin of 20.9% were 860 basis point better than the prior year, largely due to the revenue growth combined with the global workforce initiative and our continued focus on expense management. While q one adjusted EBITDA did benefit from approximately 2,000,000 of timing between q one and q two twenty five, which I will explain shortly. We were pleased with the continued year over year performance. Finally, I'd like to provide an update on our efforts to improve our accounting processes and forecasting accuracy.

Speaker 3

Specifically, we are making progress in the remediation and sensing of our key controls and building additional analysis to increase the predictability of our results, particularly around our labor costs and customer revenues. This will be an ongoing initiative throughout the year as we work to improve our headcount management and forecasting processes. Next, I will review our first quarter results starting with our bookings transition from a mix of PCV, ACV to a fully ACV. As Chris mentioned on as Chris mentioned, on a TCV basis, we reported $22,000,000 in bookings for q one. Historically, we have reported bookings as a mix of TCV and ACV based on the nature of the booking.

Speaker 3

For patient care, where we have provided booking on a TCV basis historically, we will continue to do so in throughout 2025, but we will also provide them on ACV basis. This will give you the ability to still compare to 2024 results as we make the transition. In 2026, all bookings will be reported on an ACV basis only. Let me discuss what this means in practice. Patient care bookings on a TCV basis showed three to five years of expected revenue.

Speaker 3

Going forward, since these bookings will be reported on an ACV basis, they will only include the revenue expected to be recognized over a twelve month period. There is no change to financial health bookings as it already was on ACV, reflecting twelve months of expected revenue. This new method of reporting should make things much clearer and easier to understand our revenue potential. Turning now to our first quarter financial results. Revenue in the quarter of $87,200,000 reflected an year over year increase of 3.7%.

Speaker 3

I'd like to note two things. Firstly, q one of last year included fifteen days of ASD prior, it's the divestiture, and the impact from sunsetting the centric product. Normalizing for these two factors, which accounted about $2,000,000 of the year over year variance, revenue would have been up 6.5% primarily due to the growth of our core CBO business, which was up double digits in the quarter compared to the prior year. Secondly, q one twenty twenty five revenue benefited from approximately 1,000,000 in timing due to a license fee for a customer in financial health and some installations in patient care that fell into q one instead of q two as originally anticipated. Financial health represented 64% of total revenue coming in at $56,100,000, a 5% increase year over year.

Speaker 3

Patient care made up the remaining $31,100,000 and was up 1.3% compared to a year ago as growth in SaaS offerings and some timing of installation revenue was partially offset by the revenue decline from EHD and Centric. Excluding the impact of EHD and Centric, our core patient care business grew 9% year over year, primarily from the centering of our core business and the installation revenue timing mentioned above. Gross margins of 54.7% increased 430 basis points over last year. This increase is largely attributable to financial health gross margins of 51.6, which were up 700 basis points from last year, driven by the revenue growth in our core business and some benefits from reduction in labor costs through our offshore transition. Patient care gross margins were flat year over year at 60.4% as run rate cost optimization savings of 2024 that offset by high margins of declining centric business.

Speaker 3

Operating expenses of $39,500,000 represented 45.3% of total revenue compared to 51.1% a year ago. The year over year decline was driven by the cost optimization actions implemented since q two last year and lower sales and marketing expenses, including the timing of internal annual kickoff meeting, which has historically occurred in q one and was rescheduled to April year due to poor weather conditions in Mobile, our headquarters in q one. This sales kickoff meeting is separate from our typical annual user conference, which also occurs in q two. The impact of which is a combined 3,000,000 of incremental cost in q two then compared to q one due to the timing of these two conferences. Adjusted EBITDA for the quarter was 18,200,000.0 with the adjusted EBITDA margin of 20.9%, up 860 basis point compared to the prior year.

Speaker 3

As I mentioned earlier, q one benefited from approximately $2,000,000 from timing, including the 1,000,000 of revenue timing and rescheduling of our sales kickoff sum. Moving now to the balance sheet. We ended the first quarter with 10,100,000.0 in cash compared to 4,100,000.0 a year ago and our net debt of $158,000,000, which reflects a net leverage of 2.4 times. Over the last twelve months, our DSO improved twelve days. However, DSOs were flat sequentially, which I anecdotally attribute to the ongoing external policy uncertainty that Chris noted, resulting in customers being more prudent with their cash.

Speaker 3

We are closely monitoring the situation and working to keep improving our collection efforts. Finally, turning to guidance. Before getting into our revised outlook, I want to reiterate that one of my top priorities this year is to improve our forecasting process, which in turn should continuously increase the predictability and visibility of our business. As you can see from this quarter's EBITDA outperformance, we still have some work to do. We are maintaining our revenue expectations and increasing our adjusted EBITDA range to incorporate the EBITDA upside from the first quarter.

Speaker 3

Revenue from 85.5 and 87,500,000.0 and adjusted EBITDA of 12.5 to 14,500,000.0. For the full year 2025, we expect revenue between $3.45 and $360,000,000 and now expect adjusted EBITDA of 60 to 66,000,000, up from the previous range of 59 to 66,000,000. In terms of our quarterly guidance, q two revenue will be down from q one primarily as a result of timing of some revenue we got in the first quarter. The sequential step down in adjusted EBITDA is mainly from the following three items. Approximately 3,000,000 related to our annual user conference, which is always in q two, and our annual sales kickoff meeting, which was canceled in q one due to weather conditions and rescheduled for q two.

Speaker 3

Number two, the previously mentioned $1,000,000 in revenue timing due to license fees and installations that were recognized in first quarter, which we had expected in the second quarter. And third, approximately 1,000,000 of incremental labor cost due to the annual cost of living adjustment done from q two onwards and some incremental investments in financial health to ensure the right mix of global and domestic staff and automation that Chris mentioned previously. As we wrap up today, I'd like to reiterate Chris's sentiments that we feel we are off to a strong start with these first quarter results. I'm proud of the progress we have made on the strategic, financial, and operational goals we set for ourselves and look forward to the continued execution in the coming quarters. With that, we can open the call up for questions.

Speaker 3

John?

Operator

Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press followed with the number one on your touch tone phone. You will hear a three tone prompt acknowledging your request. If you would like to cancel your request, please press 2.

Operator

Please ensure you lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from the line of Sarah James from Cantor Fitzgerald.

Speaker 4

Thank you, and congratulations on a great quarter. Could you give us a little bit of context on how your conversations are going? There's a lot of news on the policy side, tariffs that can affect hospital budgets. So how is that filtering down to your conversations and, the timing of your sales cycle?

Speaker 2

Sarah hey, Sarah. First of all, thanks for the nice words. You you broke up a little bit, but I but I think what I put together was you're looking for additional color relative to potential policy changes with the customers. Is that right?

Speaker 4

Yeah. How the the political or tariff risk is impacting how they view timing of new purchases or expansion.

Speaker 2

Yeah. You know, so right now, yeah, obviously coming off of a a nice q one from a bookings perspective. We haven't seen the immediate impact to it, and our conversations in q two. We continue to, you know, have nice progress on the on the sales front. I will say that the overall sentiment is just a.

Speaker 2

Absolute uncertainty. Of what's gonna happen next. You know from our standpoint. I don't think it's as much about the tariffs as it is. Now that we're starting to get some previews of how the the the budget going forward may potentially impact our customers.

Speaker 2

I think they're just bracing to see exactly how that's gonna shake out. You know for us I think the the biggest areas of of of challenge could potentially be around any any changes to Medicare expansion. And then also any changes that we see from a from a reimbursement standpoint. There's obviously quite a bit of conversation around the the payment parity, but but no clear line of exactly what that is. You know what I would say and we continue to have the conversations with our customers that, you know, performance in their revenue cycle is absolutely you know.

Speaker 2

A huge priority and regardless of what change comes. From the pilot from Washington. They need to be they need to be with a partner that's going to be waking up every day making sure they collect every dollar so. Again I would say right now it's a little bit cautious but- we'll continue to monitor and keep you guys on the front page.

Speaker 4

Great and then one more for the next could you refresh us on how you're thinking about the potential for 2025 net savings from reducing duplicity of offshore and onshore staffing? Thanks.

Speaker 3

Yeah. No. That's a great question, Sarah. So as Chris had mentioned, we had moved 30% of CBO customers in the in in last year. And right now with Meredith coming in, we are trying to make sure that the savings potential is is there.

Speaker 3

So if you look at that overall gross margin, a good contribution of that is coming from offshore savings. And what I would say is, right now, I'm not giving an exact number because I'm trying to make sure Meredith's full line of sight and some investments that we will make. But I would expect in the mid single makes mid single digit millions is what I would expect for the full year.

Speaker 4

Thank you.

Speaker 2

Thanks, Sarah.

Operator

Your next question comes from the line of Jeff Garro from Stephens. Your line is now open.

Speaker 5

Yeah. Good afternoon. Thanks for taking the questions. I was hoping you could speak more to Meredith's plan of action, and maybe you could tie that to any early impact on retention or or maybe, you know, given how that will play out over some period of time, any change to your goals around financial health client retention.

Speaker 2

Yeah. Hey, Jeff. Thanks a lot, for joining and and good question. You know, what I would say, we're we're working on and what Meredith is is probably, you know, mostly focused on, again, is the the client delight and Retent overall retention. I I think where we're focused is making sure that as we, you know, continue to scale up our India operation.

Speaker 2

That we wanna make sure as we're, you know, hiring varying levels of experience from an employee standpoint. That we've got the infrastructure in place to make sure that, you know, we're getting quality output as early as possible so that the the customer impact you know, is a is a positive experience. So I think that's really what, you know, some of the learnings from last year to this year. And, you know, as you heard in the prepared comments, as we think about what a what a physical footprint I can do for us to be able to have that academy. I to make sure that you know one we're getting the training the consistency there that we need.

Speaker 2

The the oversight and just the continued. Efficiency of the work is being done.

Speaker 5

Got it. That that helps. May may probe a little bit further on that topic. There were mentions of mix of of onshore versus offshore labor and also discussion on automation and investing more there. You know, I I know you've done some robotic process automation in in the past and and, you know, kind of talked about client reaction to that and and various levels of success.

Speaker 5

So help help us parse out kind of what's the continuation of your your kind of long term plans there to to offshore more and to bring more automation to to the table, and what's really, you know, incremental today versus where we were a couple months ago.

Speaker 2

Yeah. So again, you know, we've we've set the bar for the next target at 60% For our staff conversion that's not the ultimate goal I I do think it's fair to say that that I don't think that we're shooting at a % being the final number that we get to so therefore. That's how you get to that mix of domestic You know can it be 7585%. I think as we get to 60 and and beyond I think I think we'll be working that out. From an automation standpoint you know this goes back to you know maybe some of marital's learnings of continual effort on the standardization of our processes which will enable us to be able to leverage that automation as much as possible.

Speaker 2

So you know still early innings from our perspective as far as normalizing the way that we do work from customer to customer. You know part of this transition to the offshore model was moving from a a client approach to more workflow driven which does lead to more standardization and then lend itself to that that automation opportunity. You know, continue to continue to be optimistic about what the opportunity is in front of us. Again, 60 is is just a waypoint. I don't think hundreds of the the the final destination, but the automation is definitely the the variable in there.

Speaker 2

And and as we get momentum around that, I think the team will become more excited and confident about leveraging it and and workflows going forward.

Speaker 5

Got it. Thanks thanks for those comments. And one more for me, maybe to try to tie some of that in into the the EBITDA expectations. And, you know, I'm definitely understanding the the moving pieces between q one and and q '2 and the the nice outperformance in in q one. You know, I would say that the the temptation is there to look at the the first half as as a whole and just extrapolate that to the the second half, and that puts you, you know, about at the midpoint of your guidance.

Speaker 5

But may maybe you could you know, just looking at the first half as a whole between the results and and the guide and and what you have planned for the the second half, help us think about the the different puts and takes about first half profitability versus second half profitability as you, you know, you you dial in the onshore versus offshore, you you invest more in automation, and you continue to grow the business. Thanks.

Speaker 3

That that's a great question. I will be, like, I think you have you put it very rightfully. I look at the first half first. We have a little strong results. Some savings we got.

Speaker 3

We are in barring the one timers or the seasonality of expenses that we said. I think if you take the midpoint of the guidance, we feel, we have a good line of sights to getting there. Now what we would what I would like to always keep that is once, like, the guidance I've given you for, q, q two. For the full year, I kept it at the same level because if once Meredith settles in as we find opportunities of making some investments or some headwinds that we say I have enough flexibility to doing it. But at this stage, I would say that the pluses and minuses, these are the following for the second half.

Speaker 3

The savings that I would get from global offshore as it settles in on a net basis is is what we will keep monitoring to just make sure, like what Chris said, standardizing the operating processes and all that stuff. He's yielding employee productivity having more metrics to measure. But we will, at the same time, will continue making investments whether it's on the automation or the flexibility of mix between domestic and offshore will continue to go in there. So that's one. The the the overall, I would say, the fact of last year where we if you remember, we had that, quarter last year, we did from the second half savings that's yielding so far in this year, which will continue.

Speaker 3

So and then the revenue growth that we expect in the second half of this from the bookings of q one last year. Overall, patient care, if you see, has started growing a little bit. Some of the stickiness of some of their bundles is a little more I would say I'm cautiously looking at how they stick. And that is where I feel, should give me the confidence of looking at the guidance for the second half. So how I look at it, Jeff, there are couple of two or three ways to get to that EBITDA guidance, but it obviously goes through revenue pieces and some of the initiatives that we have put in place from patient care as well as from a Meredith.

Speaker 3

Some of her thoughts and her plans are coming to fruition.

Speaker 5

Got it. Thanks again. I'll hop back in the queue.

Speaker 2

Thanks, Jeff.

Operator

Your next question comes from the line of Gene Mannheimer from Freedom Capital Markets.

Speaker 6

I wanted to ask about the the non subscription component of patient care bookings. It it was the lowest that you've recorded in a couple of years. So I just wanna know how we should think about that big picture. I mean, you you called out a new a one new customer that that didn't have automation previously. But but is the EHR game now really a market share play?

Speaker 6

And and how should we think about patient engagement? Thank you.

Speaker 2

Yeah. Thanks for the call, Jean. Are the question, Jean. You know, again, we we have seen, specifically on the net new EHR opportunities. Obviously, the shift to the SaaS model has taken full effect over the last couple of years.

Speaker 2

I would think that that part of the part of the issue or part of the change in the one time versus recurring revenue on the patient care side would be around some of the last year specific to maybe our AUR reporting, which is a antimicrobial requirement, from the from the government, Which did have some implementation fees up on the on the front end of that Creating some of that one time revenue opportunity. The vast majority of the new offerings that we have I say vast majority. All the new offerings that we have are really a % of the sash model. So as we think about even the implementations on some of our- new EHR offerings. We are you know smoothing that out across the the the life of the contract so.

Speaker 2

We don't have that lumpiness and see that that that spike in revenue. But then you wanna add No.

Speaker 3

I think that's that's alright because there was, like, in patient care, some of these AURs that you mentioned, and they have they create some lumpiness. But whatever we had launched last year, some of the ERP solutions as partners is yielding results, which are all mostly, if not all, recurring revenues.

Speaker 6

Yep. Yep. That that makes total sense. Thanks for that, guys. And my follow-up would be on the financial health side.

Speaker 6

Congrats on those wins in the 100 to 400 bed range. And I'm not I don't wanna split hairs, but were those deals concentrated in the lower end of that band or the upper end of that band? Because I well, I think that's been telling.

Speaker 2

It's good question, Jean. One of them is just over the bar, over the hundred bar and one of them is actually closer to the top end of that. Again I think it's important to call out that you know setting the remarks. We we started engagement with both of these with very small opportunities very much of the land and expand expand or you know prove it prove the value of true bridge to these customers. We did and they deal that you know very nice opportunities which are not additional one time projects but but recurring opportunities going forward so.

Speaker 2

You know there is a there's ever been the need. For the RCM services in that hundred to 400 bed space. As there is in our you know more traditional EHR. Sub 100 bed market. So we continue to be excited about, you know, continuing to see traction there.

Speaker 6

Alright. Great. Well done. Thank you.

Speaker 2

Thanks a lot, g.

Operator

We don't have any questions at this time. I will now turn the call over to Chris Fowler. Please proceed.

Speaker 2

Thank you, John, and thank you all for your continued interest in TruBridge, and a happy early Mother's Day to to all the moms out there listening. Have a great rest of your week. Talk to everybody soon. Bye bye.

Operator

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

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