Streamline Health Solutions (STRM) 23 Apr 202019 Q4 Earnings call transcript

Greetings. And welcome to the Streamline Health Fourth Quarter and Fiscal Year 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]

conference recorded. this reminder, a is being As It Mr. my pleasure your host, to introduce is now Salisbury. Randy you, Thank sir.

You begin. may

Thank you quarter for results XXXX, of joining ended us to Health which for review Solutions the XX, fourth January and year Streamline fiscal XXXX. the financial

call conference name my indicated, is operator Salisbury. the As Randy

Officer communications, Senior Relations. including As Marketing President Health, Streamline Chief and at Vice Investor I and Sales here manage all

Tom President will of prepared on me the and Chief Joining the Chief Chairman question-and-answer Officer and remarks, call are At Green, call Officer. a Executive and Tee today’s Board; the open Gibson, Financial of session. for today conclusion the we

from If numerous not press the have at anyone www.streamlinehealth.net of financial does results, our call release copy on participating a announcing websites. full it you company’s or today’s website at text these retrieve can

prepared may are we how Before should for the therefore submit we we clear certain following provided the the of record viewed. begin We earnings be information all today, on for with be want with our record, statement. to sure which be remarks, everyone calls, as

this XXXX. made to uncertainties, within the we conference cause could the differ assumptions from Securities discuss. other to of materially that Act historical facts are on those subject may are forward-looking considered meaning statements First, Private Reform factors that Litigation statements These not are to of be call and risks, actual results

risks, U.S. assumptions, Securities earlier Annual information Commission, other Please refer uncertainties these Exchange Report the filed proxy to the and and a and for this statement with company’s press our and more factors. made Form and most releases about including week recent XX-K filings

as current analysis always, today. As of presenting of these management’s items we’re

the obligation call will risks when publicly on topics or revise Please not such commitment Streamline undertaking should these note to made account statements today. take into this is Health we any forward-looking participants any discuss. Our evaluating

non-GAAP will as financial adjusted measures we such discuss Second, EBITDA.

the sale basis provide pro a announced Management into we which our in of insight XXth we performance. successfully of press a figures our February on help and closed XXth. as presenting on result some In year a to better on business, measures release are forma addition, this of financial these uses February

are calculations certain differ these and in from calculating expense those, of may income so entity may in these included which measures, not their measures. non-GAAP However, another items utilize own

our To help streamlinehealth.net to and you measures. compare a terms, earnings the GAAP comparable of refer website to release our amounts consistent such non-GAAP please these on reconciliation measures for most at

Chief like the over Tee? Officer. I to Executive President would turn call and now Tee to Green,

thank us all and you, morning. joining Randy, for this you Thank

my incredibly I comments are facing and and Before I year by performance, fiscal during begin pandemic. on difficult acknowledging begin to the healthcare our provider quarter situation our COVID-XX dangerous fourth customers this want XXXX

thousands affected and By it to citizens been of have this of the in showing help. who be themselves virus. harm's and hundreds by American, for putting to answer all the They what means to call an are caring way our us

Our of prayers with thoughts them. are and all

taken of of pandemic. ensure team our At safety action in Streamline light we've Health, this to the

City already New our of the in had following to to staff successfully our Fortunately, the from staff our significant a transitioned home work rationalization transitioned remainder office in of and of York we March, portion status. teleworking, early XXXX space

customers our times. to to continue grateful are life our remain to support We trying this and during team daily these who productive system despite members disruption hospital

by business course, our care crisis, have, system perspective, deeply of margin, elective patients. ongoing low seen been by procedure customers hospital replaced a the they critical margin their high business have From but impacted

are all like symptoms. patients see well this creating organization impatient their more they and they, to of revenue things pandemic are But suffering from the tell should Customers of us is is prospects us current their normal return and be aware as shortfall for those to times. it COVID-XX focus to the treat rest

have will due When forms and there they demand be the efficiently ever. for that healthcare greater of happens, all billing generate than predict will to high delayed be need this quickly to been a accurate that pandemic and

and solutions pent-up so I our for solutions significant customers. we year non-critical procedures The is services. this our of opportunity demand new critical QX other in believe for reflection will a in of new dollars fact a a how fiscal elective about are and software evaluator to provide that signed have this our auditing our bookings million far

of the ongoing our in and CDI growth our grow eValuator, core with beginning a fiscal abstracting SaaS-based in auditing XX% greater business. pace year including XXXX. suite along services we will XXXX from this at revenue At and approximately of tools, accelerate anticipated The year, of fiscal

But relative far, around made first until quarter on the customers. of financial there suspend the certainty our we've Coronavirus bookings to decision despite the and economy more our the overall for of effect strength our guidance so magnitude our is

Randy pipeline, financial guidance about shortly, we excited But to specific which our remain opportunities performance growth. encouraged and the approach for the our XXXX time. prudent at this off believe of discuss providing Given on will for is vitality hold

On key our fee improvements eValuator and make third the outpatient quarter for product call, want settings. to to professional that we we inpatient, discussed some

our slowed focusing our the we improvements making period activity, some management this of when are technology. on COVID-XX During prospects time of the product efforts evaluate has and pandemic buying

fortunate to of current well. from as to legacy the sale and clients are improvements position upon we these in business, institute our feedback the capital prospects Given the based have ECM necessary

for module. of the both outpatient Specifically, the reporting the finish expand of to our versions and is working inpatient dashboard eValuator, and team functionality to outpatient software for the functionalities

We improvements value on most and clients recommended that and to are the action prospects the customer deliver alike. taking actively will feedback listening

manage the team for our ECM the providing issues better is customers structure, through strides nimble, in solutions in more our of Streamline cycle. the sale and focused the expanding our our legacy customer help successful company middle core of in to business. solutions, hospital highly position reshaping services Today, revenue growth our base company great SaaS-based and made for enabling XXXX, the During to cap us our

healthcare From we initial more that build industry becomes value capture charge the the increase offerings to believe complex. will our of as drop, only

to helping in auditing movement, are In see we leading. customers eValuator value are of industry the pre-bill the focused marketplace. on Our

customers in of academic large our for another Midwest. academic large west the facility call hosted in facility reference recently the a a One

the real stated our out the the customers actually the tool During quote, have past coders, experienced eValuators using call, describe I many of unquote. feedback the of She over will that to only benefits there provides time eValuator years. they couple and

eValuator matters HLXX. five Within returned analysis, epic patient workflow it to down the doesn't the or seconds, billing record to this is a three what And work she all, in either most further which our record, said, through the coders simple to the to at coder for she code then feature submit slow to unquote. quote, was added, to her sent and

well-known firm Last they using the and cases XX,XXX out auditing only fall, this found auditors, services post-bill large of reviewed six customer a independent audit conducted a by changes. DRG

client stage They the of how large incredible their are you gave to fare And a listed Our for accuracy late the prospect share this eValuator Midwest. use with prospect to keep the before we eValuator. quarter. credit lion's the in loop ask, of coding you our will as second this in as in I

We release, will review fiscal figures greater the XXXX. some compared generated review Tom as during to numbers of in press million want to I the XXXX, in of gears, yesterday's from $XX.X detail. Gibson revenue topline $XX.X fiscal then and usual, Shifting million year as CFO our

believe perpetual our result $XX I'd decline of revenue I go-forwards that to stable sales. million was was like revenue lower business this of growth environment, that the our our from revenue our approximately able in solutions. The by primarily future, solutions ECM to approximately XXXX all near and the legacy generated XX% now generate which I note of business hope in know very our be year. from go-forward to volumes see would exited company a we

revenue the compared to year, recurring, For in revenue relative XX% the total total services strength due audit our XX% of business. fiscal of XXXX, of to fiscal was

in million, $X.X X% adjusted EBITDA compared was up XXXX fiscal $X.X to Our million XXXX.

million cash the close of and cash year with equivalents. We $X.X

added an ECM net our However, the the additional beginning on closing in $X.X year. at of That in upon new our balance and resulted million XXXX. business to this sale funding February fiscal XX, of proceeds cash

business our closing, continue will employed. XXXX. government's funds date followed like many But come of public will effort including have to with our that to add to ECM of the the cash other May financial we to assistance of associates beyond the our keep companies, escrowed sale The in interest provide great company

with Bank, our submitted concert and application. successfully We Bridge we was Early later week that two notified completed days approved. in were our application last PPP

debt of X% as awaiting an confirmation small a you sure rate. funds, our grant half employees the amount in to these are of I'm affordable receipt all and mostly attractive are know long of which keep we as We very interest in

provide an as on we these know update more. funds will We

Turning our attention now to sales.

at [Audio Officer addition of the Gap] Chief You year the roles may to beginning Sales recall for expanded early Chief we include his in Officer February, in to Randy’s responsibilities. Marketing that fiscal

sales relationship to developed since He that for been inside corresponding also that Randy refine tools Streamline continue during a eValuator XXXX leader has we the all for been and our management has responsible team. for and client positioning our time. brand

that it newly of the for the When path determining Randy across after growth formed business. sales our client most company for were is a was responsible our significant ECM, to-date some we directly the evaluating contracts business. forward leader right clear he was

Now ground. seeing to I'd current on like what to effort mic he back our sales and him for Randy? is of overview the pass an the

of includes end offerings previously and bookings quarterly an we $X solutions, Thank met range. that from $X you, the we about XXXX, new of million ongoing In Tee. on all and ongoing bookings goal We SaaS average, which $X new audit our million of million to of core announced our lower on services. business, of of closed our had

in we see beyond, when growth sales. XXXX talk primarily about As and I eValuator it, about talking we are

the seeking I've our to also be an and entering our benefits an to proactive services team auditors, long tenured sales this in and fiscal with these of the challenged first-hand audit out in excellent However, year, clients power services see auditing technology. reputation eValuator opportunities in opportunity given industry are more

believe in to total which during our Looking quarter which new beginning the of again, bookings point, to a bookings performance in of new ability that size meetings we and year. thus sales at million $X.X extraordinary began in generated services of with COVID, to impact this closed deals, team client. dollars this importantly, mid-March, of increase our even course more our from approximately will first $X QX, affect number And is in modifies I the far about audit get the eValuator

is there of coming deal closings pandemic entire procedures the and we'll acceleration the and the with as Tee the and I'm mentioned, team COVID-XX pleased in see as effort elective attitude believe I and quarters, returned. recedes,

pleased with also of and I'm vitality of sales eValuator pipeline prospects. our the strength

We environment. earlier expect accounts slower for of the value relevant and new ever be highly comments. eValuator current that than margin more Tee’s intense engaged especially see But our will and as our products is remains the close in they to contraction motivated team

slowdown some to home. specifically, while ability our pressing prospects I from month few out to a they a work the us needs a a in about mentioned conversations weeks as to most through pipeline in we've to of get the work dozen XX meetings. a adjusting today, about sales asked More delay total for for experienced new our have of

established can both meet But million of bookings when business deal terms in of quarter given of number per strength the total opportunities, quarters our to begins to potential size the and believe we $X or the million exceed environment $X in pipeline future targets improve. in

questions-and-answers who I'll Gibson, CFO, remarks. be our available like our results now, XXXX to I'd to for for will and following detail. the prepared turn Tom? fiscal over review year in financial greater the Tom call But for QX

company Thank fourth XXXX. to it first, XX, initiatives you results critical has quarter quarter. the the good as in morning January for third on on the you, These everyone will reported to the ended to is The Randy, call. highlighted and be financial built the

banking third quarter, funded These the related include that of completed assets our shares new in on was closed relationship the our our and finalizing sale raise February with the of XXXX. Bridge Bank XX, the that redemption preferred ECM capital and

did critical on for These the velocity I very and company's I and order had short teams these supports embrace our to a that culture. period of proud our they occur execution in am in believe initiatives. into executing of this of time, the

And credit in facility have closing continue relationship Bank, the fallback to finance upon company not The with revolving we company of the successfully that company receivable. quarter as while completed expected banking our company assets or This more. is with the new anticipate balance two XXXX future. the its funds course, that distant paid inexpensive to access the cash accounts company years will the for PPP of term receiving the will the the to our loan fourth in is sale provide ECM mentioned, Bridge an to Tee the upon of based too

from As the growing fast the company will the a ECM atrophying revenue its funded the previously was healthcare stream on based last sale to required moves cycle. legacy the February XXth. becoming sale and technology of was The announced, the revenue year. of company asset its of assets of company the focused achieving sale closed middle ECM free ultimate that the every on represents one of This goal that

and as business base and stream amount for the remove current the the a from operation, with will periods. XXXX, will This and revenue solutions of the this related ECM the revenue discontinued which ECM GAAP company statements growth from first appropriate Beginning quarter of remaining prior from financial will costs the eliminate the services. and show report

an all rate are initiative key of how forward. on growth about to the achieve very accelerated We excited it and this last positions company going executing

operating the me company January ended -- fourth XXXX. the to performance let the quarter for company's Now, XX, turn

revenues XXXX, approximately release, press we yesterday's in the prior the $X.X full approximately ECM XX% quarter fiscal was XX sales announced fiscal of of the As quarter we perpetual fourth for from generated from down for million year year. shortfall The the our and regarding of lower months lower revenues and to -- revenue down business. generate fourth last performance XX% approximately sequentially and periods

range the year. to revenue fiscal business select legacy clients The period which the have down revenue within It the revenue related partner Total provided of a is and months of worth historically few lower from lower of in in revenues perpetual contribution we quarter same relationship. again $XX.X X% the a XX reduction approximately were revenue, for year is XXXX company's was XXXX. guidance noting in second the $XX.X last annual the million, generated from of from that million of

and publicly fourth quarter. Turning our as now $X per the to which stated, in XXXX company in the QX million $X a of bookings between The were Randy announced target quarter, bookings target. million was $X has million, for than bookings lower

revenue contribution eValuator, of bookings pace $X comprised previous million us calls, our that substantial recurring in technology base. earnings help to QX, can a stated As XXXX a of our of represents go-forward revenue company, revenue add

implemented upsell QX company. going is in three upsell for one the bookings forward can costs That The deal. seeing XXXX and included relationship a hospital $XXX,XXX our be that closed has within technology models facilities. in our significant our QX The expanded eValuator was to was their and That and value deals of XXXX. upsell upfront quickly the little on system to

the from fiscal than higher year. Ending than Recurring revenues the were fiscal the model revenue year, higher fiscal the lower revenue fiscal basically fourth for this XX% total XXXX range revenue but year XX% for XXXX year growth supports was XX%. quarter recurring as revenue, of the Recurring for of year from which of percentage QX was quarter topline XXXX. revenue third year the fiscal of total XX% XX% the in revenue recurring last same

EBITDA $X.X and generated last of now XXXX, fiscal was last million $X.X Moving $X.X $X.X for fiscal of year. up QX we from EBITDA, of fiscal $XXX,XXX XXXX million as XXXX with compared in of QX year. million to million, QX in X% adjusted year in Adjusted

The is cost have is That impact certainly favorable we lower EBITDA to prudent continuing cost on initiative sales measures direct volumes. a the initiative successful our given positive the company's those of on containment were last completed revenue of result Some operations. year. savings lower

on cost rationalization XX a $X.X associated company expenses of year and the sale The and transition capitalized the correction and total the software of transaction $X of -- $XXX,XXX amortization fourth full to of million executive months of announced for operating with cost incurred immaterial million non-recurring a of the costs of ECM headcount the assets report $XXX,XXX error third development and of a fiscal The previously $XXX,XXX, components quarter XX-Q. the XXXX. for are the the announced quarter on expenses non-recurring in previous previously the cost $XXX,XXX,

personnel was cost. the to the year is effort with Of an be headcount in opportunities of with costs end better the rationalization these and office its at company fiscal go-forward efficient cost completed The company's align reviewing its always more revenues. back to

year. same was $XXX,XXX, the $XX,XXX with higher to deferring respectively, and company interest of for assets. capitalized cost interest fiscal year and expense compared amounts $XXX,XXX, XXXX, development our recorded the primarily the full last periods for $XX,XXX and Additionally, Lower by fourth respectively, of quarter achieved the interest software

areas, and comparable the fiscal to Turning now recognized $XXX,XXX of the year $X.X other million fiscal amortization, XXXX of in for and million with periods QX and XX year in months XXXX company of XXXX. million $X.X $X.X depreciation non-cash, compared

an In company's addition development, amortization capitalized the software XXXX. $XXX,XXX of company were recurring impairment quarter included of that fourth for the the during projects for cancelled charge to normal

result of the company week capitalized has discipline method the its development that has by and in company in completion procedures in the to spreads. software future projects starting Finally, weeks, for within or completing three of are development. inventory development. added to accelerated week one projects higher two of under The limiting agile amortization This tighter, should periods

XXXX, of respectively. also $XXX,XXX and for company $XXX,XXX and share-based compensation The recognized fiscal XXXX

our discussed period ago because compared secure compensation CEO. actions third certain continues executive Board by the the to same year quarter’s of to and in initiated to its of share-based trend the the call, a higher As earnings hiring team the

quarter. and the left fall. finished paying of at the of on is What these in seasonal sold of million all February ECM and for end to invoices with are the the legacy $X.X is XXth cash year. $X.X the third late Substantially $X months from summer annual compared of February November a legacy balance year. company hand, following to each in specifically are that in year invoices around to million company early million collected of January products. Moving approximately this the quarter and customers Those certain licenses of The uses the approximately cash was on sheet, we that business

key fiscal $X of new our Beyond year the the is capitalized spent was for asset, development to comparable million the primarily eValuator This development we and to The essential operations the year inpatient million $X.X in for sales modules. solution fiscal invested our into functionality this eValuator. XXXX, XXXX. capabilities through outpatient of software expand client for continuation and platform deemed expanded velocity

We and product to functionality to also develop are improved the dashboards satisfaction. continuing with user increase

company total have continues company both type our flexibility MD&A the into in software disclosures, R&D are to solutions. and timing, It company's the that attributed and of while development cost to company's make investments of around spend. fewer, being worth headcount being a older The research we ongoing is with the noting effort efforts down. This going legacy result less and costs reduced software proportionately refocused into capitalized solutions, is more has is its nature development. the The

quarter. XX During revolving the the draw XXXX. no December XX, free company loan we did The was not the it company term on Bank fourth as on principal $X the balance fourth the million when was credit closed first facility made payment loan, during quarter, the The with Bridge term on months. for

company the not by offering to due is of Tee, the As effects Coronavirus. on the uncertainty the based novel guidance mentioned

size periods. and will of ECM our measures Company. understand as The However, want discontinued in provide will all it to company a Health shape the fiscal impact four to Streamline we the go-forward help operation XXXX report revenue did and investors

$X.X upon $X.X think base XXXX as and XXXX million, for quarterly fiscal and million, QX back XXXX. a fiscal QX, a of Looking about on basis, $X.X QX, million of $XX QX totals year $X.X This million. million year revenues each

terms growing $X.X and of of the company's on quarter revenues the For that million in range a quarter-over-quarter per fiscal XXXX, level beginning million in from $X.X basis. to think

drawing than projects to is the fiscal $X previously range fiscal at the credit be million of adjusted million. company's For XXXX have facility. as this balance XXXX, EBITDA $X to reported, The cash revolving without company negative not projected on of end year in more the

it The they operations as are company guidance The on continues Again, certainty drawing will intended not XXXX relates these cash generating line as intended quarter guidance help numbers, begin requiring from by provide or project of to a are the is more there company around the to basis. of be its it to our size our investors our credit. the flow on return additional rather of COVID-XX. that company without soon third of as timing to go economy, forward will financing

before team's I concludes I proud wanted the am call few remarks. I to very last reiterate my But That back accomplishments the that turn of months. over to Tee, our

will We a future are culture execution as Tee? I am and new in company. and a you realizing hear that velocity releases of our about confident recurring theme

Thank you, Tom.

team cycle. we code their laser code. an with now and to what has revenue legacy has middle this that's business SaaS the moved beyond company company healthcare to Because internal leadership it's providers solutions word are, that a new help selling them now Our is and we focused that our of believe on for new

focus the do especially better to bill back denials if a cycle, of our customers accounts will drop, the minimized. to revenue end revenue We can the middle job be their charge and the cycle of in need we help capture believe from on receivable

to need happy increase organization the customer need and our efforts. committed world-class needed clients, of this velocity who a building ahead solutions provide to what To And are we have keep new to team the development to world code, market world lots eValuator happy level As we like class to eValuator with have and SaaS today of clients success sales references product designing research have ensure management top by that will meet that we're with our a class we building curve exceed expectations. the and customers’ tomorrow. talent

customers can the face they activities their to of clinical committed to team on the remained our ensuring in they lives maximize diligent tools I have their need and the who daily hospital our so tremendous have spend minimize remained they that am to system time. time to upheaval who grateful members, administrative

We movement unique all continue coding prebuilt will toward use and is traction and our that our for have the know technology. gaining analysis your to we lead of you for support of marketplace based Thank in our vision. I a offering the industry's cloud company sharing

would open I the operator. for turn over and to like the Operator? to call questions now up the we'll call

Thank question you. is from coming Matt Instructions] first of Hewitt [Operator Our Craig-Hallum. Please go ahead.

Good the for Tom? question. the taking morning. what QX? was in you have Thank you the contribution Maybe ECM first that one, Do that

Don't, for but real look it will Matt. I quick,

Coronavirus Well, shutting about maybe, the obviously, talked broader little in maybe for Okay. to -- you yeah salespeople non-essential question a environment the this you're a looking procedures, doors regarding current bit. with can't their while that, hospitals get

close being there. over coming able own get the you starting restrictions. including to anticipate due and those quickly as some wins? How As do in some to some you weeks those of look your Have ultimately states Georgia, on they're relax where meetings

follow elective Yeah. key but Matt, around by But, out. country. up. we're region, of this maybe health back some the conversations question. start. at having And let by the with county, of I'll county on are things I when it's state books. that region think put state the I'll looking we're is one systems in Thanks by surgeries cases, Randy a obviously, lot and the CEOs for And it Tee

for starts and demand. are measurement five When systems opening I key going a that think weeks what obviously say. these happening, key to or data pent a up us to is point there up of that's begin

quickly, of virus. going case. be So it we is that's is bounce the going there a so, be back But assuming not think once it the opens, to provided accelerate to

one, enough that place. seeing think, we're sent We're still number so to video a still we're used across and wire, I conference the interesting take calls, so seeing contracts speak. calls and demos are having being getting of people to

May in so, June least far timeframe, could states, in And of at late closing. these you the or actually I early see as some but a deals think, as, so dozen

at not want what it you guarantee -- up? that. that certainly I don't Randy, So any least feels But, have follow that's to in like. can

announced pursuing I Ohio Matt, that they're Yeah. Texas and going elective allowing surgeries Sure. we're that had that the And think, now. prospects. it a the working hearing, said, anecdotally in we're reason no A, those of state office. yesterday we There's I one for to longer the eValuator in what it are is great start that from that, boy, saw wish was tool

our allow better, Our accuracy auditors? of my because How dashboards busy reports my and management output? daily the right, the say, What's of reports the what's are to coders? virtual

stories that, that, we're cut revenue greater. But the instances XX% past other item is hearing some about how in up is to being by

our billing to know it the and it wait, happens being go they're every obviously, come end, squeezed make got they part capture electives have they once first accurate due the So, penny right for cash all of slowdown this on mistakes once on coding and and forward back that back, that's pitch don't and don't is your them. do that's And is, time.

the the what of it the time. And that's -- of vernacular kind eValuator first right is, do promise prep

here in in early virtual to Tee’s demos. get to plenty doing point, closures April think you'll got March And QX the well. focus We've been from of guys closed for doing echoing were while. that's and I think, that, in of still some find QX like, demos I And other on hey I near-term. guys, the we're in said So, that and hopefully, we'll a things

Understood.

coming a color thanks does there. that are for does codes and And now there that specific codes patients silly these right itself? -- in of create great question, That's for Coronavirus Okay. that or the and -- in issues are treating just

Yes.

Randy. ahead, Go

early get near amount nowhere ones happens out reimbursement there Well, care, it's the is are CMS you is the what codes for necessary. intensive into new enough. once in is April, put not virus What the of

pinch. in away more the to think practitioners variety But putting of been been right? Matt, And just it's hospitals. I a a it's more have that, them than from of So half than stopped, asked business stay has their

on and and on and And even working, ophthalmologists they're not on.

to that's come So for revenue the our middle back say we're folks. waiting of to to cycle what all

of to paid. group now see quickly get bolus coming them You're to of got them to out got going bills and get you right you a and

pipeline Okay. even we gives to environment that, you confidence open contracts And is start you things But as That's a look the would you potentially ‘XX, then it that larger the seen getting Thank last we the the the in at up, from back get Coronavirus you. necessarily helpful. current not conversion even fiscal the obviously, the Thank you of would goal that to itself if that and me, pipeline current say line, as build that you. maybe that makes pipeline rate? continued it that half to into one one challenging. it resulting back continue say pipeline, given despite build larger but you're maybe has to as

Hey, Yes. I'll Randy. but saying. you start that, take I'll by let

think come for some surgeries think this when back the thing need eValuator. done and I elective if And online. of like the what the is and accelerates truly highlighted has I this

it has going qualified, accelerated. I thing. guess five say would our become was what last the think, I But it one, is pipeline I to our just into weeks done this use. Matt is wouldn't that I word the pipeline But allowed fairly two, large more

to follow want you Randy So up? that

in again, picking we delay obviously, it to in up have were Yeah. ball meet we they're touch through saying, agree XXth go dates, they appropriate qualified that hey, it We about with forward staying with or weeks meaning stay the and ago, but be. working two whatever I how might would met by us supposed Matt May And touch, you're on now need but to Tee. it. if if means

it. -- were told end by The quarter. I we guys close would more of that's that seeing signed what they're And have would you, very this have that

I days, roll funnel. at that just think XX bottom XX really going are over to to were the ones of the the

of publicly beyond But discussed Matt, $XXX,XXX are in three which hired I current every about one and force, and mean with opportunities our in round a ones average pipeline Matt point are, everybody the every you day, and higher stage opened new not dramatically in today else the to number see numbers I more then a your years. the move week than of we've means year there for average sales every day, they

that comments a one Tee There is are of including larger in pipeline Midwest. this, from than as the that them the the mentioned substantially in organizations number see his value the higher of

Great. you. Thank

Hey, million adjusted beyond revenue and is basis EBITDA Tom February fourth the $X.X $X.X the direct generated again. Highland generated XXth. only that we these cost and That Matt. at We in you're moved million from of of This million $X.X from $X.X rationalization million quarter. And employees on EBITDA. a ECM is we looking not adjusted did on include yeah, But, topline does to ECM. that

That's appreciate great. you, Tom. that. I Thank

Markets. Brooks Our Lake O'Neil is Thank you. of coming [Operator from Capital Street go Instructions] question Please ahead.

it. Good appreciate for guys was implementation we to little timeline morning, information, I all about of eValuator. A hoping you us a lot of guys. could talk the bit

revenue installation recognition So the that of could a in? orders long system of take guys and Thanks new it from will get for for coming lot. you sense kind we a of the how

Brooks. Good Thanks question. Yeah.

Fortunately, platform. we an have technology incredible

and SaaS So of is pretty the architecture deploying the nature. easy technology the because

about the training becomes of data user. then flowing So and more into platform it getting the the end the

we about at building from in to So signing out contract it XX go days. look

Okay.

It the client, can on faster, go but. depending

the R&D of think can talk functionality initiatives some you will little focus will system? Sure. the things or the Could add you you and just bit significantly a the that of guys about of improve user specific friendliness your

the we've say, organization important the structurally not case. working couple functionality would which done where that historically been -- are platform, put drives product place a Yeah. things the had in There is, management over of the the thing several we're But last I quarters most on. in

out Streamline much a in know the we're way approach what comes funneled a more of have of which amount that we which and organization, R&D kind and is creates going. we efficiencies So tremendous of work

more and outpatient So, architectural we've look We inside we at that advanced you have sound eValuator but platform scalable. if made we the reporting. dashboards, had more things some have the

to of reporting that our big items. going it next things some quarter. are be over the the would clients and the are But to biggest are those the I of say, dashboards side see the going So

billing, all guys billing. three need I the these offer they structure you need and then it companies, systems if systems these delivery Do right? components, maybe that? recognized of integrated big outpatient hospital of of They that physician And hospital need need assume sort billing many today, they

and that's The something is inpatient the it pro-fees and roadmap. outpatient, yes, of our side on

one more if business for might and and what rough looking I'm have a the but then And here two forward? the was I know just going you of I be or you Cool. guidance, or curious guess Okay. maybe Tom, quick ones eValuator the between Randy split aren't not guidance guys auditing providing

me or you you take Tom, that want Yeah. to want to?

Yeah.

me and on top. you then the come color Let some give can

Sure.

in base stronger smaller is there forward XX% going audit base XX%-ish of to of be fiscal to or be revenue and our strongest the eValuator piece XXXX. neighborhood a services It will maybe a revenue and abstracting. CDI Our then for contribute bit going will is will probably what and XX% left little then be

mind the the these of we make way, so stacks. every it But thing sales but one in it eValuator, model is keep that to it's and SaaS adds a time incrementally,

So we XXXX. that fiscal very of only in in get $X fiscal a had we all XXXX of of that will we XXXX fiscal the recognize -- XXXX, QX only, sold fiscal in about portion small million of that but three ACV which

So going see big revenues those the how going impact you of have can to a forward. stacking

and go Yeah. I yeah, Randy That's last great. One one -- ahead.

Sorry.

contracts sales haven't we're to of least finding, going early to lot at finding and with But team. new what They most is think, of worked I modest. books are those in just first QX clients. opportunity There the that, services a with before. was the add you I add audit I'm

then we me and smallish, how goes there. Let from can something grow do see it

of for to in three numbers a standard around contract, is eValuator $XXX,XXX compared year which a SaaS. As round kind pure years

But quickly and build. So of it I of our It's use that size I to the think pretty eValuator quickly. audit I happen think the very very themselves. the we and having services to the are clients of fact for these value God don't audit want contribution choosing to the are steps creek eValuator to because them revenue don't new is, rise, surfing the find revenue going quickly, and important services see diminish will what building the and willing

I one things so apologize stuff. of for little that will can fourth various the Is XXXX this refinancing it or lot the look makes think you transactions non-recurring I largely a Well, all just, about through quarter number kind QX I think having sense. of went expenses hoping the and easier? for was and us for related the from possible give non-recurring how in we expenses summary to to

I'd be on mute.

about Sorry -- think of and of I non-recurring yes, expenses QX. about about course, $X.X million of a reconciliation that, we you're That that. a EBITDA summarize number thinking in our for

much. very you Thank

end you. to Thank floor like comments. turn session. Mr. us would the to brings Salisbury closing question-and-answer for I This our to the back of over

Thank you the you and call morning. this and thank support Health. all for of Streamline Again, your on interest

in you quarter discuss have or speaking day. to free more first information, forward XXXX performance. look We June all If when me additional need again we'll any to with at Good feel questions randy.salisbury@streamlinehealth.net. our please financial contact you

gentlemen, your and Ladies you thank participation. for

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