TruBridge, Inc.

Greetings and welcome to the TrueBridge fourth quarter earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. And please note that this conference is being recorded. And it is now my pleasure to introduce to you Drew Anderson. Thank you. You may begin.

Thank you. Good afternoon. and welcome to the True Bridge fourth quarter and year-end 2025 earnings conference call. Leading today's call are Chris Fowler, President and Chief Executive Officer, and Vinay Basi, 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. Actual results might 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-K. 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 turn the call over to Mr. Chris Fowler, President and Chief Executive Officer. Please go ahead, sir.

Thank you, John, and thank you, Drew, and thank you to everyone for joining us today to discuss our full year and fourth quarter. Before discussing our results, I would like to address two topics. First, we filed our 10-K with the SEC in compliance with the extension period. As we disclosed earlier this month, we identified certain out-of-period adjustments during final audit procedures with our new external auditor. As a reminder, this is our first year-end audit together. These adjustments are primarily related to revenue recognition and related costs, capitalized software development costs, and non-routine transactions. I want to emphasize that these adjustments are non-cash and not material to our fiscal 2025 financial statements or to our previously issued financials. While the delay was frustrating, this process reflects our commitment to strengthening our financial reporting standards and our internal controls. As you may have read in the 10-K, over the past several months, we have been engaged in a strategic review process considering a range of alternatives to maximize shareholder value. We will provide additional information as appropriate. As a result, we are not issuing formal guidance today, but we expect to achieve modest revenue growth in 2026 and anticipate approximately 200 basis points of improvement in adjusted EBITDA margins. Turning now to an overview of the numbers for the fourth quarter and full year 2025. Total revenue for the quarter came in at $87.2 million, in line with the midpoint of the revised guidance we provided last quarter. Adjusted EBITDA of $19.2 million was at the high end of our guidance range and represented a slight expansion in margins compared to the prior year. For the full year, our total revenue was $346.8 million, a 1.4% increase over 2024. Adjusted EBITDA was $68.7 million, up 23% year over year. In terms of free cash flow, we generated $20 million for the year, an increase of $5 million over 2024. Bookings of $19.8 million on a total contract value basis compared to $15.5 million sequentially and $14.3 million a year ago. In Q4, our bookings were supported by growing SaaS, strategic partners including Microsoft, and our exclusive Dragon Co-Pilot integration with TrueBridge EHR, and continued demand for our comprehensive revenue cycle technology and services platform. The pipeline we see today is encouraging and gives us confidence that our market is an environment of healthy demand. As a proof point, the dollar value of our overall sales pipeline is currently the highest it has been in nine quarters and has increased 53% since the beginning of Q3. And the increase we are seeing is diversified across our business. If I compare the pipeline today to earlier last year, approximately 14% was from opportunities greater than 100 beds, and that segment is 30% of the pipeline today. At the same time, we are improving the quality of the opportunities. The percentage of recurring deals represents greater than 70% of the pipeline compared to one-time projects, a noticeable improvement from approximately 57% last summer. Additionally, our higher margin encoder solutions continue to gain traction. During this period, encoder pipeline growth increased 74% driven primarily by strong performance in new business and our channel partner ecosystem. We are confident that between our new leadership team and regionalized coverage model, we expect to see successful conversion of this growing pipeline and healthy demand environment. And while we may be a quarter to away from consistent quarterly performance, our commercial engine is on the right trajectory, and we expect to see contingent improvements down the road. I'd like to take a minute to talk about customer retention, specifically financial health, and how it has acted as a headwind to us and the actions we've taken to begin to mitigate it. We started our global workforce transition in earnest in 2024. Over the course of the year, we saw a decrease in retention in our CBO customers as the onshore and offshore teams figured out how to work best together. In 2025, we took several decisive actions to strengthen the process and simplify it for the customers. One key action was bringing in the necessary experience in managing global teams and executing successful transitions. Earlier last year, we implemented a more structured transition model with stronger oversight, better visibility into performance across the full transition cycle, and deeper collaboration with the customer. It is still early in the process, but we are seeing progress in the results so far, and believe that the operation model is repeatable. Additionally, we opened our new Global Capacity Center, or GCC, in Chennai last month, which represents a significant milestone for our cross-shore global delivery model. With all this in mind, we will continue to monitor progress, and our transition initiatives will be interlocked to our continued performance improvements. We are also focused on our comprehensive AI strategy. We are currently pursuing four pillars that span our entire organization, financial health, patient care, customer service, and internal development. On the financial health side, we are working on a solution to predict claims denials earlier and more accurately and taking the corrective action to get the claims approved on the first pass. In patient care, we are leveraging ambient technology through partnerships with Microsoft. In a pilot that we are running at a regional hospital, we are already seeing results with providers spending more time interacting with patients and meaningfully less time documenting the interactions. We are pleased with the response from HIMSS attendees a few weeks ago and are excited to showcase this next week at our national client conference. In terms of customer service and satisfaction, on a previous call, I mentioned an internal AI-driven support bot which has already demonstrated improved support consistency and faster turnaround. We are developing a customer-facing release that will enable clients to directly engage with the chatbot experience through an expanded and improved knowledge base. This enhancement is aimed at significantly increasing self-service efficiency and improving overall customer experience. We will, however, continue to offer live customer support for those that choose that route for their customer experience. Finally, in terms of our tech stack, we are leveraging AI tools for development to modernize our underlying technology. We should lead to rapid innovations, faster delivery of applications to the customer, simplify new customer implementations, and continue to drive margin expansion. In conclusion, as we continue to make the necessary changes in the business, see a positive progress, and remain on the right forward trajectory. Given our targeted AI strategy, strong cash position, and net leverage ratio of approximately two times, we are well positioned to compete and will continue evaluating all available strategies to drive shareholder value. Now, I'll turn the call over to Benet to review our financials. Benet?