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- **Revenue Resilience**: Q3 2025 revenue grew 2% YoY to $86.1 million, with 94% recurring revenue.
- **Bookings Quality Focus**: Q3 bookings of $15.5 million underperformed but reflected strategic shift to high-margin Encoder deals (+100% YoY bookings growth).
- **Margin Expansion Roadmap**: 2026 EBITDA margin expansion of 200+ basis points expected from cost savings ($35M debt reduction since Q1 2024) and offshore transitions.
- **Sales Leadership Impact**: New CBO Mike Daughton is reorganizing sales to target 100-400-bed hospitals, where Financial Health bookings have grown to 30% of total (vs. <20% in 2024).
- **Operational Efficiency**: Capitalized software spend down 30% YoY, and free cash flow improved $20M year-to-date 2025.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue for Q3 2025 was $86.1 million, up 2% year-over-year (2.8% excluding the sunset of the Centriq product). Recurring revenue represented 94% of total revenue.
- **Bookings Performance**: Q3 bookings were $15.5 million (TCV), under expectations but focused on higher-margin deals. October bookings exceeded historical trends, signaling potential pipeline conversion acceleration.
- **Strategic Initiatives**: 
  - **Offshore Transition**: Resumed with 2 customer transitions in Q4, targeting 200+ basis points of EBITDA margin expansion by 2026 through cost savings and improved client retention.
  - **Sales Leadership**: Mike Daughton, new Chief Business Officer, is restructuring sales, marketing, and client success to enhance pipeline quality and conversion.
  - **Encoder Growth**: Year-to-date Encoder bookings doubled, contributing 70-80% margins.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted EBITDA margin for Q3 was 18.9% ($16.3 million), up 155 basis points year-over-year. Full-year 2025 guidance for adjusted EBITDA is $65-68 million (19% margin), with 2026 targeting 200+ basis points of further expansion.
- **Cash Flow & Debt**: Free cash flow year-to-date 2025 was $15 million (vs. -$5 million in 2023). Net debt reduced by $35 million since Q1 2024 to $144 million, with leverage ratio improving to 2.2x.
- **Cost Optimization**: Capitalized software spend decreased 30% YoY to $12.5 million, and operating expenses were flat at $40 million (46% of revenue).

**【Q&A Key Highlights】**
- **Pipeline & Bookings Quality**: Q3 bookings underperformed by ~20%, but October bookings indicate delayed decisions are resolving. Focus on high-margin Encoder and SaaS conversions is driving 30%+ growth in 100-400-bed Financial Health bookings.
- **Margin Expansion Drivers**: 
  - **Cost Control**: 2026 EBITDA margin expansion of 200+ basis points expected from continued cost optimization and offshore transitions.
  - **Revenue Mix**: Higher-margin Encoder and SaaS bookings (e.g., 60% gross margin in Patient Care) are improving overall profitability.
  - **Client Retention**: Net retention rate improving in Q3, with renewed focus on client success and transition process transparency.
- **Regulatory Impact**: Medicaid funding uncertainty is delaying some decisions, but the rural hospital funding bill (OBBB) is expected to create tailwinds for 2026 RCM investments.

TruBridge, Inc. (TBRG) Q3 2025 Earnings Call Transcript

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