News

CPSI Announces First Quarter 2016 Results

MOBILE, Ala.--(BUSINESS WIRE)--May 16, 2016-- The press release issued by CPSI (NASDAQ: CPSI) on May 4, 2016, contained an error in the calculation of the provision for income taxes for the quarter ended March 31, 2016. The Company’s provision for income taxes for the quarter was $1.0 million instead of $0.2 million as initially reported. This change affects the Company’s reported GAAP net loss for the quarter, which was $1.7 million instead of $0.9 million as initially reported; and the GAAP net loss per diluted share, which was $0.13 per diluted share instead of $0.07 as initially reported. Adjusted EBITDA only changed slightly, remaining at $13.2 million, and non-GAAP earnings per share was not impacted by this change, remaining at $0.54 per diluted share. Corresponding corrections have also been made to the Company’s unaudited condensed consolidated balance sheets, statements of cash flows and other supplemental information. Additionally, the Company has recorded certain balance sheet reclassifications related to the refinement of purchase accounting amounts at March 31, 2016.

The corrected release reads:

CPSI ANNOUNCES FIRST QUARTER 2016 RESULTS

Highlights:

  • Revenues of $69.6 million;
  • Quarterly bookings of $22.9 million;
  • GAAP loss per diluted share of $0.13 and non-GAAP earnings per diluted share of $0.54;
  • GAAP net loss of $1.7 million and Adjusted EBITDA of $13.2 million;
  • Cash provided by operations of $0.8 million; and
  • Quarterly dividend of $0.64 per share.

CPSI (NASDAQ: CPSI), a leading provider of healthcare information solutions, today announced results for the first quarter ended March 31, 2016.

The Company also announced a quarterly cash dividend of $0.64 per share, payable on May 27, 2016, to stockholders of record as of the close of business on May 12, 2016.

Total revenues for the first quarter ended March 31, 2016, were $69.6 million, compared with total revenues of $46.2 million for the prior-year first quarter. The Company experienced a net loss for the quarter ended March 31, 2016 of $1.7 million, or $0.13 per diluted share, compared with net income of $5.5 million, or $0.49 per diluted share, for the quarter ended March 31, 2015. Cash provided by operations for the first quarter of 2016 was $0.8 million, compared with $13.6 million for the prior-year first quarter. Included in the first quarter results are $7.6 million of transaction costs associated with the Company's acquisition of Healthland.

"As the market leader for community healthcare IT with more than 35 percent market share, we are energized about our future," said Boyd Douglas, president and chief executive officer of CPSI. "In the short time since we acquired Healthland and its subsidiaries, we have already seen a positive response from the market. Community healthcare organizations have made it clear that they are looking for a technology partner with the experience, understanding and scalability to meet their unique needs with proven IT solutions.

"The momentum around our company integration efforts has already led to some positive and key outcomes in the first quarter of 2016. Cost synergies are actually ahead of schedule, and we expect revenue synergies to progressively increase throughout the remainder of the year, as planned. In addition to being ahead of schedule with these integration efforts, we are also pleased with the level of sales activity we are experiencing with both existing and new clients. Again, we are confident that our results will reflect improvement for the year."

Commenting further on the Company's financial performance for the quarter, Matt Chambless, chief financial officer of CPSI, stated, "Revenues for the quarter came in slightly less than expected, primarily due to the timing of the closing of the Healthland transaction, which resulted in a week's worth of lost revenue, estimated at approximately $1.5 million. After some consideration, we elected to forego any 'convenience method' potentially available to us that would have allowed us to align the date of acquisition for accounting purposes to an accounting close date, thereby capturing that week's worth of revenue in our consolidated results. Even with the loss of this revenue, cost efficiencies for the quarter, resulting from our integration plan, were realized at a higher rate than anticipated. As a result, adjusted EBITDA was in line with our projections."

In addressing 2016 guidance, Chambless said, "One of the significant challenges we faced in forming our 2016 revenue forecast was quantifying the deal attrition attributable to the acquisition within Healthland's revenue opportunities. With the benefit of one quarter's worth of hindsight, we now have better visibility into that impact and, as a result, have decided to adjust our 2016 annual revenue guidance. We are adjusting our guidance from its original range of $307 million to $322 million to an anticipated range of $297 million to $312 million.

"However, the continued execution of our integration plan has identified far more cost efficiencies that we expect to be able to achieve, resulting in projected cost synergies exceeding $14 million for 2016 with an exit run rate in excess of $17 million. This compares to our previous estimates of $10 million for 2016 with an exit run rate in excess of $13 million. These additional synergies, coupled with margin-related cost savings resulting from the reduced annual revenue guidance and increased NOL utilization for the remainder of 2016 as we return to a taxable income position, have us on target to achieve our original guidance on adjusted EBITDA and non-GAAP EPS."

A 30-day online replay of CPSI’s first quarter conference call is available on the Company's website, www.cpsi.com.

About CPSI

CPSI is a leading provider of healthcare IT solutions and services for rural and community hospitals and post-acute care facilities. Founded in 1979, CPSI is the parent of five companies – Evident, LLC, TruBridge, LLC, Healthland Inc., American HealthTech, Inc., and Rycan Technologies, Inc. Our combined company is focused on helping improve the health of the communities we serve, connecting communities for a better patient care experience, and improving the financial operations of our customers. Evident provides comprehensive EHR solutions and services for rural and community hospitals. TruBridge focuses exclusively on providing business management, consulting and managed IT services to rural and community healthcare organizations, regardless of their IT vendor. Healthland provides integrated technology solutions and services to small rural and critical access hospitals. American HealthTech is one of the nation's largest providers of financial and clinical technology solutions and services for post-acute care facilities. Rycan provides revenue cycle management workflow and automation software to hospitals, healthcare systems, and skilled nursing organizations. For more information, visit www.cpsi.com, www.evident.com, www.trubridge.com, www.healthland.com, www.healthtech.net, or www.rycan.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by 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 meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and future financial results are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. Such factors may include: overall business and economic conditions affecting the healthcare industry, including the potential effects of the federal healthcare reform legislation enacted in 2010, and implementing regulations, on the businesses of our hospital customers; government regulation of our products and services and the healthcare and health insurance industries, including changes in healthcare policy affecting Medicare and Medicaid reimbursement rates and qualifying technological standards; changes in customer purchasing priorities, capital expenditures and demand for information technology systems; saturation of our target market and hospital consolidations; general economic conditions, including changes in the financial and credit markets that may affect the availability and cost of credit to us or our customers; our substantial indebtedness, and our ability to incur additional indebtedness in the future; our inability to generate sufficient cash in order to meet our debt service obligations; restrictions on our current and future operations because of the terms of our senior secured credit facilities; market risks related to interest rate changes; our ability to successfully integrate the businesses of Healthland, American HealthTech and Rycan with our business and the inherent risks associated with any potential future acquisitions; competition with companies that have greater financial, technical and marketing resources than we have; failure to develop new or enhance current technology and products in response to market demands; failure of our products to function properly resulting in claims for losses; breaches of security and viruses in our systems resulting in customer claims against us and harm to our reputation; failure to maintain customer satisfaction through new product releases or enhancements free of undetected errors or problems; interruptions in our power supply and/or telecommunications capabilities, including those caused by natural disaster; our ability to attract and retain qualified customer service and support personnel; failure to properly manage growth in new markets we may enter; misappropriation of our intellectual property rights and potential intellectual property claims and litigation against us; changes in accounting principles generally accepted in the United States; fluctuations in quarterly financial performance due to, among other factors, timing of customer installations; and other risk factors described from time to time in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release.

    

COMPUTER PROGRAMS AND SYSTEMS, INC.

Unaudited Condensed Consolidated Statements of Income

(in thousands, except per share data)

    
   Three Months Ended

March 31,

   2016   2015
Sales revenues:       
System sales and support   $ 52,380    $ 31,117
Business management, consulting and managed IT services    17,263     15,123
Total sales revenues    69,643     46,240
       
Costs of sales:       
System sales and support    23,862     13,388
Business management, consulting and managed IT services    9,528     8,406
Total costs of sales    33,390     21,794
Gross profit    36,253     24,446
       
Operating expenses:       
Product development    7,190     3,582
Sales and marketing    6,730     4,591
General and administrative    19,202     8,439
Amortization of acquisition-related intangibles    2,355     -
Total operating expenses    35,477     16,612
       
Operating income    776     7,834
       
Other income (expense):       
Other income (expense)    (1 )    83
Interest expense    (1,468 )    -
Total other income (expense)    (1,469 )    83
       
Income (loss) before taxes    (693 )    7,917
Provision for income taxes    970     2,409
Net income (loss)   $ (1,663 )   $ 5,508
       
Net income (loss) per common share—basic   $ (0.13 )   $ 0.49
Net income (loss) per common share—diluted   $ (0.13 )   $ 0.49
       

Weighted average shares outstanding used in per common share computations:

      
Basic    13,025     11,052
Diluted    13,025     11,052
          

 

       

COMPUTER PROGRAMS AND SYSTEMS, INC.

Condensed Consolidated Balance Sheets

(in thousands, except per share data)

       
   

March 31,
2016

  Dec. 31,

2015

   (Unaudited)    
ASSETS
Current assets:       
Cash and cash equivalents   $ 11,694    $ 24,951  
Investments    1,144     10,824  

Accounts receivable, net of allowance for doubtful accounts of $1,229 and $1,216, respectively

   29,279     22,594  
Financing receivables, current portion, net    12,478     10,576  
Inventories    1,154     1,495  
Deferred tax assets    -     2,335  
Prepaid income taxes    529     427  
Prepaid expenses and other    4,512     1,356  
Total current assets    60,790     74,558  
       
Property and equipment, net    14,795     14,351  
Financing receivables, net of current portion    2,701     1,569  
Intangible assets, net    109,245     -  
Goodwill    170,589     -  
Deferred tax assets    2,156     2,310  
Total assets   $ 360,276    $ 92,788  
       
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:       
Accounts payable   $ 14,800    $ 4,591  
Current portion of long-term debt    3,221     -  
Deferred revenue    15,233     3,821  
Accrued vacation    4,950     3,412  
Other accrued liabilities    16,056     5,598  
Total current liabilities    54,260     17,422  
       
Long-term debt, less current portion    142,728     -  
       
Stockholders' equity:       
Common stock, par value $0.001 per share, 30,000 shares authorized, 13,521 and 11,303 shares issued and outstanding    13     11  
Additional paid-in capital    142,325     44,187  
Accumulated other comprehensive loss    (6 )    (38 )
Retained earnings    20,956     31,206  
Total stockholders' equity    163,288     75,366  
Total liabilities and stockholders' equity   $ 360,276    $ 92,788  
       

 

    

COMPUTER PROGRAMS AND SYSTEMS, INC.

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

    
   Three Months Ended

March 31,

   2016   2015
Operating activities:       
Net income (loss)   $ (1,663 )   $ 5,508  
Adjustments to net income (loss):       
Provision for bad debt    133     236  
Deferred taxes    957     (673 )
Stock-based compensation    1,383     1,437  
Deficient (excess) tax benefit from restricted stock    (65 )    1  
Income tax benefit from restricted stock dividends    (44 )    (65 )
Depreciation    852     911  
Intangible amortization    2,355     -  
Amortization of deferred finance costs    158     -  
Changes in operating assets and liabilities:       
Accounts receivable    (985 )    1,422  
Financing receivables    (895 )    2,175  
Inventories    557     (143 )
Prepaid expenses and other    72     (418 )
Accounts payable    2,878     (158 )
Deferred revenue    (4,323 )    (898 )
Other liabilities    (954 )    1,197  
Income taxes payable/prepaid income taxes    418     3,105  
Net cash provided by operating activities    834     13,637  
       
Investing activities:       
Purchases of property and equipment    (32 )    (323 )
Purchase of business, net of cash received    (162,198 )    -  
Sale of investments    9,729     39  
Net cash used in investing activities    (152,501 )    (284 )
       
Financing activities:       
Dividends paid    (8,587 )    (7,242 )
Proceeds from long-term debt    146,572     -  
Payments of long-term debt    (781 )    -  
Proceeds from stock option exercise    1,097     -  
(Deficient) excess tax benefit from restricted stock    65     (1 )
Income tax benefit from restricted stock dividends    44     65  
Net cash provided by (used in) financing activities    138,410     (7,178 )
       
Net (decrease) increase in cash and cash equivalents   $ (13,257 )   $ 6,175  
       
Cash and cash equivalents, beginning of period   $ 24,951    $ 23,792  
Cash and cash equivalents, end of period   $ 11,694    $ 29,967  
       

 

    

COMPUTER PROGRAMS AND SYSTEMS, INC.

Unaudited Other Supplemental Information

 

Consolidated Bookings

(in thousands)

    
   Three Months Ended
   

March 31,
2016

  

Dec. 31,
2015

  

Sept. 30,
2015

 

 

June 30,
2015

  

March 31,
2015

System sales and support(1)   $ 19,904   $ 17,388   $ 13,132   $ 12,756   $ 15,150
Business management, consulting and managed IT services(2)    3,005    3,385    5,582    5,582    4,571
Total   $ 22,909   $ 20,773   $ 18,714   $ 18,338   $ 19,271
(1) Generally calculated as the total contract price (for system sales) and annualized contract value (support).
(2) Generally calculated as the total contract price (for non-recurring, project-related amounts) and annualized contract value (for recurring amounts).
  
    

Reconciliation of Non-GAAP Financial Measures

(in thousands, except per share data)

    
Adjusted EBITDA   Three Months Ended

March 31,

   2016   2015
Net (loss) income, as reported   $ (1,663 )   $ 5,508  
Deferred revenue and other acquisition-related adjustments    -     -  
Depreciation expense    852     911  
Amortization of acquisition-related intangible assets    2,355     -  
Stock-based compensation    1,383     1,437  
Transaction-related costs    7,565     -  
Interest expense and other, net    1,469     (83 )
Provision for income taxes, net of cash benefits from NOL utilization    1,260     2,409  
Adjusted EBITDA   $ 13,221    $ 10,182  
       
Non-GAAP Net Income and Non-GAAP Earnings Per Share ("EPS")   Three Months Ended March 31,
   2016   2015
Net (loss) income, as reported   $ (1,663 )   $ 5,508  
       
Pre-tax adjustments for Non-GAAP EPS:       
Amortization of acquisition-related intangible assets    2,355     -  
Stock-based compensation    1,383     1,437  
Transaction-related costs    7,565     -  
Non-cash interest expense    158     -  
After-tax adjustments for Non-GAAP EPS:       
Tax-effect of pre-tax adjustments, at 35%    (4,012 )    (503 )
Tax-effect of non-deductible transaction-related costs    1,214     -  
Non-GAAP net income   $ 7,000    $ 6,442  
       
Weighted average shares outstanding, diluted    13,025     11,052  
       
Non-GAAP EPS   $ 0.54    $ 0.58  
       

 

                  

COMPUTER PROGRAMS AND SYSTEMS, INC.

Unaudited Other Supplemental Information (Continued)

 

Unaudited Condensed Consolidated Statements of Income (Recast for Current Presentation)

(in thousands)

                  
   

Dec. 31,
2015

 

Sept. 30,
2015

 

June 30,
2015

 

March 31,
2015

 

Dec. 31,
2014

 

Sept. 30,
2014

 

June 30,
2014

 

March 31,
2014

Sales revenues:                  
System sales and support   $ 28,364  $ 28,094  $ 30,810  $ 31,117  $ 31,836  $ 39,000  $ 39,118  $ 38,698  
Business management, consulting and managed IT services    15,867   16,523   16,276   15,123   14,431   14,327   13,936   13,396  
Total sales revenues    44,231   44,617   47,086   46,240   46,267   53,327   53,054   52,094  
                  
Costs of sales:                  
System sales and support    12,374   12,825   13,913   13,388   14,474   14,850   14,785   14,969  
Business management, consulting and managed IT services    9,287   9,065   8,458   8,406   7,717   7,975   8,119   7,905  
Total costs of sales    21,661   21,890   22,371   21,794   22,191   22,825   22,904   22,874  
Gross profit    22,570   22,727   24,715   24,446   24,076   30,502   30,150   29,220  
                  
Operating expenses:                  
Product development    3,522   3,554   3,570   3,582   3,698   3,691   3,635   3,598  
Sales and marketing    4,439   4,564   4,740   4,591   4,487   5,112   4,970   5,151  
General and administrative    10,004   10,348   8,019   8,439   6,550   7,523   7,462   8,484  
Amortization of acquisition-related intangibles    -   -   -   -   -   -   -   -  
Total operating expenses    17,965   18,466   16,329   16,612   14,735   16,326   16,067   17,233  
                  
Operating income    4,605   4,261   8,386   7,834   9,341   14,176   14,083   11,987  
                  
Other income (expense):                  
Other income (expense)    70   137   115   83   70   69   54   (41 )
Interest expense    -   -   -   -   -   -   -   -  
Total other income (expense)    70   137   115   83   70   69   54   (41 )
                  
Income (loss) before taxes    4,675   4,398   8,501   7,917   9,411   14,245   14,137   11,946  
Provision for income taxes    1,283   858   2,598   2,409   2,669   4,889   5,030   4,231  
Net income (loss)   $ 3,392  $ 3,540  $ 5,903  $ 5,508  $ 6,742  $ 9,356  $ 9,107  $ 7,715  
                  

 

Explanation of Non-GAAP Financial Measures

We report our financial results in accordance with accounting principles generally accepted in the United States of America, or “GAAP.” However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures that are prepared in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. Management uses these non-GAAP financial measures in order to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means 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 with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts. In addition, management understands that some investors and financial analysts find these non-GAAP financial measures helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.

As such, to supplement the GAAP information provided, we present in this press release the following non-GAAP financial measures: Adjusted EBITDA, Non-GAAP net income, and Non-GAAP earnings per share (“EPS").

We calculate each of these non-GAAP financial measures as follows:

  • Adjusted EBITDA – Adjusted EBITDA consists of GAAP net income (loss) as reported and adjusts for: (i) deferred revenue and other adjustments arising from purchase allocation adjustments related to the Healthland acquisition; (ii) depreciation; (iii) amortization of acquisition-related intangible assets; (iv) stock-based compensation; (v) non-recurrent expenses and transaction-related costs; (vi) interest expense and other, net; and (vii) the provision for income taxes, net of the cash benefits derived from the utilization of net operating loss carryforwards acquired in the Healthland acquisition.
  • Non-GAAP net income – Non-GAAP net income consists of GAAP net income (loss) as reported and adjusts for (i) deferred revenue and other adjustments arising from purchase allocation adjustments related to the Healthland acquisition; (ii) amortization of acquisition-related intangible assets; (iii) stock-based compensation; (iv) non-recurrent expenses and transaction-related costs; (v) non-cash charges to interest expense and other; and (vi) the total tax effect of items (i) through (v). Adjustments to Non-GAAP net income also includes the after-tax effect of non-deductible transaction-related costs.
  • Non-GAAP EPS – Non-GAAP EPS consists of Non-GAAP net income, as defined above, divided by weighted average shares outstanding (diluted) in the applicable period.

 

Certain of the items excluded or adjusted to arrive at these non-GAAP financial measures are described below:

  • Deferred revenue and other adjustments - Deferred revenue and other adjustments includes acquisition-related deferred revenue adjustments, which reflect the fair value adjustments to deferred revenues acquired in business acquisitions. The fair value of deferred revenue represents an amount equivalent to the estimated cost plus an appropriate profit margin, to perform services related to the acquiree's software and product support, which assumes a legal obligation to do so, based on the deferred revenue balances as of the acquisition date. We add back deferred revenue and other adjustments for non-GAAP financial measures because we believe the inclusion of this amount directly correlates to the underlying performance of our operations.
  • Amortization of acquisition-related intangible assets - Acquisition-related amortization expense is a non-cash expense arising primarily from the acquisition of intangible assets in connection with acquisitions or investments. We exclude acquisition-related amortization expense from non-GAAP financial measures because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets. Investors should note that the use of these intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation, and the related amortization expense will recur in future periods.
  • Stock-based compensation - Stock-based compensation expense is a non-cash expense arising from the grant of stock-based awards. We exclude stock-based compensation expense from non-GAAP financial measures because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of the timing and valuation of grants of new stock-based awards, including grants in connection with acquisitions. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods, and such expense will recur in future periods.
  • Non-recurring expenses and transaction-related costs - Non-recurring expenses relate to certain severance and other charges incurred in connection with activities that are considered one-time. Transaction-related costs are the non-recurring costs related to specific acquisitions (such as the Healthland acquisition). We exclude non-recurring expenses and transaction-related costs from non-GAAP financial measures because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods.
  • Non-cash charges to interest expense and other - Non-cash charges to interest expense and other includes amortization of deferred debt issuance costs. We exclude non-cash charges to interest expense and other from non-GAAP financial measures because we believe these non-cash amounts relate to specific transactions and, as such, may not directly correlate to the underlying performance of our business operations.
  • Cash benefits derived from the utilization of net operating loss carryforwards acquired in the Healthland acquisition – A significant portion of the fair value of the assets we acquired in the Healthland acquisition is comprised of federal and state net operating loss carryforwards of the acquired entities. We add utilized amounts in computing adjusted EBITDA to reflect the cash benefit received by the Company from the utilization of these significant assets as such benefits are generally excluded from GAAP measures of financial performance.
  • After-tax effect of non-deductible transaction-related costs – Certain transaction costs incurred in the Healthland acquisition are non-deductible for federal income tax purposes as they are considered facilitative costs of the specific transaction. Similar to the treatment of non-recurring expenses and transaction-related costs, we exclude the after-tax effect of non-deductible transaction-related costs from non-GAAP net income because we believe (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods.

Management considers these non-GAAP financial measures to be important indicators of our operational strength and performance of our business and a good measure of our historical operating trends, in particular the extent to which ongoing operations impact our overall financial performance. In addition, management may use Adjusted EBITDA, Non-GAAP net income and/or Non-GAAP EPS to measure the achievement of performance objectives under the Company’s stock and cash incentive programs. Note, however, that these non-GAAP financial measures are performance measures only, and they do not provide any measure of cash flow or liquidity. Non-GAAP financial measures are not alternatives for measures of financial performance prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures presented by other companies, limiting their usefulness as comparative measures. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Additionally, there is no certainty that we will not incur expenses in the future that are similar to those excluded in the calculation of the non-GAAP financial measures presented in this press release. Investors and potential investors are encouraged to review the “Reconciliation of Non-GAAP Financial Measures” above.

Source: CPSI

CPSI
Boyd Douglas, 251-639-8100
President and Chief Executive Officer