# TruBridge, Inc. (TBRG) Informational only - not investment advice. CIK: 0001169445 SIC: 7371 Services-Computer Programming Services SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7371 Services-Computer Programming Services](/industry/7371/) Latest 10-K filed: 2026-03-31 SEC page: https://www.sec.gov/edgar/browse/?CIK=1169445 Filing source: https://www.sec.gov/Archives/edgar/data/1169445/000116944526000006/tbrg-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-31 · accession 0001169445-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001169445.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 346,836,000 USD | 2025 | verified | | Net income | 4,354,000 USD | 2025 | verified | | Assets | 402,528,000 USD | 2025 | verified | | Free cash flow | 35,645,000 USD | 2025 | computed | | Net margin | 1.26% | 2025 | computed | | Operating margin | 6.01% | 2025 | computed | | Revenue YoY | +1.35% | 2025 | computed | | ROE | 2.45% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | TBRG | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Revenue growth | 1.4% | 6.7% | 14 | 8 | | FCF margin | 10.3% | 12.3% | 14 | 8 | | ROA | 1.1% | 7.7% | 29 | 8 | | Current ratio | 1.81 | 2.08 | 29 | 8 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7371 Services-Computer Programming Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 346836000 | USD | 2025 | 2026-03-31 | | Net income | 4354000 | USD | 2025 | 2026-03-31 | | Assets | 402528000 | USD | 2025 | 2026-03-31 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001169445.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 267,272,000 | 276,927,000 | 280,411,000 | 274,634,000 | 264,488,000 | 280,629,000 | 326,648,000 | 336,964,000 | 342,205,000 | 346,836,000 | | Net income | 3,933,000 | -17,416,000 | 17,632,000 | 20,468,000 | 14,246,000 | 18,430,000 | 15,867,000 | -48,133,000 | -20,945,000 | 4,354,000 | | Operating income | 14,375,000 | -4,814,000 | 24,882,000 | 24,583,000 | 21,054,000 | 24,707,000 | 22,783,000 | -45,688,000 | 6,371,000 | 20,832,000 | | Diluted EPS | 0.29 | -1.27 | 1.26 | 1.43 | 0.98 | 1.26 | 1.08 | -3.32 | -1.41 | 0.29 | | Operating cash flow | 2,105,000 | 23,643,000 | 23,929,000 | 43,602,000 | 49,142,000 | 47,744,000 | 32,375,000 | -522,000 | 31,141,000 | 36,966,000 | | Capital expenditures | 39,000 | 726,000 | 978,000 | 1,760,000 | 3,336,000 | 920,000 | 270,000 | 346,000 | 1,643,000 | 1,321,000 | | Share buybacks | | | 0.00 | 0.00 | 1,261,000 | 1,315,000 | 11,924,000 | 2,575,000 | 404,000 | 1,946,000 | | Assets | 339,150,000 | 318,216,000 | 327,746,000 | 339,589,000 | 326,272,000 | 383,350,000 | 430,963,000 | 431,777,000 | 395,824,000 | 402,528,000 | | Liabilities | 181,180,000 | 182,130,000 | 167,963,000 | 155,242,000 | 126,272,000 | 160,778,000 | 199,252,000 | 247,804,000 | 228,754,000 | 224,567,000 | | Stockholders' equity | 157,970,000 | 136,086,000 | 159,783,000 | 184,347,000 | 200,000,000 | 222,572,000 | 230,291,000 | 182,854,000 | 167,070,000 | 177,961,000 | | Cash and cash equivalents | 2,220,000 | 520,000 | 5,732,000 | 7,357,000 | 12,671,000 | 11,431,000 | 6,951,000 | 3,848,000 | 12,324,000 | 24,850,000 | | Free cash flow | 2,066,000 | 22,917,000 | 22,951,000 | 41,842,000 | 45,806,000 | 46,824,000 | 32,105,000 | -868,000 | 29,498,000 | 35,645,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 1.47% | -6.29% | 6.29% | 7.45% | 5.39% | 6.57% | 4.86% | -14.28% | -6.12% | 1.26% | | Operating margin | 5.38% | -1.74% | 8.87% | 8.95% | 7.96% | 8.80% | 6.97% | -13.56% | 1.86% | 6.01% | | Return on equity | 2.49% | -12.80% | 11.03% | 11.10% | 7.12% | 8.28% | 6.89% | -26.32% | -12.54% | 2.45% | | Return on assets | 1.16% | -5.47% | 5.38% | 6.03% | 4.37% | 4.81% | 3.68% | -11.15% | -5.29% | 1.08% | | Liabilities / equity | 1.15 | 1.34 | 1.05 | 0.84 | 0.63 | 0.72 | 0.87 | 1.36 | 1.37 | 1.26 | | Current ratio | 1.44 | 1.42 | 1.82 | 1.59 | 1.79 | 1.49 | 1.68 | 2.26 | 1.67 | 1.81 | ## As-reported value updates 5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/TBRG/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001169445.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 0.21 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.15 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.21 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 84,622,000 | -2,837,000 | -0.20 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 82,712,000 | -3,562,000 | -0.24 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 85,868,000 | -42,474,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 83,247,000 | -2,516,000 | -0.17 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 84,730,000 | -5,049,000 | -0.34 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 83,830,000 | -9,809,000 | -0.66 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 90,840,000 | -3,065,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 87,208,000 | 459,000 | 0.03 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 85,729,000 | 2,580,000 | 0.17 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 86,106,000 | 5,602,000 | 0.37 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 87,793,000 | -4,287,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 86,271,000 | 506,000 | 0.03 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from TBRG's latest 10-K: [/company/TBRG/business/](/company/TBRG/business/). ## Risk Factors Verbatim Item 1A Risk Factors from TBRG's latest 10-K: [/company/TBRG/risk-factors/](/company/TBRG/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1169445/000116944526000009/tbrg-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-08 Report date: 2026-03-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations is intended to be read together with the unaudited condensed consolidated financial statements and related notes appearing elsewhere herein. This discussion and analysis 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," "intends," "plans," "potential," "may," "continue," "should," "will" and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this report 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. These risks include: Risks Related to the Proposed Merger •the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; •the risk that the Company’s stockholders may not approve the proposed Merger; •the risk that the necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated; •risks that any of the other closing conditions to the proposed Merger may not be satisfied in a timely manner, including approval by the shareholders of Inventurus Knowledge Solutions Limited, an Indian public limited company (“TopCo”), as may be necessary in connection with the debt financing for the transaction; •risks related to the satisfaction of the conditions to funding, finalization of the financing documentation and the consummation of the financing contemplated for the proposed transaction; •risks related to financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates; •risks related to potential litigation brought in connection with the proposed transaction; •risks related to disruption of management’s time from ongoing business operations due to the proposed transaction; •effects of the announcement, pendency or completion of the proposed transaction on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with suppliers and partners, and on the Company’s operating results and businesses generally; •the effect of the restrictions placed on the Company’s business activities during the pendency of the proposed transaction; •the significant amount of the costs, fees, expenses and other charges in connection with the proposed transaction; •provisions in the Merger Agreement that could discourage or deter potential competing offers for the Company; •risks related to the potential impact of general economic, geopolitical and market factors on the parties or the proposed transaction; •risks of the completion of the proposed transaction, including a fixed price to be received by stockholders that will not be adjusted for changes in the Company’s outlook or financial results, federal income taxes for stockholders, or that stockholders will forgo any additional long-term value of the Company; Risks Related to Our Industry •saturation of our target market and hospital consolidations; •unfavorable economic or market conditions that may cause a decline in spending for information technology and services; •significant legislative and regulatory uncertainty in the healthcare industry; •exposure to liability for failure to comply with regulatory requirements; Risks Related to Our Business •transition to a subscription-based recurring revenue model and modernization of our technology; •competition with companies that have greater financial, technical and marketing resources than we have; •potential future acquisitions that may be expensive, time consuming, and subject to other inherent risks; •our ability to attract and retain qualified personnel in a global workforce; 31 •disruption from periodic restructuring of our sales force; •slower than anticipated development of the market for Financial Health services; •our potential inability to manage our growth in the new markets we may enter; •our potential failure to effectively implement a new enterprise resource planning software solution; •exposure to numerous and often conflicting laws, regulations, policies, standards or other requirements through our domestic and international business activities; •potential litigation against us and investigations; •our use of offshore third-party resources; •competitive and litigation risk related to the use of artificial intelligence; •potential inability to identify and implement any potential strategic alternatives in a timely manner or at all; Risks Related to Our Products and Services •potential failure to develop new products or enhance current products that keep pace with market demands; •exposure to claims if our products fail to provide accurate and timely information for clinical decision-making; •exposure to claims for breaches of security and viruses in our systems; •undetected errors or problems in new products or enhancements; •our potential inability to convince customers to migrate to current or future releases of our products; •failure to maintain our margins and service rates; •increase in the percentage of total revenues represented by service revenues, which have lower margins; •exposure to liability in the event we provide inaccurate claims data to payors; •exposure to liability claims arising out of the licensing of our software and provision of services; •dependence on licenses of rights, products and services from third parties; •a failure to protect our intellectual property rights; •exposure to significant license fees or damages for intellectual property infringement; •service interruptions resulting from loss of power and/or telecommunications capabilities; Risks Related to Our Indebtedness •our potential inability to secure additional financing on favorable terms to meet our future capital needs; •substantial indebtedness that may adversely affect our business operations; •our ability to incur substantially more debt; •pressures on cash flow to service our outstanding debt; •restrictive terms of our credit agreement on our current and future operations; Risks Related to Our Common Stock and Other General Risks •changes in and interpretations of financial accounting matters that govern the measurement of our performance; •the potential for our goodwill or intangible assets to become impaired; •quarterly fluctuations in our financial results due to various factors; •volatility in our stock price; •failure to maintain effective internal control over financial reporting; •inherent limitations in our internal control over financial reporting; •vulnerability to significant damage from natural disasters; •exposure to market risk related to interest rate changes; •potential material adverse effects due to macroeconomic conditions; •we do not anticipate paying dividends on our common stock; and •actions of activist stockholders against us could be disruptive and costly, or potentially cause uncertainty about the strategic direction of our business. Information concerning these risks and other factors that could cause differences between forward-looking statements and future actual results is discussed under the heading "Risk Factors" in this report and in our Annual Report on Form 10-K for the year ended December 31, 2025. 32 Proposed Merger On April 23, 2026, the Company entered into an Agreement and Plan of Merger, dated April 23, 2026 (the “Merger Agreement”), with Inventurus Knowledge Solutions, Inc., a Delaware corporation (“IKS”), IKS Next Horizon, Inc., a Delaware corporation and wholly owned subsidiary of IKS (“Merger Sub”), and solely for certain limited purposes as specified therein, Inventurus Knowledge Solutions Limited, an Indian public limited company, providing for the acquisition of the Company by IKS as described below. Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof, Merger Sub will be merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger and becoming a wholly owned subsidiary of IKS. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock of the Company, $0.001 par value (“Company Common Stock”), issued and outstanding immediately prior to the Effective Time (other than (i) shares of Company Common Stock owned by IKS, Merger Sub, the Company, or any of their respective wholly-owned subsidiaries, and (ii) shares of Company Common Stock owned by stockholders of the Company who have properly demanded and not withdrawn or otherwise waived or lost such right to appraisal under Delaware law) will be converted into the right to receive $26.25 per share in cash, without interest. Pursuant to the terms of the Merger Agreement, at the Effective Time, equity-based awards outstanding under the Company’s Amended and Restated 2019 Incentive Plan and Second Amended and Restated 2019 Incentive Plan immediately prior to the Effective Time will generally be subject to the treatment set forth in the Merger Agreement. The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants regarding the operation of the business of the Company and its subsidiaries prior to the Effective Time. The consummation of the Merger is subject to various conditions, and the obligation of each party to consummate the Merger is also conditioned on the accuracy of the other party’s representations and warranties (subject to certain materiality exceptions) and the other party’s compliance, in all material respects, with its covenants and agreements under the Merger Agreement. The Company is also subject to customary restrictions on its ability to solicit alternative acquisition proposals from third parties and to provide non-public information to, and participate in discussions and engage in negotiations with, third parties regarding alternative acquisition proposals, with customary exceptions for alternative acquisition proposals that constitute Superior Proposals (as defined in the Merger Agreement) or could reasonably be expected to result in a Superior Proposal. Additionally, the Merger Agreement provides for certain customary termination rights of the Company and IKS. There can be no assurance that the Merger will be completed. See the "Risk Factors" in this report. The full text of the Merger Agreement is included as an exhibit to this Quarterly Report on Form 10-Q and described in more detail in Item 1.01 of our Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on April 23, 2026. Background During much of the Company's history, our strategy, operations, and financial results have been largely associated with developments in the electronic health record ("EHR") industry. With the rapid maturity of the EHR industry and the increasing prevalence of and demand for outsourced revenue cycle management ("RCM") services and complementary solutions, we've seen our strategy, operations, and financial results naturally evolve to become more heavily associated with RCM, with Financial Health revenues compris [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1169445/000116944526000006/tbrg-20251231.htm Complete FY 2025 MD&A: /company/TBRG/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-31 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our financial condition and results of operations in conjunction with the "Selected Financial Data" and our financial statements and the related notes included elsewhere in this Annual Report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those set forth under "Risk Factors" and elsewhere in this Annual Report. Background During much of the Company's history, our strategy, operations, and financial results have been largely associated with developments in the electronic health record ("EHR") industry. With the rapid maturity of the EHR industry and the increasing prevalence of and demand for outsourced revenue cycle management ("RCM") services and complementary solutions, we've seen our strategy, operations, and financial results naturally evolve to become more heavily associated with RCM, with RCM-related revenues comprising 64% of our consolidated revenue for 2025. In recognition of this significant shift in strategic focus, Computer Programs and Systems, Inc. changed its corporate name to TruBridge, Inc. on March 4, 2024. Contemporaneous with this name change, the former wholly-owned subsidiaries Evident, LLC, TruBridge, LLC, and TruCode, LLC were merged into the parent company, while the former wholly-owned subsidiary Rycan Technologies, Inc. was merged into its parent and another wholly-owned subsidiary, Healthland Holding Inc. With these changes, the Company's remaining legal structure includes TruBridge, Inc., the parent company, with Viewgol, LLC ("Viewgol"), TruBridge Healthcare Private Limited, iNetXperts, Corp. d/b/a Get Real Health, Healthcare Resource Group, Inc. ("HRG"), Healthland Holding Inc. and Healthland, Inc. as its wholly-owned direct and indirect subsidiaries. Founded in 1979, TruBridge is a leading provider of healthcare services and solutions for community hospitals, their clinics and other healthcare systems. Our combined companies are 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. The Company operates its business in two operating segments, which are also our reportable segments: Financial Health and Patient Care. These reporting segments contribute towards the combined focus of improving the health of the communities we serve as follows: •The Financial Health reporting segment focuses on providing business management, consulting, and managed IT services along with a complete RCM solution for all care settings, regardless of their primary healthcare information solutions provider. •The Patient Care segment provides comprehensive acute care EHR solutions and related services for community hospitals and their physician clinics. The Patient Care segment also offers comprehensive patient engagement and empowerment technology solutions to improve patient outcomes and engagement strategies with care providers. Our companies currently support community hospitals and other healthcare systems with a geographically diverse patient mix within the domestic community healthcare market. Our target market for our Financial Health and Patient Care solutions includes community hospitals with fewer than 400 acute care beds and their clinics, as well as independent or small to medium sized chains of skilled nursing facilities. Approximately 98% of our Patient Care hospital customer base is comprised of hospitals with fewer than 100 beds. See Note 18 to the consolidated financial statements included herein for additional information on our two reportable segments. Management Overview Strategy Our core strategy is to achieve meaningful long-term revenue growth by cross-selling Financial Health services into our existing Patient Care customer base, expanding Financial Health market share with sales to new community hospitals and larger health systems, and pursuing competitive Patient Care takeaway opportunities. We may also seek to grow through acquisitions of businesses, technologies or products if we determine that such acquisitions are likely to help us meet our strategic goals. 48 Our growth strategy is heavily dependent on our ability to cross-sell Financial Health services to our Patient Care customer base. As such, retention of our existing Patient Care customers is a key component of our long-term growth strategy by protecting this base of potential Financial Health customers, while at the same time serving as a leading indicator of our market position and stability of revenues and cash flows. We determine retention rates by reference to the amount of beginning-of-period Patient Care recurring revenues that have not been lost due to customer attrition from our production environment customer base. Production environment customers are those that are using our applications to document live patient encounters, as opposed to legacy environment customers that have view-only access to historical patient records. Since 2019, these retention rates have consistently remained in the mid-to-high 90th percentile ranges. Specifically, we achieved retention rates between 92.1% and 98.2% in 2021 through 2025, as EHR product consolidation has led to an increase in attrition from our non-flagship products during recent years (retention for our flagship EHR product was approximately 97.2% in 2025). We have increased customer retention efforts by enhancing support services, investing in tooling and instrumentation to proactively monitor for potential disruptions, and deploying in-application experience software that delivers application-specific insights while using our products. As we pursue meaningful long-term revenue growth by leveraging Financial Health as a growth agent, we are placing ever-increasing value in further developing our already significant recurring revenue base to further stabilize our revenues and cash flows. As such, maintaining and growing recurring revenues are key components of our long-term growth strategy, aided by the aforementioned focus on customer retention. This includes a renewed focus on driving demand for subscriptions for our existing technology solutions and expanding the footprint for Financial Health services beyond our Patient Care customer base. While the combination of revenue growth and operating leverage is expected to result in increased margin realization, we also look to increase margins through specific cost containment measures where appropriate as we continue to leverage opportunities for greater operating efficiencies. Industry Dynamics Turbulence in the U.S. and worldwide economies and financial markets impacts almost all industries. While the healthcare industry is not immune to economic cycles, we believe it is more significantly affected by U.S. regulatory and national health initiatives. In recent years, there have been significant changes to provider reimbursement by the U.S. federal government, followed by commercial payers and state governments. There is increasing pressure on healthcare organizations to reduce costs and increase quality while replacing the fee-for-service reimbursement model in part by enrolling in an advanced payment model that incentivizes high-quality, cost effective-care via value-based reimbursement. This pressure could further encourage adoption of healthcare IT and increase demand for business management, consulting, and managed IT services, as the future success of these healthcare providers is greatly dependent upon their ability to engage patient populations and to coordinate patient care across a multitude of settings, while optimizing operating efficiency along the way. Additionally, healthcare organizations with a large dependency on Medicare and Medicaid populations, such as community hospitals, have been affected by the challenging financial condition of the federal government and many state governments and government programs. Accordingly, we recognize that prospective hospital clients often do not have the necessary capital to make investments in information technology while those with the necessary capital have become more selective in their investments. Despite these challenges, we believe healthcare IT will be an area of continued investment due to its unique potential to improve safety and efficiency and reduce costs while meeting current and future regulatory, compliance and government reimbursement requirements. Patient Care License Model Preferences Much of the variability in our periodic revenues and profitability has been and will continue to be due to changing demand for different license models for our technology solutions, with variability in operating cash flows further impacted by the financing decisions within those license models. Our technology solutions are generally deployed in one of two license models: (1) perpetual licenses, for which the related revenue is recognized effectively upon installation, and (2) “Software as a Service” or “SaaS” arrangements, including our Cloud Electronic Health Record (“Cloud EHR”) offering, which generally result in revenue being recognized monthly as the services are provided over the term of the arrangement. The overwhelming majority of our historical Patient Care installations have been under a perpetual license model, but customer demand has dramatically shifted towards a SaaS license model in the past several years. SaaS license models made up only 12% of annual new acute care Patient Care installations in 2018, increasing to 100% during 2022 through 2025. These SaaS offerings are attractive to our clients because this configuration allows them to obtain access to advanced software products without a significant initial capital outlay. We expect this trend to continue for the foreseeable future, with the resulting impact on the Company’s financial statements being reduced Patient Care revenues in the period of installation in exchange for 49 increased recurring periodic revenues (reflected in Patient Care revenues) over the term of the SaaS arrangement. This naturally places downward pressure on short-term revenue growth and profitability metrics, but benefits long-term revenue growth and profitability which, in our view, is consistent with our goal of delivering long-term shareholder value. For customers electing to purchase our technology solutions under a traditional perpetual license, we have historically made financing arrangements available on a case-by-case basis, depending on the various aspects of the proposed contract and customer attributes. These financing arrangements have comprised the majority of our perpetual license installations over the past several years, and include short-term payment plans and longer-term lease financing through us or third-party financing companies. The aforementioned shift in customer preference towards SaaS arrangements has significantly reduced the frequency of new financing arrangements for customer purchases under a perpetual license. When combined with scheduled payments on existing financing arrangements, the reduced frequency of new financing arrangements has resulted in a substantial reduction in financing receivables during 2025. For those perpetual license clients not seeking a financing arrangement, the payment schedule of the typical contract is structured to provide for a scheduling deposit due at contract signing, with the remainder of the contracted fees due at various stages of the installation process (delivery of hardware, installation of software and commencement of training, and satisfactory completion of a monthly accounting cycle or end-of-month [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/TBRG/mda/fy2025/ All MD&A years: /company/TBRG/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/TBRG/mda/fy2024/): filed 2025-03-17; accession 0001169445-25-000042 (https://www.sec.gov/Archives/edgar/data/1169445/000116944525000042/tbrg-20241231.htm) - [FY 2023 MD&A](/company/TBRG/mda/fy2023/): filed 2024-03-15; accession 0001169445-24-000017 (https://www.sec.gov/Archives/edgar/data/1169445/000116944524000017/cpsi-20231231.htm) - [FY 2022 MD&A](/company/TBRG/mda/fy2022/): filed 2023-03-16; accession 0001169445-23-000003 (https://www.sec.gov/Archives/edgar/data/1169445/000116944523000003/cpsi-20221231.htm) - [FY 2021 MD&A](/company/TBRG/mda/fy2021/): filed 2022-03-15; accession 0001169445-22-000003 (https://www.sec.gov/Archives/edgar/data/1169445/000116944522000003/cpsi-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7371 Services-Computer Programming Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/TBRG.md · JSON record: /company/TBRG.json · verified financials: /company/TBRG/financials.json / /company/TBRG/financials.csv · machine TOC for the whole site: /llms.txt