Streamline Health Solutions,Inc。(STRM) 首席执行官 David Sides 在 2019年 第一季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月14日 · 67 次阅读

Streamline Health Solutions, Inc. (NASDAQ:STRM) Q1 2019 Results Earnings Conference Call June 13, 2019 9:00 AM ET

Streamline Health Solutions,Inc。(纳斯达克股票代码:[STRM])2019年第一季度业绩收益电话会议2019年6月13日美国东部时间上午9:00

公司参与者

Randy Salisbury - Senior Vice President, Chief Marketing Officer
David Sides - President, Chief Executive Officer
Tom Gibson - Senior Vice President, Chief Financial Officer

  • Randy Salisbury - 高级副总裁,首席营销官
  • David Sides - 总裁兼首席执行官
  • Tom Gibson - 高级副总裁兼首席财务官

电话会议参与者

Matt Hewitt - Craig-Hallum Capital Group
Frank Sparacino - First Analysis

  • Matt Hewitt - Craig-Hallum Capital Group
  • Frank Sparacino - 初步分析

会议主持员

Greetings and welcome to the Streamline Health Solutions' first quarter 2019 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Mr. Randy Salisbury, Senior Vice President and Chief Marketing Officer for Streamline Health Solutions. Thank you. You may begin

欢迎致电Streamline Health Solutions 2019年第一季度财报电话会议。 此时,所有参与者都处于只听模式。 问答环节将在正式演讲之后进行。 [操作员说明]。 提醒一下,这次会议正在录制中。

我现在想把会议转交给您的主持人,Streamline Health Solutions的高级副总裁兼首席营销官Randy Salisbury先生。 谢谢。 你可以开始吧

兰迪索尔兹伯里

Thank you for joining us to review the financial results of Streamline Health Solutions for the first quarter of fiscal 2019, which ended March 30 of 2019. As the conference call operator indicated, my name is Randy Salisbury. As Senior Vice President and Chief Marketing Officer here at Streamline Health, I manage all communications including Investor Relations. Joining me on the call today is David Sides, President and Chief Executive Officer and Tom Gibson, Senior Vice President and Chief Financial Officer.
At the conclusion of today's prepared remarks, we will open the call for a question-and-answer session. If anyone participating on today's call does not have a full-text copy of our press release announcing these results, you may retrieve it from the company's website at streamlinehealth.net or at numerous other financial websites.
Before we begin with prepared remarks, we want to be sure we are clear for everyone on the record how certain information which may be provided today as with all of our earnings calls should be viewed. We therefore submit for the record following statement.
First, statements made on this conference call that are not historical facts are considered to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those we may discuss. Please refer to the company's press releases and filings made with the U.S. Securities and Exchange Commission including our most recent Form 10-K annual report for more information about these risks, uncertainties and assumptions and other factors.
As always, we are presenting management's current analysis of these items as of today. Our participants on this call should take into account these risks when evaluating the topics we will discuss. Please note, Streamline Health is not undertaking any commitment or obligation to publicly revise any such forward-looking statements made today.
Second, we will discuss non-GAAP financial measures such as backlog and adjusted EBITDA. Management uses these measures to help provide better insight into our financial performance. However, certain items of income and expense are not included in these measures, so these calculations may differ from those which another entity may utilize in calculating their own non-GAAP measures. To help you compare these amounts on consistent terms, please refer to our website at streamlinehealth.net, our earnings release and Form 10-Q for a reconciliation of such non-GAAP measures to the most comparable GAAP measures.
With that said, let me turn the call over to David Sides, President and Chief Executive Officer. David?

感谢您加入我们审查Streamline Health Solutions在2019年3月30日结束的2019财年第一季度的财务业绩。如电话会议运营商所示,我的名字是Randy Salisbury。作为Streamline Health的高级副总裁兼首席营销官,我管理所有沟通,包括投资者关系。今天与我联系的是总裁兼首席执行官David Sides和高级副总裁兼首席财务官Tom Gibson。

在今天准备好的发言结束时,我们将打开一个问答环节。如果参与今天电话会议的人没有宣布这些结果的新闻稿的全文副本,您可以从公司网站streamlinehealth.net或许多其他金融网站上获取。

在我们开始准备评论之前,我们希望确保记录中的每个人都清楚如何查看今天可能提供的与我们所有收入电话有关的某些信息。因此,我们在以下声明中提交记录。

首先,本次电话会议上的非历史事实陈述被认为是1995年“私人证券诉讼改革法案”界定的前瞻性陈述。这些陈述受风险,不确定性,假设和可能导致实际的其他因素的影响。结果与我们讨论的结果大不相同。有关这些风险,不确定性和假设以及其他因素的更多信息,请参阅公司的新闻稿和向美国证券交易委员会提交的文件,包括我们最新的Form 10-K年度报告。

与往常一样,我们现在正在介绍管理层对这些项目的当前分析。在评估我们将要讨论的主题时,我们的参与者应该考虑这些风险。请注意,Streamline Health没有承诺或义务公开修改今天所做的任何此类前瞻性陈述。

其次,我们将讨论非GAAP财务指标,如积压和调整后的EBITDA。管理层使用这些措施来帮助更好地了解我们的财务业绩。但是,某些收入和支出项目不包括在这些计量中,因此这些计算可能与另一个实体在计算其非GAAP指标时可能使用的计算不同。为了帮助您按照一致的条款比较这些金额,请参阅我们的网站streamlinehealth.net,我们的收益发布和10-Q表格,以便将这些非GAAP指标与最具可比性的GAAP指标进行对账。

话虽如此,让我把这个电话转给总裁兼首席执行官David Sides。大卫?

David Sides

Thank you Randy. This morning I want to talk about the progress we are making to accelerate the pace of new client acquisitions and expansion within our current client base as we transition investment spending from product development to sales and marketing. Our CFO, Tom Gibson, will cover more of the specifics of our financial performance for the quarter.
Before I begin, let me summarize some key financial metrics from yesterday's announcement of our performance for the first quarter of fiscal year 2019. We generated revenue of approximately $5.4 million, down approximately 2% sequentially, as compared with the previous quarter's revenue and down approximately 15% from the first quarter of last fiscal year.
The delta in the year-over-year revenue is attributable to lower perpetual license fees in the current quarter. In Q1 of 2018, we recognized approximately $1.1 million of perpetual license revenue. And in Q1 of this year, we realized approximately $200,000. Recurring revenues were approximately 76% of total revenue for the first quarter, down from 86% in the previous sequential quarter, but up from 70% for the same period a year ago. The difference from Q4 to Q1 in percentage of recurring revenue is due primarily to an increase in professional fees in Q1.
Looking ahead, we continue to believe that new organic revenue growth, primarily via the compounding effect of monthly recurring SaaS revenue from current and future eValuator installations will outpace the revenue attrition of our older legacy solutions. For fiscal 2019, eValuator growth should yield single digit percentage topline growth for the company. Projected growth will begin to expand in 2020 with consistent low double digit percentage topline growth. Again, this will occur as the eValuator SaaS revenue expands at an accelerated pace over the legacy technology revenue.
Moving now to adjusted EBITDA. We generated approximately $1.1 million in Q1 of 2019, up slightly from the previous sequential quarter and up nearly 75% over Q1 of fiscal 2018. Our rapid expansion in adjusted EBITDA in the result of the number of strategic moves we have made in the last several quarters and we remain pleased with our current cost run rate. We do not foresee further moves in this area as any excess earnings or excess cash will be reinvested in our selling efforts. More on this in a minute.
Each quarter, we display a variety of the most recent industry headlines to communicate the difficult circumstances almost every healthcare provider faces in today's environment, regardless of the size of the institution. Since I spoke with you in April on our fourth quarter call, there have been even more articles dissecting the revenue pressures many of them are facing. I wanted to follow this up with some primary research to frame these market needs in a powerful way.
Last October, HIMSS Media conducted a survey to better understand health organization's attitude towards and concerns regarding revenue cycle management. Their report, entitled Insights into Revenue Cycle Management, quantified many of the key issues driving the need for solutions and services that we provide. For instance, when asked about their top revenue cycle challenges, respondents from U.S. hospitals and acute care facilities listed denials 49% and reimbursement 47% as the two most important issues.

谢谢兰迪。今天早上,我想谈谈我们正在取得的进展,以加快我们当前客户群中新客户收购和扩张的步伐,因为我们将投资支出从产品开发转移到销售和营销。我们的首席财务官Tom Gibson将介绍本季度财务业绩的更多细节。

在开始之前,让我总结一下昨天公布2019财年第一季度业绩的一些关键财务指标。与上一季度的收入相比,我们的收入约为540万美元,比上一季度下降约2​​%。比上一财年第一季度增长15%。

同比收入的增量归因于本季度永久许可费下降。在2018年第一季度,我们认可了大约110万美元的永久许可收入。在今年的第一季度,我们实现了大约20万美元。第一季度的经常性收入约占总收入的76%,低于上一季度的86%,但高于去年同期的70%。第四季度与第一季度的经常性收入百分比差异主要是由于第一季度专业费用的增加。

展望未来,我们仍然认为新的有机收入增长,主要是通过当前和未来eValuator安装的每月经常性SaaS收入的复合效应,将超过我们旧的传统解决方案的收入损耗。对于2019财年,eValuator的增长应该会为公司带来一位数的百分比增长。预计增长将在2020年开始扩大,一致的低两位数百分比的收入增长。同样,这将发生在eValuator SaaS收入比传统技术收入加速增长的情况下。

现在转到调整后的EBITDA。我们在2019年第一季度产生了大约110万美元,比上一季度略有上升,比2018财年第一季度增长了近75%。由于我们在过去几年中采取的战略举措数量,我们调整后的EBITDA快速增长我们对目前的成本运行率感到满意。由于任何超额收益或超额现金将再投资于我们的销售工作,我们预计此领域不会采取进一步行动。更多关于这一点。

每个季度,我们都会展示各种最新的行业头条,以传达几乎每个医疗服务提供者在当今环境中面临的困境,无论机构规模如何。自从我在四月份的第四季度电话会议上与您进行了交谈以来,有更多的文章解析了其中许多人面临的收入压力。我想通过一些主要研究来跟进这一点,以强有力的方式构建这些市场需求。

去年10月,HIMSS Media进行了一项调查,以更好地了解卫生组织对收入周期管理的态度和关注。他们的题为“深入了解收入周期管理”的报告量化了许多推动我们提供解决方案和服务需求的关键问题。例如,当被问及他们最大的收入周期挑战时,美国医院和急症护理机构的受访者拒绝了49%,并且报销47%是两个最重要的问题。

Furthermore, clinical documentation and coding were considered to be the most vulnerable areas for loss or decrease revenue with 84% listing them as high to medium risk inside their organizations. Healthcare providers are looking for revenue integrity solution to improve their coding accuracy to ensure that they are billing the correct amount under established coding guidelines. In other words, the middle of the revenue cycle needs help and that's exactly what we do with eValuator, help with coding accuracy and CDI to help with clinical documentation improvement.
I stated in our last earnings update that our company's focus and my primary goal for 2019 and beyond is revenue growth and that we have transitioned from investing in development of new technologies like eValuator and CDI for outpatient facilities to investing to selling of those new solutions. To that end, we have added three new sales representatives under Dave Driscoll's leadership strengthening our presence in the Southeast, the West Coast and Midwest and we continue to invest.
First, we have increased our focus on new distribution channels and channel partners. Second, we have added new Advisory Board members and will continue to add as appropriate. Lastly, we have reorganized our sales department to better execute on our refined sales strategy. The purpose behind the additional investment in these areas is to create multiple touch points inside the organization of our hospital clients and prospects.
For increased revenue growth we are targeting some of the largest healthcare providers in the country and we need more influence in the C-Suite. We are striving to simultaneously sell to multiple purchase decision makers and influencers from users of our product via departmental managers to CFOs and CIOs who control the budgetary decisions.
Regarding my previous comments on improving adjusted EBITDA this year, the company has made strategic changes in its operation and back-office functions to be able to invest more substantially in sales and marketing. In addition to the facility changes we made, eValuator was designed and built to be native cloud technology. We run eValuator on an open, flexible enterprise grade cloud computing platform, easy to use, easy to add capacity and costs remarkably little on a monthly basis.
Our strategic decision to move away from datacenters to the cloud has improved our overall efficiency, especially in the area of implementation and enabled us to reduce our CapEx spending. Our 100% cloud-based eValuator platform can be deployed to go-live in 45 days and in some cases, less. This has allowed us to deploy smaller, more skilled teams in professional services and its helped our engineering team's focus as well. As we develop new solutions like our outpatient and professional fee segments of eValuator pre-bill analysis, they are constantly seeking new ways to improve their efficiencies in bringing these solutions and others to market.
We have dramatically improved our capital structure over the last years and we continue to challenge ourselves on this makeup. Tom Gibson, our CFO, will discuss the possible improvement in our debt structure in a few minutes. Before I turn the call over to Tom, I want to comment on our bookings for the first quarter and provide some commentary on our second quarter bookings so far.

此外,临床文件和编码被认为是损失或减少收入的最脆弱区域,84%将其列为组织内的中高风险。医疗保健提供商正在寻求收益完整性解决方案,以提高其编码准确性,以确保他们根据既定的编码指南正确计费。换句话说,收入周期的中间需要帮助,这正是我们使用eValuator所做的,有助于编码准确性和CDI,以帮助改进临床文档。

我在上次收益更新中表示,我们公司的重点和我2019年及以后的主要目标是收入增长,我们已经从投资开发eValuator和CDI等新技术用于门诊设施,再到投资到销售这些新解决方案。为此,我们在Dave Driscoll的领导下增加了三名新的销售代表,加强了我们在东南部,西海岸和中西部的业务,我们继续投资。

首先,我们更加关注新的分销渠道和渠道合作伙伴。其次,我们增加了新的咨询委员会成员,并将继续酌情添加。最后,我们重组了我们的销售部门,以更好地执行我们精细的销售策略。在这些领域进行额外投资背后的目的是在我们的医院客户和潜在客户组织内部创建多个接触点。

为了增加收入增长,我们瞄准了该国一些最大的医疗保健提供商,我们需要更多的C-Suite影响力。我们正在努力通过部门经理同时向我们产品用户的多个购买决策者和影响者出售给控制预算决策的CFO和CIO。

关于我之前关于改善调整后EBITDA的评论,该公司已经对其运营和后台职能进行了战略性调整,以便能够在销售和营销方面进行更大幅度的投资。除了我们所做的设施变更之外,eValuator还被设计和构建为原生云技术。我们在开放,灵活的企业级云计算平台上运行eValuator,易于使用,易于添加容量,并且每月的成本极低。

我们从数据中心迁移到云的战略决策提高了我们的整体效率,特别是在实施方面,使我们能够降低我们的资本支出。我们的100%基于云的eValuator平台可以在45天内上线,在某些情况下可以更少。这使我们能够在专业服务中部署更小,更熟练的团队,这也有助于我们的工程团队的关注。随着我们开发新的解决方案,如eValuator预票据分析的门诊和专业费用部分,他们不断寻求新方法来提高将这些解决方案和其他解决方案推向市场的效率。

在过去的几年里,我们已经大大改善了我们的资本结构,并且我们继续挑战自己。我们的首席财务官汤姆吉布森将在几分钟内讨论我们的债务结构可能的改善。在我把电话转给汤姆之前,我想对第一季度的预订发表评论,并对我们到目前为止的第二季度预订提供一些评论。

In Q1, we generated approximately $1.4 million in bookings including the signing of our first client using our Outpatient eValuator solution. Bookings grew up more than $300,000 over the previous quarter and I believe are now turning up to the level we have established as our ongoing quarterly effect of at least $2 million to $3 million.
Dave Driscoll, our new Chief Revenue Officer, has been with us for four months now. The company expected a transition period for Dave, however, we are already seeing a notable increase in the number of new solution demonstrations, the number of follow-up meetings and the number of contracts submitted for legal review from his leadership and his sales strategy.
As Dave articulated in his comments last quarter, we believe the market is right for change based on better ways of doing business. He believes every healthcare system needs to improve their revenue integrity and compliance programs and our eValuator technology can help them do this. It has been his experience that larger organizations are actually better prospects for new technologies and he shifted our focus on some of the largest healthcare systems in the country as I already mentioned.
In just the last few months, Dave and his team have moved some very large eValuator opportunities into the bottom of our sales funnel with targeted close dates in Q2 and Q3 of this year. Most of these deals are with large healthcare systems that are household names. Furthermore, these deals are two and three times larger than the current average annual revenue of the company's eValuator clients today.
This is the reason why we put together our Strategic Advisory Board to help us land these very large sales opportunities. I am very pleased with our pipeline and sales activity so far in the second quarter and believe that we can accelerate the size and pace of eValuator client contracts given Dave's focus and the addition of our Advisory Board, the many connections to C-Suite executives the have.
I will now turn the call over to Tom Gibson, our CFO, who will provide greater detail on our financial results for the first quarter. Tom?

在第一季度,我们产生了大约140万美元的预订,包括使用我们的门诊eValuator解决方案签署我们的第一个客户。预订量比上一季度增长了30多万美元,我相信现在已经达到我们已经建立的水平,因为我们的持续季度影响至少在200万美元到300万美元之间。

我们新的首席营收官戴夫·德里斯科尔已经和我们在一起四个月了。该公司预计Dave的过渡期,但是,我们已经看到新的解决方案演示数量,后续会议的数量以及他的领导和他的销售策略提交法律审查的合同数量显着增加。

正如Dave在上个季度的评论中所阐述的那样,我们认为市场适合基于更好的经营方式进行变革。他认为每个医疗保健系统都需要改善其收入完整性和合规性计划,我们的eValuator技术可以帮助他们实现这一目标。他的经验是,大型组织实际上是新技术的更好前景,他将注意力转移到了我所提到的该国一些最大的医疗保健系统。

在过去的几个月里,戴夫和他的团队已经将一些非常大的eValuator机会转移到我们的销售漏斗底部,并在今年第二季度和第三季度有针对性的关闭日期。大多数这些交易都是以家喻户晓的大型医疗保健系统为主。此外,这些交易是当前公司eValuator客户当前平均年收入的两倍和三倍。

这就是为什么我们组建战略咨询委员会以帮助我们获得这些巨大的销售机会的原因。到目前为止,我对第二季度的管道和销售活动感到非常满意,并相信我们可以加快eValuator客户合同的规模和速度,因为Dave的重点和我们的顾问委员会的增加,与C-Suite高管的多次联系有。

我现在将电话转交给我们的首席财务官Tom Gibson,他将提供有关第一季度财务业绩的更多详细信息。汤姆?

汤姆吉布森

Thank you David and good morning to everyone on the call. As we have discussed on previous calls, all of our associates are engaged with selling. My role over the last quarter has been to assist Dave Driscoll and David Sides in placing new talent within the sales team, contracting with Advisory Board members and solidifying new channel partner relationships. Those activities will continue into Q2 2019. However, we are proud of the progress we have made in executing of David Driscoll's vision of how the sales organization should operate.
As we enter Q2 2019, we believe that substantially all of that structure is in place. We will always be on the lookout to add high quality salespeople, but we feel that the company has hired the right sales leadership. Our efforts have made a quantifiable impact to the number and size of opportunities in the pipeline, which are the result of addressing our customers at different levels of the organization, C-Suite to Director. We recognize that to close a business is a result that matters and we believe we are on track to deliver those results.
It is important to note that the company had planned for the investment it has made in sales and marketing. As we previously discussed, the operating cost line which has fully realized cost containment activities in fiscal 2018 is a proxy for the remainder of the year. Said another way, the investments in sales and marketing efforts that have already been discussed will not adversely impact the operating cost line for the remainder of fiscal 2019.
In the first fiscal quarter of 2019, we generated $5.4 million in revenue and $1.1 million in adjusted EBITDA, compared with the same period in 2018 when we generated $6.3 million of revenue and $0.6 million of adjusted EBITDA. The lower revenues in 2019 were primarily the result of nonrecurring license sales. The company recognized nearly $0.9 million less in nonrecurring licensed software year-over-year from fiscal 2019 to 2018.
The results of our cost containment initiatives in fiscal 2018 maybe most prevalent in this quarter. The company realized nearly $1.6 million of lower total operating expenses in Q1 2019 compared with Q1 2018. Of this amount, only $0.4 million are related to amortization and depreciation, leaving $1.2 million of reduced cash cost in the quarter.
As a reminder, the company has disproportionately higher cost in Q1 due to professional fees associated with the company's annual audit and annual shareholders meeting than in all of the remaining quarters. The company changed auditors for fiscal 2019 however, much of the savings from that change will not be realized until Q1 of next year.
Offsetting the company's higher professional fees in Q1 of this year was a bad debt benefit from our concerted efforts to lower the amount and age of our receivables. Through solid execution in our collections arena, the company was able to lower its overall accounts receivable and create a reduction of cost in the statement of income for the period. These two anomalies offset one another and resulted in a quarter that should be once again a proxy for the company's operating cost line for the remainder of fiscal 2019.

谢谢大卫,大家早上好。正如我们之前的电话讨论过的那样,我们所有的员工都参与了销售。我在上一季度的职责是协助Dave Driscoll和David Sides在销售团队中安排新人才,与顾问委员会成员签约并巩固新的渠道合作伙伴关系。这些活动将持续到2019年第二季度。但是,我们为执行David Driscoll关于销售组织应如何运作的愿景所取得的进展感到自豪。

当我们进入2019年第二季度时,我们相信所有这些结构都已到位。我们将始终关注增加高质量的销售人员,但我们认为公司已经聘请了正确的销售领导者。我们的努力已经对管道中的机会数量和规模产生了可量化的影响,这是我们在组织的不同层面(C-Suite to Director)解决客户问题的结果。我们认识到关闭业务是重要的结果,我们相信我们有望实现这些成果。

值得注意的是,该公司已计划在销售和营销方面进行投资。正如我们之前所讨论的那样,2018财年完全实现成本控制活动的运营成本线是今年剩余时间的代理。换句话说,已经讨论过的销售和营销工作投资不会对2019财年剩余时间的运营成本线产生不利影响。

在2019年第一财季,我们产生了540万美元的收入和110万美元的调整后EBITDA,与2018年同期相比,我们产生了630万美元的收入和60万美元的调整后EBITDA。 2019年的收入较低主要是非经常性许可证销售的结果。从2019年到2018年,该公司认可的非经常性许可软件减少了近90万美元。

2018财年我们的成本控制措施的结果可能在本季度最为普遍。与2018年第一季度相比,该公司在2019年第一季度实现了近160万美元的总运营支出。其中,仅有40万美元与摊销和折旧相关,本季度减少了120万美元的现金成本。

提醒一下,由于与公司年度审计和年度股东大会相关的专业费用,公司在第一季度的成本不成比例地高于其他所有季度。该公司改变了2019财年的审计师,但是,直到明年第一季度,这一变化所带来的大部分节省才能实现。

在今年第一季度抵消公司较高的专业费用是我们共同努力降低应收账款金额和年龄的坏账。通过在我们的收款领域稳固执行,该公司能够降低其整体应收账款,并在该期间的收入表中减少成本。这两个异常相互抵消,导致一个季度再次成为公司2019财年剩余时间运营成本线的代表。

Additionally, the company recorded $78,000 of interest expense for the first quarter of fiscal 2019 compared with $116,000 for the same period last year. This illustrates the benefit of the company's successful efforts to lower its overall debt load and improve the balance sheet. The company recognized $434,000 in Q1 2019 and $824,000 in Q1 2018 of non-cash depreciation and amortization. The company also recognized $270,000 and $224,000 of share-based compensation for the first quarter of fiscal 2019 and 2018 respectively.
It should be noted that the company's depreciation and amortization is trending down due to many assets being fully depreciated. The company's depreciation and amortization will continue to trend lower in fiscal 2019 as a result of these fully depreciated assets.
Moving to the balance sheet. We finished the quarter with approximately $2 million of cash on hand. This amount is down from $2.4 million of January 31, 2019 and down from $3.7 million on April 30, 2018. The company's cash on the balance sheet is trailing where it was in fiscal 2018 due to the low revenue. However, the lower cost structure will continue to reduce the pressure on cash in fiscal 2019.
Beyond operations, for the first quarter 2019, we invested $970,000 in software development, primarily new functionality for our key client solution, eValuator. We foresee continuing to invest at this level for another quarter and then the dollars invested in capitalized software will temper. For the full year 2019, the company anticipates it will spend less in capitalized software as compared with the full year fiscal 2018. The company continues to have flexibility within the software capitalization cost with regard to the timing, nature and type of spend.
As David mentioned earlier, the company is looking into replacing its current term loan and revolving credit facility with a single revolving credit facility. During the quarter, the company made its regular $150,000 quarterly payment on its term loan, the balance of which is now down to $3.8 million net of financing cost at the end of the quarter. In addition, the company has maintained a revolver with a $5 million capacity. There were no amounts outstanding on the revolver at the end of the first quarter fiscal 2019 or 2018 or at the end of the company's fiscal year, January 31, 2019.
If successful in refinancing its debt, the company would be positioned to reinvest the mandatory principal repayments on its current term loan back into the business, again primarily into sales and marketing. The company will however, carry all of this new revolving debt as current on its balance sheet.
The company is no longer reporting its backlog measure. As discussed in our previous two earnings call, the company included only contracts through their natural, original term or through the end of the next succeeding auto renewal term. The company believes the backlog measure is not a proxy or a future indicator of recurring or total revenue. Accordingly, the company will not report backlog as previously defined. The company will continue to evaluate a measure that provides the right future indicator for sustaining and growing the revenue base.

此外,该公司在2019财年第一季度的利息支出为78,000美元,而去年同期为116,000美元。这说明了公司成功降低总体债务负担和改善资产负债表的好处。该公司在2019年第一季度确认了434,000美元,在2018年第一季度确认了非现金折旧和摊销的824,000美元。该公司还分别在2019年和2018年第一季度确认了270,000美元和224,000美元的股票薪酬。

值得注意的是,由于许多资产已完全折旧,公司的折旧和摊销趋势正在下降。由于这些完全折旧的资产,公司的折旧和摊销将在2019财年继续走低。

转到资产负债表。我们手头有大约200万美元现金完成了本季度。这一数额低于2019年1月31日的240万美元,低于2018年4月30日的370万美元。由于收入低,公司资产负债表上的现金落后于2018财年。然而,较低的成本结构将继续减少2019财年的现金压力。

除了运营之外,在2019年第一季度,我们在软件开发方面投入了970,000美元,主要是针对我们的关键客户解决方案eValuator的新功能。我们预计将继续在这个级别投资另一个季度,然后投入资本化软件的资金将会减少。对于2019年全年,公司预计与2018财年全年相比,它将在资本化软件上花费更少。公司在时间,性质和支出类型方面继续在软件资本化成本方面具有灵活性。

正如大卫先前提到的那样,该公司正在考虑用一个循环信贷工具取代现有的定期贷款和循环信贷额度。在本季度,该公司定期向其定期贷款支付15万美元,其余额现已降至本季度末融资成本的380万美元。此外,该公司还拥有500万美元的左轮手枪容量。在2019年或2018年第一季度末或2019年1月31日公司财政年度结束时,左轮手枪没有未偿还的金额。

如果成功再融资债务,该公司将有条件将其当前定期贷款的强制性本金偿还再投资回业务,再次主要用于销售和营销。然而,该公司将把所有这些新的循环债务作为其资产负债表上的现有债务。

该公司不再报告其积压措施。正如我们在之前的两次财报电话会议中所讨论的那样,该公司仅通过其自然原始期限或下一次续订汽车续约期限结束时包含合同。该公司认为积压措施不是经常性或总收入的代理或未来指标。因此,公司不会按照之前的定义报告积压。该公司将继续评估一项措施,为持续和增加收入基础提供正确的未来指标。

That concludes my remarks. But before I turn the call back to David, I wanted to reiterate that I believe we have made great strides in managing the business during this transition to focusing on solutions and services to help clients with the middle of their revenue cycle. We are prepared to rapidly leverage future increased revenue acceleration and accelerate the creation of EBITDA in cash for the business. We look very forward to updating this growth on our next phase of execution.
David?

我的发言结束了。 但在我将电话转回大卫之前,我想重申一点,我相信我们在这个过渡期间在管理业务方面取得了很大进展,专注于解决方案和服务,以帮助客户在收入周期的中间。 我们准备迅速利用未来增加的收入加速,并加快为企业创造现金EBITDA。 我们期待在下一阶段的执行中更新这一增长。

大卫?

David Sides

Thank you Tom. I want to concludes my remarks today by reiterating that we remain comfortable with the guidance we have provided for this fiscal year. Given the strength of our pipeline and focus of our entire organization on sales, the many improvements and adjustments we have made in our cost structure over the past year, we continue to project revenue between $22.5 million and $23.5 million dollars and expect adjusted EBITDA to be between $4.5 million and $5 million at January 31, 2021.
I want to thank our Streamline Health associates for their continued hard work and dedication to our clients, to our shareholders and to each other. I will now turn the call over to the operator for our Q&A session. Operator?

谢谢汤姆。 我想在今天结束发言时重申我们对本财政年度提供的指导意见仍然感到满意。 鉴于我们的管道优势和整个组织的销售重点,我们在过去一年的成本结构中进行了许多改进和调整,我们继续预计收入在2250万美元至2350万美元之间,并且预计调整后的EBITDA将是 2021年1月31日,在450万美元到500万美元之间。

我要感谢我们的Streamline Health员工为我们的客户,股东和彼此所做的持续努力和奉献。 现在,我将把呼叫转到运营商处进行问答。操作?

问答环节

[Operator Instructions]. Our first question comes from the line of Matt Hewitt with Craig-Hallum Capital Group. Please proceed with your question.

[操作员说明]。 我们的第一个问题来自Matt Hewitt与Craig-Hallum Capital Group的合作。 请继续你的问题。

马特·休伊特

Good morning gentlemen. Thank you for taking our questions.

先生们,早上好。 感谢您提出我们的问题。

David Sides

Thanks Matt.

谢谢马特。

马特·休伊特

First off, I want to make sure I heard you correctly, David, I think you said single digit revenue growth from eValuator this year accelerating to low double digit growth in 2020? Did I hear that correctly?

首先,我想确保我听到你的正确答案,大卫,我认为你说今年eValuator的个位数收入增长加速到2020年的低两位数增长? 我听到了吗?

David Sides

Yes.

是。

马特·休伊特

And then in conjunction with that, how should we be thinking about some of the typical erosion that we have seen over the last couple of years on the perpetual license side? So I guess where I am getting at is, where should we be kind of thinking about revenue growth as a whole for 2020?

然后与此同时,我们应该如何考虑过去几年在永久许可方面看到的一些典型的侵蚀? 所以我想我到底在哪里,我们应该在哪里考虑2020年的整体收入增长?

汤姆吉布森

Matt, this is Tom. I want to make sure we are clear on the question and David's response. So we are talking about single digit growth for the entire company in 2019 that is driven primarily by eValuator. The eValuator itself will have exponential growth as a product in 2019. But yes, we are thinking of low single digit growth in 2019 over 2018 for the company as a whole, including both recurring and nonrecurring revenue and then that going to double digits in 2020, all in the back of the eValuator and all of that is net of the churn from the legacy products.

马特,这是汤姆。 我想确保我们清楚这个问题和大卫的回应。 因此,我们谈论的是2019年整个公司的单位数增长,主要由eValuator推动。 eValuator本身将在2019年作为产品呈指数级增长。但是,我们正在考虑2019年2018年整个公司的单位数增长率低,包括经常性和非经常性收入,然后在2020年达到两位数 ,所有这些都在eValuator的后面,所有这些都是传统产品的流失。

马特·休伊特

Okay. Got it. That's actually really helpful. Thank you. And then maybe Tom, a follow-up for you, kind of moving down the income statement, there was a big pop in gross margin. Actually, you had a great quarter in gross margin. Was there anything one-time in nature there? Or what helped drive that? And how should we be thinking about that over the remainder of the year?

好的。 得到它了。 这实际上非常有用。 谢谢。 然后也许汤姆,对你的跟进,有点降低收益表,毛利率大幅下降。 实际上,你的毛利率很高。 那里有什么一次性的东西吗? 或是什么帮助推动了这一点 那一年剩下的时间我们应该如何思考呢?

汤姆吉布森

Yes. The vast majority of that is depreciation and amortization, which we have been hammering on. Also the quarter was benefited year-over-year from some reduction in support staff that occurred. So yes, I think you are looking at how gross margin is going to be for the rest of the year as total percentage base.

是。 其中绝大部分是折旧和摊销,我们一直在努力。 此外,由于支持人员的减少,该季度同比受益。 所以,是的,我认为你正在考虑今年剩余时间的毛利率将如何作为总百分比基数。

马特·休伊特

Okay. And then it sounds like you have added three salespeople. Could we get a total headcount for your sales organization now? And I think you had commented that know if the right person presented him or herself over the course of the year, you might add more. But where does that team sits today?

好的。 然后听起来你已经增加了三个销售人员。 我们现在可以为您的销售组织获得总人数吗? 而且我认为你曾评论说,如果合适的人在一年中展示自己,你可能会增加更多。 但是这支球队今天在哪里?

David Sides

It's probably around 13 or 14 people, Matt. And we will continue to move money there to the extent we find good talent.

马特,大约13或14人。 在我们找到优秀人才的情况下,我们将继续在那里转移资金。

马特·休伊特

Okay. And then maybe one more and I will hop back in the queue. Prior, maybe it was Q4 or even Q3, I think it was Q4 you had mentioned that you would lock down your third Epic customer and there was discussion of getting to that threshold along you need to get out to their App Orchard. I know that they had shut that down for a short period. I am not sure if that's been turned back on. But any update on that front?

好的。 然后可能还有一个,我会跳回队列。 在此之前,也许是第四季度甚至是第三季度,我认为你提到的第四季度你会锁定你的第三个Epic客户,并且有关于达到这个门槛的讨论,你需要去他们的App Orchard。 我知道他们已经关闭了一段时间。 我不确定是否已经重新开启。 但是那方面的任何更新?

David Sides

Yes. It's been turned back on and we are going to be in the App Orchard and the other update would be that those three clients are all live and taking reference calls for us. So one of the ways we are moving to larger systems is, as we talked about, those Epic clients seem to be larger health systems. We have three good live references there and that's really kind of helping us and they are being great partner taking lots of calls for us.

是。 它被重新打开了,我们将会进入App Orchard,另一个更新将是这三个客户都在线并接听我们的参考电话。 因此,正如我们所讨论的那样,我们转向更大系统的方式之一是,Epic客户似乎是更大的医疗系统。 我们在那里有三个很好的现场参考,这对我们很有帮助,他们是很好的合作伙伴,为我们打了很多电话。

马特·休伊特

That's great. Thank you much.

那很棒。 非常感谢你。

David Sides

Thanks Matt.

谢谢马特。

汤姆吉布森

Thank you Matt.

谢谢马特。

会议主持员

[Operator Instructions]. Our next question comes from the line of Frank Sparacino with First Analysis. Please proceed with your question.

[操作员说明]。 我们的下一个问题来自Frank Sparacino和First Analysis的系列。 请继续你的问题。

Frank Sparacino

Hi guys. Just two questions for me. Tom, for you, just from a cash flow standpoint. The Q1 number was better than we have seen historically. Just maybe any thoughts around cash flow for the year/ And then on the sales side, David, I don't know if there is any way to sort of quantify the top of the funnel and some of the metrics you alluded to as the confidence on the ability to get back to $2 million to $3 million in bookings perhaps starting next quarter?

嗨,大家好。 对我来说只有两个问题。 汤姆,对你来说,只是从现金流的角度来看。 第一季度的数字比我们历史上看到的要好。 可能只是关于今年现金流的任何想法/然后在销售方面,大卫,我不知道是否有任何方法可以量化漏斗的顶部以及您提到的一些指标作为信心 从下个季度开始的预订能力可以回到200万到300万美元?

汤姆吉布森

Thank you Frank. I will you start, if that's all right, David and you can come behind me. So thinking about cash flow for Q1 2019, if you recall, in Q4 we had a couple of customers that were delayed in paying us. Those payments came through in Q1. So we had a stronger cash flow in Q1 as a result of collection of those two customers. And I think it was about $1.5 million or so.
Cash flow for the rest of the year, I think, is going to be good. Again, we are not seeing as much cash come in but we are seeing a lower cost structure. So net net, we should be able to cash flow positive, including debt service for 2019. After 2019, we are projecting tremendous cash flow. We still have a little bit of cash that we are spending from our 2018 activities including the leases.
So that's my comment on cash.

谢谢弗兰克。 我会开始,如果没事的话,大卫和你可以跟在我后面。 因此,考虑到2019年第一季度的现金流,如果你还记得,在第四季度,我们有几个客户延迟付款给我们。 这些付款是在第一季度完成的。 因此,由于这两个客户的收集,我们在第一季度拥有更强劲的现金流。 我认为这大约是150万美元左右。

我认为,今年剩余时间的现金流将会很好。 同样,我们没有看到现金流入,但我们看到成本结构较低。 所以净净值,我们应该能够现金流量积极,包括2019年的还本付息。2019年之后,我们正在预测巨额现金流。 我们仍然从2018年的活动(包括租赁)中获得一点点现金。

这是我对现金的评论。

David Sides

And then Frank, on the sales side. So compared to Q1, our Q2 is probably 50%, 60% larger at the top of the funnel of the entire top third of the funnel. In Q3, it's probably double of Q2. So we see a real acceleration possible with the size of organizations that we are going after and the quantity of organizations as well. But the size is the real increase here. And part of that is driven by, we are now offering, we mentioned in our comments, but outpatient as well and that will go live this quarter. So we will have two outpatient clients live. We sold our first one last quarter. So we will have two outpatient clients live this quarter. We are working quickly to get the third. So that expansion of product also helps us that we can then sell an enterprisewide solution now to cover the inpatient and outpatient and that has been well received by larger health systems, as they can see reporting across the entire enterprise. That's a differentiator for us compared to our competitors who sometimes have separate systems and so they can't give a view of what's happening with their coding accuracy and how their revenue integrity is impacted across all clients.

然后弗兰克,在销售​​方面。因此,与Q1相比,我们的Q2可能是50%,在漏斗的整个前三分之一的漏斗顶部大60%。在第三季度,它可能是第二季度的两倍。因此,我们可以看到我们正在追求的组织规模以及组织数量的真正加速。但这里的规模是真正的增长。其中一部分是由我们提供的,我们现在提供的,我们在评论中提到的,但也是门诊病人,这将在本季度上线。所以我们将有两个门诊客户住。我们上个季度卖出了第一个。因此,本季度我们将有两名门诊客户。我们正在迅速努力争取第三个。因此,产品的扩展也有助于我们现在可以出售企业范围的解决方案,覆盖住院病人和门诊病人,并且受到大型医疗系统的欢迎,因为他们可以看到整个企业的报告。与我们的竞争对手相比,这是一个差异化因素,竞争对手有时会拥有独立的系统,因此无法了解其编码准确性以及所有客户的收入完整性如何影响。

Frank Sparacino

Great. Thank you guys.

非常好。 感谢你们。

会议主持员

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I will turn the floor back to Mr. Salisbury for any final comments.

谢谢。 女士们,先生们,我们的问答环节结束了。 我将把发言回到索尔兹伯里先生的任何最后评论。

兰迪索尔兹伯里

Thank you again for your interest in and support of Streamline Health. If you have any additional questions or need more additional information, please don't hesitate to contact me at randy.salisbury@streamlinehealth.net. We look forward to speaking with you all again in September when we will discuss our second quarter of fiscal year 2019 performance. Good day.

再次感谢您对Streamline Health的关注和支持。 如果您有任何其他问题或需要更多其他信息,请随时通过randy.salisbury@streamlinehealth.net与我联系。 我们期待在9月再次与您交谈,届时我们将讨论2019财年第二季度业绩。 美好的一天。

会议主持员

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

谢谢。 这就结束了今天的电话会议。 您可以在此时断开线路。 感谢您的参与。

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