HealthStream Announces Second Quarter 2024 Results
HealthStream (HSTM) reported Q2 2024 results with revenues of $71.6 million, up 3.4% year-over-year. Operating income increased 10.1% to $4.4 million, while net income rose 0.8% to $4.2 million. Earnings per share improved to $0.14 from $0.13 in Q2 2023. Adjusted EBITDA grew 3.3% to $15.8 million.
The company faced a $1.0 million charge due to a customer bankruptcy, impacting various financial metrics. HealthStream declared a quarterly dividend of $0.028 per share. For the full year 2024, the company projects revenue between $292.0-$296.0 million and adjusted EBITDA of $64.5-$67.5 million.
HealthStream (HSTM) ha riportato i risultati del Q2 2024 con ricavi di 71,6 milioni di dollari, in aumento del 3,4% rispetto all'anno precedente. L'utile operativo è aumentato del 10,1% a 4,4 milioni di dollari, mentre l'utile netto è cresciuto dello 0,8% a 4,2 milioni di dollari. L'utile per azione è migliorato a 0,14 dollari rispetto a 0,13 dollari nel Q2 2023. L'EBITDA rettificato è cresciuto del 3,3% a 15,8 milioni di dollari.
L'azienda ha affrontato un addebito di 1,0 milione di dollari a causa di un fallimento di un cliente, influenzando vari parametri finanziari. HealthStream ha annunciato un dividendo trimestrale di 0,028 dollari per azione. Per l'intero anno 2024, l'azienda prevede ricavi tra 292,0-296,0 milioni di dollari e un EBITDA rettificato di 64,5-67,5 milioni di dollari.
HealthStream (HSTM) reportó los resultados del Q2 2024 con ingresos de 71,6 millones de dólares, aumentando un 3,4% en comparación con el año anterior. El ingreso operativo aumentó un 10,1% a 4,4 millones de dólares, mientras que el ingreso neto creció un 0,8% a 4,2 millones de dólares. Las ganancias por acción mejoraron a 0,14 dólares desde 0,13 dólares en el Q2 2023. El EBITDA ajustado creció un 3,3% a 15,8 millones de dólares.
La compañía enfrentó un cargo de 1,0 millón de dólares debido a la quiebra de un cliente, impactando varios métricas financieras. HealthStream declaró un dividendo trimestral de 0,028 dólares por acción. Para todo el año 2024, la empresa proyecta ingresos entre 292,0-296,0 millones de dólares y un EBITDA ajustado de 64,5-67,5 millones de dólares.
헬스스트림(HealthStream, HSTM)은 2024년 2분기 실적을 발표하며 7160만 달러의 매출을 보고했습니다. 이는 전년 대비 3.4% 증가한 수치입니다. 운영 수익은 10.1% 증가하여 440만 달러에 달했고, 순이익은 0.8% 상승하여 420만 달러에 달했습니다. 주당 순이익은 2023년 2분기의 0.13달러에서 0.14 달러로 개선되었습니다. 조정된 EBITDA는 3.3% 증가하여 1580만 달러에 도달했습니다.
회사는 고객의 파산으로 인해 100만 달러의 비용을 부담하게 되었고, 이는 여러 재무 지표에 영향을 미쳤습니다. 헬스스트림은 주당 0.028달러의 분기 배당금을 선언했습니다. 2024년 전체 연도에 대해 회사는 매출을 2억 9200만 달러에서 2억 9600만 달러 사이로 예상하고 있으며, 조정된 EBITDA는 6450만 달러에서 6750만 달러로 예상하고 있습니다.
HealthStream (HSTM) a annoncé ses résultats pour le 2ème trimestre 2024 avec des revenus de 71,6 millions de dollars, en hausse de 3,4 % par rapport à l'année précédente. Le résultat d'exploitation a augmenté de 10,1 % pour atteindre 4,4 millions de dollars, tandis que le résultat net a progressé de 0,8 % à 4,2 millions de dollars. Le bénéfice par action s'est amélioré à 0,14 dollar contre 0,13 dollar au Q2 2023. L'EBITDA ajusté a augmenté de 3,3 % pour atteindre 15,8 millions de dollars.
L'entreprise a subi une charge de 1,0 million de dollars en raison de la faillite d'un client, impactant plusieurs indicateurs financiers. HealthStream a déclaré un dividende trimestriel de 0,028 dollar par action. Pour l'année entière 2024, l'entreprise prévoit des revenus entre 292,0 et 296,0 millions de dollars et un EBITDA ajusté de 64,5 à 67,5 millions de dollars.
HealthStream (HSTM) hat die Ergebnisse für das 2. Quartal 2024 gemeldet, mit Einnahmen von 71,6 Millionen USD, was einem Anstieg von 3,4% im Jahresvergleich entspricht. Der operative Gewinn stieg um 10,1% auf 4,4 Millionen USD, während der Nettogewinn um 0,8% auf 4,2 Millionen USD anstieg. Der Gewinn pro Aktie verbesserte sich auf 0,14 USD von 0,13 USD im Q2 2023. Das bereinigte EBITDA wuchs um 3,3% auf 15,8 Millionen USD.
Das Unternehmen hatte eine 1,0 Millionen USD Belastung aufgrund einer Kundeninsolvenz, die verschiedene finanzielle Kennzahlen beeinträchtigte. HealthStream erklärte eine vierteljährliche Dividende von 0,028 USD pro Aktie. Für das Gesamtjahr 2024 rechnet das Unternehmen mit Einnahmen zwischen 292,0-296,0 Millionen USD und einem bereinigten EBITDA von 64,5-67,5 Millionen USD.
- Revenue increased 3.4% year-over-year to $71.6 million
- Operating income grew 10.1% to $4.4 million
- Earnings per share improved to $0.14 from $0.13 in Q2 2023
- Adjusted EBITDA increased 3.3% to $15.8 million
- Subscription revenues rose 3.8%
- Board declared a quarterly cash dividend of $0.028 per share
- Company has no outstanding indebtedness for borrowed money
- $1.0 million charge due to a customer bankruptcy impacted financial metrics
- Professional services revenues declined by 5.5%
- Increases in software, labor costs, and amortization expenses partially offset revenue gains
Insights
The quarterly results announced by HealthStream demonstrate steady but modest growth. Revenue increased by 3.4%, which is a positive indicator, though not exceptionally high. The operating income grew by 10.1%, showing an improvement in operational efficiency. However, net income's increase by only 0.8% signals that expenses are proportionally rising. The EPS improvement to $0.14 from $0.13 per share, while positive, is minimal. Notably, the company faced a one-time charge due to a customer's bankruptcy, impacting metrics across the board. This indicates a potential vulnerability in customer reliability. For investors, the consistent dividend and lack of debt are highlights that add financial stability to the company. In summary, while the quarter showed growth, it was marginal and came with some risk highlighted by the bankruptcy charge.
From a market perspective, HealthStream's performance in the second quarter reflects a stable but cautious growth trajectory. The 3.8% increase in subscription revenues is a promising sign, as it points to a growing recurring revenue base, which is essential for a SaaS business model. However, the decline in professional services revenues by 5.5% might indicate a shift in customer preferences or competitive pressures in that segment. The company's ability to maintain a cash-rich position with $83.0 million in cash and equivalents is a significant strength, providing a buffer against market volatility and operational hiccups. Despite these positives, the impact of a customer's bankruptcy highlights a potential area of concern regarding the creditworthiness of their clientele. For investors, this mixed bag of results suggests a cautious approach; while the fundamentals remain strong, specific risks need to be monitored closely.
HealthStream's results also reflect some key operational aspects that are important in the tech industry. The company has evidently increased its investment in software development activities, which is highlighted by the capitalization of labor costs. This signals a focus on enhancing their technological offerings and maintaining a competitive edge in the healthcare tech space. Moreover, increases in labor costs and amortization expenses suggest ongoing commitment to product and infrastructure development. While these investments can pay off in the long term through improved products and services, they do add to short-term costs. The fact that a significant portion of their revenues comes from subscriptions is advantageous, providing a more predictable revenue stream. For tech-minded investors, the ongoing development and cash-rich position are positive signs, although the immediate financial impacts of these investments should be carefully considered.
Second Quarter 2024
-
Revenues of
$71.6 million 3.4% from$69.2 million -
Operating income of
$4.4 million 10.1% from$4.0 million -
Net income of
$4.2 million 0.8% from$4.1 million -
Earnings per share (EPS) of
$0.14 $0.13 -
Adjusted EBITDA1 of
$15.8 million 3.3% from$15.3 million -
A charge associated with a customer bankruptcy negatively impacted operating income by
$1.0 million $0.8 million $0.02 $1.0 million -
Board of Directors declared a quarterly cash dividend of
$0.02 8
1 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to net income and disclosure regarding why we believe adjusted EBITDA provides useful information to investors is included later in this release. |
Financial Results:
Second Quarter 2024 Compared to Second Quarter 2023
Revenues for the second quarter of 2024 increased by
Operating income was
Net income was
Adjusted EBITDA was
A charge associated with the customer bankruptcy referenced above negatively impacted operating income by
At June 30, 2024, the Company had cash and cash equivalents and marketable securities of
Year-to-Date 2024 Compared to Year-to-Date 2023
For the six months ended June 30, 2024, revenues were
Other Business Updates
On July 22, 2024, the Board approved a quarterly cash dividend under the Company's dividend policy of
Financial Outlook for 2024
The Company is updating its guidance for 2024 for certain of the measures set forth below. In addition, the Company is including projected net income for 2024 in its guidance as set forth below. For a reconciliation of projected adjusted EBITDA, a non-GAAP financial measure defined later in this release, to projected net income (the most comparable GAAP measure) for 2024, see the table included on page nine of this release.
|
Full-Year 2024 Guidance |
||||||||||
|
|
Low |
|
|
|
|
High |
|
|
||
Revenue |
|
$ |
292.0 |
|
- |
|
|
$ |
296.0 |
|
million |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
16.7 |
|
- |
|
|
$ |
18.6 |
|
million |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA1 |
|
$ |
64.5 |
|
- |
|
|
$ |
67.5 |
|
million |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures |
|
$ |
28.0 |
|
- |
|
|
$ |
30.0 |
|
million |
1 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of projected adjusted EBITDA to projected net income (the most comparable GAAP measure) is included later in this release. |
|||||||||||
The Company’s guidance for 2024 as set forth above reflects the Company’s assumptions regarding, among other things, expectations for new sales and renewals, and assumes that general economic conditions, including inflationary pressures, do not deteriorate. This consolidated guidance does not include the impact of any acquisitions that we may complete during 2024, gains or losses from changes in the fair value of minority investments, or impairment of long-lived assets.
“Second quarter 2024 revenues, operating income, and adjusted EBITDA all showed year-over-year growth, which was achieved amidst a couple of unique, one-time customer events presenting headwinds in the quarter,” said Robert A. Frist, Jr., Chief Executive Officer, HealthStream. “With strong sales at the end of the second quarter and a solid sales pipeline, our confidence is reinforced in finishing the year with sequential growth and within our guidance range.”
A conference call with Robert A. Frist, Jr., Chief Executive Officer, Scott A. Roberts, Chief Financial Officer and Senior Vice President, and Mollie Condra, Vice President of Investor Relations and Communications, will be held on Tuesday, July 23, 2024, at 9:00 a.m. (ET). Participants may access the conference call live via webcast using this link: https://edge.media-server.com/mmc/p/nvbfharo. To participate via telephone, please register in advance using this link https://register.vevent.com/register/BI26a9c0161c8a4eb78840c47da97b3936. A replay of the conference call and webcast will be archived on the Company’s website in the Investor Relations section under “Events & Presentations.”
Use of Non-GAAP Financial Measures
This press release presents adjusted EBITDA, a non-GAAP financial measure used by management in analyzing the Company’s financial results and ongoing operational performance. In order to better assess the Company’s financial results, management believes that net income before interest, income taxes, stock-based compensation, depreciation and amortization, and changes in fair value of, including gains (losses) on the sale of, non-marketable equity investments (“adjusted EBITDA”) is a useful measure for evaluating the operating performance of the Company because adjusted EBITDA reflects net income adjusted for certain GAAP accounting, non-cash, and/or non-operating items which may not, in any such case, fully reflect the underlying operating performance of our business. In addition, as discussed below, for periods ended on or prior to December 31, 2023, adjusted EBITDA excludes the impact of the deferred revenue write-downs associated with fair value accounting for acquired businesses. We believe that adjusted EBITDA is useful to investors to assess the Company’s ongoing operating performance and to compare the Company’s operating performance between periods. In addition, certain short-term cash incentive bonuses and performance-based equity awards are based on the achievement of adjusted EBITDA (as defined in applicable bonus and equity grant documentation) targets.
As previously disclosed, prior to the Company early adopting ASU 2021-08 effective January 1, 2022, following the completion of any acquisition by the Company, the Company was required to record the acquired deferred revenue at fair value as defined in GAAP, which typically resulted in a write-down of the acquired deferred revenue. In connection therewith, management determined that including an adjustment in the definition of adjusted EBITDA for the impact of the deferred revenue write-downs associated with fair value accounting for businesses acquired prior to the January 1, 2022 effective date of the Company's adoption of ASU 2021-08 (the “Pre-2022 Acquisitions”) provided useful information to investors because the deferred revenue write-down recognized in periods after any such Pre-2022 Acquisitions could, given the nature of this non-cash accounting impact, cause our GAAP financial results during such periods to not fully reflect our underlying operating performance. Following the adoption of ASU 2021-08, contracts acquired in an acquisition completed on or after January 1, 2022 have been measured as if the Company had originated the contract (rather than the contract being measured at fair value) such that, for such acquisitions, the Company no longer records deferred revenue write-downs associated with acquired businesses. With respect to periods ended on or prior to December 31, 2023, the Company has included an adjustment in the calculation of adjusted EBITDA for the impact of deferred revenue write-downs associated with the Pre-2022 Acquisitions consistent with this prior accounting standard, given the ongoing impact of such deferred revenue on our financial results under GAAP over this time period. With respect to periods beginning on and after January 1, 2024, the Company no longer recognizes any deferred revenue write-downs associated with the Pre-2022 Acquisitions under GAAP, and accordingly such deferred revenue write-downs are not an adjustment in connection with the calculation of adjusted EBITDA for periods on and after January 1, 2024.
Adjusted EBITDA is a non-GAAP financial measure and should not be considered as a measure of financial performance under GAAP. Because adjusted EBITDA is not a measurement determined in accordance with GAAP, adjusted EBITDA is susceptible to varying calculations. Accordingly, adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies and has limitations as an analytical tool.
This non-GAAP financial measure should not be considered a substitute for, or superior to, measures of financial performance, which are prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of adjusted EBITDA to net income (the most comparable GAAP measure), which is set forth below in this release.
About HealthStream
HealthStream (Nasdaq: HSTM) is the healthcare industry’s largest ecosystem of platform-delivered workforce solutions that empowers healthcare professionals to do what they do best: deliver excellence in patient care. For more information about HealthStream, visit www.healthstream.com or call 800-521-0574.
HEALTHSTREAM, INC. |
||||||||||||||||
Condensed Consolidated Statements of Income |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
||||
Revenues, net |
|
$ |
71,556 |
|
|
$ |
69,198 |
|
|
$ |
144,316 |
|
|
$ |
138,144 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues (excluding depreciation and amortization) |
|
|
23,738 |
|
|
|
23,567 |
|
|
|
48,355 |
|
|
|
47,424 |
|
Product development |
|
|
12,076 |
|
|
|
11,031 |
|
|
|
24,107 |
|
|
|
22,711 |
|
Sales and marketing |
|
|
11,405 |
|
|
|
11,307 |
|
|
|
23,179 |
|
|
|
23,035 |
|
Other general and administrative expenses |
|
|
9,556 |
|
|
|
9,063 |
|
|
|
17,868 |
|
|
|
17,927 |
|
Depreciation and amortization |
|
|
10,370 |
|
|
|
10,222 |
|
|
|
20,706 |
|
|
|
20,148 |
|
Total operating costs and expenses |
|
|
67,145 |
|
|
|
65,190 |
|
|
|
134,215 |
|
|
|
131,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
4,411 |
|
|
|
4,008 |
|
|
|
10,101 |
|
|
|
6,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net |
|
|
889 |
|
|
|
492 |
|
|
|
1,741 |
|
|
|
742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax provision |
|
|
5,300 |
|
|
|
4,500 |
|
|
|
11,842 |
|
|
|
7,641 |
|
Income tax provision |
|
|
1,132 |
|
|
|
367 |
|
|
|
2,448 |
|
|
|
885 |
|
Net income |
|
$ |
4,168 |
|
|
$ |
4,133 |
|
|
$ |
9,394 |
|
|
$ |
6,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.14 |
|
|
$ |
0.13 |
|
|
$ |
0.31 |
|
|
$ |
0.22 |
|
Diluted |
|
$ |
0.14 |
|
|
$ |
0.13 |
|
|
$ |
0.31 |
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
30,401 |
|
|
|
30,684 |
|
|
|
30,357 |
|
|
|
30,638 |
|
Diluted |
|
|
30,526 |
|
|
|
30,775 |
|
|
|
30,472 |
|
|
|
30,717 |
|
Dividends declared per share |
|
$ |
0.028 |
|
|
$ |
0.025 |
|
|
$ |
0.056 |
|
|
$ |
0.050 |
|
HEALTHSTREAM, INC. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
June 30, |
|
December 31, |
|
||||
2024 |
2023 |
|||||||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
46,131 |
|
|
$ |
40,333 |
|
Marketable securities |
|
|
36,869 |
|
|
|
30,800 |
|
Accounts and unbilled receivables, net |
|
|
36,195 |
|
|
|
38,446 |
|
Prepaid and other current assets |
|
|
19,917 |
|
|
|
20,631 |
|
Total current assets |
|
|
139,112 |
|
|
|
130,210 |
|
|
|
|
|
|
|
|
|
|
Capitalized software development, net |
|
|
41,540 |
|
|
|
40,643 |
|
Property and equipment, net |
|
|
11,880 |
|
|
|
13,005 |
|
Operating lease right of use assets, net |
|
|
18,842 |
|
|
|
20,114 |
|
Goodwill and intangible assets, net |
|
|
252,140 |
|
|
|
259,410 |
|
Deferred commissions |
|
|
31,377 |
|
|
|
31,700 |
|
Other assets |
|
|
4,664 |
|
|
|
4,860 |
|
Total assets |
|
$ |
499,555 |
|
|
$ |
499,942 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable, accrued, and other liabilities |
|
$ |
24,996 |
|
|
$ |
34,738 |
|
Deferred revenue |
|
|
86,887 |
|
|
|
83,623 |
|
Total current liabilities |
|
|
111,883 |
|
|
|
118,361 |
|
Deferred tax liabilities |
|
|
15,568 |
|
|
|
16,132 |
|
Deferred revenue, noncurrent |
|
|
1,891 |
|
|
|
2,169 |
|
Operating lease liability, noncurrent |
|
|
18,780 |
|
|
|
20,247 |
|
Other long-term liabilities |
|
|
2,219 |
|
|
|
2,281 |
|
Total liabilities |
|
|
150,341 |
|
|
|
159,190 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
250,368 |
|
|
|
249,075 |
|
Accumulated other comprehensive loss |
|
|
(1,217 |
) |
|
|
(691 |
) |
Retained earnings |
|
|
100,063 |
|
|
|
92,368 |
|
Total shareholders’ equity |
|
|
349,214 |
|
|
|
340,752 |
|
Total liabilities and shareholders' equity |
|
$ |
499,555 |
|
|
$ |
499,942 |
|
HEALTHSTREAM, INC. |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
Six Months Ended |
|
|||||
|
|
June 30, |
|
|
June 30, |
|
||
|
|
2024 |
|
|
2023 |
|
||
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
9,394 |
|
|
$ |
6,756 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
20,706 |
|
|
|
20,148 |
|
Stock-based compensation |
|
|
2,154 |
|
|
|
2,038 |
|
Amortization of deferred commissions |
|
|
5,956 |
|
|
|
5,464 |
|
Deferred income taxes |
|
|
(542 |
) |
|
|
(490 |
) |
Provision for credit losses |
|
|
1,802 |
|
|
|
371 |
|
Loss on equity method investments |
|
|
82 |
|
|
|
241 |
|
Other |
|
|
(746 |
) |
|
|
(342 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts and unbilled receivables |
|
|
449 |
|
|
|
1,460 |
|
Prepaid and other assets |
|
|
(5,569 |
) |
|
|
(8,733 |
) |
Accounts payable, accrued, and other liabilities |
|
|
(9,282 |
) |
|
|
(3,042 |
) |
Deferred revenue |
|
|
2,985 |
|
|
|
1,618 |
|
Net cash provided by operating activities |
|
|
27,389 |
|
|
|
25,489 |
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Business combinations, net of cash acquired |
|
|
— |
|
|
(6,621 |
) |
|
Changes in marketable securities |
|
|
(5,330 |
) |
|
|
(21,983 |
) |
Proceeds from sale of non-marketable equity investments |
|
|
765 |
|
|
|
— |
|
Purchases of property and equipment |
|
|
(914 |
) |
|
|
(1,382 |
) |
Payments associated with capitalized software development |
|
|
(13,552 |
) |
|
|
(13,309 |
) |
Net cash used in investing activities |
|
|
(19,031 |
) |
|
|
(43,295 |
) |
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Taxes paid related to net settlement of equity awards |
|
|
(861 |
) |
|
|
(797 |
) |
Payment of cash dividends |
|
|
(1,700 |
) |
|
|
(1,534 |
) |
Net cash used in financing activities |
|
|
(2,561 |
) |
|
|
(2,331 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
1 |
|
|
(81 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
|
5,798 |
|
|
(20,218 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
40,333 |
|
|
|
46,023 |
|
Cash and cash equivalents at end of period |
|
$ |
46,131 |
|
|
$ |
25,805 |
|
Reconciliation of GAAP to Non-GAAP Financial Measures(1) |
||||||||||||||||
Operating Results Summary |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP net income |
|
$ |
4,168 |
|
|
$ |
4,133 |
|
|
$ |
9,394 |
|
|
$ |
6,756 |
|
Deferred revenue write-down |
|
|
— |
|
|
|
48 |
|
|
|
— |
|
|
|
98 |
|
Interest income |
|
|
(944 |
) |
|
|
(550 |
) |
|
|
(1,848 |
) |
|
|
(913 |
) |
Interest expense |
|
|
25 |
|
|
|
33 |
|
|
|
49 |
|
|
|
65 |
|
Income tax provision |
|
|
1,132 |
|
|
|
367 |
|
|
|
2,448 |
|
|
|
885 |
|
Stock-based compensation expense |
|
|
1,094 |
|
|
|
1,093 |
|
|
|
2,154 |
|
|
|
2,038 |
|
Depreciation and amortization |
|
|
10,370 |
|
|
|
10,222 |
|
|
|
20,706 |
|
|
|
20,148 |
|
Adjusted EBITDA |
|
$ |
15,845 |
|
|
$ |
15,346 |
|
|
$ |
32,903 |
|
|
$ |
29,077 |
|
(1) This press release presents adjusted EBITDA, which is a non-GAAP financial measure used by management in analyzing its financial results and ongoing operational performance. |
||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||
Financial Outlook for 2024 |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
Low |
|
|
High |
|
||
Net income |
|
$ |
16,700 |
|
|
$ |
18,600 |
|
Interest income |
|
|
(3,200 |
) |
|
|
(3,300 |
) |
Interest expense |
|
|
100 |
|
|
|
100 |
|
Income tax provision |
|
|
4,700 |
|
|
|
5,300 |
|
Stock-based compensation expense |
|
|
4,500 |
|
|
|
4,700 |
|
Depreciation and amortization |
|
|
41,700 |
|
|
|
42,100 |
|
Adjusted EBITDA |
|
$ |
64,500 |
|
|
$ |
67,500 |
|
This press release includes certain forward-looking statements (statements other than solely with respect to historical fact), including statements regarding expectations for financial performance for 2024 and our quarterly dividend policy, that involve risks and uncertainties regarding HealthStream. These statements are based upon management’s beliefs, as well as assumptions made by and data currently available to management. This information has been, or in the future may be, included in reliance on the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company cautions that forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the forward-looking statements, including as a result of negative economic conditions, inflationary conditions, geopolitical instability (including as the result of the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722762541/en/
Scott A. Roberts
Chief Financial Officer
(615) 301-3182
ir@healthstream.com
Media:
Mollie Condra, Ph.D.
Vice President,
Investor Relations &
Communications
(615) 301-3237
mollie.condra@healthstream.com
Source: HealthStream, Inc.
FAQ
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