$HSTM
HealthStream Inc

2018 Q2 Form 10-Q Financial Statement

#000156459018019981 Filed on August 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2016 Q4
Revenue $57.01M $61.48M $24.89M
YoY Change -7.28% 12.21% -55.45%
Cost Of Revenue $23.24M $21.22M $4.560M
YoY Change 9.48% -6.18% -80.7%
Gross Profit $33.77M $40.26M $20.33M
YoY Change -16.11% 25.14% -36.92%
Gross Profit Margin 59.24% 65.48% 81.68%
Selling, General & Admin $16.94M $16.74M $12.15M
YoY Change 1.19% -4.51% -32.31%
% of Gross Profit 50.16% 41.58% 59.76%
Research & Development $6.547M $6.151M $2.710M
YoY Change 6.44% -15.09% -64.15%
% of Gross Profit 19.39% 15.28% 13.33%
Depreciation & Amortization $6.019M $6.001M $4.390M
YoY Change 0.3% 18.11% -9.48%
% of Gross Profit 17.82% 14.91% 21.59%
Operating Expenses $6.547M $6.151M $19.24M
YoY Change 6.44% -15.09% -36.63%
Operating Profit $4.264M $2.801M $1.090M
YoY Change 52.23% 20.94% -41.71%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $476.0K $165.0K $120.0K
YoY Change 188.48% 51.38% -29.41%
Pretax Income $4.740M $2.966M $1.200M
YoY Change 59.81% 22.31% -41.46%
Income Tax $1.100M $741.0K $470.0K
% Of Pretax Income 23.21% 24.98% 39.17%
Net Earnings $2.545M $2.266M -$310.0K
YoY Change 12.31% 61.51% -117.13%
Net Earnings / Revenue 4.46% 3.69% -1.25%
Basic Earnings Per Share $0.08 $0.07
Diluted Earnings Per Share $0.08 $0.07 -$9.767K
COMMON SHARES
Basic Shares Outstanding 32.31M 31.88M 31.74M shares
Diluted Shares Outstanding 32.38M 32.23M

Balance Sheet

Concept 2018 Q2 2017 Q2 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.5M $115.7M $103.2M
YoY Change 43.04% -16.64% -30.74%
Cash & Equivalents $122.6M $54.55M $49.63M
Short-Term Investments $43.00M $61.10M $53.50M
Other Short-Term Assets $11.97M $9.306M $8.694M
YoY Change 28.57% 11.96% 6.43%
Inventory
Prepaid Expenses
Receivables $30.85M $37.15M $44.81M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $225.1M $181.8M $177.4M
YoY Change 23.81% -11.11% -15.32%
LONG-TERM ASSETS
Property, Plant & Equipment $8.770M $10.26M $10.25M
YoY Change -14.55% -7.86% -17.85%
Goodwill $86.14M $109.8M $85.61M
YoY Change -21.52% 23.85% 3.06%
Intangibles
YoY Change
Long-Term Investments $3.800M $3.300M $3.300M
YoY Change 15.15% -8.33% -8.33%
Other Assets $747.0K $773.0K $603.0K
YoY Change -3.36% 106.13% -34.95%
Total Long-Term Assets $192.6M $216.0M $218.6M
YoY Change -10.82% 25.08% 28.54%
TOTAL ASSETS
Total Short-Term Assets $225.1M $181.8M $177.4M
Total Long-Term Assets $192.6M $216.0M $218.6M
Total Assets $417.7M $397.8M $396.0M
YoY Change 5.01% 5.46% 4.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.00M $14.60M $3.127M
YoY Change 50.68% 738.12% -32.26%
Accrued Expenses $10.60M $11.20M $8.146M
YoY Change -5.36% 2.19% 16.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $96.70M $92.90M $94.97M
YoY Change 4.09% 13.64% 6.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $652.0K $1.339M $1.095M
YoY Change -51.31% 25.26% 3.5%
Total Long-Term Liabilities $652.0K $1.339M $1.095M
YoY Change -51.31% 25.26% 3.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.70M $92.90M $94.97M
Total Long-Term Liabilities $652.0K $1.339M $1.095M
Total Liabilities $97.35M $94.23M $96.07M
YoY Change 3.31% 13.79% 6.58%
SHAREHOLDERS EQUITY
Retained Earnings $26.55M $11.09M $5.346M
YoY Change 139.39% 146.77% 236.02%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $312.2M $292.6M $286.1M
YoY Change
Total Liabilities & Shareholders Equity $417.7M $397.8M $396.0M
YoY Change 5.01% 5.46% 4.33%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2016 Q4
OPERATING ACTIVITIES
Net Income $2.545M $2.266M -$310.0K
YoY Change 12.31% 61.51% -117.13%
Depreciation, Depletion And Amortization $6.019M $6.001M $4.390M
YoY Change 0.3% 18.11% -9.48%
Cash From Operating Activities $6.650M $6.510M $9.250M
YoY Change 2.15% -220.11% -1.6%
INVESTING ACTIVITIES
Capital Expenditures -$3.960M -$5.290M -$2.850M
YoY Change -25.14% 84.97% -29.1%
Acquisitions
YoY Change
Other Investing Activities -$3.970M $180.0K $3.810M
YoY Change -2305.56% -102.33% -61.55%
Cash From Investing Activities -$7.930M -$5.110M $960.0K
YoY Change 55.19% -51.7% -83.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.17M 110.0K -390.0K
YoY Change -29345.45% 450.0% -45.83%
NET CHANGE
Cash From Operating Activities 6.650M 6.510M 9.250M
Cash From Investing Activities -7.930M -5.110M 960.0K
Cash From Financing Activities -32.17M 110.0K -390.0K
Net Change In Cash -33.45M 1.510M 9.820M
YoY Change -2315.23% -109.45% -32.6%
FREE CASH FLOW
Cash From Operating Activities $6.650M $6.510M $9.250M
Capital Expenditures -$3.960M -$5.290M -$2.850M
Free Cash Flow $10.61M $11.80M $12.10M
YoY Change -10.08% -560.94% -9.84%

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IncreaseDecreaseInDeferredRevenue
-3560000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
21165000
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
1879000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23044000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
41010000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
48861000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
5000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
15000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
26397000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3567000
us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
CumulativeEffectOnRetainedEarningsNetOfTax1
15132000
us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
32518000
us-gaap Profit Loss
ProfitLoss
3552000
us-gaap Share Based Compensation
ShareBasedCompensation
846000
us-gaap Share Based Compensation
ShareBasedCompensation
840000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
390000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
470000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
636000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
416000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-5000
us-gaap Other Noncash Expense
OtherNoncashExpense
263000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-3905000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-7934000
us-gaap Increase Decrease In Prepaid Royalties
IncreaseDecreaseInPrepaidRoyalties
-1361000
us-gaap Increase Decrease In Prepaid Royalties
IncreaseDecreaseInPrepaidRoyalties
-1280000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6532000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
726000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-3336000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3277000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
16205000
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-1003000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15202000
us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
57828000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
44663000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
41266000
us-gaap Payments For Software
PaymentsForSoftware
5094000
us-gaap Payments For Software
PaymentsForSoftware
4980000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3270000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3658000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
52861000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16489000
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-116000
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-1476000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
52745000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17965000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2552000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
230000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
300000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
392000
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
37000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
32353000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-30138000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-162000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-30138000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-162000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
37809000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4917000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
49634000
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54551000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
427000
CY2018Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
33800000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
48000000
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
365000000
hstm Description Of Sales Commission Plan
DescriptionOfSalesCommissionPlan
Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. The Company’s sales commission plans include multiple payments, including initial payments in the period a customer contract is obtained and subsequent payments either 15 or 27 months after the initial payment.
hstm Sales Commissions Amortization Term Description
SalesCommissionsAmortizationTermDescription
Non-commensurate commissions are amortized over the greater of the contract term or technological obsolescence period of approximately three years.
hstm Sales Commissions Amortization Period
SalesCommissionsAmortizationPeriod
P3Y
CY2018Q2 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
1900000
us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
3700000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.17
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.28
us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2018-02-12
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.00
us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2018-04-03
us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2018-03-06
hstm Number Of Stock Incentive Plans
NumberOfStockIncentivePlans
2
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
846000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
840000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
70000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
114000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
87000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
66000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
353000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
50000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
341000

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