$HSTM
HealthStream Inc

2019 Q1 Form 10-Q Financial Statement

#000156459019013729 Filed on April 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $65.19M $59.83M $54.86M
YoY Change 18.83% 8.25% 5.56%
Cost Of Revenue $26.86M $25.43M $22.25M
YoY Change 20.73% 13.98% 5.18%
Gross Profit $38.33M $34.40M $32.61M
YoY Change 17.53% 4.37% 5.83%
Gross Profit Margin 58.79% 57.5% 59.44%
Selling, General & Admin $19.49M $18.84M $16.81M
YoY Change 15.94% -1.15% 0.24%
% of Gross Profit 50.85% 54.77% 51.55%
Research & Development $6.927M $6.590M $6.001M
YoY Change 15.43% 5.95% 3.91%
% of Gross Profit 18.07% 19.16% 18.4%
Depreciation & Amortization $6.539M $6.130M $6.073M
YoY Change 7.67% -0.81% 2.9%
% of Gross Profit 17.06% 17.82% 18.62%
Operating Expenses $6.927M $31.56M $6.001M
YoY Change 15.43% 0.35% 3.91%
Operating Profit $5.369M $2.840M $3.730M
YoY Change 43.94% 88.08% 57.72%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $822.0K $840.0K $313.0K
YoY Change 162.62% 236.0% 140.77%
Pretax Income $6.191M $3.680M $4.043M
YoY Change 53.13% 109.09% 62.04%
Income Tax $1.400M $750.0K $414.0K
% Of Pretax Income 22.61% 20.38% 10.24%
Net Earnings $5.974M $2.790M $23.85M
YoY Change -74.95% -29.37% 1755.72%
Net Earnings / Revenue 9.16% 4.66% 43.47%
Basic Earnings Per Share $0.18 $0.74
Diluted Earnings Per Share $0.18 $86.06K $0.74
COMMON SHARES
Basic Shares Outstanding 32.34M 32.33M 32.10M
Diluted Shares Outstanding 32.38M 32.13M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.9M $168.8M $195.4M
YoY Change -24.8% 28.75% 69.47%
Cash & Equivalents $110.6M $134.3M $156.0M
Short-Term Investments $36.32M $34.50M $39.30M
Other Short-Term Assets $36.20M $18.02M $5.962M
YoY Change 507.18% 116.28% -25.15%
Inventory
Prepaid Expenses
Receivables $40.60M $38.12M $36.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $223.7M $241.4M $258.5M
YoY Change -13.46% 20.88% 40.46%
LONG-TERM ASSETS
Property, Plant & Equipment $55.40M $15.87M $8.297M
YoY Change 567.71% 96.07% -20.94%
Goodwill $86.14M $86.14M
YoY Change 0.0% -21.52%
Intangibles
YoY Change
Long-Term Investments $1.400M $1.300M $3.800M
YoY Change -63.16% -65.79% 15.15%
Other Assets $848.0K $783.0K $5.746M
YoY Change -85.24% 3.85% 790.85%
Total Long-Term Assets $259.8M $200.5M $198.7M
YoY Change 30.76% -5.15% -8.77%
TOTAL ASSETS
Total Short-Term Assets $223.7M $241.4M $258.5M
Total Long-Term Assets $259.8M $200.5M $198.7M
Total Assets $483.5M $441.9M $457.2M
YoY Change 5.76% 7.5% 13.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.00M $8.497M $24.50M
YoY Change -26.53% 103.37% 538.52%
Accrued Expenses $20.40M $16.54M $13.40M
YoY Change 52.24% 72.89% 75.03%
Deferred Revenue $66.06M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $111.0M $106.9M $139.6M
YoY Change -20.5% 5.73% 42.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $616.0K $2.211M $670.0K
YoY Change -8.06% 110.97% -57.86%
Total Long-Term Liabilities $616.0K $2.211M $670.0K
YoY Change -8.06% 110.97% -57.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.0M $106.9M $139.6M
Total Long-Term Liabilities $616.0K $2.211M $670.0K
Total Liabilities $158.4M $109.1M $140.3M
YoY Change 12.9% 6.81% 40.7%
SHAREHOLDERS EQUITY
Retained Earnings $32.37M $24.00M
YoY Change 84.55% 172.04%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $325.1M $318.9M $309.0M
YoY Change
Total Liabilities & Shareholders Equity $483.5M $441.9M $457.2M
YoY Change 5.76% 7.5% 13.78%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $5.974M $2.790M $23.85M
YoY Change -74.95% -29.37% 1755.72%
Depreciation, Depletion And Amortization $6.539M $6.130M $6.073M
YoY Change 7.67% -0.81% 2.9%
Cash From Operating Activities $16.09M $14.45M $8.549M
YoY Change 88.15% 30.77% -48.27%
INVESTING ACTIVITIES
Capital Expenditures $11.34M -$6.070M $1.858M
YoY Change 510.23% 116.79% 99.57%
Acquisitions $18.00M
YoY Change
Other Investing Activities -$23.11M -$4.240M $65.08M
YoY Change -135.51% -126.55% -784.33%
Cash From Investing Activities -$39.38M -$10.30M $60.68M
YoY Change -164.9% -178.21% -571.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -417.0K -100.0K 2.034M
YoY Change -120.5% -211.11% -858.96%
NET CHANGE
Cash From Operating Activities 16.09M 14.45M 8.549M
Cash From Investing Activities -39.38M -10.30M 60.68M
Cash From Financing Activities -417.0K -100.0K 2.034M
Net Change In Cash -23.71M 4.050M 71.26M
YoY Change -133.27% -83.34% 1995.88%
FREE CASH FLOW
Cash From Operating Activities $16.09M $14.45M $8.549M
Capital Expenditures $11.34M -$6.070M $1.858M
Free Cash Flow $4.747M $20.52M $6.691M
YoY Change -29.05% 48.16% -57.1%

Facts In Submission

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31000
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2368000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
359000
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
297000
CY2019Q1 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
37000
CY2018Q1 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
37000
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
52000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-417000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2034000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-417000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2034000
CY2019Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-23711000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
71260000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
134321000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
84768000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
110610000
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
156028000
CY2018Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
29200000
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
422000000
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.49
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2018Q1 hstm Description Of Sales Commission Plan
DescriptionOfSalesCommissionPlan
Sales commissions earned by our sales organization are considered incremental and recoverable costs of obtaining a contract with a customer. The Company’s sales commission plans for 2018 and 2019 typically 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.
CY2018Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
1800000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32377000
CY2018Q1 hstm Sales Commissions Amortization Period
SalesCommissionsAmortizationPeriod
P3Y
CY2019Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
2100000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1400000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
414000
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.10
CY2019Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2018-02-12
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.00
CY2019Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2018-04-03
CY2019Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2018-03-06
CY2019Q1 hstm Number Of Stock Incentive Plans
NumberOfStockIncentivePlans
2
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
516000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
419000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
136000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
159000
CY2019Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
4780000
CY2018Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
3629000
CY2019Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1194000
CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
20217000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
5974000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32337000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
40000
CY2019Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.15
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
31710000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1309000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
32390000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
33699000
CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.63
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.74
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
65187000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5369000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3730000
CY2019Q1 us-gaap Assets
Assets
483500000
CY2018Q4 us-gaap Assets
Assets
441948000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4800000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6400000
CY2018Q4 us-gaap Accrued Rent Current And Noncurrent
AccruedRentCurrentAndNoncurrent
1600000
CY2019Q1 hstm Lessor Operating Lease Lease Not Yet Commenced
LessorOperatingLeaseLeaseNotYetCommenced
0
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1200000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
724000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y25D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0604
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
31710000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1789000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4739000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4505000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4124000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3979000
CY2019Q1 hstm Lessee Operating Lease Liability Payments Due Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueThereafter
28655000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
47791000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14092000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
33699000
CY2019Q1 us-gaap Equity Method Investments
EquityMethodInvestments
1400000
CY2018Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1300000
CY2019Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
5400000
CY2018Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
2100000
CY2019Q1 hstm Change In Fair Value Of Cost Method Investments
ChangeInFairValueOfCostMethodInvestments
1300000

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