$HSTM
HealthStream Inc

2020 Q1 Form 10-Q Financial Statement

#000156459020020213 Filed on April 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $61.57M $62.70M $65.19M
YoY Change -5.55% 4.8% 18.83%
Cost Of Revenue $20.36M $24.88M $26.86M
YoY Change -24.2% -2.16% 20.73%
Gross Profit $41.21M $37.82M $38.33M
YoY Change 7.52% 9.94% 17.53%
Gross Profit Margin 66.93% 60.32% 58.79%
Selling, General & Admin $19.05M $19.90M $19.49M
YoY Change -2.26% 5.63% 15.94%
% of Gross Profit 46.23% 52.62% 50.85%
Research & Development $7.468M $7.350M $6.927M
YoY Change 7.81% 11.53% 15.43%
% of Gross Profit 18.12% 19.43% 18.07%
Depreciation & Amortization $7.449M $7.240M $6.539M
YoY Change 13.92% 18.11% 7.67%
% of Gross Profit 18.08% 19.14% 17.06%
Operating Expenses $7.468M $34.48M $6.927M
YoY Change 7.81% 9.25% 15.43%
Operating Profit $7.244M $3.340M $5.369M
YoY Change 34.92% 17.61% 43.94%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.710M $680.0K $822.0K
YoY Change 108.03% -19.05% 162.62%
Pretax Income $8.950M $4.020M $6.191M
YoY Change 44.56% 9.24% 53.13%
Income Tax $1.900M $460.0K $1.400M
% Of Pretax Income 21.23% 11.44% 22.61%
Net Earnings $7.092M $3.680M $5.974M
YoY Change 18.71% 31.9% -74.95%
Net Earnings / Revenue 11.52% 5.87% 9.16%
Basic Earnings Per Share $0.22 $0.18
Diluted Earnings Per Share $0.22 $113.4K $0.18
COMMON SHARES
Basic Shares Outstanding 32.33M 32.38M 32.34M
Diluted Shares Outstanding 32.36M 32.38M

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.0M $172.9M $146.9M
YoY Change -3.36% 2.4% -24.8%
Cash & Equivalents $107.4M $131.5M $110.6M
Short-Term Investments $34.60M $41.33M $36.32M
Other Short-Term Assets $23.90M $9.432M $36.20M
YoY Change -33.98% -47.65% 507.18%
Inventory
Prepaid Expenses
Receivables $34.80M $27.65M $40.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $200.7M $224.6M $223.7M
YoY Change -10.28% -6.98% -13.46%
LONG-TERM ASSETS
Property, Plant & Equipment $53.60M $26.07M $55.40M
YoY Change -3.25% 64.28% 567.71%
Goodwill $102.2M
YoY Change 18.63%
Intangibles
YoY Change
Long-Term Investments $4.300M $6.800M $1.400M
YoY Change 207.14% 423.08% -63.16%
Other Assets $18.10M $874.0K $848.0K
YoY Change 2034.43% 11.62% -85.24%
Total Long-Term Assets $280.8M $265.0M $259.8M
YoY Change 8.09% 32.15% 30.76%
TOTAL ASSETS
Total Short-Term Assets $200.7M $224.6M $223.7M
Total Long-Term Assets $280.8M $265.0M $259.8M
Total Assets $481.5M $489.5M $483.5M
YoY Change -0.41% 10.77% 5.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.40M $4.810M $18.00M
YoY Change -8.89% -43.39% -26.53%
Accrued Expenses $13.70M $18.13M $20.40M
YoY Change -32.84% 9.6% 52.24%
Deferred Revenue $65.51M
YoY Change -0.83%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $102.5M $105.2M $111.0M
YoY Change -7.66% -1.56% -20.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $357.0K $357.0K $616.0K
YoY Change -42.05% -83.85% -8.06%
Total Long-Term Liabilities $357.0K $357.0K $616.0K
YoY Change -42.05% -83.85% -8.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $102.5M $105.2M $111.0M
Total Long-Term Liabilities $357.0K $357.0K $616.0K
Total Liabilities $146.1M $105.5M $158.4M
YoY Change -7.77% -3.23% 12.9%
SHAREHOLDERS EQUITY
Retained Earnings $55.24M $48.14M
YoY Change 48.71%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $335.4M $338.2M $325.1M
YoY Change
Total Liabilities & Shareholders Equity $481.5M $489.5M $483.5M
YoY Change -0.41% 10.77% 5.76%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income $7.092M $3.680M $5.974M
YoY Change 18.71% 31.9% -74.95%
Depreciation, Depletion And Amortization $7.449M $7.240M $6.539M
YoY Change 13.92% 18.11% 7.67%
Cash From Operating Activities $6.116M $13.11M $16.09M
YoY Change -61.98% -9.27% 88.15%
INVESTING ACTIVITIES
Capital Expenditures $1.010M -$3.880M $11.34M
YoY Change -91.09% -36.08% 510.23%
Acquisitions $21.42M $18.00M
YoY Change 18.99%
Other Investing Activities -$14.83M -$11.59M -$23.11M
YoY Change -35.83% 173.35% -135.51%
Cash From Investing Activities -$19.90M -$15.47M -$39.38M
YoY Change -49.46% 50.19% -164.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.876M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.28M -10.00K -417.0K
YoY Change 2364.99% -90.0% -120.5%
NET CHANGE
Cash From Operating Activities 6.116M 13.11M 16.09M
Cash From Investing Activities -19.90M -15.47M -39.38M
Cash From Financing Activities -10.28M -10.00K -417.0K
Net Change In Cash -24.11M -2.370M -23.71M
YoY Change 1.7% -158.52% -133.27%
FREE CASH FLOW
Cash From Operating Activities $6.116M $13.11M $16.09M
Capital Expenditures $1.010M -$3.880M $11.34M
Free Cash Flow $5.106M $16.99M $4.747M
YoY Change 7.56% -17.2% -29.05%

Facts In Submission

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CY2020Q1 us-gaap Revenue Remaining Performance Obligation Percentage
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0.47
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61572000
CY2020Q1 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 sales commission plan for 2020 typically includes two payments; the initial payment is due in the period a customer contract is obtained and the final payment is due 60 days after product implementation is completed. The sales commission plan for 2019 typically included an initial payment in the period a customer contract was obtained and subsequent payments either 15 or 27 months after the initial payment depending on the contract term.
CY2020Q1 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.
CY2020Q1 hstm Sales Commissions Amortization Period
SalesCommissionsAmortizationPeriod
P3Y
CY2020Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
2200000
CY2019Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
2100000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1900000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1400000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23
CY2020Q1 hstm Additional Income Tax Expense For Tax Deficiencies Associated With Stock Based Awards
AdditionalIncomeTaxExpenseForTaxDeficienciesAssociatedWithStockBasedAwards
26000
CY2019Q1 hstm Reduction In Income Tax Expense For Excess Tax Benefits Associated With Stock Based Awards
ReductionInIncomeTaxExpenseForExcessTaxBenefitsAssociatedWithStockBasedAwards
83000
CY2019Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1194000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
550000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
516000
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
30000000.0
CY2020Q1 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2021-03-12
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
438142
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
9900000
CY2020Q1 us-gaap Share Price
SharePrice
22.52
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
106000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
136000
CY2020Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
7092000
CY2019Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
4780000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
7092000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
5974000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32337000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
23000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
40000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32377000
CY2020Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.22
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.15
CY2019Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2020Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61572000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
65187000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
7244000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5369000
CY2020Q1 hstm Change In Fair Value Of Non Marketable Equity Investments
ChangeInFairValueOfNonMarketableEquityInvestments
-1200000
CY2020Q1 us-gaap Assets
Assets
481511000
CY2019Q4 us-gaap Assets
Assets
489544000
CY2020Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
3000000.0
CY2019Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
5400000
CY2020Q1 hstm Gain On Non Marketable Equity Investments
GainOnNonMarketableEquityInvestments
100000
CY2018 hstm Change In Fair Value Of Non Marketable Equity Investments
ChangeInFairValueOfNonMarketableEquityInvestments
1300000
CY2020Q1 hstm Cost Of Goods And Services Sold Derecognized
CostOfGoodsAndServicesSoldDerecognized
3400000

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