健康流科技 2024年度报告

Letter to Shareholders2024 Financial Highlights Year Ended December 31,(In thousands, except per share amounts) Statement of Income Data: Revenues, netOperating costs and expensesOperating incomeInterest incomeOther (expense) income, netIncome before income tax provisionIncome tax provisionNet income Net income per share – diluted: Net income per share – diluted Weighted average shares of common stock outstanding - dilutedDividends declared per share Balance Sheet Data: Cash and cash equivalentsInvestments in marketable securitiesAccounts receivable, netGoodwill and intangible assets, netWorking capitalTotal assetsDeferred revenue – current and noncurrentShareholders’ equity Reconciliation of GAAP net income to Adjusted EBITDA: GAAP net incomeDeferred revenue write-downInterest incomeInterest expenseIncome tax provisionStock-based compensation expenseDepreciation and amortizationChange in fair value of non-marketable equity investmentsAdjusted EBITDA In order to better assess the Company’s financial results, management believes that net income before interest, income taxes, stock-based compensation, depreciation andamortization, 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 theoperating 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, for periods ended on or prior to December 31, 2023, adjusted EBITDA excludes theimpact of the deferred revenue write-downs associated with fair value accounting for acquired businesses. Total Revenues (in $ millions) Dear Shareholders Our target market expanded in 2024 to approximately12.6 million individuals focused on healthcare delivery,primarily through provider organizations. This includesapproximately 5.7 million employees who work inthe nation’s acute-care hospitals and approximately5.9 million employees who work in the more broadlydefined continuum of care market, which we describe asambulatory services, including physician offices; health& human services, including behavioral care facilities;and post-acute care, including skilled nursing facilities. At HealthStream, we have always understood that thepulse of a hospital is driven by its heroic workforce that,collectively, delivers care to over 600,000 patientsevery day in the United States. Early in our start as acompany, we supported the healthcare workforce withone of the industry’s first healthcare-focused learningapplications to provide a better way to meet theircompliance training requirements. Today, we provide anentire ecosystem of applications, the largest and mostdiverse content offering in the industry, and the mostwidely adopted workforce platform in healthcare. And,by the way, our initial learning application, which hashad many innovative updates through the years, wasrecently named by the prestigious G2 site as the #1 BestSoftware in Healthcare for 2025—amongall of the manytypes of softwareused in the healthcare industry. HealthStream’s target market also now includes thenation’s approximately 1.0 million nursing studentsand the 1,000+ nursing schools across the U.S. wherethose students are enrolled. The addition of nursingstudents accelerated in HealthStream’s network with thewidespread adoption and growth of our application,myClinicalExchange™, which helps to managestudents’ clinical rotations and related complianceand scheduling. In 2024 alone, over 360,000 rotationswere managed for approximately 215,000 studentsthrough this unique application, which involved over640 hospitals and 1,700 academic institutions. In this letter, I want to review HealthStream’s progressmade in 2024, which paved the way for our affirmationof 2025 as theYear of the Platform.I will comment onour growth strategies, highlight a few of our productinnovations, and elaborate on some of the excitingdevelopments that position us for an incredible future. For full-year 2024, we achieved growth in each of thekey financial metrics that we report, including revenueand adjusted EBITDA. Year-end results includedannual revenues of $291.6 million and adjusted EBITDAof $66.8 million. The percentage of revenue that wassubscription-based in 2024 was 96 percent. We ended2024 well capitalized with a cash and marketablesecurities balance of $97.2 million and full availability ofour $50 million line of credit, which remains untapped.We were pleased to return a portion of our earnings toshareholders in the form of a quarterly cash dividend,which we have increased twice since the launch of ourdividend program in the first quarter of 2023. In the fourth quarter of 2024, HealthStream acquiredtwo additional clinical rotation management businesses:Total Clinical Placement System®and The Clinical Hub®,Inc. Coupled wit