健康流科技 2025年度报告

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 incomeInterest incomeInterest expenseIncome tax provisionStock-based compensation expenseDepreciation and amortizationImpairment of long-lived assetsFair value adjustment on contingent considerationAdjusted 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, impairments of long-lived assets, changes in fair value of contingent consideration, and changes in fair value of, including gains (losses) on the sale of, non-marketableequity investments (“adjusted EBITDA”) is a useful measure for evaluating the operating performance of the Company because adjusted EBITDA reflects net income adjusted forcertain 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. Total Revenues (in $ millions) Dear Shareholders Across the country, the need for patient care continues togrow—and it all starts with the clinicians and caregiverswho provide it. I believe the opportunity to develop andsupport the healthcare workforce has never been greater—and HealthStream was built for this moment. As 2026progresses, we are leaning into our vision to improve thequality of healthcare by developing the people who delivercare, while executing with focus and discipline for ourshareholders. We believe that our expanding ecosystemof applications, content, AI-enabled assessment tools, andpartnerships is unmatched, positioning HealthStream asthe leading—and most widely adopted—clinical workforceplatform in the healthcare industry. HealthStream’s target market also includes the nation’sapproximately 1.0 million nursing students and the 1,000+nursing schools across the U.S. where those students areenrolled. The number of nursing students increased inHealthStream’s network with the widespread adoptionand growth of our application, myClinicalExchange™,which helps to manage students’ clinical rotations andrelated compliance and scheduling. In 2025 alone,myClinicalExchange was used to place more than360,000 clinical rotations for students from over 700healthcare facilities. In the first quarter of 2026, two ofthe three largest health systems in the U.S. chose to adoptmyClinicalExchange, enterprise-wide, for their clinicalrotation programs. In this letter, I want to review HealthStream’s progress madein 2025, which sets the stage for our affirmation of 2026as theYear of the Ecosystem. I will also discuss our growthstrategies and spotlight key developments that reinforcemy optimism about our path forward. Among our portfolio of applications in the HealthStreamLearning®Suite, our HealthStream Learning Center®(HLC)is a market-leading SaaS-based application used in all50 states where an average of approximately 425,000educational activities occur each day. Within HealthStreamLearning, we have amassed an ecosystem of market-leading brands of content from over 90 industry partners.Along with our own proprietary content, our course libraryfor the healthcare workforce is among the largest in the U.S.with over 20,000 online courses and educational activities.Included in these offerings are nationally respected brandslike the American Red Cross Resuscitation Suite™, whereapproximately 400,000 certifications were earned in 2025alone with nearly two million certifications earned on anaggregate basis through February 2026 since its launch inearly 2019. Our full-year 2025 financial metrics reflect solid growth andperformance, as well as continued investment in innovation.By way of summary, HealthStream achieved $304.1 million ofrevenue and adjusted EBITDA of $71.8 million, which were up4.3 percent and up 7.5 percent, respectively, over the prioryear. We made $30.0 million of share repurchases; paid$3.7 million in dividends to you, our shareholders; deployed$39.1 million of capital for acquisitions; and invested$32.2 million for capital expenditures. We ended 2025 wellcapitalized with a cash and marketable securities balanceof $57.0 million and full availability of our $50 million line ofcredit, which remains untapped. The HealthStream Credentialing®Suite, with its primarySaaS-based application CredentialStream