健康流科技 2026年季度报告

FORM 10-Q (Mark One)☒Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period endedMarch 31, 2026 ☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No.: 000-27701 HealthStream, Inc. (Exact name of registrant as specified in its charter) (615) 301-3100(Registrant's telephone number, including area code) Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☒Smaller reportingcompany☐ Large accelerated filer Non-accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of May 4, 2026, there were 29,215,188shares of the registrant’s common stock outstanding. Index to Form 10‑Q HEALTHSTREAM, INC. NumberPart I.Financial Information1Item 1.Financial Statements1Condensed Consolidated Balance Sheets (Unaudited) –March 31, 2026 and December 31, 20251Condensed Consolidated Statements of Income (Unaudited) –ThreeMonthsended March 31, 2026 and20252Condensed Consolidated Statements of Comprehensive Income (Unaudited) –Three Months ended March31, 2026 and 20253Condensed Consolidated Statement of Shareholders' Equity (Unaudited) –Three Months ended March 31,2026 and 20254Condensed Consolidated Statements of Cash Flows (Unaudited) –Three Months ended March 31,2026 and20255Notes to Condensed Consolidated Financial Statements (Unaudited)6Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations15Item 3.Quantitative and Qualitative Disclosures about Market Risk20Item 4.Controls and Procedures20Part II.Other Information21Item 1.Legal Proceedings21Item 1A.Risk Factors21Item 2.Unregistered Sales of Equity Securities and Use of Proceeds21Item 5.Other Information21Item 6.Exhibits22SIGNATURE23 PART I. FINANCIAL INFORMATION Item 1.Financial Statements HEALTHSTREAM, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands) HEALTHSTREAM, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(In thousands, except per share data) HEALTHSTREAM, INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)(In thousands) HEALTHSTREAM, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(In thousands) Three Months Ended March 31,20262025OPERATING ACTIVITIES:Net income$5,910$4,332Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization11,36510,755Stock-based compensation1,3091,104Amortization of deferred commissions3,2863,150Provision for credit losses92237Deferred income taxes—751Loss on equity method investments4072Other(160)(399)Changes in operating assets and liabilities:Accounts and unbilled receivables(4,550)(1,002)Prepaid royalties(1,695)(1,200)Other prepaid expenses and other current assets2,3001,469Other assets(2,611)(2,781)Accounts payable and accrued expenses(7,044)(7,296)Accrued royalties994425Deferred revenue17,90017,457Net cash provided by operating activities27,13627,074 HEALTHSTREAM, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1.OVERVIEW ANDBASIS OF PRESENTATION Company Overview HealthStream primarily provides Software-as-a-Service ("SaaS") based applications for healthcare organizations—all designed toimprove business and clinical outcomes by supporting the people who deliver patient care. The Company isfocused on helpingindividuals and organizations in healthcare meet their ongoing learning, clinical development, credentialing, and schedulingneeds,whether through the Company's enterprise applications or emerging career networks. The Company also provides its solutions tonursing schools and nursing students.