HEALTHSTREAM INC
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
HSTM$28.71-0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| OPERATING ACTIVITIES: | |||
| Net income | $15,213 | $12,091 | $5,845 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 41,076 | 37,945 | 36,813 |
| Stock-based compensation | 4,153 | 3,554 | 5,303 |
| Amortization of deferred commissions | 11,495 | 10,599 | 9,169 |
| Provision for credit losses | 1,021 | 385 | 723 |
| Deferred income taxes | (1,725) | 710 | 1,539 |
| (Gain) loss on disposal of fixed assets | — | (25) | 21 |
| Loss on equity method investments | 384 | 747 | 462 |
| Non-cash paid time off expense | — | — | (1,011) |
| Change in fair value of non-marketable equity investments | (425) | (3,596) | (279) |
| Other | (891) | 3 | 184 |
| Changes in operating assets and liabilities: | |||
| Accounts and unbilled receivables | 3,243 | (7,770) | 10,344 |
| Prepaid royalties | (1,131) | 84 | 416 |
| Other prepaid expenses and other current assets | (1,243) | 2,329 | 1,772 |
| Deferred commissions | (14,852) | (14,931) | (13,274) |
| Other assets | 328 | 208 | 52 |
| Accounts payable and accrued expenses | 4,825 | 3,742 | (4,329) |
| Accrued royalties | (887) | 406 | (3,772) |
| Deferred revenue | 3,386 | 4,707 | (7,593) |
| Net cash provided by operating activities | 63,970 | 51,188 | 42,385 |
| INVESTING ACTIVITIES: | |||
| Business combinations, net of cash acquired | (6,621) | (3,965) | (4,705) |
| Proceeds from maturities of marketable securities | 28,250 | 10,625 | 9,931 |
| Purchases of marketable securities | (50,268) | (13,467) | (5,223) |
| Proceeds from sale of fixed assets | — | 26 | — |
| Proceeds from sale of non-marketable equity investments | 47 | 3,494 | 1,370 |
| Payments to acquire non-marketable equity investments | — | — | (1,750) |
| Payments associated with capitalized software development | (25,806) | (23,334) | (21,929) |
| Purchases of property and equipment | (2,200) | (1,768) | (3,417) |
| Net cash used in investing activities | (56,598) | (28,389) | (25,723) |
| FINANCING ACTIVITIES: | |||
| Taxes paid related to net settlement of equity awards | (934) | (565) | (1,182) |
| Payment of debt issue costs | (118) | — | — |
| Repurchases of common stock | (8,929) | (23,137) | (5,008) |
| Payment of cash dividends | (3,058) | — | (19) |
| Net cash used in financing activities | (13,039) | (23,702) | (6,209) |
| Effect of exchange rate changes on cash and cash equivalents | (23) | 21 | (114) |
| Net (decrease) increase in cash and cash equivalents | (5,690) | (882) | 10,339 |
| Cash and cash equivalents at beginning of period | 46,023 | 46,905 | 36,566 |
| Cash and cash equivalents at end of period | $40,333 | $46,023 | $46,905 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Interest paid | $132 | $99 | $132 |
| Income taxes paid (refunded) | $2,611 | $718 | $(92) |
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