Health Catalyst, Inc.

For the period ended Dec 31, 2025. Filed Mar 12, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 12, 2026

HCAT$1.44-4.6%Stored close · as of Nov 10, 2026

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Contents

Health Catalyst, Inc. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

(in thousands)

	Year Ended December 31,
	2025	2024	2023
Cash flows from operating activities
Net loss	$(177,974)	$(69,502)	$(118,147)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation expense	27,012	40,128	55,756
Depreciation and amortization	50,500	41,431	42,223
Investment discount and premium accretion	(1,565)	(4,757)	(9,720)
Impairment of long-lived assets	6,900	2,200	4,081
Non-cash operating lease expense	2,930	2,685	2,990
Provision for expected credit losses	1,503	1,202	1,821
Amortization of debt discount, issuance costs, and deferred financing costs	3,725	3,256	1,511
Deferred tax provision	81	77	8
Change in fair value of contingent consideration liabilities	(7,063)	(1,642)	—
Impairment of goodwill and intangible assets	110,223	—	—
Other	(429)	141	67
Change in operating assets and liabilities:
Accounts receivable, net	(1,809)	4,281	(13,663)
Prepaid expenses and other assets	1,569	(50)	164
Accounts payable, accrued liabilities, and other liabilities	(11,512)	5,581	4,868
Deferred revenue	607	(7,012)	(1,487)
Operating lease liabilities	(3,967)	(3,460)	(3,552)
Net cash provided by (used in) operating activities	731	14,559	(33,080)
Cash flows from investing activities
Proceeds from the sale and maturity of short-term investments	163,948	242,067	336,801
Purchases of short-term investments	(65,132)	(168,307)	(290,836)
Capitalization of internal-use software	(19,780)	(14,274)	(11,957)
Acquisition of businesses, net of cash acquired	(41,114)	(80,277)	(11,392)
Purchases of property and equipment	(968)	(1,616)	(1,236)
Purchases of intangible assets	(805)	(508)	(1,118)
Proceeds from the sale of property and equipment	44	13	31
Net cash provided by (used in) investing activities	36,193	(22,902)	20,293
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of issuance costs	—	152,277	—
Payment of deferred financing costs	—	(2,152)	—
Repayment of debt	(232,292)	(959)	—
Proceeds from employee stock purchase plan	1,510	2,411	3,588
Proceeds from exercise of stock options	—	169	950
Repurchase of common stock	(5,000)	—	(1,808)
Net cash (used in) provided by financing activities	(235,782)	151,746	2,730
Effect of exchange rate changes on cash and cash equivalents	27	(34)	21
Net (decrease) increase in cash and cash equivalents	(198,831)	143,369	(10,036)
Cash and cash equivalents at beginning of period	249,645	106,276	116,312
Cash and cash equivalents at end of period	$50,814	$249,645	$106,276

Supplemental disclosures of cash flow information
Cash paid for interest	$21,949	$10,119	$5,750
Supplemental disclosures of non-cash investing and financing information
Common stock issued in connection with business acquisitions	$31,584	$24,932	$—
Operating lease right-of-use assets obtained in exchange for operating lease obligations	806	1,267	2,033
Stock-based compensation capitalized as internal-use software	1,020	1,018	889
Capitalized internal-use software included in accounts payable and accrued liabilities	189	265	169
Purchase of property and equipment included in accounts payable and accrued liabilities	76	13	7
Purchase of intangible assets included in accounts payable and accrued liabilities	1,659	—	1,310

ContentsView on SEC.gov

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