Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001095565 | |
Entity Registrant Name | HEALTHSTREAM INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-27701 | |
Entity Incorporation, State or Country Code | TN | |
Entity Tax Identification Number | 62-1443555 | |
Entity Address, Address Line One | 500 11th Avenue North, Suite 1000 | |
Entity Address, City or Town | Nashville | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37203 | |
City Area Code | 615 | |
Local Phone Number | 301-3100 | |
Title of 12(b) Security | Common Stock (Par Value $0.00) | |
Trading Symbol | HSTM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,391,600 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 43,370 | $ 46,905 |
Marketable securities | 2,008 | 5,041 |
Accounts receivable, net of allowance for doubtful accounts of $541 and $853 at March 31, 2022 and December 31, 2021, respectively | 35,739 | 30,308 |
Accounts receivable - unbilled | 5,049 | 4,612 |
Prepaid royalties, net of amortization | 11,188 | 9,155 |
Other prepaid expenses and other current assets | 9,872 | 10,824 |
Total current assets | 107,226 | 106,845 |
Property and equipment, net of accumulated depreciation of $19,270 and $17,999 at March 31, 2022 and December 31, 2021, respectively | 17,070 | 17,950 |
Capitalized software development, net of accumulated amortization of $90,537 and $86,097 at March 31, 2022 and December 31, 2021, respectively | 34,131 | 32,412 |
Operating lease right of use assets, net | 24,589 | 25,168 |
Goodwill | 182,785 | 182,501 |
Deferred tax assets | 601 | 601 |
Deferred commissions | 24,142 | 24,012 |
Non-marketable equity investments | 6,767 | 7,043 |
Other assets | 938 | 1,016 |
Total assets | 483,926 | 486,753 |
Current liabilities: | ||
Accounts payable and accrued expenses | 17,770 | 21,497 |
Accrued royalties | 6,914 | 5,037 |
Deferred revenue | 89,878 | 73,816 |
Total current liabilities | 114,562 | 100,350 |
Deferred tax liabilities | 18,841 | 18,146 |
Deferred revenue, noncurrent | 990 | 1,583 |
Operating lease liability, noncurrent | 25,496 | 26,178 |
Other long term liabilities | 1,465 | 1,477 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, no par value, 75,000 shares authorized; 30,518 and 31,327 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 251,179 | 270,791 |
Retained earnings | 71,015 | 68,122 |
Accumulated other comprehensive income | 378 | 106 |
Total shareholders’ equity | 322,572 | 339,019 |
Total liabilities and shareholders’ equity | 483,926 | 486,753 |
Customer-Related Intangible Assets [Member] | ||
Current assets: | ||
Customer-related intangibles, net of accumulated amortization of $47,847 and $45,615 at March 31, 2022 and December 31, 2021, respectively | 66,661 | 68,803 |
Other Intangible Assets [Member] | ||
Current assets: | ||
Customer-related intangibles, net of accumulated amortization of $47,847 and $45,615 at March 31, 2022 and December 31, 2021, respectively | $ 19,016 | $ 20,402 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 541 | $ 853 |
Accumulated amortization on property and equipment | 19,270 | 17,999 |
Accumulated amortization on capitalized software development | $ 90,537 | $ 86,097 |
Common stock, shares authorized (in shares) | 75,000 | 75,000 |
Common stock, shares issued (in shares) | 30,518 | 31,327 |
Common stock, shares outstanding (in shares) | 30,518 | 31,327 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Customer-Related Intangible Assets [Member] | ||
Accumulated amortization on intangible assets | $ 47,847 | $ 45,615 |
Other Intangible Assets [Member] | ||
Accumulated amortization on intangible assets | $ 18,140 | $ 16,752 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues, net | $ 65,367 | $ 63,468 |
Operating costs and expenses: | ||
Cost of revenues (excluding depreciation and amortization) | 21,998 | 22,748 |
Product development | 10,412 | 9,525 |
Sales and marketing | 10,417 | 9,019 |
Other general and administrative expenses | 9,183 | 9,723 |
Depreciation and amortization | 9,322 | 9,153 |
Total operating costs and expenses | 61,332 | 60,168 |
Operating income | 4,035 | 3,300 |
Other loss, net | (276) | (87) |
Income before income tax provision | 3,759 | 3,213 |
Income tax provision | 866 | 922 |
Net income | $ 2,893 | $ 2,291 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.09 | $ 0.07 |
Diluted (in dollars per share) | $ 0.09 | $ 0.07 |
Weighted average shares of common stock outstanding: | ||
Basic (in shares) | 30,955 | 31,504 |
Diluted (in shares) | 30,976 | 31,526 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 2,893 | $ 2,291 |
Other comprehensive income, net of taxes: | ||
Foreign currency translation adjustments | 278 | 230 |
Unrealized (loss) gain on marketable securities | (6) | 4 |
Total other comprehensive income | 272 | 234 |
Comprehensive income | $ 3,165 | $ 2,525 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 31,493 | |||
Balance at Dec. 31, 2020 | $ 271,784 | $ 62,277 | $ 1 | $ 334,062 |
Net income | 0 | 2,291 | 0 | 2,291 |
Comprehensive income (loss) | 0 | 0 | 234 | 234 |
Stock-based compensation | $ 616 | 0 | 0 | 616 |
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 60 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | $ (399) | 0 | 0 | (399) |
Balance (in shares) at Mar. 31, 2021 | 31,553 | |||
Balance at Mar. 31, 2021 | $ 272,001 | 64,569 | 235 | 336,805 |
Balance (in shares) at Dec. 31, 2021 | 31,327 | |||
Balance at Dec. 31, 2021 | $ 270,791 | 68,122 | 106 | 339,019 |
Net income | 0 | 2,893 | 0 | 2,893 |
Comprehensive income (loss) | 0 | 0 | 272 | 272 |
Stock-based compensation | $ 774 | 0 | 0 | 774 |
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 83 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | $ (497) | 0 | 0 | (498) |
Repurchase of common stock (in shares) | (892) | |||
Repurchase of common stock | $ (19,889) | 0 | 0 | (19,888) |
Balance (in shares) at Mar. 31, 2022 | 30,518 | |||
Balance at Mar. 31, 2022 | $ 251,179 | $ 71,015 | $ 378 | $ 322,572 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES: | ||
Net income | $ 2,893 | $ 2,291 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 9,322 | 9,153 |
Stock-based compensation | 774 | 616 |
Amortization of deferred commissions | 2,484 | 2,133 |
Provision for credit losses | 6 | 142 |
Deferred income taxes | 684 | 486 |
Loss on non-marketable equity investments | 276 | 54 |
Non-cash paid time off expense | 0 | (1,011) |
Other | 26 | 15 |
Changes in operating assets and liabilities: | ||
Accounts and unbilled receivables | 5,874 | (7,379) |
Prepaid royalties | (2,033) | (2,215) |
Other prepaid expenses and other current assets | 952 | 2,521 |
Deferred commissions | (2,614) | (3,602) |
Other assets | 79 | (76) |
Accounts payable and accrued expenses | (3,653) | (5,339) |
Accrued royalties | 1,877 | (305) |
Deferred revenue | 15,456 | 6,862 |
Net cash provided by operating activities | 20,655 | 19,104 |
INVESTING ACTIVITIES: | ||
Business combinations, net of cash acquired | (22) | (731) |
Proceeds from maturities of marketable securities | 5,025 | 4,500 |
Purchases of marketable securities | (2,024) | (5,205) |
Payments to acquire non-marketable equity investments | 0 | (1,000) |
Payments associated with capitalized software development | (6,305) | (5,326) |
Purchases of property and equipment | (636) | (1,898) |
Net cash used in investing activities | (3,962) | (9,660) |
FINANCING ACTIVITIES: | ||
Taxes paid related to net settlement of equity awards | (497) | (399) |
Repurchases of common stock | (19,726) | 0 |
Payment of cash dividends | 0 | (12) |
Net cash used in financing activities | (20,223) | (411) |
Effect of exchange rate changes on cash and cash equivalents | (5) | (251) |
Net (decrease) increase in cash and cash equivalents | (3,535) | 8,782 |
Cash and cash equivalents at beginning of period | 46,905 | 36,566 |
Cash and cash equivalents at end of period | $ 43,370 | $ 45,348 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. BASIS OF PRESENTATION The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10‑Q 10 not three March 31, 2022 not may December 31, 2022. The Condensed Consolidated Balance Sheet at December 31, 2021 not December 31, 2021 10 February 28, 2022). |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
New Accounting Pronouncements [Text Block] | 2. Accounting Standards Recently Adopted In October 2021, 2021 08 , Business Combinations (Topic 805 606 , Revenue from Contracts with Customers first December 15, 2022 January 1, 2022, not |
Note 3 - Revenue Recognition an
Note 3 - Revenue Recognition and Sales Commissions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those goods or services. Revenue is recognized based on the following five • Identification of the contract with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, the Company satisfies a performance obligation The following table represents revenues disaggregated by revenue source (in thousands). Sales taxes are excluded from revenues. Three Months Ended March 31, 2022 Workforce Solutions Provider Solutions Consolidated Subscription services $ 50,553 $ 11,522 $ 62,075 Professional services 1,486 1,806 3,292 Total revenues, net $ 52,039 $ 13,328 $ 65,367 Three Months Ended March 31, 2021 Workforce Solutions Provider Solutions Consolidated Subscription services $ 49,770 $ 10,597 $ 60,367 Professional services 1,477 1,624 3,101 Total revenues, net $ 51,247 $ 12,221 $ 63,468 For the three March 31, 2022 2021 Deferred revenue represents contract liabilities that are recorded when cash payments are received or are due in advance of our satisfaction of performance obligations. During the three March 31, 2022 2021 March 31, 2022 Sales Commissions Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. Under ASC 606, not three three March 31, 2022 2021 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. Income taxes are accounted for using the asset and liability method, whereby deferred tax assets and liabilities are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities measured at tax rates that will be in effect for the year in which the differences are expected to affect taxable income. The Company computes its interim period provision for income taxes by applying the estimated annual effective tax rate to year-to-date pretax income or loss and adjusts the provision for discrete tax items recorded in the period. During both the three March 31, 2022 2021 three March 31, 2022 2021 three March 31, 2022 three March 31, 2021 |
Note 5 - Shareholders' Equity
Note 5 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. SHAREHOLDERS EQUITY Stock-Based Compensation The Company has stock awards outstanding under its 2016 three March 31, 2022 2022 May 26, 2022. not 2022 35,161 2022 not 2022 May 26, 2022). three March 31, 2021 During the three June 30, 2018, five 2018, 2019, 2020, 2021, 2022, 2022 three March 31, 2022 During the three March 31, 2022, five 2022, 2023, 2024, 2025, 2026, 2022 May 26, 2022. 13,654 2022 not 2022 May 26, 2022 three March 31, 2022 2022 2022 not 2022 May 26, 2022). not 2022 not 2023, 2024, 2025, 2026, 77,388 Total stock-based compensation expense recognized in the Condensed Consolidated Statements of Income is as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenues (excluding depreciation and amortization) $ 38 $ 20 Product development 125 102 Sales and marketing 83 65 Other general and administrative 528 429 Total stock based compensation expense $ 774 $ 616 Share Repurchase Plan On November 30, 2021, March 8, 2022, three March 31, 2022, On March 14, 2022, March 13, 2023, three March 31, 2022, |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. EARNINGS PER SHARE Basic earnings per share is computed by dividing the net income available to common shareholders for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income available to common shareholders for the period by the weighted average number of potentially dilutive common and common equivalent shares outstanding during the period. Common equivalent shares are composed of incremental common shares issuable upon the exercise of stock options and RSUs subject to vesting. The dilutive effect of common equivalent shares is included in diluted earnings per share by application of the treasury stock method. The total number of common equivalent shares excluded from the calculations of diluted earnings per share, due to their anti-dilutive effect or contingent performance conditions, was approximately 218,000 and 148,000 for the three March 31, 2022 2021 The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended March 31, 2022 2021 Numerator: Net income $ 2,893 $ 2,291 Denominator: Weighted-average shares outstanding 30,955 31,504 Effect of dilutive shares 21 22 Weighted-average diluted shares 30,976 31,526 Net income per share: Basic $ 0.09 $ 0.07 Diluted $ 0.09 $ 0.07 |
Note 7 - Marketable Securities
Note 7 - Marketable Securities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. The fair value of marketable securities, which were all classified as available for sale and which the Company does not March 31, 2022 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 2: Corporate debt securities $ 2,016 $ — $ (8 ) $ 2,008 Total $ 2,016 $ — $ (8 ) $ 2,008 December 31, 2021 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 2: Corporate debt securities $ 5,043 $ — $ (2 ) $ 5,041 Total $ 5,043 $ — $ (2 ) $ 5,041 The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate the fair value based on quoted market prices or alternative pricing sources and models utilizing market observable inputs. As of March 31, 2022 not one |
Note 8 - Business Segments
Note 8 - Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8. The Company provides services to healthcare organizations and other members within the healthcare industry. The Company’s services are focused on the delivery of workforce training, certification, assessment, development, and scheduling products and services (Workforce Solutions) and provider credentialing, privileging, call center, and enrollment products and services (Provider Solutions). The Company measures segment performance based on operating income before income taxes and prior to the allocation of certain corporate overhead expenses, interest income, interest expense, gains and losses from equity investments, and depreciation. The Unallocated component below includes corporate functions, such as accounting, human resources, legal, investor relations, information systems, administrative and executive personnel, depreciation, a portion of amortization, and certain other expenses, which are not Three Months Ended March 31, Revenues, net: 2022 2021 Workforce Solutions $ 52,039 $ 51,247 Provider Solutions 13,328 12,221 Total revenues, net $ 65,367 $ 63,468 Operating income: Workforce Solutions $ 9,385 $ 9,224 Provider Solutions 2,311 1,858 Unallocated (7,661 ) (7,782 ) Total operating income $ 4,035 $ 3,300 Segment assets * March 31, 2022 December 31, 2021 Workforce Solutions $ 266,882 $ 258,864 Provider Solutions 133,867 137,008 Unallocated 83,177 90,881 Total assets $ 483,926 $ 486,753 * Segment assets include accounts and unbilled receivables, prepaid royalties, prepaid and other current assets, other assets, capitalized software development, deferred commissions, certain property and equipment, goodwill, and intangible assets. Cash and cash equivalents, marketable securities, non-marketable equity investments, and certain ROU assets are not |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Revolving Credit Facility On October 28, 2020, November 24, 2014 October 28, 2023. may At the Company’s election, the borrowings under the Revolving Credit Facility bear interest at either ( 1 one 2 six October 28, 2023, no The purpose of the Revolving Credit Facility is for general working capital needs, permitted acquisitions (as defined in the Revolving Credit Facility), and for stock repurchase and/or redemption transactions that the Company may The Revolving Credit Facility contains certain covenants that, among other things, restrict additional indebtedness, liens and encumbrances, changes to the character of the Company’s business, acquisitions, asset dispositions, mergers and consolidations, sale or discount of receivables, creation or acquisitions of additional subsidiaries, and other matters customarily restricted in such agreements. In addition, the Revolving Credit Facility requires the Company to meet certain financial tests, including, without limitation: • a funded debt leverage ratio (consolidated debt/consolidated EBITDA) of not 1.0; • an interest coverage ratio (consolidated EBITDA/consolidated interest expense) of not 1.0. As of March 31, 2022 no three March 31, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards Policy [Policy Text Block] | Accounting Standards Recently Adopted In October 2021, 2021 08 , Business Combinations (Topic 805 606 , Revenue from Contracts with Customers first December 15, 2022 January 1, 2022, not |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition and Sales Commissions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 Workforce Solutions Provider Solutions Consolidated Subscription services $ 50,553 $ 11,522 $ 62,075 Professional services 1,486 1,806 3,292 Total revenues, net $ 52,039 $ 13,328 $ 65,367 Three Months Ended March 31, 2021 Workforce Solutions Provider Solutions Consolidated Subscription services $ 49,770 $ 10,597 $ 60,367 Professional services 1,477 1,624 3,101 Total revenues, net $ 51,247 $ 12,221 $ 63,468 |
Note 5 - Shareholders' Equity (
Note 5 - Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2022 2021 Cost of revenues (excluding depreciation and amortization) $ 38 $ 20 Product development 125 102 Sales and marketing 83 65 Other general and administrative 528 429 Total stock based compensation expense $ 774 $ 616 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Numerator: Net income $ 2,893 $ 2,291 Denominator: Weighted-average shares outstanding 30,955 31,504 Effect of dilutive shares 21 22 Weighted-average diluted shares 30,976 31,526 Net income per share: Basic $ 0.09 $ 0.07 Diluted $ 0.09 $ 0.07 |
Note 7 - Marketable Securities
Note 7 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2022 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 2: Corporate debt securities $ 2,016 $ — $ (8 ) $ 2,008 Total $ 2,016 $ — $ (8 ) $ 2,008 December 31, 2021 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 2: Corporate debt securities $ 5,043 $ — $ (2 ) $ 5,041 Total $ 5,043 $ — $ (2 ) $ 5,041 |
Note 8 - Business Segments (Tab
Note 8 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Reconciliation of Revenue and Operating Profit Loss from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, Revenues, net: 2022 2021 Workforce Solutions $ 52,039 $ 51,247 Provider Solutions 13,328 12,221 Total revenues, net $ 65,367 $ 63,468 Operating income: Workforce Solutions $ 9,385 $ 9,224 Provider Solutions 2,311 1,858 Unallocated (7,661 ) (7,782 ) Total operating income $ 4,035 $ 3,300 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets * March 31, 2022 December 31, 2021 Workforce Solutions $ 266,882 $ 258,864 Provider Solutions 133,867 137,008 Unallocated 83,177 90,881 Total assets $ 483,926 $ 486,753 |
Note 3 - Revenue Recognition _3
Note 3 - Revenue Recognition and Sales Commissions 1 (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 6,000 | $ 142,000 |
Contract with Customer, Liability, Revenue Recognized | 34,600,000 | 33,600,000 |
Revenue, Remaining Performance Obligation, Amount | $ 444,000,000 | |
Revenue, Remaining Performance Obligation, Percentage | 44.00% | |
Sales Commissions, Amortization Term (Year) | 3 years | |
Amortization of Deferred Sales Commissions | $ 2,484,000 | 2,133,000 |
Customer Contracts [Member] | ||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 6,000 | $ 100,000 |
Note 3 - Revenue Recognition _4
Note 3 - Revenue Recognition and Sales Commissions 2 (Details Textual) | Mar. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 3 - Revenue Recognition _5
Note 3 - Revenue Recognition and Sales Commissions - Revenues Disaggregated By Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 65,367 | $ 63,468 |
Subscription Services [Member] | ||
Revenues | 62,075 | 60,367 |
Professional Services [Member] | ||
Revenues | 3,292 | 3,101 |
Healthstream Workforce Solutions [Member] | ||
Revenues | 52,039 | 51,247 |
Healthstream Workforce Solutions [Member] | Subscription Services [Member] | ||
Revenues | 50,553 | 49,770 |
Healthstream Workforce Solutions [Member] | Professional Services [Member] | ||
Revenues | 1,486 | 1,477 |
Healthstream Provider Solutions [Member] | ||
Revenues | 13,328 | 12,221 |
Healthstream Provider Solutions [Member] | Subscription Services [Member] | ||
Revenues | 11,522 | 10,597 |
Healthstream Provider Solutions [Member] | Professional Services [Member] | ||
Revenues | $ 1,806 | $ 1,624 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 866 | $ 922 |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.00% | 29.00% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 100 | $ 100 |
Note 5 - Shareholders' Equity_2
Note 5 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2018 | Mar. 14, 2022 |
Stock Repurchased During Period, Value | $ 19,888 | ||||
November 2021 Share Repurchase Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 20,000 | ||||
Stock Repurchased During Period, Shares (in shares) | 853,023 | 649,739 | |||
Stock Repurchased During Period, Value | $ 20,000 | $ 14,900 | |||
Stock Repurchased Average Price per Share (in dollars per share) | $ 23.45 | $ 22.92 | |||
March 2022 Share Repurchase Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 10,000 | ||||
Stock Repurchased During Period, Shares (in shares) | 242,647 | ||||
Stock Repurchased During Period, Value | $ 5,000 | ||||
Stock Repurchased Average Price per Share (in dollars per share) | $ 20.52 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 135,352 | 121,551 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 20.32 | $ 23.16 | |||
Restricted Stock Units (RSUs) [Member] | Two Thousand Twenty Two Performance [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,161 | ||||
Restricted Stock Units (RSUs) [Member] | Not Conditioned on Shareholder Approval [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 100,191 | ||||
Performance Based Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 91,042 | 70,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | 5 years | |||
Share Based Compensation Arrangement By Share Based Payment Award Incremental Performance Percentage Year One | 15.00% | 10.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Incremental Performance Percentage Year Two | 20.00% | 15.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Incremental Performance Percentage Year Three | 20.00% | 20.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Incremental Performance Percentage Year Four | 20.00% | 25.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Incremental Performance Percentage Year Five | 25.00% | 30.00% | |||
Performance Based Restricted Stock Units (RSUs) [Member] | The 2018 June Issue [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 21,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 20.32 | ||||
Performance Based Restricted Stock Units (RSUs) [Member] | The 2022 March Issue [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 20.32 | ||||
Performance Based Restricted Stock Units (RSUs) [Member] | Two Thousand Twenty Two Performance [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,584 | 21,000 | |||
Performance Based Restricted Stock Units (RSUs) [Member] | Not Conditioned on Shareholder Approval [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,070 | ||||
Performance Based Restricted Stock Units (RSUs) [Member] | Subject to Shareholder Approval [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 17,224 | ||||
Performance Based Restricted Stock Units (RSUs) [Member] | Performance Criteria Not Yet Determined [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 17,224 | ||||
Performance Based Restricted Stock Units (RSUs) [Member] | Not Based on 2022 Performance [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 77,388 |
Note 5 - Shareholders' Equity -
Note 5 - Shareholders' Equity - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation expense | $ 774 | $ 616 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 38 | 20 |
Product Development [Member] | ||
Stock-based compensation expense | 125 | 102 |
Selling and Marketing Expense [Member] | ||
Stock-based compensation expense | 83 | 65 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 528 | $ 429 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 218,000 | 148,000 |
Note 6 - Earnings Per Share - C
Note 6 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 2,893 | $ 2,291 |
Weighted-average shares outstanding (in shares) | 30,955 | 31,504 |
Effect of dilutive shares (in shares) | 21 | 22 |
Weighted-average diluted shares (in shares) | 30,976 | 31,526 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.09 | $ 0.07 |
Diluted (in dollars per share) | $ 0.09 | $ 0.07 |
Note 7 - Marketable Securitie_2
Note 7 - Marketable Securities (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 |
Note 7 - Marketable Securitie_3
Note 7 - Marketable Securities - Fair Value of Available for Sale Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2020 |
Adjusted Cost | $ 2,016 | $ 5,043 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (8) | (2) |
Fair Value | 2,008 | 5,041 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Adjusted Cost | 2,016 | 5,043 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (8) | (2) |
Fair Value | $ 2,008 | $ 5,041 |
Note 8 - Business Segments - Bu
Note 8 - Business Segments - Business Segment Information Based on Net Revenues and Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues, net | $ 65,367 | $ 63,468 |
Workforce Solutions | 4,035 | 3,300 |
Segment Reconciling Items [Member] | ||
Workforce Solutions | (7,661) | (7,782) |
Healthstream Workforce Solutions [Member] | ||
Revenues, net | 52,039 | 51,247 |
Healthstream Workforce Solutions [Member] | Operating Segments [Member] | ||
Revenues, net | 52,039 | 51,247 |
Workforce Solutions | 9,385 | 9,224 |
Healthstream Provider Solutions [Member] | ||
Revenues, net | 13,328 | 12,221 |
Healthstream Provider Solutions [Member] | Operating Segments [Member] | ||
Revenues, net | 13,328 | 12,221 |
Workforce Solutions | $ 2,311 | $ 1,858 |
Note 8 - Business Segments - _2
Note 8 - Business Segments - Business Segment Information Based on Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets | $ 483,926 | $ 486,753 | |
Segment Reconciling Items [Member] | |||
Assets | [1] | 83,177 | 90,881 |
Healthstream Workforce Solutions [Member] | Operating Segments [Member] | |||
Assets | [1] | 266,882 | 258,864 |
Healthstream Provider Solutions [Member] | Operating Segments [Member] | |||
Assets | [1] | $ 133,867 | $ 137,008 |
[1] | Segment assets include accounts and unbilled receivables, prepaid royalties, prepaid and other current assets, other assets, capitalized software development, deferred commissions, certain property and equipment, and intangible assets. Cash and cash equivalents, marketable securities, non-marketable equity investments, and certain ROU assets are not allocated to individual segments and are included within Unallocated. A significant portion of property and equipment assets are included within Unallocated. |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - Revolving Credit Facility [Member] - Truist Bank [Member] - USD ($) $ in Thousands | Oct. 28, 2020 | Mar. 31, 2022 |
Debt Instrument, Covenant, Maximum Funded Debt Leverage Ratio | 3 | |
Debt Instrument, Covenant, Interest Coverage Ratio | 3 | |
Long-term Line of Credit, Total | $ 0 | |
Minimum [Member] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 20.00% | |
Maximum [Member] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 30.00% | |
Third Amendment [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000 | |
Line of Credit Facility, Increased Facility Size Due to Accordion Feature | $ 25,000 | |
Third Amendment [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Third Amendment [Member] | Base Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
Third Amendment [Member] | Base Rate [Member] | Minimum [Member] | ||
Line of Credit Facility, Percentage of Applicable Margin for Borrowings | 0.50% | |
Third Amendment [Member] | Base Rate [Member] | Maximum [Member] | ||
Line of Credit Facility, Percentage of Applicable Margin for Borrowings | 0.75% | |
Third Amendment [Member] | Eurodollar [Member] | Minimum [Member] | ||
Line of Credit Facility, Percentage of Applicable Margin for Borrowings | 1.50% | |
Third Amendment [Member] | Eurodollar [Member] | Maximum [Member] | ||
Line of Credit Facility, Percentage of Applicable Margin for Borrowings | 1.75% | |
Third Amendment [Member] | Swing Line Subfacility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |
Third Amendment [Member] | Letter of Credit Subfacility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 |