Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 23, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 $0.00) | |
Trading Symbol | HSTM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,285,335 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 44,123 | $ 46,023 |
Marketable securities | 27,691 | 7,885 |
Accounts receivable, net of allowance for doubtful accounts of $710 and $544 at September 30, 2023 and December 31, 2022, respectively | 30,195 | 36,730 |
Accounts receivable - unbilled | 4,610 | 5,980 |
Prepaid royalties, net of amortization | 10,755 | 9,071 |
Other prepaid expenses and other current assets | 9,505 | 8,688 |
Total current assets | 126,879 | 114,377 |
Property and equipment, net of accumulated depreciation of $23,441 and $20,280 at September 30, 2023 and December 31, 2022, respectively | 13,536 | 15,483 |
Capitalized software development, net of accumulated amortization of $121,235 and $105,025 at September 30, 2023 and December 31, 2022, respectively | 39,711 | 37,118 |
Operating lease right of use assets, net | 20,806 | 22,759 |
Goodwill | 191,039 | 192,398 |
Deferred tax assets | 383 | 383 |
Deferred commissions | 29,460 | 28,344 |
Non-marketable equity investments | 4,188 | 4,518 |
Other assets | 472 | 808 |
Total assets | 498,050 | 497,741 |
Current liabilities: | ||
Accounts payable | 3,519 | 7,290 |
Accrued expenses | 20,980 | 25,011 |
Accrued royalties | 6,862 | 5,443 |
Deferred revenue | 83,221 | 79,469 |
Total current liabilities | 114,582 | 117,213 |
Deferred tax liabilities | 15,324 | 17,996 |
Deferred revenue, noncurrent | 2,740 | 2,937 |
Operating lease liability, noncurrent | 21,016 | 23,321 |
Other long-term liabilities | 2,142 | 2,210 |
Shareholders’ equity: | ||
Common stock, no par value, 75,000 shares authorized; 30,590 and 30,579 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 254,950 | 254,832 |
Retained earnings | 88,535 | 80,213 |
Accumulated other comprehensive loss | (1,239) | (981) |
Total shareholders’ equity | 342,246 | 334,064 |
Total liabilities and shareholders’ equity | 498,050 | 497,741 |
Customer-Related Intangible Assets [Member] | ||
Current assets: | ||
Intangible Assets, Net | 56,715 | 61,269 |
Other Intangible Assets [Member] | ||
Current assets: | ||
Intangible Assets, Net | $ 14,861 | $ 20,284 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 710 | $ 544 |
Accumulated amortization on property and equipment | 23,441 | 20,280 |
Accumulated amortization on capitalized software development | $ 121,235 | $ 105,025 |
Common stock, shares authorized (in shares) | 75,000 | 75,000 |
Common stock, shares issued (in shares) | 30,590 | 30,579 |
Common stock, shares outstanding (in shares) | 30,590 | 30,579 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Customer-Related Intangible Assets [Member] | ||
Accumulated amortization on intangible assets | $ 54,919 | $ 48,552 |
Other Intangible Assets [Member] | ||
Accumulated amortization on intangible assets | $ 17,138 | $ 12,818 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues, net | $ 70,339 | $ 67,285 | $ 208,482 | $ 198,290 |
Operating costs and expenses: | ||||
Cost of revenues (excluding depreciation and amortization) | 23,587 | 23,374 | 71,010 | 67,606 |
Product development | 10,901 | 11,476 | 33,610 | 32,470 |
Sales and marketing | 11,290 | 11,365 | 34,324 | 32,652 |
Other general and administrative expenses | 9,295 | 9,096 | 27,223 | 27,856 |
Depreciation and amortization | 10,403 | 9,592 | 30,550 | 28,334 |
Total operating costs and expenses | 65,476 | 64,903 | 196,717 | 188,918 |
Operating income | 4,863 | 2,382 | 11,765 | 9,372 |
Other income, net | 590 | 2,543 | 1,329 | 2,945 |
Income before income tax provision | 5,453 | 4,925 | 13,094 | 12,317 |
Income tax provision | 1,586 | 1,259 | 2,471 | 2,675 |
Net income | $ 3,867 | $ 3,666 | $ 10,623 | $ 9,642 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.35 | $ 0.31 |
Diluted (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.35 | $ 0.31 |
Weighted average shares of common stock outstanding: | ||||
Basic (in shares) | 30,683 | 30,570 | 30,653 | 30,672 |
Diluted (in shares) | 30,769 | 30,662 | 30,734 | 30,717 |
Dividends declared per share (in dollars per share) | $ 0.025 | $ 0 | $ 0.075 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 3,867 | $ 3,666 | $ 10,623 | $ 9,642 |
Other comprehensive loss, net of taxes: | ||||
Foreign currency translation adjustments | (371) | (1,017) | (227) | (1,521) |
Unrealized gain (loss) on marketable securities | 21 | 3 | (31) | (1) |
Total other comprehensive loss | (350) | (1,014) | (258) | (1,522) |
Comprehensive income | $ 3,517 | $ 2,652 | $ 10,365 | $ 8,120 |
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, 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 | (497) |
Repurchase of common stock (in shares) | (892) | |||
Repurchase of common stock | $ (19,889) | 0 | 0 | (19,889) |
Balance (in shares) at Mar. 31, 2022 | 30,518 | |||
Balance at Mar. 31, 2022 | $ 251,179 | 71,015 | 378 | 322,572 |
Balance (in shares) at Dec. 31, 2021 | 31,327 | |||
Balance at Dec. 31, 2021 | $ 270,791 | 68,122 | 106 | 339,019 |
Net income | 9,642 | |||
Comprehensive income (loss) | (1,522) | |||
Balance (in shares) at Sep. 30, 2022 | 30,573 | |||
Balance at Sep. 30, 2022 | $ 253,934 | 77,764 | (1,416) | 330,282 |
Balance (in shares) at Mar. 31, 2022 | 30,518 | |||
Balance at Mar. 31, 2022 | $ 251,179 | 71,015 | 378 | 322,572 |
Net income | 0 | 3,083 | 0 | 3,083 |
Comprehensive income (loss) | 0 | 0 | (780) | (780) |
Stock-based compensation | $ 917 | 0 | 0 | 917 |
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 2 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | $ (1) | 0 | 0 | (1) |
Repurchase of common stock (in shares) | (159) | |||
Repurchase of common stock | $ (3,143) | 0 | 0 | (3,143) |
Balance (in shares) at Jun. 30, 2022 | 30,570 | |||
Balance at Jun. 30, 2022 | $ 253,036 | 74,098 | (402) | 326,732 |
Issuance of common stock in acquisition (in shares) | 209 | |||
Issuance of common stock in acquisition | $ 4,084 | 0 | 0 | 4,084 |
Net income | 0 | 3,666 | 0 | 3,666 |
Comprehensive income (loss) | 0 | 0 | (1,014) | (1,014) |
Stock-based compensation | $ 918 | 0 | 0 | 918 |
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 3 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | $ (20) | 0 | 0 | (20) |
Balance (in shares) at Sep. 30, 2022 | 30,573 | |||
Balance at Sep. 30, 2022 | $ 253,934 | 77,764 | (1,416) | 330,282 |
Balance (in shares) at Dec. 31, 2022 | 30,579 | |||
Balance at Dec. 31, 2022 | $ 254,832 | 80,213 | (981) | 334,064 |
Net income | 0 | 2,623 | 0 | 2,623 |
Comprehensive income (loss) | 0 | 0 | (35) | (35) |
Dividends declared on common stock ($0.025 per share) | (767) | (767) | ||
Stock-based compensation | $ 945 | 0 | 0 | 945 |
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 103 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | $ (791) | 0 | 0 | (791) |
Balance (in shares) at Mar. 31, 2023 | 30,682 | |||
Balance at Mar. 31, 2023 | $ 254,986 | 82,069 | (1,016) | 336,039 |
Balance (in shares) at Dec. 31, 2022 | 30,579 | |||
Balance at Dec. 31, 2022 | $ 254,832 | 80,213 | (981) | 334,064 |
Net income | 10,623 | |||
Comprehensive income (loss) | (258) | |||
Balance (in shares) at Sep. 30, 2023 | 30,590 | |||
Balance at Sep. 30, 2023 | $ 254,950 | 88,535 | (1,239) | 342,246 |
Balance (in shares) at Mar. 31, 2023 | 30,682 | |||
Balance at Mar. 31, 2023 | $ 254,986 | 82,069 | (1,016) | 336,039 |
Net income | 0 | 4,133 | 0 | 4,133 |
Comprehensive income (loss) | 0 | 0 | 127 | 127 |
Dividends declared on common stock ($0.025 per share) | 0 | (767) | 0 | (767) |
Stock-based compensation | $ 1,093 | 0 | 0 | 1,093 |
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 4 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | $ (6) | 0 | 0 | (6) |
Balance (in shares) at Jun. 30, 2023 | 30,686 | |||
Balance at Jun. 30, 2023 | $ 256,073 | 85,435 | (889) | 340,619 |
Net income | 0 | 3,867 | 0 | 3,867 |
Comprehensive income (loss) | 0 | 0 | (350) | (350) |
Dividends declared on common stock ($0.025 per share) | 0 | (767) | 0 | (767) |
Stock-based compensation | $ 1,038 | 0 | 0 | 1,038 |
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 3 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | $ (20) | 0 | 0 | (20) |
Repurchase of common stock (in shares) | (99) | |||
Repurchase of common stock | $ (2,141) | 0 | 0 | (2,141) |
Balance (in shares) at Sep. 30, 2023 | 30,590 | |||
Balance at Sep. 30, 2023 | $ 254,950 | $ 88,535 | $ (1,239) | $ 342,246 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Dividends declared per share (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 | $ 0 | $ 0.075 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES: | ||
Net income | $ 10,623,000 | $ 9,642,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 30,550,000 | 28,334,000 |
Stock-based compensation | 3,076,000 | 2,609,000 |
Amortization of deferred commissions | 8,467,000 | 7,826,000 |
Provision for credit losses | 675,000 | 400,000 |
Deferred income taxes | (2,634,000) | 1,225,000 |
Gain on sale of fixed assets | 0 | (25,000) |
Loss on non-marketable equity investments | 330,000 | 621,000 |
Change in fair value of non-marketable equity investments | (45,000) | (3,596,000) |
Other | (603,000) | 30,000 |
Changes in operating assets and liabilities: | ||
Accounts and unbilled receivables | (7,230,000) | (2,273,000) |
Prepaid royalties | (1,684,000) | (106,000) |
Other prepaid expenses and other current assets | (817,000) | 709,000 |
Deferred commissions | (9,583,000) | (10,192,000) |
Other assets | 336,000 | 219,000 |
Accounts payable and accrued expenses | (736,000) | 942,000 |
Accrued royalties | 1,419,000 | 572,000 |
Deferred revenue | 3,554,000 | 1,597,000 |
Net cash provided by operating activities | 50,158,000 | 43,080,000 |
INVESTING ACTIVITIES: | ||
Business combinations, net of cash acquired | (6,621,000) | (4,009,000) |
Proceeds from maturities of marketable securities | 19,000,000 | 7,025,000 |
Purchases of marketable securities | (38,235,000) | (5,601,000) |
Payments associated with capitalized software development | (19,552,000) | (17,392,000) |
Proceeds from sale of fixed assets | 0 | 26,000 |
Proceeds from sale of non-marketable equity investments | 45,000 | 3,494,000 |
Purchases of property and equipment | (1,854,000) | (1,570,000) |
Net cash used in investing activities | (47,217,000) | (18,027,000) |
FINANCING ACTIVITIES: | ||
Taxes paid related to net settlement of equity awards | (817,000) | (518,000) |
Repurchases of common stock | (1,648,000) | (23,137,000) |
Payment of cash dividends | (2,301,000) | 0 |
Net cash used in financing activities | (4,766,000) | (23,655,000) |
Effect of exchange rate changes on cash and cash equivalents | (75,000) | (46,000) |
Net (decrease) increase in cash and cash equivalents | (1,900,000) | 1,352,000 |
Cash and cash equivalents at beginning of period | 46,023,000 | 46,905,000 |
Cash and cash equivalents at end of period | $ 44,123,000 | $ 48,257,000 |
Note 1 - Overview and Basis of
Note 1 - Overview and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. OVERVIEW AND BASIS OF PRESENTATION Company Overview HealthStream primarily provides Software-as-a-Service ("SaaS") based applications for healthcare organizations—all designed to improve business and clinical outcomes by supporting the people who deliver patient care. We are focused on helping healthcare organizations meet their ongoing clinical development, talent management, training, education, assessment, competency management, safety and compliance, scheduling, and provider credentialing, privileging, and enrollment needs. The Company is organized and operated according to our One HealthStream approach, with our hStream technology platform at the center of that approach. Increasingly, SaaS based applications in our diverse ecosystem of solutions utilize our proprietary hStream technology platform to enhance their value proposition by creating interoperability with and among other applications. As used in this Report, “HealthStream,” “Company,” “we,” “us,” and “our” mean HealthStream, Inc. and its subsidiaries, unless the context indicates otherwise. 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 nine September 30, 2023 not may December 31, 2023. The Condensed Consolidated Balance Sheet at December 31, 2022 not December 31, 2022 10 February 28, 2023). Consolidated Segment Information Our business is managed and organized around a single platform strategy, also referred to as our One HealthStream approach. At the center of this single platform strategy is our hStream technology platform. By facilitating interoperability among our applications, as well as third As indicated in the Company’s Annual Report on Form 10 December 31, 2022, February 28, 2023, January 1, 2023, As the result of these developments, the Company determined that Workforce Solutions and Provider Solutions were no January 1, 2023, no two January 1, 2023, 10 three nine September 30, 2023. 2022 10 |
Note 2 - Revenue Recognition an
Note 2 - Revenue Recognition and Sales Commissions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Subscription services $ 67,473 $ 64,067 $ 199,993 $ 188,613 Professional services 2,866 3,218 8,489 9,677 Total revenues, net $ 70,339 $ 67,285 $ 208,482 $ 198,290 For the three September 30, 2023 2022 nine September 30, 2023 2022 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 September 30, 2023 2022 nine September 30, 2023 2022, September 30, 2023 44% Sales Commissions Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. The Company recorded amortization of deferred commissions of approximately $3.0 million and $2.8 million for the three September 30, 2023 2022 nine September 30, 2023 2022, |
Note 3 - Income Taxes
Note 3 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 3. 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 the three September 30, 2023 2022 nine September 30, 2023 2022, The Company’s effective tax rate was 19% and 22% for the nine September 30, 2023 2022 nine September 30, 2023 nine September 30, 2022 |
Note 4 - Shareholders' Equity
Note 4 - Shareholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 4. SHAREHOLDERS EQUITY Dividends on Common Stock On February 20, 2023, first nine September 30, 2023, Dividend Payment Date Dividend Declaration Date Dividend Per Share Record Date Cash Outlay April 28, 2023 February 20, 2023 $ 0.025 April 17, 2023 $ 767,000 June 23, 2023 April 24, 2023 0.025 June 12, 2023 767,000 September 29, 2023 July 24, 2023 0.025 September 18, 2023 767,000 Total dividends $ 0.075 $ 2,301,000 Additionally, o n October 23, 2023, fourth December 22, 2023 December 11, 2023 Stock-Based Compensation The Company has stock awards outstanding under its 2016 2022 nine September 30, 2023 nine September 30, 2022 During the nine September 30, 2023 five 2023, 2024, 2025, 2026, 2027, first 2023 first 2023 not 2024, 2025, 2026, 2027, During the nine September 30, 2022, five 2022, 2023, 2024, 2025, 2026, second 2023 first 2023 not 2024, 2025, 2026, Total stock-based compensation expense recognized in the Condensed Consolidated Statements of Income is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues (excluding depreciation and amortization) $ 50 $ 44 $ 149 $ 126 Product development 188 151 542 428 Sales and marketing 131 98 374 283 Other general and administrative 669 625 2,011 1,772 Total stock-based compensation expense $ 1,038 $ 918 $ 3,076 $ 2,609 Share Repurchase Plan On September 13, 2023, March 31, 2024, three September 30, 2023, September 30, 2023 three September 30, 2023. |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. 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 340,000 and 205,000 for the three September 30, 2023 2022 nine September 30, 2023 2022, The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income $ 3,867 $ 3,666 $ 10,623 $ 9,642 Denominator: Weighted-average shares outstanding 30,683 30,570 30,653 30,672 Effect of dilutive shares 86 92 81 45 Weighted-average diluted shares 30,769 30,662 30,734 30,717 Net income per share: Basic $ 0.13 $ 0.12 $ 0.35 $ 0.31 Diluted $ 0.13 $ 0.12 $ 0.35 $ 0.31 |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. The fair value of marketable securities, which were all classified as available for sale and which the Company does not September 30, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 2: U.S. treasury securities $ 27,720 $ 4 $ (33 ) $ 27,691 Total $ 27,720 $ 4 $ (33 ) $ 27,691 December 31, 2022 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 2: U.S. treasury securities $ 7,882 $ 3 $ — $ 7,885 Total $ 7,882 $ 3 $ — $ 7,885 The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate fair value based on quoted market prices or alternative pricing sources and models utilizing market observable inputs. As of September 30, 2023 not one |
Note 7 - Business Combinations
Note 7 - Business Combinations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 7. BUSINESS COMBINATIONS On December 31, 2022 , nine September 30, 2023, |
Note 8 - Debt
Note 8 - Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Revolving Credit Facility On October 28, 2020, November 24, 2014 October 28, 2023. 9 October 6, 2023, Under the Revolving Credit Facility, the Company was permitted to borrow up to $65.0 million, which included a $5.0 million swingline sub-facility and a $5.0 million letter of credit sub-facility, as well as an accordion feature that allowed the Company to increase the Revolving Credit Facility by a total of up to $25.0 million, subject to securing additional commitments from existing lenders or new lending institutions. At the Company’s election, the borrowings under the Revolving Credit Facility would bear interest at either ( 1 one 2 six October 28, 2023, no The Revolving Credit Facility contained certain covenants that, among other things, restricted 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 required 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 September 30, 2023 three nine September 30, 2023 HEALTHSTREAM, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Note 9 - Subsequent Event
Note 9 - Subsequent Event | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 9. On October 6, 2023, November 24, 2014, may October 6, 2026. The Company's obligations under the New Revolving Credit Facility are unsecured. In addition, if the Company forms or acquires any domestic subsidiaries, the loans and other obligations under the New Revolving Credit Facility will be guaranteed by such domestic subsidiaries. At the Company’s election, the borrowings under the New Revolving Credit Facility, other than the swingline loans, bear interest at either ( 1 one one 2 The initial applicable margin for base rate loans is 0.50% and the initial applicable margin SOFR loans is 1.50%. The applicable margins will be adjusted quarterly, in each case two 2 Principal is payable in full at maturity on October 6, 2026, no three three In addition, the New Revolving Credit Facility requires the Company to meet certain financial tests, including, without limitation: • a funded debt leverage ratio of not 1.0; • an interest coverage ratio of not 1.0. In addition, the New Revolving Credit Facility contains certain customary affirmative and negative 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. |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition and Sales Commissions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Subscription services $ 67,473 $ 64,067 $ 199,993 $ 188,613 Professional services 2,866 3,218 8,489 9,677 Total revenues, net $ 70,339 $ 67,285 $ 208,482 $ 198,290 |
Note 4 - Shareholders' Equity (
Note 4 - Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Dividend Payment Date Dividend Declaration Date Dividend Per Share Record Date Cash Outlay April 28, 2023 February 20, 2023 $ 0.025 April 17, 2023 $ 767,000 June 23, 2023 April 24, 2023 0.025 June 12, 2023 767,000 September 29, 2023 July 24, 2023 0.025 September 18, 2023 767,000 Total dividends $ 0.075 $ 2,301,000 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues (excluding depreciation and amortization) $ 50 $ 44 $ 149 $ 126 Product development 188 151 542 428 Sales and marketing 131 98 374 283 Other general and administrative 669 625 2,011 1,772 Total stock-based compensation expense $ 1,038 $ 918 $ 3,076 $ 2,609 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income $ 3,867 $ 3,666 $ 10,623 $ 9,642 Denominator: Weighted-average shares outstanding 30,683 30,570 30,653 30,672 Effect of dilutive shares 86 92 81 45 Weighted-average diluted shares 30,769 30,662 30,734 30,717 Net income per share: Basic $ 0.13 $ 0.12 $ 0.35 $ 0.31 Diluted $ 0.13 $ 0.12 $ 0.35 $ 0.31 |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | September 30, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 2: U.S. treasury securities $ 27,720 $ 4 $ (33 ) $ 27,691 Total $ 27,720 $ 4 $ (33 ) $ 27,691 December 31, 2022 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 2: U.S. treasury securities $ 7,882 $ 3 $ — $ 7,885 Total $ 7,882 $ 3 $ — $ 7,885 |
Note 2 - Revenue Recognition _3
Note 2 - Revenue Recognition and Sales Commissions 1 (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 300,000 | $ 44,000 | $ 675,000 | $ 400,000 |
Contract with Customer, Liability, Revenue Recognized | 42,200,000 | 39,900,000 | 76,000,000 | 67,900,000 |
Revenue, Remaining Performance Obligation, Amount | $ 511,000,000 | $ 511,000,000 | ||
Revenue, Remaining Performance Obligation, Percentage | 44% | 44% | ||
Amortization of Deferred Sales Commissions | $ 3,000,000 | $ 2,800,000 | $ 8,467,000 | $ 7,826,000 |
Note 2 - Revenue Recognition _4
Note 2 - Revenue Recognition and Sales Commissions 2 (Details Textual) | Sep. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 2 - Revenue Recognition _5
Note 2 - Revenue Recognition and Sales Commissions - Revenues Disaggregated By Revenue Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 70,339 | $ 67,285 | $ 208,482 | $ 198,290 |
Subscription Services [Member] | ||||
Revenues | 67,473 | 64,067 | 199,993 | 188,613 |
Professional Services [Member] | ||||
Revenues | $ 2,866 | $ 3,218 | $ 8,489 | $ 9,677 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Expense (Benefit) | $ 1,586,000 | $ 1,259,000 | $ 2,471,000 | $ 2,675,000 |
Effective Income Tax Rate Reconciliation, Percent | 19% | 22% | ||
Income Tax Expense (Benefit), Discrete Adjustments | $ (100,000) | $ (16,000) | ||
Income Tax Expense (Benefit), State Appointment Change | (600,000) | |||
Income Tax Expense (Benefit), Stock-based Awards | (100,000) | 100,000 | ||
Reserve for Uncertain Tax Position | $ 300,000 | 300,000 | ||
Income Tax Expense (Benefit), Merger | (300,000) | |||
Income Tax Expense, Non Taxable Gain | 300,000 | |||
Effective Income Tax Rate Reconciliation, Change in Fair Value of Noncontrolling Interest, Amount | 900,000 | |||
Effective Income Tax Rate Reconciliation, Change in Estimated Tax Credits, Amount | $ (100,000) |
Note 4 - Shareholders' Equity_2
Note 4 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Oct. 23, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 13, 2023 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 | $ 0 | $ 0.075 | $ 0 | ||||
Stock Repurchased During Period, Value | $ 2,141 | $ 3,143 | $ 19,889 | |||||||
Payments for Repurchase of Common Stock | $ 1,648 | $ 23,137 | ||||||||
September 2023 Share Repurchase Program [Member] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 10,000 | |||||||||
Stock Repurchased During Period, Shares (in shares) | 99,090 | |||||||||
Stock Repurchased During Period, Value | $ 2,100 | |||||||||
Stock Repurchased Average Price per Share (in dollars per share) | $ 21.60 | |||||||||
Stock Repurchased, Accrued Expense | $ 500 | $ 500 | ||||||||
Payments for Repurchase of Common Stock | $ 1,600 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 128,942 | 140,473 | ||||||||
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) | $ 23.61 | $ 20.31 | ||||||||
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) | 138,000 | 91,042 | ||||||||
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% | 15% | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Incremental Performance Percentage Year Two | 20% | 20% | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Incremental Performance Percentage Year Three | 20% | 20% | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Incremental Performance Percentage Year Four | 20% | 20% | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Incremental Performance Percentage Year Five | 25% | 25% | ||||||||
Performance Based Restricted Stock Units (RSUs) [Member] | Two Thousand Twenty Three Performance [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,700 | 18,210 | ||||||||
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) | $ 26.25 | $ 26.25 | ||||||||
Performance Based Restricted Stock Units (RSUs) [Member] | Not Based on 2023 Performance [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 117,300 | 59,178 | ||||||||
Subsequent Event [Member] | ||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.025 | |||||||||
Dividends Payable, Date to be Paid | Dec. 22, 2023 | |||||||||
Dividends Payable, Date of Record | Dec. 11, 2023 |
Note 4 - Shareholders' Equity -
Note 4 - Shareholders' Equity - Dividend Policy (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares | |
Dividends, amount per share (in dollars per share) | $ / shares | $ 0.075 |
Dividends, cash outlay | $ | $ 2,301,000 |
First Quarter Dividends [Member] | |
Dividends, declaration date | Feb. 20, 2023 |
Dividends Payable, Date to be Paid | Apr. 28, 2023 |
Dividends, amount per share (in dollars per share) | $ / shares | $ 0.025 |
Dividends Payable, Date of Record | Apr. 17, 2023 |
Dividends, cash outlay | $ | $ 767,000 |
Second Quarter Dividends [Member] | |
Dividends, declaration date | Apr. 24, 2023 |
Dividends Payable, Date to be Paid | Jun. 23, 2023 |
Dividends, amount per share (in dollars per share) | $ / shares | $ 0.025 |
Dividends Payable, Date of Record | Jun. 12, 2023 |
Dividends, cash outlay | $ | $ 767,000 |
Third Quarter Dividends [Member] | |
Dividends, declaration date | Jul. 24, 2023 |
Dividends Payable, Date to be Paid | Sep. 29, 2023 |
Dividends, amount per share (in dollars per share) | $ / shares | $ 0.025 |
Dividends Payable, Date of Record | Sep. 18, 2023 |
Dividends, cash outlay | $ | $ 767,000 |
Note 4 - Shareholders' Equity_3
Note 4 - Shareholders' Equity - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-based compensation expense | $ 1,038 | $ 918 | $ 3,076 | $ 2,609 |
Cost of Sales [Member] | ||||
Stock-based compensation expense | 50 | 44 | 149 | 126 |
Product Development [Member] | ||||
Stock-based compensation expense | 188 | 151 | 542 | 428 |
Selling and Marketing Expense [Member] | ||||
Stock-based compensation expense | 131 | 98 | 374 | 283 |
General and Administrative Expense [Member] | ||||
Stock-based compensation expense | $ 669 | $ 625 | $ 2,011 | $ 1,772 |
Note 5 - Earnings Per Share (De
Note 5 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 340,000 | 205,000 | 278,000 | 217,000 |
Note 5 - Earnings Per Share - C
Note 5 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 3,867 | $ 4,133 | $ 2,623 | $ 3,666 | $ 3,083 | $ 2,893 | $ 10,623 | $ 9,642 |
Weighted-average shares outstanding (in shares) | 30,683 | 30,570 | 30,653 | 30,672 | ||||
Effect of dilutive shares (in shares) | 86 | 92 | 81 | 45 | ||||
Weighted-average diluted shares (in shares) | 30,769 | 30,662 | 30,734 | 30,717 | ||||
Net income per share: | ||||||||
Basic (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.35 | $ 0.31 | ||||
Diluted (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.35 | $ 0.31 |
Note 6 - Marketable Securitie_2
Note 6 - Marketable Securities (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 |
Note 6 - Marketable Securitie_3
Note 6 - Marketable Securities - Fair Value of Available for Sale Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Adjusted Cost | $ 27,720 | $ 7,882 |
Unrealized Gains | 4 | 3 |
Unrealized Losses | (33) | 0 |
Fair Value | 27,691 | 7,885 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Adjusted Cost | 27,720 | 7,882 |
Unrealized Gains | 4 | 3 |
Unrealized Losses | (33) | 0 |
Fair Value | $ 27,691 | $ 7,885 |
Note 7 - Business Combinations
Note 7 - Business Combinations (Details Textual) - Electronic Education Documentation System, LLC [Member] - USD ($) | 9 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2023 | |
Payments to Acquire Businesses, Gross | $ 6,600,000 | |
Business Combination, Consideration Transferred | $ 7,000,000 | |
Goodwill, Purchase Accounting Adjustments | $ (1,300,000) | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 2,000,000 | |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 100,000 | |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | (800,000) | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | $ (20,000) |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - Revolving Credit Facility [Member] - Truist Bank [Member] - USD ($) $ in Thousands | Oct. 28, 2020 | Sep. 30, 2023 |
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 | 0.20% | |
Maximum [Member] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |
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% | |
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 |
Note 9 - Subsequent Event (Deta
Note 9 - Subsequent Event (Details Textual) - Revolving Credit Facility [Member] - Truist Bank [Member] $ in Millions | Oct. 06, 2023 USD ($) | Oct. 28, 2020 |
Debt Instrument, Covenant, Maximum Funded Debt Leverage Ratio | 3 | |
Debt Instrument, Covenant, Interest Coverage Ratio | 3 | |
Amended and Restated Revolving Credit Agreement [Member] | Subsequent Event [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |
Line of Credit Facility, Increased Facility Size Due to Accordion Feature | $ 25 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |
Debt Instrument, Covenant, Maximum Funded Debt Leverage Ratio | 3 | |
Debt Instrument, Covenant, Interest Coverage Ratio | 3 | |
Amended and Restated Revolving Credit Agreement [Member] | Subsequent Event [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Amended and Restated Revolving Credit Agreement [Member] | Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |
Line of Credit Facility, Percentage of Applicable Margin for Borrowings | 1.50% | |
Amended and Restated Revolving Credit Agreement [Member] | Subsequent Event [Member] | Base Rate [Member] | ||
Line of Credit Facility, Percentage of Applicable Margin for Borrowings | 0.50% | |
Amended and Restated Revolving Credit Agreement [Member] | Subsequent Event [Member] | Swing Line Subfacility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 | |
Amended and Restated Revolving Credit Agreement [Member] | Subsequent Event [Member] | Letter of Credit Subfacility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5 |