HEALTHSTREAM INC
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
HSTM$28.71-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| OPERATING ACTIVITIES: | |||
| Net income | $18,342 | $20,007 | $15,213 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 43,478 | 41,243 | 41,076 |
| Stock-based compensation | 8,145 | 4,470 | 4,153 |
| Amortization of deferred commissions | 12,633 | 12,480 | 11,495 |
| Provision for credit losses | 1,008 | 2,595 | 1,021 |
| Deferred income taxes | 5,117 | (1,114) | (1,725) |
| Loss on equity method investments | 190 | 230 | 384 |
| Change in fair value of non-marketable equity investments | — | — | (425) |
| Other | (1,315) | (1,639) | (891) |
| Changes in operating assets and liabilities: | |||
| Accounts and unbilled receivables | (3,983) | 537 | 3,243 |
| Prepaid royalties | 1,910 | 655 | (1,131) |
| Other prepaid expenses and other current assets | (2,873) | (1,371) | (1,243) |
| Other assets | (19,266) | (15,709) | (14,524) |
| Accounts payable and accrued expenses | 1,421 | (5,027) | 4,825 |
| Accrued royalties | 405 | 633 | (887) |
| Deferred revenue | (1,893) | (330) | 3,386 |
| Net cash provided by operating activities | 63,319 | 57,660 | 63,970 |
| INVESTING ACTIVITIES: | |||
| Cash paid for acquisitions, net of cash acquired | (35,091) | (1,299) | (6,621) |
| Proceeds from maturities of marketable securities | 52,086 | 69,150 | 28,250 |
| Proceeds from sale of marketable securities | 9,770 | — | — |
| Purchases of marketable securities | (43,496) | (74,446) | (50,268) |
| Proceeds from sale of fixed assets | 41 | — | — |
| Purchase of other investments | (1,500) | — | — |
| Proceeds from sale of non-marketable equity investments | — | 765 | 47 |
| Payments associated with capitalized software development | (28,478) | (26,741) | (25,806) |
| Purchases of property and equipment | (3,685) | (1,401) | (2,200) |
| Net cash used in investing activities | (50,353) | (33,972) | (56,598) |
| FINANCING ACTIVITIES: | |||
| Taxes paid related to net settlement of equity awards | (2,516) | (1,113) | (934) |
| Payment of debt issuance costs | — | — | (118) |
| Repurchases of common stock | (30,022) | — | (8,929) |
| Payment of cash dividends | (3,729) | (3,403) | (3,058) |
| Net cash used in financing activities | (36,267) | (4,516) | (13,039) |
| Effect of exchange rate changes on cash and cash equivalents | (7) | (36) | (23) |
| Net (decrease) increase in cash and cash equivalents | (23,308) | 19,136 | (5,690) |
| Cash and cash equivalents at beginning of period | 59,469 | 40,333 | 46,023 |
| Cash and cash equivalents at end of period | $36,161 | $59,469 | $40,333 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Interest paid | $101 | $101 | $132 |
| Income taxes paid | $8,701 | $2,611 | |
| NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
| Purchases of property and equipment, accrued but not paid | $475 | $399 | $91 |
| Capitalized software development, accrued but not paid | $712 | $1,055 | $961 |
| Common stock issued as consideration for business combinations | $4,000 | $— | $— |
| Non-cash additions to operating lease ROU assets | $252 | $— | $— |
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