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     169  0 Kommentare Health Catalyst Reports Fourth Quarter and Year End 2023 Results

    SOUTH JORDAN, Utah., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Health Catalyst, Inc. ("Health Catalyst," Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today reported financial results for the quarter and year ended December 31, 2023.

    “For the full year 2023, I am pleased to share that we achieved strong performance across our business, including total revenue of $295.9 million, with this result beating the midpoint of our most recent guidance, and Adjusted EBITDA of $11.0 million, with this result in line with the midpoint of our most recent guidance. Additionally, I am pleased by our meaningful 2023 Adjusted EBITDA margin progress relative to 2022, and I am excited that we anticipate material year-over-year Adjusted EBITDA growth again in 2024, at a rate of approximately 125%+,” said Dan Burton, CEO of Health Catalyst.

    “Additionally, in connection with our annual planning process, we are enacting multiple Leadership level changes. First, Bryan Hunt will be transitioning from CFO to a Strategic Advisor role, effective March 1, 2024. I would like to express my heartfelt gratitude to Bryan for his countless contributions to Health Catalyst’s growth and success over the last ten years, including his service as our CFO, helping us navigate through a global pandemic, record high inflation, and a period of tremendous financial pressure for our health system clients. Bryan has been an extraordinary leader and partner to me and to our Board of Directors, and we are grateful for his dedication, professionalism and commitment to the company and its mission. I am also pleased to share that Jason Alger will begin as Health Catalyst’s CFO, effective March 1, 2024. Jason has been with Health Catalyst for more than ten years, having contributed significantly during that time, including most recently as our Chief Accounting Officer. Prior to joining Health Catalyst, Jason held various roles at Ernst & Young. My fellow board members and I, along with our finance organization, have the utmost confidence in and respect for Jason. Also, effective March 1, 2024, Dan LeSueur will be promoted to Health Catalyst’s Chief Operating Officer role, with responsibilities spanning both our Technology and Professional Services business units. Dan brings a wealth of experience to this role, having had leadership responsibility across many functions during his twelve years at Health Catalyst, most recently as the Senior Vice President and General Manager of our Professional Services Business Unit. I am thrilled to have someone with Dan’s breadth and depth of expertise to lead this important strategic function as Health Catalyst continues on its maturation path, focusing on operational excellence to enable scalable growth and profitability.”

    Financial Highlights for the Three and Twelve Months Ended December 31, 2023
    Key Financial Measures

      Three Months Ended
    December 31,
      Year over Year Change
      Twelve Months Ended
    December 31,
      Year over Year Change
        2023       2022         2023       2022    
    GAAP Financial Measures: (in thousands, except percentages)
       (in thousands, except percentages)
       
    Technology revenue $ 47,100     $ 44,664     5 %   $ 187,583     $ 176,288     6 %
    Professional services revenue $ 27,984     $ 24,498     14 %   $ 108,355     $ 99,948     8 %
    Total revenue $ 75,084     $ 69,162     9 %   $ 295,938     $ 276,236     7 %
    Loss from operations $ (32,785 )   $ (36,745 )   11 %   $ (126,897 )   $ (140,005 )   9 %
    Net loss $ (30,312 )   $ (35,782 )   15 %   $ (118,147 )   $ (137,403 )   14 %
    Non-GAAP Financial Measures:(1)                      
    Adjusted Technology Gross Profit $ 31,388     $ 30,725     2 %   $ 127,744     $ 122,284     4 %
    Adjusted Technology Gross Margin   67 %     69 %         68 %     69 %    
    Adjusted Professional Services Gross Profit $ 3,305     $ 4,325     (24 )%   $ 16,316     $ 23,565     (31 )%
    Adjusted Professional Services Gross Margin   12 %     18 %         15 %     24 %    
    Total Adjusted Gross Profit $ 34,693     $ 35,050     (1 )%   $ 144,060     $ 145,849     (1 )%
    Total Adjusted Gross Margin   46 %     51 %         49 %     53 %    
    Adjusted EBITDA $ 1,352     $ (603 )   324 %   $ 11,021     $ (2,487 )   543 %

    ________________________

    (1) These measures are not calculated in accordance with generally accepted accounting principles in the United States (GAAP). See the accompanying "Non-GAAP Financial Measures" section below for more information about these financial measures, including the limitations of such measures, and for a reconciliation of each measure to the most directly comparable measure calculated in accordance with GAAP.

    Other Key Metrics

      As of December 31,
      2023   2022   2021
    DOS Subscription Clients         109     98     90  
               
      Year Ended December 31,
      2023   2022   2021
    Dollar-based Retention Rate         100 %   100 %   112 %
                     

    Financial Outlook

    Health Catalyst provides forward-looking guidance on total revenue, a GAAP measure, and Adjusted EBITDA, a non-GAAP measure.

    For the first quarter of 2024, we expect:

    • Total revenue between $72.5 million and $76.5 million, and
    • Adjusted EBITDA between $2.0 million and $4.0 million

    For the full year of 2024, we expect:

    • Total revenue between $304 million and $312 million, and
    • Adjusted EBITDA between $24 million and $26 million

    We have not reconciled guidance for Adjusted EBITDA to net loss, the most directly comparable GAAP measure, and have not provided forward-looking guidance for net loss, because there are items that may impact net loss, including stock-based compensation, that are not within our control or cannot be reasonably forecasted.

    Quarterly Conference Call Details

    The company will host a conference call to review the results today, Thursday, February 22, 2024 at 5:00 p.m. E.T. The conference call can be accessed by dialing (800) 267-6316 for U.S. participants, or (203) 518-9783 for international participants, and referencing conference ID “HCAT Q423.” A live audio webcast will be available online at https://ir.healthcatalyst.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

    About Health Catalyst

    Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations committed to being the catalyst for massive, measurable, data-informed healthcare improvement. Its clients leverage the cloud-based data platform — powered by data from more than 100 million patient records and encompassing trillions of facts — as well as its analytics software and professional services expertise to make data-informed decisions and realize measurable clinical, financial, and operational improvements. Health Catalyst envisions a future in which all healthcare decisions are data informed.

    Available Information

    Our investors and others should note that we announce material information to the public about our company, products and services, and other matters related to our company through a variety of means, including our website (https://www.healthcatalyst.com/), our investor relations website (https://ir.healthcatalyst.com/), press releases, SEC filings, public conference calls, and social media, including our and our CEO's social media accounts, in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our disclosure obligations under Regulation FD.

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and our financial outlook for Q1 and fiscal year 2024. Forward-looking statements are subject to risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.

    Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market or industry conditions, regulatory environment, and receptivity to our technology and services; (iii) results of litigation or a security incident; (iv) the loss of one or more key clients or partners; (v) macroeconomic challenges (including high inflationary and/or high interest rate environments, or market volatility caused by bank failures and measures taken in response thereto) and any new public health crisis; and (vi) changes to our abilities to recruit and retain qualified team members. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023 that was filed with the SEC on November 6, 2023 and the Annual Report on Form 10-K for the year ended December 31, 2023 expected to be filed with the SEC on or about February 22, 2024. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.

    Condensed Consolidated Balance Sheets
    (in thousands, except share and per share data, unaudited)

      As of December 31,
        2023       2022  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 106,276     $ 116,312  
    Short-term investments   211,452       247,178  
    Accounts receivable, net   60,290       47,970  
    Prepaid expenses and other assets   15,379       16,335  
    Total current assets   393,397       427,795  
    Property and equipment, net   25,712       25,928  
    Operating lease right-of-use assets   13,927       16,658  
    Intangible assets, net   73,384       92,189  
    Goodwill   190,652       185,982  
    Other assets   4,742       3,734  
    Total assets $ 701,814     $ 752,286  
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 6,641     $ 4,424  
    Accrued liabilities   23,282       19,691  
    Deferred revenue   55,753       54,961  
    Operating lease liabilities   3,358       3,434  
    Total current liabilities   89,034       82,510  
    Convertible senior notes   228,034       226,523  
    Deferred revenue, net of current portion   77       105  
    Operating lease liabilities, net of current portion   17,676       18,017  
    Other liabilities   74       121  
    Total liabilities   334,895       327,276  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.001 par value per share and additional paid-in capital; 25,000,000 shares authorized and no shares issued and outstanding as of December 31, 2023 and 2022                   
    Common stock, $0.001 par value per share, and additional paid-in capital; 500,000,000 shares authorized as of December 31, 2023 and 2022; 58,295,491 and 55,261,922 shares issued and outstanding as of December 31, 2023 and 2022, respectively           1,484,056       1,424,681  
    Accumulated deficit           (1,117,170 )     (999,023 )
    Accumulated other comprehensive income (loss)           33       (648 )
    Total stockholders’ equity            366,919       425,010  
    Total liabilities and stockholders’ equity         $ 701,814     $ 752,286  
                   


    Condensed Consolidated Statements of Operations
    (in thousands, except per share data, unaudited)

      Three Months Ended
    December 31,
      Twelve Months Ended
    December 31,
        2023       2022       2023       2022  
    Revenue:          
    Technology $ 47,100     $ 44,664     $ 187,583     $ 176,288  
    Professional services   27,984       24,498       108,355       99,948  
    Total revenue   75,084       69,162       295,938       276,236  
    Cost of revenue, excluding depreciation and amortization:              
    Technology(1)(2)(3)   16,719       14,747       62,474       56,642  
    Professional services(1)(2)(3)   27,857       23,359       101,631       86,407  
    Total cost of revenue, excluding depreciation and amortization   44,576       38,106       164,105       143,049  
    Operating expenses:              
    Sales and marketing(1)(2)(3)   17,271       20,373       67,321       87,514  
    Research and development(1)(2)(3)   20,288       19,614       72,627       75,680  
    General and administrative(1)(2)(3)(4)(5)   15,430       16,150       76,559       61,701  
    Depreciation and amortization   10,304       11,664       42,223       48,297  
    Total operating expenses   63,293       67,801       258,730       273,192  
    Loss from operations   (32,785 )     (36,745 )     (126,897 )     (140,005 )
    Loss on extinguishment of debt                      
    Interest and other expense, net   2,616       1,022       9,106       (1,678 )
    Loss before income taxes   (30,169 )     (35,723 )     (117,791 )     (141,683 )
    Income tax provision (benefit)(2)   143       59       356       (4,280 )
    Net loss $ (30,312 )   $ (35,782 )   $ (118,147 )   $ (137,403 )
    Net loss per share, basic $ (0.53 )   $ (0.66 )   $ (2.09 )   $ (2.56 )
    Net loss per share, diluted $ (0.53 )   $ (0.66 )   $ (2.09 )   $ (2.63 )
    Weighted-average shares outstanding used in calculating net loss per share, basic   57,476       54,496       56,418       53,722  
    Weighted-average shares outstanding used in calculating net loss per share, diluted   57,476       54,496       56,418       54,080  

    _______________
    (1) Includes stock-based compensation expense as follows:

      Three Months Ended December 31,   Twelve Months Ended December 31,
        2023     2022     2023     2022
    Stock-Based Compensation Expense: (in thousands)   (in thousands)
    Cost of revenue, excluding depreciation and amortization:              
    Technology         $ 458   $ 495   $ 1,866   $ 2,058
    Professional services           1,687     2,148     7,369     8,230
    Sales and marketing           4,933     7,157     20,982     28,082
    Research and development           2,536     3,295     11,213     12,938
    General and administrative           3,397     5,653     14,326     20,796
    Total         $ 13,011   $ 18,748   $ 55,756   $ 72,104

    (2) Includes acquisition-related costs, net as follows:

      Three Months Ended December 31,   Twelve Months Ended December 31,
        2023     2022     2023     2022  
    Acquisition-related costs, net: (in thousands)   (in thousands)
    Cost of revenue, excluding depreciation and amortization:              
    Technology         $ 65   $ 84   $ 273   $ 351  
    Professional services           93     146     391     655  
    Sales and marketing           393     337     697     1,894  
    Research and development           200     687     787     3,045  
    General and administrative           1,904     452     3,609     (1,051 )
    Income tax benefit                       (4,533 )
    Total         $ 2,655   $ 1,706   $ 5,757   $ 361  
                   

    (3) Includes restructuring costs, as follows:

      Three Months Ended December 31,   Twelve Months Ended December 31,
        2023     2022     2023     2022
    Restructuring costs: (in thousands)   (in thousands)
    Cost of revenue, excluding depreciation and amortization:              
    Technology         $ 484   $ 229   $ 496   $ 229
    Professional services           1,398     892     1,832     1,139
    Sales and marketing           1,210     1,464     2,415     3,023
    Research and development           3,051     1,153     3,337     3,410
    General and administrative           624     188     742     624
    Total         $ 6,767   $ 3,926   $ 8,822   $ 8,425

    (4) Includes litigation costs, as follows:

      Three Months Ended December 31,   Twelve Months Ended December 31,
        2023     2022     2023     2022
    Litigation costs: (in thousands)   (in thousands)
    General and administrative         $   $   $ 21,279   $

    (5) Includes non-recurring lease-related charges, as follows:

      Three Months Ended December 31,   Twelve Months Ended December 31,
        2023     2022     2023     2022
    Non-recurring lease-related charges: (in thousands)   (in thousands)
    General and administrative         $ 1,400   $ 98   $ 4,081   $ 3,798
                           


    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)

      Year Ended December 31,
        2023       2022  
    Cash flows from operating activities      
    Net loss $ (118,147 )   $ (137,403 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Stock-based compensation expense   55,756       72,104  
    Depreciation and amortization   42,223       48,297  
    Investment (discount accretion) and premium amortization   (9,720 )     (2,236 )
    Impairment of long-lived assets   4,081       5,023  
    Non-cash operating lease expense   2,990       3,231  
    Provision for expected credit losses   1,821       691  
    Amortization of debt discount and issuance costs   1,511       1,500  
    Deferred tax provision (benefit)   8       (4,523 )
    Change in fair value of contingent consideration liabilities         (4,668 )
    Payment of acquisition-related contingent consideration         (3,234 )
    Other   67       (145 )
    Change in operating assets and liabilities:      
    Accounts receivable   (13,663 )     788  
    Prepaid expenses and other assets   164       (478 )
    Accounts payable, accrued liabilities, and other liabilities   4,868       (4,702 )
    Deferred revenue   (1,487 )     (5,997 )
    Operating lease liabilities   (3,552 )     (3,518 )
    Net cash used in operating activities   (33,080 )     (35,270 )
    Cash flows from investing activities      
    Proceeds from the sale and maturity of short-term investments   336,801       315,171  
    Purchase of short-term investments   (290,836 )     (308,961 )
    Capitalization of internal use software   (11,957 )     (12,987 )
    Acquisition of businesses, net of cash acquired   (11,392 )     (27,846 )
    Purchases of property and equipment   (1,236 )     (2,167 )
    Purchase of intangible assets   (1,118 )     (2,260 )
    Proceeds from the sale of property and equipment   31       29  
    Net cash provided by (used in) investing activities   20,293       (39,021 )
    Cash flows from financing activities      
    Proceeds from employee stock purchase plan   3,588       3,153  
    Repurchase of common stock   (1,808 )     (8,393 )
    Proceeds from exercise of stock options   950       3,969  
    Payments of acquisition-related consideration         (1,342 )
    Net cash provided by (used in) financing activities   2,730       (2,613 )
    Effect of exchange rate changes on cash and cash equivalents   21       (11 )
    Net decrease in cash and cash equivalents   (10,036 )     (76,915 )
           
    Cash and cash equivalents at beginning of period   116,312       193,227  
    Cash and cash equivalents at end of period $ 106,276     $ 116,312  
                   

    Non-GAAP Financial Measures

    To supplement our financial information presented in accordance with GAAP, we believe certain non-GAAP financial measures, including Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Net Income (Loss) per share, basic and diluted, are useful in evaluating our operating performance. For example, we exclude stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding our operational performance and allows investors the ability to make more meaningful comparisons between our operating results and those of other companies. We use this non-GAAP financial information to evaluate our ongoing operations, as a component in determining employee bonus compensation, and for internal planning and forecasting purposes.

    We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

    Adjusted Gross Profit and Adjusted Gross Margin

    Adjusted Gross Profit is a non-GAAP financial measure that we define as revenue less cost of revenue, excluding depreciation and amortization, adding back stock-based compensation, acquisition-related costs, net, and restructuring costs as applicable. We define Adjusted Gross Margin as our Adjusted Gross Profit divided by our revenue. We believe Adjusted Gross Profit and Adjusted Gross Margin are useful to investors as they eliminate the impact of certain non-cash expenses and certain other non-recurring operating expenses, and allow a direct comparison of these measures between periods without the impact of non-cash expenses and certain other non-recurring operating expenses. The following is a reconciliation of revenue, the most directly comparable GAAP financial measure, to Adjusted Gross Profit, for the three and twelve months ended December 31, 2023 and 2022:

      Three Months Ended December 31, 2023
      (in thousands, except percentages)
      Technology   Professional Services   Total
    Revenue $ 47,100     $ 27,984     $ 75,084  
    Cost of revenue, excluding depreciation and amortization   (16,719 )     (27,857 )     (44,576 )
    Gross profit, excluding depreciation and amortization   30,381       127       30,508  
    Add:          
    Stock-based compensation   458       1,687       2,145  
    Acquisition-related costs, net(1)   65       93       158  
    Restructuring costs(2)   484       1,398       1,882  
    Adjusted Gross Profit $ 31,388     $ 3,305     $ 34,693  
    Gross margin, excluding depreciation and amortization   65 %     %     41 %
    Adjusted Gross Margin   67 %     12 %     46 %

    ___________________

    (1) Acquisition-related costs, net include deferred retention expenses following the ARMUS and KPI Ninja acquisitions.
    (2) Restructuring costs include severance and other team member costs from workforce reductions.

      Three Months Ended December 31, 2022
      (in thousands, except percentages)
      Technology   Professional Services   Total
    Revenue         $ 44,664     $ 24,498     $ 69,162  
    Cost of revenue, excluding depreciation and amortization   (14,747 )     (23,359 )     (38,106 )
    Gross profit, excluding depreciation and amortization   29,917       1,139       31,056  
    Add:          
    Stock-based compensation   495       2,148       2,643  
    Acquisition-related costs, net(1)   84       146       230  
    Restructuring costs(2)   229       892       1,121  
    Adjusted Gross Profit $ 30,725     $ 4,325     $ 35,050  
    Gross margin, excluding depreciation and amortization   67 %     5 %     45 %
    Adjusted Gross Margin   69 %     18 %     51 %

    ___________________
    (1) Acquisition-related costs, net include deferred retention expenses following the ARMUS, KPI Ninja, and Twistle acquisitions.
    (2) Restructuring costs include severance and other team member costs from workforce reductions.

      Twelve Months Ended December 31, 2023
      (in thousands, except percentages)
      Technology   Professional Services   Total
    Revenue $ 187,583     $ 108,355     $ 295,938  
    Cost of revenue, excluding depreciation and amortization   (62,474 )     (101,631 )     (164,105 )
    Gross profit, excluding depreciation and amortization   125,109       6,724       131,833  
    Add:          
    Stock-based compensation   1,866       7,369       9,235  
    Acquisition-related costs, net(1)   273       391       664  
    Restructuring costs(2)   496       1,832       2,328  
    Adjusted Gross Profit $ 127,744     $ 16,316     $ 144,060  
    Gross margin, excluding depreciation and amortization   67 %     6 %     45 %
    Adjusted Gross Margin   68 %     15 %     49 %

    ___________________
    (1) Acquisition-related costs, net include deferred retention expenses following the ARMUS, KPI Ninja, and Twistle acquisitions.
    (2) Restructuring costs include severance and other team member costs from workforce reductions.

      Twelve Months Ended December 31, 2022
      (in thousands, except percentages)
      Technology   Professional
    Services
      Total
    Revenue $ 176,288     $ 99,948     $ 276,236  
    Cost of revenue, excluding depreciation and amortization   (56,642 )     (86,407 )     (143,049 )
    Gross profit, excluding depreciation and amortization   119,646       13,541       133,187  
    Add:          
    Stock-based compensation   2,058       8,230       10,288  
    Acquisition-related costs, net(1)   351       655       1,006  
    Restructuring costs(2)   229       1,139       1,368  
    Adjusted Gross Profit $ 122,284     $ 23,565     $ 145,849  
    Gross margin, excluding depreciation and amortization   68 %     14 %     48 %
    Adjusted Gross Margin   69 %     24 %     53 %

    __________________
    (1) Acquisition-related costs, net include deferred retention expenses following the ARMUS, KPI Ninja, and Twistle acquisitions.
    (2) Restructuring costs include severance and other team member costs from workforce reductions.

    Adjusted EBITDA

    Adjusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted for (i) interest and other (income) expense, net, (ii) income tax provision (benefit), (iii) depreciation and amortization, (iv) stock-based compensation, (v) acquisition-related costs, net, including the fair change in value of contingent consideration liabilities for potential earn-out payments, (vi) litigation costs, (vii) restructuring costs, and (viii) non-recurring lease-related charges. We view acquisition-related expenses when applicable, such as transaction costs and changes in the fair value of contingent consideration liabilities that are directly related to business combinations, as costs that are unpredictable, dependent upon factors outside of our control, and are not necessarily reflective of operational performance during a period. We believe that excluding restructuring costs, litigation costs, and non-recurring lease-related charges allows for more meaningful comparisons between operating results from period to period as this is separate from the core activities that arise in the ordinary course of our business and are not part of our ongoing operations. We believe Adjusted EBITDA provides investors with useful information on period-to-period performance as evaluated by management and a comparison with our past financial performance and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. The following is a reconciliation of our net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA, for the three and twelve months ended December 31, 2023 and 2022:

      Three Months Ended December 31,   Twelve Months Ended December 31,
        2023       2022       2023       2022  
      (in thousands)   (in thousands)
    Net loss $ (30,312 )   $ (35,782 )   $ (118,147 )   $ (137,403 )
    Add:              
    Interest and other (income) expense, net   (2,616 )     (1,022 )     (9,106 )     1,678  
    Income tax provision (benefit)   143       59       356       (4,280 )
    Depreciation and amortization   10,304       11,664       42,223       48,297  
    Stock-based compensation   13,011       18,748       55,756       72,104  
    Acquisition-related costs, net(1)   2,655       1,706       5,757       4,894  
    Litigation costs(2)               21,279        
    Restructuring costs(3)   6,767       3,926       8,822       8,425  
    Non-recurring lease-related charges(4)   1,400       98       4,081       3,798  
    Adjusted EBITDA $ 1,352     $ (603 )   $ 11,021     $ (2,487 )

    __________________
    (1) Acquisition-related costs, net includes third-party fees associated with due diligence, deferred retention expenses, post-acquisition restructuring costs incurred as part of business combinations, and changes in fair value of contingent consideration liabilities for potential earn-out payments. For additional details refer to Notes 1, 2, and 7 in our consolidated financial statements.
    (2) Litigation costs include costs related to litigation that are outside the ordinary course of our business. For additional details, refer to Note 16 in our consolidated financial statements.
    (3) Restructuring costs include severance and other team member costs from workforce reductions, impairment of discontinued capitalized software projects, and other miscellaneous charges. For additional details, refer to Note 11 in our consolidated financial statements.
    (4) Non-recurring lease-related charges includes lease-related impairment charges for the subleased portion of our corporate headquarters. For additional details refer to Note 9 in our consolidated financial statements.

    Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share

    Adjusted Net Income (Loss) is a non-GAAP financial measure that we define as net loss adjusted for (i) stock-based compensation, (ii) amortization of acquired intangibles, (iii) acquisition-related costs, net, including the deferred tax valuation allowance release from acquisitions, (iv) litigation costs, (v) restructuring costs, (vi) non-recurring lease-related charges, and (vii) non-cash interest expense related to our convertible senior notes. We believe Adjusted Net Income (Loss) provides investors with useful information on period-to-period performance as evaluated by management and comparison with our past financial performance and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. The following is a reconciliation of our net loss, the most directly comparable GAAP financial measure, to Adjusted Net Income (Loss), for the three and twelve months ended December 31, 2023 and 2022:

      Three Months Ended December 31,   Twelve Months Ended December 31,
        2023       2022       2023       2022  
    Numerator: (in thousands, except share and per share amounts)
    Net loss $ (30,312 )   $ (35,782 )   $ (118,147 )   $ (137,403 )
    Add:              
    Stock-based compensation   13,011       18,748       55,756       72,104  
    Amortization of acquired intangibles   7,243       8,464       29,636       37,188  
    Acquisition-related costs, net(1)   2,655       1,706       5,757       361  
    Litigation costs(2)               21,279        
    Restructuring costs(3)   6,767       3,926       8,822       8,425  
    Non-recurring lease-related charges(4)   1,400       98       4,081       3,798  
    Non-cash interest expense related to convertible senior notes   379       376       1,511       1,500  
    Adjusted Net Income (Loss) $ 1,143     $ (2,464 )   $ 8,695     $ (14,027 )
    Denominator:              
    Weighted-average number of shares used in calculating net loss per share, basic   57,476,187       54,496,128       56,418,397       53,721,702  
    Non-GAAP weighted-average effect of dilutive securities   283,805             666,488        
    Non-GAAP weighted-average number of shares used in calculating Adjusted Net Income (Loss) per share, diluted   57,759,992       54,496,128       57,084,885       53,721,702  
                   
    Adjusted Net Income (Loss) per share, basic $ 0.02     $ (0.05 )   $ 0.15     $ (0.26 )
    Adjusted Net Income (Loss) per share, diluted $ 0.02     $ (0.05 )   $ 0.15     $ (0.26 )

    ______________
    (1) Acquisition-related costs, net includes third-party fees associated with due diligence, deferred retention expenses, post-acquisition restructuring costs incurred as part of business combinations, changes in fair value of contingent consideration liabilities for potential earn-out payments, and the deferred tax valuation allowance release from acquisitions. For additional details refer to Notes 1, 2, 7, and 15 in our consolidated financial statements.
    (2) Litigation costs include costs related to litigation that are outside the ordinary course of our business. For additional details, refer to Note 16 in our consolidated financial statements.
    (3) Restructuring costs include severance and other team member costs from workforce reductions, impairment of discontinued capitalized software projects, and other miscellaneous charges. For additional details, refer to Note 11 in our consolidated financial statements.
    (4) Includes the lease-related impairment charge for the subleased portion of our corporate headquarters. For additional details refer to Note 9 in our consolidated financial statements.

    Health Catalyst Investor Relations Contact:
    Adam Brown
    Senior Vice President, Investor Relations and FP&A
    +1 (855) 309-6800
    ir@healthcatalyst.com 

    Health Catalyst Media Contact:
    Tarah Neujahr Bryan
    Chief Marketing Officer
    media@healthcatalyst.com 


    Health Catalyst 2023 Financial Highlights, 2024 Guidance & Key Themes

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    Health Catalyst Updated Growth & Financial Targets

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    Health Catalyst Reports Fourth Quarter and Year End 2023 Results SOUTH JORDAN, Utah., Feb. 22, 2024 (GLOBE NEWSWIRE) - Health Catalyst, Inc. ("Health Catalyst," Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today reported financial results for the …