(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
HEALTH CATALYST, INC. | ||||||||
Date: | By: | /s/ Bryan Hunt | ||||||
Bryan Hunt | ||||||||
Chief Financial Officer |
Three Months Ended March 31, | Year over Year Change | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
GAAP Financial Data: | (in thousands, except percentages, unaudited) | ||||||||||||||||
Technology revenue | $ | 33,839 | $ | 24,699 | 37% | ||||||||||||
Professional services revenue | $ | 22,007 | $ | 20,417 | 8% | ||||||||||||
Total revenue | $ | 55,846 | $ | 45,116 | 24% | ||||||||||||
Loss from operations | $ | (24,317) | $ | (18,105) | (34)% | ||||||||||||
Net loss | $ | (28,370) | $ | (17,490) | (62)% | ||||||||||||
Other Non-GAAP Financial Data:(1) | |||||||||||||||||
Adjusted Technology Gross Profit | $ | 23,388 | $ | 16,969 | 38% | ||||||||||||
Adjusted Technology Gross Margin | 69 | % | 69 | % | |||||||||||||
Adjusted Professional Services Gross Profit | $ | 6,929 | $ | 5,071 | 37% | ||||||||||||
Adjusted Professional Services Gross Margin | 31 | % | 25 | % | |||||||||||||
Total Adjusted Gross Profit | $ | 30,317 | $ | 22,040 | 38% | ||||||||||||
Total Adjusted Gross Margin | 54 | % | 49 | % | |||||||||||||
Adjusted EBITDA | $ | (837) | $ | (5,971) | 86% |
As of March 31, | As of December 31, | ||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 132,627 | $ | 91,954 | |||||||
Short-term investments | 133,807 | 178,917 | |||||||||
Accounts receivable, net | 45,905 | 48,296 | |||||||||
Prepaid expenses and other assets | 12,404 | 10,632 | |||||||||
Total current assets | 324,743 | 329,799 | |||||||||
Property and equipment, net | 18,653 | 12,863 | |||||||||
Intangible assets, net | 91,840 | 98,921 | |||||||||
Operating lease right-of-use assets | 24,093 | 24,729 | |||||||||
Goodwill | 107,822 | 107,822 | |||||||||
Other assets | 4,068 | 3,606 | |||||||||
Total assets | $ | 571,219 | $ | 577,740 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 4,626 | $ | 5,332 | |||||||
Accrued liabilities | 12,946 | 16,510 | |||||||||
Acquisition-related consideration payable | — | 2,000 | |||||||||
Deferred revenue | 51,634 | 47,145 | |||||||||
Operating lease liabilities | 2,454 | 2,622 | |||||||||
Contingent consideration liabilities | 15,902 | 14,427 | |||||||||
Convertible senior notes, net | 171,864 | — | |||||||||
Total current liabilities | 259,426 | 88,036 | |||||||||
Convertible senior notes, net of current portion | — | 168,994 | |||||||||
Deferred revenue, net of current portion | 1,135 | 1,878 | |||||||||
Operating lease liabilities, net of current portion | 23,083 | 23,669 | |||||||||
Contingent consideration liabilities, net of current portion | 16,509 | 16837 | |||||||||
Other liabilities | 2,230 | 2227 | |||||||||
Total liabilities | 302,383 | 301,641 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.001 par value; 44,340,036 and 43,376,848 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 44 | 43 | |||||||||
Additional paid-in capital | 1,022,781 | 1,001,645 | |||||||||
Accumulated deficit | (754,020) | (725,650) | |||||||||
Accumulated other comprehensive income | 31 | 61 | |||||||||
Total stockholders' equity | 268,836 | 276,099 | |||||||||
Total liabilities and stockholders’ equity | $ | 571,219 | $ | 577,740 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenue: | |||||||||||
Technology | $ | 33,839 | $ | 24,699 | |||||||
Professional services | 22,007 | 20,417 | |||||||||
Total revenue | 55,846 | 45,116 | |||||||||
Cost of revenue, excluding depreciation and amortization: | |||||||||||
Technology(1) | 10,825 | 7,906 | |||||||||
Professional services(1) | 16,513 | 16,162 | |||||||||
Total cost of revenue, excluding depreciation and amortization | 27,338 | 24,068 | |||||||||
Operating expenses: | |||||||||||
Sales and marketing(1) | 15,651 | 13,487 | |||||||||
Research and development(1) | 14,345 | 13,088 | |||||||||
General and administrative(1)(2)(3) | 15,015 | 9,701 | |||||||||
Depreciation and amortization | 7,814 | 2,877 | |||||||||
Total operating expenses | 52,825 | 39,153 | |||||||||
Loss from operations | (24,317) | (18,105) | |||||||||
Interest and other expense, net | (3,952) | (621) | |||||||||
Loss before income taxes | (28,269) | (18,726) | |||||||||
Income tax provision (benefit) | 101 | (1,236) | |||||||||
Net loss | $ | (28,370) | $ | (17,490) | |||||||
Net loss per share, basic and diluted | $ | (0.65) | $ | (0.47) | |||||||
Weighted-average shares outstanding used in calculating net loss per share, basic and diluted | 43,870 | 37,109 | |||||||||
Adjusted net loss(4) | $ | (2,753) | $ | (6,083) | |||||||
Adjusted net loss per share, basic and diluted(4) | $ | (0.06) | $ | (0.16) | |||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Stock-Based Compensation Expense: | (in thousands) | ||||||||||
Cost of revenue, excluding depreciation and amortization: | |||||||||||
Technology | $ | 374 | $ | 176 | |||||||
Professional services | 1,435 | 816 | |||||||||
Sales and marketing | 4,818 | 3,182 | |||||||||
Research and development | 2,257 | 1,882 | |||||||||
General and administrative | 4,626 | 2,685 | |||||||||
Total | $ | 13,510 | $ | 8,741 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Acquisition transaction costs: | (in thousands) | ||||||||||
General and administrative | $ | — | $ | 875 | |||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Change in fair value of contingent consideration liabilities: | (in thousands) | ||||||||||
General and administrative | $ | 2,156 | $ | (359) | |||||||
Three Months Ended March 31, | |||||||||||
Cash flows from operating activities | 2021 | 2020 | |||||||||
Net loss | $ | (28,370) | $ | (17,490) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 7,814 | 2,877 | |||||||||
Amortization of debt discount and issuance costs | 2,870 | 285 | |||||||||
Non-cash operating lease expense | 965 | 741 | |||||||||
Investment discount and premium amortization | 417 | (6) | |||||||||
Provision for expected credit losses | 300 | 51 | |||||||||
Stock-based compensation expense | 13,510 | 8,741 | |||||||||
Deferred tax (benefit) provision | 2 | (1,280) | |||||||||
Change in fair value of contingent consideration liabilities | 2,156 | (359) | |||||||||
Other | (34) | (4) | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable, net | 2,090 | (7,335) | |||||||||
Deferred costs | — | 444 | |||||||||
Prepaid expenses and other assets | (2,173) | (2,244) | |||||||||
Accounts payable, accrued liabilities, and other liabilities | (5,352) | (4,283) | |||||||||
Deferred revenue | 3,745 | 3,936 | |||||||||
Operating lease liabilities | (1,083) | (843) | |||||||||
Net cash used in operating activities | (3,143) | (16,769) | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of short-term investments | (8,621) | — | |||||||||
Proceeds from the sale and maturity of short-term investments | 53,240 | 66,653 | |||||||||
Acquisition of businesses, net of cash acquired | — | (15,249) | |||||||||
Purchase of property and equipment | (5,882) | (428) | |||||||||
Capitalization of internal use software | (887) | (78) | |||||||||
Purchase of intangible assets | (480) | (758) | |||||||||
Proceeds from sale of property and equipment | 6 | 6 | |||||||||
Net cash provided by investing activities | 37,376 | 50,146 | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from exercise of stock options | 6,488 | 9,046 | |||||||||
Proceeds from employee stock purchase plan | 1,349 | 1,289 | |||||||||
Payments of acquisition-related consideration | (1,391) | (748) | |||||||||
Net cash provided by financing activities | 6,446 | 9,587 | |||||||||
Effect of exchange rate on cash and cash equivalents | (6) | (31) | |||||||||
Net increase in cash and cash equivalents | 40,673 | 42,933 | |||||||||
Cash and cash equivalents at beginning of period | 91,954 | 18,032 | |||||||||
Cash and cash equivalents at end of period | $ | 132,627 | $ | 60,965 |
Three Months Ended March 31, 2021 | |||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Technology | Professional Services | Total | |||||||||||||||
Revenue | $ | 33,839 | $ | 22,007 | $ | 55,846 | |||||||||||
Cost of revenue, excluding depreciation and amortization | (10,825) | (16,513) | (27,338) | ||||||||||||||
Gross profit, excluding depreciation and amortization | 23,014 | 5,494 | 28,508 | ||||||||||||||
Add: | |||||||||||||||||
Stock-based compensation | 374 | 1,435 | 1,809 | ||||||||||||||
Adjusted Gross Profit | $ | 23,388 | $ | 6,929 | $ | 30,317 | |||||||||||
Gross margin, excluding depreciation and amortization | 68 | % | 25 | % | 51 | % | |||||||||||
Adjusted Gross Margin | 69 | % | 31 | % | 54 | % |
Three Months Ended March 31, 2020 | |||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Technology | Professional Services | Total | |||||||||||||||
Revenue | $ | 24,699 | $ | 20,417 | $ | 45,116 | |||||||||||
Cost of revenue, excluding depreciation and amortization | (7,906) | (16,162) | (24,068) | ||||||||||||||
Gross profit, excluding depreciation and amortization | 16,793 | 4,255 | 21,048 | ||||||||||||||
Add: | |||||||||||||||||
Stock-based compensation | 176 | 816 | 992 | ||||||||||||||
Adjusted Gross Profit | $ | 16,969 | $ | 5,071 | $ | 22,040 | |||||||||||
Gross margin, excluding depreciation and amortization | 68 | % | 21 | % | 47 | % | |||||||||||
Adjusted Gross Margin | 69 | % | 25 | % | 49 | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Net loss | $ | (28,370) | $ | (17,490) | |||||||
Add: | |||||||||||
Interest and other expense, net | 3,952 | 621 | |||||||||
Income tax (benefit) provision | 101 | (1,236) | |||||||||
Depreciation and amortization | 7,814 | 2,877 | |||||||||
Stock-based compensation | 13,510 | 8,741 | |||||||||
Acquisition transaction costs | — | 875 | |||||||||
Change in fair value of contingent consideration liabilities | 2,156 | (359) | |||||||||
Adjusted EBITDA | $ | (837) | $ | (5,971) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Numerator: | (in thousands, except share and per share amounts) | ||||||||||
Net loss attributable to common stockholders | $ | (28,370) | $ | (17,490) | |||||||
Add: | |||||||||||
Stock-based compensation | 13,510 | 8,741 | |||||||||
Amortization of acquired intangibles | 7,081 | 2,150 | |||||||||
Acquisition transaction costs | — | 875 | |||||||||
Change in fair value of contingent consideration liabilities | 2,156 | (359) | |||||||||
Non-cash interest expense related to convertible senior notes | 2,870 | — | |||||||||
Adjusted Net Loss | $ | (2,753) | $ | (6,083) | |||||||
Denominator: | |||||||||||
Weighted-average number of shares used in calculating net loss, basic and diluted | 43,870,288 | 37,108,998 | |||||||||
Adjusted net loss per share, basic and diluted | $ | (0.06) | $ | (0.16) |
Cover Page |
May 06, 2021 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | May 06, 2021 |
Entity Registrant Name | HEALTH CATALYST, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38993 |
Entity Tax Identification Number | 45-3337483 |
Entity Address, Address Line One | 10897 South River Front Parkway |
Entity Address, Address Line Two | #300 |
Entity Address, City or Town | South Jordan |
Entity Address, State or Province | UT |
Entity Address, Postal Zip Code | 84095 |
City Area Code | 801 |
Local Phone Number | 708-6800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | HCAT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001636422 |
Former Address | |
Entity Information [Line Items] | |
Entity Address, Address Line One | Not Applicable |
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