• Health Catalyst Reports Fourth Quarter and Year End 2021 Results

    Source: Nasdaq GlobeNewswire / 01 Mar 2022 15:03:01   America/Chicago

    SOUTH JORDAN, Utah, March 01, 2022 (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, 2021.

    “In the fourth quarter of 2021, I am pleased to share that we achieved strong performance across our business, including exceeding the mid-point of our quarterly guidance for both revenue and Adjusted EBITDA,” said Dan Burton, CEO of Health Catalyst. “And for the full year 2021, I am extremely proud of our financial performance and everything else that we accomplished across our business, especially in light of the continued challenging macro environment. I am also happy to report that in the most recent team member engagement survey, independently administered by the Gallup organization, team member engagement scores at Health Catalyst measured in the 96th percentile. This latest engagement level continues a pattern that has been in place for many years, of industry-leading engagement, consistently ranked between the 95th and 99th percentile in overall team member engagement scores. This latest result is of particular significance given that it comes during a period where we were required to sustain a remote-centric work environment necessitated by the ongoing global pandemic, we welcomed greater than 150 new teammates, including those who came to us through our Twistle acquisition, and we responded to an increasingly tight labor market.

    Stepping back more broadly, we have now reported as a public company for eleven quarters following our IPO in July 2019. As I reflect on this experience, I am extremely proud of the track record we have demonstrated related to our actual quarterly revenue and Adjusted EBITDA performance over this time period relative to the guidance we have provided. This consistency of performance was something we as a management team set as an objective, years before going public, and we are pleased to have delivered this level of consistency during our first three years as a public company. We look forward to striving for this same level of consistency in the months and years ahead, all in support of a multi-decade mission to transform healthcare with data and analytics.”

    Financial Highlights for the Three and Twelve Months Ended December 31, 2021
     
    Key Financial Metrics
     Three Months Ended
    December 31,
       Twelve Months Ended
    December 31,

      
      2021   2020  Year over
    Year Change
      2021   2020  Year over
    Year Change
                          
    GAAP Financial Data:(in thousands, except percentages) (in thousands, except percentages)
    Technology revenue$40,088  $32,317  24% $147,718  $110,467  34%
    Professional services revenue$24,628  $20,962  17% $94,208  $78,378  20%
    Total revenue$64,716  $53,279  21% $241,926  $188,845  28%
    Loss from operations$(44,765) $(38,922) (15)% $(143,650) $(96,125) (49)%
    Net loss$(48,992) $(43,018) (14)% $(153,210) $(115,017) (33)%
    Non-GAAP Financial Data:(1)           
    Adjusted Technology Gross Profit$27,951  $22,089  27% $102,326  $75,666  35%
    Adjusted Technology Gross Margin 70%  68%    69%  68%  
    Adjusted Professional Services Gross Profit$5,745  $5,734  % $25,544  $19,358  32%
    Adjusted Professional Services Gross Margin 23%  27%    27%  25%  
    Total Adjusted Gross Profit$33,696  $27,823  21% $127,870  $95,024  35%
    Total Adjusted Gross Margin 52%  52%    53%  50%  
    Adjusted EBITDA$(6,278) $(4,694) (34)% $(11,248) $(21,287) 47%

    ________________________
    (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,
     2021 2020 2019
    DOS Subscription Customers90  74  65 
          
     Year Ended December 31,
     2021 2020 2019
    Dollar-based Retention Rate112% 102% 109%

    Given our high level of technology revenue predictability, we realized minimal impact on our technology dollar-based retention as a result of COVID-19 in 2020 and 2021, however, the financial strain imposed by COVID-19 on a number of our customers led to a meaningfully lower professional services dollar-based retention in 2020 due to discounts provided to support our customers through the financial strain related to the initial outbreak. We did not provide similar discounts during 2021 and saw improvement in professional services dollar-based retention compared to 2020.

    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 2022, we expect:

    • Total revenue between $64.0 million and $67.0 million, and
    • Adjusted EBITDA between $(2.5) million and $(0.5) million

    For the full year of 2022, we expect:

    • Total revenue between $287.8 million and $292.8 million, and
    • Adjusted EBITDA between $(4.0) million and $(2.0) 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 predicted.

    Quarterly Conference Call Details

    The company will host a conference call to review the results today, Tuesday, March 1, 2022 at 5:00 p.m. E.T. The conference call can be accessed by dialing 1-877-295-1104 for U.S. participants, or 1-470-495-9486 for international participants, and referencing participant code 6288692. 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 customers 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

    Health Catalyst intends to use its Investor Relations website as a means of disclosing material non-public information and for complying with its 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, the impact of COVID-19 on our business, results of operations, and our financial outlook for Q1 and fiscal year 2022. 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 customers or partners; (v) the impact of COVID-19 on our business and results of operations; 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, 2021 that was filed with the SEC on November 9, 2021 and the Annual Report on Form 10-K for the year ended December 31, 2021 expected to be filed with the SEC on or about March 1, 2022. 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,
      2021   2020 
    Assets   
    Current assets:   
    Cash and cash equivalents$193,227  $91,954 
    Short-term investments 251,754   178,917 
    Accounts receivable, net 48,801   48,296 
    Prepaid expenses and other assets 14,609   10,632 
    Total current assets 508,391   329,799 
    Property and equipment, net 23,316   12,863 
    Operating lease right-of-use assets 21,133   24,729 
    Intangible assets, net 104,788   98,921 
    Goodwill 169,972   107,822 
    Other assets 4,496   3,606 
    Total assets$832,096  $577,740 
    Liabilities and stockholders’ equity   
    Current liabilities:   
    Accounts payable$4,693  $5,332 
    Accrued liabilities 23,725   16,510 
    Deferred revenue 56,632   47,145 
    Operating lease liabilities 3,425   2,622 
    Contingent consideration liabilities 4,576   14,427 
    Acquisition-related consideration payable    2,000 
    Total current liabilities 93,051   88,036 
    Long-term debt, net of current portion 180,942   168,994 
    Deferred revenue, net of current portion 929   1,878 
    Operating lease liabilities, net of current portion 20,244   23,669 
    Contingent consideration liabilities, net of current portion 14,719   16,837 
    Other liabilities 113   2,227 
    Total liabilities 309,998   301,641 
    Commitments and contingencies   
    Stockholders’ equity:   
    Preferred stock, $0.001 par value per share; 25,000,000 shares authorized and no shares issued and       
    outstanding as of December 31, 2021 and 2020     
    Common stock, $0.001 par value; 500,000,000 shares authorized as of December 31, 2021 and 2020;       
    52,622,080 and 43,376,848 shares issued and outstanding as of December 31, 2021 and 2020, respectively 53   43 
    Additional paid-in capital 1,400,972   1,001,645 
    Accumulated deficit (878,860)  (725,650)
    Accumulated other comprehensive income (loss) (67)  61 
    Total stockholders’ equity 522,098   276,099 
    Total liabilities and stockholders’ equity$832,096  $577,740 
            


    Condensed Consolidated Statements of Operations
    (in thousands, except per share data, unaudited)
     
      Three Months Ended
    December 31,
     Twelve Months Ended
    December 31,
       2021   2020   2021   2020 
    Revenue:      
    Technology $40,088  $32,317  $147,718  $110,467 
    Professional services  24,628   20,962   94,208   78,378 
    Total revenue  64,716   53,279   241,926   188,845 
    Cost of revenue, excluding depreciation and amortization:        
    Technology(1)(2)  12,750   10,456   47,516   35,604 
    Professional services(1)(2)  21,127   16,072   76,838   62,473 
    Total cost of revenue, excluding depreciation and amortization  33,877   26,528   124,354   98,077 
    Operating expenses:        
    Sales and marketing(1)(2)  21,863   14,793   75,027   55,411 
    Research and development(1)(2)  17,479   14,978   62,733   53,517 
    General and administrative(1)(2)(3)  25,338   28,129   85,934   59,240 
    Depreciation and amortization  10,924   7,773   37,528   18,725 
    Total operating expenses  75,604   65,673   261,222   186,893 
    Loss from operations  (44,765)  (38,922)  (143,650)  (96,125)
    Loss on extinguishment of debt           (8,514)
    Interest and other expense, net  (4,376)  (4,072)  (16,458)  (11,572)
    Loss before income taxes  (49,141)  (42,994)  (160,108)  (116,211)
    Income tax provision (benefit)(2)  (149)  24   (6,898)  (1,194)
    Net loss $(48,992) $(43,018) $(153,210) $(115,017)
    Net loss per share, basic and diluted $(0.94) $(1.01) $(3.23) $(2.91)
    Weighted-average shares outstanding used in calculating net                 
    loss per share, basic and diluted  52,117   42,589   47,495   39,541 
             
    Adjusted net loss(4) $(9,714) $(6,687) $(21,514) $(26,797)
    Adjusted net loss per share, basic and diluted(4) $(0.19) $(0.16) $(0.45) $(0.68)

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

      Three Months Ended December 31, Twelve Months Ended December 31,
      2021 2020 2021 2020
             
    Stock-Based Compensation Expense: (in thousands) (in thousands)
    Cost of revenue, excluding depreciation and amortization:        
    Technology $582 $228 $2,063 $803
    Professional services  2,181  844  8,047  3,453
    Sales and marketing  5,850  3,369  22,698  13,093
    Research and development  2,770  2,082  10,213  8,069
    General and administrative  5,038  4,151  22,124  12,539
    Total $16,421 $10,674 $65,145 $37,957

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

     Three Months Ended December 31, Twelve Months Ended December 31,
      2021  2020  2021  2020
        
    Acquisition-related costs (benefit), net:(in thousands) (in thousands)
    Cost of revenue, excluding depreciation and amortization:       
    Technology$31  $ $61  $
    Professional services 63     127   
    Sales and marketing 296     592   
    Research and development 446     901   
    General and administrative 10,306   15,092  26,248   16,758
    Income tax provision (benefit) (313)    (7,142)  
    Total$10,829  $15,092 $20,787  $16,758

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

     Three Months Ended December 31, Twelve Months Ended December 31,
     2021 2020 2021 2020
                
    Non-recurring lease-related charges(in thousands) (in thousands)
    General and administrative$ $689 $1,800 $1,398

    (4)  Includes non-GAAP adjustments to net loss. Refer to the "Non-GAAP Financial Measures—Adjusted Net Loss Per Share" section below for further details.

     
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
     
     Year Ended December 31,
      2021   2020 
    Cash flows from operating activities   
    Net loss$(153,210) $(115,017)
    Adjustments to reconcile net loss to net cash used in operating activities:   
    Stock-based compensation expense 65,145   37,957 
    Depreciation and amortization 37,528   18,725 
    Change in fair value of contingent consideration liabilities 20,036   14,088 
    Amortization of debt discount and issuance costs 11,948   8,054 
    Non-cash operating lease expense 3,585   4,303 
    Impairment of lease-related assets 1,800    
    Investment discount and premium (accretion) amortization 1,202   1,349 
    Provision for expected credit losses 499   863 
    Loss on extinguishment of debt    8,514 
    Deferred tax provision (benefit) (7,134)  (1,273)
    Payment of acquisition-related contingent consideration (9,085)   
    Other (53)  116 
    Change in operating assets and liabilities:   
    Accounts receivable 102   (16,448)
    Prepaid expenses and other assets (4,442)  (3,667)
    Accounts payable, accrued liabilities, and other liabilities 5,202   8,243 
    Deferred revenue 7,637   11,459 
    Operating lease liabilities (3,883)  (3,414)
    Net cash used in operating activities (23,123)  (26,148)
    Cash flows from investing activities   
    Purchase of short-term investments (261,363)  (189,526)
    Proceeds from the sale and maturity of short-term investments 186,893   219,069 
    Acquisition of businesses, net of cash acquired (46,763)  (101,657)
    Purchases of property and equipment (10,450)  (7,775)
    Capitalization of internal use software (6,644)  (1,442)
    Purchase of intangible assets (1,373)  (1,248)
    Proceeds from the sale of property and equipment 22   14 
    Net cash used in investing activities (139,678)  (82,565)
    Cash flows from financing activities   
    Proceeds from public offerings, net of discounts, commissions, and offering costs 245,180    
    Proceeds from exercise of stock options 20,350   36,264 
    Proceeds from employee stock purchase plan 4,844   4,273 
    Payments of acquisition-related consideration (6,290)  (1,624)
    Proceeds from convertible senior notes, net of issuance costs    222,482 
    Purchase of capped calls concurrent with issuance of convertible senior notes    (21,743)
    Repayment of credit facilities    (57,043)
    Net cash provided by financing activities 264,084   182,609 
    Effect of exchange rate changes on cash and cash equivalents (10)  26 
    Net increase in cash and cash equivalents 101,273   73,922 
        
    Cash and cash equivalents at beginning of period 91,954   18,032 
    Cash and cash equivalents at end of period$193,227  $91,954 
            

    Non-GAAP Financial Measures

    To supplement our financial information presented in accordance with GAAP, we believe certain non-GAAP measures, including Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted Net Loss, and Adjusted Net 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 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, and acquisition-related costs, net. 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 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, 2021 and 2020:

     Three Months Ended December 31, 2021
     (in thousands, except percentages)
     Technology Professional
    Services
     Total
    Revenue$40,088  $24,628  $64,716 
    Cost of revenue, excluding depreciation and amortization (12,750)  (21,127)  (33,877)
    Gross profit, excluding depreciation and amortization 27,338   3,501   30,839 
    Add:     
    Stock-based compensation 582   2,181   2,763 
    Acquisition-related costs, net 31   63   94 
    Adjusted Gross Profit$27,951  $5,745  $33,696 
    Gross margin, excluding depreciation and amortization 68%  14%  48%
    Adjusted Gross Margin 70%  23%  52%


     Three Months Ended December 31, 2020
     (in thousands, except percentages)
     Technology Professional
    Services
     Total
    Revenue$32,317  $20,962  $53,279 
    Cost of revenue, excluding depreciation and amortization (10,456)  (16,072)  (26,528)
    Gross profit, excluding depreciation and amortization 21,861   4,890   26,751 
    Add:     
    Stock-based compensation 228   844   1,072 
    Adjusted Gross Profit$22,089  $5,734  $27,823 
    Gross margin, excluding depreciation and amortization 68%  23%  50%
    Adjusted Gross Margin 68%  27%  52%


     Twelve Months Ended December 31, 2021
     (in thousands, except percentages)
     Technology Professional
    Services
     Total
    Revenue$147,718  $94,208  $241,926 
    Cost of revenue, excluding depreciation and amortization (47,516)  (76,838)  (124,354)
    Gross profit, excluding depreciation and amortization 100,202   17,370   117,572 
    Add:     
    Stock-based compensation 2,063   8,047   10,110 
    Acquisition-related costs, net 61   127   188 
    Adjusted Gross Profit$102,326  $25,544  $127,870 
    Gross margin, excluding depreciation and amortization 68%  18%  49%
    Adjusted Gross Margin 69%  27%  53%


     Twelve Months Ended December 31, 2020
     (in thousands, except percentages)
     Technology Professional
    Services
     Total
    Revenue$110,467  $78,378  $188,845 
    Cost of revenue, excluding depreciation and amortization (35,604)  (62,473)  (98,077)
    Gross profit, excluding depreciation and amortization 74,863   15,905   90,768 
    Add:     
    Stock-based compensation 803   3,453   4,256 
    Adjusted Gross Profit$75,666  $19,358  $95,024 
    Gross margin, excluding depreciation and amortization 68%  20%  48%
    Adjusted Gross Margin 68%  25%  50%

    Adjusted EBITDA

    Adjusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted for (i) interest and other expense, net, (ii) loss on extinguishment of debt (iii) income tax (benefit) provision, (iv) depreciation and amortization, (v) stock-based compensation, (vi) acquisition-related costs, net, including the change in fair value of contingent consideration liabilities, and (vii) 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 Adjusted EBITDA 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 EBITDA, for the three and twelve months ended December 31, 2021 and 2020:

      Three Months Ended
    December 31,
     Twelve Months Ended
    December 31,
       2021   2020   2021   2020 
                     
      (in thousands) (in thousands)
    Net loss $(48,992) $(43,018) $(153,210) $(115,017)
    Add:                
    Interest and other expense, net  4,376   4,072   16,458   11,572 
    Loss on extinguishment of debt           8,514 
    Income tax (benefit) provision  (149)  24   (6,898)  (1,194)
    Depreciation and amortization  10,924   7,773   37,528   18,725 
    Stock-based compensation  16,421   10,674   65,145   37,957 
    Acquisition-related costs, net(1)  11,142   15,092   27,929   16,758 
    Non-recurring lease-related charges(2)     689   1,800   1,398 
    Adjusted EBITDA $(6,278) $(4,694) $(11,248) $(21,287)

    ________________________________
    (1)  Acquisition-related costs, net impacting Adjusted EBITDA includes legal, due diligence, accounting, consulting fees, deferred retention expenses, and 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 Note 2 in our consolidated financial statements.
    (2)  Includes the lease-related impairment charge for the subleased portion of our corporate headquarters and duplicate rent expense incurred during the relocation of our corporate headquarters.

    Adjusted Net Loss Per Share

    Adjusted Net 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) loss on extinguishment of debt, (iv) acquisition-related costs, net, including the change in fair value of contingent consideration liabilities and the deferred tax valuation allowance release from the acquisition of Twistle, (v) non-cash interest expense related to our convertible senior notes, and (vi) non-recurring lease-related charges. We believe Adjusted Net 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.

     Three Months Ended December 31, Twelve Months Ended December 31,
      2021   2020   2021   2020 
                    
    Numerator:(in thousands, except share and per share amounts)
    Net loss$(48,992) $(43,018) $(153,210) $(115,017)
    Add:       
     Stock-based compensation 16,421   10,674   65,145   37,957 
     Amortization of acquired intangibles 8,924   7,082   32,016   15,868 
     Loss on extinguishment of debt          8,514 
     Acquisition-related costs, net(1) 10,828   15,092   20,787   16,758 
     Non-cash interest expense related to convertible senior notes 3,105   2,794   11,948   7,725 
     Non-recurring lease-related charges(2)    689   1,800   1,398 
    Adjusted Net Loss$(9,714) $(6,687) $(21,514) $(26,797)
    Denominator:       
    Weighted-average number of shares used in                
    calculating net loss per share, basic and
    diluted
     52,116,604   42,588,839   47,494,768   39,540,726 
    Adjusted net loss per share, basic and diluted$(0.19) $(0.16) $(0.45) $(0.68)

    ________________________________
    (1) Acquisition-related costs, net impacting Adjusted Net Loss includes legal, due diligence, accounting, consulting fees, deferred retention expenses, and 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 the acquisition of Twistle. For additional details refer to Note 2 in our consolidated financial statements.
    (2) Includes the lease-related impairment charge for the subleased portion of our corporate headquarters and duplicate rent expense incurred during the relocation of our corporate headquarters.

    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:
    Amanda Hundt
    Vice President, Corporate Communications
    amanda.hundt@healthcatalyst.com
    +1 (575) 491-0974


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