Market Newsdesk

Boot Barn Holdings, Inc. Appoints John Hazen as Chief Executive Officer

IRVINE, Calif.–(BUSINESS WIRE)–
Boot Barn Holdings, Inc. (NYSE: BOOT) (the “Company” or “Boot Barn”) today announced that its Board of Directors has appointed John Hazen as Chief Executive Officer (“CEO”), effective May 5, 2025. Mr. Hazen had been serving as the Company’s Interim Chief Executive Officer since November 2024.

Peter Starrett, Executive Chairman of Boot Barn, said, “After a comprehensive search process, the Board unanimously concluded that John is the right leader to drive Boot Barn forward. We believe that his deep industry knowledge, proven track record in digital transformation, and clear vision for the future make him exceptionally qualified for this role. John has already demonstrated strong leadership during his tenure as Interim CEO, and we are confident in his ability to execute our strategic plans and deliver long-term growth.”

Mr. Hazen stated, “I am honored and excited to lead Boot Barn as we continue to build on our strong foundation and focus on consistent, long-term growth. Having worked closely with our talented team during the last seven years, and more recently as Interim CEO, I am more confident than ever in our strategic direction and our ability to deliver exceptional value to our customers and stockholders. We will remain focused on our four strategic growth initiatives and delivering the selection and shopping experience our customers count on.”

Mr. Hazen brings over 20 years of experience in the apparel and footwear industry to the role. Prior to joining Boot Barn in 2018 as Chief Digital Officer, he served as SVP of Commerce and Subscriptions of Ring from 2017 to 2018 and SVP of Direct to Consumer of True Religion from 2014 to 2017, where he oversaw both brick-and-mortar and digital channels. His extensive career also includes leadership positions at Kellwood, Nike, and Fox Racing. Mr. Hazen holds a Bachelor of Commerce degree in management information systems from Concordia University in Montreal, Quebec and a master’s degree in business administration from Loyola Marymount University in Los Angeles, California.

About Boot Barn

Boot Barn is the nation’s leading lifestyle retailer of western and work-related footwear, apparel and accessories for men, women and children. The Company offers its loyal customer base a wide selection of work and lifestyle brands. As of the date of this release, Boot Barn operates 464 stores in 49 states, in addition to an e-commerce channel www.bootbarn.com. The Company also operates www.sheplers.com, the nation’s leading pure play online western and work retailer and www.countryoutfitter.com, an e-commerce site selling to customers who live a country lifestyle. For more information, call 888-Boot-Barn or visit www.bootbarn.com.

Forward Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements refer to the Company’s current expectations and projections relating to, by way of example and without limitation, the Company’s financial condition, liquidity, profitability, results of operations, margins, plans, objectives, strategies, future performance, business and industry. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan“, “intend”, “believe”, “may”, “might”, “will”, “could”, “should”, “can have”, “likely”, “outlook” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. These forward-looking statements are based on assumptions that the Company’s management has made in light of their industry experience and on their perceptions of historical trends, current conditions, expected future developments and other factors that they believe are appropriate under the circumstances. As you consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. These risks, uncertainties and assumptions include, but are not limited to, the following: decreases in consumer spending due to declines in consumer confidence, local economic conditions or changes in consumer preferences; the Company’s ability to effectively execute on its growth strategy; and the Company’s failure to maintain and enhance its strong brand image, to compete effectively, to maintain good relationships with its key suppliers, and to improve and expand its exclusive product offerings. The Company discusses the foregoing risks and other risks in greater detail under the heading “Risk factors” in the periodic reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Because of these factors, the Company cautions that you should not place undue reliance on any of these forward-looking statements. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict those events or how they may affect the Company. Further, any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company does not intend to update or revise the forward-looking statements in this press release after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505652809/en/

Investor Contact:

ICR, Inc.

Brendon Frey, 203-682-8216

[email protected]

or

Company Contact:

Boot Barn Holdings, Inc.

Mark Dedovesh, 949-453-4489

Senior Vice President, Investor Relations & Financial Planning

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Online Retail Fashion Retail Footwear Specialty

MEDIA:

Posted on May 5, 2025 4:39 pm

Hyliion Holdings Schedules First-Quarter 2025 Financial Results Conference Call and Webcast for May 14, 2025

Hyliion Holdings Schedules First-Quarter 2025 Financial Results Conference Call and Webcast for May 14, 2025

AUSTIN, Texas–(BUSINESS WIRE)–Hyliion Holdings Corp. (NYSE American: HYLN), a developer of modular power plant technology, today announced it will host a conference call and accompanying webcast at 10:00 a.m. CT / 11:00 a.m. ET on Wednesday, May 14, 2025, to discuss its financial results, the company’s business, and outlook. Hyliion plans to report its 2025 first-quarter financial results after the market close on Tuesday, May 13, 2025.

Hyliion’s First-Quarter 2025 Conference Call

Date: Wednesday, May 14, 2025

Time: 10:00 a.m. CT / 11:00 a.m. ET

Conference Call Online Registration for the Q&A:

https://registrations.events/direct/Q4I759814

Access the Webcast:

https://events.q4inc.com/attendee/104218402

An archived webcast of the conference call will be accessible on the Investor Relations section of the Hyliion website.

About Hyliion

Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company’s primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNO^TM Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit www.hyliion.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505357807/en/

Hyliion Holdings Corp.

[email protected]

Investor Relations

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Other Energy Hardware Utilities Oil/Gas Nuclear Coal Alternative Energy Energy Technology Trucking Transport Other Technology

MEDIA:

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Valaris Announces Sale of Jackup VALARIS 247 to BW Energy for $108 Million

HAMILTON, Bermuda–(BUSINESS WIRE)–
Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today that it has agreed to sell jackup VALARIS 247 to BW Energy (“BWE”) for cash proceeds of approximately $108 million. This sale is expected to close in the second half of 2025, subject to customary closing conditions. As part of the sales agreement, BWE will be restricted from using the rig outside of BWE-owned or affiliated properties for the rig’s expected remaining useful life.

President and Chief Executive Officer Anton Dibowitz said, “We are pleased to announce this highly accretive, opportunistic transaction to sell VALARIS 247, a 27-year-old jackup currently working offshore Australia. Upon closing, the sale proceeds will provide us with additional financial flexibility, including the return of capital to shareholders.”

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

Cautionary Statements

Statements contained in this press release that are not historical facts are 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. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “outlook,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements regarding expected accretion and financial flexibility; expected financial performance, utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company (“ARO”) newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including changing tariff policies, trade disputes, inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, volatility affecting financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; the use of artificial intelligence by us, third-party service providers or our competitors; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505288533/en/

Investor & Media Contacts:

Nick Georgas

Vice President – Treasurer and Investor Relations

+1-713-979-4632

Tim Richardson

Director – Investor Relations

+1-713-979-4619

KEYWORDS: Caribbean United States Bermuda North America

INDUSTRY KEYWORDS: Maritime Energy Transport Oil/Gas

MEDIA:

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Pioneer Investments Declares Monthly Distributions For Six Pioneer Closed-End Funds

BOSTON–(BUSINESS WIRE)–
Pioneer Investments today announced the declaration of dividends for six Pioneer closed-end funds for May 2025.

Ex-Date:		May 16, 2025
Record Date:		May 16, 2025
Payable:		May 30, 2025

Ticker		Taxable Funds		Distribution Per Share		Change From Previous Month
HNW		Pioneer Diversified High Income Fund, Inc.		$0.1000		–
PHD		Pioneer Floating Rate Fund, Inc.		$0.07501		–
PHT		Pioneer High Income Fund, Inc.		$0.0550		–
Ticker		Tax-Exempt Funds		Distribution Per Share		Change From Previous Month
MAV		Pioneer Municipal High Income Advantage Fund, Inc.		$0.0325		–
MHI		Pioneer Municipal High Income Fund, Inc.		$0.0350		–
MIO		Pioneer Municipal High Income Opportunities Fund, Inc.		$0.05001		–

		Market Price		Market Price Distribution Rate		NAV		NAV Distribution Rate
Pioneer Diversified High Income Fund, Inc.		$11.76		10.20%		$12.36		9.71%
Pioneer Floating Rate Fund, Inc.		$9.39		9.58%		$9.93		9.06%
Pioneer High Income Fund, Inc.		$7.59		8.70%		$8.03		8.22%
Pioneer Municipal High Income Advantage Fund, Inc.		$8.15		4.79%		$8.66		4.50%
Pioneer Municipal High Income Fund, Inc.		$9.11		4.61%		$9.57		4.39%
Pioneer Municipal High Income Opportunities Fund, Inc.		$11.71		5.12%		$12.35		4.86%

¹ At this time, it is believed that a portion of the Fund’s current monthly distribution may be comprised of amounts from sources other than net investment income.

If any Fund estimates that any portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will provide shareholders a separate written notice. These notices are provided for informational purposes only, and should not be used for tax reporting purposes. The final determination of tax characteristics of each Fund’s distributions will occur after the end of its fiscal year, at which time it will be reported to shareholders. A return of capital is not a distribution of income or capital gains from the Fund, does not necessarily reflect the Fund’s investment performance, and should not be considered “yield” or “income.”

­The closing market price and NAV are based on data as of May 2, 2025. The Market Price Distribution Rate is calculated by dividing the latest declared monthly distribution per share (annualized) by the market price. The NAV Distribution Rate is calculated by dividing the latest declared monthly distribution per share (annualized) by the NAV per share.

The funds are closed-end investment companies. Five of the funds trade on the New York Stock Exchange (NYSE) under the following symbols: PHD, PHT, MAV, MHI, and MIO; HNW trades on the NYSE American (NYSEAMER).

Investments involve risk including possible loss of principal, and an investment should be made with an understanding of the risks involved with owning a particular security or asset class. Interested parties are strongly encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular circumstances.

Amundi Distributor US, Inc.

Keep in mind, distribution rates are not guaranteed. A fund’s distribution rate may be affected by numerous factors, including changes in actual or projected investment income, the level of undistributed net investment income, if any, and other factors. Shareholders should not draw any conclusions about a fund’s investment performance based on a fund’s current distributions. Closed-end funds, unlike open-end funds, are not continuously offered. Once issued, common shares of closed-end funds are bought and sold in the open market through a stock exchange and frequently trade at prices lower than their net asset value. Net Asset Value (NAV) is total assets less total liabilities divided by the number of common shares outstanding. For performance data on Pioneer Investments’ closed-end funds, please call 800-225-6292 or visit our closed-end pricing page.

Shareholder Inquiries: Please contact your financial advisor.

To learn more about Pioneer Investments, a Victory Capital Investment Franchise, visit pioneerinvestments.com.

Follow Victory Capital on Facebook, Twitter, and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505234336/en/

Media:

Jessica Davila

Director, Global Communications

210-694-9693

[email protected]

KEYWORDS: United States North America Texas Massachusetts

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Posted on May 5, 2025 4:39 pm

Redwire Corporation to Report First Quarter 2025 Results on May 12, 2025

Redwire Corporation to Report First Quarter 2025 Results on May 12, 2025

JACKSONVILLE, Fla.–(BUSINESS WIRE)–
Redwire Corporation (NYSE: RDW; “Redwire” or “the Company”) today announced that it will report financial results for the first quarter ended March 31, 2025, before market open on Monday, May 12, 2025.

Management will also conduct a conference call starting at 9 a.m. EDT on Monday, May 12, 2025, to review financial results for the first quarter 2025. The earnings conference call can be accessed by calling 877-485-3108 (toll free) or 201-689-8264 (toll), and the conference ID is 13753501.

A presentation with slides will also be live streamed. Please click the link below to follow along with the live stream: Webcast | Redwire Corporation Q1 2025 Earnings Call.

The listen-only audio webcast of the call will be available in the investor relations area of our website at https://ir.redwirespace.com. Please call in or log on at least five minutes in advance of the scheduled start time.

For those who are unable to listen to the live event, a replay will be available for two weeks following the event by dialing 877-660-6853 (toll-free) or 201-612-7415 (toll) and entering the access code 13753501. To access the webcast replay, visit the investor relations area of our website at https://ir.redwirespace.com/.

The earnings release and other information related to the earnings announcement will be available on redwirespace.com.

About Redwire

Redwire Corporation (NYSE:RDW) is a global space infrastructure and innovation company enabling civil, commercial, and national security programs. Redwire’s proven and reliable capabilities include avionics, sensors, power solutions, critical structures, mechanisms, radio frequency systems, platforms, missions, and microgravity payloads. Redwire combines decades of flight heritage and proven experience with an agile and innovative culture. Redwire’s approximately 750 employees working from 17 facilities located throughout the United States and Europe are committed to building a bold future in space for humanity, pushing the envelope of discovery and science while creating a better world on Earth. For more information, please visit redwirespace.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505130882/en/

Investors:

[email protected]

+1 904-425-1431

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Other Defense Technology Defense Other Manufacturing Satellite Science Engineering Government Technology Aerospace Military Telecommunications Other Science Manufacturing

MEDIA:

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PHINIA to Present at the Oppenheimer 20^th Annual Industrial Growth Conference

AUBURN HILLS, Mich.–(BUSINESS WIRE)–
PHINIA Inc. (NYSE: PHIN), a leader in premium fuel systems, electrical systems, and aftermarket solutions, announced today that it will participate in the Oppenheimer 20^th Annual Industrial Growth Conference on Wednesday, May 7, 2025. Conference participation will be virtual and consist of a presentation and investor meetings. A webcast of PHINIA’s presentation and other materials will be available on the “Investors” section of PHINIA’s website, PHINIA – Investor Relations.

PHINIA’s President and CEO, Brady Ericson and CFO Chris Gropp will present and answer questions. The event will be webcast and available on PHINIA’s Investor Relations website. Event information can be found below.

Event Title: Oppenheimer 20th Annual Industrial Growth Conference

Event Date: Wednesday, May 7, 2025 at 11:15 AM Eastern Time

Webcast Access: https://wsw.com/webcast/oppenheimer41/phin/2777775

About PHINIA

PHINIA is an independent, market-leading, premium solutions and components provider with over 100 years of manufacturing expertise and industry relationships, with a strong brand portfolio that includes DELPHI^®, DELCO REMY^® and HARTRIDGE^™. With over 12,500 employees across 43 locations in 20 countries, PHINIA is headquartered in Auburn Hills, Michigan, USA.

Across commercial vehicles and industrial applications (medium-duty and heavy-duty trucks, buses and other off-highway construction, marine, agricultural and aerospace and defense), light commercial vehicles (vans and trucks) and light passenger vehicles (passenger cars, mini-vans, cross-overs and sport-utility vehicles), we develop fuel systems, electrical systems and aftermarket solutions designed to keep combustion engines operating at peak performance, while at the same time investing in advanced technologies to unlock the potential of alternative fuels.

By providing what the market needs today to become more efficient and sustainable, while also developing innovative products and solutions to contribute to lower carbon mobility, we are the partner of choice for a diverse array of customers – powering our shared journey toward a cleaner tomorrow.

© 2025 PHINIA Inc. All Rights Reserved.

(DELCO REMY is a registered trademark of General Motors LLC, licensed to PHINIA Technologies Inc.)

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505933894/en/

IR contact:

Kellen Ferris

Vice President of Investor Relations

[email protected]

+1 947-262-5256

Media contact:

Kevin Price

Global Brand & Communications Director

[email protected]

+44 (0) 7795 463871

KEYWORDS: United States North America Michigan

INDUSTRY KEYWORDS: Vehicle Technology Performance & Special Interest Fleet Management General Automotive Aftermarket Agriculture Automotive Natural Resources Trucking Maritime Transport Automotive Manufacturing Manufacturing

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Michael Watts Appointed Group Leader and Head of Fund Finance

HealthStream Announces First Quarter 2025 Results

NASHVILLE, Tenn.–(BUSINESS WIRE)–
HealthStream, Inc. (the “Company”) (Nasdaq: HSTM), a leading healthcare technology platform for workforce solutions, announced today results for the first quarter ended March 31, 2025.

First Quarter 2025

• Revenues of $73.5 million in the first quarter of 2025, up 1.0% from $72.8 million in the first quarter of 2024
• Operating income of $4.4 million in the first quarter of 2025, down 23.1% from $5.7 million in the first quarter of 2024
• Net income of $4.3 million in the first quarter of 2025, down 17.1% from $5.2 million in the first quarter of 2024
• Earnings per share (EPS) of $0.14 per share (diluted) in the first quarter of 2025, down from $0.17 per share (diluted) in the first quarter of 2024
• Adjusted EBITDA¹ of $16.2 million in the first quarter of 2025, down 5.0% from $17.1 million in the first quarter of 2024
• Board of Directors declared a quarterly cash dividend of $0.031 per share, payable on May 30, 2025 to holders of record on May 19, 2025
• On March 7, 2025, Charles E. Beard, Jr. joined the Company’s Board of Directors

1 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to net income and disclosure regarding why we believe adjusted EBITDA provides useful information to investors is included later in this release.

Financial Results:

First Quarter 2025 Compared to First Quarter 2024

Revenues for the first quarter of 2025 increased by $0.7 million, or 1.0%, to $73.5 million, compared to $72.8 million for the first quarter of 2024. Subscription revenues increased by $0.6 million, or 0.8%, and professional services revenues increased by $0.1 million compared to the first quarter of 2024. Compared to the first quarter of 2024, revenue growth for the first quarter of 2025 was negatively impacted by several factors, including a $1.7 million reduction from attrition in legacy applications, a $0.9 million reduction in perpetual license sales, and a $0.6 million reduction from customer bankruptcies. These reductions to revenue were more than offset by $3.9 million of revenue growth across our portfolio of solutions.

Operating income was $4.4 million for the first quarter of 2025, down 23.1% from $5.7 million in the first quarter of 2024. Over the past year, we have continued to make investments in several areas of the business, primarily in our platform and SaaS applications, resulting in higher labor costs, cloud hosting, third-party software, and amortization of capitalized software, as well increased costs associated with our sales and marketing efforts. The increased investments along with the changes in our revenue mix, specifically the lost revenues from legacy applications, contributed to the decline in operating income.

Net income was $4.3 million in the first quarter of 2025, down 17.1% from $5.2 million in the first quarter of 2024, and EPS was $0.14 per share (diluted) in the first quarter of 2025, down from $0.17 per share (diluted) in the first quarter of 2024.

Adjusted EBITDA was $16.2 million for the first quarter of 2025, down 5.0% from $17.1 million in the first quarter of 2024.

At March 31, 2025, the Company had cash, cash equivalents, and marketable securities of $113.3 million. The Company does not have any outstanding indebtedness for borrowed money. Capital expenditures incurred during the first quarter of 2025 were $7.9 million.

Other Business Updates

On May 5, 2025, the Board approved a quarterly cash dividend under the Company’s dividend policy of $0.031 per share, payable on May 30, 2025 to holders of record on May 19, 2025.

On March 13, 2025, the Company announced that it had signed an agreement to sublease the 9th and 10th floor space in the Capitol View building in Nashville, Tennessee. The sublease commenced in April 2025 and will end in the fourth quarter of 2031.

Addition to Board of Directors

On March 7, 2025, the Board of Directors appointed Charles E. Beard, Jr. as a member of the Company’s Board. Mr. Beard brings a wealth of experience from his more than 30-year career, where he has held several executive-level positions. Until his retirement in December 2024, he served as Chief Operating Officer at Guidehouse, a global consultancy. Prior to that position, he was a Partner at PwC, working with counsel on investigations of transnational computer-based financial crimes affecting corporate earnings, compliance programs, intellectual property protection, and technology risks. He also previously served as the Chief Information Officer for SAIC (now Leidos) and General Manager of its cybersecurity unit.

Financial Outlook for 2025

The Company is updating its guidance for 2025 for certain of the measures set forth below. For a reconciliation of projected adjusted EBITDA, a non-GAAP financial measure defined later in this release, to projected net income (the most comparable GAAP measure) for 2025, see the table included on page eight of this release.

		Full Year 2025 Guidance
			Low					High
Revenue1		$	297.5		–		$	303.5		million
Net Income2		$	18.6		–		$	21.0		million
Adjusted EBITDA3		$	68.5		–		$	72.5		million
Capital Expenditures		$	31.0		–		$	34.0		million
1 Previous expected Revenue guidance range was $302.0 to $307.0 million.
2 Previous expected Net Income guidance range was $19.2 to $21.4 million.
3 Previous expected Adjusted EBITDA guidance range was $70.0 to $74.0 million.

The Company’s guidance for 2025, as set forth above, reflects the Company’s assumptions regarding, among other things, expectations for new sales and renewals. This consolidated guidance does not include the impact of any acquisitions or dispositions that we may complete during 2025, gains or losses from changes in the fair value of non-marketable equity investments, or impairment of long-lived assets. A factor in the Company’s update to guidance for 2025 relates to current macroeconomic conditions impacting some of our healthcare organization customers. The Company’s updated guidance does not reflect the potential occurrence of unpredictable events, such as significant reductions to payment rates or insurance coverage for individuals.

Commenting on HealthStream’s results, Robert A. Frist, Jr., Chief Executive Officer, HealthStream, said, “On a year-over-year basis, we expect to deliver growth in both revenue and adjusted EBITDA. Due to recent issues of technology scaling with CredentialStream, which have been addressed but are impacting the year, and macroeconomic conditions affecting renewals and purchasing patterns for some elective content, we are trimming our financial outlook for the year. Our bookings and sales pipelines remain strong. In fact, we signed one of the largest customer contracts in the history of our Company during the first quarter. I look forward to reporting to you on our progress next quarter and thereafter.”

A conference call with Robert A. Frist, Jr., Chief Executive Officer, Scott A. Roberts, Chief Financial Officer and Senior Vice President, and Mollie Condra, Head, Investor Relations and Communications, will be held on Tuesday, May 6, 2025, at 9:00 a.m. (ET). Participants may access the conference call live via webcast using this link: https://edge.media-server.com/mmc/p/3watjnjb.To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIbc56a114217d439d8e40e5e0e598be8b. A replay of the conference call and webcast will be archived on the Company’s website in the Investor Relations section under “Events & Presentations.”

Use of Non-GAAP Financial Measures

This press release presents adjusted EBITDA, a non-GAAP financial measure used by management in analyzing the Company’s financial results and ongoing operational performance. In order to better assess the Company’s financial results, management believes that net income before interest, income taxes, stock-based compensation, depreciation and amortization, and changes in fair value of, including gains (losses) on the sale of, non-marketable equity investments (“adjusted EBITDA”) is a useful measure for evaluating the operating performance of the Company because adjusted EBITDA reflects net income adjusted for certain GAAP accounting, non-cash, and/or non-operating items which may not, in any such case, fully reflect the underlying operating performance of our business. We believe that adjusted EBITDA is useful to investors to assess the Company’s ongoing operating performance and to compare the Company’s operating performance between periods. In addition, certain short-term cash incentive bonuses and performance-based equity awards are based on the achievement of adjusted EBITDA (as defined in applicable bonus and equity grant documentation) targets.

Adjusted EBITDA is a non-GAAP financial measure and should not be considered as a measure of financial performance under GAAP. Because adjusted EBITDA is not a measurement determined in accordance with GAAP, adjusted EBITDA is susceptible to varying calculations. Accordingly, adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies and has limitations as an analytical tool.

This non-GAAP financial measure should not be considered a substitute for, or superior to, measures of financial performance, which are prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of adjusted EBITDA to net income (the most comparable GAAP measure), which is set forth below in this release.

About HealthStream

HealthStream (Nasdaq: HSTM) is the healthcare industry’s largest ecosystem of platform-delivered workforce solutions that empowers healthcare professionals to do what they do best: deliver excellence in patient care. For more information about HealthStream, visit www.healthstream.com or call 615-301-3100.

HEALTHSTREAM, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
		Three Months Ended
		March 31, 2025				March 31, 2024
Revenues, net		$	73,485			$	72,760
Operating costs and expenses:
Cost of revenues (excluding depreciation and amortization)			25,487				24,617
Product development			12,047				12,032
Sales and marketing			12,149				11,773
General and administrative			8,669				8,312
Depreciation and amortization			10,755				10,336
Total operating costs and expenses			69,107				67,070
Operating income			4,378				5,690
Other income, net			870				853
Income before income tax provision			5,248				6,543
Income tax provision			916				1,316
Net income		$	4,332			$	5,227
Net income per share:
Basic		$	0.14			$	0.17
Diluted		$	0.14			$	0.17
Weighted average shares of common stock outstanding:
Basic			30,444				30,313
Diluted			30,587				30,418
Dividends declared per share		$	0.031			$	0.028

HEALTHSTREAM, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
		March 31,				December 31,
		2025				2024
ASSETS
Current assets:
Cash and cash equivalents		$	77,289			$	59,469
Marketable securities			36,030				37,748
Accounts and unbilled receivables, net			36,087				35,322
Prepaid and other current assets			20,312				20,583
Total current assets			169,718				153,122
Capitalized software development, net			44,042				43,370
Property and equipment, net			10,696				10,741
Operating lease right of use assets, net			16,846				17,453
Goodwill and intangible assets, net			243,361				246,768
Other assets			39,373				39,312
Total assets		$	524,036			$	510,766
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable, accrued, and other liabilities		$	23,852			$	31,466
Deferred revenue			102,009				84,227
Total current liabilities			125,861				115,693
Deferred tax liabilities			15,352				14,596
Deferred revenue, noncurrent			1,330				1,655
Operating lease liability, noncurrent			16,640				17,366
Other long-term liabilities			2,045				2,101
Total liabilities			161,228				151,411
Shareholders’ equity:
Common stock			252,466				252,432
Accumulated other comprehensive loss			(2,019	)			(2,049	)
Retained earnings			112,361				108,972
Total shareholders’ equity			362,808				359,355
Total liabilities and shareholders’ equity		$	524,036			$	510,766

HEALTHSTREAM, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
		Three Months Ended
		March 31,				March 31,
		2025				2024
Operating activities:
Net income		$	4,332			$	5,227
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			10,755				10,336
Stock-based compensation			1,104				1,060
Amortization of deferred commissions			3,150				2,957
Deferred income taxes			751				771
Provision for credit losses			237				174
Loss on equity method investments			72				31
Other			(399	)			(346	)
Changes in assets and liabilities:
Accounts and unbilled receivables			(1,001	)			(5,782	)
Prepaid and other assets			(2,513	)			(1,783	)
Accounts payable, accrued, and other liabilities			(6,871	)			(6,259	)
Deferred revenue			17,457				14,552
Net cash provided by operating activities			27,074				20,938
Investing activities:
Proceeds (purchases) of marketable securities, net of proceeds			2,097				(124	)
Proceeds from sale of non-marketable equity investments			—				765
Purchase of other investments			(500	)			—
Purchases of property and equipment			(1,055	)			(742	)
Payments associated with capitalized software development			(7,790	)			(7,019	)
Net cash used in investing activities			(7,248	)			(7,120	)
Financing activities:
Taxes paid related to net settlement of equity awards			(1,070	)			(855	)
Payment of cash dividends			(943	)			(849	)
Net cash used in financing activities			(2,013	)			(1,704	)
Effect of exchange rate changes on cash and cash equivalents			7				(40	)
Net increase in cash and cash equivalents			17,820				12,074
Cash and cash equivalents at beginning of period			59,469				40,333
Cash and cash equivalents at end of period		$	77,289			$	52,407

Reconciliation of GAAP to Non-GAAP Financial Measures(1)
Operating Results Summary
(In thousands)
(Unaudited)
		Three Months Ended March 31,
		2025				2024
GAAP net income		$	4,332			$	5,227
Interest income			(931	)			(904	)
Interest expense			25				24
Income tax provision			916				1,316
Stock-based compensation expense			1,104				1,060
Depreciation and amortization			10,755				10,336
Adjusted EBITDA		$	16,201			$	17,059
(1) This press release presents adjusted EBITDA, which is a non-GAAP financial measure used by management in analyzing its financial results and ongoing operational performance.

Reconciliation of GAAP to Non-GAAP Financial Measures
Financial Outlook for 2025
(In thousands)
(Unaudited)
		Low				High
Net income		$	18,600			$	21,000
Interest income			(3,100	)			(3,500	)
Interest expense			100				100
Income tax provision			4,900				5,700
Stock-based compensation expense			4,300				4,900
Depreciation and amortization			43,700				44,300
Adjusted EBITDA		$	68,500			$	72,500

This press release includes certain forward-looking statements (statements other than solely with respect to historical fact), including statements regarding expectations for financial performance for 2025 and our quarterly dividend policy, that involve risks and uncertainties regarding HealthStream. These statements are based upon management’s beliefs, as well as assumptions made by and data currently available to management. This information has been, or in the future may be, included in reliance on the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company cautions that forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the forward-looking statements, including as a result of negative economic conditions, changes in U.S. policy, adverse developments impacting the healthcare industry, tariff and trade-related developments, inflationary pressures, geopolitical instability, legal requirements and contractual restrictions which may affect continuation of our quarterly cash dividend policy and the declaration and/or payment of dividends thereunder, which may be modified, suspended, or canceled in any manner and at any time that our Board may deem necessary or appropriate, as well as risks referenced in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 28, 2025, and in the Company’s other filings with the Securities and Exchange Commission from time to time. Consequently, such forward-looking information should not be regarded as a representation or warranty or statement by the Company that such projections will be realized. Many of the factors that will determine the Company’s future results are beyond the ability of the Company to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. The Company undertakes no obligation to update or revise any such forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505146854/en/

Scott A. Roberts

Chief Financial Officer

(615) 301-3182

[email protected]

Media:

Mollie Condra, Ph.D.

Head, Investor Relations & Communications

(615) 301-3237

[email protected]

KEYWORDS: United States North America Tennessee

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