HealthStream, Inc. (NASDAQ:HSTM) Q2 2022 Earnings Conference Call July 26, 2022 9:00 AM ET

Company Participants

Scotty Roberts - CFO and Senior Vice President

Robert Frist - CEO and Chairman

Conference Call Participants

Jared Hasse - William Blair & Company

Richard Close - Canaccord Genuity

Vincent Colicchio - Barrington

Operator

Good morning, and welcome to HealthStream's Second Quarter 2022 Earnings Conference Call. At this time, I would like to inform you that this conference is being recorded [Operator Instructions].

I will now turn the conference over to Scotty Roberts, CFO and Senior Vice President. Please go ahead, Mr. Robert.

Scotty Roberts

Thank you. Good morning, and thank you for joining us today to discuss our second quarter 2022 results. I'll be filling in this morning for Mollie Condra. Also in the conference call with me is Robert A. Frist Jr., CEO and Chairman of HealthStream. I would also like to remind you that this conference call may contain forward-looking statements regarding future events and the future performance of HealthStream that involve risks and uncertainties that could cause the actual results to differ materially from those projected in the forward-looking statements. Information concerning these risks and other factors that could cause the results to differ materially from those forward-looking statements are contained in the company's filings with the SEC, including Forms 10-K, 10-Q and our earnings release. Additionally, we may reference measures such as adjusted EBITDA, which is a non-GAAP financial measure. A table providing supplemental information on adjusted EBITDA and reconciling to net income attributable to HealthStream is included in the earnings release that we issued yesterday and may refer to in this call.

I'll now turn the call over to our CEO, Bobby Frist.

Robert Frist

Thank you, Scotty. Good morning, everyone. Welcome to our second quarter 2022 earnings call. At a time when so many things in the world are up in the air, pandemic, recessionary trends or there's just so many unpredictable things and they continue shifting. I think it's important to kind of pause a little bit and double down on who we are and where we're going. And for that reason, I'm going to take the opportunity here to open to reground everyone in the basics of our business and our business focus. First and foremost, HealthStream is a healthcare technology company dedicated to developing, credentialing and scheduling the healthcare workforce through SaaS based applications. We sell these applications on a subscription basis under contracts, which average three to five years on link. That means our revenues are recurring and highly predictable. We are profitable and we have little to no debt. We're also fortunate to be solely focused on one of the more recession resistant markets around, healthcare.