Health Catalyst, Inc.HCAT

Health Catalyst, Inc. Earnings Per Share Disclosure

10-KFiled Feb 26, 20252 min read
Net Loss Per Share
The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):
Year Ended December 31,
202420232022
Net loss per share, basic
Numerator:
Net loss$(69,502)$(118,147)$(137,403)
Denominator:
Weighted-average number of shares used in calculating net loss per share, basic60,184,920 56,418,397 53,721,702 
Net loss per share, basic$(1.15)$(2.09)$(2.56)
Net loss per share, diluted
Numerator:
Net loss$(69,502)$(118,147)$(137,403)
Dilutive change in fair value of shares issuable as contingent consideration— — (4,668)
Net loss for diluted calculation$(69,502)$(118,147)$(142,071)
Denominator:
Weighted-average number of shares used in calculating net loss per share, basic60,184,920 56,418,397 53,721,702 
Dilutive effect of shares issuable as acquisition-related contingent consideration
— — 358,030 
Weighted-average number of shares used in calculating net loss per share, diluted60,184,920 56,418,397 54,079,732 
Net loss per share, diluted$(1.15)$(2.09)$(2.63)
During the years ended December 31, 2024, 2023 and 2022, we incurred net losses and, therefore, the effect of our stock options, restricted stock units, performance-based restricted stock units, convertible senior notes, and restricted shares were not included in the calculation of diluted net loss per share as the effect would be anti-dilutive. The calculation of diluted net loss per share does not include the effect of the following potentially outstanding shares of common stock. The effects of these potentially outstanding shares were not included in the calculation of diluted net loss per share when the effect would have been anti-dilutive:
As of December 31,
202420232022
Common stock options1,053,251 1,396,452 1,748,306 
Restricted stock units3,505,406 3,111,584 3,292,943 
Performance-based restricted stock units524,313 188,533 534,380 
Shares related to convertible senior notes
7,516,331 7,516,331 7,516,331 
Restricted shares— 235,389 503,020 
Total potentially dilutive securities12,599,301 12,448,289 13,594,980 
In connection with the offering of our convertible senior notes, we entered into Capped Calls with initial caps on the conversion price of $42.00 per share, which are excluded from the calculation of diluted earnings per share, as they would be anti-dilutive.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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