Streamline Health Reports Fiscal Third Quarter 2021 Financial Results

GlobeNewswire2021-12-09

Revenues of $5.5 Million; 214% SaaS Revenue Growth; $(4.3) Million Net Loss; $(0.3) Million Adjusted EBITDA Atlanta, GA, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (“...

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(“...</p>\n\n<a href=\"https://finance.yahoo.com/news/streamline-health-reports-fiscal-third-211500576.html\">网页链接</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Streamline Health Reports Fiscal Third Quarter 2021 Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStreamline Health Reports Fiscal Third Quarter 2021 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-09 07:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/streamline-health-reports-fiscal-third-211500576.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Revenues of $5.5 Million; 214% SaaS Revenue Growth; $(4.3) Million Net Loss; $(0.3) Million Adjusted EBITDA\nAtlanta, GA, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. 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(“Streamline” or the “Company”) (Nasdaq: STRM), provider of the eValuator™ Revenue Integrity Program to help healthcare providers proactively address revenue leakage and improve financial performance, today announced financial results for the third quarter of fiscal year 2021, which ended October 31, 2021.\nFiscal Third Quarter 2021 Financial Results\nThe following financial results have been prepared in accordance with Generally Accepted Accounting Principles (GAAP). Fiscal third quarter 2021 financial results represent the consolidation of the Company with Avelead, which was acquired by Streamline during the reporting period. Fiscal third quarter 2020 financial results do not reflect results from Avelead’s operations.\nStreamline acquired Avelead on August 16, 2021, and the results of Avelead’s operations are included from that date to the end of the fiscal quarter, October 31, 2021.\nTotal revenues for the third quarter of fiscal 2021 were $5.5 million, a 109% increase from $2.6 million during the third quarter of fiscal 2020. The increase in revenue was the result of higher revenue from SaaS and professional services as a result of the Avelead acquisition. For the first nine months of fiscal 2021, total revenue was $11.3 million, a 35% increase compared to $8.4 million during the first nine months of fiscal 2020. Recurring revenue comprised 71% and 75% of total revenue for the three- and nine-month periods ended October 31, 2021, respectively, as compared to 75% and 74% for the comparable prior year periods.\nThe Company is focused on the growth of its SaaS solutions. During the third quarter of 2021, SaaS revenue grew $1.9 million or 214% compared to the third quarter of 2020 and $2.7 million or 103% during the nine months ended October 31, 2021, compared to the first nine months of 2020.\nNet loss for the third quarter of fiscal 2021 was $(4.3) million as compared to a net loss of $(1.1) million during the third quarter of fiscal 2020. Net loss from continuing operations during the quarter was impacted by approximately $1.9 million of non-routine costs and $0.5 million of other, non-operating expenses. The majority of the non-routine costs and non-operating costs are transaction costs associated with the acquisition of Avelead. The Company’s net loss in the third quarter of 2021 was also impacted by operating cost and amortization cost from the Avelead acquisition.\nNet loss for the nine months ended October 31, 2021 was $(6.5) million, as compared to net income of $1.5 million for the same period of 2020. Net loss for the first nine months of 2021 included $0.4 million of income from discontinued operations, as compared to $4.7 million of income from a gain on sale and discontinued operations during the same period of 2020. Income from discontinued operations was offset by a $(6.9) million loss from continuing operations in the first nine months of 2021 compared to a loss from continuing operations of $(3.2) million during the same period of 2020. For the nine months ended October 31, 2021, the Company reported $2.7 million in non-routine costs and a $2.3 million gain from forgiveness of its PPP loan and approximately $0.5 million in other expenses.\nAdjusted EBITDA for the third quarter of fiscal 2021 was a loss of $(0.3) million, compared to an adjusted EBITDA loss of $(0.7) million in the third quarter of fiscal 2020. Adjusted EBITDA for the nine months ended October 31, 2021 was a loss of $(1.7) million as compared to an adjusted EBITDA loss of $(1.7) million during the comparable year-ago period.\nFiscal Third Quarter 2021 Financial Results (Pro Forma)\nThe following financial results are pro forma and have not been prepared in accordance with GAAP. Both fiscal third quarter 2021 and 2020 financial results represent the consolidation of the Company with Avelead as if Avelead’s operations were fully recognized during both comparable periods.\nPro forma, unaudited, consolidated revenue for the third quarter of fiscal 2021 was approximately $6.1 million, an increase of 17% compared to approximately $5.2 million during the third quarter of fiscal 2020. SaaS revenue comprised approximately $3.1 million of this total, up 81% from approximately $1.7 million during the third quarter of fiscal 2020. The pro forma consolidated revenue for the three months ended October 31, 2021 and 2020 include $0.6 million and $2.6 million of revenue from Avelead’s pre-acquisition operations, respectively.\nPro forma, unaudited, consolidated revenue for the first nine months of fiscal 2021 was approximately $16.6 million, an increase of 18% compared to approximately $14.1 million during the first nine months of fiscal 2020. SaaS revenue comprised approximately $8.6 million of this total, up 115% from approximately $4.0 million during the first nine months of fiscal 2020. The pro forma consolidated revenue for the nine months ended October 31, 2021 and 2020 include $5.3 million and $5.7 million of revenue from Avelead’s pre-acquisition operations, respectively.\nManagement Commentary\n“With the completion of our acquisition of Avelead during the period, we have taken major steps forward to drive more diversified, recurring revenue streams and better position our Company for long term growth,” stated Tee Green, President and Chief Executive Officer, Streamline Health. “Our combined technologies offer a more holistic approach to ensuring hospitals are able to collect 100% of the revenue that they have earned.”\n“In the wake of the ongoing pandemic and with new variants still having an impact on healthcare providers, many operators are still experiencing significant disruptions, including suspending elective procedures, which has understandably delayed certain sales cycles. Despite these challenges we continue to grow our sales pipeline, both in terms of average contract values, and number of prospects, which we expect to translate into new sales in a more normalized environment. During the period we also completed the transformation of our eValuator sales team, which we believe will enable us to generate increased interest and acceptance of our technologies on a national footprint. The hospital revenue cycle continues to increase in complexity, and we see this challenge as a great opportunity to make the middle of the revenue cycle more accurate, timely, and efficient.”\nHighlights from the third quarter ended October 31, 2021, included:\n\nTotal bookings (total contract value) for the third quarter of fiscal 2021 were $2.1 million;\nRevenue for the third quarter of fiscal 2021 was $5.5 million;\nPro forma third quarter revenue, assuming the acquisition of Avelead was completed July 31, 2021, totaled approximately $6.1 million;\nSaaS revenue grew 116% sequentially and 214% over the prior year period;\nAdjusted EBITDA for the third quarter of fiscal 2021 was a loss of $(0.3) million;\nCompleted acquisition of Avelead, a recognized leader in providing solutions and services to improve Revenue Integrity for healthcare providers nationwide.\n\nConference Call\nThe Company will conduct a conference call on Thursday, December 9, 2021 at 9:00 AM ET to review results and provide a corporate update. Interested parties can access the call by joining the live webcast: click here to register. You can also join by phone by dialing 877-407-8291.\nA replay of the conference call will be available from Thursday, December 9, 2021 at 12:00 PM ET to Thursday, December 16, 2021 at 12:00 PM ET by dialing 877-660-6853 or 201-612-7415 with conference ID 13724715. An online replay of the presentation will also be available for six months following the presentation in the Investor Relations section of the Streamline website, www.streamlinehealth.net.\nAbout Streamline Health\nStreamline Health Solutions, Inc. (NASDAQ: STRM) is a leader in pre-bill revenue integrity solutions for healthcare providers. Our eValuator™ Revenue Integrity Program includes integrated solutions, technology-enabled services and analytics that drive compliant revenue and improve financial performance across the enterprise. We share a common calling and commitment to advance the quality of life and the quality of healthcare - for society, our clients, the communities they serve, and the individual patient. For more information, please visit our website at www.streamlinehealth.net.\nNon-GAAP Financial Measures\nStreamline reports its financial results in accordance with U.S. generally accepted accounting principles (\"GAAP\"). Streamline's management also evaluates and makes operating decisions using various other measures. One such measure is adjusted EBITDA, which is a non-GAAP financial measure. Streamline's management believes that this measure provides useful supplemental information regarding the performance of Streamline's business operations.\nStreamline defines \"adjusted EBITDA\" as net earnings (loss) plus interest expense, tax expense, depreciation and amortization expense of tangible and intangible assets, stock-based compensation expense, significant non-recurring operating expenses, and transactional related expenses including: gains and losses on debt and equity conversions, associate severances and related restructuring expenses, associate inducements, and professional and advisory fees. A table illustrating this measure is included in this press release.\nSafe Harbor statement under the Private Securities Litigation Reform Act of 1995\nStatements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements included herein. Forward-looking statements contained in this press release include, without limitation, statements regarding the Company’s growth prospects, estimates of backlog, industry trends and market growth, results of investments in sales and marketing, adjusted EBITDA, success of future products and related expectations and assumptions. These risks and uncertainties include, but are not limited to, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive solutions and pricing, solution demand and market acceptance, new solution development and enhancement of current solutions, key strategic alliances with vendors and channel partners that resell the Company’s solutions, the ability of the Company to control costs, the effects of cost-containment measures implemented by the Company, availability of solutions from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry generally and the markets in which the Company operates and nationally, the Company’s ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.\n\n\n\n\n \nThree Months Ended\n \n \nNine Months Ended\n \n\n\n\n \nOctober 31\n \n \nOctober 31\n \n\n\n\n \n2021\n \n \n2020\n \n \n2021\n \n \n2020\n \n\n\nRevenues:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSoftware Licenses\n\n$\n150,000\n\n\n$\n19,000\n\n\n$\n285,000\n\n\n$\n234,000\n\n\n\nProfessional Services\n\n\n944,000\n\n\n\n161,000\n\n\n\n1,052,000\n\n\n\n473,000\n\n\n\nAudit Services\n\n\n513,000\n\n\n\n491,000\n\n\n\n1,460,000\n\n\n\n1,498,000\n\n\n\nMaintenance and Support\n\n\n1,082,000\n\n\n\n1,070,000\n\n\n\n3,226,000\n\n\n\n3,556,000\n\n\n\nSoftware as a Service\n\n\n2,825,000\n\n\n\n900,000\n\n\n\n5,310,000\n\n\n\n2,611,000\n\n\n\nTotal revenues\n\n\n5,514,000\n\n\n\n2,641,000\n\n\n\n11,333,000\n\n\n\n8,372,000\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCost of software licenses\n\n\n133,000\n\n\n\n183,000\n\n\n\n412,000\n\n\n\n385,000\n\n\n\nCost of professional services\n\n\n936,000\n\n\n\n268,000\n\n\n\n1,411,000\n\n\n\n779,000\n\n\n\nCost of audit services\n\n\n409,000\n\n\n\n425,000\n\n\n\n1,174,000\n\n\n\n1,158,000\n\n\n\nCost of maintenance and support\n\n\n57,000\n\n\n\n160,000\n\n\n\n223,000\n\n\n\n528,000\n\n\n\nCost of software as a service\n\n\n1,088,000\n\n\n\n443,000\n\n\n\n2,276,000\n\n\n\n1,250,000\n\n\n\nSelling, general and administrative expense\n\n\n3,439,000\n\n\n\n2,283,000\n\n\n\n8,507,000\n\n\n\n6,859,000\n\n\n\nResearch and development\n\n\n1,339,000\n\n\n\n753,000\n\n\n\n3,280,000\n\n\n\n1,946,000\n\n\n\nNon-routine costs\n\n\n1,933,000\n\n\n\n-\n\n\n\n2,710,000\n\n\n\n-\n\n\n\nLoss on exit from membership agreement\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n105,000\n\n\n\nTotal operating expenses\n\n\n9,334,000\n\n\n\n4,515,000\n\n\n\n19,993,000\n\n\n\n13,010,000\n\n\n\nOperating loss\n\n\n(3,820,000\n)\n\n\n(1,874,000\n)\n\n\n(8,660,000\n)\n\n\n(4,638,000\n)\n\n\nOther (income) expense:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInterest income (expense)\n\n\n(85,000\n)\n\n\n(12,000\n)\n\n\n(107,000\n)\n\n\n(39,000\n)\n\n\nLoss on Extinguishment of Debt\n\n\n(43,000\n)\n\n\n-\n\n\n\n(43,000\n)\n\n\n-\n\n\n\nOther\n\n\n(427,000\n)\n\n\n14,000\n\n\n\n(421,000\n)\n\n\n(68,000\n)\n\n\nPPP Loan Forgiveness\n\n\n-\n\n\n\n-\n\n\n\n2,327,000\n\n\n\n-\n\n\n\nLoss from continuing operations before income taxes\n\n\n(4,375,000\n)\n\n\n(1,872,000\n)\n\n\n(6,904,000\n)\n\n\n(4,745,000\n)\n\n\nIncome tax benefit (expense)\n\n\n(4,000\n)\n\n\n803,000\n\n\n\n(9,000\n)\n\n\n1,536,000\n\n\n\nLoss from continuing operations\n\n$\n(4,379,000\n)\n\n$\n(1,069,000\n)\n\n$\n(6,913,000\n)\n\n$\n(3,209,000\n)\n\n\nIncome from discontinued operations:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGain on sale of discontinued operations\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n6,013,000\n\n\n\nIncome from discontinued operations\n\n\n69,000\n\n\n\n64,000\n\n\n\n401,000\n\n\n\n305,000\n\n\n\nIncome tax expense\n\n\n-\n\n\n\n(50,000\n)\n\n\n-\n\n\n\n(1,626,000\n)\n\n\nIncome from discontinued operations\n\n\n69,000\n\n\n\n14,000\n\n\n\n401,000\n\n\n\n4,692,000\n\n\n\nNet (loss) income\n\n$\n(4,310,000\n)\n\n$\n(1,055,000\n)\n\n$\n(6,512,000\n)\n\n$\n1,483,000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic Earnings per Share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nContinuing operations\n\n$\n(0.10\n)\n\n$\n(0.04\n)\n\n$\n(0.17\n)\n\n$\n(0.11\n)\n\n\nDiscontinued operations\n\n\n-\n\n\n\n-\n\n\n\n0.01\n\n\n\n0.16\n\n\n\nNet (loss) income\n\n$\n(0.10\n)\n\n$\n(0.04\n)\n\n$\n(0.16\n)\n\n$\n0.05\n\n\n\nWeighted average number of common shares - basic\n\n\n45,709,952\n\n\n\n30,286,197\n\n\n\n41,498,873\n\n\n\n30,026,890\n\n\n\nDiluted Earnings per Share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nContinuing operations\n\n$\n(0.10\n)\n\n$\n(0.04\n)\n\n$\n(0.17\n)\n\n$\n(0.11\n)\n\n\nDiscontinued operations\n\n\n-\n\n\n\n-\n\n\n\n0.01\n\n\n\n0.15\n\n\n\nNet (loss) income\n\n$\n(0.10\n)\n\n$\n(0.04\n)\n\n$\n(0.16\n)\n\n$\n0.04\n\n\n\nWeighted average number of common shares – diluted\n\n\n46,063,803\n\n\n\n30,892,526\n\n\n\n41,995,266\n\n\n\n30,450,572\n\n\n\n\nSTREAMLINE HEALTH SOLUTIONS, INC.\nCONSOLIDATED AND CONDENSED BALANCE SHEETS\n(Unaudited)\n\n\n\nAssets\n\n\n\n \nOctober 31,\n \n \nJanuary 31,\n \n\n\n\n \n2021\n \n \n2021\n \n\n\nCurrent assets:\n\n\n\n\n\n\n\n\n\n\nCash and cash equivalents\n\n$\n10,409,000\n\n\n$\n2,409,000\n\n\n\nAccounts receivable, net\n\n\n3,287,000\n\n\n\n2,929,000\n\n\n\nContract receivables\n\n\n581,000\n\n\n\n174,000\n\n\n\nAssets Held in Escrow\n\n\n-\n\n\n\n800,000\n\n\n\nPrepaid and other current assets\n\n\n876,000\n\n\n\n416,000\n\n\n\nCurrent assets of discontinued operations\n\n\n-\n\n\n\n587,000\n\n\n\nTotal current assets\n\n\n15,153,000\n\n\n\n7,315,000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNon-current assets:\n\n\n\n\n\n\n\n\n\n\nProperty and equipment, net\n\n\n116,000\n\n\n\n104,000\n\n\n\nRight of use asset\n\n\n262,000\n\n\n\n391,000\n\n\n\nCapitalized software development costs, net\n\n\n5,563,000\n\n\n\n5,945,000\n\n\n\nIntangible assets, net\n\n\n17,323,000\n\n\n\n624,000\n\n\n\nGoodwill\n\n\n23,089,000\n\n\n\n10,712,000\n\n\n\nOther\n\n\n908,000\n\n\n\n873,000\n\n\n\nLong-term assets of discontinued operations\n\n\n-\n\n\n\n13,000\n\n\n\nTotal non-current assets\n\n\n47,261,000\n\n\n\n18,662,000\n\n\n\n\n\n$\n62,414,000\n\n\n$\n25,977,000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLiabilities and Stockholders’ Equity\n\n\n\n\n\n\n\n\n\n\nCurrent liabilities:\n\n\n\n\n\n\n\n\n\n\nAccounts payable\n\n$\n689,000\n\n\n$\n272,000\n\n\n\nAccrued expenses\n\n\n2,024,000\n\n\n\n908,000\n\n\n\nCurrent portion of term loan\n\n\n125,000\n\n\n\n1,534,000\n\n\n\nDeferred revenues\n\n\n4,395,000\n\n\n\n3,862,000\n\n\n\nCurrent portion of lease obligation\n\n\n202,000\n\n\n\n198,000\n\n\n\nCurrent liabilities of discontinued operations\n\n\n-\n\n\n\n595,000\n\n\n\nTotal current liabilities\n\n\n7,435,000\n\n\n\n7,369,000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNon-current liabilities:\n\n\n\n\n\n\n\n\n\n\nTerm loan, net of current portion and\ndeferred financing costs\n\n\n9,759,000\n\n\n\n767,000\n\n\n\nDeferred revenues, less current portion\n\n\n156,000\n\n\n\n130,000\n\n\n\nLease obligations, less current portion\n\n\n82,000\n\n\n\n222,000\n\n\n\nAcquisition Earnout Liability\n\n\n11,101,000\n\n\n\n-\n\n\n\nOther Non-Current Liabilities\n\n\n280,000\n\n\n\n-\n\n\n\nTotal non-current liabilities\n\n\n21,378,000\n\n\n\n1,119,000\n\n\n\nTotal liabilities\n\n\n28,813,000\n\n\n\n8,488,000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStockholders’ equity\n\n\n33,601,000\n\n\n\n17,489,000\n\n\n\n\n\n$\n62,414,000\n\n\n$\n25,977,000\n\n\n\n\nSTREAMLINE HEALTH SOLUTIONS, INC.\nCONSOLIDATED AND CONDENSED STATEMENT OF CASH FLOWS\n(Unaudited)\n\n\n\n\n \nNine Months Ended\n \n\n\n\n \nOctober 31,\n \n\n\n\n \n2021\n \n \n2020\n \n\n\nCash flows from continuing operating activities:\n\n\n\n\n\n\n\n\n\n\nLoss from continuing operations\n\n$\n(6,913,000\n)\n\n$\n(3,209,000\n)\n\n\nDepreciation\n\n\n53,000\n\n\n\n35,000\n\n\n\nAmortization of capitalized software development costs\n\n\n1,430,000\n\n\n\n1,128,000\n\n\n\nAmortization of intangible assets\n\n\n721,000\n\n\n\n370,000\n\n\n\nAmortization of other deferred costs\n\n\n369,000\n\n\n\n242,000\n\n\n\nValuation adjustments\n\n\n417,000\n\n\n\n31,000\n\n\n\nProvision for income taxes\n\n\n-\n\n\n\n(1,536,000\n)\n\n\nLoss on early extinguishment of debt\n\n\n43,000\n\n\n\n-\n\n\n\nLoss on exit of membership agreement\n\n\n-\n\n\n\n105,000\n\n\n\nShare-based compensation expense\n\n\n1,659,000\n\n\n\n1,004,000\n\n\n\nExpense (Benefit) for accounts receivable allowance\n\n\n14,000\n\n\n\n(15,000\n)\n\n\nForgiveness of PPP Loan\n\n\n(2,327,000\n)\n\n\n-\n\n\n\nChanges in assets and liabilities:\n\n\n\n\n\n\n\n\n\n\nAccounts and contract receivables\n\n\n666,000\n\n\n\n1,151,000\n\n\n\nOther assets\n\n\n(551,000\n)\n\n\n(514,000\n)\n\n\nAccounts payable\n\n\n(72,000\n)\n\n\n(489,000\n)\n\n\nAccrued expenses and other liabilities\n\n\n774,000\n\n\n\n(386,000\n)\n\n\nDeferred revenues\n\n\n(305,000\n)\n\n\n(1,600,000\n)\n\n\nNet cash used in operating activities\n\n\n(4,022,000\n)\n\n\n(3,683,000\n)\n\n\nNet cash from operating activities - discontinued operations\n\n\n406,000\n\n\n\n(2,319,000\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash flows used in investing activities:\n\n\n\n\n\n\n\n\n\n\nCash paid for Avelead\n\n\n(12,354,000\n)\n\n\n-\n\n\n\nProceeds from sale of ECM assets\n\n\n800,000\n\n\n\n11,288,000\n\n\n\nCapitalization of software development costs\n\n\n(1,048,000\n)\n\n\n(1,495,000\n)\n\n\nPurchases of property and equipment\n\n\n(18,000\n)\n\n\n(42,000\n)\n\n\nNet cash (used in) provided by investing activities\n\n\n(12,620,000\n)\n\n\n9,751,000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash flows from financing activities:\n\n\n\n\n\n\n\n\n\n\nProceeds from issuance of common stock\n\n\n16,100,000\n\n\n\n-\n\n\n\nPayments for costs directly attributable to the issuance of common stock\n\n\n(1,313,000\n)\n\n\n-\n\n\n\nRepayment of bank term loan\n\n\n-\n\n\n\n(4,000,000\n)\n\n\nProceeds from term loan payable\n\n\n10,000,000\n\n\n\n2,301,000\n\n\n\nPayments related to settlement of employee shared based awards\n\n\n(380,000\n)\n\n\n(168,000\n)\n\n\nPayment for deferred financing costs\n\n\n(168,000\n)\n\n\n-\n\n\n\nPayment of Royalty Liability\n\n\n-\n\n\n\n(500,000\n)\n\n\nOther\n\n\n(3,000\n)\n\n\n-\n\n\n\nNet cash provided by (used in) financing activities\n\n\n24,236,000\n\n\n\n(2,367,000\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet decrease in cash and cash equivalents\n\n\n8,000,000\n\n\n\n1,382,000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash and cash equivalents at beginning of year\n\n\n2,409,000\n\n\n\n1,649,000\n\n\n\nCash and cash equivalents at end of year\n\n$\n10,409,000\n\n\n$\n3,031,000\n\n\n\n\nSTREAMLINE HEALTH SOLUTIONS, INC.\nNew Bookings\n(Unaudited)\n\n\n\nTotal Contract Value Amounts\n\n\n\n\n\n\n\n\n\n \nOctober 31, 2021\n \n\n\n\n \nThree Months Ended\n \n \nNine Months Ended\n \n\n\nSystems Sales\n\n$\n142,900\n\n\n$\n277,900\n\n\n\nProfessional Services *\n\n\n661,080\n\n\n\n1,010,030\n\n\n\nAudit Services\n\n\n227,000\n\n\n\n634,800\n\n\n\nMaintenance and Support\n\n\n308,300\n\n\n\n443,300\n\n\n\nSoftware as a Service *\n\n\n750,000\n\n\n\n3,930,000\n\n\n\nQ3 2021 Bookings\n\n$\n2,089,280\n\n\n$\n6,296,030\n\n\n\nQ3 2020 Bookings\n\n$\n1,424,000\n\n\n$\n5,574,000\n\n\n\n\n* Bookings are presented on a total contract value basis, and include Avelead from the acquisition date, August 16, 2021.\nSTREAMLINE HEALTH SOLUTIONS, INC.\nReconciliation of Loss from Continuing Operations to non-GAAP Adjusted EBITDA\n(in thousands)\n(Unaudited)\n\n\n\n\n \nThree Months Ended October 31,\n \n \nNine Months Ended October 31,\n \n\n\n\n \n2021\n \n \n2020\n \n \n2021\n \n \n2020\n \n\n\nLoss from continuing operations\n\n$\n(4,379\n)\n\n$\n(1,069\n)\n\n$\n(6,913\n)\n\n$\n(3,209\n)\n\n\nInterest expense\n\n\n85\n\n\n\n12\n\n\n\n107\n\n\n\n39\n\n\n\nIncome tax (benefit) expense\n\n\n4\n\n\n\n(803\n)\n\n\n9\n\n\n\n(1,536\n)\n\n\nDepreciation\n\n\n16\n\n\n\n4\n\n\n\n53\n\n\n\n35\n\n\n\nAmortization of capitalized software development costs\n\n\n446\n\n\n\n477\n\n\n\n1,430\n\n\n\n1,128\n\n\n\nAmortization of intangible assets\n\n\n490\n\n\n\n123\n\n\n\n721\n\n\n\n370\n\n\n\nAmortization of other costs\n\n\n110\n\n\n\n89\n\n\n\n338\n\n\n\n242\n\n\n\nEBITDA\n\n\n(3,228\n)\n\n\n(1,167\n)\n\n\n(4,255\n)\n\n\n(2,931\n)\n\n\nShare-based compensation expense\n\n\n537\n\n\n\n442\n\n\n\n1,659\n\n\n\n1,054\n\n\n\nNon-cash valuation adjustments\n\n\n417\n\n\n\n-\n\n\n\n417\n\n\n\n31\n\n\n\nLoss on exit of operating lease\n\n\n-\n\n\n\n-\n\n\n\n-\n\n\n\n105\n\n\n\nOther non-recurring operating expenses\n\n\n1,933\n\n\n\n-\n\n\n\n2,710\n\n\n\n-\n\n\n\nForgiveness of PPP Loan and accrued interest\n\n\n-\n\n\n\n-\n\n\n\n(2,327\n)\n\n\n-\n\n\n\nOther non-recurring operating expenses\n\n\n-\n\n\n\n-\n\n\n\n16\n\n\n\n-\n\n\n\nLoss on early extinguishment of debt\n\n\n43\n\n\n\n-\n\n\n\n43\n\n\n\n-\n\n\n\nAdjusted EBITDA\n\n$\n(298\n)\n\n$\n(725\n)\n\n$\n(1,737\n)\n\n$\n(1,741\n)\n\n\nAdjusted EBITDA per diluted share:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet loss per common share – diluted\n\n$\n(0.10\n)\n\n$\n(0.04\n)\n\n$\n(0.17\n)\n\n$\n(0.11\n)\n\n\nAdjusted EBITDA per adjusted diluted share (1)\n\n$\n(0.01\n)\n\n$\n(0.02\n)\n\n$\n(0.04\n)\n\n$\n(0.06\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted weighted average shares (2)\n\n\n45,709,952\n\n\n\n30,286,197\n\n\n\n41,498,873\n\n\n\n30,026,890\n\n\n\nIncludable incremental shares — Adjusted EBITDA (3)\n\n\n353,851\n\n\n\n606,329\n\n\n\n496,393\n\n\n\n423,682\n\n\n\nAdjusted diluted shares\n\n\n46,063,803\n\n\n\n30,892,526\n\n\n\n41,995,266\n\n\n\n30,450,572\n\n\n\n\n(1) Adjusted EBITDA per adjusted diluted share for the Company’s common stock is computed using the treasury stock method.\n(2) Diluted EPS for the Company’s common stock was computed using the treasury stock method.\n(3) The number of incremental shares that would be dilutive under an assumption that the Company is profitable during the reported period, which is only applicable for a period in which the Company reports a GAAP net loss. 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