Performant Financial Corporation Announces Financial Results for Fourth Quarter and Full Year 2023
- Strong financial performance in Q4 and full year 2023 for Performant Financial Corporation (PFMT).
- Total revenues of $32.6 million in Q4 and $113.7 million for full year 2023.
- Healthcare revenues saw significant growth, contributing to net income of $1.3 million in Q4 and a net loss of $7.5 million for the full year.
- Adjusted EBITDA improved to $4.5 million in Q4 and $3.4 million for the full year.
- Company plans for continued growth in 2024 with revenue guidance of $117M to $122M and adjusted EBITDA of $4M to $5M.
- None.
Insights
The reported financial results from Performant Financial Corporation indicate a significant upturn in their fourth quarter performance, particularly in healthcare revenues which have seen a 12% growth. This is a substantial figure in the context of the healthcare payment integrity services industry, indicating that the company is effectively capitalizing on its commercial client base. The adjusted EBITDA and adjusted net income for both the fourth quarter and the full year show improvements, signaling better operational efficiency and cost management.
However, there is a notable full-year net loss, which investors should examine closely. Despite the positive quarterly results, the annual figures suggest that there may be underlying challenges that could affect future profitability. The company's investment in technology and sales to scale operations, as well as the secured $25M revolver, are strategic moves that could lead to sustained growth, but these require careful monitoring to ensure they translate into long-term profitability.
Performant Financial Corporation's focus on healthcare payment integrity services places it in a sector with increasing demand due to the complex nature of healthcare billing and the need for cost containment. The reported growth in healthcare revenues, particularly from commercial clients, reflects a strong market position and an effective strategy in acquiring new contracts, such as with New York state Medicaid.
Introducing full-year revenue guidance for 2024 provides a transparent outlook for stakeholders and can be seen as a confidence signal from the management. However, the protest of the New York state Medicaid RAC contract introduces an element of uncertainty that should be tracked, as it could have implications for projected revenues and market expansion.
The mention of the New York state Medicaid RAC contract being under protest by the incumbent raises legal considerations that could impact Performant Financial Corporation's future revenue streams. While such disputes are not uncommon in government contracting, the outcome of this protest could either validate the company's growth strategy in the government sector or result in delays and potential loss of revenue. Stakeholders should be aware of the legal risks associated with government contracts and the impact they can have on a company's financial projections and stock performance.
Fourth Quarter Financial Highlights
-
Total revenues of
$32.6 million $29.2 million -
Healthcare revenues of
$31.1 million $26.0 million -
Net income of
$1.3 million $0.02 $0.2 million $0.00 -
Adjusted EBITDA of
$4.5 million $2.3 million -
Adjusted net income of
$3.6 million $0.05 $0.4 million $0.01
Full Year 2023 Financial Highlights
-
Total revenues of
$113.7 million $109.2 million -
Healthcare revenues of
$106.4 million $94.7 million -
Net loss of
$7.5 million $(0.10) $6.5 million $(0.09) -
Adjusted EBITDA of
$3.4 million $0.9 million -
Adjusted net loss of
$3.8 million $(0.05) $5.2 million $(0.07)
Fourth Quarter 2023 Results
Healthcare revenues in the fourth quarter of 2023 were
Net income for the fourth quarter of 2023 was
Full Year 2023 Results
Revenues for the full year ended December 31, 2023 were
Net loss for the full year ended December 31, 2023 was
“2023 was a year of strong performance, successful implementations, and operational growth. Healthcare revenues experienced strong growth of
As of December 31, 2023, the Company had cash, cash equivalents and restricted cash of approximately
Business Commentary
“We are proud of the financial and operational success we delivered in 2023 and the foundation we have established for future growth,” said Rohit Ramchandani, Chief Financial Officer. “Looking ahead to 2024, we are investing in innovative technology and our sales and account management teams to scale existing implementations and execute on our record pipeline. The
Note Regarding Use of Non-GAAP Financial Measures
In this press release, to supplement our consolidated financial statements, the Company presents adjusted EBITDA, adjusted net income (loss), and adjusted net income (loss) per diluted share. These measures are not in accordance with accounting principles generally accepted in
Earnings Conference Call
The Company will hold a conference call to discuss its fourth quarter and full year 2023 results today at 5:00 p.m. Eastern. A live webcast of the call may be accessed on the Investor Relations section of the Company’s website at investors.performantcorp.com. To dial into the call you will need to register through this link. After registering, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call.
A replay of the call will be available on the Company's website or by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13744430. The telephonic replay will be available approximately three hours after the call, through March 19, 2024.
About Performant Healthcare Solutions
Performant supports healthcare payers in identifying, preventing, and recovering waste and improper payments by leveraging advanced technology, analytics and proprietary data assets. Performant works with leading national and regional healthcare payers to provide eligibility-based, also known as coordination-of-benefits (COB) services, as well as claims-based services, which includes the audit and identification of improperly paid claims. Performant is a leading provider of these services in both government and commercial healthcare markets. Performant also provides advanced reporting capabilities, support services, customer care, and stakeholder training programs designed to mitigate future instances of improper payments.
To learn more, please visit https://www.performanthealth.com
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's outlook for revenues, net income (loss), and adjusted EBITDA in 2023 and beyond. These forward-looking statements are based on current expectations, estimates, assumptions, and projections that are subject to change and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s ability to generate revenue following long implementation periods associated with new customer contracts; client relationships and the Company’s ability to maintain such client relationships; many of the Company’s customer contracts are subject to periodic renewal, are not exclusive, do not provide for committed business volumes; anticipated trends and challenges in the Company’s business and competition in the markets in which it operates; the Company’s indebtedness and compliance, or failure to comply, with restrictive covenants in the Company’s credit agreement; opportunities and expectations for growth in the various markets in which the Company operates; the Company’s ability to hire and retain employees with specialized skills that are required for its healthcare business; downturns in domestic or global economic conditions and other macroeconomic factors; the Company’s ability to generate sufficient cash flows to fund our ongoing operations and other liquidity needs; the impact of public health pandemics such as COVID-19 on the Company’s business and operations, opportunities and expectations for the markets in which the Company operates; the impacts of a failure of the Company’s operating systems or technology infrastructure or those of third-party vendors and subcontractors; the impacts of a cybersecurity breach or related incident to the Company or any of the Company’s third-party vendors and subcontractors; the adaptability of the Company’s technology platform to new markets and processes; the Company’s ability to invest in and utilize our data and analytics capabilities to expand its capabilities; the Company’s growth strategy of expanding in existing markets and considering strategic alliances or acquisitions; the Company’s ability to maintain, protect and enhance its intellectual property; expectations regarding future expenses; expected future financial performance; and the Company’s ability to comply with and adapt to industry regulations and compliance demands.
More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's annual report on Form 10-K for the year ended December 31, 2022 and subsequently filed reports on Forms 10-Q and 8-K. The forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking statements to conform these statements to actual results or revised expectations.
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES |
|||||||
Consolidated Balance Sheets |
|||||||
(In thousands, except per share amounts) |
|||||||
(Unaudited) |
|||||||
|
As of December 31, |
||||||
Assets |
|
2023 |
|
|
|
2022 |
|
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
7,252 |
|
|
$ |
23,384 |
|
Restricted cash |
|
81 |
|
|
|
81 |
|
Trade accounts receivable, net of allowance for credit losses |
|
17,584 |
|
|
|
15,794 |
|
Contract assets |
|
10,879 |
|
|
|
11,460 |
|
Prepaid expenses and other current assets |
|
3,651 |
|
|
|
3,665 |
|
Income tax receivable |
|
335 |
|
|
|
3,123 |
|
Total current assets |
|
39,782 |
|
|
|
57,507 |
|
Property, equipment, and leasehold improvements, net |
|
9,724 |
|
|
|
10,897 |
|
Goodwill |
|
47,372 |
|
|
|
47,372 |
|
Debt issuance costs |
|
631 |
|
|
|
— |
|
Right-of-use assets |
|
531 |
|
|
|
2,057 |
|
Other assets |
|
990 |
|
|
|
1,000 |
|
Total assets |
$ |
99,030 |
|
|
$ |
118,833 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current maturities of long-term payable, net of unamortized debt issuance costs of |
$ |
— |
|
|
$ |
983 |
|
Accrued salaries and benefits |
|
7,924 |
|
|
|
6,938 |
|
Accounts payable |
|
727 |
|
|
|
1,262 |
|
Other current liabilities |
|
2,385 |
|
|
|
2,252 |
|
Contract liabilities |
|
493 |
|
|
|
438 |
|
Estimated liability for appeals and disputes |
|
601 |
|
|
|
1,106 |
|
Lease liabilities |
|
250 |
|
|
|
1,228 |
|
Total current liabilities |
|
12,380 |
|
|
|
14,207 |
|
Long-term loan payable, net of current portion and unamortized debt issuance costs of |
|
5,000 |
|
|
|
18,184 |
|
Lease liabilities |
|
295 |
|
|
|
1,076 |
|
Other liabilities |
|
648 |
|
|
|
881 |
|
Total liabilities |
|
18,323 |
|
|
|
34,348 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock, |
|
8 |
|
|
|
7 |
|
Additional paid-in capital |
|
146,001 |
|
|
|
142,261 |
|
Accumulated deficit |
|
(65,302 |
) |
|
|
(57,783 |
) |
Total stockholders’ equity |
|
80,707 |
|
|
|
84,485 |
|
Total liabilities and stockholders’ equity |
$ |
99,030 |
|
|
$ |
118,833 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES |
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
(In thousands, except per share amounts) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
$ |
32,567 |
|
|
$ |
29,242 |
|
|
$ |
113,743 |
|
|
$ |
109,184 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Salaries and benefits |
|
23,308 |
|
|
|
22,211 |
|
|
|
90,447 |
|
|
|
85,312 |
|
Other operating expenses |
|
7,349 |
|
|
|
6,827 |
|
|
|
29,424 |
|
|
|
30,772 |
|
Total operating expenses |
|
30,657 |
|
|
|
29,038 |
|
|
|
119,871 |
|
|
|
116,084 |
|
Gain (loss) from operations |
|
1,910 |
|
|
|
204 |
|
|
|
(6,128 |
) |
|
|
(6,900 |
) |
Gain on sale of certain recovery contracts |
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
382 |
|
Gain on sale of land and buildings |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,120 |
|
Interest expense |
|
(785 |
) |
|
|
(359 |
) |
|
|
(1,974 |
) |
|
|
(1,007 |
) |
Interest income |
|
154 |
|
|
|
— |
|
|
|
240 |
|
|
|
— |
|
Loss before provision for (benefit from) income taxes |
|
1,279 |
|
|
|
(155 |
) |
|
|
(7,859 |
) |
|
|
(6,405 |
) |
Provision for (benefit from) income taxes |
|
24 |
|
|
|
80 |
|
|
|
(340 |
) |
|
|
132 |
|
Net income (loss) |
$ |
1,255 |
|
|
$ |
(235 |
) |
|
$ |
(7,519 |
) |
|
$ |
(6,537 |
) |
Net gain (loss) per share attributable to common shareholders |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.02 |
|
|
$ |
— |
|
|
$ |
(0.10 |
) |
|
$ |
(0.09 |
) |
Diluted |
$ |
0.02 |
|
|
$ |
— |
|
|
$ |
(0.10 |
) |
|
$ |
(0.09 |
) |
Weighted average shares |
|
|
|
|
|
|
|
||||||||
Basic |
|
76,896 |
|
|
|
74,291 |
|
|
|
76,156 |
|
|
|
72,937 |
|
Diluted |
|
77,361 |
|
|
|
74,291 |
|
|
|
76,156 |
|
|
|
72,937 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES |
|||||||
Consolidated Statements of Cash Flows |
|||||||
(In thousands) |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
For the Years Ended |
||||||
|
December 31, |
||||||
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(7,519 |
) |
|
$ |
(6,537 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
||||
Loss on disposal of assets |
|
129 |
|
|
|
41 |
|
Depreciation and amortization |
|
5,187 |
|
|
|
4,524 |
|
Right-of-use assets amortization |
|
1,526 |
|
|
|
1,178 |
|
Stock-based compensation |
|
3,936 |
|
|
|
3,036 |
|
Amortization of debt issuance costs |
|
347 |
|
|
|
95 |
|
Loss on debt extinguishment |
|
510 |
|
|
|
— |
|
Gain on sale of certain recovery contracts |
|
(3 |
) |
|
|
(382 |
) |
Gain on sale of land and buildings |
|
— |
|
|
|
(1,120 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Trade accounts receivable |
|
(1,790 |
) |
|
|
5,014 |
|
Contract assets |
|
581 |
|
|
|
(3,347 |
) |
Prepaid expenses and other current assets |
|
14 |
|
|
|
(588 |
) |
Income tax receivable |
|
2,788 |
|
|
|
36 |
|
Other assets |
|
10 |
|
|
|
(37 |
) |
Accrued salaries and benefits |
|
986 |
|
|
|
(1,538 |
) |
Accounts payable |
|
(535 |
) |
|
|
138 |
|
Contract liabilities and other current liabilities |
|
188 |
|
|
|
(1,660 |
) |
Estimated liability for appeals and disputes |
|
(505 |
) |
|
|
(84 |
) |
Lease liabilities |
|
(1,759 |
) |
|
|
(1,361 |
) |
Other liabilities |
|
(231 |
) |
|
|
(285 |
) |
Net cash provided by (used in) operating activities |
|
3,860 |
|
|
|
(2,877 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchase of property, equipment, and leasehold improvements |
|
(4,143 |
) |
|
|
(3,585 |
) |
Proceeds from sale of certain recovery contracts |
|
3 |
|
|
|
382 |
|
Proceeds from sales of property, equipment, and leasehold improvements |
|
— |
|
|
|
4,934 |
|
Net cash (used in) provided by investing activities |
|
(4,140 |
) |
|
|
1,731 |
|
Cash flows from financing activities: |
|
|
|
||||
Repayment of long-term loan payable |
|
(19,500 |
) |
|
|
(500 |
) |
Debt issuance costs paid |
|
(1,156 |
) |
|
|
(2 |
) |
Taxes paid related to net share settlement of stock awards |
|
(196 |
) |
|
|
— |
|
Proceeds from exercise of warrants |
|
— |
|
|
|
5,563 |
|
Borrowings from revolving loan |
|
5,000 |
|
|
|
— |
|
Net cash (used in) provided by financing activities |
|
(15,852 |
) |
|
|
5,061 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(16,132 |
) |
|
|
3,915 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
23,465 |
|
|
|
19,550 |
|
Cash, cash equivalents and restricted cash at end of year |
$ |
7,333 |
|
|
$ |
23,465 |
|
|
|
|
|
||||
Reconciliation of the consolidated statements of cash flows to the consolidated balance sheets: |
|
|
|
||||
Cash and cash equivalents |
$ |
7,252 |
|
|
$ |
23,384 |
|
Restricted cash |
|
81 |
|
|
|
81 |
|
Total cash, cash equivalents and restricted cash at end of period |
$ |
7,333 |
|
|
$ |
23,465 |
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash (received) paid for income taxes |
$ |
(3,052 |
) |
|
$ |
250 |
|
Cash paid for interest |
$ |
1,291 |
|
|
$ |
702 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES |
|||||||||||||||
Reconciliation of Non-GAAP Results |
|||||||||||||||
(In thousands, except per share amounts) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
1,255 |
|
|
$ |
(235 |
) |
|
$ |
(7,519 |
) |
|
$ |
(6,537 |
) |
Provision for (benefit from) income taxes |
|
24 |
|
|
|
80 |
|
|
|
(340 |
) |
|
|
132 |
|
Interest expense (1) |
|
785 |
|
|
|
359 |
|
|
|
1,974 |
|
|
|
1,007 |
|
Interest income |
|
(154 |
) |
|
|
— |
|
|
|
(240 |
) |
|
|
— |
|
Stock based compensation |
|
1,121 |
|
|
|
824 |
|
|
|
3,936 |
|
|
|
3,036 |
|
Depreciation and amortization |
|
1,382 |
|
|
|
1,169 |
|
|
|
5,187 |
|
|
|
4,524 |
|
Severance expenses (3) |
|
100 |
|
|
|
85 |
|
|
|
346 |
|
|
|
274 |
|
Non-core operating expenses (4) |
|
15 |
|
|
|
1 |
|
|
|
52 |
|
|
|
10 |
|
Gain on sale of certain recovery contracts (5) |
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
(382 |
) |
Gain on sale of land and buildings (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,120 |
) |
Adjusted EBITDA |
$ |
4,528 |
|
|
$ |
2,283 |
|
|
$ |
3,393 |
|
|
$ |
944 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of Adjusted Net Income (Loss): |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
1,255 |
|
|
$ |
(235 |
) |
|
$ |
(7,519 |
) |
|
$ |
(6,537 |
) |
Stock based compensation |
|
1,121 |
|
|
|
824 |
|
|
|
3,936 |
|
|
|
3,036 |
|
Amortization of debt issuance costs (2) |
|
601 |
|
|
|
24 |
|
|
|
857 |
|
|
|
95 |
|
Severance expenses (3) |
|
100 |
|
|
|
85 |
|
|
|
346 |
|
|
|
274 |
|
Non-core operating expenses (4) |
|
15 |
|
|
|
1 |
|
|
|
52 |
|
|
|
10 |
|
Gain on sale of certain recovery contracts (5) |
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
(382 |
) |
Gain on sale of land and buildings (6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,120 |
) |
Tax adjustments (7) |
|
505 |
|
|
|
(257 |
) |
|
|
(1,427 |
) |
|
|
(526 |
) |
Adjusted net income (loss) |
$ |
3,597 |
|
|
$ |
442 |
|
|
$ |
(3,758 |
) |
|
$ |
(5,150 |
) |
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Adjusted Earnings (Loss) Per Diluted Share: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
1,255 |
|
|
$ |
(235 |
) |
|
$ |
(7,519 |
) |
|
$ |
(6,537 |
) |
Plus: Adjusted items per reconciliation of adjusted net income (loss) |
|
2,342 |
|
|
|
677 |
|
|
|
3,761 |
|
|
|
1,387 |
|
Adjusted net income (loss) |
$ |
3,597 |
|
|
$ |
442 |
|
|
$ |
(3,758 |
) |
|
$ |
(5,150 |
) |
Adjusted earnings (loss) per diluted share |
$ |
0.05 |
|
|
$ |
0.01 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.07 |
) |
Diluted average shares outstanding (8) |
|
77,361 |
|
|
|
75,455 |
|
|
|
76,156 |
|
|
|
69,873 |
|
| (1) | Represents interest expense and amortization of debt issuance costs related to our Credit Agreement and prior credit agreement. |
|
| (2) | Represents amortization of debt issuance costs related to our Credit Agreement and prior credit agreement. |
|
| (3) | Represents severance expenses incurred in connection with a reduction in force for our nonhealthcare services. |
|
| (4) | Represents professional fees related to strategic corporate development activities. |
|
| (5) | Represents gain on the sale of certain non-healthcare recovery contracts. |
|
| (6) | Represents gain on the sale of land and buildings in 2022. |
|
| (7) |
Represents tax adjustments assuming a marginal tax rate of |
|
| (8) |
Net income for the three months ended December 31, 2023 was |
We are providing the following historical breakdown of the quarterly and annual revenue contributions under the new contribution breakdowns of the Company's healthcare revenue results for the years ended December 31, 2023, 2022, and 2021:
|
|
For the Three Months Ended |
|
For the Year Ended |
|||||||||||
|
|
March 31, 2023 |
|
June 30, 2023 |
|
September 30, 2023 |
|
December 31, 2023 |
|
December 31, 2023 |
|||||
|
|
(in thousands) |
|||||||||||||
Eligibility-based |
|
$ |
12,480 |
|
$ |
14,131 |
|
$ |
18,165 |
|
$ |
16,403 |
|
$ |
61,179 |
Claims-based |
|
|
10,412 |
|
|
9,798 |
|
|
10,325 |
|
|
14,730 |
|
|
45,265 |
Healthcare Total |
|
|
22,892 |
|
|
23,929 |
|
|
28,490 |
|
|
31,133 |
|
|
106,444 |
Recovery |
|
|
19 |
|
|
14 |
|
|
— |
|
|
— |
|
|
33 |
Customer Care / Outsourced Services |
|
|
2,818 |
|
|
1,542 |
|
|
1,472 |
|
|
1,434 |
|
|
7,266 |
Total |
|
$ |
25,729 |
|
$ |
25,485 |
|
$ |
29,962 |
|
$ |
32,567 |
|
$ |
113,743 |
|
|
For the Three Months Ended |
|
For the Year Ended |
|||||||||||
|
|
March 31, 2022 |
|
June 30, 2022 |
|
September 30, 2022 |
|
December 31, 2022 |
|
December 31, 2022 |
|||||
|
|
(in thousands) |
|||||||||||||
Eligibility-based |
|
$ |
14,214 |
|
$ |
12,417 |
|
$ |
13,142 |
|
$ |
13,511 |
|
$ |
53,284 |
Claims-based |
|
|
9,150 |
|
|
9,339 |
|
|
10,377 |
|
|
12,516 |
|
|
41,382 |
Healthcare Total |
|
|
23,364 |
|
|
21,756 |
|
|
23,519 |
|
|
26,027 |
|
|
94,666 |
Recovery |
|
|
118 |
|
|
7 |
|
|
41 |
|
|
75 |
|
|
241 |
Customer Care / Outsourced Services |
|
|
3,601 |
|
|
3,918 |
|
|
3,618 |
|
|
3,140 |
|
|
14,277 |
Total |
|
$ |
27,083 |
|
$ |
25,681 |
|
$ |
27,178 |
|
$ |
29,242 |
|
$ |
109,184 |
|
|
For the Three Months Ended |
|
For the Year Ended |
|||||||||||
|
|
March 31, 2021 |
|
June 30, 2021 |
|
September 30, 2021 |
|
December 31, 2021 |
|
December 31, 2021 |
|||||
|
|
(in thousands) |
|||||||||||||
Eligibility-based |
|
$ |
7,911 |
|
$ |
11,577 |
|
$ |
12,727 |
|
$ |
16,061 |
|
$ |
48,276 |
Claims-based |
|
|
5,375 |
|
|
7,025 |
|
|
7,280 |
|
|
9,498 |
|
|
29,178 |
Healthcare Total |
|
|
13,286 |
|
|
18,602 |
|
|
20,007 |
|
|
25,559 |
|
|
77,454 |
Recovery |
|
|
14,491 |
|
|
11,091 |
|
|
5,490 |
|
|
2,333 |
|
|
33,405 |
Customer Care / Outsourced Services |
|
|
3,613 |
|
|
3,149 |
|
|
3,085 |
|
|
3,687 |
|
|
13,534 |
Total |
|
$ |
31,390 |
|
$ |
32,842 |
|
$ |
28,582 |
|
$ |
31,579 |
|
$ |
124,393 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312151508/en/
Jon Bozzuto
Investor Relations
925-960-4988
investors@performantcorp.com
Source: Performant Financial Corporation
FAQ
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