$PHLT
Performant Healthcare Inc

2011 Q4 Form 10-K Financial Statement

#000119312513119713 Filed on March 21, 2013

View on sec.gov

Income Statement

Concept 2011 Q4 2010 Q4 2010
Revenue $42.64M $123.5M
YoY Change 12.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.65M $58.10M
YoY Change 8.19%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.060M $7.213M
YoY Change -25.02%
% of Gross Profit
Operating Expenses $30.65M $91.77M
YoY Change 6.96%
Operating Profit $31.75M
YoY Change
Interest Expense -$3.290M $15.23M
YoY Change -195.79%
% of Operating Profit 47.97%
Other Income/Expense, Net
YoY Change
Pretax Income -$4.700M $16.64M
YoY Change 105.42%
Income Tax -$2.320M $6.664M
% Of Pretax Income 40.05%
Net Earnings -$2.370M $9.975M
YoY Change 99.5%
Net Earnings / Revenue -5.56% 8.08%
Basic Earnings Per Share $0.10
Diluted Earnings Per Share -$55.17K $0.09
COMMON SHARES
Basic Shares Outstanding 42.96M shares
Diluted Shares Outstanding 45.02M shares

Balance Sheet

Concept 2011 Q4 2010 Q4 2010
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00M $11.10M
YoY Change
Cash & Equivalents $20.00M $11.08M $11.10M
Short-Term Investments
Other Short-Term Assets $9.200M $6.600M
YoY Change
Inventory
Prepaid Expenses
Receivables $19.40M $14.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $48.64M $31.70M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $14.92M $13.50M
YoY Change
Goodwill $81.57M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $1.600M
YoY Change
Total Long-Term Assets $133.7M $149.7M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $48.64M $31.70M
Total Long-Term Assets $133.7M $149.7M
Total Assets $182.3M $181.4M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.00K $100.0K
YoY Change
Accrued Expenses $7.100M $4.600M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.100M $12.50M
YoY Change
Total Short-Term Liabilities $26.94M $20.90M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $95.20M $104.8M
YoY Change
Other Long-Term Liabilities $1.158M $4.400M
YoY Change
Total Long-Term Liabilities $139.8M $109.2M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $26.94M $20.90M
Total Long-Term Liabilities $139.8M $109.2M
Total Liabilities $166.7M $151.2M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$32.81M
YoY Change
Common Stock $19.38M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$15.71M -$21.59M $30.20M
YoY Change
Total Liabilities & Shareholders Equity $182.3M $181.4M
YoY Change

Cashflow Statement

Concept 2011 Q4 2010 Q4 2010
OPERATING ACTIVITIES
Net Income -$2.370M $9.975M
YoY Change 99.5%
Depreciation, Depletion And Amortization $2.060M $7.213M
YoY Change -25.02%
Cash From Operating Activities $2.980M $18.21M
YoY Change 16.53%
INVESTING ACTIVITIES
Capital Expenditures -$1.870M $4.921M
YoY Change -200.84%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.870M -$4.921M
YoY Change 0.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.880M -11.14M
YoY Change 1.82%
NET CHANGE
Cash From Operating Activities 2.980M 18.21M
Cash From Investing Activities -1.870M -4.921M
Cash From Financing Activities -2.880M -11.14M
Net Change In Cash -1.770M 2.154M
YoY Change -1233.68%
FREE CASH FLOW
Cash From Operating Activities $2.980M $18.21M
Capital Expenditures -$1.870M $4.921M
Free Cash Flow $4.850M $13.29M
YoY Change -35.19%

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CY2012Q1 pfmt Agency Fee To Entity Associated With Majority Stockholder
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CY2012Q1 pfmt Grant Of Common Stock Shares To Investment Bank Acting As Advisor
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CY2012Q1 pfmt Grant Of Shares Based On Price
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CY2012Q1 pfmt Value Of Granted Shares To Investment Bank
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CY2012Q3 pfmt Underwriters Discounts And Commissions Paid On Initial Public Offering
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2010 us-gaap Gains Losses On Extinguishment Of Debt
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CY2010 us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
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CY2010 us-gaap Current Income Tax Expense Benefit
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CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2010 us-gaap Depreciation Depletion And Amortization
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CY2010 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2010 us-gaap Net Cash Provided By Used In Operating Activities
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CY2010 us-gaap Net Cash Provided By Used In Investing Activities
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CY2010 us-gaap Investment Income Interest
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CY2010 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2010 us-gaap Payments Of Debt Issuance Costs
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CY2010 us-gaap Income Taxes Paid
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CY2010 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2010 us-gaap Preferred Stock Dividends And Other Adjustments
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CY2010 us-gaap Increase In Carrying Amount Of Redeemable Preferred Stock
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5771000
CY2010 us-gaap Capitalized Computer Software Amortization
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1500000
CY2010 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.05 pure
CY2010 us-gaap Payments To Acquire Property Plant And Equipment
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4921000
CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2010 us-gaap Increase Decrease In Employee Related Liabilities
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CY2010 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2010 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2010 us-gaap Increase Decrease In Accounts Receivable
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CY2010 us-gaap Earnings Per Share Basic
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CY2010 us-gaap Net Cash Provided By Used In Financing Activities
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CY2010 us-gaap Operating Leases Rent Expense Minimum Rentals
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1900000
CY2010 us-gaap Operating Expenses
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91768000
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.406 pure
CY2010 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42962000 shares
CY2010 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1132000
CY2010 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2010 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2010 us-gaap Revenues
Revenues
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CY2010 us-gaap Depreciation
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4200000
CY2010 us-gaap Allocated Share Based Compensation Expense
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600000
CY2010 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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16639000
CY2010 us-gaap Increase Decrease In Other Noncurrent Assets
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394000
CY2010 us-gaap Interest Paid
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13048000
CY2010 us-gaap Other Cost And Expense Operating
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33655000
CY2010 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
32000
CY2010 us-gaap Net Income Loss
NetIncomeLoss
9975000
CY2010 us-gaap Labor And Related Expense
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58113000
CY2010 us-gaap Income Tax Expense Benefit
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6664000
CY2010 us-gaap Net Income Loss Available To Common Stockholders Basic
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4204000
CY2010 us-gaap Increase Decrease In Other Current Liabilities
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CY2010 us-gaap Amortization Of Intangible Assets
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3000000
CY2010 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
13200000
CY2010 us-gaap Interest Income Purchased Receivables
InterestIncomePurchasedReceivables
103000
CY2010 us-gaap Interest Expense
InterestExpense
15230000
CY2010 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2010 pfmt Effective Income Tax Rate Reconciliation Permanent Differences
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CY2010 pfmt Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercises Price
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CY2010 pfmt Interest Expense Debt Issuance Costs And Amortization
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CY2010 pfmt Interest On Notes Receivable From Stockholders Value
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CY2010 pfmt Repayments Of Long Term Notes Payable
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CY2010 pfmt Number Of Single Customers Comprising More Than Ten Percent Of Consolidated Net Sales
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2011 us-gaap Gains Losses On Extinguishment Of Debt
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0
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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0
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2011 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2011 us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
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CY2011 us-gaap Current Income Tax Expense Benefit
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CY2011 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
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CY2011 us-gaap Earnings Per Share Diluted
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CY2011 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2011 us-gaap Profit Loss
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CY2011 us-gaap Impairment Of Intangible Assets Finitelived
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2500000
CY2011 us-gaap Current Federal Tax Expense Benefit
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CY2011 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2011 us-gaap Effective Income Tax Rate Continuing Operations
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CY2011 us-gaap Net Cash Provided By Used In Operating Activities
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CY2011 us-gaap Investment Income Interest
InvestmentIncomeInterest
125000
CY2011 us-gaap Income Taxes Paid
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CY2011 us-gaap Deferred State And Local Income Tax Expense Benefit
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-2290000
CY2011 us-gaap Preferred Stock Dividends And Other Adjustments
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CY2011 us-gaap Increase Decrease In Deferred Revenue
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2214000
CY2011 us-gaap Increase In Carrying Amount Of Redeemable Preferred Stock
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6495000
CY2011 us-gaap Capitalized Computer Software Amortization
CapitalizedComputerSoftwareAmortization
2100000
CY2011 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.03 pure
CY2011 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6111000
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
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8926000
CY2011 us-gaap Increase Decrease In Employee Related Liabilities
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2542000
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
94000
CY2011 us-gaap Increase Decrease In Accounts Receivable
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CY2011 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
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CY2011 us-gaap Operating Leases Rent Expense Minimum Rentals
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1900000
CY2011 us-gaap Operating Expenses
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.398 pure
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
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42962000 shares
CY2011 us-gaap Current State And Local Tax Expense Benefit
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3103000
CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2011 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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13400000
CY2011 us-gaap Revenues
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CY2011 us-gaap Depreciation
Depreciation
4700000
CY2011 us-gaap Allocated Share Based Compensation Expense
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100000
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2011 us-gaap Interest Paid
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CY2011 us-gaap Business Acquisitions Pro Forma Net Income Loss
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49199000
CY2011 us-gaap Deferred Income Tax Expense Benefit
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CY2011 us-gaap Net Income Loss
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12372000
CY2011 us-gaap Labor And Related Expense
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CY2011 us-gaap Income Tax Expense Benefit
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7516000
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
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5877000
CY2011 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
4714000
CY2011 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000
CY2011 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
12300000
CY2011 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.08
CY2011 us-gaap Interest Income Purchased Receivables
InterestIncomePurchasedReceivables
108000
CY2011 us-gaap Interest Expense
InterestExpense
13530000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.23
CY2011 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
470000
CY2011 pfmt Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.01 pure
CY2011 pfmt Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercises Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisesPrice
5.50
CY2011 pfmt Estimated Liability For Appeals
EstimatedLiabilityForAppeals
450000
CY2011 pfmt Interest Expense Debt Issuance Costs And Amortization
InterestExpenseDebtIssuanceCostsAndAmortization
1254000
CY2011 pfmt Interest On Notes Receivable From Stockholders Value
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CY2011 pfmt Repayments Of Long Term Notes Payable
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13948000
CY2011 pfmt Number Of Single Customers Comprising More Than Ten Percent Of Consolidated Net Sales
NumberOfSingleCustomersComprisingMoreThanTenPercentOfConsolidatedNetSales
5 Customer
CY2012 dei Trading Symbol
TradingSymbol
PFMT
CY2012 dei Entity Registrant Name
EntityRegistrantName
Performant Financial Corporation
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001550695
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2012 us-gaap Payments Of Debt Extinguishment Costs
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3700000
CY2012 us-gaap Prior Period Reclassification Adjustment Description
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<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>(v)</i></b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassifications</i></b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain reclassifications have been made to the 2011 balances to conform to the 2012 presentation. Such reclassifications have no effect on net income or retained earnings as previously reported.</font></p> </div>
CY2012 us-gaap Gains Losses On Extinguishment Of Debt
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-3679000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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2900000
CY2012 us-gaap Operating Income Loss
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CY2012 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2012 us-gaap Increase Decrease In Other Noncurrent Liabilities
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330000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1599000
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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164000
CY2012 us-gaap Repayment Of Notes Receivable From Related Parties
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2323000
CY2012 us-gaap Payments For Repurchase Of Common Stock
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1225000
CY2012 us-gaap Increase Decrease In Accounts Payable
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CY2012 us-gaap Proceeds From Issuance Of Common Stock
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2323000
CY2012 us-gaap Gain Loss On Disposition Of Assets
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-51000
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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-1614000
CY2012 us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
200000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
18612000
CY2012 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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0.000 pure
CY2012 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
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0.43
CY2012 us-gaap Proceeds From Long Term Lines Of Credit
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4500000
CY2012 us-gaap Depreciation Depletion And Amortization
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CY2012 us-gaap Extinguishment Of Debt Gain Loss Income Tax
ExtinguishmentOfDebtGainLossIncomeTax
3300000
CY2012 us-gaap Share Based Compensation
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1614000
CY2012 us-gaap Business Acquisitions Pro Forma Revenue
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2012 us-gaap Earnings Per Share Diluted
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0.44
CY2012 us-gaap Profit Loss
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22951000
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2012 us-gaap Capitalized Computer Software Additions
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5400000
CY2012 us-gaap Repayments Of Long Term Lines Of Credit
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12698000
CY2012 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2012 us-gaap Current Federal Tax Expense Benefit
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15142000
CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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3614000 shares
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0.42 pure
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y6M
CY2012 us-gaap Proceeds From Stock Options Exercised
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175000
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
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37005000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
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-12193000
CY2012 us-gaap Investment Income Interest
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64000
CY2012 us-gaap Payments Of Debt Issuance Costs
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3074000
CY2012 us-gaap Income Taxes Paid
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18037000
CY2012 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
2150000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-416000
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
15420000
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11356000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
17839000
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-227000
CY2012 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2038000
CY2012 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-27000
CY2012 us-gaap Increase In Carrying Amount Of Redeemable Preferred Stock
IncreaseInCarryingAmountOfRedeemablePreferredStock
2038000
CY2012 us-gaap Capitalized Computer Software Amortization
CapitalizedComputerSoftwareAmortization
2400000
CY2012 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b><i>(i)</i></b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b><i>Impairment of Long-Lived Assets</i></b></font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); MARGIN-LEFT: 150px; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets or intangibles may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company did not recognize an impairment expense for intangible assets in 2012 and 2010. In 2011, the Company recorded $13.4 million of impairment expense to write off the carrying amount of its former trade name, Diversified Collection Services, Inc. (DCS). The Company determined that the DCS trade name would not be used in the future, and retired the trade name intangible asset accordingly.</font></p> </div>
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.05 pure
CY2012 us-gaap Related Party Transaction Date
RelatedPartyTransactionDate
2012-04-13
CY2012 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
335000
CY2012 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4Y2M16D
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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47599000 shares
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
175000
CY2012 us-gaap Increase Decrease In Accounts Receivable
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3646000
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2012 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
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215000 shares
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
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-6973000
CY2012 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
2400000
CY2012 us-gaap Revenue Recognition Long Term Contracts
RevenueRecognitionLongTermContracts
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>(f)</i></b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Hosted Service Installation and Implementation Deliverables</i></b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"> <font style="FONT-FAMILY: Times New Roman" size="2">In 2008, the Company entered into a long-term contract to provide hosted services to a client beginning in March 2009. The Company determined that certain installation and implementation deliverables were not separate units of accounting within the contract, and should be combined for revenue recognition purposes with the hosted service deliverable. Accordingly, revenue for these contract elements is being taken ratably from the commencement of hosted services in March&#xA0;2009 through the contract period of March&#xA0;2018. Additionally, the Company deferred the direct incremental costs associated with the installation and implementation deliverables, with the costs being expensed ratably from the March&#xA0;2009 commencement of services through March&#xA0;2018.</font></p> </div>
CY2012 us-gaap Operating Expenses
OperatingExpenses
154307000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.483 pure
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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43985000 shares
CY2012 us-gaap Repayments Of Debt
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103400000
CY2012 us-gaap Current State And Local Tax Expense Benefit
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3470000
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2012 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2012 us-gaap Revenues
Revenues
210073000
CY2012 us-gaap Depreciation
Depreciation
5800000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1600000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
39737000
CY2012 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
71000
CY2012 us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<div> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b><i>(l)</i></b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b><i>Revenues, Accounts Receivable, and Estimated Liability for Appeals</i></b></font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); MARGIN-LEFT: 150px; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Revenue is recognized upon the collection of defaulted loan and debt payments. Loan rehabilitation revenue is recognized when the rehabilitated loans are sold (funded) by clients. Incentive revenue is recognized upon receipt of official notification of incentive award from customers. Under the Company&#x2019;s RAC contract with CMS, the Company recognizes revenues when the healthcare provider has paid CMS for a given claim or offset. Providers have the right to appeal a claim and may pursue additional appeals if the initial appeal is found in favor of CMS. The Company accrues an estimated liability for appeals based on the amount of commissions received which are subject to appeal and which the Company estimates are probable of being returned to providers following successful appeal. At December&#xA0;31, 2012, a total of $5.6 million was presented as an allowance against revenue, representing the Company&#x2019;s estimate of claims that may be overturned. Of this amount, $1.2 million was related to amounts in accounts receivable and $4.4 million was related to commissions which had already been received. The balances at December&#xA0;31, 2012 and 2011, were $4.4 million and $0.5 million, respectively, represent the Company&#x2019;s best estimate of the probable amount of losses related to appeals of claims for which commissions were previously collected. In addition to the $4.4 million amount accrued at December&#xA0;31, 2012, the Company estimates that it is reasonably possible that it could be required to pay an additional amount up to approximately $1.5 million as a result of potentially successful appeals. To the extent that required payments by the Company exceed the amount accrued, revenues in the applicable period would be reduced by the amount of the excess.</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); MARGIN-LEFT: 150px; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">For the year ended December&#xA0;31, 2012, the Company had 5 clients whose individual revenues exceeded 10% of the Company&#x2019;s total revenues. The dollar amount and percent of total revenue of each of the 5 clients is summarized in the table below (in thousands):</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 12px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="82%" align="center"> <tr> <td></td> <td valign="bottom" width="44%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="44%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap" align="center"> <p style="BORDER-BOTTOM: rgb(0,0,0) 1px solid; WIDTH: 18pt" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>Rank</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>2012&#xA0;Revenue</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>Percent&#xA0;of<br /> total&#xA0;revenue</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">1</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">54,130</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">25.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">2</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">39,183</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">18.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">3</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">29,027</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">13.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">4</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">25,469</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">12.1</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">5</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">22,397</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">10.7</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); MARGIN-LEFT: 150px; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">For the year ended December&#xA0;31, 2011, the Company had 5 clients whose individual revenues exceeded 10% of the Company&#x2019;s total revenues. The dollar amount and percent of total revenue of each of the 5 clients is summarized in the table below (in thousands):</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 12px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="82%" align="center"> <tr> <td></td> <td valign="bottom" width="44%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="44%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap" align="center"> <p style="BORDER-BOTTOM: rgb(0,0,0) 1px solid; WIDTH: 18pt" align="center"><font 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style="FONT-FAMILY: 'Times New Roman'" size="2">30,732</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">18.9</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">2</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">28,504</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">17.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">3</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">21,812</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">13.4</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">4</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">21,549</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">13.2</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">5</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">17,934</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">11.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); MARGIN-LEFT: 150px; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">For the year ended December&#xA0;31, 2010, the Company had 4 clients whose individual revenues exceeded 10% of the Company&#x2019;s total revenues. The dollar amount and percent of total revenue of each of the 4 clients is summarized in the table below (in thousands):</font></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 12px 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="TEXT-TRANSFORM: none; TEXT-INDENT: 0px; LETTER-SPACING: normal; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px" border="0" cellspacing="0" cellpadding="0" width="82%" align="center"> <tr> <td></td> <td valign="bottom" width="44%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="44%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap" align="center"> <p style="BORDER-BOTTOM: rgb(0,0,0) 1px solid; WIDTH: 18pt" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>Rank</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>2010&#xA0;Revenue</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="1"><b>Percent&#xA0;of<br /> total&#xA0;revenue</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">1</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">27,881</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">22.6</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">2</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">20,776</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">16.8</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">3</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">17,287</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">14.0</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> <tr> <td valign="top" align="center"><font style="FONT-FAMILY: 'Times New Roman'" size="2">4</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">15,445</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: 'Times New Roman'" size="2">12.5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: 'Times New Roman'" size="2">%&#xA0;</font></td> </tr> </table> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6px; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: medium 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0px; COLOR: rgb(0,0,0); MARGIN-LEFT: 150px; WORD-SPACING: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2">Revenue from the largest three customers was 58%, 50% and 53% of total revenue in 2012, 2011 and 2010, respectively. Accounts receivable due from these three customers were 63%, 25% and 41% of total trade receivables at December&#xA0;31, 2012, 2011 and 2010, respectively. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Amounts collected on trade accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. The Company determines the allowance for doubtful accounts by specific identification. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for doubtful accounts was $0.1 million and $0.1&#xA0;million at December&#xA0;31, 2012 and 2011, respectively.</font></p> </div>
CY2012 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
1225000
CY2012 us-gaap Interest Paid
InterestPaid
11178000
CY2012 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
18751000
CY2012 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
71305000
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1826000
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
115000
CY2012 us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
615000
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2364000 shares
CY2012 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
60286000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
22951000
CY2012 us-gaap Labor And Related Expense
LaborAndRelatedExpense
83002000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16786000
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20913000
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>(c)</i></b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates in the Preparation of Consolidated Financial Statements</i></b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 8%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of the consolidated financial statements in conformity with U.S. GAAP, requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, primarily accounts receivable, intangible assets, goodwill, estimated liability for appeals, accrued expenses, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Our actual results could differ from those estimates.</font></p> </div>
CY2012 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-1223000
CY2012 us-gaap Payments Of Dividends
PaymentsOfDividends
1761000
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3700000
CY2012 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
11100000
CY2012 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.39
CY2012 us-gaap Interest Income Purchased Receivables
InterestIncomePurchasedReceivables
57000
CY2012 us-gaap Interest Expense
InterestExpense
12414000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.22
CY2012 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-40000
CY2012 pfmt Share Based Compensation Arrangement By Share Based Payment Award Expiration
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpiration
P10Y
CY2012 pfmt Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.02 pure
CY2012 pfmt Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercises Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisesPrice
10.32
CY2012 pfmt Cash Paid As Debt Extinguishment
CashPaidAsDebtExtinguishment
3344000
CY2012 pfmt Conversion Of Series B Preferred Stock To Common Stock Value
ConversionOfSeriesBPreferredStockToCommonStockValue
CY2012 pfmt Date Of Purchase
DateOfPurchase
2012-02
CY2012 pfmt Estimated Liability For Appeals
EstimatedLiabilityForAppeals
3928000
CY2012 pfmt Fees Paid To Lenders
FeesPaidToLenders
3300000
CY2012 pfmt Interest Expense Debt Issuance Costs And Amortization
InterestExpenseDebtIssuanceCostsAndAmortization
1272000
CY2012 pfmt Interest On Notes Receivable From Stockholders Value
InterestOnNotesReceivableFromStockholdersValue
57000
CY2012 pfmt Issuance Of Common Stock As Part Of Debt Issuance Costs
IssuanceOfCommonStockAsPartOfDebtIssuanceCosts
2796000
CY2012 pfmt Note Payable To Sellers Of Perpetual License
NotePayableToSellersOfPerpetualLicense
3250000
CY2012 pfmt Operating Leases Number Of Facilities Renewed
OperatingLeasesNumberOfFacilitiesRenewed
2 Location
CY2012 pfmt Payment Of Purchase Obligation
PaymentOfPurchaseObligation
750000
CY2012 pfmt Payments To Acquire Perpetual License
PaymentsToAcquirePerpetualLicense
837000
CY2012 pfmt Payment To Related Party Termination Of Agreement
PaymentToRelatedPartyTerminationOfAgreement
1300000
CY2012 pfmt Proceeds From Issuance Of Stock
ProceedsFromIssuanceOfStock
12624000
CY2012 pfmt Proceeds From Long Term Notes Payable
ProceedsFromLongTermNotesPayable
156000000
CY2012 pfmt Purchase Agreement Calls Payment Maturity Period
PurchaseAgreementCallsPaymentMaturityPeriod
P3Y
CY2012 pfmt Remaining Proceeds From Borrowings
RemainingProceedsFromBorrowings
2300000
CY2012 pfmt Repayments Of Long Term Notes Payable
RepaymentsOfLongTermNotesPayable
103416000
CY2012 pfmt Value Of Granted Shares To Investment Bank
ValueOfGrantedSharesToInvestmentBank
2800000
CY2012 pfmt Number Of Single Customers Comprising More Than Ten Percent Of Consolidated Net Sales
NumberOfSingleCustomersComprisingMoreThanTenPercentOfConsolidatedNetSales
5 Customer

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