$PHLT
Performant Healthcare Inc

2013 Q4 Form 10-Q Financial Statement

#000155069513000008 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $59.98M $76.81M $53.40M
YoY Change 7.16% 43.84% 27.11%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $23.82M $25.06M $21.00M
YoY Change 1.02% 19.33% 27.58%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.820M $1.800M $1.500M
YoY Change 12.35% 20.0% -23.08%
% of Gross Profit
Operating Expenses $44.18M $48.62M $39.24M
YoY Change 5.62% 23.9% 30.51%
Operating Profit $28.19M $14.16M
YoY Change 99.09%
Interest Expense -$2.810M $2.863M $3.175M
YoY Change -9.06% -9.83% -195.06%
% of Operating Profit 10.16% 22.43%
Other Income/Expense, Net
YoY Change
Pretax Income $12.99M $25.32M $10.98M
YoY Change 17.45% 130.54% 27.57%
Income Tax $5.120M $9.868M $4.601M
% Of Pretax Income 39.41% 38.97% 41.89%
Net Earnings $7.870M $15.45M $6.383M
YoY Change 31.83% 142.11% 23.46%
Net Earnings / Revenue 13.12% 20.12% 11.95%
Basic Earnings Per Share $0.32 $0.14
Diluted Earnings Per Share $158.7K $0.31 $0.13
COMMON SHARES
Basic Shares Outstanding 48.16M shares 48.05M shares 44.34M shares
Diluted Shares Outstanding 49.56M shares 47.81M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.90M $69.60M $32.20M
YoY Change 116.67% 116.15%
Cash & Equivalents $81.91M $69.55M $32.20M
Short-Term Investments
Other Short-Term Assets $12.30M $10.20M $8.800M
YoY Change 57.69% 15.91%
Inventory
Prepaid Expenses
Receivables $19.60M $30.60M $24.10M
Other Receivables $0.00 $0.00 $800.0K
Total Short-Term Assets $113.9M $110.3M $65.90M
YoY Change 65.77% 67.39%
LONG-TERM ASSETS
Property, Plant & Equipment $26.25M $24.32M $18.20M
YoY Change 26.99% 33.64%
Goodwill $81.57M $81.57M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.100M $3.700M $4.800M
YoY Change -32.61% -22.92%
Total Long-Term Assets $143.4M $143.0M $141.7M
YoY Change 0.24% 0.92%
TOTAL ASSETS
Total Short-Term Assets $113.9M $110.3M $65.90M
Total Long-Term Assets $143.4M $143.0M $141.7M
Total Assets $257.3M $253.3M $207.6M
YoY Change 21.5% 22.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.383M $1.799M $1.600M
YoY Change 69.85% 12.44%
Accrued Expenses $11.80M $10.50M $6.300M
YoY Change 26.88% 66.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.80M $10.80M $11.00M
YoY Change -1.82% -1.82%
Total Short-Term Liabilities $45.67M $48.49M $33.30M
YoY Change 23.5% 45.6%
LONG-TERM LIABILITIES
Long-Term Debt $122.5M $125.2M $139.5M
YoY Change -10.39% -10.25%
Other Long-Term Liabilities $2.204M $1.898M $2.900M
YoY Change -18.19% -34.55%
Total Long-Term Liabilities $183.0M $188.3M $142.4M
YoY Change -2.48% 32.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.67M $48.49M $33.30M
Total Long-Term Liabilities $183.0M $188.3M $142.4M
Total Liabilities $228.7M $236.8M $190.3M
YoY Change 1.8% 24.42%
SHAREHOLDERS EQUITY
Retained Earnings $24.44M $16.57M
YoY Change -305.34%
Common Stock $49.80M $48.46M
YoY Change 38.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.23M $65.03M $17.30M
YoY Change
Total Liabilities & Shareholders Equity $257.3M $253.3M $207.6M
YoY Change 21.5% 22.02%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $7.870M $15.45M $6.383M
YoY Change 31.83% 142.11% 23.46%
Depreciation, Depletion And Amortization $2.820M $1.800M $1.500M
YoY Change 12.35% 20.0% -23.08%
Cash From Operating Activities $18.57M $23.38M $5.570M
YoY Change 47.26% 319.75% 5.89%
INVESTING ACTIVITIES
Capital Expenditures -$3.800M -$2.620M -$3.700M
YoY Change -5.0% -29.19% 105.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.800M -$2.620M -$3.700M
YoY Change -5.0% -29.19% 105.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.410M -2.510M 9.610M
YoY Change -18.86% -126.12% -434.84%
NET CHANGE
Cash From Operating Activities 18.57M 23.38M 5.570M
Cash From Investing Activities -3.800M -2.620M -3.700M
Cash From Financing Activities -2.410M -2.510M 9.610M
Net Change In Cash 12.36M 18.25M 11.48M
YoY Change 119.15% 58.97% 1845.76%
FREE CASH FLOW
Cash From Operating Activities $18.57M $23.38M $5.570M
Capital Expenditures -$3.800M -$2.620M -$3.700M
Free Cash Flow $22.37M $26.00M $9.270M
YoY Change 34.68% 180.47% 31.3%

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CY2013Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
23563000 USD
CY2012Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
18240000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
65314000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
53053000 USD
CY2013Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6461000 USD
CY2012Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8252000 USD
CY2013Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1898000 USD
CY2012Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2694000 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
60286000 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
0 USD
CY2012Q1 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
3700000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
3061000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
1761000 USD
CY2013Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
600000 USD
CY2013Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
500000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1800000 USD
us-gaap Profit Loss
ProfitLoss
28470000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7355000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8697000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2038000 USD
CY2013Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
CY2012Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2876000 USD
CY2013Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2756000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2323000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
4500000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
137000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1653000 USD
us-gaap Profit Loss
ProfitLoss
16978000 USD
CY2013Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
60846000 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
52561000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20669000 USD
CY2013Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24323000 USD
CY2013Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
30593000 USD
CY2012Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
23044000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
12698000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-11901000 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
16569000 USD
us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<div style="font-family:Times New Roman;font-size:10pt;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">(b)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenues, Accounts Receivable, and Estimated Liability for Appeals</font></div></td></tr></table><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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&#8217;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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, a total of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$14.7 million</font><font style="font-family:inherit;font-size:10pt;"> was presented as an allowance against revenue, representing the Company&#8217;s estimate of claims that may be overturned. Of this amount, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$2.0 million</font><font style="font-family:inherit;font-size:10pt;"> was related to amounts in accounts receivable and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$12.7 million</font><font style="font-family:inherit;font-size:10pt;"> was related to commissions which had already been received. The </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$12.7 million</font><font style="font-family:inherit;font-size:10pt;"> balance at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, and the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$4.4 million</font><font style="font-family:inherit;font-size:10pt;"> balance as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;">, represents the Company&#8217;s best estimate of the probable amount of losses related to appeals of claims for which commissions were previously collected. In addition to the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$12.7 million</font><font style="font-family:inherit;font-size:10pt;"> amount accrued at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, the Company estimates that it is reasonably possible that it could be required to pay an additional amount up to approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$3.8 million</font><font style="font-family:inherit;font-size:10pt;"> 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></div></div>
CY2012Q3 us-gaap Revenues
Revenues
53400000 USD
us-gaap Revenues
Revenues
195326000 USD
us-gaap Revenues
Revenues
154099000 USD
CY2013Q3 us-gaap Revenues
Revenues
76808000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
883000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2196000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1653000 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
65033000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
24073000 USD
CY2012Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
300000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47164000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49315000 shares
us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
380000 USD
us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
8641000 USD
us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
0 USD
us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
-1225000 USD
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47811000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49556000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44337000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47247000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48050000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43519000 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
335000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2013Q1 pfmt Amount Paid To Financial Advisor
AmountPaidToFinancialAdvisor
1000000 USD
CY2013Q2 pfmt Amount Paid To Financial Advisor
AmountPaidToFinancialAdvisor
800000 USD
pfmt Cash Paid As Debt Extinguishment
CashPaidAsDebtExtinguishment
0 USD
pfmt Cash Paid As Debt Extinguishment
CashPaidAsDebtExtinguishment
3344000 USD
CY2012Q4 pfmt Estimated Liability
EstimatedLiability
1199000 USD
CY2013Q3 pfmt Estimated Liability
EstimatedLiability
1997000 USD
pfmt Estimated Liability For Appeals
EstimatedLiabilityForAppeals
8319000 USD
pfmt Estimated Liability For Appeals
EstimatedLiabilityForAppeals
3205000 USD
CY2013Q2 pfmt Excess Cash Flow For Prepayment Of Debt
ExcessCashFlowForPrepaymentOfDebt
3600000 USD
CY2012Q1 pfmt Fees Paid To Lenders
FeesPaidToLenders
3300000 USD
pfmt Interest Expense Debt Issuance Costs And Amortization
InterestExpenseDebtIssuanceCostsAndAmortization
946000 USD
pfmt Interest Expense Debt Issuance Costs And Amortization
InterestExpenseDebtIssuanceCostsAndAmortization
939000 USD
pfmt Issuance Of Common Stock As Part Of Debt Issuance Costs
IssuanceOfCommonStockAsPartOfDebtIssuanceCosts
2796000 USD
pfmt Issuance Of Common Stock As Part Of Debt Issuance Costs
IssuanceOfCommonStockAsPartOfDebtIssuanceCosts
0 USD
CY2012Q1 pfmt Line Of Credit Facility Maturity Year
LineOfCreditFacilityMaturityYear
2012
pfmt Note Payable To Sellers Of Perpetual License
NotePayableToSellersOfPerpetualLicense
0 USD
pfmt Note Payable To Sellers Of Perpetual License
NotePayableToSellersOfPerpetualLicense
3250000 USD
CY2013Q3 pfmt Options To Purchase Common Shares Not Included In Computation Of Diluted Eps
OptionsToPurchaseCommonSharesNotIncludedInComputationOfDilutedEps
2623314 shares
pfmt Options To Purchase Common Shares Not Included In Computation Of Diluted Eps
OptionsToPurchaseCommonSharesNotIncludedInComputationOfDilutedEps
2574709 shares
CY2012Q4 pfmt Other Assets Net
OtherAssetsNet
730000 USD
CY2013Q3 pfmt Other Assets Net
OtherAssetsNet
613000 USD
pfmt Payment Of Purchase Obligation
PaymentOfPurchaseObligation
500000 USD
pfmt Payment Of Purchase Obligation
PaymentOfPurchaseObligation
750000 USD
pfmt Payments To Acquire Perpetual License
PaymentsToAcquirePerpetualLicense
0 USD
pfmt Payments To Acquire Perpetual License
PaymentsToAcquirePerpetualLicense
837000 USD
pfmt Proceeds From Issuance Of Stock
ProceedsFromIssuanceOfStock
12844000 USD
pfmt Proceeds From Issuance Of Stock
ProceedsFromIssuanceOfStock
0 USD
pfmt Proceeds From Long Term Notes Payable
ProceedsFromLongTermNotesPayable
156000000 USD
pfmt Proceeds From Long Term Notes Payable
ProceedsFromLongTermNotesPayable
0 USD
pfmt Repayments Of Long Term Notes Payable
RepaymentsOfLongTermNotesPayable
100656000 USD
pfmt Repayments Of Long Term Notes Payable
RepaymentsOfLongTermNotesPayable
11774000 USD
CY2013Q3 pfmt Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrossFairValue
1900000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001550695
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
48158711 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Performant Financial Corporation
dei Trading Symbol
TradingSymbol
PFMT

Files In Submission

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0001550695-13-000008-index-headers.html Edgar Link pending
0001550695-13-000008-index.html Edgar Link pending
0001550695-13-000008.txt Edgar Link pending
0001550695-13-000008-xbrl.zip Edgar Link pending
ex-311.htm Edgar Link pending
ex-312.htm Edgar Link pending
ex-321.htm Edgar Link pending
ex-322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
pfmt-20130930.xml Edgar Link completed
pfmt-20130930.xsd Edgar Link pending
pfmt-20130930_cal.xml Edgar Link unprocessable
pfmt-20130930_def.xml Edgar Link unprocessable
pfmt-20130930_lab.xml Edgar Link unprocessable
pfmt-20130930_pre.xml Edgar Link unprocessable
pfmt-2013930x10q.htm Edgar Link pending
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