$PHLT
Performant Healthcare Inc

2014 Q4 Form 10-Q Financial Statement

#000155069514000031 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $39.70M $39.64M $76.81M
YoY Change -33.81% -48.39% 43.84%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $22.44M $22.18M $25.06M
YoY Change -5.79% -11.49% 19.33%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.390M $2.100M $1.800M
YoY Change 20.21% 16.67% 20.0%
% of Gross Profit
Operating Expenses $40.57M $37.84M $48.62M
YoY Change -8.17% -22.18% 23.9%
Operating Profit $1.802M $28.19M
YoY Change -93.61% 99.09%
Interest Expense -$2.410M $2.456M $2.863M
YoY Change -14.23% -14.22% -9.83%
% of Operating Profit 136.29% 10.16%
Other Income/Expense, Net
YoY Change
Pretax Income -$3.280M -$654.0K $25.32M
YoY Change -125.25% -102.58% 130.54%
Income Tax -$900.0K -$175.0K $9.868M
% Of Pretax Income 38.97%
Net Earnings -$2.380M -$479.0K $15.45M
YoY Change -130.24% -103.1% 142.11%
Net Earnings / Revenue -5.99% -1.21% 20.12%
Basic Earnings Per Share -$0.01 $0.32
Diluted Earnings Per Share -$48.24K -$0.01 $0.31
COMMON SHARES
Basic Shares Outstanding 49.32M shares 49.00M shares 48.05M shares
Diluted Shares Outstanding 49.00M shares 49.56M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.30M $85.00M $69.60M
YoY Change -1.95% 22.13% 116.15%
Cash & Equivalents $80.30M $84.97M $69.55M
Short-Term Investments
Other Short-Term Assets $21.20M $20.50M $10.20M
YoY Change 72.36% 100.98% 15.91%
Inventory
Prepaid Expenses
Receivables $15.00M $16.70M $30.60M
Other Receivables $4.400M $3.000M $0.00
Total Short-Term Assets $120.9M $125.1M $110.3M
YoY Change 6.17% 13.44% 67.39%
LONG-TERM ASSETS
Property, Plant & Equipment $27.65M $26.68M $24.32M
YoY Change 5.33% 9.69% 33.64%
Goodwill $82.52M $81.57M $81.57M
YoY Change 1.16% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.700M $2.300M $3.700M
YoY Change -12.9% -37.84% -22.92%
Total Long-Term Assets $141.9M $140.2M $143.0M
YoY Change -1.02% -1.93% 0.92%
TOTAL ASSETS
Total Short-Term Assets $120.9M $125.1M $110.3M
Total Long-Term Assets $141.9M $140.2M $143.0M
Total Assets $262.8M $265.4M $253.3M
YoY Change 2.16% 4.76% 22.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.370M $2.442M $1.799M
YoY Change -42.51% 35.74% 12.44%
Accrued Expenses $5.400M $6.900M $10.50M
YoY Change -54.24% -34.29% 66.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.800M $8.900M $10.80M
YoY Change -9.26% -17.59% -1.82%
Total Short-Term Liabilities $55.76M $54.63M $48.49M
YoY Change 22.09% 12.68% 45.6%
LONG-TERM LIABILITIES
Long-Term Debt $102.0M $105.3M $125.2M
YoY Change -16.73% -15.89% -10.25%
Other Long-Term Liabilities $2.259M $2.139M $1.898M
YoY Change 2.5% 12.7% -34.55%
Total Long-Term Liabilities $171.7M $173.1M $188.3M
YoY Change -6.21% -8.08% 32.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.76M $54.63M $48.49M
Total Long-Term Liabilities $171.7M $173.1M $188.3M
Total Liabilities $227.4M $227.7M $236.8M
YoY Change -0.56% -3.83% 24.42%
SHAREHOLDERS EQUITY
Retained Earnings $33.84M $36.22M $16.57M
YoY Change 38.46% 118.58%
Common Stock $57.33M $56.10M $48.46M
YoY Change 15.14% 15.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $91.17M $92.32M $65.03M
YoY Change
Total Liabilities & Shareholders Equity $262.8M $265.4M $253.3M
YoY Change 2.16% 4.76% 22.02%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$2.380M -$479.0K $15.45M
YoY Change -130.24% -103.1% 142.11%
Depreciation, Depletion And Amortization $3.390M $2.100M $1.800M
YoY Change 20.21% 16.67% 20.0%
Cash From Operating Activities $1.960M $4.830M $23.38M
YoY Change -89.45% -79.34% 319.75%
INVESTING ACTIVITIES
Capital Expenditures -$3.430M -$1.650M -$2.620M
YoY Change -9.74% -37.02% -29.19%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.430M -$1.650M -$2.620M
YoY Change -9.74% -37.02% -29.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.210M 340.0K -2.510M
YoY Change 33.2% -113.55% -126.12%
NET CHANGE
Cash From Operating Activities 1.960M 4.830M 23.38M
Cash From Investing Activities -3.430M -1.650M -2.620M
Cash From Financing Activities -3.210M 340.0K -2.510M
Net Change In Cash -4.680M 3.520M 18.25M
YoY Change -137.86% -80.71% 58.97%
FREE CASH FLOW
Cash From Operating Activities $1.960M $4.830M $23.38M
Capital Expenditures -$3.430M -$1.650M -$2.620M
Free Cash Flow $5.390M $6.480M $26.00M
YoY Change -75.91% -75.08% 180.47%

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OtherLiabilitiesNoncurrent
2204000 USD
CY2014Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2139000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8697000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6724000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4400000 USD
CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12262000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1653000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
606000 USD
us-gaap Profit Loss
ProfitLoss
28470000 USD
us-gaap Profit Loss
ProfitLoss
11779000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
64493000 USD
CY2014Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
69781000 USD
CY2013Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
19649000 USD
CY2014Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
16654000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
36217000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
24438000 USD
us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<div style="font-family:Times New Roman;font-size:10pt;"><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><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 Medicare Recovery Audit Contractor, or RAC, contract with Centers for Medicare and Medicaid Services, or 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, 2014</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;">$17.2 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;">$0.0 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;">$17.2 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;">$17.2 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, 2014</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;">$15.3 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, 2013</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;">$17.2 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, 2014</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;">$5.4 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>
CY2013Q3 us-gaap Revenues
Revenues
76808000 USD
us-gaap Revenues
Revenues
195326000 USD
us-gaap Revenues
Revenues
155683000 USD
CY2014Q3 us-gaap Revenues
Revenues
39640000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2621000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2196000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
606000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
74234000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
92318000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49315000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49758000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49004000 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49556000 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
48641000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49004000 shares
CY2013Q4 pfmt Accounts Receivable Outstanding Invoices Netof Excess Payablefor Invoices Not Yet Processed
AccountsReceivableOutstandingInvoicesNetofExcessPayableforInvoicesNotYetProcessed
6900000 USD
CY2014Q3 pfmt Customer Refund Liability Current Gross
CustomerRefundLiabilityCurrentGross
14200000 USD
CY2013Q4 pfmt Customer Refund Liability Current Gross
CustomerRefundLiabilityCurrentGross
5900000 USD
CY2013Q4 pfmt Customer Refund Liability Current Receivables
CustomerRefundLiabilityCurrentReceivables
12800000 USD
CY2014Q3 pfmt Customer Refund Liability Current Receivables
CustomerRefundLiabilityCurrentReceivables
200000 USD
CY2013Q4 pfmt Estimated Liability
EstimatedLiability
1160000 USD
CY2014Q3 pfmt Estimated Liability
EstimatedLiability
0 USD
pfmt Estimated Liability For Appeals
EstimatedLiabilityForAppeals
1933000 USD
pfmt Estimated Liability For Appeals
EstimatedLiabilityForAppeals
8319000 USD
pfmt Interest Expense Debt Issuance Costs And Amortization
InterestExpenseDebtIssuanceCostsAndAmortization
887000 USD
pfmt Interest Expense Debt Issuance Costs And Amortization
InterestExpenseDebtIssuanceCostsAndAmortization
939000 USD
pfmt Options To Purchase Common Shares Not Included In Computation Of Diluted Eps
OptionsToPurchaseCommonSharesNotIncludedInComputationOfDilutedEps
2834079 shares
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
CY2014Q3 pfmt Other Assets Estimated Provider Favor Receivables
OtherAssetsEstimatedProviderFavorReceivables
5300000 USD
CY2014Q3 pfmt Other Assets Net
OtherAssetsNet
233000 USD
CY2013Q4 pfmt Other Assets Net
OtherAssetsNet
279000 USD
CY2013Q4 pfmt Other Assets Subcontractor Payables
OtherAssetsSubcontractorPayables
3700000 USD
CY2014Q3 pfmt Other Assets Subcontractor Receivables Net
OtherAssetsSubcontractorReceivablesNet
5300000 USD
CY2013Q4 pfmt Other Assets Subcontractor Receivables Overturned Audits
OtherAssetsSubcontractorReceivablesOverturnedAudits
5200000 USD
CY2014Q3 pfmt Other Assets Subcontractor Receivables Overturned Audits
OtherAssetsSubcontractorReceivablesOverturnedAudits
3400000 USD
CY2013Q4 pfmt Other Liabilities Subcontractor Payables Net
OtherLiabilitiesSubcontractorPayablesNet
1500000 USD
pfmt Payment Of Purchase Obligation
PaymentOfPurchaseObligation
750000 USD
pfmt Payment Of Purchase Obligation
PaymentOfPurchaseObligation
750000 USD
pfmt Repayments Of Long Term Notes Payable
RepaymentsOfLongTermNotesPayable
11774000 USD
pfmt Repayments Of Long Term Notes Payable
RepaymentsOfLongTermNotesPayable
19054000 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
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001550695
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
49323567 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Performant Financial Corporation
dei Trading Symbol
TradingSymbol
PFMT

Files In Submission

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0001550695-14-000031-index-headers.html Edgar Link pending
0001550695-14-000031-index.html Edgar Link pending
0001550695-14-000031.txt Edgar Link pending
0001550695-14-000031-xbrl.zip Edgar Link pending
a10q09302014.htm Edgar Link pending
ex09302014101.htm Edgar Link pending
ex09302014311cert.htm Edgar Link pending
ex09302014312cert.htm Edgar Link pending
ex09302014321.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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pfmt-20140930.xml Edgar Link completed
pfmt-20140930.xsd Edgar Link pending
pfmt-20140930_cal.xml Edgar Link unprocessable
pfmt-20140930_def.xml Edgar Link unprocessable
pfmt-20140930_lab.xml Edgar Link unprocessable
pfmt-20140930_pre.xml Edgar Link unprocessable
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