$PHLT
Performant Healthcare Inc

2017 Q4 Form 10-Q Financial Statement

#000155069517000042 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $33.29M $29.74M $33.81M
YoY Change -1.54% -4.65% -17.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $20.55M $20.49M $18.76M
YoY Change 9.54% 9.51% -8.4%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.510M $2.500M $3.280M
YoY Change -23.48% 4.17% 7.89%
% of Gross Profit
Operating Expenses $33.40M $33.99M $33.34M
YoY Change 0.18% 9.57% -8.1%
Operating Profit -$4.246M
YoY Change -2540.23%
Interest Expense -$1.290M $2.459M -$1.760M
YoY Change -26.7% 31.99% -15.79%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.470M -$6.705M -$16.73M
YoY Change -85.24% 296.98% -721.93%
Income Tax -$2.990M $1.146M -$4.430M
% Of Pretax Income
Net Earnings $520.0K -$7.851M -$12.30M
YoY Change -104.23% 998.04% -659.09%
Net Earnings / Revenue 1.56% -26.4% -36.38%
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share $10.19K -$0.15 -$244.9K
COMMON SHARES
Basic Shares Outstanding 50.96M shares 50.85M shares 50.23M shares
Diluted Shares Outstanding 50.85M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.70M $23.20M $33.00M
YoY Change -34.24% -51.97% -53.65%
Cash & Equivalents $21.73M $23.18M $32.98M
Short-Term Investments
Other Short-Term Assets $14.50M $14.20M $25.50M
YoY Change -43.14% -49.47% 26.87%
Inventory
Prepaid Expenses
Receivables $12.50M $12.50M $11.50M
Other Receivables $6.800M $1.400M $2.000M
Total Short-Term Assets $55.53M $51.35M $72.01M
YoY Change -22.89% -41.24% -34.09%
LONG-TERM ASSETS
Property, Plant & Equipment $20.94M $21.39M $23.74M
YoY Change -11.76% -9.89% -6.98%
Goodwill $81.57M $81.57M $82.52M
YoY Change -1.15% -1.15% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M $4.400M $900.0K
YoY Change 66.67% 2100.0% 350.0%
Total Long-Term Assets $108.9M $112.5M $113.1M
YoY Change -3.68% -12.61% -15.17%
TOTAL ASSETS
Total Short-Term Assets $55.53M $51.35M $72.01M
Total Long-Term Assets $108.9M $112.5M $113.1M
Total Assets $164.4M $163.8M $185.1M
YoY Change -11.15% -24.19% -23.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.518M $1.052M $628.0K
YoY Change 141.72% -2.68% -32.4%
Accrued Expenses $4.600M $5.600M $4.300M
YoY Change 6.98% -34.12% -10.42%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.029M $1.512M $9.700M
YoY Change -79.08% -87.81% 21.25%
Total Short-Term Liabilities $43.08M $43.88M $51.47M
YoY Change -16.3% -24.32% -4.18%
LONG-TERM LIABILITIES
Long-Term Debt $38.56M $38.80M $43.90M
YoY Change -12.18% -23.92% -47.8%
Other Long-Term Liabilities $2.476M $2.099M $2.356M
YoY Change 5.09% 18.19% 17.45%
Total Long-Term Liabilities $84.11M $40.90M $98.83M
YoY Change -14.9% 2202.93% -33.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.08M $43.88M $51.47M
Total Long-Term Liabilities $84.11M $40.90M $98.83M
Total Liabilities $84.11M $84.78M $98.83M
YoY Change -14.9% -28.6% -33.53%
SHAREHOLDERS EQUITY
Retained Earnings $7.861M $7.340M $20.59M
YoY Change -61.82% -77.68% -35.74%
Common Stock $72.46M $71.69M $65.66M
YoY Change 10.37% 11.22% 6.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.33M $79.03M $86.25M
YoY Change
Total Liabilities & Shareholders Equity $164.4M $163.8M $185.1M
YoY Change -11.15% -24.19% -23.69%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income $520.0K -$7.851M -$12.30M
YoY Change -104.23% 998.04% -659.09%
Depreciation, Depletion And Amortization $2.510M $2.500M $3.280M
YoY Change -23.48% 4.17% 7.89%
Cash From Operating Activities $2.200M -$2.150M -$2.710M
YoY Change -181.18% 1243.75% -4.58%
INVESTING ACTIVITIES
Capital Expenditures -$1.850M -$1.160M -$2.340M
YoY Change -20.94% -38.3% 3.54%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.850M -$1.160M -$2.340M
YoY Change -20.94% -38.3% 3.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K -770.0K -2.770M
YoY Change -99.28% -72.89% 37.13%
NET CHANGE
Cash From Operating Activities 2.200M -2.150M -2.710M
Cash From Investing Activities -1.850M -1.160M -2.340M
Cash From Financing Activities -20.00K -770.0K -2.770M
Net Change In Cash 330.0K -4.080M -7.820M
YoY Change -104.22% -16.39% 9.68%
FREE CASH FLOW
Cash From Operating Activities $2.200M -$2.150M -$2.710M
Capital Expenditures -$1.850M -$1.160M -$2.340M
Free Cash Flow $4.050M -$990.0K -$370.0K
YoY Change -1194.59% -157.56% -36.21%

Facts In Submission

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CY2017Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
1512000 USD
CY2017Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
38801000 USD
CY2016Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
43878000 USD
CY2017Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
38801000 USD
CY2017Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
5400000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-37866000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5161000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5529000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5408000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
20491000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
770000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-715000 USD
us-gaap Net Income Loss
NetIncomeLoss
842000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-7851000 USD
us-gaap Net Income Loss
NetIncomeLoss
-13250000 USD
CY2016Q4 us-gaap Notes Payable Current
NotesPayableCurrent
9738000 USD
CY2017Q3 us-gaap Notes Payable Current
NotesPayableCurrent
1512000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
31021000 USD
us-gaap Operating Expenses
OperatingExpenses
100508000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
33990000 USD
us-gaap Operating Expenses
OperatingExpenses
104659000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
174000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
7040000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4246000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-5899000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
9193000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1377000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2109000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2158000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2223000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
933000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
393000 USD
CY2016Q3 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
700000 USD
us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
2100000 USD
CY2017Q3 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
600000 USD
us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
2000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
24000 USD
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-4000 USD
CY2016Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
12311000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
40401000 USD
CY2017Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
13496000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
43019000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4409000 USD
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3860000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2356000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2099000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
0 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
331000 USD
CY2017Q3 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
6000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
800000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
858000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
261000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
382000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5529000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5408000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12686000 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14222000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
80842000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
44000000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-7507000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
7502000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
333000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
90000 USD
us-gaap Profit Loss
ProfitLoss
842000 USD
us-gaap Profit Loss
ProfitLoss
-13250000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
83666000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23735000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21393000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
11484000 USD
CY2017Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
12490000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
7502000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
7500000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
20590000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
7340000 USD
CY2016Q3 us-gaap Revenues
Revenues
31195000 USD
us-gaap Revenues
Revenues
107548000 USD
CY2017Q3 us-gaap Revenues
Revenues
29744000 USD
us-gaap Revenues
Revenues
98760000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3546000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3027000 USD
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
3302000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
86245000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
79029000 USD
CY2017Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
3000000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50401000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50852000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50581000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49974000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50852000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50581000 shares
CY2017Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1000000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
468000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1049000 USD
us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:16px;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 has agreed to an offset against other claims by the provider. 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 at the time revenue is recognized based on the Company's estimate of the amount of revenue probable of being refunded to CMS following successful appeal. In addition, if the Company's estimate of the liability for appeals with respect to revenues recognized during a prior period changes, the Company increases or decreases current period accruals based on such change in estimated liability. At </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, a total of </font><font style="font-family:inherit;font-size:10pt;">$18.8 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 audited under the CMS contract that may be overturned. Of this, none was related to accounts receivable and </font><font style="font-family:inherit;font-size:10pt;">$18.8 million</font><font style="font-family:inherit;font-size:10pt;"> was related to commissions which had already been received. In addition to the </font><font style="font-family:inherit;font-size:10pt;">$18.8 million</font><font style="font-family:inherit;font-size:10pt;"> related to the RAC contract with CMS, the Company has accrued </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> of additional estimated liability for appeals related to other healthcare contracts. The total accrued liability for appeals of </font><font style="font-family:inherit;font-size:10pt;">$19.1 million</font><font style="font-family:inherit;font-size:10pt;"> has been presented in the caption estimated liability for appeals at </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">.&#160; At December 31, 2016, the total appeals-related liability was </font><font style="font-family:inherit;font-size:10pt;">$19.3 million</font><font style="font-family:inherit;font-size:10pt;">. The </font><font style="font-family:inherit;font-size:10pt;">$19.1 million</font><font style="font-family:inherit;font-size:10pt;"> balance at </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$19.3 million</font><font style="font-family:inherit;font-size:10pt;"> at December&#160;31, 2016, represent 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;">$19.1 million</font><font style="font-family:inherit;font-size:10pt;"> amount accrued at </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</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>

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