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Performant Financial Corporation Announces Financial Results for Fourth Quarter and Full Year 2021; Simeon Kohl Promoted to President of Performant Financial

Performant Financial Corporation (Nasdaq: PFMT), a leading provider of technology-enabled recovery and related analytics services in the United States, today reported the following financial results for its fourth quarter and full year ended December 31, 2021:

Fourth Quarter Financial Highlights

  • Total revenues of $31.6 million, compared to $40.0 million in the prior year period, a decrease of 21%
  • Healthcare revenues of $25.6 million, compared to $18.9 million in the prior year period, an increase of 35%
  • Net loss of $2.6 million or $(0.04) per diluted share, was lower when compared to net income of $3.7 million, or $0.07 per diluted share, in the prior year period
  • Adjusted EBITDA of $5.0 million, declined slightly when compared to $5.2 million in the prior year period
  • Adjusted net loss of $35 thousand, or $(0.00) per diluted share, compared to adjusted net income of $4.5 million or $0.08 per diluted share, in the prior year period

Full Year 2021 Financial Highlights

  • Total revenues of $124.4 million, compared to $155.9 million in the prior year period, a decrease of 20%
  • Healthcare revenues of $77.5 million, compared to $68.5 million in the prior year period, an increase of 13%
  • Net loss of $10.3 million, or $(0.17) per diluted share, compared to net loss of $14.0 million, or $(0.26) per diluted share in the prior year period
  • Adjusted EBITDA of $11.9 million, compared to $20.5 million in the prior year period
  • Adjusted net loss of $3.1 million, or $(0.05) per diluted share, compared to adjusted net loss of $8.5 million, or $0.16 per diluted share, in the prior year period

Fourth Quarter 2021 Results

Healthcare revenues in the fourth quarter were $25.6 million, up from $18.9 million in the prior year period. Recovery revenues in the fourth quarter were $2.3 million, compared to revenues of $17.5 million in the prior year period, consistent with management expectations year over year. Revenues from Customer Care / Outsourced Services in the fourth quarter were $3.7 million, in line with the $3.7 million reported in the prior year period.

Net loss for the fourth quarter of 2021 was $2.6 million, or $(0.04) per share on a fully diluted basis, compared to net income of $3.7 million or $0.07 per share on a fully diluted basis in the prior year period. Adjusted EBITDA for the fourth quarter of 2021 was $5.0 million as compared to $5.2 million in the prior year period. Adjusted net loss for the fourth quarter of 2021 was $35 thousand or $(0.00) per share on a fully diluted basis. This compares to adjusted net income of $4.5 million, or $0.08 per fully diluted share in the prior year period.

Full Year 2021 Results

Revenues for the full year ended December 31, 2021 were $124.4 million, compared to revenues of $155.9 million in 2020. Healthcare revenues were $77.5 million in 2021 compared to $68.5 million in the prior year. For the full year 2021, recovery revenues were $33.4 million, compared to $73.4 million in the prior year. Revenues from Customer Care / Outsourced Services were $13.5 million in 2021, a decrease of $0.5 million compared to $14.0 million in the prior year.

Net loss for the full year was $10.3 million, or $(0.17) per share on a fully diluted basis, compared to net loss of $14.0 million or $(0.26) per share on a fully diluted basis in 2020. Adjusted EBITDA for 2021 was $11.9 million as compared to $20.5 million in 2020. Adjusted net loss for 2021 was $3.1 million, or $(0.05) per fully diluted share. This compares to adjusted net income of $8.5 million or $0.16 per fully diluted share in 2020.

As of December 31, 2021, the Company had cash, cash equivalents and restricted cash of approximately $19.6 million.

Business Commentary

The Company announced that effective March 10th, Simeon Kohl has been named President of Performant. As President, Kohl will remain based in Sunrise, FL and will be responsible for the successful execution of Performant's growth strategy, client satisfaction and service delivery, as well as the Company's continued transformation to a healthcare pure play company.

“It gives me great pleasure to officially announce that Simeon Kohl is being promoted to President of Performant Financial. Over the past 10 years, Sim has worked tirelessly to build and mature our healthcare business. His promotion to President is a natural progression in our transformation to a healthcare pure play company and a direct reflection of his successful leadership and execution of our growth strategy,” commented Lisa Im, CEO of Performant.

“As President, I’m looking forward to continuing to work with my amazing team to further build out and grow Performant’s presence in the healthcare payment integrity space. Our fourth quarter is typically our seasonally strongest, and this year was no different, as our results in the fourth quarter punctuated a strong end to an expansive, but somewhat tumultuous year, as the nation’s healthcare system addressed the impacts of both Delta and Omicron variant waves,” commented Simeon Kohl, President of Performant.

“We continue to win the business of new healthcare payers, while also expanding our portfolio of work with our existing clients. These successes span our diversified products, such as TPL Reclamation, Clinical Audit, and Data Mining. We are a relatively small, but exceptionally nimble company competing against considerably larger competitors, and we’re winning,” continued Kohl.

“As we look ahead to 2022, we are excited at the trajectory from the implementations we have completed and the conversions we continue to achieve from our sales pipeline. We remain cautiously optimistic on a thawing of the COVID-related impacts on our operations as we look forward to 2022,” added Rohit Ramchandani, Senior Vice President of Finance and Strategy at Performant. “As such, we are introducing full year 2022 healthcare revenue guidance in the range of $90 - $94 million, with EBITDA in the range of $2 to $4 million, with an expectation of EBITDA in the first half of 2022 being negative, followed by stronger margins in Q3 and Q4, due to the anticipated quarterly trending of our revenues, as well as the continued investments into new customer contracts. This is a reflection of our ability to continue tackling available opportunities to drive growth in our platform.”

Note Regarding Use of Non-GAAP Financial Measures

In this press release, to supplement our consolidated financial statements, the Company presents adjusted EBITDA, adjusted net income (loss), and adjusted net income (loss) per diluted share. These measures are not in accordance with accounting principles generally accepted in the United States of America (US GAAP) and accordingly reconciliations of adjusted EBITDA and adjusted net income (loss) to net income (loss) determined in accordance with US GAAP are included in the “Reconciliation of Non-GAAP Results” table at the end of this press release. We have included adjusted EBITDA and adjusted net income (loss) in this press release because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends and to prepare and approve our annual budget. Accordingly, we believe that adjusted EBITDA and adjusted net income (loss) provide useful information to investors and analysts in understanding and evaluating our operating results in the same manner as our management and board of directors. Our use of adjusted EBITDA and adjusted net income (loss) has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under US GAAP. In particular, many of the adjustments to our US GAAP financial measures reflect the exclusion of items, specifically interest, tax and depreciation and amortization expenses, equity-based compensation expense and certain other non-operating expenses, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be calculated differently from similarly titled non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

Earnings Conference Call

The Company will hold a conference call to discuss its fourth quarter and full year 2021 results today at 5:00 p.m. Eastern. A live webcast of the call may be accessed on the Investor Relations section of the Company’s website at investors.performantcorp.com. The conference call is also available by dialing 877-705-6003 (domestic) or 201-493-6725 (international).

A replay of the call will be available on the Company's website or by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13727690. The telephonic replay will be available approximately three hours after the call, through March 22, 2022.

About Performant Financial Corporation

Performant provides technology-enabled audit, recovery, and analytics services in the United States with a focus in the healthcare payment integrity industry. Performant works with healthcare payers through claims auditing and eligibility-based (also known as coordination-of-benefits) services to identify improper payments. The Company engages clients in both government and commercial markets. The Company also has a call center which serves clients with complex consumer engagement needs. Clients of the Company typically operate in complex and highly regulated environments and contract for their payment integrity needs in order to reduce losses on improper healthcare payments.

Powered by a proprietary analytic platform and workflow technology, Performant also provides professional services related to the recovery effort, including reporting capabilities, support services, customer care and stakeholder training programs meant to mitigate future instances of improper payments. Founded in 1976, Performant is headquartered in Livermore, California.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's outlook for revenues, net income (loss), and adjusted EBITDA in 2022 and beyond. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the material adverse impact of the COVID-19 pandemic on the Company's business, results of operations and financial condition as well as on the business operations and financial performance of many of its customers, that the Company may not have sufficient cash flows from operations to fund ongoing operations and other liquidity needs, that the Company’s indebtedness could adversely affect its business and financial condition and could reduce the funds available for other purposes and the failure to comply with covenants contained in its credit agreement could result in an event of default that could adversely affect its results of operations, that the Company faces a long period to implement a new contract which may result in the incurring of expenses before the receipt of revenues from new client relationships, the high level of revenue concentration among the Company's largest customers and any termination in the Company’s relationship with any of its significant clients would result in a material decline in revenues, that many of the Company's customer contracts are subject to periodic renewal, are not exclusive, do not provide for committed business volumes and may be changed or terminated unilaterally and on short notice, that the Company may not be able to manage its potential growth effectively, that the Company faces significant competition in all of its markets, that limitations on the scope of the Company's audit activity under its claims audit contracts may reduce revenue opportunities, that the U.S. federal government accounts for a significant portion of the Company's revenues, that future legislative and regulatory changes may have significant effects on the Company's business, that failure of the Company's or third parties' operating systems and technology infrastructure could disrupt the operation of the Company's business and the threat of breach of the Company's security measures or failure or unauthorized access to confidential data that the Company possesses. More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's annual report on Form 10-K for the year ended December 31, 2020 and subsequently filed reports on Forms 10-Q and 8-K. The forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking statements to conform these statements to actual results or revised expectations.

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

Assets

December 31,

2021

 

December 31,

2020

Current assets:

 

 

 

Cash and cash equivalents

$

17,347

 

 

$

16,043

 

Restricted cash

 

2,203

 

 

 

2,253

 

Trade accounts receivable, net of allowance for doubtful accounts of $0 and $49, respectively

 

20,808

 

 

 

23,216

 

Contract assets

 

8,113

 

 

 

4,466

 

Prepaid expenses and other current assets

 

3,077

 

 

 

3,784

 

Income tax receivable

 

3,159

 

 

 

4,758

 

Total current assets

 

54,707

 

 

 

54,520

 

Property, equipment, and leasehold improvements, net

 

15,708

 

 

 

17,497

 

Identifiable intangible assets, net

 

 

 

 

689

 

Goodwill

 

47,372

 

 

 

47,372

 

Right-of-use assets

 

3,235

 

 

 

5,043

 

Other assets

 

963

 

 

 

1,106

 

Total assets

$

121,985

 

 

$

126,227

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Current maturities of notes payable, net of unamortized debt issuance costs of $11 and $906, respectively

$

489

 

 

$

59,957

 

Accrued salaries and benefits

 

8,476

 

 

 

8,799

 

Accounts payable

 

1,124

 

 

 

407

 

Other current liabilities

 

3,732

 

 

 

3,841

 

Contract liabilities

 

634

 

 

 

867

 

Estimated liability for appeals and disputes

 

1,190

 

 

 

1,014

 

Lease liabilities

 

1,862

 

 

 

2,327

 

Total current liabilities

 

17,507

 

 

 

77,212

 

Notes payable, net of current portion and unamortized debt issuance costs of $416 and $0, respectively

 

19,084

 

 

 

 

Lease liabilities

 

1,803

 

 

 

3,442

 

Other liabilities

 

1,168

 

 

 

3,593

 

Total liabilities

 

39,562

 

 

 

84,247

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.0001 par value. Authorized, 500,000 shares at December 31, 2021 and 2020, respectively; issued and outstanding, 69,281 and 54,764 shares at December 31, 2021 and 2020, respectively

 

7

 

 

 

5

 

Additional paid-in capital

 

133,662

 

 

 

82,933

 

Accumulated deficit

 

(51,246

)

 

 

(40,958

)

Total stockholders’ equity

 

82,423

 

 

 

41,980

 

Total liabilities and stockholders’ equity

$

121,985

 

 

$

126,227

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2021

 

2020

 

2021

 

2020

Revenues

$

31,579

 

 

$

40,036

 

 

$

124,393

 

 

$

155,937

 

Operating expenses:

 

 

 

 

 

 

 

Salaries and benefits

 

20,369

 

 

 

26,161

 

 

 

87,440

 

 

 

100,654

 

Other operating expenses

 

8,373

 

 

 

10,173

 

 

 

38,269

 

 

 

42,248

 

Impairment of goodwill

 

 

 

 

 

 

 

 

 

 

27,000

 

Total operating expenses

 

28,742

 

 

 

36,334

 

 

 

125,709

 

 

 

169,902

 

Income (loss) from operations

 

2,837

 

 

 

3,702

 

 

 

(1,316

)

 

 

(13,965

)

(Loss) gain on sale of certain recovery contracts

 

(25

)

 

 

 

 

 

2,403

 

 

 

 

Interest expense

 

(5,447

)

 

 

(1,400

)

 

 

(11,313

)

 

 

(7,227

)

Interest income

 

 

 

 

3

 

 

 

 

 

 

21

 

Income (loss) before benefit from income taxes

 

(2,635

)

 

 

2,305

 

 

 

(10,226

)

 

 

(21,171

)

Provision for (benefit from) income taxes

 

1

 

 

 

1,415

 

 

 

62

 

 

 

(7,182

)

Net income (loss)

$

(2,636

)

 

$

3,720

 

 

$

(10,288

)

 

$

(13,989

)

Net income (loss) per share

 

 

 

 

 

 

 

Basic

$

(0.04

)

 

$

0.07

 

 

$

(0.17

)

 

$

(0.26

)

Diluted

$

(0.04

)

 

$

0.07

 

 

$

(0.17

)

 

$

(0.26

)

Weighted average shares

 

 

 

 

 

 

 

Basic

 

69,210

 

 

 

54,754

 

 

 

60,461

 

 

 

54,414

 

Diluted

 

69,210

 

 

 

56,206

 

 

 

60,461

 

 

 

54,414

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

Twelve Months Ended

 

December 31,

 

2021

 

2020

Cash flows from operating activities:

 

 

 

Net loss

$

(10,288

)

 

$

(13,989

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

Impairment of long-lived assets

 

722

 

 

 

88

 

Impairment of goodwill

 

 

 

 

27,000

 

Depreciation and amortization

 

5,188

 

 

 

5,216

 

Right-of-use assets amortization

 

1,808

 

 

 

1,791

 

Stock-based compensation

 

2,640

 

 

 

2,610

 

Interest expense from debt issuance costs

 

3,586

 

 

 

1,525

 

Earnout mark-to-market

 

 

 

 

(398

)

Loss on debt extinguishment

 

3,371

 

 

 

 

Gain on sale of certain recovery contracts

 

(2,403

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

Trade accounts receivable

 

1,665

 

 

 

3,954

 

Contract assets

 

(3,647

)

 

 

(3,127

)

Prepaid expenses and other current assets

 

707

 

 

 

(455

)

Income tax receivable

 

1,599

 

 

 

(4,594

)

Other assets

 

127

 

 

 

(135

)

Accrued salaries and benefits

 

(323

)

 

 

2,673

 

Accounts payable

 

717

 

 

 

(2,125

)

Contract liabilities and other current liabilities

 

(292

)

 

 

1,061

 

Estimated liability for appeals and disputes

 

176

 

 

 

(4

)

Lease liabilities

 

(2,104

)

 

 

(1,990

)

Other liabilities

 

(2,333

)

 

 

1,708

 

Net cash provided by operating activities

 

916

 

 

 

20,809

 

Cash flows from investing activities:

 

 

 

Purchase of property, equipment, and leasehold improvements

 

(3,416

)

 

 

(3,792

)

Proceeds from sale of certain recovery contracts

 

3,146

 

 

 

 

Net cash used in investing activities

 

(270

)

 

 

(3,792

)

Cash flows from financing activities:

 

 

 

Repayment of notes payable

 

(60,863

)

 

 

(3,450

)

Debt issuance costs paid

 

(581

)

 

 

 

Taxes paid related to net share settlement of stock awards

 

(633

)

 

 

(266

)

Proceeds from exercise of stock options

 

41

 

 

 

 

Borrowings from notes payable

 

20,000

 

 

 

 

Proceeds from public offering, net of costs

 

42,644

 

 

 

 

Net cash provided by (used in) financing activities

 

608

 

 

 

(3,716

)

Net increase in cash, cash equivalents and restricted cash

 

1,254

 

 

 

13,301

 

Cash, cash equivalents and restricted cash at beginning of year

 

18,296

 

 

 

4,995

 

Cash, cash equivalents and restricted cash at end of year

$

19,550

 

 

$

18,296

 

 

 

 

 

Reconciliation of the consolidated statements of cash flows to the consolidated balance sheets:

 

 

 

Cash and cash equivalents

$

17,347

 

 

$

16,043

 

Restricted cash

$

2,203

 

 

$

2,253

 

Total cash, cash equivalents and restricted cash at end of period

$

19,550

 

 

$

18,296

 

Non-cash financing activities:

 

 

 

Recognition of earnout shares issued

$

801

 

 

$

 

Recognition of warrants issued in debt financing

$

5,237

 

 

$

 

Supplemental disclosures of cash flow information:

 

 

 

Cash received for income taxes

$

(589

)

 

$

(2,257

)

Cash paid for interest

$

4,310

 

 

$

5,702

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Results

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2021

 

2020

 

2021

 

2020

Adjusted EBITDA:

 

 

 

 

 

 

 

Net income (loss)

$

(2,636

)

 

$

3,720

 

 

$

(10,288

)

 

$

(13,989

)

Provision for (benefit from) income taxes

 

1

 

 

 

(1,415

)

 

 

62

 

 

 

(7,182

)

Interest expense(1)

 

5,447

 

 

 

1,400

 

 

 

11,313

 

 

 

7,227

 

Interest income

 

 

 

 

(3

)

 

 

 

 

 

(21

)

Stock based compensation

 

677

 

 

 

613

 

 

 

2,640

 

 

 

2,610

 

Depreciation and amortization

 

1,305

 

 

 

1,144

 

 

 

5,188

 

 

 

5,216

 

Impairment of goodwill (4)

 

 

 

 

 

 

 

 

 

 

27,000

 

Impairment of long-lived assets

 

 

 

 

 

 

 

636

 

 

 

 

Earnout mark-to-market (5)

 

 

 

 

(235

)

 

 

 

 

 

(397

)

Severance expenses (6)

 

284

 

 

 

 

 

 

2,160

 

 

 

 

Non-core operating expenses (7)

 

(95

)

 

 

 

 

 

2,588

 

 

 

 

Gain on sale of certain recovery contracts (8)

 

25

 

 

 

 

 

 

(2,403

)

 

 

 

Adjusted EBITDA

$

5,008

 

 

$

5,224

 

 

$

11,896

 

 

$

20,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2021

 

2020

 

2021

 

2020

Adjusted Net Income (Loss):

 

 

 

 

 

 

 

Net income (loss)

$

(2,636

)

 

$

3,720

 

 

$

(10,288

)

 

$

(13,989

)

Stock based compensation

 

677

 

 

 

613

 

 

 

2,640

 

 

 

2,610

 

Amortization of intangibles assets (2)

 

16

 

 

 

63

 

 

 

705

 

 

 

239

 

Amortization of debt issuance costs (3)

 

1,133

 

 

 

141

 

 

 

3,586

 

 

 

1,525

 

Impairment of goodwill (4)

 

 

 

 

 

 

 

 

 

 

27,000

 

Impairment of long-lived assets

 

 

 

 

 

 

 

636

 

 

 

 

Earnout mark-to-market (5)

 

 

 

 

(235

)

 

 

 

 

 

(397

)

Severance expenses (6)

 

284

 

 

 

 

 

 

2,160

 

 

 

 

Non-core operating expenses (7)

 

(95

)

 

 

 

 

 

2,588

 

 

 

 

Gain on sale of certain recovery contracts (8)

 

25

 

 

 

 

 

 

(2,403

)

 

 

 

Tax adjustments (9)

 

561

 

 

 

160

 

 

 

(2,726

)

 

 

(8,519

)

Adjusted net income (loss)

$

(35

)

 

$

4,462

 

 

$

(3,102

)

 

$

8,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2021

 

2020

 

2021

 

2020

Adjusted Earnings Per Diluted Share:

 

 

 

 

 

 

 

Net income (loss)

$

(2,636

)

 

$

3,720

 

 

$

(10,288

)

 

$

(13,989

)

Plus: Adjusted items per reconciliation of adjusted net income

 

2,601

 

 

 

742

 

 

 

7,186

 

 

 

22,458

 

Adjusted net income (loss)

$

(35

)

 

$

4,462

 

 

$

(3,102

)

 

$

8,469

 

Adjusted earnings per diluted share

$

 

 

$

0.08

 

 

$

(0.05

)

 

$

0.16

 

Diluted average shares outstanding (10)

 

69,210

 

 

 

56,206

 

 

 

60,461

 

 

 

54,458

 

We are providing the following preliminary estimates of our financial results for the year ending December 31, 2022:

 

Twelve months ended December 31,

 

2021 Actual

 

2022 Estimate

Adjusted EBITDA:

 

 

 

Net loss

$

(10,288

)

 

$ (5,500) to (7,500)

Provision for (benefit from) income taxes

 

62

 

 

(350) to 750

Interest expense(1)

 

11,313

 

 

1,000 to 1,500

Stock based compensation

 

2,640

 

 

2,000 to 3,000

Depreciation and amortization

 

5,188

 

 

4,750 to 5,750

Impairment of long-lived assets

 

636

 

 

Severance expenses (6)

 

2,160

 

 

100 to 500

Non-core operating expenses (7)

 

2,588

 

 

Gain on sale of certain recovery contracts (8)

 

(2,403

)

 

Adjusted EBITDA

$

11,896

 

 

$ 2,000 to 4,000

(1)

Represents interest expense and amortization of debt issuance costs related to our Credit Agreement.

(2)

Represents amortization of intangibles related to the acquisition of Performant by an affiliate of Parthenon Capital Partners in 2004.

(3)

Represents amortization of debt issuance costs related to our Credit Agreement.

(4)

Represents a non-cash goodwill impairment charge in 2020 mainly due to the decrease of our market capitalization in the first half of 2020.

(5)

Represents the change from prior reporting periods in the fair value of the potential earnout consideration payable to ECMC group in connection with the Premiere acquisition.

(6)

Represents severance expenses incurred in connection with a reduction in force for our non-healthcare recovery services.

(7)

Represents professional fees related to strategic corporate development activities.

(8)

Represents gain on the sale of certain non-healthcare recovery contracts in 2021.

(9)

Represents tax adjustments assuming a marginal tax rate of 27.5% at full profitability.

(10)

While net loss for the year ended December 31, 2020 was $13,989, the computation of adjusted net income (loss) results in adjusted net income of $8,469. Therefore, the calculation of the adjusted earnings per diluted share for the year ended December 31, 2020 includes dilutive common share equivalents of 44 added to the basic weighted average shares of 54,414. Similarly, the calculation of the adjusted earnings per diluted share for the three months ended December 31, 2020 includes dilutive common share equivalents of 1,452 added to the basic weighted average shares of 54,754.

We are providing the following historical breakdown of the quarterly and annual revenue contributions under the new contribution breakdowns of our healthcare revenue results for the years ended December 31, 2021, 2020, and 2019:

 

 

For the Three Months Ended

 

For the Year Ended

 

 

March 31, 2021

 

June 30, 2021

 

September 30, 2021

 

December 31, 2021

 

December 31, 2021

 

 

(in thousands)

Eligibility-based

 

$

7,911

 

$

11,577

 

$

12,727

 

$

16,061

 

$

48,276

Claims-based

 

 

5,375

 

 

7,025

 

 

7,280

 

 

9,498

 

 

29,178

Healthcare Total

 

 

13,286

 

 

18,602

 

 

20,007

 

 

25,559

 

 

77,454

Recovery

 

 

14,491

 

 

11,091

 

 

5,490

 

 

2,333

 

 

33,405

Customer Care / Outsourced Services

 

 

3,613

 

 

3,149

 

 

3,085

 

 

3,687

 

 

13,534

Total

 

$

31,390

 

$

32,842

 

$

28,582

 

$

31,579

 

$

124,393

 

 

For the Three Months Ended

 

For the Year Ended

 

 

March 31, 2020

 

June 30, 2020

 

September 30, 2020

 

December 31, 2020

 

December 31, 2020

 

 

(in thousands)

Eligibility-based

 

$

10,949

 

$

11,292

 

$

13,480

 

$

14,126

 

$

49,847

Claims-based

 

 

6,575

 

 

3,301

 

 

4,086

 

 

4,739

 

 

18,701

Healthcare Total

 

 

17,524

 

 

14,593

 

 

17,566

 

 

18,865

 

 

68,548

Recovery

 

 

24,265

 

 

16,167

 

 

15,443

 

 

17,521

 

 

73,396

Customer Care / Outsourced Services

 

 

4,099

 

 

3,025

 

 

3,219

 

 

3,650

 

 

13,993

Total

 

$

45,888

 

$

33,785

 

$

36,228

 

$

40,036

 

$

155,937

 

 

For the Three Months Ended

 

For the Year Ended

 

 

March 31, 2019

 

June 30, 2019

 

September 30, 2019

 

December 31, 2019

 

December 31, 2019

 

 

(in thousands)

Eligibility-based

 

$

7,742

 

$

7,042

 

$

8,005

 

$

9,987

 

$

32,776

Claims-based

 

 

1,278

 

 

2,221

 

 

2,752

 

 

4,301

 

 

10,552

Healthcare Total

 

 

9,020

 

 

9,263

 

 

10,757

 

 

14,288

 

 

43,328

Recovery

 

 

21,375

 

 

22,107

 

 

20,936

 

 

25,208

 

 

89,626

Customer Care / Outsourced Services

 

 

4,481

 

 

4,460

 

 

4,210

 

 

4,327

 

 

17,478

Total

 

$

34,876

 

$

35,830

 

$

35,903

 

$

43,823

 

$

150,432

 

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