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Performant Financial Corporation Announces Financial Results for Fourth Quarter and Full Year 2022

Performant Financial Corporation (Nasdaq: PFMT), a leading provider of technology-enabled audit, recovery, and related analytics services in the United States, with a focus in the healthcare payment integrity industry, today reported the following financial results for its fourth quarter and full year ended December 31, 2022:

Fourth Quarter Financial Highlights

  • Total revenues of $29.2 million, compared to $31.6 million in the prior year period
  • Healthcare revenues of $26.0 million, compared to $25.6 million in the prior year period
  • Net loss of $0.2 million or $(0.003) per diluted share, compared to a net loss of $2.6 million, or $(0.04) per diluted share, in the prior year period
  • Adjusted EBITDA of $2.3 million, compared to $5.0 million in the prior year period
  • Adjusted net income of $442 thousand, or $0.01 per diluted share, compared to adjusted net loss of $35 thousand or $(0.001) per diluted share, in the prior year period

Full Year 2022 Financial Highlights

  • Total revenues of $109.2 million, compared to $124.4 million in the prior year period
  • Healthcare revenues of $94.7 million, compared to $77.5 million in the prior year period
  • Net loss of $6.5 million, or $(0.09) per diluted share, compared to net loss of $10.3 million, or $(0.17) per diluted share in the prior year period
  • Adjusted EBITDA of $0.9 million, compared to $11.9 million in the prior year period
  • Adjusted net loss of $5.2 million, or $(0.07) per diluted share, compared to adjusted net loss of $3.1 million, or $(0.05) per diluted share, in the prior year period

Fourth Quarter 2022 Results

Healthcare revenues in the fourth quarter of 2022 were $26.0 million, up from $25.6 million in the prior year period. Recovery revenues in the fourth quarter were $0.1 million, compared to $2.3 million in the prior year period. Revenues from Customer Care / Outsourced Services in the fourth quarter were $3.1 million, compared to $3.7 million in the prior year period.

Net loss for the fourth quarter of 2022 was $0.2 million, or $(0.003) per share on a fully diluted basis, compared to a net loss of $2.6 million, or $(0.04) per share, on a fully diluted basis in the prior year period. Adjusted EBITDA for the fourth quarter was $2.3 million compared to $5.0 million in the prior year period. Adjusted net income for the fourth quarter was $442 thousand, or $0.01 per share on a fully diluted basis, compared to adjusted net loss of $35 thousand, or $(0.001) per fully diluted share, in the prior year period.

Full Year 2022 Results

Revenues for the full year ended December 31, 2022 were $109.2 million, compared to revenues of $124.4 million in the prior year. Healthcare revenues were $94.7 million, compared to $77.5 million in the prior year. Recovery revenues were $0.2 million, compared to $33.4 million in the prior year. Revenues from Customer Care / Outsourced Services were $14.3 million compared to $13.5 million in the prior year.

Net loss for the full year ended December 31, 2022 was $6.5 million, or $(0.09) per share on a fully diluted basis, compared to net loss of $10.3 million, or $(0.17) per share on a fully diluted basis, in the prior year. Adjusted EBITDA was $0.9 million, compared to $11.9 million in the prior year. Adjusted net loss was $5.2 million, or $(0.07) per fully diluted share, compared to adjusted net loss of $3.1 million, or $(0.05) per fully diluted share in the prior year.

“2022 was a strong year, as Performant achieved numerous strategic milestones. These milestones started with the Health and Human Services, Office of the Inspector General claim audit and consultative services award, followed by the CMS RAC Region 2 award, and culminated with our successful recompete of the CMS Medicare Secondary Payer Commercial Repayment Center contract,” commented Simeon Kohl, President of Performant. “2022 was also a breakthrough year for our work in the commercial payer market, as we added 21 new implementations and made meaningful progress in our efforts to further scale our operations. We anticipate that our sales pipeline will support a similar cadence in 2023.”

As of December 31, 2022, the Company had cash, cash equivalents and restricted cash of approximately $23.5 million.

Business Commentary

“We are quite pleased with our operational results for 2022, particularly in consideration of the transition we have completed into a healthcare driven company over the past few years,” added Rohit Ramchandani, Senior Vice President of Finance and Strategy at Performant. “Looking ahead to 2023, we are excited to keep building upon the momentum of our historical and current pipeline of implementations, whilst investing into speed to revenue and margin expansion opportunities. We are introducing full year 2023 healthcare revenue guidance to be in the range of $105M to $110M. In terms of EBITDA, we anticipate full year 2023 EBITDA in the range of $2 - $5 million, which is inclusive of $10M to $14M of expected investment spend, consistent with our investment in growth initiatives and improving our operational efficiencies.”

Amendment to Credit Agreement

The Company recently completed an amendment to its existing Credit Agreement with MUFG Union Bank, N.A. in response to certain macroeconomic factors and the Company’s current growth initiatives. The details of this amendment will be contained in the Company’s Form 10-K for the year ended December 31, 2022 to be filed with the Securities and Exchange Commission expected to be filed on or before March 16, 2022.

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 2022 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 877-704-4453 (domestic) or 201-389-0920 (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 13736959. The telephonic replay will be available approximately three hours after the call, through March 22, 2023.

About Performant Healthcare Solutions

Performant provides technology-enabled audit, recovery, and analytics services in the United States to the healthcare industry. Performant works with healthcare payers through claims auditing and eligibility-based (also known as coordination-of-benefits, or COB) 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.

To learn more, please visit http://www.performanthealth.com.

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 2023 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 Company’s ability to generate revenue following long implementation periods associated with new customer contracts; client relationships and the Company’s ability to maintain such client relationships; downturns in domestic or global economic conditions and other macroeconomic factors; the Company’s ability to generate sufficient cash flows to fund our ongoing operations and other liquidity needs; the Company’s ability to hire and retain employees with specialized skills that are required for its healthcare business; anticipated trends and challenges in our business and competition in the markets in which the Company operates; the impact of COVID-19 on the Company’s business and operations, opportunities and expectations for the markets in which the Company operates; the Company’s indebtedness and compliance, or failure to comply, with restrictive covenants in the Company’s credit agreement; opportunities and expectations for growth in the various markets in which the Company operates; anticipated trends and challenges in the Company’s business and competition in the markets in which it operates; the adaptability of the Company’s technology platform to new markets and processes; the Company’s ability to invest in and utilize our data and analytics capabilities to expand its capabilities; the Company’s growth strategy of expanding in existing markets and considering strategic alliances or acquisitions; the Company’s ability to meet liquidity and working capital needs; expectations regarding future expenses; expected future financial performance; and the Company’s ability to comply with and adapt to industry regulations and compliance demands.

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, 2022 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,

2022

 

December 31,

2021

Current assets:

 

 

 

Cash and cash equivalents

$

23,384

 

 

$

17,347

 

Restricted cash

 

81

 

 

 

2,203

 

Trade accounts receivable, net of allowance for doubtful accounts

 

15,794

 

 

 

20,808

 

Contract assets

 

11,460

 

 

 

8,113

 

Prepaid expenses and other current assets

 

3,665

 

 

 

3,077

 

Income tax receivable

 

3,123

 

 

 

3,159

 

Total current assets

 

57,507

 

 

 

54,707

 

Property, equipment, and leasehold improvements, net

 

10,897

 

 

 

15,708

 

Goodwill

 

47,372

 

 

 

47,372

 

Right-of-use assets

 

2,057

 

 

 

3,235

 

Other assets

 

1,000

 

 

 

963

 

Total assets

$

118,833

 

 

$

121,985

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Current maturities of notes payable, net of unamortized debt issuance costs of $17 and $11, respectively

$

983

 

 

$

489

 

Accrued salaries and benefits

 

6,938

 

 

 

8,476

 

Accounts payable

 

1,262

 

 

 

1,124

 

Other current liabilities

 

2,252

 

 

 

3,732

 

Contract liabilities

 

438

 

 

 

634

 

Estimated liability for appeals and disputes

 

1,106

 

 

 

1,190

 

Lease liabilities

 

1,228

 

 

 

1,862

 

Total current liabilities

 

14,207

 

 

 

17,507

 

Notes payable, net of current portion and unamortized debt issuance costs of $316 and $416, respectively

 

18,184

 

 

 

19,084

 

Lease liabilities

 

1,076

 

 

 

1,803

 

Other liabilities

 

881

 

 

 

1,168

 

Total liabilities

 

34,348

 

 

 

39,562

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.0001 par value. Authorized, 500,000 shares at December 31, 2022 and 2021, respectively; issued and outstanding, 75,505 and 69,281 shares at December 31, 2022 and 2021, respectively

 

7

 

 

 

7

 

Additional paid-in capital

 

142,261

 

 

 

133,662

 

Accumulated deficit

 

(57,783

)

 

 

(51,246

)

Total stockholders’ equity

 

84,485

 

 

 

82,423

 

Total liabilities and stockholders’ equity

$

118,833

 

 

$

121,985

 

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,

 

2022

 

2021

 

2022

 

2021

Revenues

$

29,242

 

 

$

31,579

 

 

$

109,184

 

 

$

124,393

 

Operating expenses:

 

 

 

 

 

 

 

Salaries and benefits

 

22,211

 

 

 

20,369

 

 

 

85,312

 

 

 

87,440

 

Other operating expenses

 

6,827

 

 

 

8,373

 

 

 

30,772

 

 

 

38,269

 

Total operating expenses

 

29,038

 

 

 

28,742

 

 

 

116,084

 

 

 

125,709

 

Income (loss) from operations

 

204

 

 

 

2,837

 

 

 

(6,900

)

 

 

(1,316

)

(Loss) gain on sale of certain recovery contracts

 

 

 

 

(25

)

 

 

382

 

 

 

2,403

 

Gain on sale of land and buildings

 

 

 

 

 

 

 

1,120

 

 

 

 

Interest expense

 

(359

)

 

 

(5,447

)

 

 

(1,007

)

 

 

(11,313

)

Loss before provision for income taxes

 

(155

)

 

 

(2,635

)

 

 

(6,405

)

 

 

(10,226

)

Provision for income taxes

 

80

 

 

 

1

 

 

 

132

 

 

 

62

 

Net loss

$

(235

)

 

$

(2,636

)

 

$

(6,537

)

 

$

(10,288

)

Net income (loss) per share

 

 

 

 

 

 

 

Basic

$

 

 

$

(0.04

)

 

$

(0.09

)

 

$

(0.17

)

Diluted

$

 

 

$

(0.04

)

 

$

(0.09

)

 

$

(0.17

)

Weighted average shares

 

 

 

 

 

 

 

Basic

 

74,291

 

 

 

69,210

 

 

 

72,937

 

 

 

60,461

 

Diluted

 

74,291

 

 

 

69,210

 

 

 

72,937

 

 

 

60,461

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Twelve Months Ended

 

December 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net loss

$

(6,537

)

 

$

(10,288

)

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

 

 

 

Loss on disposal of assets and impairment of long-lived assets

 

41

 

 

 

722

 

Depreciation and amortization

 

4,524

 

 

 

5,188

 

Right-of-use assets amortization

 

1,178

 

 

 

1,808

 

Stock-based compensation

 

3,036

 

 

 

2,640

 

Interest expense from debt issuance costs

 

95

 

 

 

3,586

 

Loss on debt extinguishment

 

 

 

 

3,371

 

Gain on sale of certain recovery contracts

 

(382

)

 

 

(2,403

)

Gain on sale of land and buildings

 

(1,120

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

Trade accounts receivable

 

5,014

 

 

 

1,665

 

Contract assets

 

(3,347

)

 

 

(3,647

)

Prepaid expenses and other current assets

 

(588

)

 

 

707

 

Income tax receivable

 

36

 

 

 

1,599

 

Other assets

 

(37

)

 

 

127

 

Accrued salaries and benefits

 

(1,538

)

 

 

(323

)

Accounts payable

 

138

 

 

 

717

 

Contract liabilities and other current liabilities

 

(1,660

)

 

 

(292

)

Estimated liability for appeals and disputes

 

(84

)

 

 

176

 

Lease liabilities

 

(1,361

)

 

 

(2,104

)

Other liabilities

 

(285

)

 

 

(2,333

)

Net cash (used in) provided by operating activities

 

(2,877

)

 

 

916

 

Cash flows from investing activities:

 

 

 

Purchase of property, equipment, and leasehold improvements

 

(3,585

)

 

 

(3,416

)

Proceeds from sale of certain recovery contracts

 

382

 

 

 

3,146

 

Proceeds from sales of property, equipment, and leasehold improvements

 

4,934

 

 

 

 

Net cash provided by (used in) investing activities

 

1,731

 

 

 

(270

)

Cash flows from financing activities:

 

 

 

Repayment of notes payable

 

(500

)

 

 

(60,863

)

Debt issuance costs paid

 

(2

)

 

 

(581

)

Taxes paid related to net share settlement of stock awards

 

 

 

 

(633

)

Proceeds from exercise of warrants

 

5,563

 

 

 

 

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

 

5,061

 

 

 

608

 

Net increase in cash, cash equivalents and restricted cash

 

3,915

 

 

 

1,254

 

Cash, cash equivalents and restricted cash at beginning of year

 

19,550

 

 

 

18,296

 

Cash, cash equivalents and restricted cash at end of year

$

23,465

 

 

$

19,550

 

 

 

 

 

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

 

 

 

Cash and cash equivalents

$

23,384

 

 

$

17,347

 

Restricted cash

 

81

 

 

 

2,203

 

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

$

23,465

 

 

$

19,550

 

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 paid (received) for income taxes

$

250

 

 

$

(589

)

Cash paid for interest

$

702

 

 

$

4,310

 

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,

 

2022

 

2021

 

2022

 

2021

Reconciliation of Adjusted EBITDA:

 

 

 

 

 

 

 

Net loss

$

(235

)

 

$

(2,636

)

 

$

(6,537

)

 

$

(10,288

)

Provision for income taxes

 

80

 

 

 

1

 

 

 

132

 

 

 

62

 

Interest expense (1)

 

359

 

 

 

5,447

 

 

 

1,007

 

 

 

11,313

 

Stock based compensation

 

824

 

 

 

677

 

 

 

3,036

 

 

 

2,640

 

Depreciation and amortization

 

1,169

 

 

 

1,305

 

 

 

4,524

 

 

 

5,188

 

Impairment of long-lived assets

 

 

 

 

 

 

 

 

 

 

636

 

Severance expenses (4)

 

85

 

 

 

284

 

 

 

274

 

 

 

2,160

 

Non-core operating expenses (5)

 

1

 

 

 

(95

)

 

 

10

 

 

 

2,588

 

Gain on sale of certain recovery contracts (6)

 

 

 

 

25

 

 

 

(382

)

 

 

(2,403

)

Gain on sale of land and buildings (7)

 

 

 

 

 

 

 

(1,120

)

 

 

 

Adjusted EBITDA

$

2,283

 

 

$

5,008

 

 

$

944

 

 

$

11,896

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

Reconciliation of Adjusted Net Income (Loss):

 

 

 

 

 

 

 

Net loss

$

(235

)

 

$

(2,636

)

 

$

(6,537

)

 

$

(10,288

)

Stock based compensation

 

824

 

 

 

677

 

 

 

3,036

 

 

 

2,640

 

Amortization of intangibles assets (2)

 

 

 

 

16

 

 

 

 

 

 

705

 

Amortization of debt issuance costs (3)

 

24

 

 

 

1,133

 

 

 

95

 

 

 

3,586

 

Impairment of long-lived assets

 

 

 

 

 

 

 

 

 

 

636

 

Severance expenses (4)

 

85

 

 

 

284

 

 

 

274

 

 

 

2,160

 

Non-core operating expenses (5)

 

1

 

 

 

(95

)

 

 

10

 

 

 

2,588

 

Gain on sale of certain recovery contracts (6)

 

 

 

 

25

 

 

 

(382

)

 

 

(2,403

)

Gain on sale of land and buildings (7)

 

 

 

 

 

 

 

(1,120

)

 

 

 

Tax adjustments (8)

 

(257

)

 

 

561

 

 

 

(526

)

 

 

(2,726

)

Adjusted net loss

$

442

 

 

$

(35

)

 

$

(5,150

)

 

$

(3,102

)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

Adjusted Earnings Per Diluted Share:

 

 

 

 

 

 

 

Net income (loss)

$

(235

)

 

$

(2,636

)

 

$

(6,537

)

 

$

(10,288

)

Plus: Adjusted items per reconciliation of adjusted net income

 

677

 

 

 

2,601

 

 

 

1,387

 

 

 

7,186

 

Adjusted net income (loss)

$

442

 

 

$

(35

)

 

$

(5,150

)

 

$

(3,102

)

Adjusted earnings per diluted share

$

0.01

 

 

$

 

 

$

(0.07

)

 

$

(0.05

)

Diluted average shares outstanding (9)

 

75,455

 

 

 

69,210

 

 

 

69,873

 

 

 

60,461

 

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

 

Twelve months ended December 31,

 

2022 Actual

 

2023 Estimate

Adjusted EBITDA:

 

 

 

Net loss

$

(6,537

)

 

$

(6,300) to (7,500)

Provision for income taxes

 

132

 

 

(250) to 750

Interest expense (1)

 

1,007

 

 

1,000 to 2,000

Stock based compensation

 

3,036

 

 

2,500 to 3,500

Depreciation and amortization

 

4,524

 

 

5,000 to 6,000

Severance expenses (4)

 

274

 

 

50 to 250

Non-core operating expenses (5)

 

10

 

 

 

Gain on sale of certain recovery contracts (6)

 

(382

)

 

 

Gain on sale of land and buildings (7)

 

(1,120

)

 

 

Adjusted EBITDA

$

944

 

 

$

2,000 to 5,000

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

(5)

Represents professional fees related to strategic corporate development activities.

(6)

Represents gain on the sale of certain non-healthcare recovery contracts in 2021 and 2022.

(7)

Represents gain on the sale of land and buildings in 2022.

(8)

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

(9)

While net loss for the three months ended December 31, 2022 was $(235), the computation of adjusted net income (loss) results in adjusted net income of $442. Therefore, the calculation of the adjusted earnings per diluted share for the three months ended December 31, 2022 includes dilutive common share equivalents of 1,164 added to the basic weighted average shares of 74,291.

We are providing the following historical breakdown of the quarterly and annual revenue contributions under the new contribution breakdowns of the Company's healthcare revenue results for the years ended December 31, 2022, 2021, and 2020:

 

 

For the Three Months Ended

 

For the Year Ended

 

 

March 31, 2022

 

June 30, 2022

 

September 30, 2022

 

December 31, 2022

 

December 31, 2022

 

 

(in thousands)

Eligibility-based

 

$

14,214

 

$

12,417

 

$

13,142

 

$

13,511

 

$

53,284

Claims-based

 

 

9,150

 

 

 

9,339

 

 

 

10,377

 

 

 

12,516

 

 

 

41,382

 

Healthcare Total

 

 

23,364

 

 

 

21,756

 

 

23,519

 

 

 

26,027

 

 

 

94,666

 

Recovery

 

 

118

 

 

 

7

 

 

 

41

 

 

 

75

 

 

 

241

 

Customer Care / Outsourced Services

 

 

3,601

 

 

 

3,918

 

 

 

3,618

 

 

 

3,140

 

 

 

14,277

 

Total

 

$

27,083

 

 

$

25,681

 

$

27,178

 

 

$

29,242

 

 

$

109,184

 

 

 

 

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

 

 

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