Performant Financial Corporation Announces Financial Results for Second Quarter 2021

LIVERMORE, Calif.--()--Performant Financial Corporation (Nasdaq: PFMT), (the "Company"), a leading provider of technology-enabled audit, recovery, and related analytics services in the United States with a focus in the healthcare payment integrity services industry, today reported the following financial results for its second quarter ended June 30, 2021:

Second Quarter Financial Highlights

  • Total revenues of $32.8 million, compared to revenues of $33.8 million in the prior year period.
  • Net loss of approximately $1.5 million, or $(0.03) per diluted share, compared to a net loss of $7.2 million, or $(0.13) per diluted share, in the prior year period.
  • Adjusted net income was $0.5 million, or $0.01 per diluted share, compared to an adjusted net loss of $0.7 million or $(0.01) per diluted share in the prior year period.
  • Adjusted EBITDA of $4.2 million, compared to $4.3 million in the prior year period.

Second Quarter 2021 Results

Total revenues in the second quarter were $32.8 million, a decrease of $0.9 million, or 3% from revenues of $33.8 million in the prior year period. Healthcare revenues in the second quarter of 2021 were $18.6 million, an increase of $4.0 million, or 27%, from revenues of $14.6 million in the prior year period. Within Healthcare, claims-based services revenue in the second quarter of 2021 was $7.0 million, while revenue from eligibility-based services in the second quarter was $11.6 million.

Recovery revenues in the second quarter were $11.1 million, a decrease of $5.1 million, or 31%, from revenues of $16.2 million in the prior year period. Revenues from our Customer Care / Outsourced Services in the second quarter were $3.1 million, an increase of $0.1 million, or 4%, from revenues of $3.0 million in the prior year period.

Net loss for the second quarter was $1.5 million, or $(0.03) per share on a diluted basis, compared to net loss of $7.2 million, or $(0.13) per share on a diluted basis, in the prior year period. Adjusted net income for the second quarter was $0.5 million, or $0.01 per share on a diluted basis, compared to an adjusted net loss of $0.7 million, or $(0.01) per diluted share, in the prior year period. Adjusted EBITDA for the second quarter was $4.2 million as compared to $4.3 million in the prior year period.

As of June 30, 2021, the Company had cash, cash equivalents, and restricted cash of approximately $12.2 million.

Business Commentary and Outlook

“Our decision to transform primarily into a healthcare payment integrity services company, remains on schedule and was reinforced by our results in the second quarter, with healthcare revenues growing by over 27% on a year over year basis,” stated Lisa Im, CEO of Performant.

“We believe there is a tremendous opportunity for us to gain market share and continue to grow within healthcare. However, the recent surge in the Delta variant of COVID-19 provides a bit of uncertainty as it relates to potential slow-downs or pauses in activities in the coming quarters. While we have not seen any impact yet, we are taking a cautious approach in light of the uncertainty, opting to refine our 2021 healthcare revenue guidance to a range of $80 - $85 million while currently continuing to be confident in achieving positive EBITDA results,” continued Im.

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 second quarter 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 855-327-6837 (domestic) or 631-891-4304 (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 13721981. The telephonic replay will be available approximately three hours after the call, through August 17, 2021.

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. Performant is a leading provider of these services in several industries, including healthcare and government. Performant has been providing recovery audit services for more than ten years to both commercial and government clients, including serving as a Recovery Auditor for the Centers for Medicare and Medicaid Services.

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 our outlook for revenues, net income (loss), and adjusted EBITDA in 2020 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 our business, results of operations and financial condition as well as on the business operations and financial performance of many of our 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 our significant clients would result in a material decline in our 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 continuing limitations on the scope of our audit activity under our RAC contracts have significantly reduced our revenue opportunities with this client, 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)

 

 

June 30,
2021

 

December 31,
2020

 

(Unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

9,949

 

 

 

$

16,043

 

 

Restricted cash

2,203

 

 

 

2,253

 

 

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

19,056

 

 

 

23,216

 

 

Contract assets

5,770

 

 

 

4,466

 

 

Prepaid expenses and other current assets

3,407

 

 

 

3,784

 

 

Income tax receivable

5,692

 

 

 

4,758

 

 

Total current assets

46,077

 

 

 

54,520

 

 

Property, equipment, and leasehold improvements, net

16,005

 

 

 

17,497

 

 

Identifiable intangible assets, net

72

 

 

 

689

 

 

Goodwill

47,372

 

 

 

47,372

 

 

Right-of-use assets

4,028

 

 

 

5,043

 

 

Other assets

985

 

 

 

1,106

 

 

Total assets

$

114,539

 

 

 

$

126,227

 

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Current maturities of notes payable to related party, net of unamortized debt issuance costs of $1,001 and $906, respectively

$

8,149

 

 

 

$

59,957

 

 

Accrued salaries and benefits

7,727

 

 

 

8,799

 

 

Accounts payable

846

 

 

 

407

 

 

Other current liabilities

3,511

 

 

 

3,841

 

 

Deferred revenue

 

 

 

867

 

 

Estimated liability for appeals, disputes, and refunds

4,500

 

 

 

1,014

 

 

Lease liabilities

2,207

 

 

 

2,327

 

 

Total current liabilities

26,940

 

 

 

77,212

 

 

Notes payable to related party, net of current portion and unamortized debt issuance costs of $4,819 and $0, respectively

39,243

 

 

 

 

 

Lease liabilities

2,395

 

 

 

3,442

 

 

Other liabilities

3,090

 

 

 

3,593

 

 

Total liabilities

71,668

 

 

 

84,247

 

 

Commitments and contingencies (note 3 and note 4)

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.0001 par value. Authorized, 500,000 shares at June 30, 2021 and December 31, 2020 respectively; issued and outstanding 56,401 and 54,764 shares at June 30, 2021 and December 31, 2020, respectively

6

 

 

 

5

 

 

Additional paid-in capital

89,784

 

 

 

82,933

 

 

Accumulated deficit

(46,919

)

 

 

(40,958

)

 

Total stockholders’ equity

42,871

 

 

 

41,980

 

 

Total liabilities and stockholders’ equity

$

114,539

 

 

 

$

126,227

 

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

$

32,842

 

 

 

$

33,785

 

 

 

$

64,232

 

 

 

$

79,673

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Salaries and benefits

 

23,295

 

 

 

22,166

 

 

 

47,385

 

 

 

50,971

 

 

Other operating expenses

 

10,759

 

 

 

9,042

 

 

 

21,115

 

 

 

21,262

 

 

Impairment of goodwill

 

 

 

 

8,000

 

 

 

 

 

 

27,000

 

 

Total operating expenses

 

34,054

 

 

 

39,208

 

 

 

68,500

 

 

 

99,233

 

 

Loss from operations

 

(1,212

)

 

 

(5,423

)

 

 

(4,268

)

 

 

(19,560

)

 

Gain on sale of certain recovery contracts

 

1,849

 

 

 

 

 

 

1,849

 

 

 

 

 

Interest expense

 

(2,126

)

 

 

(2,031

)

 

 

(3,472

)

 

 

(4,258

)

 

Interest income

 

 

 

 

6

 

 

 

 

 

 

12

 

 

Loss before provision for (benefit from) income taxes

 

(1,489

)

 

 

(7,448

)

 

 

(5,891

)

 

 

(23,806

)

 

Provision for (benefit from) income taxes

 

33

 

 

 

(249

)

 

 

70

 

 

 

(4,123

)

 

Net loss

 

$

(1,522

)

 

 

$

(7,199

)

 

 

$

(5,961

)

 

 

$

(19,683

)

 

Net loss per share

 

 

 

 

 

 

 

 

Basic

 

$

(0.03

)

 

 

$

(0.13

)

 

 

$

(0.11

)

 

 

$

(0.36

)

 

Diluted

 

$

(0.03

)

 

 

$

(0.13

)

 

 

$

(0.11

)

 

 

$

(0.36

)

 

Weighted average shares

 

 

 

 

 

 

 

 

Basic

 

55,516

 

 

 

54,267

 

 

 

55,167

 

 

 

54,105

 

 

Diluted

 

55,516

 

 

 

54,267

 

 

 

55,167

 

 

 

54,105

 

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Six Months Ended

June 30,

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

Net loss

$

(5,961

)

 

 

$

(19,683

)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Impairment of long-lived assets

674

 

 

 

25

 

 

Impairment of goodwill

 

 

 

27,000

 

 

Depreciation and amortization

3,040

 

 

 

2,795

 

 

Right-of-use assets amortization

1,015

 

 

 

1,275

 

 

Stock-based compensation

1,423

 

 

 

1,340

 

 

Interest expense from debt issuance costs

1,133

 

 

 

763

 

 

Earnout mark-to-market

 

 

 

(162

)

 

Gain on sale of certain recovery contracts

(1,849

)

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Trade accounts receivable

3,417

 

 

 

6,577

 

 

Contract assets

(1,304

)

 

 

362

 

 

Prepaid expenses and other current assets and other assets

564

 

 

 

109

 

 

Income tax receivable

(934

)

 

 

(1,860

)

 

Other assets

121

 

 

 

(180

)

 

Accrued salaries and benefits

(1,072

)

 

 

(1,710

)

 

Accounts payable

439

 

 

 

(1,135

)

 

Deferred revenue and other current liabilities

(1,147

)

 

 

(112

)

 

Estimated liability for appeals, disputes, and refunds

3,486

 

 

 

197

 

 

Lease liabilities

(1,167

)

 

 

(1,126

)

 

Other liabilities

(414

)

 

 

1,279

 

 

Net cash provided by operating activities

1,464

 

 

 

15,754

 

 

Cash flows from investing activities:

 

 

 

Purchase of property, equipment, and leasehold improvements

(1,604

)

 

 

(1,943

)

 

Proceeds from sale of certain recovery contracts

2,406

 

 

 

 

 

Net cash provided by (used) in investing activities

802

 

 

 

(1,943

)

 

Cash flows from financing activities:

 

 

 

Repayment of notes payable

(7,650

)

 

 

(1,725

)

 

Debt issuance costs paid

(150

)

 

 

 

 

Taxes paid related to net share settlement of stock awards

(633

)

 

 

(248

)

 

Proceeds from exercise of stock options

23

 

 

 

 

 

Net cash used in financing activities

(8,410

)

 

 

(1,973

)

 

Net increase (decrease) in cash, cash equivalents and restricted cash

(6,144

)

 

 

11,838

 

 

Cash, cash equivalents and restricted cash at beginning of period

18,296

 

 

 

4,995

 

 

Cash, cash equivalents and restricted cash at end of period

$

12,152

 

 

 

$

16,833

 

 

 

 

 

 

Reconciliation of the Consolidated Statements of Cash Flows to the

Consolidated Balance Sheets:

 

 

 

Cash and cash equivalents

$

9,949

 

 

 

$

15,211

 

 

Restricted cash

2,203

 

 

 

1,622

 

 

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

$

12,152

 

 

 

$

16,833

 

 

 

 

 

 

Non-cash financing activities:

 

 

 

Recognition of earnout shares issued

$

801

 

 

 

$

 

 

Recognition of warrants associated with notes payable

$

5,237

 

 

 

$

 

 

Supplemental disclosures of cash flow information:

 

 

 

Cash paid for income taxes

$

1,482

 

 

 

$

2,309

 

 

Cash paid for interest

$

2,340

 

 

 

$

3,495

 

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Results

(In thousands, except per share amount)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

(in thousands)

Adjusted EBITDA:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,522

)

 

 

$

(7,199

)

 

 

$

(5,961

)

 

 

$

(19,683

)

 

Provision for (benefit from) income taxes

 

33

 

 

 

(249

)

 

 

70

 

 

 

(4,123

)

 

Interest expense (1)

 

2,126

 

 

 

2,031

 

 

 

3,472

 

 

 

4,258

 

 

Interest income

 

 

 

 

(6

)

 

 

 

 

 

(12

)

 

Stock-based compensation

 

774

 

 

 

649

 

 

 

1,423

 

 

 

1,340

 

 

Depreciation and amortization

 

2,024

 

 

 

1,255

 

 

 

3,040

 

 

 

2,795

 

 

Impairment of goodwill (4)

 

 

 

 

8,000

 

 

 

 

 

 

27,000

 

 

Impairment of long-lived assets

 

 

 

 

 

 

 

636

 

 

 

 

 

Earnout mark-to-market (5)

 

 

 

 

(162

)

 

 

 

 

 

(162

)

 

Severance expenses (6)

 

1,188

 

 

 

 

 

 

1,496

 

 

 

 

 

Non-core operating expenses (7)

 

1,397

 

 

 

 

 

 

1,908

 

 

 

 

 

Gain on sale of certain recovery contracts (8)

 

(1,849

)

 

 

 

 

 

(1,849

)

 

 

 

 

Adjusted EBITDA

 

$

4,171

 

 

 

$

4,319

 

 

 

$

4,235

 

 

 

$

11,413

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

(in thousands)

Adjusted Net Income (Loss):

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,522

)

 

 

$

(7,199

)

 

 

$

(5,961

)

 

 

$

(19,683

)

 

Stock-based compensation

 

774

 

 

 

649

 

 

 

1,423

 

 

 

1,340

 

 

Amortization of intangible assets (2)

 

558

 

 

 

59

 

 

 

617

 

 

 

118

 

 

Amortization of debt issuance costs (3)

 

764

 

 

 

381

 

 

 

1,133

 

 

 

763

 

 

Impairment of goodwill (4)

 

 

 

 

8,000

 

 

 

 

 

 

27,000

 

 

Impairment of long-lived assets

 

 

 

 

 

 

 

636

 

 

 

 

 

Earnout mark-to-market (5)

 

 

 

 

(162

)

 

 

 

 

 

(162

)

 

Severance expenses (6)

 

1,188

 

 

 

 

 

 

1,496

 

 

 

 

 

Non-core operating expenses (7)

 

1,397

 

 

 

 

 

 

1,908

 

 

 

 

 

Gain on sale of certain recovery contracts (8)

 

(1,849

)

 

 

 

 

 

(1,849

)

 

 

 

 

Tax adjustments (9)

 

(779

)

 

 

(2,455

)

 

 

(1,475

)

 

 

(7,991

)

 

Adjusted net income (loss)

 

$

531

 

 

 

$

(727

)

 

 

$

(2,072

)

 

 

$

1,385

 

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

(in thousands)

Adjusted Net Income (Loss) Per Diluted Share:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,522

)

 

 

$

(7,199

)

 

 

$

(5,961

)

 

 

$

(19,683

)

 

Plus: Adjustment items per reconciliation of adjusted net income (loss)

 

2,053

 

 

 

6,472

 

 

 

3,889

 

 

 

21,068

 

 

Adjusted net income (loss)

 

$

531

 

 

 

$

(727

)

 

 

$

(2,072

)

 

 

$

1,385

 

 

Adjusted net income (loss) per diluted share

 

$

0.01

 

 

 

$

(0.01

)

 

 

$

(0.04

)

 

 

$

0.03

 

 

Diluted average shares outstanding (10)

 

60,617

 

 

 

54,267

 

 

 

55,167

 

 

 

54,259

 

 

(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 noncash 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 three months ended June 30, 2021 is ($1,522), the computation of adjusted net income results in adjusted net income of $531. Therefore, the calculation of the adjusted earnings per diluted share for the three months ended June 30, 2021 includes dilutive common share equivalents of 5,101 added to the basic weighted average shares of 55,516. While net loss for the six months ended June 30, 2020 is ($19,683), the computation of adjusted net income (loss) results in adjusted net income of $1,385. Therefore, the calculation of the adjusted net income per diluted share for the six months ended June 30, 2020 includes dilutive common share equivalents of 154 added to the basic weighted average shares of 54,105.

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, 2019 and December 31, 2020, and six months ended June 30, 2021:

 

 

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

 

 

 

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 Six Months Ended

 

 

 

March 31, 2021

 

 

June 30, 2021

 

 

June 30, 2021

 

 

(in thousands)

Eligibility-based

 

$

7,911

 

 

$

11,577

 

 

$

19,488

 

Claims-based

 

 

5,375

 

 

 

7,025

 

 

 

12,400

 

Healthcare Total

 

 

13,286

 

 

 

18,602

 

 

 

31,888

 

Recovery

 

 

14,491

 

 

 

11,091

 

 

 

25,582

 

Customer Care / Outsourced Services

 

 

3,613

 

 

 

3,149

 

 

 

6,762

 

Total

 

$

31,390

 

 

$

32,842

 

 

$

64,232

 

 

Contacts

Richard Zubek
Investor Relations
925-960-4988
investors@performantcorp.com

Contacts

Richard Zubek
Investor Relations
925-960-4988
investors@performantcorp.com