Financial News
Performant Financial Corporation Announces Financial Results for Second Quarter 2023
Performant Financial Corporation (Nasdaq: PFMT), (the "Company"), primarily operating under subsidiary Performant Healthcare Solutions, 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 second quarter ended June 30, 2023:
Second Quarter Financial Highlights
- Healthcare revenues of $23.9 million, compared to $21.8 million in the prior year period, an increase of approximately 10%
- Total revenues of $25.5 million, compared to total revenues of $25.7 million in the prior year period.
- Net loss of approximately $4.0 million, or $(0.05) per diluted share, compared to net loss of $3.2 million, or $(0.04) per diluted share, in the prior year period.
- Adjusted net loss was $3.2 million, or $(0.04) per diluted share, compared to adjusted net loss of $2.9 million, or $(0.04) per diluted share, in the prior year period.
- Adjusted EBITDA of $(1.3) million, compared to $(1.4) million in the prior year period.
Second Quarter 2023 Results
Healthcare revenues in the second quarter of 2023 were $23.9 million, an increase of approximately 10% from $21.8 million in the prior year period. Total revenues in the second quarter were $25.5 million, a decrease from total revenues of $25.7 million in the prior year period. Within healthcare, claims-based services revenue in the second quarter of 2023 was $9.8 million, while revenues from eligibility-based services in the second quarter was $14.1 million.
“Within our commercial clients, both eligibility and claims-based revenues enjoyed strong double-digit year over year growth through the first half of 2023, demonstrating our continued focus on growing this piece of the business,” stated Simeon Kohl, CEO of Performant. “I am also excited to report that our efforts to compress the implementation cycle continue to bear fruit as we implemented 11 additional commercial programs in Q2, bringing our 2023 total to 22 implementations. This already surpasses the total number of commercial implementations we completed in all of 2022. We anticipate that these 22 programs will deliver an estimated $11 million in annualized revenues at steady state,” Kohl further remarked.
Revenues from our customer care / outsourced services in the second quarter were $1.5 million, down from $3.9 million in the prior year period.
Net loss for the second quarter was $4.0 million, or $(0.05) per share on a diluted basis, compared to a net loss of $3.2 million, or $(0.04) per share on a diluted basis, in the prior year period. Adjusted net loss for the second quarter was $3.2 million, or $(0.04) per share on a diluted basis, compared to adjusted net income of $2.9 million, or $(0.04) per diluted share, in the prior year period. Adjusted EBITDA for the second quarter was $(1.3) million as compared to $(1.4) million in the prior year period.
“We are excited about the increased pace of commercial implementations and the core potential of our government programs, which combine for strong continued traction toward our overall vision and goals,” stated Rohit Ramchandani, Chief Financial Officer of Performant. “With regard to the nearer term, we maintain visibility into our annual healthcare market guidance of $105 million to $110 million in revenues. At this stage in the year, we are also comfortable providing annual guidance for the customer care market revenues of $6.75 million to $8 million, thus bringing our total company revenue guidance to $111.75 million to $118 million. We are excited to continue delivering growth, enhancing our product offerings, broadening our market footprint, and expanding EBITDA margins. Furthermore, we remain well capitalized to tackle our organic growth initiatives and will continue to take steps to ensure we maintain flexibility in available capital for other strategic growth opportunities.”
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 2023 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 888-886-7786 (domestic) or 416-764-8658 (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 87483139. The telephonic replay will be available approximately three hours after the call, through August 15, 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
|
|||||||
|
June 30,
|
|
December 31,
|
||||
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
14,982 |
|
|
$ |
23,384 |
|
Restricted cash |
|
81 |
|
|
|
81 |
|
Trade accounts receivable |
|
12,790 |
|
|
|
15,794 |
|
Contract assets |
|
6,947 |
|
|
|
11,460 |
|
Prepaid expenses and other current assets |
|
2,982 |
|
|
|
3,665 |
|
Income tax receivable |
|
3,176 |
|
|
|
3,123 |
|
Total current assets |
|
40,958 |
|
|
|
57,507 |
|
Property, equipment, and leasehold improvements, net |
|
10,688 |
|
|
|
10,897 |
|
Goodwill |
|
47,372 |
|
|
|
47,372 |
|
Right-of-use assets |
|
602 |
|
|
|
2,057 |
|
Other assets |
|
975 |
|
|
|
1,000 |
|
Total assets |
$ |
100,595 |
|
|
$ |
118,833 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current maturities of notes payable, net of unamortized debt issuance costs of $63 and $17, respectively |
$ |
1,437 |
|
|
$ |
983 |
|
Accrued salaries and benefits |
|
6,118 |
|
|
|
6,938 |
|
Accounts payable |
|
1,195 |
|
|
|
1,262 |
|
Other current liabilities |
|
1,920 |
|
|
|
2,252 |
|
Contract liabilities |
|
112 |
|
|
|
438 |
|
Estimated liability for appeals and disputes |
|
807 |
|
|
|
1,106 |
|
Lease liabilities |
|
465 |
|
|
|
1,228 |
|
Total current liabilities |
|
12,054 |
|
|
|
14,207 |
|
Notes payable, net of current portion and unamortized debt issuance costs of $421 and $316, respectively |
|
9,579 |
|
|
|
18,184 |
|
Lease liabilities |
|
148 |
|
|
|
1,076 |
|
Other liabilities |
|
894 |
|
|
|
881 |
|
Total liabilities |
|
22,675 |
|
|
|
34,348 |
|
Commitments and contingencies (note 3 and note 4) |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock, $0.0001 par value. Authorized, 500,000 shares at June 30, 2023 and December 31, 2022 respectively; issued and outstanding 76,088 and 75,505 shares at June 30, 2023 and December 31, 2022, respectively |
|
7 |
|
|
|
7 |
|
Additional paid-in capital |
|
143,890 |
|
|
|
142,261 |
|
Accumulated deficit |
|
(65,977 |
) |
|
|
(57,783 |
) |
Total stockholders’ equity |
|
77,920 |
|
|
|
84,485 |
|
Total liabilities and stockholders’ equity |
$ |
100,595 |
|
|
$ |
118,833 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES
|
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues |
|
$ |
25,485 |
|
|
$ |
25,681 |
|
|
$ |
51,214 |
|
|
$ |
52,764 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Salaries and benefits |
|
|
21,710 |
|
|
|
20,903 |
|
|
|
44,159 |
|
|
|
41,342 |
|
Other operating expenses |
|
|
7,376 |
|
|
|
8,081 |
|
|
|
14,445 |
|
|
|
16,212 |
|
Total operating expenses |
|
|
29,086 |
|
|
|
28,984 |
|
|
|
58,604 |
|
|
|
57,554 |
|
Loss from operations |
|
|
(3,601 |
) |
|
|
(3,303 |
) |
|
|
(7,390 |
) |
|
|
(4,790 |
) |
Gain on sale of certain recovery contracts |
|
|
— |
|
|
|
382 |
|
|
|
3 |
|
|
|
382 |
|
Interest expense |
|
|
(351 |
) |
|
|
(216 |
) |
|
|
(765 |
) |
|
|
(371 |
) |
Loss before provision for income taxes |
|
|
(3,952 |
) |
|
|
(3,137 |
) |
|
|
(8,152 |
) |
|
|
(4,779 |
) |
Provision for income taxes |
|
|
21 |
|
|
|
32 |
|
|
|
42 |
|
|
|
63 |
|
Net loss |
|
$ |
(3,973 |
) |
|
$ |
(3,169 |
) |
|
$ |
(8,194 |
) |
|
$ |
(4,842 |
) |
Net loss per share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.05 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.07 |
) |
Diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.07 |
) |
Weighted average shares |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
75,752 |
|
|
|
73,502 |
|
|
|
75,629 |
|
|
|
71,698 |
|
Diluted |
|
|
75,752 |
|
|
|
73,502 |
|
|
|
75,629 |
|
|
|
71,698 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES
|
|||||||
|
Six Months Ended
|
||||||
|
2023 |
|
2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(8,194 |
) |
|
$ |
(4,842 |
) |
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 |
|
36 |
|
|
|
(15 |
) |
Depreciation and amortization |
|
2,512 |
|
|
|
2,260 |
|
Right-of-use assets amortization |
|
1,455 |
|
|
|
588 |
|
Stock-based compensation |
|
1,686 |
|
|
|
1,281 |
|
Interest expense from debt issuance costs |
|
122 |
|
|
|
48 |
|
Gain on sale of certain recovery contracts |
|
(3 |
) |
|
|
(382 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Trade accounts receivable |
|
3,004 |
|
|
|
928 |
|
Contract assets |
|
4,513 |
|
|
|
(1,084 |
) |
Prepaid expenses and other current assets |
|
683 |
|
|
|
(257 |
) |
Income tax receivable |
|
(53 |
) |
|
|
(89 |
) |
Other assets |
|
25 |
|
|
|
(6 |
) |
Accrued salaries and benefits |
|
(820 |
) |
|
|
(1,081 |
) |
Accounts payable |
|
(67 |
) |
|
|
(161 |
) |
Contract liabilities and other current liabilities |
|
(658 |
) |
|
|
(1,860 |
) |
Estimated liability for appeals, disputes, and refunds |
|
(299 |
) |
|
|
(114 |
) |
Lease liabilities |
|
(1,691 |
) |
|
|
(704 |
) |
Other liabilities |
|
14 |
|
|
|
12 |
|
Net cash provided by (used in) operating activities |
|
2,265 |
|
|
|
(5,478 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchase of property, equipment, and leasehold improvements |
|
(2,339 |
) |
|
|
(1,589 |
) |
Proceeds from sale of certain recovery contracts |
|
3 |
|
|
|
382 |
|
Net cash used in investing activities |
|
(2,336 |
) |
|
|
(1,207 |
) |
Cash flows from financing activities: |
|
|
|
||||
Repayment of notes payable |
|
(8,000 |
) |
|
|
(250 |
) |
Debt issuance costs paid |
|
(274 |
) |
|
|
(2 |
) |
Taxes paid related to net share settlement of stock awards |
|
(57 |
) |
|
|
— |
|
Proceeds from exercise of warrants |
|
— |
|
|
|
5,563 |
|
Proceeds from public offering, net of costs |
|
— |
|
|
|
— |
|
Net cash (used in) provided by financing activities |
|
(8,331 |
) |
|
|
5,311 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(8,402 |
) |
|
|
(1,374 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
23,465 |
|
|
|
19,550 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
15,063 |
|
|
$ |
18,176 |
|
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets: |
|
|
|
||||
Cash and cash equivalents |
$ |
14,982 |
|
|
$ |
15,973 |
|
Restricted cash |
|
81 |
|
|
|
2,203 |
|
Total cash, cash equivalents and restricted cash at end of period |
$ |
15,063 |
|
|
$ |
18,176 |
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash paid for income taxes |
$ |
143 |
|
|
$ |
238 |
|
Cash paid for interest |
$ |
721 |
|
|
$ |
244 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES
|
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
$ |
(3,973 |
) |
|
$ |
(3,169 |
) |
|
$ |
(8,194 |
) |
|
$ |
(4,842 |
) |
Provision for income taxes |
|
|
21 |
|
|
|
32 |
|
|
|
42 |
|
|
|
63 |
|
Interest expense (1) |
|
|
351 |
|
|
|
216 |
|
|
|
765 |
|
|
|
371 |
|
Stock-based compensation |
|
|
888 |
|
|
|
723 |
|
|
|
1,686 |
|
|
|
1,281 |
|
Depreciation and amortization |
|
|
1,265 |
|
|
|
1,158 |
|
|
|
2,512 |
|
|
|
2,260 |
|
Severance expenses (3) |
|
|
119 |
|
|
|
37 |
|
|
|
182 |
|
|
|
179 |
|
Other (4) |
|
|
30 |
|
|
|
(380 |
) |
|
|
29 |
|
|
|
(376 |
) |
Adjusted EBITDA |
|
$ |
(1,299 |
) |
|
$ |
(1,383 |
) |
|
$ |
(2,978 |
) |
|
$ |
(1,064 |
) |
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Adjusted Net Income (Loss): |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
$ |
(3,973 |
) |
|
$ |
(3,169 |
) |
|
$ |
(8,194 |
) |
|
$ |
(4,842 |
) |
Stock-based compensation |
|
|
888 |
|
|
|
723 |
|
|
|
1,686 |
|
|
|
1,281 |
|
Amortization of debt issuance costs (2) |
|
|
87 |
|
|
|
24 |
|
|
|
122 |
|
|
|
48 |
|
Severance expenses (3) |
|
|
119 |
|
|
|
37 |
|
|
|
182 |
|
|
|
179 |
|
Other (4) |
|
|
30 |
|
|
|
(380 |
) |
|
|
29 |
|
|
|
(376 |
) |
Tax adjustments (5) |
|
|
(309 |
) |
|
|
(111 |
) |
|
|
(555 |
) |
|
|
(311 |
) |
Adjusted net income (loss) |
|
$ |
(3,158 |
) |
|
$ |
(2,876 |
) |
|
$ |
(6,730 |
) |
|
$ |
(4,021 |
) |
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Adjusted Net Income (Loss) Per Diluted Share: |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
$ |
(3,973 |
) |
|
$ |
(3,169 |
) |
|
$ |
(8,194 |
) |
|
$ |
(4,842 |
) |
Plus: Adjustment items per reconciliation of adjusted net income (loss) |
|
|
815 |
|
|
|
293 |
|
|
|
1,464 |
|
|
|
821 |
|
Adjusted net income (loss) |
|
$ |
(3,158 |
) |
|
$ |
(2,876 |
) |
|
$ |
(6,730 |
) |
|
$ |
(4,021 |
) |
Adjusted net income (loss) per diluted share |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.06 |
) |
Diluted average shares outstanding |
|
|
75,752 |
|
|
|
73,502 |
|
|
|
75,629 |
|
|
|
71,698 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES
|
||||||||||||||
We are providing the following preliminary estimates of our financial results as follows: |
||||||||||||||
|
|
Six Months Ended |
|
Six Months Ended |
|
Year Ended |
||||||||
|
|
June 30, 2023 |
|
December 31, 2023 |
|
December 31, 2023 |
|
December 31, 2022 |
||||||
|
|
Actual |
|
Estimate |
|
Estimate |
|
Actual |
||||||
Adjusted EBITDA: |
|
|
|
|
|
|
|
|||||||
Net income (loss) |
|
$ |
(8,194 |
) |
|
$ |
1,615 to 0 |
|
$ |
(6,550) to (8,165) |
|
$ |
(6,537 |
) |
Provision for income taxes |
|
|
42 |
|
|
(292) to 708 |
|
(250) to 750 |
|
|
132 |
|
||
Interest expense (1) |
|
|
765 |
|
|
235 to 1,235 |
|
1,000 to 2,000 |
|
|
1,007 |
|
||
Stock-based compensation |
|
|
1,686 |
|
|
814 to 1,814 |
|
2,500 to 3,500 |
|
|
3,036 |
|
||
Depreciation and amortization |
|
|
2,512 |
|
|
2,738 to 3,988 |
|
5,250 to 6,500 |
|
|
4,524 |
|
||
Severance expenses (3) |
|
|
182 |
|
|
(132) to 233 |
|
50 to 415 |
|
|
274 |
|
||
Other (4) |
|
|
29 |
|
|
— |
|
— |
|
|
(372 |
) |
||
Gain on sale of land and buildings (6) |
|
|
— |
|
|
— |
|
— |
|
|
(1,120 |
) |
||
Adjusted EBITDA |
|
$ |
(2,978 |
) |
|
$ |
4,978 to 7,978 |
|
$ |
2,000 to 5,000 |
|
$ |
944 |
|
(1) |
Represents interest expense and amortization of debt issuance costs related to our Credit Agreement. |
|
(2) |
Represents amortization of debt issuance costs related to our Credit Agreement. |
|
(3) |
Represents severance expenses incurred in connection with a reduction in force for our non-healthcare recovery services. |
|
(4) |
Represents professional fees related to strategic corporate development activities and gain on sale of certain non-healthcare recovery contracts in prior years. |
|
(5) |
Represents tax adjustments assuming a marginal tax rate of 27.5% at full profitability. |
|
(6) |
Represents gain on the sale of land and two office buildings. |
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES
|
||||||||||||
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 six months ended June 30, 2023, and for the years ended December 31, 2022 and 2021: |
||||||||||||
|
|
For the Three Months Ended |
|
For the Six Months Ended |
||||||||
|
|
March 31, 2023 |
|
June 30, 2023 |
|
June 30, 2023 |
||||||
|
|
(in thousands) |
|
(in thousands) |
||||||||
Eligibility-based |
|
$ |
12,480 |
|
$ |
14,131 |
|
$ |
26,611 |
|||
Claims-based |
|
|
10,412 |
|
|
|
9,798 |
|
|
|
20,210 |
|
Healthcare Total |
|
|
22,892 |
|
|
|
23,929 |
|
|
|
46,821 |
|
Recovery |
|
|
19 |
|
|
|
14 |
|
|
|
33 |
|
Customer Care / Outsourced Services |
|
|
2,818 |
|
|
|
1,542 |
|
|
|
4,360 |
|
Total |
|
$ |
25,729 |
|
|
$ |
25,485 |
|
|
$ |
51,214 |
|
|
|
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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808300914/en/
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