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Performant Financial Corporation Announces Financial Results for Third Quarter 2022

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 third quarter ended September 30, 2022:

Third Quarter Financial Highlights

  • Total revenues of $27.2 million, compared to revenues of $28.6 million in the prior year period.
  • Healthcare revenues of $23.5 million, compared to $20.0 million in the prior year period, an increase of approximately 18%.
  • Net loss of approximately $1.5 million, or $(0.02) per diluted share, compared to net loss of $1.7 million, or $(0.03) per diluted share, in the prior year period.
  • Adjusted net loss was $1.7 million, or $(0.02) per diluted share, compared to adjusted net income of 0.1 million, or $0.00 per diluted share, in the prior year period.
  • Adjusted EBITDA of $(0.3) million, compared to $2.7 million in the prior year period.

Third Quarter 2022 Results

Total revenues in the third quarter were $27.2 million, a decrease from revenues of $28.6 million in the prior year period. Healthcare revenues in the third quarter of 2022 were $23.5 million, an increase of 18% from revenues of $20.0 million in the prior year period. Within Healthcare, claims-based services revenue in the third quarter of 2022 was $10.4 million, while revenues from eligibility-based services in the third quarter was $13.1 million.

“We are excited to see our efforts successfully drive strong top line growth particularly among commercial payors,” stated Simeon Kohl, President of Performant. “Our recently announced strategic engagement with Priority Health highlights our partnership model for commercial payors, and our focus of growing our healthcare operations through a customized high-touch approach. As we go to market as a pure-play healthcare technology company, we are aligned from a cultural, technology and leadership team perspective .”

Recovery revenues in the third quarter were $41 thousand, a decrease of 99.3% from revenues of $5.5 million in the prior year period due to the cessation of non-healthcare recovery activity which largely occurred by the end of 2021. Revenues from our Customer Care / Outsourced Services in the third quarter were $3.6 million, up $0.5 million compared to the prior year period.

Net loss for the third quarter was $1.5 million, or $(0.02) per share on a diluted basis, compared to a net loss of $1.7 million, or $(0.03) per share on a diluted basis, in the prior year period. Adjusted net loss for the third quarter was $1.7 million, or $(0.02) per share on a diluted basis, compared to adjusted net income of $0.1 million, or $0.00 per diluted share, in the prior year period. Adjusted EBITDA for the third quarter was $(0.3) million as compared to $2.7 million in the prior year period.

As of September 30, 2022, the Company had cash, cash equivalents, and restricted cash of approximately $25.7 million.

“Our third quarter results were largely inline with our expectations and our long-term plan and strategy remains intact. Our healthcare offerings demonstrated continued year-over-year growth, which we expect will continue into 2023 based on our robust sales and implementation pipelines,” stated Rohit Ramchandani, Senior Vice President of Finance and Strategy at Performant. “Our cash position remains strong and we are pleased to reiterate our healthcare revenue guidance of $92-$96 million for 2022. Following the recent re-affirmation of the contract award for RAC Region 2 from CMS, we expect to start spending on the implementation work in the current month. This RAC related spend in tandem with additional costs incurred during the protest process, as well as increases in operating expenses related to our transformation from legacy markets served to today, leads us to a revised EBITDA range for the year of negative $1MM to a positive $1MM.”

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 third quarter 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 800-954-0628 (domestic) or 212-231-2928 (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 22021062. The telephonic replay will be available approximately three hours after the call, through November 15, 2022.

About Performant Healthcare Solutions

Performant Healthcare Solutions is a leading provider of 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.

To learn more, please visit https://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 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, 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, that the high level of revenue concentration among the Company's largest customers and any termination of or deterioration 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 U.S. federal government accounts for a significant portion of the Company's revenues, that downturns in domestic or global economic conditions and other macroeconomic factors could harm the Company’s business and results of operations, that the Company may not have sufficient cash flows from operations to fund ongoing operations and other liquidity needs, that the Company may not be able to manage its potential growth effectively, that the Company faces significant competition in all of its markets, 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 limitations on the scope of the Company's audit activity under its claims audit contracts may reduce revenue opportunities, 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 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, 2021 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)

 

September 30,

2022

 

December 31,

2021

 

(Unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

25,591

 

 

$

17,347

 

Restricted cash

 

81

 

 

 

2,203

 

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

 

15,850

 

 

 

20,808

 

Contract assets

 

9,735

 

 

 

8,113

 

Prepaid expenses and other current assets

 

2,395

 

 

 

3,077

 

Income tax receivable

 

3,211

 

 

 

3,159

 

Total current assets

 

56,863

 

 

 

54,707

 

Property, equipment, and leasehold improvements, net

 

10,681

 

 

 

15,708

 

Goodwill

 

47,372

 

 

 

47,372

 

Right-of-use assets

 

2,394

 

 

 

3,235

 

Other assets

 

970

 

 

 

963

 

Total assets

$

118,280

 

 

$

121,985

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Current maturities of notes payable, net of unamortized debt issuance costs of $16 and $11, respectively

$

859

 

 

$

489

 

Accrued salaries and benefits

 

6,532

 

 

 

8,476

 

Accounts payable

 

785

 

 

 

1,124

 

Other current liabilities

 

2,304

 

 

 

3,732

 

Contract liabilities

 

531

 

 

 

634

 

Estimated liability for appeals and disputes

 

1,148

 

 

 

1,190

 

Lease liabilities

 

1,303

 

 

 

1,862

 

Total current liabilities

 

13,462

 

 

 

17,507

 

Notes payable, net of current portion and unamortized debt issuance costs of $341 and $416, respectively

 

18,409

 

 

 

19,084

 

Lease liabilities

 

1,365

 

 

 

1,803

 

Other liabilities

 

1,148

 

 

 

1,168

 

Total liabilities

 

34,384

 

 

 

39,562

 

Commitments and contingencies (note 3 and note 4)

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.0001 par value. Authorized, 500,000 shares at September 30, 2022 and December 31, 2021 respectively; issued and outstanding 74,212 and 69,281 shares at September 30, 2022 and December 31, 2021, respectively

 

7

 

 

 

7

 

Additional paid-in capital

 

141,437

 

 

 

133,662

 

Accumulated deficit

 

(57,548

)

 

 

(51,246

)

Total stockholders’ equity

 

83,896

 

 

 

82,423

 

Total liabilities and stockholders’ equity

$

118,280

 

 

$

121,985

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues

 

$

27,178

 

 

$

28,582

 

 

$

79,942

 

 

$

92,814

 

Operating expenses:

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

21,759

 

 

 

19,686

 

 

 

63,101

 

 

 

67,071

 

Other operating expenses

 

 

7,733

 

 

 

8,781

 

 

 

23,945

 

 

 

29,896

 

Impairment of goodwill

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

29,492

 

 

 

28,467

 

 

 

87,046

 

 

 

96,967

 

Income (loss) from operations

 

 

(2,314

)

 

 

115

 

 

 

(7,104

)

 

 

(4,153

)

Gain on sale of certain recovery contracts

 

 

 

 

 

579

 

 

 

382

 

 

 

2,428

 

Gain on sale of land and buildings

 

 

1,120

 

 

 

 

 

 

1,120

 

 

 

 

Interest expense

 

 

(277

)

 

 

(2,394

)

 

 

(648

)

 

 

(5,866

)

Loss before provision for income taxes

 

 

(1,471

)

 

 

(1,700

)

 

 

(6,250

)

 

 

(7,591

)

Provision for (benefit from) income taxes

 

 

(11

)

 

 

(9

)

 

 

52

 

 

 

61

 

Net loss

 

$

(1,460

)

 

$

(1,691

)

 

$

(6,302

)

 

$

(7,652

)

Net loss per share

 

 

 

 

 

 

 

 

Basic

 

$

(0.02

)

 

$

(0.03

)

 

$

(0.09

)

 

$

(0.13

)

Diluted

 

$

(0.02

)

 

$

(0.03

)

 

$

(0.09

)

 

$

(0.13

)

Weighted average shares

 

 

 

 

 

 

 

 

Basic

 

 

74,021

 

 

 

62,127

 

 

 

72,480

 

 

 

57,512

 

Diluted

 

 

74,021

 

 

 

62,127

 

 

 

72,480

 

 

 

57,512

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

Nine Months Ended

September 30,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

Net loss

$

(6,302

)

 

$

(7,652

)

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

 

40

 

 

 

718

 

Depreciation and amortization

 

3,355

 

 

 

3,883

 

Right-of-use assets amortization

 

841

 

 

 

1,413

 

Stock-based compensation

 

2,212

 

 

 

1,963

 

Interest expense from debt issuance costs

 

71

 

 

 

2,453

 

Gain on sale of certain recovery contracts

 

(382

)

 

 

(2,428

)

Gain on sale of land and buildings

 

(1,120

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

Trade accounts receivable

 

4,958

 

 

 

4,270

 

Contract assets

 

(1,622

)

 

 

(484

)

Prepaid expenses and other current assets

 

682

 

 

 

1,245

 

Income tax receivable

 

(52

)

 

 

1,305

 

Other assets

 

(7

)

 

 

120

 

Accrued salaries and benefits

 

(1,944

)

 

 

(3,739

)

Accounts payable

 

(339

)

 

 

422

 

Contract liabilities and other current liabilities

 

(1,515

)

 

 

(1,363

)

Estimated liability for appeals, disputes, and refunds

 

(42

)

 

 

1,240

 

Lease liabilities

 

(997

)

 

 

(1,635

)

Other liabilities

 

(19

)

 

 

(445

)

Net cash (used in) provided by operating activities

 

(2,182

)

 

 

1,286

 

Cash flows from investing activities:

 

 

 

Purchase of property, equipment, and leasehold improvements

 

(2,198

)

 

 

(2,695

)

Proceeds from sale of certain recovery contracts

 

382

 

 

 

3,171

 

Proceeds from sales of property, equipment, and leasehold improvements

 

4,934

 

 

 

 

Net cash provided by investing activities

 

3,118

 

 

 

476

 

Cash flows from financing activities:

 

 

 

Repayment of notes payable

 

(375

)

 

 

(8,438

)

Debt issuance costs paid

 

(2

)

 

 

(150

)

Taxes paid related to net share settlement of stock awards

 

 

 

 

(633

)

Proceeds from exercise of warrants

 

5,563

 

 

 

41

 

Proceeds from public offering, net of costs

 

 

 

 

42,648

 

Net cash provided by financing activities

 

5,186

 

 

 

33,468

 

Net increase in cash, cash equivalents and restricted cash

 

6,122

 

 

 

35,230

 

Cash, cash equivalents and restricted cash at beginning of period

 

19,550

 

 

 

18,296

 

Cash, cash equivalents and restricted cash at end of period

$

25,672

 

 

$

53,526

 

Reconciliation of the Consolidated Statements of Cash Flows to the

Consolidated Balance Sheets:

 

 

 

Cash and cash equivalents

$

25,591

 

 

$

51,323

 

Restricted cash

 

81

 

 

 

2,203

 

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

$

25,672

 

 

$

53,526

 

 

 

 

 

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 (received) for income taxes

$

267

 

 

$

(683

)

Cash paid for interest

$

449

 

 

$

3,413

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Results

(In thousands, except per share amount)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

 

2022

 

2021

 

 

2022

 

 

2021

 

 

(in thousands)

(in thousands)

Adjusted EBITDA:

 

 

 

 

Net income (loss)

$

(1,460

)

$

(1,691

)

$

(6,302

)

$

(7,652

)

Provision for (benefit from) income taxes

 

(11

)

 

(9

)

 

52

 

 

61

 

Interest expense (1)

 

277

 

 

2,394

 

 

648

 

 

5,866

 

Stock-based compensation

 

931

 

 

540

 

 

2,212

 

 

1,963

 

Depreciation and amortization

 

1,095

 

 

843

 

 

3,355

 

 

3,883

 

Impairment of long-lived assets

 

 

 

 

 

 

 

636

 

Severance expenses (4)

 

10

 

 

380

 

 

189

 

 

1,876

 

Non-core operating expenses (5)

 

3

 

$

775

 

 

9

 

 

2,683

 

Gain on sale of certain recovery contracts (6)

 

 

 

(579

)

 

(382

)

 

(2,428

)

Gain on sale of land and buildings (7)

$

(1,120

)

$

 

$

(1,120

)

$

 

Adjusted EBITDA

$

(275

)

$

2,653

 

$

(1,339

)

$

6,888

 

 

 

 

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

 

2022

2021

 

 

2022

 

 

2021

 

 

(in thousands)

(in thousands)

Adjusted Net Income (Loss):

 

 

 

Net income (loss)

$

(1,460

)

$

(1,691

)

$

(6,302

)

$

(7,652

)

Stock-based compensation

931

 

540

 

 

2,212

 

 

1,963

 

Amortization of intangible assets (2)

 

72

 

 

 

 

689

 

Amortization of debt issuance costs (3)

23

 

1,320

 

 

71

 

 

2,453

 

Impairment of long-lived assets

 

 

 

 

 

636

 

Severance expenses (4)

10

 

380

 

 

189

 

 

1,876

 

Non-core operating expenses (5)

3

 

 

 

9

 

 

2,683

 

Gain on sale of certain recovery contracts (6)

 

(579

)

 

(382

)

 

(2,428

)

Gain on sale of land and buildings (7)

(1,120

)

 

 

 

(1,120

)

 

 

Tax adjustments (8)

(42

)

 

(690

)

 

(269

)

 

(2,165

)

Adjusted net income (loss)

$

(1,655

)

$

127

 

$

(5,592

)

$

(1,945

)

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Results

(In thousands, except per share amount)

(Unaudited)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

(in thousands)

 

(in thousands)

Adjusted Net Income (Loss) Per Diluted Share:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,460

)

 

$

(1,691

)

 

$

(6,302

)

 

$

(7,652

)

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

 

 

(195

)

 

 

1,818

 

 

 

710

 

 

 

5,707

 

Adjusted net income (loss)

 

$

(1,655

)

 

$

127

 

 

$

(5,592

)

 

$

(1,945

)

Adjusted net income (loss) per diluted share

 

$

(0.02

)

 

$

 

 

$

(0.08

)

 

$

(0.03

)

Diluted average shares outstanding (9)

 

 

74,021

 

 

 

67,948

 

 

 

72,480

 

 

 

57,512

 

We are providing the following preliminary estimates of our financial results as follows:

 

 

Nine months ended

 

Three months ended

 

Year Ended

 

 

September 30, 2022

 

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

 

Actual

 

Estimate

 

Actual

 

Estimate

Adjusted EBITDA:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(6,302

)

 

$ (1,144) to (1,755)

 

$

(10,288

)

 

$ (7,446) to (8,057)

Provision for (benefit from) income taxes

 

$

52

 

 

(302) to 198

 

 

62

 

 

(250) to 250

Interest expense (1)

 

$

648

 

 

102 to 602

 

 

11,313

 

 

750 to 1,250

Stock-based compensation

 

$

2,212

 

 

538 to 1,038

 

 

2,640

 

 

2,750 to 3,250

Depreciation and amortization

 

$

3,355

 

 

1,145 to 2,145

 

 

5,188

 

 

4,500 to 5,500

Impairment of long-lived assets

 

$

 

 

 

 

636

 

 

 

Severance expenses (4)

 

$

189

 

 

0 to 111

 

 

2,160

 

 

189 to 300

Non-core operating expenses (5)

 

$

9

 

 

 

 

2,588

 

 

9

 

Gain on sale of certain recovery contracts (6)

 

$

(382

)

 

 

 

(2,403

)

 

(382

)

Gain on sale of land and buildings (7)

 

$

(1,120

)

 

 

 

 

 

(1,120

)

Adjusted EBITDA

 

$

(1,339

)

 

$ 339 to 2,339

 

$

11,896

 

 

$ (1,000) to 1,000

  1. Represents interest expense and amortization of debt issuance costs related to our Credit Agreement and Prior 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 and Prior 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.
  7. Represents gain on the sale of land and two office buildings.
  8. Represents tax adjustments assuming a marginal tax rate of 27.5% at full profitability.
  9. While net loss for the three months ended September 30, 2021 is ($1,691), the computation of adjusted net income (loss) results in adjusted net income of $127. Therefore, the calculation of the adjusted earnings per diluted share for the three months ended September 30, 2021 includes dilutive common share equivalents of 5,821 added to the basic weighted average shares of 62,127.

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Results

(In thousands, except per share amount)

(Unaudited)

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 three and nine months ended September 30, 2022, and for the years ended December 31, 2021 and 2020:

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

March 31, 2022

 

June 30, 2022

 

September 30, 2022

 

September 30, 2022

 

 

(in thousands)

 

 

 

 

Eligibility-based

 

$

14,214

 

$

12,417

 

$

13,142

 

$

39,773

Claims-based

 

 

9,150

 

 

9,339

 

 

10,377

 

 

28,866

Healthcare Total

 

 

23,364

 

 

21,756

 

 

23,519

 

 

68,639

Recovery

 

 

118

 

 

7

 

 

41

 

 

166

Customer Care / Outsourced Services

 

 

3,601

 

 

3,918

 

 

3,618

 

 

11,137

Total

 

$

27,083

 

$

25,681

 

$

27,178

 

$

79,942

 

 

For the Three Months Ended

 

For the Year Ended

 

 

March 31, 2021

 

June 30, 2021

 

September 30, 2021

 

December 31, 2021

 

December 31, 2021

 

 

 

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

 

 

 

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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