March 04, 2015 2:54 PM ET

Commercial Services and Supplies

Company Overview of Performant Financial Corporation

Company Overview

Performant Financial Corporation, together with its subsidiaries, provides technology-enabled recovery and related analytics services in the United States. The company’s services help identify and recover delinquent or defaulted assets and improper payments for government and private clients in various markets. It offers recovery services primarily to the government-supported student loan industry, the department of education, and guaranty agencies, as well as private financial institutions. The company also provides audit and recovery services to identify improper healthcare payments for public and private healthcare providers. In addition, it offers tax recovery services to state and munic...

333 North Canyons Parkway

Suite 100

Livermore, CA 94551

United States

Founded in 1976

Phone:

925-960-4800

Fax:

925-960-4880

Key Executives for Performant Financial Corporation

Chairwoman and Chief Executive Officer
Age: 49
Total Annual Compensation: $854.9K
Chief Operating Officer
Age: 56
Total Annual Compensation: $623.2K
Compensation as of Fiscal Year 2013.

Performant Financial Corporation Key Developments

Performant Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Revenue Guidance for the Year 2015

Performant Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues were $39.7 million, representing a year-over-year decrease of 33.8%. Net loss was $2.4 million, resulting in a net loss per diluted share of $0.05, compared to net income of $7.9 million, or $0.16 per diluted share, in the prior year period. Adjusted EBITDA was $4.9 million, compared to $19.4 million in the prior year period. Adjusted net loss was $0.2 million, or $0.00 per diluted share, compared to adjusted net income of $9.1 million and $0.18 per diluted share, respectively, in the prior year period. Loss from operations was $874,000 compared to income from operations of $15,799,000 for the same period a year ago. Loss before provision for income taxes was $3,279,000 compared to income before provision for income taxes of $12,988,000 for the same period a year ago. For the full year, the company reported revenues were $195.4 million, representing a year-over-year decrease of 23.5%. Net income was $9.4 million, resulting in net income per diluted share of $0.19, compared to net income of $36.3 million, or $0.74 per diluted share, in the prior year period. Adjusted EBITDA was $44.7 million, compared to $89.4 million in the prior year period. Adjusted net income was $15.3 million, or $0.31 per diluted share, compared to $42.8 million and $0.87 per diluted share, respectively, in the prior year period. Income from operations was $27,269,000 compared to $72,869,000 for the same period a year ago. Income before provision for income taxes was $17,099,000 compared to $61,306,000 for the same period a year ago. Net cash provided by operating activities was $27,866,000 compared to $61,206,000 for the same period a year ago. Purchase of property, equipment, and leasehold improvements was $10,146,000 compared to $12,503,000 for the same period a year ago. As of December 31, 2014, cash and cash equivalents were $80.3 million and total outstanding debt was $111.8 million. The sequential decrease in outstanding debt reflects continued payments on long-term debt. The company expects 2015 full year revenue to be in the range of $150 million to $160 million and adjusted EBITDA to be between $20 million and $22 million.

Performant Financial Corporation, Premier Healthcare Exchange, Inc. - M&A Call

To discuss acquisition of Premier Healthcare Exchange, Inc. by Performant Financial Corporation

Performant Financial Corporation Provides Earnings Guidance for the Fourth Quarter of 2014

Performant Financial Corporation provided earnings guidance for the fourth quarter of 2014. For the quarter, the company's revenues are expected to be between $38.0 million and $41.0 million, with the midpoint of the range representing substantially the same level of revenues as for the three-month period ended September 30, 2014. Net loss is estimated to be between $2.1 million and $1.5 million, compared to a net loss of $0.5 million during the three months ended September 30, 2014. This expected increase in net loss is primarily due to increases in salary and benefits expenses and other operating expenses during the fourth quarter relating to a new state tax recovery services engagement during the fourth quarter and the re-start of audit and recovery services under its RAC contract. Adjusted EBITDA is expected to be between $4.0 million and $5.5 million, representing a sequential quarterly decrease of approximately 17% at the midpoint of the range. This reduction in adjusted EBITDA is primarily due to the increase in salary and benefits expenses and other operating expenses relating to the new state tax recovery services engagement and the re-start of audit and recovery services under its RAC contract, neither of which resulted in significant revenues being recognized by Performant during the fourth quarter. Adjusted net loss is estimated to be between $0.4 million and $0.9 million, representing a sequential quarterly decrease of approximately 66% at the midpoint of the range. This decrease in adjusted net income during the quarter is attributable to the same factors affecting net income described above.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 28, 2015
Premier Healthcare Exchange, Inc.
 

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