Performant Financial (PFMT) - 2024 Q3 - Quarterly Results

Revenue Performance - Healthcare revenues for Q3 2024 were $30.3 million, a 6$28.5 million in the prior year period[1]. - Total revenues for Q3 2024 reached $31.5 million, up 5$30.0 million in the prior year period[2]. - Revenue from claims-based services in Q3 2024 was $14.2 million, while eligibility-based services revenue was$16.1 million[2]. - Total revenue for the nine months ended September 30, 2024, was $88,215,000, compared to$106,444,000 for the same period in 2023, representing a decline of approximately 17%[19]. - Total healthcare revenue for the nine months ended September 30, 2024, was $84,012,000, down from$106,444,000 in the same period of 2023[19]. Profitability and Loss - Net loss for Q3 2024 was $2.4 million, or$(0.03) per diluted share, compared to a net loss of $0.6 million, or$(0.01) per diluted share, in the prior year[3]. - Net loss for the nine months ended September 30, 2024, was $9,397,000, compared to a net loss of$8,774,000 for the same period in 2023[13]. - Adjusted EBITDA for Q3 2024 was $1.9 million, slightly up from$1.8 million in the prior year[3]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $(1,255,000), a decrease from$(1,137,000) in the same period of 2023[14]. - Adjusted net income (loss) for the nine months ended September 30, 2024, was $(5,775,000), compared to$(6,344,000) for the same period in 2023[15]. Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2024, was $3,395,000, down from$5,747,000 in the same period of 2023[13]. - Cash and cash equivalents at the end of the period were $7,775,000, compared to$17,389,000 at the end of September 30, 2023[13]. - Total cash used in investing activities for the nine months ended September 30, 2024, was $5,744,000, compared to$2,953,000 in the same period of 2023[13]. Company Programs and Future Outlook - The company expects 2024 healthcare revenues to be in the range of $117 million to$122 million[4]. - The company implemented 32 programs during 2024, estimated to contribute between $13 million and$14 million in annualized revenue[3]. Assets and Liabilities - Total assets as of September 30, 2024, were $101.8 million, compared to$99.0 million in the prior year[11]. - Total liabilities increased to $26.6 million from$18.3 million in the prior year[11]. Stock and Shares - Stock-based compensation for the nine months ended September 30, 2024, was $4,122,000, an increase from$2,815,000 in the same period of 2023[14]. - The diluted average shares outstanding for the nine months ended September 30, 2024, were 77,232, compared to 75,907 for the same period in 2023[16].