Performant Financial Corp

CIK:0001550695|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Revenues	$ 37,803	$ 29,362	$ 71,072	$ 56,696
Operating expenses:
Salaries and benefits	26,824	24,534	52,182	47,755
Other operating expenses	8,339	7,569	16,100	15,603
Total operating expenses	35,163	32,103	68,282	63,358
Income (loss) from operations	2,640	(2,741)	2,790	(6,662)
Interest expense	(276)	(300)	(565)	(486)
Interest income	74	61	172	167
Income (loss) before provision for income taxes	2,438	(2,980)	2,397	(6,981)
Provision for income taxes	360	16	400	32
Net income (loss)	$ 2,078	$ (2,996)	$ 1,997	$ (7,013)
Net income (loss) per share
Basic (in usd per share)	$ 0.03	$ (0.04)	$ 0.03	$ (0.09)
Diluted (in usd per share)	$ 0.03	$ (0.04)	$ 0.03	$ (0.09)
Weighted average shares
Basic (in shares)	78,584	76,975	78,447	76,925
Diluted (in shares)	80,730	76,975	79,847	76,925

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ 1,997	$ (7,013)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on disposal of assets	0	29
Depreciation and amortization	2,919	3,317
Right-of-use assets amortization	296	224
Stock-based compensation	3,780	2,262
Interest expense from debt issuance costs	113	115
Interest accretion on deferred asset acquisition	121	0
Changes in operating assets and liabilities:
Trade accounts receivable	(3,581)	3,514
Contract assets	(6,229)	951
Prepaid expenses and other current assets	426	41
Income tax receivable	34	229
Other assets	(95)	208
Accrued salaries and benefits	3,366	413
Accounts payable	588	161
Contract liabilities and other current liabilities	(356)	(162)
Income taxes payable	229	0
Estimated liability for appeals and disputes	83	622
Lease liabilities	(296)	(221)
Other liabilities	(61)	16
Net cash provided by operating activities	3,334	4,706
Cash flows from investing activities:
Purchase of property, equipment, and software	(2,747)	(4,510)
Net cash used in investing activities	(2,747)	(4,510)
Cash flows from financing activities:
Debt issuance costs paid	0	(15)
Taxes paid related to net share settlement of stock awards	(113)	(90)
Proceeds from ESPP, net of costs	75	0
Deferred asset acquisition payments made	(765)	0
Borrowings from revolving loan	0	3,000
Net cash (used in) provided by financing activities	(803)	2,895
Net (decrease) increase in cash and cash equivalents	(216)	3,091
Cash and cash equivalents at beginning of period	9,292	7,333
Cash and cash equivalents at end of period	9,076	10,424
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation [Abstract]
Cash and cash equivalents	9,076	10,424
Non-cash investing activities:
Deferred asset acquisition payments	0	3,791
Supplemental disclosures of cash flow information:
Cash paid (received) for income taxes	188	(151)
Cash paid for interest	$ 393	$ 252

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 9,076	$ 9,292
Trade accounts receivable, net of $0 allowance for credit losses	17,746	14,165
Contract assets, net of $0 allowance for credit losses	17,105	10,876
Prepaid expenses and other current assets	3,565	3,991
Income tax receivable	0	34
Total current assets	47,492	38,358
Property, equipment, and software, net	13,862	14,021
Goodwill	47,372	47,372
Debt issuance costs	303	416
Right-of-use assets	1,063	826
Other assets	863	781
Total assets	110,955	101,774
Current liabilities:
Accrued salaries and benefits	11,868	8,502
Accounts payable	1,070	482
Other current liabilities	2,129	2,091
Income taxes payable	229	0
Contract liabilities	359	753
Estimated liability for appeals and disputes	600	517
Deferred asset acquisition payments	1,190	1,243
Lease liabilities	536	383
Total current liabilities	17,981	13,971
Long-term loan payable	8,000	8,000
Deferred asset acquisition payments	2,095	2,686
Lease liabilities	546	462
Other liabilities	95	156
Total liabilities	28,717	25,275
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value. Authorized, 500,000 shares at June 30, 2025 and December 31, 2024 respectively; issued and outstanding 78,997 and 78,309 shares at June 30, 2025 and December 31, 2024, respectively	8	8
Additional paid-in capital	155,430	151,688
Accumulated deficit	(73,200)	(75,197)
Total stockholders’ equity	82,238	76,499
Total liabilities and stockholders’ equity	$ 110,955	$ 101,774