Company Performance - Performant Financial reported a quarterly loss of $0.01 per share, better than the Zacks Consensus Estimate of a loss of $0.02, representing an earnings surprise of 50% [1] - The company posted revenues of $31.52 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.57%, compared to year-ago revenues of $29.96 million [2] - Over the last four quarters, Performant Financial has surpassed consensus EPS estimates just once [2] Stock Movement and Outlook - Performant Financial shares have increased by approximately 28% since the beginning of the year, outperforming the S&P 500's gain of 21.2% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the coming quarter is $0.02 on revenues of $37.6 million, and for the current fiscal year, it is -$0.06 on revenues of $125.9 million [7] Industry Context - The Business - Services industry, to which Performant Financial belongs, is currently ranked in the top 23% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5][6]

Revenue Performance - Healthcare revenues for Q3 2024 were $30.3 million, a 6% increase from $28.5 million in the prior year period[1]. - Total revenues for Q3 2024 reached $31.5 million, up 5% from $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].

Revenue Performance - Healthcare revenues for Q2 2024 were $27.9 million, a 17% increase from $23.9 million in the prior year period[1] - Total revenues for Q2 2024 reached $29.4 million, up 15% from $25.5 million in the prior year period[2] - Claims-based services revenue in Q2 2024 was $13.7 million, while eligibility-based services revenue was $14.3 million[2] - Revenues for the three months ended June 30, 2024, were $29,362,000, a 15% increase from $25,485,000 in the same period of 2023[10] - Total healthcare revenue for the year ended December 31, 2023, reached $106,444,000, representing a significant increase from $94,666,000 in the previous year[17] - Total revenue for the three months ended September 30, 2023, was $29,962,000, an increase from $27,178,000 in the same period last year[17] - Total revenue for the three months ended June 30, 2023, was $25,485,000, slightly down from $25,681,000 in the same period last year[18] Financial Loss and Adjustments - Net loss for Q2 2024 was $3.0 million, or $(0.04) per diluted share, compared to a net loss of $4.0 million, or $(0.05) per diluted share, in the prior year[4] - Adjusted net loss for Q2 2024 was $2.0 million, or $(0.03) per diluted share, compared to an adjusted net loss of $3.2 million, or $(0.04) per diluted share, in the prior year[4] - Net loss for the six months ended June 30, 2024, was $7,013,000, compared to a net loss of $8,194,000 for the same period in 2023, indicating a 14% improvement[10] - Adjusted EBITDA for Q2 2024 was $0.5 million, an improvement from $(1.3) million in the prior year period[4] - Adjusted EBITDA for the six months ended June 30, 2024, was $(682,000), an improvement from $(2,978,000) in the same period of 2023[12] Cash and Assets - Cash and cash equivalents increased to $10.4 million from $7.3 million in the prior year[9] - Total assets as of June 30, 2024, were $102.4 million, compared to $99.0 million at the end of the prior year[9] - Total cash, cash equivalents, and restricted cash at the end of the period was $10,424,000, down from $15,063,000 at the end of June 30, 2023[11] - The company experienced a net cash increase of $3,091,000 for the six months ended June 30, 2024, compared to a decrease of $8,402,000 in 2023[11] Operational Highlights - The company implemented 10 commercial programs in Q2 2024, contributing an estimated $9 million in annualized revenue[3] - Operating expenses for the six months ended June 30, 2024, totaled $63,358,000, up from $58,604,000 in 2023, reflecting an 8% increase[10] - Cash flows from operating activities provided $4,706,000 for the six months ended June 30, 2024, compared to $2,265,000 in 2023, representing a 108% increase[11] - Stock-based compensation for the six months ended June 30, 2024, was $2,262,000, up from $1,686,000 in the same period of 2023, indicating a 34% increase[12] Future Outlook - The company expects 2024 healthcare revenues to be in the range of $117 million to $122 million and total revenues to be between $124 million and $129 million[5] - The company aims to expand its market presence and enhance its service offerings in the upcoming quarters[17]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35628 PERFORMANT FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 20-0484934 (State or ot ...

Performant Financial Corporation (NASDAQ:PFMT) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET Company Participants Jon Bozzuto - Head, Investor Relations Simeon Kohl - Chief Executive Officer Rohit Ramchandani - Chief Financial Officer Conference Call Participants George Sutton - Craig-Hallum Capital Group Jacob Stephan - Lake Street Capital Markets Operator Greetings ladies and gentlemen and welcome to Performant Financial Corporation's First Quarter 2024 Earnings Call. At this time, all lines are ...

Exhibit 99.1 Performant Financial Corporation Announces Financial Results for First Quarter 2024 Plantation, FL., May 7, 2024 - Performant Financial Corporation (Nasdaq: PFMT), a leading provider of healthcare payment integrity services, today reported the following financial results for its first quarter ended March 31, 2024: First Quarter Financial Highlights First Quarter 2024 Results Healthcare revenues in the first quarter of 2024 were $25.8 million, an increase of approximately 13% from $22.9 million ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No ☒ Indicate by check mark whether the registrant (1) has filed all repor ...

Performant Financial Corporation (NASDAQ:PFMT) Q4 2023 Earnings Conference Call March 12, 2024 5:00 PM ET Company Participants Jon Bozzuto – Head-Investor Relations Simeon Kohl – Chief Executive Officer Rohit Ramchandani – Chief Financial Officer Conference Call Participants George Sutton – Craig-Hallum Jacob Stephan – Lake Street Capital Markets Operator Greetings, and welcome to Performant Financial Corp. Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A questi ...

Exhibit 99.1 Performant Financial Corporation Announces Financial Results for Fourth Quarter and Full Year 2023 Plantation, FL, March 12, 2024 - Performant Financial Corporation (Nasdaq: PFMT), a leading provider of healthcare payment integrity services, today reported the following financial results for its fourth quarter and full year ended December 31, 2023: Net loss for the full year ended December 31, 2023 was $7.5 million, or $(0.10) per diluted share, compared to net loss of $6.5 million, or $(0.09) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35628 PERFORMANT FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 20-0484934 (State o ...