Performant Financial (PFMT) - 2024 Q1 - Quarterly Results

Financial Performance - Healthcare revenues for Q1 2024 were $25.8 million, a 13% increase from $22.9 million in Q1 2023[2] - Total revenues for Q1 2024 were $27.3 million, up from $25.7 million in the prior year period[2] - Net loss for Q1 2024 was $4.0 million, or $(0.05) per diluted share, compared to a net loss of $4.2 million, or $(0.06) per diluted share in Q1 2023[5] - Adjusted net loss for Q1 2024 was $3.0 million, or $(0.04) per diluted share, compared to an adjusted net loss of $3.6 million, or $(0.05) per diluted share in the prior year[5] - Adjusted EBITDA for Q1 2024 was $(1.2) million, an improvement from $(1.7) million in Q1 2023[5] - Total revenue for Q1 2024 was $27,334,000, up from $25,729,000 in Q1 2023, reflecting a 6.2% year-over-year growth[24] - Adjusted net income (loss) for Q1 2024 was $(3,038,000), an improvement from $(3,572,000) in Q1 2023, marking a 14.9% reduction in adjusted losses[23] Revenue Projections - 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[6] Operational Changes - The acquisition of AI technology from RecordsOne is expected to enhance the company's audit workflow and improve efficiency[3] - The company implemented 10 commercial programs in Q1 2024, estimated to contribute $5-6 million in annualized revenue[3] - The company incurred $336,000 in severance expenses in Q1 2024, compared to $63,000 in Q1 2023, indicating a strategic restructuring effort[23] Customer Care Services - Revenues from customer care/outsourced services in Q1 2024 were $1.5 million, down from $2.8 million in the prior year[4] Cash Flow and Assets - Cash flows from operating activities provided $121,000 in Q1 2024, a significant recovery from $(2,149,000) in Q1 2023[21] - Cash, cash equivalents, and restricted cash at the end of Q1 2024 totaled $3,788,000, down from $12,416,000 at the end of Q1 2023[21] - The company reported a net cash decrease of $3,545,000 in Q1 2024, compared to a decrease of $11,049,000 in Q1 2023, showing improved cash management[21] Shareholder Information - The diluted average shares outstanding increased to 76,920,000 in Q1 2024 from 75,505,000 in Q1 2023[23] Assets Overview - Total assets as of March 31, 2024, were $99.238 million, compared to $99.030 million as of December 31, 2023[17]