Performant Financial Corporation (Nasdaq:PFMT), a leading provider
of technology-enabled recovery and related analytics services in
the United States, today reported the following financial results
for its third quarter ended September 30, 2017:
Third Quarter Financial Highlights
- Total revenues of $29.7 million, compared to revenues of $31.2
million in the prior year period, down 4.8%
- Net loss of $7.9 million, or $(0.15) per diluted share,
compared to a net loss of $0.7 million, or $(0.01) per diluted
share, in the prior year period
- Adjusted EBITDA of $(0.7) million, compared to adjusted EBITDA
of $4.7 million in the prior year period
- Adjusted net loss of $6.4 million, or $(0.13) per diluted
share, compared to an adjusted net income of $0.8 million or $0.02
per diluted share in the prior year period
Third Quarter 2017 Results
Student lending revenues in the third quarter were $19.8
million, a decrease of 16.8% from revenues of $23.8 million in the
prior year period. This decrease was almost entirely due to the
Department of Education revenue run off. Otherwise, student
lending revenue was down 3.6% versus the prior year, and 26.8%
sequentially. The sequential decline was due to the timing of
placements between Q2 and Q3 in 2016. Our Guaranty Agency clients
and the U.S. Department of Education accounted for revenues of
$19.2 million and $0.6 million, respectively, in the third quarter
of 2017, compared to $19.9 million and $3.9 million in the prior
year period. Student loan placement volume (defined below)
during the quarter totaled $0.6 billion, compared to $0.7 billion
in the prior year period.
Healthcare revenues in the third quarter were $2.6 million, down
from $3.0 million in the prior year period. Medicare audit recovery
revenues were $0.8 million in the third quarter, a decrease of $0.9
million from the prior year period, as the Company's recovery
activities are just beginning on the two new RAC contracts awarded
to the Company for Region 1 and Region 5. Commercial healthcare
clients contributed revenues of $1.8 million, an increase of $0.5
million or 38.5% from the prior year period.
Other revenues in the third quarter were $7.3 million, up from
$4.4 million in the prior year period.
As of September 30, 2017, the Company had cash and cash
equivalents of approximately $23.2 million.
In early October, the Company announced that it was awarded the
Medicare Secondary Payer Commercial Repayment Center (CRC) contract
by the Centers for Medicare & Medicaid
Services (“CMS”). Under the program, Performant is responsible
for identifying and recovering payments in situations
where Medicare should not be the primary payer of
healthcare claims because a beneficiary has other forms of
insurance coverage, such as through an employer Group Health Plan
or certain other payers. At full scale, Performant anticipates
staffing the program with over 250 dedicated employees operating
out of Performant’s offices around the country.
The Company is also pleased to announce today the promotion of
Jeff Haughton to President and Chief Operating Officer. In
this expanded role, Jeff will continue to be responsible for
operations and for working with his team to build revenue across
all the Company’s businesses. During his tenure at Performant, Jeff
has been a key leader helping to guide the Company through a period
of difficult headwinds and in executing on our strategy to
vigorously rebuild the business. The Board of Directors is
confident that Jeff’s experience and deep knowledge of the
Company’s business will prove instrumental toward strengthening the
Company’s revenue base while executing across both growing newer
businesses and challenging legacy markets. Furthermore,
Jeff’s knowledge of the Capital Markets will prove to be a strong
asset as the Board continues to evaluate potential strategic
alternatives.
Business Outlook
“Looking ahead, the Department of Education has notified the
Court of Federal Claims that they have completed a re-evaluation.
Although we do not have any idea what to expect, we hope they have
made their selection using quantitative measurements of 'total
federally guaranteed student loans managed, and recovery against
those loans as the most important criterion.' We are
encouraged that the Department of Education has taken a thorough
review of the contracting process related to its student loan
recovery services contract, and we remain cautiously optimistic
that Performant will be named one of the awarded contractors
following the resolution of their re-evaluation process," stated
Lisa Im, Performant’s Chief Executive Officer.
"Our competitive differentiation continues to be: overarching
client-centric focus, a compelling service/value proposition,
consumer sensitivity and deep commitment to regulatory
compliance. For 2017, we are reiterating our guidance for
revenue in the range of $125-145 million with adjusted EBITDA in
the range of $10-13 million," concluded Im.
Terms used in this Press Release
Student Loan Placement Volume refers to the dollar volume of
defaulted student loans first placed with us during the specified
period by public and private clients for recovery. Placement Volume
allows us to measure and track trends in the amount of inventory
our clients in the student lending market are placing with us
during any period. The revenue associated with the recovery of a
portion of these loans may be recognized in subsequent accounting
periods, which assists management in estimating future revenues and
in allocating resources necessary to address current Placement
Volumes.
Earnings Conference Call
The Company will hold a conference call to discuss its third
quarter results today at 5:00 p.m. Eastern. A live webcast of
the call may be accessed on the Investor Relations section of the
Company’s website at investors.performantcorp.com. The conference
call is also available by dialing 877-705-6003 (domestic) or
201-493-6725 (international).
A replay of the call will be available on the Company's website
or by dialing 844-512-2921 (domestic) or 412-317-6671
(international) and entering the passcode 13666436. The telephonic
replay will be available approximately three hours after the call,
through November 14, 2017.
About Performant Financial Corporation
Performant helps government and commercial organizations enhance
revenue and contain costs by preventing, identifying and recovering
waste, improper payments and defaulted assets. Performant is a
leading provider of these services in several industries, including
healthcare, student loans and government. Performant has been
providing recovery audit services for more than nine years to both
commercial and government clients, including serving as a Recovery
Auditor for the Centers for Medicare and Medicaid Services.
Powered by a proprietary analytic platform and workflow
technology, Performant also provides professional services related
to the recovery effort, including reporting capabilities, support
services, customer care and stakeholder training programs meant to
mitigate future instances of improper payments. Founded in 1976,
Performant is headquartered in Livermore, California.
Note Regarding Use of Non-GAAP Financial
Measures
In this press release, to supplement our consolidated financial
statements, the company presents adjusted EBITDA and adjusted net
income/(loss). These measures are not in accordance with generally
accepted accounting principles (GAAP) and accordingly
reconciliations of adjusted EBITDA and adjusted net income/(loss)
to net income/(loss) determined in accordance with GAAP are
included in the “Reconciliation of Non-GAAP Results” table at the
end of this press release. We have included adjusted EBITDA and
adjusted net income/(loss) in this press release because they are
key measures used by our management and board of directors to
understand and evaluate our core operating performance and trends
and to prepare and approve our annual budget. Accordingly, we
believe that adjusted EBITDA and adjusted net income/(loss) provide
useful information to investors and analysts in understanding and
evaluating our operating results in the same manner as our
management and board of directors. Our use of adjusted EBITDA and
adjusted net income/(loss) has limitations as an analytical tool
and should not be considered in isolation or as a substitute for
analysis of our results as reported under GAAP. In particular, many
of the adjustments to our GAAP financial measures reflect the
exclusion of items, specifically interest, tax and depreciation and
amortization expenses, equity-based compensation expense and
certain other non-operating expenses, that are recurring and will
be reflected in our financial results for the foreseeable future.
In addition, these measures may be calculated differently from
similarly titled non-GAAP financial measures used by other
companies, limiting their usefulness for comparison purposes.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding our outlook for revenues
and adjusted EBITDA in 2017. These forward-looking statements are
based on current expectations, estimates, assumptions and
projections that are subject to change and actual results may
differ materially from the forward-looking statements. Factors that
could cause actual results to differ materially include, but are
not limited to, that the contracts with our large clients may be
changed or terminated unilaterally and on short notice, that our
contracts with two of our largest customers, Great Lakes Higher
Education and the U.S. Department of Education, have been
terminated, that while our protest of Department of Education
contract award decision was upheld, there is no assurance that we
will receive a new contract award from the Department of Education
in the future, that continuing limitations on the scope of our
audit activity under our RAC contracts have significantly reduced
our revenue opportunities with this client, that the amount of
commissions we are required to return to CMS due to successful
appeals by providers could exceed our estimated appeals reserve,
that we have significant indebtedness and may not be able to avoid
a breach of the covenants and other provisions of our credit
agreement which would cause us to be in default, that the Company
faces significant competition in all of its markets, that the U.S.
federal government accounts for a significant portion of the
Company's revenues, that future legislative and regulatory changes
may have significant effects on the Company's business, that
failure of the Company's or third parties' operating systems and
technology infrastructure could disrupt the operation of the
Company's business and the threat of breach of the Company's
security measures or failure or unauthorized access to confidential
data that the Company possesses. More information on potential
factors that could affect the Company's financial condition and
operating results is included from time to time in the "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of the Company's
annual report on Form 10-K for the year ended December 31, 2016,
Form 10-Q for the quarter ended September 30, 2017 and subsequently
filed reports on Forms 10-Q and 8-K. The forward-looking statements
are made as of the date of this press release and the Company does
not undertake to update any forward-looking statements to conform
these statements to actual results or revised expectations.
Contact InformationRichard ZubekInvestor
Relations925-960-4988investors@performantcorp.com
PERFORMANT FINANCIAL CORPORATION AND
SUBSIDIARIESConsolidated Balance Sheets(In thousands,
except per share amounts) |
|
|
September 30, 2017 |
|
December 31, 2016 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
23,179 |
|
|
$ |
32,982 |
|
Restricted cash |
— |
|
|
7,502 |
|
Trade
accounts receivable, net of allowance for doubtful accounts of $0
and $224, respectively |
12,490 |
|
|
11,484 |
|
Deferred
income taxes |
— |
|
|
5,331 |
|
Prepaid
expenses and other current assets |
14,222 |
|
|
12,686 |
|
Income
tax receivable |
1,454 |
|
|
2,027 |
|
Total
current assets |
51,345 |
|
|
72,012 |
|
Property, equipment,
and leasehold improvements, net |
21,393 |
|
|
23,735 |
|
Identifiable intangible
assets, net |
5,066 |
|
|
5,895 |
|
Goodwill |
81,572 |
|
|
82,522 |
|
Deferred income
taxes |
3,534 |
|
|
— |
|
Other assets |
897 |
|
|
914 |
|
Total
assets |
$ |
163,807 |
|
|
$ |
185,078 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current
liabilities: |
|
|
|
Current
maturities of notes payable, net of unamortized debt issuance costs
of $138 and $1,294, respectively |
$ |
1,512 |
|
|
$ |
9,738 |
|
Accrued
salaries and benefits |
5,640 |
|
|
4,315 |
|
Accounts
payable |
1,052 |
|
|
628 |
|
Other
current liabilities |
3,860 |
|
|
4,409 |
|
Estimated
liability for appeals |
19,145 |
|
|
19,305 |
|
Net
payable to client |
12,669 |
|
|
13,074 |
|
Total
current liabilities |
43,878 |
|
|
51,469 |
|
Notes payable, net of
current portion and unamortized debt issuance costs of $3,549 and
$272, respectively |
38,801 |
|
|
43,878 |
|
Deferred income
taxes |
— |
|
|
1,130 |
|
Other liabilities |
2,099 |
|
|
2,356 |
|
Total
liabilities |
84,778 |
|
|
98,833 |
|
Commitments and
contingencies |
|
|
|
Stockholders’
equity: |
|
|
|
Common
stock, $0.0001 par value. Authorized, 500,000 shares at September
30, 2017 and December 31, 2016; issued and outstanding 50,949
and 50,234 shares at September 30, 2017 and December 31, 2016,
respectively |
5 |
|
|
5 |
|
Additional paid-in capital |
71,684 |
|
|
65,650 |
|
Retained
earnings |
7,340 |
|
|
20,590 |
|
Total
stockholders’ equity |
79,029 |
|
|
86,245 |
|
Total
liabilities and stockholders’ equity |
$ |
163,807 |
|
|
$ |
185,078 |
|
PERFORMANT FINANCIAL CORPORATION AND
SUBSIDIARIESConsolidated Statements of Operations(In
thousands, except per share amounts)(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues |
|
$ |
29,744 |
|
|
$ |
31,195 |
|
|
$ |
98,760 |
|
|
$ |
107,548 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Salaries
and benefits |
|
20,494 |
|
|
18,710 |
|
|
61,640 |
|
|
60,107 |
|
Other
operating expenses |
|
13,496 |
|
|
12,311 |
|
|
43,019 |
|
|
40,401 |
|
Total
operating expenses |
|
33,990 |
|
|
31,021 |
|
|
104,659 |
|
|
100,508 |
|
Income
(loss) from operations |
|
(4,246 |
) |
|
174 |
|
|
(5,899 |
) |
|
7,040 |
|
Interest expense |
|
(2,459 |
) |
|
(1,863 |
) |
|
(5,683 |
) |
|
(6,136 |
) |
Income
(loss) before provision for (benefit from) income taxes |
|
(6,705 |
) |
|
(1,689 |
) |
|
(11,582 |
) |
|
904 |
|
Provision for (benefit
from) income taxes |
|
1,146 |
|
|
(974 |
) |
|
1,668 |
|
|
62 |
|
Net
income (loss) |
|
$ |
(7,851 |
) |
|
$ |
(715 |
) |
|
$ |
(13,250 |
) |
|
$ |
842 |
|
Net income (loss) per
share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.15 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.26 |
) |
|
$ |
0.02 |
|
Diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.26 |
) |
|
$ |
0.02 |
|
Weighted average
shares |
|
|
|
|
|
|
|
|
Basic |
|
50,852 |
|
|
50,200 |
|
|
50,581 |
|
|
49,974 |
|
Diluted |
|
50,852 |
|
|
50,200 |
|
|
50,581 |
|
|
50,401 |
|
PERFORMANT FINANCIAL CORPORATION AND
SUBSIDIARIESConsolidated Statements of Cash Flows(In
thousands)(Unaudited) |
|
|
|
Nine Months Ended September
30, |
Cash flows from
operating activities: |
2017 |
|
2016 |
Net
income (loss) |
$ |
(13,250 |
) |
|
$ |
842 |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
Loss on
disposal of assets |
67 |
|
|
12 |
|
Impairment of goodwill and intangible assets |
1,081 |
|
|
— |
|
Depreciation and amortization |
8,381 |
|
|
10,098 |
|
Deferred
income taxes |
667 |
|
|
(2,455 |
) |
Stock-based compensation |
3,027 |
|
|
3,546 |
|
Interest
expense from debt issuance costs |
989 |
|
|
874 |
|
Write-off
unamortized debt issuance costs |
1,049 |
|
|
468 |
|
Interest
expense paid in kind |
331 |
|
|
— |
|
Changes
in operating assets and liabilities: |
|
|
|
Trade
accounts receivable |
(1,006 |
) |
|
7,656 |
|
Prepaid
expenses and other current assets |
(1,536 |
) |
|
55 |
|
Income
tax receivable |
573 |
|
|
(658 |
) |
Other
assets |
17 |
|
|
22 |
|
Accrued
salaries and benefits |
1,325 |
|
|
3,757 |
|
Accounts
payable |
424 |
|
|
152 |
|
Other
current liabilities |
(547 |
) |
|
(2,210 |
) |
Income
taxes payable |
— |
|
|
(895 |
) |
Estimated
liability for appeals |
(160 |
) |
|
438 |
|
Net
payable to client |
(405 |
) |
|
(981 |
) |
Other
liabilities |
(257 |
) |
|
(230 |
) |
Net cash
provided by operating activities |
770 |
|
|
20,491 |
|
Cash flows from
investing activities: |
|
|
|
Purchase
of property, equipment, and leasehold improvements |
(5,408 |
) |
|
(5,529 |
) |
Net cash
used in investing activities |
(5,408 |
) |
|
(5,529 |
) |
Cash flows from
financing activities: |
|
|
|
Repayment
of notes payable |
(55,513 |
) |
|
(29,307 |
) |
Debt
issuance costs paid |
(858 |
) |
|
(800 |
) |
Restricted cash for repayment of notes payable |
7,502 |
|
|
(7,507 |
) |
Taxes
paid related to net share settlement of stock awards |
(382 |
) |
|
(261 |
) |
Proceeds
from exercise of stock options |
90 |
|
|
333 |
|
Borrowings from notes payable |
44,000 |
|
|
— |
|
Income
tax benefit from employee stock options |
— |
|
|
103 |
|
Payment
of purchase obligation |
— |
|
|
(427 |
) |
Net cash
used in financing activities |
(5,161 |
) |
|
(37,866 |
) |
Effect of
foreign currency exchange rate changes on cash |
(4 |
) |
|
24 |
|
Net
decrease in cash and cash equivalents |
(9,803 |
) |
|
(22,880 |
) |
Cash and cash
equivalents at beginning of period |
32,982 |
|
|
71,182 |
|
Cash and cash
equivalents at end of period |
$ |
23,179 |
|
|
$ |
48,302 |
|
Non-cash
financing activities: |
|
|
|
Recognition of warrant issued in debt financing |
$ |
3,302 |
|
|
$ |
— |
|
Supplemental
disclosures of cash flow information: |
|
|
|
Cash paid
for income taxes |
$ |
540 |
|
|
$ |
3,976 |
|
Cash paid
for interest |
$ |
2,835 |
|
|
$ |
4,797 |
|
PERFORMANT FINANCIAL CORPORATION AND
SUBSIDIARIESReconciliation of Non-GAAP Results(In
thousands, except per share amount)(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Adjusted
Earnings Per Diluted Share: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(7,851 |
) |
|
$ |
(715 |
) |
|
$ |
(13,250 |
) |
|
$ |
842 |
|
Plus: Adjustment items
per reconciliation of adjusted net income |
|
1,449 |
|
|
1,492 |
|
|
4,448 |
|
|
4,798 |
|
Adjusted net income
(loss) |
|
(6,402 |
) |
|
777 |
|
|
(8,802 |
) |
|
5,640 |
|
Adjusted
Earnings Per Diluted Share |
|
$ |
(0.13 |
) |
|
$ |
0.02 |
|
|
$ |
(0.17 |
) |
|
$ |
0.11 |
|
Diluted avg shares
outstanding (7) |
|
50,852 |
|
|
50,866 |
|
|
50,581 |
|
|
50,401 |
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(7,851 |
) |
|
$ |
(715 |
) |
|
$ |
(13,250 |
) |
|
$ |
842 |
|
Provision for (benefit
from) income taxes |
|
1,146 |
|
|
(974 |
) |
|
1,668 |
|
|
62 |
|
Interest expense |
|
2,459 |
|
|
1,863 |
|
|
5,683 |
|
|
6,136 |
|
Transaction expenses
(1) |
|
132 |
|
|
— |
|
|
576 |
|
|
— |
|
Restructuring and other
expenses (5) |
|
— |
|
|
26 |
|
|
— |
|
|
309 |
|
Depreciation and
amortization |
|
2,713 |
|
|
3,292 |
|
|
8,381 |
|
|
10,098 |
|
Impairment of goodwill
and customer relationship (3) |
|
— |
|
|
— |
|
|
1,081 |
|
|
— |
|
Stock-based
compensation |
|
737 |
|
|
1,206 |
|
|
3,027 |
|
|
3,546 |
|
Adjusted
EBITDA |
|
$ |
(664 |
) |
|
$ |
4,698 |
|
|
$ |
7,166 |
|
|
$ |
20,993 |
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Adjusted Net
Income (Loss): |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(7,851 |
) |
|
$ |
(715 |
) |
|
$ |
(13,250 |
) |
|
$ |
842 |
|
Transaction expenses
(1) |
|
132 |
|
|
— |
|
|
576 |
|
|
— |
|
Stock-based
compensation |
|
737 |
|
|
1,206 |
|
|
3,027 |
|
|
3,546 |
|
Amortization of
intangibles (2) |
|
203 |
|
|
931 |
|
|
691 |
|
|
2,800 |
|
Impairment of goodwill
and customer relationship (3) |
|
— |
|
|
— |
|
|
1,081 |
|
|
— |
|
Deferred financing
amortization costs (4) |
|
1,343 |
|
|
324 |
|
|
2,039 |
|
|
1,342 |
|
Restructuring and other
expenses (5) |
|
— |
|
|
26 |
|
|
— |
|
|
309 |
|
Tax adjustments
(6) |
|
(966 |
) |
|
(995 |
) |
|
(2,966 |
) |
|
(3,199 |
) |
Adjusted Net
Income (Loss) |
|
$ |
(6,402 |
) |
|
$ |
777 |
|
|
$ |
(8,802 |
) |
|
$ |
5,640 |
|
(1) Represents costs and expenses related to the refinancing of
our existing indebtedness.
(2) Represents amortization of capitalized expenses related to
the acquisition of Performant by an affiliate of Parthenon Capital
Partners in 2004, and also an acquisition in the first quarter of
2012 to enhance our analytics capabilities.
(3) Represents goodwill and impairment charges related to our
Performant Europe Ltd. subsidiary.
(4) Represents amortization of capitalized financing costs
related to our New Credit Agreement, and the write-off of deferred
financing costs related to our Prior Credit Agreement in August
2017.
(5) Represents restructuring costs and severance and termination
expenses incurred in connection with termination of employees and
consultants.
(6) Represents tax adjustments assuming a marginal tax rate of
40%.
(7) While net income (loss) for the three months ended September
30, 2016 reflects a net loss of $(715), the computation of adjusted
net income results in adjusted net income of $777. Therefore, the
calculation of the adjusted earnings per diluted share includes
dilutive common share equivalents of 666 added to the basic
weighted average shares of 50,200.
PERFORMANT FINANCIAL CORPORATION AND
SUBSIDIARIESReconciliation of Non-GAAP Results(In
thousands, except per share amount)(Unaudited)
We are providing the following preliminary estimates of our
financial results for the year ended December 31, 2017:
|
|
Nine Months Ended |
|
Three Months Ended |
|
Year Ended |
|
|
September 30, 2017 |
|
December 31, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
|
Actual |
|
Estimate |
|
Actual |
|
Estimate |
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(13,250 |
) |
|
$ (800) to 1,900 |
|
$ |
(11,453 |
) |
|
$ (14,050) to (11,350) |
Provision for (benefit
from) income taxes |
|
1,668 |
|
|
(918) to (1,418) |
|
(4,370 |
) |
|
750 to 250 |
Interest expense |
|
5,683 |
|
|
1,317 to 1,567 |
|
7,897 |
|
|
7,000 to 7,250 |
Transaction expenses
(1) |
|
576 |
|
|
— |
|
|
— |
|
|
576 |
|
Restructuring and other
expenses (5) |
|
— |
|
|
— |
|
|
329 |
|
|
— |
|
Depreciation and
amortization |
|
8,381 |
|
|
2,512 to 2,812 |
|
13,380 |
|
|
10,893 to 11,193 |
Impairment of goodwill
and customer relationship (3) |
|
1,081 |
|
|
— |
|
|
15,438 |
|
|
1,081 |
|
Stock-based
compensation |
|
3,027 |
|
|
723 to 973 |
|
4,713 |
|
|
3,750 to 4,000 |
Adjusted
EBITDA |
|
$ |
7,166 |
|
|
$ 2,834 to 5,834 |
|
$ |
25,934 |
|
|
$ 10,000 to 13,000 |
(1) Represents costs and expenses related to the refinancing of
our existing indebtedness.
(3) Represents goodwill and impairment charges related to our
Performant Europe Ltd. subsidiary.
(5) Represents restructuring costs and severance and termination
expenses incurred in connection with termination of employees and
consultants.
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