Performant financial corporation (PFMT)
CashFlow / Quarterly
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12
Cash flows from operating activities:
Net loss

-3,862

-8,070

-6,399

-8,489

-5,265

-7,609

-3,591

8,455

521

-7,851

-2,440

-2,959

-12,295

-715

1,477

80

2,195

-314

726

-4,402

-2,379

-479

5,913

6,345

7,869

15,454

11,195

1,821

5,973

6,383

8,079

2,516

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss on disposal of assets

-

-

-

-

-

-

-

-

0

-57

-6

-4

0

-3

0

-9

-9

596

-2

0

-4

-7

-1

-21

0

-1

0

0

-

-

-

-

Release of net payable to client related to contract termination

0

0

0

0

0

0

0

9,860

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Release of estimated liability for appeals due to termination of contract

0

0

0

0

0

599

0

17,932

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Derecognition of subcontractor receivable for appeals due to termination of contract

0

0

0

0

0

0

0

5,535

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Derecognition of subcontractor receivable for overturned claims

0

0

0

0

0

0

0

1,536

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for doubtful account for subcontractor receivable

0

0

0

0

0

0

0

1,868

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

1,838

2,141

2,245

2,312

2,633

2,488

2,537

2,576

2,507

2,713

2,894

2,774

3,282

3,292

3,416

3,390

3,038

3,242

3,310

3,542

3,392

3,067

3,058

2,933

2,815

2,702

2,629

2,509

2,503

2,445

2,343

2,214

ROU asset amortization

676

578

675

660

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred Income Tax Expense (Benefit)

-18

0

0

31

360

81

-234

283

3,066

0

278

389

-4,457

-1,208

-677

-570

-1,623

-628

-622

-70

272

105

-769

-1,311

-564

-249

-895

0

-

-

-

-

Stock-based compensation

568

525

719

499

347

814

950

639

713

737

1,187

1,103

1,167

1,206

1,136

1,204

1,611

1,231

1,164

1,003

1,086

839

891

891

798

774

710

712

731

734

97

52

Interest expense from debt issuance costs

390

353

311

232

258

299

333

331

347

293

330

366

390

324

271

279

285

290

313

354

290

294

296

297

308

298

327

314

326

375

289

282

Earnout mark-to-market

-137

-174

-1,188

276

-218

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Write-off of unamortized debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

468

0

0

0

0

-

-

-

-

-

-

-

-

0

0

0

335

Interest income on notes receivable from stockholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1

28

28

Changes in operating assets and liabilities:
Trade accounts receivable

6,645

1,863

785

-3,002

6,232

-2,635

-2,807

5,905

4

1,223

-1,550

1,333

1,175

-1,297

-1,665

-4,694

4,172

-1,215

399

-438

-1,607

20

-353

-2,662

-10,944

6,928

4,241

-3,620

-1,088

-735

558

4,911

Prepaid expenses and other current assets

-286

-429

252

372

63

-437

-603

82

-1,544

-270

-563

2,369

-192

173

-69

-159

889

-745

150

80

297

9,120

-826

-432

1,644

36

-538

382

425

-834

799

-806

Income tax receivable

164

0

-14

-165

-6,177

754

1,079

-2,316

5,385

-1,183

652

-42

1,369

658

-315

315

-557

-1,309

-4,859

2,331

1,338

3,056

0

0

0

-2,094

2

2,092

-800

800

0

0

Other assets

-64

0

24

0

-1

-23

-4

-41

165

-18

20

-19

762

-14

2

-10

-11

-14

-14

-135

-11

-16

-10

-20

-334

-73

-23

-21

59

-40

17

35

Accrued salaries and benefits

-869

1,517

-1,886

1,605

-1,503

1,622

-1,316

1,417

-1,071

1,131

-1,268

1,462

-4,203

1,278

918

1,561

-2,930

-142

1,380

1,073

-1,503

-2,324

1,328

-3,947

1,289

2,382

2,006

-3,139

2,944

-636

1,915

-2,073

Accounts payable

670

-96

-31

587

-751

190

196

-80

466

337

-259

346

-453

-43

597

-402

-1,579

344

999

-205

-1,072

999

-57

-883

584

-246

609

33

-175

-206

1,075

649

Deferred revenue and other current liabilities

-1,175

645

-848

483

-1,370

-1,431

573

1,571

-515

-326

-858

637

1,554

-2,478

97

171

673

119

-1,114

-1,444

2,017

1,454

-640

-958

-1,150

-1,910

2,309

-2,190

39

-496

820

-1,586

Income taxes payable

-

-

-

-

-

-

-

-

-

-

-

-

0

-958

958

-895

895

0

0

0

0

-246

-5,246

5,389

-6,126

6,229

0

-430

430

-3,018

2,546

2

Estimated liability for appeals and disputes

649

54

60

45

-92

28

-12

0

-328

-34

-119

-7

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net payable to client

0

0

0

0

0

0

0

-2,940

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Lease liabilities

-720

-623

-720

-723

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net payable to client

0

0

0

0

0

0

0

-2,940

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-1,278

0

-909

-312

-2,776

-833

3,894

Estimated liability for appeals

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-54

-

232

36

50

1,409

-1,185

718

2,400

2,586

3,802

2,386

2,131

723

508

1,920

777

Net payable to client

-

-

-

-

-

-

-

-

-

-

-

-35

-

-1,374

-1,145

1,538

-289

-472

314

2,737

-1,877

13,987

0

0

-

-

-

-

-

-

-

-

Other liabilities

-494

15

74

43

447

-315

246

395

377

-186

-33

-38

580

-120

-69

-41

-1,045

332

-263

723

339

488

122

-16

525

218

-298

-57

24

-744

1,102

-52

Net Cash Provided by (Used in) Operating Activities

-2,024

-5,721

-8,011

356

-2,234

-2,090

2,060

-9,836

2,204

-2,153

2,522

401

-2,707

-162

9,367

11,286

-2,842

6,921

10,569

1,523

1,961

4,826

6,804

14,275

18,568

23,380

17,296

1,962

12,610

5,563

15,990

2,842

Cash flows from investing activities:
Purchase of property, equipment, and leasehold improvements

755

1,039

1,576

1,486

1,326

1,846

1,973

2,500

1,851

1,155

1,430

2,823

2,337

1,884

1,842

1,803

2,260

1,939

1,919

1,777

3,422

1,652

2,320

2,752

3,806

2,615

3,723

2,359

4,001

3,700

2,452

1,203

Purchase of perpetual software license and computer equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

77

760

Net cash used in investing activities

-755

-1,039

-1,576

-1,486

-710

-177

-1,973

-2,500

-1,851

-1,155

-1,430

-2,823

-2,337

-1,884

-1,842

-1,803

-2,264

-667

-1,919

-1,777

-3,422

-1,652

-2,320

-2,752

-3,806

-2,615

-3,723

-2,359

-4,001

-3,700

-2,529

-1,963

Cash flows from financing activities:
Borrowing under notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

19,500

136,500

Borrowing under line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

4,500

Redemption of preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

16,313

43,973

Repayment of notes payable

738

600

1,150

0

1,100

0

550

550

0

44,228

7,937

3,348

9,769

2,269

2,269

24,769

2,269

3,541

9,272

2,455

2,455

2,454

13,909

2,691

2,691

2,691

6,323

2,760

2,760

2,760

2,711

95,185

Restricted cash for repayment of notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

4

5

-7,516

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

4,500

8,198

Debt issuance costs paid

-

-

-

-

-

-

-

-

-

-

-

-

381

390

0

410

0

0

0

0

-

-

-

-

-

-

-

-

13

5

821

2,235

Taxes paid related to net share settlement of stock awards

0

21

289

156

16

56

292

299

3

43

85

254

5

56

36

169

0

90

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

0

0

0

34

14

0

70

116

110

59

28

3

4

3

20

310

11

1

3

22

4

469

92

45

115

212

706

735

38

109

8

20

Income tax benefit from employee stock awards

-

-

-

-

-

-

-

-

-

-

-

-

0

4

19

80

392

-249

-75

-46

-

-

-

-

-

-

-

-

-

-

-

-

Income tax benefit (shortfall) from employee stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,570

301

207

-

-

-

-

-

-

-

-

Income tax benefit from employee stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

469

3,996

4,176

-

-

-

-

Income tax benefit from employee stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

380

0

0

Payment of purchase obligation

-

-

-

-

-

-

-

-

-

-

-

-

127

135

150

142

154

154

565

250

250

250

250

250

250

500

0

250

250

250

250

0

Net cash provided by financing activities

-751

9,336

9,536

-122

2,858

-56

-772

-733

-14

-774

-8,290

-3,599

-2,771

-2,839

-2,411

-32,616

-2,020

-4,033

-9,909

-2,729

-3,211

335

-13,766

-2,689

-2,407

-2,510

-1,621

1,901

-2,970

9,602

-5,034

-8,571

Effect of foreign currency exchange rate changes on cash

-

-

-

0

-

-

-

1

1

1

-2

-3

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash, cash equivalents and restricted cash

-3,553

2,576

-51

-1,252

-167

-2,323

-686

-13,068

340

-4,081

-7,200

-6,024

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reconciliation of the consolidated statements of cash flows to the consolidated balance sheets:
Effect of foreign currency exchange rate changes on cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

11

14

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

-4,886

5,125

-23,119

-

2,221

-1,259

-2,983

-4,672

3,509

-9,282

8,834

12,355

18,255

11,952

1,504

5,639

11,465

8,427

-7,692

Non-cash investing activities:
Cash paid for income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

230

-

1,327

3,675

1,550

5,622

5,905

4,770

1,740

Cash paid for interest

-

-

-

-

-

-

-

-

-

-

1,073

1,255

-

1,539

1,570

1,688

1,804

1,847

1,968

2,031

2,115

2,158

2,304

2,401

2,498

2,601

2,636

2,559

2,820

3,691

1,755

2,912

Cash paid as debt extinguishment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

3,344

Supplemental disclosures of cash flow information:
Cash received for income taxes

-289

67

74

-54

-6,326

16

381

-299

-893

101

557

-118

1,297

1,880

336

1,760

516

80

-3,423

101

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid for interest

1,941

1,812

2,551

0

1,729

0

809

939

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Obligation payable to sellers of perpetual license

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

3,250

Issuance of common stock as part of debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,796