Performant Financial Corporation PFMT Cash Flow

Performant financial corporation (PFMT)

CashFlow / TTM

Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12
Cash flows from operating activities:
Net loss
-26,820	-28,223	-27,762	-24,954	-8,010	-2,224	-2,466	-1,315	-12,729	-25,545	-18,409	-14,492	-11,453	3,037	3,438	2,687	-1,795	-6,369	-6,534	-1,347	9,400	19,648	35,581	40,863	36,339	34,443	25,372	22,256	22,951	0	0	0
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss on disposal of assets
-	-	-	-	-	-	-	-	-67	-67	-13	-7	-12	-21	578	576	585	590	-13	-12	-33	-29	-23	-22	-1	0	0	0	-	-	-	-
Release of net payable to client related to contract termination
0	0	0	0	9,860	9,860	9,860	9,860	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Release of estimated liability for appeals due to termination of contract
0	0	599	599	18,531	18,531	17,932	17,932	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Derecognition of subcontractor receivable for appeals due to termination of contract
0	0	0	0	5,535	5,535	5,535	5,535	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Derecognition of subcontractor receivable for overturned claims
0	0	0	0	1,536	1,536	1,536	1,536	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for doubtful account for subcontractor receivable
0	0	0	0	1,868	1,868	1,868	1,868	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
8,536	9,331	9,678	9,970	10,234	10,108	10,333	10,690	10,888	11,663	12,242	12,764	13,380	13,136	13,086	12,980	13,132	13,486	13,311	13,059	12,450	11,873	11,508	11,079	10,655	10,343	10,086	9,800	9,505	0	0	0
ROU asset amortization
2,589	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred Income Tax Expense (Benefit)
13	391	472	238	490	3,196	3,115	3,627	3,733	-3,790	-4,998	-5,953	-6,912	-4,078	-3,498	-3,443	-2,943	-1,048	-315	-462	-1,703	-2,539	-2,893	-3,019	-1,708	0	0	0	-	-	-	-
Stock-based compensation
2,311	2,090	2,379	2,610	2,750	3,116	3,039	3,276	3,740	4,194	4,663	4,612	4,713	5,157	5,182	5,210	5,009	4,484	4,092	3,819	3,707	3,419	3,354	3,173	2,994	2,927	2,887	2,274	1,614	0	0	0
Interest expense from debt issuance costs
1,286	1,154	1,100	1,122	1,221	1,310	1,304	1,301	1,336	1,379	1,410	1,351	1,264	1,159	1,125	1,167	1,242	1,247	1,251	1,234	1,177	1,195	1,199	1,230	1,247	1,265	1,342	1,304	1,272	0	0	0
Earnout mark-to-market
-1,223	-1,304	-1,130	58	-218	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Write-off of unamortized debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	468	468	468	468	0	0	0	0	-	-	-	-	-	-	-	-	335	0	0	0
Interest income on notes receivable from stockholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	57	0	0	0
Changes in operating assets and liabilities:
Trade accounts receivable
6,291	5,878	1,380	-2,212	6,695	467	4,325	5,582	1,010	2,181	-339	-454	-6,481	-3,484	-3,402	-1,338	2,918	-2,861	-1,626	-2,378	-4,602	-13,939	-7,031	-2,437	-3,395	6,461	-1,202	-4,885	3,646	0	0	0
Prepaid expenses and other current assets
-91	258	250	-605	-895	-2,502	-2,335	-2,295	-8	1,344	1,787	2,281	-247	834	-84	135	374	-218	9,647	8,671	8,159	9,506	422	710	1,524	305	-565	772	-416	0	0	0
Income tax receivable
-15	-6,356	-5,602	-4,509	-6,660	4,902	2,965	2,538	4,812	796	2,637	1,670	2,027	101	-1,866	-6,410	-4,394	-2,499	1,866	6,725	4,394	3,056	-2,094	-2,092	0	-800	2,094	2,092	0	0	0	0
Other assets
-40	23	0	-28	-69	97	102	126	148	745	749	731	740	-33	-33	-49	-174	-174	-176	-172	-57	-380	-437	-450	-451	-58	-25	15	71	0	0	0
Accrued salaries and benefits
367	-267	-162	408	220	652	161	209	254	-2,878	-2,731	-545	-446	827	-593	-131	-619	808	-1,374	-1,426	-6,446	-3,654	1,052	1,730	2,538	4,193	1,175	1,084	2,150	0	0	0
Accounts payable
1,130	-291	-5	222	-445	772	919	464	890	-29	-409	447	-301	-1,427	-1,040	-638	-441	66	721	-335	-1,013	643	-602	64	980	221	261	727	1,343	0	0	0
Deferred revenue and other current liabilities
-895	-1,090	-3,166	-1,745	-657	198	1,303	-128	-1,062	1,007	-1,145	-190	-656	-1,537	1,060	-151	-1,766	-422	913	1,387	1,873	-1,294	-4,658	-1,709	-2,941	-1,752	-338	-1,827	-1,223	0	0	0
Income taxes payable
-	-	-	-	-	-	-	-	-	-	-	-	-895	0	958	0	895	0	-246	-5,492	-103	-6,229	246	5,492	-327	6,229	-3,018	-472	-40	0	0	0
Estimated liability for appeals and disputes
808	67	41	-31	-76	-312	-374	-481	-488	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net payable to client
0	0	0	0	-2,940	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Lease liabilities
-2,786	-2,066	-1,443	-723	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net payable to client
0	0	0	0	-2,940	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,187	-2,499	-3,997	-4,830	-27	0	0	0
Estimated liability for appeals
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	389	-	1,727	310	992	3,342	4,519	9,506	11,174	10,905	9,042	5,748	5,282	3,928	0	0	0
Net payable to client
-	-	-	-	-	-	-	-	-	-	-	-2,899	-	-1,270	-368	1,091	2,290	702	15,161	14,847	12,110	0	0	0	-	-	-	-	-	-	-	-
Other liabilities
-362	579	249	421	773	703	832	553	120	323	389	353	350	-1,275	-823	-1,017	-253	1,131	1,287	1,672	933	1,119	849	429	388	-113	-1,075	325	330	0	0	0
Net Cash Provided by (Used in) Operating Activities
-15,400	-15,610	-11,979	-1,908	-12,100	-7,662	-7,725	-7,263	2,974	-1,937	54	6,899	17,784	17,649	24,732	25,934	16,171	20,974	18,879	15,114	27,866	44,473	63,027	73,519	61,206	55,248	37,431	36,125	37,005	0	0	0
Cash flows from investing activities:
Purchase of property, equipment, and leasehold improvements
4,856	5,427	6,234	6,631	7,645	8,170	7,479	6,936	7,259	7,745	8,474	8,886	7,866	7,789	7,844	7,921	7,895	9,057	8,770	9,171	10,146	10,530	11,493	12,896	12,503	12,698	13,783	12,512	11,356	0	0	0
Purchase of perpetual software license and computer equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	837	0	0	0
Net cash used in investing activities
-4,856	-4,811	-3,949	-4,346	-5,360	-6,501	-7,479	-6,936	-7,259	-7,745	-8,474	-8,886	-7,866	-7,793	-6,576	-6,653	-6,627	-7,785	-8,770	-9,171	-10,146	-10,530	-11,493	-12,896	-12,503	-12,698	-13,783	-12,589	-12,193	0	0	0
Cash flows from financing activities:
Borrowing under notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	156,000	0	0	0
Borrowing under line of credit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,500	0	0	0
Redemption of preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	60,286	0	0	0
Repayment of notes payable
2,488	2,850	2,250	1,650	2,200	1,100	45,328	52,715	55,513	65,282	23,323	17,655	39,076	31,576	32,848	39,851	17,537	17,723	16,636	21,273	21,509	21,745	21,982	14,396	14,465	14,534	14,603	10,991	103,416	0	0	0
Restricted cash for repayment of notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-7,516	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of line of credit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,698	0	0	0
Debt issuance costs paid
-	-	-	-	-	-	-	-	-	-	-	-	1,181	800	410	410	0	0	0	0	-	-	-	-	-	-	-	-	3,074	0	0	0
Taxes paid related to net share settlement of stock awards
466	482	517	520	663	650	637	430	385	387	400	351	266	261	295	259	90	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
34	48	48	118	200	296	355	313	200	94	38	30	337	344	342	325	37	30	498	587	610	721	464	1,078	1,768	1,691	1,588	890	175	0	0	0
Income tax benefit from employee stock awards
-	-	-	-	-	-	-	-	-	-	-	-	103	495	242	148	22	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Income tax benefit (shortfall) from employee stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Income tax benefit from employee stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Income tax benefit from employee stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Payment of purchase obligation
-	-	-	-	-	-	-	-	-	-	-	-	554	581	600	1,015	1,123	1,219	1,315	1,000	1,000	1,000	1,250	1,000	1,000	1,000	750	1,000	750	0	0	0
Net cash provided by financing activities
17,999	21,608	12,216	1,908	1,297	-1,575	-2,293	-9,811	-12,677	-15,434	-17,499	-11,620	-40,637	-39,886	-41,080	-48,578	-18,691	-19,882	-15,514	-19,371	-19,331	-18,527	-21,372	-9,227	-4,637	-5,200	6,912	3,499	-6,973	0	0	0
Effect of foreign currency exchange rate changes on cash
-	-	-	-33	-	-	-	1	-3	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease in cash, cash equivalents and restricted cash
-2,280	1,106	-3,793	-4,428	-16,244	-15,737	-17,495	-24,009	-16,965	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reconciliation of the consolidated statements of cash flows to the consolidated balance sheets:
Effect of foreign currency exchange rate changes on cash
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	45	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-29,252	-	-6,693	-5,405	-13,428	-1,611	15,416	30,162	51,396	44,066	37,350	30,560	27,035	17,839	0	0	0
Non-cash investing activities:
Cash paid for income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	12,174	16,752	17,847	18,037	0	0	0
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	0	5,723	-	6,601	6,909	7,307	7,650	7,961	8,272	8,608	8,978	9,361	9,804	10,136	10,294	10,616	11,706	10,825	11,178	0	0	0
Cash paid as debt extinguishment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,344	0	0	0
Supplemental disclosures of cash flow information:
Cash received for income taxes
-202	-6,239	-6,290	-5,983	-6,228	-795	-710	-534	-353	1,837	3,616	3,395	5,273	4,492	2,692	-1,067	-2,726	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for interest
6,304	6,092	4,280	2,538	3,477	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Obligation payable to sellers of perpetual license
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,250	0	0	0
Issuance of common stock as part of debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,796	0	0	0