PFMT - Earnings call transcript Q1 2019 | Performant Financial Corporation

Good thank joining for you earnings everyone you, us afternoon call. for Thank our Rich. and

find please If you on first site our Web walks financial haven’t already, through financial in the more supplement results that quarter XXXX our detailed form.

market Where we business has opportunities. Our solid believe recovery. build combine core capabilities win our on competitively diversified to analytics, create been our strength; value long-term and compliance, unique strong, we propositions clients, always and those strategy a strengths and innovation, audit to find can and

IRS new Commercial including earnest in or large call, CRC Repayment to contract; health and the last Medicare As ramp we in the Payer the XXXX, contracts we care mentioned worked commercial several contract. MSP Center, Secondary in contracts up earnings

year. from X CMS the million loss totaled revenues of in million the in out XXXX closing QX X QX. was compared excluding loss million, of and XXXX. the the note which EBITDA like in period, out quarter Overall requires Region year a expense of in overall Adjusted first XX XX% of and we QX a of just favorable approximately contract prior million, that margins Also, contract A over A reported million are to excluding of expense reiterated XXXX, first results quarter year impact in impacted X XXXX, in of we’d XXXX XX one-time year first than XXXX and quarter revenues prior the expenses XXXX. line in compared to projections be these in nearly excluding closing million period. healthcare one-time of of and the million the million purpose million in million we don’t XXX% year-over-year. million QX It from CMS-related or the over in revenues was CMS until million X X would Commercial the In for it was of just up three. in healthcare investment the XXXX, which reserve last a for achieve our compared that nearly they prior over QX. also an comparing higher XX.X over X with X in of Region release contracts many to two the over XXX% were first the revenues of XXXX year was of to of was of accounted which in year increase period, versus steady-state revenue quarter internal to XX.X which X revenues just We healthcare approximately

healthcare markets. driving in that growth excited very in about the progress We’re we’ve our made

government both third across services, liability. party to on commercial various focus contracts executing continue We and including

of the just X revenues Region XX with decision following in offset full was essentially tax, servicing in was QX, XX student approximately X Lakes as agreement. well is includes million targets from year the recruiting a search Premiere, QX, ADR to revenue markets attributable the decline solution. revenue decrease the Student the began revenue wind lending, in lending IRS which versus which mid-XXXX Premiere consistent QX The year. during plan of Lakes for portfolio personnel their treasury approximately XX in RAC period. prior XXXX. was down million, and and Total audits Region management first we with X% In million from terminate and QX, our Great quarter a as in to over during last recovery implement to our Additionally, approximately agreement lower wholly their expanding us Great than of

other of that the commercial The of Lastly, a million Overall, to care the period, mostly serves industry and increasing QX years expenses for revenue million federal last our and services closeout A across transitioning Premiere the X.X X and today year. that customer than one offerings X to was just student including contract. success were our state diversifying of continued XXXX from due clients. agencies versus XX.X% the were lending QX. agencies, million clients ago million heavily its of federal results outsourced taxing was is expenses few which were company a year X million excluding one-time broad Region annualization in industries, costs of and up higher demonstrated XX authorities, the of from the expense dependent healthcare spectrum prior on our

revenue operational As markets, more we business and and we naturally healthcare drive will continue profitability from we also to and how shift our diversify results. discuss

the prepared markets recovery and of that introduce student standalone part source well. revenue a with to be we remarks quarter, a discussion the revenue press as instead basis. release Also, second of decision use our beginning our in presentation lending have a of as in our will instance, For same

our we made the student or quarter release. data Another to call decision longer press provide volume loan that was the no change this placement on in

and more our overall for future feel they measures that said, XX-Ks. lending accounted That we had XX-Qs meaningful, sizable more for student of are when continuity still purposes, figures these the report portion relevance in revenues. we will Although a our markets

guidance reiterating of Finally, million X between EBITDA loss are to revenue adjusted be our million to million. a and million and we X XXX of between XXX XXXX

As a we have this business our last net EBITDA our stated we to guiding in we although are we loss the on confidence to want year, call, reiterate longer-term strategy.

top year call up believe for revenue Although currently that, in the to to With we target to questions. will invest we XXXX of line continue continue XXX our newer these of the to of contracts, two drive open that contracts million. like I’d many

Lisa Im	CEO
Richard Zubek	VP of IR

Performant Financial (PFMT) 11 May 192019 Q1 Earnings call transcript