Performant Financial Corporation
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Penke I guess you are interested in Performant Financial Corporation. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Performant Financial Corporation. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Performant Financial Corporation (30 sec.)

What can you expect buying and holding a share of Performant Financial Corporation? (30 sec.)

How much money do you get?

$0.00

When do you have the money?

1 year

How often do you get paid?

0.0%

What is your share worth?

Current worth

$1.04

Expected worth in 1 year

$0.99

How sure are you?

47.5%

+ What do you gain per year?

Total Gains per Share

$-0.06

Return On Investment

-2.1%

For what price can you sell your share?

Current Price per Share

$2.63

Expected price per share

$2 - $2.62

How sure are you?

50%

1. Valuation of Performant Financial Corporation (5 min.)

Live pricePrice per Share (EOD)

$2.63

Book Value per Share

$1.04

Intrinsic Value Per Share

$-4.07 - $-2.25

Total Value Per Share

$-3.03 - $-1.20

My calculation of the intrinsic value of Performant Financial Corporation is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.00) 3Y: ($-0.01) TTM: ($0.00)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.00) 3Y: ($-0.01) TTM: ($0.00)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$-0.11	$-0.05	$-0.15 - $-0.07
2	$-0.31	$-0.14	$-0.26 - $-0.12
3	$-0.58	$-0.28	$-0.37 - $-0.17
4	$-0.93	$-0.45	$-0.47 - $-0.22
5	$-1.35	$-0.67	$-0.58 - $-0.27
6	$-1.81	$-0.92	$-0.69 - $-0.32
7	$-2.32	$-1.21	$-0.79 - $-0.37
8	$-2.87	$-1.52	$-0.90 - $-0.42
9	$-3.46	$-1.87	$-1.01 - $-0.47
10	$-4.07	$-2.25	$-1.11 - $-0.52

2. Growth of Performant Financial Corporation (5 min.)

Is Performant Financial Corporation growing?

	Current year	Previous year	Grow	Grow %
How rich?	$80.7m	$84.9m	-$5.4m	-6.8%

How much money is Performant Financial Corporation making?

	Current year	Previous year	Grow	Grow %
Making money	-$1.8m	-$1.6m	-$245.5k	-13.1%
Net Profit Margin	-7.5%	-6.2%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Performant Financial Corporation (5 min.)

4. Comparing to competitors in the Specialty Business Services industry (5 min.)

Industry Rankings (Specialty Business Services)

Richest
#105 / 210

Most Revenue
#140 / 210

Most Profit
#175 / 210

Most Efficient
#172 / 210

What can you expect buying and holding a share of Performant Financial Corporation? (5 min.)

Welcome investor! Performant Financial Corporation's management wants to use your money to grow the business. In return you get a share of Performant Financial Corporation.

What can you expect buying and holding a share of Performant Financial Corporation?

First you should know what it really means to hold a share of Performant Financial Corporation. And how you can make/lose money.

Speculation

The Price per Share of Performant Financial Corporation is $2.63. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Performant Financial Corporation.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Performant Financial Corporation, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $1.04. Based on the TTM, the Book Value Change Per Share is $-0.01 per quarter. Based on the YOY, the Book Value Change Per Share is $0.01 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.00 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Performant Financial Corporation.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.02	0.6%	-0.02	-0.9%	-0.02	-0.8%	-0.04	-1.6%	-0.03	-1.1%
Usd Book Value Change Per Share	0.02	0.9%	-0.01	-0.5%	0.01	0.3%	0.00	0.1%	0.00	0.1%
Usd Dividend Per Share	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%
Usd Total Gains Per Share	0.02	0.9%	-0.01	-0.5%	0.01	0.3%	0.00	0.1%	0.00	0.1%
Usd Price Per Share	3.13	-	2.87	-	2.80	-	2.18	-	2.87	-
Price to Earnings Ratio	48.16	-	-13.83	-	-92.87	-	-27.55	-	-14.53	-
Price-to-Total Gains Ratio	125.43	-	101.47	-	43.38	-	28.21	-	61.17	-
Price to Book Ratio	3.00	-	2.78	-	2.53	-	2.53	-	2.83	-
Price-to-Total Gains Ratio	125.43	-	101.47	-	43.38	-	28.21	-	61.17	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	2.63
Number of shares	380

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.00	0.00
Usd Book Value Change Per Share	-0.01	0.00
Usd Total Gains Per Share	-0.01	0.00
Gains per Quarter (380 shares)	-5.23	0.75
Gains per Year (380 shares)	-20.93	2.99

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	0	-21	-31	0	3	-7
2	0	-42	-52	0	6	-4
3	0	-63	-73	0	9	-1
4	0	-84	-94	0	12	2
5	0	-105	-115	0	15	5
6	0	-126	-136	0	18	8
7	0	-147	-157	0	21	11
8	0	-167	-178	0	24	14
9	0	-188	-199	0	27	17
10	0	-209	-220	0	30	20

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	1.0	3.0	0.0	25.0%	1.0	11.0	0.0	8.3%	3.0	17.0	0.0	15.0%	11.0	29.0	0.0	27.5%	23.0	29.0	0.0	44.2%
Book Value Change Per Share	2.0	2.0	0.0	50.0%	6.0	6.0	0.0	50.0%	8.0	10.0	2.0	40.0%	19.0	19.0	2.0	47.5%	27.0	20.0	5.0	51.9%
Dividend per Share	0.0	0.0	4.0	0.0%	0.0	0.0	12.0	0.0%	0.0	0.0	20.0	0.0%	0.0	0.0	40.0	0.0%	1.0	0.0	51.0	1.9%
Total Gains per Share	2.0	2.0	0.0	50.0%	6.0	6.0	0.0	50.0%	8.0	10.0	2.0	40.0%	19.0	19.0	2.0	47.5%	27.0	20.0	5.0	51.9%

Fundamentals of Performant Financial Corporation

About Performant Financial Corporation

https://performantcorp.com
Specialty Business Services
958
900 South Pine Island Road, Plantation, FL, United States, 33324
Google Maps Bing Maps

Performant Financial Corporation provides technology-enabled audit, recovery, and analytics services in the United States. The company identifies improper payments resulting from incorrect coding, procedures that were not medically necessary, incomplete documentation or claims submitted based on outdated fee schedules, and coverage discrepancies; and provides first party call center and other outsourced services. The company also offers Performant Insight that provides various services, such as post- and pre-payment audit of healthcare claims, detection of fraud, waste and abuse of healthcare claims, coordination of benefits, and pharmacy fraud detection services. It offers services to government and commercial healthcare markets. The company was formerly known as DCS Holdings, Inc. and changed its name to Performant Financial Corporation in 2005. Performant Financial Corporation was founded in 1976 and is headquartered in Plantation, Florida.

Fundamental data was last updated by Penke on 2024-04-12 15:00:04.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very inefficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is underpriced.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is expensive.

1.1. Profitability of Performant Financial Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Performant Financial Corporation earns for each $1 of revenue.

Above 10% is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
A Net Profit Margin of 3.9% means that $0.04 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Performant Financial Corporation:

The MRQ is 3.9%. The company is making a profit. +1
The TTM is -7.5%. The company is making a loss. -1

Trends

Current period		Compared to		+/-
MRQ	3.9%	TTM	-7.5%	+11.4%
TTM	-7.5%	YOY	-6.2%	-1.3%
TTM	-7.5%	5Y	-8.3%	+0.8%
5Y	-8.3%	10Y	-6.7%	-1.5%

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
MRQ	3.9%	2.9%	+1.0%
TTM	-7.5%	2.9%	-10.4%
YOY	-6.2%	3.3%	-9.5%
5Y	-8.3%	2.1%	-10.4%
10Y	-6.7%	3.2%	-9.9%

Measures how much net profit Performant Financial Corporation earns for each $1 of revenue.

Revenue is the amount of profit Performant Financial Corporation generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Performant Financial Corporation earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
Can be used to compare companies within the Specialty Business Services industry.

You typically want a high profit margin. This means that for each $1 in sales, Performant Financial Corporation makes more profit. This shows the investor how efficiently Performant Financial Corporation is operating in general and compared to other companies in the same industry. Performant Financial Corporation operates in the Specialty Business Services industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Performant Financial Corporation. If profit margins remain low (compared to the Specialty Business Services industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Performant Financial Corporation is 0.04. This means that Performant Financial Corporation earned $0.04 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Specialty Business Services industry is 2.9%.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Performant Financial Corporation with other companies in the same industry (Specialty Business Services).
Net profit margin should rise over the years.
Can be influenced when Performant Financial Corporation sells assets (profit will increase while costs remain the same).
It won’t show what part of Performant Financial Corporation is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Performant Financial Corporation

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Performant Financial Corporation = 1,255
Total revenue MRQ Performant Financial Corporation = 32,567
$1,255 / $32,567 = 0.04 or 3.9%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Performant Financial Corporation is using its assets to generate profit.

Above 5% is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
1.3% Return on Assets means that Performant Financial Corporation generated $0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Performant Financial Corporation:

The MRQ is 1.3%. Using its assets, the company is less efficient in making profit.
The TTM is -1.8%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	1.3%	TTM	-1.8%	+3.1%
TTM	-1.8%	YOY	-1.4%	-0.5%
TTM	-1.8%	5Y	-2.1%	+0.3%
5Y	-2.1%	10Y	-1.5%	-0.6%

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
MRQ	1.3%	1.0%	+0.3%
TTM	-1.8%	1.0%	-2.8%
YOY	-1.4%	1.4%	-2.8%
5Y	-2.1%	1.0%	-3.1%
10Y	-1.5%	1.4%	-2.9%

Shows how efficient Performant Financial Corporation is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Performant Financial Corporation is using its resources to generate profit. If the return on assets (1.3%) from Performant Financial Corporation are higher than the Specialty Business Services mean (1.0%) that means Performant Financial Corporation is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Performant Financial Corporation is 1.3%. This means the company generated $0.01 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Specialty Business Services industry is 1.0%.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Performant Financial Corporation

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Performant Financial Corporation = 1,255
Total assets MRQ (balance sheet) from Performant Financial Corporation = 99,030
1,255 / 99,030 = 0.01 or 1.3%

ROA is an important ratio as it will tell you how effectively Performant Financial Corporation is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Performant Financial Corporation is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
1.6% Return on Equity means Performant Financial Corporation generated $0.02 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Performant Financial Corporation:

The MRQ is 1.6%. Using its investors money, the company is inefficient in making profit. -1
The TTM is -2.4%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	1.6%	TTM	-2.4%	+3.9%
TTM	-2.4%	YOY	-1.9%	-0.4%
TTM	-2.4%	5Y	-4.5%	+2.1%
5Y	-4.5%	10Y	-3.0%	-1.5%

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
MRQ	1.6%	2.5%	-0.9%
TTM	-2.4%	2.8%	-5.2%
YOY	-1.9%	3.9%	-5.8%
5Y	-4.5%	2.2%	-6.7%
10Y	-3.0%	3.0%	-6.0%

Shows how efficient Performant Financial Corporation is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Specialty Business Services industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Performant Financial Corporation is 1.6%. This means Performant Financial Corporation generated $0.02 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Specialty Business Services industry is 2.5%.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if Performant Financial Corporation existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Performant Financial Corporation

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Performant Financial Corporation = 1,255
Shareholders equity (balance sheet) MRQ Performant Financial Corporation = 80,707
1,255 / 80,707 = 0.02 or 1.6%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Performant Financial Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Performant Financial Corporation is operating .

Measures how much profit Performant Financial Corporation makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
An Operating Margin of 5.9% means the company generated $0.06 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Performant Financial Corporation:

The MRQ is 5.9%. The company is operating less efficient.
The TTM is -6.2%. The company is operating very inefficient. -2

Trends

Current period		Compared to		+/-
MRQ	5.9%	TTM	-6.2%	+12.1%
TTM	-6.2%	YOY	-7.8%	+1.6%
TTM	-6.2%	5Y	-2.7%	-3.5%
5Y	-2.7%	10Y	-1.4%	-1.4%

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
MRQ	5.9%	6.5%	-0.6%
TTM	-6.2%	5.0%	-11.2%
YOY	-7.8%	5.0%	-12.8%
5Y	-2.7%	4.3%	-7.0%
10Y	-1.4%	5.3%	-6.7%

Measures how efficient Performant Financial Corporation is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Performant Financial Corporation is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Performant Financial Corporation is 5.9%. This means that Performant Financial Corporation earned $0.06 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Specialty Business Services industry is 6.5%.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Performant Financial Corporation

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Performant Financial Corporation = 1,910
Total revenue MRQ Performant Financial Corporation = 32,567
$1,910 / $32,567 = 0.06 or 5.9%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Performant Financial Corporation is keeping operating costs low.

Below 1 is considered healthy (always compare to Specialty Business Services industry mean).
An Operation Ratio of 1.88 means that the operating costs are $1.88 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Performant Financial Corporation:

The MRQ is 1.883. The company is inefficient in keeping operating costs low. -1
The TTM is 2.126. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	1.883	TTM	2.126	-0.243
TTM	2.126	YOY	2.131	-0.005
TTM	2.126	5Y	1.923	+0.203
5Y	1.923	10Y	1.740	+0.182

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
MRQ	1.883	1.079	+0.804
TTM	2.126	1.097	+1.029
YOY	2.131	1.022	+1.109
5Y	1.923	1.069	+0.854
10Y	1.740	1.045	+0.695

Measures how efficient Performant Financial Corporation is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Performant Financial Corporation is 188.3%. This means that Performant Financial Corporation earned $1.88 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Specialty Business Services industry is 1.08.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Performant Financial Corporation

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(30,657 +30,655) \ 32,567 = 1.88

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Performant Financial Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Performant Financial Corporation is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Specialty Business Services industry mean).
A Current Ratio of 3.21 means the company has $3.21 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Performant Financial Corporation:

The MRQ is 3.213. The company is very able to pay all its short-term debts. +2
The TTM is 3.475. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	3.213	TTM	3.475	-0.261
TTM	3.475	YOY	4.068	-0.593
TTM	3.475	5Y	2.519	+0.956
5Y	2.519	10Y	2.166	+0.353

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
MRQ	3.213	1.417	+1.796
TTM	3.475	1.398	+2.077
YOY	4.068	1.373	+2.695
5Y	2.519	1.413	+1.106
10Y	2.166	1.443	+0.723

Measures if Performant Financial Corporation is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Specialty Business Services industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Performant Financial Corporation if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Performant Financial Corporation is 3.21. This means Performant Financial Corporation has $3.21 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Specialty Business Services industry is 1.42.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Performant Financial Corporation

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
39,782 \ 12,380) = 3.21

The current ratio measures if Performant Financial Corporation is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Performant Financial Corporation is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Performant Financial Corporation does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Performant Financial Corporation is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Performant Financial Corporation is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
A Quick Ratio of 2.92 means the company can pay off $2.92 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Performant Financial Corporation:

The MRQ is 2.918. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 3.191. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	2.918	TTM	3.191	-0.272
TTM	3.191	YOY	3.742	-0.551
TTM	3.191	5Y	2.269	+0.922
5Y	2.269	10Y	1.888	+0.381

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
MRQ	2.918	0.872	+2.046
TTM	3.191	0.877	+2.314
YOY	3.742	0.918	+2.824
5Y	2.269	0.999	+1.270
10Y	1.888	1.028	+0.860

Measures if Performant Financial Corporation is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Performant Financial Corporation can pay off its short term debts. This shows if Performant Financial Corporation can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Performant Financial Corporation is 2.92. This means that Performant Financial Corporation can pay off $2.92 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Specialty Business Services industry is 0.87.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Performant Financial Corporation

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Performant Financial Corporation: (7,333 + 0 +28,798) / 12,380 = 2.92

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Performant Financial Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Performant Financial Corporation assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Performant Financial Corporation to Specialty Business Services industry mean.
A Debt to Asset Ratio of 0.19 means that Performant Financial Corporation assets are financed with 18.5% credit (debt) and the remaining percentage (100% - 18.5%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Performant Financial Corporation:

The MRQ is 0.185. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.213. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.185	TTM	0.213	-0.028
TTM	0.213	YOY	0.291	-0.078
TTM	0.213	5Y	0.449	-0.237
5Y	0.449	10Y	0.503	-0.054

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
MRQ	0.185	0.572	-0.387
TTM	0.213	0.568	-0.355
YOY	0.291	0.571	-0.280
5Y	0.449	0.561	-0.112
10Y	0.503	0.559	-0.056

Measures how much % of Performant Financial Corporation assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Performant Financial Corporation than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Performant Financial Corporation to Specialty Business Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Performant Financial Corporation is 0.19. This means means that Performant Financial Corporation is financed with 18.5% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Specialty Business Services industry is 141.7%.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Performant Financial Corporation has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Performant Financial Corporation

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
18,323 \ 99,030 = 18.5% or 0.19.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Performant Financial Corporation is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
A Debt to Equity ratio of 22.7% means that company has $0.23 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Performant Financial Corporation:

The MRQ is 0.227. The company is very able to pay all its debts with equity. +2
The TTM is 0.271. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.227	TTM	0.271	-0.044
TTM	0.271	YOY	0.409	-0.139
TTM	0.271	5Y	1.062	-0.792
5Y	1.062	10Y	1.208	-0.145

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
MRQ	0.227	1.198	-0.971
TTM	0.271	1.234	-0.963
YOY	0.409	1.288	-0.879
5Y	1.062	1.290	-0.228
10Y	1.208	1.291	-0.083

Measures if Performant Financial Corporation is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Performant Financial Corporation is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Performant Financial Corporation is 0.23. This means that Performant Financial Corporation can pay off $0.23 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Specialty Business Services industry is 1.20.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Performant Financial Corporation

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
18,323 \ 80,707 = 0.23 or 22.7%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Performant Financial Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Performant Financial Corporation generates.

Above 15 is considered overpriced but always compare Performant Financial Corporation to the Specialty Business Services industry mean.
A PE ratio of 48.16 means the investor is paying $48.16 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Performant Financial Corporation:

The EOD is 40.530. Based on the earnings, the company is overpriced. -1
The MRQ is 48.158. Based on the earnings, the company is overpriced. -1
The TTM is -13.833. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	40.530	MRQ	48.158	-7.628
MRQ	48.158	TTM	-13.833	+61.991
TTM	-13.833	YOY	-92.870	+79.037
TTM	-13.833	5Y	-27.555	+13.722
5Y	-27.555	10Y	-14.528	-13.026

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
EOD	40.530	11.235	+29.295
MRQ	48.158	11.529	+36.629
TTM	-13.833	10.938	-24.771
YOY	-92.870	13.087	-105.957
5Y	-27.555	15.144	-42.699
10Y	-14.528	14.339	-28.867

Measures how much money you pay for each share for every $1 in earnings Performant Financial Corporation generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Performant Financial Corporation to the Specialty Business Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Performant Financial Corporation is 48.16. This means the investor is paying $48.16 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Specialty Business Services industry is 11.53.
What is the trend?
The trend is important because it shows you how Performant Financial Corporation is performing over time. The most recent quarter might be important if Performant Financial Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Performant Financial Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Performant Financial Corporation

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 77,361 = EPS
PE ratio MRQ = 48.16

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Performant Financial Corporation:

The EOD is -11.843. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -14.072. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is -0.721. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-11.843	MRQ	-14.072	+2.229
MRQ	-14.072	TTM	-0.721	-13.351
TTM	-0.721	YOY	-15.188	+14.467
TTM	-0.721	5Y	-8.918	+8.197
5Y	-8.918	10Y	2.626	-11.544

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
EOD	-11.843	4.815	-16.658
MRQ	-14.072	4.808	-18.880
TTM	-0.721	3.461	-4.182
YOY	-15.188	5.823	-21.011
5Y	-8.918	3.912	-12.830
10Y	2.626	5.136	-2.510

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Performant Financial Corporation is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Specialty Business Services industry mean).
A PB ratio of 3.00 means the investor is paying $3.00 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Performant Financial Corporation:

The EOD is 2.521. Based on the equity, the company is underpriced. +1
The MRQ is 2.995. Based on the equity, the company is underpriced. +1
The TTM is 2.777. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	2.521	MRQ	2.995	-0.474
MRQ	2.995	TTM	2.777	+0.219
TTM	2.777	YOY	2.533	+0.243
TTM	2.777	5Y	2.535	+0.242
5Y	2.535	10Y	2.834	-0.300

Compared to industry (Specialty Business Services)

Period	Company	Industry (mean)	+/-
EOD	2.521	1.695	+0.826
MRQ	2.995	1.909	+1.086
TTM	2.777	1.874	+0.903
YOY	2.533	1.956	+0.577
5Y	2.535	2.025	+0.510
10Y	2.834	2.202	+0.632

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Performant Financial Corporation.

3.1. Institutions holding Performant Financial Corporation

Institutions are holding 74.554% of the shares of Performant Financial Corporation.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Prescott Group Capital Management LLC	20.5321	8.6467	15793291	0	0
2023-12-31	First Light Asset Management, LLC	12.5716	2.4312	9670110	291814	3.1116
2023-12-31	BlackRock Inc	5.8523	0.0004	4501618	314133	7.5017
2023-12-31	Vanguard Group Inc	4.6858	0.0003	3604293	67455	1.9072
2023-12-31	Mill Road Capital Management LLC	4.2403	4.6559	3261675	0	0
2023-12-31	Punch & Associates Inv Mgmt Inc	3.4603	0.4863	2661700	-69705	-2.552
2023-12-31	Arnhold & S. Bleichroeder Advisers, LLC	2.7878	0.016	2144387	189363	9.686
2023-12-31	Mirador Capital Partners LP	2.4946	1.2697	1918862	244811	14.6239
2023-12-31	Parkman Healthcare Partners LLC	2.0552	0.6959	1580865	281480	21.6626
2023-12-31	Driehaus Capital Management LLC	1.9258	0.0558	1481322	-21558	-1.4344
2023-12-31	Geode Capital Management, LLC	1.8501	0.0005	1423069	116263	8.8967
2023-12-31	State Street Corporation	1.3772	0.0002	1059330	32580	3.1731
2023-12-31	Wellington Management Company LLP	1.36	0.0006	1046100	191100	22.3509
2023-12-31	Renaissance Technologies Corp	0.9911	0.0037	762363	-26700	-3.3838
2023-12-31	Essex Investment Management Company, LLC	0.7459	0.353	573779	-46216	-7.4543
2023-12-31	Northern Trust Corp	0.7248	0.0003	557521	4212	0.7612
2023-12-31	Formula Growth Ltd	0.676	0.5207	520000	0	0
2023-12-31	Greenwood Capital Associates, LLC	0.6362	0.0991	489394	315379	181.2367
2023-12-31	Dimensional Fund Advisors, Inc.	0.5867	0.0004	451297	-7383	-1.6096
2023-09-30	Schonfeld Strategic Advisors LLC	0.4653	0.0063	357900	3195	0.9007
Total		70.0191	19.243	53858876	+1880223	+3.5%

3.2. Funds holding Performant Financial Corporation

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.8662	0.0004	2204695	0	0
2024-02-29	First Eagle Small Cap Opportunity I	2.622	0.3315	2016819	8202	0.4083
2023-12-31	First Eagle US Small Cap Strategy	2.5767	0.3668	1982007	167473	9.2295
2024-03-28	iShares Russell 2000 ETF	2.1203	0.0073	1630910	786	0.0482
2024-02-29	Vanguard Institutional Extnd Mkt Idx Tr	1.1725	0.0026	901895	2081	0.2313
2024-01-31	Fidelity Small Cap Index	0.8761	0.0077	673867	7077	1.0614
2024-02-29	Heptagon Driehaus US Micro Cap Eq C$ Acc	0.705	0.194	542324	0	0
2024-03-28	iShares Russell 2000 Growth ETF	0.5821	0.0113	447777	-521	-0.1162
2024-02-29	Fidelity Extended Market Index	0.4934	0.0029	379498	-1839	-0.4823
2024-02-29	State St Russell Sm/Mid Cp® Indx NL Cl C	0.4548	0.0024	349800	7400	2.1612
2024-02-29	Vanguard Russell 2000 ETF	0.322	0.0076	247694	19224	8.4142
2023-12-31	Wellington CIF Micro Cap Equity	0.3133	0.8282	241000	89800	59.3915
2024-03-31	State St Russell Sm Cap® Indx SL Cl I	0.2783	0.0065	214100	0	0
2023-12-31	NT R2000 Index Fund - NL	0.2402	0.008	184730	-2889	-1.5398
2023-12-31	Bridgeway Ultra-Small Company Market	0.2318	0.2999	178300	0	0
2024-03-28	iShares Russell 2000 Value ETF	0.2169	0.0039	166873	-106	-0.0635
2024-02-29	Schwab Small Cap Index	0.2	0.0076	153846	0	0
2023-12-31	NT R2000 Growth Index Fund - NL	0.1968	0.0128	151385	0	0
2024-03-28	iShares Micro-Cap ETF	0.1959	0.0482	150699	3129	2.1203
2023-12-31	NT R2000 Index Fund - DC - NL - 2	0.1891	0.008	145477	-2846	-1.9188
Total		16.8534	2.1576	12963696	+296971	+2.3%

3.3. Insider Transactions

Insiders are holding 10.65% of the shares of Performant Financial Corporation.

Date	Owner	Type	Amount	Price	Post Transaction Amount	Link
2023-05-10	Prescott Group Capital Managem	BUY	30000	2.61

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Performant Financial Corporation compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.025	-0.014	+155%	0.007	+272%	0.002	+1169%	0.002	+1175%
Book Value Per Share	-	-	1.043	1.032	+1%	1.104	-6%	0.861	+21%	1.000	+4%
Current Ratio	-	-	3.213	3.475	-8%	4.068	-21%	2.519	+28%	2.166	+48%
Debt To Asset Ratio	-	-	0.185	0.213	-13%	0.291	-36%	0.449	-59%	0.503	-63%
Debt To Equity Ratio	-	-	0.227	0.271	-16%	0.409	-45%	1.062	-79%	1.208	-81%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	0.016	-0.024	+251%	-0.021	+231%	-0.042	+361%	-0.029	+280%
Free Cash Flow Per Share	-	-	-0.056	-0.005	-91%	-0.021	-62%	-0.016	-71%	-0.004	-93%
Free Cash Flow To Equity Per Share	-	-	-0.130	-0.052	-60%	-0.005	-96%	-0.011	-92%	-0.033	-74%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	-2.246	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-4.068	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-0.047	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-0.107	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	-0.277	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-0.585	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-0.670	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-1.346	-	-	-	-	-	-	-	-
Market Cap	202300904.480	-20%	241753125.000	221202117.890	+9%	215377388.800	+12%	167627822.007	+44%	221040075.867	+9%
Net Profit Margin	-	-	0.039	-0.075	+295%	-0.062	+260%	-0.083	+315%	-0.067	+275%
Operating Margin	-	-	0.059	-0.062	+206%	-0.078	+234%	-0.027	+147%	-0.014	+123%
Operating Ratio	-	-	1.883	2.126	-11%	2.131	-12%	1.923	-2%	1.740	+8%
Pb Ratio	2.521	-19%	2.995	2.777	+8%	2.533	+18%	2.535	+18%	2.834	+6%
Pe Ratio	40.530	-19%	48.158	-13.833	+129%	-92.870	+293%	-27.555	+157%	-14.528	+130%
Price Per Share	2.630	-19%	3.125	2.871	+9%	2.800	+12%	2.178	+43%	2.873	+9%
Price To Free Cash Flow Ratio	-11.843	+16%	-14.072	-0.721	-95%	-15.188	+8%	-8.918	-37%	2.626	-636%
Price To Total Gains Ratio	105.561	-19%	125.428	101.474	+24%	43.380	+189%	28.214	+345%	61.174	+105%
Quick Ratio	-	-	2.918	3.191	-9%	3.742	-22%	2.269	+29%	1.888	+55%
Return On Assets	-	-	0.013	-0.018	+245%	-0.014	+208%	-0.021	+266%	-0.015	+216%
Return On Equity	-	-	0.016	-0.024	+253%	-0.019	+224%	-0.045	+388%	-0.030	+293%
Total Gains Per Share	-	-	0.025	-0.014	+155%	0.007	+272%	0.002	+1169%	0.002	+1175%
Usd Book Value	-	-	80707000.000	79505000.000	+2%	84919250.000	-5%	66268950.000	+22%	76944025.000	+5%
Usd Book Value Change Per Share	-	-	0.025	-0.014	+155%	0.007	+272%	0.002	+1169%	0.002	+1175%
Usd Book Value Per Share	-	-	1.043	1.032	+1%	1.104	-6%	0.861	+21%	1.000	+4%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	0.016	-0.024	+251%	-0.021	+231%	-0.042	+361%	-0.029	+280%
Usd Free Cash Flow	-	-	-4295000.000	-376000.000	-91%	-1615500.000	-62%	-1257850.000	-71%	-319825.000	-93%
Usd Free Cash Flow Per Share	-	-	-0.056	-0.005	-91%	-0.021	-62%	-0.016	-71%	-0.004	-93%
Usd Free Cash Flow To Equity Per Share	-	-	-0.130	-0.052	-60%	-0.005	-96%	-0.011	-92%	-0.033	-74%
Usd Market Cap	202300904.480	-20%	241753125.000	221202117.890	+9%	215377388.800	+12%	167627822.007	+44%	221040075.867	+9%
Usd Price Per Share	2.630	-19%	3.125	2.871	+9%	2.800	+12%	2.178	+43%	2.873	+9%
Usd Profit	-	-	1255000.000	-1879750.000	+250%	-1634250.000	+230%	-2665350.000	+312%	-1947350.000	+255%
Usd Revenue	-	-	32567000.000	28435750.000	+15%	27296000.000	+19%	32823900.000	-1%	36007850.000	-10%
Usd Total Gains Per Share	-	-	0.025	-0.014	+155%	0.007	+272%	0.002	+1169%	0.002	+1175%
	EOD	+3 -5	MRQ	TTM	+23 -10	YOY	+19 -14	5Y	+24 -9	10Y	+23 -10

4.2. Fundamental Score

Let's check the fundamental score of Performant Financial Corporation based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	40.530
Price to Book Ratio (EOD)	Between	0-1	2.521
Net Profit Margin (MRQ)	Greater than	0	0.039
Operating Margin (MRQ)	Greater than	0	0.059
Quick Ratio (MRQ)	Greater than	1	2.918
Current Ratio (MRQ)	Greater than	1	3.213
Debt to Asset Ratio (MRQ)	Less than	1	0.185
Debt to Equity Ratio (MRQ)	Less than	1	0.227
Return on Equity (MRQ)	Greater than	0.15	0.016
Return on Assets (MRQ)	Greater than	0.05	0.013
Total			6/10 (60.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
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4.3. Technical Score

Let's check the technical score of Performant Financial Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	45.380
Ma 20	Greater than	Ma 50	2.705
Ma 50	Greater than	Ma 100	2.810
Ma 100	Greater than	Ma 200	2.846
Open	Greater than	Close	2.580
Total			1/5 (20.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

	2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Income before Tax	-155	-4,045	-4,200	248	-3,952	2,965	-987	2,266	1,279
Net Income	-235	-3,986	-4,221	248	-3,973	3,393	-580	1,835	1,255
EBIT	-1,302	-2,487	-3,789	188	-3,601	3,037	-564	2,474	1,910
Operating Income	-1,302	-2,487	-3,789	188	-3,601	2,951	-650	2,560	1,910
Net Income from Continuing Operations	-235	-3,986	-4,221	248	-3,973	3,393	-580	1,835	1,255

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	99,030
Total Liabilities	18,323
Total Stockholder Equity	80,707

	As reported
Total Liabilities	18,323
Total Stockholder Equity	+ 80,707
Total Assets	= 99,030

Assets

Total Assets	99,030
Total Current Assets	39,782
Long-term Assets	59,248

Total Current Assets

Total Current Assets (as reported)	39,782
Cash And Cash Equivalents	7,333
Net Receivables	28,798
Other Current Assets	3,651
Total Current Assets (calculated)	39,782
+/-	0

Long-term Assets

Long-term Assets (as reported)	59,248
Property Plant Equipment	10,255
Goodwill	47,372
Long-term Assets Other	1,621
Long-term Assets (calculated)	59,248
+/-	0

Liabilities & Shareholders' Equity

Total Current Liabilities	12,380
Long-term Liabilities	5,943
Total Stockholder Equity	80,707

Total Current Liabilities

Total Current Liabilities (as reported)	12,380
Short-term Debt	250
Accounts payable	727
Other Current Liabilities	10,910
Total Current Liabilities (calculated)	11,887
+/-	493

Long-term Liabilities

Long-term Liabilities (as reported)	5,943
Long term Debt	5,000
Capital Lease Obligations Min Short Term Debt	295
Long-term Liabilities Other	648
Long-term Liabilities (calculated)	5,943
+/-	0

Total Stockholder Equity

Total Stockholder Equity (as reported)	80,707
Common Stock	8
Retained Earnings	-65,302
Other Stockholders Equity	146,001
Total Stockholder Equity (calculated)	80,707
+/-	0

Other

Capital Stock	8
Cash and Short Term Investments	7,333
Common Stock Shares Outstanding	77,361
Current Deferred Revenue	493
Liabilities and Stockholders Equity	99,030
Net Debt	-1,788
Net Invested Capital	85,707
Net Working Capital	27,402
Property Plant and Equipment Gross	74,859
Short Long Term Debt Total	5,545

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

> Total Assets

0
0
0
182,299
183,023
198,286
207,628
211,745
211,648
229,277
253,309
257,260
263,226
252,004
265,378
262,829
259,414
252,145
249,040
244,656
220,760
222,330
216,075
185,078
181,221
169,751
163,807
164,436
146,279
142,702
142,368
137,759
137,759
142,252
145,687
138,872
138,872
116,550
120,993
126,227
125,409
114,539
150,939
121,985
121,776
119,859
118,280
118,833
103,638
100,595
100,710
99,030

99,030

100,710

100,595

103,638

118,833

118,280

119,859

121,776

121,985

150,939

114,539

125,409

126,227

120,993

116,550

138,872

145,687

142,252

137,759

142,368

142,702

146,279

164,436

163,807

169,751

181,221

185,078

216,075

222,330

220,760

244,656

249,040

252,145

259,414

262,829

265,378

252,004

263,226

257,260

253,309

229,277

211,648

211,745

207,628

198,286

183,023

182,299

> Total Current Assets

0
0
0
48,637
44,473
57,258
65,859
68,686
69,027
85,863
110,307
113,860
120,299
110,073
125,132
120,889
119,849
114,258
113,413
110,328
89,076
92,218
87,388
72,012
64,317
55,656
51,345
55,530
37,194
34,177
31,802
31,753
31,753
28,678
33,847
36,997
36,997
43,647
49,118
54,520
55,120
46,077
82,671
54,707
55,373
53,835
56,863
57,507
43,751
40,958
41,988
39,782

39,782

41,988

40,958

43,751

57,507

56,863

53,835

55,373

54,707

82,671

46,077

55,120

54,520

49,118

43,647

36,997

33,847

28,678

31,753

31,802

34,177

37,194

55,530

51,345

55,656

64,317

72,012

87,388

92,218

89,076

110,328

113,413

114,258

119,849

120,889

125,132

110,073

120,299

113,860

110,307

85,863

69,027

68,686

65,859

57,258

44,473

48,637

Cash And Cash Equivalents

0
0
0
20,004
12,312
20,739
32,204
37,843
39,347
51,299
69,554
81,909
90,743
81,461
84,970
80,298
77,315
76,056
78,277
71,182
48,063
53,188
48,302
32,982
26,960
21,260
23,179
21,731
8,663
7,977
5,654
5,462
5,462
4,313
6,888
3,373
3,373
15,211
15,655
16,043
19,203
9,949
51,323
17,347
17,432
15,973
25,591
23,384
12,335
14,982
17,308
7,333

7,333

17,308

14,982

12,335

23,384

25,591

15,973

17,432

17,347

51,323

9,949

19,203

16,043

15,655

15,211

3,373

6,888

4,313

5,462

5,654

7,977

8,663

21,731

23,179

21,260

26,960

32,982

48,302

53,188

48,063

71,182

78,277

76,056

77,315

80,298

84,970

81,461

90,743

81,909

69,554

51,299

39,347

37,843

32,204

20,739

12,312

20,004

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,516
7,511
7,507
7,502
7,500
6,000
0
1,788
1,788
1,788
1,788
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,788

6,000

7,500

7,502

7,507

7,511

7,516

Net Receivables

0
0
0
19,398
23,082
24,867
24,932
23,044
21,516
25,759
30,593
19,649
16,987
16,634
19,710
19,441
21,334
16,874
14,350
17,965
13,586
11,606
10,967
13,511
14,802
13,904
13,944
19,333
22,922
21,194
21,003
21,058
21,058
18,662
21,684
28,673
28,673
23,594
28,995
32,440
30,047
30,518
26,606
32,080
31,797
32,325
28,796
30,377
27,712
22,913
21,495
28,798

28,798

21,495

22,913

27,712

30,377

28,796

32,325

31,797

32,080

26,606

30,518

30,047

32,440

28,995

23,594

28,673

21,684

18,662

21,058

21,003

21,194

22,922

19,333

13,944

13,904

14,802

13,511

10,967

11,606

13,586

17,965

14,350

16,874

21,334

19,441

19,710

16,634

16,987

19,649

30,593

25,759

21,516

23,044

24,932

24,867

23,082

19,398

Other Current Assets

0
0
0
595
1,245
1,058
1,140
2,876
3,258
2,720
2,756
4,400
3,968
3,142
12,262
12,559
12,639
12,789
12,044
12,933
12,774
12,705
12,878
12,686
15,055
14,492
14,222
12,678
3,821
3,218
3,357
3,420
3,420
4,044
3,615
3,851
3,329
3,220
2,846
3,784
3,667
3,407
2,539
3,077
3,941
3,334
2,395
3,665
3,623
2,982
3,104
3,651

3,651

3,104

2,982

3,623

3,665

2,395

3,334

3,941

3,077

2,539

3,407

3,667

3,784

2,846

3,220

3,329

3,851

3,615

4,044

3,420

3,357

3,218

3,821

12,678

14,222

14,492

15,055

12,686

12,878

12,705

12,774

12,933

12,044

12,789

12,639

12,559

12,262

3,142

3,968

4,400

2,756

2,720

3,258

2,876

1,140

1,058

1,245

595

> Long-term Assets

0
0
0
133,662
138,550
141,028
141,769
143,059
142,621
143,414
143,002
143,400
142,927
141,931
140,246
141,940
139,565
137,887
135,627
134,328
131,684
130,112
128,687
113,066
116,904
114,095
112,462
108,906
109,085
108,525
110,566
106,006
106,006
113,574
111,840
101,875
101,875
72,903
71,875
71,707
70,289
68,462
68,268
67,278
66,403
66,024
61,417
61,326
59,887
59,637
58,722
59,248

59,248

58,722

59,637

59,887

61,326

61,417

66,024

66,403

67,278

68,268

68,462

70,289

71,707

71,875

72,903

101,875

111,840

113,574

106,006

110,566

108,525

109,085

108,906

112,462

114,095

116,904

113,066

128,687

130,112

131,684

134,328

135,627

137,887

139,565

141,940

140,246

141,931

142,927

143,400

143,002

143,414

142,621

143,059

141,769

141,028

138,550

133,662

Property Plant Equipment

0
0
0
14,915
15,059
16,102
18,237
20,669
21,450
23,479
24,323
26,247
26,977
27,171
26,681
27,647
27,070
26,628
25,592
25,515
24,856
24,217
23,740
23,735
24,054
22,805
21,393
20,944
21,071
20,667
23,122
22,255
22,255
29,917
28,242
25,603
25,603
23,569
22,595
22,540
21,266
20,033
19,910
18,943
18,066
17,683
13,075
12,954
11,321
11,290
10,436
10,255

10,255

10,436

11,290

11,321

12,954

13,075

17,683

18,066

18,943

19,910

20,033

21,266

22,540

22,595

23,569

25,603

28,242

29,917

22,255

23,122

20,667

21,071

20,944

21,393

22,805

24,054

23,735

23,740

24,217

24,856

25,515

25,592

26,628

27,070

27,647

26,681

27,171

26,977

26,247

24,323

23,479

21,450

20,669

18,237

16,102

15,059

14,915

Goodwill

0
0
0
81,572
81,572
81,572
81,572
81,572
81,572
81,572
81,572
81,572
81,572
81,572
81,572
82,522
82,522
82,522
82,522
82,522
82,522
82,522
82,522
82,522
82,522
81,572
81,572
81,572
81,572
81,572
81,572
81,572
81,572
81,572
81,572
74,372
74,372
47,372
47,372
47,372
47,372
47,372
47,372
47,372
47,372
47,372
47,372
47,372
47,372
47,372
47,372
47,372

47,372

74,372

81,572

82,522

81,572

Intangible Assets

0
0
0
36,516
39,042
38,109
37,177
36,244
35,312
34,378
33,445
32,513
31,580
30,648
29,715
29,093
27,913
26,962
26,018
25,074
24,137
23,202
22,268
5,895
5,621
5,269
5,066
4,864
4,661
4,458
4,306
1,160
1,160
1,042
983
925
925
807
748
689
630
72
0
0
0
0
0
0
0
0
0
0

630

689

748

807

925

983

1,042

1,160

4,306

4,458

4,661

4,864

5,066

5,269

5,621

5,895

22,268

23,202

24,137

25,074

26,018

26,962

27,913

29,093

29,715

30,648

31,580

32,513

33,445

34,378

35,312

36,244

37,177

38,109

39,042

36,516

Other Assets

0
0
0
118,747
0
124,926
123,532
122,390
121,171
119,935
118,679
117,153
115,950
114,760
113,565
114,293
112,495
111,259
110,035
108,813
106,828
105,895
104,947
89,331
92,850
91,290
91,069
87,962
1,781
1,828
1,566
1,019
1,019
1,043
1,043
975
986
1,155
1,160
6,149
1,021
985
986
963
965
969
970
1,000
0
975
0
0

975

1,000

970

969

965

963

986

985

1,021

6,149

1,160

1,155

986

975

1,043

1,019

1,566

1,828

1,781

87,962

91,069

91,290

92,850

89,331

104,947

105,895

106,828

108,813

110,035

111,259

112,495

114,293

113,565

114,760

115,950

117,153

118,679

119,935

121,171

122,390

123,532

124,926

118,747

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,812
3,534
3,534
0
763
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

763

3,534

3,812

> Total Liabilities

0
0
0
198,004
196,522
202,464
190,312
187,672
180,131
181,153
188,276
183,026
181,504
163,085
173,060
171,657
171,665
162,578
158,861
150,800
125,734
125,131
118,734
98,833
97,086
86,927
84,778
84,111
57,043
56,330
60,426
60,533
60,533
78,304
88,943
85,247
85,247
81,517
83,340
84,247
87,242
71,668
66,552
39,562
34,905
35,434
34,384
34,348
22,576
22,675
22,379
18,323

18,323

22,379

22,675

22,576

34,348

34,384

35,434

34,905

39,562

66,552

71,668

87,242

84,247

83,340

81,517

85,247

88,943

78,304

60,533

60,426

56,330

57,043

84,111

84,778

86,927

97,086

98,833

118,734

125,131

125,734

150,800

158,861

162,578

171,665

171,657

173,060

163,085

181,504

183,026

188,276

181,153

180,131

187,672

190,312

202,464

196,522

198,004

> Total Current Liabilities

0
0
0
26,941
31,162
39,953
33,329
36,978
32,474
39,507
48,486
45,669
59,124
42,829
54,634
55,757
64,947
58,462
58,426
54,794
64,132
63,764
57,975
51,469
57,836
42,764
43,878
43,080
15,272
14,727
17,556
14,087
14,087
17,655
20,492
19,430
19,430
16,481
75,489
77,212
81,157
26,940
61,468
17,507
13,272
14,064
13,462
14,207
11,484
12,054
12,073
12,380

12,380

12,073

12,054

11,484

14,207

13,462

14,064

13,272

17,507

61,468

26,940

81,157

77,212

75,489

16,481

19,430

20,492

17,655

14,087

17,556

14,727

15,272

43,080

43,878

42,764

57,836

51,469

57,975

63,764

64,132

54,794

58,426

58,462

64,947

55,757

54,634

42,829

59,124

45,669

48,486

39,507

32,474

36,978

33,329

39,953

31,162

26,941

Short-term Debt

0
0
0
8,134
10,845
11,040
11,040
11,040
11,040
10,763
10,763
10,763
22,217
9,819
8,939
9,820
16,793
9,193
9,076
9,076
16,637
14,652
12,422
9,738
13,702
1,071
1,512
2,029
2,044
2,059
2,593
2,224
2,224
5,557
6,119
3,320
6,095
5,968
62,778
62,284
61,727
10,356
50,030
2,351
2,140
2,140
2,162
2,211
1,815
1,902
2,005
250

250

2,005

1,902

1,815

2,211

2,162

2,140

2,351

50,030

10,356

61,727

62,284

62,778

5,968

6,095

3,320

6,119

5,557

2,224

2,593

2,059

2,044

2,029

1,512

1,071

13,702

9,738

12,422

14,652

16,637

9,076

9,193

16,793

9,820

8,939

9,819

22,217

10,763

11,040

10,845

8,134

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,820
0
0
0
7,998
16,637
14,652
12,422
9,738
13,702
42,949
1,512
2,029
2,044
2,059
2,593
2,224
2,806
2,677
3,182
3,320
3,339
3,359
60,440
59,957
59,463
8,149
47,925
489
612
736
859
983
1,192
1,437
1,672
0

1,672

1,437

1,192

983

859

736

612

489

47,925

8,149

59,463

59,957

60,440

3,359

3,339

3,320

3,182

2,677

2,806

2,224

2,593

2,059

2,044

2,029

1,512

42,949

13,702

9,738

12,422

14,652

16,637

7,998

9,820

Accounts payable

0
0
0
60
709
1,784
1,578
1,403
1,436
2,045
1,799
2,383
1,500
1,443
2,442
1,370
1,165
2,164
2,508
929
527
1,124
1,081
628
974
715
1,052
1,518
1,438
1,634
2,153
1,402
1,402
1,958
1,862
2,532
2,532
1,397
1,372
407
865
846
829
1,124
1,191
963
785
1,262
971
1,195
872
727

727

872

1,195

971

1,262

785

963

1,191

1,124

829

846

865

407

1,372

1,397

2,532

1,862

1,958

1,402

2,153

1,634

1,438

1,518

1,052

715

974

628

1,081

1,124

527

929

2,508

2,164

1,165

1,370

2,442

1,443

1,500

2,383

1,799

2,045

1,436

1,403

1,578

1,784

709

Other Current Liabilities

0
0
0
16,533
13,500
21,854
18,212
22,348
18,720
25,421
19,158
25,676
22,036
22,114
22,383
36,962
25,689
24,111
24,462
37,619
24,708
24,997
22,535
35,772
24,344
23,365
23,005
39,065
10,350
9,594
11,370
14,077
9,383
9,087
10,945
4,677
10,720
8,054
10,277
13,654
18,099
8,011
5,549
13,398
9,168
10,595
9,984
10,296
8,698
8,845
8,696
10,910

10,910

8,696

8,845

8,698

10,296

9,984

10,595

9,168

13,398

5,549

8,011

18,099

13,654

10,277

8,054

10,720

4,677

10,945

9,087

9,383

14,077

11,370

9,594

10,350

39,065

23,005

23,365

24,344

35,772

22,535

24,997

24,708

37,619

24,462

24,111

25,689

36,962

22,383

22,114

22,036

25,676

19,158

25,421

18,720

22,348

18,212

21,854

13,500

16,533

> Long-term Liabilities

0
0
0
171,063
165,360
162,511
156,983
150,694
147,657
141,646
139,790
137,357
122,380
120,256
118,426
115,900
106,718
104,116
100,435
96,006
61,602
61,367
60,759
47,364
39,250
44,163
40,900
41,031
41,771
41,603
42,870
60,533
46,446
60,649
68,451
65,817
65,817
65,036
7,851
7,035
6,085
44,728
5,084
22,055
21,633
21,370
20,922
20,141
11,092
10,621
10,306
5,943

5,943

10,306

10,621

11,092

20,141

20,922

21,370

21,633

22,055

5,084

44,728

6,085

7,035

7,851

65,036

65,817

68,451

60,649

46,446

60,533

42,870

41,603

41,771

41,031

40,900

44,163

39,250

47,364

60,759

61,367

61,602

96,006

100,435

104,116

106,718

115,900

118,426

120,256

122,380

137,357

139,790

141,646

147,657

150,694

156,983

162,511

165,360

171,063

Long term Debt Total

0
0
0
0
0
0
139,489
136,729
133,969
127,923
125,232
122,541
108,396
106,885
105,311
101,975
92,547
90,875
87,451
85,182
51,073
51,060
50,955
43,878
36,932
41,878
38,801
38,555
38,321
38,089
37,854
41,105
40,755
50,218
59,061
58,562
58,062
57,561
0
0
0
39,243
0
19,084
18,858
18,634
18,409
18,184
0
0
0
0

18,184

18,409

18,634

18,858

19,084

39,243

57,561

58,062

58,562

59,061

50,218

40,755

41,105

37,854

38,089

38,321

38,555

38,801

41,878

36,932

43,878

50,955

51,060

51,073

85,182

87,451

90,875

92,547

101,975

105,311

106,885

108,396

122,541

125,232

127,923

133,969

136,729

139,489

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,812
3,534
3,534
0
763
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

763

3,534

3,812

Other Liabilities

0
0
0
2,919
0
5,615
2,890
2,694
2,417
2,150
1,898
2,204
1,968
1,871
2,139
2,259
2,762
2,455
2,600
2,006
1,965
1,896
1,776
2,356
2,318
2,285
2,099
2,476
3,450
3,514
5,016
5,341
4,022
3,121
2,824
2,271
2,349
3,451
4,337
3,593
3,171
3,090
3,055
1,168
1,174
1,179
1,148
881
0
894
0
0

894

881

1,148

1,179

1,174

1,168

3,055

3,090

3,171

3,593

4,337

3,451

2,349

2,271

2,824

3,121

4,022

5,341

5,016

3,514

3,450

2,476

2,099

2,285

2,318

2,356

1,776

1,896

1,965

2,006

2,600

2,455

2,762

2,259

2,139

1,871

1,968

2,204

1,898

2,150

2,417

2,694

2,890

5,615

2,919

Deferred Long Term Liability

0
0
0
0
0
0
14,604
11,271
11,271
11,573
12,660
12,612
12,016
11,500
10,976
11,666
11,409
10,786
10,384
8,818
8,564
8,411
8,028
1,130
0
0
0
0
578
396
204
22
53
53
53
35
35
35
0
0
0
0
0
0
0
0
0
0
0
0
0
0

204

396

578

1,130

8,028

8,411

8,564

8,818

10,384

10,786

11,409

11,666

10,976

11,500

12,016

12,612

12,660

11,573

11,271

14,604

> Total Stockholder Equity

0
0
0
-15,705
-13,499
-4,178
17,316
24,073
31,517
48,124
65,033
74,234
81,722
88,919
92,318
91,172
87,749
89,567
90,179
93,856
95,026
97,199
97,341
86,245
84,135
82,824
79,029
80,325
89,236
86,372
81,942
77,226
77,226
63,948
56,744
53,625
53,625
35,033
37,653
41,980
38,167
42,871
84,387
82,423
86,871
84,425
83,896
84,485
81,062
77,920
78,331
80,707

80,707

78,331

77,920

81,062

84,485

83,896

84,425

86,871

82,423

84,387

42,871

38,167

41,980

37,653

35,033

53,625

56,744

63,948

77,226

81,942

86,372

89,236

80,325

79,029

82,824

84,135

86,245

97,341

97,199

95,026

93,856

90,179

89,567

87,749

91,172

92,318

88,919

81,722

74,234

65,033

48,124

31,517

24,073

17,316

-4,178

-13,499

-15,705

Common Stock

0
0
0
4
209
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
7
7
7
7
7
7
7
7
8
8

209

Retained Earnings Total Equity

0
0
0
0
0
0
-17,874
-11,901
-10,080
1,115
16,569
24,438
30,783
36,696
36,217
33,838
29,436
30,162
29,848
32,043
32,123
33,599
32,885
20,590
17,631
15,191
7,340
7,861
16,316
12,725
5,116
-149
-8,638
-15,037
-23,107
-26,969
-39,453
-46,652
-44,678
-40,958
-45,397
-46,919
-48,610
-51,246
-52,919
-56,088
-57,548
-57,783
-62,004
-65,977
0
0

-65,977

-62,004

-57,783

-57,548

-56,088

-52,919

-51,246

-48,610

-46,919

-45,397

-40,958

-44,678

-46,652

-39,453

-26,969

-23,107

-15,037

-8,638

-149

5,116

12,725

16,316

7,861

7,340

15,191

17,631

20,590

32,885

33,599

32,123

32,043

29,848

30,162

29,436

33,838

36,217

36,696

30,783

24,438

16,569

1,115

-10,080

-11,901

-17,874

Accumulated Other Comprehensive Income

-79,041

-77,913

-78,829

-76,621

-75,076

-75,857

-72,755

-70,361

-68,763

-66,752

-64,395

-62,273

-62,189

-59,597

-57,107

-55,107

-58,324

-56,503

-54,403

-52,390

-50,125

-47,862

-45,508

-43,100

-41,992

-40,048

-38,246

-36,523

-34,822

-33,382

-31,892

-207,628

-29,117

-26,458

Capital Surplus

0
0
0
0
0
0
35,186
35,970
41,593
47,005
48,460
49,791
50,934
52,218
56,096
57,329
58,308
59,400
60,326
61,808
62,898
63,595
64,451
65,650
66,499
67,628
71,684
72,459
72,915
73,642
76,821
77,370
77,747
78,980
79,846
80,589
81,196
81,680
82,326
82,933
83,559
89,784
132,990
133,662
139,783
140,506
141,437
142,261
143,059
143,890
0
0

143,890

143,059

142,261

141,437

140,506

139,783

133,662

132,990

89,784

83,559

82,933

82,326

81,680

81,196

80,589

79,846

78,980

77,747

77,370

76,821

73,642

72,915

72,459

71,684

67,628

66,499

65,650

64,451

63,595

62,898

61,808

60,326

59,400

58,308

57,329

56,096

52,218

50,934

49,791

48,460

47,005

41,593

35,970

35,186

Treasury Stock

Other Stockholders Equity

0
0
0
17,105
18,160
20,075
35,186
35,970
41,593
47,005
48,460
49,791
50,934
52,218
56,096
57,329
58,308
59,400
60,326
61,808
62,898
63,595
64,451
65,650
66,499
67,628
71,684
72,459
72,915
73,642
76,821
0
77,370
78,980
79,846
0
80,589
81,680
82,326
82,933
83,559
89,784
132,990
133,662
139,783
140,506
141,437
142,261
143,059
143,890
144,880
146,001

146,001

144,880

143,890

143,059

142,261

141,437

140,506

139,783

133,662

132,990

89,784

83,559

82,933

82,326

81,680

80,589

79,846

78,980

77,370

76,821

73,642

72,915

72,459

71,684

67,628

66,499

65,650

64,451

63,595

62,898

61,808

60,326

59,400

58,308

57,329

56,096

52,218

50,934

49,791

48,460

47,005

41,593

35,970

35,186

20,075

18,160

17,105

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Accounts Payable	727	1,262	1,124	407	2,532	1,402	1,518	628	929	1,370	2,383	1,403	60	0	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Other Comprehensive Income	0	0	0	0	-76,621	-72,755	-64,395	-57,107	-54,403	-45,508	-38,246	-211,745	-26,458	0	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Lease Obligations	545	2,304	3,665	5,769	7,759	0	0	0	0	0	0	0	0	0	-
Capital Stock	8	7	7	5	5	5	0	0	0	0	0	0	0	0	-
Capital Surpluse	0	142,261	133,662	82,933	80,589	77,370	72,459	65,650	61,808	57,329	49,791	35,970	0	0	-
Cash	7,333	23,384	17,347	16,043	3,373	5,462	21,731	32,982	71,182	80,298	81,909	37,843	20,004	0	-
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Cash And Short Term Investments	7,333	23,384	17,347	16,043	3,373	5,462	21,731	32,982	71,182	80,298	81,909	37,843	20,004	0	-
Common Stock	8	7	7	5	5	5	5	5	5	5	5	4	4	0	-
Common Stock Shares Outstanding	76,156	72,937	60,461	54,414	53,468	52,064	50,688	50,038	49,415	49,834	49,386	47,599	45,149	45,149	45,000
Common Stock Total Equity	0	7	7	5	5	5	5	5	5	5	5	4	4	0	-
Current Deferred Revenue	493	438	634	867	83	1,078	17,369	17,389	20,056	17,490	11,929	2,187	2,214	0	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Deferred Long Term Liab	0	0	0	0	35	22	0	1,130	8,818	11,666	12,612	11,271	0	0	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Good Will	47,372	47,372	47,372	47,372	74,372	81,572	81,572	82,522	82,522	82,522	81,572	81,572	81,572	0	-
Intangible Assets	0	0	0	689	925	1,160	4,864	5,895	25,074	29,093	32,513	36,244	36,516	0	-
Inventory	0	81	2,203	2,253	1,622	1,813	1,788	12,833	8,248	8,591	7,902	4,923	8,640	0	-
Liabilities And Stockholders Equity	99,030	118,833	121,985	126,227	138,872	137,759	164,436	185,078	244,656	262,829	257,260	211,745	182,299	0	-
Long Term Debt	5,000	18,184	19,084	0	58,562	41,105	38,555	43,878	84,144	101,975	122,541	136,729	95,249	0	-
Long Term Debt Total	0	18,184	19,084	0	58,562	41,105	38,555	43,878	84,144	101,975	122,541	136,729	0	0	-
Long Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Debt	-1,788	-1,913	5,891	49,683	66,268	37,867	18,853	20,634	23,076	31,497	51,395	109,926	83,379	0	-
Net Invested Capital	85,707	103,652	101,996	101,937	115,507	120,555	120,909	0	0	0	0	0	0	0	-
Net Receivables	28,798	30,377	32,080	32,440	28,673	21,058	19,333	13,511	17,965	19,441	19,649	23,044	19,398	0	-
Net Tangible Assets	0	37,113	35,051	-6,081	-21,672	-5,506	-6,111	-2,172	-13,740	-76,200	-85,520	-130,721	0	0	-
Net Working Capital	27,402	43,300	37,200	-22,692	17,567	17,666	12,450	20,543	55,534	65,132	68,191	31,708	21,696	0	-
Non Current Assets Total	59,248	61,326	67,278	71,707	101,875	106,006	108,906	113,066	134,328	141,940	143,400	143,059	133,662	0	-
Non Current Liabilities Other	648	1,957	1,168	3,504	1,761	3,383	2,476	2,356	2,006	2,259	2,204	2,694	0	0	-
Non Current Liabilities Total	5,943	20,141	22,055	7,035	65,817	46,446	41,031	47,364	96,006	115,900	137,357	150,694	171,063	0	-
Non Currrent Assets Other	1,621	1,000	963	1,106	975	1,019	1,058	914	179	222	279	730	659	0	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Assets	0	1,000	963	6,149	975	1,019	1,526	914	179	2,678	3,068	4,574	659	0	-
Other Current Assets	3,651	3,665	3,077	3,784	3,329	3,420	12,678	12,686	12,933	12,559	4,400	2,876	595	0	-
Other Current Liab	10,910	10,296	13,398	13,654	10,720	9,383	22,164	23,714	24,733	27,077	20,594	22,348	16,533	0	-
Other Liab	0	881	1,168	3,593	2,271	5,341	2,476	3,486	10,824	2,259	2,204	2,694	2,919	0	-
Other Stockholder Equity	146,001	142,261	133,662	82,933	80,589	77,370	72,459	65,650	61,808	57,329	49,791	35,970	17,105	0	-
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	58,248	0	-
Property Plant And Equipment Gross	74,859	12,954	18,943	17,497	25,603	22,255	20,944	23,735	25,515	27,647	26,247	20,669	14,915	0	-
Property Plant And Equipment Net	10,255	12,954	18,943	22,540	25,603	22,255	20,944	23,735	25,515	27,647	26,247	20,669	14,915	0	-
Property Plant Equipment	0	10,897	18,943	22,540	25,603	22,255	20,944	23,735	25,515	27,647	26,247	20,669	14,915	0	-
Retained Earnings	-65,302	-57,783	-51,246	-40,958	-26,969	-149	7,861	20,590	32,043	33,838	24,438	-11,901	-32,814	0	-
Retained Earnings Total Equity	0	-57,783	-51,246	-40,958	-26,969	-149	7,861	20,590	32,043	33,838	24,438	-11,901	0	0	-
Short Long Term Debt	0	983	489	59,957	3,320	2,224	2,029	9,738	7,998	9,820	0	0	0	0	-
Short Long Term Debt Total	5,545	21,471	23,238	65,726	69,641	43,329	40,584	53,616	94,258	111,795	133,304	147,769	103,383	0	-
Short Term Debt	250	2,211	2,351	62,284	6,095	2,224	2,029	9,738	9,076	9,820	10,763	11,040	8,134	0	-
Short Term Investments	0	0	0	0	0	0	1,788	7,502	0	0	0	0	0	0	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Assets	99,030	118,833	121,985	126,227	138,872	137,759	164,436	185,078	244,656	262,829	257,260	211,745	182,299	0	-
Total Current Assets	39,782	57,507	54,707	54,520	36,997	31,753	55,530	72,012	110,328	120,889	113,860	68,686	48,637	0	-
Total Current Liabilities	12,380	14,207	17,507	77,212	19,430	14,087	43,080	51,469	54,794	55,757	45,669	36,978	26,941	0	-
Total Liab	18,323	34,348	39,562	84,247	85,247	60,533	84,111	98,833	150,800	171,657	183,026	187,672	198,004	0	-
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Stockholder Equity	80,707	84,485	82,423	41,980	53,625	77,226	80,325	86,245	93,856	91,172	74,234	24,073	-15,705	0	-
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31
Accounts Payable	727	872	1,195	971	1,262	785	963	1,191	1,124	829	846	865	407	1,372	1,397	2,532	2,532	1,862	1,958	1,402	1,402	2,153	1,634	1,438	1,518	1,052	715	974	628	1,081	1,124	527	929	2,508	2,164	1,165	1,370	2,442	1,443	1,500	2,383	1,799	2,045	1,436	1,403	1,578	1,784	709	60	0	0	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	0	0	0	0	0	0	0	0	0	0	0	-79,041	0	-77,913	-78,829	-76,621	-76,621	-75,076	-75,857	-72,755	-72,755	-70,361	-68,763	-66,752	-64,395	-62,273	-62,189	-59,597	-57,107	-55,107	-58,324	-56,503	-54,403	-52,390	-50,125	-47,862	-45,508	-43,100	-41,992	-40,048	-38,246	-36,523	-34,822	-33,382	-31,892	-207,628	-29,117	0	-26,458	0	0	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	545	659	613	812	2,304	2,668	2,961	3,129	3,665	4,134	4,602	5,178	5,769	5,852	6,633	7,082	7,759	9,503	10,190	10,910	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	8	8	7	7	7	7	7	7	7	7	6	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	143,890	143,059	142,261	141,437	140,506	139,783	133,662	132,990	89,784	83,559	82,933	82,326	81,680	81,196	80,589	79,846	78,980	77,747	77,370	76,821	73,642	72,915	72,459	71,684	67,628	66,499	65,650	64,451	63,595	62,898	61,808	60,326	59,400	58,308	57,329	56,096	52,218	50,934	49,791	48,460	47,005	41,593	35,970	35,186	0	0	0	0	0	0
Cash	7,333	17,308	14,982	12,335	23,384	25,591	15,973	17,432	17,347	51,323	9,949	19,203	16,043	15,655	15,211	3,373	3,373	6,888	4,313	5,462	5,462	5,654	7,977	8,663	21,731	23,179	21,260	26,960	32,982	48,302	53,188	48,063	71,182	78,277	76,056	77,315	80,298	84,970	81,461	90,743	81,909	69,554	51,299	39,347	37,843	32,204	20,739	12,312	20,004	0	0	0
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	7,333	17,308	14,982	12,335	23,384	25,591	15,973	17,432	17,347	51,323	9,949	19,203	16,043	15,655	15,211	3,373	3,373	6,888	4,313	5,462	7,262	5,654	7,977	8,663	21,731	23,179	21,260	26,960	32,982	48,302	53,188	48,063	71,182	78,277	76,056	77,315	80,298	84,970	81,461	90,743	81,909	69,554	51,299	39,347	37,843	32,204	20,739	12,312	20,004	0	0	0
Common Stock	8	8	7	7	7	7	7	7	7	7	6	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	4	4	4	4	4	4	209	4	0	0	0
Common Stock Shares Outstanding	77,361	76,454	75,752	75,505	74,291	74,021	73,502	69,873	69,210	62,127	55,516	54,813	56,206	54,710	54,267	53,773	53,773	53,665	53,367	52,991	52,991	52,281	51,643	53,455	51,599	50,852	50,579	50,304	50,230	50,200	50,527	50,189	50,123	49,436	49,960	49,357	49,336	49,004	49,686	49,639	49,606	49,556	49,436	49,007	47,599	47,811	45,149	45,149	45,149	45,149	45,149	45,149
Common Stock Total Equity	0	0	7	7	7	7	7	7	7	7	6	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	5	4	4	4	4	4	4	209	4	0	0	0
Current Deferred Revenue	493	500	112	0	438	531	366	773	634	5,060	7,727	466	867	1,062	1,062	83	0	1,566	1,053	1,078	0	1,440	1,440	1,440	468	18,309	17,613	18,816	5,331	21,937	22,991	22,260	7,170	22,380	22,994	21,300	7,605	20,870	9,453	13,371	6,847	16,766	1,278	1,278	2,187	2,499	5,275	6,108	2,214	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	763	0	3,534	3,534	3,812	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	35	35	35	53	53	53	22	204	396	578	0	0	0	0	1,130	8,028	8,411	8,564	8,818	10,384	10,786	11,409	11,666	10,976	11,500	12,016	12,612	12,660	11,573	11,271	11,271	14,604	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	47,372	47,372	47,372	47,372	47,372	47,372	47,372	47,372	47,372	47,372	47,372	47,372	47,372	47,372	47,372	74,372	74,372	81,572	81,572	81,572	81,572	81,572	81,572	81,572	81,572	81,572	81,572	82,522	82,522	82,522	82,522	82,522	82,522	82,522	82,522	82,522	82,522	81,572	81,572	81,572	81,572	81,572	81,572	81,572	81,572	81,572	81,572	81,572	81,572	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	72	630	689	748	807	925	925	983	1,042	1,160	1,160	4,306	4,458	4,661	4,864	5,066	5,269	5,621	5,895	22,268	23,202	24,137	25,074	26,018	26,962	27,913	29,093	29,715	30,648	31,580	32,513	33,445	34,378	35,312	36,244	37,177	38,109	39,042	36,516	0	0	0
Inventory	0	81	81	81	81	81	2,203	2,203	2,203	2,203	2,203	2,203	2,253	1,622	1,622	1,622	0	1,660	1,659	1,813	0	1,788	1,788	1,788	1,788	0	6,000	7,500	12,833	15,241	14,719	14,653	8,248	8,742	8,539	8,561	8,591	8,190	8,836	8,601	7,902	7,404	6,085	4,906	4,923	7,583	10,594	7,834	8,640	0	0	0
Liabilities And Stockholders Equity	99,030	100,710	100,595	103,638	118,833	118,280	119,859	121,776	121,985	150,939	114,539	125,409	126,227	120,993	116,550	138,872	138,872	145,687	142,252	137,759	137,759	142,368	142,702	146,279	164,436	163,807	169,751	181,221	185,078	216,075	222,330	220,760	244,656	249,040	252,145	259,414	262,829	265,378	252,004	263,226	257,260	253,309	229,277	211,648	211,745	207,628	198,286	183,023	182,299	0	0	0
Long Term Debt	5,000	9,077	9,579	10,016	18,184	18,409	18,634	18,858	19,084	0	39,243	0	0	0	57,561	58,062	58,562	59,061	50,218	40,755	41,105	37,854	38,089	38,321	38,555	38,801	41,878	36,932	43,878	50,955	51,060	51,073	85,182	87,451	90,875	92,547	101,975	105,311	106,885	108,396	122,541	125,232	127,923	133,969	136,729	139,489	142,249	0	95,249	0	0	0
Long Term Debt Total	0	0	0	0	18,184	18,409	18,634	18,858	19,084	0	39,243	0	0	0	57,561	58,062	58,562	59,061	50,218	40,755	41,105	37,854	38,089	38,321	38,555	38,801	41,878	36,932	43,878	50,955	51,060	51,073	85,182	87,451	90,875	92,547	101,975	105,311	106,885	108,396	122,541	125,232	127,923	133,969	136,729	139,489	0	0	0	0	0	0
Long Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	-1,788	-5,900	-3,353	-315	-1,913	-3,655	6,358	5,167	5,891	736	42,045	45,438	49,683	50,637	52,342	66,268	58,509	64,858	58,772	37,867	37,867	34,793	32,171	31,702	18,853	17,134	21,689	23,674	20,634	15,075	12,524	19,647	23,076	18,250	24,012	32,025	31,497	29,280	35,243	39,870	51,395	66,441	87,387	105,662	109,926	118,325	132,550	128,688	83,379	0	0	0
Net Invested Capital	85,707	89,080	88,936	92,270	103,652	103,164	103,795	106,341	101,996	132,312	90,263	97,630	101,937	98,093	95,953	103,149	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	28,798	21,495	22,913	27,712	30,377	28,796	32,325	31,797	32,080	26,606	30,518	30,047	32,440	28,995	23,594	28,673	28,673	21,684	18,662	21,058	21,058	21,003	21,194	22,922	19,333	13,944	13,904	14,802	13,511	10,967	11,606	13,586	17,965	14,350	16,874	21,334	19,441	19,710	16,634	16,987	19,649	30,593	25,759	21,516	23,044	24,932	24,867	23,082	19,398	0	0	0
Net Tangible Assets	0	0	30,548	33,690	37,113	36,524	37,053	39,499	35,051	37,015	-4,573	38,167	-6,081	37,653	-13,146	-14,490	-21,672	-25,811	-18,666	-13,559	-19,583	-3,964	314	2,975	-49,174	-7,609	-4,017	-4,008	-53,641	-7,449	-8,525	-11,633	-68,534	-76,787	-78,379	-87,633	-76,200	-73,603	-66,130	-90,554	-85,520	-98,470	-107,333	-117,841	-130,721	-134,762	0	0	0	0	0	0
Net Working Capital	27,402	29,915	28,904	32,267	43,300	43,401	39,771	42,101	37,200	21,203	19,137	-26,037	-22,692	-26,371	27,166	24,820	17,567	13,355	11,023	17,666	17,666	14,246	19,450	21,922	12,450	7,467	12,892	6,481	20,543	29,413	28,454	24,944	55,534	54,987	55,796	54,902	65,132	70,498	67,244	61,175	68,191	61,821	46,356	36,553	31,708	32,530	17,305	13,311	21,696	0	0	0
Non Current Assets Total	59,248	58,722	59,637	59,887	61,326	61,417	66,024	66,403	67,278	68,268	68,462	70,289	71,707	71,875	72,903	101,875	101,875	111,840	113,574	106,006	106,006	110,566	108,525	109,085	108,906	112,462	114,095	116,904	113,066	128,687	130,112	131,684	134,328	135,627	137,887	139,565	141,940	140,246	141,931	142,927	143,400	143,002	143,414	142,621	143,059	141,769	141,028	138,550	133,662	0	0	0
Non Current Liabilities Other	648	903	894	189	1,957	1,148	1,179	1,174	1,168	5,084	3,090	3,171	3,504	7,851	3,041	1,839	1,761	2,272	2,240	2,167	5,319	4,812	3,118	2,872	2,476	2,099	2,285	2,318	2,356	1,776	1,896	1,965	2,006	2,600	2,455	2,762	2,259	2,139	1,871	1,968	2,204	1,898	2,150	2,417	2,694	2,890	0	0	0	0	0	0
Non Current Liabilities Total	5,943	10,306	10,621	11,092	20,141	20,922	21,370	21,633	22,055	5,084	44,728	6,085	7,035	7,851	65,036	65,817	65,817	68,451	60,649	46,446	60,533	42,870	41,603	41,771	41,031	40,900	44,163	39,250	47,364	60,759	61,367	61,602	96,006	100,435	104,116	106,718	115,900	118,426	120,256	122,380	137,357	139,790	141,646	147,657	150,694	156,983	162,511	165,360	171,063	0	0	0
Non Currrent Assets Other	1,621	914	975	1,194	1,000	970	969	965	963	986	985	1,021	1,106	1,160	1,155	975	975	1,043	1,043	1,019	1,019	1,024	1,013	1,018	1,058	897	915	895	914	157	171	169	1,217	194	206	220	2,678	233	249	259	3,068	613	673	709	4,574	4,783	5,245	2,877	659	0	0	0
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	0	0	975	0	1,000	970	969	965	963	986	985	1,021	6,149	1,160	1,155	986	975	1,043	1,043	1,019	1,019	1,566	1,828	1,781	87,962	91,069	91,290	92,850	89,331	104,947	105,895	106,828	108,813	110,035	111,259	112,495	114,293	113,565	114,760	115,950	117,153	118,679	119,935	121,171	122,390	123,532	124,926	0	118,747	0	0	0
Other Current Assets	3,651	3,104	2,982	3,623	3,665	2,395	3,334	3,941	3,077	2,539	3,407	3,667	3,784	2,846	3,220	3,329	3,851	3,615	4,044	3,420	3,420	3,357	3,218	3,821	12,678	14,222	14,492	15,055	12,686	12,878	12,705	12,774	12,933	12,044	12,789	12,639	12,559	12,262	3,142	3,968	4,400	2,756	2,720	3,258	2,876	1,140	1,058	1,245	595	0	0	0
Other Current Liab	10,910	8,696	8,845	8,698	10,296	9,984	10,595	9,168	13,398	5,549	8,011	18,099	13,654	10,277	8,054	10,720	4,677	10,945	9,087	9,383	14,077	11,370	9,594	10,350	39,065	23,005	23,365	24,344	35,772	22,535	24,997	24,708	37,619	24,462	24,111	25,689	36,962	22,383	22,114	22,036	25,676	19,158	25,421	18,720	22,348	18,212	21,854	13,500	16,533	0	0	0
Other Liab	0	0	894	0	881	1,148	1,179	1,174	1,168	3,055	3,090	3,171	3,593	4,337	3,451	2,349	2,271	2,824	3,121	4,022	5,341	5,016	3,514	3,450	2,476	2,099	2,285	2,318	2,356	1,776	1,896	1,965	2,006	2,600	2,455	2,762	2,259	2,139	1,871	1,968	2,204	1,898	2,150	2,417	2,694	2,890	5,615	0	2,919	0	0	0
Other Stockholder Equity	146,001	144,880	143,890	143,059	142,261	141,437	140,506	139,783	133,662	132,990	89,784	83,559	82,933	82,326	81,680	80,589	0	79,846	78,980	77,370	0	76,821	73,642	72,915	72,459	71,684	67,628	66,499	65,650	64,451	63,595	62,898	61,808	60,326	59,400	58,308	57,329	56,096	52,218	50,934	49,791	48,460	47,005	41,593	35,970	35,186	20,075	18,160	17,105	0	0	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	58,248	0	0	0
Property Plant And Equipment Gross	74,859	10,436	11,290	10,527	12,954	10,681	0	0	0	16,280	20,033	21,266	17,497	22,595	23,569	25,603	25,603	28,242	29,917	22,255	22,255	23,122	20,667	21,071	20,944	21,393	22,805	24,054	23,735	23,740	24,217	24,856	25,515	25,592	26,628	27,070	27,647	26,681	27,171	26,977	26,247	24,323	23,479	21,450	20,669	18,237	16,102	15,059	14,915	0	0	0
Property Plant And Equipment Net	10,255	10,436	11,290	11,321	12,954	13,075	17,683	18,066	18,943	19,910	20,033	21,266	22,540	22,595	23,569	25,603	0	28,242	29,917	22,255	0	23,122	20,667	21,071	20,944	21,393	22,805	24,054	23,735	23,740	24,217	24,856	25,515	25,592	26,628	27,070	27,647	26,681	27,171	26,977	26,247	24,323	23,479	21,450	20,669	18,237	16,102	15,059	14,915	0	0	0
Property Plant Equipment	0	0	10,688	10,527	10,897	10,681	17,683	15,306	18,943	19,910	20,033	16,730	22,540	17,647	23,569	24,596	25,603	28,242	29,917	31,202	22,255	23,122	20,667	21,071	20,944	21,393	22,805	24,054	23,735	23,740	24,217	24,856	25,515	25,592	26,628	27,070	27,647	26,681	27,171	26,977	26,247	24,323	23,479	21,450	20,669	18,237	16,102	0	14,915	0	0	0
Retained Earnings	-65,302	-66,557	-65,977	-62,004	-57,783	-57,548	-56,088	-52,919	-51,246	-48,610	-46,919	-45,397	-40,958	-44,678	-46,652	-26,969	-26,969	-23,107	-15,037	-149	-149	5,116	12,725	16,316	7,861	7,340	15,191	17,631	20,590	32,885	33,599	32,123	32,043	29,848	30,162	29,436	33,838	36,217	36,696	30,783	24,438	16,569	1,115	-10,080	-11,901	-17,874	-24,257	-31,868	-32,814	0	0	0
Retained Earnings Total Equity	0	0	-65,977	-62,004	-57,783	-57,548	-56,088	-52,919	-51,246	-48,610	-46,919	-45,397	-40,958	-44,678	-46,652	-39,453	-26,969	-23,107	-15,037	-8,638	-149	5,116	12,725	16,316	7,861	7,340	15,191	17,631	20,590	32,885	33,599	32,123	32,043	29,848	30,162	29,436	33,838	36,217	36,696	30,783	24,438	16,569	1,115	-10,080	-11,901	-17,874	0	0	0	0	0	0
Short Long Term Debt	0	1,672	1,437	1,192	983	859	736	612	489	47,925	8,149	59,463	59,957	60,440	3,359	3,339	3,320	3,182	2,677	2,806	2,224	2,593	2,059	2,044	2,029	1,512	42,949	13,702	9,738	12,422	14,652	16,637	7,998	0	0	0	9,820	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	5,545	11,408	11,629	12,020	21,471	21,936	22,331	22,599	23,238	52,059	51,994	64,641	65,726	66,292	67,553	69,641	61,882	71,746	63,085	43,329	43,329	40,447	40,148	40,365	40,584	40,313	42,949	50,634	53,616	63,377	65,712	67,710	94,258	96,527	100,068	109,340	111,795	114,250	116,704	130,613	133,304	135,995	138,686	145,009	147,769	150,529	153,289	141,000	103,383	0	0	0
Short Term Debt	250	2,005	1,902	1,815	2,211	2,162	2,140	2,140	2,351	50,030	10,356	61,727	62,284	62,778	5,968	6,095	3,320	6,119	5,557	2,224	2,224	2,593	2,059	2,044	2,029	1,512	1,071	13,702	9,738	12,422	14,652	16,637	9,076	9,076	9,193	16,793	9,820	8,939	9,819	22,217	10,763	10,763	10,763	11,040	11,040	11,040	11,040	10,845	8,134	0	0	0
Short Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,788	1,788	1,788	1,788	0	6,000	7,500	7,502	7,507	7,511	7,516	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	99,030	100,710	100,595	103,638	118,833	118,280	119,859	121,776	121,985	150,939	114,539	125,409	126,227	120,993	116,550	138,872	138,872	145,687	142,252	137,759	137,759	142,368	142,702	146,279	164,436	163,807	169,751	181,221	185,078	216,075	222,330	220,760	244,656	249,040	252,145	259,414	262,829	265,378	252,004	263,226	257,260	253,309	229,277	211,648	211,745	207,628	198,286	183,023	182,299	0	0	0
Total Current Assets	39,782	41,988	40,958	43,751	57,507	56,863	53,835	55,373	54,707	82,671	46,077	55,120	54,520	49,118	43,647	36,997	36,997	33,847	28,678	31,753	31,753	31,802	34,177	37,194	55,530	51,345	55,656	64,317	72,012	87,388	92,218	89,076	110,328	113,413	114,258	119,849	120,889	125,132	110,073	120,299	113,860	110,307	85,863	69,027	68,686	65,859	57,258	44,473	48,637	0	0	0
Total Current Liabilities	12,380	12,073	12,054	11,484	14,207	13,462	14,064	13,272	17,507	61,468	26,940	81,157	77,212	75,489	16,481	19,430	19,430	20,492	17,655	14,087	14,087	17,556	14,727	15,272	43,080	43,878	42,764	57,836	51,469	57,975	63,764	64,132	54,794	58,426	58,462	64,947	55,757	54,634	42,829	59,124	45,669	48,486	39,507	32,474	36,978	33,329	39,953	31,162	26,941	0	0	0
Total Liab	18,323	22,379	22,675	22,576	34,348	34,384	35,434	34,905	39,562	66,552	71,668	87,242	84,247	83,340	81,517	85,247	85,247	88,943	78,304	60,533	60,533	60,426	56,330	57,043	84,111	84,778	86,927	97,086	98,833	118,734	125,131	125,734	150,800	158,861	162,578	171,665	171,657	173,060	163,085	181,504	183,026	188,276	181,153	180,131	187,672	190,312	202,464	196,522	198,004	0	0	0
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	80,707	78,331	77,920	81,062	84,485	83,896	84,425	86,871	82,423	84,387	42,871	38,167	41,980	37,653	35,033	53,625	53,625	56,744	63,948	77,226	77,226	81,942	86,372	89,236	80,325	79,029	82,824	84,135	86,245	97,341	97,199	95,026	93,856	90,179	89,567	87,749	91,172	92,318	88,919	81,722	74,234	65,033	48,124	31,517	24,073	17,316	-4,178	-13,499	-15,705	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Begin Period Cash Flow	23,465	19,550	18,296	4,995	7,275	23,519	40,484	71,182	80,298	81,909	37,843	20,004	11,078	8,924
Capital Expenditures	4,143	3,585	3,416	3,792	4,856	7,645	7,259	7,866	7,895	10,146	12,503	12,193	6,111	4,921
Cash And Cash Equivalents Changes	0	3,915	1,254	13,301	-2,280	-16,212	-16,962	-38,200	-9,116	-1,611	44,066	17,839	0	0
Cash Flows Other Operating	0	-4,501	-3,015	-8,514	-719	-16,712	-5,440	-2,520	4,194	-12,496	-1,073	288	0	0
Change In Cash	-16,132	3,915	1,254	13,301	-2,280	-16,244	-16,965	-38,200	-9,116	-1,611	44,066	17,839	8,926	2,154
Change In Working Capital	-253	-3,712	-3,708	-3,034	-9,222	-2,196	-6,522	874	1,874	2,803	11,678	3,160	3,821	-1,529
Change Receivables	0	5,014	1,665	3,954	-6,291	-6,695	-1,010	6,481	-2,918	4,602	3,395	-3,646	0	0
Change To Account Receivables	1,579	5,014	1,665	3,954	-6,291	-6,695	-1,010	6,481	-2,918	4,602	3,395	-3,646	-5,392	1,610
Change To Inventory	1,544	0	-5,798	-5,924	-3,166	5,601	-6,254	-4,566	5,059	-843	9,490	5,490	8,082	-2,490
Change To Liabilities	0	-3,429	425	-1,064	240	-109	-172	-957	-441	10,696	9,356	6,461	2,539	0
Change To Netincome	0	1,957	4,330	29,300	8,345	7,922	8,952	13,251	1,717	2,037	1,287	174	0	0
Change To Operating Activities	0	-3,893	-3,750	1,797	-1,842	-1,059	-528	-1,728	-55	3,710	0	0	0	0
Depreciation	6,713	5,702	6,996	7,007	11,125	10,234	10,888	28,818	13,368	12,450	10,655	9,505	21,166	7,213
Dividends Paid	0	0	633	0	432	0	0	0	0	0	0	160,675	0	0
End Period Cash Flow	7,333	23,465	19,550	18,296	4,995	7,275	23,519	32,982	71,182	80,298	81,909	37,843	20,004	11,078
Exchange Rate Changes	0	0	0	0	0	0	0	21	31	0	0	0	0	0
Free Cash Flow	-283	-6,462	-2,500	17,017	-20,279	-19,794	-4,285	9,918	8,805	17,720	48,703	24,812	22,874	13,293
Investments	-4,340	1,731	-270	-3,792	-4,856	-5,360	-7,259	-7,866	0	0	0	0	0	0
Issuance Of Capital Stock	0	-4	42,644	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-502	-40,863	-3,450	18,431	1,773	-11,513	-39,076	-17,537	-23,162	-15,465	-115,438	0	0
Net Income	-7,519	-6,537	-10,288	-13,989	-26,820	-8,010	-12,729	-11,453	-1,795	9,400	36,339	22,951	12,372	9,975
Other Cashflows From Financing Activities	-196	-2	20,093	-266	21,351	3,497	42,836	-1,561	-1,683	2,178	9,828	318,703	-6,111	-1,172
Other Cashflows From Investing Activities	0	5,316	3,146	3,146	3,146	2,285	0	0	1,268	0	0	-837	0	0
Other Non Cash Items	20,089	-1,366	3,586	1,127	7,170	-15,417	3,864	1,744	657	1,210	1,248	1,601	1,146	1,894
Sale Purchase Of Stock	0	5,563	-633	-266	-466	187	155	337	37	610	1,768	-61,511	0	0
Stock Based Compensation	3,936	3,036	2,640	2,610	2,311	2,750	3,740	4,713	5,009	3,707	2,994	1,614	120	629
Total Cash From Financing Activities	-15,852	5,061	608	-3,716	17,999	1,297	-12,677	-48,139	-19,220	-19,331	-4,637	-6,973	-13,948	-11,139
Total Cash From Operating Activities	3,860	-2,877	916	20,809	-15,423	-12,149	2,974	17,784	16,700	27,866	61,206	37,005	28,985	18,214
Total Cashflows From Investing Activities	0	1,731	-270	-3,792	-4,856	-5,360	-7,259	-7,866	-6,627	-10,146	-12,503	-12,193	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31
Begin Period Cash Flow	17,389	15,063	12,416	23,465	25,672	18,176	19,635	19,550	53,526	12,152	21,406	18,296	17,277	16,833	10,196	8,548	8,548	5,972	6,023	7,442	7,442	9,765	10,451	23,519	23,179	21,260	26,960	32,982	48,302	53,188	48,063	71,182	78,277	76,056	77,315	80,298	84,970	81,461	90,743	81,909	69,554	51,299	39,347	37,843	32,204	20,739	12,312	20,004	21,772	21,188	15,720	11,078
Capital Expenditures	1,187	617	1,430	909	1,387	609	889	700	721	1,091	778	826	930	919	870	755	755	1,039	1,576	1,326	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	2,529	1,963	1,874	1,796	1,395	1,046
Cash And Cash Equivalents Changes	0	0	2,647	-11,049	-2,207	7,496	-1,459	85	-33,976	41,374	-9,254	3,110	1,019	444	6,637	5,201	-3,553	2,576	-51	-1,252	-135	-2,323	-685	-13,069	-7,159	1,919	-5,700	-6,022	-15,320	-4,886	5,125	-23,119	-7,095	2,221	-1,259	-2,983	-4,672	3,509	-9,282	8,834	12,355	18,255	11,952	1,504	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	2,750	1,880	-2,922	469	-714	-1,334	-3,269	-352	-2,648	3,254	-3,728	-3,563	2,853	-4,076	474	-721	-247	-225	6,023	-865	-3,424	-18,446	-4,334	1,437	-235	-2,308	-1,939	-817	382	-146	-321	2,068	4,723	-2,276	-1,624	-12,160	836	452	-1,310	2,131	559	-2,453	0	0	0	0	0	0	0	0
Change In Cash	-10,056	2,326	2,647	-11,049	-2,207	7,496	-1,459	85	-33,976	41,374	-9,254	3,110	1,019	444	6,637	-3,553	-3,553	2,576	-51	-167	-167	-2,323	-686	-13,068	340	1,919	-5,700	-6,022	-15,320	-4,886	5,125	-23,119	-7,095	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	-1,768	584	5,468	4,642
Change In Working Capital	-7,877	1,328	5,951	-1,300	-2,815	3,519	704	-5,120	-4,644	-1,053	-4,095	6,084	-2,709	-2,726	4,908	-8,602	4,212	-1,081	-4,374	-3,386	3,420	2,435	2,022	-3,267	-4,950	735	-1,031	-1,276	-6,232	-3,064	3,744	6,426	-8,594	3,696	5,676	1,096	-703	993	-2,586	5,099	7,342	4,400	3,330	-3,394	4,697	-6,179	7,170	-2,528	-777	-2,173	2,758	4,013
Change Receivables	0	0	2,846	158	56	4,030	-43	971	-2,605	853	801	2,616	-802	-1,821	6,683	-106	-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	0	0	0	0	0	0	0	0
Change To Account Receivables	-7,303	-1,339	2,846	158	56	4,030	-43	971	-2,605	853	801	2,616	-802	-1,821	6,683	-6,645	-6,645	-1,863	-785	-6,232	-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	-1,335	-4,134	-2,176	3,082	-2,667	-3,631
Change To Inventory	2,788	2,375	2,866	0	0	0	0	0	-3,405	-1,673	-3,844	3,124	-339	-2,836	116	-1,452	0	233	-2,710	4,967	0	1,041	-1,554	1,147	-5,247	1,603	-2,302	-308	-3,842	-4,332	1,484	2,124	-2,854	2,123	5,062	728	-1,249	-2	-2,892	3,300	-6,373	12,852	0	-6,138	4,390	-3,228	7,178	-2,850	570	-4,648	4,932	7,228
Change To Liabilities	0	0	547	-2,078	388	-727	1,192	-4,282	1,366	-1,691	-1,052	721	-1,568	3,269	-3,952	2,274	-1,892	2,081	-2,667	2,718	-3,177	66	2,639	363	-612	521	-2,346	2,365	-3,118	-3,544	1,697	1,878	-4,100	413	1,352	2,934	-687	13,173	-3,775	1,985	-2,292	9,197	7,012	-4,561	3,493	724	1,566	0	2,539	0	0	0
Change To Netincome	0	0	892	830	825	-134	725	541	4,077	540	-1,037	1,285	377	720	8,512	19,691	7,650	358	-469	806	3,477	896	759	2,790	3,779	1,957	2,769	1,496	-3,290	1	459	1,111	-3	7	544	933	1,362	951	123	-399	234	526	-185	712	0	0	2,548	0	0	0	0	0
Change To Operating Activities	0	0	913	913	-1,566	-177	1,505	-3,655	-536	-4,732	-1,829	3,347	2,304	924	-2,242	811	-1,084	1,392	-2,748	598	-1,210	1,795	-475	-1,169	-528	438	-1,670	-2,308	-1,728	-817	382	-146	-55	0	0	0	3,710	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1,497	1,249	1,457	2,510	1,506	1,348	1,271	1,577	1,700	1,241	2,532	1,523	1,049	1,888	1,931	2,514	2,514	2,719	2,920	2,633	2,633	2,488	2,537	2,576	2,507	2,713	2,894	2,774	18,720	3,292	3,416	3,390	3,274	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	15,454	1,954	1,877	1,881
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	38	0	0	0	0	0	0	0
End Period Cash Flow	7,333	17,389	15,063	12,416	23,465	25,672	18,176	19,635	19,550	53,526	12,152	21,406	18,296	17,277	16,833	4,995	4,995	8,548	5,972	7,275	7,275	7,442	9,765	10,451	23,519	23,179	21,260	26,960	32,982	48,302	53,188	48,063	71,182	78,277	76,056	77,315	80,298	84,970	81,461	90,743	81,909	69,554	51,299	39,347	37,843	32,204	20,739	12,312	20,004	21,772	21,188	15,720
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	-2	-3	-3	-1	11	14	31	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-4,295	2,865	2,984	-3,058	-2,082	2,687	-1,716	-5,351	-1,091	-1,269	-4,136	3,996	1,887	1,319	7,663	-2,802	-2,802	-6,760	-9,587	-3,609	-3,609	-3,936	87	-12,336	353	-3,308	1,092	-2,422	-5,044	-2,046	7,525	9,483	-4,573	4,982	8,650	-254	-1,461	3,174	4,484	11,523	14,762	20,765	13,573	-397	8,229	2,243	13,461	879	1,106	3,459	10,167	8,142
Investments	-1,187	-617	-1,430	-906	-1,387	4,325	-507	-700	-746	-326	1,628	-826	-930	-919	-870	-1,073	-755	-1,039	-1,576	-1,486	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	4	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	0	-280	-7,994	-125	-125	-125	-127	-32,425	-788	-6,787	-863	-862	-863	-862	-863	-751	9,357	9,825	9,850	2,873	2,900	-550	-550	-7,578	5,210	-6,733	-3,346	-10,272	-2,790	-2,414	-32,837	-2,423	-3,695	-9,837	-2,705	-3,358	-2,704	-14,159	-2,941	-2,941	-3,191	-6,323	-3,010	0	0	0	0	0	0	0	0
Net Income	1,255	-580	-3,973	-4,221	-235	-1,460	-3,169	-1,673	-2,636	-1,691	-1,522	-4,439	3,720	1,974	-7,199	-3,862	-3,862	-8,070	-6,399	-5,265	-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	-2,373	5,166	6,661	2,918
Other Cashflows From Financing Activities	-732	-150	-30	-244	-125	-125	-125	5,561	19,569	42,666	-737	-23	-6	-12	-164	-47	-13	9,936	10,686	3,771	-43	-56	-222	-183	-169	43,454	-353	-251	-846	-574	-147	-331	-317	-492	-637	-274	-1,366	2,789	143	2	-1,484	181	4,702	4,661	990	14,968	18,490	138,785	-1,874	-1,796	-1,395	-1,046
Other Cashflows From Investing Activities	0	0	0	3	0	4,934	382	382	-25	765	2,406	2,406	2,406	2,406	0	0	0	0	0	0	616	1,669	0	0	0	0	0	0	0	0	0	0	-4	1,272	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	12,459	763	87	64	25	-1,031	-356	7	1,133	794	764	369	144	346	8,493	7,353	116	179	-877	3,028	40	-299	376	-18,522	347	407	1,634	370	390	327	271	756	294	-306	315	354	294	301	297	318	308	299	327	-3,862	325	426	262	3,133	279	-8,712	278	309
Sale Purchase Of Stock	0	-139	-57	0	0	0	0	5,563	-4	42,666	23	0	0	0	0	0	-4	34	34	34	1	0	70	116	65	59	28	3	4	3	20	310	11	1	3	22	4	469	92	45	115	212	706	1,761	1,761	-2,986	-16,313	-43,973	0	0	0	0
Stock Based Compensation	1,121	1,129	888	798	824	931	723	558	677	540	774	649	613	657	649	568	0	525	719	347	0	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	37	28	27	28
Total Cash From Financing Activities	-5,761	-539	-337	-7,994	-125	-125	-125	5,436	-32,860	41,878	-7,524	-886	-868	-875	-1,026	-751	-751	9,336	9,536	2,858	2,858	-56	-772	-733	-7,516	5,226	-6,790	-3,597	-10,273	-2,839	-2,411	-32,616	-2,549	-4,033	-9,909	-2,729	-3,211	335	-13,766	-2,689	-2,407	-2,510	-1,621	1,901	-2,590	9,222	-5,034	-8,571	-2,874	-2,875	-4,699	-3,500
Total Cash From Operating Activities	-3,108	3,482	4,414	-2,149	-695	3,296	-827	-4,651	-370	-178	-3,358	4,822	2,817	2,238	8,533	-2,047	-2,047	-5,721	-8,011	-2,283	-2,283	-2,090	2,060	-9,836	2,204	-2,153	2,522	401	-2,707	-162	9,367	11,286	-2,313	6,921	10,569	1,523	1,961	4,826	6,804	14,275	18,568	23,380	17,296	1,962	12,230	5,943	15,990	2,842	2,980	5,255	11,562	9,188
Total Cashflows From Investing Activities	0	0	-1,430	-906	-1,387	4,325	-507	-700	-746	-326	1,628	-826	-930	-919	-870	-1,073	-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	-12,193	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Cost Of Revenue	119,871	116,084	125,709	100,654	115,194	96,144	82,191	78,863	88,077	93,676	96,762	83,002	107,317	58,113
Depreciation And Amortization	6,713	5,702	6,996	7,007	126,360	10,234	10,888	28,818	13,368	12,450	10,655	9,505	21,166	7,213
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	-6,128	-6,900	-1,316	13,056	-127,643	1,219	-6,001	7,512	6,708	27,270	72,870	55,830	46,818	31,869
Ebitda	585	-1,198	5,680	20,063	-1,283	11,453	4,887	36,330	20,076	39,720	83,525	65,335	67,984	39,082
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	-6,128	-6,900	-1,316	55,283	35,238	59,524	49,858	62,497	71,304	101,702	158,540	127,071	162,974	65,406
Income Before Tax	-7,859	-6,405	-10,226	-21,171	-27,197	-6,468	-14,054	-15,823	-2,181	17,099	61,306	39,737	19,888	16,639
Income Tax Expense	-340	132	62	-7,182	-377	1,542	-1,325	-4,370	-386	7,699	24,967	16,786	7,516	6,664
Interest Expense	1,974	1,007	11,313	7,227	7,589	4,699	6,972	7,897	8,889	10,171	11,564	12,414	13,530	15,230
Interest Income	240	0	3	21	41	28	4	0	8,889	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	-7,519	-6,537	-10,288	-13,989	-26,820	-8,010	-12,729	-11,453	-1,795	9,400	36,339	22,951	12,372	9,975
Net Income Applicable To Common Shares	0	-6,537	-10,288	-13,989	-26,820	-8,010	-12,729	-11,453	-1,795	9,400	36,339	20,913	12,372	0
Net Income From Continuing Ops	-9,009	-6,537	-10,288	-13,989	-26,820	-8,010	-12,729	-11,453	-1,795	9,400	36,339	22,951	0	0
Net Interest Income	-1,461	-1,007	-11,313	-7,206	-7,548	-4,671	-6,968	-7,897	0	0	0	0	0	0
Non Operating Income Net Other	0	1,120	0	21	41	28	4	0	0	1	1	-3,615	0	0
Non Recurring	0	0	0	27,000	7,200	2,988	1,081	15,438	236	236	0	0	0	0
Operating Income	-6,128	-6,900	-1,316	13,056	-127,643	-1,797	-7,086	-7,926	6,708	27,269	72,869	55,766	33,293	31,751
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	119,871	116,084	125,709	142,902	162,881	154,477	138,054	133,848	152,673	168,109	182,433	154,307	116,281	91,768
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	2,038	0	0
Reconciled Depreciation	6,722	5,702	6,996	7,007	11,125	10,234	10,888	0	0	0	0	0	0	0
Research Development	0	3,400	3,000	3,100	5,800	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	90,447	85,312	87,440	100,654	115,194	96,144	82,191	78,863	88,077	93,676	96,762	83,002	67,082	58,113
Tax Provision	-285	132	62	-7,182	-377	1,542	-1,325	-4,370	-386	0	0	0	0	0
Total Operating Expenses	119,871	116,084	125,709	142,902	162,881	154,477	138,054	133,848	152,673	168,109	182,433	154,307	116,281	91,768
Total Other Income Expense Net	-1,731	495	-8,910	-34,227	100,446	-2,988	-1,081	-15,438	-8,889	-10,170	-11,563	-3,679	-13,400	-15,112
Total Revenue	113,743	109,184	124,393	155,937	150,432	155,668	132,049	141,360	159,381	195,378	255,302	210,073	162,974	123,519

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31
Cost Of Revenue	30,657	30,612	29,086	29,518	29,038	29,492	28,984	28,570	47,385	28,467	23,295	24,090	26,161	23,522	22,166	28,378	28,378	28,771	28,929	27,782	27,782	24,276	22,305	21,781	20,551	20,494	20,450	20,696	18,756	18,710	20,060	21,337	20,482	21,729	22,142	23,724	22,440	22,180	24,269	24,787	23,820	25,060	23,900	23,982	19,782	39,243	19,782	32,568	28,599	28,116	50,602	0
Depreciation And Amortization	1,497	1,249	1,457	2,510	1,506	1,348	1,271	1,577	1,700	1,241	2,532	1,523	1,049	1,888	1,931	2,514	2,514	2,719	2,920	2,633	2,633	2,488	2,537	2,576	2,507	2,713	2,894	2,774	18,720	3,292	3,416	3,390	3,274	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	15,454	1,954	1,877	1,881
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	1,910	-564	-3,601	-3,789	-1,302	-2,314	-3,303	-1,487	2,837	-1,126	-1,212	-3,056	3,705	11	2,583	4,878	4,870	-5,805	-4,299	-452	-461	-9,682	-3,361	12,226	-1,183	-6,959	-625	-1,028	472	-3,118	4,281	2,585	4,777	2,681	300	-4,360	-873	-1,265	12,769	13,572	12,985	28,185	19,743	6,513	14,146	11,714	16,398	11,127	12,021	11,971	14,516	8,310
Ebitda	3,407	685	-2,144	-1,279	204	-966	-2,032	90	4,537	115	1,320	-1,533	4,754	1,899	4,514	7,392	7,384	-3,086	-1,379	2,181	2,172	-7,194	-824	14,802	1,324	-4,246	2,269	1,746	19,192	174	7,697	5,975	8,051	5,923	3,610	-818	2,519	1,802	15,827	16,505	15,800	30,887	22,372	9,022	16,649	14,159	18,741	13,341	27,475	13,925	16,393	10,191
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	1,910	-650	-3,601	-3,789	204	-2,314	-3,303	-1,487	-15,806	115	9,547	7,300	13,875	12,706	11,619	15,445	15,445	7,132	6,901	11,948	11,948	3,305	9,031	35,240	12,738	9,250	15,457	12,413	15,056	12,485	18,014	16,942	20,572	16,777	19,120	14,835	17,255	17,460	33,150	33,837	36,156	51,748	45,255	25,381	36,192	14,157	35,039	45,878	42,641	42,009	43,244	35,080
Income Before Tax	1,279	-987	-3,952	-4,200	-155	-1,471	-3,137	-1,642	-2,635	-1,700	-1,489	-4,402	2,305	330	-7,448	-4,651	-4,651	-7,971	-6,257	-4,605	-4,605	-8,317	-4,502	10,956	-2,472	-6,705	-2,243	-2,634	-16,727	-1,689	2,440	153	2,688	544	1,332	-6,745	-3,279	-654	10,164	10,868	12,988	25,322	19,448	3,548	11,061	10,984	13,434	4,258	-4,696	8,605	11,112	4,867
Income Tax Expense	24	-407	21	21	80	-11	32	31	1	-9	33	37	-1,415	-1,644	-249	-789	-789	99	142	660	660	-708	-911	2,501	-2,993	1,146	197	325	-4,432	-974	963	73	493	858	606	-2,343	-900	-175	4,251	4,523	5,119	9,868	8,253	1,727	5,088	4,601	5,355	1,742	-2,323	3,439	4,451	1,949
Interest Expense	785	423	351	414	359	277	216	155	5,447	2,394	2,126	1,346	1,400	1,569	2,031	2,329	2,329	2,166	1,958	1,165	1,165	1,123	1,141	1,270	1,289	2,459	1,618	1,606	1,761	1,863	1,841	2,432	2,089	2,137	2,278	2,385	2,406	2,456	2,605	2,704	2,812	2,863	2,924	2,965	3,085	3,175	2,964	3,190	3,317	3,366	3,404	3,443
Interest Income	154	86	0	0	0	0	0	0	0	0	0	0	3	6	6	6	8	11	11	1,125	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	1,255	-580	-3,973	-4,221	-235	-1,460	-3,169	-1,673	-2,636	-1,691	-1,522	-4,439	3,720	1,974	-7,199	-3,862	-3,862	-8,070	-6,399	-5,265	-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	-2,373	5,166	6,661	2,918
Net Income Applicable To Common Shares	0	0	-3,973	-4,221	-235	-1,460	-3,169	-1,673	-2,636	-1,691	-1,522	-4,439	3,720	1,974	-7,199	-12,484	-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	7,206	5,166	6,661	2,918
Net Income From Continuing Ops	1,255	-580	-3,973	-4,221	-235	-1,460	-3,169	-1,673	-2,636	-1,691	-1,522	-4,439	3,720	1,974	-7,199	-12,484	-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	0	6,383	0	0	0	0	0	0
Net Interest Income	-632	-337	-351	-414	-359	-277	-216	-155	-5,447	-2,394	-2,126	-1,346	-1,397	-1,563	-2,025	-2,221	-2,321	-2,155	-1,947	-1,125	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	0	0	0	1,120	0	0	0	0	0	0	3	6	6	6	8	11	11	11	9	6	7	6	4	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	1	0	0	0	0	2	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	27,000	0	0	0	7,200	0	0	0	2,988	0	0	0	1,081	6,486	-4,324	1,081	15,438	92,628	-61,752	15,438	236	0	0	0	236	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	1,910	-650	-3,601	-3,789	-1,302	-2,314	-3,303	-1,487	2,837	115	-1,212	-3,056	3,702	1,893	-5,423	-2,330	4,870	-5,816	-4,310	-3,449	-461	-7,200	-3,368	12,220	-1,187	-4,246	-625	-1,028	-14,966	174	4,281	2,585	4,777	2,681	3,610	-4,360	-874	1,802	12,769	13,572	15,799	28,185	22,372	6,513	14,146	14,157	16,367	11,096	-1,410	11,940	14,485	8,278
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	30,657	30,612	29,086	29,518	29,038	29,492	28,984	28,570	28,742	28,467	34,054	34,446	36,334	34,335	31,208	38,953	38,953	41,719	40,140	40,191	40,191	34,781	34,704	44,801	34,476	33,990	36,532	34,137	33,340	31,021	33,793	35,694	36,277	35,825	37,652	42,919	40,569	37,838	44,650	45,052	44,177	48,623	46,783	42,850	41,828	39,243	38,454	34,782	30,651	30,069	28,759	26,802
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	1,497	1,249	1,457	2,510	1,506	1,348	1,271	1,577	1,700	1,241	2,532	1,523	1,049	1,888	1,931	2,139	2,514	2,719	2,920	2,633	2,633	2,488	2,537	2,576	2,507	2,713	2,894	2,774	18,720	3,292	3,416	3,390	3,274	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	15,454	1,954	1,877	1,881
Research Development	0	0	0	0	3,400	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	23,308	22,980	21,710	22,449	22,211	21,759	20,903	20,439	20,369	19,686	23,295	24,090	26,161	23,522	22,166	28,378	28,378	28,771	28,929	27,782	27,782	24,276	22,305	21,781	20,551	20,494	20,450	20,696	18,756	18,710	20,060	21,337	20,482	21,729	22,142	23,724	22,440	22,180	24,269	24,787	23,820	25,060	23,900	23,982	23,576	21,003	19,782	18,641	16,645	16,456	17,252	16,729
Tax Provision	25	-407	21	21	80	-11	32	31	1	-9	33	37	-1,415	-1,644	-249	-3,874	-789	99	142	171	660	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	30,655	30,612	29,086	29,518	29,038	29,492	28,984	28,570	28,742	28,467	34,054	34,446	36,334	34,335	31,208	38,953	38,953	41,719	40,140	40,191	40,191	34,781	34,704	44,801	34,476	33,990	36,532	34,137	33,340	31,021	33,793	35,694	36,277	35,825	37,652	42,919	40,569	37,838	44,650	45,052	44,177	48,623	46,783	42,850	41,828	39,243	38,454	34,782	30,651	30,069	28,759	26,802
Total Other Income Expense Net	-631	-337	-351	-411	1,147	843	166	-155	-25	579	1,849	-1,346	-1,397	-1,563	-8,000	-7,200	-7,200	-2,155	-1,947	-2,988	-2,988	-1,117	-1,134	-1,264	-1,285	-2,459	-1,618	-1,606	-15,438	-1,863	-1,841	-2,432	-2,089	-2,137	-2,278	-2,385	-2,405	-2,456	-2,605	-2,704	-2,811	-2,863	-2,924	-2,965	-3,085	-3,173	-2,933	-3,679	-3,286	-3,335	-3,373	-3,411
Total Revenue	32,567	29,962	25,485	25,729	29,242	27,178	25,681	27,083	31,579	28,582	32,842	31,390	40,036	36,228	33,785	43,823	43,823	35,903	35,830	39,730	39,730	27,581	31,336	57,021	33,289	29,744	35,907	33,109	33,812	31,195	38,074	38,279	41,054	38,506	41,262	38,559	39,695	39,640	57,419	58,624	59,976	76,808	69,155	49,363	55,974	53,400	54,821	45,878	42,641	42,009	43,244	35,080

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	113,743
Cost of Revenue	-119,871
Gross Profit	-6,128	-6,128

Operating Income (+$)
Gross Profit	-6,128
Operating Expense	-119,871
Operating Income	-6,128	-125,999

Operating Expense (+$)
Research Development	0
Selling General Administrative	90,447
Selling And Marketing Expenses	0
Operating Expense	119,871	90,447

Net Interest Income (+$)
Interest Income	240
Interest Expense	-1,974
Other Finance Cost	-273
Net Interest Income	-1,461

Pretax Income (+$)
Operating Income	-6,128
Net Interest Income	-1,461
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	-7,859	-4,397 EBIT - interestExpense = -8,102 -7,859 -5,545
Interest Expense	1,974
Earnings Before Interest and Taxes (EBIT)	-6,128	-5,885
Earnings Before Interest and Taxes (EBITDA)	585

After tax Income (+$)
Income Before Tax	-7,859
Tax Provision	--285
Net Income From Continuing Ops	-9,009	-7,574
Net Income	-7,519
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	119,871
Total Other Income/Expenses Net	-1,731	1,461

Technical Analysis of Performant Financial Corporation
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Performant Financial Corporation. The general trend of Performant Financial Corporation is BEARISH with 57.1% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Performant Financial Corporation's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (-57.1%)		Bearish trend (57.1%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Performant Financial Corporation.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is -1/(-1 +1).

Around resistance: The price is trading arround resistance levels. This can be considered as a potential exit level. -1

The bullish price targets are: 2.58 < 2.62 < 2.62.

The bearish price targets are: 2.38 > 2.08 > 2.

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Performant Financial Corporation Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Performant Financial Corporation. The current mas is .

The long score for the Moving Averages is 3/14.
The longshort score for the Moving Averages is -8/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending down: The MA 100 is trending down. -1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending down: The MA 200 is trending down. -1
Close < MA 200: The price is below the MA 200. -1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Performant Financial Corporation Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Performant Financial Corporation. The current macd is -0.08464769.

The long score for the Moving Average Convergence/Divergence (MACD) is 1/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -2/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Performant Financial Corporation price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Performant Financial Corporation. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Performant Financial Corporation price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

Performant Financial Corporation Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Performant Financial Corporation. The current adx is 25.10.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -3/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Performant Financial Corporation shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX > 25 && ADX trending down: The ADX is above 25 and indicates a strong bearish trend. The ADX is declining, the bearish trend is weakening. Could be a potential reversal to the upside. -2

Performant Financial Corporation Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Performant Financial Corporation. The current sar is 2.3848.

The long score for the Parabolic SAR is 1/1.
The longshort score for the Parabolic SAR is 1/(-1 +1).

Close > SAR: The price is above the SAR. It's generally considered a bullish signal. +1

Performant Financial Corporation Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Performant Financial Corporation. The current rsi is 45.38. The current phase is Continuation in bear market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is -2/(-13 +13).

Continuation in bear market: Downtrend continues after a consolidation or pullback. Hold or add to short positions.
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Performant Financial Corporation Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Performant Financial Corporation. The current phase is Continuation in bear market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 2/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Performant Financial Corporation price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Performant Financial Corporation Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Performant Financial Corporation. The current cci is -49.20140542.

Performant Financial Corporation Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Performant Financial Corporation. The current cmo is -5.06753763.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

Performant Financial Corporation Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Performant Financial Corporation. The current willr is -56.89655172.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is 0/(-1 +1).

WILLR between -80 and -20: The Williams %R is between -80 and -20. This indicates that Performant Financial Corporation is trading in a neutral price range, neither oversold nor overbought, suggesting a balanced market condition without any extreme price signals.

Performant Financial Corporation Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Performant Financial Corporation.

Performant Financial Corporation Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Performant Financial Corporation. The current atr is 0.127787.

Performant Financial Corporation Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Performant Financial Corporation. The current obv is -319,337.

Performant Financial Corporation Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Performant Financial Corporation. The current mfi is 43.46.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Performant Financial Corporation Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Performant Financial Corporation.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-11-29	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2023-11-30	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-06	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2023-12-11	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-13	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-15	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2023-12-18	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2023-12-19	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2023-12-26	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2023-12-28	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2023-12-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-04	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-01-05	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-01-08	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-10	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-12	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-16	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-17	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-01-23	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-24	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-25	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-26	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-01-31	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-02	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-05	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-09	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-12	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-02-13	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-16	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-21	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-23	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-26	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-02-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-28	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-01	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-04	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-03-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-07	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-14	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-03-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-19	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-21	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-03-26	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
2024-03-27	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-01	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-10	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-11	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-17	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.

6.3. Candlestick Patterns

Performant Financial Corporation Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Performant Financial Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	45.380
Ma 20	Greater than	Ma 50	2.705
Ma 50	Greater than	Ma 100	2.810
Ma 100	Greater than	Ma 200	2.846
Open	Greater than	Close	2.580
Total			1/5 (20.0%)

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Quick analysis of Performant Financial Corporation (30 sec.)

What can you expect buying and holding a share of Performant Financial Corporation? (30 sec.)

How much money do you get?

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1. Valuation of Performant Financial Corporation (5 min.)

$2.63

$1.04

$-4.07 - $-2.25

$-3.03 - $-1.20

2. Growth of Performant Financial Corporation (5 min.)

Is Performant Financial Corporation growing?

How much money is Performant Financial Corporation making?

How much money comes from the company's main activities?

3. Financial Health of Performant Financial Corporation (5 min.)

4. Comparing to competitors in the Specialty Business Services industry (5 min.)

Industry Rankings (Specialty Business Services)

What can you expect buying and holding a share of Performant Financial Corporation? (5 min.)

What can you expect buying and holding a share of Performant Financial Corporation?

Speculation

Investing

How much money are you going to get?

When do you get the money?

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Linear %

Fundamentals of Performant Financial Corporation

About Performant Financial Corporation

Financial Health

Valuation

1.1. Profitability of Performant Financial Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Specialty Business Services)

1.1.2. Return on Assets

Trends

Compared to industry (Specialty Business Services)

1.1.3. Return on Equity

Trends

Compared to industry (Specialty Business Services)

1.2. Operating Efficiency of Performant Financial Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Specialty Business Services)

1.2.2. Operating Ratio

Trends

Compared to industry (Specialty Business Services)

1.3. Liquidity of Performant Financial Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Specialty Business Services)

1.3.2. Quick Ratio

Trends

Compared to industry (Specialty Business Services)

1.4. Solvency of Performant Financial Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Specialty Business Services)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Specialty Business Services)

2. Market Valuation of Performant Financial Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Specialty Business Services)

Performant Financial Corporation
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