Performant Healthcare, Inc. Financial Ratios — PHLT Stock

Profitability	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	32.25	-5.45	-43.51	-89.45	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	13.57	11.65	15.5	3.61	-0.71	-5.36	-7.28	-5.3	-19.39	-10.55	-8.29	-5.43	-6.9
Return on Capital (%)	- -	32.28	22.76	29.42	9.88	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	39.84	20.33	22.89	7.32	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	52.95	100	60.49	62.1	52.05	44.74	44.21	37.76	38.24	23.42	35.45	100	100	100
EBITDA Margin (%)	31.54	33.42	31.07	32.72	20.33	12.6	14.78	3.7	7.34	-0.88	12.85	4.57	-1.1	0.51
Operating Margin (%)	25.71	28.65	26.55	28.54	13.96	4.36	5.31	-4.55	0.77	-8.28	8.36	-1.06	-6.32	-5.39
Incremental Operating Margin (%)	- -	37.87	19.26	37.81	76.1	56.46	-3.15	- -	30.47	- -	462.92	- -	- -	- -
Pretax Margin (%)	13.47	12.2	18.92	24.01	8.75	-1.37	-11.19	-10.64	-4.15	-18.08	-13.58	-8.22	-5.87	-6.91
Profit Margin (%)	8.08	7.59	10.93	14.23	4.81	-1.13	-8.1	-9.64	-5.15	-17.83	-8.97	-8.27	-5.99	-6.61
Net Income to Common Margin (%)	3.4	3.61	9.96	14.23	4.81	-1.13	-8.1	-9.64	-5.15	-17.83	-8.97	-8.27	-5.99	-6.61
Effective Tax Rate (%)	40.05	37.79	42.24	40.73	45.03	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	-137.27	-110.52	-9.75	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	32.25	-5.45	-43.51	-89.45	- -	- -	- -	- -	- -	- -

Credit	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	103	148	133	112	92	54	41	43	70	66	23	21	6
ST Debt	- -	8	11	11	10	8	10	2	2	6	62	2	2	- -
LT Debt	- -	95	137	123	102	84	44	39	41	64	3	21	19	5
Total Debt/EBITDA	- -	1.9	2.26	1.6	2.81	4.59	2.57	8.31	3.79	-52.6	3.28	4.09	-17.92	9.48
Net Debt/EBITDA	- -	1.53	1.68	0.62	0.79	1.04	0.99	3.86	3.31	-44.19	2.19	0.39	3.52	-3.85
Total Debt/EBIT	- -	2.21	2.65	1.83	4.1	13.27	7.14	-6.76	36.38	-5.59	5.04	-17.66	-3.11	-0.9
Net Debt/EBIT	- -	1.79	1.97	0.71	1.16	3.02	2.75	-3.14	31.79	-4.7	3.37	-1.69	0.61	0.37
EBITDA to Interest Expense	2.56	4.03	5.26	7.22	3.91	2.26	2.65	0.7	2.43	-0.17	2.77	0.5	-1.19	0.3
EBITDA-CapEx/Interest Expense	2.24	3.57	4.34	6.14	2.91	1.37	1.65	-0.34	0.8	-0.81	2.25	0.2	-4.75	-1.8
EBIT to Interest Expense	2.08	3.45	4.49	6.3	2.68	0.78	0.95	-0.86	0.25	-1.64	1.8	-0.12	-6.85	-3.1
Interest Expense	15	14	12	12	10	9	8	7	5	8	7	11	1	2
Common Equity/Total Assets	- -	-18	-5.62	9.5	12.88	13.21	11.13	4.78	-0.1	-19.42	-32.44	-42	-48.62	-65.93
Long-Term Debt/Equity (%)	- -	223.89	567.98	165.07	111.85	89.65	50.88	48	53.23	118.5	8.2	25.34	22.8	6.56
Long-Term Debt/Capital (%)	- -	73.94	100.63	77.68	70.02	67.75	59.13	79.58	95.18	148.9	13.89	-74.59	-53.05	-8.86
Long-Term Debt/Total Assets (%)	- -	52.25	64.57	47.63	38.8	34.69	23.71	23.45	29.84	45.76	2.73	17.12	16.21	5.35
Total Debt/Equity (%)	- -	243.01	613.84	179.57	122.62	98.17	62.17	50.52	56.11	129.87	156.57	28.19	25.41	6.87
Total Debt/Capital (%)	- -	80.25	108.76	84.5	76.76	74.19	72.25	83.76	100.33	163.18	265.31	-82.99	-59.14	-9.28
Total Debt/Total Assets (%)	- -	56.71	69.79	51.82	42.54	37.99	28.97	24.68	31.45	50.15	52.07	19.05	18.07	5.6
Net Debt to Equity	- -	195.99	456.64	69.23	34.55	22.33	23.92	23.47	49.03	109.11	104.61	2.7	-4.99	-2.79
Net Debt/Capital (%)	- -	76.62	112.14	67.77	48.2	39.54	50.05	70.56	100.38	148.86	503.02	-4.91	7.06	3.36
EBITDA	39	54	65	84	40	20	21	5	11	-1	20	6	-1	1
EBITDA-CapEx	34	48	54	71	30	12	13	-2	4	-6	16	2	-5	-4
Operating Income (Loss)	32	47	56	73	27	7	8	-6	1	-12	13	-1	-7	-6

Liquidity	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	0.74	1.02	1.79	1.44	1.33	0.64	0.5	0.39	0.17	0.21	0.99	1.65	0.59
Current Ratio	- -	1.81	1.86	2.49	2.17	2.03	1.4	1.29	2.25	1.9	0.71	3.12	4.05	3.21
Quick Ratio	- -	1.46	1.65	2.22	1.79	1.66	0.9	0.95	1.88	1.65	0.63	2.82	3.78	2.91
CFO/Avg Current Liab	- -	2.15	1.16	1.48	0.55	0.3	0.34	0.06	-0.43	-0.92	0.43	0.02	-0.18	0.29
Common Equity/Total Assets	- -	-18	-5.62	9.5	12.88	13.21	11.13	4.78	-0.1	-19.42	-32.44	-42	-48.62	-65.93
Long-Term Debt/Equity (%)	- -	223.89	567.98	165.07	111.85	89.65	50.88	48	53.23	118.5	8.2	25.34	22.8	6.56
Long-Term Debt/Capital (%)	- -	73.94	100.63	77.68	70.02	67.75	59.13	79.58	95.18	148.9	13.89	-74.59	-53.05	-8.86
Long-Term Debt/Total Assets (%)	- -	52.25	64.57	47.63	38.8	34.69	23.71	23.45	29.84	45.76	2.73	17.12	16.21	5.35
Total Debt/Equity (%)	- -	243.01	613.84	179.57	122.62	98.17	62.17	50.52	56.11	129.87	156.57	28.19	25.41	6.87
Total Debt/Capital (%)	- -	80.25	108.76	84.5	76.76	74.19	72.25	83.76	100.33	163.18	265.31	-82.99	-59.14	-9.28
Total Debt/Total Assets (%)	- -	56.71	69.79	51.82	42.54	37.99	28.97	24.68	31.45	50.15	52.07	19.05	18.07	5.6
CFO/Total Liabilities	- -	20.74	19.72	33.44	16.23	10.88	17.99	3.54	-20.07	-18.09	24.7	2.32	-8.38	21.07
CFO/CapEx	3.7	4.74	3.26	4.9	2.75	2.05	2.26	0.41	-1.59	-3.18	5.49	0.27	-0.8	0.93
Altman's Z-Score	- -	4.63	4.42	4.27	2.72	2.18	2.27	1.77	3.28	1.46	1.46	1.25	0.8	0.68

Working Capital	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	16.8	9.9	11.96	11.26	9.66	9.6	11.01	9.33	6.26	6.19	5.65	5.97	6.82
Days Sales Outstanding	- -	21.72	36.87	30.52	32.41	37.8	38.02	33.14	39.13	58.29	58.97	64.59	61.18	53.55
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	113.47	51.12	49.92	76.62	101.3	76.6	65.85	58.56	68.5	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	3.22	7.14	7.31	4.76	3.6	4.77	5.54	6.23	5.33	- -	- -	- -
Cash Conversion Cycle	- -	- -	33.65	23.38	25.1	33.04	34.42	28.37	33.58	52.06	53.64	- -	- -	- -
Inventory to Cash Days	- -	- -	36.87	30.52	32.41	37.8	38.02	33.14	39.13	58.29	58.97	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	- -	20	38	82	80	71	33	22	5	3	16	17	23	7
+ Preferred Equity and Hybrid Capital	- -	58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	103	148	133	112	92	54	41	43	70	66	23	21	6
Enterprise Value	- -	142	110	51	31	21	21	19	38	66	50	6	-2	-2
Total Capital	- -	129	136	158	146	124	74	48	43	43	25	-28	-36	-60
Total Debt/Capital (%)	- -	80.25	108.76	84.5	76.76	74.19	72.25	83.76	100.33	163.18	265.31	-82.99	-59.14	-9.28
Total Debt / EV	- -	0.73	1.34	2.59	3.55	4.4	2.6	2.15	1.14	1.05	1.32	3.94	-11.22	-3.25
EV/Sales	- -	0.87	0.52	0.2	0.16	0.13	0.15	0.14	0.24	0.44	0.32	0.05	- -	- -
EV/EBITDA	- -	2.6	1.68	0.62	0.79	1.04	0.99	3.86	3.31	- -	2.48	1.04	- -	- -
EV/EBIT	- -	3.03	1.97	0.71	1.16	3.02	2.75	- -	31.79	- -	3.81	- -	- -	- -
EV/Cash Flow to Firm	- -	3.79	2.49	0.76	0.94	0.89	0.88	2.03	- -	- -	1.94	0.48	- -	- -
EV/Free Cash Flow to Firm	- -	3.25	1.98	0.64	0.72	0.67	0.66	1.14	28.79	- -	1.69	0.37	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	142	110	51	31	21	21	19	38	66	50	6	-2	-2
EV per Share	- -	3.14	2.5	1.08	0.65	0.42	0.41	0.37	0.73	1.24	0.91	0.1	- -	- -
TTM Sales	124	163	210	255	195	159	141	132	156	150	156	124	109	114
TTM EBITDA	39	54	65	84	40	20	21	5	11	-1	20	6	-1	1
TTM Operating Income	32	47	56	73	27	7	8	-6	1	-12	13	-1	-7	-6
TTM Cash Flow to Firm	27	37	44	68	33	23	24	9	-6	-8	26	12	-2	6
TTM Free Cash Flow to Firm	32	44	56	81	44	31	31	17	1	-3	29	16	2	10

Multiples	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -

Performant Healthcare, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples