Performant Healthcare Inc (PHLT) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Performant Financial Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Performant Financial 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Richard Zubek, Vice President, Investor Relations. Thank you, Richard. You may begin. Richard, your line may be on mute.

現在我很高興向您介紹主持人，投資者關係副總裁 Richard Zubek。謝謝你，理查德。你可以開始了。理查德，你的線路可能處於靜音狀態。

Thank you, operator. Good afternoon, everyone. By now, you should have received a copy of the earnings release for our company's fourth quarter and full year 2022 results. If you have not, a copy is available on the Investor Relations portion of our website.

謝謝你，運營商。大家下午好。到目前為止，您應該已經收到我們公司第四季度和 2022 年全年業績的收益發布副本。如果您還沒有，可以在我們網站的投資者關係部分找到一份副本。

On today's call will be Lisa Im, Chief Executive Officer; Simeon Kohl, President; and Rohit Ramchandani, Senior Vice President of Finance and Strategy.

首席執行官 Lisa Im 將出席今天的電話會議； Simeon Kohl，總裁；財務和戰略高級副總裁 Rohit Ramchandani。

Before we begin, I'd like to remind you that some of the comments made on today's call, including our financial guidance, are forward-looking statements. These statements are subject to risks and uncertainties, including those described in the company's filings with the SEC. Our actual results may differ materially from those described during the call.

在我們開始之前，我想提醒您，在今天的電話會議上發表的一些評論，包括我們的財務指導，都是前瞻性陳述。這些聲明受風險和不確定性的影響，包括公司向美國證券交易委員會提交的文件中描述的風險和不確定性。我們的實際結果可能與電話中描述的結果大不相同。

In addition, all forward-looking statements are made as of today, and the company does not undertake to update any forward-looking statements based on new circumstances or revised expectations.

此外，所有前瞻性陳述均截至今日作出，公司不承諾根據新情況或修改後的預期更新任何前瞻性陳述。

Also, all non-GAAP financial measures discussed during this call are reconciled to the most directly comparable GAAP measures in table attached to our press release. Lastly, please mark June 20th on your calendars as we will be hosting our inaugural Investor Day event. More details will follow as our event approaches.

此外，本次電話會議期間討論的所有非 GAAP 財務指標都與我們新聞稿所附表格中最直接可比的 GAAP 指標相一致。最後，請在您的日曆上標記 6 月 20 日，因為我們將舉辦首屆投資者日活動。隨著我們活動的臨近，將提供更多詳細信息。

I would now like to turn the call over to Lisa Im. Lisa?

我現在想把電話轉給 Lisa Im。麗莎？

Thank you, Rich. Good afternoon, everyone, and thank you for joining us for our earnings call. I'm proud of the efforts that this entire team gives us each and every day as we continue to pursue and grow our health care business in ways that many found impossible. Thank you for your dedication and hard work.

謝謝你，里奇。大家下午好，感謝您加入我們的財報電話會議。在我們繼續以許多人認為不可能的方式追求和發展我們的醫療保健業務的過程中，我為整個團隊每天付出的努力感到自豪。感謝您的奉獻和辛勤工作。

With our first year of operating primarily as a health care company behind us, this is a prime opportunity for us to reflect on our successes and areas of opportunity as we continue to grow and take share in the payment integrity space.

隨著我們主要作為一家醫療保健公司運營的第一年已經過去，這是我們反思我們的成功和機會領域的絕佳機會，因為我們將繼續發展並在支付完整性領域佔有一席之地。

With that, let me turn things over to Simeon, and have him walk you through our results of the fourth quarter as well as for the 2022 year. Sim?

有了這個，讓我把事情交給西蒙，讓他向您介紹我們第四季度和 2022 年的結果。模擬？

Thanks, Lisa, and good afternoon, everyone. 2022 is a remarkable year as Performant achieved numerous strategic milestones. Within the government space, we were awarded a highly coveted contract in the Department of Health and Human Services Office of the Inspector General, provide claim audit and consultant services via a full and open procurement, and Performant was the sole awardee for this national engagement.

謝謝，麗莎，大家下午好。 2022 年是非凡的一年，Performant 實現了眾多戰略里程碑。在政府空間內，我們在衛生與公共服務部監察長辦公室獲得了一份令人垂涎的合同，通過全面公開的採購提供索賠審計和諮詢服務，而 Performant 是這項全國參與的唯一獲獎者。

Our proprietary technology, extensive knowledge of payment policies and vast clinical expertise have allowed us to forge this multiyear partnership with the OIG. And I am pleased to share that this program is operational and expected to contribute to our 2023 revenue targets. In addition to the HHS OIG award, we further expanded our long-standing relationship with CMS with the award of the RAC Region 2 contract. This 14-state region builds upon our expansive recovery audit relationship with CMS as the existing contractor for Region 1 and the existing national contractor for Region 5.

我們的專有技術、廣泛的支付政策知識和豐富的臨床專業知識使我們能夠與 OIG 建立多年的合作夥伴關係。我很高興與大家分享，該計劃正在運作，預計將有助於實現我們 2023 年的收入目標。除了 HHS OIG 獎項外，我們還通過授予 RAC 區域 2 合同進一步擴大了與 CMS 的長期合作關係。這個由 14 個州組成的地區建立在我們與 CMS 廣泛的恢復審計關係之上，CMS 是 1 區的現有承包商和 5 區的現有國家承包商。

It should also be noted that the RAC Region 2 award was twice confirmed following a protest from the incumbent contractor that was ultimately ruled in our favor. I'm pleased to announce that the most recent protest was withdrawn and contract activities have commenced.

還應該指出的是，在現任承包商的抗議最終對我們有利的裁決之後，RAC 區域 2 獎項被兩次確認。我很高興地宣布，最近的抗議已撤回，合同活動已經開始。

Staying with the government focus and within our eligibility business, we were reawarded the national CMS Medicare Secondary Payer Commercial Repayment Center contract via a highly competitive federal RFQ process that included multiple bidders. This contract has a term for up to 6 years, and though we are the incumbent vendor, there are a number of contract transition activities to be addressed during early 2023.

堅持政府的重點和我們的資格業務，我們通過包括多個投標人在內的競爭激烈的聯邦 RFQ 流程獲得了全國 CMS Medicare 二級付款人商業還款中心合同。該合同的期限最長為 6 年，儘管我們是現任供應商，但仍有許多合同過渡活動需要在 2023 年初解決。

As we think about our relationship with CMS, it's important to note that CMS administers approximately 1/3 of the $4.3 trillion annual health care spend. There is no other entity that serves as such a pillar to the industry. As our longest tenured client and the largest payer in the country, CMS is both an important anchor client and a key proof point in our discussions with commercial health plans.

在考慮我們與 CMS 的關係時，重要的是要注意 CMS 管理著每年 4.3 萬億美元的醫療保健支出中的大約 1/3。沒有其他實體可以作為該行業的支柱。作為我們最長的終身客戶和該國最大的付款人，CMS 既是重要的錨定客戶，也是我們與商業健康計劃討論的關鍵證明點。

For example, our experience is CMS' national audit contractor for durable medical equipment, home health and hospice reviews was significant in Performant becoming a market leader for similar audits in the commercial payer space. Our national perspectives and independently attested quality provide commercial payers unique comfort in entrusting Performant with these sensitive audits.

例如，我們的經驗是 CMS 的耐用醫療設備、家庭健康和臨終關懷審查的國家審計承包商在 Performant 成為商業支付領域類似審計的市場領導者方面具有重要意義。我們的國家視角和獨立證明的質量為商業付款人提供了獨特的安慰，讓他們委託 Performant 進行這些敏感的審計。

Our tenure in RAC Region 1 offers commercial payers similar confidence. Our strong provider relationships and demonstrated audit success have resulted in contracted engagements with nearly 1/3 of the commercial payers within those states in Region 1, and we are in active discussions with many others.

我們在 RAC 1 區的任期為商業付款人提供了類似的信心。我們強大的供應商關係和證明的審計成功導致與 1 區這些州內近 1/3 的商業付款人簽訂了合同，我們正在與許多其他人進行積極討論。

As the newly awarded audit contractor for RAC Region 2, we are hopeful for the same alignment with the 40 unique payers within the 14-state region, and we have seen some early interest as payers seek a knowledgeable and trusted partner. 2022 was also a breakthrough year for our work in the commercial payer market. We announced the first of its kind strategic engagement with Priority Health, where we are providing a bespoke end-to-end solution that is tailored for priorities payment integrity needs.

作為 RAC 2 區新授予的審計承包商，我們希望與 14 個州區域內的 40 個獨特的付款人保持一致，並且隨著付款人尋求知識淵博且值得信賴的合作夥伴，我們已經看到了一些早期的興趣。 2022年也是我們在商業支付市場工作的突破年。我們宣布了與 Priority Health 的首次此類戰略合作，我們將提供定制的端到端解決方案，該解決方案專為滿足優先支付完整性需求而量身定制。

We share Priority Health mission to make health care more affordable, and this engagement reflects our commitment to deliver innovative solutions for payers where a multi-vendor or one-size-fits-all approach may not be the most effective strategy. Our thesis of a quicker path to wallet share is evidenced by our operationalized initial SOWs with Priority Health, and we believe this model will provide similar value to other payers.

我們與 Priority Health 有著共同的使命，即讓醫療保健更實惠，這一參與反映了我們致力於為付款人提供創新解決方案，而多供應商或一刀切的方法可能不是最有效的策略。我們與 Priority Health 合作的初始 SOW 證明了我們關於更快獲得錢包份額的論點，我們相信這種模式將為其他付款人提供類似的價值。

Finding a vendor who can be entrusted with sensitive data and expertly manage key provider relations is not easy. And sourcing and managing multiple such vendors can be quite a distraction for small and mid-market health plans. Judging for market interest, this element of our thesis seems to be gaining traction.

找到可以委託敏感數據並熟練管理關鍵供應商關係的供應商並不容易。採購和管理多個此類供應商可能會分散中小型市場健康計劃的注意力。從市場興趣來看，我們論文的這一要素似乎越來越受歡迎。

Additionally, we announced the unique strategic partnership with CAQH. CAQH is an industry alliance of nearly 1,000 plans, 2 million providers and other health care stakeholders working to solve health care challenges and improve payment integrity and coordination of benefit programs for health plans.

此外，我們還宣布與 CAQH 建立獨特的戰略合作夥伴關係。 CAQH 是一個由近 1,000 個計劃、200 萬提供者和其他醫療保健利益相關者組成的行業聯盟，致力於解決醫療保健挑戰並改善支付完整性和健康計劃福利計劃的協調。

Through our strategic partnership with CAQH, we will be able to better support health plans with their coordination of benefit initiatives, provide comprehensive data services and serve as an extension of the planned own operations team to help drive savings that would otherwise be lost. We are excited about this partnership and we believe that it will produce fruitful results for both Performant and the CAQH alliance.

通過我們與 CAQH 的戰略合作夥伴關係，我們將能夠更好地支持健康計劃，協調福利計劃，提供全面的數據服務，並作為計劃中的自有運營團隊的延伸，幫助推動可能會損失的節省。我們對這種夥伴關係感到興奮，我們相信它將為 Performant 和 CAQH 聯盟帶來豐碩的成果。

In fact, we have already implemented our first health plan into COB Smart, which has delivered ROI positive results. Overall, during 2022, we have completed 20 commercial implementations, and we anticipate that cadence to continue into 2023. We believe our sales pipeline is strong, and we believe our ongoing growth investments toward long-term revenue goals are well supported by our forecast of existing and new implementations.

事實上，我們已經在 COB Smart 中實施了我們的第一個健康計劃，這帶來了積極的投資回報率。總體而言，在 2022 年期間，我們已經完成了 20 個商業實施，我們預計這種節奏將持續到 2023 年。我們相信我們的銷售渠道很強大，我們相信我們對長期收入目標的持續增長投資得到了我們預測的有力支持現有的和新的實施。

This past June, we introduced our new trade name, Performant Healthcare Solutions, amending our decision to place our full attention and focus on health care revenue growth and leaving no doubt as to our direction. Today, considering our accomplishments in both the government and commercial space, we believe that we are better positioned than ever to achieve our long-term revenue and market share targets, growing into a multi-hundred million dollar revenue business.

今年 6 月，我們推出了新的商標名稱 Performant Healthcare Solutions，修改了我們將全部注意力和重點放在醫療保健收入增長上的決定，並明確了我們的方向。今天，考慮到我們在政府和商業領域的成就，我們相信我們比以往任何時候都更有能力實現我們的長期收入和市場份額目標，成長為一個收入達數億美元的企業。

We do have our notes on market conservatism, particularly amongst MCOs along with the decision to extend the public health emergency until May 11, 2023, has caused some delays in implementing and expanded -- expanding contracted programs. These, alongside the transition to a new CMS MSP contract could have a direct impact on 2023 revenue growth.

我們確實有關於市場保守主義的注意事項，特別是在 MCO 中，以及將突發公共衛生事件延長至 2023 年 5 月 11 日的決定，導致實施和擴大合同計劃的一些延誤。這些，再加上向新的 CMS MSP 合同的過渡，可能會對 2023 年的收入增長產生直接影響。

Accordingly, we are forecasting 2023 revenues to be in the range of $105 million to $110 million, and we will continue to invest in our growth initiatives and remain laser-focused on driving internal efficiencies to bolster our margin expansion objectives.

因此，我們預測 2023 年的收入將在 1.05 億美元至 1.1 億美元之間，我們將繼續投資於我們的增長計劃，並繼續專注於提高內部效率，以支持我們的利潤擴張目標。

We operate in a dynamic and complex market. Health care spending represents nearly 20% of the U.S. economy and is expected to grow to nearly $7 trillion within the current decade. Coupled with a system that has ever-increasing complexity, the industry offers tremendous opportunities for companies that are willing to embrace the competitive edge.

我們在一個充滿活力和復雜的市場中運營。醫療保健支出占美國經濟的近 20%，預計在當前十年內將增長至近 7 萬億美元。再加上系統的複雜性不斷增加，該行業為願意擁抱競爭優勢的公司提供了巨大的機會。

Performant has weathered the myriad of challenges related to COVID, successfully navigated the strategic divestiture of our legacy recovery business, won or rewon every strategic government contract that we pursued this past year, continued to show year-over-year commercial revenue growth and implemented several disruptive initiatives.

Performant 經受住了與 COVID 相關的無數挑戰，成功地完成了我們遺留恢復業務的戰略剝離，贏得或重新贏得了我們過去一年尋求的每一項戰略政府合同，繼續顯示出同比商業收入增長，並實施了多項破壞性舉措。

We are on track toward our long-term market share goals and remain committed to achieving strong EBITDA margins as we further scale the business.

我們正在朝著我們的長期市場份額目標邁進，並繼續致力於實現強勁的 EBITDA 利潤率，因為我們進一步擴大了業務規模。

With that, I'll hand it over to Rohit Ramchandani, our Senior Vice President of Finance and Strategy for a discussion of the financials. Rohit?

有了這個，我將把它交給我們的財務和戰略高級副總裁 Rohit Ramchandani 來討論財務問題。羅希特？

Thanks, Sim. Our results in the fourth quarter reflect our successful efforts of continuing to grow our health care market operations, and we remain pleased and excited with the trajectory that we are on. Total company revenues in the quarter were $29.2 million, which included record quarterly health care revenues of $26 million, increases on both a year-over-year and sequential basis.

謝謝，西姆。我們在第四季度的業績反映了我們在繼續發展醫療保健市場業務方面的成功努力，我們對目前的發展軌跡感到高興和興奮。本季度公司總收入為 2920 萬美元，其中包括創紀錄的季度醫療保健收入 2600 萬美元，同比和連續增長。

Our customer care outsourced services revenues were $3.1 million for the quarter, a decline from last quarter, but in line with our expectations for this business. Our expectations for the future of this customer care market will be guided by the expected restart process of the federal student loan programs.

本季度我們的客戶服務外包服務收入為 310 萬美元，比上一季度有所下降，但符合我們對該業務的預期。我們對這個客戶服務市場未來的預期將以聯邦學生貸款計劃的預期重啟過程為指導。

During the fourth quarter, we also reported $76,000 in non-health care recovery revenue. And overall for 2022, we had $241,000 of such revenues. Given the successful wind down of these contracts, we do not anticipate having any future revenue from this market going forward. I would note that we did incur expense related to the recovery markets in 2022 beyond the cessation of revenues.

在第四季度，我們還報告了 76,000 美元的非醫療保健恢復收入。總體而言，2022 年，我們的此類收入為 241,000 美元。鑑於這些合同的成功結束，我們預計未來該市場不會有任何收入。我要指出的是，除了收入停止之外，我們確實在 2022 年產生了與復蘇市場相關的費用。

Our adjusted EBITDA in the fourth quarter was $2.3 million, stronger than we had originally anticipated, in part due to lower-than-expected spend related to the CMS RAC Region 2 contract award. For our first year as a health care-driven company, we had overall revenues of $109.2 million, including health care-specific revenues of $94.7 million, an increase of 22% compared to the 2021 health care revenues.

我們在第四季度調整後的 EBITDA 為 230 萬美元，高於我們最初的預期，部分原因是與 CMS RAC 區域 2 合同授予相關的支出低於預期。作為一家醫療保健驅動型公司的第一年，我們的總收入為 1.092 億美元，其中醫療保健特定收入為 9470 萬美元，與 2021 年的醫療保健收入相比增長了 22%。

We also achieved adjusted EBITDA of $944,000. During the year, our adjusted EBITDA was impacted by the ongoing costs related to our former recovering market activities. We would additionally note that in looking at the split in revenues between our various government engagements and work with commercial health plans, the results of our commercial growth strategies and continued implementation is proving out well.

我們還實現了 944,000 美元的調整後 EBITDA。在這一年中，我們調整後的 EBITDA 受到與我們之前正在復甦的市場活動相關的持續成本的影響。我們還要注意，在研究我們的各種政府參與和商業健康計劃之間的收入分配時，我們的商業增長戰略和持續實施的結果證明是好的。

We had $58 million in government-related health care revenues for the year and $37 million in commercial payer health care revenue. The commercial payer revenues represent 66% year-over-year growth. Overall, we are quite pleased with these results, which were also squarely in line with our prescribed annual guidance ranges of $92 million to $96 million for health care revenues and negative $1 million to $1 million for EBITDA.

我們今年與政府相關的醫療保健收入為 5800 萬美元，商業支付醫療保健收入為 3700 萬美元。商業付款人收入同比增長 66%。總體而言，我們對這些結果感到非常滿意，這也完全符合我們規定的醫療保健收入年度指導範圍 9200 萬至 9600 萬美元和 EBITDA 負 100 萬至 100 萬美元。

Within health care, claims based, also known as claims auditing revenues, in the fourth quarter of 2022 were roughly $12.5 million, which was an increase of nearly 32% compared to the $9.5 million in the fourth quarter of 2021. This represents strong growth from both implementations we've been sharing as well as continued growth from existing statements of work.

在醫療保健領域，基於索賠（也稱為索賠審計）的收入在 2022 年第四季度約為 1250 萬美元，與 2021 年第四季度的 950 萬美元相比增長了近 32%。這表明來自我們一直在分享的這兩種實現以及現有工作聲明的持續增長。

For the full year, claims based revenues totaled $41.4 million, or an increase of over 42% compared to those of 2021. Revenue from our eligibility services for the fourth quarter of 2022 were $13.5 million or a decrease of just under 16% when compared to the $16 million in the fourth quarter of 2021. We had a year-over-year decline in relation to our government eligibility work as we had some large volumes of year-end recruitments in late 2021.

全年，基於索賠的收入總計 4140 萬美元，與 2021 年相比增長了 42% 以上。2022 年第四季度我們的資格服務收入為 1350 萬美元，與 2021 年相比下降了不到 16% 2021 年第四季度的 1600 萬美元。由於我們在 2021 年底進行了大量年終招聘，因此我們的政府資格工作同比下降。

As Sim mentioned, we were reawarded the CMS MSP CRC contract for up to 6 years, and the new contract vehicles should take over in early 2023. As a reminder, last quarter, we also called out a fairly sizable eligibility implementation that was delayed, which we anticipated would delay our expected revenue ramp as well.

正如 Sim 所提到的，我們獲得了長達 6 年的 CMS MSP CRC 合同，新的合同工具應該會在 2023 年初接管。提醒一下，上個季度，我們還提出了相當大規模的資格實施，但被推遲了，我們預計這也會延遲我們預期的收入增長。

Despite this implementation delay, we are still seeing strong progress in our commercial eligibility growth and diversification efforts, which we anticipate to continue. For the full year, we reported eligibility revenues of $53.3 million or an increase of more than 10% as compared to 2021.

儘管實施有所延遲，但我們仍然看到我們在商業資格增長和多元化努力方面取得了強勁進展，我們預計這將繼續下去。全年，我們報告的合格收入為 5330 萬美元，與 2021 年相比增長了 10% 以上。

Operating expenses in the fourth quarter were $29 million, which is $0.3 million higher compared to Q4 of last year. This was driven by increased salaries year-over-year from our ongoing investment into headcount for growth. Full year operating expenses for 2022 were $116.1 million and inclusive of ongoing expense related to recovery market activities of almost $3 million.

第四季度的運營費用為 2900 萬美元，比去年第四季度增加了 30 萬美元。這是由於我們持續投資於員工人數增長而導致薪資逐年增加所推動的。 2022 年全年運營費用為 1.161 億美元，其中包括近 300 萬美元的與復蘇市場活動相關的持續費用。

Looking ahead to 2023, we expect claims space revenues to continue seeing a strong growth trajectory, and for eligibility based revenue to continue on similar trends as commercial revenues continue to grow alongside our mature CMS eligibility contract. These expectations are based on the execution of our sales and implementation pipeline over the past 18-plus months.

展望 2023 年，我們預計索賠空間收入將繼續保持強勁的增長軌跡，並且隨著商業收入繼續增長以及我們成熟的 CMS 資格合同，基於資格的收入將繼續保持類似的趨勢。這些預期是基於我們在過去 18 個多月的銷售和實施渠道的執行情況。

As Sim mentioned, we also have visibility into our implementation cadence continuing and we are excited that our contract activities for RAC Region 2 have commenced after a lengthy protest process across 2022.

正如 Sim 所提到的，我們還可以看到我們的實施節奏仍在繼續，我們很高興在經歷了 2022 年漫長的抗議過程後，我們針對 RAC 區域 2 的合同活動已經開始。

I would also like to mention that in light of the current macro environment and in response to our current growth initiatives, we have been working with our existing lenders to amend certain terms of our credit agreement, the details of which will be included in our Form 10-K to be filed later this week.

我還想提一下，鑑於當前的宏觀環境並響應我們當前的增長計劃，我們一直在與現有貸方合作修改我們信貸協議的某些條款，其詳細信息將包含在我們的表格中10-K 將於本週晚些時候提交。

For 2023, as Sim mentioned, we anticipate health care revenues to be in the range of $105 million to $110 million. Separately, we anticipate that our customer care revenues will decline quarter-over-quarter. And as I mentioned earlier, our precise expectations for these market revenues will be tied to the restart process of payments on student loans.

正如 Sim 所提到的，到 2023 年，我們預計醫療保健收入將在 1.05 億美元至 1.1 億美元之間。另外，我們預計我們的客戶服務收入將環比下降。正如我之前提到的，我們對這些市場收入的準確預期將與重啟學生貸款支付流程掛鉤。

In terms of EBITDA, we anticipate full year 2023 adjusted EBITDA to be in the range of $2 million to $5 million, which reflects our ongoing investment and growth initiatives and an improvement of our operational efficiencies. This is specifically inclusive of expected operational investment spend of $10 million to $14 million. That will largely support revenue growth into 2024 and beyond, drive program implementations and overall scale and efficiencies.

在 EBITDA 方面，我們預計 2023 年全年調整後的 EBITDA 將在 200 萬至 500 萬美元之間，這反映了我們正在進行的投資和增長計劃以及我們運營效率的提高。這特別包括 1000 萬至 1400 萬美元的預期運營投資支出。這將在很大程度上支持 2024 年及以後的收入增長，推動計劃實施以及整體規模和效率。

We are excited to continue growing the business, but also have our eye on the goal of achieving EBITDA margins in the 20s. Aside from operational improvements as we continue to scale, we anticipate seeing a natural expansion of these margins. This is supported by management's estimated gross margins of the blend of our various markets in the 40s as it stands today with room for expansion.

我們很高興能繼續發展業務，但我們也著眼於在 20 年代實現 EBITDA 利潤率的目標。除了隨著我們繼續擴大規模而改善運營之外，我們預計這些利潤率會自然擴大。這得到了管理層估計我們 40 年代各個市場混合的毛利率的支持，因為它今天具有擴展空間。

We are encouraged at the prospects of some of the key initiatives Sim mentioned, notably the work on lessening the time it takes to operationalize new implementations, which should have a positive long-term impact on the time from contracts to revenues. Ultimately, we believe 2023 should be another strong year of execution and wins for Performant. And as we continue on the path toward our long-term goals, we remain excited to deliver results for all our constituents.

我們對 Sim 提到的一些關鍵舉措的前景感到鼓舞，特別是在減少實施新實施所需時間方面的工作，這應該會對從合同到收入的時間產生積極的長期影響。最終，我們認為 2023 年應該是 Performant 執行和勝利的又一個強勁年份。在我們繼續朝著我們的長期目標邁進的過程中，我們仍然很高興能為我們所有的選民帶來成果。

With that, operator, would you please open up the line for questions.

有了這個，接線員，請你打開問題熱線。

(Operator Instructions) Our first question is from George Sutton with Craig-Hallum.

（操作員說明）我們的第一個問題來自 George Sutton 和 Craig-Hallum。

First, congratulations on the finalization of RAC Region 2. Our work suggests that there's a start date for that contract of March 24th, I just wanted to confirm that. And can you just lay out how you are going to roll that out over '23?

首先，祝賀 RAC 區域 2 的最終確定。我們的工作表明該合同的開始日期為 3 月 24 日，我只是想確認一下。你能說明一下你將如何在 23 年推出它嗎？

George, yes. So we are starting -- we did start activities commenced, as I said in my prepared remarks. And so we now will be engaging with CMS quite regularly on all of the activities that I've shared previously with regards to operationalizing these programs. And so there's a decent amount of work that we have in place in terms of setting up the various systems, getting the data inputs over to us, remapping some of the concepts. I think most specifically the big lift is what we refer to as provider outreach. And so Performant -- our win theme has historically been our quality scores with providers. And so we spend a lot of time making sure that we appropriately communicate with those providers, make sure they're aware of the ramp that CMS is expecting, et cetera. So I think we're going to be heads down with those initiatives for the next few months minimally. And then I think we'll see some time, I'd say, late Q3, early Q4, we might be in a position to start moving towards actually starting our audits for the program. So a good amount of time on these types of contracts just to make sure that we get everything right and get all of our systems aligned and our coordination with the various providers in place.

喬治，是的。所以我們開始了——我們確實開始了活動，正如我在準備好的發言中所說的那樣。因此，我們現在將定期與 CMS 合作，開展我之前分享的有關實施這些計劃的所有活動。因此，在設置各種系統、將數據輸入交給我們、重新映射一些概念方面，我們已經完成了大量工作。我認為最具體的大提升是我們所說的提供商外展。所以性能——我們的勝利主題歷來是我們與供應商的質量分數。因此，我們花費大量時間確保我們與這些供應商進行適當的溝通，確保他們了解 CMS 期望的增長，等等。所以我認為我們將在接下來的幾個月裡低調地實施這些舉措。然後我想我們會看到一些時間，我會說，第三季度末，第四季度初，我們可能會開始朝著實際開始對該計劃的審計邁進。因此，在這些類型的合同上花費大量時間只是為了確保我們把一切都做好，讓我們所有的系統保持一致，並與各種供應商進行協調。

You mentioned there were, if I heard you correctly, 40 unique payers in the RAC Region 2. Could you talk about what you mean by that in terms of further opportunities that you might see?

如果我沒聽錯的話，你提到在 RAC 區域 2 中有 40 個獨特的付款人。你能談談你可能會看到的更多機會的意思嗎？

Yes, of course. And so look, as we've said all along, CMS really is the pillar -- we call it our pillar strategy. CMS offers so much guidance to these various programs. They control an enormous amount of that $4 trillion spend when you think about them in terms of the Medicare Advantage plans, the fee-for-service plans, their contribution, 50% level of state and Medicaid MCO. And so as we think about our alignment with CMS and in terms of our various offerings, we have our eligibility offering, which aligns to our MSP program with CMS. We have our RAC audit, which aligns to our commercial audit pursuits. And so for us, our sales teams use that as a key determinant, as a key differentiator. When we go out and talk to the commercial plans, we share all that we've made in terms of our investments to support these national plans with the programs with CMS, and that really resonates. It really resonates because they clearly are in partnership with CMS, where they're running an MCO or a Medicare Advantage plan. So having the benefit of a contractor that is really in lockstep with CMS around program integrity is something that's super important. And then if you think about it from a jurisdiction, from a regional standpoint, there's a lot of dynamics with particular providers and suppliers within the various regions. And so as we've showcased and demonstrated, evidenced in our Region 1 and how that's translated to a good number of commercial plans in that same region, we're super excited for the opportunity for the sales folks to start conversations with those 40-plus plans that are aligned in that same jurisdiction for Region -- I'm sorry, for Region 2 jurisdiction.

是的當然。因此，正如我們一直所說的那樣，CMS 確實是支柱——我們稱之為我們的支柱戰略。 CMS 為這些不同的程序提供了很多指導。當您從 Medicare Advantage 計劃、按服務收費計劃、他們的貢獻、50% 的州水平和 Medicaid MCO 的角度考慮他們時，他們控制著 4 萬億美元支出中的大量資金。因此，當我們考慮與 CMS 的一致性以及我們的各種產品時，我們有我們的資格產品，它與我們的 MSP 計劃與 CMS 保持一致。我們有我們的 RAC 審計，這與我們的商業審計追求一致。所以對我們來說，我們的銷售團隊將其作為關鍵決定因素，作為關鍵差異化因素。當我們出去討論商業計劃時，我們會分享我們在投資方面所做的一切，以支持這些國家計劃與 CMS 的計劃，這確實引起了共鳴。它確實引起了共鳴，因為他們顯然與 CMS 合作，他們在那裡運行 MCO 或 Medicare Advantage 計劃。因此，擁有真正與 CMS 在程序完整性方面保持一致的承包商的好處是非常重要的。然後，如果你從一個司法管轄區、從區域的角度考慮它，那麼不同地區的特定供應商和供應商之間會有很多動態。因此，正如我們在我們的區域 1 中展示和展示的那樣，以及如何將其轉化為同一區域的大量商業計劃，我們非常高興銷售人員有機會與 40-加上在同一地區的同一管轄區內對齊的計劃——對不起，對於第 2 區管轄區。

Finally, if I just understand in your press release, you talked about a pipeline that supports a similar cadence for 2023 versus 2022. I believe you were referring to the -- on the call, you said '20; in the release, you said '21 implementations. Is that what you're referring to? Could you just give us a little more picture there?

最後，如果我在你的新聞稿中了解到，你談到了支持 2023 年與 2022 年相似節奏的管道。我相信你指的是——在電話會議上，你說“20”；在發布中，你說了 '21 個實現。那是你指的嗎？你能再給我們多一點圖片嗎？

Sure. Yes. So in my prepared remarks, I discussed '20, I think, in the release, '21. So the '20 is referring to the commercial, '21 is probably including the HHS. So '20, commercial implementations. And so as we've shared before, we continue and I think largely consistent with what we just discussed in terms of our pillar strategy with CMS, we continue to have a very, very strong pipeline of opportunities. We're converting those opportunities, which translate into additional implementations. And so the point here, George, is that we see -- we have really strong line of sight into a similar cadence that we experienced in 2022 into 2023 for the commercial plans.

當然。是的。因此，在我準備好的發言稿中，我認為在發佈時討論了 20 年，21 年。所以 '20 指的是商業廣告，'21 可能包括 HHS。所以'20，商業實施。因此，正如我們之前分享的那樣，我們繼續，我認為與我們剛剛討論的與 CMS 的支柱戰略基本一致，我們繼續擁有非常非常強大的機會渠道。我們正在轉換這些機會，將其轉化為額外的實施。因此，喬治，這裡的重點是我們看到了——我們對商業計劃在 2022 年到 2023 年經歷的類似節奏有著非常強烈的視線。

Our next question is from Jacob Stephan with Lake Street Capital Markets.

我們的下一個問題來自 Lake Street Capital Markets 的 Jacob Stephan。

I just wanted to echo the congrats on RAC Region 2. Maybe on the CAQH alliance, could you kind of talk to the program implementations. I know you said you had implemented the first program, but maybe give us a kind of breakdown of how that lays out over the...

我只是想回應對 RAC 區域 2 的祝賀。也許在 CAQH 聯盟上，你能談談程序實施嗎？我知道你說過你已經實施了第一個程序，但也許可以給我們一個關於如何在......

Yes. So -- yes. So look, CAQH, as a reminder, as I shared, CAQH aggregates a tremendous amount of coverage data from the various plans. And so ultimately, the partnership that we have with CAQH is we take their data. They're out there communicating with plans, engaging with plans. We have similar services, but they make their data available. And what we felt the opportunity here was for CAQH to come in with their data, we supplement it with our data. But most importantly, we supplement it with our services, our subject matter expertise around coordination of benefits. And so what that does is it allows these plans really to get a much, much more material ROI on their investment of the CAQH product. And so as I mentioned, we've implemented our first plan, our thesis in terms of how the organizations work together, what the value proposition is for the end client has come together. And while I can't tell you specifics in terms of what the timing is on the various next ones, I can assure you that the teams are working together, CAQH and Performant, and we do have a number of opportunities in the pipeline, and I expect that we will be having an opportunity to share more as the year progresses.

是的。所以——是的。因此，CAQH 提醒一下，正如我分享的那樣，CAQH 匯總了來自各種計劃的大量覆蓋數據。因此，最終，我們與 CAQH 的合作夥伴關係是我們獲取他們的數據。他們在那裡與計劃溝通，參與計劃。我們有類似的服務，但他們提供他們的數據。我們覺得這裡的機會是 CAQH 提供他們的數據，我們用我們的數據補充它。但最重要的是，我們用我們的服務、我們圍繞利益協調的主題專業知識來補充它。因此，這樣做的目的是讓這些計劃真正在他們對 CAQH 產品的投資上獲得非常非常重要的投資回報率。正如我所提到的，我們已經實施了我們的第一個計劃，我們關於組織如何合作的論文，對最終客戶的價值主張是什麼已經形成。雖然我不能告訴你接下來的各種時間安排的具體細節，但我可以向你保證，CAQH 和 Performant 團隊正在一起工作，我們確實有很多機會，而且我希望隨著時間的推移，我們將有機會分享更多。

Okay. Got it. Did I hear that right, commercial payers revenue growth of 66% this year?

好的。知道了。我沒聽錯嗎，今年商業付款人的收入增長了 66%？

Yes, you did hear that right.

是的，你沒聽錯。

Okay. That's great. Could you give us a kind of sense on what we -- what kind of growth rate we could see into 2023?

好的。那太棒了。您能否讓我們了解一下到 2023 年我們可以看到什麼樣的增長率？

Yes. So as we look to 2023 in consideration of our guidance, I think you'll see something similar where the commercial growth rate is going to be much stronger. And for our government revenue streams, you'll see growth, but probably more muted as those programs are more mature and also in consideration of all the implementations we've been sharing have been almost entirely commercially focused in line with our strategies.

是的。因此，當我們根據我們的指導展望 2023 年時，我認為您會看到類似的情況，商業增長率將更加強勁。對於我們的政府收入流，您會看到增長，但隨著這些計劃更加成熟並且考慮到我們一直在分享的所有實施幾乎完全以商業為重點，這與我們的戰略一致，因此增長可能會更加緩慢。

There are no further questions at this time. I would like to hand the floor back over to Simeon Kohl for any closing comments.

目前沒有其他問題。我想將發言權交還給 Simeon Kohl，讓他發表任何結束評論。

Thank you, operator. As you can see, 2022 is a strong year for Performant, both in terms of our strategic accomplishments and our growth. We remain laser focused at driving additional growth alongside our continued efforts to further scale the business and expedite our implementations. We want to thank our shareholders for their continued support, and I hope that we have a chance to see you in person this year. And again, thanks for spending some time with us today.

謝謝你，運營商。正如您所看到的，2022 年對於 Performant 來說是強勁的一年，無論是在我們的戰略成就還是我們的增長方面。我們仍然專注於推動額外增長，同時繼續努力進一步擴大業務規模並加快我們的實施。我們要感謝我們的股東一直以來的支持，我希望今年我們有機會與您見面。再次感謝您今天與我們共度時光。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。