MultiPlan Reports Third Quarter 2023 Results
- None.
- None.
– Q3 2023 Revenues of
– Identified potential medical cost savings of approximately
– Repurchased an additional
“The third quarter results continued to track to our plan for the year and our expectation for growth in the second half of 2023,” said Dale White, CEO of MultiPlan. “We delivered sequential growth in revenues, with flat Adjusted EBITDA reflecting accelerated investments in new products for the core business and in our new Data & Decision Science Services line. As a result, we remain on track to deliver on our full-year 2023 guidance.”
“Moreover, we continued to make excellent progress on our Growth Plan during the third quarter, with a number of new product launches delivered on or ahead of schedule,” said Mr. White. “Following the expansion of our HST platform with the launch of our Balance Bill Protection™ product in the second quarter, during the third quarter we launched our Pro Pricer™ product to enhance our core out-of-network services, and we broadened our service offerings with the launches of our PlanOptix™ price transparency product and B2B healthcare payment service. Importantly, these 2023 product initiatives are already driving an expansion of our pipeline of new business and positioning us to deliver growth in 2024 and beyond.”
“We also continued to make progress on our capital allocation plan during the third quarter,” said Mr. White. “Specifically, we continued to focus on debt retirement by repurchasing our
Mr. White concluded, “The progress we made in the third quarter speaks to our unwavering focus on executing our longer-term plan, outlined at our Investor Day in June, to transform our business and unlock the value of our franchise, by leveraging the enormous strength of our platform, expanding our products and services, accelerating our growth, diversifying our revenues, and improving our capital structure.”
Business and Financial Highlights
-
Revenues of
$242.8 million 3.1% , compared to revenues of$250.5 million $3.6 million -
Net loss of
$24.1 million $19.7 million -
Adjusted EBITDA of
$152.3 million $172.2 million -
Net cash provided by operating activities of
$72.1 million $109.0 million -
Free Cash Flow of
$49.7 million $88.2 million -
In Q3 2023, the Company used
$35.0 million $46.1 million 5.75% Senior Unsecured Notes in the open market. The Company ended Q3 2023 with$101.3 million -
The Company processed approximately
$42.5 billion $5.8 billion
2023 Financial Guidance
The Company is updating its Full Year 2023 guidance for revenues and Adjusted EBITDA, as detailed in the table below. All other guidance items remain unchanged.
Financial Metric |
|
|
Prior FY 2023 Guidance |
Revised FY 2023 Guidance |
Revenues |
|
|
|
|
Adjusted EBITDA1 |
|
|
|
|
Interest expense |
|
|
|
|
Cash flow from operations2 |
|
|
|
|
Capital expenditures |
|
|
|
|
Depreciation |
|
|
|
|
Amortization of intangible assets |
|
|
|
|
Effective tax rate |
|
|
|
|
The Company anticipates Q4 2023 revenues between
Conference Call Information
The Company will host a conference call today, Tuesday, November 7, 2023 at 8:00 a.m.
To pre-register, go to:https://www.netroadshow.com/events/login?show=c7ea7a97&confId=55851
A live webcast of the conference call can be accessed through the Investor Relations section of the Company’s website at investors.multiplan.com/events-and-presentations. Participants should join the webcast ten minutes prior to the start of the conference call. The earnings press release and a supplemental slide deck will also be available on this section of the Company’s website.
For those unable to listen to the live conference call, a replay will be available approximately two hours after the call through the archived webcast on the Investor Relations section of the Company’s website or by dialing (866) 813-9403 or (929) 458-6194. The replay access code is 475386.
About MultiPlan
MultiPlan is committed to helping healthcare payors manage the cost of care, improve their competitiveness, and inspire positive change. Leveraging sophisticated technology, data analytics, and a team rich with industry experience, MultiPlan interprets customers needs and customizes innovative solutions that combine its payment and revenue integrity, network-based, and analytics-based services. MultiPlan is a trusted partner to over 700 healthcare payors in the commercial health, government, and property and casualty markets. For more information, visit www.multiplan.com.
Forward Looking Statements
This press release includes statements that express our management’s opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “forecasts,” “intends,” “plans,” “may,” “will,” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release, including the discussion of 2023 outlook and guidance, plans to expand or enhance the Company’s products and service lines, capital allocation strategies, and the long-term prospects of the Company. Such forward-looking statements are based on available current market information and management’s expectations, beliefs and forecasts concerning future events impacting the business. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that these forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include: the ongoing COVID-19 pandemic and its related effects on our results of operations, financial performance, liquidity or other financial metrics; loss of our customers, particularly our largest customers; trends in the
There can be no assurance that future developments affecting our business will be those that we have anticipated. Forward-looking statements speak only as of the date made.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles in
EBITDA, Adjusted EBITDA, Free Cash Flow, Unlevered Free Cash Flow and Adjusted Cash Conversion Ratio are supplemental measures of MultiPlan’s performance that are not required by or presented in accordance with GAAP. These measures are not measurements of our financial or operating performance under GAAP, have limitations as analytical tools and should not be considered in isolation or as an alternative to net income, cash flows or any other measures of performance prepared in accordance with GAAP.
EBITDA represents net income before interest expense, interest income, income tax provision, depreciation, amortization of intangible assets, and non-income taxes. Adjusted EBITDA is EBITDA as further adjusted by certain items as described in the table below.
In addition, in evaluating EBITDA and Adjusted EBITDA you should be aware that, in the future, we may incur expenses similar to the adjustments in the presentation of EBITDA and Adjusted EBITDA. The presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The calculations of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Based on our industry and debt financing experience, we believe that EBITDA and Adjusted EBITDA are customarily used by investors, analysts and other interested parties to provide useful information regarding a company’s ability to service and/or incur indebtedness.
We also believe that Adjusted EBITDA is useful to investors and analysts in assessing our operating performance during the periods these charges were incurred on a consistent basis with the periods during which these charges were not incurred. Both EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider either in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are:
- EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
- EBITDA and Adjusted EBITDA do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
- EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and
- Although depreciation and amortization are non-cash charges, the tangible assets being depreciated will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.
MultiPlan’s presentation of Adjusted EBITDA should not be construed as an inference that our future results and financial position will be unaffected by unusual items.
Free Cash Flow is defined as net cash provided by operating activities less capital expenditures, all as disclosed in the Statements of Cash Flows. Unlevered Free Cash Flow is defined as net cash provided by operating activities less capital expenditures, plus cash interest paid, all as disclosed in the Statements of Cash Flows. Free Cash Flow and Unlevered Free Cash Flow are measures of our operational performance used by management to evaluate our business after purchases of property and equipment and, in the case of Unlevered Free Cash Flow, prior to the impact of our capital structure. Free Cash Flow and Unlevered Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, MultiPlan’s definitions of Free Cash Flow and Unlevered Free Cash Flow are limited, in that they do not represent residual cash flows available for discretionary expenditures, due to the fact that the measures do not deduct the payments required for debt service, in the case of Unlevered Free Cash Flow, and other contractual obligations or payments made for business acquisitions.
Adjusted Cash Conversion Ratio is defined as Unlevered Free Cash Flow divided by Adjusted EBITDA. MultiPlan believes that the presentation of the Adjusted Cash Conversion Ratio provides useful information to investors because it is a financial performance measure that shows how much of its Adjusted EBITDA MultiPlan converts into Unlevered Free Cash Flow.
MULTIPLAN CORPORATION
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
|
September 30,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
101,320 |
|
|
$ |
334,046 |
|
Restricted cash |
|
6,294 |
|
|
|
6,513 |
|
Trade accounts receivable, net |
|
69,339 |
|
|
|
78,907 |
|
Prepaid expenses |
|
16,270 |
|
|
|
22,244 |
|
Prepaid taxes |
|
6,575 |
|
|
|
1,351 |
|
Other current assets, net |
|
11,867 |
|
|
|
3,676 |
|
Total current assets |
|
211,665 |
|
|
|
446,737 |
|
Property and equipment, net |
|
255,786 |
|
|
|
232,835 |
|
Operating lease right-of-use assets |
|
21,120 |
|
|
|
24,237 |
|
Goodwill |
|
3,829,002 |
|
|
|
3,705,199 |
|
Other intangibles, net |
|
2,719,177 |
|
|
|
2,940,201 |
|
Other assets, net |
|
21,069 |
|
|
|
21,895 |
|
Total assets |
$ |
7,057,819 |
|
|
$ |
7,371,104 |
|
Liabilities and Shareholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
14,402 |
|
|
$ |
13,295 |
|
Accrued interest |
|
76,488 |
|
|
|
57,982 |
|
Operating lease obligation, short-term |
|
4,935 |
|
|
|
6,363 |
|
Current portion of long-term debt |
|
13,250 |
|
|
|
13,250 |
|
Accrued compensation |
|
33,260 |
|
|
|
34,568 |
|
Accrued legal contingencies |
|
12,423 |
|
|
|
33,923 |
|
Other accrued expenses |
|
16,929 |
|
|
|
16,463 |
|
Total current liabilities |
|
171,687 |
|
|
|
175,844 |
|
Long-term debt |
|
4,557,978 |
|
|
|
4,741,856 |
|
Operating lease obligation, long-term |
|
18,541 |
|
|
|
20,894 |
|
Private Placement Warrants and Unvested Founder Shares |
|
2,709 |
|
|
|
2,442 |
|
Deferred income taxes |
|
552,220 |
|
|
|
639,498 |
|
Other liabilities |
|
5,096 |
|
|
|
28 |
|
Total liabilities |
|
5,308,231 |
|
|
|
5,580,562 |
|
Commitments and contingencies (Note 7) |
|
|
|
||||
Shareholders’ equity: |
|
|
|
||||
Shareholder interests |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
67 |
|
|
|
67 |
|
Additional paid-in capital |
|
2,343,340 |
|
|
|
2,330,444 |
|
Accumulated other comprehensive income |
|
382 |
|
|
|
— |
|
Retained deficit |
|
(467,916 |
) |
|
|
(347,800 |
) |
Treasury stock — 17,900,460 and 27,117,406 shares |
|
(126,285 |
) |
|
|
(192,169 |
) |
Total shareholders’ equity |
|
1,749,588 |
|
|
|
1,790,542 |
|
Total liabilities and shareholders’ equity |
$ |
7,057,819 |
|
|
$ |
7,371,104 |
|
MULTIPLAN CORPORATION
Unaudited Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income
(in thousands, except share and per share data)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
$ |
242,804 |
|
|
$ |
250,453 |
|
|
$ |
717,389 |
|
|
$ |
838,627 |
|
Costs of services (exclusive of depreciation and amortization of intangible assets shown below) |
|
60,949 |
|
|
|
53,012 |
|
|
|
174,806 |
|
|
|
150,061 |
|
General and administrative expenses |
|
36,779 |
|
|
|
58,434 |
|
|
|
107,996 |
|
|
|
131,107 |
|
Depreciation |
|
19,586 |
|
|
|
17,481 |
|
|
|
56,693 |
|
|
|
51,248 |
|
Amortization of intangible assets |
|
85,971 |
|
|
|
85,127 |
|
|
|
256,724 |
|
|
|
255,408 |
|
Total expenses |
|
203,285 |
|
|
|
214,054 |
|
|
|
596,219 |
|
|
|
587,824 |
|
Operating income |
|
39,519 |
|
|
|
36,399 |
|
|
|
121,170 |
|
|
|
250,803 |
|
Interest expense |
|
84,300 |
|
|
|
77,087 |
|
|
|
250,203 |
|
|
|
221,228 |
|
Interest income |
|
(1,505 |
) |
|
|
(886 |
) |
|
|
(7,110 |
) |
|
|
(944 |
) |
Gain on extinguishment of debt |
|
(10,129 |
) |
|
|
— |
|
|
|
(46,907 |
) |
|
|
— |
|
Gain on investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(289 |
) |
(Gain) loss on change in fair value of Private Placement Warrants and Unvested Founder Shares |
|
(2,127 |
) |
|
|
(48,851 |
) |
|
|
267 |
|
|
|
(56,443 |
) |
Net (loss) income before taxes |
|
(31,020 |
) |
|
|
9,049 |
|
|
|
(75,283 |
) |
|
|
87,251 |
|
(Benefit) provision for income taxes |
|
(6,875 |
) |
|
|
(10,687 |
) |
|
|
(14,977 |
) |
|
|
10,025 |
|
Net (loss) income |
$ |
(24,145 |
) |
|
$ |
19,736 |
|
|
$ |
(60,306 |
) |
|
$ |
77,226 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – Basic |
|
646,443,806 |
|
|
|
639,073,949 |
|
|
|
643,855,782 |
|
|
|
638,859,792 |
|
Weighted average shares outstanding – Diluted |
|
646,443,806 |
|
|
|
639,850,455 |
|
|
|
643,855,782 |
|
|
|
639,590,184 |
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per share – Basic |
$ |
(0.04 |
) |
|
$ |
0.03 |
|
|
$ |
(0.09 |
) |
|
$ |
0.12 |
|
Net (loss) income per share – Diluted |
$ |
(0.04 |
) |
|
$ |
0.03 |
|
|
$ |
(0.09 |
) |
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
(24,145 |
) |
|
|
19,736 |
|
|
|
(60,306 |
) |
|
|
77,226 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
||||||||
Unrealized gain on interest rate swap, net of tax |
|
382 |
|
|
|
— |
|
|
|
382 |
|
|
|
— |
|
Comprehensive (loss) income |
$ |
(23,763 |
) |
|
$ |
19,736 |
|
|
$ |
(59,924 |
) |
|
$ |
77,226 |
|
MULTIPLAN CORPORATION
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
|
Nine Months Ended September 30, |
||||||
|
|
2023 |
|
|
|
2022 |
|
Operating activities: |
|
|
|
||||
Net (loss) income |
$ |
(60,306 |
) |
|
$ |
77,226 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
56,693 |
|
|
|
51,248 |
|
Amortization of intangible assets |
|
256,724 |
|
|
|
255,408 |
|
Amortization of the right-of-use asset |
|
4,329 |
|
|
|
4,924 |
|
Stock-based compensation |
|
13,357 |
|
|
|
11,298 |
|
Deferred income taxes |
|
(87,278 |
) |
|
|
(138,873 |
) |
Amortization of debt issuance costs and discounts |
|
7,967 |
|
|
|
7,841 |
|
Gain on extinguishment of debt |
|
(46,907 |
) |
|
|
— |
|
Gain on equity investments |
|
— |
|
|
|
(289 |
) |
Loss on disposal of property and equipment |
|
452 |
|
|
|
1,110 |
|
Loss (gain) on change in fair value of Private Placement Warrants and Unvested Founder Shares |
|
267 |
|
|
|
(56,443 |
) |
Changes in assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
11,621 |
|
|
|
27,588 |
|
Prepaid expenses and other assets |
|
(759 |
) |
|
|
13,764 |
|
Prepaid taxes |
|
(5,224 |
) |
|
|
5,064 |
|
Operating lease obligation |
|
(5,041 |
) |
|
|
(4,844 |
) |
Accounts payable, accrued expenses, legal contingencies and other |
|
(1,877 |
) |
|
|
89,653 |
|
Net cash provided by operating activities |
|
144,018 |
|
|
|
344,675 |
|
Investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(77,509 |
) |
|
|
(64,209 |
) |
Proceeds from sale of investment |
|
— |
|
|
|
289 |
|
Purchase of equity investments |
|
— |
|
|
|
(15,000 |
) |
BST Acquisition, net of cash acquired |
|
(140,940 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(218,449 |
) |
|
|
(78,920 |
) |
Financing activities: |
|
|
|
||||
Repurchase of |
|
(134,975 |
) |
|
|
— |
|
Repayments of Term Loan B |
|
(9,938 |
) |
|
|
(9,938 |
) |
Taxes paid on settlement of vested share awards |
|
(461 |
) |
|
|
(2,376 |
) |
Purchase of treasury stock |
|
(13,140 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(158,514 |
) |
|
|
(12,314 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(232,945 |
) |
|
|
253,441 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
340,559 |
|
|
|
188,379 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
107,614 |
|
|
$ |
441,820 |
|
|
|
|
|
||||
Cash and cash equivalents |
$ |
101,320 |
|
|
$ |
439,123 |
|
Restricted cash |
|
6,294 |
|
|
|
2,697 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
107,614 |
|
|
$ |
441,820 |
|
|
|
|
|
||||
Noncash investing and financing activities: |
|
|
|
||||
Purchases of property and equipment not yet paid |
$ |
7,319 |
|
|
$ |
6,315 |
|
Operating lease right-of-use assets obtained in exchange for operating lease liabilities |
$ |
— |
|
|
$ |
2,258 |
|
Supplemental disclosure of cash flow information: |
|
|
|
||||
Cash paid during the period for: |
|
|
|
||||
Interest |
$ |
(223,640 |
) |
|
$ |
(187,834 |
) |
Income taxes, net of refunds |
$ |
(78,582 |
) |
|
$ |
(104,693 |
) |
MULTIPLAN CORPORATION
Calculation of EBITDA and Adjusted EBITDA
(in thousands)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(24,145 |
) |
|
$ |
19,736 |
|
|
$ |
(60,306 |
) |
|
$ |
77,226 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
84,300 |
|
|
|
77,087 |
|
|
|
250,203 |
|
|
|
221,228 |
|
Interest income |
|
(1,505 |
) |
|
|
(886 |
) |
|
|
(7,110 |
) |
|
|
(944 |
) |
(Benefit) provision for income taxes |
|
(6,875 |
) |
|
|
(10,687 |
) |
|
|
(14,977 |
) |
|
|
10,025 |
|
Depreciation |
|
19,586 |
|
|
|
17,481 |
|
|
|
56,693 |
|
|
|
51,248 |
|
Amortization of intangible assets |
|
85,971 |
|
|
|
85,127 |
|
|
|
256,724 |
|
|
|
255,408 |
|
Non-income taxes |
|
669 |
|
|
|
76 |
|
|
|
1,672 |
|
|
|
1,069 |
|
EBITDA |
$ |
158,001 |
|
|
$ |
187,934 |
|
|
$ |
482,899 |
|
|
$ |
615,260 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Other expenses, net(1) |
|
521 |
|
|
|
553 |
|
|
|
759 |
|
|
|
2,206 |
|
Integration expenses |
|
891 |
|
|
|
1,066 |
|
|
|
2,722 |
|
|
|
3,762 |
|
Change in fair value of Private Placement Warrants and unvested founder shares |
|
(2,127 |
) |
|
|
(48,851 |
) |
|
|
267 |
|
|
|
(56,443 |
) |
Transaction-related expenses |
|
269 |
|
|
|
27,408 |
|
|
|
8,105 |
|
|
|
31,420 |
|
Gain on extinguishment of debt |
|
(10,129 |
) |
|
|
— |
|
|
|
(46,907 |
) |
|
|
— |
|
Gain on investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(289 |
) |
Stock-based compensation |
|
4,835 |
|
|
|
4,064 |
|
|
|
13,357 |
|
|
|
11,298 |
|
Adjusted EBITDA |
$ |
152,261 |
|
|
$ |
172,174 |
|
|
$ |
461,202 |
|
|
$ |
607,214 |
|
(1) "Other expenses, net" represent miscellaneous non-recurring income, miscellaneous non-recurring expense, gain or loss on disposal of assets, impairment of other assets, gain or loss on disposal of leases, tax penalties, and non-integration related severance costs.
Calculation of Unlevered Free Cash Flow and Adjusted Cash Conversion Ratio
(in thousands)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
$ |
72,118 |
|
|
$ |
109,036 |
|
|
$ |
144,018 |
|
|
$ |
344,675 |
|
Purchases of property and equipment |
|
(22,414 |
) |
|
|
(20,810 |
) |
|
|
(77,509 |
) |
|
|
(64,209 |
) |
Free Cash Flow |
|
49,704 |
|
|
|
88,226 |
|
|
|
66,509 |
|
|
|
280,466 |
|
Interest paid |
|
62,156 |
|
|
|
48,821 |
|
|
|
223,640 |
|
|
|
187,834 |
|
Unlevered Free Cash Flow |
$ |
111,860 |
|
|
$ |
137,047 |
|
|
$ |
290,149 |
|
|
$ |
468,300 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
152,261 |
|
|
$ |
172,174 |
|
|
$ |
461,202 |
|
|
$ |
607,214 |
|
Adjusted Cash Conversion Ratio |
|
73 |
% |
|
|
80 |
% |
|
|
63 |
% |
|
|
77 |
% |
|
|
|
|
|
|
|
|
||||||||
Net cash used in investing activities |
$ |
(22,060 |
) |
|
|
(20,810 |
) |
|
$ |
(218,449 |
) |
|
$ |
(78,920 |
) |
Net cash used in financing activities |
$ |
(38,338 |
) |
|
|
(3,493 |
) |
|
$ |
(158,514 |
) |
|
$ |
(12,314 |
) |
1 We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
2 Cash flow from operations guidance includes the impact of approximately
View source version on businesswire.com: https://www.businesswire.com/news/home/20231107989339/en/
Investor Relations
Luke
SVP, Finance & Investor Relations
MultiPlan
866-909-7427
investor@multiplan.com
Shawna Gasik
AVP, Investor Relations
MultiPlan
866-909-7427
investor@multiplan.com
Source: MultiPlan Corporation
