MultiPlan Corp

For the period ended Mar 31, 2024. Filed May 9, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 9, 2024

CTEV$28.67+19.5%Stored close · as of Nov 10, 2026

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Contents

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

	March 31,2024	December 31,2023
Assets
Current assets:
Cash and cash equivalents	$58,695	$71,547
Restricted cash	10,483	9,947
Trade accounts receivable, net	82,443	76,558
Prepaid expenses	24,377	23,432
Prepaid taxes	—	1,364
Other current assets, net	13,512	10,745
Total current assets	189,510	193,593
Property and equipment, net	277,921	267,429
Operating lease right-of-use assets	18,416	19,680
Goodwill	3,312,652	3,829,002
Other intangibles, net	2,544,536	2,633,207
Other assets, net	23,660	21,776
Total assets	$6,366,695	$6,964,687
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$18,038	$19,590
Accrued interest	75,358	56,827
Accrued taxes	31,627	—
Operating lease obligation, short-term	4,718	4,792
Current portion of long-term debt	13,250	13,250
Accrued compensation	22,683	44,720
Accrued legal contingencies	13,123	12,123
Other accrued expenses	15,315	15,437
Total current liabilities	194,112	166,739
Long-term debt	4,511,297	4,532,733
Operating lease obligation, long-term	15,902	17,124
Private Placement Warrants and Unvested Founder Shares	347	477
Deferred income taxes	467,543	521,707
Other liabilities	7,112	16,783
Total liabilities	5,196,313	5,255,563
Commitments and contingencies (Note 7)
Shareholders’ equity:
Shareholder interests
Preferred stock, $0.0001 par value — 10,000,000 shares authorized; no shares issued	—	—
Common stock, $0.0001 par value — 1,500,000,000 shares authorized; 673,899,672 and 667,808,296 issued; 644,185,300 and 648,319,379 shares outstanding	67	67
Additional paid-in capital	2,351,280	2,348,505
Accumulated other comprehensive loss	(3,236)	(11,778)
Retained deficit	(1,038,996)	(499,307)
Treasury stock — 29,714,372 and 19,488,917 shares	(138,733)	(128,363)
Total shareholders’ equity	1,170,382	1,709,124
Total liabilities and shareholders’ equity	$6,366,695	$6,964,687

Unaudited Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income

(in thousands, except share and per share data)

	Three Months Ended March 31,
	2024	2023
Revenues	$234,508	$236,594
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)	60,077	54,850
General and administrative expenses	34,857	31,467
Depreciation	20,989	18,206
Amortization of intangible assets	85,971	85,127
Loss on impairment of goodwill and intangible assets	519,050	—
Total expenses	720,944	189,650
Operating (loss) income	(486,436)	46,944
Interest expense	82,198	83,428
Interest income	(926)	(3,239)
Gain on extinguishment of debt	(5,913)	(36,778)
(Gain) loss on change in fair value of Private Placement Warrants and Unvested Founder Shares	(130)	1,631
Net (loss) income before taxes	(561,665)	1,902
(Benefit) provision for income taxes	(21,976)	1,693
Net (loss) income	$(539,689)	$209
Weighted average shares outstanding – Basic	646,334,247	638,721,991
Weighted average shares outstanding – Diluted	646,334,247	640,901,289
Net (loss) income per share – Basic	$(0.83)	$0.00
Net (loss) income per share – Diluted	$(0.83)	$0.00
Net (loss) income	(539,689)	209
Other comprehensive income:
Change in unrealized losses on interest rate swaps, net of tax	8,542	—
Comprehensive (loss) income	$(531,147)	$209

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.