MultiPlan Corp
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
View on SEC.govAbout 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.
Sep 30, 2024 · Filed Nov 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $86,598 | $71,547 |
| Restricted cash | 10,570 | 9,947 |
| Trade accounts receivable, net | 82,132 | 76,558 |
| Unbilled IDR fees, net | 13,975 | 8,197 |
| Prepaid expenses | 16,536 | 23,432 |
| Prepaid taxes | — | 1,364 |
| Other current assets, net | 1,719 | 2,548 |
| Total current assets | 211,530 | 193,593 |
| Property and equipment, net | 292,870 | 267,429 |
| Operating lease right-of-use assets | 13,572 | 19,680 |
| Goodwill | 2,403,140 | 3,829,002 |
| Other intangibles, net | 2,366,794 | 2,633,207 |
| Other assets, net | 31,298 | 21,776 |
| Total assets | $5,319,204 | $6,964,687 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $22,547 | $19,590 |
| Accrued interest | 74,314 | 56,827 |
| Accrued taxes | 8,123 | — |
| Operating lease obligation, short-term | 4,585 | 4,792 |
| Current portion of long-term debt | 13,250 | 13,250 |
| Accrued compensation | 33,624 | 44,720 |
| Accrued legal contingencies | 23,123 | 12,123 |
| Other accrued expenses | 21,931 | 15,437 |
| Total current liabilities | 201,497 | 166,739 |
| Long-term debt | 4,510,245 | 4,532,733 |
| Operating lease obligation, long-term | 9,716 | 17,124 |
| Private Placement Warrants and Unvested Founder Shares | 1 | 477 |
| Deferred income taxes | 378,508 | 521,707 |
| Other liabilities | 11,675 | 16,783 |
| Total liabilities | 5,111,642 | 5,255,563 |
| Commitments and contingencies (Note 8) | ||
| 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; 16,914,056 and 16,695,207 issued; 16,171,197 and 16,207,984 shares outstanding(1) | 2 | 2 |
| Additional paid-in capital(1) | 2,365,928 | 2,348,570 |
| Accumulated other comprehensive loss | (12,462) | (11,778) |
| Retained deficit | (2,007,173) | (499,307) |
| Treasury stock — 742,859 and 487,223 shares(1) | (138,733) | (128,363) |
| Total shareholders’ equity | 207,562 | 1,709,124 |
| Total liabilities and shareholders’ equity | $5,319,204 | $6,964,687 |
(1)Shares, common stock and additional paid-in capital have been retroactively adjusted for all periods presented to reflect the one-for-forty (1-for-40) reverse stock split that became effective on September 20, 2024. See Note 1 General Information and Basis of Accounting.
Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss
(in thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | $230,495 | $242,804 | $698,479 | $717,389 |
| Costs of services (exclusive of depreciation and amortization of intangible assets shown below) | 60,825 | 60,949 | 182,271 | 174,806 |
| General and administrative expenses | 37,725 | 36,779 | 107,133 | 107,996 |
| Depreciation | 22,572 | 19,586 | 65,372 | 56,693 |
| Amortization of intangible assets | 85,971 | 85,971 | 257,913 | 256,724 |
| Loss on impairment of goodwill and intangible assets | 361,612 | — | 1,434,363 | — |
| Total expenses | 568,705 | 203,285 | 2,047,052 | 596,219 |
| Operating (loss) income | (338,210) | 39,519 | (1,348,573) | 121,170 |
| Interest expense | 81,792 | 84,300 | 245,119 | 250,203 |
| Interest income | (1,245) | (1,505) | (2,722) | (7,110) |
| Gain on extinguishment of debt | — | (10,129) | (5,913) | (46,907) |
| (Gain) loss on change in fair value of Private Placement Warrants and Unvested Founder Shares | (87) | (2,127) | (476) | 267 |
| Net loss before taxes | (418,670) | (31,020) | (1,584,581) | (75,283) |
| Benefit for income taxes | (27,220) | (6,875) | (76,715) | (14,977) |
| Net loss | $(391,450) | $(24,145) | $(1,507,866) | $(60,306) |
| Weighted average shares outstanding – Basic(1) | 16,143,520 | 16,161,095 | 16,139,523 | 16,096,395 |
| Weighted average shares outstanding – Diluted(1) | 16,143,520 | 16,161,095 | 16,139,523 | 16,096,395 |
| Net loss per share – Basic(1) | $(24.25) | $(1.49) | $(93.43) | $(3.75) |
| Net loss per share – Diluted(1) | $(24.25) | $(1.49) | $(93.43) | $(3.75) |
| Net loss | (391,450) | (24,145) | (1,507,866) | (60,306) |
| Other comprehensive income: | ||||
| Change in unrealized gains (losses) on interest rate swaps, net of tax | (11,341) | 382 | (684) | 382 |
| Comprehensive loss | $(402,791) | $(23,763) | $(1,508,550) | $(59,924) |
(1)Shares and net loss per share have been retroactively adjusted for all periods presented to reflect the one-for-forty (1-for-40) reverse stock split that became effective on September 20, 2024. See Note 1 General Information and Basis of Accounting.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.