MultiPlan Corp
For the period ended Jun 30, 2024. Filed Aug 2, 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.
Jun 30, 2024 · Filed Aug 2, 2024
CTEV$28.67+19.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
| June 30,2024 | December 31,2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $48,767 | $71,547 |
| Restricted cash | 10,402 | 9,947 |
| Trade accounts receivable, net | 81,420 | 76,558 |
| Unbilled IDR fees | 13,709 | 8,197 |
| Prepaid expenses | 23,969 | 23,432 |
| Prepaid taxes | — | 1,364 |
| Other current assets, net | 13,991 | 2,548 |
| Total current assets | 192,258 | 193,593 |
| Property and equipment, net | 286,777 | 267,429 |
| Operating lease right-of-use assets | 17,350 | 19,680 |
| Goodwill | 2,758,951 | 3,829,002 |
| Other intangibles, net | 2,458,565 | 2,633,207 |
| Other assets, net | 28,378 | 21,776 |
| Total assets | $5,742,279 | $6,964,687 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $22,287 | $19,590 |
| Accrued interest | 55,878 | 56,827 |
| Accrued taxes | 12,790 | — |
| Operating lease obligation, short-term | 4,818 | 4,792 |
| Current portion of long-term debt | 13,250 | 13,250 |
| Accrued compensation | 32,179 | 44,720 |
| Accrued legal contingencies | 23,123 | 12,123 |
| Other accrued expenses | 16,512 | 15,437 |
| Total current liabilities | 180,837 | 166,739 |
| Long-term debt | 4,510,765 | 4,532,733 |
| Operating lease obligation, long-term | 14,658 | 17,124 |
| Private Placement Warrants and Unvested Founder Shares | 88 | 477 |
| Deferred income taxes | 428,060 | 521,707 |
| Other liabilities | 4,507 | 16,783 |
| Total liabilities | 5,138,915 | 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; 675,438,163 and 667,808,296 issued; 645,723,791 and 648,319,379 shares outstanding | 67 | 67 |
| Additional paid-in capital | 2,358,874 | 2,348,505 |
| Accumulated other comprehensive loss | (1,121) | (11,778) |
| Retained deficit | (1,615,723) | (499,307) |
| Treasury stock — 29,714,372 and 19,488,917 shares | (138,733) | (128,363) |
| Total shareholders’ equity | 603,364 | 1,709,124 |
| Total liabilities and shareholders’ equity | $5,742,279 | $6,964,687 |
Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss
(in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | $233,476 | $237,991 | $467,984 | $474,585 |
| Costs of services (exclusive of depreciation and amortization of intangible assets shown below) | 61,369 | 59,007 | 121,446 | 113,857 |
| General and administrative expenses | 34,551 | 39,750 | 69,408 | 71,217 |
| Depreciation | 21,811 | 18,901 | 42,800 | 37,107 |
| Amortization of intangible assets | 85,971 | 85,626 | 171,942 | 170,753 |
| Loss on impairment of goodwill and intangible assets | 553,701 | — | 1,072,751 | — |
| Total expenses | 757,403 | 203,284 | 1,478,347 | 392,934 |
| Operating (loss) income | (523,927) | 34,707 | (1,010,363) | 81,651 |
| Interest expense | 81,129 | 82,475 | 163,327 | 165,903 |
| Interest income | (551) | (2,366) | (1,477) | (5,605) |
| Gain on extinguishment of debt | — | — | (5,913) | (36,778) |
| (Gain) loss on change in fair value of Private Placement Warrants and Unvested Founder Shares | (259) | 763 | (389) | 2,394 |
| Net loss before taxes | (604,246) | (46,165) | (1,165,911) | (44,263) |
| Benefit for income taxes | (27,519) | (9,795) | (49,495) | (8,102) |
| Net loss | $(576,727) | $(36,370) | $(1,116,416) | $(36,161) |
| Weighted average shares outstanding – Basic | 644,679,833 | 643,339,328 | 645,499,738 | 640,996,659 |
| Weighted average shares outstanding – Diluted | 644,679,833 | 643,339,328 | 645,499,738 | 640,996,659 |
| Net loss per share – Basic | $(0.89) | $(0.06) | $(1.73) | $(0.06) |
| Net loss per share – Diluted | $(0.89) | $(0.06) | $(1.73) | $(0.06) |
| Net loss | (576,727) | (36,370) | (1,116,416) | (36,161) |
| Other comprehensive income: | ||||
| Change in unrealized gains (losses) on interest rate swaps, net of tax | 2,115 | — | 10,657 | — |
| Comprehensive loss | $(574,612) | $(36,370) | $(1,105,759) | $(36,161) |
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