MultiPlan Corp

For the period ended Sep 30, 2024. Filed Nov 6, 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.

Sep 30, 2024 · Filed Nov 6, 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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Contents

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.

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.