MPLN Churchill Capital Corp III

– Q1 2024 Revenues of $234.5 million, Net Loss of $539.7 million (including a $519.1 million impairment of goodwill and indefinite-lived intangible assets), and Adjusted EBITDA of $146.8 million

– Identified potential medical cost savings of approximately $5.7 billion in Q1 2024, up 3% from Q1 2023 and down 3% from Q4 2023

– Repurchased or repaid $24.4 million of face value of debt, including $21.1 million of 6.0% Senior Convertible PIK Notes

MultiPlan Corporation (“MultiPlan” or the “Company”) (NYSE: MPLN), a leading value-added provider of data analytics and technology-enabled end-to-end cost management, payment and revenue integrity solutions to the U.S. healthcare industry, today reported financial results for the first quarter ended March 31, 2024.

“As you heard me say a just few months ago, I joined as CEO because I saw an incredible opportunity to help us follow through on our transformation to a world class public company that is fit to deliver sustainable growth and to fulfill our important mission to bend the cost curve in healthcare,” said Travis Dalton, CEO.

“After engaging with countless employees and clients over the last two months, I have even greater admiration for our exceptional talent, appreciation of our strong customer relationships and our hard-earned reputation for providing world class service, and confidence that we will leverage our unique data and technology assets to innovate products for our existing clients and new market segments.”

“At the same time,” continued Mr. Dalton, “we have work to do to enhance our foundation so that we can execute our strategy with discipline and speed. Among the many steps we are taking, we recently added our Chief Operating Officer, Jerry Hogge, who is focused on enhancing our operating and product development capabilities and intensifying our sales engagement, all of which will help us go to market more efficiently and maximize our potential.”

“Our first quarter was affected by a cybersecurity incident at a major medical claims clearinghouse, which disrupted claims flows across the healthcare industry and ultimately downstream to our platform,” said Mr. Dalton. “Despite this disruption, our first quarter results were just below the low end of our guidance ranges for revenues and Adjusted EBITDA. Excluding an estimated $5 to 6 million revenue impact from this disruption, our results would have landed within our guidance ranges.”

“We did not allow the disruption to distract us, and I am proud of the progress the team made during the quarter,” said Mr. Dalton. “We remained focused on delivering on our growth initiatives and product roadmap. And moreover, we remained steadfast in the pursuit of our mission to drive down the costs of healthcare for consumers and our clients, while fulfilling our purpose to make healthcare transparent, fair, and affordable for all.”

Business and Financial Highlights

• Revenues of $234.5 million for Q1 2024, a decrease of 0.9%, compared to revenues of $236.6 million for Q1 2023.
• Net loss of $539.7 million for Q1 2024, compared to net income of $0.2 million for Q1 2023. The net loss was principally due to an impairment charge of $519.1 million for goodwill and indefinite-lived intangibles.
• Adjusted EBITDA of $146.8 million for Q1 2024, compared to Adjusted EBITDA of $156.3 million for Q1 2023.
• Net cash provided by operating activities of $49.7 million for Q1 2024, compared to net cash provided by operating activities of $64.2 million for Q1 2023.
• Free Cash Flow of $19.2 million for Q1 2024, compared to Free Cash Flow of $41.1 million for Q1 2023.
• In Q1 2024, the Company used $18.2 million of cash to repurchase or repay $24.4 million face value of its debt, including $21.1 million of its 6.0% Senior Convertible PIK Notes, and also used $10.4 million of cash to repurchase shares of its common stock in the open market. The Company ended Q1 2024 with $58.7 million of unrestricted cash and cash equivalents on the balance sheet.
• The Company processed approximately $41.5 billion in claim charges during Q1 2024, identifying potential medical cost savings of approximately $5.7 billion.
• Based on the results of an impairment test as of March 31, 2024, the estimated fair values of our goodwill and indefinite-lived assets were less than their carrying values and as a result impairment charges of $516.4 million for our goodwill and $2.7 million for our indefinite-lived intangibles were recorded.

2024 Financial Guidance1

The Company is maintaining its Full Year 2024 guidance, as detailed in the table below.

Financial Metric

 

 

FY 2024 Guidance

Revenues

 

 

$1,000 million to $1,030 million

Adjusted EBITDA1

 

 

$630 million to $650 million

Interest expense

 

 

$320 million to $330 million

Cash flow from operations

 

 

$170 million to $200 million

Capital expenditures

 

 

$120 million to $130 million

Depreciation

 

 

$80 million to $90 million

Amortization of intangible assets

 

 

$345 million to $350 million

Effective tax rate

 

 

25% to 28%

The Company anticipates Q2 2024 revenues between $235 million and $250 million and Adjusted EBITDA1 between $145 million to $160 million.

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.

Conference Call Information

The Company will host a conference call today, Wednesday, May 8, 2024 at 8:00 a.m. U.S. Eastern Time (ET) to discuss its financial results. Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will receive access details via email. Pre-registration may be completed at any time up to and following the call start time.

To pre-register, go to: https://www.netroadshow.com/events/login?show=0ebae0ec&confId=63320

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. This 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. For those requiring operator assistance, please dial (833) 470-1428 or (404) 975-4839. The access code is 298805.

About MultiPlan

MultiPlan is committed to bending the cost curve in healthcare by delivering transparency, fairness, and affordability to the US healthcare system. Our focus is on identifying medical savings, helping to lower out-of-pocket costs, and reducing or eliminating balance billing for healthcare consumers. 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, data and decision science, and analytics-based services. MultiPlan delivers value to more than 700 healthcare payors, over 100,000 employers, 60 million consumers, and 1.4 million contracted providers. For more information, visit 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 2024 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: loss of our customers, particularly our largest customers; interruptions or security breaches of our information technology systems and other cybersecurity attacks; the impact of reduced claims volumes resulting from a nationwide outage by a vendor used by our customers; the ability to achieve the goals of our strategic plans and recognize the anticipated strategic, operational, growth and efficiency benefits when expected; our ability to enter new lines of business and broaden the scope of our services; the loss of key members of management team or inability to maintain sufficient qualified personnel; our ability to continue to attract, motivate and retain a large number of skilled employees, and adapt to the effects of inflationary pressure on wages; trends in the U.S. healthcare system, including recent trends of unknown duration of reduced healthcare utilization and increased patient financial responsibility for services; effects of competition; effects of pricing pressure; our ability to identify, complete and successfully integrate acquisitions; the inability of our customers to pay for our services; changes in our industry and industry standards and technology; our ability to protect proprietary information, processes and applications; our ability to maintain the licenses or right of use for the software we use; our inability to expand our network infrastructure; our ability to obtain additional financing; our ability to pay interest and principal on our notes and other indebtedness; lowering or withdrawal of our credit ratings; adverse outcomes related to litigation or governmental proceedings; inability to preserve or increase our market share or the size of our PPO networks; decreases in discounts from providers; pressure to limit access to preferred provider networks; the loss of our existing relationships with providers; changes in our regulatory environment, including healthcare law and regulations; the expansion of privacy and security laws; heightened enforcement activity by government agencies; the possibility that we may be adversely affected by other political economic, business and/or competitive factors; changes in accounting principles or the incurrence of impairment charges our ability to remediate any material weaknesses or maintain effective internal controls over financial reporting; other factors disclosed in our Securities and Exchange Commission (“SEC”) filings from time to time, including, without limitation, those factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023; and other factors beyond our control. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

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 the United States (“GAAP”), this press release contains certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Free Cash Flow, Unlevered Free Cash Flow and Adjusted Cash Conversion Ratio. A non-GAAP financial measure is generally defined as a numerical measure of a company’s financial or operating performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP.

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)

 

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

 

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

 

MULTIPLAN CORPORATION

 

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

MULTIPLAN CORPORATION

 

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

Operating activities:

 

 

 

Net (loss) income

$

(539,689

)

 

$

209

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation

 

20,989

 

 

 

18,206

 

Amortization of intangible assets

 

85,971

 

 

 

85,127

 

Amortization of the right-of-use asset

 

1,264

 

 

 

1,403

 

Loss on impairment of goodwill and intangible assets

 

519,050

 

 

 

—

 

Stock-based compensation

 

5,694

 

 

 

3,695

 

Deferred income taxes

 

(56,874

)

 

 

3,438

 

Amortization of debt issuance costs and discounts

 

2,885

 

 

 

2,603

 

Gain on extinguishment of debt

 

(5,913

)

 

 

(36,778

)

Loss on disposal of property and equipment

 

106

 

 

 

172

 

(Gain) loss on change in fair value of Private Placement Warrants and Unvested Founder Shares

 

(130

)

 

 

1,631

 

Changes in assets and liabilities:

 

 

 

Accounts receivable, net

 

(5,885

)

 

 

11,875

 

Prepaid expenses and other assets

 

(4,223

)

 

 

(144

)

Prepaid taxes

 

1,364

 

 

 

(4,566

)

Operating lease obligation

 

(1,296

)

 

 

(1,737

)

Accounts payable, accrued taxes, accrued expenses, legal contingencies and other

 

26,403

 

 

 

(20,919

)

Net cash provided by operating activities

 

49,716

 

 

 

64,215

 

Investing activities:

 

 

 

Purchases of property and equipment

 

(30,544

)

 

 

(23,101

)

Net cash used in investing activities

 

(30,544

)

 

 

(23,101

)

Financing activities:

 

 

 

Repurchase of 5.750% Notes

 

—

 

 

 

(99,954

)

Repayments of Term Loan B

 

(3,313

)

 

 

(3,313

)

Repurchase of Senior Convertible PIK Notes

 

(14,886

)

 

 

—

 

Taxes paid on settlement of vested share awards

 

(3,352

)

 

 

(452

)

Purchase of treasury stock

 

(10,370

)

 

 

(5,718

)

Proceeds from issuance of common stock under Employee Stock Purchase Plan

 

433

 

 

 

—

 

Net cash used in financing activities

 

(31,488

)

 

 

(109,437

)

Net decrease in cash, cash equivalents and restricted cash

 

(12,316

)

 

 

(68,323

)

Cash, cash equivalents and restricted cash at beginning of period

 

81,494

 

 

 

340,559

 

Cash, cash equivalents and restricted cash at end of period

$

69,178

 

 

$

272,236

 

 

 

 

 

Cash and cash equivalents

$

58,695

 

 

$

265,728

 

Restricted cash

 

10,483

 

 

 

6,508

 

Cash, cash equivalents and restricted cash at end of period

$

69,178

 

 

$

272,236

 

 

 

 

 

Noncash investing and financing activities:

 

 

 

Purchases of property and equipment not yet paid

$

9,692

 

 

$

6,105

 

Supplemental disclosure of cash flow information:

 

 

 

Cash paid during the period for:

 

 

 

Interest

$

(60,742

)

 

$

(61,717

)

Income taxes, net of refunds

$

(2,260

)

 

$

(3,133

)

MULTIPLAN CORPORATION

 

Calculation of EBITDA and Adjusted EBITDA (in thousands)

 

Three Months Ended March 31,

 

 

2024

 

 

 

2023

 

 

 

 

 

Net (loss) income

$

(539,689

)

 

$

209

 

Adjustments:

 

 

 

Interest expense

 

82,198

 

 

 

83,428

 

Interest income

 

(926

)

 

 

(3,239

)

(Benefit) provision for income taxes

 

(21,976

)

 

 

1,693

 

Depreciation

 

20,989

 

 

 

18,206

 

Amortization of intangible assets

 

85,971

 

 

 

85,127

 

Non-income taxes

 

528

 

 

 

341

 

EBITDA

$

(372,905

)

 

$

185,765

 

Adjustments:

 

 

 

Other expenses (income), net(1)

 

641

 

 

 

(115

)

Integration expenses

 

353

 

 

 

1,043

 

Change in fair value of Private Placement Warrants and unvested founder shares

 

(130

)

 

 

1,631

 

Transaction-related expenses

 

—

 

 

 

1,018

 

Gain on extinguishment of debt

 

(5,913

)

 

 

(36,778

)

Loss on impairment of goodwill and intangible assets

 

519,050

 

 

 

—

 

Stock-based compensation

 

5,694

 

 

 

3,695

 

Adjusted EBITDA

$

146,790

 

 

$

156,259

 

(1) "Other expenses (income), 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 March 31,

 

 

2024

 

 

 

2023

 

 

 

 

 

Net cash provided by operating activities

$

49,716

 

 

$

64,215

 

Purchases of property and equipment

 

(30,544

)

 

 

(23,101

)

Free Cash Flow

 

19,172

 

 

 

41,114

 

Interest paid

 

60,742

 

 

 

61,717

 

Unlevered Free Cash Flow

$

79,914

 

 

$

102,831

 

 

 

 

 

Adjusted EBITDA

$

146,790

 

 

$

156,259

 

Adjusted Cash Conversion Ratio

 

54

%

 

 

66

%

 

 

 

 

Net cash used in investing activities

$

(30,544

)

 

 

(23,101

)

Net cash used in financing activities

$

(31,488

)

 

(109,437

)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240508772264/en/

Investor Relations Luke Montgomery, CFA SVP, Finance & Investor Relations MultiPlan 866-909-7427 investor@multiplan.com Shawna Gasik AVP, Investor Relations MultiPlan 866-909-7427 investor@multiplan.com