$MPLN
MultiPlan Corp

2023 Q2 Form 10-Q Financial Statement

#000179322923000083 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $238.0M $236.6M $298.0M
YoY Change -17.97% -20.62% 16.94%
Cost Of Revenue $59.01M $54.85M $47.07M
YoY Change 18.07% 16.52% 18.57%
Gross Profit $179.0M $181.7M $251.0M
YoY Change -25.47% -27.58% 16.68%
Gross Profit Margin 75.21% 76.82% 84.21%
Selling, General & Admin $39.75M $30.45M $30.03M
YoY Change 2.9% 1.39% -6.15%
% of Gross Profit 22.21% 16.75% 11.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $104.5M $18.21M $16.60M
YoY Change 508.74% 9.7% 2.67%
% of Gross Profit 58.4% 10.02% 6.61%
Operating Expenses $144.3M $133.8M $131.8M
YoY Change 2.38% 1.52% -0.84%
Operating Profit $34.71M $46.94M $116.6M
YoY Change -64.5% -59.75% 41.78%
Interest Expense -$80.87M $83.43M $71.45M
YoY Change -211.25% 16.77% 12.13%
% of Operating Profit -233.01% 177.72% 61.25%
Other Income/Expense, Net
YoY Change
Pretax Income -$46.17M $1.902M $58.23M
YoY Change -331.18% -96.73% -1.18%
Income Tax -$9.795M $1.693M $14.26M
% Of Pretax Income 89.01% 24.48%
Net Earnings -$36.37M $209.0K $43.98M
YoY Change -369.17% -99.52% -4.14%
Net Earnings / Revenue -15.28% 0.09% 14.76%
Basic Earnings Per Share -$0.06 $0.00 $0.07
Diluted Earnings Per Share -$0.06 $0.00 $0.07
COMMON SHARES
Basic Shares Outstanding 632.6M shares 639.2M shares 638.5M shares
Diluted Shares Outstanding 643.3M shares 640.9M shares 639.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.76M $265.7M $350.8M
YoY Change -74.67% -24.26% 159.87%
Cash & Equivalents $89.76M $265.7M $350.8M
Short-Term Investments
Other Short-Term Assets $49.37M $4.823M $909.0K
YoY Change 4234.24% 430.58% -60.44%
Inventory
Prepaid Expenses
Receivables $69.90M $67.03M $78.21M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $209.0M $371.5M $454.8M
YoY Change -55.46% -18.32% 114.81%
LONG-TERM ASSETS
Property, Plant & Equipment $271.4M $261.8M $248.8M
YoY Change 10.25% 5.25% 8.77%
Goodwill $3.829B $3.705B $4.363B
YoY Change -12.23% -15.08% -0.07%
Intangibles $2.805B $2.855B $3.200B
YoY Change -9.94% -10.78% -9.62%
Long-Term Investments
YoY Change
Other Assets $21.51M $21.69M $9.227M
YoY Change -4.43% 135.09% 11.53%
Total Long-Term Assets $6.927B $6.844B $7.821B
YoY Change -10.57% -12.49% -3.96%
TOTAL ASSETS
Total Short-Term Assets $209.0M $371.5M $454.8M
Total Long-Term Assets $6.927B $6.844B $7.821B
Total Assets $7.136B $7.215B $8.276B
YoY Change -13.14% -12.81% -0.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.49M $14.14M $10.94M
YoY Change 27.62% 29.23% -5.64%
Accrued Expenses $118.7M $128.4M $135.8M
YoY Change -0.74% -5.46% -0.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.25M $13.25M $13.25M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $147.4M $155.8M $202.0M
YoY Change -0.4% -22.87% -6.54%
LONG-TERM LIABILITIES
Long-Term Debt $4.604B $4.604B $4.878B
YoY Change -5.62% -5.62% -0.02%
Other Long-Term Liabilities $24.55M $0.00 $109.0K
YoY Change 29480.72% -100.0% -79.4%
Total Long-Term Liabilities $4.628B $0.00 $109.0K
YoY Change 5575966.27% -100.0% -79.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $147.4M $155.8M $202.0M
Total Long-Term Liabilities $4.628B $0.00 $109.0K
Total Liabilities $5.368B $5.427B $5.884B
YoY Change -7.56% -7.77% -1.58%
SHAREHOLDERS EQUITY
Retained Earnings -$443.8M -$347.6M $269.1M
YoY Change -257.03% -229.17% 59.31%
Common Stock $67.00K
YoY Change 1.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $126.3M $197.9M $192.2M
YoY Change -34.28% 2.98% 113.82%
Treasury Stock Shares 32.37M shares 27.12M shares
Shareholders Equity $1.769B $1.788B $2.391B
YoY Change
Total Liabilities & Shareholders Equity $7.136B $7.215B $8.276B
YoY Change -13.14% -12.81% -0.95%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$36.37M $209.0K $43.98M
YoY Change -369.17% -99.52% -4.14%
Depreciation, Depletion And Amortization $104.5M $18.21M $16.60M
YoY Change 508.74% 9.7% 2.67%
Cash From Operating Activities $7.685M $64.22M $194.9M
YoY Change -81.12% -67.06% 14.06%
INVESTING ACTIVITIES
Capital Expenditures $31.99M $23.10M $24.45M
YoY Change -268.88% -5.53% 35.01%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$141.3M $0.00 $289.0K
YoY Change 841.96% -100.0% -100.2%
Cash From Investing Activities -$173.3M -$23.10M -$24.17M
YoY Change 410.5% -4.4% -85.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.74M -$109.4M -$5.270M
YoY Change 202.42% 1976.6% 2171.55%
NET CHANGE
Cash From Operating Activities 7.685M $64.22M $194.9M
Cash From Investing Activities -173.3M -$23.10M -$24.17M
Cash From Financing Activities -10.74M -$109.4M -$5.270M
Net Change In Cash -176.3M -$68.32M $165.5M
YoY Change -5600.37% -141.28% 1899.54%
FREE CASH FLOW
Cash From Operating Activities $7.685M $64.22M $194.9M
Capital Expenditures $31.99M $23.10M $24.45M
Free Cash Flow -$24.31M $41.11M $170.5M
YoY Change -140.75% -75.88% 11.58%

Facts In Submission

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OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
2603000 usd
CY2022Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
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CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2022Q1 us-gaap Gains Losses On Extinguishment Of Debt
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0 usd
CY2023Q1 mpln Gain Loss On Investments Excluding Additional Gain Loss On Sale Of Investments In Prior Year
GainLossOnInvestmentsExcludingAdditionalGainLossOnSaleOfInvestmentsInPriorYear
0 usd
CY2022Q1 mpln Gain Loss On Investments Excluding Additional Gain Loss On Sale Of Investments In Prior Year
GainLossOnInvestmentsExcludingAdditionalGainLossOnSaleOfInvestmentsInPriorYear
289000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-172000 usd
CY2022Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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CY2023Q1 mpln Gain Loss On Rights
GainLossOnRights
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CY2022Q1 mpln Gain Loss On Rights
GainLossOnRights
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CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-11875000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
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-21699000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
144000 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3602000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
4566000 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
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CY2023Q1 mpln Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
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CY2022Q1 mpln Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-20919000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
61331000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
194844000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23101000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24454000 usd
CY2023Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
0 usd
CY2022Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
289000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-23101000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3313000 usd
CY2022Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3313000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
452000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1957000 usd
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5718000 usd
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-109437000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5270000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-68323000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
165409000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
340559000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
188379000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
272236000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
353788000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
350830000 usd
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
6508000 usd
CY2022Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
2958000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
272236000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
353788000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6105000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4918000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
40000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
61717000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
46197000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3133000 usd
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2833000 usd
CY2023Q1 mpln Long Term Debt And Finance Lease Obligations Gross
LongTermDebtAndFinanceLeaseObligationsGross
4681116000 usd
CY2022Q4 mpln Long Term Debt And Finance Lease Obligations Gross
LongTermDebtAndFinanceLeaseObligationsGross
4822276000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from the Company's estimates. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, revenue recognition, recoverability of long-lived assets, goodwill, valuation of Private Placement Warrants and Unvested Founder Shares, valuation of stock-based compensation awards and income taxes.
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
13250000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
13250000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
236594000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
298046000 usd
CY2023Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
33000 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
45000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
33214000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
34729000 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
30250000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
32441000 usd
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
4604402000 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
4741856000 usd
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1631000 usd
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
12741000 usd
CY2023Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
662200000 usd
CY2023Q1 mpln Number Of Offices
NumberOfOffices
3 office
CY2023Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1800000 usd
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1800000 usd
CY2021Q2 mpln Number Of Putative Class Action Lawsuits
NumberOfPutativeClassActionLawsuits
2 lawsuit
CY2022Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
33750000 usd
CY2022Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0 usd
CY2023Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0 usd
CY2022Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
209000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
43978000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
638721991 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
638497587 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2179298 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
517507 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
640901289 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
639015094 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2023Q1 mpln Related Party Transaction Costs Of Services From Transactions With Related Party
RelatedPartyTransactionCostsOfServicesFromTransactionsWithRelatedParty
0 usd
CY2022Q1 mpln Related Party Transaction Costs Of Services From Transactions With Related Party
RelatedPartyTransactionCostsOfServicesFromTransactionsWithRelatedParty
0 usd
CY2023Q1 mpln Related Party Transaction Selling General And Administrative Expenses Reversals From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesReversalsFromTransactionsWithRelatedParty
-63000 usd
CY2022Q1 mpln Related Party Transaction Selling General And Administrative Expenses Reversals From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesReversalsFromTransactionsWithRelatedParty
0 usd
CY2023Q1 us-gaap Related Party Transaction Other Revenues From Transactions With Related Party
RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty
63000 usd
CY2022Q1 us-gaap Related Party Transaction Other Revenues From Transactions With Related Party
RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty
0 usd
CY2023Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
187000 usd
CY2022Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
0 usd
CY2023Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
187000 usd
CY2022Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
0 usd

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