$MPLN
MultiPlan Corp

2023 Q4 Form 10-Q Financial Statement

#000179322923000122 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $244.1M $242.8M
YoY Change 1.26% -3.05%
Cost Of Revenue $60.66M $60.90M
YoY Change 12.26% 14.88%
Gross Profit $183.5M $181.9M
YoY Change -1.91% -7.87%
Gross Profit Margin 75.15% 74.92%
Selling, General & Admin $36.10M $36.50M
YoY Change 11.23% 17.64%
% of Gross Profit 19.68% 20.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $106.6M $19.59M
YoY Change 3.86% 12.04%
% of Gross Profit 58.1% 10.77%
Operating Expenses $142.7M $142.2M
YoY Change 5.63% 6.41%
Operating Profit $40.77M $39.52M
YoY Change -21.53% 8.57%
Interest Expense -$79.65M $84.30M
YoY Change 15.42% 9.36%
% of Operating Profit -195.36% 213.32%
Other Income/Expense, Net
YoY Change
Pretax Income -$31.78M -$31.02M
YoY Change -95.1% -442.8%
Income Tax -$386.0K -$6.875M
% Of Pretax Income
Net Earnings -$31.39M -$24.15M
YoY Change -95.17% -222.34%
Net Earnings / Revenue -12.86% -9.94%
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.05 -$0.04
COMMON SHARES
Basic Shares Outstanding 649.5M shares 649.5M shares
Diluted Shares Outstanding 646.4M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.55M $101.3M
YoY Change -78.58% -76.93%
Cash & Equivalents $71.55M $101.3M
Short-Term Investments
Other Short-Term Assets $10.75M $11.87M
YoY Change 192.3% 528.22%
Inventory
Prepaid Expenses
Receivables $76.56M $69.34M
Other Receivables $0.00 $0.00
Total Short-Term Assets $193.6M $211.7M
YoY Change -56.67% -59.98%
LONG-TERM ASSETS
Property, Plant & Equipment $287.1M $276.9M
YoY Change 11.68% 11.34%
Goodwill $3.829B $3.829B
YoY Change 3.34% -12.24%
Intangibles $2.633B $2.719B
YoY Change -10.44% -10.25%
Long-Term Investments
YoY Change
Other Assets $21.78M $21.07M
YoY Change -0.54% -4.78%
Total Long-Term Assets $6.771B $6.846B
YoY Change -2.21% -10.67%
TOTAL ASSETS
Total Short-Term Assets $193.6M $211.7M
Total Long-Term Assets $6.771B $6.846B
Total Assets $6.965B $7.058B
YoY Change -5.51% -13.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.59M $14.40M
YoY Change 47.35% 6.22%
Accrued Expenses $133.9M $144.0M
YoY Change -10.31% -11.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $13.25M $13.25M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $166.7M $171.7M
YoY Change -5.18% -25.34%
LONG-TERM LIABILITIES
Long-Term Debt $4.533B $4.558B
YoY Change -4.41% -6.54%
Other Long-Term Liabilities $16.78M $5.096M
YoY Change 59839.29% 9165.45%
Total Long-Term Liabilities $16.78M $5.096M
YoY Change 59839.29% 9165.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $166.7M $171.7M
Total Long-Term Liabilities $16.78M $5.096M
Total Liabilities $5.256B $5.308B
YoY Change -5.82% -7.77%
SHAREHOLDERS EQUITY
Retained Earnings -$499.3M -$467.9M
YoY Change 43.56% -254.77%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $128.4M $126.3M
YoY Change -33.2% -34.28%
Treasury Stock Shares
Shareholders Equity $1.709B $1.750B
YoY Change
Total Liabilities & Shareholders Equity $6.965B $7.058B
YoY Change -5.51% -13.85%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$31.39M -$24.15M
YoY Change -95.17% -222.34%
Depreciation, Depletion And Amortization $106.6M $19.59M
YoY Change 3.86% 12.04%
Cash From Operating Activities $27.70M $72.10M
YoY Change 0.05% -33.88%
INVESTING ACTIVITIES
Capital Expenditures $31.34M $22.40M
YoY Change 22.79% -207.64%
Acquisitions
YoY Change
Other Investing Activities -$40.00K $400.0K
YoY Change
Cash From Investing Activities -$31.34M -$22.00M
YoY Change 22.79% 5.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.48M -38.30M
YoY Change -78.27% 996.48%
NET CHANGE
Cash From Operating Activities 27.70M 72.10M
Cash From Investing Activities -31.34M -22.00M
Cash From Financing Activities -22.48M -38.30M
Net Change In Cash -26.12M 11.80M
YoY Change -74.21% -86.07%
FREE CASH FLOW
Cash From Operating Activities $27.70M $72.10M
Capital Expenditures $31.34M $22.40M
Free Cash Flow -$3.641M $49.70M
YoY Change -268.33% -61.72%

Facts In Submission

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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.
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<div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Interest Rate Swap Agreements</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is exposed to interest rate risk on its floating-rate debt. In September 2023, the Company entered into interest rate swap agreements to effectively convert some of its floating-rate debt to a fixed-rate basis. The principal objective of these contracts is to reduce the variability of the cash flows in interest payments associated with the Company’s floating-rate debt, thus reducing the impact of interest rate changes on future interest payment cash flows. </span></div>The Company has elected to apply the hedge accounting rules in accordance with authoritative guidance for the contracts entered into during the three months ended September 30, 2023. Changes in the fair value of interest rate swap agreements designated as cash flow hedges are recorded as a component of accumulated other comprehensive income within stockholders’ equity and are subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects "Earnings".
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CY2022Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-48851000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
267000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-56443000 usd
CY2022Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
mpln Number Of Offices
NumberOfOffices
3 office
CY2021Q2 mpln Number Of Putative Class Action Lawsuits
NumberOfPutativeClassActionLawsuits
2 lawsuit
CY2022Q4 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
33750000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-24145000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
19736000 usd
us-gaap Net Income Loss
NetIncomeLoss
-60306000 usd
us-gaap Net Income Loss
NetIncomeLoss
77226000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
646443806 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
639073949 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
643855782 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
638859792 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
776506 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
730392 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
646443806 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
639850455 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
643855782 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
639590184 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2022Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001793229-23-000122-index-headers.html Edgar Link pending
0001793229-23-000122-index.html Edgar Link pending
0001793229-23-000122.txt Edgar Link pending
0001793229-23-000122-xbrl.zip Edgar Link pending
exhibit311q32023.htm Edgar Link pending
exhibit312q32023.htm Edgar Link pending
exhibit321q32023.htm Edgar Link pending
exhibit322q32023.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
mpln-20230930.htm Edgar Link pending
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mpln-20230930_lab.xml Edgar Link unprocessable
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mpln-20230930_pre.xml Edgar Link unprocessable
mpln-20230930_htm.xml Edgar Link completed
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