Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2022 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39228 MULTIPLAN CORPORATION (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorpo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2022 (Exact Name of Registrant as Specified in Its Charter) Delaware 84-3536151 (State or other jurisdiction of incorporation or organization) 115 Fifth Avenue New York, NY 10003 (Address of principal executive offices) (212) 780-2000 o TRANSITION REPORT PURSUANT TO SECTION 13 O ...

Financial Performance - MultiPlan's Q1 2022 revenues reached $298 million[6] - Adjusted EBITDA for Q1 2022 was $225.4 million, the highest quarter ever[6] - Operating cash flow for Q1 2022 was $194.9 million[6] - The company estimates a COVID impact of $3-5 million on revenues and $2-4 million on Adjusted EBITDA for Q1 2022[15] - The company's revenue guidance for 2022 is $1160-1200 million and Adjusted EBITDA guidance is $850-875 million[25] - The company's revenue guidance for Q2 2022 is $285-295 million and Adjusted EBITDA guidance is $205-215 million[26] Operational Highlights - MultiPlan identified potential savings of $5.6 billion for payors, health plan sponsors, and members in Q1 2022[6] - The company completed or had in process 124 No Surprises Act (NSA) implementations and had NSA-related opportunities with 41 customers in the sales pipeline[6] - MultiPlan closed 192 sales opportunities expected to generate over $27 million in annual run-rate revenues[6] - Network-Based revenue was $68.6 million, Analytics-Based revenue was $196.1 million, and Payment & Revenue Integrity revenue was $33.3 million in Q1 2022[13] - Identified potential savings on COVID-related charges are about 17.5% of the total $5.6 billion identified potential savings in Q1 2022[21]

Financial Data and Key Metrics Changes - First quarter revenues were $298 million, up nearly 17% from the prior-year quarter, and in line with fourth quarter 2021 [12][35] - Adjusted EBITDA was $225.4 million, up nearly 18% from the prior-year quarter, and just under 1% from the fourth quarter 2021 [12][43] - Cash flow from operations was $194.9 million, with free cash flow of $170.5 million [13][48] - Adjusted EBITDA margin came in at 75.6%, up 60 basis points from the prior-year quarter [45] Business Line Data and Key Metrics Changes - Analytics-based services grew by 24.8%, while payment and revenue integrity services grew by 17.5%. Network services saw a modest decline of 1.1% [36] - The company generated $5.6 billion in potential identified savings, a growth rate of over 9% from the prior-year [14] Market Data and Key Metrics Changes - The company is currently working on 650 active opportunities, representing over $200 million in annual revenues [22] - In Q1, the company added over 390 opportunities with an estimated annual revenue of $36 million [23] Company Strategy and Development Direction - The company remains focused on investing in new markets and initiatives to drive growth, with a growing set of M&A opportunities [10] - MultiPlan is helping payors and employers navigate the trade-offs between cost efficiency and benefit attractiveness, particularly in a tight labor market [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in tracking towards full-year expectations, with robust demand for services and a strong pipeline [9][32] - The company expects continued strong performance in underlying operating results as healthcare utilization normalizes [50] Other Important Information - The company has completed 98 NSA implementations and has 26 more in process, with 41 NSA-related opportunities in the sales pipeline [25][71] - The estimated COVID-related revenue impact in Q1 2022 was approximately $3 million to $5 million, down from previous estimates [39][54] Q&A Session Summary Question: Impact of No Surprises Act on revenues in Q1 - Management indicated that the first quarter did not have a material effect from surprise billing services, with activity starting to increase in April [66] Question: Changes to the composition of Top 10 customers - Management reported no material changes to the composition of the Top 10 customers in terms of revenue for the quarter [67] Question: Progress updates on smaller customers regarding NSA services - Management noted ongoing implementations and visibility into smaller customers, with 98 completed implementations and 26 in process [70][71] Question: Sequential decline in Q2 guidance - Management explained that the sequential decline is expected due to the transition from Q4 data service claims to Q1 claims, along with the anticipated impact of NSA [76][79] Question: NSA headwind assumptions - Management clarified that the guidance assumes the QPA remains primacy, and any changes in regulation would not materially affect NSA revenues [82][84]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (MARK ONE) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 o For the transition period from to Commission file number: 001-39228 115 Fifth Avenue New York, NY 10003 (Address of principal executive offices) (212) 780-2000 (Issuer's telephone ...

‍.​ MultiPlan Q4 & FY 2021 Results and Business Update L February 17, 2022 Disclaimer Forward-Looking Statements This presentation includes statements that express our and our subsidiaries' 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 "bel ...

Financial Data and Key Metrics Changes - In Q4 2021, revenues reached $298.3 million, an increase of 3.5% sequentially and nearly 17% year-over-year, marking the highest quarterly revenue in the company's history [16][44] - Adjusted EBITDA for Q4 2021 was $223.6 million, up 2.4% sequentially and nearly 15% from the prior-year quarter, also the highest in the company's history [16][49] - For the full year 2021, revenues grew over 19% and adjusted EBITDA grew over 18%, with organic growth of over 7% for revenues and over 11% for adjusted EBITDA when controlling for acquisitions and COVID-19 impacts [17][45] Business Line Data and Key Metrics Changes - Analytics-based services and payment and revenue integrity services each grew in excess of 25% in 2021, while network-based services grew by a more modest 2.7% [46] - Identified savings for stakeholders increased by over $3 billion in 2021, or 17%, with a growth of $1.5 billion or 9% excluding contributions from the acquisition of HST [21][26] Market Data and Key Metrics Changes - The company helped payer customers serve over 45 million unique plan members and over 100,000 employers, resulting in nearly $22 billion in savings on over 175 million healthcare claims in 2021 [20] - The COVID-related revenue impact in Q4 2021 was approximately $5 million to $7 million, down from $8 million to $10 million in Q3 2021 [47] Company Strategy and Development Direction - The company aims to promote affordability, efficiency, and fairness in healthcare for all stakeholders in the U.S. healthcare system, focusing on enhancing and extending its service offerings [19][108] - The management is investing in growth initiatives, particularly in payment integrity and value-driven health plans, while maintaining a disciplined approach to cost control [58][71] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued impacts from the COVID-19 pandemic on claim volumes and revenues, particularly in the first half of 2022, but expects a gradual recovery [53][90] - The company projects revenue for 2022 between $1.16 billion and $1.2 billion, with adjusted EBITDA between $850 million and $875 million, reflecting a conservative view on potential headwinds from the No Surprises Act [59][60] Other Important Information - The company has received questions regarding stockholder litigation but maintains that the case is without merit and will continue to defend against it [41] - The company generated over $400 million of operating cash flow in 2021, highlighting strong capital generation and financial flexibility [18][70] Q&A Session Summary Question: What are the assumptions behind the 200 basis point headwind from The No Surprises Act? - Management clarified that the 2% includes known attrition, new wins, and visibility around smaller customers yet to make decisions [76][77] Question: Are there any material changes in the top 10 payer contracts? - Management indicated there are no material changes expected in the composition of the top 10 payers [79][81] Question: What is the outlook for payment integrity growth in 2022? - Management noted that new customer wins are expected to ramp up in the second half of 2022, despite a slight sequential decline in Q4 2021 [93][94] Question: How does the company plan to balance M&A and debt reduction? - Management emphasized the importance of balancing growth and deleveraging, with a focus on migrating the leverage ratio down over time [95] Question: What is the impact of the No Surprises Act on the company's offerings? - Management stated that the company is well-prepared to assist customers with compliance and does not view its offerings as stopgap measures [98][104]

Part I. Financial Information [Financial Statements](index=9&type=section&id=Item%201.%20Financial%20Statements) MultiPlan Corporation's unaudited condensed consolidated financial statements as of September 30, 2021, reflect **$8.28 billion** in total assets and a **$77.1 million** net income for the nine months, marking a significant turnaround Condensed Consolidated Balance Sheet Data (Unaudited) | (in thousands) | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $225,140 | $126,755 | | Total current assets | $306,182 | $208,859 | | Goodwill | $4,364,705 | $4,257,335 | | Other intangibles, net | $3,370,204 | $3,584,184 | | **Total assets** | **$8,278,793** | **$8,283,577** | | **Liabilities & Equity** | | | | Total current liabilities | $167,162 | $112,498 | | Long-term debt | $4,893,255 | $4,578,480 | | Total liabilities | $5,923,457 | $5,725,716 | | Total shareholders' equity | $2,355,336 | $2,557,861 | | **Total liabilities and shareholders' equity** | **$8,278,793** | **$8,283,577** | Condensed Consolidated Statements of Income (Loss) (Unaudited) | (in thousands, except per share data) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Revenues | $819,348 | $682,419 | | Operating income (loss) | $276,520 | $(91,616) | | Net income (loss) | $77,142 | $(347,242) | | Net income (loss) per share – Diluted | $0.12 | $(0.84) | Condensed Consolidated Statements of Cash Flows (Unaudited) | (in thousands) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $371,426 | $332,309 | | Net cash used in investing activities | $(201,197) | $(150,329) | | Net cash (used in) provided by financing activities | $(71,844) | $0 | - On February 26, 2021, the Company acquired Discovery Health Partners (DHP) for a total cash consideration of **$151.8 million**, adding **$108.2 million** in goodwill and **$41.1 million** in other intangible assets[52](index=52&type=chunk)[54](index=54&type=chunk) - On August 24, 2021, the company refinanced its debt by issuing **$1.325 billion** of Term Loan B and **$1.05 billion** of 5.50% Senior Secured Notes to repay **$2.341 billion** of Term Loan G, resulting in a **$15.8 million** loss on extinguishment of debt[61](index=61&type=chunk)[63](index=63&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong nine-month 2021 performance to increased claims volumes and acquisitions, resulting in **20.1% revenue growth** and a shift to **$77.1 million net income**, supported by debt refinancing and a share repurchase program Results of Operations Comparison | ($ in thousands) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | Change % | | :--- | :--- | :--- | :--- | | Total Revenues | $819,348 | $682,419 | 20.1% | | Operating income (loss) | $276,520 | $(91,616) | 401.8% | | Net income (loss) | $77,142 | $(347,242) | 122.2% | - Revenue growth was driven by increased claims volumes from reduced COVID-19 restrictions, growth from existing customers, and acquired revenues from DHP and HST totaling **$31.3 million** for the nine months ended September 30, 2021[162](index=162&type=chunk) - The significant improvement from operating loss to income was primarily due to a massive reduction in stock-based compensation expense, which was **$13.2 million** in the first nine months of 2021 compared to **$299.6 million** in the same period of 2020, largely tied to a one-time liquidity event from the 2020 Transactions[156](index=156&type=chunk)[158](index=158&type=chunk)[160](index=160&type=chunk) - The company initiated a **$250 million** share repurchase program on August 27, 2021, and had already repurchased **$61.1 million** of its Class A common stock by September 30, 2021[182](index=182&type=chunk) Non-GAAP Reconciliation: Adjusted EBITDA | (in thousands) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net income (loss) | $77,142 | $(347,242) | | **Adjusted EBITDA** | **$614,750** | **$511,262** | [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As of September 30, 2021, the company reports no material changes to the market risks previously disclosed in its 2020 Annual Report on Form 10-K - As of September 30, 2021, there were no material changes in the market risks described in the company's 2020 Annual Report[214](index=214&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of September 30, 2021, due to ongoing material weaknesses related to accounting resources and formal policies, with remediation efforts underway - Management concluded that disclosure controls and procedures were not effective as of September 30, 2021, due to ongoing material weaknesses[216](index=216&type=chunk) - The material weaknesses identified include an insufficient number of resources with appropriate public company accounting knowledge and a lack of sufficient formal accounting policies, procedures, and controls for public company financial reporting[217](index=217&type=chunk) - Remediation efforts are underway, including hiring a Chief Accounting Officer and VP of Internal Audit, engaging a professional services firm, and developing key controls, but the material weaknesses were not considered fully remediated as of the report date[219](index=219&type=chunk)[221](index=221&type=chunk) Part II - Other Information [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company reports the voluntary dismissal of a securities class action lawsuit and ongoing stockholder litigation in Delaware, with no contingent liability recorded as of September 30, 2021 - The securities class action lawsuit, In re MultiPlan Corporation Securities Litigation, was voluntarily dismissed by the lead plaintiff on September 14, 2021[226](index=226&type=chunk) - The company is a defendant in the In Re MultiPlan Corp. Stockholders Litigation in Delaware, which alleges breach of fiduciary duty concerning the 2020 Transactions, with a motion to dismiss under advisement by the court[227](index=227&type=chunk) - The company has not recorded a contingent liability accrual for these legal matters as of September 30, 2021, as a potential loss cannot be reasonably estimated[228](index=228&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) A new material risk factor highlights the volatility in reported financial results due to the fair value remeasurement of Private Placement Warrants and unvested founder shares as derivative liabilities - A new risk factor has been added concerning the accounting treatment of Private Placement Warrants and unvested founder shares as derivative liabilities[230](index=230&type=chunk) - These liabilities must be remeasured to fair value each quarter, with changes in value recorded in the income statement, which can cause significant fluctuations in quarterly earnings based on factors like the company's stock price[230](index=230&type=chunk)[231](index=231&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company initiated a **$250 million** share repurchase program in August 2021, repurchasing **10,009,831 shares** for approximately **$61.1 million** by September 30, 2021 - On August 27, 2021, the company announced a share repurchase program authorizing up to **$250 million** of its Class A common stock through December 31, 2022[233](index=233&type=chunk) Share Repurchase Activity (Q3 2021) | Period | Total Shares Purchased | Average Price Paid Per Share | Program | Dollar Value (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Sep 1-30, 2021 | 10,009,831 | $6.10 | Repurchase Program | $61,060 | | July 1-31, 2021 | 32,556 | $7.26 | Employee Transactions | $236 | [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists key legal and financial documents filed as exhibits with the Form 10-Q, including new debt agreements and executive compensation amendments - Lists key legal and financial documents filed with the report, including new debt agreements (Indenture and Credit Agreement) and executive compensation amendments[236](index=236&type=chunk)

‍.പിMultiPlan. MultiPlan Q3 2021 Results and Business Update ■ November 3, 2021 Disclaimer Forward-Looking Statements This presentation includes statements that express our and our subsidiaries' 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2021 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39228 MULTIPLAN CORPORATION (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorpo ...