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 ...

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, 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) | Delaware | 84-3536151 | | --- | --- ...

MultiPlan Corporation (NYSE:MPLN) Q1 2021 Results Conference Call May 13, 2021 8:00 AM ET Company Participants Shawna Gasik - AVP, IR Mark Tabak - Chairman and CEO Dale White - President, Payor Markets David Redmond - CFO Conference Call Participants Josh Raskin - Nephron Research Daniel Grosslight - Citi Andrew Kugler - Goldman Sachs Operator Good day, and thank you for standing by. Welcome to the MultiPlan Corporation First Quarter 2021 Earnings Conference Call. At this time, all participants are in a lis ...

Table of Contents Commission file number: 001-39228 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, 2020 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 o For the transition period from to MULTIPLAN CORPORATION (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of in ...

‍.​ 1 MultiPlan Q4 and FY 2020 results and Business update L March 10, 2021 Disclaimer Forward-Looking Statements This presentation includes statements that express our and our subsidiaries' opinions, expectations, beliefs, plans, objectiv es, 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 "b ...

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 September 30, 2020 ¨ 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 (I.R.S. Employer Identification No.) 640 Fifth Avenue, 12 Floor New York, NY 10019 (Address of principal executive offices) (212) ...

[Company Overview](index=8&type=section&id=Company%20Overview) [Business Operations](index=8&type=section&id=Business%20Operations) Churchill Capital Corp III is a SPAC formed to pursue a business combination, generating non-operating income from IPO proceeds - The company is a **SPAC** formed to execute a business combination and has not yet generated operating revenue[22](index=22&type=chunk)[24](index=24&type=chunk) - On February 19, 2020, the company completed its Initial Public Offering, raising **$1.1 billion** in gross proceeds[25](index=25&type=chunk) - Concurrently with the IPO, **23,000,000 private placement warrants** were sold to the sponsor, generating an additional **$23 million** in gross proceeds[26](index=26&type=chunk) - Following the IPO, **$1.1 billion** was placed in a trust account, invested in U.S. government securities for a future business combination[28](index=28&type=chunk) [Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Financial statements for June 30, 2020, reflect the company's pre-business combination SPAC status, highlighting trust account assets and IPO-driven cash flows [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2020, total assets were **$1.108 billion**, dominated by marketable securities in the Trust Account, with significant common stock subject to redemption Condensed Balance Sheet Highlights (as of June 30, 2020) | Metric | June 30, 2020 (unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $2,955,367 | $34,000 | | Marketable securities held in Trust Account | $1,104,209,313 | $0 | | **Total Assets** | **$1,107,564,339** | **$318,930** | | **Liabilities & Equity** | | | | Total Liabilities | $40,464,311 | $295,380 | | Common stock subject to possible redemption | $1,062,100,027 | $0 | | Total Stockholders' Equity | $5,000,001 | $23,550 | | **Total Liabilities and Stockholders' Equity** | **$1,107,564,339** | **$318,930** | [Condensed Statement of Operations](index=5&type=section&id=Condensed%20Statement%20of%20Operations) For Q2 2020, the company reported a **net loss of $1.34 million**, while the six months ended June 30, 2020, showed **net income of $1.70 million** Statement of Operations Summary (Unaudited) | Metric | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Operating costs | $1,846,344 | $2,061,847 | | Interest earned on marketable securities | $2,394,013 | $4,215,679 | | **Net (Loss) Income** | **($1,335,040)** | **$1,696,498** | | Basic and diluted net loss per common share | ($0.04) | ($0.03) | [Condensed Statement of Cash Flows](index=7&type=section&id=Condensed%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2020, financing activities provided **$1.104 billion**, primarily from the IPO, with **$1.1 billion** used for trust account investments Cash Flow Summary for Six Months Ended June 30, 2020 (Unaudited) | Cash Flow Activity | Amount | | :--- | :--- | | Net cash used in operating activities | ($949,613) | | Net cash used in investing activities | ($1,100,000,000) | | Net cash provided by financing activities | $1,103,870,980 | | **Net Change in Cash** | **$2,921,367** | | **Cash – End of period** | **$2,955,367** | [Notes to Unaudited Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) Notes detail the company's formation, IPO, accounting policies, and significant subsequent events, including the definitive merger agreement with Polaris Parent Corp - The company must complete a business combination by **February 19, 2022**, or face liquidation[36](index=36&type=chunk) - On July 12, 2020, the company entered a definitive Merger Agreement with Polaris Parent Corp. for **$5.678 billion** in cash and stock consideration[81](index=81&type=chunk)[83](index=83&type=chunk) - The merger secured **$1.3 billion** in Common PIPE and **$1.3 billion** in Convertible PIPE investments for funding[85](index=85&type=chunk)[87](index=87&type=chunk) - The company pays a Sponsor affiliate **$50,000 per month** for administrative and support services[71](index=71&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's blank check status, with results driven by trust account interest income and liquidity from IPO proceeds, noting the recent Merger Agreement - The company's activities through June 30, 2020, were limited to organizational tasks, the IPO, and searching for a business combination target[117](index=117&type=chunk) Results of Operations Summary | Period | Net (Loss) Income | Key Drivers | | :--- | :--- | :--- | | Three months ended June 30, 2020 | ($1,335,040) | Operating costs and unrealized loss on securities, offset by interest income | | Six months ended June 30, 2020 | $1,696,498 | Interest income on marketable securities, offset by operating costs | - As of June 30, 2020, the company held **$1.104 billion** in marketable securities in the Trust Account and **$2.96 million** in cash for working capital[122](index=122&type=chunk)[125](index=125&type=chunk) - On July 12, 2020, the company issued a **$1.5 million** promissory note to the Sponsor for working capital, convertible into warrants[127](index=127&type=chunk) [Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20Regarding%20Market%20Risk) The company's market risk is minimal, as trust account funds are invested in short-term U.S. government securities, limiting interest rate exposure - The company's market risk exposure is limited to interest rate risk on short-term U.S. government securities in the Trust Account[136](index=136&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of June 30, 2020[138](index=138&type=chunk) - No material changes were made to internal control over financial reporting during the quarter[139](index=139&type=chunk) [Part II. Other Information](index=29&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings - There are no legal proceedings to report[141](index=141&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) Key risks include potential negative interest rates on trust account securities and the adverse impact of the COVID-19 pandemic on business combination efforts - A key risk is potential negative interest rates on U.S. government treasury obligations, reducing public share redemption value below **$10.00**[143](index=143&type=chunk)[144](index=144&type=chunk) - The COVID-19 pandemic poses a material risk to timely business combination completion due to travel restrictions and market volatility[145](index=145&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details **$1.1 billion** gross proceeds from the IPO and **$23 million** from private placement warrants, with **$1.1 billion** placed into the Trust Account - The company consummated its IPO on February 19, 2020, raising **$1.1 billion** in gross proceeds[146](index=146&type=chunk) - A private placement of **23,000,000 warrants** to the Sponsor generated an additional **$23 million** in proceeds[147](index=147&type=chunk) - Total offering costs included **$18.4 million** in upfront underwriting discounts and **$38.5 million** deferred[149](index=149&type=chunk) [Item 3. Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[151](index=151&type=chunk) [Item 4. Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[152](index=152&type=chunk) [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) The company reported no other information - None[153](index=153&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications and XBRL data files