MultiPlan (US:MPLN)2024-11-06 13:30Debt and Capital Structure - As of September 30, 2024, the company's long-term debt totaled $4,569.060 million, a decrease from $4,600.030 million as of December 31, 2023[78] - The company purchased and canceled $21.1 million of Senior Convertible PIK Notes during the nine months ended September 30, 2024, resulting in a gain on extinguishment of $5.9 million[78] - The interest rate for Term Loan B was 9.57% as of September 30, 2024[78] - The company is exploring ways to optimize its capital structure to support its transformation into a data and technology-focused entity in healthcare[79] - The fair value of long-term debt as of September 30, 2024, was estimated at $3,059.946 million[88] - The company has irrevocable letters of credit totaling $7.9 million outstanding as of September 30, 2024, related to real estate lease agreements and a captive insurance subsidiary[94] Financial Performance - The company reported impairment charges of $361.6 million for goodwill and $1,434.4 million for long-lived intangible assets for the nine months ended September 30, 2024[91] - The Company reported a net loss of $391,450 thousand for the three months ended September 30, 2024, compared to a net loss of $24,145 thousand for the same period in 2023[102] - The net loss per share was $(24.25) for the three months ended September 30, 2024, compared to $(1.49) for the same period in 2023[102] - The weighted average number of shares outstanding was 16,143,520 for the three months ended September 30, 2024, slightly down from 16,161,095 in the same period of 2023[102] Stock and Legal Matters - The Company has authorized a stock repurchase program of up to $100.0 million, extended through December 31, 2024, with $25.6 million spent as of September 30, 2024[99] - Legal expenses related to ongoing litigation amounted to $23 thousand and $82 thousand for the three and nine months ended September 30, 2024, respectively[103] - The Company has accrued for legal fees and contingencies, reflecting significant management judgment in estimating potential liabilities[98] - The Company intends to vigorously defend against antitrust lawsuits centralized in the Northern District of Illinois[97] Other Financial Activities - The fair value of Private Placement Warrants and Unvested Founder Shares was recorded at $1,000 as of September 30, 2024, down from $477,000 as of December 31, 2023[82] - The company recognized losses of $87,000 related to the change in fair value of Private Placement Warrants and Unvested Founder Shares for the three months ended September 30, 2024[83] - The company received $9.8 million in recoveries from insurers related to a settled litigation during the three months ended September 30, 2024[96] - As of September 30, 2024, prepaid expenses from related parties were $6 thousand, down from $36 thousand as of December 31, 2023[104] Market Risks - There were no material changes in market risks as of September 30, 2024, compared to the 2023 Annual Report[211]