MultiPlan (MPLN) - 2024 Q4 - Annual Results

Financial Performance - Full Year 2024 revenues were $930.6 million, a decrease of 3.2% compared to $961.5 million in 2023[4] - Q4 2024 revenues were $232.1 million, down 4.9% from $244.1 million in Q4 2023[6] - Full Year 2024 net loss was $1,645.8 million, compared to a net loss of $91.7 million in 2023[12] - Adjusted EBITDA for Full Year 2024 was $576.7 million, down from $618.0 million in 2023[12] - Total revenues for 2024 were $930,624, a decrease of 3.2% from $961,524 in 2023[30] - The net loss for 2024 was $1,645,831, compared to a net loss of $91,697 in 2023, representing a significant increase in losses[30] - Adjusted EBITDA for 2024 was $576,668, down from $618,045 in 2023, reflecting a decrease of approximately 6.7%[36] - Free Cash Flow for 2024 was negative at $(10,507), compared to positive $62,868 in 2023[38] Cash and Liquidity - The company ended Q4 2024 with $16.8 million in unrestricted cash and cash equivalents[6] - Cash and cash equivalents at the end of 2024 were $16,848, a decrease of 76.5% from $71,547 in 2023[34] - The Adjusted Cash Conversion Ratio for 2024 was 53%, down from 62% in 2023[38] Assets and Liabilities - Total assets decreased to $5,150,827 in 2024 from $6,964,687 in 2023, a decline of approximately 26%[28] - Total liabilities decreased slightly to $5,066,805 in 2024 from $5,255,563 in 2023, a reduction of about 3.6%[28] - Total current liabilities increased to $213,790 in 2024 from $166,739 in 2023, an increase of approximately 28.2%[28] Future Guidance - 2025 revenue guidance is projected to be flat to a decrease of 2% compared to FY 2024, with Adjusted EBITDA margin guidance of 62.5% to 63.5%[5][7] - Capital expenditures for 2025 are expected to be between $155 million and $165 million[7] - Free Cash Flow for 2025 is projected to be between $(65) million and $(75) million[7] Operational Metrics - The company processed approximately $177.6 billion in medical charges in 2024, identifying $24.7 billion in potential medical cost savings[12] - Claritev serves over 700 healthcare payors, more than 100,000 employers, 60 million consumers, and 1.4 million contracted providers[13] - The company incurred a loss on impairment of goodwill and intangible assets amounting to $1,488,863 in 2024[30]