MultiPlan (MPLN) - 2024 Q1 - Quarterly Results

Financial Performance - Q1 2024 revenues were $234.5 million, a decrease of 0.9% compared to $236.6 million in Q1 2023[5] - Net loss for Q1 2024 was $539.7 million, primarily due to a $519.1 million impairment charge for goodwill and indefinite-lived intangibles[11] - Adjusted EBITDA for Q1 2024 was $146.8 million, down from $156.3 million in Q1 2023[11] - Revenues for Q1 2024 were $234,508,000, a decrease of 1% from $236,594,000 in Q1 2023[32] - Net loss for Q1 2024 was $539,689,000 compared to a net income of $209,000 in Q1 2023[32] - Adjusted EBITDA for Q1 2024 was $146,790,000, down from $156,259,000 in Q1 2023, representing a decrease of approximately 6%[36] Cash Flow and Liquidity - Free Cash Flow for Q1 2024 was $19,172,000, down from $41,114,000 in Q1 2023[37] - Unlevered Free Cash Flow for Q1 2024 was $79,914,000, compared to $102,831,000 in Q1 2023[37] - Cash and cash equivalents at the end of Q1 2024 were $58,695,000, down from $265,728,000 at the end of Q1 2023[34] - The company ended Q1 2024 with $58.7 million of unrestricted cash and cash equivalents[11] Guidance and Projections - Full Year 2024 revenue guidance is maintained at $1,000 million to $1,030 million[8] - Q2 2024 revenue guidance is projected between $235 million and $250 million[8] Assets and Liabilities - Total assets decreased to $6,366,695,000 as of March 31, 2024, from $6,964,687,000 as of December 31, 2023[29] - Total liabilities decreased slightly to $5,196,313,000 as of March 31, 2024, from $5,255,563,000 as of December 31, 2023[29] Operational Impact - The company identified potential medical cost savings of approximately $5.7 billion in Q1 2024, a 3% increase from Q1 2023[6] - The company processed approximately $41.5 billion in claim charges during Q1 2024[11] - A cybersecurity incident impacted claims flows, resulting in an estimated revenue impact of $5 to $6 million[4] Impairment Charges - The company reported a loss on impairment of goodwill and intangible assets of $519,050,000 in Q1 2024[32] - The company repurchased or repaid $24.4 million of debt in Q1 2024, including $21.1 million of Senior Convertible PIK Notes[6] Cash Conversion - The Adjusted Cash Conversion Ratio for Q1 2024 was 54%, a decrease from 66% in Q1 2023[37]