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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/30/20 MultiPlan Corp. S-1 64:10M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: S-1 Registration Statement (General Form) HTML 2.65M 2: EX-5.1 Opinion of Counsel re: Legality HTML 33K 3: EX-23.2 Consent of Expert or Counsel HTML 17K 4: EX-23.3 Consent of Expert or Counsel HTML 17K 11: R1 Document And Entity Information HTML 31K 12: R2 Condensed Balance Sheets HTML 100K 13: R3 Condensed Balance Sheets (Parenthetical) HTML 47K 14: R4 Condensed Statement of Operations HTML 57K 15: R5 Condensed Statement of Operations (Parenthetical) HTML 25K 16: R6 Condensed Statement of Changes in Stockholders' HTML 64K Equity 17: R7 Condensed Statement of Changes in Stockholders' HTML 22K Equity (Parenthetical) 18: R8 Condensed Statement of Cash Flows HTML 49K 19: R9 Description of Organization and Business HTML 63K Operations 20: R10 Public Offering HTML 21K 21: R11 Private Placement HTML 23K 22: R12 Related Party Transactions HTML 36K 23: R13 Commitments HTML 38K 24: R14 Stockholder's Equity HTML 47K 25: R15 Subsequent Events HTML 27K 26: R16 Description of Organization and Business HTML 93K Operations (Policies) 27: R17 Description of Organization and Business HTML 71K Operations (Details) 28: R18 PUBLIC OFFERING - Additional Information (Details) HTML 27K 29: R19 PRIVATE PLACEMENT - Additional Information HTML 29K (Details) 30: R20 RELATED PARTY TRANSACTIONS - Additional HTML 90K Information (Details) 31: R21 Commitments (Details) HTML 97K 32: R22 Stockholder's Equity (Details) HTML 63K 33: R23 Subsequent Events (Details) HTML 56K 34: R24 Condensed Balance Sheets HTML 100K 35: R25 Condensed Balance Sheets (Parenthetical) HTML 47K 36: R26 Condensed Statement of Operations HTML 57K 37: R27 Condensed Statement of Operations (Parenthetical) HTML 22K 38: R28 Condensed Statement of Changes in Stockholders' HTML 60K Equity 39: R29 Condensed Statement of Changes in Stockholders' HTML 22K Equity (Parenthetical) 40: R30 Condensed Statement of Cash Flows HTML 80K 41: R31 Description of Organization and Business HTML 63K Operations 42: R32 Summary of Significant Accounting Policies HTML 60K 43: R33 Public Offering HTML 21K 44: R34 Private Placement HTML 23K 45: R35 Related Party Transactions HTML 36K 46: R36 Commitments HTML 38K 47: R37 Stockholders' Equity HTML 47K 48: R38 Fair Value Measurements HTML 36K 49: R39 Subsequent Events HTML 27K 50: R40 Summary of Significant Accounting Policies HTML 97K (Policies) 51: R41 Summary of Significant Accounting Policies HTML 44K (Tables) 52: R42 Fair Value Measurements (Tables) HTML 32K 53: R43 Description of Organization and Business HTML 63K Operations (Details) 54: R44 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net HTML 41K Income per Common Share (Details) 55: R45 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - HTML 29K Additional Information (Details) 56: R46 PUBLIC OFFERING - Additional Information (Details) HTML 27K 57: R47 PRIVATE PLACEMENT - Additional Information HTML 25K (Details) 58: R48 RELATED PARTY TRANSACTIONS - Additional HTML 70K Information (Details) 59: R49 Commitments (Details) HTML 91K 60: R50 Stockholders' Equity (Details) HTML 51K 61: R51 Fair Value Measurements (Details) HTML 21K 63: XML IDEA XML File -- Filing Summary XML 113K 62: EXCEL IDEA Workbook of Financial Reports XLSX 108K 5: EX-101.INS XBRL Instance -- mpln-20200630 XML 691K 7: EX-101.CAL XBRL Calculations -- mpln-20200630_cal XML 78K 8: EX-101.DEF XBRL Definitions -- mpln-20200630_def XML 615K 9: EX-101.LAB XBRL Labels -- mpln-20200630_lab XML 578K 10: EX-101.PRE XBRL Presentations -- mpln-20200630_pre XML 884K 6: EX-101.SCH XBRL Schema -- mpln-20200630 XSD 124K 64: ZIP XBRL Zipped Folder -- 0001104659-20-120123-xbrl Zip 98K
tm2031592-1_s1 - none - 52.7471426s |
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Delaware
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6411
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83-3536151
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(State or Other Jurisdiction of
Incorporation or Organization) |
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(Primary Standard Industrial
Classification Code Number) |
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(I.R.S. Employer
Identification Number) |
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William B. Brentani
Simpson Thacher & Bartlett LLP 2475 Hanover Street Palo Alto, California 94304 (650) 251-5000 |
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Large accelerated filer
☐
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Accelerated filer
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Non-accelerated filer
☒
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Smaller reporting company
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Emerging growth company
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Title of each Class of
Securities to be Registered |
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Amount to be
Registered(1) |
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Proposed Maximum
Offering Price Per Share |
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Proposed Maximum
Aggregate Offering Price |
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Amount of
Registration Fee(2) |
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Class A common stock, par value $0.0001 per share
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633,750,000(3)
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$7.95(4)
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$5,033,892,500.00
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$549,197.67
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Warrants to purchase shares of Class A Common Stock
|
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24,500,000(5)
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$—
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$—
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$—(6)
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Page
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| | | | ii | | | |
| | | | iii | | | |
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| | | | F-1 | | |
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(unaudited)
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Statement of Operations Data: | | | | | | | | | | | | | |
Revenues
|
| | | $ | — | | | | | $ | — | | |
Loss from operations
|
| | | $ | (2,061,847) | | | | | $ | (1,450) | | |
Interest earned on marketable securities held in Trust Account
|
| | | $ | 4,215,679 | | | | | $ | — | | |
Net income (loss)
|
| | | $ | 1,696,498 | | | | | $ | (1,450) | | |
Weighted average shares outstanding, basic and diluted(1)
|
| | | | 30,397,160 | | | | | | 25,000,000 | | |
Basic and diluted net loss per common share(2)
|
| | | $ | (0.03) | | | | | $ | (0.00) | | |
| | |
As of June 30, 2020
|
| |
As of December 31, 2019
|
| ||||||
Balance Sheet Data: | | | | | | | | | | | | | |
Total assets
|
| | | $ | 1,107,564,339 | | | | | $ | 318,930 | | |
| | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
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Successor
|
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Successor
|
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Successor
|
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Successor
|
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Successor
|
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Successor
|
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Successor
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Successor
|
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Predecessor
|
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Predecessor
|
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
|
| | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | |
(unaudited)
|
| |
(unaudited)
|
| |||||||||||||||||||||
Consolidated Statements of
Income and Comprehensive Income Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Revenues(1) | | | | $ | 458,902 | | | | | $ | 490,677 | | | | | $ | 252,022 | | | | | $ | 245,024 | | | | | $ | 982,901 | | | | | $ | 1,040,883 | | | | | $ | 1,067,266 | | | | | $ | 575,889 | | | | | | $ | 412,597 | | | | | $ | 865,094 | | |
Operating income (loss)
|
| | | $ | 107,888 | | | | | $ | 184,421 | | | | | $ | 87,617 | | | | | $ | 85,100 | | | | | $ | 368,209 | | | | | $ | 427,541 | | | | | $ | 363,636 | | | | | $ | 89,415 | | | | | | $ | (50,607) | | | | | $ | 245,570 | | |
Net (loss) income
|
| | | $ | (58,840) | | | | | $ | (7,496) | | | | | $ | (2,594) | | | | | $ | (8,364) | | | | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | 648,132 | | | | | $ | (56,503) | | | | | | $ | (247,598) | | | | | $ | 7,749 | | |
Basic and diluted net (loss) income per share:
|
| | | $ | (5,884) | | | | | $ | (750) | | | | | $ | (259) | | | | | $ | (836) | | | | | $ | 971 | | | | | $ | 3,622 | | | | | $ | 64,813 | | | | | $ | (5,650) | | | | | | $ | (24,760) | | | | | $ | 775 | | |
Other Financial Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Medical charges
processed(2) |
| | | $ | 49,900,000 | | | | | $ | 52,800,000 | | | | | $ | 26,700,000 | | | | | $ | 26,500,000 | | | | | $ | 106,300,000 | | | | | $ | 101,600,000 | | | | | $ | 97,400,000 | | | | | | — | | | | | | | — | | | | | $ | 88,600,000 | | |
Medical cost savings(3)
|
| | | | 18.8% | | | | | | 17.2% | | | | | | 18.7% | | | | | | 17.0% | | | | | | 17.8% | | | | | | 18.3% | | | | | | 18.3% | | | | | | — | | | | | | | — | | | | | | 17.2% | | |
Capital expenditures(4)
|
| | | $ | 34,866 | | | | | $ | 33,696 | | | | | $ | 17,336 | | | | | $ | 16,828 | | | | | $ | 66,414 | | | | | $ | 63,556 | | | | | $ | 60,709 | | | | | $ | 31,055 | | | | | | $ | 22,602 | | | | | $ | 49,714 | | |
Total assets(5)
|
| | | $ | 8,333,189 | | | | | $ | 8,531,227 | | | | | $ | 8,542,617 | | | | | $ | 8,630,880 | | | | | $ | 8,360,411 | | | | | $ | 8,642,973 | | | | | $ | 8,987,709 | | | | | $ | 9,285,126 | | | | | | | — | | | | | $ | 5,297,921 | | |
EBITDA(6) | | | | $ | 305,476 | | | | | $ | 379,948 | | | | | $ | 186,075 | | | | | $ | 182,589 | | | | | $ | 778,463 | | | | | $ | 815,503 | | | | | $ | 731,953 | | | | | $ | 309,651 | | | | | | $ | (77,656) | | | | | $ | 473,581 | | |
Adjusted EBITDA(6)
|
| | | $ | 345,743 | | | | | $ | 376,163 | | | | | $ | 195,944 | | | | | $ | 188,098 | | | | | $ | 750,350 | | | | | $ | 824,886 | | | | | $ | 812,086 | | | | | $ | 416,884 | | | | | | $ | 298,653 | | | | | $ | 611,845 | | |
| | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
($ in thousands)
|
| |
Successor
|
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Successor
|
| |
Successor
|
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Successor
|
| |
Successor
|
| |
Successor
|
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Successor
|
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Successor
|
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Predecessor
|
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Predecessor
|
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(unaudited)
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(unaudited)
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(unaudited)
|
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(unaudited)
|
| | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | |
(unaudited)
|
| |
(unaudited)
|
| |||||||||||||||||||||
Net (loss) income
|
| | | $ | (58,840) | | | | | $ | (7,496) | | | | | $ | (2,594) | | | | | $ | (8,364) | | | | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | 648,132 | | | | | $ | (56,503) | | | | | | $ | (247,598) | | | | | $ | 7,749 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense(a)
|
| | | | 177,015 | | | | | | 193,192 | | | | | $ | 90,965 | | | | | $ | 97,719 | | | | | $ | 376,346 | | | | | $ | 383,261 | | | | | $ | 281,972 | | | | | $ | 155,140 | | | | | | $ | 81,385 | | | | | $ | 152,127 | | |
Interest income
|
| | | | (148) | | | | | | (79) | | | | | $ | (71) | | | | | $ | (33) | | | | | $ | (196) | | | | | $ | (51) | | | | | $ | (9) | | | | | $ | (19) | | | | | | | — | | | | | $ | (12) | | |
Income tax (benefit) provision
|
| | | | (10,139) | | | | | | (1,196) | | | | | $ | (683) | | | | | $ | (4,222) | | | | | $ | 799 | | | | | $ | 8,108 | | | | | $ | (586,512) | | | | | $ | (9,203) | | | | | | $ | (11,701) | | | | | $ | 85,706 | | |
Depreciation
|
| | | | 29,641 | | | | | | 27,570 | | | | | $ | 14,506 | | | | | $ | 13,544 | | | | | $ | 55,807 | | | | | $ | 52,268 | | | | | $ | 53,002 | | | | | $ | 30,244 | | | | | | $ | 19,818 | | | | | $ | 41,650 | | |
Amortization of intangible
assets |
| | | | 167,027 | | | | | | 167,027 | | | | | $ | 83,513 | | | | | $ | 83,513 | | | | | $ | 334,053 | | | | | $ | 334,053 | | | | | $ | 334,053 | | | | | $ | 189,297 | | | | | | $ | 80,152 | | | | | $ | 184,967 | | |
Non-income taxes(b)
|
| | | | 920 | | | | | | 930 | | | | | $ | 439 | | | | | $ | 432 | | | | | $ | 1,944 | | | | | $ | 1,641 | | | | | $ | 1,315 | | | | | $ | 695 | | | | | | $ | 288 | | | | | $ | 1,394 | | |
EBITDA
|
| | | $ | 305,476 | | | | | $ | 379,948 | | | | | $ | 186,075 | | | | | $ | 182,589 | | | | | $ | 778,463 | | | | | $ | 815,503 | | | | | $ | 731,953 | | | | | $ | 309,651 | | | | | | $ | (77,656) | | | | | $ | 473,581 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other expense (income)(c)
|
| | | | 297 | | | | | | 823 | | | | | $ | 148 | | | | | $ | 463 | | | | | $ | 1,947 | | | | | $ | 4,617 | | | | | $ | 5,857 | | | | | $ | 3,727 | | | | | | $ | 3,144 | | | | | $ | 6,252 | | |
Transaction related expenses(d)
|
| | | | 2,698 | | | | | | 22 | | | | | $ | 360 | | | | | $ | 10 | | | | | $ | 3,270 | | | | | $ | 49 | | | | | $ | 3,435 | | | | | $ | 74,503 | | | | | | $ | 14,907 | | | | | $ | 3 | | |
Loss on extinguishments and modification of debt(e)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 20,053 | | | | | | — | | | | | | $ | 127,307 | | | | | | — | | |
Gain on repurchase and cancellation of notes(f)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (18,450) | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | |
Stock-based compensation(g)
|
| | | | 37,272 | | | | | | (4,630) | | | | | $ | 9,361 | | | | | $ | 5,036 | | | | | $ | (14,880) | | | | | $ | 4,717 | | | | | $ | 50,788 | | | | | $ | 29,003 | | | | | | $ | 230,951 | | | | | $ | 132,009 | | |
Adjusted EBITDA
|
| | | $ | 345,743 | | | | | $ | 376,163 | | | | | $ | 195,944 | | | | | $ | 188,098 | | | | | $ | 750,350 | | | | | $ | 824,886 | | | | | $ | 812,086 | | | | | $ | 416,884 | | | | | | $ | 298,653 | | | | | $ | 611,845 | | |
(dollars in thousands, other than share and per share data)
|
| | | |
Year Ended
December 31, 2019 |
| |||||||
Summary Unaudited Pro Forma Condensed Combined Statements of (Loss) Income Data
|
| | | ||||||||||
Pro Forma as adjusted net (loss) income attributable to shareholders
|
| | | $ | (43,754) | | | | | $ | 29,523 | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 676,556,145 | | | | | | 676,556,145 | | |
Basic and diluted net (loss) income per share
|
| | | $ | (0.06) | | | | | $ | 0.04 | | |
Summary Unaudited Pro Forma Condensed Combined Balance Sheets Data
|
| | | | | | | | | | | | |
Total current assets
|
| | | $ | 252,233 | | | | | | | | |
Total assets
|
| | | $ | 8,337,301 | | | | | | | | |
Total current liabilities
|
| | | $ | 64,956 | | | | | | | | |
Total liabilities
|
| | | $ | 5,633,150 | | | | | | | | |
Shareholders’ equity
|
| | | $ | 2,704,151 | | | | | | | | |
| | |
As of and for the
Six Months Ended June 30, 2020 |
| |
As of and for the
Year Ended December 31, 2019 |
| ||||||||||||||||||
| | |
Book value per
share – basic and diluted(1) |
| |
Net loss per
share – basic and diluted |
| |
Book value per
share – basic and diluted(1) |
| |
Net income (loss)
per share – basic and diluted |
| ||||||||||||
Churchill | | | | | | | | | | | | | | | | | | | | | |||||
Historical
|
| | | $ | 0.16 | | | | | $ | (0.03) | | | | | $ | 0.00 | | | | | $ | (0.00) | | |
Pro forma as adjusted
|
| | | $ | 4.00 | | | | | $ | (0.06) | | | | | | | | | | | $ | 0.04 | | |
Multiplan Parent
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 196,365,000 | | | | | $ | (5,884,000) | | | | | $ | 198,521,800 | | | | | $ | 971,000 | | |
Equivalent pro forma as adjusted(2)
|
| | | $ | 166,280,000 | | | | | $ | (2,494,200) | | | | | | | | | | | $ | 1,662,800 | | |
| | |
Six Months Ended
June 30, 2020 |
| | | |||||||
| | |
(unaudited)
|
| | | | | | | |||
Statement of Operations Data: | | | | | | | | | | | | | |
Revenues
|
| | | $ | — | | | | | $ | — | | |
Loss from operations
|
| | | $ | (2,061,847) | | | | | $ | (1,450) | | |
Interest earned on Marketable Securities held in Trust Account
|
| | | $ | 4,215,679 | | | | | $ | — | | |
Net (loss) income
|
| | | $ | 1,696,498 | | | | | $ | (1,450) | | |
Weighted average shares outstanding, basic and diluted(1)
|
| | | | 30,397,160 | | | | | | 25,000,000 | | |
Basic and diluted loss per common share(2)
|
| | | $ | (0.03) | | | | | $ | (0.00) | | |
| | |
As of June 30, 2020
|
| |
As of December 31, 2019
|
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Balance Sheet Data: | | | | | | | | | | | | | |
Cash
|
| | | $ | 2,955,367 | | | | | $ | 34,000 | | |
Marketable Securities in Trust Account, Restricted
|
| | | $ | 1,104,209,313 | | | | | $ | — | | |
Total assets
|
| | | $ | 1,107,564,339 | | | | | $ | 318,930 | | |
Total liabilities
|
| | | $ | 40,464,311 | | | | | $ | 295,380 | | |
Value of common stock which may be redeemed for cash ($10.00 per share)(3)
|
| | | $ | 849,914,313 | | | | | $ | — | | |
Stockholders’ equity
|
| | | $ | 5,000,001 | | | | | $ | 23,550 | | |
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||
($ in thousands except share data)
|
| |
Successor
|
| |
Successor
|
| |
Successor
|
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Successor
|
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Successor
|
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Successor
|
| | |
Predecessor
|
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Predecessor
|
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(unaudited)
|
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(unaudited)
|
| | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | |
(unaudited)
|
| |
(unaudited)
|
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Consolidated Statements of Income
and Comprehensive Income Data: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues(1) | | | | $ | 458,902 | | | | | $ | 490,677 | | | | | $ | 982,901 | | | | | $ | 1,040,883 | | | | | $ | 1,067,266 | | | | | $ | 575,889 | | | | | | $ | 412,597 | | | | | $ | 865,094 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of services (exclusive of
depreciation and amortization of intangible assets shown below |
| | | | 96,579 | | | | | | 75,132 | | | | | | 149,607 | | | | | | 149,463 | | | | | | 193,655 | | | | | | 106,639 | | | | | | | 175,470 | | | | | | 217,956 | | |
General and administrative
expenses |
| | | | 57,767 | | | | | | 36,527 | | | | | | 75,225 | | | | | | 77,558 | | | | | | 122,920 | | | | | | 160,294 | | | | | | | 187,764 | | | | | | 174,951 | | |
Depreciation
|
| | | | 29,641 | | | | | | 27,570 | | | | | | 55,807 | | | | | | 52,268 | | | | | | 53,002 | | | | | | 30,244 | | | | | | | 19,818 | | | | | | 41,650 | | |
Amortization of intangible
assets |
| | | | 167,027 | | | | | | 167,027 | | | | | | 334,053 | | | | | | 334,053 | | | | | | 334,053 | | | | | | 189,297 | | | | | | | 80,152 | | | | | | 184,967 | | |
Total expenses
|
| | | | 351,014 | | | | | | 306,256 | | | | | | 614,692 | | | | | | 613,342 | | | | | | 703,630 | | | | | | 486,474 | | | | | | | 463,204 | | | | | | 619,524 | | |
Operating income (loss)
|
| | | | 107,888 | | | | | | 184,421 | | | | | | 368,209 | | | | | | 427,541 | | | | | | 363,636 | | | | | | 89,415 | | | | | | | (50,607) | | | | | | 245,570 | | |
Interest expense(2)
|
| | | | 177,015 | | | | | | 193,192 | | | | | | 376,346 | | | | | | 383,261 | | | | | | 281,972 | | | | | | 155,140 | | | | | | | 81,385 | | | | | | 152,127 | | |
Interest income
|
| | | | (148) | | | | | | (79) | | | | | | (196) | | | | | | (51) | | | | | | (9) | | | | | | (19) | | | | | | | — | | | | | | (12) | | |
Loss on extinguishments and modification of debt
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,053 | | | | | | — | | | | | | | 127,307 | | | | | | — | | |
Gain on repurchase and cancellation of notes
|
| | | | — | | | | | | — | | | | | | (18,450) | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | |
Net (loss) income before income
taxes |
| | | | (68,979) | | | | | | (8,692) | | | | | | 10,509 | | | | | | 44,331 | | | | | | 61,620 | | | | | | (65,706) | | | | | | | (259,299) | | | | | | 93,455 | | |
(Benefit) provision for income
taxes |
| | | | (10,139) | | | | | | (1,196) | | | | | | 799 | | | | | | 8,108 | | | | | | (586,512) | | | | | | (9,203) | | | | | | | (11,701) | | | | | | 85,706 | | |
Net (loss) income
|
| | | | (58,840) | | | | | | (7,496) | | | | | | 9,710 | | | | | | 36,223 | | | | | | 648,132 | | | | | | (56,503) | | | | | | | (247,598) | | | | | | 7,749 | | |
Weighted-average shares of common stock outstanding − basic and diluted .
|
| | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | | 10 | | | | | | 10 | | |
Net (loss) income per share − basic
and diluted |
| | | $ | (5,884) | | | | | $ | (750) | | | | | $ | 971 | | | | | $ | 3,622 | | | | | $ | 64,813 | | | | | $ | (5,650) | | | | | | $ | (24,760) | | | | | $ | 775 | | |
Other comprehensive income, net
of tax: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized gain (loss) on change in fair value of derivatives
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | (2,244) | | | | | | (3,971) | | |
Comprehensive (loss)
income |
| | | $ | (58,840) | | | | | $ | (7,496) | | | | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | 648,132 | | | | | $ | (56,503) | | | | | | $ | (249,842) | | | | | $ | 3,778 | | |
Consolidated Balance Sheets Data (at end of period):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 178,860 | | | | | $ | 12,069 | | | | | $ | 21,825 | | | | | $ | 5,014 | | | | | $ | 21,417 | | | | | $ | 26,396 | | | | | | | | | | | | $ | 56,313 | | |
Total assets(3)
|
| | | | 8,333,189 | | | | | | 8,531,227 | | | | | | 8,360,411 | | | | | | 8,642,973 | | | | | | 8,987,709 | | | | | | 9,285,126 | | | | | | | | | | | | | 5,297,921 | | |
Long-term debt
|
| | | | 5,406,138 | | | | | | 5,509,895 | | | | | | 5,397,122 | | | | | | 5,603,413 | | | | | | 5,835,697 | | | | | | 4,700,644 | | | | | | | | | | | | | 2,676,697 | | |
Shareholders’ equity
|
| | | | 1,963,650 | | | | | | 1,978,262 | | | | | | 1,985,218 | | | | | | 1,990,388 | | | | | | 1,949,448 | | | | | | 2,670,238 | | | | | | | | | | | | | 1,378,304 | | |
Cash dividends per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 141,971 | | | | | | 38,765 | | | | | | | | | | | | | — | | |
Consolidated Statements of Cash Flows Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 191,867 | | | | | $ | 140,838 | | | | | $ | 284,313 | | | | | $ | 292,303 | | | | | $ | 368,945 | | | | | $ | 157,621 | | | | | | $ | 28,987 | | | | | $ | 347,117 | | |
Investing activities
|
| | | | (34,866) | | | | | | (33,696) | | | | | | (66,414) | | | | | | (63,556) | | | | | | (60,709) | | | | | | (6,838,883) | | | | | | | (22,568) | | | | | | (49,079) | | |
Financing activities
|
| | | | 34 | | | | | | (100,087) | | | | | | (201,088) | | | | | | (245,150) | | | | | | (313,215) | | | | | | 6,707,658 | | | | | | | (52,265) | | | | | | (270,083) | | |
(in millions)
|
| | | | | | |
Share issuance to MultiPlan Parent Owners(1)
|
| | | $ | 4,157.0 | | |
Shares previously issued to Churchill public shareholders, net of redemptions(1)
|
| | | | 1,013.1 | | |
Share issuance to the Sponsor (or any of its affiliates)(1)(2)
|
| | | | 275.0 | | |
Share issuance to Purchasers of the Common PIPE Shares(1)
|
| | | | 1,320.5 | | |
Share consideration – at Closing(3)
|
| | | $ | 6,765.6 | | |
(shares in millions; numbers may not sum due to rounding)
|
| |
Shares
|
| |
%
|
| ||||||
Share issuance to the MultiPlan Parent Owners
|
| | | | 415.7 | | | | | | | | |
Total MultiPlan Parent Owners shares
|
| | | | 415.7 | | | | | | 61.4% | | |
Shares held by current Churchill public shareholders
|
| | | | 110.0 | | | | | | | | |
Less: public shares redeemed
|
| | | | (8.7) | | | | | | | | |
Total held by current Churchill public shareholders
|
| | | | 101.3 | | | | | | 15.0% | | |
Shares held by the Sponsor (or any of its affiliates)(1)
|
| | | | 27.5 | | | | | | 4.1% | | |
Common PIPE Shares
|
| | | | 132.1 | | | | | | 19.5% | | |
Net Churchill shares, Sponsor Shares and Common PIPE Shares
|
| | | | 260.9 | | | | | | 38.6% | | |
Pro Forma shares outstanding(2)
|
| | | | 676.6 | | | | | | 100.0% | | |
| | |
As of
June 30, 2020 |
| | | | | | | | | | |
As of
June 30, 2020 |
| | | | | | | | | | | | | |
As of June 30, 2020
|
| |||||||||||||||
| | |
Churchill
(Historical) |
| |
MultiPlan Parent
(Historical) |
| |
Transactions
Pro Forma Adjustments |
| | | | |
Pro Forma
Combined |
| |
Refinancing
Pro Forma Adjustments |
| | | | | | | |
Pro Forma
Combined As Adjusted |
| ||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents(1)
|
| | | $ | 2,956 | | | | | $ | 178,860 | | | | | $ | 1,104,209 | | | |
(A)
|
| | | $ | 892,952 | | | | | | (1,624,846) | | | | | | (N) | | | | | $ | 178,073 | | |
| | | | | — | | | | | | — | | | | | | (38,500) | | | |
(B)
|
| | | | — | | | | | | (369,283) | | | | | | (O) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (53,000) | | | |
(C)
|
| | | | — | | | | | | 1,283,750 | | | | | | (P) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (51,745) | | | |
(D)
|
| | | | — | | | | | | (4,500) | | | | | | (Q) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 1,300,000 | | | |
(E)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 1,267,500 | | | |
(F)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (1,210,650) | | | |
(G)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 1,500 | | | |
(J)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (1,521,000) | | | |
(K)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (87,178) | | | |
(M)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Trade accounts receivable, net
|
| | | | — | | | | | | 54,004 | | | | | | — | | | | | | | | | 54,004 | | | | | | — | | | | | | | | | | | | 54,004 | | |
Prepaid expenses and other current assets
|
| | | | 398 | | | | | | 3,456 | | | | | | — | | | | | | | | | 3,854 | | | | | | — | | | | | | | | | | | | 3,854 | | |
Prepaid software and maintenance
|
| | | | — | | | | | | 8,616 | | | | | | — | | | | | | | | | 8,616 | | | | | | — | | | | | | | | | | | | 8,616 | | |
Prepaid taxes
|
| | | | — | | | | | | 7,686 | | | | | | — | | | | | | | | | 7,686 | | | | | | — | | | | | | | | | | | | 7,686 | | |
Total current assets
|
| | | | 3,354 | | | | | | 252,622 | | | | | | 711,136 | | | | | | | | | 967,112 | | | | | | (714,879) | | | | | | | | | | | | 252,233 | | |
Marketable securities held in Trust Account
|
| | | | 1,104,209 | | | | | | — | | | | | | (1,104,209) | | | |
(A)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Property and equipment, net
|
| | | | — | | | | | | 182,011 | | | | | | — | | | | | | | | | 182,011 | | | | | | — | | | | | | | | | | | | 182,011 | | |
Operating lease right-of-use asset
|
| | | | — | | | | | | 25,887 | | | | | | — | | | | | | | | | 25,887 | | | | | | — | | | | | | | | | | | | 25,887 | | |
Goodwill
|
| | | | — | | | | | | 4,142,013 | | | | | | — | | | | | | | | | 4,142,013 | | | | | | — | | | | | | | | | | | | 4,142,013 | | |
Client relationships intangible, net
|
| | | | — | | | | | | 2,998,649 | | | | | | — | | | | | | | | | 2,998,649 | | | | | | — | | | | | | | | | | | | 2,998,649 | | |
Provider network intangible, net
|
| | | | — | | | | | | 653,667 | | | | | | — | | | | | | | | | 653,667 | | | | | | — | | | | | | | | | | | | 653,667 | | |
Other intangibles, net
|
| | | | — | | | | | | 67,300 | | | | | | — | | | | | | | | | 67,300 | | | | | | — | | | | | | | | | | | | 67,300 | | |
Other assets
|
| | | | 1 | | | | | | 11,040 | | | | | | — | | | | | | | | | 11,041 | | | | | | 4,500 | | | | | | (Q) | | | | | | 14,291 | | |
Total assets
|
| | | $ | 1,107,564 | | | | | $ | 8,333,189 | | | | | $ | (393,073) | | | | | | | | $ | 9,047,680 | | | | | $ | (710,379) | | | | | | | | | | | $ | 8,337,301 | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,512 | | | | | $ | 8,352 | | | | | $ | (1,390) | | | |
(C)
|
| | | $ | 7,294 | | | | | $ | — | | | | | | | | | | | $ | 7,294 | | |
| | | | | — | | | | | | — | | | | | | (1,180) | | | |
(D)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Accrued interest
|
| | | | — | | | | | | 17,895 | | | | | | (8,349) | | | |
(G)
|
| | | | 9,546 | | | | | | (9,263) | | | | | | (N) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (283) | | | | | | (O) | | | | | | — | | |
Income tax payable
|
| | | | 452 | | | | | | — | | | | | | — | | | | | | | | | 452 | | | | | | — | | | | | | | | | | | | 452 | | |
Operating lease obligations
|
| | | | — | | | | | | 9,649 | | | | | | — | | | | | | | | | 9,649 | | | | | | — | | | | | | | | | | | | 9,649 | | |
Accrued compensation
|
| | | | — | | | | | | 22,855 | | | | | | — | | | | | | | | | 22,855 | | | | | | — | | | | | | | | | | | | 22,855 | | |
Accrued legal
|
| | | | — | | | | | | 9,835 | | | | | | — | | | | | | | | | 9,835 | | | | | | — | | | | | | | | | | | | 9,835 | | |
Accrued administrative fees
|
| | | | — | | | | | | 3,345 | | | | | | — | | | | | | | | | 3,345 | | | | | | — | | | | | | | | | | | | 3,345 | | |
Other accrued expenses
|
| | | | — | | | | | | 11,526 | | | | | | — | | | | | | | | | 11,526 | | | | | | — | | | | | | | | | | | | 11,526 | | |
Total current liabilities
|
| | | | 1,964 | | | | | | 83,457 | | | | | | (10,919) | | | | | | | | | 74,502 | | | | | | (9,546) | | | | | | | | | | | | 64,956 | | |
Long-term debt
|
| | | | — | | | | | | 5,406,138 | | | | | | 1,023,806 | | | |
(F)
|
| | | | 5,264,729 | | | | | | (1,549,850) | | | | | | (N) | | | | | | 4,631,469 | | |
| | | | | — | | | | | | — | | | | | | (1,165,215) | | | |
(G)
|
| | | | — | | | | | | (367,160) | | | | | | (O) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 1,283,750 | | | | | | (P) | | | | | | — | | |
Operating lease obligations
|
| | | | — | | | | | | 18,635 | | | | | | — | | | | | | | | | 18,635 | | | | | | — | | | | | | | | | | | | 18,635 | | |
Deferred income taxes
|
| | | | — | | | | | | 861,309 | | | | | | 56,781 | | | |
(F)
|
| | | | 918,090 | | | | | | — | | | | | | | | | | | | 918,090 | | |
Deferred underwriting fee payable
|
| | | | 38,500 | | | | | | — | | | | | | (38,500) | | | |
(B)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total liabilities
|
| | | | 40,464 | | | | | | 6,369,539 | | | | | | (134,047) | | | | | | | | | 6,275,956 | | | | | | (642,806) | | | | | | | | | | | | 5,633,150 | | |
| | |
As of
June 30, 2020 |
| | | | | | | | | | |
As of
June 30, 2020 |
| | | | | | | | | | | | | | | ||||||||||||||||
| | |
Churchill
(Historical) |
| |
MultiPlan Parent
(Historical) |
| |
Transactions
Pro Forma Adjustments |
| | | | |
Pro Forma
Combined |
| |
Refinancing Pro
Forma Adjustments |
| | | | | | | |
Pro Forma
Combined As Adjusted |
| ||||||||||||||||||
Commitments and contingencies: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Common stock subject to possible
redemption |
| | | | 1,062,100 | | | | | | — | | | | | | (1,062,100) | | | |
(I)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Shareholder interests
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Common stock, $0.001 par value; 1,000 shares
authorized (500 Series A and 500 Series B); 5 shares of Series A and 5 shares of Series B issued and outstanding as of June 30, 2020 |
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | — | | | | | | — | | | | | | 13 | | | |
(E)
|
| | | | 68 | | | | | | — | | | | | | | | | | | | 68 | | | |
| | | | | — | | | | | | — | | | | | | 42 | | | |
(K)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 14 | | | |
(I)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (1) | | | |
(M)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class B common stock, $0.0001 par value; 50,000,000
shares authorized; 27,500,000 shares issued and outstanding at June 30, 2020 |
| | | | 3 | | | | | | — | | | | | | (3) | | | |
(I)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Contributed capital
|
| | | | 3,302 | | | | | | 1,384,928 | | | | | | (41,000) | | | |
(C)
|
| | | | 2,639,766 | | | | | | — | | | | | | | | | | | | 2,639,766 | | |
| | | | | — | | | | | | — | | | | | | (20,000) | | | |
(D)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 1,299,987 | | | |
(E)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 186,913 | | | |
(F)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 1,695 | | | |
(H)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 1,062,089 | | | |
(I)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 1,500 | | | |
(J)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (1,521,042) | | | |
(K)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 368,571 | | | |
(L)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (87,177) | | | |
(M)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Retained earnings
|
| | | | 1,695 | | | | | | 578,722 | | | | | | (10,610) | | | |
(C)
|
| | | | 131,890 | | | | | | (65,733) | | | | | | (N) | | | | | | 64,317 | | |
| | | | | — | | | | | | — | | | | | | (30,565) | | | |
(D)
|
| | | | — | | | | | | (1,840) | | | | | | (O) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (37,086) | | | |
(G)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (1,695) | | | |
(H)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | (368,571) | | | |
(L)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Shareholders’ equity
|
| | | | 5,000 | | | | | | 1,963,650 | | | | | | 803,074 | | | | | | | | | 2,771,724 | | | | | | (67,573) | | | | | | | | | | | | 2,704,151 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 1,107,564 | | | | | $ | 8,333,189 | | | | | $ | (393,073) | | | | | | | | $ | 9,047,680 | | | | | $ | (710,379) | | | | | | | | | | | $ | 8,337,301 | | |
|
| | |
Six Months Ended
June 30, 2020 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
| | |
Churchill
(Historical) |
| |
MultiPlan Parent
(Historical) |
| |
Transactions
Pro Forma Adjustments |
| | | | |
Pro Forma
Combined |
| |
Refinancing
Pro Forma Adjustments |
| | | | | | | |
Pro Forma
Combined As Adjusted |
| ||||||||||||||||||
Revenues
|
| | | $ | — | | | | | $ | 458,902 | | | | | $ | — | | | | | | | | $ | 458,902 | | | | | $ | — | | | | | | | | | | | $ | 458,902 | | |
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | — | | | | | | 96,579 | | | | | | — | | | | | | | | | 96,579 | | | | | | — | | | | | | | | | | | | 96,579 | | |
General and administrative expenses
|
| | | | 2,062 | | | | | | 57,767 | | | | | | (2,062) | | | |
(AA)
|
| | | | 56,582 | | | | | | — | | | | | | | | | | | | 56,582 | | |
| | | | | — | | | | | | — | | | | | | (1,185) | | | |
(BB)
|
| | | | — | | | | | | | | | | | | | | | | | | — | | |
Depreciation
|
| | | | — | | | | | | 29,641 | | | | | | — | | | | | | | | | 29,641 | | | | | | — | | | | | | | | | | | | 29,641 | | |
Amortization of intangible assets
|
| | | | — | | | | | | 167,027 | | | | | | — | | | | | | | | | 167,027 | | | | | | — | | | | | | | | | | | | 167,027 | | |
Total expenses
|
| | | | 2,062 | | | | | | 351,014 | | | | | | (3,247) | | | | | | | | | 349,829 | | | | | | — | | | | | | | | | | | | 349,829 | | |
Operating (loss) income
|
| | | | (2,062) | | | | | | 107,888 | | | | | | 3,247 | | | | | | | | | 109,073 | | | | | | — | | | | | | | | | | | | 109,073 | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (4,216) | | | | | | — | | | | | | 4,216 | | | |
(AA)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Unrealized loss on marketable securities held in Trust Account
|
| | | | 6 | | | | | | — | | | | | | (6) | | | |
(AA)
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Interest expense
|
| | | | — | | | | | | 177,015 | | | | | | (52,552) | | | |
(CC)
|
| | | | 183,191 | | | | | | (56,640) | | | | | | (HH) | | | | | | 158,596 | | |
| | | | | — | | | | | | — | | | | | | 39,000 | | | |
(DD)
|
| | | | — | | | | | | (6,919) | | | | | | (II) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 19,728 | | | |
(EE)
|
| | | | — | | | | | | 438 | | | | | | (JJ) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (315) | | | | | | (KK) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 450 | | | | | | (LL) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 37,375 | | | | | | (MM) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 1,016 | | | | | | (NN) | | | | | | — | | |
Interest income
|
| | | | — | | | | | | (148) | | | | | | — | | | | | | | | | (148) | | | | | | — | | | | | | | | | | | | (148) | | |
Net Income (loss) before income taxes
|
| | | | 2,148 | | | | | | (68,979) | | | | | | (7,139) | | | | | | | | | (73,970) | | | | | | 24,595 | | | | | | | | | | | | (49,375) | | |
Provision (benefit) for income taxes
|
| | | | 451 | | | | | | (10,139) | | | | | | (1,663) | | | |
(FF)
|
| | | | (11,351) | | | | | | 5,731 | | | | | | (FF) | | | | | | (5,621) | | |
Net income (loss)
|
| | | | 1,697 | | | | | | (58,840) | | | | | | (5,476) | | | | | | | | | (62,619) | | | | | | 18,864 | | | | | | | | | | | | (43,754) | | |
Weighted average shares outstanding – basic and diluted
|
| | | | 30,397,160 | | | | | | 10 | | | | | | 646,158,975 | | | |
(GG)
|
| | | | 676,556,145 | | | | | | — | | | | | | | | | | | | 676,556,145 | | |
Net loss per share – basic and diluted
|
| | | $ | (0.03) | | | | | $ | (5,884,000.00) | | | | | | | | | | | | | | $ | (0.09) | | | | | $ | — | | | | | | | | | | | $ | (0.06) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
| | |
Churchill
(Historical) |
| |
MultiPlan Parent
(Historical) |
| |
Transactions
Pro Forma Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Refinancing Pro
Forma Adjustments |
| | | | | | | |
Pro Forma
Combined As Adjusted |
| ||||||||||||||||||
Revenues
|
| | | $ | — | | | | | $ | 982,901 | | | | | $ | — | | | | | | | | | | | $ | 982,901 | | | | | $ | — | | | | | | | | | | | $ | 982,901 | | |
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | — | | | | | | 149,607 | | | | | | — | | | | | | | | | | | | 149,607 | | | | | | — | | | | | | | | | | | | 149,607 | | |
General and administrative expenses
|
| | | | 1 | | | | | | 75,225 | | | | | | (1) | | | | | | (AA) | | | | | | 75,225 | | | | | | — | | | | | | | | | | | | 75,225 | | |
Depreciation
|
| | | | — | | | | | | 55,807 | | | | | | — | | | | | | | | | | | | 55,807 | | | | | | — | | | | | | | | | | | | 55,807 | | |
Amortization of intangible assets
|
| | | | — | | | | | | 334,053 | | | | | | — | | | | | | | | | | | | 334,053 | | | | | | — | | | | | | | | | | | | 334,053 | | |
Total expenses
|
| | | | 1 | | | | | | 614,692 | | | | | | (1) | | | | | | | | | | | | 614,692 | | | | | | — | | | | | | | | | | | | 614,692 | | |
Operating income
(loss) |
| | | | (1) | | | | | | 368,209 | | | | | | 1 | | | | | | | | | | | | 368,209 | | | | | | — | | | | | | | | | | | | 368,209 | | |
Interest expense
|
| | | | — | | | | | | 376,346 | | | | | | (112,994) | | | | | | (CC) | | | | | | 380,808 | | | | | | (113,149) | | | | | | (HH) | | | | | | 332,064 | | |
| | | | | — | | | | | | — | | | | | | 78,000 | | | | | | (DD) | | | | | | — | | | | | | (13,838) | | | | | | (II) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 39,456 | | | | | | (EE) | | | | | | — | | | | | | 876 | | | | | | (JJ) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (315) | | | | | | (KK) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 900 | | | | | | (LL) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 74,750 | | | | | | (MM) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 2,032 | | | | | | (NN) | | | | | | — | | |
Interest income
|
| | | | — | | | | | | (196) | | | | | | — | | | | | | | | | | | | (196) | | | | | | — | | | | | | | | | | | | (196) | | |
Gain on repurchase and
cancellation of Notes |
| | | | — | | | | | | (18,450) | | | | | | 18,450 | | | | | | (CC) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Net Income (loss) before income
taxes |
| | | | (1) | | | | | | 10,509 | | | | | | (22,911) | | | | | | | | | | | | (12,403) | | | | | | 48,744 | | | | | | | | | | | | 36,341 | | |
Provision (benefit) for income taxes
|
| | | | — | | | | | | 799 | | | | | | (5,338) | | | | | | (FF) | | | | | | (4,539) | | | | | | 11,357 | | | | | | (FF) | | | | | | 6,818 | | |
Net income (loss)
|
| | | | (1) | | | | | | 9,710 | | | | | | (17,573) | | | | | | | | | | | | (7,863) | | | | | | 37,387 | | | | | | | | | | | | 29,523 | | |
Weighted average shares
outstanding — basic and diluted |
| | | | 25,000,000 | | | | | | 10 | | | | | | 651,556,135 | | | | | | (GG) | | | | | | 676,556,145 | | | | | | — | | | | | | | | | | | | 676,556,145 | | |
Net income (loss) per share — basic and diluted
|
| | | $ | (0.00) | | | | | $ | 971,000.00 | | | | | | | | | | | | | | | | | $ | (0.01) | | | | | | | | | | | | | | | | | $ | 0.04 | | |
| | | | |
Year Ended
December 31, 2019 |
| |||||||
Share issuance to the MultiPlan Parent Owners
|
| | | | 415,700,000 | | | | | | 415,700,000 | | |
Share issuance to purchasers of the Common PIPE Shares
|
| | | | 132,050,000 | | | | | | 132,050,000 | | |
Shares previously issued to Churchill’s Sponsor .
|
| | | | 27,500,000 | | | | | | 27,500,000 | | |
Shares previously issued to Churchill public shareholders
|
| | | | 110,000,000 | | | | | | 110,000,000 | | |
Shares issued in payment of placement fee to Churchill’s Sponsor
|
| | | | (8,693,855) | | | | | | (8,693,855) | | |
Shares issued and redeemed as part of the Transactions
|
| | | | 676,556,145 | | | | | | 676,556,145 | | |
| | |
For the Six Months Ended
June 30, |
| |
For the Year Ended
December 31, |
| |||||||||||||||||||||||||||||
($ in billions)
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| ||||||||||||||||||||
Medical charges processed(1)
|
| | | $ | 49.9 | | | | | | $ | 52.8 | | | | | | $ | 106.3 | | | | | | $ | 101.6 | | | | | | $ | 97.4 | | | |
Medical cost savings(2)
|
| | | | 18.8 | % | | | | | | 17.2 | % | | | | | | 17.8 | % | | | | | | 18.3 | % | | | | | | 18.3 | % | | |
| | |
For the Six Months Ended
June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | | | | | | | ||||||
Net (loss) income
|
| | | $ | (58,840) | | | | | $ | (7,496) | | | | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | 648,132 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense(a)
|
| | | | 177,015 | | | | | | 193,192 | | | | | | 376,346 | | | | | | 383,261 | | | | | | 281,972 | | |
Interest income
|
| | | | (148) | | | | | | (79) | | | | | | (196) | | | | | | (51) | | | | | | (9) | | |
Income tax (benefit) provision
|
| | | | (10,139) | | | | | | (1,196) | | | | | | 799 | | | | | | 8,108 | | | | | | (586,512) | | |
Depreciation
|
| | | | 29,641 | | | | | | 27,570 | | | | | | 55,807 | | | | | | 52,268 | | | | | | 53,002 | | |
Amortization of intangible assets
|
| | | | 167,027 | | | | | | 167,027 | | | | | | 334,053 | | | | | | 334,053 | | | | | | 334,053 | | |
Non-income taxes(b)
|
| | | | 920 | | | | | | 930 | | | | | | 1,944 | | | | | | 1,641 | | | | | | 1,315 | | |
EBITDA
|
| | | $ | 305,476 | | | | | $ | 379,948 | | | | | $ | 778,463 | | | | | $ | 815,503 | | | | | $ | 731,953 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expense(c)
|
| | | | 297 | | | | | | 823 | | | | | | 1,947 | | | | | | 4,617 | | | | | | 5,857 | | |
Transaction related expenses(d)
|
| | | | 2,698 | | | | | | 22 | | | | | | 3,270 | | | | | | 49 | | | | | | 3,435 | | |
Loss on extinguishments and modification of
debt(e) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,053 | | |
Gain on repurchase and cancellation of notes(f)
|
| | | | — | | | | | | — | | | | | | (18,450) | | | | | | — | | | | | | — | | |
Stock-based compensation(g)
|
| | | | 37,272 | | | | | | (4,630) | | | | | | (14,880) | | | | | | 4,717 | | | | | | 50,788 | | |
Adjusted EBITDA
|
| | | $ | 345,743 | | | | | $ | 376,163 | | | | | $ | 750,350 | | | | | $ | 824,886 | | | | | $ | 812,086 | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| |
Change $
|
| |
Change %
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Network Services
|
| | | $ | 135,126 | | | | | $ | 162,760 | | | | | $ | (27,634) | | | | | | (17.0)% | | |
Analytics-Based Solutions
|
| | | | 274,096 | | | | | | 274,799 | | | | | | (703) | | | | | | (0.3)% | | |
Payment Integrity Solutions
|
| | | | 49,680 | | | | | | 53,118 | | | | | | (3,438) | | | | | | (6.5)% | | |
Total Revenues
|
| | | | 458,902 | | | | | | 490,677 | | | | | | (31,775) | | | | | | (6.5)% | | |
Costs of Services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Personnel expenses
|
| | | | 81,731 | | | | | | 58,238 | | | | | | 23,493 | | | | | | 40.3% | | |
Access and bill review fees
|
| | | | 7,307 | | | | | | 8,361 | | | | | | (1,054) | | | | | | (12.6)% | | |
Other
|
| | | | 7,541 | | | | | | 8,533 | | | | | | (992) | | | | | | (11.6)% | | |
Total Costs of Services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | 96,579 | | | | | | 75,132 | | | | | | 21,447 | | | | | | 28.5% | | |
General and administrative expenses
|
| | | | 57,767 | | | | | | 36,527 | | | | | | 21,240 | | | | | | 58.1% | | |
Depreciation expense
|
| | | | 29,641 | | | | | | 27,570 | | | | | | 2,071 | | | | | | 7.5% | | |
Amortization of intangible assets
|
| | | | 167,027 | | | | | | 167,027 | | | | | | — | | | | | | 0.0% | | |
Operating income
|
| | | | 107,888 | | | | | | 184,421 | | | | | | (76,533) | | | | | | (41.5)% | | |
Interest expense
|
| | | | 177,015 | | | | | | 193,192 | | | | | | (16,177) | | | | | | (8.4)% | | |
Interest income
|
| | | | (148) | | | | | | (79) | | | | | | (69) | | | | | | 87.3% | | |
Net loss before income taxes
|
| | | | (68,979) | | | | | | (8,692) | | | | | | (60,287) | | | | | | (693.6)% | | |
Benefit for income taxes
|
| | | | (10,139) | | | | | | (1,196) | | | | | | (8,943) | | | | | | (747.7)% | | |
Net loss
|
| | | $ | (58,840) | | | | | $ | (7,496) | | | | | $ | (51,344) | | | | | | (685.0)% | | |
| | |
For the Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |
%
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Network Services
|
| | | $ | 314,510 | | | | | $ | 363,510 | | | | | $ | (49,000) | | | | | | (13.5)% | | |
Analytics-Based Solutions
|
| | | | 561,525 | | | | | | 584,998 | | | | | | (23,473) | | | | | | (4.0)% | | |
Payment Integrity Solutions
|
| | | | 106,866 | | | | | | 92,375 | | | | | | 14,491 | | | | | | 15.7% | | |
Total Revenues
|
| | | | 982,901 | | | | | | 1,040,883 | | | | | | (57,982) | | | | | | (5.6)% | | |
Costs of Services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Personnel expenses
|
| | | | 115,827 | | | | | | 115,920 | | | | | | (93) | | | | | | (0.1)% | | |
Access and bill review fees
|
| | | | 15,996 | | | | | | 16,735 | | | | | | (739) | | | | | | (4.4)% | | |
Other
|
| | | | 17,784 | | | | | | 16,808 | | | | | | 976 | | | | | | 5.8% | | |
Total Costs of Services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | 149,607 | | | | | | 149,463 | | | | | | 144 | | | | | | 0.1% | | |
General and administrative expenses
|
| | | | 75,225 | | | | | | 77,558 | | | | | | (2,333) | | | | | | (3.0)% | | |
Depreciation expense
|
| | | | 55,807 | | | | | | 52,268 | | | | | | 3,539 | | | | | | 6.8% | | |
Amortization of intangible assets
|
| | | | 334,053 | | | | | | 334,053 | | | | | | — | | | | | | 0.0% | | |
Operating Income
|
| | | | 368,209 | | | | | | 427,541 | | | | | | (59,332) | | | | | | (13.9)% | | |
Interest expense
|
| | | | 376,346 | | | | | | 383,261 | | | | | | (6,915) | | | | | | (1.8)% | | |
Interest income
|
| | | | (196) | | | | | | (51) | | | | | | (145) | | | | | | N/M | | |
Gain on repurchase and cancellation of notes
|
| | | | (18,450) | | | | | | — | | | | | | (18,450) | | | | | | N/M | | |
Net income before income taxes
|
| | | | 10,509 | | | | | | 44,331 | | | | | | (33,822) | | | | | | (76.3)% | | |
Provision for income taxes
|
| | | | 799 | | | | | | 8,108 | | | | | | (7,309) | | | | | | (90.1)% | | |
Net income
|
| | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | (26,513) | | | | | | (73.2)% | | |
| | |
For the Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands)
|
| |
2018
|
| |
2017
|
| |
$
|
| |
%
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Network Services
|
| | | $ | 363,510 | | | | | $ | 415,759 | | | | | $ | (52,249) | | | | | | (12.6)% | | |
Analytics-Based Solutions
|
| | | | 584,998 | | | | | | 584,925 | | | | | | 73 | | | | | | 0.0% | | |
Payment Integrity Solutions
|
| | | | 92,375 | | | | | | 66,582 | | | | | | 25,793 | | | | | | 38.7% | | |
Total Revenues
|
| | | | 1,040,883 | | | | | | 1,067,266 | | | | | | (26,383) | | | | | | (2.5)% | | |
Costs of Services (exclusive of depreciation and amortization
of intangible assets shown below) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Personnel expenses
|
| | | | 115,920 | | | | | | 153,046 | | | | | | (37,126) | | | | | | (24.3)% | | |
Access and bill review fees
|
| | | | 16,735 | | | | | | 20,921 | | | | | | (4,186) | | | | | | (20.0)% | | |
Other
|
| | | | 16,808 | | | | | | 19,688 | | | | | | (2,880) | | | | | | (14.6)% | | |
Total Costs of Services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | 149,463 | | | | | | 193,655 | | | | | | (44,192) | | | | | | (22.8)% | | |
General and administrative expenses
|
| | | | 77,558 | | | | | | 122,920 | | | | | | (45,362) | | | | | | (36.9)% | | |
Depreciation expense
|
| | | | 52,268 | | | | | | 53,002 | | | | | | (734) | | | | | | (1.4)% | | |
Amortization of intangible assets
|
| | | | 334,053 | | | | | | 334,053 | | | | | | — | | | | | | 0.0% | | |
Operating Income
|
| | | | 427,541 | | | | | | 363,636 | | | | | | 63,905 | | | | | | 17.6% | | |
Interest expense
|
| | | | 383,261 | | | | | | 281,972 | | | | | | 101,289 | | | | | | 35.9% | | |
Interest income
|
| | | | (51) | | | | | | (9) | | | | | | (42) | | | | | | N/M | | |
Loss on extinguishments and modification of debt
|
| | | | — | | | | | | 20,053 | | | | | | (20,053) | | | | | | N/M | | |
Net income before income taxes
|
| | | | 44,331 | | | | | | 61,620 | | | | | | (17,289) | | | | | | (28.1)% | | |
Provision for income taxes
|
| | | | 8,108 | | | | | | (586,512) | | | | | | 594,620 | | | | | | 101.4% | | |
Net income
|
| | | $ | 36,223 | | | | | $ | 648,132 | | | | | $ | (611,909) | | | | | | (94.4)% | | |
| | |
Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Revenues
|
| | | $ | 206,880 | | | | | $ | 252,022 | | | | | $ | 246,404 | | | | | $ | 245,820 | | | | | $ | 245,653 | | | | | $ | 245,024 | | | | | $ | 240,172 | | | | | $ | 258,444 | | | | | $ | 279,416 | | | | | $ | 262,851 | | |
Costs of services (exclusive of
depreciation and amortization of intangible assets shown below)(1) |
| | | | 51,894 | | | | | | 44,685 | | | | | | 33,416 | | | | | | 41,059 | | | | | | 34,455 | | | | | | 40,677 | | | | | | 16,786 | | | | | | 40,138 | | | | | | 48,576 | | | | | | 43,962 | | |
General and administrative expenses(1)
|
| | | | 36,066 | | | | | | 21,701 | | | | | | 12,712 | | | | | | 25,986 | | | | | | 14,337 | | | | | | 22,190 | | | | | | (2,312) | | | | | | 22,565 | | | | | | 31,899 | | | | | | 25,406 | | |
Depreciation
|
| | | | 15,135 | | | | | | 14,506 | | | | | | 14,084 | | | | | | 14,153 | | | | | | 14,026 | | | | | | 13,544 | | | | | | 13,087 | | | | | | 13,005 | | | | | | 13,252 | | | | | | 12,924 | | |
Amortization of intangible assets
|
| | | | 83,514 | | | | | | 83,513 | | | | | | 83,513 | | | | | | 83,513 | | | | | | 83,514 | | | | | | 83,513 | | | | | | 83,513 | | | | | | 83,513 | | | | | | 83,514 | | | | | | 83,513 | | |
Total expenses
|
| | | | 186,609 | | | | | | 164,405 | | | | | | 143,725 | | | | | | 164,711 | | | | | | 146,332 | | | | | | 159,924 | | | | | | 111,074 | | | | | | 159,221 | | | | | | 177,241 | | | | | | 165,805 | | |
Operating income
|
| | | | 20,271 | | | | | | 87,617 | | | | | | 102,679 | | | | | | 81,109 | | | | | | 99,321 | | | | | | 85,100 | | | | | | 129,098 | | | | | | 99,223 | | | | | | 102,175 | | | | | | 97,046 | | |
Interest expense
|
| | | | 86,050 | | | | | | 90,965 | | | | | | 89,908 | | | | | | 93,246 | | | | | | 95,473 | | | | | | 97,719 | | | | | | 95,762 | | | | | | 96,970 | | | | | | 96,028 | | | | | | 94,501 | | |
Interest income
|
| | | | (77) | | | | | | (71) | | | | | | (63) | | | | | | (54) | | | | | | (46) | | | | | | (33) | | | | | | (28) | | | | | | (15) | | | | | | (7) | | | | | | — | | |
Gain on repurchase and retirement of Notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | (18,450) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net (loss) income before
income taxes |
| | | | (65,702) | | | | | | (3,277) | | | | | | 12,834 | | | | | | 6,367 | | | | | | 3,894 | | | | | | (12,586) | | | | | | 33,364 | | | | | | 2,268 | | | | | | 6,154 | | | | | | 2,545 | | |
(Benefit) provision for income
taxes |
| | | | (9,456) | | | | | | (683) | | | | | | 990 | | | | | | 1,005 | | | | | | 3,026 | | | | | | (4,222) | | | | | | 10,742 | | | | | | (6,046) | | | | | | 2,569 | | | | | | 843 | | |
(Loss) income from continuing operations
|
| | | | (56,246) | | | | | | (2,594) | | | | | | 11,844 | | | | | | 5,362 | | | | | | 868 | | | | | | (8,364) | | | | | | 22,622 | | | | | | 8,314 | | | | | | 3,585 | | | | | | 1,702 | | |
Net (loss) income
|
| | | | (56,246) | | | | | | (2,594) | | | | | | 11,844 | | | | | | 5,362 | | | | | | 868 | | | | | | (8,364) | | | | | | 22,622 | | | | | | 8,314 | | | | | | 3,585 | | | | | | 1,702 | | |
Weighted average shares outstanding – Basic and Diluted:
|
| | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | | | | | 10 | | |
Net (loss) income per share – Basic and Diluted:
|
| | | $ | (5,624,600) | | | | | $ | (259,400) | | | | | $ | 1,184,400 | | | | | $ | 536,200 | | | | | $ | 86,800 | | | | | $ | (836,400) | | | | | $ | 2,262,200 | | | | | $ | 831,400 | | | | | $ | 358,500 | | | | | $ | 170,200 | | |
Comprehensive (loss) income
|
| | | $ | (56,246) | | | | | $ | (2,594) | | | | | $ | 11,844 | | | | | $ | 5,362 | | | | | $ | 868 | | | | | $ | (8,364) | | | | | $ | 22,622 | | | | | $ | 8,314 | | | | | $ | 3,585 | | | | | $ | 1,702 | | |
|
| | |
Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Costs of services
|
| | | $ | 12,494 | | | | | $ | 5,452 | | | | | $ | (6,579) | | | | | $ | 1,593 | | | | | $ | (4,714) | | | | | $ | 1,796 | | | | | $ | (12,102) | | | | | $ | 2,784 | | | | | $ | 7,140 | | | | | $ | 2,420 | | |
General and administrative expenses
|
| | | | 15,417 | | | | | | 3,909 | | | | | | (7,992) | | | | | | 2,728 | | | | | | (4,952) | | | | | | 3,240 | | | | | | (16,487) | | | | | | 5,067 | | | | | | 11,632 | | | | | | 4,263 | | |
| | | | $ | 27,911 | | | | | $ | 9,361 | | | | | $ | (14,571) | | | | | $ | 4,321 | | | | | $ | (9,666) | | | | | $ | 5,036 | | | | | $ | (28,589) | | | | | $ | 7,851 | | | | | $ | 18,772 | | | | | $ | 6,683 | | |
|
(in thousands)
|
| |
Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Costs of services (exclusive of depreciation and amortization of intangible assets)
|
| | | $ | 51,894 | | | | | $ | 44,685 | | | | | $ | 33,416 | | | | | $ | 41,059 | | | | | $ | 34,455 | | | | | $ | 40,677 | | | | | $ | 16,786 | | | | | $ | 40,138 | | | | | $ | 48,576 | | | | | $ | 43,962 | | |
Less: stock-based compensation
|
| | | | 12,494 | | | | | | 5,452 | | | | | | (6,579) | | | | | | 1,593 | | | | | | (4,714) | | | | | | 1,796 | | | | | | (12,102) | | | | | | 2,784 | | | | | | 7,140 | | | | | | 2,420 | | |
Costs of services excluding stock-based compensation
|
| | | $ | 39,400 | | | | | $ | 39,233 | | | | | $ | 39,995 | | | | | $ | 39,466 | | | | | $ | 39,169 | | | | | $ | 38,881 | | | | | $ | 28,888 | | | | | $ | 37,354 | | | | | $ | 41,436 | | | | | $ | 41,542 | | |
General and administrative expenses
|
| | | $ | 36,066 | | | | | $ | 21,701 | | | | | $ | 12,712 | | | | | $ | 25,986 | | | | | $ | 14,337 | | | | | $ | 22,190 | | | | | $ | (2,312) | | | | | $ | 22,565 | | | | | $ | 31,899 | | | | | $ | 25,406 | | |
Less: stock-based compensation
|
| | | | 15,417 | | | | | | 3,909 | | | | | | (7,992) | | | | | | 2,728 | | | | | | (4,952) | | | | | | 3,240 | | | | | | (16,487) | | | | | | 5,067 | | | | | | 11,632 | | | | | | 4,263 | | |
General and administrative expenses
|
| | | $ | 20,649 | | | | | $ | 17,792 | | | | | $ | 20,704 | | | | | $ | 23,258 | | | | | $ | 19,289 | | | | | $ | 18,950 | | | | | $ | 14,175 | | | | | $ | 17,498 | | | | | $ | 20,267 | | | | | $ | 21,143 | | |
|
| | |
Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Revenues
|
| | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | 25% | | | | | | 18% | | | | | | 14% | | | | | | 17% | | | | | | 14% | | | | | | 17% | | | | | | 7% | | | | | | 16% | | | | | | 17% | | | | | | 17% | | |
General and administrative
expenses |
| | | | 17% | | | | | | 9% | | | | | | 5% | | | | | | 11% | | | | | | 6% | | | | | | 9% | | | | | | (1)% | | | | | | 9% | | | | | | 11% | | | | | | 10% | | |
Depreciation
|
| | | | 7% | | | | | | 6% | | | | | | 6% | | | | | | 6% | | | | | | 6% | | | | | | 6% | | | | | | 5% | | | | | | 5% | | | | | | 5% | | | | | | 5% | | |
Amortization of intangible assets
|
| | | | 40% | | | | | | 33% | | | | | | 34% | | | | | | 34% | | | | | | 34% | | | | | | 34% | | | | | | 35% | | | | | | 32% | | | | | | 30% | | | | | | 32% | | |
Total expenses
|
| | | | 90% | | | | | | 65% | | | | | | 58% | | | | | | 67% | | | | | | 60% | | | | | | 65% | | | | | | 46% | | | | | | 62% | | | | | | 63% | | | | | | 63% | | |
Operating income
|
| | | | 10% | | | | | | 35% | | | | | | 42% | | | | | | 33% | | | | | | 40% | | | | | | 35% | | | | | | 54% | | | | | | 38% | | | | | | 37% | | | | | | 37% | | |
Interest expense
|
| | | | 42% | | | | | | 36% | | | | | | 36% | | | | | | 38% | | | | | | 39% | | | | | | 40% | | | | | | 40% | | | | | | 38% | | | | | | 34% | | | | | | 36% | | |
Interest income
|
| | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | 0% | | |
Gain on repurchase and retirement of
Notes |
| | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | (8)% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | |
Net (loss) income before income
taxes |
| | | | (32)% | | | | | | (1)% | | | | | | 5% | | | | | | 3% | | | | | | 2% | | | | | | (5)% | | | | | | 14% | | | | | | 1% | | | | | | 2% | | | | | | 1% | | |
(Benefit) provision for income
taxes |
| | | | (5)% | | | | | | (0)% | | | | | | 0% | | | | | | 0% | | | | | | 1% | | | | | | (2)% | | | | | | 4% | | | | | | (2)% | | | | | | 1% | | | | | | 0% | | |
(Loss) income from continuing operations
|
| | | | (27)% | | | | | | (1)% | | | | | | 5% | | | | | | 2% | | | | | | 0% | | | | | | (3)% | | | | | | 9% | | | | | | 3% | | | | | | 1% | | | | | | 1% | | |
Net (loss) income
|
| | | | (27)% | | | | | | (1)% | | | | | | 5% | | | | | | 2% | | | | | | 0% | | | | | | (3)% | | | | | | 9% | | | | | | 3% | | | | | | 1% | | | | | | 1% | | |
Comprehensive (loss) income
|
| | | | (27)% | | | | | | (1)% | | | | | | 5% | | | | | | 2% | | | | | | 0% | | | | | | (3)% | | | | | | 9% | | | | | | 3% | | | | | | 1% | | | | | | 1% | | |
|
| | |
For the Six Months Ended
June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Net cash flows provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 191,867 | | | | | $ | 140,838 | | | | | $ | 284,313 | | | | | $ | 292,303 | | | | | $ | 368,945 | | |
Investing activities
|
| | | $ | (34,866) | | | | | $ | (33,696) | | | | | $ | (66,414) | | | | | $ | (63,556) | | | | | $ | (60,709) | | |
Financing activities
|
| | | $ | 34 | | | | | $ | (100,087) | | | | | $ | (201,088) | | | | | $ | (245,150) | | | | | $ | (313,215) | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
($ in thousands)
|
| |
Total
|
| |
Less than
1 Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More
than 5 Years |
| |||||||||||||||
Long-term debt obligations(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Senior secured credit facilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Term Loan G
|
| | | $ | 2,710,000 | | | | | $ | — | | | | | $ | 2,710,000 | | | | | $ | — | | | | | $ | — | | |
7.125% Notes due 2024
|
| | | | 1,560,000 | | | | | | — | | | | | | — | | | | | | 1,560,000 | | | | | | — | | |
Senior PIK Notes(2)
|
| | | | 1,178,727 | | | | | | — | | | | | | 1,178,727 | | | | | | — | | | | | | — | | |
Finance lease obligations
|
| | | | 187 | | | | | | 86 | | | | | | 101 | | | | | | — | | | | | | — | | |
Operating lease obligations
|
| | | | 36,607 | | | | | | 11,226 | | | | | | 23,560 | | | | | | 1,821 | | | | | | — | | |
Total contractual obligations
|
| | | $ | 5,485,521 | | | | | $ | 11,312 | | | | | $ | 3,912,388 | | | | | $ | 1,561,821 | | | | | $ | — | | |
(in thousands)
|
| |
Total
|
| |
Less than
1 Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than
5 Years |
| |||||||||||||||
Long-term debt obligations(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Senior secured credit facilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Term Loan G
|
| | | $ | 2,341,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,341,000 | | | | | $ | — | | |
5.750% Notes due 2028
|
| | | | 1,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,300,000 | | |
Convertible Notes(2)
|
| | | | 1,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,300,000 | | |
Finance lease obligations
|
| | | | 187 | | | | | | 86 | | | | | | 101 | | | | | | — | | | | | | — | | |
Operating leases
|
| | | | 36,607 | | | | | | 11,226 | | | | | | 23,560 | | | | | | 1,821 | | | | | | — | | |
Total contractual obligations
|
| | | $ | 4,977,794 | | | | | $ | 11,312 | | | | | $ | 23,661 | | | | | $ | 2,342,821 | | | | | $ | 2,600,000 | | |
|
| | |
For the Year Ended
December 31, |
| ||||||
Range of Significant Unobservable Inputs
|
| |
2019
|
| |
2018
|
| |
2017
|
|
Long term growth rate
|
| |
2.75% to 3.25%
|
| |
2.75% to 3.25%
|
| |
2.75% to 3.25%
|
|
Discount rate
|
| |
9.75% to 10.25%
|
| |
10.25% to 10.75%
|
| |
9.75% to 10.25%
|
|
Public company EBITDA multiples
|
| |
10.0x to 11.0x
|
| |
10.0x to 12.0x
|
| |
10.0x to 12.0x
|
|
Acquisition EBITDA multiples
|
| |
11.0x to 12.0x
|
| |
11.0x to 12.0x
|
| |
11.0x to 12.0x
|
|
Name
|
| |
Age
|
| |
Title
|
|
Mark Tabak | | |
70
|
| | Chief Executive Officer and Chair person of the Board | |
David Redmond | | |
69
|
| | Executive Vice President and Chief Financial Officer | |
Paul Galant | | |
52
|
| | President, New Markets | |
Dale White | | |
65
|
| | President, Payor Markets | |
Jeffrey Doctoroff | | |
52
|
| |
Senior Vice President, General Counsel and Secretary
|
|
Michael Kim | | |
54
|
| | Senior Vice President and Chief Information Officer | |
Glenn R. August | | |
59
|
| | Director | |
Richard A. Clarke | | |
70
|
| | Director | |
Anthony Colaluca | | |
54
|
| | Director | |
Paul D. Emery | | |
35
|
| | Director | |
Michael Klein | | |
57
|
| | Director | |
P. Hunter Philbrick | | |
41
|
| | Director | |
Allen R. Thorpe | | |
49
|
| | Director | |
Bill Veghte | | |
53
|
| | Director | |
Name
|
| |
2019
Base Salary |
| |||
Mr. Tabak
|
| | | $ | 858,145 | | |
Mr. Redmond
|
| | | $ | 561,834 | | |
Mr. White
|
| | | $ | 466,272 | | |
Mr. Kim
|
| | | $ | 391,565 | | |
Mr. Doctoroff
|
| | | $ | 347,323 | | |
Name
|
| |
Annual Incentive
Target % of Base Salary |
| |
Base Salary
|
| |
Annual Incentive
Target Payout |
| |||||||||
Mr. Tabak
|
| | | | 125% | | | | | $ | 858,145 | | | | | $ | 1,072,681 | | |
Mr. Redmond
|
| | | | 100% | | | | | $ | 561,834 | | | | | $ | 561,834 | | |
Mr. White
|
| | | | 100% | | | | | $ | 466,272 | | | | | $ | 466,272 | | |
Mr. Kim
|
| | | | 50% | | | | | $ | 391,565 | | | | | $ | 195,783 | | |
Mr. Doctoroff
|
| | | | 50% | | | | | $ | 347,323 | | | | | $ | 173,662 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Stock
Awards ($) |
| |
Option
Awards ($) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
Change in
Pension Value and Non- qualified Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($)(2) |
| |
Total
($) |
| |||||||||||||||||||||||||||
Mr. Tabak
|
| | | | 2019 | | | | | | 858,145 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 865,145 | | |
Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mr. Redmond
|
| | | | 2019 | | | | | | 561,834 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 568,834 | | |
Executive Vice President &
Chief Financial Officer |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mr. White
|
| | | | 2019 | | | | | | 466,272 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 473,272 | | |
Executive Vice President &
Chief Revenue Officer |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mr. Kim
|
| | | | 2019 | | | | | | 391,565 | | | | | | 175,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 573,565 | | |
Senior Vice President & Chief
Information Officer |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mr. Doctoroff
|
| | | | 2019 | | | | | | 347,323 | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 504,323 | | |
Senior Vice President & General
Counsel |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards |
| |||||||||||||||
Name
|
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |||||||||
Mr. Tabak
|
| | | | — | | | | | $ | 1,072,681 | | | | | | — | | |
Mr. Redmond
|
| | | | — | | | | | $ | 561,834 | | | | | | — | | |
Mr. White
|
| | | | — | | | | | $ | 466,272 | | | | | | — | | |
Mr. Kim
|
| | | | — | | | | | $ | 195,783 | | | | | | — | | |
Mr. Doctoroff
|
| | | | — | | | | | $ | 173,662 | | | | | | — | | |
| | | | | | | | |
Stock Awards
|
| |||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of Shares
or Units of Stock That Have Not Vested (#)(1) |
| |
Market Value
of Shares or Units of Stock That Have Not Vested ($)(2) |
| |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) |
| |
Equity Incentive
Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(4) |
| |||||||||||||||
Mr. Tabak
|
| | | | 6/7/2016 | | | | | | 6,433.39 | | | | | | 2,341,175 | | | | | | 21,444.64 | | | | | | 7,803,919 | | |
Mr. Redmond
|
| | | | 6/7/2016 | | | | | | 4,288.93 | | | | | | 1,560,785 | | | | | | 14,296.42 | | | | | | 5,202,610 | | |
Mr. White
|
| | | | 6/7/2016 | | | | | | 4,288.93 | | | | | | 1,560,785 | | | | | | 14,296.42 | | | | | | 5,202,610 | | |
Mr. Kim
|
| | | | 8/10/2016 | | | | | | 291.65 | | | | | | 106,134 | | | | | | 729.12 | | | | | | 265,334 | | |
Mr. Doctoroff
|
| | | | 8/10/2016 | | | | | | 291.65 | | | | | | 106,134 | | | | | | 729.12 | | | | | | 265,334 | | |
| | |
Stock Awards
|
| |||||||||
Name
|
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized on
Vesting ($) |
| ||||||
Mr. Tabak
|
| | | | 12,866.78 | | | | | | 4,682,350 | | |
Mr. Redmond
|
| | | | 8,577.86 | | | | | | 3,121,569 | | |
Mr. White
|
| | | | 8,577.86 | | | | | | 3,121,569 | | |
Mr. Kim
|
| | | | 437.47 | | | | | | 159,200 | | |
Mr. Doctoroff
|
| | | | 437.47 | | | | | | 159,200 | | |
Name
|
| |
Payment Type
|
| |
Termination Without
Cause or for Good Reason (Including Non- Extension of Term)(6) ($) |
| |
Termination Without
Good Reason Upon a Change in Control ($) |
| ||||||
Mr. Tabak
|
| | Cash Severance(1) | | | | | 4,934,334 | | | | | | 4,934,334 | | |
| | |
Benefit Continuation(2)
|
| | | | 24,518 | | | | | | 24,518 | | |
| | |
Total
|
| | | | 4,958,852 | | | | | | 4,958,852 | | |
Mr. Redmond
|
| | Cash Severance(3) | | | | | 2,247,336 | | | | | | 2,247,336 | | |
| | |
Benefit Continuation(2)
|
| | | | 24,518 | | | | | | 24,518 | | |
| | |
Total
|
| | | | 2,271,854 | | | | | | 2,271,854 | | |
Mr. White
|
| | Cash Severance(4) | | | | | 932,544 | | | | | | — | | |
| | |
Benefit Continuation(2)
|
| | | | 24,518 | | | | | | — | | |
| | |
Total
|
| | | | 957,062 | | | | | | — | | |
Mr. Kim
|
| | Cash Severance(5) | | | | | 195,783 | | | | | | — | | |
| | |
Benefit Continuation(2)
|
| | | | 22,637 | | | | | | — | | |
| | |
Total
|
| | | | 218,420 | | | | | | — | | |
Mr. Doctoroff
|
| | Cash Severance(5) | | | | | 173,662 | | | | | | — | | |
| | |
Benefit Continuation(2)
|
| | | | 40,428 | | | | | | — | | |
| | |
Total
|
| | | | 214,090 | | | | | | — | | |
Name
|
| |
Equity Award
|
| |
Termination
Without “Cause” or For “Good Reason” ($)(1) |
| |
Qualifying
Realization Event ($)(2) |
| |
Liquidity
Event/Qualifying Liquidity Event ($)(3) |
| |||||||||
Mr. Tabak
|
| | Time Vested Units | | | | | 2,341,175 | | | | | | — | | | | | | 2,341,175 | | |
| | |
Performance Vested Units
|
| | | | — | | | | | | — | | | | | | 7,803,919 | | |
| | |
Total
|
| | | | 2,341,175 | | | | | | — | | | | | | 10,145,094 | | |
Mr. Redmond
|
| | Time Vested Units | | | | | 1,560,785 | | | | | | — | | | | | | 1,560,785 | | |
| | |
Performance Vested Units
|
| | | | — | | | | | | — | | | | | | 5,202,610 | | |
| | |
Total
|
| | | | 1,560,785 | | | | | | — | | | | | | 6,763,395 | | |
Mr. White
|
| | Time Vested Units | | | | | 1,560,785 | | | | | | — | | | | | | 1,560,785 | | |
| | |
Performance Vested Units
|
| | | | — | | | | | | — | | | | | | 5,202,610 | | |
| | |
Total
|
| | | | 1,560,785 | | | | | | — | | | | | | 6,763,395 | | |
Mr. Kim
|
| | Time Vested Units | | | | | — | | | | | | — | | | | | | 106,134 | | |
| | |
Performance Vested Units
|
| | | | — | | | | | | — | | | | | | 265,334 | | |
| | |
Total
|
| | | | — | | | | | | — | | | | | | 371,468 | | |
Mr. Doctoroff
|
| | Time Vested Units | | | | | — | | | | | | — | | | | | | 106,134 | | |
| | |
Performance Vested Units
|
| | | | — | | | | | | — | | | | | | 265,334 | | |
| | |
Total
|
| | | | — | | | | | | — | | | | | | 371,468 | | |
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Stock
Awards ($) |
| |
Option
Awards ($) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
Richard Clarke
|
| | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,000 | | |
Committee
|
| |
Committee Member Retainer
|
| |
Committee Chair Retainer
|
| ||||||
Audit Committee
|
| | | $ | 12,500 | | | | | $ | 25,000 | | |
Compensation Committee
|
| | | $ | 10,000 | | | | | $ | 20,000 | | |
Nominating and Corporate Governance Committee
|
| | | $ | 7,500 | | | | | $ | 15,000 | | |
Name and Address of Beneficial Owner(1)
|
| |
Number
of Shares |
| |
Percent
Owned |
| ||||||
Five Percent Holders:
|
| | | | | | | | | | | | |
Churchill Sponsor III LLC(2)
|
| | | | 52,000,000 | | | | | | 7.5% | | |
GIC Investor(3)
|
| | | | 49,612,794 | | | | | | 7.4% | | |
Green Equity Investors(4)
|
| | | | 38,449,957 | | | | | | 5.8% | | |
H&F Investors(5)
|
| | | | 213,802,446 | | | | | | 32.0% | | |
Oak Hill Advisors Entities(6)
|
| | | | 41,111,550 | | | | | | 5.8% | | |
The Public Investment Fund of The Kingdom of Saudi Arabia(7)
|
| | | | 53,750,000 | | | | | | 8.0% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | |
Mark Tabak(8)
|
| | | | 13,890,202 | | | | | | 2.1% | | |
| | | | — | | | | | | — | | | |
Dale White
|
| | | | 8,066,106 | | | | | | 1.2% | | |
Jeff Doctoroff
|
| | | | 301,464 | | | | | | * | | |
Michael Kim
|
| | | | 301,464 | | | | | | * | | |
Glenn R. August(9)(10)
|
| | | | 41,111,550 | | | | | | 5.8% | | |
Richard Clarke
|
| | | | — | | | | | | — | | |
| | | | — | | | | | | — | | | |
Paul Emery(11)
|
| | | | — | | | | | | — | | |
Michael Klein(2)(12)
|
| | | | 52,000,000 | | | | | | 7.5% | | |
Hunter Philbrick(11)
|
| | | | — | | | | | | — | | |
Allen Thorpe(11)
|
| | | | — | | | | | | — | | |
Bill Veghte(9)
|
| | | | — | | | | | | — | | |
All executive officers and directors as a group (15 individuals)
|
| | | | 115,670,786 | | | | | | 17.3% | | |
| | |
Founder
Shares |
| |||
| | | | 3,933,137 | | | |
Bill Veghte(B)
|
| | | | 294,985 | | |
| | |
Securities Beneficially Owned
Prior to this Offering |
| |
Securities to be
Sold in this Offering(1) |
| |
Securities Beneficially Owned
After this Offering |
| |||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder
|
| |
Shares of
Class A common stock(2) |
| |
Warrants(3)
|
| |
Shares of
Class A common stock(2) |
| |
Warrants(3)
|
| |
Shares of
Class A common stock(2) |
| |
%
|
| |
Warrants(3)
|
| |
%
|
| ||||||||||||||||||||||||
30 MP Investment, LLC(4)
|
| | | | 19,810,354 | | | | | | — | | | | | | 19,810,354 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alberta Investment Management Corporation(5)
|
| | | | 1,855,000 | | | | | | — | | | | | | 1,855,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alyeska Investors(6)
|
| | | | 2,650,000 | | | | | | — | | | | | | 2,650,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BDG Enterprises, L.P.(7).
|
| | | | 2,135,034 | | | | | | — | | | | | | 2,135,034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
CCC-III Investments LLC(8)
|
| | | | 10,600,000 | | | | | | — | | | | | | 10,600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Churchill Sponsor III LLC(9)
|
| | | | 27,500,000 | | | | | | 24,500,000 | | | | | | 27,500,000 | | | | | | 24,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dale White(10)
|
| | | | 8,066,106 | | | | | | — | | | | | | 8,066,106 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Darlington Investors(11)
|
| | | | 2,650,000 | | | | | | — | | | | | | 2,650,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David L. Redmond Children’s 2007 Irrevocable Trust(12)
|
| | | | 5,911,061 | | | | | | — | | | | | | 5,911,061 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Investors(13)
|
| | | | 8,215,000 | | | | | | — | | | | | | 8,215,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Garden State Capital Partners LLC(14)
|
| | | | 9,010,000 | | | | | | — | | | | | | 9,010,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
GIC Investor(15)
|
| | | | 49,612,794 | | | | | | — | | | | | | 49,612,794 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Green Equity Investors(16)
|
| | | | 38,449,957 | | | | | | — | | | | | | 38,449,957 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
H&F Investors(17)
|
| | | | 213,802,446 | | | | | | — | | | | | | 213,802,446 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Integrated Core Strategies (US) LLC(18)
|
| | | | 1,537,000 | | | | | | — | | | | | | 1,537,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Intrinsic Edge Capture, L.P.(19)
|
| | | | 1,590,000 | | | | | | — | | | | | | 1,590,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lauren Fass 2012 Dynasty Trust(20)
|
| | | | 4,433,296 | | | | | | — | | | | | | 4,433,296 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
LH Capital Markets, LLC(21)
|
| | | | 2,120,000 | | | | | | — | | | | | | 2,120,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lindsay Levin 2012 Dynasty Trust(22)
|
| | | | 4,433,296 | | | | | | — | | | | | | 4,433,296 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Longfellow Investment Management Co., LLC(23)
|
| | | | 1,219,000 | | | | | | — | | | | | | 1,219,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mark Tabak(24)
|
| | | | 5,023,610 | | | | | | — | | | | | | 5,023,610 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The Michael and Susan Dell Foundation(25)
|
| | | | 5,300,000 | | | | | | — | | | | | | 5,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Ferrante(26)
|
| | | | 4,534,383 | | | | | | — | | | | | | 4,534,383 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
MMCAP International Inc. SPC(27)
|
| | | | 7,950,000 | | | | | | — | | | | | | 7,950,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Moore Global Investments, LLC(28)
|
| | | | 4,240,000 | | | | | | — | | | | | | 4,240,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
MSD Value Investments, L.P.(29)
|
| | | | 5,300,000 | | | | | | — | | | | | | 5,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nomura Global Financial Products
Inc.(30) |
| | | | 3,180,000 | | | | | | — | | | | | | 3,180,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Oak Hill Advisor Entities(31)
|
| | | | 2,650,000 | | | | | | — | | | | | | 2,650,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Partners Group Entities(32)
|
| | | | 30,309,824 | | | | | | — | | | | | | 30,309,824 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Periscope Capital Inc. (33)
|
| | | | 2,120,000 | | | | | | — | | | | | | 2,120,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The Public Investment Fund of The Kingdom of Saudi Arabia(34)
|
| | | | 53,750,000 | | | | | | — | | | | | | 53,750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Schonfeld Strategic 460 Fund LLC(35)
|
| | | | 1,060,000 | | | | | | — | | | | | | 1,060,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SIH MPH Rollover Co, L.P.(36)
|
| | | | 24,412,106 | | | | | | — | | | | | | 24,412,106 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
TBG AG(37)
|
| | | | 4,770,000 | | | | | | — | | | | | | 4,770,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Tech Opportunities LLC(38)
|
| | | | 2,120,000 | | | | | | — | | | | | | 2,120,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
UBS O’Connor(39)
|
| | | | 4,664,000 | | | | | | — | | | | | | 4,664,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additional Selling Securityholders(40)
|
| | | | 4,765,736 | | | | | | — | | | | | | 4,765,736 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
| | | | | F-17 | | | |
| | | | | F-18 | | | |
| | | | | F-19 | | | |
| | | | | F-20 | | | |
| | | | | F-21 | | |
| | | | | F-34 | | | |
| | | | | F-35 | | | |
| | | | | F-36 | | | |
| | | | | F-37 | | | |
| | | | | F-38 | | | |
| | | | | F-39 | | |
| | | | | F-65 | | | |
| | | | | F-66 | | | |
| | | | | F-67 | | | |
| | | | | F-68 | | | |
| | | | | F-69 | | |
| ASSETS | | | | | | | |
|
Current asset – cash
|
| | | $ | 34,000 | | |
|
Deferred offering costs
|
| | | | 284,930 | | |
|
Total Assets
|
| | | $ | 318,930 | | |
| LIABILITIES AND STOCKHOLDER’S EQUITY | | | | | | | |
|
Current liabilities
|
| | | | | | |
|
Accrued expenses
|
| | | $ | 1,450 | | |
|
Accrued offering costs
|
| | | | 168,930 | | |
|
Promissory note-related party
|
| | | | 125,000 | | |
|
Total Current Liabilities
|
| | | | 295,380 | | |
| Commitments | | | | | | | |
| Stockholder’s Equity | | | | | | | |
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | |
|
Class A common stock, $0.0001 par value; 250,000,000 shares authorized; none issued and outstanding
|
| | | | — | | |
|
Class B common stock, $0.0001 par value; 50,000,000 shares authorized; 27,500,000 shares issued and outstanding(1)
|
| | | | 2,750 | | |
|
Additional paid-in capital
|
| | | | 22,250 | | |
|
Accumulated deficit
|
| | | | (1,450) | | |
|
Total Stockholder’s Equity
|
| | | | 23,550 | | |
|
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY
|
| | | $ | 318,930 | | |
|
Formation costs
|
| | | $ | 1,450 | | |
|
Net Loss
|
| | | $ | (1,450) | | |
|
Weighted average shares outstanding, basic and diluted(1)
|
| | | | 25,000,000 | | |
|
Basic and diluted net loss per common share
|
| | | $ | (0.00) | | |
| | |
Common Stock(1)
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholder’s Equity |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance – October 30, 2019 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B common stock to Sponsor(1)
|
| | | | 27,500,000 | | | | | | 2,750 | | | | | | 22,250 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,450) | | | | | | (1,450) | | |
Balance – December 31, 2019
|
| | | | 27,500,000 | | | | | $ | 2,750 | | | | | $ | 22,250 | | | | | $ | (1,450) | | | | | $ | 23,550 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (1,450) | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Accrued expenses
|
| | | | 1,450 | | |
|
Net cash used in operating activities
|
| | | | — | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of common stock to Sponsor
|
| | | | 25,000 | | |
|
Proceeds from promissory note-related party
|
| | | | 125,000 | | |
|
Payment of offering costs
|
| | | | (116,000) | | |
|
Net cash provided by financing activities
|
| | | | 34,000 | | |
|
Net Change in Cash
|
| | | | 34,000 | | |
|
Cash – Beginning
|
| | | | — | | |
| Cash – Ending | | | | $ | 34,000 | | |
| Non-Cash investing and financing activities: | | | | | | | |
|
Deferred offering costs included in accrued offering costs
|
| | | $ | 168,930 | | |
| | | | | | ||||||||
| | |
(unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 2,955,367 | | | | | $ | 34,000 | | |
Prepaid expenses
|
| | | | 398,322 | | | | | | — | | |
Total Current Assets
|
| | | | 3,353,689 | | | | | | 34,000 | | |
Deferred offering costs
|
| | | | — | | | | | | 284,930 | | |
Deferred tax asset
|
| | | | 1,337 | | | | | | — | | |
Marketable securities held in Trust Account
|
| | | | 1,104,209,313 | | | | | | — | | |
TOTAL ASSETS
|
| | |
$
|
1,107,564,339
|
| | | | $ | 318,930 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accrued expenses
|
| | | $ | 1,512,006 | | | | | $ | 1,450 | | |
Accrued offering costs
|
| | | | — | | | | | | 168,930 | | |
Income taxes payable
|
| | | | 452,305 | | | | | | — | | |
Promissory note – related party
|
| | | | — | | | | | | 125,000 | | |
Total Current Liabilities
|
| | | | 1,964,311 | | | | | | 295,380 | | |
Deferred tax liability
|
| | | | — | | | | | | — | | |
Deferred underwriting fee payable
|
| | | | 38,500,000 | | | | | | — | | |
Total Liabilities
|
| | | | 40,464,311 | | | | | | 295,380 | | |
Commitments | | | | | | | | | | | | | |
Common stock subject to possible redemption, 105,858,072 and no shares at redemption value at June 30, 2020 and December 31, 2019, respectively
|
| | | | 1,062,100,027 | | | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 250,000,000 shares authorized;
4,141,928 and no shares issued and outstanding (excluding 105,858,072 and no shares subject to possible redemption) at June 30, 2020 and December 31, 2019, respectively |
| | | | 414 | | | | | | — | | |
Class B common stock, $0.0001 par value; 50,000,000 shares authorized;
27,500,000 shares issued and outstanding at June 30, 2020 and December 31, 2019(1) |
| | | | 2,750 | | | | | | 2,750 | | |
Additional paid-in capital
|
| | | | 3,301,789 | | | | | | 22,250 | | |
Retained earnings/(Accumulated deficit)
|
| | | | 1,695,048 | | | | | | (1,450) | | |
Total Stockholders’ Equity
|
| | | | 5,000,001 | | | | | | 23,550 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 1,107,564,339 | | | | | $ | 318,930 | | |
| | |
Three Months Ended
June 30, 2020 |
| |
Six Months Ended
June 30, 2020 |
| ||||||
Operating costs
|
| | | $ | 1,846,344 | | | | | $ | 2,061,847 | | |
Loss from operations
|
| | | | (1,846,344) | | | | | | (2,061,847) | | |
Other income: | | | | | | | | | |||||
Interest earned on marketable securities held in Trust Account
|
| | | | 2,394,013 | | | | | | 4,215,679 | | |
Unrealized gain on marketable securities held in Trust Account
|
| | | | (2,237,592) | | | | | | (6,366) | | |
Other income
|
| | | | 156,421 | | | | | | 4,209,313 | | |
Income before provision for income taxes
|
| | | | (1,689,923) | | | | | | 2,147,466 | | |
Provision for income taxes
|
| | | | 354,883 | | | | | | (450,968) | | |
Net (loss) income
|
| | | $ | (1,335,040) | | | | | $ | 1,696,498 | | |
Weighted average shares outstanding, basic and diluted(1)
|
| | | | 31,167,195 | | | | | | 30,397,160 | | |
Basic and diluted net (loss) income per common share(2)
|
| | | $ | (0.04) | | | | | $ | (0.03) | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid in Capital |
| |
(Accumulated
Deficit) / Retained Earnings |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2020
|
| | | | — | | | | | $ | — | | | | | | 27,500,000 | | | | | $ | 2,750 | | | | | $ | 22,250 | | | | | $ | (1,450) | | | | | $ | 23,550 | | |
Sale of 110,000,000 Units, net
of underwriting discount and offering expenses |
| | | | 110,000,000 | | | | | | 11,000 | | | | | | — | | | | | | — | | | | | | 1,042,368,980 | | | | | | — | | | | | | 1,042,379,980 | | |
Sale of 23,000,000 Private Placement Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,000,000 | | | | | | — | | | | | | 23,000,000 | | |
Common stock subject to possible redemption
|
| | | | (105,990,308) | | | | | | (10,599) | | | | | | — | | | | | | — | | | | | | (1,063,424,462) | | | | | | — | | | | | | (1,063,435,061) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,031,538 | | | | | | 3,031,538 | | |
Balance – March 31, 2020
|
| | | | 4,009,692 | | | | | $ | 401 | | | | | | 27,500,000 | | | | | $ | 2,750 | | | | | $ | 1,966,768 | | | | | $ | 3,030,088 | | | | | $ | 5,000,007 | | |
Change in value of common stock subject to possible redemption
|
| | | | 132,236 | | | | | | 13 | | | | | | — | | | | | | — | | | | | | 1,335,021 | | | | | | — | | | | | | 1,335,034 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,335,040) | | | | | | (1,335,040) | | |
Balance – June 30, 2020
|
| | | | 4,141,928 | | | | | $ | 414 | | | | | | 27,500,000 | | | | | $ | 2,750 | | | | | $ | 3,301,789 | | | | | $ | 1,695,048 | | | | | $ | 5,000,001 | | |
|
| Cash Flows from Operating Activities: | | | | | | | |
|
Net income
|
| | | $ | 1,696,498 | | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | (4,215,679) | | |
|
Unrealized gain on marketable securities held in Trust Account
|
| | | | 6,366 | | |
|
Deferred tax benefit
|
| | | | (1,337) | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Prepaid expenses
|
| | | | (398,322) | | |
|
Accrued expenses
|
| | | | 1,510,566 | | |
|
Income taxes payable
|
| | | | 452,305 | | |
|
Net cash used in operating activities
|
| | | | (949,613) | | |
| Cash Flows from Investing Activities: | | | | | | | |
|
Investment of cash in Trust Account
|
| | | | (1,100,000,000) | | |
|
Net cash used in investing activities
|
| | | | (1,100,000,000) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 1,081,598,000 | | |
|
Proceeds from sale of Private Placement Warrants
|
| | | | 23,000,000 | | |
|
Proceeds from promissory note – related party
|
| | | | 209,600 | | |
|
Repayment of promissory note – related party
|
| | | | (334,600) | | |
|
Payment of offering costs
|
| | | | (602,020) | | |
|
Net cash provided by financing activities
|
| | | | 1,103,870,980 | | |
|
Net Change in Cash
|
| | | | 2,921,367 | | |
|
Cash – Beginning of period
|
| | | | 34,000 | | |
|
Cash – End of period
|
| | | $ | 2,955,367 | | |
| Non-Cash investing and financing activities: | | | | | | | |
|
Initial classification of common stock subject to redemption
|
| | | $ | 1,060,389,960 | | |
|
Change in value of common stock subject to possible redemption
|
| | | $ | 1,710,067 | | |
|
Deferred underwriting fee payable
|
| | | $ | 38,500,000 | | |
| | | | | | ||||||||
Net (loss) income
|
| | | $ | (1,335,040) | | | | | | 1,696,498 | | |
Less: Income attributable to common stock subject to possible redemption
|
| | | | — | | | | | | (2,558,125) | | |
Adjusted net loss
|
| | | $ | (1,335,040) | | | | | | (861,627) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 31,167,195 | | | | | | 30,397,160 | | |
Basic and diluted net loss per common share
|
| | | $ | (0.04) | | | | | | (0.03) | | |
Description
|
| |
Level
|
| | | |||||||
Assets: | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 1,104,209,313 | | |
| | | | ||||||||||
| | | | |
2018
|
| |||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 21,825 | | | | | $ | 5,014 | | |
Trade accounts receivable, net
|
| | | | 77,071 | | | | | | 82,350 | | |
Prepaid expenses and other current assets
|
| | | | 5,032 | | | | | | 7,885 | | |
Prepaid software and maintenance
|
| | | | 9,556 | | | | | | 9,723 | | |
Prepaid taxes
|
| | | | 2,130 | | | | | | 704 | | |
Total current assets
|
| | | | 115,614 | | | | | | 105,676 | | |
Property and equipment, net
|
| | | | 177,992 | | | | | | 168,486 | | |
Operating lease right-of-use assets
|
| | | | 29,998 | | | | | | — | | |
Goodwill
|
| | | | 4,142,013 | | | | | | 4,142,013 | | |
Client relationships intangible, net
|
| | | | 3,135,782 | | | | | | 3,410,049 | | |
Provider network intangible, net
|
| | | | 683,561 | | | | | | 743,347 | | |
Other intangibles, net
|
| | | | 67,300 | | | | | | 67,300 | | |
Other assets
|
| | | | 8,151 | | | | | | 6,102 | | |
Total assets
|
| | | $ | 8,360,411 | | | | | $ | 8,642,973 | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 9,565 | | | | | $ | 10,852 | | |
Accrued interest
|
| | | | 17,966 | | | | | | 18,905 | | |
Operating lease obligation
|
| | | | 9,521 | | | | | | — | | |
Accrued compensation
|
| | | | 26,311 | | | | | | 12,902 | | |
Accrued legal
|
| | | | 10,038 | | | | | | 10,451 | | |
Accrued administrative fees
|
| | | | 3,861 | | | | | | 3,975 | | |
Other accrued expenses
|
| | | | 8,524 | | | | | | 8,077 | | |
Total current liabilities
|
| | | | 85,786 | | | | | | 65,162 | | |
Long-term debt
|
| | | | 5,397,122 | | | | | | 5,603,413 | | |
Operating lease obligation
|
| | | | 23,086 | | | | | | — | | |
Deferred income taxes
|
| | | | 869,199 | | | | | | 980,603 | | |
Other long-term liabilities
|
| | | | — | | | | | | 3,407 | | |
Total liabilities
|
| | | | 6,375,193 | | | | | | 6,652,585 | | |
Commitments and contingencies (Note 12) | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Shareholder interests
|
| | | | | | | | | | | | |
Common stock, par value $0.001; 1,000 shares authorized (500 Series A and 500 Series B); 5 shares of Series A and 5 shares of Series B issued and outstanding as of December 31, 2019 and 2018
|
| | | | — | | | | | | — | | |
Contributed capital
|
| | | | 1,347,656 | | | | | | 1,362,536 | | |
Retained earnings
|
| | | | 637,562 | | | | | | 627,852 | | |
Shareholders’ equity
|
| | | | 1,985,218 | | | | | | 1,990,388 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 8,360,411 | | | | | $ | 8,642,973 | | |
|
| | |
Years Ended December 31,
|
| |||||||||||||||
| | | | |
2018
|
| |
2017
|
| ||||||||||
Revenues
|
| | | $ | 982,901 | | | | | $ | 1,040,883 | | | | | $ | 1,067,266 | | |
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | 149,607 | | | | | | 149,463 | | | | | | 193,655 | | |
General and administrative expenses
|
| | | | 75,225 | | | | | | 77,558 | | | | | | 122,920 | | |
Depreciation
|
| | | | 55,807 | | | | | | 52,268 | | | | | | 53,002 | | |
Amortization of intangible assets
|
| | | | 334,053 | | | | | | 334,053 | | | | | | 334,053 | | |
Total expenses
|
| | | | 614,692 | | | | | | 613,342 | | | | | | 703,630 | | |
Operating income
|
| | | | 368,209 | | | | | | 427,541 | | | | | | 363,636 | | |
Interest expense
|
| | | | 376,346 | | | | | | 383,261 | | | | | | 281,972 | | |
Interest income
|
| | | | (196) | | | | | | (51) | | | | | | (9) | | |
Loss on extinguishments and modification of debt
|
| | | | — | | | | | | — | | | | | | 20,053 | | |
Gain on repurchase and cancellation of Notes
|
| | | | (18,450) | | | | | | — | | | | | | — | | |
Net income before income taxes
|
| | | | 10,509 | | | | | | 44,331 | | | | | | 61,620 | | |
Provision (benefit) for income taxes
|
| | | | 799 | | | | | | 8,108 | | | | | | (586,512) | | |
Income from continuing operations
|
| | | | 9,710 | | | | | | 36,223 | | | | | | 648,132 | | |
Net income
|
| | | | 9,710 | | | | | | 36,223 | | | | | | 648,132 | | |
Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 10 | | | | | | 10 | | | | | | 10 | | |
Diluted
|
| | | | 10 | | | | | | 10 | | | | | | 10 | | |
Net income per share: | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 971,000 | | | | | $ | 3,622,300 | | | | | $ | 64,813,200 | | |
Diluted
|
| | | $ | 971,000 | | | | | $ | 3,622,300 | | | | | $ | 64,813,200 | | |
Comprehensive income
|
| | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | 648,132 | | |
| | |
Common Stock
Shares |
| |
Common Stock
Amount |
| |
Contributed
Capital |
| |
Retained
Earnings |
| |
Total
Shareholders’ Equity |
| |||||||||||||||
Balance as of December 31, 2016
|
| | | | 10 | | | | | $ | — | | | | | $ | 2,726,741 | | | | | $ | (56,503) | | | | | $ | 2,670,238 | | |
Distribution of capital to shareholders
|
| | | | — | | | | | | — | | | | | | (1,323,025) | | | | | | — | | | | | | (1,323,025) | | |
Distributions to Class B Units holders
|
| | | | — | | | | | | — | | | | | | (96,685) | | | | | | — | | | | | | (96,685) | | |
Class B Unit expense
|
| | | | — | | | | | | — | | | | | | 50,788 | | | | | | — | | | | | | 50,788 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 648,132 | | | | | | 648,132 | | |
Balance as of December 31, 2017
|
| | | | 10 | | | | | | — | | | | | | 1,357,819 | | | | | | 591,629 | | | | | | 1,949,448 | | |
Class B Unit expense
|
| | | | — | | | | | | — | | | | | | 4,717 | | | | | | — | | | | | | 4,717 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 36,223 | | | | | | 36,223 | | |
Balance as of December 31, 2018
|
| | | | 10 | | | | | | — | | | | | | 1,362,536 | | | | | | 627,852 | | | | | | 1,990,388 | | |
Class B Unit expense
|
| | | | — | | | | | | — | | | | | | (14,880) | | | | | | — | | | | | | (14,880) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 9,710 | | | | | | 9,710 | | |
Balance as of December 31, 2019
|
| | | | 10 | | | | | $ | — | | | | | $ | 1,347,656 | | | | | $ | 637,562 | | | | | $ | 1,985,218 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | | | |
2018
|
| |
2017
|
| ||||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | 648,132 | | |
Adjustments to reconcile net income to net cash provided by operating
activities: |
| | | | |||||||||||||||
Depreciation
|
| | | | 55,807 | | | | | | 52,268 | | | | | | 53,002 | | |
Amortization of intangible assets
|
| | | | 334,053 | | | | | | 334,053 | | | | | | 334,053 | | |
Amortization of debt issuance costs
|
| | | | 11,435 | | | | | | 10,993 | | | | | | 9,462 | | |
Stock-based compensation
|
| | | | (14,880) | | | | | | 4,717 | | | | | | 50,788 | | |
Deferred tax benefit
|
| | | | (111,404) | | | | | | (112,483) | | | | | | (719,239) | | |
Non-cash interest costs
|
| | | | 1,933 | | | | | | 1,932 | | | | | | 289 | | |
Gain on repurchase and cancellation of Notes
|
| | | | (18,450) | | | | | | — | | | | | | — | | |
Non-cash loss on extinguishments and modification of debt
|
| | | | — | | | | | | — | | | | | | 20,053 | | |
Loss on disposal of property and equipment
|
| | | | 163 | | | | | | 2,210 | | | | | | 2,539 | | |
Changes in assets and liabilities, net of acquired balances:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 5,279 | | | | | | 3,019 | | | | | | (28,910) | | |
Prepaid expenses and other assets
|
| | | | 772 | | | | | | (4,681) | | | | | | (1,589) | | |
Prepaid taxes
|
| | | | (1,426) | | | | | | 4,402 | | | | | | (5,106) | | |
Accounts payable and accrued expenses and other
|
| | | | 11,321 | | | | | | (40,350) | | | | | | 5,471 | | |
Net cash provided by operating activities
|
| | | | 284,313 | | | | | | 292,303 | | | | | | 368,945 | | |
Investing activities: | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (66,414) | | | | | | (63,556) | | | | | | (60,709) | | |
Net cash used in investing activities
|
| | | | (66,414) | | | | | | (63,556) | | | | | | (60,709) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | |
Repayments of long term debt
|
| | | | (100,000) | | | | | | (245,000) | | | | | | (165,000) | | |
Borrowings on revolving credit facility
|
| | | | — | | | | | | 5,000 | | | | | | — | | |
Repayments on revolving credit facility
|
| | | | — | | | | | | (5,000) | | | | | | — | | |
Repurchase of Notes
|
| | | | (101,013) | | | | | | — | | | | | | | | |
Proceeds from issuance of Senior Notes PIK due 2022
|
| | | | — | | | | | | — | | | | | | 1,287,000 | | |
Distribution of capital to shareholders
|
| | | | — | | | | | | — | | | | | | (1,323,025) | | |
Class B Unit distribution
|
| | | | — | | | | | | — | | | | | | (96,685) | | |
Payment of debt issuance costs
|
| | | | — | | | | | | — | | | | | | (15,329) | | |
Payments on finance leases, net
|
| | | | (75) | | | | | | (150) | | | | | | (176) | | |
Net cash used in financing activities
|
| | | | (201,088) | | | | | | (245,150) | | | | | | (313,215) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 16,811 | | | | | | (16,403) | | | | | | (4,979) | | |
Cash and cash equivalents at beginning of period
|
| | | | 5,014 | | | | | | 21,417 | | | | | | 26,396 | | |
Cash and cash equivalents at end of period
|
| | | $ | 21,825 | | | | | $ | 5,014 | | | | | $ | 21,417 | | |
Noncash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment not yet paid
|
| | | $ | 3,768 | | | | | $ | 3,782 | | | | | $ | 2,276 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash paid during the period for: | | | | | | | | | | | | | | | | | | | |
Interest
|
| | | $ | (363,907) | | | | | $ | (374,168) | | | | | $ | (258,948) | | |
Income taxes, net of refunds
|
| | | $ | (114,569) | | | | | $ | (116,634) | | | | | $ | (138,817) | | |
($ in millions)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Allowance as of January 1,
|
| | | | 0.5 | | | | | | 0.6 | | | | | | 0.6 | | |
Provision for doubtful accounts
|
| | | | — | | | | | | — | | | | | | — | | |
Write-offs of uncollectible receivables
|
| | | | (0.1) | | | | | | (0.1) | | | | | | — | | |
Allowance as of December 31,
|
| | | | 0.4 | | | | | | 0.5 | | | | | | 0.6 | | |
Asset Classification
|
| |
Estimated Used Life
|
|
Leasehold improvements | | |
The shorter of the life of lease or asset life, 5 – 15 years
|
|
Furniture and equipment | | | 5 – 7 years | |
Computer hardware | | | 3 – 5 years | |
Computer software | | | 3 – 5 years | |
Asset Classification
|
| |
Estimated Used Life
|
|
Client relationships | | | 15 years | |
Provider Network | | | 15 years | |
Trade Names | | | Indefinite life | |
| | |
For the Twelve Months Ended December 31,
|
| |||||||||||||||
($ in thousands)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Network Services
|
| | | $ | 314,510 | | | | | $ | 363,510 | | | | | $ | 415,759 | | |
Percentage of Savings
|
| | | | 249,095 | | | | | | 289,874 | | | | | | 340,084 | | |
PEPM
|
| | | | 56,841 | | | | | | 60,950 | | | | | | 60,748 | | |
Other
|
| | | | 8,574 | | | | | | 12,686 | | | | | | 14,927 | | |
Analytic-Based Services
|
| | | | 561,525 | | | | | | 584,998 | | | | | | 584,925 | | |
Percentage of Savings
|
| | | | 560,675 | | | | | | 584,453 | | | | | | 583,710 | | |
PEPM
|
| | | | 850 | | | | | | 545 | | | | | | 1,215 | | |
Payment Integrity Services
|
| | | | 106,866 | | | | | | 92,375 | | | | | | 66,582 | | |
Percentage of Savings
|
| | | | 106,782 | | | | | | 92,223 | | | | | | 66,582 | | |
PEPM
|
| | | | 84 | | | | | | 152 | | | | | | — | | |
Total Revenues
|
| | | $ | 982,901 | | | | | $ | 1,040,883 | | | | | $ | 1,067,266 | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||
($ in thousands)
|
| |
Property
and Equipment |
| |
Accumulated
Depreciation |
| |
Property and
Equipment, Net |
| |
Property
and Equipment |
| |
Accumulated
Depreciation |
| |
Property and
Equipment, Net |
| ||||||||||||||||||
Leasehold improvements
|
| | | $ | 3,569 | | | | | $ | (2,072) | | | | | $ | 1,497 | | | | | $ | 3,078 | | | | | $ | (1,431) | | | | | $ | 1,647 | | |
Furniture & equipment
|
| | | | 5,499 | | | | | | (3,109) | | | | | | 2,390 | | | | | | 5,512 | | | | | | (2,529) | | | | | | 2,983 | | |
Computer hardware
|
| | | | 36,979 | | | | | | (23,174) | | | | | | 13,805 | | | | | | 32,086 | | | | | | (16,601) | | | | | | 15,485 | | |
Computer software
|
| | | | 32,905 | | | | | | (23,055) | | | | | | 9,850 | | | | | | 29,067 | | | | | | (17,657) | | | | | | 11,410 | | |
Capitalized software development
|
| | | | 283,391 | | | | | | (132,941) | | | | | | 150,450 | | | | | | 227,946 | | | | | | (90,985) | | | | | | 136,961 | | |
Total Property and Equipment
|
| | | $ | 362,343 | | | | | $ | (184,351) | | | | | $ | 177,992 | | | | | $ | 297,689 | | | | | $ | (129,203) | | | | | $ | 168,486 | | |
($ in thousands)
|
| | | | | | |
2020
|
| | | $ | 11,226 | | |
2021
|
| | | | 9,525 | | |
2022
|
| | | | 8,037 | | |
2023
|
| | | | 5,998 | | |
2024
|
| | | | 1,393 | | |
Thereafter
|
| | | | 428 | | |
Total lease payments
|
| | | $ | 36,607 | | |
Less: Interest
|
| | | | (4,000) | | |
Present value of lease liabilities
|
| | | $ | 32,607 | | |
|
($ in thousands)
|
| | | | | | |
2019
|
| | | $ | 10,658 | | |
2020
|
| | | | 10,628 | | |
2021
|
| | | | 8,579 | | |
2022
|
| | | | 6,583 | | |
2023
|
| | | | 2,336 | | |
Thereafter
|
| | | | — | | |
Total lease payments
|
| | | $ | 38,784 | | |
| | | | ||||
Weighted-average remaining lease term (in years) | | | | | | | |
Operating leases
|
| | | | 3.6 | | |
Weighted-average discount rate | | | | | | | |
Operating leases
|
| | | | 7.0% | | |
($ in thousands)
|
| |
Year Ended
December 31, 2019 |
|
Cash paid for amounts included in the measurement of lease liabilities: | | | ||
Operating cash flow from operating leases
|
| |
$10,961
|
|
| | | | | |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||
($ in thousands)
|
| |
Amortization
Period |
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Value |
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Value |
| ||||||||||||||||||
Client relationships
|
| |
15 years
|
| | | $ | 4,114,000 | | | | | $ | (978,218) | | | | | $ | 3,135,782 | | | | | $ | 4,114,000 | | | | | $ | (703,951) | | | | | $ | 3,410,049 | | |
Provider network
|
| |
15 years
|
| | | | 896,800 | | | | | | (213,239) | | | | | | 683,561 | | | | | | 896,800 | | | | | | (153,453) | | | | | | 743,347 | | |
Trade names
|
| |
Indefinite Life
|
| | | | 67,300 | | | | | | — | | | | | | 67,300 | | | | | | 67,300 | | | | | | — | | | | | | 67,300 | | |
Total
|
| | | | | | $ | 5,078,100 | | | | | $ | (1,191,457) | | | | | $ | 3,886,643 | | | | | $ | 5,078,100 | | | | | $ | (857,404) | | | | | $ | 4,220,696 | | |
|
($ in thousands)
|
| |
2019
|
| |
2018
|
| ||||||
Term Loan G
|
| | | $ | 2,710,000 | | | | | $ | 2,810,000 | | |
Notes due 2024
|
| | | | 1,560,000 | | | | | | 1,560,000 | | |
Senior PIK Note
|
| | | | 1,178,727 | | | | | | 1,300,000 | | |
Capital lease obligations
|
| | | | 101 | | | | | | 101 | | |
Long-term debt
|
| | | | 5,448,828 | | | | | | 5,670,101 | | |
Premium – Notes due 2024
|
| | | | 10,327 | | | | | | 12,280 | | |
Discount – Term Loan G
|
| | | | (6,195) | | | | | | (7,765) | | |
Discount – Senior PIK Notes
|
| | | | (7,436) | | | | | | (10,596) | | |
Debt issuance costs, net: | | | | | | | | | | | | | |
Term Loan G
|
| | | | (18,332) | | | | | | (22,963) | | |
Notes Due 2024
|
| | | | (21,539) | | | | | | (25,490) | | |
Senior PIK Notes
|
| | | | (8,531) | | | | | | (12,154) | | |
Long-term debt, net
|
| | | $ | 5,397,122 | | | | | $ | 5,603,413 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||||||||
($ in thousands)
|
| |
Total
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| ||||||||||||||||||
Term Loan G
|
| | | $ | 2,710,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,710,000 | | | | | $ | — | | |
Notes due 2024
|
| | | | 1,560,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,560,000 | | |
Senior PIK Note
|
| | | | 1,178,727 | | | | | | — | | | | | | — | | | | | | 1,178,727 | | | | | | — | | | | | | — | | |
Capital lease obligations
|
| | | | 187 | | | | | | 86 | | | | | | 66 | | | | | | 35 | | | | | | — | | | | | | — | | |
Total contractual obligations
|
| | | $ | 5,448,914 | | | | | $ | 86 | | | | | $ | 66 | | | | | $ | 1,178,762 | | | | | $ | 2,710,000 | | | | | $ | 1,560,000 | | |
| | | | | |
2019
|
| |
2018
|
| ||||||||||||||||||
($ in thousands)
|
| |
Amortization
Period |
| |
Cost
|
| |
Accumulated
Amortization |
| |
Cost
|
| |
Accumulated
Amortization |
| ||||||||||||
Term Loan G
|
| |
84 months
|
| | | $ | 34,654 | | | | | $ | (16,322) | | | | | $ | 34,654 | | | | | $ | (11,691) | | |
Notes due 2024
|
| |
96 months
|
| | | | 34,089 | | | | | | (12,550) | | | | | | 34,089 | | | | | | (8,599) | | |
Senior PIK Note
|
| |
60 months
|
| | | | 14,909 | | | | | | (6,378) | | | | | | 14,909 | | | | | | (2,755) | | |
Revolver G
|
| |
60 months
|
| | | | 971 | | | | | | (692) | | | | | | 971 | | | | | | (495) | | |
| | | | | | | $ | 84,623 | | | | | $ | (35,942) | | | | | $ | 84,623 | | | | | $ | (23,540) | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
($ in thousands)
|
| |
Carrying
Amount |
| |
Fair Value
|
| |
Carrying
Amount |
| |
Fair Value
|
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes due 2024, net of premium
|
| | | $ | 1,570,327 | | | | | $ | 1,544,976 | | | | | $ | 1,572,280 | | | | | $ | 1,491,988 | | |
Term Loan G, net of discount
|
| | | | 2,703,805 | | | | | | 2,769,645 | | | | | | 2,802,235 | | | | | | 2,898,934 | | |
Senior PIK Note, net of discount
|
| | | | 1,171,291 | | | | | | 1,191,694 | | | | | | 1,289,404 | | | | | | 1,284,024 | | |
Finance lease obligations
|
| | | | 101 | | | | | | 101 | | | | | | 101 | | | | | | 101 | | |
Total Liabilities
|
| | | $ | 5,445,524 | | | | | $ | 5,506,416 | | | | | $ | 5,664,020 | | | | | $ | 5,675,047 | | |
|
($ in thousands)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Current | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | 96,148 | | | | | $ | 103,806 | | | | | $ | 119,317 | | |
State and local
|
| | | | 16,055 | | | | | | 16,785 | | | | | | 13,410 | | |
| | | | | 112,203 | | | | | | 120,591 | | | | | | 132,727 | | |
Deferred | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | | (97,326) | | | | | | (92,764) | | | | | | (717,152) | | |
State and local
|
| | | | (14,078) | | | | | | (19,719) | | | | | | (2,087) | | |
| | | | | (111,404) | | | | | | (112,483) | | | | | | (719,239) | | |
Total provision (benefit) from continuing operations
|
| | | $ | 799 | | | | | $ | 8,108 | | | | | $ | (586,512) | | |
| | |
For the Years Ended
December 31, |
| |||||||||||||||
($ in thousands)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Tax at Statutory
|
| | | $ | 2,207 | | | | | $ | 9,310 | | | | | $ | 21,567 | | |
Non-Deductible Expenses
|
| | | | 75 | | | | | | 57 | | | | | | 86 | | |
Equity Compensation Plan of Parent
|
| | | | (3,125) | | | | | | 990 | | | | | | 17,776 | | |
State Taxes (net)
|
| | | | 1,704 | | | | | | 2,617 | | | | | | 9,183 | | |
Other
|
| | | | 87 | | | | | | 9 | | | | | | 53 | | |
Tax Law Changes
|
| | | | (149) | | | | | | (4,875) | | | | | | (635,177) | | |
Total
|
| | | | 799 | | | | | | 8,108 | | | | | | (586,512) | | |
($ in thousands)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Deferred income tax assets: | | | | | | | | | | | | | | | | | | | |
Allowances on trade receivables
|
| | | $ | 147 | | | | | $ | 356 | | | | | $ | 271 | | |
Net operating loss carryforwards
|
| | | | 549 | | | | | | 712 | | | | | | 753 | | |
Accrued expenses and reserves
|
| | | | 2,593 | | | | | | 2,677 | | | | | | 2,992 | | |
Interest limitation carryforward
|
| | | | 73,297 | | | | | | 34,766 | | | | | | — | | |
Leases – right-of-use liability
|
| | | | 7,604 | | | | | | — | | | | | | — | | |
Transaction expenses
|
| | | | 5,859 | | | | | | 6,577 | | | | | | 7,314 | | |
Other
|
| | | | — | | | | | | 560 | | | | | | 579 | | |
Deferred income tax assets
|
| | | | 90,049 | | | | | | 45,648 | | | | | | 11,909 | | |
Deferred income tax liabilities: | | | | | | | | | | | | | | | | | | | |
Intangible assets
|
| | | | 907,039 | | | | | | 982,319 | | | | | | 1,066,684 | | |
Depreciable assets
|
| | | | 39,553 | | | | | | 36,866 | | | | | | 29,671 | | |
Leases – right-of-use asset
|
| | | | 6,957 | | | | | | — | | | | | | — | | |
Debt costs
|
| | | | 5,492 | | | | | | 6,900 | | | | | | 8,348 | | |
Other
|
| | | | 207 | | | | | | 166 | | | | | | 292 | | |
Deferred income tax liabilities
|
| | | | 959,248 | | | | | | 1,026,251 | | | | | | 1,104,995 | | |
Net deferred income tax liabilities
|
| | | $ | 869,199 | | | | | $ | 980,603 | | | | | $ | 1,093,086 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Risk free rate of return
|
| | | | 1.6% | | | | | | 2.5% | | | | | | 2.6% | | |
Expected volatility
|
| | | | 24.9% | | | | | | 25.0% | | | | | | 25.1% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
Discount for Lack of Marketability
|
| | | | 20.0% | | | | | | 20.0% | | | | | | — | | |
| | |
For the Years Ended
December 31, |
| |||||||||||||||
($ in thousands)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Cost of services
|
| | | $ | (7,904) | | | | | $ | 242 | | | | | $ | 23,907 | | |
General and administrative
|
| | | | (6,976) | | | | | | 4,475 | | | | | | 26,881 | | |
Total stock-based compensation
|
| | | $ | (14,880) | | | | | $ | 4,717 | | | | | $ | 50,788 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
($ in thousands, except number of shares and per share data)
|
| |
2019
|
| |
2018
|
| ||||||
Increase in income from continuing operations
|
| | | $ | 17,405 | | | | | $ | 15,958 | | |
Increase in net income
|
| | | | 17,405 | | | | | | 15,958 | | |
Weighted average number of shares outstanding – basic and diluted
|
| | | | 10 | | | | | | 10 | | |
Increase in net income per share – basic and diluted
|
| | | $ | 1,740,500 | | | | | $ | 1,595,800 | | |
($ in thousands)
|
| |
Number of
Units |
| |
Weighted
Average Fair Value |
| ||||||
Nonvested at December 31, 2017
|
| | | | 159,722 | | | | | $ | 654.61 | | |
Awarded
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (37,751) | | | | | $ | 546.40 | | |
Forfeited
|
| | | | (3,682) | | | | | $ | 546.40 | | |
Nonvested at December 31, 2018
|
| | | | 118,289 | | | | | $ | 546.40 | | |
Awarded
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (36,687) | | | | | $ | 363.91 | | |
Forfeited
|
| | | | (931) | | | | | $ | 363.91 | | |
Nonvested at December 31, 2019
|
| | | | 80,671 | | | | | $ | 363.91 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
($ in thousands, except number of shares and per share data)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Numerator for earnings per share calculation | | | | | | | | | | | | | | | | | | | |
Net Income
|
| | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | 648,132 | | |
Denominator for earnings per share calculation | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares outstanding – basic and
diluted |
| | | | 10 | | | | | | 10 | | | | | | 10 | | |
Income per share – basic and diluted: | | | | | | | | | | | | | | | | | | | |
Net income per share – basic and diluted
|
| | | $ | 971,000 | | | | | $ | 3,622,300 | | | | | $ | 64,813,200 | | |
| | |
For the Years Ended
December 31, |
| |||||||||||||||
($ in thousands)
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Revenues
|
| | | $ | 2,373 | | | | | $ | 2,431 | | | | | $ | 2,837 | | |
Total revenues from related parties
|
| | | $ | 2,373 | | | | | $ | 2,431 | | | | | $ | 2,837 | | |
Cost of services
|
| | | $ | (3,753) | | | | | $ | (4,985) | | | | | $ | (5,594) | | |
General and administrative
|
| | | | (288) | | | | | | (222) | | | | | | (346) | | |
Total expense from related parties
|
| | | $ | (4,041) | | | | | $ | (5,207) | | | | | $ | (5,940) | | |
| | |
As of December 31,
|
| |||||||||
($ in thousands)
|
| |
2019
|
| |
2018
|
| ||||||
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 2,500 | | | | | $ | 2,200 | | |
Total liabilities from related parties
|
| | | $ | 2,500 | | | | | $ | 2,200 | | |
| | | | | | ||||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 178,860 | | | | | $ | 21,825 | | |
Trade accounts receivable, net
|
| | | | 54,004 | | | | | | 77,071 | | |
Prepaid expenses and other current assets
|
| | | | 3,456 | | | | | | 5,032 | | |
Prepaid software and maintenance
|
| | | | 8,616 | | | | | | 9,556 | | |
Prepaid taxes
|
| | | | 7,686 | | | | | | 2,130 | | |
Total current assets
|
| | | | 252,622 | | | | | | 115,614 | | |
Property and equipment, net
|
| | | | 182,011 | | | | | | 177,992 | | |
Operating lease right-of-use asset
|
| | | | 25,887 | | | | | | 29,998 | | |
Goodwill
|
| | | | 4,142,013 | | | | | | 4,142,013 | | |
Client relationships intangible, net
|
| | | | 2,998,649 | | | | | | 3,135,782 | | |
Provider network intangible, net
|
| | | | 653,667 | | | | | | 683,561 | | |
Other intangibles, net
|
| | | | 67,300 | | | | | | 67,300 | | |
Other assets
|
| | | | 11,040 | | | | | | 8,151 | | |
Total assets
|
| | | $ | 8,333,189 | | | | | $ | 8,360,411 | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 8,352 | | | | | $ | 9,565 | | |
Accrued interest
|
| | | | 17,895 | | | | | | 17,966 | | |
Operating lease obligation
|
| | | | 9,649 | | | | | | 9,521 | | |
Accrued compensation
|
| | | | 22,855 | | | | | | 26,311 | | |
Accrued legal
|
| | | | 9,835 | | | | | | 10,038 | | |
Accrued administrative fees
|
| | | | 3,345 | | | | | | 3,861 | | |
Other accrued expenses
|
| | | | 11,526 | | | | | | 8,524 | | |
Total current liabilities
|
| | | | 83,457 | | | | | | 85,786 | | |
Long-term debt
|
| | | | 5,406,138 | | | | | | 5,397,122 | | |
Operating lease obligation
|
| | | | 18,635 | | | | | | 23,086 | | |
Deferred income taxes
|
| | | | 861,309 | | | | | | 869,199 | | |
Total liabilities
|
| | | | 6,369,539 | | | | | | 6,375,193 | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Shareholder interests
|
| | | | | | | | | | | | |
Common stock, par value $0.001; 1,000 shares authorized
|
| | | | | | | | | | | | |
(500 Series A and 500 Series B); 5 shares of Series A and 5 shares of Series B issued and outstanding as of June 30, 2020 and December 31, 2019
|
| | | | — | | | | | | — | | |
Contributed capital
|
| | | | 1,384,928 | | | | | | 1,347,656 | | |
Retained earnings
|
| | | | 578,722 | | | | | | 637,562 | | |
Shareholders’ equity
|
| | | | 1,963,650 | | | | | | 1,985,218 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 8,333,189 | | | | | $ | 8,360,411 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | | | |
2019
|
| |||||||
Revenues
|
| | | $ | 458,902 | | | | | $ | 490,677 | | |
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | 96,579 | | | | | | 75,132 | | |
General and administrative expenses
|
| | | | 57,767 | | | | | | 36,527 | | |
Depreciation
|
| | | | 29,641 | | | | | | 27,570 | | |
Amortization of intangible assets
|
| | | | 167,027 | | | | | | 167,027 | | |
Total expenses
|
| | | | 351,014 | | | | | | 306,256 | | |
Operating income
|
| | | | 107,888 | | | | | | 184,421 | | |
Interest expense
|
| | | | 177,015 | | | | | | 193,192 | | |
Interest income
|
| | | | (148) | | | | | | (79) | | |
Net loss before income taxes
|
| | | | (68,979) | | | | | | (8,692) | | |
Benefit for income taxes
|
| | | | (10,139) | | | | | | (1,196) | | |
Loss from continuing operations
|
| | | | (58,840) | | | | | | (7,496) | | |
Net loss
|
| | | | (58,840) | | | | | | (7,496) | | |
Weighted average shares outstanding – Basic and Diluted:
|
| | | | 10 | | | | | | 10 | | |
Net loss per share – Basic and Diluted:
|
| | | $ | (5,884,000) | | | | | $ | (749,600) | | |
Comprehensive loss
|
| | | | (58,840) | | | | | | (7,496) | | |
| | |
Common Stock
Shares |
| |
Common Stock
Amount |
| |
Contributed
Capital |
| |
Retained
Earnings (Accumulated Losses) |
| |
Total
|
| |||||||||||||||
Balance as of January 1, 2019
|
| | | | 10 | | | | | $ | — | | | | | $ | 1,362,536 | | | | | $ | 627,852 | | | | | | 1,990,388 | | |
Class B Unit expense
|
| | | | — | | | | | | — | | | | | | (4,630) | | | | | | — | | | | | | (4,630) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (7,496) | | | | | | (7,496) | | |
Balance as of June 30, 2019
|
| | | | 10 | | | | | $ | — | | | | | $ | 1,357,906 | | | | | $ | 620,356 | | | | | $ | 1,978,262 | | |
Balance as of January 1, 2020
|
| | | | 10 | | | | | $ | — | | | | | $ | 1,347,656 | | | | | $ | 637,562 | | | | | | 1,985,218 | | |
Class B Unit expense
|
| | | | — | | | | | | — | | | | | | 37,272 | | | | | | — | | | | | | 37,272 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (58,840) | | | | | | (58,840) | | |
Balance as of June 30, 2020
|
| | | | 10 | | | | | $ | — | | | | | $ | 1,384,928 | | | | | $ | 578,722 | | | | | $ | 1,963,650 | | |
| | | | | | ||||||||
Operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (58,840) | | | | | $ | (7,496) | | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | | | | | | |
Depreciation
|
| | | | 29,641 | | | | | | 27,570 | | |
Amortization of intangible assets
|
| | | | 167,027 | | | | | | 167,027 | | |
Amortization of the right-of-use asset
|
| | | | 4,111 | | | | | | 2,551 | | |
Amortization of debt issuance costs
|
| | | | 8,153 | | | | | | 5,640 | | |
Stock-based compensation
|
| | | | 37,272 | | | | | | (4,630) | | |
Deferred tax benefit
|
| | | | (7,890) | | | | | | (37,634) | | |
Non-cash interest costs
|
| | | | 945 | | | | | | 970 | | |
Loss on disposal of property and equipment
|
| | | | 101 | | | | | | 130 | | |
Changes in assets and liabilities, net of acquired balances:
|
| | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 23,067 | | | | | | 263 | | |
Prepaid expenses and other assets
|
| | | | (474) | | | | | | 18,978 | | |
Prepaid taxes
|
| | | | (5,556) | | | | | | (15,833) | | |
Operating lease obligation
|
| | | | (4,323) | | | | | | (2,455) | | |
Accounts payable and accrued expenses and other
|
| | | | (1,367) | | | | | | (14,243) | | |
Net cash provided by operating activities
|
| | | | 191,867 | | | | | | 140,838 | | |
Investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (34,866) | | | | | | (33,696) | | |
Net cash used in investing activities
|
| | | | (34,866) | | | | | | (33,696) | | |
Financing activities: | | | | | | | | | | | | | |
Repayments of long term debt
|
| | | | — | | | | | | (100,000) | | |
Borrowings on revolving credit facility
|
| | | | 98,000 | | | | | | — | | |
Repayment of revolving credit facility
|
| | | | (98,000) | | | | | | — | | |
Borrowings (payments) on capital leases, net
|
| | | | 34 | | | | | | (87) | | |
Net cash provided by (used in) financing activities
|
| | | | 34 | | | | | | (100,087) | | |
Net change in cash and cash equivalents
|
| | | | 157,035 | | | | | | 7,055 | | |
Cash and cash equivalents at beginning of period
|
| | | | 21,825 | | | | | | 5,014 | | |
Cash and cash equivalents at end of period
|
| | | $ | 178,860 | | | | | $ | 12,069 | | |
Noncash investing and financing activities: | | | | | | | | | | | | | |
Purchases of property, plant and equipment not yet paid
|
| | | $ | 2,664 | | | | | $ | 3,188 | | |
Operating lease right-of-use assets obtained in exchange for operating lease
liabilities |
| | | $ | 467 | | | | | $ | 2,436 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Cash paid during the period for: | | | | | | | | | | | | | |
Interest
|
| | | $ | (167,836) | | | | | $ | (185,864) | | |
Income taxes, net of refunds
|
| | | $ | (3,407) | | | | | $ | (52,727) | | |
| | |
Six Months Ended June 30,
|
| |||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Revenues | | | | | | | | | | | | | |
Network Services
|
| | | $ | 135,126 | | | | | $ | 162,761 | | |
Percentage of Savings
|
| | | | 103,407 | | | | | | 129,722 | | |
PEPM
|
| | | | 27,870 | | | | | | 29,070 | | |
Other
|
| | | | 3,849 | | | | | | 3,969 | | |
Analytic-Based Services
|
| | | | 274,096 | | | | | | 274,798 | | |
Percentage of Savings
|
| | | | 273,308 | | | | | | 274,525 | | |
PEPM
|
| | | | 788 | | | | | | 273 | | |
Payment Integrity Services
|
| | | | 49,680 | | | | | | 53,118 | | |
Percentage of Savings
|
| | | | 49,636 | | | | | | 53,076 | | |
PEPM
|
| | | | 44 | | | | | | 42 | | |
Total Revenues
|
| | | $ | 458,902 | | | | | $ | 490,677 | | |
|
($ in thousands)
|
| | | | | ||||||||
Term Loan G
|
| | | $ | 2,710,000 | | | | | $ | 2,710,000 | | |
Notes due 2024
|
| | | | 1,560,000 | | | | | | 1,560,000 | | |
Senior PIK Note
|
| | | | 1,178,727 | | | | | | 1,178,727 | | |
Finance lease obligations
|
| | | | 120 | | | | | | 101 | | |
Long-term debt
|
| | | | 5,448,847 | | | | | | 5,448,828 | | |
Premium – Notes due 2024
|
| | | | 9,302 | | | | | | 10,327 | | |
Discount – Term Loan G
|
| | | | (5,369) | | | | | | (6,195) | | |
Discount – Senior PIK Notes
|
| | | | (6,292) | | | | | | (7,436) | | |
Debt issuance costs, net: | | | | | | | | | | | | | |
Term Loan G
|
| | | | (13,679) | | | | | | (18,332) | | |
Notes Due 2024
|
| | | | (19,452) | | | | | | (21,539) | | |
Senior PIK Notes
|
| | | | (7,219) | | | | | | (8,531) | | |
Long- term debt, net
|
| | | $ | 5,406,138 | | | | | $ | 5,397,122 | | |
| | | | | | ||||||||||||||||||||
($ in thousands)
|
| |
Carrying
Amount |
| |
Fair Value
|
| |
Carrying
Amount |
| |
Fair Value
|
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes due 2024, net of premium
|
| | | $ | 1,569,302 | | | | | $ | 1,616,422 | | | | | $ | 1,570,327 | | | | | $ | 1,544,976 | | |
Term Loan G, net of discount
|
| | | | 2,704,631 | | | | | | 2,791,844 | | | | | | 2,703,805 | | | | | | 2,769,645 | | |
Senior PIK Note, net of discount
|
| | | | 1,172,435 | | | | | | 1,226,416 | | | | | | 1,171,291 | | | | | | 1,191,694 | | |
Finance lease obligations
|
| | | | 120 | | | | | | 120 | | | | | | 101 | | | | | | 101 | | |
Total Liabilities
|
| | | $ | 5,446,488 | | | | | $ | 5,634,802 | | | | | $ | 5,445,524 | | | | | $ | 5,506,416 | | |
| | |
As of
|
| |||||||||
| | | | | | ||||||||
Risk free rate of return
|
| | | | 0.2% | | | | | | 1.7% | | |
Expected volatility
|
| | | | 80.0% | | | | | | 23.2% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
Discount for lack of marketability
|
| | | | 11.0% | | | | | | 19.0% | | |
| | |
Six Months Ended
June 30, |
| |||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Cost of services
|
| | | $ | 17,946 | | | | | $ | (2,918) | | |
General and administrative
|
| | | | 19,326 | | | | | | (1,712) | | |
Total stock-based compensation
|
| | | $ | 37,272 | | | | | $ | (4,630) | | |
| | |
Number of
Units |
| |
Weighted
Average Fair Value |
| ||||||
Nonvested at December 31, 2019
|
| | | | 80,671 | | | | | $ | 363.91 | | |
Awarded
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (18,000) | | | | | $ | 533.75 | | |
Forfeited
|
| | | | (1,877) | | | | | $ | 533.75 | | |
Nonvested at June 30, 2020
|
| | | | 60,794 | | | | | $ | 533.75 | | |
($ in thousands, except number of shares and per share data)
|
| |
Six Months Ended
June 30, |
| |||||||||
| | |
2019
|
| |||||||||
Numerator for loss per share calculation | | | | | | | | | | | | | |
Net loss
|
| | | $ | (58,840) | | | | | $ | (7,496) | | |
Denominator for loss per share calculation | | | | | | | | | | | | | |
Weighted average number of shares outstanding – basic and diluted
|
| | | | 10 | | | | | | 10 | | |
Loss per share – basic and diluted: | | | | | | | | | | | | | |
Net loss per share – basic and diluted
|
| | | $ | (5,884,000) | | | | | $ | (749,600) | | |
|
($ in thousands)
|
| |
Six Months Ended
June 30, |
| |||||||||
| | |
2019
|
| |||||||||
Revenues
|
| | | $ | 1,036 | | | | | $ | 1,164 | | |
Total revenues from related parties
|
| | | $ | 1,036 | | | | | $ | 1,164 | | |
Cost of services
|
| | | $ | 583 | | | | | $ | 1,103 | | |
General and administrative
|
| | | | 100 | | | | | | 149 | | |
Total expense from related parties
|
| | | $ | 683 | | | | | $ | 1,252 | | |
($ in thousands)
|
| | | | | ||||||||
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 2,500 | | | | | $ | 2,500 | | |
Total liabilities from related parties
|
| | | $ | 2,500 | | | | | $ | 2,500 | | |
| | |
Amount paid
or to be paid |
| |||
SEC registration fee
|
| | | $ | 549,198 | | |
Printing and engraving expenses
|
| | | $ | * | | |
Legal fees and expenses
|
| | | $ | * | | |
Accounting fees and expenses
|
| | | $ | * | | |
Miscellaneous
|
| | | $ | * | | |
Total
|
| | | $ | * | | |
| | | | | | | | |||||||||||||
|
Exhibit
Number |
| |
Description
|
| |
Form
|
| |
File No.
|
| |
Exhibit
|
| |
Filing
Date |
| |
Filed
Herewith |
|
| 10.13#+ | | | Amended and Restated Employment Agreement, dated May 5, 2016, by and among David Redmond, Polaris Investment Holdings, L.P. and MultiPlan, Inc. | | | 8-K | | | 001-39228 | | | 10.12 | | | October 9, 2020 | | | ||
| 10.14#+ | | | Amended and Restated Employment Agreement, dated May 5, 2016, by and among Dale White, Polaris Investment Holdings, L.P. and MultiPlan, Inc. | | | 8-K | | | 001-39228 | | | 10.13 | | | October 9, 2020 | | | ||
| 10.15# | | | Offer Letter to Jeffrey Doctoroff, dated June 25, 2014 | | | 8-K | | | 001-39228 | | | 10.14 | | | October 9, 2020 | | | ||
| 10.16# | | | Form of Director and Officer Indemnification Agreement | | | 8-K | | | 001-39228 | | | 10.15 | | | October 9, 2020 | | | ||
| 14.1 | | | Code of Business Conduct and Ethics of MultiPlan Corporation, effective October 8, 2020 | | | 8-K | | | 001-39228 | | | 14.1 | | | October 9, 2020 | | | ||
| 16.1 | | | Letter from Marcum LLP, dated October 8, 2020 | | | 8-K | | | 001-39228 | | | 16.1 | | | October 9, 2020 | | | ||
| 21.1 | | | List of Subsidiaries | | | 8-K | | | 001-39228 | | | 21.1 | | | October 9, 2020 | | | ||
| 23.1 | | | Consent of Simpson Thacher & Bartlett LLP (included in Exhibit 5.1) | | | | | | | | | | | | | | | | |
| 23.2 | | | Consent of PricewaterhouseCoopers LLP | | | | | | | | | | | | | | |
X
|
|
| 23.3 | | | Consent of Marcum LLP | | | | | | | | | | | | | | |
X
|
|
| 24.1 | | | Power of Attorney (included in the signature page to this Registration Statement) | | | | | | | | | | | | | | | | |
| 101.INS | | | XBRL Instance Document | | | | | | | | | | | | | | |
X
|
|
| 101.SCH | | | XBRL Taxonomy Extension Schema Document | | | | | | | | | | | | | | |
X
|
|
| 101.CAL | | | XBRL Taxonomy Extension Calculation Linkbase Document | | | | | | | | | | | | | | |
X
|
|
| 101.DEF | | | 101.DEF XBRL Taxonomy Extension Definition Linkbase Document | | | | | | | | | | | | | | |
X
|
|
| 101.LAB | | | XBRL Taxonomy Extension Label Linkbase Document | | | | | | | | | | | | | | |
X
|
|
| 101.PRE | | | XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | | | | | | | | | |
X
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Mark Tabak
|
| | Chief Executive Officer (Principal Executive Officer) and Chairperson of the Board of Directors | | | | |
|
/s/ David Redmond
|
| |
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
| | | |
|
/s/ Gerald Kozel
|
| |
Chief Accounting Officer
(Principal Accounting Officer) |
| | | |
|
/s/ Allen R. Thorpe
|
| | Lead Independent Director | | | | |
|
/s/ Glenn R. August
|
| | Director | | | | |
|
|
| | Director | | | | |
|
/s/ Anthony Colaluca
|
| | Director | | | | |
|
/s/ Paul D. Emery
|
| | Director | | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Michael Klein
|
| | Director | | | | |
|
|
| | Director | | | | |
|
/s/ Bill Veghte
|
| | Director | | | |
This ‘S-1’ Filing | Date | Other Filings | ||
---|---|---|---|---|
11/1/28 | ||||
10/15/27 | ||||
10/8/25 | ||||
6/7/24 | ||||
6/7/23 | ||||
12/31/22 | ||||
12/1/22 | ||||
9/1/22 | ||||
5/19/22 | ||||
4/8/22 | ||||
2/19/22 | ||||
12/15/21 | ||||
12/8/21 | 1-A-W, CORRESP, S-3/A | |||
10/8/21 | ||||
5/26/21 | ||||
4/8/21 | ||||
1/28/21 | ||||
1/1/21 | 3, 4, 8-K | |||
12/31/20 | 10-K, 10-K/A | |||
11/10/20 | SC 13G/A | |||
11/7/20 | ||||
Filed on: | 10/30/20 | 8-K | ||
10/29/20 | 8-K | |||
10/23/20 | ||||
10/19/20 | 8-K, SC 13G | |||
10/13/20 | 3, 4, SC 13D, SC 13D/A, SC 13G/A | |||
10/9/20 | 25-NSE, 4, 8-K | |||
10/8/20 | 3, 4, 8-K, 8-K/A | |||
10/7/20 | ||||
10/5/20 | 8-K, DEFA14A | |||
10/1/20 | ||||
9/30/20 | 10-Q | |||
9/17/20 | DEFM14A, UPLOAD | |||
9/11/20 | ||||
9/1/20 | ||||
8/5/20 | ||||
7/30/20 | PREM14A | |||
7/13/20 | 8-K, DEFA14A | |||
7/12/20 | ||||
7/2/20 | ||||
6/30/20 | 10-Q | |||
6/25/20 | ||||
3/31/20 | 10-Q | |||
3/27/20 | ||||
3/19/20 | ||||
3/12/20 | ||||
3/2/20 | ||||
2/25/20 | 8-K | |||
2/19/20 | 3, 8-K | |||
2/14/20 | 3, 424B4, EFFECT | |||
2/13/20 | 3, 8-K, EFFECT, S-1/A, S-1MEF | |||
2/12/20 | 8-A12B, CERT, S-1/A | |||
1/29/20 | DRS, S-1 | |||
1/28/20 | ||||
1/27/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/15/19 | ||||
12/6/19 | ||||
10/30/19 | ||||
9/30/19 | ||||
6/30/19 | ||||
3/31/19 | ||||
1/1/19 | ||||
12/31/18 | ||||
9/30/18 | ||||
6/30/18 | ||||
3/31/18 | ||||
1/1/18 | ||||
12/31/17 | ||||
12/22/17 | ||||
12/15/17 | ||||
11/21/17 | ||||
9/27/17 | ||||
7/1/17 | ||||
6/12/17 | ||||
1/1/17 | ||||
12/31/16 | ||||
11/18/16 | ||||
6/7/16 | ||||
6/6/16 | ||||
5/5/16 | ||||
5/2/16 | ||||
1/1/16 | ||||
12/31/15 | ||||
6/25/14 | ||||
7/11/12 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/04/21 MultiPlan Corp. POS AM 2:647K 3/24/21 MultiPlan Corp. POS AM 2:3.7M Toppan Merrill/FA 3/17/21 MultiPlan Corp. POS AM 95:12M Toppan Merrill/FA 11/16/20 MultiPlan Corp. S-1/A 65:3.6M Toppan Merrill/FA 11/16/20 MultiPlan Corp. S-1/A 4:7.8M Toppan Merrill/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/30/20 MultiPlan Corp. 8-K:1,2,9 10/29/20 3:3M Toppan Merrill/FA 10/09/20 MultiPlan Corp. 8-K:1,2,3,410/08/20 34:14M Toppan Merrill/FA 7/13/20 MultiPlan Corp. 8-K:1,2,3,7 7/13/20 10:6.7M Toppan Merrill/FA 2/19/20 MultiPlan Corp. 8-K:8,9 2/13/20 15:1.5M Toppan Merrill/FA 1/29/20 MultiPlan Corp. S-1 22:2.3M Toppan Merrill/FA |