Business Wire | Aug 5, 2021 06:00AM EDT

MultiPlan Reports Second Quarter 2021 Results and Updates 2021 Guidance

Aug. 05, 2021

NEW YORK--(BUSINESS WIRE)--Aug. 05, 2021--MultiPlan Corporation ("MultiPlan" or the "Company") (NYSE: MPLN), a leading value-added provider of data analytics and technology-enabled end-to-end cost management, payment and revenue integrity solutions to the U.S. healthcare industry, today reported financial results for the second quarter ended June 30, 2021.

"MultiPlan's momentum continues, with a second quarter that marks our fourth consecutive report of strong quarterly performance during our first year as public company," said Mark Tabak, CEO of MultiPlan. "Despite the ongoing effects and uncertainty of the COVID-19 pandemic on our business, we continue to produce results through an unyielding commitment to operational excellence and delivering value to our customers. Importantly, in the second quarter, we had growth across all of our services lines and all of our major customer groups. In consideration of our strong second quarter results, indications that the headwinds from COVID-19 have weakened, and an improved outlook for the second half of the year, we are raising our financial guidance for full-year 2021."

The Company remains focused on its mission of delivering fairness, efficiency and affordability to the U.S. healthcare system and on driving sustained long-term growth by enhancing its product offerings to payors, extending into new payor customer segments, and expanding its platform to serve MultiPlan's 1.2 million providers, its more than 700 payor customers, and 60 plus million consumers.

Business and Financial Highlights

* Revenues of $276.3 million for Q2 2021, an increase of 33.5% over Q2 2020 revenues of $206.9 million. * Net loss of $46.9 million for Q2 2021 compared to net loss of $56.2 million for Q2 2020. * Adjusted EBITDA of $205.3 million for Q2 2021, an increase of 37.1% over Q2 2020 Adjusted EBITDA of $149.8 million * The Company processed approximately $29.3 billion in claims during the second quarter of 2021, identifying potential medical cost savings of approximately $5.0 billion.

2021 Financial Guidance

The Company is increasing its Full Year 2021 guidance for revenues, Adjusted EBITDA and cash flow from operations, reflecting the combination of: expectation that the impact of the COVID-19 pandemic on revenue and Adjusted EBITDA in the second half of 2021 will be lower than the Company's prior estimates; continued organic growth in revenues driven by a strong pipeline of service implementations with customers, and better-than-anticipated Q2 2021 results. A comparison of the Company's prior and revised Full Year 2021 guidance is presented in the table below.

Financial Metric Prior FY 2021 Guidance Updated FY 2021 Guidance

Revenues $1,040 million to $1,100 $1,090 million to $1,130 million million

Adj. EBITDA $750 million to $790 $810 million to $835 million million

Cash flow from operations $380 million to $420 $410 million to $440 million million

Capital expenditures $75 million to $80 $75 million to $80 million million

Interest expense $250 million to $260 $250 million to $260 million million

Depreciation $60 million to $65 $65 million to $70 million million

Amortization of $340 million to $345 $335 million to $345intangible assets million million

Effective tax rate 25% to 28% 25% to 28%

The Company anticipates Q3 2021 revenues between $280 million and $295 million with Adjusted EBITDA between $205 million and $215 million. The above quarterly and annual guidance reflects an estimated COVID-related revenue impact of $9-11 million per quarter and an estimated COVID-related Adjusted EBITDA impact of $7-9 million per quarter in the second half of 2021, as compared with a revenue impact of $18-22 million in Q1 2021 and $9-11 million in Q2 2021 and an Adjusted EBITDA impact of $16-$18 million in Q1 2021 and $7-9 million in Q2 2021.

Excluding the estimated potential impact of the COVID-19 pandemic and contributions from acquired businesses, the Company's FY 2021 guidance implies a range of revenues of $1,085 million to $1,135 million, compared to a range of revenues of $1,085 million to $1,125 million for the FY 2021 estimated forecast provided in the 2020 Proxy Statement. Excluding the estimated potential impact of the COVID-19 pandemic, contributions from acquired businesses, and public company costs, the Company's guidance implies a range of Adjusted EBITDA of $848 million to $883 million, compared to a range of Adjusted EBITDA of $845 million to $875 million for the FY 2021 forecast provided in the 2020 Proxy Statement. The FY 2021 estimated forecast provided in the 2020 Proxy Statement was based on numerous variables and assumptions known to the Company at the time of preparation, and these assumptions and variables did not include any estimated potential impact from the COVID-19 pandemic, acquisitions, or public company costs.

Conference Call Information

The Company will host a conference call today, Thursday, August 5, 2021 at 8:00 a.m. U.S. Eastern Time (ET) to discuss its financial results. Interested investors and other parties can register for the conference call using the link below:

http://www.directeventreg.com/registration/event/8938558

A live webcast of the conference call can be accessed through the Investor Relations section of the Company's website at investors.multiplan.com/events-and-presentations. Participants should join the webcast ten minutes prior to the start of the conference call. A supplemental slide deck will also be available on this section of the MultiPlan website.

For those unable to listen to the live conference call, a replay will be available approximately two hours after the call through the archived webcast on the Investor Relations section of the Company's website.

About MultiPlan

MultiPlan is committed to helping healthcare payors manage the cost of care, improve their competitiveness and inspire positive change. Leveraging sophisticated technology, data analytics and a team rich with industry experience, MultiPlan interprets clients' needs and customizes innovative solutions that combine its payment and revenue integrity, network-based and analytics-based services. MultiPlan is a trusted partner to over 700 healthcare payors in the commercial health, government and property and casualty markets. For more information, visit multiplan.com.

Forward Looking Statements

This press release includes statements that express our and our subsidiaries' opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements". These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "forecasts," "intends," "plans," "may," "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release, including the discussion of 2021 guidance, and these forward-looking statements reflect management's expectations regarding our future growth, results of operations, operational and financial performance and business prospects and opportunities. Such forward-looking statements are based on available current market material and management's expectations, beliefs and forecasts concerning future events impacting the business. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results, including: the impact from the COVID-19 pandemic and its related effects on our projected results of operations, financial performance or other financial metrics; loss of our customers, particularly our largest customers; decreases in our existing market share or the size of our Preferred Provider Organization networks; effects of competition; effects of pricing pressure; the inability of our customers to pay for our services; decreases in discounts from providers; the loss of our existing relationships with providers; the loss of key members of our management team; pressure to limit access to preferred provider networks; the ability to achieve the goals of our strategic plans and recognize the anticipated strategic, operational, growth and efficiency benefits when expected; our ability to identify, complete and successfully integrate acquisitions; changes in our industry; interruptions or security breaches of our information technology systems; our ability to protect proprietary applications; our inability to expand our network infrastructure; our ability to remediate any material weakness or maintain effective internal controls over financial reporting; changes in our regulatory environment, including healthcare law and regulations; the expansion of privacy and security laws; heightened enforcement activity by government agencies; our ability to pay interest and principal on our notes and other indebtedness; the possibility that we may be adversely affected by other political, economic, business, and/or competitive factors; other factors disclosed in our Securities and Exchange Commission ("SEC") filings; and other factors beyond our control.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and potential effects on our business. There can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021, including those under "Risk Factors" therein, and other documents filed or to be filed with the SEC by us. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date made. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), this press release contains certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Unlevered Free Cash Flow and Adjusted cash conversion ratio. A non-GAAP financial measure is generally defined as a numerical measure of a company's financial or operating performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP.

EBITDA, Adjusted EBITDA, Unlevered Free Cash Flow and Adjusted cash conversion ratio are supplemental measures of MultiPlan's performance that are not required by or presented in accordance with GAAP. These measures are not measurements of our financial or operating performance under GAAP, have limitations as analytical tools and should not be considered in isolation or as an alternative to net income (loss), cash flows or any other measures of performance prepared in accordance with GAAP.

EBITDA represents net income (loss) before interest expense, interest income, income tax provision (benefit), depreciation, amortization of intangible assets, and non-income taxes. Adjusted EBITDA is EBITDA as further adjusted by certain items as described in the table below.

In addition, in evaluating EBITDA and Adjusted EBITDA you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of EBITDA and Adjusted EBITDA. The presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The calculations of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Based on our industry and debt financing experience, we believe that EBITDA and Adjusted EBITDA are customarily used by investors, analysts and other interested parties to provide useful information regarding a company's ability to service and/or incur indebtedness.

We also believe that Adjusted EBITDA is useful to investors and analysts in assessing our operating performance during the periods these charges were incurred on a consistent basis with the periods during which these charges were not incurred. Both EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider either in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are:

* EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; * EBITDA and Adjusted EBITDA do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our debt; * EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and * Although depreciation and amortization are non-cash charges, the tangible assets being depreciated will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.

?MultiPlan's presentation of Adjusted EBITDA should not be construed as an inference that our future results and financial position will be unaffected by unusual items.

Unlevered Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, plus cash interest paid, all as disclosed in the Statements of Cash Flows. Unlevered Free Cash Flow is a measure of our operational performance used by management to evaluate our business prior to the impact of our capital structure and after purchases of property and equipment. Unlevered Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, MultiPlan's definition of Unlevered Free Cash Flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions.

Adjusted cash conversion ratio is defined as Unlevered Free Cash Flow divided by Adjusted EBITDA. MultiPlan believes that the presentation of the Adjusted cash conversion ratio provides useful information to investors because it is a financial performance measure that shows how much of its Adjusted EBITDA MultiPlan converts into Unlevered Free Cash Flow.

We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses (including expenses relating to the business combination), certain fair value measurements and costs related to the uncertainties caused by the global COVID-19 pandemic, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

MULTIPLAN CORPORATION

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

June 30, December 31, 2021 2020

Assets

Current assets:

Cash and cash equivalents $ 147,971 $ 126,755

Trade accounts receivable, net 61,127 63,198

Prepaid expenses 16,657 17,708

Prepaid taxes 54,148 -

Other current assets, net 1,377 1,193

Total current assets 281,280 208,854

Property and equipment, net 199,616 187,631

Operating lease right-of-use assets 28,839 31,339

Goodwill 4,365,785 4,257,336

Other intangibles, net 3,455,372 3,584,187

Other assets 7,934 14,231

Total assets $ 8,338,826 $ 8,283,578

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable $ 10,586 $ 15,261

Accrued interest 29,596 31,528

Accrued taxes - 10,176

Operating lease obligation, short-term 6,833 6,439

Accrued compensation 35,244 21,843

Other accrued expenses 29,506 27,251

Total current liabilities 111,765 112,498

Long-term debt 4,882,240 4,578,488

Operating lease obligation, long-term 24,717 27,499

Private Placement Warrants and unvested founder 147,780 106,595 shares

Deferred income taxes 837,073 900,633

Other liabilities 187 -

Total liabilities 6,003,762 5,725,713

Commitments and contingencies (Note 6)

Shareholders' equity:

Shareholder interests

Preferred stock, $0.0001 par value - 10,000,000 - -shares authorized; no shares issued

Common stock, $0.0001 par value - 1,500,000,000shares authorized; 665,033,300 and 664,183,318 66 66 issued; 655,612,160 and 655,075,355 sharesoutstanding

Additional paid-in capital 2,304,954 2,530,410

Retained earnings 121,977 116,999

Treasury stock - 9,421,140 and 9,107,963 shares (91,933 ) (89,610 )

Total shareholders' equity 2,335,064 2,557,865

Total liabilities and shareholders' equity $ 8,338,826 $ 8,283,578

MULTIPLAN CORPORATION

Unaudited Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(in thousands, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

2021

2020

Revenues

$

276,272

$

206,880

$

531,136

$

458,902

Costs of services (exclusive of depreciation and amortization of intangible assets shown below)

44,368

51,894

84,098

96,579

General and administrative expenses

39,927

36,066

71,923

57,767

Depreciation

17,008

15,135

33,173

29,641

Amortization of intangible assets

85,167

83,514

169,875

167,027

Total expenses

186,470

186,609

359,069

351,014

Operating income

89,802

20,271

172,067

107,888

Interest expense

64,004

86,050

127,721

177,015

Interest income

(7

)

(77

)

(11

)

(148

)

Gain on investments

(25

)

-

(25

)

-

Change in fair value of Private Placement Warrants and unvested founder shares

81,560

-

41,185

-

Net (loss) income before income taxes

(55,730

)

(65,702

)

3,197

(68,979

)

(Benefit) provision for income taxes

(8,798

)

(9,456

)

4,252

(10,139

)

Net loss

(46,932

)

(56,246

)

$

(1,055

)

$

(58,840

)

Weighted average shares outstanding - Basic1

655,609,718

415,700,000

655,361,621

415,700,000

Weighted average shares outstanding - Diluted1

655,609,718

415,700,000

655,361,621

415,700,000

Net loss per share - Basic

$

(0.07

)

$

(0.14

)

$

(0.00

)

$

(0.14

)

Net loss per share - Diluted

$

(0.07

)

$

(0.14

)

$

(0.00

)

$

(0.14

)

Comprehensive loss

(46,932

)

(56,246

)

$

(1,055

)

$

(58,840

)

1 In accordance with the accounting guidance, the number of shares outstanding prior to the business combination of Polaris Parent Corp. and Churchill Capital Corp III (the "Transactions") was 415,700,000, which represents the 10 historical shares of Polaris Parent Corp. multiplied by the exchange ratio established in the Transactions (41,570,000:1). At the date of the Transactions, the number of shares outstanding increased to 655,057,192. The increase represents the shares issued by Churchill Capital Corp III prior to the Transactions and the shares issued to PIPE investors at the time of the Transactions, net of shares redeemed and held in treasury upon closing.

MULTIPLAN CORPORATION



Unaudited Condensed Consolidated Statements of Income (Loss) and ComprehensiveIncome (Loss)

(in thousands, except share and per share data)

Three Months Ended June 30, Six Months Ended June 30,

2021 2020 2021 2020

Revenues $ 276,272 $ 206,880 $ 531,136 $ 458,902

Costs ofservices(exclusive ofdepreciation and 44,368 51,894 84,098 96,579 amortization ofintangibleassets shownbelow)

General andadministrative 39,927 36,066 71,923 57,767 expenses

Depreciation 17,008 15,135 33,173 29,641

Amortization ofintangible 85,167 83,514 169,875 167,027 assets

Total expenses 186,470 186,609 359,069 351,014

Operating income 89,802 20,271 172,067 107,888

Interest expense 64,004 86,050 127,721 177,015

Interest income (7 ) (77 ) (11 ) (148 )

Gain on (25 ) - (25 ) - investments

Change in fairvalue of PrivatePlacement 81,560 - 41,185 - Warrants andunvested foundershares

Net (loss)income before (55,730 ) (65,702 ) 3,197 (68,979 )income taxes

(Benefit)provision for (8,798 ) (9,456 ) 4,252 (10,139 )income taxes

Net loss (46,932 ) (56,246 ) $ (1,055 ) $ (58,840 )



Weighted averageshares 655,609,718 415,700,000 655,361,621 415,700,000 outstanding -Basic^1

Weighted averageshares 655,609,718 415,700,000 655,361,621 415,700,000 outstanding -Diluted^1



Net loss per $ (0.07 ) $ (0.14 ) $ (0.00 ) $ (0.14 )share - Basic

Net loss per $ (0.07 ) $ (0.14 ) $ (0.00 ) $ (0.14 )share - Diluted



Comprehensive (46,932 ) (56,246 ) $ (1,055 ) $ (58,840 )loss

1 In accordance with the accounting guidance, the number of shares outstanding prior to the business combination of Polaris Parent Corp. and Churchill Capital Corp III (the "Transactions") was 415,700,000, which represents the 10 historical shares of Polaris Parent Corp. multiplied by the exchange ratio established in the Transactions (41,570,000:1). At the date of the Transactions, the number of shares outstanding increased to 655,057,192. The increase represents the shares issued by Churchill Capital Corp III prior to the Transactions and the shares issued to PIPE investors at the time of the Transactions, net of shares redeemed and held in treasury upon closing.

MULTIPLAN CORPORATION

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

Six Months Ended June 30,

2021 2020

Operating activities:

Net loss $ (1,055 ) $ (58,840 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation 33,173 29,641

Amortization of intangible assets 169,875 167,027

Amortization of the right-of-use asset 3,525 4,578

Stock-based compensation 8,442 37,272

Deferred income taxes 303 (7,890 )

Non-cash interest costs 5,805 9,098

Loss on disposal of property and equipment 685 101

Change in fair value of Private Placement Warrants 41,185 - and unvested founder shares

Changes in assets and liabilities, net of assetsacquired and liabilities assumed from acquisitions:

Accounts receivable, net 4,952 23,067

Prepaid expenses and other assets 2,468 (941 )

Prepaid taxes (54,148 ) (5,556 )

Operating lease obligation (3,417 ) (4,790 )

Accounts payable and accrued expenses and other (7,404 ) (900 )

Net cash provided by operating activities 204,389 191,867

Investing activities:

Purchases of property and equipment (36,787 ) (34,866 )

Proceeds from sale of investment 5,641 -

HST Acquisition, net of cash acquired (28 ) -

DHP Acquisition, net of cash acquired (149,676 ) -

Net cash used in investing activities (180,850 ) (34,866 )

Financing activities:

Borrowings on revolving credit facility - 98,000

Repayment of revolving credit facility - (98,000 )

Purchase of treasury stock (2,323 ) -

Borrowings (payments) on finance leases, net - 34

Net cash (used in) provided by financing (2,323 ) 34 activities

Net increase in cash and cash equivalents 21,216 157,035

Cash and cash equivalents at beginning of period 126,755 21,825

Cash and cash equivalents at end of period $ 147,971 $ 178,860

Noncash investing and financing activities:

Purchases of property and equipment not yet paid $ 3,913 $ 2,664

Operating lease right-of-use assets obtained in $ 1,025 $ 467 exchange for operating lease liabilities

Supplemental disclosure of cash flow information:

Cash paid during the period for:

Interest $ (123,115 ) $ (167,836 )

Income taxes, net of refunds $ (68,766 ) $ (3,407 )

MULTIPLAN CORPORATION

Calculation of EBITDA and Adjusted EBITDA

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands)

2021

2020

2021

2020

Net loss

$

(46,932

)

$

(56,246

)

$

(1,055

)

$

(58,840

)

Adjustments:

Interest expense

64,004

86,050

127,721

177,015

Interest income

(7

)

(77

)

(11

)

(148

)

Income tax provision (benefit)

(8,798

)

(9,456

)

4,252

(10,139

)

Depreciation

17,008

15,135

33,173

29,641

Amortization of intangible assets

85,167

83,514

169,875

167,027

Non-income taxes

489

481

1,002

920

EBITDA

$

110,931

$

119,401

$

334,957

$

305,476

Adjustments:

Other expenses

4,182

149

5,399

297

Change in fair value of Private Placement Warrants and unvested founder shares

81,560

-

41,185

-

Transaction-related expenses

1,206

2,338

6,431

2,698

Gain on investments

(25

)

-

(25

)

-

Stock-based compensation

7,474

27,911

8,442

37,272

Adjusted EBITDA

$

205,328

$

149,799

$

396,389

$

345,743

MULTIPLAN CORPORATION

Calculation of EBITDA and Adjusted EBITDA

Three Months Ended June Six Months Ended June 30, 30,

(in thousands) 2021 2020 2021 2020



Net loss $ (46,932 ) $ (56,246 ) $ (1,055 ) $ (58,840 )

Adjustments:

Interest expense 64,004 86,050 127,721 177,015

Interest income (7 ) (77 ) (11 ) (148 )

Income tax provision (8,798 ) (9,456 ) 4,252 (10,139 )(benefit)

Depreciation 17,008 15,135 33,173 29,641

Amortization of 85,167 83,514 169,875 167,027 intangible assets

Non-income taxes 489 481 1,002 920

EBITDA $ 110,931 $ 119,401 $ 334,957 $ 305,476

Adjustments:

Other expenses 4,182 149 5,399 297

Change in fair value ofPrivate Placement 81,560 - 41,185 - Warrants and unvestedfounder shares

Transaction-related 1,206 2,338 6,431 2,698 expenses

Gain on investments (25 ) - (25 ) -

Stock-based compensation 7,474 27,911 8,442 37,272

Adjusted EBITDA $ 205,328 $ 149,799 $ 396,389 $ 345,743

Calculation of Unlevered Free Cash Flow and Adjusted Cash Conversion Ratio

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands)

2021

2020

2021

2020

Net cash provided by operating activities

$

33,482

$

44,474

$

204,389

$

191,867

Purchases of property and equipment

(18,674

)

(17,530

)

(36,787

)

(34,866

)

Interest paid

100,836

135,558

123,115

167,836

Unlevered Free Cash Flow

$

115,644

$

162,502

$

290,717

$

324,837

Adjusted EBITDA

$

205,328

$

149,799

$

396,389

$

345,743

Adjusted Cash Conversion Ratio

56

%

108

%

73

%

94

%

Net cash used in investing activities

(18,452

)

(17,530

)

(180,850

)

(34,866

)

Net cash (used in) provided by financing activities

(2,091

)

(97,959

)

(2,323

)

34

View source version on businesswire.com: https://www.businesswire.com/news/home/20210805005375/en/

CONTACT: Investor Relations Luke Montgomery, CFA SVP, Finance & Investor Relations MultiPlan 866-909-7427 investor@multiplan.com

CONTACT: Shawna Gasik AVP, Investor Relations MultiPlan 866-909-7427 investor@multiplan.com

CONTACT: Media Relations Pamela Walker Senior Director, Marketing & Communications MultiPlan 781-895-3118 press@multiplan.com