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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Churchill Capital Corp III | NYSE:MPLN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.0013 | -0.20% | 0.6636 | 0.679 | 0.6414 | 0.6635 | 996,115 | 19:40:35 |
|
Delaware
|
| |
6411
|
| |
84-3536151
|
|
|
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification Number) |
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | |
Smaller reporting company ☐
|
|
| | | |
Emerging growth company ☐
|
|
| | |
Page
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| | | | F-1 | | |
| | |
Year Ended
December 31, |
| |
May 2 –
December 31, 2016 |
| |
January 1 –
June 6, 2016 |
| |
Year
Ended December 31, 2015 |
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2020
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2019
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2018
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2017
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($ in thousands)
|
| |
Successor
|
| |
Successor
|
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Successor
|
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Successor
|
| |
Successor
|
| |
Predecessor
|
| |
Predecessor
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| |||||||||
Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues(1) | | | | $ | 937,763 | | | | | $ | 982,901 | | | | | $ | 1,040,883 | | | | | $ | 1,067,266 | | | | | $ | 575,889 | | | | | $ | 412,597 | | | | | $ | 865,094 | | |
Operating (loss) income
|
| | | $ | (131,821) | | | | | $ | 368,209 | | | | | $ | 427,541 | | | | | $ | 363,636 | | | | | $ | 89,415 | | | | | $ | (50,607) | | | | | $ | 245,570 | | |
Net (loss) income
|
| | | $ | (520,564) | | | | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | 648,132 | | | | | $ | (56,503) | | | | | $ | (247,598) | | | | | $ | 7,749 | | |
Basic and diluted net (loss) income per share:
|
| | | $ | (1.11) | | | | | $ | 0.02 | | | | | $ | 0.09 | | | | | $ | 1.56 | | | | | $ | (0.14) | | | | | $ | (0.60) | | | | | $ | 0.02 | | |
Other Financial Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Medical charges processed(2)
|
| | | $ | 105,400,000 | | | | | $ | 106,300,000 | | | | | $ | 101,600,000 | | | | | $ | 97,400,000 | | | | | | — | | | | | | — | | | | | $ | 88,600,000 | | |
Potential medical cost savings(3)
|
| | | $ | 18,800,000 | | | | | $ | 18,900,000 | | | | | $ | 18,600,000 | | | | | $ | 17,800,000 | | | | | | — | | | | | | — | | | | | $ | 15,200,000 | | |
Capital expenditures(4)
|
| | | $ | 70,813 | | | | | $ | 66,414 | | | | | $ | 63,556 | | | | | $ | 60,709 | | | | | $ | 31,055 | | | | | $ | 22,602 | | | | | $ | 49,714 | | |
Total assets(5)
|
| | | $ | 8,283,578 | | | | | $ | 8,360,411 | | | | | $ | 8,642,973 | | | | | $ | 8,987,709 | | | | | $ | 9,285,126 | | | | | | — | | | | | $ | 5,297,921 | | |
EBITDA(6) | | | | $ | 186,938 | | | | | $ | 778,463 | | | | | $ | 815,503 | | | | | $ | 731,953 | | | | | $ | 309,651 | | | | | $ | (77,656) | | | | | $ | 473,581 | | |
Adjusted EBITDA(6)
|
| | | $ | 706,313 | | | | | $ | 750,350 | | | | | $ | 824,886 | | | | | $ | 812,086 | | | | | $ | 416,884 | | | | | $ | 298,653 | | | | | $ | 611,845 | | |
| | |
Year Ended
December 31, |
| |
May2 –
December 31, 2016 |
| | |
January 1 –
June 6, 2016 |
| |
Year
Ended December 31, 2015 |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||||||||||||||||||
($ in thousands)
|
| |
Successor
|
| |
Successor
|
| |
Successor
|
| |
Successor
|
| |
Successor
|
| | |
Predecessor
|
| |
Predecessor
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| | |
(unaudited)
|
| |
(unaudited)
|
| |||||||||
Net (loss) income
|
| | | $ | (520,564) | | | | | $ | 9,710 | | | | | $ | 36,223 | | | | | $ | 648,132 | | | | | $ | (56,503) | | | | | | $ | (247,598) | | | | | $ | 7,749 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense(a)
|
| | | | 335,638 | | | | | | 376,346 | | | | | | 383,261 | | | | | | 281,972 | | | | | | 155,140 | | | | | | | 81,385 | | | | | $ | 152,127 | | |
Interest income
|
| | | | (288) | | | | | | (196) | | | | | | (51) | | | | | | (9) | | | | | | (19) | | | | | | | — | | | | | | (12) | | |
Income tax (benefit) provision
|
| | | | (26,343) | | | | | | 799 | | | | | | 8,108 | | | | | | (586,512) | | | | | | (9,203) | | | | | | | (11,701) | | | | | | 85,706 | | |
Depreciation
|
| | | | 60,577 | | | | | | 55,807 | | | | | | 52,268 | | | | | | 53,002 | | | | | | 30,244 | | | | | | | 19,818 | | | | | | 41,650 | | |
Amortization of intangible assets
|
| | | | 334,697 | | | | | | 334,053 | | | | | | 334,053 | | | | | | 334,053 | | | | | | 189,297 | | | | | | | 80,152 | | | | | | 184,967 | | |
Non-income taxes(b)
|
| | | | 3,221 | | | | | | 1,944 | | | | | | 1,641 | | | | | | 1,315 | | | | | | 695 | | | | | | | 288 | | | | | | 1,394 | | |
EBITDA
|
| | | $ | 186,938 | | | | | $ | 778,463 | | | | | $ | 815,503 | | | | | $ | 731,953 | | | | | $ | 309,651 | | | | | | $ | (77,656) | | | | | $ | 473,581 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other expense (income)(c)
|
| | | | 1,896 | | | | | $ | 1,947 | | | | | $ | 4,617 | | | | | $ | 5,857 | | | | | $ | 3,727 | | | | | | $ | 3,144 | | | | | $ | 6,252 | | |
Change in fair value of Private Placement Warrants and unvested founder shares(d)
|
| | | | (35,422) | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transaction related expenses(e)
|
| | | | 31,689 | | | | | | 3,270 | | | | | $ | 49 | | | | | $ | 3,435 | | | | | $ | 74,503 | | | | | | $ | 14,907 | | | | | $ | 3 | | |
Loss on investments(f)
|
| | | | 12,165 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | |
Loss (gain) on debt extinguishment(g)
|
| | | | 102,993 | | | | | $ | (18,450) | | | | | | — | | | | | $ | 20,053 | | | | | | — | | | | | | $ | 127,307 | | | | | | — | | |
Stock-based
compensation(h) |
| | | | 406,054 | | | | | $ | (14,880) | | | | | $ | 4,717 | | | | | $ | 50,788 | | | | | $ | 29,003 | | | | | | $ | 230,951 | | | | | $ | 132,009 | | |
Adjusted EBITDA
|
| | | $ | 706,313 | | | | | $ | 750,350 | | | | | $ | 824,886 | | | | | $ | 812,086 | | | | | $ | 416,884 | | | | | | $ | 298,653 | | | | | $ | 611,845 | | |
($ in thousands, other than share and per share data)
|
| |
Year Ended
December 31, 2020 |
| |||
Summary Unaudited Pro Forma Combined Statements of Loss | | | | | | | |
Pro Forma net loss attributable to shareholders
|
| | | $ | (534,946) | | |
Weighted average shares outstanding, basic and diluted
|
| | | | 655,057,441 | | |
Basic and diluted net loss per share
|
| | | $ | (0.82) | | |
(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)
|
| |
Number of
Shares |
| |
% Ownership
|
| ||||||
Share issuance to the MultiPlan Parent Owners
|
| | | | 415.7 | | | | | | | | |
Total MultiPlan Parent Owners shares
|
| | | | 415.7 | | | | | | 62.6% | | |
Shares held by current Churchill public shareholders
|
| | | | 110.0 | | | | | | | | |
Less: public shares redeemed
|
| | | | (8.7) | | | | | | | | |
Total held by current Churchill public shareholders
|
| | | | 101.3 | | | | | | 15.2% | | |
Shares held by the Sponsor (or any of its affiliates)(1)
|
| | | | 15.1 | | | | | | 2.3% | | |
Common PIPE Shares
|
| | | | 132.1 | | | | | | 19.9% | | |
Net Churchill shares, Sponsor Shares and Common PIPE Shares
|
| | | | 248.5 | | | | | | 37.4% | | |
Pro Forma shares outstanding(2)
|
| | | | 664.2 | | | | | | 100.0% | | |
| | |
For the Period
from January 1, 2020 thru October 8, 2020 |
| |
Twelve Months
Ended December 31, 2020 |
| | | | | | | | | | | | | |
Twelve Months
Ended December 31, 2020 |
| | | | | | | | | | | | | |
Twelve Months
Ended December 31, 2020 |
| ||||||||||||
| | |
Churchill
(Historical) |
| |
Multiplan
Corp. (Historical) |
| |
Transactions
Pro Forma Adjustments |
| |
Ref
|
| |
Pro Forma
Combined as Adjusted |
| |
Refinancing
Pro Forma Adjustments |
| |
Ref
|
| |
Pro Forma
Combined as Further Adjusted |
| ||||||||||||||||||||||||
Revenues
|
| | | $ | — | | | | | $ | 937,763 | | | | | $ | — | | | | | | | | | | | $ | 937,763 | | | | | $ | — | | | | | | | | | | | $ | 937,763 | | |
Costs of services (exclusive
of depreciation and amortization of intangible assets shown below) |
| | | | — | | | | | | 318,675 | | | | | | — | | | | | | | | | | | | 318,675 | | | | | | — | | | | | | | | | | | | 318,675 | | |
General and administrative
expenses |
| | | | 11,073 | | | | | | 355,635 | | | | | | — | | | | | | | | | | | | 366,708 | | | | | | — | | | | | | | | | | | | 366,708 | | |
Depreciation
|
| | | | — | | | | | | 60,577 | | | | | | — | | | | | | | | | | | | 60,577 | | | | | | — | | | | | | | | | | | | 60,577 | | |
Amortization of intangible
assets |
| | | | — | | | | | | 334,697 | | | | | | — | | | | | | | | | | | | 334,697 | | | | | | — | | | | | | | | | | | | 334,697 | | |
Total expenses
|
| | | | 11,073 | | | | | | 1,069,584 | | | | | | — | | | | | | | | | | | | 1,080,657 | | | | | | — | | | | | | | | | | | | 1,080,657 | | |
Operating loss
|
| | | | (11,073) | | | | | | (131,821) | | | | | | — | | | | | | | | | | | | (142,894) | | | | | | — | | | | | | | | | | | | (142,894) | | |
Interest earned on
marketable securities held in Trust Account |
| | | | (4,384) | | | | | | — | | | | | | 4,384 | | | | | | (A) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Interest expense
|
| | | | — | | | | | | 335,638 | | | | | | (80,870) | | | | | | (B) | | | | | | 366,395 | | | | | | (93,806) | | | | | | (H) | | | | | | 340,424 | | |
| | | | | — | | | | | | — | | | | | | 78,000 | | | | | | (C) | | | | | | — | | | | | | (10,652) | | | | | | (I) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 33,627 | | | | | | (D) | | | | | | — | | | | | | 875 | | | | | | (J) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (664) | | | | | | (K) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 1,034 | | | | | | (L) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 74,750 | | | | | | (M) | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 2,492 | | | | | | (N) | | | | | | — | | |
Interest income
|
| | | | — | | | | | | (288) | | | | | | — | | | | | | | | | | | | (288) | | | | | | — | | | | | | | | | | | | (288) | | |
Loss on extinguishment of
debt |
| | | | — | | | | | | 102,993 | | | | | | — | | | | | | | | | | | | 102,993 | | | | | | — | | | | | | | | | | | | 102,993 | | |
Loss on investments
|
| | | | — | | | | | | 12,165 | | | | | | — | | | | | | | | | | | | 12,165 | | | | | | — | | | | | | | | | | | | 12,165 | | |
Change in fair value of Private Placement Warrants and unvested founder shares
|
| | | | — | | | | | | (35,422) | | | | | | — | | | | | | | | | | | | (35,422) | | | | | | — | | | | | | | | | | | | (35,422) | | |
Net loss before income
taxes |
| | | | 6,689 | | | | | | (546,907) | | | | | | (35,141) | | | | | | | | | | | | (588,737) | | | | | | 25,971 | | | | | | | | | | | | (562,766) | | |
Provision for income taxes
|
| | | | 660 | | | | | | (26,343) | | | | | | (8,188) | | | | | | (E) | | | | | | (33,871) | | | | | | 6,051 | | | | | | (E) | | | | | | (27,820) | | |
Net loss
|
| | | | 7,349 | | | | | | (520,564) | | | | | | (26,953) | | | | | | | | | | | | (554,866) | | | | | | 19,920 | | | | | | | | | | | | (534,946) | | |
Weighted average shares outstanding – Basic and Diluted:
|
| | | | 30,862,800 | | | | | | 470,785,192 | | | | | | 153,409,449 | | | | | | (F) | | | | | | 655,057,441 | | | | | | — | | | | | | | | | | | | 655,057,441 | | |
Net loss per share – Basic and Diluted:
|
| | | $ | (0.00) | | | | | $ | (1.11) | | | | | | | | | | | | | | | | | $ | (0.85) | | | | | | | | | | | | | | | | | $ | (0.82) | | |
| | |
Year Ended
December 31, 2020 |
| |||
Share issuance to the MultiPlan Parent Owners
|
| | | | 415,700,000 | | |
Share issuance to purchasers of the Common PIPE Shares
|
| | | | 132,050,000 | | |
Shares previously issued to Churchill’s Sponsor .
|
| | | | 27,500,000 | | |
Shares that un-vested upon the consummation of the Transactions
|
| | | | (12,404,080) | | |
Shares previously issued to Churchill public shareholders
|
| | | | 110,000,000 | | |
Shares held in treasury
|
| | | | (9,094,876) | | |
Shares redeemed
|
| | | | (8,693,855) | | |
Shares issued and redeemed as part of the Transactions
|
| | | | 655,057,192 | | |
| | |
For the Year Ended
December 31, |
| |||||||||||||||
(in billions)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Medical charges processed(1)
|
| | | $ | 105.4 | | | | | $ | 106.3 | | | | | $ | 101.6 | | |
Potential medical cost savings(2)
|
| | | $ | 18.8 | | | | | $ | 18.9 | | | | | $ | 18.6 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net (loss) income
|
| | | $ | (520,564) | | | | | $ | 9,710 | | | | | $ | 36,223 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Interest expense(a)
|
| | | | 335,638 | | | | | | 376,346 | | | | | | 383,261 | | |
Interest income
|
| | | | (288) | | | | | | (196) | | | | | | (51) | | |
Income tax (benefit) provision(b)
|
| | | | (26,343) | | | | | | 799 | | | | | | 8,108 | | |
Depreciation
|
| | | | 60,577 | | | | | | 55,807 | | | | | | 52,268 | | |
Amortization of intangible assets
|
| | | | 334,697 | | | | | | 334,053 | | | | | | 334,053 | | |
Non-income taxes(c)
|
| | | | 3,221 | | | | | | 1,944 | | | | | | 1,641 | | |
EBITDA
|
| | | $ | 186,938 | | | | | $ | 778,463 | | | | | $ | 815,503 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Other expense(d)
|
| | | | 1,896 | | | | | | 1,947 | | | | | | 4,617 | | |
Change in fair value of Private Placement Warrants and unvested founder shares(e)
|
| | | | (35,422) | | | | | | — | | | | | | — | | |
Transaction related expenses(f)
|
| | | | 31,689 | | | | | | 3,270 | | | | | | 49 | | |
Loss on investments(g)
|
| | | | 12,165 | | | | | | — | | | | | | — | | |
Loss (gain) on debt extinguishment(h)
|
| | | | 102,993 | | | | | | (18,450) | | | | | | — | | |
Stock-based compensation(i)
|
| | | | 406,054 | | | | | | (14,880) | | | | | | 4,717 | | |
Adjusted EBITDA
|
| | | $ | 706,313 | | | | | $ | 750,350 | | | | | $ | 824,886 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
($ in thousands, except share and per share amounts)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net (loss) income
|
| | | $ | (520,564) | | | | | $ | 9,710 | | | | | $ | 36,223 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Amortization of intangible assets
|
| | | | 334,697 | | | | | | 334,053 | | | | | | 334,053 | | |
Stock-based compensation
|
| | | | 406,054 | | | | | | (14,880) | | | | | | 4,717 | | |
Transaction related expenses
|
| | | | 31,689 | | | | | | 3,270 | | | | | | 49 | | |
Loss on investments
|
| | | | 12,165 | | | | | | — | | | | | | — | | |
Loss (gain) on debt extinguishment
|
| | | | 102,993 | | | | | | (18,450) | | | | | | — | | |
Other expense
|
| | | | 1,896 | | | | | | 1,947 | | | | | | 4,617 | | |
Change in fair value of Private Placement Warrants and unvested founder shares
|
| | | | (35,422) | | | | | | — | | | | | | — | | |
Estimated tax effect of adjustments
|
| | | | (106,989) | | | | | | (76,992) | | | | | | (81,288) | | |
Adjusted net income
|
| | | $ | 226,519 | | | | | $ | 238,658 | | | | | $ | 298,371 | | |
Weighted average shares outstanding – basic and diluted(1)
|
| | | | 470,785,192 | | | | | | 415,700,000 | | | | | | 415,700,000 | | |
Net (loss) income per share – basic and diluted
|
| | | $ | (1.11) | | | | | $ | 0.02 | | | | | $ | 0.09 | | |
Adjusted earnings per share
|
| | | $ | 0.48 | | | | | $ | 0.57 | | | | | $ | 0.72 | | |
| | |
For the Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Network Services
|
| | | $ | 271,262 | | | | | $ | 314,510 | | | | | $ | (43,248) | | | | | | (13.8)% | | |
Analytics-Based Services
|
| | | | 564,661 | | | | | | 561,525 | | | | | | 3,136 | | | | | | 0.6% | | |
Payment Integrity Services
|
| | | | 101,840 | | | | | | 106,866 | | | | | | (5,026) | | | | | | (4.7)% | | |
Total Revenues
|
| | | $ | 937,763 | | | | | $ | 982,901 | | | | | $ | (45,138) | | | | | | (4.6)% | | |
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Personnel expenses excluding stock-based compensation
|
| | | | 128,222 | | | | | | 123,731 | | | | | | 4,491 | | | | | | 3.6% | | |
Stock-based compensation
|
| | | | 163,025 | | | | | | (7,904) | | | | | | 170,929 | | | | | | NM | | |
Personnel expenses including stock-based compensation
|
| | | | 291,247 | | | | | | 115,827 | | | | | | 175,420 | | | | | | 151.5% | | |
Access and bill review fees
|
| | | | 13,794 | | | | | | 15,996 | | | | | | (2,202) | | | | | | (13.8)% | | |
Other
|
| | | | 13,634 | | | | | | 17,784 | | | | | | (4,150) | | | | | | (23.3)% | | |
Total costs of services (exclusive of depreciation and amortization of
intangible assets shown below) |
| | | | 318,675 | | | | | | 149,607 | | | | | | 169,068 | | | | | | 113.0% | | |
General and administrative expenses excluding stock-based compensation and transaction costs
|
| | | | 80,917 | | | | | | 78,931 | | | | | | 1,986 | | | | | | 2.5% | | |
Stock-based compensation
|
| | | | 243,029 | | | | | | (6,976) | | | | | | 250,005 | | | | | | NM | | |
Transaction costs
|
| | | | 31,689 | | | | | | 3,270 | | | | | | 28,419 | | | | | | 869.1% | | |
Total general and administrative expenses
|
| | | | 355,635 | | | | | | 75,225 | | | | | | 280,410 | | | | | | 372.8% | | |
Depreciation expense
|
| | | | 60,577 | | | | | | 55,807 | | | | | | 4,770 | | | | | | 8.5% | | |
Amortization of intangible assets
|
| | | | 334,697 | | | | | | 334,053 | | | | | | 644 | | | | | | 0.2% | | |
Operating (loss) income
|
| | | | (131,821) | | | | | | 368,209 | | | | | | (500,030) | | | | | | (135.8)% | | |
Interest expense
|
| | | | 335,638 | | | | | | 376,346 | | | | | | (40,708) | | | | | | (10.8)% | | |
Interest income
|
| | | | (288) | | | | | | (196) | | | | | | (92) | | | | | | 46.9% | | |
Loss (gain) on extinguishment of debt
|
| | | | 102,993 | | | | | | (18,450) | | | | | | 121,443 | | | | | | NM | | |
Loss on investments
|
| | | | 12,165 | | | | | | — | | | | | | — | | | | | | NM | | |
Change in fair value of Private Placement Warrants and unvested founder shares
|
| | | | (35,422) | | | | | | — | | | | | | (35,422) | | | | | | NM | | |
Net (loss) income before income taxes
|
| | | | (546,907) | | | | | | 10,509 | | | | | | (557,416) | | | | | | NM | | |
(Benefit) provision for income taxes
|
| | | | (26,343) | | | | | | 799 | | | | | | (27,142) | | | | | | NM | | |
Net (loss) income
|
| | | $ | (520,564) | | | | | $ | 9,710 | | | | | $ | (530,274) | | | | | | NM | | |
| | |
For the Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Cost of services (exclusive of depreciation and amortization of intangible assets)
|
| | | $ | 318,675 | | | | | $ | 149,607 | | | | | | 169,068 | | | | | | 113.0% | | |
Less: stock-based compensation
|
| | | | 163,025 | | | | | | (7,904) | | | | | | 170,929 | | | | | | NM | | |
Costs of services excluding stock-based compensation
|
| | | $ | 155,650 | | | | | $ | 157,511 | | | | | | (1,861) | | | | | | (1.2)% | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
($ in thousands)
|
| |
2020
|
| |
2019
|
| |
Change $
|
| |
Change %
|
| ||||||||||||
General and administrative expenses
|
| | | $ | 355,635 | | | | | $ | 75,225 | | | | | $ | 280,410 | | | | | | 372.8% | | |
Less: stock-based compensation
|
| | | | 243,029 | | | | | | (6,976) | | | | | | 250,005 | | | | | | NM | | |
Less: transaction costs
|
| | | | 31,689 | | | | | | 3,270 | | | | | | 28,419 | | | | | | 869.1% | | |
General and administrative expenses excluding stock-based compensation and transaction costs
|
| | | $ | 80,917 | | | | | $ | 78,931 | | | | | $ | 1,986 | | | | | | 2.5% | | |
| | |
For the Year Ended
December 31, |
| |
Change
|
| ||||||||||||||||||
($ in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |
%
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Network Services
|
| | | $ | 314,510 | | | | | $ | 363,510 | | | | | $ | (49,000) | | | | | | (13.5)% | | |
Analytics-Based Services
|
| | | | 561,525 | | | | | | 584,998 | | | | | | (23,473) | | | | | | (4.0)% | | |
Payment Integrity Services
|
| | | | 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)% | | |
| | |
Three Months Ended
|
| | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
December 31,
2020 |
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| |
December 31,
2019 |
| |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| | ||||||||||||||||||||||||||
Revenues
|
| | | $ | 255,344 | | | | | $ | 223,517 | | | | | $ | 206,880 | | | | | $ | 252,022 | | | | | $ | 246,404 | | | | | $ | 245,820 | | | | | $ | 245,653 | | | | | $ | 245,024 | | | | ||
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)(1)
|
| | | | 74,230 | | | | | | 147,866 | | | | | | 51,894 | | | | | | 44,685 | | | | | | 33,416 | | | | | | 41,059 | | | | | | 34,455 | | | | | | 40,677 | | | | ||
General and administrative expenses(1)
|
| | | | 121,488 | | | | | | 176,380 | | | | | | 36,066 | | | | | | 21,701 | | | | | | 12,712 | | | | | | 25,986 | | | | | | 14,337 | | | | | | 22,190 | | | | ||
Depreciation
|
| | | | 15,674 | | | | | | 15,262 | | | | | | 15,135 | | | | | | 14,506 | | | | | | 14,084 | | | | | | 14,153 | | | | | | 14,026 | | | | | | 13,544 | | | | ||
Amortization of intangible assets
|
| | | | 84,157 | | | | | | 83,513 | | | | | | 83,514 | | | | | | 83,513 | | | | | | 83,513 | | | | | | 83,513 | | | | | | 83,514 | | | | | | 83,513 | | | | ||
Total expenses
|
| | | | 295,549 | | | | | | 423,021 | | | | | | 186,609 | | | | | | 164,405 | | | | | | 143,725 | | | | | | 164,711 | | | | | | 146,332 | | | | | | 159,924 | | | | ||
Operating (loss) income
|
| | | | (40,205) | | | | | | (199,504) | | | | | | 20,271 | | | | | | 87,617 | | | | | | 102,679 | | | | | | 81,109 | | | | | | 99,321 | | | | | | 85,100 | | | | ||
Interest expense
|
| | | | 76,348 | | | | | | 82,275 | | | | | | 86,050 | | | | | | 90,965 | | | | | | 89,908 | | | | | | 93,246 | | | | | | 95,473 | | | | | | 97,719 | | | | ||
Interest income
|
| | | | (59) | | | | | | (81) | | | | | | (77) | | | | | | (71) | | | | | | (63) | | | | | | (54) | | | | | | (46) | | | | | | (33) | | | | ||
Loss (gain) on extinguishment of debt
|
| | | | 102,993 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,450) | | | | | | — | | | | | | — | | | | ||
Loss on investments
|
| | | | 4,381 | | | | | | 7,784 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Change in fair value of Private Placement Warrants and unvested founder shares
|
| | | | (35,422) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net (loss) income before income taxes
|
| | | | (188,446) | | | | | | (289,482) | | | | | | (65,702) | | | | | | (3,277) | | | | | | 12,834 | | | | | | 6,367 | | | | | | 3,894 | | | | | | (12,586) | | | | ||
(Benefit) provision for income taxes
|
| | | | (15,124) | | | | | | (1,080) | | | | | | (9,456) | | | | | | (683) | | | | | | 990 | | | | | | 1,005 | | | | | | 3,026 | | | | | | (4,222) | | | | ||
(Loss) income from continuing operations
|
| | | | (173,322) | | | | | | (288,402) | | | | | | (56,246) | | | | | | (2,594) | | | | | | 11,844 | | | | | | 5,362 | | | | | | 868 | | | | | | (8,364) | | | | ||
Net (loss) income
|
| | | $ | (173,322) | | | | | $ | (288,402) | | | | | $ | (56,246) | | | | | $ | (2,594) | | | | | $ | 11,844 | | | | | $ | 5,362 | | | | | $ | 868 | | | | | $ | (8,364) | | | | ||
Weighted average shares outstanding — Basic and Diluted:
|
| | | | 636,646,098 | | | | | | 415,700,000 | | | | | | 415,700,000 | | | | | | 415,700,000 | | | | | | 415,700,000 | | | | | | 415,700,000 | | | | | | 415,700,000 | | | | | | 415,700,000 | | | | ||
Net (loss) income per share — Basic and Diluted:
|
| | | $ | (0.27) | | | | | $ | (0.69) | | | | | $ | (0.13) | | | | | $ | (0.01) | | | | | $ | 0.03 | | | | | $ | 0.01 | | | | | $ | 0.00 | | | | | $ | (0.02) | | | | ||
Comprehensive (loss) income
|
| | | $ | (173,322) | | | | | $ | (288,402) | | | | | $ | (56,246) | | | | | $ | (2,594) | | | | | $ | 11,844 | | | | | $ | 5,362 | | | | | $ | 868 | | | | | $ | (8,364) | | | |
| | |
Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
December 31,
2020 |
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| |
December 31,
2019 |
| |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| ||||||||||||||||||||||||
Costs of services
|
| | | $ | 36,302 | | | | | $ | 108,777 | | | | | $ | 12,494 | | | | | $ | 5,452 | | | | | $ | (6,579) | | | | | $ | 1,593 | | | | | $ | (4,714) | | | | | $ | 1,796 | | |
General and administrative expenses .
|
| | | | 70,124 | | | | | | 153,579 | | | | | | 15,417 | | | | | | 3,909 | | | | | | (7,992) | | | | | | 2,728 | | | | | | (4,952) | | | | | | 3,240 | | |
| | | | $ | 106,426 | | | | | $ | 262,356 | | | | | $ | 27,911 | | | | | $ | 9,361 | | | | | $ | (14,571) | | | | | $ | 4,321 | | | | | $ | (9,666) | | | | | $ | 5,036 | | |
| | |
Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
December 31,
2020 |
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| |
December 31,
2019 |
| |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| ||||||||||||||||||||||||
Costs of services (exclusive of depreciation and amortization of intangible assets) .
|
| | | $ | 74,230 | | | | | $ | 147,866 | | | | | $ | 51,894 | | | | | $ | 44,685 | | | | | $ | 33,416 | | | | | $ | 41,059 | | | | | $ | 34,455 | | | | | $ | 40,677 | | |
Less: stock-based compensation
|
| | | | 36,302 | | | | | | 108,777 | | | | | | 12,494 | | | | | | 5,452 | | | | | | (6,579) | | | | | | 1,593 | | | | | | (4,714) | | | | | | 1,796 | | |
Costs of services excluding stock-based compensation
|
| | | $ | 37,928 | | | | | $ | 39,089 | | | | | $ | 39,400 | | | | | $ | 39,233 | | | | | $ | 39,995 | | | | | $ | 39,466 | | | | | $ | 39,169 | | | | | $ | 38,881 | | |
General and administrative expenses
|
| | | $ | 121,488 | | | | | $ | 176,380 | | | | | $ | 36,066 | | | | | $ | 21,701 | | | | | $ | 12,712 | | | | | $ | 25,986 | | | | | $ | 14,337 | | | | | $ | 22,190 | | |
Less: stock-based compensation
|
| | | | 70,124 | | | | | | 153,579 | | | | | | 15,417 | | | | | | 3,909 | | | | | | (7,992) | | | | | | 2,728 | | | | | | (4,952) | | | | | | 3,240 | | |
Less: transaction costs
|
| | | | 26,527 | | | | | | 2,464 | | | | | | 2,338 | | | | | | 360 | | | | | | 3 | | | | | | 3,245 | | | | | | 13 | | | | | | 10 | | |
General and administrative expenses excluding stock-based compensation and transaction costs
|
| | | $ | 24,837 | | | | | $ | 20,337 | | | | | $ | 18,311 | | | | | $ | 17,432 | | | | | $ | 20,701 | | | | | $ | 20,013 | | | | | $ | 19,276 | | | | | $ | 18,940 | | |
| | |
Three Months Ended
|
| | |||||||||||||||||||||||||||||||||||||||||||||||
| | |
December 31,
2020 |
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| |
December 31,
2019 |
| |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| | ||||||||||||||||||||||||||
Revenues
|
| | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | ||
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)
|
| | | | 29% | | | | | | 66% | | | | | | 25% | | | | | | 18% | | | | | | 14% | | | | | | 17% | | | | | | 14% | | | | | | 17% | | | | ||
General and administrative expenses
|
| | | | 48% | | | | | | 79% | | | | | | 17% | | | | | | 9% | | | | | | 5% | | | | | | 11% | | | | | | 6% | | | | | | 9% | | | | | |
Depreciation
|
| | | | 6% | | | | | | 7% | | | | | | 7% | | | | | | 6% | | | | | | 6% | | | | | | 6% | | | | | | 6% | | | | | | 6% | | | | ||
Amortization of intangible assets .
|
| | | | 33% | | | | | | 37% | | | | | | 40% | | | | | | 33% | | | | | | 34% | | | | | | 34% | | | | | | 34% | | | | | | 34% | | | | ||
Total expenses
|
| | | | 116% | | | | | | 189% | | | | | | 90% | | | | | | 65% | | | | | | 58% | | | | | | 67% | | | | | | 60% | | | | | | 65% | | | | ||
Operating income .
|
| | | | (16)% | | | | | | (89)% | | | | | | 10% | | | | | | 35% | | | | | | 42% | | | | | | 33% | | | | | | 40% | | | | | | 35% | | | | ||
Interest expense
|
| | | | 30% | | | | | | 37% | | | | | | 42% | | | | | | 36% | | | | | | 36% | | | | | | 38% | | | | | | 39% | | | | | | 40% | | | | ||
Interest income
|
| | | | (0)% | | | | | | 0% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | | | (0)% | | | | ||
Loss (gain) on extinguishment of debt
|
| | | | 40% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | (8)% | | | | | | 0% | | | | | | 0% | | | | ||
Loss on investments
|
| | | | 2% | | | | | | 3% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | ||
Change in fair value of Private Placement Warrants and unvested founder shares
|
| | | | (14)% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | | | 0% | | | | ||
Net (loss) income before income taxes
|
| | | | (74)% | | | | | | (130)% | | | | | | (32)% | | | | | | (1)% | | | | | | 5% | | | | | | 3% | | | | | | 2% | | | | | | (5)% | | | | ||
(Benefit) provision for income taxes
|
| | | | 6% | | | | | | 0% | | | | | | (5)% | | | | | | (0)% | | | | | | 0% | | | | | | 0% | | | | | | 1% | | | | | | (2)% | | | | ||
(Loss) income from continuing operations
|
| | | | 68% | | | | | | (129)% | | | | | | (27)% | | | | | | (1)% | | | | | | 5% | | | | | | 2% | | | | | | 0% | | | | | | (3)% | | | | ||
Net (loss) income
|
| | | | 68% | | | | | | (129)% | | | | | | (27)% | | | | | | (1)% | | | | | | 5% | | | | | | 2% | | | | | | 0% | | | | | | (3)% | | | | ||
Comprehensive (loss) income
|
| | | | 68% | | | | | | (129)% | | | | | | (27)% | | | | | | (1)% | | | | | | 5% | | | | | | 2% | | | | | | 0% | | | | | | (3)% | | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Net cash flows provided by (used in): | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 377,374 | | | | | $ | 284,313 | | | | | $ | 292,303 | | |
Investing activities
|
| | | $ | (210,845) | | | | | $ | (66,414) | | | | | $ | (63,556) | | |
Financing activities
|
| | | $ | (61,599) | | | | | $ | (201,088) | | | | | $ | (245,150) | | |
Name
|
| |
Age
|
| |
Title
|
|
Mark H. Tabak | | |
71
|
| | Chief Executive Officer and Chairperson of the Board | |
David L. Redmond | | |
69
|
| | Executive Vice President and Chief Financial Officer | |
Paul S. Galant | | |
53
|
| | President, New Markets | |
Dale A. White | | |
65
|
| | President, Payor Markets | |
Jeffrey A. Doctoroff | | |
52
|
| | Senior Vice President, General Counsel and Secretary | |
Michael Kim | | |
55
|
| | Senior Vice President and Chief Information Officer | |
Glenn R. August | | |
59
|
| | Director | |
Richard A. Clarke | | |
70
|
| | Director | |
Anthony Colaluca, Jr. | | |
54
|
| | Director | |
Paul D. Emery | | |
35
|
| | Director | |
C. Martin Harris | | |
64
|
| | Director | |
Julie D. Klapstein | | |
66
|
| | Director | |
Michael Klein | | |
57
|
| | Director | |
P. Hunter Philbrick | | |
41
|
| | Director | |
Allen R. Thorpe | | |
50
|
| | Lead Independent Director | |
William L.Veghte | | |
53
|
| | Director | |
Name
|
| |
2020
Base Salary |
| |||
Mr. Tabak
|
| | | $ | 875,308 | | |
Mr. Redmond
|
| | | $ | 573,071 | | |
Mr. White
|
| | | $ | 475,597 | | |
Mr. Kim .
|
| | | $ | 399,396 | | |
Mr. Doctoroff
|
| | | $ | 354,270 | | |
Name
|
| |
Annual Incentive
Target % of Base Salary |
| |
Base Salary
|
| |
Annual Incentive
Target Payout |
| |||||||||
Mr. Tabak | | | | | 125% | | | | | $ | 875,308 | | | | | $ | 1,094,135 | | |
Mr. Redmond
|
| | | | 100% | | | | | $ | 573,071 | | | | | $ | 573,071 | | |
Mr. White
|
| | | | 100% | | | | | $ | 475,597 | | | | | $ | 475,597 | | |
Mr. Kim
|
| | | | 50% | | | | | $ | 399,396 | | | | | $ | 199,698 | | |
Mr. Doctoroff
|
| | | | 50% | | | | | $ | 354,270 | | | | | $ | 177,135 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(2) |
| |
Stock
Awards ($) |
| |
Option
Awards ($) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
Change in
Pension Value and Non- qualified Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| |||||||||||||||||||||||||||
Mr. Tabak
|
| | | | 2020 | | | | | | 872,976 | | | | | | 5,094,135 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,125 | | | | | | 5,974,236 | | |
Chief Executive Officer
|
| | | | 2019 | | | | | | 858,145 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 865,145 | | |
Mr. Redmond
|
| | | | 2020 | | | | | | 571,342 | | | | | | 4,573,071 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,125 | | | | | | 5,151,538 | | |
Executive Vice President & Chief Financial Officer
|
| | | | 2019 | | | | | | 561,834 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 568,834 | | |
Mr. White
|
| | | | 2020 | | | | | | 474,163 | | | | | | 4,475,597 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,125 | | | | | | 4,956,885 | | |
President, Payor Markets
|
| | | | 2019 | | | | | | 466,272 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 473,272 | | |
Mr. Kim
|
| | | | 2020 | | | | | | 398,191 | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,125 | | | | | | 605,316 | | |
Senior Vice President & Chief Information Officer
|
| | | | 2019 | | | | | | 391,565 | | | | | | 175,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 573,565 | | |
Mr. Doctoroff
|
| | | | 2020 | | | | | | 353,201 | | | | | | 177,135 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,125 | | | | | | 537,461 | | |
Senior Vice President & General Counsel
|
| | | | 2019 | | | | | | 347,323 | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,000 | | | | | | 504,323 | | |
| | |
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards |
| |||||||||||||||
Name
|
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |||||||||
Mr. Tabak | | | | | — | | | | | $ | 1,094,135 | | | | | | — | | |
Mr. Redmond
|
| | | | — | | | | | $ | 573,071 | | | | | | — | | |
Mr. White | | | | | — | | | | | $ | 475,597 | | | | | | — | | |
Mr. Kim
|
| | | | — | | | | | $ | 199,698 | | | | | | — | | |
Mr. Doctoroff
|
| | | | — | | | | | $ | 177,135 | | | | | | — | | |
| | |
Stock Awards
|
| |||||||||
Name
|
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized on
Vesting ($)(1) |
| ||||||
Mr. Tabak
|
| | | | 27,878 | | | | | | 34,088,138 | | |
Mr. Redmond
|
| | | | 18,585 | | | | | | 22,725,426 | | |
Mr. White
|
| | | | 18,585 | | | | | | 22,725,426 | | |
Mr. Kim
|
| | | | 1,021 | | | | | | 1,248,150 | | |
Mr. Doctoroff
|
| | | | 1,021 | | | | | | 1,248,150 | | |
Name
|
| |
Payment Type
|
| |
Termination Without
Cause or for Good Reason (Including Non- Extension of Term)(6) ($) |
| |
Termination Without
Good Reason Upon a Change in Control ($) |
| ||||||
Mr. Tabak .
|
| | Cash Severance(1) | | | | | 5,033,021 | | | | | | 5,033,021 | | |
| | |
Benefit Continuation(2)
|
| | | | 37,900 | | | | | | 37,900 | | |
| | |
Total
|
| | | | 5,070,921 | | | | | | 5,070,921 | | |
Mr. Redmond
|
| | Cash Severance(3) | | | | | 2,292,284 | | | | | | 2,292,284 | | |
| | |
Benefit Continuation(2)
|
| | | | 37,900 | | | | | | 37,900 | | |
| | |
Total
|
| | | | 2,330,184 | | | | | | 2,330,184 | | |
Mr. White
|
| | Cash Severance(4) | | | | | 951,194 | | | | | | — | | |
| | |
Benefit Continuation(2)
|
| | | | 37,900 | | | | | | — | | |
| | | Total | | | | | 989,094 | | | | | | — | | |
Mr. Kim
|
| | Cash Severance(5) | | | | | 199,698 | | | | | | — | | |
| | |
Benefit Continuation(2)
|
| | | | 35,092 | | | | | | — | | |
| | |
Total
|
| | | | 234,790 | | | | | | — | | |
Mr. Doctoroff
|
| | Cash Severance(5) | | | | | 177,135 | | | | | | — | | |
| | |
Benefit Continuation(2)
|
| | | | 48,612 | | | | | | — | | |
| | |
Total
|
| | | | 225,747 | | | | | | — | | |
Name
|
| |
Equity Award
|
| |
Liquidity Event/Qualifying Liquidity
Event ($)(1) |
| |||
Mr. Tabak
|
| |
Performance Vested Units
|
| | | | 26,221,645 | | |
Mr. Redmond
|
| |
Performance Vested Units
|
| | | | 17,481,097 | | |
Mr. White
|
| |
Performance Vested Units
|
| | | | 17,481,097 | | |
Mr. Kim
|
| |
Performance Vested Units
|
| | | | 891,536 | | |
Mr. Doctoroff
|
| |
Performance Vested Units
|
| | | | 891,536 | | |
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 (1)
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Stock
Awards ($) (2) (3) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||
Mr. August
|
| | | | 26,875 | | | | | | 66,667 | | | | | | — | | | | | | 93,542 | | |
Mr. Clarke
|
| | | | 230,625(4) | | | | | | 66,667 | | | | | | — | | | | | | 297,292 | | |
Mr. Colaluca
|
| | | | 33,750 | | | | | | 66,667 | | | | | | — | | | | | | 100,417 | | |
Dr. Harris (5)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name (1)
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Stock
Awards ($) (2) (3) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||
Ms. Klapstein (6)
|
| | | | 14,063 | | | | | | 58,333 | | | | | | — | | | | | | 72,396 | | |
Mr. Klein
|
| | | | 25,000 | | | | | | 66,667 | | | | | | — | | | | | | 91,667 | | |
Mr. Veghte
|
| | | | 25,000 | | | | | | 66,667 | | | | | | — | | | | | | 91,667 | | |
Name
|
| |
Aggregate Unvested Unit Awards
Outstanding |
| |||
Mr. August
|
| | | | 7,293 | | |
Mr. Clarke
|
| | | | 7,293 | | |
Mr. Colaluca
|
| | | | 7,293 | | |
Dr. Harris
|
| | | | — | | |
Ms. Klapstein
|
| | | | 6,382 | | |
Mr. Klein
|
| | | | 7,293 | | |
Mr. Veghte
|
| | | | 7,293 | | |
Name and Address of Beneficial Owner(1)
|
| |
Number
of Shares |
| |
Percent
Owned |
| ||||||
Five Percent Holders: | | | | | | | | | | | | | |
Churchill Sponsor III LLC(2)
|
| | | | 52,000,000 | | | | | | 7.8% | | |
GIC Investor(3)
|
| | | | 49,612,794 | | | | | | 7.4% | | |
Green Equity Investors(4)
|
| | | | 38,449,957 | | | | | | 5.7% | | |
H&F Investors(5)
|
| | | | 215,514,491 | | | | | | 32.2% | | |
Magnetar Financial LLC(6)
|
| | | | 35,748,476 | | | | | | 5.3% | | |
Oak Hill Advisors Entities(7)
|
| | | | 41,937,815 | | | | | | 6.3% | | |
The Public Investment Fund of The Kingdom of Saudi Arabia(8)
|
| | | | 61,750,000 | | | | | | 9.2% | | |
T. Rowe Price Associates(9)
|
| | | | 33,996,887 | | | | | | 5.1% | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | |
Mark H. Tabak(10)
|
| | | | 13,890,202 | | | | | | 2.1% | | |
David L. Redmond
|
| | | | 1,832,682 | | | | | | * | | |
Dale A. White
|
| | | | 8,066,106 | | | | | | 1.2% | | |
Jeffrey A. Doctoroff
|
| | | | 301,464* | | | | | | | | |
Michael C. Kim
|
| | | | 301,464* | | | | | | | | |
Glenn R. August(11)(12)
|
| | | | 41,937,815 | | | | | | 6.3% | | |
Richard A. Clarke
|
| | | | — | | | | | | — | | |
Anthony Colaluca Jr
|
| | | | — | | | | | | — | | |
Paul D. Emery(13)
|
| | | | — | | | | | | — | | |
C. Martin Harris
|
| | | | — | | | | | | — | | |
Julie D. Klapstein
|
| | | | — | | | | | | — | | |
Michael S. Klein(2)(14)
|
| | | | 52,000,000 | | | | | | 7.8% | | |
P. Hunter Philbrick(13).
|
| | | | — | | | | | | — | | |
Allen R. Thorpe(13)
|
| | | | — | | | | | | — | | |
William L. Veghte(11)
|
| | | | — | | | | | | — | | |
All executive officers and directors as a group (16 persons)
|
| | | | 118,358,283 | | | | | | 17.7% | | |
| | |
Founder
Shares |
| |||
Glenn R. August(A)
|
| | | | 3,933,137 | | |
William L. Veghte
|
| | | | 669,985 | | |
| | |
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 |
| |
Warrants
|
| |
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) |
| | | | 5,246,614 | | | | | | — | | | | | | 1,755,000 | | | | | | — | | | | | | 3,491,614 | | | | | | * | | | | | | — | | | | | | — | | |
Alyeska Investors(6)
|
| | | | 726,878 | | | | | | — | | | | | | 125,000 | | | | | | — | | | | | | 601,878 | | | | | | * | | | | | | — | | | | | | — | | |
BDG Enterprises, L.P.(7).
|
| | | | 302,352 | | | | | | — | | | | | | 302,352 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
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) .
|
| | | | 4,025,000 | | | | | | — | | | | | | 2,650,000 | | | | | | — | | | | | | 1,375,000 | | | | | | * | | | | | | — | | | | | | — | | |
David L. Redmond(12)
|
| | | | 1,832,682 | | | | | | — | | | | | | 1,832,682 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David L. Redmond Children’s 2007 Irrevocable Trust(13)
|
| | | | 5,911,061 | | | | | | — | | | | | | 5,911,061 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
FIAM Target Date Blue Chip Growth
Commingled Pool By: Fidelity Institutional Asset Management Trust Company as Trustee(14)(15) |
| | | | 75,424 | | | | | | — | | | | | | 75,424 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Advisor Series I: Fidelity Advisor Equity Growth Fund(14)(16)
|
| | | | 775,187 | | | | | | — | | | | | | 775,187 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Advisor Series I: Fidelity Advisor Series Equity Growth Fund(14)(17)
|
| | | | 212,762 | | | | | | — | | | | | | 212,762 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Blue Chip Growth Commingled Pool
By: Fidelity Management Trust Company, as Trustee (14)(18) |
| | | | 30,183 | | | | | | — | | | | | | 30,183 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Blue Chip Growth Institutional Trust
By its manager Fidelity Investments Canada ULC(14)(19) |
| | | | 4,040 | | | | | | — | | | | | | 4,040 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Capital Trust: Fidelity Capital Appreciation Fund(14)(20)
|
| | | | 1,117,158 | | | | | | — | | | | | | 1,117,158 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Hastings Street Trust: Fidelity Growth Discovery Fund(14)(21)
|
| | | | 519,005 | | | | | | — | | | | | | 519,005 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Securities Fund: Fidelity Blue Chip Growth Fund(14)(22)
|
| | | | 929,589 | | | | | | — | | | | | | 929,589 | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund(14)(23)
|
| | | | 64,655 | | | | | | — | | | | | | 64,655 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Securities Fund: Fidelity Flex Large Cap Growth Fund(14)(24)
|
| | | | 212 | | | | | | — | | | | | | 212 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund(14)(25)
|
| | | | 298,568 | | | | | | — | | | | | | 298,568 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Garden State Capital Partners LLC(26)
|
| | | | 9,010,000 | | | | | | — | | | | | | 9,010,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
GIC Investor(27)
|
| | | | 49,612,794 | | | | | | — | | | | | | 49,612,794 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Green Equity Investors(28)
|
| | | | 38,449,957 | | | | | | — | | | | | | 38,449,957 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
H&F Investors(29)
|
| | | | 215,514,491 | | | | | | — | | | | | | 213,802,446 | | | | | | — | | | | | | 1,712,045 | | | | | | * | | | | | | — | | | | | | — | | |
Integrated Core Strategies (US) LLC(30)
|
| | | | 2,077,013 | | | | | | — | | | | | | 72,500 | | | | | | — | | | | | | 2,004,513 | | | | | | * | | | | | | — | | | | | | — | | |
| | |
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 |
| |
Warrants
|
| |
Shares of
Class A common stock(2) |
| |
%
|
| |
Warrants(3)
|
| |
%
|
| | | ||||||||||||||||||||||||||||
Intrinsic Edge Capture, L.P.(31)
|
| | | | 660,612 | | | | | | — | | | | | | 660,612 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Lauren Fass 2012 Dynasty Trust(32)
|
| | | | 4,433,296 | | | | | | — | | | | | | 4,433,296 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
L H Capital Markets, LLC(33)
|
| | | | 1,100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | 1,000,000 | | | | | | * | | | | | | — | | | | | | — | | | | | ||||
Lindsay Levin 2012 Dynasty Trust(34)
|
| | | | 4,433,296 | | | | | | — | | | | | | 4,433,296 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Longfellow Investment Management Co., LLC(35)
|
| | | | 1,289,750 | | | | | | — | | | | | | 1,219,000 | | | | | | — | | | | | | 70,750 | | | | | | * | | | | | | — | | | | | | — | | | | | ||||
Mark Tabak(36)
|
| | | | 5,023,610 | | | | | | — | | | | | | 5,023,610 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
The Michael and Susan Dell Foundation(37)
|
| | | | 5,300,000 | | | | | | — | | | | | | 5,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Michael Ferrante(38)
|
| | | | 4,534,383 | | | | | | — | | | | | | 4,534,383 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
MMCAP International Inc. SPC(39)
|
| | | | 1,983,961 | | | | | | — | | | | | | 965,534 | | | | | | — | | | | | | 1,018,427 | | | | | | * | | | | | | — | | | | | | — | | | | | ||||
Moore Global Investments, LLC(40)
|
| | | | 1,625,000 | | | | | | — | | | | | | 1,625,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
MSD Value Investments, L.P.(41)
|
| | | | 5,300,000 | | | | | | — | | | | | | 5,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Nomura Global Financial Products Inc.(42)
|
| | | | 150,000 | | | | | | — | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Oak Hill Advisor Entities(43)
|
| | | | 2,650,000 | | | | | | — | | | | | | 2,650,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Partners Group Entities(44)
|
| | | | 30,309,824 | | | | | | — | | | | | | 30,309,824 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Peridian Fund L P (45) .
|
| | | | 687,266 | | | | | | — | | | | | | 687,266 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
The Public Investment Fund of The Kingdom
of Saudi Arabia(46) |
| | | | 53,750,000 | | | | | | — | | | | | | 53,750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Schonfeld Strategic 460 Fund LLC(47)
|
| | | | 3,847,500 | | | | | | — | | | | | | 1,060,000 | | | | | | — | | | | | | 2,787,500 | | | | | | * | | | | | | — | | | | | | — | | | | | ||||
SIH MPH Rollover Co, L.P.(48)
|
| | | | 24,412,106 | | | | | | — | | | | | | 24,412,106 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
TBG AG(49) .
|
| | | | 5,395,000 | | | | | | — | | | | | | 4,770,000 | | | | | | — | | | | | | 625,000 | | | | | | * | | | | | | — | | | | | | — | | | | | ||||
Tech Opportunities LLC(50)
|
| | | | 810,000 | | | | | | — | | | | | | 810,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
UBS O’Connor(51)
|
| | | | 3,517,251 | | | | | | — | | | | | | 250,000 | | | | | | — | | | | | | 3,267,251 | | | | | | * | | | | | | — | | | | | | — | | | | | ||||
Variable Insurance Products Fund III: Dynamic Capital Appreciation Portfolio(14)(52)
|
| | | | 34,543 | | | | | | — | | | | | | 34,543 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Variable Insurance Products Fund: Growth Portfolio(14)(53)
|
| | | | 1,391,354 | | | | | | — | | | | | | 1,391,354 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Additional Selling Securityholders(54)
|
| | | | 4,765,736 | | | | | | — | | | | | | 4,765,736 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 126,755 | | | | | $ | 21,825 | | |
Trade accounts receivable, net
|
| | | | 63,198 | | | | | | 77,071 | | |
Prepaid expenses
|
| | | | 17,708 | | | | | | 14,393 | | |
Prepaid taxes
|
| | | | — | | | | | | 2,130 | | |
Other current assets, net
|
| | | | 1,193 | | | | | | 195 | | |
Total current assets
|
| | | | 208,854 | | | | | | 115,614 | | |
Property and equipment, net
|
| | | | 187,631 | | | | | | 177,992 | | |
Operating lease right-of-use assets
|
| | | | 31,339 | | | | | | 29,998 | | |
Goodwill
|
| | | | 4,257,336 | | | | | | 4,142,013 | | |
Other intangibles, net
|
| | | | 3,584,187 | | | | | | 3,886,643 | | |
Other assets
|
| | | | 14,231 | | | | | | 8,151 | | |
Total assets
|
| | | $ | 8,283,578 | | | | | $ | 8,360,411 | | |
Liabilities and Shareholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 15,261 | | | | | $ | 9,565 | | |
Accrued interest
|
| | | | 31,528 | | | | | | 17,966 | | |
Accrued taxes
|
| | | | 10,176 | | | | | | 382 | | |
Operating lease obligation, short-term
|
| | | | 6,439 | | | | | | 9,521 | | |
Accrued compensation
|
| | | | 21,843 | | | | | | 26,311 | | |
Other accrued expenses
|
| | | | 27,251 | | | | | | 22,041 | | |
Total current liabilities
|
| | | | 112,498 | | | | | | 85,786 | | |
Long-term debt
|
| | | | 4,578,488 | | | | | | 5,397,122 | | |
Operating lease obligation, long-term
|
| | | | 27,499 | | | | | | 23,086 | | |
Private Placement Warrants and unvested founder shares
|
| | | | 106,595 | | | | | | — | | |
Deferred income taxes
|
| | | | 900,633 | | | | | | 869,199 | | |
Total liabilities
|
| | | | 5,725,713 | | | | | | 6,375,193 | | |
Commitments and contingencies (Note 13) | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | |
Shareholder interests
|
| | | | | | | | | | | | |
Preferred stock, $0.0001 par value – 10,000,000 shares authorized; no shares issued or outstanding
|
| | | | — | | | | | | — | | |
Common stock, $0.0001 par value – 1,500,000,000 shares authorized;
664,183,318 and 415,700,000 issued; 655,075,355 and 415,700,000 shares outstanding |
| | | | 66 | | | | | | 42 | | |
Additional paid-in capital
|
| | | | 2,530,410 | | | | | | 1,347,613 | | |
Retained earnings
|
| | | | 116,999 | | | | | | 637,563 | | |
Treasury stock – 9,107,963 and 0 shares
|
| | | | (89,610) | | | | | | — | | |
Total shareholders’ equity
|
| | | | 2,557,865 | | | | | | 1,985,218 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 8,283,578 | | | | | $ | 8,360,411 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Revenues
|
| | | $ | 937,763 | | | | | $ | 982,901 | | | | | $ | 1,040,883 | | |
Costs of services (exclusive of depreciation and amortization
of intangible assets shown below) |
| | | | 318,675 | | | | | | 149,607 | | | | | | 149,463 | | |
General and administrative expenses
|
| | | | 355,635 | | | | | | 75,225 | | | | | | 77,558 | | |
Depreciation
|
| | | | 60,577 | | | | | | 55,807 | | | | | | 52,268 | | |
Amortization of intangible assets
|
| | | | 334,697 | | | | | | 334,053 | | | | | | 334,053 | | |
Total expenses
|
| | | | 1,069,584 | | | | | | 614,692 | | | | | | 613,342 | | |
Operating (loss) income
|
| | | | (131,821) | | | | | | 368,209 | | | | | | 427,541 | | |
Interest expense
|
| | | | 335,638 | | | | | | 376,346 | | | | | | 383,261 | | |
Interest income
|
| | | | (288) | | | | | | (196) | | | | | | (51) | | |
Loss (gain) on extinguishment of debt
|
| | | | 102,993 | | | | | | (18,450) | | | | | | — | | |
Loss on investments
|
| | | | 12,165 | | | | | | — | | | | | | — | | |
Change in fair value of Private Placement Warrants and unvested founder shares
|
| | | | (35,422) | | | | | | — | | | | | | — | | |
Net (loss) income before income taxes
|
| | | | (546,907) | | | | | | 10,509 | | | | | | 44,331 | | |
(Benefit) provision for income taxes
|
| | | | (26,343) | | | | | | 799 | | | | | | 8,108 | | |
Net (loss) income
|
| | | $ | (520,564) | | | | | $ | 9,710 | | | | | $ | 36,223 | | |
Weighted average shares outstanding – Basic and Diluted
|
| | | | 470,785,192 | | | | | | 415,700,000 | | | | | | 415,700,000 | | |
Net (loss) income per share – Basic and Diluted
|
| | | $ | (1.11) | | | | | $ | 0.02 | | | | | $ | 0.09 | | |
Comprehensive (loss) income
|
| | | $ | (520,564) | | | | | $ | 9,710 | | | | | $ | 36,223 | | |
| | |
Common Stock Issued
|
| |
Additional
Paid-in Capital |
| |
Retained
Earnings |
| |
Treasury stock
|
| |
Total
Shareholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance as of December 31, 2017(1)
|
| | | | 415,700,000 | | | | | $ | 42 | | | | | $ | 1,357,776 | | | | | $ | 591,630 | | | | | | — | | | | | $ | — | | | | | $ | 1,949,448 | | |
Class B Unit expense
|
| | | | — | | | | | | — | | | | | | 4,717 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,717 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 36,223 | | | | | | — | | | | | | — | | | | | | 36,223 | | |
Balance as of December 31, 2018(1)
|
| | | | 415,700,000 | | | | | | 42 | | | | | | 1,362,493 | | | | | | 627,853 | | | | | | — | | | | | | 1,990,388 | | | | | | | | |
Class B Unit expense
|
| | | | — | | | | | | — | | | | | | (14,880) | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,880) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 9,710 | | | | | | — | | | | | | — | | | | | | 9,710 | | |
Balance as of December 31, 2019(1)
|
| | | | 415,700,000 | | | | | | 42 | | | | | | 1,347,613 | | | | | | 637,563 | | | | | | — | | | | | | 1,985,218 | | | | | | | | |
Effect of the Mergers (Note 4)
|
| | | | 128,806,148 | | | | | | 13 | | | | | | (548,636) | | | | | | — | | | | | | — | | | | | | — | | | | | | (548,623) | | |
Private Placement Warrants and unvested founder shares (Note 10)
|
| | | | (12,404,080) | | | | | | (2) | | | | | | (142,017) | | | | | | — | | | | | | — | | | | | | — | | | | | | (142,019) | | |
PIPE Investment, net of costs (Note 4)
|
| | | | 132,050,000 | | | | | | 13 | | | | | | 1,467,396 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,467,409 | | |
Class B Unit expense (Note 15)
|
| | | | — | | | | | | — | | | | | | 405,843 | | | | | | — | | | | | | — | | | | | | — | | | | | | 405,843 | | |
2020 Omnibus Incentive Plan (Note 15)
|
| | | | 31,250 | | | | | | — | | | | | | 211 | | | | | | — | | | | | | (13,087) | | | | | | (117) | | | | | | 94 | | |
Treasury stock purchases
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,094,876) | | | | | | (89,493) | | | | | | (89,493) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (520,564) | | | | | | — | | | | | | — | | | | | | (520,564) | | |
Balance as of December 31, 2020
|
| | | | 664,183,318 | | | | | $ | 66 | | | | | $ | 2,530,410 | | | | | $ | 116,999 | | | | | | (9,107,963) | | | | | $ | (89,610) | | | | | $ | 2,557,865 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net (loss) income
|
| | | $ | (520,564) | | | | | $ | 9,710 | | | | | $ | 36,223 | | |
Adjustments to reconcile net income to net cash provided by operating activities
|
| | | | | | | | | | | | | | | | | | |
Depreciation
|
| | | | 60,577 | | | | | | 55,807 | | | | | | 52,268 | | |
Amortization of intangible assets
|
| | | | 334,697 | | | | | | 334,053 | | | | | | 334,053 | | |
Amortization of the right-of-use asset
|
| | | | 8,405 | | | | | | 9,594 | | | | | | — | | |
Stock-based compensation
|
| | | | 406,054 | | | | | | (14,880) | | | | | | 4,717 | | |
Deferred tax benefit
|
| | | | (45,041) | | | | | | (111,404) | | | | | | (112,483) | | |
Non-cash interest costs
|
| | | | 22,888 | | | | | | 13,368 | | | | | | 12,925 | | |
Loss (gain) on debt extinguishment
|
| | | | 102,993 | | | | | | (18,450) | | | | | | — | | |
Loss on investments
|
| | | | 12,165 | | | | | | — | | | | | | — | | |
Loss on disposal of property and equipment
|
| | | | 610 | | | | | | 163 | | | | | | 2,210 | | |
Change in fair value of Private Placement Warrants and unvested founder shares
|
| | | | (35,422) | | | | | | — | | | | | | — | | |
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 14,758 | | | | | | 5,279 | | | | | | 3,019 | | |
Prepaid expenses and other assets
|
| | | | (7,480) | | | | | | (8,822) | | | | | | (4,681) | | |
Prepaid taxes
|
| | | | 2,130 | | | | | | (1,426) | | | | | | 4,402 | | |
Operating lease obligations
|
| | | | (8,461) | | | | | | (9,462) | | | | | | — | | |
Accounts payable and accrued expenses and other
|
| | | | 29,065 | | | | | | 20,783 | | | | | | (40,350) | | |
Net cash provided by operating activities
|
| | | | 377,374 | | | | | | 284,313 | | | | | | 292,303 | | |
Investing activities: | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (70,813) | | | | | | (66,414) | | | | | | (63,556) | | |
HST Acquisition, net of cash acquired
|
| | | | (140,032) | | | | | | — | | | | | | — | | |
Net cash used in investing activities
|
| | | | (210,845) | | | | | | (66,414) | | | | | | (63,556) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | |
Repayments of Term Loan G
|
| | | | (369,000) | | | | | | (100,000) | | | | | | (245,000) | | |
Extinguishment of 7.125% Notes
|
| | | | (1,615,583) | | | | | | — | | | | | | — | | |
Extinguishment of Senior PIK Notes
|
| | | | (1,202,302) | | | | | | (101,013) | | | | | | — | | |
Issuance of Senior Convertible PIK Notes
|
| | | | 1,267,500 | | | | | | — | | | | | | — | | |
Issuance of 5.750% Notes
|
| | | | 1,300,000 | | | | | | — | | | | | | — | | |
Borrowings on revolving credit facility
|
| | | | 98,000 | | | | | | — | | | | | | 5,000 | | |
Repayment of revolving credit facility
|
| | | | (98,000) | | | | | | — | | | | | | (5,000) | | |
Effect of the Transactions (Note 4)
|
| | | | 682,408 | | | | | | — | | | | | | — | | |
Purchase of treasury stock
|
| | | | (101,123) | | | | | | — | | | | | | — | | |
Payment of debt issuance costs
|
| | | | (23,489) | | | | | | — | | | | | | — | | |
Payments on finance leases, net
|
| | | | (10) | | | | | | (75) | | | | | | (150) | | |
Net cash used in financing activities
|
| | | | (61,599) | | | | | | (201,088) | | | | | | (245,150) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 104,930 | | | | | | 16,811 | | | | | | (16,403) | | |
Cash and cash equivalents at beginning of period
|
| | | | 21,825 | | | | | | 5,014 | | | | | | 21,417 | | |
Cash and cash equivalents at end of period
|
| | | $ | 126,755 | | | | | $ | 21,825 | | | | | $ | 5,014 | | |
Noncash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment not yet paid
|
| | | $ | 4,334 | | | | | $ | 3,768 | | | | | $ | 3,782 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash paid during the period for: | | | | | | | | | | | | | | | | | | | |
Interest
|
| | | $ | (312,349) | | | | | $ | (363,907) | | | | | $ | (374,168) | | |
Income taxes, net of refunds
|
| | | $ | (3,917) | | | | | $ | (114,569) | | | | | $ | (116,634) | | |
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Allowance as of January 1,
|
| | | $ | 408 | | | | | $ | 529 | | | | | $ | 579 | | |
Provision for doubtful accounts
|
| | | | 58 | | | | | | — | | | | | | — | | |
Write-offs of uncollectible receivables
|
| | | | — | | | | | | (121) | | | | | | (50) | | |
Allowance as of December 31,
|
| | | $ | 466 | | | | | $ | 408 | | | | | $ | 529 | | |
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
|
| |
Range of Estimated Useful Life
|
|
Client relationships | | | 10 to 15 years | |
Provider Network | | | 15 years | |
Technology | | | 5 years | |
Trade Names | | | 10 years to indefinite | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Network Services
|
| | | $ | 271,262 | | | | | $ | 314,510 | | | | | $ | 363,510 | | |
PSAV
|
| | | | 208,276 | | | | | | 249,095 | | | | | | 289,874 | | |
PEPM
|
| | | | 55,301 | | | | | | 56,841 | | | | | | 60,950 | | |
Other
|
| | | | 7,685 | | | | | | 8,574 | | | | | | 12,686 | | |
Analytic-Based Services
|
| | | | 564,661 | | | | | | 561,525 | | | | | | 584,998 | | |
PSAV
|
| | | | 560,981 | | | | | | 560,675 | | | | | | 584,453 | | |
PEPM
|
| | | | 3,680 | | | | | | 850 | | | | | | 545 | | |
Payment Integrity Services
|
| | | | 101,840 | | | | | | 106,866 | | | | | | 92,375 | | |
PSAV
|
| | | | 101,753 | | | | | | 106,782 | | | | | | 92,223 | | |
PEPM
|
| | | | 87 | | | | | | 84 | | | | | | 152 | | |
Total Revenues
|
| | | $ | 937,763 | | | | | $ | 982,901 | | | | | $ | 1,040,883 | | |
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
(in thousands)
|
| |
Property
and Equipment |
| |
Accumulated
Depreciation |
| |
Property and
Equipment, Net |
| |
Property
and Equipment |
| |
Accumulated
Depreciation |
| |
Property and
Equipment, Net |
| ||||||||||||||||||
Leasehold improvements
|
| | | $ | 3,583 | | | | | $ | (2,507) | | | | | $ | 1,076 | | | | | $ | 3,569 | | | | | $ | (2,072) | | | | | $ | 1,497 | | |
Furniture & equipment
|
| | | | 5,719 | | | | | | (3,810) | | | | | | 1,909 | | | | | | 5,499 | | | | | | (3,109) | | | | | | 2,390 | | |
Computer hardware
|
| | | | 45,865 | | | | | | (29,115) | | | | | | 16,750 | | | | | | 36,979 | | | | | | (23,174) | | | | | | 13,805 | | |
Computer software
|
| | | | 33,903 | | | | | | (27,796) | | | | | | 6,107 | | | | | | 32,905 | | | | | | (23,055) | | | | | | 9,850 | | |
| | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
(in thousands)
|
| |
Property
and Equipment |
| |
Accumulated
Depreciation |
| |
Property and
Equipment, Net |
| |
Property
and Equipment |
| |
Accumulated
Depreciation |
| |
Property and
Equipment, Net |
| ||||||||||||||||||
Capitalized software development
|
| | | | 341,844 | | | | | | (180,055) | | | | | | 161,789 | | | | | | 283,391 | | | | | | (132,941) | | | | | | 150,450 | | |
Total Property and Equipment
|
| | | $ | 430,914 | | | | | $ | (243,283) | | | | | $ | 187,631 | | | | | $ | 362,343 | | | | | $ | (184,351) | | | | | $ | 177,992 | | |
|
(in thousands)
|
| | | | | | |
2021
|
| | | $ | 8,395 | | |
2022
|
| | | | 8,857 | | |
2023
|
| | | | 8,252 | | |
2024
|
| | | | 3,669 | | |
2025
|
| | | | 2,724 | | |
Thereafter
|
| | | | 5,916 | | |
Total lease payments
|
| | | | 37,813 | | |
Less: Interest
|
| | | | (3,875) | | |
Present value of lease liabilities
|
| | | $ | 33,938 | | |
| | |
December 31, 2020
|
|
Weighted-average remaining lease term | | | | |
Operating leases
|
| |
5 years, 4 months
|
|
Weighted-average discount rate | | | | |
Operating leases
|
| |
6.5%
|
|
| | |
For the Year Ended December 31,
|
| |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | | |
Operating cash flow from operating leases
|
| | | $ | 10,527 | | | | | $ | 10,961 | | |
| | | | | |
As of December 31,
|
| |||||||||||||||||||||||||||||||||
| | | | | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
(in thousands)
|
| |
Weighted-
average amortization period |
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Value |
| |
Gross
Carrying Amount |
| |
Accumulated
Amortization |
| |
Net
Carrying Value |
| ||||||||||||||||||
Client relationships
|
| | 15 years | | | | $ | 4,138,460 | | | | | $ | (1,252,892) | | | | | $ | 2,885,568 | | | | | $ | 4,114,000 | | | | | $ | (978,218) | | | | | $ | 3,135,782 | | |
Provider network
|
| | 15 years | | | | | 896,800 | | | | | | (273,026) | | | | | | 623,774 | | | | | | 896,800 | | | | | | (213,239) | | | | | | 683,561 | | |
Technology
|
| | 5 years | | | | | 6,350 | | | | | | (211) | | | | | | 6,139 | | | | | | — | | | | | | — | | | | | | — | | |
Trade names
|
| | 10 years | | | | | 1,430 | | | | | | (24) | | | | | | 1,406 | | | | | | — | | | | | | — | | | | | | — | | |
Trade names
|
| | Indefinite | | | | | 67,300 | | | | | | — | | | | | | 67,300 | | | | | | 67,300 | | | | | | — | | | | | | 67,300 | | |
Total
|
| | | | | | $ | 5,110,340 | | | | | $ | (1,526,153) | | | | | $ | 3,584,187 | | | | | $ | 5,078,100 | | | | | $ | (1,191,457) | | | | | $ | 3,886,643 | | |
(in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Beginning balance, January 1
|
| | | $ | 4,142,013 | | | | | $ | 4,142,013 | | |
Acquisitions
|
| | | | 115,323 | | | | | | — | | |
Ending balance, December 31
|
| | | $ | 4,257,336 | | | | | $ | 4,142,013 | | |
| | |
As of December 31,
|
| |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Term Loan G
|
| | | $ | 2,341,000 | | | | | $ | 2,710,000 | | |
7.125% Notes
|
| | | | — | | | | | | 1,560,000 | | |
5.750% Notes
|
| | | | 1,300,000 | | | | | | — | | |
Senior PIK Notes
|
| | | | — | | | | | | 1,178,727 | | |
Senior Convertible PIK Notes
|
| | | | 1,300,000 | | | | | | — | | |
Finance lease obligations, non-current
|
| | | | 92 | | | | | | 101 | | |
Long-term debt
|
| | | | 4,941,092 | | | | | | 5,448,828 | | |
Discount – Term Loan G
|
| | | | (3,831) | | | | | | (6,195) | | |
Premium – 7.125% Notes
|
| | | | — | | | | | | 10,327 | | |
Discount – Senior PIK Notes
|
| | | | — | | | | | | (7,436) | | |
Discount – Senior Convertible PIK Notes
|
| | | | (329,494) | | | | | | — | | |
Debt issuance costs, net: | | | | | | | | | | | | | |
Term Loan G
|
| | | | (9,666) | | | | | | (18,332) | | |
7.125% Notes
|
| | | | — | | | | | | (21,539) | | |
5.750% Notes
|
| | | | (19,613) | | | | | | — | | |
Senior PIK Notes
|
| | | | — | | | | | | (8,531) | | |
Long-term debt, net
|
| | | $ | 4,578,488 | | | | | $ | 5,397,122 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
(in thousands)
|
| |
Total
|
| |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
Term Loan G
|
| | | $ | 2,341,000 | | | | | $ | — | | | | | $ | 2,341,000 | | | | | $ | — | | | | | $ | — | | |
5.750% Notes
|
| | | $ | 1,300,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,300,000 | | |
Senior Convertible PIK Notes
|
| | | $ | 1,300,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,300,000 | | |
Finance lease obligations, non-current
|
| | | $ | 199 | | | | | $ | 107 | | | | | $ | 92 | | | | | $ | — | | | | | $ | — | | |
Total contractual obligations
|
| | | $ | 4,941,199 | | | | | $ | 107 | | | | | $ | 2,341,092 | | | | | $ | — | | | | | $ | 2,600,000 | | |
| | | | | | | | |
As of December 31,
|
| |||||||||||||||||||||
| | | | | | | | |
2020
|
| |
2019
|
| ||||||||||||||||||
(in thousands)
|
| |
Amortization
Period |
| |
Cost
|
| |
Accumulated
Amortization |
| |
Cost
|
| |
Accumulated
Amortization |
| |||||||||||||||
Term Loan G
|
| | | | 84 months | | | | | $ | 32,324 | | | | | $ | (22,658) | | | | | $ | 34,654 | | | | | $ | (16,322) | | |
7.125% Notes
|
| | | | 96 months | | | | | | — | | | | | | — | | | | | | 34,089 | | | | | | (12,550) | | |
5.750% Notes
|
| | | | 96 months | | | | | | 19,939 | | | | | | (326) | | | | | | — | | | | | | — | | |
Senior PIK Note
|
| | | | 60 months | | | | | | — | | | | | | — | | | | | | 14,909 | | | | | | (6,378) | | |
Revolver G
|
| | | | 84 months | | | | | | 4,722 | | | | | | (1,076) | | | | | | 971 | | | | | | (692) | | |
| | | | | | | | | | $ | 56,985 | | | | | $ | (24,060) | | | | | $ | 84,623 | | | | | $ | (35,942) | | |
| | |
As of December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
(in thousands)
|
| |
Carrying
Amount |
| |
Fair Value
|
| |
Carrying
Amount |
| |
Fair Value
|
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Term Loan G, net of discount
|
| | | $ | 2,337,169 | | | | | $ | 2,390,720 | | | | | $ | 2,703,805 | | | | | $ | 2,769,645 | | |
7.125% Notes, net of premium
|
| | | | — | | | | | | — | | | | | | 1,570,327 | | | | | | 1,544,976 | | |
5.750% Notes, net of discount
|
| | | | 1,300,000 | | | | | | 1,300,000 | | | | | | — | | | | | | — | | |
Senior PIK Note, net of discount
|
| | | | — | | | | | | — | | | | | | 1,171,291 | | | | | | 1,191,694 | | |
Senior Convertible PIK Notes, net of discount
|
| | | | 970,506 | | | | | | 970,506 | | | | | | — | | | | | | — | | |
Finance lease obligations
|
| | | | 92 | | | | | | 92 | | | | | | 101 | | | | | | 101 | | |
Total Liabilities
|
| | | $ | 4,607,767 | | | | | $ | 4,661,318 | | | | | $ | 5,445,524 | | | | | $ | 5,506,416 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Current | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | 14,602 | | | | | $ | 96,148 | | | | | $ | 103,806 | | |
State and local
|
| | | | 4,096 | | | | | | 16,055 | | | | | | 16,785 | | |
| | | | $ | 18,698 | | | | | $ | 112,203 | | | | | $ | 120,591 | | |
Deferred | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | (48,168) | | | | | $ | (97,326) | | | | | $ | (92,764) | | |
State and local
|
| | | | 3,127 | | | | | | (14,078) | | | | | | (19,719) | | |
| | | | | (45,041) | | | | | | (111,404) | | | | | | (112,483) | | |
Total (benefit) provision from continuing operations
|
| | | $ | (26,343) | | | | | $ | 799 | | | | | $ | 8,108 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Tax at Statutory
|
| | | $ | (114,850) | | | | | $ | 2,207 | | | | | $ | 9,310 | | |
Non-Deductible Expenses
|
| | | | 639 | | | | | | 75 | | | | | | 57 | | |
Equity Compensation Plan
|
| | | | 85,227 | | | | | | (3,125) | | | | | | 990 | | |
Non-Deductible Private Placement Warrants and unvested founder shares Liability
|
| | | | (7,439) | | | | | | — | | | | | | — | | |
State Taxes (net)
|
| | | | (1,741) | | | | | | 1,704 | | | | | | 2,617 | | |
Valuation Allowance
|
| | | | 2,555 | | | | | | — | | | | | | — | | |
Non-Deductible Compensation
|
| | | | 2,725 | | | | | | — | | | | | | — | | |
Tax Credits
|
| | | | (915) | | | | | | — | | | | | | — | | |
Other
|
| | | | 40 | | | | | | 87 | | | | | | 9 | | |
State Deferred Rate Changes
|
| | | | 7,416 | | | | | | (149) | | | | | | (4,875) | | |
Total
|
| | | | (26,343) | | | | | | 799 | | | | | | 8,108 | | |
| | |
As of December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Deferred income tax assets: | | | | | | | | | | | | | | | | | | | |
Allowances on trade receivables
|
| | | $ | 93 | | | | | $ | 147 | | | | | $ | 356 | | |
Net operating loss carryforwards
|
| | | | 432 | | | | | | 549 | | | | | | 712 | | |
Capital loss carryforwards
|
| | | | 153 | | | | | | — | | | | | | — | | |
Accrued expenses and reserves
|
| | | | 4,205 | | | | | | 2,593 | | | | | | 2,677 | | |
Interest limitation carryforward
|
| | | | 47,192 | | | | | | 73,297 | | | | | | 34,766 | | |
Leases – right-of-use liability
|
| | | | 8,311 | | | | | | 7,604 | | | | | | — | | |
Transaction expenses
|
| | | | 8,422 | | | | | | 5,859 | | | | | | 6,577 | | |
Other
|
| | | | 50 | | | | | | — | | | | | | 560 | | |
Valuation allowance
|
| | | | (153) | | | | | | — | | | | | | — | | |
Deferred income tax assets
|
| | | $ | 68,705 | | | | | $ | 90,049 | | | | | $ | 45,648 | | |
Deferred income tax liabilities: | | | | | | | | | | | | | | | | | | | |
Intangible assets
|
| | | | 846,049 | | | | | | 907,039 | | | | | | 982,319 | | |
Depreciable assets
|
| | | | 42,078 | | | | | | 39,553 | | | | | | 36,866 | | |
Leases – right-of-use asset
|
| | | | 7,712 | | | | | | 6,957 | | | | | | — | | |
Debt costs
|
| | | | 73,027 | | | | | | 5,492 | | | | | | 6,900 | | |
Other
|
| | | | 472 | | | | | | 207 | | | | | | 166 | | |
Deferred income tax liabilities
|
| | | | 969,338 | | | | | | 959,248 | | | | | | 1,026,251 | | |
Net deferred income tax liabilities
|
| | | $ | 900,633 | | | | | $ | 869,199 | | | | | $ | 980,603 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Risk free rate of return
|
| | | | 1.6% | | | | | | 2.5% | | |
Expected volatility
|
| | | | 24.9% | | | | | | 25.0% | | |
Expected dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
Discount for Lack of Marketability
|
| | | | 20.0% | | | | | | 20.0% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Cost of services
|
| | | $ | 163,025 | | | | | $ | (7,904) | | | | | $ | 242 | | |
General and administrative
|
| | | | 242,818 | | | | | | (6,976) | | | | | | 4,475 | | |
Total stock-based compensation
|
| | | $ | 405,843 | | | | | $ | (14,880) | | | | | $ | 4,717 | | |
| | |
Number of
Units |
| |
Weighted
Average Fair Value |
| ||||||
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 | | |
Awarded
|
| | | | — | | | | | $ | — | | |
Vested
|
| | | | (78,794) | | | | | $ | 1,775.68 | | |
Forfeited
|
| | | | (1,877) | | | | | $ | 1,775.68 | | |
Nonvested at December 31, 2020
|
| | | | — | | | | | $ | 1,775.68 | | |
| | |
Number of
Employee RS |
| |
Number of
Director RSUs |
| |
Weighted-Average
Grant Date Fair Value |
| |||||||||
Nonvested at December 31, 2019
|
| | | | — | | | | | | — | | | | | | — | | |
Awarded
|
| | | | 1,500,000 | | | | | | 42,847 | | | | | $ | 8.82 | | |
Vested
|
| | | | (31,250) | | | | | | — | | | | | $ | 8.83 | | |
Nonvested at December 31, 2020
|
| | | | 1,468,750 | | | | | | 42,847 | | | | | $ | 8.82 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
(in thousands, except number of shares and per share data)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Numerator for loss and earnings per share calculation | | | | | | | | | | | | | | | | | | | |
Net (Loss) Income
|
| | | $ | (520,564) | | | | | $ | 9,710 | | | | | $ | 36,223 | | |
Denominator for loss and earnings per share calculation | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares outstanding – basic and diluted
|
| | | | 470,785,192 | | | | | | 415,700,000 | | | | | | 415,700,000 | | |
(Loss) Income per share – basic and diluted: | | | | | | | | | | | | | | | | | | | |
Net (loss) income per share – basic and diluted
|
| | | $ | (1.11) | | | | | $ | 0.02 | | | | | $ | 0.09 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Revenues
|
| | | $ | 1,973 | | | | | $ | 2,373 | | | | | $ | 2,431 | | |
Total revenues from related parties
|
| | | $ | 1,973 | | | | | $ | 2,373 | | | | | $ | 2,431 | | |
Cost of services
|
| | | $ | (2,137) | | | | | $ | (3,753) | | | | | $ | (4,985) | | |
General and administrative
|
| | | | (231) | | | | | | (288) | | | | | | (222) | | |
Total expense from related parties
|
| | | $ | (2,368) | | | | | $ | (4,041) | | | | | $ | (5,207) | | |
| | |
As of December 31,
|
| |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 2,725 | | | | | $ | 2,500 | | |
Total liabilities from related parties
|
| | | $ | 2,725 | | | | | $ | 2,500 | | |
| | |
For the Quarter Ended
|
| |||||||||||||||||||||
(in thousands, except per share data)
2020 |
| |
March 31,
|
| |
June 30,
|
| |
September 30,
|
| |
December 31,
|
| ||||||||||||
Revenues
|
| | | $ | 252,022 | | | | | $ | 206,880 | | | | | $ | 223,517 | | | | | $ | 255,344 | | |
Total operating expenses
|
| | | | 164,405 | | | | | | 186,609 | | | | | | 423,021 | | | | | | 295,549 | | |
Operating income (loss)
|
| | | | 87,617 | | | | | | 20,271 | | | | | | (199,504) | | | | | | (40,205) | | |
Net (loss) income
|
| | | | (2,594) | | | | | | (56,246) | | | | | | (288,402) | | | | | | (173,322) | | |
Basic and Diluted loss per share
|
| | | $ | (0.01) | | | | | $ | (0.14) | | | | | $ | (0.69) | | | | | $ | (0.27) | | |
2019
|
| |
|
| |
|
| |
|
| |
|
| ||||||||||||
Revenues
|
| | | $ | 245,024 | | | | | $ | 245,653 | | | | | $ | 245,820 | | | | | $ | 246,404 | | |
Total operating expenses
|
| | | | 159,924 | | | | | | 146,332 | | | | | | 164,711 | | | | | | 143,725 | | |
Operating income (loss)
|
| | | | 85,100 | | | | | | 99,321 | | | | | | 81,109 | | | | | | 102,679 | | |
Net (loss) income
|
| | | | (8,364) | | | | | | 868 | | | | | | 5,362 | | | | | | 11,844 | | |
Basic and Diluted (loss) earnings per share
|
| | | $ | (0.02) | | | | | $ | — | | | | | $ | 0.01 | | | | | $ | 0.03 | | |
| | |
Amount paid
or to be paid |
|
SEC registration fee
|
| |
$549,198
|
|
Printing and engraving expenses
|
| |
100,000
|
|
Legal fees and expenses
|
| |
500,000
|
|
Accounting fees and expenses
|
| |
154,000
|
|
Miscellaneous
|
| |
100,000
|
|
Total
|
| |
$1,403,198
|
|
| | | | | |
Incorporated by Reference
|
| ||||||||||||
Exhibit
Number |
| |
Description
|
| |
Form
|
| |
File No.
|
| |
Exhibit
|
| |
Filing Date
|
| |
Filed
Herewith |
|
2.1
|
| | | | 8-K | | | 001-39228 | | | 2.1 | | | July 13, 2020 | | | | | |
3.1
|
| | | | 8-K | | | 001-39228 | | | 3.1 | | |
October 9, 2020
|
| | | | |
3.2
|
| | | | 8-K | | | 001-39228 | | | 3.2 | | |
October 9, 2020
|
| | | | |
4.1
|
| | | | 8-K | | | 001-39228 | | | 4.1 | | |
October 9, 2020
|
| | | | |
4.2
|
| | | | | | | | | | | | | | | | | | |
4.3
|
| | | | 8-K | | | 001-39228 | | | 4.1 | | | February 19, 2020 | | | | | |
4.4
|
| | | | | | | | | | | | | | | | | | |
4.5
|
| | | | 8-K | | | 001-39228 | | | 4.5 | | |
October 9, 2020
|
| | | | |
4.6
|
| | | | 8-K | | | 001-39228 | | | 4.6 | | |
October 9, 2020
|
| | | | |
4.7
|
| | Form of 6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027 (included in Exhibit 4.6) | | | | | | | | | | | | | | | | |
4.8
|
| | | | 8-K | | | 001-39228 | | | 4.8 | | |
October 9, 2020
|
| | | | |
4.9
|
| | Form of 8.500% / 9.250% Senior PIK Toggle Notes due 2022 (included in Exhibit 4.8) | | | | | | | | | | | | | | | | |
4.10
|
| | | | 8-K | | | 001-39228 | | | 4.10 | | |
October 9, 2020
|
| | | |
| | | | | |
Incorporated by Reference
|
| ||||||||||||
Exhibit
Number |
| |
Description
|
| |
Form
|
| |
File No.
|
| |
Exhibit
|
| |
Filing Date
|
| |
Filed
Herewith |
|
4.11
|
| | | | | | | | | | | | | | | | | | |
4.12
|
| | First Supplemental Indenture, dated as of June 7, 2016, to that certain Indenture, dated as of June 7, 2016, between MPH Acquisition Holdings LLC (as successor to MPH Acquisition Corp. 1) and Wilmington Trust, National Association | | | 8-K | | | 001-39228 | | | 4.12 | | |
October 9, 2020
|
| | | |
4.13
|
| | | | 8-K | | | 001-39228 | | | 4.13 | | |
October 9, 2020
|
| | | | |
4.14
|
| | | | 8-K | | | 001-39228 | | | 4.1 | | | October 30, 2020 | | | | | |
4.15
|
| | | | | | | | | | | | | | | | | | |
5.1
|
| | | | S-1 | | | 333-249779 | | | 5.1 | | | October 30, 2020 | | | | | |
10.1 | | | Investor Rights Agreement, dated as of July 12, 2020, by and among Churchill Capital Corp III, Polaris Investment Holdings, L.P., Churchill Sponsor III LLC, Hellman & Friedman Capital Partners VIII, L.P., The Public Investment Fund of The Kingdom of Saudi Arabia, and the other parties named therein | | | 8-K | | | 001-39228 | | | 10.1 | | | July 13, 2020 | | | | |
10.2 | | | | | S-1 | | | 333-236153 | | | 10.6 | | |
January 29, 2020
|
| | | | |
10.3 | | | | | 8-K | | | 001-39228 | | | 10.2 | | | July 13, 2020 | | | | | |
10.4 | | | | | 8-K | | | 001-39228 | | | 10.3 | | | July 13, 2020 | | | | | |
10.5 | | | | | 8-K | | | 001-39228 | | | 10.4 | | | July 13, 2020 | | | | |
| | | | | |
Incorporated by Reference
|
| ||||||||||||
Exhibit
Number |
| |
Description
|
| |
Form
|
| |
File No.
|
| |
Exhibit
|
| |
Filing Date
|
| |
Filed
Herewith |
|
10.13# | | | | | 10-K | | | 001-39228 | | | 10.13 | | |
March 16, 2021
|
| | | | |
10.14# | | | | | 10-K | | | 001-39228 | | | 10.14 | | |
March 16, 2021
|
| | | | |
10.15# | | | | | 10-K | | | 001-39228 | | | 10.15 | | |
March 16, 2021
|
| | | | |
10.16#+ | | | | | 8-K | | | 001-39228 | | | 10.13 | | |
October 9, 2020
|
| | | | |
10.17#+ | | | | | 8-K | | | 001-39228 | | | 10.14 | | |
October 9, 2020
|
| | | | |
10.18#+ | | | | | 8-K | | | 001-39228 | | | 10.15 | | |
October 9, 2020
|
| | | | |
10.19# | | | | | 8-K | | | 001-39228 | | | 10.16 | | |
October 9, 2020
|
| | | | |
10.20# | | | | | 8-K | | | 001-39228 | | | 10.17 | | |
October 9, 2020
|
| | | | |
16.1 | | | | | 8-K | | | 001-39228 | | | 16.1 | | |
October 9, 2020
|
| | | | |
16.2 | | | | | S-1/A | | | 333-249779 | | | 16.2 | | | November 16, 2020 | | | | | |
21.1 | | | | | 10-K | | | 001-39228 | | | 21.1 | | |
March 16, 2021
|
| | | | |
23.1 | | | | | | | | | | | | | | | | | | | |
23.2 | | | Consent of PricewaterhouseCoopers LLP | | | | | | | | | | | | | | | X | |
24.1 | | | | | S-1 | | | 333-249779 | | | 24.1 | | | October 30, 2020 | | | | | |
24.2 | | | | | S-1/A | | | 333-249779 | | | 24.2 | | |
March 17, 2021
|
| | | | |
24.3 | | | | | S-1/A | | | 333-249779 | | | 24.3 | | |
March 17, 2021
|
| | | | |
101.INS | | | XBRL Instance Document | | | S-1/A | | | 333-249779 | | | 101.INS | | |
March 17, 2021
|
| | | |
101.SCH | | | XBRL Taxonomy Extension Schema Document | | | S-1/A | | | 333-249779 | | | 101.SCH | | |
March 17, 2021
|
| | | |
101.CAL | | | XBRL Taxonomy Extension Calculation Linkbase Document | | | S-1/A | | | 333-249779 | | | 101.CAL | | |
March 17, 2021
|
| | |
| | | | | |
Incorporated by Reference
|
| ||||||||||||
Exhibit
Number |
| |
Description
|
| |
Form
|
| |
File No.
|
| |
Exhibit
|
| |
Filing Date
|
| |
Filed
Herewith |
|
101.DEF | | | XBRL Taxonomy Extension Definition Linkbase Document | | | S-1/A | | | 333-249779 | | | 101.DEF | | |
March 17, 2021
|
| | | |
101.LAB | | | XBRL Taxonomy Extension Label Linkbase Document | | | S-1/A | | | 333-249779 | | | 101.LAB | | |
March 17, 2021
|
| | | |
101.PRE | | | XBRL Taxonomy Extension Presentation Linkbase Document | | | S-1/A | | | 333-249779 | | | 101.PRE | | |
March 17, 2021
|
| | | |
1 Year Churchill Capital Corp III Chart |
1 Month Churchill Capital Corp III Chart |
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