MultiPlan Corporation

Ladies and gentlemen, thank you for standing by, and welcome to the Multi-Plan Corporation fourth quarter 2020 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 1 on your telephone. As a courtesy to others, we ask that each participant limit themselves to one question, and if necessary, one follow-up question before returning to the queue. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Shana Gazik, AVP of Investor Relations. Thank you. Please go ahead, madam.

Thank you, Chris. Good morning, and welcome to Multiplan's fourth quarter and full year 2020 earnings call. Joining me today is Mark Tabak, Chairman and Chief Executive Officer, Dale White, President, Payer Markets, and David Redman, Chief Financial Officer. This call is being webcast and can be accessed through the investor relations section of our website at www.multiplan.com. Also available on our investor relations website will be a supplement slide deck to today's call in addition to the fourth quarter and full year 2020 earnings press release issued earlier this morning. Before we begin, I'd like to remind you that our remarks and responses to questions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business, which are discussed in the risk factors included in our registration statement on Form S-1 and other SEC filings. Any such forward-looking statements represent management's estimates as of the date of this call. While we may elect to update such forward-looking statements at some point in the future, Please note that we assume no obligation to do so. Certain financial measures we will discuss on this call are non-GAAP financial measures. We believe that providing these measures helps investors gain a more helpful and complete understanding of our financial results and is consistent with how management views our financial results. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure to the extent available without unreasonable effort is available in the earnings press release and in the slides included in the investor relations portion of our company's website. I would now like to turn the call over to our Chief Executive Officer, Mark Tabak.

Mark? Thank you, Shawna. Welcome, everyone, to Multiplan's fourth quarter and four-year 2020 earnings call. Before we begin, I'd like to say that we hope everyone is staying safe, healthy. I would also like to acknowledge our more than 2,000 outstanding Multiplan colleagues for their tireless effort and thank our customers for their enduring trust and partnership. We are very pleased to announce our results today. After reporting stronger than expected results in the third quarter, today we delivered even stronger fourth quarter results. We exceeded both our revenue and adjusted EBITDA guidance for the fourth quarter and for the full year. Even with the continuing impact of COVID, revenues for the fourth quarter were up 14.2% over Q3 2020, 3.6% over the fourth quarter of last year. Adjusted EBITDA for the fourth quarter was strong, up 17.8% over Q3, and up 4.5% over last Q4 2019, again, even with the continuing impact of COVID. For the full year 2020, while revenues in adjusted EBITDA declined modestly compared to the full year 2019, we believe that excluding the impact of COVID, both would have grown. began 2020 with an excellent momentum and delivered strong first quarter results. As the COVID pandemic unfolded, we responded quickly by enabling our teams to work remotely to ensure the health and safety of our employees while continuing to provide uninterrupted service to our customers. Like many other companies, our revenues absorbed a large hit in Q2 as healthcare utilization declined. However, by staying focused and ready to help our customers, we made solid progress in Q3 which carried into an excellent Q4. We are incredibly proud of the dedication and professionalism of our people, and because of their efforts, we are well positioned to continue that momentum into this year. We are excited about our plans for 21. We are deeply engaged with our customers in planning and implementing numerous engagements that will generate meaningful reductions in the cost of healthcare and drive performance for our customers as well as for Multiplan. We are making significant investments in machine learning, and artificial intelligence to identify more clinical aberrations and leverage public and our own claims data to generate incremental healthcare savings. We are leaning hard into advancing our technology to further improve our data analytics, enhance our claims processes, and expand our implementation bandwidth to drive additional growth. We are also very busy integrating our November acquisition of HST and our February acquisition of Discovery Health Partners to further enrich our solution suite deliver additional value and utility to our customers, and add 300 new colleagues to Multiplan. In Q4 2020, Multiplan delivered more concrete, significant accomplishments than any other quarter in the history of this company. Not only did we complete the merger and transaction that transformed Multiplan into a public company, but we simultaneously restructured our debt to reduce interest expense, extend debt maturity, and increase our operating flexibility. Let me linger on the word operations. Those of you that have followed this company over time know that down to our core, we are operators. We create lasting and increasing value through a relentless focus on operational excellence. As a result, we are better positioned than ever to work with our customers to develop and implement unique and customized solutions, help them identify and address opportunities to make healthcare more affordable, efficient, and fair. The fourth quarter was really an extraordinary quarter for the company. We are excited to continue the performance throughout 21. With that, I'd like to turn the call over to Dale White. We'll provide a business update and further discuss our recent acquisitions. Dale.