MultiPlan Corporation

Good day and thank you for standing by. Welcome to the Multi-Plan Corporation third quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker 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. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to Shauna Gassick, AVP of Investor Relations. Thank you. Please go ahead.

Thank you, April. Good morning, and welcome to Multiplan's third quarter 2021 earnings call. Joining me today is Mark Tabak, Chairman and Chief Executive Officer, Dale White, President and Chief Operating Officer, 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. During our call, we will refer to the supplemental slide deck that is available on the investor relations portion of our website, along with the third quarter 2021 earnings press release issued earlier this morning. We will refer to the supplemental slide deck during our discussion 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 annual report on Form 10-K for the fiscal year ended December 31, 2020, and our quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2021, and other documents filed or to be filed with the SEC. Any such forward-looking statements represent management's expectations, beliefs, and forecasts based on assumptions and information available 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 help 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. Good morning, everyone. Let me join in welcoming you to our third quarter 21 earnings call. I'd like to thank our stockholders for their continued support. The third quarter was an important and busy one for Multiplan. During the quarter, we refinanced $2.3 billion of debt, extending the maturity of our debt five to seven years. We announced a $250 million share repurchase program to take advantage of the dislocated price of our shares and execute a repurchase of over 19 million shares at a total cost of $107 million through October of this year. And above all, For the fifth consecutive quarter, as a public company, we reported strong operating and financial results. I also would like to take a moment to convey my deep appreciation and admiration to our multi-plan colleagues, whose passion and commitment continue to drive the growth of our business. In Q3 of 21, results continue to attest to the recurring nature of our revenue model and to our considerable cash generation. In fact, we delivered new quarterly records for both revenues and adjusted EBITDA. We also exceeded the midpoint of our Q3 revenue guidance and exceeded the top end of our Q3 EBITDA guidance by over $3 million. As shown on page five of our supplemental deck, in the third quarter, total revenues were $288.2 million, representing an increase of $28.9 million over the third quarter of 2020 and an increase of 4.3% from Q2 of 21. and as shown on page six, excluding the impact of the COVID pandemic and the contributions from our recent acquisitions, organic growth and revenues was 10.2% versus the prior third quarter and 3.8% versus the second quarter of this year. Adjusted EBITDA for the third quarter was 218.4 million, an increase of 31.9% from Q3 2020, an increase of 6.3% from Q2 of 21. Excluding the effects of COVID, the contributions by newly acquired businesses, and the incremental public company costs, organic growth and adjusted EBITDA was 15.5% versus the prior third quarter, and 5.2% versus the second quarter of this year. Operational excellence and expense control continue to be among our highest priorities. EBITDA margin was 75.8% in Q3, up from 74.1% in Q3 of 2020, and up from 74.3% in Q2 of 21. Our business continues to generate high levels of cash flow with 167 million in cash flow from operations in Q3. Very close to the record we set in the first quarter and unlevered free cash flow conversion of 73% for Q3 21 and 73% year to date. Our confidence in our business remains incredibly strong. We continue to enhance our services and provide exceptional customer service. Customer retention remains excellent. We continue to prepare ourselves and our customers for the implementation of the No Surprise Act, as Dale will discuss in a moment. During Q3, we continue to see normalization in the effects of the COVID-19 pandemic on our business, taking into account our strong business momentum. We currently expect our Q4 revenues and EBITDA to be above those of Q3. For the full year 21, we are increasing the midpoint of our guidance range for revenues and increasing the guidance for adjusted EBITDA, as Dave will review with you shortly. In summary, the third quarter marks yet another installment of solid performance in our first year as a public company. We remain confident that we will continue our progress into 2022. With that, I'd like to turn the call over to Dale White, President and Chief Operating Officer, to review the business. Dale?