MultiPlan Corp. (MPLN) Reports Q1 Revenues Beat; Offers FY21 Revenues Guidance Above Consensus

May 13, 2021 6:09 AM EDT
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MultiPlan Corp. (NYSE: MPLN) reported Q1 EPS of $. Revenue for the quarter came in at $254.9 million versus the consensus estimate of $248.54 million.

Business and Financial Highlights

  • Revenues of $254.9 million for Q1 2021, an increase of 1.1% over Q1 2020 revenues of $252.0 million.
  • Net income of $45.9 million for Q1 2021 compared to net loss of $2.6 million for Q1 2020.
  • Adjusted EBITDA of $191.1 million for Q1 2021 compared to $195.9 million for Q1 2020. Unlevered free cash flow of $175.1 million and Adjusted cash conversion ratio of 92% for Q1 2021.
  • The Company processed approximately $29 billion in claims during the first quarter of 2021, identifying potential medical cost savings of approximately $4.9 billion.

“MultiPlan’s performance during the first quarter demonstrated the continued strength of our company,” said Mark Tabak, CEO of MultiPlan. “Despite the ongoing effects of the COVID-19 pandemic on our business, both revenue and Adjusted EBITDA for the first quarter were in-line with the prior quarter and the expectations we communicated earlier this year, underscoring the recurring nature of our business and positioning us to maintain momentum in 2021. We also continued to make progress on our Extend growth strategy, completing the acquisition of Discovery Health Partners in February and forging ahead with the integrations of HST and Discovery.”

GUIDANCE:

MultiPlan Corp. sees FY2021 revenue of $1.04-1.1 billion, versus the consensus of $1.03 billion.

For the 2021 year, the Company is providing guidance of:

  • Revenues between $1.04 and $1.10 billion
  • Adjusted EBITDA between $750 and $790 million
  • Cash flow from operations between $380 and $420 million
  • Capital expenditures between $75 and $80 million
  • Interest expense between $250 and $260 million
  • Depreciation between $60 and $65 million
  • Amortization of intangible assets between $340 and $345 million
  • Effective tax rate between 25% and 28%

The Company anticipates Q2 2021 revenues between $260 million and $275 million with Adjusted EBITDA between $185 million and $200 million. The above quarterly and annual guidance reflects an estimated COVID-related revenue impact of between $18 million and $22 million per quarter and an estimated COVID-related Adjusted EBITDA impact of between $16 million and $20 million per quarter.

For earnings history and earnings-related data on MultiPlan Corp. (MPLN) click here.



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