MPLN - Earnings call transcript Q1 2022

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Operator

Hello everyone and welcome to the MultiPlan Corporation First Quarter 2022 Earnings Conference Call. My name is Charlie and I'll be coordinating the call today. [Operator Instructions]. I'll now hand over the call to Shawna Gasik, AVP of Investor Relations at MultiPlan Corporation to begin. Shawna, please go ahead.

Shawna Gasik

Charlie. you, Thank welcome and first XXXX quarter Good to call. earnings morning MultiPlan's

and Chief is The and webcast at through www.multiplan.com. today our me section Executive Investor call be Relations the Dale being Officer. Joining website Financial White, Officer, of accessed Chief Jim is can Head

morning. deck quarter issued portion During website of we slide along to XXXX on release available with the refer call, is this the first earnings our earlier press our supplemental the will that Investor Relations

we be to in and may due Report Annual remarks filed ended forward-looking are XX, in as forecasts XXXX, associated uncertainties of Before the and fiscal like assumptions results and expectations, materially call. those based responses Reform business, Any beliefs represent on of and statements our meaning management's available may with our Form I'd you to that Actual from with included Risk documents Litigation year stated begin, remind the of discussed of for risks Securities the such to include the which statements or to this forward-looking and date December filed XXXX. differ on forward-looking Act our implied other questions Private the statements information within the SEC. Factors XX-K or by

now complete we with measures financial please consistent of more better measures may these that White. providing we our financial the believe Relations effort we available comparable that note call gain the assume Dale? in would earnings non-GAAP measures results. help understanding Chief future, discuss release some is like financial in results elect website. to the of the so. and press financial investors a management to the the no call non-GAAP company's the slides most Certain are While financial portion unreasonable to extent is Dale to our of over without We in update our at such Officer, on statements these to included and available turn Investor our and point views how in measures. A obligation I GAAP do this measure, to forward-looking reconciliation Executive will

Dale White

Good and you, MultiPlan first earnings Thank everyone to XXXX welcome morning quarter the Shawna. call.

joining is CFO, said, today Shawna MultiPlan's Head. As me Jim

back CEO As trajectory I first the stand MultiPlan, of by confident look days our that expectations. and company, my tracking on are XXX as encouraged we our of full-year to I

our of to new drive how on increasingly remain of in balance by and performance. are and M&A to have the risk as to de confidence while now of tragedy opportunities, consecutive help in implementations and in to encouraged quarters normalize record sustained what MultiPlan. We We investing on and it initiatives growing financial sheet. focused our pursue growth, the these produced new COVID continuing flexibility a many We handle for to environment our opportunities, operating less growth becomes we means customers will disruptive markets and of seven our have set continues a strong progress, now The to have that NSA life. assured everyday

demonstrated the of results fundamental ongoing quarter considerable again our first momentum. power Our and business yet our earnings

fourth from $XXX were quarter quarter, XX% basically revenues quarter nearly line in the prior-year up and First million, with XXXX.

$XXX.X EBITDA cash February. Our prior-year we XXXX. communicated the first quarter first operations from and was in impact dissipation from quarter million. generated and in and million year-over-year XX% EBITDA flow up organic under X% the expectations flow million, revenues Both XXXX adjusted from $XXX.X the quarter, free the strong In we robust exceeded cash of reflected fourth and COVID nearly growth the QX the quarter, up of both just $XXX.X Adjusted growth.

on shown build of services of Page never X other for on Page -- health to and a delivered to plan growth provide Our In billion savings, Demand billion value the employers other the and quarter, identified XXX,XXX been they employers of our the discussed in potential our over X X% first MultiPlan rate result members our charges over we $X.X customers, direct plan in quarter, performance we generated sponsors supplemental deck. $XX.X have as we stronger. value of the the from health on Last Solutions and is prior-year serve. XXXX. how payor sponsors the

billion of market, accommodate benefits their vast makes not among goals of and our they benefits payment help by over management overall We preferences meets those of their XX% healthcare is used strategies algorithm conditions customers on allowing to retain Research know their an acceptance. priority. the and footprint imperative. market between employers services pricing the we operations XXXX, cyclicality staff employers to It's named time, needs. benefits positioned Willis concerns. and in benefit consistently that of a the wide accounts, years for That's cost and Equity and employers was XXXX. finer plan even minimize are full be of management all managing plans are tight years. management considerable set employers, of MultiPlan had their meets richness. of these labor customers We reference-based effectiveness costs combinations health suggests Health employers reference-based payors and combinations relevant than serves why specific been MultiPlan's as to balance the balance more why to provider between both cost service a labor broad swinging how in a payment set the benefit tools healthcare of medical challenged advantage that to attract healthcare This only In solutions cost not COVID the we of as and employers. shift benefit and and today employers is healthcare to half number second that and health services have must dissipates; cost labor responding benefits evolve. accelerating utilization Solution their rate we This why our job and walk productivity. rising driver another the as to no and talent the A benefits laser-focused its services at to has cost pendulum At causes and all more costs offer broad health navigate with it's than XX report these tailor line to as the the cost midst single of and that indicated against adjust as context member a of greatest tradeoffs top experience approach that survey payors employees they accessed well these employer MultiPlan retaining but to only an payment attractiveness. help XX% the priorities Today, in breadth from should employees. strategies what one to and talent. range cost plan Employers satisfaction, impact particular $XXX health Towers of same we providing efficiency with physicians accuracy attracting provider these our by benefit cite in accuracy provides a management the and over matter and since pricing helping sponsors of cost provide. wages, surprising, benefit Network involve Watson to levels estimated approach of healthcare plan design higher benefit the payor employers are introduced attractiveness from across their of of our medical solutions development benefit both flexibility payors payor range also for of taking to and in of employees been sponsors fits environment breadth flexibility particularly and preferences and and achieve billing. Solutions are war adaptability cost efficiency value-driven customize to two integrity in that attractiveness their engagement And and because that

our wins. are business new and our it We in seeing in pipeline

initiatives services, customer and revenue no relate to act XX% or Our annual services, XX% services of for in new services About previously all integrity and these are service estimated underway The payment and of customers, modalities. with include of our million customer. services. completed $XX pay not pre revenues services remaining those our including expansion existing existing an post revenues, spanning in categories, reconfiguration surprises both encompassing place analytic-based of the with services, larger currently estimated potential network-based or

million. The opportunities broader pipeline and stands annual categories, are million added we working in over together QX across all increasing revenues. annual our is $XXX with XXX representing all Our with estimated across All opportunities, in we the XXX velocity. $XX over segments. on of enterprise revenue market current active QX, robust pipeline In growth and service

generate we million $XX revenues, quarter, closed opportunities the During on annual expected once over fully ramped. to XXX in

As with service pipeline, and segments. across new our were categories, our wins market all all

pleased underscores for provide. We again the our sales, with customization demand our particularly health for the building multi-solution which plan momentum segment are solutions in the

ranging progress one we're services we Medicare plan, sold an commercial majority we health and customer to end-to-end NSA regional implementations of hierarchies. approaches with for the call our customers, and more Medicare of expansion had cost With surprise completed example, For implementations good secure plan, as to adjusting performing to NSA engaged network XX managing our access. both them. That another and plan customer prepayment reference-based back nicely. implementations, we have now In earnings the the pricing we the services. We to and into pipeline that integrity in end Advantage active sold payment and to value-driven our management And With of and and visibility end-to-end business. larger prior reference-based continues integrity compliance lines access, from both service, existing we with billing another, negotiation we noted Advantage process improve to continue health of base. our visibility of pricing, network the regard arbitration sold services, NSA

process, the Another projects of most are service. XX them for implementation end-to-end NSA in

sales customers opportunities Additionally, we in have NSA-related pipeline. with NC XX the

NSA-related tracking claim to our expectations. early still volume While is

took we renewal X, experienced lag QX typical in dates total two-thirds of with the the claims groups January law business, received dates in the our for effect about of for service XXXX. of before Given were

In of effective factors on appeal around given federal would evolve in the amount, arbitration. The portions end recent in final that decision, equal to primacy it rule that providers of In regulations and likely legal seem negotiating the volume first continue on payment air to the other activity trends QPA ambulance in So or be resolution was April, with to run NSA to activity Court the we ruling, until and process full Based in for of month Fifth which March. customers and expect Texas the the The our a that to material in NSA-related judge that full case of considered the treatment QPA given immediately the that April, uncertainty the judge's footing next be see introduced or to rule expect vacated particularly challenges activity, Circuit February, NSA-related HHS NSA which to announced the strategies dispute the was in we had really the review rate by substantial of closer NSAs didn't we QX. on months. payors implemented both the claims. IDR may from qualified process. a except the IDR places and QPA independent nationwide, few in interim the

NSA In or fact and addition broader the some unconstitutional. in final are of the interim the the ruling, provisions other interim to several QPA arguing prioritization challenging are rules the process, on rules one that the Texas cases the in of IDR there

without that have of stands, believe negotiation more and Assuming post the Texas seem ruling providers the avoid of arbitration, payors and which the QPA. uncertain desire primacy could greater to we payment a outcomes

NSA a are unique On our this our NSA utilization activities case, along services, greater we which change would between a provide in network pricing string In imply shift given of less administering that will view, other is direction NSA could headwind negotiation, the performance. to services our revenues not our continued net have either our XXXX our summary, role QX solution, entire well-positioned post-pay and And legacy end-to-end margin, in a wheelhouse. that pre-pay X% for customers, be of emphasis continuum. our strong the results of to pre-payment NSA in services than XXXX. of critical projection any or play, in or we In our

as are robust for business services We and demand pipeline business the and seeing our wins. our well activity, new as

trajectory solutions position our future. the through MultiPlan's and encouraged I track remain and flexibility of confident We and expectations, well about to performance to navigate economic our payors as by XXXX are employers unparalleled on achieve our and breadth environment. this help

off I dedication to discuss the moment to Jim? With to to to would hand to detail. the affordability, to healthcare are X,XXX colleagues, operational our service a results heart fairness Their MultiPlan take of their devotion and I the thank to call that, like Before Jim, to call efficiency, I'd system. the excellence mission and U.S. our like deliver company. outstanding their Jim to customer this to over great turn more in commitment our

Jim Head

Dale. Good Today, and remainder our our on the Thanks, for of updating I'll results year. the morning, be quarter everyone. you outlook financial first

and quarter EBITDA in with As exceeded Dale continued noted adjusted except XXXX. the of we quarter. momentum positive another strong fundamental guidance earlier, Both our the earnings revenues QX for

up over deck, revenue the XXXX. the revenue Organic first XXXX of X growth QX was remained QX million XX.X% quarter. with flat $XXX.X Page on robust shown supplemental in As essentially and QX

As acquisition or over and contributions X% the decline about the XXXX for supplemental shown the in XXXX revenue quarter, million revenues of up $X were QX during or down from Discovery nearly and deck, impact X% in COVID-XX the million QX of pandemic the of $XX Page sequentially. excluding X on normalizing our the

QX on services. XX.X% growth by payment quarter services the year supplemental in X.X%. shown modest driven growth X Page revenue analytics-based declined network deck, As of the XX.X% growth integrity XXXX over was while services, a and prior in

reflects performance underlying quarter above few this Our components. guidance a

date to our weeks. an claims for of As revenues eight the by six we have of the average discussed lag service

revenues reflect claims January. activity QX from December, November, and Our largely

within reflected So quarter the strong XXXX financial negotiations. quite pre-Omicron and calendar first that expectations which was above our months of claims especially driven our few analytics-based activity, and by services

of began and of affected offset, January activity claims. some impact utilization to quarter's expected benefit in claims testing COVID Last and Omicron portion less was the revenues by As the NSA part we negative impact. from slowdown early February our in a a small week, than impact of only saw

in So capture. on first extra from million were estimated as QX -- impact $XX quarter the deck, X were million, to down quarter Page million million $XX of XXXX an we to some slightly $X had the what XXXX. COVID-related of down we $X anticipating the approximately in that estimate was the million XXXX for than from million $X prior-year revenue tailwinds happy QX to we Page At X of $X this quarter and to lower supplemental detailed

expected First variance in impact to quarter than COVID-related was less February revenue due and better expected January positive claims performance. network than from COVID and complementary testing

exhibit began more the we testing activity March Our quarter. slowdown of to COVID exited a level baseline as to a

to expenses. Turning

by the headcount rate of in million XX.X% million anticipated. with million EBITDA $XXX.X increase quarter on approximately just estimated the lower $XXX.X prior-year $X XXXX. First we from predominantly expenses The of slightly a quarter DHP February $XX.X in XXXX personnel up XXXX, in quarter driven million from reflecting was from full million in adjusted XXXX the million, an in was fourth in $X QX million X% the which was slightly prior-year costs, for $XX.X and expenses up EBITDA guidance to at $XXX.X $XX.X EBITDA than consistent by QX COVID-related million The million Adjusted in down and the the XXXX QX. and up related closed were our adjusted $X.X from end to impact of higher QX acquisition, and quarter increase quarter. over run

expectations, in points X.X% also basis in for first quarter implied exceeding prior-year margin in and adjusted of the acquisition quarter for EBITDA X.X% revenues X our by EBITDA and both margin range at the QX over was As QX the the XXXX up sequentially. and XX.X% pandemic, XX the basis sequential quarters. COVID-XX of came up XXXX and EBITDA above impact from both a adjusted up points high-end on prior-year guidance adjusted XX.X% quarter XX DHP from shown our With excluding and contribution the of EBITDA Page normalizing adjusted

are Our versus fixed relatively costs variable.

to our So the line. from bottom our EBITDA revenue margins high EBITDA conversion of outperformance the our and benefited

generate was by cash In to continue cash $XXX.X million. quarter, operating We the net provided activities operating first significant flow.

flow in in of -- our reminder, cash a our first given tax our interest As tends and the our third payments. be timing higher quarter to

from this of We the also benefited timing quarter. in receivables

ending bit receivables to QX a January. were the receipts properly XXXX Our week received million at high of customer due $XX.X timing of that the were in first

level balance to of million. end receivables So our a QX $XX.X our normalized by the of XXXX,

quarter First flow a cash free result was as million. $XXX.X

on XXXX the we detailed outlook. full-year of to our XX time, maintaining in our Turning this supplemental and Page provided At guidance February are deck.

first than tracking adjusted towards a $XXX billion for momentarily, smaller discuss than to anticipated, end higher as revenue stronger we I'll EBITDA. and initially to for full-year anticipated Given guidance of and COVID of $XXX billion ranges quarter $X.XX $X.XX impact the results, the are million million

We are full-year guidance progressing we the second encouraged our is and reassess the how how will we are the call. against And on plan. earnings quarter for about our performing year

we As in our momentum strong as we further beyond, strong look quarter as the underlying performance and operating expect customers. results to maintain continued our healthcare with normalizes, second we and utilization

underlying through bridge by in momentum guidance modest the of this last revenue us outlined expect combination in X% NSA with by the we growth to a the X% earnings February. modest provided We core from headwind offset revenue growth call, annual and outlined services our partially growth headwinds, initiatives in help driving net of in to grow as

customers NSA. known caution couple smaller around the implement As in headwind the X% the how Dale become we of are range, end the a experienced and customer of their an of six behavior up receipt Because who upper because QX. and of some our operationalizing to to to NSA were a claims, in at the includes later results earlier still the which mentioned the to from average of of but immaterial, NSA XXXX of effect customer week will the full-year was impact lag to losses. tangible eight QX on of for And project earlier, we stages between net our dates wins, decide more continue NSA the on service clients known approaches,

drag to expect to a We our COVID continue -- modest results. be be on

Page some illustrated lag Given X deck supplemental aforementioned through dynamics, which our our mix. surge flowing of related received claim and claims, on of the the claims Omicron are still are

and on results, impact estimate to towards our of slightly will And $XX X% to prior expect to more of $XX COVID-related year, than reflect track $XX to impact the look to revenues look we COVID-related million million. million XXXX, $XX we our results approximately March XXXX likely a due to COVID $XX the $XX $X COVID-related XXXX. to to February, million impact our broader from at is adjusted offset and in another our million And in as healthcare our utilization less in approximately quarter the the QX $XX the we moderate. million lowered our to be impact COVID of lowered continuing the we estimated EBITDA testing to prior Stepping we $XX surge we marginal COVID-related in remainder to April, smaller to is million on estimate million. full-year Accordingly, of our the surge Omicron however, of like revenue of range have we that estimate As barring million for from experienced last U.S. which as is fourth cases for quarter have of the increase part suppressed and $X expected million quarter early context the experienced and from of modestly other COVID back claims. the revenues

compares adjusted our the XX% which of to first XXX expect XXXX continue margin with margins of below We of full-year around for quarter our margin points full-year and XX.X%. XX.X% EBITDA XXXX, basis

targeted by growth quarter and our enhance solutions investments We cost combination Reflecting investments the over base remaining and build in of from $XXX are begin million we customers in $XXX million the be quarters increases we expense As our we and Page more as EBITDA. slightly our first flowing factors year. And pressures, begin $XXX and capabilities second in headwind strong start March to in these second claims in below more for through expect of this would structural period. support originally a trends the are outlined impact February, by predict margin and but this our to an tracking million the and adjusted and with consistent quarter, compression our our of and to increases of to overall our outlined unexpectedly to QX. guiding to expense $XXX growth expenses guidance revenues, After a in customize in products what our the the with by NSA-related for like to XXXX. solutions Investments for XX levels, February, million expect activity April for platform driven structural support will to provided initiatives. our our as for outlook platform salary expected and quarter bridges headcount our QX fully deck, in supplemental quarter and additions along NSA

about April, the momentum. we good underlying and here trends our of sit of very feeling As the strength we are the customer business in

the and capital. balance to turning sheet Finally,

from improvement generation X.Xx our of the net respectively ratios ratios XX-months leverage operating in the quarter. and and the total fourth EBITDA reflect the down quarter. cash in in and and leverage were adjusted stronger X.Xx cash trailing X.Xx Our X.Xx flow The strong

strong sheet to cash ended generate quarter. quarter on continue million up million flow we $XXX of cash from earlier, about the noted with first fourth and the balance $XXX in As the

making of the flexibility ratios generation on rapid the have cash we over against grow to to investing time. our our business leverage Our progress our priority balance underscores objective of

pertains capital remain the our same. it allocation, priorities to As

our organic business growth financially by to through augmenting and priority strategically the continues highest and This to by Our value. is reducing long-term leverage. then M&A, be in growth attractive followed investing drive and

our of it's retirement. M&A we of options cash, As emphasize, to whether deploy or many an have our abundant debt set investors

measure we forward. but continue deploying you on turn approach to to wraps ask That take Dale. to and comments. as annual back an basis balanced disciplined and our cash an that opportunistic, will over my like not to I'd move quarterly it us We up

Dale White

thanks kindly much. it open Operator, very Jim Q&A? would up you for

Operator

Instructions]. [Operator course. Of

Joshua, from question of Raskin open. Nephron Our your first line comes is Joshua Research. now

Marco Criscuolo

for I the Hi, a Thanks taking just couple question. for on good morning. had quick This Josh. is actually ones. Marco

So how there first you're any generating No first, size just example, wondering Like if that much was could know of Act Surprises you revenues impact the NSA-related the revenue do activities way on in you quarter. you for through the new discussed?

Jim Head

is Yes, thanks Marc. This Jim.

really dribble in not have a seeing started some first in quarter services. April, would we last run material quarter rate. billing that cetera. lag, just surprise say March, effect of now to The a of fuller the et And claims I did activity in saw month the the in, much we're see of we

for new So any to quarter, doesn't reflects our our into But first it. and the material really as starting as volume the guidance track the switch have and the quarter tracking we effect NSA revenue against in expectations. over claims of QX claims it's

Marco Criscuolo

it. XX quarter? Thank of to any of was revenue in the then And changes one there composition Got last for the material one your terms customers you. Top

Jim Head

to material report. Nothing

Operator

you, Joshua. Thank

Valiquette open. from line Our Steve of next Barclays. is question your Steve, comes now

Unidentified Analyst

to early to MultiPlan you wondering give cited NSA This you could services. Stefanie Steve. use [ph] on I any is Hi, that everyone. just updates if come customers those back smaller for that was could still progress maybe on

Dale White

Dale. is This Sure.

asked into And the We think -- see into we know, act. question continue our implement NSA of call smaller, I continue base. you around you tail that the we what more smaller our that to visibility end as our customer to

implementations over we last you I completed sight indicated them. back-end could we said, our process. majority to engaged process managing from negotiation arbitration performing with larger in XX earnings were as end-to-end of Those full completed in of that imagine, ranging ranging from, we've line forward the some we great the and of and now customers. visibility, as the great as with had our As call, implementations And and we to move active

customer we've the and in of XX customers as customers XX So or to Most another into again, move we continuing another pipeline. moved our top XX, downstream. our are to we with -- another and implementations beyond have further continue NSA-related XX There's in process. move them opportunities sales base, another

deepen to in with our continue downstream we So penetration market. as move NSA we

Unidentified Analyst

similar will like in Okay, upcoming sort a that And got like have it. talked pretty then of you wondering pipeline, the any shift if moving sort mix guys vein, strong customer of just material in about forward?

Dale White

programs strength of including depth product and third-party administrators segment important them, always the services engage of so, a into most material I our like velocity activities obviously, of to the penetration lines But been a segment and don't market the our customers, of and of market are them work the with about it's areas we portfolio, segments and our goal think to ours to all or our all pipeline and deepen across thrilled our our across And change. and course, we're that robustness in our of using Advantage. all continue product not on into the and the Medicare and number the pipeline government-related breadth significant all plan health segments. market focus the of of the

Operator

you. Thank [Operator Instructions].

Daniel, Our next Citi. from Daniel now of your line comes question is open. Grosslight

Daniel Grosslight

the I particularly guidance. in of Hi, guidance and guys, to thanks to down for taking back midpoint step XQ the the the the implied by sequential question. want go guidance

$XX if revenue look detrimental around of of million from higher guidance, XQ, I margin higher $X sequentially at down So EBITDA so and little a million. step around

curious because COVID expect XQ. mention can But I from decline that from costs think headwinds some from XXX% revenue sequential coming you million that EBITDA margin a heard Omicron. on of additional greater going thing amid you you help if sequentially? than to XQ that on in bridge additional those are of where I $X then And same you're detrimental benefit some not higher of I'm testing the with

Jim Head

Daniel. the Sure. question. say, would top-line side. cost take Sure. we'll Thanks, let's Good then I and about the talk

our core On of is say function, But a business. the I underlying of is step things. a of strength sequential would yes, this the top-line, couple down the

on So talking had QX And of maybe service to is, strong. data service the and the this with delta of a about that of claims not components QX X% what between QX. lot We'll digitally all, be QX the components precise, quarter. are, data first dealing were margin, but QX quite that really we're that, X% of claims

quarter; a dissipate. of COVID COVID does little impact going NSA quarter. little excess bit last the little We there's in impact that in And that I to see So very had just bit think effect. a of it's really this of and NSA the that we'll testing,

you're -- we're really exactly to was will bit is remind I what run the to it. of of So not, it first expected tracking March, is a This be. extra the everyone where tailwinds quarter is we reflecting little to April add just the which what here business, rate

The track really back we what to expected second to quarter on is happen.

QX, navigating nimble very terms how how this. we're have and good feel to we So to about and the I'll NSA, side where responding been our and testament a they've in which employees agile of how throw the is demand been X,XXX

on just very feeling So side good. the that's revenue

here On our is the in side, the seeing expense decline what you're expenses.

of that see adding we're two into As we're we But headcount. quarter we come flowing And pieces. number had two, second increases we some started starting in -- through. as into merit March. Number seeing are to we move one, that

as the year. So tracking our expected through march we cost base now is as

on flow quarter of seeing in the didn't over see guided you up and we're start the we just costs expectations. with our completely again, it as it going those the in start But seeing of year. course step track to was So first some will

Daniel Grosslight

CMS by dynamic X% then here, QPA Yes, i.e., as thrown implemented rule stays, just effectively to helpful. to and the that the assumes primacy benefits the the contemplated are effectively of lawsuits back that's very headwind the going the NSA zero And out, that right.

in if in your difference be any effectively So would through QPA the that goes away primacy upside meaning that numbers?

Dale White

along that our I out I the pre-negotiation we could the was that Well, -- with that our TMA, QPA arguably under Then activity. which put we put back. have expectation there's, primacy, with -- we guidance. HHS helped guidance and got might regulatory we've started the came think lawsuit And the are year it QPA

What guardrail, guidance. is it what -- think outlook. might terms feel very about fundamentally comes post-payment or materially we from to to way where our then of revenues about out. And no tell good of regulatory lands solution it's ruling we our a pre-negotiation set, it's guardrail affect And or going from bouncing it's is as pre-payment whether don't the which that's we can NSA -- we So the ruling revenues. feel perspective, affect really matter in the of it our geography the good regardless you

or end-to-end very that feel remember, overturned and is the only is didn't and with -- the only customers interim spot regulation, ability of Because originally processes of law. that and assist part the that effect the that's the the provide to of the place part as rest the by particular regulations. ruling bill the arbitration upheld their and ability changed Our good is assisting that solution we contemplated remain assuring surprise rule final in to whether is whether ruling -- an about our on surprise compliance our

Daniel Grosslight

congrats sense. the Thanks color makes strong and quarter. that for Yes, the on

Dale White

you. Thank

Operator

Thank any no back to you. questions. we this further remarks. I'll over Mr. for closing have White currently Instructions]. [Operator hand At time,

Dale White

to Operator, and thank the you continued today. appreciate talking forward trust very to questions look and We QX. Thank on you. And we your you much. again confidence

Operator

gentlemen, call. this concludes Ladies today's and

You lines. may now your disconnect

MultiPlan (MPLN) 10 May 222022 Q1 Earnings call transcript