Claritev Corporation · NYSE:CTEV
Claritev — Churchill Capital Corp III — SPAC Merger (August 2020)
75 slides from Claritev's SPAC merger presentation, Aug 18, 2020
Slide 1: Analyst Day Presentation August 18, 2020
CHURCHILL CAPITAL | Analyst Day Presentation August 18, 2020
Slide 2: Disclaimer: Forward-Looking Statements
CHURCHILL CAPITAL Disclaimer 2 Forward - Looking Statements This communication includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United Sta tes Private Securities Litigation Reform Act of 1995. Terms such as “anticipate,” “believe,” “will,” “continue,” “
Slide 3: Today's Presenters
CHURCHILL CAPITAL Mark Tabak Chairman & Chief Executive Officer • Healthcare executive with 30 years of healthcare and managed care experience • Previously held executive positions at HealthAmerica and AIG David Redmond EVP, Chief Financial Officer • Experienced and effective financial executive wit
Slide 4: MultiPlan – A Leading Platform Driving Affordability in U.S. Healthcare
CHURCHILL CAPITAL MultiPlan – A Leading Platform Driving Affordability in U.S. Healthcare
Slide 5: MultiPlan's Platform Tackles Its Customers' Biggest Pain Points
CHURCHILL CAPITAL MultiPlan’s Leading Value - Add Processing Platform Tackles Its Customers’ Biggest Pain Points 5 Rising Costs Rising healthcare costs are making it increasingly difficult for employers and employees to afford care Opaque Pricing Complex reimbursement rules and coding make understan
Slide 6: What MultiPlan Does and How It Does It
CHURCHILL CAPITAL MultiPlan delivers affordability, fairness and efficiency for healthcare payers, their consumers and the medical providers that treat them What MultiPlan Does 6 How MultiPlan Does It • MultiPlan was built to help payers reduce the cost of their out - of - network claims – those cla
Slide 7: A Leading Tech-Enabled Value-Add Processor Making Healthcare More Affordable
CHURCHILL CAPITAL A Leading Tech - Enabled Value - Add Processor Making Healthcare More Affordable 7 $106B Of charges processed (2) $19B Potential savings opportunities identified for customers (2) 1.2M+ Providers under contract 700+ Payer Customers Empower Customers to achieve affordability, fairne
Slide 8: MultiPlan's Value-Add End-to-End Cost Management Platform
CHURCHILL CAPITAL MultiPlan’s Value - Add End - to - End Cost Management Platform Source: MultiPlan financials. (1) 2019 values. (2) LTM 6/30/2020. 8 MultiPlan’s value - add processing platform delivers affordability and recurring revenues to its payer customers MultiPlan Has Broadened Its Platform’
Slide 9: Established National Network Footprint
CHURCHILL CAPITAL Established National Network Footprint • Established largest independently - contracted complementary network • Largest and only national primary PPO with NQCA accreditation • Created foundation from which MultiPlan introduced new services • 1980: MultiPlan founded as a New York -
Slide 10: Vision For MultiPlan 3.0 – Platform-as-a-Service
CHURCHILL CAPITAL Vision For MultiPlan 3.0 – Platform - as - a - Service 10 International Expansion Out - of - Network Offerings U.S. Focused Payer Services Target Commercial Payers Cash Flows for Interest Rules - Based Algorithms On - Prem Systems Private Equity Owned Cash Flow Focused on Growth Dy
Slide 11: MultiPlan's Journey from $1B Valuation to $11B and Beyond
CHURCHILL CAPITAL $845 $160 $306 $612 $750 $875 2007A 2010A 2015A 2019A MultiPlan’s Journey from $1B Valuation to $11B and Beyond Source: MultiPlan financials, MultiPlan and Churchill estimates. (1) 2021 forecast used; assumes successful implementation of Enhance, Extend, and Expand Strategy. 11 201
Slide 12: Why Go Public Now?
CHURCHILL CAPITAL Why Go Public Now? 12 Allows MultiPlan to execute its three - part growth strategy – Enhance, Extend, and Expand Equips MultiPlan with a valuable public currency to attract talent and pursue accretive M&A in support of its growth strategy Gives MultiPlan and its shareholders public
Slide 13: MultiPlan's Business Overview
CHURCHILL CAPITAL MultiPlan’s Business Overview
Slide 14: Where MultiPlan Fits in the Claims Process Value Chain
CHURCHILL CAPITAL MultiPlan is a leader in cost management, with a focus on reducing the cost of a claim prior to a provider being paid, which requires deep technological integration and quick turnaround times Where MultiPlan Fits in the Claims Process Value Chain 14 Claim adjudication and pricing C
Slide 15: MultiPlan's Markets and Services
CHURCHILL CAPITAL MultiPlan’s Markets and Services 15 Three market segments, each with strong penetration and significant expansion opportunities MultiPlan is on the right side of healthcare. MultiPlan’s focus is affordability, taking cost out of the healthcare system in a manner that benefits every
Slide 16: MultiPlan's Core Payer Services
CHURCHILL CAPITAL MultiPlan’s Core Payer Services 16 Three service capabilities, each with applicability across its entire client base MultiPlan’s Services are modular and have substantial upside potential under its Enhance strategy • A leader in its industry ‒ Large negotiation services unit suppor
Slide 17: Large and Sticky Customer Base of 700+ Payers
CHURCHILL CAPITAL • MulitPlan has a large and sticky customer base of 700+ payers, including all large national carriers • Many relationships, including its largest customers, span decades ‒ Top 10 customers have been customers for an average of 25 years ‒ Contracts with large customers generally ha
Slide 18: MultiPlan's Business Has Five Core Revenue Drivers
CHURCHILL CAPITAL MultiPlan’s Business Has Five Core Revenue Drivers Driver Description 2019 1. Total claims # 2. Value per claim $ 3. Portion of claims charges with savings opportunity % 4. Savings opportunity % 5. MultiPlan’s share of savings % MultiPlan Revenues $ x x x x = Total number of claims
Slide 19: U.S. Healthcare Tailwinds Help Drive MultiPlan's Core Growth
CHURCHILL CAPITAL $0.64 $0.68 $0.72 $0.87 $0.99 $1.07 $1.04 $0.98 $1.04 $1.10 $1.38 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020E $11.8 $13.9 $14.4 $15.2 $17.1 $17.8 $18.6 $18.9 $20.2 $21.5 $26.8 $70.1 $79.5 $83.2 $88.6 $94.9 $97.4 $101.6 $106.3 $111.3 $116.6 $140.4 2012A 2013A 2014A 2015A 2
Slide 20: Leveraging Acquisitions to Drive Service Diversity and Growth
CHURCHILL CAPITAL $23.0 $51.7 $182.1 $323.7 2012 2014 2016 2019 $1.5 $47.4 $92.0 $106.9 2014 2016 2018 2019 Leveraging Acquisitions to Drive Service Diversity and Growth 20 • Enhanced MultiPlan’s capabilities, creating foundation of data analytics offering • Enabled MultiPlan to grow target market w
Slide 21: Attractive Industry Landscape
CHURCHILL CAPITAL • MultiPlan is a newer entrant into the large and growing Payment Integrity vertical • MultiPlan’s services are unique in their pre - payment architecture and ability to find evidence of waste, abuse and potential fraud that aren’t addressed by a payer’s claim editing software or p
Slide 22: Selected Factors Impacting Payer Services
CHURCHILL CAPITAL Selected Factors Impacting Payer Services 22 Continuing Tailwinds In U.S. Healthcare Spend Waste and inefficiencies continue to plague the industry, and MultiPlan is well - positioned to address them Ongoing Consolidation In the Payer Space MultiPlan is well - positioned as the pre
Slide 23: MultiPlan Operates in a Large and Growing Market
CHURCHILL CAPITAL MultiPlan Operates in a Large and Growing Market Source: Institute of Medicine, CMS. 23 ~$ 1.2 Trillion Total ~$400 Billion Unnecessary Services; Excessive Prices; Waste, Abuse and Fraud $27 $75 $255 $721 $1,369 $2,593 2019 2000 19 90 1960 19 70 1980 2010 $3,815 ~9% CAGR U.S. Healt
Slide 24: MultiPlan is a Core Strategic Partner to All Top Commercial Payers
CHURCHILL CAPITAL 74.0% 80.6% 79.2% 77.8% 26.0% 19.4% 20.8% 22.2% 2016A 2017A 2018A 2019A • The health insurance sector has consolidated to four top insurers • MultiPlan has 25+ year relationships with three of those top four and is deeply integrated and embedded with all four • MultiPlan is the pre
Slide 25: Payer/Provider Litigation
CHURCHILL CAPITAL • To date, MultiPlan has generally not been subjected to material judgements and therefore has had no material financial impact from any litigation • Similarly, MultiPlan is not currently party to any active litigation that we believe is likely to result in a material financial imp
Slide 26: Business Model Helps Mitigate Surprise Billing Regulation
CHURCHILL CAPITAL MultiPlan’s Business Model Helps to Mitigate the Impact of Surprise Billing Regulation 26 Potential federal laws may have limited impact due to their narrow focus and MultiPlan’s large provider network and claims diversity • Surprise Billing is already regulated in 30 states, where
Slide 27: MultiPlan 3.0: Strategy to Drive Growth and Create New Value
CHURCHILL CAPITAL MultiPlan 3.0: Strategy to Drive Growth and Create New Value
Slide 28: Merger with Churchill Unlocks Strategic and Financial Flexibility
CHURCHILL CAPITAL Merger with Churchill Unlocks Significant Strategic and Financial Flexibility Enabling MultiPlan to Significantly Grow its Total Addressable Market 28 TAM: $6 - 8B TAM: $10 - 13B TAM: $30 - 50B Improve Existing Product Offerings Targeting Payers Launch Additional Product Offerings
Slide 29: Three-Part Strategic Growth Plan to Double Revenues
CHURCHILL CAPITAL MultiPlan 3.0 – Three - Part Strategic Growth Plan to Double Revenues Source: McKinsey and Churchill estimates. 29 Enhance The Platform Extend The Platform Expand The Platform $100 - 150M $300 - 500M $200 - 400M $600 - $1,150M Adj. EBITDA Potential $80 - 120M $200 - 350M $100 - 250
Slide 30: Enhance the Platform: Improve Existing Products
CHURCHILL CAPITAL MultiPlan 3.0 – Enhance the Platform: Improve Existing Products Targeting Payers and Optimize Commercial Engine (1) Steady state incremental run - rate revenue; attainable in 3 - 5 years after starting the initiative. 30 Key Initiatives Description Further D eploy Artificial Intell
Slide 31: Extend the Platform: Increase Claims Throughput
CHURCHILL CAPITAL MultiPlan 3.0 – Extend the Platform: Increase Claims Throughput and Deliver Additional Product Offerings Key Initiatives Description Further improve elements of product offerings • Claims - editing: rules - based, automated adjustment of claims (pre - payment) • Special investigati
Slide 32: Monetizing Core Assets via Percentage of Savings and Licensing
CHURCHILL CAPITAL 32 Today, MultiPlan monetizes its core assets using a percentage of savings business model focused on the Payer segment of U.S. Healthcare The Expand element of MultiPlan’s three - part growth strategy is aimed at monetizing current data and IP using a licensing business model focu
Slide 33: Expand the Platform: Target Medical Providers
CHURCHILL CAPITAL MultiPlan 3.0 – Expand the Platform: Adding Product Offerings, in Support of Payer Customers, to Target Medical Providers (1) Existing TAM + additional market potential from Extended platform + additional market potential from Provider value added ser vic es (2) Steady state increm
Slide 34: Expand the Platform: Target Consumers
CHURCHILL CAPITAL MultiPlan 3.0 – Expand the Platform: Adding Product Offerings, in Support of Payer Customers, to Target Consumers Key Initiatives Description Payment flexibility • Flexible 1 - click payment functionality delivering financing, installment alternatives • Depth of knowledge of health
Slide 35: Executing its 3.0 Strategy to Accelerate Growth and Efficiency
CHURCHILL CAPITAL MultiPlan is Executing its 3.0 Strategy to Accelerate Growth and Efficiency 35 Sales, Product Strategy & Marketing Initiatives • Deploy additional sales and marketing professionals to the in - network business of existing customers • Ramp - up sales and product marketing efforts ta
Slide 36: Sales, Product Strategy & Marketing Initiatives
CHURCHILL CAPITAL Sales, Product Strategy & Marketing Initiatives 36 Executing the Enhance, Extend and Expand growth strategy Sell the Service Support the Service Develop the Service • Service line expansion • Service enhancements • New services • Sales enablement • Pricing strategy • Demand generat
Slide 37: International Expansion Opportunity
CHURCHILL CAPITAL • Markets, such as Canada, UK, Germany, and Middle East have healthcare systems where consumers receive a large portion of the healthcare through government sponsored plans • Instead of working with commercial payers, providers engage with government - affiliated entities for payme
Slide 38: Disciplined Approach to Acquisitions
CHURCHILL CAPITAL MultiPlan’s Disciplined Approach to Acquisitions Are Expected To Help Accelerate Growth 38 Potential Opportunities with Strategic Fit Alignment M&A Framework Strategic Criteria • Alignment with MultiPlan’s mission to reduce healthcare costs and drive affordability • Improves MultiP
Slide 39: Technology Platform Supporting MultiPlan 3.0
CHURCHILL CAPITAL Technology Platform Supporting MultiPlan 3.0
Slide 40: Tech Platform Differentiated in Scalability, Security, Satisfaction and Resilience
CHURCHILL CAPITAL MultiPlan’s Tech Platform Supports Its Growth Strategy and is Differentiated in Scalability, Security, Customer Satisfaction and Resilience 75 % Excellent No Response Fair 0 % 22 % Poor Very good Good 3 % 0 % 0 % Customer Overall Satisfaction Score, 2020 #1 Among healthcare compani
Slide 41: Current Technology Capabilities Create Value for All Stakeholders
CHURCHILL CAPITAL Source: MultiPlan financials. (1) 2019 values. 41 Intelligence Engine Network, Data, Algorithms, and IP Claim savings engine Processing Engine Network Analytics Payment Integrity 135M+ Claims (1) $106B Charges (1) $19B in Potential Savings Opportunities Identified for Customers (1)
Slide 42: Overview of MultiPlan's Technology Platform
CHURCHILL CAPITAL Overview of MultiPlan’s Technology Platform 42 Ingest Analyze Deliver Store Capabilities Proof Points Feedback on customer projects Ability to scale to 5x current volume High security rating and certifications Data transfers are real time Industry leading low appeals rates Modular
Slide 43: Technology Focus Driving Efficiency
CHURCHILL CAPITAL Technology Focus Driving Efficiency 43 • MultiPlan is a founding member of the Synaptic Health Alliance along with Aetna, Humana, Optum , Quest Diagnostics and UnitedHealthcare • The alliance is leveraging blockchain technology to tackle the high cost of healthcare administration,
Slide 44: Evolving Platform Capabilities to Support MultiPlan 3.0
CHURCHILL CAPITAL Evolving Platform Capabilities to Support MultiPlan 3.0 44 Connect & Ingest Store & Analyze Deliver • Continue to deepen integration with customers to make responses even faster and better • Evolve cloud and API architecture to be more agile and efficient for new customer needs • C
Slide 45: Future State of MultiPlan Platform Architecture
CHURCHILL CAPITAL Future State of MultiPlan Platform Architecture API Layer Decision Management Suite (DMS) & Application Layer Member risk scoring predictive algorithms Automated targeting based on data & rule set Medical policy engine Benchmarks, analytical models, and insights Machine Learning Mo
Slide 46: Financial Overview
CHURCHILL CAPITAL Financial Overview
Slide 47: MultiPlan Financial Highlights
CHURCHILL CAPITAL MultiPlan Financial Highlights (1) Based on midpoint of 2021 forecast. Assumes successful implementation of Enhance, Extend, and Expand Strategy. (2) Based on 2019 results. 47 • Aligned Incentives: Fee - based model with revenues directly aligned with Payers’ incentives (e.g., base
Slide 48: 2019/2020 Quarterly Financial Performance
CHURCHILL CAPITAL $150 $188 $188 $187 $187 $196 $196 $202 $206 Q1 2019A Q2 2019A Q3 2019A Q4 2019A Q1 2020A Q2 2020A Q3 2020B Q4 2020B $207 $245 $246 $246 $246 $252 $256 $264 $269 Q1 2019A Q2 2019A Q3 2019A Q4 2019A Q1 2020A Q2 2020A Q3 2020B Q4 2020B 48 2019 / 2020 Quarterly Financial Performance /
Slide 49: Annual Performance
CHURCHILL CAPITAL $440 $484 $612 $716 $812 $825 $750 $685 - $705 $798 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020B/E $674 $718 $865 $988 $1,067 $1,041 $983 $910 - $930 $1,040 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020B/E 49 Annual Performance • Long term history of organic revenue growth and
Slide 50: Understanding 2018/2019 Revenues
CHURCHILL CAPITAL (1) Q4 2018 EBITDA excludes one - time accrual release. 50 A discrete change in certain customers’ behavior negatively impacted 2018 and 2019 revenues Understanding 2018 / 2019 Revenues • In Q3 2018, MultiPlan saw a change in claims practice by certain customers that materially imp
Slide 51: Understanding the Impact of COVID
CHURCHILL CAPITAL Understanding the Impact of COVID 51 • MultiPlan expects that COVID will have a near - term impact on 2020 performance, driven primarily by government stay - at - home orders and delayed or foregone medical care ‒ No impact to MultiPlan’s 1Q’20 revenues and only $225K of COVID - re
Slide 52: MultiPlan's Long-Term Growth Objectives
CHURCHILL CAPITAL $910 - $930 $1,085 $1,375 $1,655 $1,935 $983 $1,025 - $1,055 $1,125 2019A 2020B/E MultiPlan’s Long - Term Growth Objectives Source: FactSet. Market data as of 8/14/20. Note: Peer growth rates based on average 2020E - 2022E Revenue CAGR; peer margins and conversion based on average
Slide 53: Churchill Transaction Summary and Timing
CHURCHILL CAPITAL (1) Valuation excludes impact of warrants, management options and founder shares subject to vesting. (2) Assumes no redemptio ns of common stock. Based on 6/30/20A LTM Adj. EBITDA (Pre - COVID), using estimated debt and cash at 12/31/20. Includes Q2 2020 pre - COVID budgeted Adj. E
Slide 54: High Degree of Closing Certainty
CHURCHILL CAPITAL (1) Valuation excludes impact of warrants, management options and founder shares subject to vesting; Refer to page 63 for calcula tio ns. 54 High Degree of Closing Certainty Significant Committed, Long - Term Capital from Core Investors • Entities related to Churchill’s Board of Di
Slide 55: MultiPlan's Existing & Illustrative Capital Structure
CHURCHILL CAPITAL MultiPlan’s Existing & Illustrative Capital Structure 55 Illustrative Cap Table ($M; 12/31/2020E Balance Sheet Data (1) ; Adjusted for Churchill Transaction) Illustrative Net Leverage (Net Debt / Adj. EBITDA; 12/31/2020E Balance Sheet Data (1) ) Source: MultiPlan financials, MultiP
Slide 56: Conclusion
CHURCHILL CAPITAL Conclusion
Slide 57: MultiPlan Investment Aligns with Churchill's Mission and Focus
CHURCHILL CAPITAL MultiPlan Investment Aligns with Churchill’s Mission And Focus Source: McKinsey, MultiPlan and Churchill estimates, FactSet; market data as of 8/14/20. (1) Predominantly consumer opportunity. (2) Assumes no redemptions of common stock. Based on 6/30/20A LTM Adj. EBITDA (Pre - COVID
Slide 58: Attractive Entry Value
CHURCHILL CAPITAL 12.9x 14.0x 19.0x 21.8x 19.3x 20.7x 22.5x 22.8x 23.6x 25.0x 25.3x 26.0x 28.7x 30.7x 15.4x 21.8x 34.6x 51.7x 27.1x 25.8x 28.0x 29.3x 33.3x 32.6x 39.8x 35.9x 39.5x 43.4x Attractive Entry Value Source: FactSet. Market data as of 8/14/20. (1) Pro forma for Churchill transaction; midpoi
Slide 59: Strategic Plan To Create Value For Investors
CHURCHILL CAPITAL $1.7B $1.0B $1.4B $1.9B 2019A 2025 LBO Case 2025 Strategic Plan 12.9x 19.0x 24.3x 15.4x 34.6x 32.9x Payer-Focused Healthcare IT Data Analytics and Value-Add Payment Processing $0.8B $1.1B $1.3B - $1.4B Strategic Plan To Create Value For Investors Source: FactSet. Market data as of
Slide 60: MultiPlan Investment Highlights
CHURCHILL CAPITAL MultiPlan Investment Highlights 60 Leading, Mission Critical Cost Management Solution Incorporating Comprehensive Claims Data, Analytics, IP and Network Assets 2 Multi - Decade Deep Relationships With Top Payers in The U.S. Healthcare Industry 3 Strong Management Track Record of Cr
Slide 61: Q&A
CHURCHILL CAPITAL Q&A
Slide 62: Appendix
CHURCHILL CAPITAL Appendix
Slide 63: Transaction Summary: Sources and Uses, Day 1 Ownership
CHURCHILL CAPITAL $ Equity Issued to Existing MultiPlan Parent Shareholders $4,157 Cash Available in Churchill Trust Account 1,100 Common PIPE Investment Proceeds 1,300 Convertible PIPE Investment Proceeds 1,268 Total Sources $7,825 $ Common Equity Purchase Price $5,678 Debt Repayment 1,179 Estimate
Slide 64: Summary of Shares Outstanding at Various Prices
CHURCHILL CAPITAL Summary of Shares Outstanding at Various Prices Note: 27.5M public warrants, 6.5M PIPE investor warrants and 24.5M private placement warrants net for Treasury Stock Method ( “TS M”). Excludes management options. (1) Day 1 shares outstanding and ownership exclude impact of 12.4M fou
Slide 65: Common PIPE Term Sheet
CHURCHILL CAPITAL Common PIPE Term Sheet 65 Issuer Churchill Capital Corp III (“Churchill”) Security Common Stock Listing NYSE (CCXX) Aggregate Amount $1.3 billion Price $10.00 per share Use of Proceeds To fund a portion of the amount necessary to consummate the acquisition of MultiPlan, including r
Slide 66: Convertible PIPE Term Sheet
CHURCHILL CAPITAL Convertible PIPE Term Sheet 66 Instrument Convertible Senior PIK Toggle Notes Issuer Churchill Capital Corp III Amount $1.3 billion Maturity 7 years, NC - 3 customary soft call Ranking Senior HoldCo Notes Coupon 6.00% / 7.00% cash / PIK at Issuer’s option Conversion Rights $13.00 c
Slide 67: NYSE-Compliant Governance
CHURCHILL CAPITAL NYSE - Compliant Governance 67 Member Background Mark T abak Chairman and Chief Executive Officer • CEO of MultiPlan since 2002, previously served as Vice Chairman of MultiPlan from 2000 to 2002 • Prior to that, held executive level positions at companies including HealthAmerica an
Slide 68: Existing Executive Team Will Continue to Lead MultiPlan
CHURCHILL CAPITAL Existing Executive Team Will Continue to Lead MultiPlan 68 Executive Industry Experience Years at MultiPlan Background Mark T abak Chairman and Chief Executive Officer 30+ years <20 years • Healthcare Executive with healthcare and managed care experience • Possesses over 30 years o
Slide 69: Churchill Value-add Team
CHURCHILL CAPITAL Churchill Value - add Team 69 Michael Klein Founder and Managing Partner M. Klein and Company • Led the effort to split HP Inc. from Hewlett Packard Enterprise and oversaw the sale of HP’s stake of its business in China for $2.3B • Helped to develop Windows into one of the most sig
Slide 70: H&F Value-add Team
CHURCHILL CAPITAL H&F Value - add Team 70 • Active in supporting M&A efforts across both MultiPlan and HUB • Member of Hellman & Friedman’s 4 - person Investment Committee • Co - leads healthcare and financial services investments for H&F • Co - leads healthcare and insurance investments for H&F Sel
Slide 71: Churchill Capital Overview
CHURCHILL CAPITAL $10.00 $35.56 $6.68 $25.56 $10.00 $18.88 Unit Price @ IPO (9/10/18) Stock Price Appreciation Warrant Value Total Return (8/14/20) $2.9 $18.2 Equity Value @ Acquisition Current Equity Value (8/14/20) Churchill Capital Overview Source: FactSet. Note: Market data as of 8/14/20. (1) Re
Slide 72: MultiPlan's Existing Sponsor: Hellman & Friedman
CHURCHILL CAPITAL MultiPlan’s Existing Sponsor: Hellman & Friedman 72 • Founded in 1984 • Raised over $50B and invested in 90 companies • Current Fund (HFCP IX) has $16.5B of committed capital • ~$50B of current Assets Under Management • 30% Gross IRR over 30 years (1) Portfolio of high - quality ma
Slide 73: Presentation of Certain Non-GAAP Financial Measures
CHURCHILL CAPITAL Presentation of Certain Non - GAAP Financial Measures EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Levered Free Cash Flow, and Levered Free Cash Flow Conversion, as presented, ar e examples of supplemental non - U.S. GAAP measures of MultiPlan’s performance. Adjusted EBITDA rep
Slide 74: Reconciliation of Non-GAAP Financials Measures
CHURCHILL CAPITAL Reconciliation of Non - GAAP Financials Measures 74 Adj. EBITDA Reconciliation ($ in thousands) For the Three Months Ended For LTM Ended June 30, March 31, December 31, September 30, June 30, March 31, June 30, 2020 2020 2019 2019 2019 2019 2020 Successor Successor Successor Succes
Slide 75: Reconciliation of Non-GAAP Financials Measures (Cont'd)
CHURCHILL CAPITAL Reconciliation of Non - GAAP Financials Measures (Cont’d) 75 Adj. EBITDA Reconciliation ($ in thousands) For the Year Ended May 2 - January 1 - For the Year Ended December 31, December 31, June 6, 2016 December 31, 2019 2018 2017 2016 2016 2016 2015 2014 2013 Successor Successor Su
Churchill Capital Corp III — SPAC Merger (August 2020) on 6ix