Claritev Corp (MPLN) 2023 Q4 法說會逐字稿

Hello, everyone, and welcome to the MultiPlan Corporation Fourth Quarter 2023 earnings conference call.

大家好，歡迎參加 MultiPlan Corporation 2023 年第四季財報電話會議。

My name is Bruno, and I'll be operating your call today.

我叫布魯諾，今天由我接聽您的電話。

(Operator Instructions)

（操作員說明）

I will now hand over to your host, Shawna Gasik, AVP of Investor Relations channel.

現在我將把時間交給主持人投資者關係頻道副總裁 Shawna Gasik。

Please go ahead.

請繼續。

Thank you, Bruno.

謝謝你，布魯諾。

Good morning and welcome to Multiplan's Fourth Quarter 2023 earnings call.

早安，歡迎參加 Multiplan 2023 年第四季財報電話會議。

Our speakers today are Dale White, Chief Executive Officer; and Jim Head, Chief Financial Officer.

今天我們的演講者是執行長戴爾懷特 (Dale White)；吉姆‧海德（Jim Head），財務長。

Also joining us today is our Incoming Chief Executive Officer, Travis Dalton.

今天加入我們的還有我們即將上任的執行長 Travis Dalton。

The call is being webcast and can be accessed through the Investor Relations section of our website at multiplan.com.

此次電話會議正在進行網路直播，您可以透過我們網站 multiplan.com 的投資者關係部分進行存取。

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 fourth quarter 2023 earnings press release issued earlier this morning.

在電話會議期間，我們將參考我們網站投資者關係部分提供的補充投影片，以及今天早上早些時候發布的 2023 年第四季財報新聞稿。

But before we begin, just a couple of reminders, our remarks and responses to questions today may include forward-looking statements.

但在我們開始之前，請先提醒一下，我們今天的言論和對問題的回答可能包括前瞻性陳述。

These forward-looking statements represent management's beliefs and expectations only as of the date of this call, and actual results may differ materially from these forward-looking statements due to a number of risks.

這些前瞻性陳述僅代表管理階層截至本次電話會議之日的信念和期望，由於存在多種風險，實際結果可能與這些前瞻性陳述有重大差異。

A summary of these risks can be found on the second page of the supplemental slide deck and a more complete description on our annual report on Form 10-K and other documents we file with the SEC.

這些風險的摘要可以在補充投影片的第二頁找到，更完整的描述可以在我們向 SEC 提交的 10-K 表格年度報告和其他文件中找到。

We will also be referring to several non-GAAP measures, which we believe provide investors with a more complete understanding of Multiplan's underlying operating results.

我們也將提及幾項非 GAAP 衡量標準，我們相信這些衡量標準可以讓投資人更全面地了解 Multiplan 的基本營運績效。

An explanation of these non-GAAP measures and reconciliation to the most comparable GAAP measure can be found in the earnings press release and in the supplemental slide deck.

這些非公認會計準則衡量標準的解釋以及與最具可比性的公認會計準則衡量標準的調節可以在收益新聞稿和補充幻燈片中找到。

With that, I would now like to turn the call over to our Chief Executive Officer, Dale White, Dale.

現在，我想將電話轉給我們的執行長戴爾懷特 (Dale White)。

Thank you, Shawna, and good morning, everyone, and welcome on the call.

謝謝肖娜，大家早安，歡迎來電。

With me today is our CFO, Jim head, and our Incoming CEO, Travis Dalton.

今天和我在一起的是我們的財務長吉姆·海德和即將上任的執行長特拉維斯·道爾頓。

As we close out 2023, I am really encouraged by the progress we have made in transforming our business.

2023 年即將結束，我對我們在業務轉型方面的進展感到非常鼓舞。

We began the year with a new growth plan in hand and a clear sense of what we needed to accomplish.

我們在新的一年開始時制定了新的成長計劃，並對我們需要完成的任務有清晰的認識。

Throughout the course of the year, we executed in advance each of the initiatives under that plan.

一年來，我們提前執行了該計劃下的每一項舉措。

We launched several new products to enhance our core out of network payment integrity and value-driven health plan services.

我們推出了多種新產品，以增強我們的核心網路支付完整性和價值驅動的健康計劃服務。

Through HST, we made a game-changing acquisition of a data at data analytics platform, benefit Science Technologies, or BST. bringing a suite of new products that accelerated the development of a new data and decision science service line and positioning us to further penetrate faster-growing market segments, including Medicare Advantage and Medicaid.

透過 HST，我們在數據分析平台上對數據進行了改變遊戲規則的收購，並受益於科學與技術（BST）。帶來了一套新產品，加速了新數據和決策科學服務線的開發，並使我們能夠進一步滲透到快速成長的細分市場，包括醫療保險優勢和醫療補助。

And we partnered with Eco Health to offer a health care payment service, which enhances the competitive position of our product suite in the TPA and direct to employer channels and which will add value to each of our service lines as part of a bundled service, we expect to see further benefits from these investments in 2024 and beyond.

我們與 Eco Health 合作提供醫療保健支付服務，這增強了我們的產品套件在 TPA 中的競爭地位並直接面向雇主渠道，並且作為捆綁服務的一部分，這將為我們的每條服務線增加價值，我們預計2024 年及以後這些投資將帶來更多收益。

As our growth accelerates Moreover, these initiatives are just the first of a long pipeline of new products we expect to launch over the next few years as we turn into a product centric organization, which aims to amplify and sustain our long-term growth and diversify our revenues.

隨著我們的成長加速此外，隨著我們轉變為以產品為中心的組織，這些舉措只是我們預計在未來幾年推出的一系列新產品中的第一個，其目的是擴大和維持我們的長期成長和多元化我們的收入。

In addition to executing on our growth plan, we continued to put our business on stronger footing by reducing our risk and improving our financial position.

除了執行我們的成長計劃外，我們還透過降低風險和改善財務狀況繼續鞏固我們的業務。

The visibility and stability of our revenues increased following the contract renewals with our larger customers at the beginning of the year, the volume environment normalized throughout the year.

隨著年初與大客戶續約，我們收入的可見度和穩定性有所提高，全年銷售環境正常化。

Our business began growing again in the second half, and we delivered on our revenue and adjusted EBITDA expectations for the year.

下半年我們的業務再次開始成長，我們實現了今年的營收並調整了 EBITDA 預期。

We have continued to be active with our capital allocation and made meaningful strides toward reach towards reducing our debt in 2023 by repurchasing or repaying $222 million in face value of our debt, much of which was at a discount, including $25 million of our 6% convertible PIC notes in the fourth quarter.

我們繼續積極進行資本配置，並透過回購或償還面額 2.22 億美元的債務，在 2023 年減少債務方面取得了有意義的進展，其中大部分債務都是打折的，包括我們 6% 的 2,500 萬美元第四季可轉換PIC票據。

In total, we have repurchased or repaid $362 million of face value of debt over the last five quarters.

過去五個季度，我們總共回購或償還了面額 3.62 億美元的債務。

Reducing debt remains among our highest priorities, and we expect to strengthen our balance sheet and optimize our capital structure as we grow revenues and free cash flow over the next several years.

減少債務仍然是我們的首要任務之一，隨著未來幾年收入和自由現金流的增長，我們預計將加強我們的資產負債表並優化我們的資本結構。

So we made a lot of progress in 2023, and we did all, we did all of that while pursuing our mission to bring affordability, efficiency and fairness to the health care system this year, identifying $22.9 billion of potential medical cost savings and helping to lower out-of-pocket costs and reduce or eliminate millions of balance bills for health care consumers.

因此，我們在2023 年取得了很大進展，我們做了所有的事情，同時追求今年為醫療保健系統帶來可負擔性、效率和公平性的使命，確定了229 億美元的潛在醫療成本節省，並幫助降低自付費用，減少或消除醫療保健消費者數以百萬計的餘額帳單。

Turning to our fourth quarter results, as shown on page 5 of the supplemental deck, revenues were $244.1 million, up about $1.3 million from the prior quarter or 0.5% and up 1.3% from Q4 2022 despite a difficult year over year comparison.

轉向我們第四季的業績，如補充資料第5 頁所示，營收為2.441 億美元，比上一季成長約130 萬美元，成長0.5%，比2022 年第四季成長1.3%，儘管年比比較困難。

Given the impact of our contract renewals with our larger customers, which were not yet in our revenue run rate in Q4 2022, revenues came in just below the midpoint of our fourth quarter guidance range.

考慮到我們與大客戶續約合約的影響（尚未納入我們 2022 年第四季的營收運作率），營收略低於我們第四季指引範圍的中點。

This was driven by solid sequential and year-over-year growth and our identified potential savings, partially offset by the cumulative impact of several adjustments that affected revenue yield from identified savings.

這是由穩健的連續增長和同比增長以及我們確定的潛在節省推動的，但部分被影響確定節省的收入收益的幾次調整的累積影響所抵消。

As Jim will detail momentarily, adjusted EBITDA was $156.8 million, up 3% sequentially and at the end of our guidance range at the lower end of our guidance range for the quarter, driven largely by continued investments in the business.

正如吉姆將立即詳細介紹的那樣，調整後的 EBITDA 為 1.568 億美元，比上一季度增長 3%，處於我們本季度指導範圍的下限，這主要是由業務持續投資推動的。

EBITDA was down 3% from the prior quarter.

EBITDA 較上一季下降 3%。

Our adjusted EBITDA margin was 64.2%, up 150 basis points from 62.7% from the prior quarter meeting our expectations as we had said, our margin would show sequential improvement in Q4.

我們調整後的 EBITDA 利潤率為 64.2%，比上一季的 62.7% 上升 150 個基點，符合我們的預期，正如我們所說，我們的利潤率將在第四季度出現環比改善。

Importantly, BST costs were slightly lower than BEST revenues in the fourth quarter.

重要的是，第四季 BST 成本略低於 BEST 收入。

Adjusted EBITDA margin declined from 67% in the prior quarter, reflecting the impact of our contract renewals with larger customers.

調整後 EBITDA 利潤率較上一季的 67% 有所下降，反映了我們與大客戶續約合約的影響。

The BST. acquisition and our investments in the business for the full year 2023, as shown on page 5 of the supplemental deck, revenues were $961.5 million, down 11% from the prior year.

空白石板技術。如補充資料第 5 頁所示，2023 年全年的收購和投資，營收為 9.615 億美元，比前一年下降 11%。

And adjusted EBITDA was $618.1 million, down about 20% from the prior year.

調整後 EBITDA 為 6.181 億美元，較上年下降約 20%。

Both revenues and adjusted EBITDA fell within our fiscal year guidance ranges.

收入和調整後的 EBITDA 均落在我們的財政年度指引範圍內。

Adjusted EBITDA margin was 64.3% for fiscal year 2023, down from 71.2% for fiscal year 2022, but within the range of 64 to 65 that was implied by our full year 2023 revenue and adjusted EBITDA guidance.

2023 財年調整後 EBITDA 利潤率為 64.3%，低於 2022 財年的 71.2%，但在我們 2023 年全年收入和調整後 EBITDA 指導所暗示的 64 至 65 範圍內。

We continued to deliver strong cash flow in 2023, generating $171.7 million of operating cash flow and free cash flow of $62.9 million.

2023 年，我們繼續提供強勁的現金流，產生 1.717 億美元的營運現金流和 6,290 萬美元的自由現金流。

As I mentioned, we have continued to make excellent progress on our growth plan.

正如我所提到的，我們的成長計劃繼續取得巨大進展。

I'd like to spend a moment taking stock of what we achieved in 2023 and discuss the objectives and initiatives focusing on in 2024.

我想花點時間回顧我們在 2023 年的成就，並討論 2024 年重點關注的目標和舉措。

Starting with the multiyear context, as shown on page 10 of the supplemental deck, the growth plan is integral to our transformation and is underpinned by a set of rolling objectives and new product initiatives.

正如補充報告第 10 頁所示，從多年背景開始，成長計畫是我們轉型不可或缺的一部分，並以一系列滾動目標和新產品計畫為基礎。

As we've laid out at our Investor Day, we still expect our 2023 and 2024 initiatives to generate $200 million to 275 million of incremental annual revenues over the next several years.

正如我們在投資者日所闡述的那樣，我們仍然預計 2023 年和 2024 年的計劃將在未來幾年內產生 2 億至 2.75 億美元的增量年收入。

And we won't stop there because we've identified a long pipeline of opportunities, including a range of initiatives that will be in focus in 2023, 2025 and beyond.

我們不會就此止步，因為我們已經確定了一系列機會，包括一系列將在 2023 年、2025 年及以後重點關注的措施。

We entered 2023 with four key objectives on our plate.

進入 2023 年，我們有四個關鍵目標。

First, strategically, enhance our core services to drive more savings and value for our customers.

首先，從策略上增強我們的核心服務，為我們的客戶帶來更多節省和價值。

Second, expand our HSP. platform, third, solidify our market leadership in NASA. services, and finally, expand our service offerings to include data and decision science services and a healthcare B2B payment service, as shown on page 11 of the supplemental deck.

第二，擴大我們的HSP。第三，鞏固我們在 NASA 的市場領導地位。服務，最後，擴展我們的服務範圍，包括數據和決策科學服務以及醫療保健 B2B 支付服務，如補充資料第 11 頁所示。

Each of these initiatives and the product initiatives underneath them are on track and are expected to deliver revenue growth for 2024 and ramp up in 2025 and beyond.

這些舉措及其背後的產品舉措均已步入正軌，預計將在 2024 年實現收入成長，並在 2025 年及以後實現成長。

First, our new balanced build protection product is off to a great start.

首先，我們新的平衡建構保護產品有了一個好的開始。

Recall that we've launched this product in the second quarter of last year as the first step in our objective to expand our value-driven health plan or HST platform, and we onboarded 11,000 lives for 2023.

回想一下，我們在去年第二季度推出了該產品，作為我們擴展價值驅動型健康計劃或 HST 平台目標的第一步，我們在 2023 年為 11,000 人提供了幫助。

So far in 2024, we have added about another 7,500 lives, bringing the total to nearly 19,000 lives and we expect to add additional lives throughout the year.

截至 2024 年，我們已新增約 7,500 條生命，使生命總數達到近 19,000 條，我們預計全年還會增加更多生命。

We expect balance build protection to contribute at least $6 million of revenue in 2024 to our HST business.

我們預計平衡建構保護將在 2024 年為我們的 HST 業務貢獻至少 600 萬美元的收入。

And we're just getting started were already working on launching a version of this product for our core multi-plant services, which I'll get into shortly in advancing our objective to enhance our core services.

我們剛開始為我們的核心多工廠服務推出該產品的一個版本，我很快就會介紹這個版本，以推進我們增強核心服務的目標。

We launched Pro pricer in the third quarter and in October, we onboarded a few large customers.

我們在第三季推出了 Pro Pricer，並於 10 月吸引了一些大客戶。

As we mentioned last quarter.

正如我們上季度所提到的。

Pro pricer is our next generation added network repricing solution, which uses machine learning and AI to apply customer rules in choosing the optimal multi-plant solution to apply to a particular claim.

Pro Pricer 是我們的下一代附加網路重新定價解決方案，它使用機器學習和人工智慧應用客戶規則來選擇適用於特定索賠的最佳多工廠解決方案。

Based on what we know today, we anticipate pro pricer to generate revenues of $8 million to 10 million in 2024.

根據我們目前所知，我們預計 2024 年 Pro Pricer 的營收將達到 800 萬至 1,000 萬美元。

And you'll hear in a moment that enhancing the Pro pricer suite features prominently and our 2024 growth initiatives also gaining strong traction is our itemized bill review service or IVR, which is a payment integrity service that reduced high-dollar inpatient facility claims during the adjudication process to identify billing errors and prevent overpayments.

稍後您就會聽到，增強Pro 定價套件的突出功能以及我們的2024 年增長計劃也獲得了強大的吸引力，那就是我們的逐項賬單審核服務或IVR，這是一項支付誠信服務，可在2024 年期間減少高額住院設施索賠。

Recall that during the third quarter we introduced functionality enhancements, including bundling with our advanced coding analytics.

回想一下，在第三季度，我們引入了功能增強，包括與我們的高級編碼分析捆綁在一起。

To proactively identify case with these enhancements, we added five customers generating annualized revenues of about $5 million.

為了主動識別這些增強功能的案例，我們增加了 5 個年收入約 500 萬美元的客戶。

As a result, we expect IBR will contribute nicely to the solid growth we are anticipating in payment revenue integrity services in 2024.

因此，我們預計 IBR 將為我們預期的 2024 年支付收入誠信服務的穩健成長做出巨大貢獻。

No Surprises Act compliance remains a significant focus in 2023, and we advance our objective of solidifying our market leadership by building an NSA Insights Portal and creating rules based claims processing capability.

《無意外法案》合規性仍然是 2023 年的一個重要焦點，我們透過建立 NSA 洞察門戶和創建基於規則的索賠處理能力來推進鞏固我們市場領導地位的目標。

We believe customer and claims specific rules bring huge value to payers because not all surprise bills are the same.

我們相信客戶和索賠的特定規則會為付款人帶來巨大的價值，因為並非所有意外帳單都是相同的。

Our rules-based processing engine allows our customers to recognize and leverage the unique conditions of each claim, including the likely outcome of dispute resolution.

我們基於規則的處理引擎使我們的客戶能夠識別並利用每項索賠的獨特條件，包括爭議解決的可能結果。

And we have seen increased success rates in free IDR post pay negotiation by applying rules that allow greater flexibility in negotiating settlements.

我們還發現，透過應用程式允許談判和解具有更大靈活性的規則，免費 IDR 付款後談判的成功率有所提高。

We are also creating machine learning and other tools to enhance our success in negotiating settlements and improving our customers' chances of winning IDR case.

我們也正在創建機器學習和其他工具，以提高我們在和解談判中的成功率，並提高客戶贏得 IDR 案件的機會。

Continuing with the initiatives on page 11 and turning to our new data and decision science service line.

延續第 11 頁的舉措，轉向我們新的數據和決策科學服務線。

As we mentioned last quarter, we released planned optics search in July and the first version of planned optics intelligence in October, and I'm pleased with our pipeline.

正如我們上季度提到的，我們在 7 月發布了計劃中的光學搜索，並在 10 月發布了計劃中的光學情報的第一個版本，我對我們的管道感到滿意。

Recall that plan optics is a software suite that provides health care cost analysis and critical market insights.

回想一下，plan optics 是一個提供醫療保健成本分析和關鍵市場洞察的軟體套件。

By leveraging machine-readable files of payer price transparency, data software will help our customers prepare and execute strategic contract negotiations with providers understand competitive position to drive market expansion, sales for sales and retention strategies, improve stop-loss premiums and optimize provider networks.

透過利用付款人價格透明度的機器可讀文件，數據軟體將幫助我們的客戶準備和執行與供應商的策略合約談判，了解競爭地位，以推動市場擴張、銷售和保留策略、提高止損溢價並優化供應商網路。

Also within the BST. family of products, we had a number of wins with our Supplemental Insurance Services.

也在 BST 之內。在產品系列中，我們的補充保險服務取得了許多勝利。

And then Vince, now moving on to our 2024 growth plan.

然後 Vince，現在開始討論我們的 2024 年成長計畫。

As you can see on page 12, the four objectives driving our strategies are to lead the next generation of claims processing to advance our HST. employee solution in a Box Platform to deepen the value proposition of our core services and to enhance and expand the data and decision science service line.

正如您在第 12 頁上看到的，推動我們策略的四個目標是引領下一代索賠處理，以推進我們的 HST。 Box 平台中的員工解決方案，以深化我們核心服務的價值主張，並增強和擴展資料和決策科學服務線。

I'm very excited about the first objective.

我對第一個目標感到非常興奮。

We know from our 2023 launches of balance bill protection and PRO pricer that we are well positioned to bend the healthcare cost curve by applying technology data and decision science in the management of medical costs.

從 2023 年推出的餘額帳單保護和 PRO 定價器中我們知道，我們處於有利位置，可以透過在醫療成本管理中應用技術數據和決策科學來彎曲醫療成本曲線。

Multiplan has all of the tools to make this happen in 2024, we expect to meet the strong interest of our customers have the strong interest of our customers have expressed in a configuration that bundles bound still protection with Pro pricer.

Multiplan 擁有在 2024 年實現這一目標的所有工具，我們希望滿足客戶的強烈興趣，我們的客戶在與 Pro Pricer 捆綁綁定仍然保護的配置中表達了強烈的興趣。

We are also making significant enhancements to the pro price or engine this year and next, with not only will further enhance the flexibility we offer to our customers and increase the savings we deliver, but will also generate dramatic operational cost savings for multi-play, but we aren't stopping with out of network claims.

今年和明年，我們還將對專業版價格或引擎進行重大改進，這不僅將進一步增強我們為客戶提供的靈活性並增加我們提供的節省，而且還將為多人遊戲、但我們不會停止網絡外索賠。

You may recall, one of our 2023 objectives was to develop the next generation of our provider network asset in 2024.

您可能還記得，我們​​ 2023 年的目標之一是在 2024 年開發下一代提供者網路資產。

We are working on an exciting intelligence hub concept that will enable multi plan and our customers to curate provider networks for specific populations.

我們正在研究一個令人興奮的情報中心概念，該概念將使多計劃和我們的客戶能夠為特定人群策劃提供者網路。

We believe the future of networks is curation and our net and our unique combination of data decision science and network development assets, along with our over 40 years of experience working with providers and payers uniquely positions MultiPlan to lead the way.

我們相信網路的未來在於管理，我們的網路以及資料決策科學和網路開發資產的獨特組合，以及我們 40 多年與提供者和付款人合作的經驗，使 MultiPlan 處於獨特的領先地位。

The next objective is to advance the employer solution and Box platform of HST., we are near completion with enhanced reporting as well as predictive and prescriptive analytics.

下一個目標是推進 HST 的雇主解決方案和 Box 平台。

Leveraging PST.'s been insights, risk management platform.

利用 PST 的洞察力、風險管理平台。

We are also working with care navigation companies on a strategy to install, integrate concierge service options, enriched with our risk models and the new member engagement programs they enable.

我們也與護理導航公司合作制定安裝、整合禮賓服務選項的策略，並透過我們的風險模型和他們支援的新會員參與計畫來豐富我們的服務。

Finally we continue to consider ways to tie in a pharmacy options.

最後，我們繼續考慮如何結合藥局選擇。

Next is our objective to deepen the value proposition of all of our core service lines.

接下來我們的目標是深化所有核心服務線的價值主張。

The initiatives listed on slide 12 are over and above the work we do every day to improve the performance of our products within our analytics-based services.

第 12 張投影片中所列的措施超出了我們每天在基於分析的服務中提高產品效能的工作範圍。

Our focus in 2024 is to fully launch the NSA. portal and rules-based processing enhancements that I mentioned earlier.

我們 2024 年的重點是全面啟動 NSA。我之前提到的入口網站和基於規則的處理增強功能。

And we also have growing interest from our customers with fully insured business in services that aid in meeting state surprise bill requirements, and it's not shown here, but we are also monitoring the regulatory rule-making involving QPA administration and advanced explanation of benefits, which subject to timing could very well lead to additional for product development in 2024.

我們的客戶對完全保險業務也越來越感興趣，這些服務有助於滿足州意外賬單要求，這裡沒有顯示，但我們也在監控涉及 QPA 管理和福利高級解釋的監管規則制定，這根據時間安排，很可能會在2024 年增加產品開發費用。

In addition to NSA services, we are introducing a new reference based pricing option that considers meeting rates in the market, capitalizing on the capabilities we've developed for NSA. compliance, we are introducing more comprehensive claim editing, which features service level tiers for first pass subsequent pass and post-payment needs, and we will drive adoption of our new B2B payment service through product bundling, sales and marketing.

除了 NSA 服務之外，我們還引入了一種新的基於參考的定價選項，該選項考慮滿足市場價格，並利用我們為 NSA 開發的功能。為了滿足合規性，我們正在引入更全面的索賠編輯，其中包括滿足首次通過、後續通過和後付款需求的服務級別，並且我們將通過產品捆綁、銷售和營銷來推動新的B2B 支付服務的採用。

Our final objective is to enhance and expand the data and decision science service line we introduced in mid 2023.

我們的最終目標是增強和擴展我們在 2023 年中期推出的數據和決策科學服務線。

Efforts are underway across all the products in this line, but our highest priorities are clinical risk models and plan

該系列的所有產品都在努力，但我們的首要任務是臨床風險模型和計劃

[OpEx].

[營運支出]。

Our risk models are unique in their interest in their interest or repeatability, which means we not only score risk, but we provide the dominant factors that comprise the score.

我們的風險模型在其興趣或可重複性方面是獨一無二的，這意味著我們不僅對風險進行評分，而且還提供構成評分的主導因素。

So our customers can take more immediate action.

因此我們的客戶可以採取更立即的行動。

In 2024.

2024年。

We are introducing additional models focused on high cost claimants to better inform stop-loss coverages and on the senior population to add value for Medicare Advantage plans.

我們正在推出更多針對高費用索賠人的模型，以更好地為止損保險提供信息，並針對老年人群，為 Medicare Advantage 計劃增加價值。

We are also advancing the product roadmap for planned optics to further enrich the data and to add feature function to our software suite.

我們也正在推進規劃光學的產品路線圖，以進一步豐富數據並為我們的軟體套件添加功能功能。

Notably, we are also in the ideation stages of a planned optics like solution for providers, which will be a significant 2025 focus and open a new market vertical.

值得注意的是，我們還處於為提供者提供的計劃光學解決方案的構思階段，這將成為 2025 年的一個重要焦點，並開闢一個新的垂直市場。

As I reflect on the significant progress we made during 2023.

當我回顧 2023 年我們的重大進展。

And as I look forward to 2024 and beyond, I am confident that the Company is on sound footing.

當我展望 2024 年及以後時，我相信公司基礎良好。

Our growth has begun to accelerate and the transformation of our business is on track.

我們的成長已經開始加速，我們的業務轉型也步入正軌。

With our growth plan well underway.

我們的成長計劃正在順利進行。

I have decided now is the right time to transition the leadership of multi-plant to our new CEO, Travis Dalton.

我決定現在是將多工廠領導權移交給新任執行長 Travis Dalton 的最佳時機。

Travis is precisely the right individual to guide the company through this exciting next chapter has extensive experience driving new product innovation to scale the success he has demonstrated expanding into new markets.

Travis 正是帶領公司度過這一令人興奮的新篇章的合適人選，他擁有推動新產品創新的豐富經驗，以擴大他在拓展新市場方面所取得的成功。

His commitment to delivering customer value and his outstanding leadership capabilities will be critical to steering us from the early stages of our growth plan to the realization of our strategic vision.

他對提供客戶價值的承諾和傑出的領導能力對於引導我們從成長計畫的早期階段到實現我們的策略願景至關重要。

Travis, his first official day as CEO is tomorrow.

明天是特拉維斯 (Travis) 就任執行長的第一天。

So this is a perfect moment to introduce him to all of you.

所以現在是向大家介紹他的最佳時機。

So I'm going to pass the call to him to say a few words.

所以我要把電話轉給他說幾句話。

Travis, welcome.

特拉維斯，歡迎。

Thank you, Dale, and hello to everyone on the call.

謝謝你，戴爾，並向通話中的每個人問好。

Let me start by saying how excited I am to be joining MultiPlan as I considered the opportunity to lead this company.

首先我要說的是，我對加入 MultiPlan 感到非常興奮，因為我考慮了領導這家公司的機會。

I reached three conclusions that persuaded me that this was exactly the company where I can make a difference and where I wanted to be first, multi-plant has great customers, a world-class team solutions that add value and an important mission to bend the cost curve in health care, I can get behind that.

我得出了三個結論，這些結論說服了我，這正是我可以做出改變的公司，也是我想成為第一的公司，多工廠擁有偉大的客戶，世界一流的團隊解決方案可以增加價值，並且有一個重要的使命來改變現狀。

Second, we have industry leading technology and data assets that will enable us to significantly expand and accelerate revenue growth by launching new products and services that are natural extensions of the baseline products we provide to our existing customers and which prepare us to further expand innovative products in new vertical markets.

其次，我們擁有領先業界的技術和數據資產，這將使我們能夠透過推出新產品和服務來大幅擴展和加速收入成長，這些新產品和服務是我們向現有客戶提供的基準產品的自然延伸，並為我們進一步擴展創新產品做好準備在新的垂直市場。

Finally, it's clear to me that we have a strategy and the opportunity to position the Company for accelerating growth by leveraging these considerable assets.

最後，我很清楚，我們有一個策略和機會，可以透過利用這些可觀的資產來使公司加速成長。

It's my intention to build upon these successes.

我的目的是在這些成功的基礎上再接再厲。

I'm confident that my experience scaling complex health care and technology environments, while leveraging products and data to drive top line growth will be a strong asset as we seek to fortify and expand from our core look at new markets and pursue data and decision science solutions that add value to our customers and the members that they serve.

我相信，我在擴展複雜的醫療保健和技術環境方面的經驗，同時利用產品和數據來推動收入成長，將成為我們的強大資產，因為我們尋求加強和擴展我們對新市場的核心看法，並追求數據和決策科學為我們的客戶及其服務的會員增加價值的解決方案。

So for me, joining multi plan is about my commitment to this important mission.

所以對我來說，加入多重計畫是我對這重要使命的承諾。

It's about my passion for improving the quality costs and access to health care in our nation.

這是關於我對改善我們國家的品質成本和獲得醫療保健的熱情。

That's about leading a great team as we seek to achieve maximum impact in the coming quarters.

這就是領導一支優秀的團隊，力求在未來幾季取得最大的影響力。

You will hear more from me about how we plan to increase clarity of purpose, enhance alignment of our resources and focus on world-class operations.

您將從我這裡聽到更多有關我們計劃如何提高目標清晰度、加強資源整合以及專注於世界一流運營的信息。

This will allow us to get fit for growth by expanding our operating and product development capabilities, intensifying our focus on the product lead go-to-market strategies and attacking top line growth through our sales engagements and new markets.

這將使我們能夠透過擴大我們的營運和產品開發能力、加強對產品領先的進入市場策略的關注以及透過我們的銷售活動和新市場來實現收入成長來適應成長。

As you've heard Dale say, execution is critical, and I'm here to drive that.

正如您聽到戴爾所說，執行力至關重要，而我來這裡就是為了推動這一點。

That's where considerable energy will be focused in 2024.

這就是 2024 年大量精力將集中的領域。

You will also hear more from me about an expanded strategic vision.

您還將從我這裡聽到更多有關擴展戰略願景的信息。

I strongly believe we can set our sights higher even higher for '25 and 2026 for a more expansive opportunity set as we follow through on our objective of leveraging our platform to penetrate new market market verticals and deliver platform-based data and analytics.

我堅信，我們可以為 25 年和 2026 年設定更高的目標，以獲得更廣泛的機會，因為我們將繼續實現利用我們的平台滲透新市場垂直領域並提供基於平台的數據和分析的目標。

Health care is at an inflection point with consumer demands, provider and payer challenges and increasing regulation and market pressures, all of which has created an enormous impetus for change, unlike any I have seen in more than two decades in this industry.

醫療保健正處於轉折點，消費者的需求、提供者和付款人的挑戰以及日益增加的監管和市場壓力，所有這些都創造了巨大的變革動力，這與我在這個行業二十多年來所見過的任何變化都不一樣。

I believe data will be at the forefront of that transformation in health care and ultimately for consumers of care, which includes all of us and I believe MultiPlan is uniquely positioned to bring data intelligence, innovation and value to our customers in the industry.

我相信數據將成為醫療保健領域變革的前沿，並最終為護理消費者（包括我們所有人）服務，我相信 MultiPlan 具有獨特的優勢，可以為行業內的客戶帶來數據智慧、創新和價值。

In summary, I see an incredible opportunity to follow through our transformation from a great private company to a world-class public company that's fit for growth.

總而言之，我看到了一個難以置信的機會，可以幫助我們從一家偉大的私人公司轉型為適合成長的世界級上市公司。

And I look forward to meeting all of you in person in the coming quarter.

我期待在下個季度與大家見面。

And with that, I'll turn the call back over to Dale.

然後，我會將電話轉回給戴爾。

Thank you, are we are thrilled that you are on board.

謝謝您，我們很高興您的加入。

I want to remind everyone that I will still be around.

我想提醒大家，我還是會在身邊。

I will remain active as Executive Chair of the company.

我將繼續擔任公司執行主席。

And I'm glad to have additional time and capacity to devote to supporting and deepening our key customer relationships and leveraging those relationships to help Travis drive our transformation forward.

我很高興有更多的時間和能力來致力於支持和深化我們的關鍵客戶關係，並利用這些關係來幫助 Travis 推動我們的轉型。

With that, I'd like to turn the call over to Jim to take you through the financial results.

說到這裡，我想把電話轉給吉姆，讓他向您介紹財務表現。

Jim?

吉姆？

Thanks, Dale, and good morning, everyone.

謝謝戴爾，大家早安。

Before I begin, let me do a join Dale and welcoming Travis to the MultiPlan team and share with you how excited the senior leadership team is to partner with Travis for the next chapter in our transformation.

在開始之前，請允許我加入 Dale，歡迎 Travis 加入 MultiPlan 團隊，並與您分享高級領導團隊對於與 Travis 合作開啟我們轉型的下一個篇章感到多麼興奮。

This being Dale's last earnings call.

這是戴爾最後一次財報電話會議。

I want to thank him for his vision and leadership and wish him well in his new role at the company today, I'll walk through the financial results for the fourth quarter and full year '23.

我要感謝他的遠見和領導力，並祝他今天在公司的新職位上一切順利，我將介紹第四季度和 23 年全年的財務表現。

Then I'll turn to our outlook for 2024, and I'll close with a review of our balance sheet and our plans for capital allocation.

然後我將談談我們對 2024 年的展望，最後我將回顧我們的資產負債表和資本配置計畫。

As shown on page 5 of the supplemental deck, fourth, revenue was $244.1 million an increase of 0.5% over Q3 and in line with our Q4 guidance compared to the prior year's fourth quarter.

如第四季補充資料第 5 頁所示，營收為 2.441 億美元，比第三季成長 0.5%，與去年第四季相比，符合我們第四季的指導方針。

Revenue increased 1.3% despite a difficult comparison given the impact of contract renewals with our larger customers, which were not yet in our run rate in Q4 2022.

儘管由於與我們的大客戶續約的影響而進行了困難比較，但收入仍增長了 1.3%，而這些客戶尚未納入我們 2022 年第四季度的運行率。

For the full year '23, total revenues were $961.5 million within the narrowed range of guidance provided on our Q3 earnings call and down 10.9% from the prior year.

23 年全年，總收入為 9.615 億美元，處於我們第三季財報電話會議提供的縮小的指導範圍內，比上年下降 10.9%。

Turning to revenues by service line, as shown on page 6 of the supplemental deck.

轉向按服務線劃分的收入，如補充甲板第 6 頁所示。

Relative to Q3 '23, network base revenues declined 8.1% or $4.6 million, driven largely by our complementary network business, which had some customer adjustments, which I will discuss in a moment.

與 23 年第三季相比，網路基礎收入下降了 8.1%，即 460 萬美元，這主要是由我們的互補網路業務推動的，該業務進行了一些客戶調整，我稍後將討論這一點。

Our analytics-based revenues grew 3.2% sequentially attributed to strong volumes and Data iSight and NSA. services.

我們基於分析的收入環比增長 3.2%，這得益於強勁的銷量以及 Data iSight 和 NSA。服務。

Our payment and revenue integrity revenues increased 3.2% sequentially from strengthen our Discovery Health lines of business like revenue, integrity and itemized bill review versus the prior year quarter, network base revenues declined 4% analytics space revenues grew 1.9% and payment and revenue integrity revenues grew 8%, excluding a $3.8 million contribution to revenues from BST, which is reported in our analytics-based revenues.

與去年同期相比，由於加強了Discovery Health 業務線（例如收入、誠信和逐項賬單審核），我們的支付和收入誠信收入環比增長了3.2%，網絡基礎收入下降了4%，分析空間收入增長了1.9%，支付和收入誠信收入增長了1.9%增長了 8%，不包括 BST 貢獻的 380 萬美元收入，該收入已在我們基於分析的收入中報告。

Fourth quarter consolidated revenues were $240.3 million, up slightly from the prior quarter.

第四季合併收入為 2.403 億美元，比上一季略有成長。

For full year '23, network based revenues declined 8.9%.

2023 年全年，基於網路的收入下降了 8.9%。

Analytics-based revenues declined 12.3% and payment and revenue integrity revenues declined 6.9%.

基於分析的收入下降了 12.3%，支付和收入誠信收入下降了 6.9%。

These year-over-year declines are largely attributed to the impact of the contract renewals with larger customers in the beginning of '23 and also due to a sharp decline in COVID related claims savings, which had spiked during the first half of 2022 and dropped off significantly in the first half of 2023.

這些同比下降主要歸因於 23 年初與大客戶續約的影響，以及與新冠病毒相關的索賠節省的急劇下降，該索賠節省在 2022 年上半年激增並下降2023 年上半年大幅下滑。

Excluding a $9.5 million contribution to revenues from nearly eight months of owning BST full year '23, revenues were $952.0 million, down 11.8%.

不計入 23 年全年近八個月擁有 BST 帶來的 950 萬美元收入貢獻，收入為 9.52 億美元，下降 11.8%。

The fourth quarter was characterized by further normalization of volumes with broad-based strength across categories, as shown on page 7 of the supplemental deck total fourth quarter billed charges increased 2% sequentially to $43.4 billion and identified potential savings increased 2.3% sequentially to $5.9 billion in our core commercial health plans.

第四季的特點是交易量進一步正常化，各類別的基礎廣泛，如補充甲板第7 頁所示，第四季度的總計費費用比上一季度增長2%，達到434 億美元，確定的潛在節省比上一季成長2.3%，達到59 億美元在我們的核心商業健康計畫中。

Segment billed charges were up 5% sequentially to $19.4 billion in identified.

確定的分部計費費用較上季成長 5%，達到 194 億美元。

Potential savings increased 2.2% sequentially to $5.6 billion.

潛在節省量較上季成長 2.2%，達到 56 億美元。

The sequential growth in volumes was broad-based across both physician and facilities claims and factoring in our typical claims lag was relatively consistent with the trends in the third and fourth quarters that were reported by some of the publicly traded payers and hospital operators.

醫生和機構索賠數量的環比增長具有廣泛的基礎，並且考慮到我們典型的索賠滯後，與一些公開交易的付款人和醫院運營商報告的第三和第四季度的趨勢相對一致。

Also, we have seen strong and I say, volumes through our platform in Q4, exclusive of the downstream IDR volumes, which also increased significantly in the second half of the year.

此外，我們看到第四季度我們平台的交易量強勁，不包括下游 IDR 交易量，該交易量在下半年也大幅成長。

The strength of our volumes was off offset by a decline in revenues as a percentage of our identified savings or revenue yield.

我們銷售的強勁勢頭被收入占我們確定的節省或收入的百分比下降所抵消。

As shown on page 9 of the supplemental deck, our revenue yield declined seven basis points sequentially for the overall business, which includes both PCI and PEP.

如補充資料第 9 頁所示，我們整個業務（包括 PCI 和 PEP）的營收收益率連續下降了 7 個基點。

In our core percentage of savings revenue model, which is approximately 90% of our revenues, our revenue yield fell 15 basis points.

在我們的核心儲蓄百分比收入模型中（約占我們收入的 90%），我們的收入收益率下降了 15 個基點。

So let's break down this breakdown this decline, about six basis points of the decline was related to mix effects and yield normalization.

因此，讓我們對這次下降進行細分，大約六個基點的下降與混合效應和收益率正常化有關。

And about nine basis points of the decline was related to various customer credits and adjustments that are nonrecurring and will abate.

大約有九個基點的下降與各種非經常性且將會減弱的客戶信貸和調整有關。

Importantly, none of the decline in our PC revenue yield was related to contract changes with our customers.

重要的是，我們的個人電腦收入下降與客戶的合約變更無關。

None of it.

都沒有。

Instead there were more idiosyncratic programmatic adjustments in the quarter than any typical quarter, most of which will disappear in Q1.

相反，本季的特殊程序調整比任何典型季度都要多，其中大部分將在第一季消失。

Going forward, our expectation is that our PC revenue yield is likely to hover around the 5% range with some modest fluctuation driven by product and customer mix.

展望未來，我們的預期是我們的 PC 收入收益率可能會徘徊在 5% 左右，並因產品和客戶組合的推動而出現適度波動。

Turning to expenses, fourth quarter adjusted EBITDA expenses were $87.3 million, up $7.7 million from $79.6 million in the prior quarter, but down $3.2 million from Q3 2023.

說到費用，第四季調整後 EBITDA 費用為 8,730 萬美元，比上一季的 7,960 萬美元增加 770 萬美元，但比 2023 年第三季減少 320 萬美元。

The increase of $7.7 million over last year's fourth quarter was driven by the combination of the acquisition of BST structural cost increases and investments in the business.

與去年第四季相比增加了 770 萬美元，這是由於收購 BST 結構性成本增加和業務投資共同推動的。

For the sequential comparison, the decline in adjusted EBITDA expenses reflected the moderation of upfront costs related to the BST. integration and tight expense controls.

與環比相比，調整後 EBITDA 費用的下降反映了與 BST 相關的前期成本的放緩。整合和嚴格的費用控制。

Our adjusted EBITDA expenses for the full year 2023 were $343.5 million and include approximately eight months of BST costs.

我們 2023 年全年調整後的 EBITDA 費用為 3.435 億美元，其中包括約八個月的 BST 成本。

Adjusted EBITDA was $156.8 million in Q4 2023, down 2.9% from $161.5 million in the prior year quarter, but up 3% from $152.3 million in Q3 23.

2023 年第四季調整後 EBITDA 為 1.568 億美元，比去年同期的 1.615 億美元下降 2.9%，但比 2023 年第三季的 1.523 億美元增加 3%。

Our Q4 adjusted EBITDA was closer to the lower end of our guidance for the fourth quarter due to continued investments in the business.

由於對業務的持續投資，我們在第四季度調整後的 EBITDA 更接近第四季度指引的下限。

Adjusted EBITDA margin improved in Q4 23% to 64.2%, up 150 basis points from the prior quarter and down from 67% in Q4 2022.

第四季調整後 EBITDA 利潤率提高了 23%，達到 64.2%，比上一季提高了 150 個基點，低於 2022 年第四季的 67%。

Excluding the impact of BST, the margin in our core business was above our consolidated margin for Q4 and BSD revenues less costs were slightly better than breakeven for the first time since the acquisition closed in May of 2023.

排除 BST 的影響，我們核心業務的利潤率高於第四季度的綜合利潤率，並且 BSD 收入減去成本後，自 2023 年 5 月收購結束以來首次略好於盈虧平衡點。

Full year adjusted EBITDA of $618 million was down 19.6% from $768.7 million in the prior year.

全年調整後 EBITDA 為 6.18 億美元，較上年的 7.687 億美元下降 19.6%。

Our full year '23 adjusted EBITDA margin was 64.3%, down from 70.2% for the full year '22, reflecting the combination of the lower revenue and higher adjusted EBITDA expense dynamics previously discussed.

我們的 23 年全年調整後 EBITDA 利潤率為 64.3%，低於 22 年全年的 70.2%，反映了先前討論的較低收入和較高調整後 EBITDA 費用動態的結合。

Excluding the impact of BST, the margin in our core business was above our consolidated margin for the year.

排除BST的影響，我們核心業務的利潤率高於我們今年的綜合利潤率。

Turning to 2024 guidance, which is presented on page 13 of the supplemental deck, we anticipate 2020 for revenues of $1.0 billion to $1.03 billion, growing approximately 47% from full year 2023.

談到補充資料第 13 頁上的 2024 年指導，我們預計 2020 年收入將達到 10 億美元至 10.3 億美元，比 2023 年全年增長約 47%。

The revenue bridge on page 14 of the supplemental deck illustrates the key components and assumptions in our guidance.

補充甲板第 14 頁上的收入橋樑說明了我們指南中的關鍵組成部分和假設。

First, we expect our core out of network business to contribute approximately 150 to 300 basis points to the consolidated overall growth.

首先，我們預期核心網外業務將為綜合整體成長貢獻約 150 至 300 個基點。

This includes new sales growth initiatives and modest increases in utilization and health care inflation as well as the net effect of program changes and customer attrition.

這包括新的銷售成長舉措、利用率和醫療保健通膨的適度增長，以及計劃變更和客戶流失的淨影響。

Moving across the revenue bridge, we expect payment in our payment and revenue integrity business to contribute 50 to 75 basis points of growth for fiscal 2024.

跨越收入橋樑，我們預計支付和收入誠信業務的支付將為 2024 財年貢獻 50 至 75 個基點的成長。

We expect our value-driven health plans or HST. platform to contribute 100 to 150 basis points, driven by the combination of member growth and our growth initiatives, including our balance build protection service.

我們期待我們的價值驅動型健康計劃或 HST。在會員成長和我們的成長計畫（包括我們的平衡建構保護服務）的共同推動下，平台將貢獻 100 至 150 個基點。

We expect our data and decision science service line to contribute 100 to 150 basis points.

我們預計我們的數據和決策科學服務線將貢獻 100 到 150 個基點。

And our B2B health care payment service to contribute 10 to 25 basis points.

而我們的B2B醫療保健支付服務貢獻了10到25個基點。

Importantly, these last two service offerings expansions are still nascent, and we expect the contributions to growth from each to accelerate in 2025 and beyond.

重要的是，最後兩項服務產品的擴展仍處於初期階段，我們預計每項服務對成長的貢獻將在 2025 年及以後加速。

As shown on the adjusted EBITDA margin bridge on page 15 of the supplemental deck, we expect to continue to deliver an adjusted EBITDA margin of 63% to 64% in 2024, slightly lower than our full year 2023 margin, but stable industry leading and within striking distance of our longer term margin expectations in the mid 60s range.

如補充資料第15 頁的調整後EBITDA 利潤率橋樑所示，我們預計2024 年將繼續實現63% 至64% 的調整後EBITDA 利潤率，略低於2023 年全年利潤率，但穩定的行業領先地位我們的長期利潤率預期在 60 年代中期的範圍內。

Bridging from Q4 23 run rate of 64.2% to our 2024 Martin margin guidance.

從 23 年第 4 季 64.2% 的運行率過渡到我們的 2024 年馬丁利潤指引。

We expect roughly 80 basis points of margin contraction for full year 2024.

我們預計 2024 年全年利潤率將收縮約 80 個基點。

Within that 80 basis points, we expect 25 basis points of contraction related to net structural cost increases.

在這 80 個基點內，我們預期與淨結構性成本增加相關的收縮將達到 25 個基點。

More than offsetting that cost increase is about 140 basis points of expected margin lift driven by higher expected revenues in 2024 on a largely fixed cost base of our core business.

在我們核心業務基本固定的成本基礎上，由於 2024 年預期收入增加，預期利潤率提升了約 140 個基點，足以抵銷成本的增加。

Offsetting this lift is 125 basis points of margin contraction from investments to support our platform, which includes investments in IT and infrastructure and about 75 basis points of contraction from investments to support our growth plans.

抵銷這項提升的是支持我們平台的投資利潤率收縮 125 個基點，其中包括 IT 和基礎設施投資，以及支持我們成長計畫的投資收縮約 75 個基點。

In short, you're seeing us use the benefits of operating leverage to fund our growth investments, which is that balancing act that we are pursuing to enable our growth plan for.

簡而言之，您會看到我們利用營運槓桿的優勢來為我們的成長投資提供資金，這就是我們為實現成長計畫而追求的平衡行為。

Turning to page 13, our revenue and cost expectations imply a forecast of $630 million to $650 million for adjusted EBITDA in '24.

翻到第 13 頁，我們的營收和成本預期意味著 2024 年調整後 EBITDA 的預測為 6.3 億至 6.5 億美元。

Page 13 also shows other guidance related to our P&L and cash flow to help you estimate free cash flow generation for for the year.

第 13 頁也顯示了與我們的損益表和現金流量相關的其他指南，以協助您估算本年度的自由現金流量產生量。

We expect interest expense of $320 million to 330 million in 2024 versus $332 million in 2023, reflecting lower debt levels as well as the benefit from our fixed rate hedge that we placed on a portion of our term loan B, we are forecasting capital expenditures of $120 million to 130 million in 2024, up from about $109 million in 2023.

我們預計 2024 年的利息支出為 3.2 億至 3.3 億美元，而 2023 年為 3.32 億美元，反映了較低的債務水平以及我們對部分定期貸款 B 進行的固定利率對沖的好處，我們預測資本支出為2024 年將達到1.2 億至1.3 億美元，高於2023 年的約1.09 億美元。

We will continue to make capital investments in our platform in BST. and in new products related to our growth plans, we expect depreciation of $80 million to $90 million and a tax rate between 25% and 28% Finally, we anticipate operating cash flow to be between between $170 million and $200 million in 2024 versus $171.1 million for full year 2023, driven primarily by higher adjusted EBITDA and lower interest expense.

我們將繼續對BST平台進行資本投資。在與我們的成長計畫相關的新產品中，我們預計折舊為8,000 萬至9,000 萬美元，稅率為25% 至28%。 ，而2024 年營運現金流為1.711 億美元2023 年全年，主要受到調整後 EBITDA 提高和利息支出降低的推動。

Before I can turn to turn to Q1 guidance.

在我可以轉向第一季指引之前。

As you are aware, multi-plant established a long-term incentive and retention program for the BST. transaction to retain the management team until aligned to future revenue targets.

如您所知，多工廠為 BST 制定了長期激勵和保留計劃。交易以保留管理團隊，直到與未來的收入目標一致。

Our 2024 guidance does not include any impact of the incentive payments, of which the first ARR milestone did at

我們的 2024 年指導不包括獎勵付款的任何影響，其中第一個 ARR 里程碑在

[1231-24].

[1231-24]。

These are our targets.

這些都是我們的目標。

We're deliberately ambitious and will require performance beyond what is assumed in our current guidance, we should have a better line of sight if enhanced incentives are expected by the time we provide our typical guidance update for the second half.

我們故意雄心勃勃，並且要求業績超出我們當前指導中假設的水平，如果在我們提供下半年的典型指導更新時預計會加強激勵措施，我們應該有更好的視野。

As outlined on page 16 of the supplemental deck and in the press release this morning, for Q1 '24, we anticipate revenues of $235 million to $250 million and adjusted EBITDA of $150 million to 1 60 million.

正如補充報告第 16 頁和今天上午的新聞稿中所述，24 年第一季度，我們預計收入為 2.35 億至 2.5 億美元，調整後 EBITDA 為 1.5 億至 1.6 億美元。

These projections are largely flat versus from Q4 '23 and reflect typical Q1 seasonal softness.

這些預測與 23 年第 4 季相比基本持平，反映了典型的第 1 季季節性疲軟。

As with 2023, we expect sequential growth in revenues and adjusted EBITDA as we move through successive quarters in 2024 as we realize additional gains from our growth initiatives.

與 2023 年一樣，隨著我們從成長計畫中實現額外收益，我們預計 2024 年連續幾季營收和調整後 EBITDA 將實現環比成長。

As you are all aware, there's been some disruption in the industry related to the Change Healthcare cyber incident.

眾所周知，Change Healthcare 網路事件給該行業帶來了一些混亂。

We have taken preventative actions, protect our systems and data and continue to monitor the situation closely with our customers.

我們已採取預防措施，保護我們的系統和數據，並繼續與客戶密切監控情況。

We believe this is causing delays in claims submissions upstream from our services, but it's too early to determine what impact, if any, this could have on our volumes and revenues downstream over the course of the quarter.

我們認為這導致我們服務上游的索賠提交延遲，但現在確定這可能對我們本季下游的數量和收入產生什麼影響（如果有）還為時過早。

As a result, our Q1 2024 guidance does not reflect any potential impact related to this incident.

因此，我們的 2024 年第一季指引並未反映與此事件相關的任何潛在影響。

Turning to the balance sheet and capital allocation, our operating cash flow was $27.7 million in the fourth quarter, and levered free cash flow was negative $3.6 million.

談到資產負債表和資本配置，我們第四季的營運現金流為 2,770 萬美元，槓桿自由現金流為負 360 萬美元。

As a reminder, the second and fourth quarters are lower quarters for cash flow, giving the timing of our interest and tax payments.

提醒一下，第二季和第四季是現金流量較低的季度，這給出了我們支付利息和稅金的時間。

As Dale reported for full year 2023, operating cash flow totaled $171.7 million of free cash flow was $62.9 million, despite absorbing a $23.7 million litigation settlement, $7 million of one-time transaction costs for our BST. acquisition and approximately $13.5 million in additional cash taxes paid on the cancellation of our debt.

正如Dale 報告的2023 年全年業績，儘管我們的BST 吸收了2370 萬美元的訴訟和解費用和700 萬美元的一次性交易成本，但營運現金流總計為1.717 億美元，自由現金流為6290 萬美元。收購以及因取消債務而支付的約 1,350 萬美元額外現金稅。

As shown on page 19 of the supplemental deck, we ended the year with $72 million of unrestricted cash net of cash.

如補充資料第 19 頁所示，我們年底擁有 7,200 萬美元的非限制現金淨額。

Our total and operating leverage ratios were 7.3 times and 5.3 times, respectively.

我們的總槓桿率和營運槓桿率分別為7.3倍和5.3倍。

We continue to be active and disciplined in allocating our capital as shown on page 17 of the supplemental deck.

我們繼續積極、嚴格地分配我們的資本，如補充甲板第 17 頁所示。

And during the fourth quarter, we used $17.6 million to repurchase $25 million face value of our 6% convertible senior convertible PIC notes, as well as $2 million towards the repurchase of our shares.

在第四季度，我們使用了 1,760 萬美元回購了面額 2,500 萬美元的 6% 可轉換高級可轉換 PIC 票據，並使用了 200 萬美元回購了我們的股票。

This brings total capital deployment for full year '23 to $322 million, including $166 million of capital and debt repurchases and mandatory repayment that reduced our debt, $222 million face face value, $141 million on M&A and $15 million on share repurchases.

這使得23 年全年的資本部署總額達到3.22 億美元，其中包括1.66 億美元的資本和債務回購以及減少債務的強制償還、2.22 億美元的面值、1.41 億美元的併購和1500 萬美元的股票回購。

Our long-term capital priorities remain consistent.

我們的長期資本優先事項保持一致。

The highest priority remains investing in the business to drive growth and long-term value.

最優先的任務仍然是投資業務以推動成長和長期價值。

You're seeing this in terms of our investments in the P & L. And also our capital expenditures, which are grown, have grown above our revenue growth rate in the short term to fund investments in the business.

您可以從我們對損益表的投資中看到這一點。

These investments are series of small bets, which have attractive risk return characteristics with our remaining cash flow will primarily focus on debt reduction.

這些投資是一系列小額投資，具有有吸引力的風險回報特徵，我們剩餘的現金流量將主要用於減少債務。

Notably, we've reduced the face value of our debt by $362 million over the last five quarters.

值得注意的是，過去五個季度我們的債務面額減少了 3.62 億美元。

While our long-term priorities have not changed following the acquisition of BST in the near term, we are likely to emphasize organic investments and debt reduction and deemphasize M&A.

雖然我們的長期優先事項在短期內收購 BST 後沒有改變，但我們可能會強調有機投資和債務削減，而不強調併購。

As we've consistently mentioned, as a result, you should expect us to continue making a series of small but critical organic investments to support our platform including our new core products and our new data and decision science services line.

正如我們一直提到的，因此，您應該期望我們繼續進行一系列小但重要的有機投資來支援我們的平台，包括我們的新核心產品以及我們新的數據和決策科學服務線。

And you should expect the bulk of our incremental capital generation to be allocated towards debt retirement in the near term, we'll continue to adjust share repurchases.

您應該預期我們增量資本產生的大部分將在短期內分配給債務償還，我們將繼續調整股票回購。

And as we've consistently said, that will continue to be a small allocation of our overall capital generation.

正如我們一直所說的那樣，這將繼續是我們整體資本產生的一小部分。

Before I end, let me summarize the broader landscape, we said 2023 would be a pivotal year for multi plan.

在結束之前，讓我總結一下更廣泛的前景，我們說 2023 年將是多計畫的關鍵一年。

And pivot is precisely precisely what we did.

而樞軸正是我們所做的。

We put our contract renewals in the rearview mirror.

我們把續約合約放在了後視鏡中。

We set our new growth plan in motion, and we've positioned the company well to deliver growth in 2024 and to accelerate that growth in 2025 and beyond.

我們制定了新的成長計劃，並為公司做好了準備，以在 2024 年實現成長，並在 2025 年及以後加速成長。

We manage the delicate balance of ramping up investments in the business to drive growth while maintaining our industry-leading margins.

我們在增加業務投資以推動成長的同時保持行業領先的利潤率之間保持著微妙的平衡。

And we used our free cash flow to aggressively reduce our debt and expect our capacity for debt reduction to expand as we grow revenues and cash flow over the next several years.

我們利用自由現金流積極減少債務，並預計隨著未來幾年收入和現金流的成長，我們的債務削減能力將會擴大。

In short, our transformation is underway, and I want to thank all of our multi-client colleagues and especially Dale for working tirelessly to keep us on track.

簡而言之，我們的轉型正在進行中，我要感謝所有多客戶同事，尤其是戴爾，他們孜孜不倦地努力讓我們走上正軌。

That brings me to the end of my comments, I'll turn it back over to Dale, and thanks to our employees.

我的評論到此結束，我會將其轉回戴爾，並感謝我們的員工。

Let me echo Jim's noted, thanks for your tremendous efforts this year.

讓我重複吉姆所說的，感謝您今年的巨大努力。

And for every one of the 20 plus years, I have been with the Company.

二十多年來，我一直在公司工作。

It has been my honor and privilege to work with you to deliver on our important mission, and I'm enormously proud of what we have built together.

我很榮幸能夠與您合作，完成我們的重要使命，我對我們共同建造的成果感到非常自豪。

Let me also say how important it was for me that our next CYOD. as passionate about health care affordability, as MultiPlan has always been, Travis brings innovation, experience and energy that will drive our mission even further, and I couldn't be more excited for what the future brings under his leadership.

我還要說下一次 CYOD 對我來說有多重要。正如 MultiPlan 一直以來對醫療保健負擔能力的熱情一樣，Travis 帶來了創新、經驗和活力，將進一步推動我們的使命，我對他領導下的未來感到無比興奮。

I am confident that MultiPlan is in a great position and in capable hands.

我相信 MultiPlan 處於有利地位並由有能力的人管理。

And now I'll turn the call back to Bruno.

現在我會把電話轉回給布魯諾。

Bruno, please open the call for any questions.

布魯諾，如有任何問題請撥打電話。

Thank you, Tony.

謝謝你，托尼。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Joshua Raskin, Nephron Research.

約書亞·拉斯金，腎臟單位研究。

Joshua, you may proceed with your call.

約書亞，您可以繼續通話了。

Hi, thanks.

你好謝謝。

Good morning to the chart on the 2024 revenue bridge was very helpful.

早安，2024 年收入橋圖非常有幫助。

It looks like your core out of network processing still the biggest growth driver of, call it [$15 million to $30 million] of growth.

看起來網路處理之外的核心仍然是最大的成長動力，稱之為[1500萬至3000萬美元]的成長。

Can you tell us what the added network segment impact was in 2023 in terms of how much of a detractor that was and then were any other buckets, net negative in '23?

您能否告訴我們，2023 年增加的網段影響是多少，即 23 年對其他網路的負面影響有多大？

I think in '23, Josh, if you kind of go back to what we did a year ago from one of the biggest overarching headwinds was the contract renewals.

我想在 23 年，喬什，如果你回顧我們一年前所做的事情，最大的不利因素之一就是合約續約。

That was about a 9% headwind if memory serves it.

如果沒記錯的話，這大約是 9% 的逆風。

And that washed across all of our products, which we're essentially in the core and in Payment Integrity for the most part.

這貫穿了我們所有的產品，我們本質上是這些產品的核心，並且在很大程度上是支付完整性。

So the compare is a little bit different.

所以比較起來還是有點不同的。

I think what we what you might say is in our core out of network business against the core base, it's about closer to 200 to 400 basis points of growth, which is a little bit below our ambition that we put out at Investor Day.

我認為你可能會說，我們的核心網路業務與核心基礎相比，成長大約接近 200 到 400 個基點，這比我們在投資者日提出的目標略低一些。

But pretty consistent.

但相當一致。

And so we've got a clean compare this year.

因此，今年我們進行了一次清晰的比較。

I would kind of look at it that way, Josh.

我會這麼看，喬許。

And then what we've got is a series of layers of some of the new growth drivers like HST and data and decision science that are going to add to that.

然後我們得到的是一些新的成長驅動力的一系列層次，例如 HST 以及數據和決策科學，這些將增加這一點。

Okay.

好的。

I think I got that.

我想我明白了。

And then I know you mentioned a little bit of this on the call, but in the current period appears to be seeing some pressure on utilization.

然後我知道您在電話會議上提到了這一點，但在當前時期似乎看到了利用率方面的一些壓力。

I'm more so in the senior market, maybe more M&A than than fee-for-service.

我在老年市場更是如此，也許更多的是併購而不是按服務收費。

Are you seeing more demand on the Medicare side for cost containment products in our some of your newly acquired products inhibitor that that work focus a little bit more on that market?

您是否看到醫療保險方面對我們新收購的一些抑制劑產品的成本控制產品有更多的需求，這些產品更加關注該市場？

Are those resonating better at this point?

此時此刻，那些共鳴是否更好？

Yes, Jason, still at Yes.

是的，傑森，還在「是」。

Look, obviously, there you've seen all the changes that are that are happening within Medicare Advantage from CICMS. and and the pressure around price and risk and is heightening.

顯然，您已經看到了 CICMS 的 Medicare Advantage 中正在發生的所有變化。圍繞價格和風險的壓力正在加劇。

So we feel our data and Decision Sciences line of business is tailored to meet that that need and that demand.

因此，我們認為我們的數據和決策科學業務線是為滿足這種需求而量身定制的。

So we're doing a lot.

所以我們正在做很多事情。

We've done a lot of work in 2023, and we'll continue to do that work in 2024 around tailoring our risk models to two for the senior population.

我們在 2023 年已經做了很多工作，我們將在 2024 年繼續圍繞為老年人口定制兩個風險模型開展工作。

And we're excited about that opportunity as we move forward throughout 2024.

當我們在 2024 年繼續前進時，我們對這個機會感到非常興奮。

Okay.

好的。

And then just last one for me, you mentioned the curated networks as a potential future opportunity.

最後一個問題是，您提到策劃的網路是未來潛在的機會。

And I'm curious if you could just give us some examples or maybe a little bit more what that means is that geographically based that sort of segment base, does that specific type of customer or chronic disease?

我很好奇您能否給我們舉一些例子，或者多說一點，這意味著基於地理位置的細分群體，是特定類型的客戶還是慢性疾病？

I'm just curious what curative networks look like.

我只是好奇治療網絡是什麼樣的。

Yes.

是的。

I think I think that it's a great question.

我認為這是一個很好的問題。

The curated network concept, right, is focused on bringing the best best providers to the table from a cost and quality perspective and managing the utilization through that provider is not necessarily based by by clinical specialty, Josh, it's more based on looking at that instead of having a large all-inclusive network, it's really zeroing in on those providers who can deliver on cost and on quality and provide the best clinical outcomes for employers and the best cost outcomes for employers.

精心策劃的網路概念（右）專注於從成本和品質的角度將最好的提供者帶到桌面上，並透過該提供者管理利用率不一定基於臨床專業，喬什，它更多地基於查看這一點擁有龐大的全包網絡，它真正關注的是那些能夠在成本和品質上提供服務的提供商，並為雇主提供最佳的臨床結果和雇主的最佳成本結果。

That's our plan.

這就是我們的計劃。

It is geographic specific, meaning we're going to target certain certain markets as opposed to doing something nationally.

它是針對特定地理區域的，這意味著我們將針對某些特定市場，而不是在全國範圍內開展業務。

But we're going to zero in on those markets where we believe there's opportunity and demand and interest for a network like that.

但我們將把那些我們認為有機會、有需求和對這樣的網路感興趣的市場歸零。

Okay, perfect.

好的，完美。

[Luis Mario, Citigroup].

[路易‧馬裡奧，花旗集團]。

Just on the recent container growth play, just had a question on your Corpus Scott.

就最近的容器成長遊戲而言，我向您的 Corpus Scott 提出了一個問題。

You mentioned back in your Investor Day that you're making about 4% to 5% medical cost inflation annually.

您在投資者日提到，您的醫療費用每年上漲約 4% 至 5%。

How does this year's guide compared to them?

今年的指南與它們相比如何？

How should we think about that?

我們該如何思考這個問題？

I think we have been longer.

我想我們已經很久了。

I think we will think about the longer term is kind of four to five.

我認為我們會考慮更長期的情況，大概是四到五年。

I think near term, we're not even expecting that inside our inside our guide.

我認為短期內，我們甚至沒有在我們的指南中期待這一點。

And one of the reasons why it just lags.

這也是它落後的原因之一。

There's a big set of renewals coming up in the up throughout the health care ecosystem over the course of the next year where things have started to tick upwards.

明年，整個醫療保健生態系統將出現大量更新，情況開始好轉。

But we haven't seen the full effect of that.

但我們還沒有看到其全部效果。

So I would say we're conservative on health care inflation.

所以我想說我們對醫療保健通膨持保守態度。

We're also conservative on utilization.

我們對利用率也持保守態度。

I would just comment on the utilization front and pretty consistently.

我只想對利用率方面進行評論，並且非常一致。

We saw an uptick in the first half and continued normalization throughout the year, kind of to a new level.

我們看到上半年有所上升，全年繼續正常化，達到了一個新的水平。

We did not bake in in our guidance.

我們並沒有接受我們的指導。

Any material upswing and in utilization.

任何材料的上升和利用。

And I think that's consistent with what we're seeing from the hospitals, et cetera, which is some good year-over-year comparisons.

我認為這與我們從醫院等處看到的情況是一致的，這是一些很好的同比比較。

But I don't I'm not sure from a labor perspective, from a capacity perspective, they have room for another dramatic uptake.

但我不確定從勞動力的角度、從能力的角度來看，他們是否還有空間進行另一次戲劇性的吸收。

So I think we're being pretty conservative on both of those Compellent's.

所以我認為我們對這兩個 Compellent 都相當保守。

We currently have no further questions and that concludes today's call.

目前我們沒有其他問題，今天的電話會議到此結束。

Ladies and gentlemen, thank you for joining.

女士們先生們，感謝您的加入。

You may now disconnect your line.

現在您可以斷開線路。

Thank you.

謝謝。

Thank you.

謝謝。