MSP Recovery Inc (MSPR) 2022 Q2 法說會逐字稿

Good morning, and welcome to the MSP Recovery second-quarter earnings conference call. All participants will be in a listen-only mode. (Operator Instructions)

早上好，歡迎參加 MSP Recovery 第二季財報電話會議。所有參與者將處於唯讀模式。（操作說明）

Please note this event is being recorded.

請注意，本次活動正在錄影。

I would now like to turn the conference over to MSP Recovery’s General Counsel, Alexandra Plasencia. Please go ahead.

現在我謹將會議交給 MSP Recovery 的總法律顧問 Alexandra Plasencia。請繼續。

Good morning. I am Alexandra Plasencia, General Counsel of MSP Recovery. Welcome to our second quarter 2022 earnings conference call. Before we begin, please note that statements made during this presentation, which state the Company or management's intentions, beliefs, expectations, or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act and actual results could differ in a material manner.

早安.我是 Alexandra Plasencia，MSP Recovery 的總法律顧問。歡迎參加我們2022年第二季財報電話會議。在開始之前，請注意，本次演講中所作的陳述，即公司或管理階層對未來的意圖、信念、預期或預測，均屬於《私人證券訴訟改革法案》意義上的前瞻性陳述，實際結果可能與預期有重大差異。

Additional information about factors that could cause results to differ from those in the forward-looking statements is contained in the Company's SEC filings. This includes, but is not limited to, risk factors contained in our quarterly report on Form 10-Q for the quarter ended June 30, 2022, subsequent SEC filings and in the news release issued earlier today. A copy of these materials can be found in the Investors Section of our website at msprecovery.com.

有關可能導致實際結果與前瞻性陳述中所述結果存在差異的因素的更多信息，請參閱公司向美國證券交易委員會提交的文件。這包括但不限於我們在截至 2022 年 6 月 30 日的季度報告（表格 10-Q）、後續提交給美國證券交易委員會的文件以及今天早些時候發布的新聞稿中所包含的風險因素。這些資料的副本可在我們網站 msprecovery.com 的投資者關係部分找到。

Non-GAAP financial measures are included in our comments today and in our presentation slides. The reconciliation of these non-GAAP measures to the corresponding GAAP measures is included at the end of the presentation slides and can be found in the Investors Section of our website.

我們今天的發言和簡報中都包含了非GAAP財務指標。這些非GAAP指標與相應的GAAP指標的調節表包含在簡報的末尾，並且可以在我們網站的投資者關係部分找到。

At this time, all participants are in a listen-only mode. The participants on today's call will be John H. Ruiz, Founder and CEO of MSP Recovery. Frank Quesada, Co-Founder and Chief Legal Officer and Calvin Hamstra, Chief Financial Officer.

目前，所有參與者均處於唯讀模式。今天參加電話會議的有 MSP Recovery 的創辦人兼執行長 John H. Ruiz。Frank Quesada，共同創辦人兼首席法律長；Calvin Hamstra，財務長。

I would now like to turn the call over to John H. Ruiz.

現在我想把電話交給約翰·H·魯伊斯。

Good morning, everyone. This is John H. Ruiz, Founder and CEO of MSP Recovery. We welcome you to today's earnings call. Today, we will discuss MSP Recovery’s second quarter 2022 earnings, including an overview on MSP. I will provide some color on the MSP ecosystem. I started this business in 2014, and at the time, it was designed to disrupt a Medicare, Medicaid and commercial reimbursement system with data-driven solutions.

各位早安。這位是 MSP Recovery 的創始人兼執行長 John H. Ruiz。歡迎參加今天的財報電話會議。今天，我們將討論 MSP Recovery 2022 年第二季收益，包括 MSP 的概述。我將對MSP生態系統進行一些介紹。我於 2014 年創辦了這家公司，當時，它的目標是透過數據驅動的解決方案顛覆醫療保險、醫療補助和商業報銷系統。

Over time, our mission has evolved as a result of uncovering the major issues that confront the US patient, provider and payer ecosystems. In this regard, we have created solutions that will correct the significant flaws that occur daily and in the process, identify waste, fraud and improper payments in a real-time solution, providing patients with better care and at the same time save lives, while decreasing further injury for many as well as providing efficiency for patients, providers and payers.

隨著時間的推移，我們的使命也在不斷演變，這源於我們發現了美國患者、醫療服務提供者和支付方生態系統面臨的主要問題。在這方面，我們創造了解決方案，可以糾正日常工作中出現的重大缺陷，並在這一過程中即時識別浪費、欺詐和不當支付，為患者提供更好的護理，同時挽救生命，減少對許多人的進一步傷害，並提高患者、醫療服務提供者和支付方的效率。

All this will lead to better care for patients, higher collections for the providers and less improper payments for healthcare providers, including Medicare, Medicaid, and commercial payers, when those payers are at financial risk.

所有這些都將為患者帶來更好的護理，為醫療服務提供者帶來更高的收入，並減少醫療服務提供者（包括聯邦醫療保險、醫療補助和商業支付方）在面臨財務風險時遭受的不當支付。

In 2014, Frank Quesada and I identified a problem where the government was incorrectly paying for billions of dollars for healthcare expenses, where other parties were ultimately the responsible parties. In addressing this issue, MSP's innovative solutions support the long-term sustainability of Medicare and Medicaid programs relied upon by over 100 million people in the United States of America.

2014 年，我和法蘭克‧奎薩達發現了一個問題，即政府錯誤地支付了數十億美元的醫療保健費用，而最終的責任方卻是其他方面。為了解決這個問題，MSP 的創新解決方案支持了美國超過 1 億人所依賴的醫療保險和醫療補助計劃的長期可持續性。

By ensuring that the responsible parties known as primary payers properly pay in those instances where such payers are liable. Billions of dollars in improper payments are identified, which in turn helps sustain the Medicare and Medicaid programs for years to come by preventing improperly paid claims by government programs.

透過確保作為主要付款人的責任方在負有責任的情況下正確支付款項。透過查明數十億美元的不當支付，可以防止政府專案支付不當款項，有助於維持醫療保險和醫療補助計劃在未來幾年內持續運作。

MSP continues to be a disruptor in the healthcare technology space, supported by three key pillars. I truly believe that no one has a better understanding of healthcare, healthcare data and the law all combined, which makes our business unique and very difficult to replicate. We own a unique asset. Irrevocably assigned recovery rights that as of June 30, 2022 were valued at $88.3 billion and identified recovery opportunities, which represents 31% of the recovery rights associated with the Medicare Advantage market.

MSP 持續顛覆醫療保健技術領域，這得益於三大支柱。我堅信，沒有人比我們更了解醫療保健、醫療保健數據和法律，這使得我們的業務獨一無二，難以複製。我們擁有一項獨特的資產。截至 2022 年 6 月 30 日，不可撤銷地轉讓的追償權價值 883 億美元，並確定了追償機會，佔與 Medicare Advantage 市場相關的追償權的 31%。

As of June 30, 2022, the total amount of owned claims was $370.2 billion in paid and $1.553 trillion in build amounts. Further, our winning legal and recovery strategies have strengthened the Medicare secondary payer laws as shown by the legal precedent we have created since starting this business.

截至 2022 年 6 月 30 日，已支付的索賠總額為 3,702 億美元，已建工程金額為 1.553 兆美元。此外，我們成功的法律和追償策略加強了醫療保險第二支付方法律，正如我們自創辦這家公司以來所創造的法律先例所表明的那樣。

And lastly, our intellectual property, which consists of over 1,400 proprietary algorithms will only serve to strengthen our association with Palantir, whose innovative engineers are working together closely with our team to bolster our next-generation recovery detection systems. We further that with the creation of LifeWallet, a self-contained ecosystem that was designed for patients, providers and payers. LifeWallet works in its own self-contained ecosystem and can be utilized throughout the entire world.

最後，我們擁有超過 1400 種專有演算法的智慧財產權，這將進一步加強我們與 Palantir 的合作關係。 Palantir 的創新工程師正與我們的團隊緊密合作，以增強我們的下一代復原檢測系統。我們進一步創建了 LifeWallet，這是一個專為患者、醫療服務提供者和支付者設計的獨立生態系統。LifeWallet 在其獨立的生態系統中運行，可在全球範圍內使用。

Now I'd like to walk you through some of our second quarter highlights regarding our recovery efforts and MSP’s LifeWallet platform. On our recovery efforts, our paid value of potentially recoverable claims continues to grow. As of June 30, we have $88.3 billion in paid value of potentially recoverable claims.

現在我想帶大家了解我們第二季的一些亮點，包括我們的復甦工作和MSP的LifeWallet平台。在我們的追償工作中，已支付的潛在可追償索賠金額持續成長。截至6月30日，我們已支付的潛在可追償理賠金額為883億美元。

During the second quarter, we focused on deploying new strategies that will enable primary payers to make the required payments prior to engaging in litigation. This effort is truly focused on accident-related recoveries. Additionally, we continue to see investor interest in our very unique asset, the claim rights. As evidenced by our agreement with Prudent Group, which has committed to invest up to $250 million related to our recovery efforts.

第二季度，我們專注於部署了新的策略，使主要付款方能夠在提起訴訟之前支付所需的款項。這項工作確實專注於與事故相關的災後重建。此外，我們持續看到投資者對我們非常獨特的資產——採礦權——的興趣。正如我們與 Prudent Group 達成的協議所證明的那樣，Prudent Group 已承諾投資高達 2.5 億美元用於我們的復甦工作。

To significantly bolster our recovery efforts, MSP Recovery has formed strategic alliances with Milberg Bryson Phillips Grossman law firm as well as the Rivero Mestre law firm, both of which will bring significant resources and nationally recognized litigators to secure recoveries.

為了大幅加強我們的追償工作，MSP Recovery 與 Milberg Bryson Phillips Grossman 律師事務所和 Rivero Mestre 律師事務所建立了策略聯盟，這兩家律師事務所都將帶來大量資源和全國知名的訴訟律師，以確保追償。

Milberg is considered a preeminent firm for mass torts and federal class action cases. They have recovered more than $50 billion for their clients. Rivero Mestre, is known for handling bet-the-house litigation for its large corporate clients. Recently, Rivero Mestre prevailed at trial in a $600 billion dispute where they successfully represented Dr. Craig Wright, who is considered by many to be the creator of Bitcoin.

Milberg 被認為是處理大規模侵權訴訟和聯邦集體訴訟案件的頂尖律師事務所。他們已為客戶追回超過500億美元的損失。Rivero Mestre 律師事務所因處理大型企業客戶面臨的生死攸關的訴訟而聞名。最近，Rivero Mestre 律師事務所在一場價值 6000 億美元的糾紛中勝訴，成功代理了被許多人認為是比特幣創始人的 Craig Wright 博士。

We have made significant progress in our recovery efforts with several cases in settlement discussions, others that have already settled. As it pertains to LifeWallet, we entered into an agreement with SeguriTech, a Mexican data company to position LifeWallet for international growth. Also, Cano Health and La Colonia Medical Centers have agreed to load all their patient data onto the LifeWallet ecosystem.

我們在追討欠款方面取得了重大進展，有些案件正在和解談判中，有些案件已經達成和解。關於 LifeWallet，我們與墨西哥數據公司 SeguriTech 達成協議，以推動 LifeWallet 的國際成長。此外，Cano Health 和 La Colonia Medical Centers 已同意將其所有患者資料載入 LifeWallet 生態系統。

We also are working with Tokenology on a tokenized healthcare initiative on the Polygon network, the initiative combined with LifeWallet’s biometric technologies should significantly reduce fraud and abuse in the healthcare system as the – invoicing our 837 Form as known in the industry will be embedded with biometric technology, signifying to the payer that the patient was actually there.

我們也與 Tokenology 合作，在 Polygon 網路上開展一項代幣化醫療保健計劃。該計劃結合 LifeWallet 的生物識別技術，應該能夠顯著減少醫療保健系統中的欺詐和濫用行為，因為我們業內熟知的 837 表格發票將嵌入生物識別技術，向付款方表明患者確實到過那裡。

I want to take a moment to highlight significant growth, which I believe is indicative of the success we have achieved since starting MSP. When we first started, we had very few assignors, which made up just over $2.7 million in paid amounts in our portfolio. Today, as it stands, we have over 150 assignors with over $370 billion paid amounts of which $88.3 billion have been identified as potentially recoverable.

我想藉此機會重點強調顯著的成長，我認為這表明了我們自成立 MSP 以來所取得的成功。創業之初，我們的轉讓方寥寥無幾，在我們投資組合中，已支付金額僅略高於 270 萬美元。目前，我們有超過 150 位轉讓人，已支付金額超過 3,700 億美元，其中 883 億美元已被確定為可能可追回。

2021 was a positive year in terms of growth, as we finalize a number of agreements with prospects that we had been working on since 2019 and 2020. As we have stated previously, MSP has engaged in data matching with over 10 auto insurance carriers. Through this process, we have identified over $4.4 billion in accident-related treatments that were paid by our assignors.

2021 年是成長積極的一年，因為我們最終與一些自 2019 年和 2020 年以來一直在洽談的潛在客戶達成了多項協議。正如我們之前所述，MSP 已與 10 多家汽車保險公司進行了數據匹配。透過此過程，我們已查明由我們的受讓人支付的與事故相關的治療費用超過 44 億美元。

In June 2022, MSP deployed a new strategy, depicted by demand letters. This will enable primary payers to make the required payments outside of the purview of litigation and in the ordinary course of business. As we announced in June of 2022, MSP commenced sending individual claim demands, totaling more than $1.5 billion in build amounts for payment by auto insurers who admitted to the federal government CMS that they were the primary payers for the underlying accidents.

2022 年 6 月，MSP 推出了一項新策略，以催款函的形式展現出來。這將使主要付款人能夠在訴訟範圍之外，在正常的業務過程中支付所需的款項。正如我們在 2022 年 6 月宣布的那樣，MSP 開始向汽車保險公司發出個人索賠要求，總額超過 15 億美元，要求這些保險公司支付賠償金。這些汽車保險公司已向聯邦政府 CMS 承認，他們是相關事故的主要付款人。

Now I'll hand it over to Frank Quesada, Co-Founder and Chief Legal Officer of MSP to discuss our recent accomplishments and provide 2022 guidance.

現在我將把發言權交給 MSP 的聯合創始人兼首席法律官 Frank Quesada，讓他來討論我們最近取得的成就並提供 2022 年的指導。

Good morning. This is Frank Quesada, Co-Founder and Chief Legal Officer of MSP Recovery. I oversee the legal strategy that is employed in our recovery efforts here at MSP Recovery. The 2022 guidance was developed as part of our business combination. As of June 30, 2022, we surpassed our 2022 guidance as it relates to the paid value of potentially recoverable claims by 3.2 times. We estimated by the end of 2026, we would have approximately $26.9 billion of paid value of potential recoverable claims. Today, as it stands, we have $88.3 billion.

早安.這是 MSP Recovery 的共同創辦人兼首席法律長 Frank Quesada。我負責監督 MSP Recovery 公司在追償工作中採用的法律策略。2022 年的業績指引是我們業務合併的一部分。截至 2022 年 6 月 30 日，我們在可追償索賠的已付價值方面，已經超過了我們 2022 年的預期 3.2 倍。我們估計到 2026 年底，已支付的潛在可追償理賠價值將達到約 269 億美元。目前，我們擁有883億美元。

Our total gross recoverable revenue guidance is dependent on the completion of data matching and achieving settlements in our cases. While there are extension risks, we feel comfortable that there is progress being made towards meaningful settlements in our recovery efforts. MSP Recovery is currently in data matching or settlement discussions with approximately 27% of the auto liability market.

我們預期的總可收回收入取決於資料匹配的完成情況以及案件和解的達成情況。雖然有延期風險，但我們感到欣慰的是，我們在復原工作中正朝著達成有意義的和解方向取得進展。MSP Recovery 目前正與約 27% 的汽車責任險市場進行數據匹配或和解談判。

MSP has brought a majority of the data matching exercises in-house and eliminating the need for third-party administrator. This has increased the speed and efficiency of MSP's ability to identify previously unknown claims. All current data matching exercises have reached the final phases in which claims information is being exchanged with primary payers to detail amounts owed.

MSP已將大部分資料比對工作轉移到公司內部進行，因此無需第三方管理員。這提高了MSP識別先前未知索賠的速度和效率。目前所有數據匹配工作均已進入最後階段，正在與主要付款方交換索賠信息，以詳細列出應付金額。

Due to the volume of claims identified through the data matching process, MSP has consulted with a robust team of statisticians to develop a model, which uses sampling techniques to estimate the aggregate recoveries attributable to a given primary payer. This model is a cornerstone of settlement conversations as it allows MSP Recovery to push forward a lump sum number and avoid a claim-by-claim analysis.

由於透過數據匹配過程確定的索賠數量龐大，MSP 諮詢了一支強大的統計學家團隊，開發了一個模型，該模型使用抽樣技術來估計歸因於給定主要付款人的總回收額。該模式是和解談判的基石，因為它允許 MSP Recovery 提出一個總金額，避免逐項索賠進行分析。

MSP Recovery in conjunction with some primary payers is also in the process of developing a real-time recovery platform, which will allow for immediate recoveries without the need to resort to litigation for both past and future claims. We believe that if we can achieve a settlement in 2022, we can hit our projected revenue.

MSP Recovery 與一些主要付款方合作，正在開發一個即時追償平台，該平台將允許立即追償，而無需就過去和未來的索賠提起訴訟。我們相信，如果我們能在 2022 年達成和解，我們就能實現預期的收入目標。

Although we have yet to publicize a recovery multiple at this time, we have achieved settlements in the past that exceed 1.9 times multiple that we projected for 2022. In the past, MSP Recovery has entered into settlement agreements to recover amounts in excess of the paid amount. For example, Ocean Harbor agreed to pay more than a Medicare fee-for-service schedule rate by 3.5 times, for Medicare Part A emergency services and Medicare Part D claims.

雖然我們目前還沒有公佈賠償倍數，但我們過去達成的賠償金額已經超過了我們預計 2022 年賠償倍數的 1.9 倍。過去，MSP Recovery 曾達成和解協議，追回超出已支付金額的款項。例如，海洋港同意支付比聯邦醫療保險按服務收費標準高出 3.5 倍的費用，用於聯邦醫療保險 A 部分緊急服務和聯邦醫療保險 D 部分索賠。

We also entered into a settlement agreement with Horace Mann in which it has agreed to pay match claims according to applicable commercial rates, subject to the assertion of certain agreed upon defenses. We believe the difference between the paid amount of claims in that case and commercial rates are generally between 4 to 6 times.

我們還與 Horace Mann 達成了和解協議，其中 Horace Mann 同意按照適用的商業費率支付匹配索賠，但須遵守某些雙方同意的抗辯理由。我們認為，在這種情況下，理賠金額與商業費率之間的差額一般在 4 到 6 倍之間。

I would now like to turn the call back over to John, so that he can explain how MSP has developed a solution to address the pain of problem going forward. Thank you.

現在我想把電話轉回給約翰，讓他解釋 MSP 如何發展出解決方案來解決未來可能出現的問題。謝謝。

Focusing on the American healthcare system, this system relies upon a series of data systems, which are currently fragmented. Data is stored in passive knowledge silos that are ill-equipped to handle the complexity of the healthcare system. In analyzing the medical claims data for millions of Americans, we came to the realization that there are three main components when providing care to patients; knowledge of the law, knowledge of medicine and knowledge of healthcare data. We believe our team's knowledge of all three has continued to grow our legal and healthcare data ecosystem.

以美國醫療保健系統為例，該系統依賴一系列數據系統，而這些系統目前是分散的。數據儲存在被動的知識孤島中，這些孤島不足以應對醫療保健系統的複雜性。在分析數百萬美國人的醫療索賠數據時，我們意識到，為患者提供護理有三個主要組成部分：法律知識、醫學知識和醫療保健數據知識。我們相信，我們團隊對這三方面的了解不斷壯大著我們的法律和醫療保健數據生態系統。

To identify the proper payer, you need medical expertise, legal expertise, and healthcare data expertise. MSP's LifeWallet combines these three areas and further supplements our existing business. For example, from a patient's perspective, LifeWallet is delivering biometrics and giving patient ultimate access and control over their own healthcare data. From a payer's perspective, LifeWallet is providing blockchains for billing in an effort to eliminate fraud and abuse from the billing process by combining biometrics with the particular bills in question.

要確定合適的付款方，您需要醫學專業知識、法律專業知識和醫療保健數據專業知識。MSP 的 LifeWallet 將這三個領域結合起來，進一步補充了我們現有的業務。例如，從患者的角度來看，LifeWallet 提供生物辨識技術，並賦予患者對其自身醫療保健資料的最終存取權和控制權。從付款方的角度來看，LifeWallet 正在提供區塊鏈計費服務，透過將生物識別技術與相關帳單相結合，努力消除計費過程中的詐欺和濫用行為。

Lastly, with MSP's legal expertise, LifeWallet will have the technology to identify the proper payer at the point-of-care. Through the functionality of billing the proper payer in real-time, LifeWallet will ultimately lead to visible and predictable revenues for our company, something that is not always the case in historical claims recovery business. The LifeWallet, or Chase to Pay revenue streams will allow MSP to transition its financials to more consistent and predictable revenue.

最後，憑藉 MSP 的法律專業知識，LifeWallet 將擁有在護理點識別正確付款方的技術。LifeWallet 透過即時向正確的付款人收費的功能，最終將為我們公司帶來可見且可預測的收入，這在以往的理賠業務中並不總是如此。LifeWallet 或 Chase to Pay 的收入來源將使 MSP 能夠將其財務狀況轉變為更穩定且可預測的收入。

Now I'd like to introduce Calvin Hamstra, our CFO who will walk you through our quarterly financials.

現在我來介紹我們的財務長卡爾文‧哈姆斯特拉，他將為大家講解我們的季度財務狀況。

Thank you, John. Good morning, everyone. I'll be giving a brief overview of our quarter two 2022 financials. To start, I'd like to cover some highlights of our financials as this is the first quarter reporting as a public company under MSPR. Our balance sheet consists mostly of our intangible assets or claims recovery rights assets of $2.1 billion and investments in rights to claim recovery cash flows of $3.7 billion. These assets are held at cost, not fair value.

謝謝你，約翰。各位早安。我將簡要概述我們2022年第二季的財務狀況。首先，我想介紹我們財務狀況的一些亮點，因為這是我們作為一家上市公司在MSPR監管下發布的第一季財報。我們的資產負債表主要由價值 21 億美元的無形資產或債權回收權資產和價值 37 億美元的債權回收權現金流投資所構成。這些資產以成本價持有，而非公允價值。

The intangible assets are amortized over eight years while the investments and rights to claim recovery cash flows are a financial instrument and therefore not amortized. There are also increases in cash to $25.0 million, restricted cash to $11.4 million and prepaids to $36.9 million. These were driven by the cash from the business combination and the funds from the related party loan obtained during the quarter.

無形資產在八年內攤銷，而投資和索取回收現金流的權利是一種金融工具，因此不進行攤提。現金增加至 2,500 萬美元，受限現金增加至 1,140 萬美元，預付款增加至 3,690 萬美元。這些成長主要得益於企業合併帶來的現金以及本季獲得的關聯方貸款資金。

For liabilities outside of the related party loan, our liabilities also increased related to the mark-to-market of the warrants, the derivative liability related to the Cantor facility noted in previous filings and liabilities payable and stock related to the purchase of claims recovery assets also noted in previous filings.

除了關聯方貸款之外，我們的負債還因認股權證的市值調整、先前文件中提到的與 Cantor 融資相關的衍生負債以及先前文件中提到的與購買索賠回收資產相關的應付負債和股票而增加。

Our income statement for the period has a lot of noise from the business combination transaction. And I'll go into further detail on this in another slide. But overall, the majority of the items driving the increase in expenses are due to one-time and non-cash items such as change in fair value of warrants and derivative liability, stock-based compensation, interest expense and claims amortization expense.

由於企業合併交易，我們當期的損益表存在許多幹擾因素。我將在另一張幻燈片中詳細介紹這一點。但總體而言，導致支出增加的大部分項目都是一次性非現金項目，例如認股權證和衍生負債的公允價值變動、股票選擇權費用、利息支出和索賠攤銷費用。

Also, during the period, we strategically entered into alliances with other law firms as noted previously. While these have increased expenses in the short-term, we anticipate these alliances will drive and accelerate claims recoveries and allow us to push the biggest return out of our historical portfolio.

此外，在此期間，我們也如前所述與其他律師事務所建立了策略聯盟。雖然這些措施在短期內增加了支出，但我們預計這些聯盟將推動和加速索賠回收，並使我們能夠從歷史投資組合中獲得最大的回報。

Next I'd like to provide the overall balance sheet. Some items to highlight here are on the asset side. As noted previously, the increase is driven by the asset acquisitions as part of the business combination as well as increases in cash, prepaids and acquisitions of other intangible assets. These increases are all related to the business combination. Our liabilities are mostly non-current when the guarantee obligation is excluded as this is a gross up of Virage Recovery Master LP full return and offset by the indemnification asset.

接下來，我想提供整體資產負債表。這裡需要重點介紹的是資產方面的一些內容。如前所述，成長的驅動因素是作為業務合併一部分的資產收購，以及現金、預付款和其他無形資產收購的增加。這些成長都與企業合併有關。如果排除擔保義務，我們的負債大多為非流動負債，因為擔保義務是 Virage Recovery Master LP 全額回報的總額，並被賠償資產抵銷。

The non-current assets consists of claims, financing obligations and notes payable, related interest accrual and loans from the related parties. One item to keep in mind on the claims financing obligations and notes payable and related interest payable is approximately $134.3 million is non-recourse and represents a sale of future revenue on claims portfolios.

非流動資產包括債權、融資義務和應付票據、相關利息應計款項以及來自關聯方的貸款。關於索賠融資義務、應付票據及相關應付利息，需要記住的一點是，約有 1.343 億美元屬於無追索權債務，代表著對索賠組合未來收入的出售。

On the income statement, as previously noted, the main drivers of our quarter and year-to-date losses are one-time and non-cash. Outside of the items noted previously, expenses within general and administrative and professional fees have increased from previous periods. This is related to the development of additional revenue sources, such as LifeWallet, as John mentioned earlier.

如前所述，損益表顯示，本季和年初至今虧損的主要原因是一次性非現金支出。除了前面提到的項目之外，一般行政費用和專業費用方面的支出也比以前增加。這與開發其他收入來源有關，例如約翰之前提到的 LifeWallet。

Our management team has been focused on not only extracting the value from our historical portfolio, but also addressing the go-forward problem in healthcare billing by developing these new revenue streams that will drive consistent revenue period-to-period. While the unique assets we hold as a part of our historical portfolio will provide significant revenue, we feel MSP’s value to shareholders will be through developing these applications that will address the healthcare billing problem go-forward.

我們的管理團隊不僅專注於從我們歷史的投資組合中挖掘價值，而且還致力於透過開發這些新的收入來源來解決醫療保健計費方面的未來問題，從而推動收入的持續成長。雖然我們歷史投資組合中的獨特資產將帶來可觀的收入，但我們認為 MSP 對股東的價值將體現在開發這些應用程式上，這些應用程式將解決未來的醫療保健計費問題。

In order to help look past some of the noise in the financials related to the business combination, we have highlighted the one-time and non-cash items that are flowing through the financials. This is a non-GAAP measure, but we feel it is important in order to understand what we would anticipate an expenses going forward.

為了幫助大家忽略與企業合併相關的財務數據中的一些幹擾因素，我們重點介紹了財務數據中涉及的一次性和非現金項目。這是一個非GAAP指標，但我們認為它對於了解我們預期未來的支出狀況非常重要。

Within the income statement for the three and six months ended June 30, 2022, there were one-time, non-cash items related to a share grant to non-employees of $20.1 million and changes in the fair value of warrants and derivative liabilities related to the Cantor facility, which was disclosed in previous filings of $14.4 million. Additionally, there are non-cash items for the period related to claims amortization expense and paid in kind interest. These along with the one-time items noted totaled $69.2 million for the three months and $82.3 million for the six months.

在截至 2022 年 6 月 30 日的三個月和六個月的損益表中，有一次性非現金項目，包括向非僱員授予 2010 萬美元的股份，以及與 Cantor 設施相關的認股權證和衍生負債的公允價值變動，這些變動在之前的文件中已披露，金額為 1440 萬美元。此外，該期間還有與索賠攤銷費用和實物支付利息相關的非現金項目。加上上述一次性項目，三個月總計 6,920 萬美元，六個月總計 8,230 萬美元。

Excluding these one-time and non-cash items, our net loss was approximately $8 million for the three months and approximately $9 million for the six months. While we anticipate being able to start generating more meaningful revenue from our operations in the next few quarters, we have also publicly announced several other sources of cash that could provide resources to cover current needs.

除去這些一次性非現金項目，我們前三個月的淨虧損約為 800 萬美元，前六個月的淨虧損約為 900 萬美元。雖然我們預計在接下來的幾個季度裡，我們的營運將能夠產生更有意義的收入，但我們也已公開宣布了其他幾個現金來源，這些資金可以提供資源來滿足當前的需求。

Based on our current cash, the funds included in prepaids to fund law firm-related expenses and our announced facilities or agreements with Cantor, Virage and Prudent, we have potential sources of approximately $1.5 billion to continue to fund our operations. As noted in each of the announcements of these agreements or facilities, these are all still in process of being implemented.

根據我們目前的現金、預付金中用於支付律師事務所相關費用的資金以及我們已宣布的與 Cantor、Virage 和 Prudent 的融資安排或協議，我們有大約 15 億美元的潛在資金來源，可以繼續為我們的營運提供資金。正如每項協議或設施的公告中所述，這些協議或設施目前都仍在實施過程中。

In summary, our current balance sheet and publicly announced resources should provide the ability for MSP to execute on driving strong cash flows from operations through our historical claims portfolio and continue to develop additional revenue streams we have disclosed. Thank you all for joining us today.

總而言之，我們目前的資產負債表和已公開宣布的資源應該能夠使 MSP 有能力透過我們歷史索賠組合實現強勁的營運現金流，並繼續開發我們已經披露的其他收入來源。感謝各位今天蒞臨。

This is Diana Diaz, Chief Communications Officer of MSP Recovery. We encourage everyone to visit our website in the Investor Relations portion for a recording with the attached presentation of what you just heard. Thank you so much.

這是 MSP Recovery 的首席傳播官 Diana Diaz。我們鼓勵大家造訪我們網站的「投資者關係」部分，收聽剛才聽到的內容的錄音以及附帶的簡報。太感謝了。

(Operator Instructions) Meyer Shields, KBW.

（操作說明）Meyer Shields，KBW。

Thanks. Two quick questions, if I can. First, is there any way of getting a little bit more insight into the $1.3 million of claims recovery income in the quarter in terms of, I guess, how long those were being litigated? I don't know if you can characterize the sources of income.

謝謝。如果可以的話，請容許我問兩個問題。首先，有沒有辦法更深入了解本季 130 萬美元的理賠追償收入，例如，這些案件的訴訟時長是多少？我不知道你是否能描述一下收入來源。

Yes. Good morning. How are you? This is John H. Ruiz. So there are a couple of different buckets of claims that we process, and I'll break them down in this fashion. So there are claims that are in litigation and then there are claims that we process day in and day out. And they fall into three sort of categories.

是的。早安.你好嗎？這是約翰·H·魯伊斯。所以我們處理的索賠案件分為幾類，我將按以下方式分類。所以有些索賠案件正在訴訟中，而有些索賠案件我們則每天都在處理。它們可以分為三類。

One type of claim is one where the insurer actually ensures the Medicare beneficiary directly. The other type of claim is where there's already been a settlement with a Medicare beneficiary, but those claims have not been extinguished, those liens that we own.

其中一種索賠類型是保險公司直接向聯邦醫療保險受益人提供保險。另一種類型的索賠是，已經與醫療保險受益人達成和解，但這些索賠尚未消除，我們擁有的留置權也尚未消除。

And then the third category, our claims that are actually in process, meaning in progress, whereby people are injured and have lawyers, and those lawyers in particular have claims that they're processing and we own those lien rights.

第三類是我們正在處理的索賠，也就是正在進行中的索賠，其中有人受傷並聘請了律師，這些律師正在處理索賠，而我們擁有這些留置權。

As it pertains to the $1.3 million in total, half of that subset were actual claims that were paid by primary payer for a batch of claims that were sent to them where they acknowledged that they owed primary responsibility and those were paid only at the paid amount. This payer has previously been paying at the build amount. So even in those revenues that we reported, there is an upside even with what we've already collected, we're in the process of getting that difference.

至於總共 130 萬美元，其中一半是實際索賠，由主要付款人支付，這些索賠是針對一批發送給他們的索賠，他們承認自己負有主要責任，並且這些索賠僅按已支付的金額支付。該付款人之前一直以建築價格付款。所以即使在我們已經公佈的收入中，也存在著成長空間，即使我們已經收取了款項，我們正在努力實現差額。

As it relates to some of the other claims also with established settlements as Mr. Quesada indicated, which is a company and another primary payer that is paid, they also paid the paid amount, but the settlement agreement requires them to pay 4 to 6 times the amount that we've already collected.

至於其他一些索賠，正如奎薩達先生所指出的，這些索賠也已達成和解，涉及一家公司和另一家主要付款方，他們也支付了已支付的金額，但和解協議要求他們支付我們已經收取的金額的 4 到 6 倍。

So what we're seeing futuristically with what Mr. Quesada said, and we've explained because we have significant progress in data matching and in conversations with sort of settlement strategy with a significant portion of the bigger primary payers, that's the path that we're taking.

所以，正如奎薩達先生所說，從未來的角度來看，我們已經解釋過，因為我們在數據匹配方面取得了重大進展，並且與相當一部分大型主要支付方就和解策略進行了對話，這就是我們正在採取的道路。

So to answer that question directly, that recovery is probably half, what I call the daily flow of what transpires and then the other half is for historical claims that we have been processing from before.

所以直接回答這個問題，恢復情況可能一半是我所說的日常發生的事情，另一半是我們之前一直在處理的歷史索賠。

Okay. Thank you. That's very helpful. And bigger picture question, when we talk about the relationships and partnerships with other law firms, is that – should we assume that there's a particular percentage of the recoveries that they're going to collect? They assume that they're doing this on a percentage basis instead of billable hours?

好的。謝謝。那很有幫助。更宏觀的問題是，當我們談到與其他律師事務所的關係和合作關係時，我們是否應該假設他們會收取一定比例的賠償金？他們假設他們是按百分比而不是按工時計費的？

Yes. So great question. The numbers that we've projected do not change at all because even though we have a lot more lawyers, I think collectively, now we have over a 100 lawyers working on these cases between all the respective law firms. The dynamics of the monetary impact to MSPR doesn't change. So while we add more and more lawyers, we're just adding more soldiers so to speak, but it doesn't cost MSPR anymore.

是的。問得好。我們預測的數字完全沒有改變，因為儘管我們的律師人數多了很多，但我認為，現在所有相關律師事務所加起來，有超過 100 名律師在處理這些案件。貨幣對MSPR的影響動態不會改變。所以，雖然我們增加了越來越多的律師，但從某種意義上說，我們只是增加了更多的士兵，但這不再需要MSPR的資金了。

One of the things that we feel is very positive is there had been two major cases decided by the federal public court. One was decided in late 2020 where the insurers petitioned the United States Supreme Court for review and the United States Supreme Court rejected that. So that's the law of the land and that established the rights of downstream providers in addition to Medicare Advantage Organizations, to be able to prosecute these cases and collect upon them. So we won that significant issue.

我們認為非常積極的一點是，聯邦公共法院已經審理了兩起重大案件。其中一起案件於 2020 年底審理，保險公司向美國最高法院提出複審申請，但被美國最高法院駁回。所以這就是現行法律，它確立了下游供應商以及聯邦醫療保險優勢計劃組織的權利，使其能夠提起訴訟並追討賠償。所以，我們贏得了這場重大勝利。

And just within the last two weeks, we won another significant case, which is called MSP versus Metropolitan, where the court established that we had established the necessary elements to file the lawsuit, the claims in the manner in which we were doing. Because of that we've seen, which is reported in all the docket entries, the judges are starting to put more pressure on the primary payers, which are the defendants to essentially respond to the lawsuits and we're starting to see a huge move.

就在最近兩週，我們又贏了一場重要的官司，就是 MSP v. Metropolitan 案。法院認定，我們以當時的方式提出了訴訟的必要要素和索賠。正因如此，正如所有案卷記錄所記載的那樣，法官們開始向主要付款人（即被告）施加更大的壓力，要求他們回應訴訟，我們開始看到巨大的轉變。

And one of the things that we've also reported already publicly is we started a huge drive to send out all these demand letters. And as a result of that, we feel that there's going to be a lot less litigation and a lot more of what normally happens in the industry, which is bills are sent and paid automatically.

我們已經公開報道過的一件事是，我們發起了一場大規模的行動，發出所有這些索賠信。因此，我們認為訴訟將會減少很多，而行業內通常發生的事情——帳單自動發送和支付——將會更多地發生。

So if you look at this in the bigger scope, we had to, for many, many years establish the rights of these Medicare Advantage Organization and downstream providers in the courts. We've done that. That's over and done with. There's not a lot of room for primary payers, if any, at all, to try to defend themselves against these kinds of claims.

因此，從更宏觀的角度來看，我們多年來一直在法庭上確立這些醫療保險優勢組織和下游供應商的權利。我們已經做到了。這件事已經過去了。對於主要支付方而言，幾乎沒有或根本沒有空間來為自己辯護，以應對這類索賠。

So now we're just doing the data matching and we strongly feel and believe that this paves a way for the processing of these claims the way that it happens every day. And if you look at the entire structure of how bills get processed, there's about 7 billion of them, nationwide between car accidents, slip and falls and normal healthcare treatment.

所以現在我們只是在進行數據匹配，我們強烈地感覺到並相信，這將為像每天一樣處理這些索賠鋪平道路。如果你看一下帳單處理的整個結構，你會發現全國範圍內，包括車禍、滑倒摔傷和正常醫療保健在內的各種帳單，大約有 70 億張。

Okay. Fantastic. Thank you so much.

好的。極好的。太感謝了。

You're welcome.

不客氣。

(Operator Instructions) I am seeing no more questions in the queue. This concludes our question-and-answer session as well as the conference. Thank you for your participation. You may disconnect.

（操作員指示）佇列中沒有更多問題了。我們的問答環節和會議到此結束。感謝您的參與。您可以斷開連線。