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  "presentationDate": "2020-11-11 00:00:00",
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  "notes": "Includes a quote from a former executive and specific critiques of leverage ratios and LFCF guidance.",
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      "text": "Despite MPLN's worsening condition, its private equity sponsor has been unwavering in the quest to take money off the table. MPLN's revenue peaked in 2017... H&F pillaged the business... net leverage will exceed 8.0x.",
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      "text": "It seems H&F dressed up the operating business using a major one-off provision change to mask that the business was declining... revenue reserves have fallen from approximately 30% of sales to 10% of sales.",
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      "text": "In our view, misleading disclosures at MPLN confirm that the business is eroding faster than management cares to admit. In its Analyst Day presentation in August, MPLN wheeled out the same $437 million in guided 2021E Levered Free Cash Flow.",
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      "kind": "quote",
      "text": "When we were at MultiPlan, we all were like, 'Who's going to hold the bag?' Who's going to be stuck with the chair? We figured it was going to be H&F, and it's... yeah. It's no secret that H&F have tried to flip this numerous times.",
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      "text": "Source: MultiPlan and Churchill estimates. (1) 2021 forecast; assumes successful implementation of Enhance, Extend, and Expand Strategy.",
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      "text": "23 Interview with Former MPLN Executive A, June 2020\n24 MPLN Analyst Day Presentation, p. 55\n25 MPLN Analyst Day Presentation, p. 7",
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