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  "documentTitle": "MultiPlan Corp (MPLN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-11 00:00:00",
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      "text": "We estimate that this defection and competition will decrease 2022E revenue by 35% and levered free cash flow by 80%, while net leverage should balloon to more than 8.0x.",
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      "text": "MPLN was already in financial decline, and its financial statements were engineered to obscure this existing deterioration. We understand that in 2018, MPLN released revenue reserves, dropping them from approximately 30% to 10% of revenue.",
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      "text": "We estimate that this defection and competition will decrease 2022E revenue by 35% and levered free cash flow by 80%, while net leverage should balloon to more than 8.0x.",
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      "text": "MPLN is in the process of losing its largest client, UnitedHealthcare (“UHC”). UHC has formed a competitor to MPLN that offers significantly lower prices and fewer conflicts of interest. The competitor is called Naviguard.",
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      "text": "revenue: 35%",
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      "text": "We believe that MPLN is public because of a grievous oversight in due diligence by the SPAC promoter. In our view, MPLN is not on “right side of healthcare”. Rather, it is a conflicted middleman that actually profits when individual members are regularly stuck with balance bills.",
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      "text": "In the great present-day money grab known as SPAC promotion, egregious mistakes will be made - such as missing an impending customer defection that could cost ~35% of revenue within two years.",
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      "text": "MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab",
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