Change Healthcare Inc.

Delisted

CIK 0001756497Large AcceleratedServices-Computer Processing & Data PreparationDelawareFY ends Mar 31

Period

FY 2022

Revenue

$3.48B

Net Income

$-57.39M

Total Assets

$9.93B

Equity

$3.28B

Shares Out

328.31M

Op. Cash Flow

$696.88M

Business

Change Healthcare Inc. is a former operating company in Computer Processing & Data Preparation, incorporated in Delaware. Securities are no longer actively traded on a major U.S. exchange.

Auto-generated from company profile

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2022 2022-03-31	FY 2021 2021-03-31	FY 2020 2020-03-31	FY 2019 2019-03-31	FY 2018 2018-03-31
Total revenue	3,481	3,090	197	—	—
Cost of operations (exclusive of depreciation and amortization below)	1,415	1,335	71	—	—
Research and development	278	227	12	—	—
Sales, marketing, general and administrative	735	687	40	1	180,000
Customer postage	220	197	13	—	—
Depreciation and amortization	682	591	31	—	—
Accretion and changes in estimate with related parties, net	15	13	16	—	—
Gain on sale of businesses	—	−59	—	—	—
Tax Receivable Agreement charges	—	—	165	—	—
Goodwill impairment charge	—	—	561	—	—
Total operating expenses	3,344	2,990	908	1	180,000
Operating income (loss)	137	100	−711	−1	−180,000
Interest expense, net	234	245	17	—	—
Loss on extinguishment of debt	4	9	—	—	—
Loss from Equity Method Investment in the Joint Venture	—	—	381	70	59
(Gain) loss on forward purchase contract	—	—	−16	—	—
Other, net	5	−7	−2	−1	—
Total non-operating (income) expense	243	247	380	69	58
Income (loss) before income tax provision (benefit)	−106	−147	−1,091	−71	−59
Income tax provision (benefit)	−49	−35	−143	−19	−120
Net income (loss)	−57	−112	−948	−52	61
Basic and diluted (per share)	−0.18	−0.35	−6.92	−0.69	—
Basic and diluted (shares)	324	321	137	76	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2022 2022-03-31	FY 2021 2021-03-31	FY 2020 2020-05-31	FY 2020 2020-04-30	FY 2020 2020-03-31
Cash & cash equivalents	252	113	—	—	410
Accounts receivable, net	720	733	—	—	740
Contract assets, net	163	133	—	—	133
Prepaid expenses and other current assets	178	140	—	—	118
Total current assets	1,313	1,119	—	—	1,401
Property and equipment, net	141	174	—	—	206
Operating lease right-of-use assets, net	66	93	—	112	—
Goodwill	4,113	4,109	99	—	3,795
Intangible assets, net	3,700	4,187	—	—	4,366
Other noncurrent assets, net	600	430	—	—	192
Total assets	9,932	10,113	—	—	10,107
Accounts payable	104	57	—	—	68
Accrued expenses	462	484	—	—	390
Deferred revenue	469	437	—	—	302
Due to related parties, net	13	11	—	—	20
Current portion of long-term debt	10	27	—	—	279
Current portion of operating lease liabilities	22	31	—	—	—
Total current liabilities	1,080	1,047	—	—	1,060
Long-term debt, excluding current portion	4,580	4,735	—	—	4,710
Long-term operating lease liabilities	52	75	—	—	—
Deferred income tax liabilities	564	605	—	—	616
Tax receivable agreement obligations due to related parties	105	103	—	—	178
Tax receivable agreement obligations	203	229	—	—	165
Other long-term liabilities	73	66	—	—	93
Total liabilities	6,656	6,860	—	—	6,822
Commitments and contingencies	—	—	—	—	—
Common Stock (par value, $0.001), 9,000,000,000 and 9,000,000,000 shares authorized and 313,131,714 and 306,796,076 shares issued and outstanding at March 31, 2022 and March 31, 2021, respectively	313,000	307,000	—	—	303,000
Preferred stock (par value, $0.001), 900,000,000 shares authorized and no shares issued and outstanding at both March 31, 2022 and March 31, 2021	—	—	—	—	—
Additional paid-in capital	4,341	4,283	—	—	4,223
Accumulated other comprehensive income (loss)	35	11	—	—	−7
Accumulated deficit	−1,100	−1,043	—	—	−930
Total stockholders' equity	3,276	3,252	—	—	3,285
Total liabilities and stockholders' equity	9,932	10,113	—	—	10,107

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2022 2022-03-31	FY 2021 2021-03-31	FY 2020 2020-03-31	FY 2019 2019-03-31	FY 2018 2018-03-31
Amortization of capitalized software developed for sale	4	1	—	—	—
Accretion and changes in estimate, net	25	12	16	—	—
Equity compensation	96	59	2	—	—
Deferred income tax expense (benefit)	−49	−50	−144	−19	—
Amortization of debt discount and issuance costs	31	33	2	—	—
Non-cash lease expense	27	29	—	—	—
Other, net	18	8	−1	−661,000	—
Accounts receivable, net	12	−6	−21	—	—
Contract assets, net	−26	158,000	—	—	—
Prepaid expenses and other assets	−83	−88	−6	14	—
Accounts payable	35	−21	8	—	—
Accrued expenses and other liabilities	−61	14	−195	−125,000	−524,000
Deferred revenue	40	166	11	—	—
Due to the Joint Venture, net	—	—	1	−10	16
Net cash provided by (used in) operating activities	697	586	−154	3	—
Capitalized expenditures	−276	−246	−13	—	—
Acquisitions, net of cash acquired	—	−439	331	—	—
Proceeds from sale of businesses	—	116	—	—	—
Investment in the Joint Venture	—	—	−611	—	—
Investment in debt and equity securities of the Joint Venture	—	—	−279	—	—
Other, net	−663,000	2	7	7	—
Net cash provided by (used in) investing activities	−277	−568	−565	7	171,000
Payments on Term Loan Facility	−180	−315	—	—	—
Payments under tax receivable agreements	−22	−21	—	—	—
Receipts (payments) on derivative instruments	−23	−30	−890,000	—	—
Employee tax withholding on vesting of equity compensation awards	−38	−4	—	—	—
Payments on deferred financing obligations	−11	−20	—	—	—
Payment of senior amortizing notes	−16	−16	−11	—	—
Proceeds from exercise of equity awards	9	18	—	—	—
Payments on Revolving Facility	—	−250	—	—	—
Proceeds from Revolving Facility	—	—	250	—	—
Proceeds from issuance of Senior Notes	—	325	—	—	—
Proceeds from initial public offering, net of issuance costs	—	—	609	—	—
Proceeds from issuance of equity component of tangible equity units, net of issuance costs	—	—	233	—	—
Proceeds from issuance of debt component of tangible equity units	—	—	47	—	—
Other, net	−468,000	−7	−1	−7	—
Net cash provided by (used in) financing activities	−281	−319	1,126	−7	−171,000
Effect of exchange rate changes on cash and cash equivalents	165,000	3	16,000	—	—
Net increase (decrease) in cash and cash equivalents	139	−297	407	3	—
Cash paid for interest	224	240	266	—	—
Cash paid for income taxes	8	11	−714,000	—	16
Operating cash flows	37	41	—	—	—
Financing cash flows	468,000	642,000	—	—	—
Investment in the Joint Venture	—	—	5	1	5
Dividend receivable	—	—	−5	1	−5
Investment in the Joint Venture	—	—	14	−2	11
Additional paid in capital	—	—	−11	−6	−7
Accumulated other comprehensive income	—	—	−3	−8	−3
Property and equipment, net	9	3	5	—	—
Other noncurrent assets, net	31	25	14	—	—
Intangible assets, net	3	1	3	—	—
Accounts payable	−25	−11	−10	—	—
Accrued expenses	−18	−18	−12	—	—
Operating Leases	3	16	—	—	—
Finance Leases	—	363,000	—	—	—

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