R1 RCM Inc. (NASDAQ:RCM) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET

Company Participants

Atif Rahim - Head, Investor Relations

Lee Rivas - Chief Executive Officer

Jennifer Williams - Chief Financial Officer

Conference Call Participants

Charles Rhyee - TD Cowen

Sean Dodge - RBC Capital Markets

Michael Cherny - Bank of America

Stephanie Davis - SVB Securities

Jack Wallace - Guggenheim Securities

Craig Hettenbach - Morgan Stanley

Elizabeth Anderson - Evercore ISI

Scott Schoenhaus - KeyBanc

Jailendra Singh - Truist Securities

Glen Santangelo - Jefferies

Vikram Kesavabhotla - Baird

Jeff Garro - Stephens

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the R1 RCM First Quarter 2023 Earnings Call. I would now like to turn the call over to Atif Rahim, Head of Investor Relations. Please go ahead.

Atif Rahim

Good morning, everyone, and welcome to the call. Certain statements made during this call may be considered forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, any statements about our future growth, plans and performance, including statements about our strategic and cost-saving initiatives, our liquidity position or growth opportunities and our future financial performance are forward-looking statements.

These statements are often identified by the use of words such as anticipate, believe, estimate, expect, intend, designed, may, plan, project, would and similar expressions or variations. Investors are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements made on today's call involve risks and uncertainties. While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law.

Our actual results and outcomes may differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, economic downturns and market conditions beyond our control, including periods of inflation and other risk factors under the heading Risk Factors in our annual report on Form 10-K for the year ended December 31, 2022. We will also be referencing non-GAAP metrics on this call. For a reconciliation of the non-GAAP amounts mentioned to their equivalent GAAP amounts, please refer to our press release.

Now, I will turn the call over to Lee.

A - Lee Rivas

Thank you, Atif. Good morning, everyone, and thank you for joining us. I am pleased to report a strong start to 2023 with revenue of 545.6 million, and adjusted EBITDA of 142.2 million for the first quarter. Adjusted EBITDA was ahead of expectations due to solid operating performance and lower corporate costs. We are pleased with our results and are well positioned to deliver our 2023 guidance.