Delaware
|
001-37888
|
46-5726437
|
||
(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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228 Strawbridge Drive, Suite 100, Moorestown, New Jersey
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08057
|
|
(Address of principal executive offices)
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(Zip Code)
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☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☒
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
Common Stock, par value $0.0001 per share
|
TRHC
|
NASDAQ
|
Item 8.01 |
Other Events.
|
|
|
Fiscal Year ending December 31,
|
||||||||||||||||||||||||||||
($ millions)
|
|
|
‘23E
|
|
|
‘24E
|
|
|
‘25E
|
|
|
‘26E
|
|
|
‘27E
|
|
|
‘28E
|
|
|
‘29E
|
|
|
‘30E
|
|
|
‘31E
|
|
|
‘32E
|
Revenue
|
|
|
360
|
|
|
432
|
|
|
525
|
|
|
629
|
|
|
752
|
|
|
874
|
|
|
987
|
|
|
1,082
|
|
|
1,150
|
|
|
1,184
|
Adjusted EBITDA (excl. SBC)(1)
|
|
|
21
|
|
|
36
|
|
|
55
|
|
|
75
|
|
|
103
|
|
|
119
|
|
|
135
|
|
|
148
|
|
|
157
|
|
|
162
|
Depreciation & Amortization
|
(26)
|
(28)
|
(26)
|
|
(23)
|
|
|
(22)
|
(24)
|
|
|
(25)
|
(25)
|
(25)
|
(24)
|
|||||||||||||||
Stock-Based Compensation
|
(14)
|
(16)
|
(14)
|
|
(13)
|
|
|
(13)
|
(15)
|
|
|
(17)
|
(19)
|
(20)
|
(21)
|
|||||||||||||||
EBIT(2)
|
(20)
|
(8)
|
15
|
|
39 |
|
|
68
|
80 |
|
92
|
103
|
112
|
117
|
||||||||||||||||
Net Operating Profit After Tax(3)
|
(20)
|
(8)
|
11
|
29
|
51
|
60
|
69
|
77
|
84
|
88
|
||||||||||||||||||||
Capital Expenditures
|
(25)
|
(18)
|
(16)
|
(15)
|
(17)
|
(19)
|
(21)
|
(23)
|
(24)
|
(24)
|
||||||||||||||||||||
Unlevered Free Cash Flow
|
|
|
(22)
|
|
|
(2)
|
|
|
17
|
|
|
33
|
|
|
51
|
|
|
60
|
|
|
68
|
|
|
76
|
|
|
82
|
|
|
86
|
NOL Cash Flow Impact
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
7
|
|
|
11
|
|
|
14
|
|
|
16
|
|
|
17
|
|
|
2
|
|
|
—
|
|
|
Fiscal Year ending December 31,
|
||||||||||||||||||||||||||||
($ millions)
|
|
|
‘23E
|
|
|
‘24E
|
|
|
‘25E
|
|
|
‘26E
|
|
|
‘27E
|
|
|
‘28E
|
|
|
‘29E
|
|
|
‘30E
|
|
|
‘31E
|
|
|
‘32E
|
Revenue
|
|
|
371
|
|
|
445
|
|
|
549
|
|
|
666
|
|
|
797
|
|
|
927
|
|
|
1,048
|
|
|
1,149
|
|
|
1,222
|
|
|
1,258
|
Adjusted EBITDA (excl. SBC)(1)
|
|
|
25
|
|
|
44
|
|
|
68
|
|
|
93
|
|
|
125
|
|
|
145
|
|
|
164
|
|
|
179
|
|
|
191
|
|
|
197
|
Depreciation & Amortization
|
(26)
|
(27)
|
(25)
|
(23)
|
(22)
|
(24)
|
|
|
(25)
|
(26)
|
(26)
|
(25)
|
||||||||||||||||||
Stock-Based Compensation
|
(15)
|
(16)
|
(14)
|
(13)
|
(13)
|
(15)
|
|
(17)
|
|
(19)
|
(20)
|
(21)
|
||||||||||||||||||
EBIT(2)
|
(15)
|
2
|
29
|
57
|
89
|
105
|
121
|
134
|
144
|
150
|
||||||||||||||||||||
Net Operating Profit After Tax(3)
|
(15)
|
1
|
22
|
43
|
67
|
79
|
91
|
101
|
108
|
113
|
||||||||||||||||||||
Capital Expenditures
|
(20)
|
(21)
|
(16)
|
(15)
|
(17)
|
(19)
|
(22)
|
(24)
|
(25)
|
(25)
|
||||||||||||||||||||
Unlevered Free Cash Flow
|
|
|
(13)
|
|
|
3
|
|
|
27
|
|
|
46
|
|
|
66
|
|
|
78
|
|
|
89
|
|
|
99
|
|
|
106
|
|
|
111
|
NOL Cash Flow Impact
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
10
|
|
|
15
|
|
|
18
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
• |
certain estimates of the amount of net operating loss carryforwards of the Company prepared by its management, as approved for Goldman Sachs’ use by the Company, which are referred to as the NOL
forecasts (
|
Announcement Date
|
|
|
Selected Transactions
|
|
|
EV / LTM
EBITDA
|
||||
|
Acquiror
|
|
|
Target
|
|
Enterprise Value ($bn)
|
||||
June 2022
|
|
|
TPG Inc.
|
|
|
Convey Health Solutions Holdings, Inc.
|
|
|
$1.1
|
16.0x
|
August 2021
|
|
|
Nordic Capital / Insight Partners
|
|
|
Inovalon
|
|
|
7.3
|
29.0x
|
December 2020
|
|
|
Gainwell Acquisition Corp.
|
|
|
HMS Holdings Corp.
|
|
|
3.4
|
21.1x
|
June 2018
|
|
|
Verscend
Technologies, Inc.
|
|
|
Cotiviti Holdings, Inc.
|
|
|
4.9
|
18.0x
|
May 2015
|
|
|
CVS Health Corporation
|
|
|
Omnicare, Inc.
|
|
|
12.9
|
17.7x
|
TABULA RASA HEALTHCARE, INC.
|
|||
By:
|
/s/ Brian W. Adams
|
||
Name:
|
Brian W. Adams
|
||
Title:
|
President and Chief Executive Officer
|
||
Date: October 19, 2023
|