MSP Recovery (MSPR) 12 Nov 222022 Q3 Earnings call transcript

Good day, ladies and gentlemen. And welcome to the MSP Recovery’s 2022 Third Quarter Earnings Conference Call.

You can view the video webcast presentation by accessing the link at the MSP recovery Web site under the investor events section [Operator Instructions].

As a reminder, this call may be recorded. I would now like to begin today’s earnings presentation.

everyone. morning, Good MSP to quarter earnings XXXX And Recovery’s call. conference welcome third in all mode. time, this a participants At are listen-only

Before we intentions, a differ begin, statements Litigation this predictions presentation, Reform please the material within note that state of actual the Company’s manner. statements the the Act meaning or Private are and in management's future beliefs, of or which expectations forward-looking made Securities during could results

contained the in and measures could included and cause the Company's The news results Investors will differ I Financial John measures call the non-GAAP and forward-looking and today's in MSP in GAAP the Recovery Miranda; to our Additional statements includes, section presentation corresponding the the copy about of the found comments slides. in these today. can is contained MSP A our on found and site. in John This Web of of limited slides, factors that Officer, The filings. Recovery’s MSP information Ruiz; of call not end Ruiz. reconciliation Founder H. SEC Chief be are the to at to, participants these Chris Officer, Calvin the factors Investors section CEO H. from Hamstra. turn like would Information in to Non-GAAP now SEC Recovery, the of in to is issued be can included is Chief msprecovery.com. be presentation over filings those release but today materials at risk earlier measures financial

Recovery’s walk quarter an to our will will discuss CEO through Ruiz, will XXXX H. highlights, quarterly financials. CIO, and recoveries. Hamstra, MSP while matching, our earnings share will you overview Miranda, John some I of Welcome Calvin we and I'm provide quarterly Chris Recovery. everyone. morning, data Good CFO, earnings call. our Today, third highlights our MSP of

recovery efforts regarding and our discuss Now third the some to quarter platform. of I'd LifeWallet MSP's highlights like

on by announced October negotiated XX, agreement. a Key debt MSP into Investments $XX new entering XXXX, warrant million Brickell As a reduction with

In $XX efforts, time grow. have potentially as save about paid addition, debt. our continues recoverable recovery in value year-over-year this would transaction is claims otherwise of interest expected covered until On expense our to the such recoveries million to

XXth, $XX.X As have and of in our projections potentially recoverable September exceeds balance value claims. we of paid This one of billion half claims three by times. recoverable potential

We Notably, in accident recovery Health and for Plan the times consistent a million. the our continue recovery in collected related X recovery settlements. settled progress at case PVPRC. Group we million to an and a our $X.XX multiple recovery which recovery represents make Health The efforts Group our accident with larger not was Plan towards identified we recently within $X.XX that related projected recovery settlement is multiple,

our recovery find seek recoveries. recoveries. Unfunneled As potential our funneled mentioned never our opportunity recovery potential was rates, billion. new are that in represents $XX.X an paths reported previously, upside within continually or important can projection within represents an which we is and recovery PVPRC, included This to of this to not provide recoveries which a identified

multiple I recovery the when X XXX further in far, responses will During on payment primary approximately process engaging received to of on payers letters our demands recoveries highlight the of XX,XXX implementation second I X.X have quarter, and times. of demand their required strategy payments those being litigation. and a prior MSP that would make in new announced Thus at a over update enable sought. have to Slide sent we

This quarter, we orders. had some notable court

Hill MSP Advantage Act of particular organization organization, summary Medicare right recovery that granted in primary MSP to case. support Further, Second under the amicus in Aetna, Medicare Circuit filed court Second Aetna district XXth the judgment an Advantage Circuit payers a sue Circuit. for affirmed of Prime the Circuit a statute favor of that First, found the claim the that solidifying of brief order in private a in from a the case, favor and action In case of date of violated the ruled Insurance that under MSP limitations. in applicable Company held primary was Tower that limitations the was cause four by barred act. XXth MSP's the in the to claim the payer statute that years the

legal which a the allegations Lastly, the significant sufficient XXth solidifies amount XXXX survive forward. the Circuit has to that in versus to MSP's defendants cases of for Company, our by Insurance and our This before filed win the paved in us MSP within court cases. complaint and to which going significant way had and often were the of strategy MSP a Metropolitan decision file are held motions remainder dismiss, in

LifeWallet, into it As XXXX. entered then and $X pertains a agreement per to one million year time licensing $X.X fee we in a servicing for fee of million

Legal Services. LifeWallet Referral We also of announced the Formation

the existing during roll potentially more having our as grow referral with than clients. clients $XX.X of XXXX [assignor] XXXX, Even as quarter though between we a projected new of to recovery exceeded We growth. I some highlight claims times of X our continued by as recoverable started at legal first significant billion end by the factors the figure expect assigned we to opposed to out of services expected [assignor] $XX new continue to XXXX. rights the value take to a want well billion, and moment XXXX, to

[assignor] and recoverable of During XXXX, growth clients. potentially XX% existing from rights came our

process, identified we by previously, related [assignor] treatments As clients. we accident paid billion Through $X have matching engaged possible in in stated our with auto XX are have over over this carriers. data insurance we

Miranda, we make of recoveries CIO, rates. we data over recovery out via quarter utilizing with important the of letters. our in times XX,XXX required $X.X to developing to of is date, litigation an at million will X.X During Chris recovery deployed multiple. payers the matching presentation received have recoveries data in believe provide We that outside strategy sent will a XXXX, settlements, payments matching. tool primary demand In identify specific purview letters an new we a To litigation. demand enable overview

a received at XXX recovery claims over at times times first times. X.X with the Of payments already claims. letters, liability at are of X,XXX liability X.X responses. pending. The party have X.X We Most in we received simply third and only order the have claims the party of remaining XX,XXX demand information these replies still MSP from additional to requested process multiple the

in paid consolidated, from identified MSP, previously During as unconsolidated or $X.X XX, claim value our recoveries came million represented affiliate of claims. The paid from potentially claims. that been months recoveries. entities income. identified of $X this of had million XX% within of million XXXX, recoverable believe We recovery remaining income, is opportunities ended in recoverable upside our as were the recovery our previously recoveries MSP the through XX% nine significant recovery in $X.X those it and Of the claim potentially value of that recoveries reported of September highlights not

table, are As noted and overall recoveries multiple recoveries, the this recovery including our the be unfunneled our projected in recovery PVPRC. these above X.X would initial times multiple

combination. was we initial this our our overall figures. multiple XXXX above business developed in guidance part efforts as not our our recovery recovery Although, yet projected of an are time, KPIs The at have publicized

claims it surpassed our previous paid XXXX by projection. As times the of to the as XXXX potentially XX, X.X value guidance September we recoverable relates of

the settlements dependent our is meaningful and being on is revenue comfortable We that completion cases. our in made settlements of progress efforts. feel Our data toward in achieving matching there guidance recovery

$XXX gross For million. to expected respect we to guidance total our XXXX be recoveries with total approximately recoveries, gross

of onto limited amount to the that those those recoveries over may be but recoveries anticipate that cases been portion we we not expect to, have that will achieved appealed, spill due a While total including XXXX. factors, gross of various

company and timing the estimate amount is on amount an the The businesses, versus of be assumptions. and these of damages, an which Because the would management's are and collected known interest nature being is based it current PVPRC the multiple provided The legal as is liquidated unlike rights times is company's interest. interest being business However, inherently that accrue because and regarding knowledge rate ultimately the amount. or X.XX be calculated recoveries law guidance is likely to amount potential interest total from relates timing claimed, other the various recovery achieved. of that achieved, the be of the of the rate amount will that as the pursuant are recoveries many was the recoveries provide that of gross and gross will assurances total achieved amount the unpredictable cannot to

the Chris our Miranda, I'd turn explain to of CIO, things Now data process matching. over to to like

federally primary MSP The component error, than primary to primary less Medicare you, payers fragmented data entries, significant party such or key numbers, data not data XXX invalid matching missing Section regularly certain pipeline highest experience which elements identification typographical employed. Data other cleaning, used applying reveals voluntary the Thank the exchanging variables, the data such and to and data the human the identifiers a methods matching association developed through Deposition sets in comply inspecting parties. as are matching in and the Recovery’s data consideration storage. lack reporting in of unidentified errors, unknowns record between to one previously mandated case in data the they or other matching security reporting time, has set. set is but deterministic on matching a of the This data MSP and a When be whether results. court techniques allowed prepping, payers primary a at report Unlike is differences numerous Recovery of why which of of process matches into maximizing with variations that testimony and of and John. that Centers MSP for demonstrate with data utilized and amongst responsible agreements. orders critical provides payers following, the requirements. by or is the sets probabilistic, tested, social missing, & data CMS, MSP two techniques that level by relied on techniques, been direct reviewing consistent data has take by have producing, are data amount identifiers with which both reliant unique discover additional those Medicaid payers data algorithms recoveries. involves Services record XX% the sets reimbursements. utilizes as have including another techniques, others. Recovery a oftentimes be MSP in data to have both both is matching which

in determination testing process scalability. allowing a any other parties Calvin thousands yielded of in potentially examination efficiency matching previously in through data reconciliation The collaboration the and Officer, its XX has as and for healthcare there's To some addressable that such improved of through the payers XX% limits. largest MSP submission maximized and experience at liability auto interest, the All behalf have in data on Chief position prior MSP engaged review of methods, developed putting been utilizes which unique of hundreds Currently, over a exchange and has exchange of of claims instances different techniques, to XX claims representing This payers payments Financial points now of data a of valuable These MSP are I'll time. for over the of results in automated, evaluate disputes. auto process includes recoverable payers, Recovery information, Then of clients. speed, different market. the over facilitate turn effective payments primary meaningful it resolution key with and primary settlements process nation's data, which not steps the matching this policy collect of to the and rendered approximately date, and of include Hamstra. our insurers. has the primary matches identified an issue, an with

everyone. be financials our Chris. morning, cover quarter. you, giving To like the start, of XXXX three highlights I'll some for brief of Thank quarter I'd Good overview financials. to a our

renegotiate management interest incurred in million to been our approximately that also of debt expense year. the resulted this team noted $XX will would've balance our clean up gain for a previously, $XX As that reduce only was per million does quarter. Not by but able sheet,

build our continue on will assets to of claims. purchases $X.X was amount on of for the This recoverable side, reduction of unique $XX to during $XX million of intangible intangible assets portfolio had assets These claim by the continue quarter. our of potentially and assets we purchases billion On amortization build to asset offset of our the non-cash million quarter.

to see statement income has are and income the increase. again the gain Our debt we extinguishment, starting recovery on for also period claims

outside previously While potential of of the noted, that the from breakdown our recoveries the part still we projection, of debt kind better were it minimal assets, paid in But assets, claims and the did such our expense the multiple amounts. items, reduced recoveries order a were these obtained recognized. will interest, non-cash would show the for as how drivers and be also was of reiterate as side recovery compared noted fourth and recoveries from to our interest. and Many in impact In upside the our quarter funneled above overall of our recovery on the amortization as to we streams providing revenue be quarter describe these the as are reduction. potential

known for claims First, This This settlement there these has through recognize recognized income, revenue doesn't before or this means ASC a been gained cash company on the model. and amount recoveries or requires that is recovery the is XXX timing recognition. until contingency method a received.

months method both September recognized under amount nine outlined the XXXX. XX, have We and the the ended in this three table for

claims that held achieved has financial these are if recovery has been future rights as recognized also portfolios met. to in MSP We MSP but thresholds company's in not currently are have income the recoveries aren't statements, outlined that that by certain

In shown billion, Slide in fraud addition, recognition claims billion X the and $X related for of sought method. plan this of million. health under outlined than being of we paid misconduct greater This the $X.X claims recoveries group $X.X and includes nearly amount accident claims have

claims also obligations This service recovery revenue the through completed. XXX through recognized Next, and as is recognizes is recognized company ASC are performance income.

non-GAAP that flowing and the this of has and some For We to to to of on a to This year the are noise we financials equated have million when through prior the this are revenue in look agreement the statements. financial one is $X.X is through items is feel obligations in to to would we combination, complete related $XX.X and Similar executed the licensing understand performance quarter million that in non-cash additional highlighted forward. but approximately been to the $X.X expenses order going help anticipate important date, an million the what revenue. measure, or agreement. a past time we business order anticipate it the in have quarter,

Cantor of statement the time changes were amortization income period facility, to paid gain there derivative previous in the on disclosed related ended items to of million non-cash for and the debt warrants XX, items months for the three filings which one to the $X.X claims the and related interest. XXXX, was September value Within in and liabilities in expense, non-cash extinguishment kind fair related

items the of value changes For non-employees there nine XX, facility, a related liabilities related million September to $XX.X months fair XXXX, in $XX.X warrants the was million months time to ended derivative grant million and were Cantor with one and time the the These, $XX.X disclosed non-cash filings for of share nine the totaled the previous $XX.X one to and along in million. for items noted, months. three which of

million and and time million one approximately these items, months $XX.X Excluding $XX.X months. three the loss net the non-cash for was for our approximately nine

like the sheet. overall provide Next, balance I'd to

million from September to XXXX of liabilities June as of $XXX.X XX, Just million highlight decreased here, XXXX. our as $XXX.X to non-current XX,

to time the billing these that issues in and historical as allow on assets real require and see LifeWallet Pay intangible will our continue will the a Addressing more to claim predictable. investment noted issues litigation not cash to management but in collect stream is time. flows, to address within claims these billing to provide revenue held and in we team consistent claims, continues develop also happen only reduce our historical growth rights expenses, through will costs they While the that to claims in our Chase platform us to recovery the

the our main to drivers year claims sources are of mentioned Life of as losses income value On the and of quarter Much or outside previously as statement, the to time previously, revenue one date expenses additional continuing costs noted, and our related development historical on such are realization Wallet. the items non-cash. and of timing of non-cash the maximizing the these as

could on as historical Pay to time, data. effort cash these portfolio, same Thank from growing LifeWallet or to We that extracting of comes platform data. Chase acquisition a of begin realization today. operations focused it joining only the to complementing anticipate push new continue these reach the disruptor and we XXXX. streams provide flows, be of the we value you closer as us when to are for assets tangible we not these strong healthcare industry all assets into push laser both XXXX true be our to We and of At revenue end returns this from flows to through cash but with the

Thank Instructions]. you [Operator

comes from question Cantor. Siegler first Josh Our with

additional specifically trended Can adoption the the over some provide the is some client love new recent wins? how around LifeWallet, I'd you color color on quarter. more

understand and from the a the anybody's and So and XXXX, difficult company, LifeWallet dated internal found was something code, to an because what for the to to code was back of what system call very our received way claims somewhat tell from if insurance difficult provides we Med, all data, Claims you even transition recovery it ever teams opportunities, as all was these developed that. read to the developed essentially I CPT hieroglyphics, which this we it'll called diagnosis

we person provided and identify is ability created and able be a our provide to records these to own and historical we happened. the did what system be the records our to what transitioned claim read So to staff what through essentially with quickly of

our the very that. the for flag the picture very an medications, osteoarthritis and disconnect normally event, to through the we a diagnosis ones other. a good that we things have fractures and good and as LifeWallet that medical don't way have a ago. changed obviously Xs that we've good or we we people normalized of out very couple XXs are that ingesting and what the be asymptomatic, do devices. provides They entire that there's with carve that like of of connects horrible how But medical And atypical unless what look the But sort highlighting years data, what is gone healthcare particular you should system to from codes. absorbed, If is ICD ICD exactly doctors, has it relates done bigger and all in at business, industry, we've one there's

discussed what's we've to, specifically a does according now payer doctor, this to experts time, through fastest be. nature. that goes What at imagine is that medical bill as to adjudicate like we APIs, proper and the process, they line we with a intercept the person with, that's identify and can to system items. to item that So the and getting real-time is as that if LifeWallet blockchain that What in perspective, as line receives. bill called immediately with new able has supposed you represents When sort are layperson's that on Polygon bills who a because line of number to and same LifeWallet an blockchain the patient claims the reason we adjudicates bill, we to more in when it, technology, items why a that a of the of think have can world the is platform, from number of payer that relates invoice the payer made. the have won't connect bill are payment it be our sort by encounter a technology does able with Every we well biometric bill the different

notes, we last embeds pay them becomes primary focuses we this sort to we're to XXX And as primarily a and resort as is able adjudication, then historical XXX, the proper get receive able rate form, real able put really and is XXX, XXX bill, that receiving we've auto smart real the Medicaid, business time we're the the Advantage the the question contracts -- also, contracts because the to, what files. smart a what United the somebody's to -- does to block payers. interval. together payers, of of we're to opposed a which -- indicated intercept as does together more that points actually payers, at we that's patient of technology prevailed organizations. a to treatment. essentially insurers at which Medicare and what LifeWallet this as the the is supposed and if to fashion are of of well wants the payer it lot who probably of this opposed Our is since Obviously, bills but hasn't we as prevents our around we piece Medicare then lot put biometric X,XXX than is the the of bill. facilities taking flat anybody And that, we intercept the we patient down technical blockchain the doctors America with submit that A capture that medical fraud received other a the or of in result fraud XXX when occurs listen States

at details X% look Medicare, you bills. they tenths If review of of the two of

go bills most So undetected.

analysis, is what we does been payers time have that question. with so of LifeWallet doing as allows which for the providers is. now that system processing identify many, responsibility solution. fraud, So kind quickly identifies this a is quicker, tell you much is LifeWallet away it it it historical know waste, their a does going what payer years, for through recapture away we And to a with does asked proper we've And this the more powerful that another and instead what -- actual you to and of then real why many

tool. established have of in right So are very licensing lot a been our some blockchain is have issues. Health, technology, we everything time And forward, fees. programs believe powerful the clients, it'll our of fix with have Cano of reviewing pilot and some real the many data it, feel it's all others We already of because a captured, that process now like we moving paid that them this that gets

and patients, as quicker. with of to recoveries payers, MSP together a providers, the identify technology, that would as LifeWallet, blockchain the much accelerates apply that feel to we is ability So well solution

the that's LifeWallet. bolts So nuts and essentially of

to happy have I'm you any If follow-up, respond.

know I starting touched stages. to as working as still separately, And it revenue and early and curious far intended on comes as letter you're predictable But see initiative? that of signs the it's this was it any does course of streams? success prepared on the how in you demand to if business your Is transform remarks initial I

the That apples, sort be you're complete such presents, So one which of out solidified already those progress. may number of Because a apples should data treatment example, payable paid. important our and I'll are off not you're nuances that corresponding that had to what under believe The been even the that in accounting unique and has made recoveries on. a that an resolution that hundred we with that all process, I you that matching know owes in and it have do, time And we significant cannot as give you well. signed Miranda spoke and those opinion, be of have as hundred hundred we've that needs dealing of until everything an will a we claiming we party situation the Chris of is about, where and apples the gain show those particular contingency, a of you will party we party certain paid, or very any other claim opposite to that for assume to as of you XXX under capture apples. that apples those have hundred

of long carriers. were for take information lot we that as revenues. received lot point a these some waiting yesterday bell the ever fact, see recoveries. litigation the In bigger, mammoth A been that's gives of you us we cases the in This that Anybody involved just time. future knows of a vantage to bigger curved as times a

XX in for So been I've litigation years.

see If now these cases you you we've of whether whether Roundup case, a even litigation lot it's that look cases a some now, the seen, they take at these historically, opioids settle. before historically of while any asbestos, it's that

obviously connectivity the into is claims and the we the reason are and is more for, more give consistent paid to we're smooth revenue Our receive payers we between to That in, the sort significantly. insight which that And we've has why predictable. projections. think better I ability it and of great we're primary looking have strides what and owed out see is can by making those make how increased what

we the more say market us point, detect at able our well it's algorithms aware something from to the may that with when as because we be create can which data of one a rules XX%, in would cells very that that necessity, and process and to look relates at is data, way, and An identify detected -- know I'm are unable reason and to the we using to want fields good management protocols. be to look was clarity to points more of my revenues. I view LifeWallet and those we within to important were look question recoveries that to is comes that that which populated very a a described, it of but vantage this were we've data sort made you the and at and think and unable our becomes recoveries we detect. detected the had were establish if going is give the data by fields. those to within not reviewing thus of then Only why And we data because and alarming So surprise, detect. the at that of particular recoveries look we asked, pattern XX% not ones From able even that were you those to far, consistent

with that field is was for exposed if claim Roundup. somebody So no line to Roundup, example, exposed was somebody to basis provide the there that will us

However, line medication. field a there may taken is particular have a somebody that claim

be but medication, come I back causing would [needs]. I with I these detect cancer, example, powder, cases, able people to detect medication purposes to if for with be first those are them they not detect Roundup us the cases, because cases that would of causing smokers Roundup And with talcum and able So a resolving cancer for to pursuing medical then are around. compared time we malpractice, and the

And Street. Kyle Lake our next Bowser question comes from with

Clearly So clearing intermediary primary size with first and of to kind an driving you keep and house, new team maybe the adoption the been commercialization one is have tool the becoming on payers this important initially? market How really the honest. do here how LifeWallet. you or up you help if will,

it unique what at attacking very data the the of out. overwhelmed that very with think that incredible, very call because we're analysts, marketplace. explaining understanding an the country they have much that like garbage there's systems unites a Well, in the don't MSP/LifeWallet flaws, found because we garbage We some try attention. or positiveness the instead to than looking healthcare, a I in in, entity, that to interesting with of I any think find the the the incredible legal what point data, health at of that it. what is a to LifeWallet a When of garbage looking flaws is it's of always is we're a essentially nobody detect of hospital the that's isn't perspective for that data very process liabilities, LifeWallet essence would So most systems there's it's sit not look reason question, the -- many whether payer claim MSP simply the it's quicker a unique I provider, believe correct say with as what from understanding are gotten legal Therefore, of we but of that from in we matching does. the together were. that We data, that And with components. understanding is. position together

for before take example, So files. flat we would

We from one of one What that raw the which detect these are XXX Medicare world, are and an are properly. in the found our of diagnosis well, is and their data, properly. done different for captured XXXs. stream able the captures if that is being the changing the mistakes. conditions. it the asking we mistake, we to that and diagnosis health codes now that code not a works for have is enormous comes revenue know a reasons coding point the is view, does And statistical From medical system majority Advantage that or made of not number we're XX plans of industry the anybody that Ironically, that of ways

to a would result of example, as basis if pushed of their beneficiary. So a the premium are Medicare is those fractured Advantage of you a has for generally one which collect a and more ankle not slip types an fall, somebody because that give for back, diagnosis

the So is sort system of lopsided.

get going if higher, much to differently. had or because it an been to to want multiple's have person would is You in but you're industry that the be addressed People and to going claim, the nation, trained been push? the they any recovery not, a your If you detect to listen what the commercials insurer, has accident it also a rate. don't auto better of if you do have

blockchain that's their to technology, the beneficiary where to OTCs, they're the Medicare granularly their pull believe that going built opposed that the unique use fire more built medications the the understanding and that We've entire we've in ecosystem process substances absorb us situations these that police is We between card the or to take. car people And when their That insurance, reports, reports, a on LifeWallet insurance. a the into Medicare actually is counter So marketplace. to tools entire issue very able process, is there's natural goes rescue process. which as LifeWallet information occur. and lot over to goes out

to a So to detect way grow that in we're starting allows more. us that

actually states referral require rest We only have we start approval gotten approval, The you we've before can that. because there's with marketing to require the towards Florida, the that, now very system. four start you or also with LifeWallet that different applied referral can LifeWallet and over lawyers about relationships states that country. We've all the three systems. establish good In contacts legal

resolve last get that slip liens, and to platform to compensation, workers' and been them and just amount I've in was accident one Look, do unfortunate information medical Our auto my have very on in and and be used particular XX over system will accident pay Beach process situation. falls, the auto the lawyers of huge of a collapse I pharmaceutical us to market, years will cases, anything. and very The cases, tower products, work about a in case. cases, for their Miami involved because that'll devices, all cases here major everything law, every to practicing unique their experience cases

think think but we LifeWallet with go people our scientists Officers, solved. everything market that initial all on winded, data the for our that. be it's and a to was see how with little have, needs this a Medical way about to medical huge to know out. I team panning know Chief I happen most right long team, we we've collective understand We've the I specialists, that made to back. I been question able do impact our And what understand your between

be of data this impact year, We walk quarter and the other to while takes will the with it, this have amount next it providers do, that's part I our and concerns data quarter, some people that's Obviously, or able But enormous product. of breaches recoverability feel to think, going of what new grow we rest all new -- that together install to through a with revenue big want to a to going make from APIs. HIPAA that streams. then for we just and be cases fourth and and

result How turned about claims market that? And then particular all, Do value at all as of of rights might, down thinking anticipate the as if a downturn. in my impacted? or recession a the broadly, guess, during changing collectability I'm at follow-up, things possibility And become more looms. a I we

We've great worse, one turn, doing that lower. a the could do rate interest rate marketplace. states that's it are changes that the that uses the thing one when the The in interest actually rates about interest that the or government federal and higher and/or better or economy's in rates whether thing doesn't question. interest the in legal circulated bad way are depending cases healthcare booming or positive or get That's a higher, out on is

that So -- sort that a I effect would grow claim from can liquidated positive have interest. that damages think by liquidity a of

view, proof a not Our set about from price and versus a could black going doing The not better, business business. that's and of from different are or going claims. claims to a pure to spectacular, market white. pretty tools do that the much, we're perspective, whether I'm share from claims any because not to market people legal the into, market, it's These Legal talking be bull recession any extent is terrible a better. do we're be proof it's doing could our look

You're discrepancies primarily whether law Most either XX% It have you're patient Can it of as position or States wasn't claims contestation. But factual owed of there a law, that meaning be to that a United the claims to not? as not. takes insurer the that Yes. in deal paid with could letter America we bottleneck. payable opposed black an from If be be. particular all the is a claim or without case, of it'd differences. get

about that we and are met, things the matter part, system ever the blows been that to do what obviously, system the think And one, comfortable cases understanding in tried is look do, why this the have can't need. the why able don't exact we mean that was exact So substantive to probably maybe it. that the doesn't of law is flows, reason every I've because of we or feel to to of other it nature I have. what at law that a of which use because relates has one MSP to sound what happens may you're we a that do have one the and that record, nine, little of ones of the team. think trying conceited that's everybody seen. court detail change would law limitations, I can the reason has lost appellate we've And you gets our the true eight but similar them time pushing. number, and systems statute having successful doing. court all we've real And I know we internal but with And on of advantage really was that I which that as we're and level And two have for happy other our one lawsuits truth one that the you impact a of any better what file have lawsuit, is the the the I very in is And country we we've really but I limitations And provides of the it don't these which better, just when and as an the the say of has at a it's lost, to and before. for from significantly with way being big statute very filed don't our been all and claims support I very show been may would higher. think we know we've legal

inventory to it or a doesn't really our large collectable approachable impact claims degree. of So

next [Operator with Haner Ben comes Our Alliance question Instructions] from Global.

-- what agreement you Can potential, me services more kind on who referral funneled of the an give the you little offering. for you're an there? Kind example color questions? lawyer funneled that of they guys, know, selling might do a of are an those long and decision? makers take typical look information to for type economics of You bit like, make decision how the First kind LifeWallet of to, sort a us

to So and TV have heard on once, a we probably a every anybody's there's the any These the United a not well ingest everywhere, we all, the labor way. States. is probably I data, these tools state. Lejeune, of over lawyers at significant and the new times. if And watching commercial substantially. if aware more. they to people And Puerto Rico you've that obviously be information the reduce to hundred provide market not lawyers able lawyer ability And Camp is within all that are have the old of fashioned think billion very way year we have a lawyers Because that then spend siphon advertising states very in been their marketing, we dollars still costs if probably sort that potential with historical a cases,

and of to name, able been tool that platform, that we've lightness almost and platform national We ironically recognition the and LifeWallet image the received for achieve provide also specific. we've in the app, because

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questions. I’m Ladies conference. you. and gentlemen, This not you program. Thank further any concludes showing today’s participating today’s for in thank

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