The following is a summary of the MSP Recovery, Inc. (LIFW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• MSP Recovery reported a Q1 claims recovery income of $6 million, significantly higher than the $3.5 million reported in Q1 2023.

• The company's total assets decreased by $124 million since December 2023 mainly due to intangibles' amortization.

• The company carries $1.8 billion in liabilities, of which $83 million is current.

• The company reported an operating loss of $130 million for Q1 2024, mostly attributed to non-cash items like claims amortization expense.

• After adjusting for non-cash items, the company posted an adjusted operating loss of $8.7 million.

• MSP Recovery has a working capital credit facility that allows it to borrow an additional $14 million.

Business Progress:

• The company reached settlements with numerous property and casualty insurers during Q1, marking its most successful quarter for claims recovery income since becoming a public entity.

• MSP Recovery has come to agreements with the settling insurers to provide claims data, implement LifeWallet's coordination of benefits clearinghouse solution, and resolve Medicare claim liens.

• The company has implemented a data collaboration agreement with Palantir Technologies and 28 affiliated settling counterparties.

• Negotiations are in progress with a number of other P&C insurers to resolve ongoing litigation under similar settings.

• The firm has begun the collections process for thousands of unreimbursed claims, which could potentially generate additional revenue reflected in future filings.

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