R1 RCM Inc. /DE: auditor change — R1 RCM to restate 2021, 2022, and Q1-Q2 2023 financials due to acquisition accounting errors

R1 RCM Inc. /DE

Errors: ~$7.8M (2022) and ~$8.4M (2021) in acquiree compensation costs misclassified as goodwill.
Restatement covers audited FY2021-22 and unaudited Q1-Q2 2023; non-reliance on prior financials.
No material impact on 2023 revenue ($2,255M-$2,275M) or adjusted EBITDA ($600M-$615M); reaffirmed.
Material weakness identified in internal controls over business combination accounting.
No cash impact, no misconduct or override of controls; errors proactively identified internally.

item 4.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

R1 RCM Inc. /DE reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

should not be relied upon due to the errors described above and need to be restated

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Source: SEC EDGAR

accession 0001193125-23-275354

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