[sheet: Cover]

[sheet: Cover]
Field | Detail
Document Title | S-1 Registration Statement Disclosure Checklist
Client | Arbor Health Technologies Inc.
Matter Number | 1010-00002
SEC File Number | 333-276841
CIK Number | 0001987432
Exchange / Ticker | NYSE / ARHT
Responsible Partner | Theodore Langston
Billing Partner | Vivienne St. Claire
Lead Associate | Eric Johannsen
Working Associate | Claire Dempsey
Tax Specialist | Sylvia Hartwell
Underwriters' Counsel | Meridian Hale & Quivorn LLP (Graham Neville / Kathryn Brennan)
Lead Underwriter | Whitfield Barrow & Co., LLC (Jonathan Pritchett / Sarah Langley-Kwan)
Auditors | Kellerman & Associates LLP (Richard Olander / Sonia Melendez)
Date Created | October 2, 2023
Last Updated | February 8, 2024
Version | v14 (Final — Effective Date)
Confidential — Attorney Work Product | Calderwood & Harkness LLP
[sheet: Reg S-K Items]
Item # | Reg S-K Reference | Requirement Description | S-1 Prospectus Section | Page Ref | Responsible Party | Drafter | Initial Draft Date | Status | SEC Round 1 Comment? | SEC Round 2 Comment? | Last Reviewed By | Last Review Date | Review Notes
1 | Item 501 | Outside Front Cover Page — security offered, price range, exchange, underwriters | Cover Page | i | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Theodore Langston | 2024-02-08 | Final: $20.00/share; 20,000,000 shares; NYSE: ARHT; lead bookrunner Whitfield Barrow & Co., LLC. Initial range $17.00–$19.00 (Jan 22 filing); revised to $18.00–$20.00 (Feb 5 S-1/A). Priced at $20.00 — top of revised range, above original range.
2 | Item 502 | Inside Front and Outside Back Cover Pages — TOC, dealer prospectus delivery obligation | Inside Cover / Back Cover | ii–iii | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-08 | Standard format. Includes stabilization legend and overallotment disclosure (3,000,000 shares / 15%).
3 | Item 503(a) | Prospectus Summary — overview of company and offering | Prospectus Summary | 1–14 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #1: requested more specific description of revenue model (SaaS subscription vs. services). Revised. Company: Delaware corp, HQ Cambridge MA, cloud-based clinical decision support and population health management platform, 1,200+ hospital systems, 42 states, ~3,400 employees. FY2023 revenue $612.4M (28% YoY growth), Adj. EBITDA $138.7M, net income $41.3M.
4 | Item 503(c) / Item 105 | Risk Factors | Risk Factors | 15–58 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | Yes | Theodore Langston | 2024-02-05 | 38 risk factors total. SEC Round 1 Comments #2–5: requested specificity re healthcare regulatory risk, customer concentration, cybersecurity, and competition. SEC Round 2 Comment #1: additional cybersecurity risk disclosure per new Reg S-K Item 106. All addressed.
5 | Item 504 | Use of Proceeds | Use of Proceeds | 59–60 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | Net proceeds (base) ~$371.8M after $24M underwriting discount and ~$4.2M expenses. Uses: (1) repayment of ~$65M drawn on Keypoint National Bank revolver (SOFR + 200 bps; maturity March 15, 2027); (2) ~$120M R&D investment; (3) ~$100M potential acquisitions; (4) balance for general corporate/working capital. SEC Round 1 Comment #8 requested quantification of expected paydown amount — added.
6 | Item 505 | Determination of Offering Price | Underwriting — Determination of Offering Price | 149 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-08 | Negotiated between AHT and Whitfield Barrow as representative. Factors: FY2023 financials, market conditions, comparable healthcare SaaS companies, roadshow feedback.
7 | Item 506 | Dilution | Dilution | 61–63 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | Pre-IPO: 80M shares outstanding. Post-IPO (incl. greenshoe): 103M shares. Dilution table updated for revised range $18.00–$20.00 in S-1/A. SEC Round 1 Comment #9 requested sensitivity analysis at different price points — added.
8 | Item 507 | Selling Security Holders | N/A (Primary offering only) | N/A | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | Not applicable — all 20,000,000 base shares (plus 3,000,000 overallotment) are primary. No selling stockholders. Brindoval Summit (28M shares) and Ridgeline (16M shares) not selling.
9 | Item 508 | Plan of Distribution / Underwriting | Underwriting | 145–153 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | No | No | Theodore Langston | 2024-02-08 | Firm commitment underwriting. Underwriter allocations: Whitfield Barrow 10,000,000 (50%), Calloway Pierce 6,000,000 (30%), Velthorn Capital 2,400,000 (12%), Pemberton Wallis 1,600,000 (8%). Discount: 6.0% ($1.20/share). Overallotment: 3,000,000 shares. Lock-up: 180 days from Feb 8, 2024. Stabilization disclosure included.
10 | Item 509 | Interests of Named Experts and Counsel | Legal Matters / Experts | 154 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-08 | Legal: Calderwood & Harkness LLP (issuer), Meridian Hale & Quivorn LLP (underwriters). Auditors: Kellerman & Associates LLP. No expert owns >1% of AHT.
11 | Item 510 | Disclosure of Commission Position on Indemnification | Part II — Indemnification | II-2 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | Standard SEC position on indemnification for Securities Act liabilities.
12 | Item 101 | Description of Business | Business | 80–110 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comments #10–14: requested clearer description of Arbor Platform architecture, customer segments, competitive landscape, government payor exposure, and R&D pipeline. All addressed. Founded 2014, cloud-based clinical decision support, population health mgmt, RCM outsourcing, real-time analytics. 1,200+ hospital systems across 42 states.
13 | Item 101(c) | Description of Business — Competitive Conditions | Business — Competition | 104–107 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #12: requested identification of principal competitors and competitive differentiators. Revised to include named competitors and market positioning analysis.
14 | Item 101(d) | Description of Business — Customers | Business — Customers | 95–98 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #13: requested breakdown of customer base by type and size. No single customer >5% of revenue. 1,200+ hospital systems in 42 states.
15 | Item 101(h) | Description of Business — Employees and Human Capital | Business — Employees | 108–109 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | ~3,400 employees. Headquartered in Cambridge, MA. Human capital disclosures include diversity, benefits, and retention programs.
16 | Item 101 — Regulatory | Healthcare Regulatory Environment — HIPAA, FDA, Stark, AKS, FCA | Business — Regulatory | 99–103 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comments #10–11 requested additional specificity on healthcare regulatory framework. Addressed HIPAA, 21st Century Cures Act CDS exemption, Stark Law, AKS, and FCA compliance.
17 | Item 102 | Description of Properties | Business — Properties | 110 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | HQ: 275 Kendall Avenue, Suite 1400, Cambridge, MA 02142 (leased). Additional offices described. Registered agent: National Registered Agents of Delaware, Inc., 160 Greentree Drive, Suite 101, Dover, DE 19904.
18 | Item 103 | Legal Proceedings | Legal Proceedings | 111 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Theodore Langston | 2024-02-05 | No material pending legal proceedings. Standard disclosure.
19 | Item 105 | Risk Factors — General | Risk Factors | 15–58 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | Yes | Theodore Langston | 2024-02-05 | 38 risk factors organized by category: business/operational, regulatory, financial, IP/technology, offering-related. SEC comments addressed across Rounds 1 and 2.
20 | Item 105 — Cybersecurity Risks | Risk Factors — Cybersecurity and Data Breach Risks | Risk Factors | 28–31 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | Yes | Yes | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #5 and Round 2 Comment #1: enhanced cybersecurity risk factors incorporating new Item 106 framework.
21 | Item 106 | Cybersecurity — Risk Management, Strategy, and Governance | Cybersecurity | 155–158 | Claire Dempsey | Claire Dempsey | 2023-11-15 | Final | No | Yes | Theodore Langston | 2024-02-05 | New Reg S-K Item 106 effective Dec 2023. SEC Round 2 Comment #1 required addition of this section. Describes CTO oversight (Tsujimoto), board committee role, incident response, third-party assessments.
22 | Item 201 | Market Price of and Dividends on Registrant's Common Equity | Market Information / Dividend Policy | 64 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-08 | No prior public market. No dividends declared or anticipated. NYSE listing under ticker ARHT. Common stock par value $0.001. CUSIP 039217105.
23 | Item 202 | Description of Capital Stock | Description of Capital Stock | 159–163 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Theodore Langston | 2024-02-05 | Common stock: 400M authorized, $0.001 par. Preferred stock: 50M authorized (blank check). Anti-takeover provisions: classified board, no written consent, 66⅔% supermajority, Section 203 DGCL, advance notice 90–120 days.
24 | Item 301 / Reg S-K 1100 (eliminated) | Selected Financial Data (if applicable) | N/A | N/A | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2023-11-10 | Item 301 eliminated by SEC — not required. FY2023/FY2022 data covered in MD&A and financial statements.
25 | Item 302 | Supplementary Financial Information | N/A | N/A | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2023-11-10 | Item 302 eliminated by SEC — not required. Quarterly data addressed in MD&A where applicable.
26 | Item 303 | Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) | MD&A | 65–79 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | Yes | Yes | Theodore Langston | 2024-02-05 | SEC Round 1 Comments #15–22: extensive comments on revenue recognition (ASC 606), non-GAAP reconciliation (Adj. EBITDA of $138.7M), key metrics (ARR, net revenue retention, customer count), seasonality, and critical accounting estimates. SEC Round 2 Comments #2–5: follow-up on segment reporting, stock-based compensation assumptions, and known trends. FY2023: Revenue $612.4M, EBITDA $138.7M, Net Income $41.3M. FY2022: Revenue $478.4M. 28% YoY growth.
27 | Item 303 — Liquidity | Liquidity and Capital Resources | MD&A — Liquidity | 73–76 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #21: requested more detail on credit facility terms and liquidity sources. $150M Keypoint revolver, ~$65M drawn, SOFR + 200 bps. Cash and equivalents $84.2M (FY2023).
28 | Item 303 — Critical Accounting Estimates | Critical Accounting Policies and Estimates | MD&A — Critical Accounting | 76–78 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | Yes | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #22 and Round 2 Comments #6–7: revenue recognition, stock-based compensation valuation, internal-use software capitalization, and goodwill impairment testing.
29 | Item 303 — Non-GAAP | Non-GAAP Financial Measures (Adj. EBITDA) | MD&A — Non-GAAP Measures | 71–72 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comments #19–20: prominence of non-GAAP measures and reconciliation presentation. Adj. EBITDA $138.7M (22.6% margin). Reconciliation from net income $41.3M to Adj. EBITDA $138.7M.
30 | Item 303 — Known Trends | Known Trends, Demands, Commitments, Events, or Uncertainties | MD&A — Trends | 68–70 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | No | Yes | Theodore Langston | 2024-02-05 | SEC Round 2 Comment #5: requested discussion of known trends including AI/ML adoption in healthcare, CMS reimbursement changes, and labor market dynamics.
31 | Item 304 | Changes in and Disagreements with Accountants | N/A | N/A | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | Not applicable — no change in accountants. Kellerman & Associates LLP has been auditor since inception.
32 | Item 305 | Quantitative and Qualitative Disclosures About Market Risk | MD&A — Market Risk | 78–79 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-05 | Interest rate risk (Keypoint facility SOFR + 200 bps), foreign currency risk (immaterial), credit risk. $150M facility; ~$65M drawn.
33 | Item 401 | Directors, Executive Officers, Promoters, and Control Persons | Management — Directors and Executive Officers | 112–122 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | CEO: Dr. Nathaniel Rourke (Co-Founder, Chairman, age 52); CTO: Margaret Tsujimoto (Co-Founder, age 48); CFO: David Halderman (age 46); GC: Rachel Moynihan (age 44); CMO: Dr. Priya Subramanian (age 50). Directors: Rourke, Tsujimoto, Leonard Corbett (CSP), Diana Coltrane (CSP), Howard Feng (RGE), Carolyn Whittemore (independent), Dr. Samuel Obadina (independent). Classified board: Class I, II, III. SEC Round 1 Comment #23: requested additional biographical detail for Feng and independence analysis — addressed.
34 | Item 401 — Corporate Governance | Corporate Governance — Board Committees, Independence, Code of Conduct | Management — Corporate Governance | 118–122 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Theodore Langston | 2024-02-05 | Audit Committee: Whittemore (Chair), Obadina, Coltrane. Compensation Committee: Obadina (Chair), Corbett, Whittemore. Nominating & Governance: Corbett (Chair), Feng, Coltrane. Code of Business Conduct adopted. Audit committee financial expert: Whittemore.
35 | Item 402 | Executive Compensation | Executive and Director Compensation | 123–138 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | Yes | Yes | Theodore Langston | 2024-02-05 | SEC Round 1 Comments #24–28: comments on compensation discussion, equity plan awards, perquisites, peer group. SEC Round 2 Comments #6–8: stock-based compensation expense assumptions and Section 162(m) disclosure. Hargrove Prindaux Advisory Group LLC served as compensation consultant. 2014 Stock Incentive Plan: 12M authorized, 11.2M granted (options), 8.4M vested, weighted avg exercise price $3.25. 2024 Equity Incentive Plan: 10,300,000 shares (10% of 103M post-IPO). 2024 ESPP: 2,060,000 shares (2% of 103M), 15% discount. 83(b) elections by 14 employees (2021–2022 restricted stock grants).
36 | Item 402 — Summary Compensation Table | Summary Compensation Table (NEOs) | Compensation — SCT | 126–128 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #25: requested clarification on perquisite disclosure thresholds. NEOs: Rourke, Tsujimoto, Halderman, Subramanian, Moynihan.
37 | Item 402 — Outstanding Equity Awards | Outstanding Equity Awards at Fiscal Year-End Table | Compensation — Equity Awards | 129–131 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #26: requested exercise price detail and vesting schedules for each NEO grant.
38 | Item 402 — Employment Agreements | Employment Agreements and Severance/CIC Arrangements | Compensation — Agreements | 132–135 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #27: requested quantification of potential severance and CIC payments. Double-trigger CIC for all NEOs. Severance: 12–24 months salary + bonus.
39 | Item 402 — Director Compensation | Director Compensation Table | Compensation — Director Comp | 136–138 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #28: requested disclosure of non-employee director compensation policy effective post-IPO. Annual retainer $50K + $175K RSU grant.
40 | Item 403 | Security Ownership of Certain Beneficial Owners and Management | Principal Stockholders | 139–141 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-08 | Post-IPO/post-greenshoe: CSP Fund IV 28,000,000 (27.18%), RGE Fund III 16,000,000 (15.53%), Rourke 12,800,000 (12.43%), Tsujimoto 9,600,000 (9.32%), Halderman 2,400,000 (2.33%), Subramanian 1,600,000 (1.55%), Moynihan 1,200,000 (1.17%), other pre-IPO holders 8,400,000 (8.16%), public 23,000,000 (22.33%). Total 103,000,000. SEC Round 1 Comment #29: confirm beneficial ownership methodology — addressed.
41 | Item 404 | Transactions with Related Persons, Promoters, and Certain Control Persons | Certain Relationships and Related Party Transactions | 142–144 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | Series B/D investments by CSP. Series C by RGE. A&R Investors' Rights Agreement (Oct 22, 2020) — terminates upon Qualified IPO (>$200M gross proceeds). A&R Registration Rights Agreement — demand (2), piggyback, S-3 shelf after 12 months. A&R Voting Agreement — terminates upon IPO. Board designee rights. SEC Round 1 Comments #30–32: requested more detail on related party terms — addressed.
42 | Item 404 — Policies and Procedures | Related Party Transaction Policies and Procedures | Related Party Transactions — Policies | 144 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #32: requested description of post-IPO related party transaction approval policy. Audit Committee charter includes review/approval authority.
43 | Item 407 | Corporate Governance — Director Independence | Management — Corporate Governance | 119–120 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #23: requested independence analysis for Howard Feng. Two independent directors: Whittemore and Obadina. Controlled company exemption under NYSE Section 303A.
44 | Item 407 — Audit Committee | Audit Committee — Financial Expert, Charter | Management — Audit Committee | 120–121 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | Audit Committee Financial Expert: Carolyn Whittemore. Charter adopted. Phase-in for majority independence under NYSE rules.
45 | Item 501/601 | Exhibits Index | Part II — Exhibits | II-4 to II-8 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-08 | All required exhibits filed. Includes A&R Certificate of Incorporation (400M common/$0.001 par, 50M preferred blank check), A&R Bylaws, Underwriting Agreement, equity plans, registration rights agreement, credit facility amendment, opinion of C&H, consent of Kellerman, powers of attorney.
46 | Item 512 | Undertakings | Part II — Undertakings | II-9 to II-10 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | Standard undertakings for IPO S-1 including Rule 430A, Section 11 undertaking, and indemnification undertaking.
47 | Item 303 — Segment Reporting | Segment Reporting under ASC 280 | MD&A — Segment | 70 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | No | Yes | Theodore Langston | 2024-02-05 | SEC Round 2 Comment #11: requested disclosure confirming single reportable segment under ASC 280. Added CODM analysis and aggregation criteria discussion.
48 | Item 303 — Seasonality | Seasonality Discussion | MD&A — Seasonality | 70–71 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #22: requested seasonality discussion. Q4 typically strongest for new contracts; Q1 implementation ramp.
49 | Item 303 — Key Metrics | Key Business Metrics (ARR, NRR, Customer Count) | MD&A — Key Metrics | 66–68 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #13: definitions and methodology. ARR, net revenue retention, customer count, average contract value disclosed.
50 | Part II Item 13 | Other Expenses of Issuance and Distribution | Part II — Item 13 | II-1 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-08 | Total expenses (excl. Discount): ~$4.2M. SEC registration fee ~$44,280; FINRA fee ~$68,720; NYSE listing fee $295,000; printing $375,000; legal ~$2.0M; accounting $850,000; transfer agent $25,000; miscellaneous $542,000.
51 | Part II Item 14 | Indemnification of Directors and Officers | Part II — Indemnification | II-2 to II-3 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | DGCL Section 102(b)(7) and Section 145. A&R Certificate and A&R Bylaws indemnification provisions. D&O insurance: $100M tower.
52 | Part II Item 15 | Recent Sales of Unregistered Securities | Part II — Item 15 | II-3 to II-4 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | Series A–D preferred stock conversions. Option exercises under 2014 Plan. All exempt under Section 4(a)(2) and/or Rule 506(b).
53 | Part II Item 16 | Exhibits and Financial Statement Schedules | Part II — Item 16 | II-4 to II-8 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-08 | Cross-reference to Exhibits Index and Financial Statements. No financial statement schedules required (all information in notes).
54 | Part II Item 17 | Undertakings | Part II — Item 17 | II-9 to II-10 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | Same as Item 512 above.
55 | Signature Page | Signatures of Registrant, Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, and Directors | Signature Page | II-11 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-08 | Signed by Rourke (CEO/Chairman), Halderman (CFO/PAO), and all directors. POA included.
56 | Item 503(b) | Ratio of Earnings to Fixed Charges (if applicable) | N/A | N/A | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2023-11-10 | Not applicable — equity offering only, not debt. No ratio required.
57 | Item 101 — R&D | Research and Development Activities | Business — R&D | 107–108 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #14: requested disclosure of R&D spend and pipeline. R&D expense: $142.6M (FY2023), $108.4M (FY2022). R&D tax credits $8.7M (FY2023), $12.4M cumulative carryforward.
58 | Item 101 — IP | Intellectual Property | Business — Intellectual Property | 103–104 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | 62 issued U.S. patents, 28 pending applications. 14 registered trademarks. Trade secrets and proprietary algorithms.
59 | Item 202 — Transfer Agent | Transfer Agent and Registrar | Description of Capital Stock | 163 | Claire Dempsey | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-08 | Continental Share Services, Inc. DTC eligibility confirmed. CUSIP 039217105.
60 | Item 503(c) — Competition Risk | Risk Factors — Competition from Established Healthcare IT Companies | Risk Factors | 35–37 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #5: requested specific competitive risk disclosure. Named principal competitors and market share dynamics.
61 | Item 503(c) — Customer Concentration Risk | Risk Factors — Customer Concentration | Risk Factors | 22–23 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #4: requested top 10 customer concentration data. No single customer >5% of revenue. Top 10 represent ~28% of revenue.
62 | Item 503(c) — IPO/Offering Risks | Risk Factors — Risks Related to This Offering and Ownership of Our Common Stock | Risk Factors | 48–58 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-01-22 | 12 offering-related risk factors including controlled company status, anti-takeover provisions, lock-up expiration, and stock price volatility.
63 | Item 503(c) — Tax Risks | Risk Factors — Tax-Related Risks | Risk Factors | 45–47 | Sylvia Hartwell | Claire Dempsey | 2023-10-02 | Final | No | No | Sylvia Hartwell | 2024-01-22 | Section 382 limitations, state nexus exposure (10 states), international tax reform, and R&D credit qualification risk.
64 | Item 303 — Contractual Obligations | Contractual Obligations and Commitments Table | MD&A — Commitments | 75 | Eric Johannsen | Claire Dempsey | 2023-10-02 | Final | No | No | Eric Johannsen | 2024-02-05 | Operating lease obligations, credit facility ($150M revolver), purchase commitments. Total contractual obligations ~$237M.
65 | Item 10(e) | Non-GAAP Financial Measures — Compliance with Regulation G and Item 10(e) | MD&A — Non-GAAP Measures | 71–72 | Eric Johannsen | Eric Johannsen | 2023-10-02 | Final | Yes | No | Theodore Langston | 2024-02-05 | SEC Round 1 Comment #20: ensure Adj. EBITDA presentation complies with Item 10(e) requirements — equal or greater prominence to GAAP measures. Revised formatting.
COMPLETION SUMMARY
Total Items: 65 | Final: 65 | Round 1 Yes: 28 | Round 2 Yes: 8 | All items Final. 38 Round 1 comments touched 28 items. 11 Round 2 comments touched 8 items.
[sheet: Financial Statements]
Item # | Reg S-X Reference | Requirement Description | S-1 Section / Exhibit | Responsible Party | Kellerman Contact | Status | SEC Comment? | Review Notes
FS-1 | Rule 3-01 | Audited Balance Sheets (FY2023 and FY2022) | F-3 | Kellerman & Associates LLP | Richard Olander / Sonia Melendez | Final | No | Audited by K&A. AHT FY2023 total assets $987.6M; FY2022 total assets $742.3M. Revenue FY2023 $612.4M; FY2022 $478.4M.
FS-2 | Rule 3-02 | Audited Statements of Operations (FY2023 and FY2022) | F-4 | Kellerman & Associates LLP | Richard Olander | Final | Yes | SEC Round 1 Comments #15–18 on revenue recognition (ASC 606). FY2023 net income $41.3M; FY2022 net income $18.7M.
FS-3 | Rule 3-03 | Audited Statements of Comprehensive Income (FY2023 and FY2022) | F-4 | Kellerman & Associates LLP | Richard Olander | Final | No | Immaterial OCI items (foreign currency translation). Included on face of income statement.
FS-4 | Rule 3-04 | Audited Statements of Stockholders' Equity (FY2023 and FY2022) | F-5 | Kellerman & Associates LLP | Richard Olander | Final | No | Pre-IPO: 80M shares outstanding, par $0.001. 120M authorized. Preferred stock converted to common upon IPO.
FS-5 | Rule 3-02 | Audited Statements of Cash Flows (FY2023 and FY2022) | F-6 | Kellerman & Associates LLP | Richard Olander | Final | No | Includes R&D tax credit impact ($8.7M FY2023; $12.4M cumulative carryforward). Operating cash flow FY2023 $156.8M; FY2022 $112.4M.
FS-6 | Rules 3-01 to 3-04 | Notes to Financial Statements | F-7 to F-35 | Kellerman & Associates LLP | Sonia Melendez | Final | Yes | SEC comments on stock-based compensation (Note 12), revenue recognition policy (Note 2), related party transactions (Note 16), credit facility (Note 10 — $150M revolver, Keypoint National Bank, SOFR + 200 bps, ~$65M drawn). 2014 Stock Incentive Plan: 12M auth, 11.2M granted, 8.4M vested, WA exercise price $3.25.
FS-7 | Note 2 | Summary of Significant Accounting Policies | F-7 to F-12 | Kellerman & Associates LLP | Sonia Melendez | Final | Yes | Revenue recognition (ASC 606), internal-use software (ASC 350-40), stock-based compensation (ASC 718), leases (ASC 842), recently adopted and issued accounting pronouncements.
FS-8 | Note 3 | Revenue Recognition — ASC 606 Disaggregation and Contract Balances | F-12 to F-14 | Kellerman & Associates LLP | Sonia Melendez | Final | Yes | SEC Round 1 Comments #15–18. Disaggregation by revenue type: SaaS subscription $398.1M (65%), RCM services $153.1M (25%), analytics & consulting $61.2M (10%). Contract assets $42.8M; deferred revenue $87.4M.
FS-9 | Note 10 | Debt — Credit Facility | F-22 to F-23 | Kellerman & Associates LLP | Sonia Melendez | Final | No | $150M senior secured revolving credit facility with Keypoint National Bank, N.A. (Agent) and Stonemill Capital Bank. SOFR + 200 bps. ~$65M drawn at FY2023. Maturity March 15, 2027. Leverage ≤ 3.50x; FCC ≥ 1.25x.
FS-10 | Note 12 | Stock-Based Compensation — ASC 718 | F-25 to F-28 | Kellerman & Associates LLP | Sonia Melendez | Final | Yes | SEC Round 2 Comments #6–8. 2014 Plan: 12M authorized, 11.2M granted, 8.4M vested. WA exercise price $3.25. Black-Drubeck assumptions disclosed. SBC expense FY2023 $28.4M; FY2022 $19.7M.
FS-11 | Note 16 | Related Party Transactions | F-31 to F-32 | Kellerman & Associates LLP | Sonia Melendez | Final | Yes | CSP and RGE investment rounds, monitoring fees, board designee arrangements. Monitoring agreement terminates upon IPO.
FS-12 | Note 18 | Income Taxes | F-33 to F-35 | Kellerman & Associates LLP / Sylvia Hartwell | Sonia Melendez | Final | No | Effective tax rate FY2023: 24.3%. R&D tax credits $8.7M (FY2023). Deferred tax assets $34.2M. Cumulative R&D credit carryforward $12.4M. State income tax nexus in 10 states.
FS-13 | Rule 8-03 / Rule 3-12 | Interim Financial Statements (if applicable) | F-36 to F-42 | Kellerman & Associates LLP | Sonia Melendez | Final | No | Unaudited Q3 2023 interim financials included in initial filing; updated in S-1/A (Feb 5, 2024). Nine months ended Sept 30, 2023 revenue $447.8M; net income $28.6M.
FS-14 | Rule 3-05 | Financial Statements of Businesses Acquired | N/A | N/A | N/A | N/A — Not Applicable | No | No material acquisitions requiring separate financial statements.
FS-15 | Rule 11-01 | Pro Forma Financial Information | N/A | N/A | N/A | N/A — Not Applicable | No | No pro forma required — primary offering only, no acquisitions.
FS-16 | Regulation S-X | Auditor's Report / Consent of Independent Registered Public Accounting Firm | Part II — Exhibit 23.1 | Kellerman & Associates LLP | Richard Olander | Final | No | Consent filed as exhibit. K&A is independent registered public accounting firm. Unqualified opinion on FY2023 and FY2022 financial statements.
FS-17 | Regulation S-X | Non-GAAP Financial Measures Reconciliation (Adj. EBITDA) | MD&A — Non-GAAP Measures | Eric Johannsen / K&A | Sonia Melendez | Final | Yes | SEC Round 1 Comments #19–20 on Adj. EBITDA ($138.7M; ~22.6% margin) reconciliation and prominence. Revised presentation per SEC guidance. Reconciliation: Net Income $41.3M + D&A $47.2M + Interest $3.9M + Tax $13.3M + SBC $28.4M + Other $4.6M = Adj. EBITDA $138.7M.
[sheet: Healthcare & SaaS Specific]
Item # | Disclosure Category | Requirement / Best Practice Description | S-1 Section | Responsible Party | Status | SEC Comment? | Review Notes
HC-1 | HIPAA & Data Privacy | Description of HIPAA compliance program, data security measures, breach history, and BAA framework with hospital system customers | Business — Regulatory; Risk Factors | Eric Johannsen / AHT (Moynihan) | Final | Yes | SEC Round 1 Comment #6: requested enhanced HIPAA risk factor. Revised. AHT platform serves 1,200+ hospital systems — extensive PHI handling. No material breach incidents reported.
HC-2 | FDA Regulation | Clinical decision support software — FDA regulatory status (21st Century Cures Act exemptions for CDS) | Business — Regulatory | Eric Johannsen | Final | No | AHT platform qualifies for CDS exemption under 21st Century Cures Act. Disclosed risk factor if FDA classification changes.
HC-3 | Government Payor Programs | Medicare/Medicaid exposure, Stark Law, Anti-Kickback Statute, False Claims Act compliance | Business — Regulatory; Risk Factors | Eric Johannsen / AHT (Subramanian) | Final | Yes | SEC Round 1 Comment #11: requested specificity on government payor revenue percentage and compliance program details. ~18% of customer revenue attributable to government payor-dependent facilities.
HC-4 | Cybersecurity (Item 106) | Cybersecurity risk management, strategy, and governance disclosure per new Reg S-K Item 106 | Cybersecurity | Claire Dempsey / AHT (Tsujimoto) | Final | Yes | SEC Round 2 Comment #1: required additional cybersecurity governance disclosure and board oversight description. New item — addressed in S-1/A. Annual third-party penetration testing; SOC 2 Type II certification.
HC-5 | SaaS Key Business Metrics | ARR, net revenue retention rate, customer count, average contract value, churn rate | Business — Key Metrics; MD&A | Eric Johannsen / AHT (Halderman) | Final | Yes | SEC Round 1 Comment #13: requested definition and methodology for key SaaS metrics. ARR $648.2M, NRR 118%, 1,200+ customers, ACV ~$540K, gross churn <5%. Revenue $612.4M with 28% YoY growth.
HC-6 | Revenue Recognition — ASC 606 | Multi-element arrangements (SaaS subscription, implementation, RCM services), contract modifications, variable consideration | MD&A; Financial Statements Notes | Eric Johannsen / Kellerman | Final | Yes | SEC Round 1 Comments #15–18: extensive comments. Detailed breakout of performance obligations and timing of recognition. SaaS recognized ratably; implementation over delivery period; RCM as services rendered.
HC-7 | Interoperability & Health IT Standards | ONC certification, interoperability requirements, information blocking rules | Business — Technology | Claire Dempsey / AHT (Tsujimoto) | Final | No | AHT Arbor Platform interoperability standards described. HL7 FHIR API compliance. ONC Health IT certification maintained.
HC-8 | Customer Concentration | Disclosure of material customer relationships and revenue concentration risk | Risk Factors; Business | Eric Johannsen | Final | Yes | SEC Round 1 Comment #4: requested disclosure of top 10 customer revenue concentration. No single customer >5% of revenue. Top 10 represent ~28% of total revenue.
HC-9 | State Licensing & Credentialing | State-level regulatory requirements for RCM services and clinical operations | Business — Regulatory | Claire Dempsey | Final | No | AHT operates across 42 states. Nexus in 10 states for tax (MA, NY, CA, TX, IL, FL, PA, OH, NJ, GA). State licensing requirements for RCM services disclosed.
HC-10 | Stock-Based Compensation Valuation | 409A valuation methodology for pre-IPO option grants, cheap stock analysis | MD&A — Critical Accounting; Compensation | Eric Johannsen / Sylvia Hartwell / Kellerman | Final | Yes | SEC Round 2 Comments #6–8: requested detail on valuation methodology and IPO-date fair value for stock-based compensation. 2014 Plan grants at WA exercise price $3.25. 83(b) elections by 14 employees. Section 409A compliance confirmed. Third-party 409A valuations obtained quarterly since 2021.
HC-11 | Evergreen Equity Plan Provisions | Disclosure of annual evergreen increase in 2024 Equity Incentive Plan (3% of outstanding shares) | Compensation — Equity Plans | Claire Dempsey / Sylvia Hartwell | Final | No | 2024 Plan: 10,300,000 shares reserved + 3% annual evergreen. 2024 ESPP: 2,060,000 shares, 15% discount, semi-annual offerings, Section 423 qualified.
HC-12 | Section 162(m) Limitations | Post-IPO deduction limitations for covered employee compensation exceeding $1M | Compensation | Sylvia Hartwell | Final | Yes | SEC Round 2 Comment #8. Disclosed impact on deductibility of executive compensation post-IPO. Tax Cuts and Jobs Act eliminated performance-based exception.
HC-13 | HITECH Act Compliance | Health Information Technology for Economic and Clinical Health Act — breach notification, EHR incentives | Business — Regulatory; Risk Factors | Claire Dempsey / AHT (Moynihan) | Final | No | HITECH breach notification procedures described. No reportable breaches. Penalties up to $1.9M per violation category.
HC-14 | AI/Machine Learning Regulatory Risk | Emerging regulatory framework for AI/ML in clinical decision support | Risk Factors; Business | Eric Johannsen / AHT (Tsujimoto) | Final | No | Disclosed risk of evolving AI/ML regulation impacting AHT's clinical decision support algorithms. FDA guidance on AI/ML-based SaMD referenced.
HC-15 | Cloud Infrastructure & Hosting | Description of cloud infrastructure, Meridian Technologies/Azure dependency, uptime SLAs, disaster recovery | Business — Technology | Claire Dempsey / AHT (Tsujimoto) | Final | No | Platform hosted on Meridian Technologies (primary) and Azure (DR). 99.95% uptime SLA for Tier 1 customers. Multi-region redundancy. SOC 2 Type II and HITRUST CSF certified.
HC-16 | Controlled Company Status | NYSE controlled company exemption disclosure — CSP and RGE combined voting power | Risk Factors; Corporate Governance | Eric Johannsen | Final | No | CSP (27.18%) + RGE (15.53%) = 42.71% combined. With Rourke (12.43%) and Tsujimoto (9.32%) under voting agreement (pre-IPO), collectively >50%. Controlled company exemption under NYSE Section 303A disclosed.
HC-17 | Section 382 Analysis | Net operating loss and R&D credit carryforward — Section 382 limitation risk | Risk Factors; Notes to Financial Statements | Sylvia Hartwell | Final | No | Section 382 analysis completed. No ownership change triggered. R&D credit carryforward $12.4M not limited. IPO does not trigger >50% ownership change based on 5% shareholder analysis.
HC-18 | International Expansion Risks | Disclosure of planned international expansion and associated regulatory, currency, and operational risks | Risk Factors; Business | Eric Johannsen | Final | No | Currently U.S.-only operations (42 states). Disclosed plans for Canadian and UK market entry in 2025. Foreign currency risk currently immaterial.
[sheet: Part II & Exhibits]
Exhibit No. | Description | Document Title | Filing Method | Responsible Party | Status | Review Notes
1.1 | Underwriting Agreement | Underwriting Agreement dated February 8, 2024, among AHT and Whitfield Barrow & Co., LLC (as Representative), Calloway Pierce Securities LLC, Velthorn Capital Partners Inc., and Pemberton Wallis LLC | Filed | Eric Johannsen | Final | Executed Feb 8, 2024. 20,000,000 shares at $18.80/share (net of $1.20 discount). NY law governs.
3.1 | Certificate of Incorporation | Amended and Restated Certificate of Incorporation of Arbor Health Technologies Inc. | Filed | Claire Dempsey | Final | Filed with DE SoS on Feb 13, 2024. 400M common, 50M preferred (blank check). Anti-takeover: no written consent, 66⅔% supermajority bylaw amendment, Section 203 DGCL.
3.2 | Bylaws | Amended and Restated Bylaws of Arbor Health Technologies Inc. | Filed | Claire Dempsey | Final | Adopted Feb 8, 2024. Advance notice 90–120 days. Classified board.
4.1 | Specimen Stock Certificate | Form of Common Stock Certificate (CUSIP 039217105) | Filed | Claire Dempsey | Final | Transfer agent: Continental Share Services, Inc.
4.2 | Registration Rights Agreement | Amended and Restated Registration Rights Agreement dated October 22, 2020 | Filed | Eric Johannsen | Final | 2 demand rights, piggyback, S-3 shelf after 12 months post-IPO. 180-day standstill.
4.3 | Description of Capital Stock | Description of Registrant's Securities Registered Pursuant to Section 12 | Filed | Claire Dempsey | Final | Common stock and anti-takeover provisions description.
5.1 | Opinion re: Legality | Opinion of Calderwood & Harkness LLP — Validity of Shares | Filed | Theodore Langston | Final | Dated Feb 13, 2024. Shares validly issued, fully paid, non-assessable under DGCL.
8.1 | Opinion re: Tax Matters | Opinion of Calderwood & Harkness LLP — Tax Matters (Sylvia Hartwell) | Filed | Sylvia Hartwell | Final | U.S. federal income tax consequences to non-U.S. holders.
10.1 | Credit Agreement | Credit Agreement dated March 15, 2022, among AHT, Keypoint National Bank, N.A. (Agent), and Stonemill Capital Bank | Filed | Eric Johannsen | Final | $150M senior secured revolver. SOFR + 200 bps. Leverage ≤ 3.50x; FCC ≥ 1.25x. Maturity March 15, 2027.
10.2 | First Amendment to Credit Agreement | First Amendment to Credit Agreement dated January 18, 2024 | Filed | Eric Johannsen | Final | IPO-related modifications: change of control, permitted equity issuance, mandatory prepayment.
10.3 | 2024 Equity Incentive Plan | Arbor Health Technologies Inc. 2024 Equity Incentive Plan | Filed | Claire Dempsey | Final | 10,300,000 shares. Adopted Jan 15, 2024, effective upon IPO. 3% annual evergreen.
10.4 | 2024 ESPP | Arbor Health Technologies Inc. 2024 Employee Stock Purchase Plan | Filed | Claire Dempsey | Final | 2,060,000 shares. 15% discount. Section 423 qualified. Semi-annual offering periods.
10.5 | 2014 Stock Incentive Plan | Arbor Health Technologies Inc. 2014 Stock Incentive Plan | Filed | Claire Dempsey | Final | 12M authorized, 11.2M granted, 8.4M vested, WA exercise $3.25.
10.6 | Form of Stock Option Agreement (2024 Plan) | Form of Stock Option Agreement under 2024 Equity Incentive Plan | Filed | Claire Dempsey | Final | ISO and NQSO. 4-year vesting, 1-year cliff.
10.7 | Form of RSU Agreement (2024 Plan) | Form of Restricted Stock Unit Agreement under 2024 Equity Incentive Plan | Filed | Claire Dempsey | Final | Settlement within 60 days of vesting. 409A compliant.
10.8 | Form of Lock-Up Agreement | Form of 180-day Lock-Up Agreement | Filed | Eric Johannsen | Final | Lock-up from Feb 8, 2024 to Aug 6, 2024. ~45 signatories, ~80M shares. Exceptions: estate planning, 10b5-1, open market (with WB consent), 10% tax withholding RSUs.
10.9 | Employment Agreement — CEO | Employment Agreement between AHT and Dr. Nathaniel Rourke | Filed | Claire Dempsey | Final | Base salary $650,000. Target bonus 100%. Double-trigger CIC. Severance: 24 months salary + 2x bonus.
10.10 | Employment Agreement — CTO | Employment Agreement between AHT and Margaret Tsujimoto | Filed | Claire Dempsey | Final | Base salary $550,000. Target bonus 80%. Double-trigger CIC. Severance: 18 months salary + 1.5x bonus.
10.11 | Employment Agreement — CFO | Employment Agreement between AHT and David Halderman | Filed | Claire Dempsey | Final | Base salary $500,000. Target bonus 75%. Double-trigger CIC. Severance: 18 months salary + 1.5x bonus.
10.12 | Employment Agreement — GC | Employment Agreement between AHT and Rachel Moynihan | Filed | Claire Dempsey | Final | Base salary $475,000. Target bonus 65%. Double-trigger CIC. Severance: 12 months salary + 1x bonus.
10.13 | Employment Agreement — CMO | Employment Agreement between AHT and Dr. Priya Subramanian | Filed | Claire Dempsey | Final | Base salary $525,000. Target bonus 70%. Double-trigger CIC. Severance: 18 months salary + 1.5x bonus.
10.14 | Indemnification Agreement | Form of Indemnification Agreement with Directors and Officers | Filed | Claire Dempsey | Final | Standard D&O indemnification. Advancement of expenses. Mandatory indemnification to fullest extent permitted under DGCL.
10.15 | Investors' Rights Agreement | Amended and Restated Investors' Rights Agreement dated October 22, 2020 | Filed | Eric Johannsen | Final | Terminates upon Qualified IPO (>$200M gross proceeds). Information rights, board observer rights.
10.16 | Voting Agreement | Amended and Restated Voting Agreement dated October 22, 2020 | Filed | Eric Johannsen | Final | Terminates upon IPO. Board designee provisions for CSP (2 seats), RGE (1 seat).
10.17 | Lease Agreement — HQ | Office Lease Agreement for 275 Kendall Avenue, Suite 1400, Cambridge, MA 02142 | Filed | Claire Dempsey | Final | 10-year term commencing June 1, 2019. Annual rent ~$4.8M. Renewal option for 5 additional years.
21.1 | Subsidiaries | List of Subsidiaries of Arbor Health Technologies Inc. | Filed | Claire Dempsey | Final | 3 wholly-owned subsidiaries: Arbor Analytics LLC (DE), Arbor RCM Services Inc. (DE), Arbor Health Solutions Ltd. (UK, dormant).
23.1 | Consent of Auditors | Consent of Kellerman & Associates LLP | Filed | Kellerman (Olander) | Final | Dated as of effective date Feb 8, 2024.
23.2 | Consent of Issuer's Counsel | Included in Exhibit 5.1 | Filed | Theodore Langston | Final | Consent incorporated in opinion of Calderwood & Harkness LLP.
24.1 | Power of Attorney | Powers of Attorney (included in signature page of S-1) | Filed | Claire Dempsey | Final | POA granted by each director and signing officer.
107 | Filing Fee Table | Calculation of Registration Fee | Filed | Claire Dempsey | Final | Max aggregate offering $460M (23,000,000 shares × $20.00) × $0.00009627 = ~$44,280 SEC fee. FINRA fee ~$68,720.
[sheet: SEC Comment Tracker]
Comment # | Round | SEC Comment Date | SEC Staff Division | S-1 Section Affected | Reg S-K Item | Comment Summary | Response Date | Response Summary | C&H Drafter | Reviewer | AHT Management Input | Status | Notes
1 | Round 1 | 2023-12-08 | Division of Corporation Finance | Prospectus Summary | Item 503(a) | Clarify revenue model — distinguish SaaS subscription revenue from services/RCM revenue | 2023-12-22 | Added detailed revenue breakdown by category (SaaS subscriptions, RCM outsourcing, analytics services) with percentage of total revenue for FY2023 ($612.4M) and FY2022 ($478.4M) | Eric Johannsen | Theodore Langston | David Halderman provided breakout data | Cleared | No follow-up in Round 2
2 | Round 1 | 2023-12-08 | Division of Corporation Finance | Risk Factors | Item 105 | Healthcare regulatory risk factors are generic — provide company-specific disclosure | 2023-12-22 | Revised risk factors to include AHT-specific regulatory exposure across 42 states, HIPAA compliance program details, and specific compliance cost estimates | Claire Dempsey | Theodore Langston | Rachel Moynihan / Dr. Priya Subramanian | Cleared
3 | Round 1 | 2023-12-08 | Division of Corporation Finance | Risk Factors | Item 105 | Data privacy risk factor should address state privacy laws (CCPA, etc.) in addition to HIPAA | 2023-12-22 | Added state privacy law discussion including CCPA, CMIA, and emerging state health data laws | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
4 | Round 1 | 2023-12-08 | Division of Corporation Finance | Risk Factors | Item 105 | Customer concentration risk — provide specificity on top customer revenue percentages | 2023-12-22 | Disclosed that no single customer exceeds 5% of revenue and top 10 customers represent approximately 28% of total revenue | Claire Dempsey | Theodore Langston | David Halderman | Cleared
5 | Round 1 | 2023-12-08 | Division of Corporation Finance | Risk Factors | Item 105 | Cybersecurity risk factor is boilerplate — make company-specific given healthcare data handled | 2023-12-22 | Revised cybersecurity risk factor to address PHI-specific risks, SOC 2/HITRUST certifications, and AHT's specific threat landscape | Claire Dempsey | Theodore Langston | Margaret Tsujimoto | Cleared
6 | Round 1 | 2023-12-08 | Division of Corporation Finance | Risk Factors; Business | Item 105 / Item 101 | Enhanced HIPAA risk factor — describe specific compliance measures and breach history | 2023-12-22 | Added detailed description of HIPAA compliance program, Privacy Officer role, training program, BAA framework, and confirmation of no material breaches | Eric Johannsen | Theodore Langston | Rachel Moynihan | Cleared
7 | Round 1 | 2023-12-08 | Division of Corporation Finance | Risk Factors | Item 105 | Competition risk factor should identify principal competitors by name or category | 2023-12-22 | Revised to identify principal competitors by category (large EHR vendors, specialized clinical analytics, population health platforms) and competitive dynamics | Claire Dempsey | Theodore Langston | Dr. Priya Subramanian | Cleared
8 | Round 1 | 2023-12-08 | Division of Corporation Finance | Use of Proceeds | Item 504 | Quantify expected repayment amount on Keypoint revolving credit facility from IPO proceeds | 2023-12-22 | Added specific disclosure that approximately $65M of net proceeds will be used to repay outstanding balance on Keypoint facility, with terms (SOFR + 200 bps; maturity March 15, 2027) | Eric Johannsen | Theodore Langston | David Halderman | Cleared
9 | Round 1 | 2023-12-08 | Division of Corporation Finance | Dilution | Item 506 | Provide dilution sensitivity analysis at multiple price points within and outside the range | 2023-12-22 | Added dilution table showing dilution per share at $15.00, $17.00, $18.00, $19.00, and $21.00 price points in addition to range midpoint | Claire Dempsey | Theodore Langston | David Halderman | Cleared
10 | Round 1 | 2023-12-08 | Division of Corporation Finance | Business | Item 101 | Provide clearer description of Arbor Platform architecture and technology stack | 2023-12-22 | Enhanced Business section with detailed platform architecture description, including cloud infrastructure (Meridian Technologies/Azure), data processing pipeline, AI/ML components, and integration capabilities | Eric Johannsen | Theodore Langston | Margaret Tsujimoto | Cleared
11 | Round 1 | 2023-12-08 | Division of Corporation Finance | Business — Regulatory | Item 101 | Government payor exposure — quantify percentage of customer base reliant on Medicare/Medicaid | 2023-12-22 | Added disclosure that approximately 18% of AHT customer revenue is attributable to facilities with significant government payor dependence, with description of compliance program | Eric Johannsen | Theodore Langston | Dr. Priya Subramanian / David Halderman | Cleared
12 | Round 1 | 2023-12-08 | Division of Corporation Finance | Business — Competition | Item 101 | Competitive landscape disclosure insufficient — identify competitive differentiators | 2023-12-22 | Revised competition section to include specific competitive advantages (integrated platform, analytics capabilities, hospital system focus), market positioning, and barriers to entry | Eric Johannsen | Theodore Langston | Dr. Priya Subramanian | Cleared
13 | Round 1 | 2023-12-08 | Division of Corporation Finance | Business — Key Metrics; MD&A | Item 101 / Item 303 | Define and provide methodology for key SaaS business metrics (ARR, NRR, customer count) | 2023-12-22 | Added definitions section with detailed methodology for ARR ($648.2M), NRR (118%), customer count (1,200+), ACV (~$540K), and gross churn (<5%) | Eric Johannsen | Theodore Langston | David Halderman | Cleared
14 | Round 1 | 2023-12-08 | Division of Corporation Finance | Business — R&D | Item 101 | R&D pipeline — describe current development initiatives and expected timeline | 2023-12-22 | Added description of R&D pipeline including next-generation analytics engine, AI-powered clinical alerts, and expanded interoperability features, with general timeline expectations | Eric Johannsen | Theodore Langston | Margaret Tsujimoto | Cleared
15 | Round 1 | 2023-12-08 | Division of Corporation Finance | MD&A — Revenue Recognition | Item 303 | Provide more detail on ASC 606 revenue recognition for multi-element SaaS arrangements | 2023-12-22 | Expanded MD&A discussion of performance obligations, allocation of transaction price, and timing of recognition for subscription, implementation, and RCM contracts | Eric Johannsen | Theodore Langston | David Halderman / Kellerman (Sonia Melendez) | Cleared | Related to Comments #16–18
16 | Round 1 | 2023-12-08 | Division of Corporation Finance | MD&A — Revenue Recognition | Item 303 | Distinguish between revenue recognized over time vs. at a point in time under ASC 606 | 2023-12-22 | Added disclosure that substantially all revenue is recognized over time (SaaS subscriptions ratably; RCM as services rendered; implementation over delivery period) | Eric Johannsen | Theodore Langston | Kellerman (Sonia Melendez) | Cleared
17 | Round 1 | 2023-12-08 | Division of Corporation Finance | Financial Statements | Reg S-X | Contract asset and deferred revenue balances — explain significant changes year-over-year | 2023-12-22 | Added narrative explaining increase in contract assets ($42.8M from $31.2M) driven by multi-year contracts and deferred revenue increase ($87.4M from $62.1M) from annual billing cycles | Eric Johannsen | Theodore Langston | Kellerman (Sonia Melendez) | Cleared
18 | Round 1 | 2023-12-08 | Division of Corporation Finance | Financial Statements | Reg S-X | Variable consideration estimates in RCM arrangements — describe methodology and constraints | 2023-12-22 | Added disclosure of variable consideration methodology for RCM contracts, including constraint analysis and historical accuracy of estimates | Eric Johannsen | Theodore Langston | Kellerman (Sonia Melendez) | Cleared
19 | Round 1 | 2023-12-08 | Division of Corporation Finance | MD&A — Non-GAAP Measures | Item 10(e) | Adj. EBITDA presentation — ensure GAAP measure has equal or greater prominence | 2023-12-22 | Revised presentation to lead with GAAP net income ($41.3M) before presenting Adj. EBITDA ($138.7M), with clear reconciliation table | Eric Johannsen | Theodore Langston | David Halderman | Cleared
20 | Round 1 | 2023-12-08 | Division of Corporation Finance | MD&A — Non-GAAP Measures | Item 10(e) | Explain usefulness of Adj. EBITDA and why management uses this metric; address each adjustment | 2023-12-22 | Added detailed explanation of why management believes Adj. EBITDA is useful, with line-by-line discussion of each adjustment (SBC $28.4M, D&A $47.2M, etc.) | Eric Johannsen | Theodore Langston | David Halderman | Cleared
21 | Round 1 | 2023-12-08 | Division of Corporation Finance | MD&A — Liquidity | Item 303 | Provide additional detail on credit facility terms, covenants, and availability | 2023-12-22 | Enhanced liquidity discussion with detailed credit facility description: $150M revolver, Keypoint National Bank (Agent) and Stonemill Capital Bank, SOFR + 200 bps, financial covenants (leverage ≤ 3.50x, FCC ≥ 1.25x), availability ~$85M | Eric Johannsen | Theodore Langston | David Halderman | Cleared
22 | Round 1 | 2023-12-08 | Division of Corporation Finance | MD&A — Critical Accounting | Item 303 | Critical accounting estimates — discuss sensitivity and range of possible outcomes | 2023-12-22 | Added qualitative and quantitative sensitivity analysis for revenue recognition, stock-based compensation, internal-use software capitalization, and goodwill | Eric Johannsen | Theodore Langston | Kellerman (Sonia Melendez) | Cleared
23 | Round 1 | 2023-12-08 | Division of Corporation Finance | Management — Directors | Item 401 | Provide additional biographical detail for Howard Feng and analyze his independence | 2023-12-22 | Expanded biography for Howard Feng (RGE Fund III designee) and added independence analysis concluding he is not independent due to RGE affiliation | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
24 | Round 1 | 2023-12-08 | Division of Corporation Finance | Executive Compensation | Item 402 | Provide additional detail on compensation philosophy and peer group selection | 2023-12-22 | Added discussion of Hargrove Prindaux Advisory Group LLC engagement, peer group composition (15 public healthcare SaaS companies), and pay-for-performance alignment | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
25 | Round 1 | 2023-12-08 | Division of Corporation Finance | Executive Compensation | Item 402 | Clarify perquisite disclosure thresholds and identify all perquisites by NEO | 2023-12-22 | Added line-item perquisite disclosure for each NEO exceeding $25,000 threshold (including executive health benefits, commuting allowance for Halderman) | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
26 | Round 1 | 2023-12-08 | Division of Corporation Finance | Executive Compensation | Item 402 | Outstanding equity awards — provide exercise price detail and vesting schedules for each grant | 2023-12-22 | Enhanced outstanding equity awards table with grant-by-grant detail including grant dates, exercise prices, vesting schedules, and expiration dates | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
27 | Round 1 | 2023-12-08 | Division of Corporation Finance | Executive Compensation | Item 402 | Quantify potential severance and change-in-control payments for each NEO | 2023-12-22 | Added quantified severance and CIC payment table for each NEO assuming triggering event on December 31, 2023 | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
28 | Round 1 | 2023-12-08 | Division of Corporation Finance | Executive Compensation | Item 402 | Non-employee director compensation — describe post-IPO compensation policy | 2023-12-22 | Added description of non-employee director compensation policy effective upon IPO: $50K annual retainer + $175K RSU grant, committee chair premiums | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
29 | Round 1 | 2023-12-08 | Division of Corporation Finance | Principal Stockholders | Item 403 | Confirm beneficial ownership calculation methodology and footnote assumptions | 2023-12-22 | Added detailed footnotes explaining beneficial ownership methodology, including treatment of outstanding options (60-day exercise), post-IPO share counts, and greenshoe impact | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
30 | Round 1 | 2023-12-08 | Division of Corporation Finance | Related Party Transactions | Item 404 | Provide more detail on terms of CSP Series B and Series D investments | 2023-12-22 | Added disclosure of Series B ($35M, 2017) and Series D ($85M, 2020) investment terms, including liquidation preferences (now converted), anti-dilution protections, and board seat rights | Eric Johannsen | Theodore Langston | Rachel Moynihan | Cleared
31 | Round 1 | 2023-12-08 | Division of Corporation Finance | Related Party Transactions | Item 404 | Describe terms of A&R Registration Rights Agreement in greater detail | 2023-12-22 | Enhanced description of RRA: 2 demand registrations, unlimited piggyback, S-3 shelf after 12 months, lockup/standstill provisions, 180-day blackout following IPO | Eric Johannsen | Theodore Langston | Rachel Moynihan | Cleared
32 | Round 1 | 2023-12-08 | Division of Corporation Finance | Related Party Transactions | Item 404 | Describe post-IPO related party transaction approval policy and procedures | 2023-12-22 | Added description of Audit Committee charter authority to review and approve all related party transactions exceeding $120,000 threshold, consistent with Item 404 requirements | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
33 | Round 1 | 2023-12-08 | Division of Corporation Finance | Risk Factors | Item 105 | Anti-takeover provisions risk factor — describe specific provisions and their potential effects | 2023-12-22 | Enhanced risk factor with specific disclosure of classified board, no written consent, 66⅔% supermajority, Section 203 DGCL, advance notice provisions, and blank check preferred | Claire Dempsey | Theodore Langston | Rachel Moynihan | Cleared
34 | Round 1 | 2023-12-08 | Division of Corporation Finance | Risk Factors | Item 105 | Lock-up expiration risk — describe potential market impact of lock-up r