Claritev Corporation Reports Third Quarter 2025 Results
– Q3 2025 Revenues of
– Net Loss of
– Adjusted EBITDA of
(Adjusted EBITDA Margin of
– Claritev raises full-year 2025 revenue and Adjusted EBITDA guidance
“We declared 2025 would be the Year of the Turn at Claritev. Our third quarter results and increased full year guidance demonstrate that we have made the Turn and are now focused on the next phase of our Strategic Plan – The Way Up. We have laid the foundation for success, and continue to execute across our business, driving growth in our core solutions while delivering value across our expanded vertical and growing market segments. I am proud of how our team has embraced the clarity of our purpose to make healthcare affordable and transparent for all, and used that mission to continue building deeper relationships across the healthcare ecosystem,” said Travis Dalton, Chairman, CEO and President of Claritev.
Mr. Dalton added: “Claritev is fit for growth. Our momentum can be seen in many ways. We renewed our top ten clients during the current year, with our largest clients agreeing to multi-year renewals. Our international business continues to expand and represents an exciting growth opportunity. We continue to add new logos, sign new subscription deals, partner with a growing list of leading organizations, and expand our pipeline to fuel our future growth. We know our Transformation is still in its early stages and there’s much more to do, but our teams are executing with discipline and urgency. We intend to close 2025 strongly and carry that success into the new year.”
Business and Financial Highlights
-
Revenues of
$246.0 million 6.7% , compared to revenues of$230.5 million -
Net loss of
$69.8 million $391.5 million -
Adjusted EBITDA of
$155.1 million 9.5% , compared to Adjusted EBITDA of$141.6 million -
Net cash provided by operating activities of
$19.9 million $72.8 million -
Free Cash Flow of
$(16.3) million $41.1 million -
The Company ended Q3 2025 with
$39.2 million -
The Company processed approximately
$45.9 billion $6.1 billion
2025 Financial Guidance1
The Company is updating its full-year 2025 guidance, detailed in the table below:
Financial Metric |
|
Prior FY 2025 Guidance |
|
Updated FY 2025 Guidance |
|
|
(as of 8/6/2025) |
|
(as of 11/7/2025) |
Revenues |
|
Flat to |
|
|
Adjusted EBITDA Margin1 |
|
|
|
|
Capital expenditures |
|
|
|
|
Effective tax rate |
|
|
|
No Change |
Free Cash Flow |
|
|
|
No Change |
1 We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP (as defined below) measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results. |
||||
Conference Call Information
The Company will host a conference call today, Friday, November 7, 2025 at 8:00 a.m.
https://www.netroadshow.com/events/login/LE9zwo3gtdzis7WZyrdvusEnWeMbZPm3F7y. Upon registration, you will receive a calendar invitation with call access details and a unique pin.
A live webcast of the conference call can be accessed through the Investor Relations section of the Company’s website at investors.claritev.com/events-and-presentations. This earnings press release and a supplemental slide deck will also be available on this section of the Company’s website.
For those unable to listen to the live conference call, a replay will be available after the call through the archived webcast on the Investor Relations section of the Company’s website.
About Claritev
Claritev is a healthcare technology, data and insights company focused on delivering affordability, transparency and quality to the
Claritev serves more than 700 healthcare payors, over 100,000 employers, 60 million consumers, and 1.4 million contracted providers. For more information, visit claritev.com.
Forward Looking Statements
This press release contains forward-looking statements regarding our opinions, beliefs, projections, business plans and expectations. These forward-looking statements may differ materially from actual results due to a variety of factors and can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “forecasts,” “intends,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These statements include all matters that are not historical facts. They appear in a number of places throughout this press release, including, but not limited to, statements relating to our ability to deliver anticipated results; our ability to successfully implement our transformation plan; the execution of our international expansion plan; the growth of our pipeline; our 2025 outlook and guidance; and the long-term prospects of the Company. Such forward-looking statements are based on available current market information and management’s expectations, beliefs and forecasts concerning future events impacting the business. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that these forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include: loss of our clients, particularly our largest clients; the ability to achieve the goals of our strategic plans and recognize the anticipated strategic, operational, growth and efficiency benefits when expected; our ability to enter new lines of business and broaden the scope of our services; the loss of key members of our management team or inability to maintain sufficient qualified personnel; our ability to continue to attract, motivate and retain a large number of skilled employees, and adapt to the effects of inflationary pressure on wages; trends in the
We undertake no obligation to update these statements as a result of new information or future events or otherwise, except as may be required under applicable securities laws.
Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles in
EBITDA, Adjusted EBITDA, Free Cash Flow, Unlevered Free Cash Flow and Adjusted cash conversion ratio are supplemental measures of Claritev’s performance that are not required by or presented in accordance with GAAP. These measures are not measurements of our financial or operating performance under GAAP, have limitations as analytical tools and should not be considered in isolation or as an alternative to net (loss) income, cash flows or any other measures of performance prepared in accordance with GAAP.
EBITDA represents net (loss) income before interest expense, interest income, income tax provision (benefit), depreciation, amortization of intangible assets, and non-income taxes. Adjusted EBITDA is EBITDA as further adjusted by certain items as described in the table below.
In addition, in evaluating EBITDA and Adjusted EBITDA you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of EBITDA and Adjusted EBITDA. The presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The calculations of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Based on our industry and debt financing experience, we believe that EBITDA and Adjusted EBITDA are customarily used by investors, analysts and other interested parties to provide useful information regarding a company’s ability to service and/or incur indebtedness.
We also believe that Adjusted EBITDA is useful to investors and analysts in assessing our operating performance during the periods these charges were incurred on a consistent basis with the periods during which these charges were not incurred. Both EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider either in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are:
- EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
- EBITDA and Adjusted EBITDA do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
- EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and
- Although depreciation and amortization are non-cash charges, the tangible assets being depreciated will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.
Claritev’s presentation of Adjusted EBITDA should not be construed as an inference that our future results and financial position will be unaffected by unusual items.
Free Cash Flow is defined as net cash provided by operating activities less capital expenditures, all as disclosed in the Statements of Cash Flows. Unlevered Free Cash Flow is defined as net cash provided by operating activities less capital expenditures, plus cash interest paid, all as disclosed in the Statements of Cash Flows. Free Cash Flow and Unlevered Free Cash Flow are measures of our operational performance used by management to evaluate our business after purchases of property and equipment and, in the case of Unlevered Free Cash Flow, prior to the impact of our capital structure. Free Cash Flow and Unlevered Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, Claritev’s definitions of Free Cash Flow and Unlevered Free Cash Flow are limited, in that they do not represent residual cash flows available for discretionary expenditures, due to the fact that the measures do not deduct the payments required for debt service, in the case of Unlevered Free Cash Flow, and other contractual obligations or payments made for business acquisitions.
Adjusted cash conversion ratio is defined as Unlevered Free Cash Flow divided by Adjusted EBITDA. Claritev believes that the presentation of the Adjusted cash conversion ratio provides useful information to investors because it is an financial performance measure that shows how much of its Adjusted EBITDA Claritev converts into Unlevered Free Cash Flow.
CLARITEV CORPORATION Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) |
|||||||
|
September 30,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
39,152 |
|
|
$ |
16,848 |
|
Restricted cash |
|
11,493 |
|
|
|
12,824 |
|
Trade accounts receivable, net |
|
126,992 |
|
|
|
89,758 |
|
Prepaid expenses |
|
21,768 |
|
|
|
20,493 |
|
Prepaid taxes |
|
33,019 |
|
|
|
6,747 |
|
Unbilled Independent Dispute Resolution fees, net |
|
15,362 |
|
|
|
21,850 |
|
Other current assets, net |
|
9,672 |
|
|
|
6,995 |
|
Total current assets |
|
257,458 |
|
|
|
175,515 |
|
Property and equipment, net |
|
316,964 |
|
|
|
292,649 |
|
Operating lease right-of-use assets |
|
13,326 |
|
|
|
16,097 |
|
Goodwill |
|
2,403,140 |
|
|
|
2,403,140 |
|
Other intangibles, net |
|
1,968,411 |
|
|
|
2,226,323 |
|
Other assets, net |
|
31,002 |
|
|
|
37,103 |
|
Total assets |
$ |
4,990,301 |
|
|
$ |
5,150,827 |
|
Liabilities and Shareholders’ (Deficit)/Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
38,926 |
|
|
$ |
86,327 |
|
Accrued interest |
|
54,255 |
|
|
|
55,532 |
|
Operating lease obligation, short-term |
|
4,826 |
|
|
|
4,385 |
|
Current portion of long-term debt |
|
14,690 |
|
|
|
13,250 |
|
Accrued compensation |
|
53,199 |
|
|
|
33,690 |
|
Other accrued expenses |
|
47,421 |
|
|
|
20,606 |
|
Total current liabilities |
|
213,317 |
|
|
|
213,790 |
|
Long-term debt |
|
4,546,671 |
|
|
|
4,509,725 |
|
2025 Revolving Credit Facility |
|
70,000 |
|
|
|
— |
|
Operating lease obligation, long-term |
|
16,239 |
|
|
|
13,857 |
|
Deferred income taxes |
|
245,909 |
|
|
|
325,834 |
|
Other liabilities |
|
— |
|
|
|
3,599 |
|
Total liabilities |
|
5,092,136 |
|
|
|
5,066,805 |
|
Commitments and contingencies (Note 7) |
|
|
|
||||
Shareholders’ (deficit)/equity: |
|
|
|
||||
Shareholder interests |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
2,390,886 |
|
|
|
2,372,954 |
|
Accumulated deficit |
|
(2,348,850 |
) |
|
|
(2,145,138 |
) |
Accumulated other comprehensive loss |
|
(5,140 |
) |
|
|
(5,063 |
) |
Treasury stock - 742,859 shares as of September 30, 2025 and December 31, 2024 |
|
(138,733 |
) |
|
|
(138,733 |
) |
Total shareholders’ (deficit)/equity |
|
(101,835 |
) |
|
|
84,022 |
|
Total liabilities and shareholders’ (deficit)/equity |
$ |
4,990,301 |
|
|
$ |
5,150,827 |
|
CLARITEV CORPORATION Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Revenues |
$ |
245,959 |
|
|
$ |
230,495 |
|
|
$ |
718,859 |
|
|
$ |
698,479 |
|
Costs of services (exclusive of depreciation and amortization of intangible assets shown below) |
|
62,060 |
|
|
$ |
60,825 |
|
|
|
183,319 |
|
|
|
182,271 |
|
General and administrative expenses |
|
61,893 |
|
|
$ |
37,725 |
|
|
|
165,465 |
|
|
|
107,133 |
|
Depreciation |
|
25,968 |
|
|
$ |
22,572 |
|
|
|
75,775 |
|
|
|
65,372 |
|
Amortization of intangible assets |
|
85,971 |
|
|
$ |
85,971 |
|
|
|
257,913 |
|
|
|
257,913 |
|
Loss on impairment of goodwill and intangible assets |
|
— |
|
|
$ |
361,612 |
|
|
|
— |
|
|
|
1,434,363 |
|
Total expenses |
|
235,892 |
|
|
|
568,705 |
|
|
|
682,472 |
|
|
|
2,047,052 |
|
Operating income (loss) |
$ |
10,067 |
|
|
$ |
(338,210 |
) |
|
$ |
36,387 |
|
|
$ |
(1,348,573 |
) |
Interest expense |
|
101,232 |
|
|
$ |
81,792 |
|
|
|
292,614 |
|
|
|
245,119 |
|
Interest income |
|
(471 |
) |
|
$ |
(1,245 |
) |
|
|
(1,282 |
) |
|
|
(2,722 |
) |
Transaction costs - Refinancing Transaction |
|
— |
|
|
$ |
— |
|
|
|
7,879 |
|
|
|
— |
|
Loss (gain) on extinguishment of debt |
|
— |
|
|
$ |
— |
|
|
|
670 |
|
|
|
(5,913 |
) |
Loss on sale of equity investments |
|
2,667 |
|
|
$ |
— |
|
|
|
2,667 |
|
|
|
— |
|
Gain on change in fair value of Private Placement Warrants and Unvested Founder Shares |
|
— |
|
|
|
(87 |
) |
|
|
— |
|
|
|
(476 |
) |
Net loss before taxes |
|
(93,361 |
) |
|
|
(418,670 |
) |
|
|
(266,161 |
) |
|
|
(1,584,581 |
) |
Benefit for income taxes |
|
(23,608 |
) |
|
|
(27,220 |
) |
|
|
(62,449 |
) |
|
|
(76,715 |
) |
Net loss |
|
(69,753 |
) |
|
|
(391,450 |
) |
|
|
(203,712 |
) |
|
|
(1,507,866 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – Basic and Diluted(1) |
|
16,480,703 |
|
|
|
16,143,520 |
|
|
|
16,403,821 |
|
|
|
16,139,523 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share – Basic and Diluted(1) |
$ |
(4.23 |
) |
|
$ |
(24.25 |
) |
|
$ |
(12.42 |
) |
|
$ |
(93.43 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
(69,753 |
) |
|
|
(391,450 |
) |
|
|
(203,712 |
) |
|
|
(1,507,866 |
) |
Other comprehensive income |
|
|
|
|
|
|
|
||||||||
Change in unrealized gains (losses) on interest rate swaps, net of tax |
|
794 |
|
|
|
(11,341 |
) |
|
|
(77 |
) |
|
|
(684 |
) |
Comprehensive loss |
$ |
(68,959 |
) |
|
$ |
(402,791 |
) |
|
$ |
(203,789 |
) |
|
$ |
(1,508,550 |
) |
(1) Shares and net loss per share have been retroactively adjusted for all periods presented to reflect the one-for-forty (1-for-40) reverse stock split that became effective on September 20, 2024.
CLARITEV CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2025 |
|
|
|
2024 |
|
Operating activities: |
|
|
|
||||
Net loss |
$ |
(203,712 |
) |
|
$ |
(1,507,866 |
) |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
75,775 |
|
|
|
65,372 |
|
Amortization of intangible assets |
|
257,913 |
|
|
|
257,913 |
|
Amortization of the right-of-use asset |
|
2,488 |
|
|
|
3,377 |
|
Loss on impairment of goodwill and intangible assets |
|
— |
|
|
|
1,434,363 |
|
Stock-based compensation |
|
20,026 |
|
|
|
19,829 |
|
Deferred income taxes |
|
(79,900 |
) |
|
|
(142,999 |
) |
Amortization of debt discounts and issuance costs |
|
3,957 |
|
|
|
8,788 |
|
Non-cash interest expense |
|
41,779 |
|
|
|
— |
|
Loss (gain) on extinguishment of debt |
|
670 |
|
|
|
(5,913 |
) |
Loss on sale of equity investment |
|
2,667 |
|
|
|
— |
|
Loss on disposal of property and equipment |
|
676 |
|
|
|
155 |
|
Loss on disposal of leases |
|
6,702 |
|
|
|
— |
|
Gain on change in fair value of Private Placement Warrants and Unvested Founder |
|
— |
|
|
|
(476 |
) |
Changes in assets and liabilities: |
|
|
|
||||
Trade accounts receivable, net |
|
(37,234 |
) |
|
|
(5,574 |
) |
Prepaid taxes |
|
(26,272 |
) |
|
|
(9,466 |
) |
Prepaid expenses, other current and non-current assets |
|
(706 |
) |
|
|
1,364 |
|
Accounts payable |
|
(47,401 |
) |
|
|
2,957 |
|
Other accrued expenses, accrued interest and accrued liabilities |
|
37,196 |
|
|
|
24,089 |
|
Operating leases, net |
|
(3,586 |
) |
|
|
(4,884 |
) |
Net cash provided by operating activities |
|
51,038 |
|
|
|
141,029 |
|
Investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(99,692 |
) |
|
|
(87,689 |
) |
Proceeds from sale of equity investment |
|
13,333 |
|
|
|
— |
|
Net cash used in investing activities |
|
(86,359 |
) |
|
|
(87,689 |
) |
Financing activities: |
|
|
|
||||
Repayments of Term Loan |
|
(7,345 |
) |
|
|
(9,938 |
) |
Repurchase of Senior Convertible PIK Notes |
|
— |
|
|
|
(14,886 |
) |
Taxes paid on settlement of vested share awards |
|
(3,491 |
) |
|
|
(3,355 |
) |
Borrowings on 2025 Revolving Credit Facility |
|
225,000 |
|
|
|
— |
|
Repayment of 2025 Revolving Credit Facility |
|
(155,000 |
) |
|
|
— |
|
Purchase of treasury stock |
|
— |
|
|
|
(10,370 |
) |
Payment of debt issuance costs |
|
(4,267 |
) |
|
|
— |
|
Proceeds from issuance of common stock under Employee Stock Purchase Plan |
|
1,397 |
|
|
|
883 |
|
Net cash provided by (used in) financing activities |
|
56,294 |
|
|
|
(37,666 |
) |
Net increase in cash, cash equivalents and restricted cash |
|
20,973 |
|
|
|
15,674 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
29,672 |
|
|
|
81,494 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
50,645 |
|
|
$ |
97,168 |
|
|
|
|
|
||||
Cash and cash equivalents |
$ |
39,152 |
|
|
$ |
86,598 |
|
Restricted cash |
|
11,493 |
|
|
|
10,570 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
50,645 |
|
|
$ |
97,168 |
|
|
|
|
|
||||
Noncash investing and financing activities: |
|
|
|
||||
Purchases of property and equipment not yet paid |
$ |
13,615 |
|
|
$ |
11,928 |
|
Operating lease right-of-use assets obtained in exchange for operating lease liabilities |
$ |
5,738 |
|
|
$ |
— |
|
Supplemental disclosure of cash flow information: |
|
|
|
||||
Cash paid during the period for: |
|
|
|
||||
Interest |
$ |
(247,057 |
) |
|
$ |
(218,590 |
) |
Income taxes, net of refunds |
$ |
(44,913 |
) |
|
$ |
(57,860 |
) |
CLARITEV CORPORATION Calculation of EBITDA and Adjusted EBITDA (in thousands) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net loss |
$ |
(69,753 |
) |
|
$ |
(391,450 |
) |
|
$ |
(203,712 |
) |
|
$ |
(1,507,866 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
101,232 |
|
|
|
81,792 |
|
|
|
292,614 |
|
|
|
245,119 |
|
Interest income |
|
(471 |
) |
|
|
(1,245 |
) |
|
|
(1,282 |
) |
|
|
(2,722 |
) |
Benefit for income taxes |
|
(23,608 |
) |
|
|
(27,220 |
) |
|
|
(62,449 |
) |
|
|
(76,715 |
) |
Depreciation |
|
25,968 |
|
|
|
22,572 |
|
|
|
75,775 |
|
|
|
65,372 |
|
Amortization of intangible assets |
|
85,971 |
|
|
|
85,971 |
|
|
|
257,913 |
|
|
|
257,913 |
|
Non-income taxes |
|
581 |
|
|
|
515 |
|
|
|
1,697 |
|
|
|
1,623 |
|
EBITDA |
$ |
119,920 |
|
|
$ |
(229,065 |
) |
|
$ |
360,556 |
|
|
$ |
(1,017,276 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Other expenses, net (1) |
|
6,451 |
|
|
|
1,517 |
|
|
|
15,905 |
|
|
|
2,584 |
|
Loss on disposal of assets, including right-of-use assets |
|
1,902 |
|
|
|
— |
|
|
|
7,378 |
|
|
|
— |
|
Integration expenses |
|
66 |
|
|
|
850 |
|
|
|
579 |
|
|
|
1,994 |
|
Change in fair value of Private Placement Warrants and Unvested Founder Shares |
|
— |
|
|
|
(87 |
) |
|
|
— |
|
|
|
(476 |
) |
Transformation costs (2) |
|
13,883 |
|
|
|
— |
|
|
|
29,536 |
|
|
|
— |
|
Transaction costs - Refinancing Transaction |
|
— |
|
|
|
— |
|
|
|
7,879 |
|
|
|
— |
|
Loss (gain) on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
670 |
|
|
|
(5,913 |
) |
Loss on sale of equity investments |
|
2,667 |
|
|
|
— |
|
|
|
2,667 |
|
|
|
— |
|
Loss on impairment of goodwill and intangible assets |
|
— |
|
|
|
361,612 |
|
|
|
— |
|
|
|
1,434,363 |
|
Stock-based compensation, including cRSUs |
|
10,243 |
|
|
|
6,818 |
|
|
|
26,059 |
|
|
|
19,829 |
|
Adjusted EBITDA |
$ |
155,132 |
|
|
$ |
141,645 |
|
|
$ |
451,229 |
|
|
$ |
435,105 |
|
(1) "Other expenses, net" represents miscellaneous non-recurring expenses, impairment of other assets, non-integration related severance costs, legal expenses associated with the multi-district litigation, and start-up costs related to international expansion.
(2) "Transformation costs" represent costs directly associated with our multi-year transformation program called Vision 2030 which includes internal personnel costs for employees that have been either hired or redeployed and are fully dedicated to transformation activities, as well as other non-recurring and duplicative costs. At such time that internal personnel are redeployed to non-transformation activities, they will no longer be included as an adjustment herein.
CLARITEV CORPORATION Calculation of Unlevered Free Cash Flow and Adjusted Cash Conversion Ratio (in thousands) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net cash provided by operating activities |
$ |
19,857 |
|
|
$ |
72,842 |
|
|
$ |
51,038 |
|
|
$ |
141,029 |
|
Purchases of property and equipment |
|
(36,203 |
) |
|
|
(31,700 |
) |
|
|
(99,692 |
) |
|
|
(87,689 |
) |
Free Cash Flow |
|
(16,346 |
) |
|
|
41,142 |
|
|
|
(48,654 |
) |
|
|
53,340 |
|
Interest paid |
|
129,547 |
|
|
|
60,195 |
|
|
|
247,057 |
|
|
|
218,590 |
|
Unlevered Free Cash Flow(1) |
$ |
113,201 |
|
|
$ |
101,337 |
|
|
$ |
198,403 |
|
|
$ |
271,930 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
155,132 |
|
|
$ |
141,645 |
|
|
$ |
451,229 |
|
|
$ |
435,105 |
|
Adjusted Cash Conversion Ratio |
|
73 |
% |
|
|
72 |
% |
|
|
44 |
% |
|
|
62 |
% |
|
|
|
|
|
|
|
|
||||||||
Net cash used in investing activities |
$ |
(22,870 |
) |
|
$ |
(31,700 |
) |
|
$ |
(86,359 |
) |
|
$ |
(87,689 |
) |
Net cash used in financing activities |
$ |
(13,630 |
) |
|
$ |
(3,143 |
) |
|
$ |
56,294 |
|
|
$ |
(37,666 |
) |
(1) Includes
View source version on businesswire.com: https://www.businesswire.com/news/home/20251107655172/en/
Investor Relations Contact
Todd Friedman
VP, Investor Relations
Claritev
866-909-7427
investor@claritev.com
Media Relations Contact
Pamela Walker
VP, Marketing & Communication
Claritev
781-895-3118
press@claritev.com
Source: Claritev Corporation
