$CTEV

Claritev Corp

CIK:0001793229|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 257,478	$ 241,570	$ 502,156	$ 472,900
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)	67,667	60,823	136,747	121,259
General and administrative expenses	55,389	51,118	113,219	98,086
Depreciation	24,796	25,261	49,979	49,807
Amortization of intangible assets	85,908	85,971	171,816	171,942
Loss on disposal of leases	252	1,689	290	5,006
Loss on disposal of assets	57	130	57	480
Total expenses	234,069	224,992	472,108	446,580
Operating income	23,409	16,578	30,048	26,320
Interest expense	100,253	99,746	199,795	191,382
Interest income	(195)	(323)	(377)	(811)
Transaction costs related to refinancing transaction	0	87	0	7,879
Loss on extinguishment of debt	0	0	0	670
Net loss before taxes	(76,649)	(82,932)	(169,370)	(172,800)
Benefit for income taxes	(17,423)	(20,292)	(36,584)	(38,841)
Net loss	(59,226)	(62,640)	(132,786)	(133,959)
Less: net loss attributable to non-controlling interests	0	0	0	0
Net loss attributable to Claritev Corporation	$ (59,226)	$ (62,640)	$ (132,786)	$ (133,959)
Weighted average shares outstanding – Basic (in shares)	16,964,960	16,453,896	16,830,361	16,364,573
Weighted average shares outstanding – Diluted (in shares)	16,964,960	16,453,896	16,830,361	16,364,573
Net loss per share – Basic (in usd per share)	$ (3.49)	$ (3.81)	$ (7.89)	$ (8.19)
Net loss per share – Diluted (in usd per share)	$ (3.49)	$ (3.81)	$ (7.89)	$ (8.19)
Change in unrealized gain (loss) on interest rate swaps, net of tax	$ 1,396	$ 753	$ 3,217	$ (871)
Comprehensive loss	$ (57,830)	$ (61,887)	$ (129,569)	$ (134,830)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (59,226)	$ (62,640)	$ (132,786)	$ (133,959)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	24,796	25,261	49,979	49,807
Amortization of intangible assets	85,908	85,971	171,816	171,942
Amortization of the right-of-use asset			1,122	1,809
Stock-based compensation			14,270	13,035
Deferred income taxes			(56,889)	(99,682)
Amortization of debt discounts and issuance costs			3,131	3,007
Non-cash interest expense			31,974	26,029
Loss on extinguishment of debt	0	0	0	670
Loss on disposal of assets	57	130	57	480
Loss on disposal of leases	252	1,689	290	5,006
Changes in assets and liabilities:
Trade accounts receivable, net			(10,718)	(33,821)
Prepaid taxes			6,162	6,747
Prepaid expenses, other current and non-current assets			(5,545)	(7,631)
Accounts payable			(3,798)	(42,896)
Other accrued expenses, accrued interest and accrued liabilities			(19,676)	72,992
Operating leases, net			(2,497)	(2,354)
Net cash provided by operating activities			46,892	31,181
Investing activities:
Purchases of property and equipment			(84,847)	(63,489)
Net cash used in investing activities			(84,847)	(63,489)
Financing activities:
Repayments of Term Loan			(7,346)	(3,674)
Taxes paid on settlement of vested share awards			(2,863)	(2,884)
Borrowings on 2025 Revolving Credit Facility			170,000	130,000
Repayment of 2025 Revolving Credit Facility			(120,000)	(50,000)
Payment of debt issuance costs			0	(4,267)
Proceeds from issuance of common stock under ESPP			1,001	749
Repurchases of treasury stock			(3,503)	0
Net cash provided by financing activities			37,289	69,924
Net (decrease) increase in cash, cash equivalents and restricted cash			(666)	37,616
Cash, cash equivalents and restricted cash at beginning of period			28,341	29,672
Cash, cash equivalents and restricted cash at end of period	27,675	67,288	27,675	67,288
Cash and cash equivalents	14,373	56,390	14,373	56,390
Restricted cash	13,302	10,898	13,302	10,898
Cash, cash equivalents and restricted cash at end of period	$ 27,675	$ 67,288	27,675	67,288
Noncash investing and financing activities:
Purchases of property and equipment not yet paid			19,781	15,027
Operating lease right-of-use assets obtained in exchange for operating lease liabilities			478	5,316
Supplemental disclosure of cash flow information:
Interest			(164,202)	(117,510)
Income taxes, net of refunds			$ (14,207)	$ (43,977)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 14,373	$ 16,814
Restricted cash	13,302	11,527
Trade accounts receivable, net	130,901	127,615
Prepaid expenses	31,489	31,992
Prepaid taxes	5,364	11,526
Unbilled Independent Dispute Resolution fees, net	17,995	10,563
Other current assets, net	22,994	14,330
Total current assets	236,418	224,367
Property and equipment, net	359,561	326,326
Operating lease right-of-use assets	13,023	13,966
Goodwill	2,405,853	2,405,853
Other intangibles, net	1,712,788	1,884,604
Other assets, net	36,214	33,342
Total assets	4,763,857	4,888,458
Current liabilities:
Accounts payable	56,665	60,463
Accrued interest	99,708	100,009
Operating lease obligation, short-term	4,609	4,705
Current portion of long-term debt	14,690	14,690
Accrued compensation	27,746	45,238
Other accrued expenses	34,089	36,253
Total current liabilities	237,507	261,358
Long-term debt	4,588,160	4,560,440
2025 Revolving Credit Facility	70,000	20,000
Operating lease obligation, long-term	14,304	16,236
Deferred income taxes	141,725	197,599
Total liabilities	5,051,696	5,055,633
Commitments and contingencies (Note 7)
Shareholders’ deficit:
Preferred stock, $0.0001 par value — 10,000,000 shares authorized; no shares issued	0	0
Common stock, $0.0001 par value — 1,500,000,000 shares authorized; 17,814,829 and 17,295,582 issued; 16,935,754 and 16,552,723 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	2,410,831	2,398,423
Accumulated deficit	(2,562,206)	(2,429,420)
Accumulated other comprehensive loss	(955)	(4,172)
Treasury stock - 879,075 and 742,859 shares as of June 30, 2026 and December 31, 2025, respectively	(142,236)	(138,733)
Total shareholders’ (deficit)/equity attributable to Claritev Corporation	(294,564)	(173,900)
Non-controlling interests	6,725	6,725
Total shareholders' deficit	(287,839)	(167,175)
Total liabilities and shareholders’ deficit	$ 4,763,857	$ 4,888,458