Claritev Corp

Listed Company

CTEVCIK 0001793229NYSEAcceleratedServices-Business Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$965.41M

Net Income

$-284.28M

Total Assets

$4.89B

Equity

$-173.90M

Shares Out

16.55M

Op. Cash Flow

$117.32M

Business

Claritev Corp is a healthcare technology, data and insights company that delivers tech-enabled solutions to improve transparency, affordability and quality in U.S. healthcare. It offers analytics-based services, network-based services, payment and revenue integrity services, and data and decision science products including PlanOptix, CompleteVue, BenInsights, VDHP, and negotiation and surprise-billing solutions. The company operates through integrated platform-based service categories rather than separate business lines, combining pre-payment claims processing, provider network management, and advanced analytics. Its services are offered across commercial and government payors, TPAs, employers, brokers, providers and system integrators throughout all 50 U.S. states and DC via direct and ASO/TPA distribution channels.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	965	931	962	1,080	1,118
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)	253	239	235	204	175
General and administrative expenses	222	151	143	167	151
Depreciation	102	88	77	69	65
Amortization of intangible assets	344	344	343	341	340
Loss on impairment of goodwill and intangible assets	0	1,489	0	662	0
Loss on disposal of leases	7	729,000	24,000	—	—
Loss on sale of assets	9	9	900,000	—	—
Total expenses	937	2,321	800	1,442	731
Operating income (loss)	29	−1,390	162	−363	386
Interest expense	392	326	333	—	—
Interest income	−2	−3	−8	−4	−30,000
Transaction costs related to refinancing transaction	8	64	0	—	—
Loss (gain) on extinguishment of debt	670,000	−6	−54	−35	16
Loss on sale of equity investment	3	0	0	—	—
Gain on change in fair value of Private Placement Warrants and Unvested Founder Shares	0	−477,000	−2	−67	−33
Net loss before taxes	−373	−1,771	−107	−561	135
Benefit for income taxes	−89	−125	−15	12	33
Net loss	−284	−1,646	−92	—	—
Less: net loss attributable to non-controlling interests	0	0	0	—	—
Net loss attributable to Claritev Corporation	−284	−1,646	−92	−573	102
Weighted average shares outstanding Basic (in shares)	16	16	16	639	651
Weighted average shares outstanding Diluted (in shares)	16	16	16	639	652
Net loss per share basic (in usd per share)	−17.3	−101.92	−5.69	−0.9	0.16
Net loss per share diluted (in usd per share)	−17.3	−101.92	−5.69	−0.9	0.16
Change in unrealized gain (loss) on interest rate swap, net of tax	891,000	7	−12	0	0
Comprehensive loss	−283	−1,639	−103	−573	102

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-06-30	FY 2024 2024-03-31
Cash and cash equivalents	17	17	—	—	—
Restricted cash	12	13	—	—	—
Trade accounts receivable, net	128	90	—	—	—
Prepaid expenses	32	20	—	—	—
Prepaid taxes	12	7	—	—	—
Unbilled Independent Dispute Resolution fees, net	11	22	—	—	—
Other current assets, net	14	7	—	—	—
Total current assets	224	176	—	—	—
Property and equipment, net	326	293	—	—	—
Operating lease right-of-use assets	14	16	—	—	—
Goodwill	2,406	2,403	2,403	2,759	3,313
Other intangibles, net	1,885	2,226	—	—	—
Other assets, net	33	37	—	—	—
Total assets	4,888	5,151	—	—	—
Accounts payable	60	86	—	—	—
Accrued interest	100	56	—	—	—
Operating lease obligation, short-term	5	4	—	—	—
Current portion of long-term debt	15	13	—	—	—
Accrued compensation	45	34	—	—	—
Other accrued expenses	36	21	—	—	—
Total current liabilities	261	214	—	—	—
Long-term debt, net	4,560	4,510	—	—	—
2025 Revolving Credit Facility	20	0	—	—	—
Operating lease obligation, long-term	16	14	—	—	—
Deferred income taxes	198	326	—	—	—
Other liabilities	0	4	—	—	—
Total liabilities	5,056	5,067	—	—	—
Commitments and contingencies (Note 15)	—	—	—	—	—
Preferred stock, $0.0001 par value 10,000,000 shares authorized; no shares issued	0	0	—	—	—
Class A Common stock, $0.0001 par value 1,500,000,000 shares authorized; 17,295,582 and 16,930,827 issued; 16,552,723 and 16,187,968 shares outstanding	2,000	2,000	—	—	—
Additional paid-in capital	2,398	2,373	—	—	—
Accumulated deficit	−2,429	−2,145	—	—	—
Accumulated other comprehensive loss	−4	−5	—	—	—
Treasury stock 742,859 and 742,859 shares	−139	−139	—	—	—
Total shareholders (deficit)/equity attributable to Claritev Corporation	−174	84	—	—	—
Non-controlling interests	7	0	—	—	—
Total shareholders' (deficit)/equity	−167	84	—	—	—
Total liabilities and shareholders (deficit)/equity	4,888	5,151	—	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of the right-of-use asset	3	4	6	6	7
Stock-based compensation	28	27	18	17	18
Deferred income taxes	−129	−198	−114	−114	−82
Amortization of debt issuance costs and discounts	5	11	11	11	12
Non-cash interest expense	58	0	0	11	12
Trade accounts receivable, net	−27	−13	4	21	−34
Prepaid taxes	−5	−5	−13,000	4	−5
Prepaid expenses, other current and non-current assets	−24	−32	−7	3	−7
Accounts payable	−26	67	6	—	—
Other accrued expenses, accrued interest and accrued liabilities	57	−25	−19	—	—
Operating lease, net	−5	−6	−7	−7	−6
Net cash provided by operating activities	117	108	172	372	405
Purchases of property and equipment	−130	−118	−109	−90	−85
Proceeds from sale of investment	13	0	0	—	—
OPCG acquisition	−5	0	0	0	0
BST acquisition, net of cash acquired	0	0	−141	0	246,000
Net cash used in investing activities	−121	−118	−250	−104	−228
Taxes paid on settlement of vested share awards	−4	−3	−465,000	−2	−4
Borrowings on 2025 Revolving Credit Facility	230	0	0	0	0
Repayment of 2025 Revolving Credit Facility	−210	0	0	0	0
Purchase of treasury stock	0	−10	−15	0	−100
Payment of debt issuance costs	−4	−615,000	0	0	0
Borrowings on finance leases, net	0	67,000	−30,000	−26,000	−32,000
Proceeds from issuance of Class A common stock under ESPP	2	1	508,000	0	0
Net cash provided by (used in) financing activities	2	−41	−181	−116	−115
Net decrease in cash, cash equivalents and restricted cash	−1	−52	−259	152	62
Purchases of property and equipment not yet paid	21	13	9	5	6
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	6	5	1	4	7
Debt issuance costs not yet paid	0	4	0	—	—
Interest	−283	−315	−323	−290	−231
Income taxes, net of refunds	−44	−80	−100	−124	−132

Filings

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