0001793229-26-000046 | 10-Q | XBRL Viewer

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Other intangible assets consisted of the following (in thousands):


		March 31, 2026						December 31, 2025
	Weighted-average amortization period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Client relationships	15 years	$	4,199,517	$	(2,721,405)	$	1,478,112	$	4,199,517	$	(2,651,110)	$	1,548,407
Provider network	15 years	896,800		(586,906)		309,894		896,800		(571,959)		324,841
Technology	6 years	21,850		(12,766)		9,084		21,850		(12,213)		9,637
Trade names	9 years	2,670		(1,484)		1,186		2,670		(1,421)		1,249

Non-compete	5 years	1,000		(580)		420		1,000		(530)		470
Total		$	5,121,837	$	(3,323,141)	$	1,798,696	$	5,121,837	$	(3,237,233)	$	1,884,604

Schedule of Goodwill Roll forward

Goodwill was as follows (in thousands):


	March 31, 2026		December 31, 2025
Gross goodwill	$	4,489,636	$	4,489,636
Accumulated impairment	(2,083,783)		(2,083,783)
Total goodwill	$	2,405,853	$	2,405,853

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (a)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-Topic 350
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements - Schedule of Carrying Amount and Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Jan. 30, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Less: debt discounts, net	$ 17,934	$ 18,717
Long-term debt	4,574,253	4,560,440
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	4,624,674	4,612,414
Less: debt discounts, net	17,934	18,717
Long-term debt	4,606,740	4,593,697
Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	3,643,309	4,215,315
Less: debt discounts, net	17,934	18,717
Long-term debt	3,625,375	4,196,598
Finance lease obligations \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	163	183
Finance lease obligations \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	$ 163	183
5.50% Notes \| Senior notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest rate, stated percentage (as a percent)	5.50%
5.50% Notes \| Senior notes \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	$ 5,814	5,814
5.50% Notes \| Senior notes \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	$ 3,994	4,595
5.750% Notes \| Senior notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest rate, stated percentage (as a percent)	5.75%		5.75%
5.750% Notes \| Senior notes \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	$ 5,310	5,310
5.750% Notes \| Senior notes \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	3,313	3,318
Senior Convertible PIK Notes, net of discount \| Senior Convertible PIK Notes, net of discount \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	420	420
Senior Convertible PIK Notes, net of discount \| Senior Convertible PIK Notes, net of discount \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	285	285
First-Out First Lien Term Loans \| Term loans \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	321,798	322,611
First-Out First Lien Term Loans \| Term loans \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	321,605	323,837
Second-Out First Lien Term Loans \| Term loans \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	1,132,497	1,135,357
Second-Out First Lien Term Loans \| Term loans \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	1,007,243	1,070,755
Second-Out First Lien A Notes \| Term loans \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	635,816	627,998
Second-Out First Lien A Notes \| Term loans \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	$ 578,402	666,180
Second-Out First Lien B Notes \| Senior notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest rate, stated percentage (as a percent)	5.75%		5.75%
Second-Out First Lien B Notes \| Term loans \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	$ 763,075	763,075
Second-Out First Lien B Notes \| Term loans \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	594,970	673,795
Third-Out First Lien A Notes \| Term loans \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	769,075	765,520
Third-Out First Lien A Notes \| Term loans \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	516,818	661,180
Third-Out First Lien B Notes \| Term loans \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	990,706	986,126
Third-Out First Lien B Notes \| Term loans \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt instrument, value	$ 616,516	$ 811,187

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Other intangible assets consisted of the following (in thousands):


		March 31, 2026						December 31, 2025
	Weighted-average amortization period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Client relationships	15 years	$	4,199,517	$	(2,721,405)	$	1,478,112	$	4,199,517	$	(2,651,110)	$	1,548,407
Provider network	15 years	896,800		(586,906)		309,894		896,800		(571,959)		324,841
Technology	6 years	21,850		(12,766)		9,084		21,850		(12,213)		9,637
Trade names	9 years	2,670		(1,484)		1,186		2,670		(1,421)		1,249

Non-compete	5 years	1,000		(580)		420		1,000		(530)		470
Total		$	5,121,837	$	(3,323,141)	$	1,798,696	$	5,121,837	$	(3,237,233)	$	1,884,604

Goodwill was as follows (in thousands):


	March 31, 2026		December 31, 2025
Gross goodwill	$	4,489,636	$	4,489,636
Accumulated impairment	(2,083,783)		(2,083,783)
Total goodwill	$	2,405,853	$	2,405,853

No impairment loss related to goodwill or indefinite-lived intangible assets was recorded during the three months ended March 31, 2026 and 2025.

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Gross goodwill	$ 4,489,636	$ 4,489,636
Accumulated impairment	(2,083,783)	(2,083,783)
Total goodwill	$ 2,405,853	$ 2,405,853

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (73,560)	$ (71,319)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	25,183	24,546
Amortization of intangible assets	85,908	85,971
Amortization of the right-of-use asset	556	1,022
Stock-based compensation	6,895	6,329
Deferred income taxes	(28,337)	(52,820)
Amortization of debt discounts and issuance costs	1,554	712
Non-cash interest expense	15,952	10,907
Loss on extinguishment of debt	0	670
Loss on sale of assets	0	350
Loss on disposal of leases	38	3,317
Changes in assets and liabilities:
Trade accounts receivable, net	(16,043)	(3,708)
Prepaid taxes	7,425	6,747
Prepaid expenses, other current and non-current assets	600	(4,912)
Accounts payable	(1,287)	(51,821)
Other accrued expenses, accrued interest and accrued liabilities	(69,512)	15,074
Operating leases, net	(1,151)	(1,121)
Net cash used in operating activities	(45,779)	(30,056)
Investing activities:
Purchases of property and equipment	(46,767)	(38,866)
Net cash used in investing activities	(46,767)	(38,866)
Financing activities:
Repayments of Term Loan	(3,672)	0
Taxes paid on settlement of vested share awards	(2,859)	(2,884)
Borrowings on 2025 Revolving Credit Facility	145,000	130,000
Repayment of 2025 Revolving Credit Facility	(40,000)	(50,000)
Payment of debt issuance costs	0	(4,267)
Proceeds from issuance of common stock under ESPP	464	301
Net cash provided by financing activities	98,933	73,150
Net increase in cash, cash equivalents and restricted cash	6,387	4,228
Cash, cash equivalents and restricted cash at beginning of period	28,341	29,672
Cash, cash equivalents and restricted cash at end of period	34,728	33,900
Cash and cash equivalents	21,327	23,129
Restricted cash	13,401	10,771
Cash, cash equivalents and restricted cash at end of period	34,728	33,900
Noncash investing and financing activities:
Purchases of property and equipment not yet paid	17,046	9,694
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	0	(10,411)
Supplemental disclosure of cash flow information:
Interest	(129,311)	(82,003)
Income taxes, net of refunds	$ (1,636)	$ (2,532)

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2026 USD ($) office	Dec. 31, 2025 USD ($)
Other Commitments [Line Items]
Number of offices \| office	4
Letters of credit outstanding	$ 4.4	$ 4.4
Subsidiary Obligations
Other Commitments [Line Items]
Letters of credit outstanding	$ 2.0	$ 2.0

Derivative Financial Instruments - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative, Accumulated Other Comprehensive Income, Cash Flow Hedge [Roll Forward]
Beginning balance of period	$ (167,175)	$ 84,022
Ending balance of period	(234,414)	14,825
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative, Accumulated Other Comprehensive Income, Cash Flow Hedge [Roll Forward]
Beginning balance of period	(4,172)	(5,063)
Unrealized gain (loss) recognized in other comprehensive income before reclassifications	3,466	(1,330)
Reclassifications of loss recognized to interest expense	(1,645)	(294)
Ending balance of period	$ (2,351)	$ (6,687)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References

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-Paragraph 15
-SubTopic 10
-Topic 220
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-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-Term Debt

Outstanding long-term debt is summarized below (in thousands):

Character

Priority

Maturity

Repayment

Coupon

March 31, 2026

December 31, 2025

5.750% Notes

Notes

Senior Unsecured

11/1/2028

Par

5.75%

5,310

5.50% Notes

Notes

Senior Secured

9/1/2028

Par

5.50%

5,814

Senior Convertible PIK Notes

Convertible Notes

Senior Unsecured

10/15/2027

Par

Cash 6.00%, or PIK 7.00%

420

First-Out First Lien Term Loans

Term Loan

Senior Secured

12/31/2030

Par

Variable(1)

321,798

322,611

Second-Out First Lien Term Loans

Term Loan

Senior Secured

12/31/2030

Par

Variable(2)

1,132,497

1,135,357

Second-Out First Lien A Notes

Notes

Senior Secured

12/31/2030

Par

Cash 6.50% and PIK 5.00%

635,816

627,998

Second-Out First Lien B Notes

Notes

Senior Secured

12/31/2030

Par

5.750%

763,075

Third-Out First Lien A Notes

Notes

Senior Secured

3/31/2031

107%

Cash 6.00% and PIK 0.75%

769,075

765,520

Third-Out First Lien B Notes

Notes

Senior Secured

3/31/2031

107%

Cash 6.00% and PIK 0.75%

990,706

986,126

Finance lease obligations, non-current

Other

Senior Secured

2028-2029

Par

6.01%-6.78%

163

183

Long-term debt

4,624,674

4,612,414

Less: current portion of long-term debt

(14,690)

Less: debt discounts, net

(17,934)

(18,717)

Less: debt issuance costs, net

(17,797)

(18,567)

Total Long-term debt, net

4,574,253

4,560,440

(1)Interest on the First-Out First Lien Term Loans (as defined below) is calculated, at MPH Acquisition Holdings LLC's ("MPH") option, as (a) Term Secured Overnight Financing Rate ("Term SOFR") (or 0.50%, if higher) plus 3.75% or (b)(x) the highest rate of (1) the prime rate, (2) the federal funds effective rate plus 0.50%, (3) Term SOFR for an interest period of one month plus 1.00% and (4) 1.50% plus (y) 2.75%.

(2)Interest on the Second-Out First Lien Term Loans (as defined below) is calculated, at MPH's option, as (a) Term SOFR (or 0.50%, if higher) plus the applicable SOFR adjustment plus 4.60% or (b)(x) the highest rate of (1) the prime rate, (2) the federal funds effective rate plus 0.50%, (3) Term SOFR for an interest period of one month plus the applicable SOFR adjustment plus 1.00% and (4) 1.50% plus (y) 3.60%.

As of March 31, 2026, the aggregate future principal payments for long-term debt, excluding non-current finance lease liabilities (based on the outstanding long-term debt as of March 31, 2026 and assuming the payments are made at their respective anticipated payment dates) were as follows (in thousands):


For the years ending December 31,
2026	$	11,018
2027	15,110
2028	25,814
2029	14,690
2030	2,798,099
Thereafter	1,759,780
Total	$	4,624,511

On January 30, 2025, the Company, MPH and certain other of the Company’s direct and indirect subsidiaries completed the Refinancing Transaction. As used herein, references to the "Refinancing Transaction" are to the below transactions, which were consummated on January 30, 2025:

•separate offers to exchange (i) 5.50% Senior Notes due 2028 issued by MPH ("5.50% Notes") for a portion of (a) "first-out" first lien term loans maturing on December 31, 2030 under that certain Super Senior Credit Agreement, dated as of January 30, 2025 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the "First Lien Credit Agreement"), by and among MPH, as borrower, MPH Acquisition, the parent guarantors from time to time party thereto, the co-obligors from time to time party thereto, the lenders from time to time party thereto, and Goldman Sachs Lending Partners LLC, as administrative agent, collateral agent, swingline lender, and a letter of credit issuer (such loans, the "First-Out First Lien Term Loans"), (b) "second-out" 6.50% cash & 5.00% PIK first lien notes due 2030 issued by MPH (the "Second-Out First Lien A Notes") and (c) "second-out" 5.75% first lien notes due 2030 issued by MPH (the "Second-Out First Lien B Notes" and, together with the Second-Out First Lien A Notes, the "Second-Out First Lien Notes"); (ii) 5.750% Senior Notes due 2028 issued by MPH ("5.750% Notes") for a portion of (a) Second-Out First Lien A Notes, (b) Second-Out First Lien B Notes and (c) "third-out" 6.00% cash & 0.75% PIK first lien notes due 2031 issued by MPH (the "Third-Out First Lien A Notes"); (iii) the 6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027 ("Senior Convertible PIK Notes") for a portion of (a) Second-Out First Lien A Notes, (b) Second-Out First Lien B Notes and (c) "third-out" 6.00% cash & 0.75% PIK first lien notes due 2031 issued by Claritev (the "Third-Out First Lien B Notes" and, together with the Third-Out First Lien A Notes, the "Third-Out First Lien Notes"); and (iv) MPH’s existing term loans maturing on September 1, 2028 (such loans, the "Prior Term Loans") under that certain Credit Agreement, dated as of August 24, 2021 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the "Prior First Lien Credit Agreement"), by and among MPH, as borrower, MPH Acquisition, the co-obligors from time to time party thereto, the lenders from time to time party thereto, and Goldman Sachs Lending Partners LLC, as administrative agent, collateral agent, swingline lender and a letter of credit issuer for a portion of (a) First-Out First Lien Term Loans and (b) "second-out" first lien term loans maturing on December 31, 2030 under the First Lien Credit Agreement (the "Second-Out First Lien Term Loans") (collectively, the "Exchange Offers");

•(i) the termination of all revolving credit commitments under the Prior First Lien Credit Agreement (such commitments, the "Prior Revolving Credit Commitments") and (ii) the establishment of $350.0 million in "first-out" first lien revolving credit commitments terminating on December 31, 2029 under the First Lien Credit Agreement (such commitments, the "Revolving Commitments");

•the related consent solicitations (the "Consent Solicitations") to (i) holders of the 5.50% Notes, the 5.750% Notes and the Senior Convertible PIK Notes to remove substantially all of the covenants, certain events of default and certain other provisions contained in the indentures governing the 5.50% Notes, the 5.750% Notes and the Senior Convertible PIK Notes, and to release all of the collateral securing the 5.50% Notes and (ii) to holders of Prior Term Loans and Prior Revolving Credit Commitments to eliminate substantially all covenants, certain default provisions, and substantially all representations and warranties in the Prior First Lien Credit Agreement, as well as release certain of the collateral and guarantors thereunder, which had the effect of releasing (i) the same guarantors under the indentures governing the 5.50% Notes and the 5.750% Notes and (ii) the same collateral securing the 5.50% Notes; and

•the amendment to the Prior First Lien Credit Agreement (the "Credit Agreement Amendment") to (i) explicitly permit the Refinancing Transaction, (ii) eliminate substantially all affirmative covenants, negative covenants, representations and warranties and events of default set forth in the Prior First Lien Credit Agreement and (iii) release the Released Guarantors from their guarantee obligations and release any and all security interests or liens on the assets of such Released Guarantors.

As used herein, references to "Released Guarantors" are to (i) Benefits Science LLC, (ii) BST Acquisition Corp., (iii) American Lifecare Holdings, Inc., (iv) American Lifecare, Inc., (v) Statewide Independent PPO Inc., (vi) Private Healthcare Systems, Inc., (vii) HST, (viii) HST Acquisition Corp., (ix) Launchpoint Ventures, LLC, (x) DHP Acquisition Corp. and (xi) Data & Decision Science LLC.

Interest on the revolving loans (borrowed pursuant to MPH's $350.0 million senior secured revolving credit facility maturing on December 31, 2029 under the First Lien Credit Agreement (the "2025 Revolving Credit Facility")) is calculated, at MPH’s option, as (a) Term SOFR (or 0.00%, if higher) plus 3.75% or (b) (x) the highest rate of (1) the prime rate, (2) the federal funds effective rate plus 0.50%, (3) Term SOFR for an interest period of one month plus 1.00% and (4) 1.00% plus (y) 2.75%. We are obligated to pay a commitment fee on the average daily unused amount of our 2025 Revolving Credit Facility. The fee can range from an annual rate of 0.25% to 0.50% based on our consolidated first-out first lien debt to consolidated EBITDA ratio, as defined in the First Lien Credit Agreement.

As part of the Refinancing Transactions, we have incurred transaction expenses of $72.0 million, of which $63.9 million and $8.0 million have been expensed as incurred for years ended December 31, 2024 and 2025, respectively, and are included in Transaction costs related to refinancing transaction in the condensed consolidated statements of operations and comprehensive loss. Debt issuance costs of $6.4 million associated with the 2025 Revolving Credit Facility are included in other assets on the condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the unamortized debt issuance costs associated with the 2025 Revolving Credit Facility were $4.9 million and $5.2 million, respectively. As of March 31, 2026 and December 31, 2025, we have drawn $125.0 million and $20.0 million, respectively, under the 2025 Revolving Credit Facility loan and we have $6.4 million and $6.4 million, respectively, of outstanding letters of credit under such facility. Accordingly, we have access to an additional $218.6 million and $323.6 million, respectively, available for borrowing under the 2025 Revolving Credit Facility.

The Exchange Offers were treated as debt modifications, and all unamortized debt issue costs and discounts associated with the prior notes were ratably applied to the new notes issued, and will be amortized over the new term.

The financial covenant under the 2025 Revolving Credit Facility is such that, if as of the last day of any fiscal quarter of MPH (commencing with the fiscal quarter ended March 31, 2025), the aggregate amount of loans under the 2025 Revolving Credit Facility, letters of credit issued under the 2025 Revolving Credit Facility (to the extent not cash collateralized or backstopped or, in the aggregate, in excess of $15.0 million) and swingline loans are outstanding and/or issued in an aggregate amount greater than 40.0% of the total commitments in respect of the 2025 Revolving Credit Facility at such time, the 2025 Revolving Credit Facility will require MPH to maintain a consolidated first-out, first lien debt to consolidated EBITDA ratio not to exceed 2.50 to 1.00. As of March 31, 2026 and December 31, 2025, we did not exceed the financial covenant threshold under the 2025 Revolving Credit Facility to warrant additional compliance testing.

As of March 31, 2026 and December 31, 2025, we were in compliance with all of the debt covenants.

Fair Value Measurements

Fair Value Hierarchy

ASC 820, Fair Value Measurements states that fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The following three-tier fair value hierarchy has been used in determining the inputs used in measuring fair value:

•Level 1 — Unadjusted quoted prices in active markets. These are generally obtained from real-time quotes for transactions in active exchange markets involving identical assets or liabilities on the reporting date.

•Level 2 — Quoted prices for similar assets and liabilities in active markets. These are typically quoted prices for identical or similar instruments in markets that are not active, and model-derived valuation in which all significant inputs are observable in active markets.

•Level 3 — Unobservable inputs in which there is little or no market data, that are significant to the fair value of the assets or liabilities, which require the entity to develop its own assumptions.

Financial instruments

The carrying value of cash and cash equivalents, trade accounts receivable, net, unbilled Independent Dispute Resolutions fee, net, other current assets, net, accounts payable, accrued interest, accrued taxes, accrued compensation and other accrued expenses, approximate their fair value due to their relatively short maturities.

The financial instrument that could potentially subject the Company to concentration of credit risk consists primarily of trade accounts receivable, net.

Cash and cash equivalents as of March 31, 2026 and December 31, 2025 did not include money market funds.

The Company's carrying amount and fair value of long-term debt consisted of the following (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term Debt:
5.50% Notes	$	5,814	$	3,994	$	5,814	$	4,595
5.750% Notes	5,310		3,313		5,310		3,318
Senior Convertible PIK Notes, net of discount	420		285		420		285
First-Out First Lien Term Loans	321,798		321,605		322,611		323,837
Second-Out First Lien Term Loans	1,132,497		1,007,243		1,135,357		1,070,755
Second-Out First Lien A Notes	635,816		578,402		627,998		666,180
Second-Out First Lien B Notes	763,075		594,970		763,075		673,795
Third-Out First Lien A Notes	769,075		516,818		765,520		661,180
Third-Out First Lien B Notes	990,706		616,516		986,126		811,187
Finance lease obligations	163		163		183		183
Total Long-term Debt	4,624,674		3,643,309		4,612,414		4,215,315
Less: debt discounts, net	(17,934)		(17,934)		(18,717)		(18,717)
Total Long-term debt, net of discount	$	4,606,740	$	3,625,375	$	4,593,697	$	4,196,598

We estimate the fair value of long-term debt using Level 2 inputs as they are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers.

Recurring fair value measurements

The Company records interest rate swap on the condensed consolidated balance sheets at fair value, which represents the estimated amounts it would receive or pay upon termination of the derivative prior to the scheduled expiration date. The fair value is derived from model-driven information based on observable Level 2 inputs, such as SOFR forward rates.

The Company records cRSUs on the consolidated balance sheets at fair value, which represents the estimated amount it would pay upon vesting of the cRSUs prior to the vesting date. The fair value is derived from the Black-Scholes model based on observable Level 2 inputs. The fair value of cRSUs was $4.3 million as of March 31, 2026, of which $0.4 million was recognized for the three months ended March 31, 2026. The fair value of cRSUs was $19.9 million as of December 31, 2025, of which $8.3 million was recognized for the year ended December 31, 2025.

Non-recurring fair value measurements

We measure certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill and long-lived tangible and intangible assets, in connection with periodic evaluations for potential impairment. We estimate the fair value of these assets using primarily unobservable inputs and, as such, these are considered Level 3 fair value measurements. There were no impairment charges for the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Jan. 30, 2025
Debt Instrument [Line Items]
Finance lease obligations, non-current	$ 163	$ 183
Long-term debt	4,624,674	4,612,414
Less: current portion of long-term debt	(14,690)	(14,690)
Less: debt discounts, net	(17,934)	(18,717)
Less: debt issuance costs, net	(17,797)	(18,567)
Total Long-term debt, net	$ 4,574,253	4,560,440
Minimum
Debt Instrument [Line Items]
Coupon (as a percent)	6.01%
Maximum
Debt Instrument [Line Items]
Coupon (as a percent)	6.78%
5.750% Notes \| Senior notes
Debt Instrument [Line Items]
Coupon (as a percent)	5.75%		5.75%
Long-term debt	$ 5,310	5,310
5.50% Notes \| Senior notes
Debt Instrument [Line Items]
Coupon (as a percent)	5.50%
Long-term debt	$ 5,814	5,814
Senior Convertible PIK Notes \| PIK Note
Debt Instrument [Line Items]
Cash interest rate (as a percent)	6.00%		6.00%
Paid-in-kind interest rate (as a percent)	7.00%		7.00%
Long-term debt	$ 420	420
First-Out First Lien Term Loans \| Term loans
Debt Instrument [Line Items]
Long-term debt	$ 321,798	322,611
First-Out First Lien Term Loans \| Term loans \| Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread, base rate (as a percent)	0.50%
First-Out First Lien Term Loans \| Term loans \| Variable Rate Component One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	3.75%
First-Out First Lien Term Loans \| Term loans \| Variable Rate Component Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.00%
First-Out First Lien Term Loans \| Term loans \| Variable Rate Component Two \| Fed Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.50%
First-Out First Lien Term Loans \| Term loans \| Variable Rate Component Two \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread, base rate (as a percent)	1.50%
Debt instrument, basis spread on variable rate (as a percent)	2.75%
Second-Out First Lien Term Loans \| Term loans
Debt Instrument [Line Items]
Long-term debt	$ 1,132,497	1,135,357
Second-Out First Lien Term Loans \| Term loans \| Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread, base rate (as a percent)	0.50%
Second-Out First Lien Term Loans \| Term loans \| Variable Rate Component One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	4.60%
Second-Out First Lien Term Loans \| Term loans \| Variable Rate Component Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.00%
Second-Out First Lien Term Loans \| Term loans \| Variable Rate Component Two \| Fed Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.50%
Second-Out First Lien Term Loans \| Term loans \| Variable Rate Component Two \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread, base rate (as a percent)	1.50%
Debt instrument, basis spread on variable rate (as a percent)	3.60%
Second-Out First Lien A Notes \| Senior notes
Debt Instrument [Line Items]
Cash interest rate (as a percent)	6.50%		6.50%
Paid-in-kind interest rate (as a percent)	5.00%		5.00%
Long-term debt	$ 635,816	627,998
Second-Out First Lien B Notes \| Senior notes
Debt Instrument [Line Items]
Coupon (as a percent)	5.75%		5.75%
Long-term debt	$ 763,075	763,075
Third-Out First Lien A Notes \| Senior notes
Debt Instrument [Line Items]
Repayment (as a percent)	107.00%
Cash interest rate (as a percent)	6.00%		6.00%
Paid-in-kind interest rate (as a percent)	0.75%		0.75%
Long-term debt	$ 769,075	765,520
Third-Out First Lien B Notes \| Senior notes
Debt Instrument [Line Items]
Repayment (as a percent)	107.00%
Cash interest rate (as a percent)	6.00%		6.00%
Paid-in-kind interest rate (as a percent)	0.75%		0.75%
Long-term debt	$ 990,706	$ 986,126

General Information and Basis of Accounting - Schedule of Disaggregation Revenues by Services (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 244,678	$ 231,330
PSAV \| Revenue Benchmark \| Contract Type
Disaggregation of Revenue [Line Items]
Customer concentration risk (as a percent)	83.60%	85.80%
PEPM \| Revenue Benchmark \| Contract Type
Disaggregation of Revenue [Line Items]
Customer concentration risk (as a percent)	9.60%	10.10%
Other \| Revenue Benchmark \| Contract Type
Disaggregation of Revenue [Line Items]
Customer concentration risk (as a percent)	6.80%	4.10%
Claims Intelligence Solutions
Disaggregation of Revenue [Line Items]
Revenues	$ 166,305	$ 153,430
Claims Intelligence Solutions \| PSAV
Disaggregation of Revenue [Line Items]
Revenues	147,297	138,744
Claims Intelligence Solutions \| PEPM
Disaggregation of Revenue [Line Items]
Revenues	11,839	10,731
Claims Intelligence Solutions \| Other
Disaggregation of Revenue [Line Items]
Revenues	7,169	3,955
Network Solutions
Disaggregation of Revenue [Line Items]
Revenues	47,476	46,890
Network Solutions \| PSAV
Disaggregation of Revenue [Line Items]
Revenues	26,379	28,882
Network Solutions \| PEPM
Disaggregation of Revenue [Line Items]
Revenues	11,650	12,448
Network Solutions \| Other
Disaggregation of Revenue [Line Items]
Revenues	9,447	5,560
Payment and Revenue Integrity Solutions
Disaggregation of Revenue [Line Items]
Revenues	30,897	31,010
Payment and Revenue Integrity Solutions \| PSAV
Disaggregation of Revenue [Line Items]
Revenues	30,802	30,889
Payment and Revenue Integrity Solutions \| PEPM
Disaggregation of Revenue [Line Items]
Revenues	$ 95	$ 121

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 244,678	$ 231,330
Cost of Services ("COS")
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)	69,080	60,436
General and Administrative ("G&A")
General and Administrative Expenses	57,830	46,968
Depreciation	25,183	24,546
Amortization of intangible assets	85,908	85,971
Loss on disposal of leases	38	3,317
Loss on sale of assets	0	350
Total expenses	238,039	221,588
Operating income	6,639	9,742
Interest expense	99,542	91,636
Interest income	(182)	(488)
Transaction costs related to refinancing transaction	0	7,792	$ 8,000	$ 63,900
Loss on extinguishment of debt	0	670
Net loss before taxes	(92,721)	(89,868)
Benefit for income taxes	(19,161)	(18,549)
Net loss	(73,560)	(71,319)
Less: net loss attributable to non-controlling interests	0	0
Net loss attributable to Claritev Corporation	(73,560)	(71,319)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	244,678	231,330
Cost of Services ("COS")
Personnel expenses excluding stock-based compensation	51,355	47,879
Stock-based compensation, including cRSUs	2,386	1,777
Access and bill review fees	8,870	5,507
Other cost of service expenses	6,469	5,273
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)	69,080	60,436
General and Administrative ("G&A")
Personnel expenses excluding stock-based compensation	11,732	16,768
Stock-based compensation, including cRSUs	3,442	4,941
Transformation costs	11,790	7,728
Other general and administrative expenses	30,866	17,531
General and Administrative Expenses	57,830	46,968
Depreciation	25,183	24,546
Amortization of intangible assets	85,908	85,971
Total expenses	238,039	221,588
Operating income	6,639	9,742
Interest expense	99,542	91,636
Interest income	(182)	(488)
Transaction costs related to refinancing transaction	0	7,792
Loss on extinguishment of debt	0	670
Net loss before taxes	(92,721)	(89,868)
Benefit for income taxes	(19,161)	(18,549)
Net loss	(73,560)	(71,319)
Less: net loss attributable to non-controlling interests	0	0
Net loss attributable to Claritev Corporation	$ (73,560)	$ (71,319)

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	17,743,149	17,295,582
Common stock, shares outstanding (in shares)	17,000,290	16,552,723
Treasury stock (in shares)	742,859	742,859

General Information and Basis of Accounting

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

General Information and Basis of Accounting

Claritev Corporation (collectively, the "Company", "we", "us", or "our") is a technology, data and insights company focused on improving transparency, affordability and quality across the healthcare system. We bring objective, market-based insights to some of the healthcare system's most complex decisions based on decades of claims expertise. By applying data, analytics, and experience, we help organizations across the healthcare ecosystem better understand costs, pricing, and payment dynamics.

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP", "U.S. GAAP", or "generally accepted accounting principles"), and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, Regulation S-X. The condensed consolidated financial statements present the financial position, results of operations, shareholders' deficit, and cash flows of the Company, in accordance with consolidation accounting guidance, are unaudited. All intercompany transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management's opinion, the condensed consolidated financial statements reflect all normal recurring adjustments necessary for a fair statement of the balance sheets, statements of operations and comprehensive loss, shareholders' deficit, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.

The condensed consolidated financial statements and notes herein should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2025.

Certain balances from the prior period have been reclassified to conform to the current period presentation in the condensed consolidated financial statements.

Summary of Significant Accounting Policies

Within the Notes to the Condensed Consolidated Financial Statements, we use "client(s)" synonymously with "customer(s)," and the terms should be understood as interchangeable.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from the Company's estimates and assumptions. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, recoverability of long-lived assets, goodwill, valuation of stock-based compensation awards and income taxes.

Revenue Recognition

Disaggregation of Revenue

The following table presents revenues disaggregated by services and contract types (in thousands):


	Three Months Ended March 31,
	2026			2025
Claims Intelligence Solutions	$	166,305		$	153,430
PSAV	147,297			138,744
PEPM	11,839			10,731
Other	7,169			3,955
Network Solutions	47,476			46,890
PSAV	26,379			28,882
PEPM	11,650			12,448
Other	9,447			5,560
Payment and Revenue Integrity Solutions	30,897			31,010
PSAV	30,802			30,889
PEPM	95			121
Total Revenues	$	244,678		$	231,330
Percent of PSAV revenues	83.6		%	85.8		%
Percent of PEPM revenues	9.6		%	10.1		%
Percent of other revenues	6.8		%	4.1		%

The Company currently reports revenues from data and analytics solutions in claims intelligence solutions and will likely do so until revenues from this solution line become more significant.

Due to the nature of our arrangements, certain estimates may be constrained if it is probable that a significant reversal of revenue will occur when the uncertainty is resolved. For our percentage of savings ("PSAV") contracts, portions of revenue that are recognized and collected in a reporting period may be returned or credited in subsequent periods. These credits are the result of payers not utilizing the discounts that were initially calculated, or differences between the Company’s estimates of savings achieved for a client and the amounts self-reported in the following month by that same client. Significant judgment is required to estimate constrained variable consideration. We estimate constrained variable consideration based upon client-specific and aggregated factors as well as historical payment yields in addition to client contractual terms and performance guarantees.

The timing of payments from clients may generate contract assets or contract liabilities; however, these amounts are immaterial in the periods presented.

Stock-Based Compensation

On March 1, 2025, the Company began granting a new type of award via the Claritev Corporation 2020 Omnibus Incentive Plan (the "2020 Omnibus Incentive Plan"), in the form of cash settled Restricted Stock Units ("cRSUs"). The Company granted 565.6 thousand shares with a fair value at grant date of $8.2 million. The cRSUs vest in two tranches, one-half on each of the first and second anniversaries of the date of the grant. In the first quarter of 2026, the first tranche of cRSUs vested and paid. The second tranche is expected to vest on March 1, 2027.

The Company classifies the cRSUs as a liability on its condensed consolidated balance sheets as their vesting results in payment of cash by the Company. The cRSUs are adjusted to fair value at each reporting date.

Stock-based compensation is recognized as compensation expense, net of forfeitures, over the applicable requisite service period of the stock award using the straight-line method for the awards. The Company recognizes forfeitures as they occur.

New Accounting Pronouncements Recently Adopted

ASU 2025-05 Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU 2025-05, which reduces the cost and complexity of applying Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This ASU introduced a practical expedient, which simplifies the estimation approach used to determine expected credit losses. The standard is effective for all entities for annual and interim periods beginning after December 15, 2025, with early adoption

permitted, and applied prospectively. The Company adopted this standard on January 1, 2026 on a prospective basis, which did not materially impact our condensed consolidated financial statements during the quarter ended March 31, 2026.

ASU 2025-06 Intangibles - Goodwill and other Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, which modernizes the accounting for software costs that are accounted for under Subtopic 350-40. This ASU changes the cost capitalization threshold by eliminating accounting consideration of software project development stages and enhancing the guidance around the "probable-to-complete" threshold. The standard is effective for all entities for annual and interim periods beginning after December 15, 2027, with early adoption permitted, and may be applied using prospective approach, modified transition approach, or retrospective approach for all prior periods presented. The Company early adopted this standard on January 1, 2026 on a prospective basis which did not materially impact our condensed consolidated financial statements during the quarter ended March 31, 2026.

New Accounting Pronouncements Issued but Not Yet Adopted

ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). On November 4, 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). This ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The standard is effective for all PBEs for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this standard.

ASU 2025-09 Derivatives and Hedging (Topic 815) - Hedge Accounting Improvements. In November 2025, the FASB issued ASU 2025-09, which is to better portray the economic results of an entity's risk management activities in its financial statements and to make certain targeted improvements to simplify the application of the hedge accounting guidance. The standard is effective for public business entities for annual and interim periods beginning after December 15, 2026, with early adoption permitted, and applied prospectively. We are currently evaluating the impact of this standard.

ASU 2025-11 Interim Reporting (Topic 270) - Narrow-Scope Improvements. In December 2025, the FASB issued ASU 2025-11, which is to improve the navigability of the required interim disclosures and clarifying when the guidance is applicable. The standard is effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2028, with early adoption permitted, and applied either prospectively or retrospectively for all prior periods presented. We are currently evaluating the impact of this standard.

ASU 2025-12 Codification Improvements. In December 2025, the FASB issued ASU 2025-12, which is to facilitate Codification updates for a broad range of topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The standard is effective for all entities for annual and interim reporting periods beginning after December 15, 2026, with early adoption permitted, and applied either prospectively or retrospectively for all prior periods presented. We are currently evaluating the impact of this standard.

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Hierarchy

Financial instruments

The financial instrument that could potentially subject the Company to concentration of credit risk consists primarily of trade accounts receivable, net.

Cash and cash equivalents as of March 31, 2026 and December 31, 2025 did not include money market funds.

The Company's carrying amount and fair value of long-term debt consisted of the following (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term Debt:
5.50% Notes	$	5,814	$	3,994	$	5,814	$	4,595
5.750% Notes	5,310		3,313		5,310		3,318
Senior Convertible PIK Notes, net of discount	420		285		420		285
First-Out First Lien Term Loans	321,798		321,605		322,611		323,837
Second-Out First Lien Term Loans	1,132,497		1,007,243		1,135,357		1,070,755
Second-Out First Lien A Notes	635,816		578,402		627,998		666,180
Second-Out First Lien B Notes	763,075		594,970		763,075		673,795
Third-Out First Lien A Notes	769,075		516,818		765,520		661,180
Third-Out First Lien B Notes	990,706		616,516		986,126		811,187
Finance lease obligations	163		163		183		183
Total Long-term Debt	4,624,674		3,643,309		4,612,414		4,215,315
Less: debt discounts, net	(17,934)		(17,934)		(18,717)		(18,717)
Total Long-term debt, net of discount	$	4,606,740	$	3,625,375	$	4,593,697	$	4,196,598

We estimate the fair value of long-term debt using Level 2 inputs as they are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers.

Recurring fair value measurements

Non-recurring fair value measurements

- Definition

+ References

+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Loss

The following table represents the activity of cash flow hedges included in accumulated other comprehensive loss for the periods presented (in thousands):


	2026		2025
Balance as of January 1, net of tax	$	(4,172)	$	(5,063)
Unrealized gain (loss) recognized in other comprehensive income before reclassifications	3,466		(1,330)
Reclassifications of loss recognized to interest expense	(1,645)		(294)
Balance as of March 31, net of tax	$	(2,351)	$	(6,687)

Basic and Diluted Weighted Average Shares Outstanding - Schedule of Basic and Diluted Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic weighted average number of shares outstanding (in shares)	16,692,340	16,273,439
Effect of potentially dilutive instruments (in shares)	0	0
Diluted weighted average number of shares (in shares)	16,692,340	16,273,439
Anti-dilutive warrants outstanding and unvested founder shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares (in shares)	0	1,772,602
Anti-dilutive Senior Convertible PIK Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares (in shares)	808	808
Anti-dilutive stock-based compensation awards
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares (in shares)	2,003,842	1,882,534

General Information and Basis of Accounting (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Disaggregation Revenues by Services

The following table presents revenues disaggregated by services and contract types (in thousands):


	Three Months Ended March 31,
	2026			2025
Claims Intelligence Solutions	$	166,305		$	153,430
PSAV	147,297			138,744
PEPM	11,839			10,731
Other	7,169			3,955
Network Solutions	47,476			46,890
PSAV	26,379			28,882
PEPM	11,650			12,448
Other	9,447			5,560
Payment and Revenue Integrity Solutions	30,897			31,010
PSAV	30,802			30,889
PEPM	95			121
Total Revenues	$	244,678		$	231,330
Percent of PSAV revenues	83.6		%	85.8		%
Percent of PEPM revenues	9.6		%	10.1		%
Percent of other revenues	6.8		%	4.1		%

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 04, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39228
Entity Registrant Name	CLARITEV CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3536151
Entity Address, Address Line One	7900 Tysons One Place
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	212
Local Phone Number	780-2000
Title of 12(b) Security	Shares of Class A common stock, $0.0001 par value per share
Trading Symbol	CTEV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,047,789
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001793229
Current Fiscal Year End Date	--12-31

Basic and Diluted Weighted Average Shares Outstanding (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Loss Per Share

The following table presents the weighted average number of shares outstanding and the computation of basic and diluted weighted average shares outstanding:


	Three Months Ended March 31,
	2026	2025
Basic weighted average number of shares outstanding	16,692,340	16,273,439
Effect of potentially dilutive instruments	—	—
Diluted weighted average number of shares	16,692,340	16,273,439
Anti-dilutive warrants outstanding and unvested founder shares	—	1,772,602
Anti-dilutive Senior Convertible PIK Notes	808	808
Anti-dilutive stock-based compensation awards	2,003,842	1,882,534

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Outstanding long-term debt is summarized below (in thousands):

Character

Priority

Maturity

Repayment

Coupon

March 31, 2026

December 31, 2025

5.750% Notes

Notes

Senior Unsecured

11/1/2028

Par

5.75%

5,310

5.50% Notes

Notes

Senior Secured

9/1/2028

Par

5.50%

5,814

Senior Convertible PIK Notes

Convertible Notes

Senior Unsecured

10/15/2027

Par

Cash 6.00%, or PIK 7.00%

420

First-Out First Lien Term Loans

Term Loan

Senior Secured

12/31/2030

Par

Variable(1)

321,798

322,611

Second-Out First Lien Term Loans

Term Loan

Senior Secured

12/31/2030

Par

Variable(2)

1,132,497

1,135,357

Second-Out First Lien A Notes

Notes

Senior Secured

12/31/2030

Par

Cash 6.50% and PIK 5.00%

635,816

627,998

Second-Out First Lien B Notes

Notes

Senior Secured

12/31/2030

Par

5.750%

763,075

Third-Out First Lien A Notes

Notes

Senior Secured

3/31/2031

107%

Cash 6.00% and PIK 0.75%

769,075

765,520

Third-Out First Lien B Notes

Notes

Senior Secured

3/31/2031

107%

Cash 6.00% and PIK 0.75%

990,706

986,126

Finance lease obligations, non-current

Other

Senior Secured

2028-2029

Par

6.01%-6.78%

163

183

Long-term debt

4,624,674

4,612,414

Less: current portion of long-term debt

(14,690)

Less: debt discounts, net

(17,934)

(18,717)

Less: debt issuance costs, net

(17,797)

(18,567)

Total Long-term debt, net

4,574,253

4,560,440

Schedule of Long-term Debt Maturities


For the years ending December 31,
2026	$	11,018
2027	15,110
2028	25,814
2029	14,690
2030	2,798,099
Thereafter	1,759,780
Total	$	4,624,511

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 30, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Incurred transaction expenses	$ 72,000
Transaction costs related to refinancing transaction		$ 0	$ 7,792	$ 8,000	$ 63,900
Letters of credit outstanding		$ 4,400		4,400
Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)		6.01%
Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)		6.78%
2025 Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 4,900		5,200
5.500% Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	5.50%
Second-Out First Lien A Notes \| Senior Notes
Debt Instrument [Line Items]
Cash interest rate (as a percent)	6.50%	6.50%
Paid-in-kind interest rate (as a percent)	5.00%	5.00%
Second-Out First Lien B Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	5.75%	5.75%
5.750% Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage (as a percent)	5.75%	5.75%
Third-Out First Lien A Notes \| Senior Notes
Debt Instrument [Line Items]
Cash interest rate (as a percent)	6.00%	6.00%
Paid-in-kind interest rate (as a percent)	0.75%	0.75%
Senior Convertible PIK Notes \| PIK Note
Debt Instrument [Line Items]
Cash interest rate (as a percent)	6.00%	6.00%
Paid-in-kind interest rate (as a percent)	7.00%	7.00%
Third-Out First Lien B Notes \| Senior Notes
Debt Instrument [Line Items]
Cash interest rate (as a percent)	6.00%	6.00%
Paid-in-kind interest rate (as a percent)	0.75%	0.75%
2025 Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 350,000
Revolving credit facility included in other assets		6,400		6,400
Line of credit		125,000		20,000
Letters of credit outstanding		6,400		6,400
Line of credit facility, accordion feature, increase limit		218,600		$ 323,600
Aggregate amount of loans outstanding		$ 15,000
Total commitments (as a percent)		40.00%
Consolidated EBITDA ratio (as a percent)		2.50
2025 Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.25%
2025 Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)		0.50%
2025 Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread, base rate (as a percent)		0.00%
2025 Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Variable Rate Component One \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)		3.75%
2025 Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Variable Rate Component Two \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)		1.00%
2025 Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Variable Rate Component Two \| Fed Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)		0.50%
2025 Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility \| Variable Rate Component Two \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread, base rate (as a percent)		1.00%
Debt instrument, basis spread on variable rate (as a percent)		2.75%

Derivative Financial Instruments - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 12, 2023 USD ($) agreement
Derivative [Line Items]
Number of interest rate swap agreements \| agreement			3
Cash Flow Hedging \| Designated as Hedging Instrument \| Other accrued expenses
Derivative [Line Items]
Derivative liability	$ 3.7	$ 6.1
Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount of derivative			$ 800.0
Fixed-rate basis (in percent)			4.59%

- Definition

Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments The Company has certain irrevocable letters of credit used to satisfy real estate lease agreements for four of our offices in lieu of security deposits in the amount of $4.4 million outstanding as of March 31, 2026 and $4.4 million as of December 31, 2025. The Company also has an irrevocable letter of credit to satisfy the obligations of a captive insurance subsidiary in the amount of $2.0 million and $2.0 million as of March 31, 2026 and December 31, 2025, respectively. Claims and Litigation We are a defendant in various lawsuits and other pending and threatened litigation and other adversarial matters which have arisen in the ordinary course of business as well as regulatory investigations, all which have arisen in the ordinary course of business. While the ultimate outcome with respect to such proceedings cannot be predicted with certainty, we do not currently believe they will have a material adverse effect on our financial condition or results of operations. We have been named in numerous federal lawsuits, including putative class action lawsuits relating to litigation on the basis of alleged violation of antitrust laws, asserting that, among other things, the Company is conspiring with commercial health insurance payers to suppress out-of-network reimbursements in violation of applicable antitrust law. These lawsuits were initially filed in various venues, including the Southern District of New York, the Northern District of Illinois, and the Northern District of California, naming the Company and, in certain cases, certain payers, as defendants. The lawsuits have now been centralized in the Northern District of Illinois pursuant to a transfer order issued by the federal Judicial Panel on Multidistrict Litigation and assigned to the Honorable Matthew F. Kennelly. Consolidated complaints were filed on November 18, 2024 and the defendants filed joint motions to dismiss the consolidated complaints on January 16, 2025, which were granted in part and denied in part on June 3, 2025. Discovery in the case is ongoing. We believe these lawsuits are without merit and are vigorously defending the Company. We accrue for costs associated with certain contingencies, including, but not limited to, settlement of legal proceedings, regulatory compliance matters and self-insurance exposures when such costs are probable and reasonably estimable. Such accruals are included in other accrued expenses on the condensed consolidated balance sheets. In addition, we accrue for legal fees incurred in defense of asserted litigation and regulatory matters as such legal fees are incurred. To the extent it is probable under our existing insurance coverage that we are able to recover losses and legal fees related to contingencies, we record such recoveries concurrently with the accrual of the related loss or legal fees. Significant management judgment is required to estimate the amounts of such contingent liabilities and the related insurance recoveries. In our determination of the probability and ability to estimate contingent liabilities and related insurance recoveries we consider the following: litigation exposure based on currently available information, consultations with external legal counsel, adequacy and applicability of existing insurance coverage and other pertinent facts and circumstances regarding the contingency. Liabilities established to provide for contingencies are adjusted as further information develops, circumstances change, or contingencies are resolved; and such changes are recorded in the consolidated statements of operations and comprehensive loss during the period of the change and appropriately reflected in other accrued expenses on the condensed consolidated balance sheets.

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the chief operating decision maker. The Company’s chief operating decision maker ("CODM") is the Chief Executive Officer. The Company manages its operations as a single segment for the purposes of assessing performance and making decisions. The Company's singular focus is being a leading value-added provider of data analytics and technology-enabled end-to-end cost management, payment and revenue integrity solutions to the healthcare industry.

The CODM assesses performance for our reporting segment and decides how to allocate resources based on consolidated net income (loss). The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. The CODM uses net income (loss) to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into our segment or into other parts of the entity, such as for acquisitions or debt and equity repurchases. Additionally, we have identified personnel costs, stock-based compensation ("SBC"), and access and bill review fees as significant expenses that are regularly provided to the CODM and included in net income (loss). Personnel costs are defined as salaries and corresponding benefits (excluding SBC), severance costs, indirect costs such as recruitment fees, contract labor, and are presented net of capitalized costs. Stock-based compensation includes expense under the 2020 Omnibus Incentive Plan and ESPP. Access and bill review fees include fees for accessing non-owned third-party provider networks, expenses associated with vendor fees for database access and systems technology used to reprice claims, and outsourced

services. Third-party network expenses are fees paid to non-owned provider networks used to supplement our owned network assets to provide more network claim savings to our clients.

In addition, substantially all of the Company's revenues and long-lived assets are attributable to operations in the United States for the periods presented.

The following table presents summary results for our reporting segment for the periods presented (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenues	$	244,678	$	231,330
Cost of Services ("COS")
Personnel expenses excluding stock-based compensation	51,355		47,879
Stock-based compensation, including cRSUs	2,386		1,777
Access and bill review fees	8,870		5,507
Other cost of service expenses	6,469		5,273
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)	69,080		60,436
General and Administrative ("G&A")
Personnel expenses excluding stock-based compensation	11,732		16,768
Stock-based compensation, including cRSUs	3,442		4,941
Transformation costs	11,790		7,728
Other general and administrative expenses	30,866		17,531
General and Administrative Expenses	57,830		46,968
Depreciation	25,183		24,546
Amortization of intangible assets	85,908		85,971

Loss on disposal of leases	38		3,317
Loss on sale of assets	—		350
Total expenses	238,039		221,588
Operating income	6,639		9,742
Interest expense	99,542		91,636
Interest income	(182)		(488)
Transaction costs related to refinancing transaction	—		7,792
Loss on extinguishment of debt	—		670

Net loss before taxes	(92,721)		(89,868)
Benefit for income taxes	(19,161)		(18,549)
Net loss	(73,560)		(71,319)
Less: net loss attributable to non-controlling interests	—		—
Net loss attributable to Claritev Corporation	$	(73,560)	$	(71,319)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Fair Value of Long-Term Debt

The Company's carrying amount and fair value of long-term debt consisted of the following (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term Debt:
5.50% Notes	$	5,814	$	3,994	$	5,814	$	4,595
5.750% Notes	5,310		3,313		5,310		3,318
Senior Convertible PIK Notes, net of discount	420		285		420		285
First-Out First Lien Term Loans	321,798		321,605		322,611		323,837
Second-Out First Lien Term Loans	1,132,497		1,007,243		1,135,357		1,070,755
Second-Out First Lien A Notes	635,816		578,402		627,998		666,180
Second-Out First Lien B Notes	763,075		594,970		763,075		673,795
Third-Out First Lien A Notes	769,075		516,818		765,520		661,180
Third-Out First Lien B Notes	990,706		616,516		986,126		811,187
Finance lease obligations	163		163		183		183
Total Long-term Debt	4,624,674		3,643,309		4,612,414		4,215,315
Less: debt discounts, net	(17,934)		(17,934)		(18,717)		(18,717)
Total Long-term debt, net of discount	$	4,606,740	$	3,625,375	$	4,593,697	$	4,196,598

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,121,837	$ 5,121,837
Accumulated Amortization	(3,323,141)	(3,237,233)
Net Carrying Value	$ 1,798,696	1,884,604
Client relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	15 years
Gross Carrying Amount	$ 4,199,517	4,199,517
Accumulated Amortization	(2,721,405)	(2,651,110)
Net Carrying Value	$ 1,478,112	1,548,407
Provider network
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	15 years
Gross Carrying Amount	$ 896,800	896,800
Accumulated Amortization	(586,906)	(571,959)
Net Carrying Value	$ 309,894	324,841
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	6 years
Gross Carrying Amount	$ 21,850	21,850
Accumulated Amortization	(12,766)	(12,213)
Net Carrying Value	$ 9,084	9,637
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	9 years
Gross Carrying Amount	$ 2,670	2,670
Accumulated Amortization	(1,484)	(1,421)
Net Carrying Value	$ 1,186	1,249
Non-compete
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	5 years
Gross Carrying Amount	$ 1,000	1,000
Accumulated Amortization	(580)	(530)
Net Carrying Value	$ 420	$ 470

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company is exposed to interest risk on its floating rate debt. On September 12, 2023, the Company entered into three interest rate swap agreements with a total notional value of $800.0 million to effectively convert a portion of its floating rate debt to a fixed-rate basis of 4.59% as a weighted-average across three swaps. The interest rate swap agreements are effective August 31, 2023 and mature on August 31, 2026. The principal objective of these contracts is to reduce the volatility of the cash flows in interest payments associated with the Company's floating rate debt, thus reducing the impact of interest rate changes on future interest payment cash flows. The Company's interest rate swaps are highly effective at offsetting the changes in cash outflows and therefore designated as cash flow hedging instruments.

The Company records derivatives on the condensed consolidated balance sheets at fair value, as described in Note 5, Fair Value Measurements. As of March 31, 2026 and December 31, 2025, the balance of derivatives was $3.7 million and $6.1 million, respectively, which was recorded in Other accrued expenses.

The following table represents the activity of cash flow hedges included in accumulated other comprehensive loss for the periods presented (in thousands):


	2026		2025
Balance as of January 1, net of tax	$	(4,172)	$	(5,063)
Unrealized gain (loss) recognized in other comprehensive income before reclassifications	3,466		(1,330)
Reclassifications of loss recognized to interest expense	(1,645)		(294)
Balance as of March 31, net of tax	$	(2,351)	$	(6,687)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Basic and Diluted Weighted Average Shares Outstanding

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Basic and Diluted Weighted Average Shares Outstanding

We have excluded from the calculation of diluted weighted average shares outstanding those instruments whose effect would have been antidilutive. The following table presents the weighted average number of shares outstanding and the computation of basic and diluted weighted average shares outstanding:


	Three Months Ended March 31,
	2026	2025
Basic weighted average number of shares outstanding	16,692,340	16,273,439
Effect of potentially dilutive instruments	—	—
Diluted weighted average number of shares	16,692,340	16,273,439
Anti-dilutive warrants outstanding and unvested founder shares	—	1,772,602
Anti-dilutive Senior Convertible PIK Notes	808	808
Anti-dilutive stock-based compensation awards	2,003,842	1,882,534

General Information and Basis of Accounting - Narrative (Details) - Restricted Stock Units (RSUs) - Cash Settled - USD ($) $ in Millions		3 Months Ended
	Mar. 01, 2025	Mar. 31, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	565,600
Fair value at grant date	$ 8.2	$ 0.4
Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		1 year
Award vesting (as a percent)		50.00%
Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		1 year
Award vesting (as a percent)		50.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenues	$ 244,678	$ 231,330
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)	69,080	60,436
General and administrative expenses	57,830	46,968
Depreciation	25,183	24,546
Amortization of intangible assets	85,908	85,971
Loss on disposal of leases	38	3,317
Loss on sale of assets	0	350
Total expenses	238,039	221,588
Operating income	6,639	9,742
Interest expense	99,542	91,636
Interest income	(182)	(488)
Transaction costs related to refinancing transaction	0	7,792
Loss on extinguishment of debt	0	670
Net loss before taxes	(92,721)	(89,868)
Benefit for income taxes	(19,161)	(18,549)
Net loss	(73,560)	(71,319)
Less: net loss attributable to non-controlling interests	0	0
Net loss attributable to Claritev Corporation	$ (73,560)	$ (71,319)
Weighted average shares outstanding – Basic (in shares)	16,692,340	16,273,439
Weighted average shares outstanding – Diluted (in shares)	16,692,340	16,273,439
Net loss per share – Basic (in usd per share)	$ (4.41)	$ (4.38)
Net loss per share – Diluted (in usd per share)	$ (4.41)	$ (4.38)
Change in unrealized gain (loss) on interest rate swaps, net of tax	$ 1,821	$ (1,624)
Comprehensive loss	$ (71,739)	$ (72,943)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 21,327	$ 16,814
Restricted cash	13,401	11,527
Trade accounts receivable, net	140,917	127,615
Prepaid expenses	35,349	31,992
Prepaid taxes	4,101	11,526
Unbilled Independent Dispute Resolution fees, net	13,304	10,563
Other current assets, net	13,868	14,330
Total current assets	242,267	224,367
Property and equipment, net	343,599	326,326
Operating lease right-of-use assets	13,549	13,966
Goodwill	2,405,853	2,405,853
Other intangibles, net	1,798,696	1,884,604
Other assets, net	35,335	33,342
Total assets	4,839,299	4,888,458
Current liabilities:
Accounts payable	59,176	60,463
Accrued interest	52,277	100,009
Operating lease obligation, short-term	4,907	4,705
Current portion of long-term debt	14,690	14,690
Accrued compensation	19,672	45,238
Other accrued expenses	38,842	36,253
Total current liabilities	189,564	261,358
Long-term debt	4,574,253	4,560,440
2025 Revolving Credit Facility	125,000	20,000
Operating lease obligation, long-term	15,060	16,236
Deferred income taxes	169,836	197,599
Total liabilities	5,073,713	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; 17,743,149 and 17,295,582 issued; 17,000,290 and 16,552,723 shares outstanding as of March 31, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	2,402,923	2,398,423
Accumulated deficit	(2,502,980)	(2,429,420)
Accumulated other comprehensive loss	(2,351)	(4,172)
Treasury stock - 742,859 shares as of March 31, 2026 and December 31, 2025	(138,733)	(138,733)
Total shareholders’ (deficit)/equity attributable to Claritev Corporation	(241,139)	(173,900)
Non-controlling interests	6,725	6,725
Total shareholders' deficit	(234,414)	(167,175)
Total liabilities and shareholders’ deficit	$ 4,839,299	$ 4,888,458

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Loss on impairment of goodwill and intangible assets	$ 0	$ 0

Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Long-term Debt
2026	$ 11,018
2027	15,110
2028	25,814
2029	14,690
2030	2,798,099
Thereafter	1,759,780
Total	$ 4,624,511

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

General Information and Basis of Accounting (Policies)	3 Months Ended
General Information and Basis of Accounting (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP", "U.S. GAAP", or "generally accepted accounting principles"), and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, Regulation S-X. The condensed consolidated financial statements present the financial position, results of operations, shareholders' deficit, and cash flows of the Company, in accordance with consolidation accounting guidance, are unaudited. All intercompany transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management's opinion, the condensed consolidated financial statements reflect all normal recurring adjustments necessary for a fair statement of the balance sheets, statements of operations and comprehensive loss, shareholders' deficit, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. The condensed consolidated financial statements and notes herein should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2025. Certain balances from the prior period have been reclassified to conform to the current period presentation in the condensed consolidated financial statements.
Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP", "U.S. GAAP", or "generally accepted accounting principles"), and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, Regulation S-X. The condensed consolidated financial statements present the financial position, results of operations, shareholders' deficit, and cash flows of the Company, in accordance with consolidation accounting guidance, are unaudited. All intercompany transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management's opinion, the condensed consolidated financial statements reflect all normal recurring adjustments necessary for a fair statement of the balance sheets, statements of operations and comprehensive loss, shareholders' deficit, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. The condensed consolidated financial statements and notes herein should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2025. Certain balances from the prior period have been reclassified to conform to the current period presentation in the condensed consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from the Company's estimates and assumptions. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, recoverability of long-lived assets, goodwill, valuation of stock-based compensation awards and income taxes.
Revenue Recognition	The Company currently reports revenues from data and analytics solutions in claims intelligence solutions and will likely do so until revenues from this solution line become more significant. Due to the nature of our arrangements, certain estimates may be constrained if it is probable that a significant reversal of revenue will occur when the uncertainty is resolved. For our percentage of savings ("PSAV") contracts, portions of revenue that are recognized and collected in a reporting period may be returned or credited in subsequent periods. These credits are the result of payers not utilizing the discounts that were initially calculated, or differences between the Company’s estimates of savings achieved for a client and the amounts self-reported in the following month by that same client. Significant judgment is required to estimate constrained variable consideration. We estimate constrained variable consideration based upon client-specific and aggregated factors as well as historical payment yields in addition to client contractual terms and performance guarantees. The timing of payments from clients may generate contract assets or contract liabilities; however, these amounts are immaterial in the periods presented.
Stock-Based Compensation	Stock-Based Compensation On March 1, 2025, the Company began granting a new type of award via the Claritev Corporation 2020 Omnibus Incentive Plan (the "2020 Omnibus Incentive Plan"), in the form of cash settled Restricted Stock Units ("cRSUs"). The Company granted 565.6 thousand shares with a fair value at grant date of $8.2 million. The cRSUs vest in two tranches, one-half on each of the first and second anniversaries of the date of the grant. In the first quarter of 2026, the first tranche of cRSUs vested and paid. The second tranche is expected to vest on March 1, 2027. The Company classifies the cRSUs as a liability on its condensed consolidated balance sheets as their vesting results in payment of cash by the Company. The cRSUs are adjusted to fair value at each reporting date. Stock-based compensation is recognized as compensation expense, net of forfeitures, over the applicable requisite service period of the stock award using the straight-line method for the awards. The Company recognizes forfeitures as they occur.
New Accounting Pronouncements Issued but Not Yet Adopted	New Accounting Pronouncements Recently Adopted ASU 2025-05 Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU 2025-05, which reduces the cost and complexity of applying Topic 326 to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This ASU introduced a practical expedient, which simplifies the estimation approach used to determine expected credit losses. The standard is effective for all entities for annual and interim periods beginning after December 15, 2025, with early adoption permitted, and applied prospectively. The Company adopted this standard on January 1, 2026 on a prospective basis, which did not materially impact our condensed consolidated financial statements during the quarter ended March 31, 2026. ASU 2025-06 Intangibles - Goodwill and other Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, which modernizes the accounting for software costs that are accounted for under Subtopic 350-40. This ASU changes the cost capitalization threshold by eliminating accounting consideration of software project development stages and enhancing the guidance around the "probable-to-complete" threshold. The standard is effective for all entities for annual and interim periods beginning after December 15, 2027, with early adoption permitted, and may be applied using prospective approach, modified transition approach, or retrospective approach for all prior periods presented. The Company early adopted this standard on January 1, 2026 on a prospective basis which did not materially impact our condensed consolidated financial statements during the quarter ended March 31, 2026. New Accounting Pronouncements Issued but Not Yet Adopted ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). On November 4, 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). This ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The standard is effective for all PBEs for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this standard. ASU 2025-09 Derivatives and Hedging (Topic 815) - Hedge Accounting Improvements. In November 2025, the FASB issued ASU 2025-09, which is to better portray the economic results of an entity's risk management activities in its financial statements and to make certain targeted improvements to simplify the application of the hedge accounting guidance. The standard is effective for public business entities for annual and interim periods beginning after December 15, 2026, with early adoption permitted, and applied prospectively. We are currently evaluating the impact of this standard. ASU 2025-11 Interim Reporting (Topic 270) - Narrow-Scope Improvements. In December 2025, the FASB issued ASU 2025-11, which is to improve the navigability of the required interim disclosures and clarifying when the guidance is applicable. The standard is effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2028, with early adoption permitted, and applied either prospectively or retrospectively for all prior periods presented. We are currently evaluating the impact of this standard. ASU 2025-12 Codification Improvements. In December 2025, the FASB issued ASU 2025-12, which is to facilitate Codification updates for a broad range of topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. The standard is effective for all entities for annual and interim reporting periods beginning after December 15, 2026, with early adoption permitted, and applied either prospectively or retrospectively for all prior periods presented. We are currently evaluating the impact of this standard.

- Definition

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Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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Condensed Consolidated Statements of Shareholders' (Deficit)/Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Issued	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury stock	Noncontrolling Interest
Balance at beginning of period (in shares) at Dec. 31, 2024		16,930,827
Beginning balance of period at Dec. 31, 2024	$ 84,022	$ 2	$ 2,372,954	$ (2,145,138)	$ (5,063)	$ (138,733)	$ 0
Balance at beginning of period (in shares) at Dec. 31, 2024						(742,859)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		260,208
Stock-based compensation	6,329		6,329
Tax withholding related to vesting of equity awards	(2,884)		(2,884)
Gain (loss) arising during the period on Interest rate swaps	(1,330)				(1,330)
Reclassification adjustments for loss included in net loss (interest expense)	(294)				(294)
Issuance of common stock in connection with employee stock purchase plan (in shares)		14,613
Issuance of common stock in connection with employee stock purchase plan	301		301
Net loss	(71,319)			(71,319)
Balance at end of period (in shares) at Mar. 31, 2025		17,205,648
Ending balance of period at Mar. 31, 2025	$ 14,825	$ 2	2,376,700	(2,216,457)	(6,687)	$ (138,733)	0
Balance at end of period (in shares) at Mar. 31, 2025						(742,859)
Balance at beginning of period (in shares) at Dec. 31, 2025	16,552,723	17,295,582
Beginning balance of period at Dec. 31, 2025	$ (167,175)	$ 2	2,398,423	(2,429,420)	(4,172)	$ (138,733)	6,725
Balance at beginning of period (in shares) at Dec. 31, 2025	(742,859)					(742,859)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		414,197
Stock-based compensation	$ 6,895		6,895
Tax withholding related to vesting of equity awards	(2,859)		(2,859)
Gain (loss) arising during the period on Interest rate swaps	3,466				3,466
Reclassification adjustments for loss included in net loss (interest expense)	(1,645)				(1,645)
Issuance of common stock in connection with employee stock purchase plan (in shares)		33,370
Issuance of common stock in connection with employee stock purchase plan	464		464
Net loss	$ (73,560)			(73,560)
Balance at end of period (in shares) at Mar. 31, 2026	17,000,290	17,743,149
Ending balance of period at Mar. 31, 2026	$ (234,414)	$ 2	$ 2,402,923	$ (2,502,980)	$ (2,351)	$ (138,733)	$ 6,725
Balance at end of period (in shares) at Mar. 31, 2026	(742,859)					(742,859)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents summary results for our reporting segment for the periods presented (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenues	$	244,678	$	231,330
Cost of Services ("COS")
Personnel expenses excluding stock-based compensation	51,355		47,879
Stock-based compensation, including cRSUs	2,386		1,777
Access and bill review fees	8,870		5,507
Other cost of service expenses	6,469		5,273
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)	69,080		60,436
General and Administrative ("G&A")
Personnel expenses excluding stock-based compensation	11,732		16,768
Stock-based compensation, including cRSUs	3,442		4,941
Transformation costs	11,790		7,728
Other general and administrative expenses	30,866		17,531
General and Administrative Expenses	57,830		46,968
Depreciation	25,183		24,546
Amortization of intangible assets	85,908		85,971

Loss on disposal of leases	38		3,317
Loss on sale of assets	—		350
Total expenses	238,039		221,588
Operating income	6,639		9,742
Interest expense	99,542		91,636
Interest income	(182)		(488)
Transaction costs related to refinancing transaction	—		7,792
Loss on extinguishment of debt	—		670

Net loss before taxes	(92,721)		(89,868)
Benefit for income taxes	(19,161)		(18,549)
Net loss	(73,560)		(71,319)
Less: net loss attributable to non-controlling interests	—		—
Net loss attributable to Claritev Corporation	$	(73,560)	$	(71,319)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 01, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Accrued compensation		$ 19,672,000		$ 45,238,000
Loss on impairment of goodwill and intangible assets		0	$ 0
Restricted Stock Units (RSUs) - Cash Settled
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fair value at grant date	$ 8,200,000	400,000
Fair Value, Inputs, Level 2 \| Restricted Stock Units (RSUs) - Cash Settled
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Accrued compensation		$ 4,300,000		19,900,000
Fair value at grant date				$ 8,300,000

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1