Ladies and gentlemen, thank you for joining us, and welcome to the Claritev Corporation Fourth Quarter 2025 Earnings Call. [Operator Instructions]. I will now hand the conference over to Todd Friedman, Head of Investor Relations. Todd, please go ahead.

Thank you, operator. Good afternoon and welcome to Claritev's fourth quarter 2025 earnings call. Joining me today are Travis Dalton, President and Chief Executive Officer; and Doug Garis, Chief Financial Officer. Jerome Hogge, our Chief Operating Officer will also join for Q&A. During our call, we will refer to the supplemental slide deck that is available in the Investors portion of our website, along with the fourth quarter 2025 earnings press release issued earlier this afternoon. Our remarks and responses to questions today include forward-looking statements. These forward-looking statements represent the management's beliefs and expectations only as of the date of this call. Actual results may differ materially from these forward-looking statements due to a number of risks. A summary of these risks can be found on the second page of the supplemental slide deck and a more complete description in our annual report on Form 10-K and other documents we file with the SEC. We will also be referring to several non-GAAP measures, which we believe provide investors with a more complete understanding of Claritev's underlying operating results. An explanation of these non-GAAP measures and reconciliations to their comparable GAAP measures can be found in the earnings press release and in the supplemental slide deck. With that, I would now like to turn the call over to Travis.

Thank you, Todd. Good afternoon everyone and thank you for your time today. I am excited to share our Q4 results, 2026 guidance and transformation progress. However, first I would like to reflect for a moment on the state of our journey here at Claritev and the industry. As I near my 2nd anniversary as CEO of Claritev, I can't help but reflect on what we have accomplished and what lies ahead. When I joined the company, we faced a set of challenges that required a well thought out, long-term, strategic plan. We set out very intentionally to create Vision 2030, not Vision 20 minutes, and are very committed to that. That is not meant to be dismissive of immediate results and short-term objectives. But to be clear, our goal and the focus of this management team is to build a well-run, disciplined healthcare technology company that delivers sustainable, profitable growth, a business that solves real and pressing problems in healthcare today and the future, specifically with laser focus in the areas of transparency and affordability, which are key to better health outcomes and economics going forward. I am exceedingly proud of the work we have done to lay a foundation, clarify our purpose, align and recruit talent, and focus our company and associates on key performance metrics. That combination of clarity, alignment and focus, when applied against our digital transformation and the introduction of proven horizontal products into new vertical markets, has allowed us to turn to profitable growth sooner than expected. Simply put, our strategy is working. Most importantly it has allowed us to prioritize and work with urgency to help our clients with their most pressing needs. One comment on my remark that we have returned to profitable growth sooner than expected. One year ago, we stood…

Travis, we're going to pause for one second. We're getting notes that the audio is bad. So operator, if you can hold the call, we're going to go to a different line here.

Okay. Complexity of workflows, and access. AI is reshaping the way we develop, work, and our collective future. These persistent challenges are the opportunity for impact and the time is now. Our four-plus decades of working with clients across the ecosystem are a major advantage along with the competitive moat we have created with unique IP. The competitive advantages I just listed become even more pronounced when considered alongside our extensive AI strategy. There will be winners and losers in this market and we believe three core ingredients will be crucial going forward: one, embedded workflow domain expertise; two, client agreements and data rights access; and trust. We will work with our clients and other AI frontier data partners where appropriate. We are prioritizing AI where it supports clear client outcomes, revenue, cost, risk reduction, and can be embedded directly into workflows to find more value for our clients by simplifying cumbersome manual processes, driving measurable revenue growth, and taking real costs out of the system. We have clear examples of success including the use of AI to enhance our surprise bill services, advance our payment & revenue integrity products, and workflow automation around credentialing and other key areas. AI must function within claims adjudication, payment workflows, contracting, and reconciliation processes that work across payers, providers and employers. Let me end with trust. We have 40+ years of making and keeping promises with our client. They trust us to act responsibly, to govern well, and they believe in the integrity of our data and solutions. The moat is no longer code. It is the data, workflow distribution and trust that will matter most. Simple tools will go by the wayside first, but the long term winners will be platforms that support data-rich workflows. Those will be the technologies where AI…

Doug, if you could wait 1 minute, we're going to change the audio here to Jason. Jason, can you turn your microphone on?

Thank you, Travis, and good afternoon, everyone. I have a lot to cover today, so I will move quickly through my remarks highlighting Q4 and full year 2025, before I give you the setup for what we believe will be the main catalysts for growth this year. We've also posted a supplemental deck on our investor relations website for more detail to support our remarks. To start, 2025 can be understood most clearly in the remarkable pivot in our financial performance that began in Q1 and progressed throughout the year. Revenue, adjusted EBITDA and free cash flow all ended the year well ahead of our initial guide. And our 2026 guidance reinforces our posture as a business on the Way Up with a growing top and bottom line, and an emerging business model built for durable growth over many years to come. So let's get right to the numbers. Total revenue in Q4 was $246.6 million, up 6.2% year-over-year. Growth in Q4 came from both our core business and expansion areas. Recall, Q4 is the last quarter with a one-time revenue benefit of about $5 million in our P&C business, which falls under the network service line. In total, we had about $18 million of non-recurring revenue in 2025, with roughly $2 million of benefit in Q1 and $5 million of benefit in quarters 2, 3 and 4 that will not repeat this year. Adjusted EBITDA was $151.3 million for the quarter, up 7% at a 61.4% margin, and we generated $36.4 million of levered free cash flow in the quarter. We also deployed about $5 million for a small tuck-in acquisition we completed in November. We ended the year with $28 million of total cash and $17 million of unrestricted cash. Our net leverage at the end of the…

Thanks, Doug. Before I turn the call over for questions, I want to make one last comment about moving forward from the year of The Turn into The Way Up in 2026. The opportunity ahead is real and exciting and the tools for disruption we think are here, and that's a good thing. We made The Turn successfully because of our focus on our clients and the competitive advantage that I described earlier. But a moat is not enough. Companies will need clear and delineated strategies to deploy value to clients in a rapidly changing environment. We are prepared to do that. Despite the turmoil we read about in healthcare, I believe in those across the ecosystem that care deeply about access, quality and costs, and the value we bring will continue to lift Claritev to new heights. With that, let me turn it over for questions.

Operator, before we go to questions, those on the call, we know there were some audio difficulties at the beginning. Once we are done with the call, we will post the transcript of Travis' comments on our website for you to have easy access to them. So with that, operator, we'll open up for questions. To everyone on the call, I apologize for the technical difficulties. It sounds like the webcast is working, the phone lines are not. So given that, rather than hold this, we will cut the call now, and we're glad to help with you after the call if you have questions. Please feel free to send questions to investors.claritev.com or give a call. Thank you very much for your time.