CTEV on NYSE

Claritev

American technology company supporting healthcare based in McLean, founded in 19801

In its 2026 annual report the company says: “Claritev Corporation is a technology, data and insights company focused on improving transparency, affordability and quality across the healthcare system.”6 It employed 2,800 people in 2025.1 Its shares trade on NYSE under the symbol CTEV.1

$23.91 down 0.03 (0.13%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

1980Founded1

Compare with Priority Technology Holdings, Inc., Getty Images or Nutex Health Inc., or pick any stock.

  • TickerCTEV on NYSE1
  • IndustryServices-Business Services, NEC1
  • HeadquartersMcLean1
  • Websitewww.claritev.com
  • Incorporated inDE4
  • Business address7900 Tysons One Place, Suite 400, Mclean, Va 221024
  • Filer categoryAccelerated filer4

Claritev Corporation is a technology, data and insights company focused on improving transparency, affordability and quality across the healthcare system. Claritev brings objective, market-based insights to some of the healthcare system's most complex decisions - grounded in decades of claims experience. By applying data, analytics and experience, Claritev helps organizations across the healthcare ecosystem better understand costs, pricing and payment dynamics. This clarity enables more informed decision-making, reduces friction and improves how the healthcare system functions in service of greater affordability, alignment and long-term sustainability. Founded in 1980, Claritev brings over 45 years of claims and data experience and builds on world-class technology and artificial intelligence ("AI") solutions, to deliver its portfolio of product and service offerings.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.0%Operating margin7
-29.4%Net margin7
3.7%Revenue growth, 20257
-$12.3MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Claims Intelligence Solutions brought in 66% of the revenue Claritev broke down this way in fiscal 2025.

  1. Claims Intelligence Solutions$639.9M766%up 1% from 2024
  2. Network Solutions$206.7M721%up 12% from 2024
  3. Payment And Revenue Integrity Solutions$118.9M712%up 7% from 2024
Products and services by year
Products and services202320242025
Claims Intelligence Solutions$625.8M$634.8M$639.9M
Network Solutions$223.4M$185.3M$206.7M
Payment And Revenue Integrity Solutions$112.4M$110.6M$118.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs91¢$876.6M
  • Income tax9¢$88.8M

Out of $965.4M in revenue.7 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$129.6M

Out of $117.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue89107$965.4M in 2025−2% since 2019
0$500.0M$1.0B$1.5B2019: $982.9M$982.9M20192020: $937.8M$937.8M2020−5%2021: $1.1B$1.1B2021+19%2022: $1.1B$1.1B2022−3%2023: $961.5M$961.5M2023−11%2024: $930.6M$930.6M2024−3%2025: $965.4M$965.4M2025+4%
Operating income89107$28.8M in 2025−92% since 2019
-$1.5B-$1.0B-$500.0M0$500.0M2019: $368.2M$368.2M20192020: -$131.8M-$131.8M20202021: $386.1M$386.1M20212022: -$362.7M-$362.7M20222023: $162.0M$162.0M20232024: -$1.4B-$1.4B20242025: $28.8M$28.8M2025
Net income89107-$284.3M in 2025
-$2.0B-$1.5B-$1.0B-$500.0M0$500.0M2019: $9.7M$9.7M20192020: -$520.6M-$520.6M20202021: $102.1M$102.1M20212022: -$572.9M-$572.9M20222023: -$91.7M-$91.7M2023−84%2024: -$1.6B-$1.6B2024+1695%2025: -$284.3M-$284.3M2025−83%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenues$965.4M$930.6M$961.5M
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)$253.4M$239.4M$235.5M
General and administrative expenses$221.5M$150.9M$143.2M
Depreciation$101.7M$88.2M$77.3M
Amortization of intangible assets$343.8M$343.9M$342.7M
Loss on impairment of goodwill and intangible assets$0$1.5B$0
Loss on disposal of leases$6.9M$729.0K$24.0K
Loss on sale of assets$9.4M$8.6M$851.0K
Total expenses$936.6M$2.3B$799.5M
Operating income (loss)$28.8M-$1.4B$162.0M
Interest expense$392.0M$326.4M$333.2M
Interest income-$1.6M-$3.1M-$8.2M
Transaction costs related to refinancing transaction$8.0M$63.9M$0
Loss (gain) on extinguishment of debt$670.0K-$5.9M-$54.0M
Loss on sale of equity investment$2.7M$0$0
Gain on change in fair value of Private Placement Warrants and Unvested Founder Shares$0-$477.0K-$2.0M
Net loss before taxes-$373.1M-$1.8B-$107.1M
Benefit for income taxes-$88.8M-$124.9M-$15.4M
Net loss-$284.3M-$1.6B-$91.7M
Less: net loss attributable to non-controlling interests$0$0$0
Net loss attributable to Claritev Corporation-$284.3M-$1.6B-$91.7M
Weighted average shares outstanding Basic (in shares)16.4M shares16.1M shares16.1M shares
Weighted average shares outstanding Diluted (in shares)16.4M shares16.1M shares16.1M shares
Net loss per share basic (in usd per share)-$17.30-$101.92-$5.69
Net loss per share diluted (in usd per share)-$17.30-$101.92-$5.69
Change in unrealized gain (loss) on interest rate swap, net of tax$891.0K$6.7M-$11.8M
Comprehensive loss-$283.4M-$1.6B-$103.5M

Compare Claritev with another company

Corporate structure

Claritev sits at the top of its group. 37 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Claritev

  • Claritev McLean
    • Admar Corporation Subsidiary · California, United States
    • American Lifecare Holdings, Inc. Subsidiary · Louisiana, United States
    • American Lifecare, Inc. Subsidiary · Louisiana, United States
    • Beech Street Corporation Subsidiary · California, United States
    • Benefits Science LLC Subsidiary · Texas, United States
    • BST Acquisition Corp. Subsidiary · Delaware, United States
    • Claritev International Holdings Corp. Subsidiary · Delaware, United States
    • CTEV Investments, LLC Subsidiary · Delaware, United States
    • Data & Decision Science LLC Subsidiary · Delaware, United States
    • DHP Acquisition Corp. Subsidiary · Delaware, United States
    • DKL Insurance Company, Inc. Subsidiary · Utah, United States
    • Health Management Network, Inc. Subsidiary · Nevada, United States
    • HealthEOS by MultiPlan, Inc. Subsidiary · Wisconsin, United States
    • HealthNetwork Systems, LLC Subsidiary · Delaware, United States
    • HMA Acquisition Corporation Subsidiary · Delaware, United States
    • HMA, Inc. Subsidiary · Arizona, United States
    • HST Acquisition Corp. Subsidiary · Delaware, United States
    • HSTechnology Solutions, Inc. Subsidiary · Delaware, United States
    • InCortex LLC Subsidiary · Delaware, United States
    • Integrated Health Plan, Inc. Subsidiary · Florida, United States
    • LaunchPoint Ventures, LLC (d/b/a “Discovery Health Partners”) Subsidiary · Delaware, United States
    • Medical Audit & Review Solutions, Inc. Subsidiary · Delaware, United States
    • MPH Acquisition Corp. 1 Subsidiary · Delaware, United States
    • MPH Acquisition Holdings LLC Subsidiary · Delaware, United States
    • MPI Sub, Inc. Subsidiary · Delaware, United States
    • and 11 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Claritev reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$14.0M7 Dec 31, 2025$16.1M7 Dec 31, 2024−13.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$16.8M7 Dec 31, 2025$16.8M7 Dec 31, 2024−0.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.4B7 Dec 31, 2025$2.4B7 Dec 31, 2024+0.1%
Intangible assets, net (excluding goodwill)$1.9B7 Dec 31, 2025$2.2B7 Dec 31, 2024−15.3%
Finite-lived intangibles, gross$5.1B7 Dec 31, 2025$5.1B7 Dec 31, 20240%
Accumulated amortization$3.2B7 Dec 31, 2025$2.9B7 Dec 31, 2024+11.9%
Finite-lived intangibles, net$1.9B7 Dec 31, 2025$2.2B7 Dec 31, 2024−15.3%

Properties, in its own words

We lease all of our properties, which are located in 8 states. Our corporate headquarters are located in McLean, Virginia.

Item 2 of the 10-K filed Feb 26, 2026.6

Leadership

Who has led Claritev, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (31)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Admar Corporation California5
  • American Lifecare Holdings, Inc. Louisiana5
  • American Lifecare, Inc. Louisiana5
  • BST Acquisition Corp. Delaware5
  • Beech Street Corporation California5
  • Benefits Science LLC Texas5
  • CTEV Investments, LLC Delaware5
  • Claritev International Holdings Corp. Delaware5
  • Claritev International Holdings GmbH Switzerland5
  • DHP Acquisition Corp. Delaware5
  • DKL Insurance Company, Inc. Utah5
  • Data & Decision Science LLC Delaware5
  • HMA Acquisition Corporation Delaware5
  • HMA, Inc. Arizona5
  • HST Acquisition Corp. Delaware5
  • HSTechnology Solutions, Inc. Delaware5
  • Health Management Network, Inc. Nevada5
  • HealthEOS by MultiPlan, Inc. Wisconsin5
  • HealthNetwork Systems, LLC Delaware5
  • InCortex LLC Delaware5
  • Integrated Health Plan, Inc. Florida5
  • LaunchPoint Ventures, LLC (d/b/a “Discovery Health Partners”) Delaware5
  • MPH Acquisition Corp. 1 Delaware5
  • MPH Acquisition Holdings LLC Delaware5
All 37 listed subsidiaries
  • MPI Sub, Inc. Delaware5
  • Medical Audit & Review Solutions, Inc. Delaware5
  • MultiPlan, Inc., d/b/a Claritev New York5
  • National Care Network, LLC Delaware5
  • Polaris Group Insurance Solutions Corp. Delaware5
  • Polaris Intermediate Corp. Delaware5
  • Polaris Parent LLC Delaware5
  • Private Healthcare Systems, Inc. Delaware5
  • Rural Arizona Network, Inc. Arizona5
  • Statewide Independent PPO, Inc. New York5
  • Texas True Choice, Inc. Delaware5
  • Viant Payment Systems, Inc. Delaware5
  • Viant, Inc. Nevada5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Employees over time

  • 20252,8001

Former names

  • MultiPlan CorpAug 28, 2020 to Feb 7, 20254
  • Churchill Capital Corp IIIJan 29, 2020 to Oct 6, 20204
  • Butler Acquisition CorpDec 23, 2019 to Dec 23, 20194
  • Multiplanuntil Feb 20251

Timeline

  1. Oct 15, 20268-K Executive or director change; Regulation FD disclosure55
  2. Sep 15, 20268-K Executive or director change; Regulation FD disclosure56
  3. Aug 7, 20268-K Results of operations57
  4. Jul 6, 20268-K Other events58
  5. Jun 22, 20268-K Regulation FD disclosure59
  6. May 18, 20268-K Regulation FD disclosure60
  7. May 7, 20268-K Results of operations61
  8. Apr 30, 20268-K Executive or director change; Shareholder vote62
  9. Mar 16, 20268-K Regulation FD disclosure63
  10. Feb 23, 20268-K Results of operations64
  11. Jan 15, 20268-K Regulation FD disclosure65
  12. Dec 29, 20258-K Executive or director change66
  13. Feb 28, 2025Went public Listed on NYSE1
  14. Mar 5, 2024New chief executive Travis Dalton becomes CEO15
  15. Feb 22, 2022New chief executive Dale A. White becomes CEO16
  16. Oct 13, 2020New chief executive Mark Tabak becomes CEO18
  17. Jul 12, 2020Went public Listed on NYSE1
  18. Feb 13, 2020New chief executive Michael Stuart Klein becomes CEO17
  19. 1980Founded Founded1

Calendar

Coming up

  1. Nov 9, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($4.07) a share, on Nov 7, 2025.67

When it reported results

  1. Aug 7, 2026Reported quarterly or annual results57
  2. May 7, 2026Reported quarterly or annual results61
  3. Feb 23, 2026Reported quarterly or annual results64
  4. Nov 7, 2025Reported quarterly or annual results68
  5. Aug 6, 2025Reported quarterly or annual results69
  6. May 8, 2025Reported quarterly or annual results70
  7. Feb 25, 2025Reported quarterly or annual results71
  8. Nov 5, 2024Reported quarterly or annual results72

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

349 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 68 major events, 185 insider forms, 21 large holders, 55 other. The latest 20:

  1. Oct 15, 2026144 EDGAR
  2. Oct 15, 20268-K EDGAR
  3. Oct 1, 2026SCHEDULE 13G/A EDGAR
  4. Sep 22, 20264 EDGAR
  5. Sep 21, 2026144 EDGAR
  6. Sep 16, 20264 EDGAR
  7. Sep 16, 20263 EDGAR
  8. Sep 15, 20268-K EDGAR
  9. Aug 31, 20264 EDGAR
  10. Aug 18, 20264 EDGAR
  11. Aug 14, 2026144 EDGAR
  12. Aug 12, 20264 EDGAR
  13. Aug 10, 2026144 EDGAR
  14. Aug 7, 20264 EDGAR
  15. Aug 7, 20264 EDGAR
  16. Aug 7, 202610-Q EDGAR
  17. Aug 7, 20268-K EDGAR
  18. Jul 6, 20268-K EDGAR
  19. Jul 2, 20264 EDGAR
  20. Jun 22, 20268-K EDGAR

The 349 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

40 open-market trades by officers, directors and large owners since October 2021: 34 buys and 6 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 21, 2026Garis Douglas MichaelEVP&CFOSale9,025$30.59$276.1KForm 4
Aug 28, 2026Dalton TravisPres., CEO & Executive ChairBuy1,950$38.48$75.0KForm 4
Aug 27, 2026Dalton TravisPres., CEO & Executive ChairBuy4,500$38.81$174.6KForm 4
Aug 14, 2026Misencik TiffaniSVP, Chief Growth OfficerSale8,850$40.07$354.6KForm 4
Aug 10, 2026Mintz William B.SVP, Chief Strategy OfficerSale8,431$34.24$288.7KForm 4
Jun 9, 2026Carol NutterSVP, Chief People OfficerBuy875$28.41$24.9KForm 4
May 19, 2026Prince John MichaelDirectorBuy10,000$16.00$160.0KForm 4
May 18, 2026Dalton TravisPres., CEO & Executive ChairBuy20,920$12.36$258.6KForm 4
May 18, 2026Kim MichaelEVP, Chief Digital OfficerBuy3,000$16.65$50.0KForm 4
Mar 16, 2026Garis Douglas MichaelEVP&CFOBuy1,300$17.69$23.0KForm 4
Mar 12, 2026Kim MichaelEVP, Chief Digital OfficerBuy15,000$16.50$247.5KForm 4
Mar 2, 2026O'Neil TaraSVP, General CounselBuy750$12.99$9.7KForm 4
Feb 27, 2026Dalton TravisPres., CEO & Executive ChairBuy15,380$13.00$199.9KForm 4
Feb 27, 2026Kim MichaelEVP, Chief Digital OfficerBuy30,000$14.30$429.0KForm 4
Nov 20, 2025Dalton TravisPres., CEO & Executive ChairBuy5,290$47.23$249.8KForm 4
Nov 17, 2025O'Neil TaraSVP, General CounselBuy625$38.84$24.3KForm 4
Nov 17, 2025Mintz William B.SVP, Chief Strategy OfficerBuy916$38.00$34.8KForm 4
Nov 17, 2025Kim MichaelEVP, Chief Digital OfficerBuy9,600$38.25$367.2KForm 4
Nov 12, 2025H&F Associates VIII, L.P.10% ownerSale1,500,000$48.67$73.0MForm 4
Aug 11, 2025Dalton TravisPres., CEO & Executive ChairBuy3,982$58.30$232.2KForm 4

All 40 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Mr. DaltonPresident & Chief Executive Officer$825.0K$10.2M82
2025Mr. GarisEVP & Chief Financial Officer$535.0K$2.9M82
2025Mr. HoggeEVP & Chief Operating Officer$528.6K$2.8M82
2025Mr. KimEVP & Chief Digital Officer$445.1K$1.8M82
2025Ms. MisencikSVP & Chief Growth Officer$318.8K$1.5M82
2024Mr. DaltonPresident & Chief Executive Officer$653.7K$11.7M82
2024Mr. HoggeEVP & Chief Operating Officer$384.6K$2.5M82
2024Mr. GarisEVP & Chief Financial Officer$195.5K$2.3M82
2024Mr. KimEVP & Chief Digital Officer$442.6K$1.3M82
2024Ms. MisencikSVP & Chief Growth Officer$73.6K$1.2M82
2023Mr. KimEVP & Chief Digital Officer$429.6K$1.4M82

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
H&F Corporate Investors VIII, Ltd.3,887,858$132.6M100.0%No change
Arini Capital Management Ltd3,069,374$104.7M7.2%+1,534,687
Ares Management LLC1,863,105$63.6M2.9%No change
Public Investment Fund1,281,250$43.7M0.1%No change
Beach Point Capital Management LP770,612$26.3M10.3%−24,734
BlackRock, Inc.723,217$24.7M0.0%+135,214
CPV Partners, LLC495,258$16.9M6.2%No change
Vanguard Capital Management LLC423,039$14.4M0.0%−7,029
Prudential Financial Inc353,904$12.1M0.0%+160
Geode Capital Management, LLC225,151$7.7M0.0%+35,310
Caspian Capital LP180,826$6.2M3.5%−175,424
Aqr Capital Management LLC174,011$5.9M0.0%+139,121
State Street Corp170,395$5.8M0.0%+14,774
Charles Schwab Investment Management Inc167,006$5.7M0.0%−65,082
RBF Capital, LLC135,314$4.6M0.2%No change
Nomura Holdings Inc131,760$4.5M0.0%+5,644
Scoggin Management LP125,000$4.3M1.0%+36,477
Bank Of America Corp /de/93,714$3.2M0.0%−4,081
Oak Hill Advisors LP91,773$3.1M0.4%No change
Allianz Asset Management GmbH91,773$3.1M0.0%+24,706
Vanguard Portfolio Management LLC80,986$2.8M0.0%+9,333
Aperture Investors, LLC80,720$2.8M0.3%No change
Invesco Ltd.75,162$2.6M0.0%+52,555
Northern Trust Corp73,062$2.5M0.0%+6,824
FAS Wealth Partners, Inc.67,397$2.3M0.1%+20,920

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Claritev is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARClaritev Corp2
  • CIK0001793229
  • Employer ID (EIN)84-35361516
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 312
  • Industry code (SIC)7389 Services-Business Services, NEC2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address7900 Tysons One Place, Suite 400, Mclean, VA 221022
  • Phone866-909-74272
  • Shares outstanding16,947,463 as of Aug 3, 202612
  • Public float$505.8M as of Jun 30, 20256
  • AuditorPricewaterhouseCoopers LLP, Chicago, Illinois PCAOB ID 238; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceDec 23, 20192
  • Filings528 in all: 4 (207), 8-K (95), 3 (40), 10-Q (20), DEFA14A (20), SC 13G/A (19), 424B3 (16), SC 13G (10)2
    All 42 form types

    UPLOAD (9), DEF 14A (8), EFFECT (8), CORRESP (7), S-8 (7), 10-K (6), 4/A (5), S-1/A (5), 144 (4), POS AM (3), S-3 (3), SC 13D (3), SC 13D/A (3), SCHEDULE 13G/A (3), 25-NSE (2), 8-K/A (2), PRER14A (2), S-1 (2), S-3/A (2), SCHEDULE 13D/A (2), SCHEDULE 13G (2), 1-A-W (1), 10-K/A (1), 424B4 (1), 8-A12B (1), ARS (1), AW (1), CERT (1), DEFM14A (1), DRS (1), PRE 14A (1), PREM14A (1), S-1MEF (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Mar 20, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Shares of Class A common stock, $0.0001 par value per shareCTEVNew York Stock Exchange

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Claritev names in Item 1A of its 10-K filed Feb 26, 2026: 62 risks under these headings, as written.6

  • Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and related notes.
  • Business and Operations Risks
  • Our success is dependent on retaining our key clients, as well as the success of those clients, as we depend on a core group of clients for a significant portion of our revenues.
  • We may be unable to achieve some or all of the operational, growth and other benefits that we expect to realize through our strategic plans, including our Vision 2030 transformation plan.
  • We may not successfully enter new lines of business, launch new products or broaden the scope of our solutions, and such activities may result in expenditures we cannot recoup, divert management's attention or otherwise strain our business.
  • If we are unable to sustain a level of liquidity sufficient to support our operations and fulfill our obligations, our business, financial condition, and results of operations could be materially and adversely affected.
  • Our operations may be adversely impacted by the effect of trends in the U.S. healthcare system, including recent trends of reduced healthcare utilization and increased patient financial responsibility for services.
  • If we are unable to identify, complete and successfully integrate acquisitions, our ability to grow our business may be limited and our business, financial position and results of operations may be adversely impacted.
  • Failure to successfully complete divestitures could negatively affect our operations.
  • The market for our products and solutions is fragmented and competitive and we may not be able to maintain our competitive position in the market.
  • If competition or pricing pressures increase, our growth and profits may decline.
  • Changes in the healthcare industry could adversely affect us.
The other 51 risks
  • Evolving industry standards and rapid technological changes, including the adoption and further development of artificial intelligence, could result in reduced demand for our products and solutions.
  • We operate in a litigious environment which may adversely affect our financial results.
  • Our business may be adversely affected by large-scale public health emergencies, pandemics, and other extreme or catastrophic events.
  • We depend on our providers and our PPO networks to maintain the profitability of our network and claims intelligence solutions, as well as the future expansion of our operations.
  • Our PPO networks may experience decreases in discounts from providers, thereby adversely affecting our competitive position and revenue.
  • Pressure from healthcare providers, and/or changes in state laws, regarding access to preferred provider networks may adversely affect our profitability and ability to expand our operations.
  • The inability of our clients to pay for our products and solutions could decrease our revenue.
  • If we do not continue to attract, motivate and retain members of our senior management team and qualified employees, or if we are unable to maintain sufficient qualified personnel, we may not be able to support our operations.
  • Our profitability could suffer if we are not able to timely and effectively utilize our employees or manage our cost structure.
  • Risks Related to Information Technology Systems, Cybersecurity, Artificial Intelligence and Intellectual Property
  • Security breaches, loss of data and other cyber incidents or disruptions could compromise sensitive business or patient information and negatively impact our business and reputation, harm both us and our clients and create liability.
  • We depend on uninterrupted computer access for our clients and the reliable operation of our information technology systems; any prolonged delays due to data interruptions or revocation of our software licenses could adversely affect our ability to operate our business and cause our clients to seek alternative service providers.
  • Failure to adequately protect the confidentiality of our trade secrets, know-how, proprietary applications, business processes and other proprietary information could adversely affect the value of our technology and products.
  • Our business relies on third party providers of cloud services, and any disruption of, or interference with, our use of cloud services could materially and adversely affect our business, financial condition, or results of operations.
  • We employ third-party and open source licensed software for use in our business, and the inability to maintain these licenses, errors in the software we license, or the terms of open source licenses could result in increased costs, or reduced service levels, which would adversely affect our business.
  • If our ability to expand our network and technology infrastructure is constrained, we could lose clients and that loss could adversely affect our operating results.
  • We have begun to incorporate, and plan to further incorporate in the future, more advanced AI in our product and solution offerings, and challenges with properly managing the use of AI could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations, financial condition, and/or cash flows.
  • We may be sued by third parties for alleged infringement of their proprietary rights.
  • Other Business and Operational Risks
  • If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • Our recent implementation of a new ERP system may adversely affect our business and results of operations or the effectiveness of our internal control over financial reporting.
  • Changes in accounting principles may negatively affect our results of operations.
  • We may need to recognize impairment charges related to goodwill, identified intangible assets and fixed assets.
  • Changes in laws, regulations or rules, or a failure to comply with any laws, regulations or rules, may adversely affect our business, investments and results of operations.
  • Changes in tax laws or exposure to additional income tax liabilities may negatively affect our business, results of operations, financial condition, and cash flows.
  • Our income tax provision and other tax liabilities may be insufficient if taxing authorities are successful in asserting tax positions that are contrary to our position, and there is no guarantee that we will realize our deferred tax assets.
  • Inflation could adversely affect our financial results.
  • There is a rapidly evolving awareness and focus from stakeholders with respect to environmental, social and governance practices, including anti-ESG sentiment, which could affect our business.
  • Increased focus on sustainability issues, including those related to climate change, may adversely affect our business and financial results and damage our reputation.
  • Risks Related to the Healthcare Industry and other Legal Regulations
  • We operate in an industry that is subject to extensive federal, state and local regulations. Changes in existing healthcare laws and regulatory interpretations on a state or federal level may adversely affect us.
  • New federal and state laws and regulations could force us to change the conduct of our business or operations, affect our ability to expand our operations into other geographic markets, increase costs or delay or prevent the introduction of new or enhanced solutions and products, or impair the function or value of our existing solutions and products, any of which could have a material adverse effect on our business, financial condition and results of operations.
  • Changes to state laws and regulations or the interpretation and enforcement of such state laws and regulations may adversely impact our existing business in certain states, or restrict our ability to expand our operations in other states.
  • Our use and disclosure of certain types of protected information, in particular individually identifiable information and health information, is subject to federal and state privacy and security regulations, and our failure to comply with those regulations or adequately secure the information we hold could result in significant liability or reputational harm.
  • Heightened enforcement activity by federal and state agencies may increase our potential exposure to damaging lawsuits, investigations and other enforcement actions.
  • Risks Related to Indebtedness
  • Our level of indebtedness and current leverage may materially and adversely affect our ability to raise additional capital to fund our operations or growth and limit our ability to react to changes in the economy or our industry.
  • We may not be able to generate sufficient cash to service all of our indebtedness, and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
  • Our debt agreements contain restrictions that limit our flexibility in operating our business.
  • A lowering or withdrawal of the ratings assigned to our debt instruments by rating agencies may increase our future borrowing costs and reduce our access to capital.
  • Despite our current leverage, we and our subsidiaries may still be able to incur substantially more indebtedness, including secured indebtedness. This could further exacerbate the risks that we and our subsidiaries face.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly notwithstanding our use of interest rate swaps.
  • Risks Related to Our Class A Common Stock
  • H&F and the Sponsor beneficially own a significant equity interest in us and their interests may conflict with us or other shareholders' interests.
  • Our ability to issue equity awards to our employees is limited currently due to the lack of sufficient shares approved by our stockholders as part of our 2020 Omnibus Incentive Plan.
  • We have previously been, and may in the future be, subject to securities or other stockholder litigation, which is expensive and could divert management's attention.
  • Our charter designates a state court within the State of Delaware, to the fullest extent permitted by law, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit the ability of our stockholders to obtain a favorable judicial forum for disputes with us or with our directors, officers or employees and may discourage stockholders from bringing such claims.
  • Provisions in our organizational documents, debt agreements and instruments and Investor Rights Agreement could delay or prevent a change of control.
  • Our Board is authorized to issue and designate shares of our preferred stock in additional series without stockholder approval.
  • We currently do not intend to declare dividends on our Class A common stock in the foreseeable future and, as a result, your only opportunity to achieve a return on your investment is if the price of our Class A common stock appreciates.
  • Any sale of our Class A common stock by a significant stockholder, or the perception that such sale may occur, could cause the market price of our securities to drop significantly, even if our business is doing well.
  • The price of our securities may be volatile.
  • Risks Related to Global Economics, Political and Regulatory Conditions
  • We face risks associated with the international expansion of our business.
  • Our financial results and ability to grow our business may be negatively impacted by global events beyond our control.
  • We face risks associated with international activities, including those related to compliance with the Foreign Corrupt Practices Act and other applicable anti-corruption legislation.

Legal proceedings

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 believe they will not have a material adverse effect on our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.6

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