Claritev Corporation

Total revenue was $257.5 million in Q2, up 6.6% year over year. Adjusted EBITDA was $155.8 million, or 60.5% of revenue. The company said Claims Intelligence was up close to 14%, PSAV revenue was $220 million, and revenue growth excluding a prior-year one-time item would have been nearly 9%. Cash flow was also strong, with $93 million of operating cash flow, $89.5 million of unlevered free cash flow, and $54.6 million of levered free cash flow. For 2026, Claritev raised revenue guidance to $1 billion-$1.02 billion, adjusted EBITDA to $610 million-$620 million, and free cash flow to $5 million-$15 million; it kept capital spend guidance at $160 million-$170 million. Management also said Q3 revenue should be modeled flat sequentially, and that full-year ACV bookings growth should be at least 50% with bookings above $100 million for the year.

Travis Dalton framed the quarter as evidence that Claritev's turnaround is working and said the company is entering a “year of the way up” with sustainable growth returning. He emphasized that the strategy of building horizontal solutions across vertical markets is gaining traction, supported by investments in technology modernization, data architecture and talent. Dalton repeatedly linked the company's future to AI, saying Claritev's organized data and cloud-based workflows position it to deploy AI responsibly at scale and improve client outcomes.

Doug Garis said the quarter exceeded internal expectations on revenue, EBITDA, cash flow and bookings, and highlighted that Q2 was the company's strongest revenue quarter in 15 quarters and strongest EBITDA quarter in 13 quarters. He pointed to $93 million of operating cash flow, $89.5 million of unlevered free cash flow and $54.6 million of levered free cash flow, with DPO and DSO improving by more than 5 days. Garis also said bookings conversion was running ahead of expectations, that active pipeline was above $300 million, and that the company is raising 2026 revenue, EBITDA and free cash flow guidance while keeping capital spend unchanged.

Analysts focused on whether the NSA-related volume strength was a one-quarter bump or something more durable, and Garis said the company sees a healthy environment into the second half but is modeling conservatively because the impact of new NSA rules is still hard to isolate. Questions also centered on the timing of bookings converting to revenue; management reiterated the usual 2-4 quarter ramp to first revenue and about 4 quarters to annualize, while noting some larger NSA and payer wins turned on earlier than expected. Analysts asked about the mix of revenue by segment and AI-led savings, and management said Claims Intelligence was the main upside driver, Payment and Revenue Integrity is trending toward growth, and AI initiatives like ProPricer have identified over $1 billion of additional savings.