MultiPlan Corporation

Q2 total revenue was $257.5 million, up 6.6% year over year. Adjusted EBITDA was $155.8 million, or 60.5% of revenue. Operating cash flow was $93 million, up 51% year over year; unlevered free cash flow was $89.5 million, up 24%; and levered free cash flow was $54.6 million, up 49%. On a comparable basis excluding $5.4 million of onetime revenue in Q2 last year, management said total growth was nearly 9%. Full-year 2026 guidance was raised to revenue of $1.0 billion to $1.02 billion, adjusted EBITDA of $610 million to $620 million with margins of approximately 61%, capital spend of $160 million to $170 million, and free cash flow of $5 million to $15 million. Management said it expects at least 50% ACV bookings growth for the full year and more than $100 million of bookings in 2026.

Travis Dalton framed the quarter as evidence that Claritev’s multiyear turnaround is working, saying growth is returning and momentum is building across the business. He emphasized the company’s strategy of horizontal solutions in vertical markets, supported by technology modernization, data architecture, and AI readiness. Dalton also pointed to expanding opportunities in TPA, Medicare Advantage, public sector, and international as signs the growth profile is becoming broader and more durable.

Doug Garis said Q2 outperformed virtually all internal metrics, with revenue, adjusted EBITDA, cash flow, and bookings all ahead of plan. He highlighted $93 million of operating cash flow, $89.5 million of unlevered free cash flow, and $54.6 million of levered free cash flow, noting this was the strongest levered free cash flow quarter in 15 quarters and that DPO and DSO improved by more than 5 days. He also raised full-year revenue guidance to $1.0 billion to $1.02 billion, adjusted EBITDA to $610 million to $620 million, and free cash flow to $5 million to $15 million, while keeping capital spend at $160 million to $170 million.

Analysts focused on whether the Q2 PSA/NSA volume strength was a one-time boost or more structural, and Garis said there was likely some Q2 pull-forward but that the company remains encouraged heading into the second half. Questions also centered on revenue cadence and how bookings convert to revenue; management reiterated that new bookings typically take 2 to 4 quarters to generate first revenue and about 4 quarters to annualize. Analysts asked about AI savings and NSA economics, and management said AI-powered tools are already improving validation and ineligibility assessments, while NSA dynamics and recent rule changes should be net positive over time, though the volume impact in the second half is still being monitored.