Claritev Corp
For the period ended Mar 31, 2025. Filed May 9, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
| March 31,2025 | December 31,2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $23,129 | $16,848 |
| Restricted cash | 10,771 | 12,824 |
| Trade accounts receivable, net | 93,466 | 89,758 |
| Prepaid expenses | 27,169 | 20,493 |
| Prepaid taxes | — | 6,747 |
| Unbilled Independent Dispute Resolution fees, net | 23,112 | 21,850 |
| Other current assets, net | 7,188 | 6,995 |
| Total current assets | 184,835 | 175,515 |
| Property and equipment, net | 303,782 | 292,649 |
| Operating lease right-of-use assets | 12,098 | 16,097 |
| Goodwill | 2,403,140 | 2,403,140 |
| Other intangibles, net | 2,140,352 | 2,226,323 |
| Other assets, net | 40,317 | 37,103 |
| Total assets | $5,084,524 | $5,150,827 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $34,506 | $86,327 |
| Accrued interest | 53,409 | 55,532 |
| Accrued taxes | 25,389 | — |
| Operating lease obligation, short-term | 4,607 | 4,385 |
| Current portion of long-term debt | 14,690 | 13,250 |
| Accrued compensation | 21,781 | 33,690 |
| Other accrued expenses | 26,090 | 20,606 |
| Total current liabilities | 180,472 | 213,790 |
| Long-term debt | 4,519,673 | 4,509,725 |
| 2025 revolving credit facility | 80,000 | — |
| Operating lease obligation, long-term | 12,854 | 13,857 |
| Private Placement Warrants and Unvested Founder Shares | — | — |
| Deferred income taxes | 272,502 | 325,834 |
| Other liabilities | 4,198 | 3,599 |
| Total liabilities | 5,069,699 | 5,066,805 |
| Commitments and contingencies (Note 7) | ||
| Shareholders’ equity: | ||
| Shareholder interests | ||
| Preferred stock, $0.0001 par value — 10,000,000 shares authorized; no shares issued | — | — |
| Common stock, $0.0001 par value — 1,500,000,000 shares authorized; 17,179,228 and 16,930,827 issued; 16,436,369 and 16,187,968 shares outstanding | 2 | 2 |
| Additional paid-in capital | 2,376,700 | 2,372,955 |
| Accumulated other comprehensive loss | (6,687) | (5,063) |
| Retained deficit | (2,216,457) | (2,145,139) |
| Treasury stock — 742,859 and 742,859 shares | (138,733) | (138,733) |
| Total shareholders’ equity | 14,825 | 84,022 |
| Total liabilities and shareholders’ equity | $5,084,524 | $5,150,827 |
Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss
(in thousands, except share and per share data)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Revenues | $231,330 | $234,508 |
| Costs of services (exclusive of depreciation and amortization of intangible assets shown below) | 60,436 | 60,077 |
| General and administrative expenses | 50,635 | 34,857 |
| Depreciation | 24,546 | 20,989 |
| Amortization of intangible assets | 85,971 | 85,971 |
| Loss on impairment of goodwill and intangible assets | — | 519,050 |
| Total expenses | 221,588 | 720,944 |
| Operating income (loss) | 9,742 | (486,436) |
| Interest expense | 91,636 | 82,198 |
| Interest income | (488) | (926) |
| Transaction Costs - Refinancing Transaction | 7,792 | — |
| Loss (gain) on extinguishment of debt | 670 | (5,913) |
| Gain on change in fair value of Private Placement Warrants and Unvested Founder Shares | — | (130) |
| Net loss before taxes | (89,868) | (561,665) |
| Benefit for income taxes | (18,549) | (21,976) |
| Net loss | $(71,319) | $(539,689) |
| Weighted average shares outstanding – Basic and Diluted(1) | 16,273,439 | 16,158,356 |
| Net loss per share – Basic and Diluted(1) | $(4.38) | $(33.40) |
| Net loss | (71,319) | (539,689) |
| Other comprehensive income: | ||
| Change in unrealized (losses) gains on interest rate swaps, net of tax | (1,624) | 8,542 |
| Comprehensive loss | $(72,943) | $(531,147) |
(1)Shares and net loss per share have been retroactively adjusted for all periods presented to reflect the one-for-forty (1-for-40) reverse stock split that became effective on September 20, 2024 (the "Reverse Stock Split"). See Note 1 General Information and Basis of Accounting.
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