Q4 Revenue Growth
Total revenue in Q4 was $246.6M, up 6.2% year-over-year, demonstrating durable top-line momentum entering 2026.
Strong Q4 and Full-Year Profitability
Q4 adjusted EBITDA was $151.3M, up 7% year-over-year, at a 61.4% margin. Full-year adjusted EBITDA was $602.6M, up 4.5% versus 2024.
Improved Cash Generation in Q4
Generated $36.4M of levered free cash flow in Q4 and materially improved full-year free cash flow versus prior guidance (finished 2025 with a use of $12.3M versus an earlier forecasted use of ~$70M).
Record Bookings and Sales Momentum
Management cited a record Q4 bookings figure ($23M per management comments) and finished the year with $67M in ACV booked, closed 650+ opportunities, closed 100+ deals >$100k (up 30%), and improved average deal size by ~50% year-over-year.
Positive 2026 Financial Guidance
Initiated 2026 revenue guidance of $980M–$1.0B (2%–4% growth vs. 2025; 4%–6% ex-$18M one-time 2025 revenue), adjusted EBITDA guidance of $605M–$615M (61%–62% margins), and free cash flow guidance of $0M–$10M.
Strategic Product and Market Progress
Launched Network Builder (automated curation of Claritev's 1.4M-provider network), expanded internationally with two Middle East clients, acquired 30 new logos across verticals in 2025, and completed a small tuck-in acquisition in November.
AI and Digital Transformation Focus
Published an AI strategy brief and emphasized embedding AI into workflows (examples: surprise billing, payment & revenue integrity, credentialing automation), positioning AI as a competitive differentiator.
Improving Leverage Profile
Net leverage improved to 7.7x, nearly a half-turn better than at the time of the prior debt-refinancing, signaling progress on deleveraging.