Claritev Corp (CTEV) 2025 Q2 法說會逐字稿

Hello, everyone, and thank you for joining the Claritev Corporation's second quarter 2025 earnings call. My name is Sami, and I'll be coordinating your call today. (Operator Instructions)

大家好，感謝您參加 Claritev Corporation 2025 年第二季財報電話會議。我叫薩米，今天我將負責協調您的電話會議。（操作員指示）

I will now hand over to your host, Shawna Gasik, AVP of Investor Relations, to begin. Thank you, Shawna. Please go ahead.

現在我將把主持人、投資者關係副總裁 Shawna Gasik 交給她開始。謝謝你，肖娜。請繼續。

Thank you, Sami. Good morning, and welcome to Claritev's second quarter 2025 earnings call. Joining me today are Travis Dalton, President and Chief Executive Officer; and Doug Garis, Executive Vice President and Chief Financial Officer. This call is being webcast and can be accessed through the Investor Relations section of our website at claritev.com. During our call, we will refer to the supplemental slide deck that is available in the Investors portion of the website, along with the second quarter 2025 earnings press release issued earlier this morning.

謝謝你，薩米。早安，歡迎參加 Claritev 2025 年第二季財報電話會議。今天與我一起出席的還有總裁兼執行長 Travis Dalton 和執行副總裁兼財務長 Doug Garis。本次電話會議將進行網路直播，您可以透過我們網站 claritev.com 的「投資者關係」板塊觀看。會議期間，我們將參考網站「投資者」板塊提供的補充幻燈片，以及今天早上早些時候發布的 2025 年第二季財報新聞稿。

Before we begin, a couple of reminders. Our remarks and responses to questions today may include forward-looking statements. These forward-looking statements represent management's beliefs and expectations only as of the date of this call. Actual results may differ materially from these forward-looking statements due to a number of risks. A summary of these risks can be found on the second page of the supplemental slide deck and a more complete description on our annual report on Form 10-K and other documents we file with the SEC.

在我們開始之前，有幾點提醒。我們今天的評論和回答可能包含前瞻性陳述。這些前瞻性陳述僅代表管理階層截至本次電話會議之日的信念和期望。由於存在多種風險，實際結果可能與這些前瞻性陳述有重大差異。這些風險的摘要可以在補充投影片的第二頁找到，更完整的描述可以在我們的 10-K 表年度報告和我們向美國證券交易委員會提交的其他文件中找到。

We will also be referring to several non-GAAP measures, which we believe provide investors with a more complete understanding of Claritev's underlying operating results. An explanation of these non-GAAP measures and reconciliations to their comparable GAAP measure can be found in the earnings press release and in the supplemental slide deck.

我們也將參考幾個非公認會計準則指標，我們相信這些指標可以讓投資人更全面地了解 Claritev 的基本營運績效。有關這些非 GAAP 指標的解釋以及與可比較 GAAP 指標的對賬，請參閱收益新聞稿和補充幻燈片。

With that, I would now like to turn the call over to Travis. Travis?

說完這些，我現在想把電話轉給崔維斯。崔維斯？

Good morning, everyone. Thank you for joining us today for our second quarter 2025 earnings call. I've been eagerly awaiting this call to share my excitement around our achievements during the second quarter and more importantly, the forward momentum we're building for the remainder of the year and beyond. We're halfway through 2025, and Claritev is truly delivering in the year of the turn, as you can see from our earnings release this morning with year-on-year revenue growth in 2025 supporting our full year guidance raise.

大家早安。感謝您今天參加我們的 2025 年第二季財報電話會議。我一直熱切地等待著這次電話會議，與大家分享我對我們在第二季度取得的成就的興奮之情，更重要的是，分享我們為今年剩餘時間及以後所建立的前進勢頭。2025 年已過半，Claritev 確實在轉折之年取得了豐碩成果，正如您從我們今天早上發布的收益報告中看到的那樣，2025 年的同比收入增長支持了我們全年指導價的提高。

I want to start off the call reiterating our guiding principles: clarity of purpose, alignment of talent and focus on results and how they shape the value we deliver to our clients as a fit-for-growth organization and allow us to think big when it comes to the healthcare ecosystem. These are driving the results you are seeing and supporting our full year expectations and the way up heading into next year. I will then walk through our market verticals and share key highlights for each. Finally, before turning the call over to Doug for a CFO update, I will provide some updates on our digital transformation, which is driving accelerated product development.

我想先重申我們的指導原則：明確目標、協調人才、專注於結果以及它們如何塑造我們作為一個適合成長的組織為客戶提供的價值，並讓我們在醫療保健生態系統方面有遠大的抱負。這些因素推動了您所看到的結果，並支持了我們對全年的預期以及明年的成長方向。然後，我將介紹我們的垂直市場並分享每個市場的關鍵亮點。最後，在將電話轉給 Doug 聽取 CFO 的最新進展之前，我將提供一些有關我們的數位轉型的最新進展，這將推動產品開發的加速。

We're pleased with our improved results and are building on the foundation of clarity alignment and focus heading into the second half of '25 and '26. We're clear on our purpose to make healthcare more affordable and transparent for all and thrilled with our new brand launch and progress. We have aligned the organization for growth around 6 market segments, 5 of which are new focus areas and continue to attract world-class technology, AI and sales talent. Finally, we're focused on our improved operating model and metrics, some of which you're starting to see in our reporting externally. We will continue to build on this foundation as we move forward.

我們對所取得的進步感到滿意，並將在清晰度、一致性和重點的基礎上為 25 年下半年和 26 年做好準備。我們的目標很明確，那就是讓醫療保健對所有人而言都更加實惠和透明，並且我們對我們的新品牌的推出和進步感到非常興奮。我們已圍繞 6 個細分市場調整組織結構以實現成長，其中 5 個是新的重點領域，並繼續吸引世界一流的技術、人工智慧和銷售人才。最後，我們專注於改進的營運模式和指標，其中一些您已經開始在我們的外部報告中看到。我們將在此基礎上繼續前進。

As I noted, we recently aligned to six focused market verticals, each with a clearly accountable leader and sales incentives to serve existing clients and new opportunity. This has significantly enhanced our ability to capture white space within existing clients, develop new logo relationships and expand our total addressable market. You're seeing that show up in results this quarter as we signed 9 new logos and closed on 135 opportunities and $16 million in annual contract value, achieving our quarterly targets.

正如我所指出的，我們最近針對六個重點市場垂直領域進行了調整，每個市場都有一位明確負責的領導者和銷售激勵措施來服務現有客戶和新機會。這大大增強了我們抓住現有客戶空白、發展新品牌關係和擴大整體目標市場的能力。您可以看到本季的業績，我們簽署了 9 個新標識，完成了 135 個機會，年度合約價值達到 1600 萬美元，實現了我們的季度目標。

We are improving our operating model to take in new ideas, evaluate those, prioritizing its product road maps and launch. Urgency is distilling the critical few from the many inputs and focusing on completion with organization and energy. In just three short months, we've been able to go from concept to contract with our partners at Burjeel in the Middle East. They see clear value with our advanced code editing products to produce efficiency, and this is a great example of a horizontal product serving a new vertical market.

我們正在改進我們的營運模式，以吸收新想法，對其進行評估，並確定其產品路線圖的優先順序並進行發布。緊迫性是從眾多投入中提煉出關鍵的少數，並集中精力有組織、有力度地完成。在短短三個月內，我們就從概念到與中東 Burjeel 的合作夥伴簽訂了合約。他們看到了我們先進的程式碼編輯產品在提高效率方面的明顯價值，這是水平產品服務新垂直市場的一個很好的例子。

We're happy to be returning to top line and bottom line growth this quarter. We are also seeing the growth in our pipeline development. During the first half of 2025, we created over $130 million in new pipeline, and as of the end of Q2, our pipeline increased 77% compared to the start of the year. The mix within the pipeline is consistent with our prior quarter with roughly half from existing client white space and the rest from net new opportunity.

我們很高興本季恢復了營業收入和利潤的成長。我們的管道開發也在不斷成長。2025 年上半年，我們創造了超過 1.3 億美元的新管道，截至第二季末，我們的管道比年初增加了 77%。通路內的組合與我們上一季一致，大約一半來自現有客戶空白，其餘則來自淨新機會。

We are confident in our foundation, principles and our fitness for growth. All the transformational changes we are making are organized, structured and producing results. The collective mindset of our entire associate base is zoned in on our five key pillars as we communicate the value of our broad base of products through each of our market verticals.

我們對我們的基礎、原則和成長適應性充滿信心。我們正在進行的所有變革都是有組織的、有結構的，並且正在產生成果。當我們透過每個垂直市場傳達我們廣泛的產品基礎的價值時，我們整個員工群體的集體思維都集中在我們的五大關鍵支柱上。

We have moved to a merit-based performance management approach and every level of the organization is aligned and measured against the key objectives of the company centered around world-class delivery, new market expansion and technology and data advancement. These, aligned with our market verticals, are creating real value.

我們已經轉向基於績效的績效管理方法，組織的每個層級都與公司圍繞世界一流的交付、新市場擴張以及技術和數據進步的關鍵目標保持一致和衡量。這些與我們的垂直市場一致，正在創造真正的價值。

Now let's take a look at Q2 in each of our 6 market verticals. I have told the team repeatedly to keep the main thing the main thing, and that is an intense focus on our existing core client base and product sets. Not only do they provide the majority of our revenue today, but we believe have material growth potential as we continue to innovate in other products and market verticals.

現在讓我們來看看我們 6 個垂直市場各自的第二季表現。我一再告訴團隊要把主要的事情放在第一位，那就是高度關注我們現有的核心客戶群和產品系列。它們不僅為我們提供了目前的大部分收入，而且我們相信，隨著我們在其他產品和垂直市場不斷創新，它們還具有巨大的成長潛力。

So let me start by talking about our core and historical client set. At the core of Claritev are our payor and TPA client relationships. Our teams remain steadfast in providing world-class service and solutions to not only maintain the current level of offerings but introduce new ones into the client white space, and our clients are seeing the value.

首先讓我來談談我們的核心和歷史客戶群。Claritev 的核心是我們的付款人和 TPA 客戶關係。我們的團隊堅定不移地提供世界一流的服務和解決方案，不僅保持當前的產品水平，而且還將新產品引入客戶的空白領域，我們的客戶也看到了其價值。

We're excited to share that we recently renewed a top 5 client for a five-year period ahead of schedule. That is on top of the top 20 clients that we renewed for five years earlier in Q2, which we announced on our last earnings call. We also had a nice organic sale with our ProPricer solution to an existing client for an incremental $6 million in annual contract value and a white space win with Data iSight. Our core is secure, and we aren't just holding on, but we are proactively seeking growth in this area.

我們很高興地告訴大家，我們最近提前與前五名客戶續約了五年合約。這是我們在第二季續簽五年合約的前 20 名客戶的基礎上做出的，我們在上次財報電話會議上宣布了這一消息。我們還透過 ProPricer 解決方案向現有客戶實現了良好的有機銷售，增加了 600 萬美元的年度合約價值，並透過 Data iSight 贏得了空白市場。我們的核心是安全的，我們不只是堅持，而且我們正在積極尋求這一領域的成長。

In our TPA segment, we're pleased to share that we've signed a significant agreement with an existing client that meaningfully expands its adoption of our network and analytics solutions. Most notably, this agreement includes the enterprise-wide deployment of BenInsights, replacing a key competitor's platform. This is a 10-year subscription-based contract with minimum total contract value of $81 million and carries additional upside potential of $20 million or more over the term.

在我們的 TPA 領域，我們很高興地告訴大家，我們已經與現有客戶簽署了一項重要協議，這將顯著擴大其對我們的網路和分析解決方案的採用。最值得注意的是，該協議包括在企業範圍內部署 BenInsights，以取代主要競爭對手的平台。這是一份為期 10 年的訂閱式合同，最低合約總價值為 8100 萬美元，並且在整個合約期限內具有 2000 萬美元或更多的額外上漲潛力。

Importantly, this marks the largest win to date for BenInsights in our Data & Decision Science suite, underscoring the growing demand and competitive strength of our solutions in the marketplace. This is how I see the market starting to evolve with subscription-based pricing, bundling licensed software solutions with licensed software support like BenInsights. This allows us to continue to build a predictable recurring revenue base while also aligning with our clients and partners on upside potential and value sharing. I'm also very excited to note we are attracting new clients as well with five new payor and TPA logos in Q2, including a new blue client logo win.

重要的是，這是 BenInsights 在我們的數據和決策科學套件中迄今為止的最大勝利，凸顯了我們的解決方案在市場上日益增長的需求和競爭力。這就是我看到的市場開始以基於訂閱的定價方式發展，將許可軟體解決方案與 BenInsights 等許可軟體支援捆綁在一起。這使我們能夠繼續建立可預測的經常性收入基礎，同時與我們的客戶和合作夥伴在上升潛力和價值共享方面保持一致。我也非常高興地註意到，我們在第二季度透過五個新的付款人和 TPA 標誌吸引了新客戶，其中包括一個新的藍色客戶標誌。

The broker and employer market continues to seek innovative solutions to manage healthcare costs while improving employee satisfaction and outcomes. Key milestones in Q2 in this market include hosting our first regional Claritev Broker Summit. 11 organizations attended the conference, which yielded over $1 million in new pipeline and closed opportunity.

經紀人和雇主市場繼續尋求創新解決方案來管理醫療保健成本，同時提高員工滿意度和成果。市場第二季的關鍵里程碑包括舉辦我們的第一屆區域 Claritev 經紀人高峰會。 11 個組織參加了此次會議，帶來了超過 100 萬美元的新管道和已達成的機會。

We are here and more aggressively pushing the competition. We also launched a premier broker incentive program targeting top national brokers to drive a greater reach for our products, including VDHP. We also won a new logo and closed our second direct-to-employer win, which will serve as our pilot client to build and test new integrated functions for our BenInsights product with Oracle Human Capital Management. This is an exciting early development for us.

我們在這裡，並且更加積極地推動競爭。我們還推出了針對全國頂級經紀人的頂級經紀人激勵計劃，以擴大我們的產品（包括 VDHP）的影響力。我們還贏得了一個新標識，並贏得了我們的第二個直接面向雇主的勝利，該雇主將作為我們的試點客戶，與 Oracle 人力資本管理一起構建和測試我們的 BenInsights 產品的新集成功能。對我們來說，這是一個令人興奮的早期發展。

When I joined the company over a year ago, it was immediately apparent to me the value our talent and solutions could bring to the provider market, particularly in rural America, where healthcare providers seek transparency and analytics solutions to optimize their operations and financial performance.

一年多前，當我加入公司時，我立即意識到我們的人才和解決方案可以為醫療服務市場帶來價值，特別是在美國農村地區，那裡的醫療保健提供者尋求透明度和分析解決方案來優化其營運和財務表現。

Since we launched into the provider market, we formed an alliance with the National Rural Health Association, tested our thesis with several pilot programs and eventually developed our CompleteVue platform, which provides comprehensive transparency analytics that help providers understand their position in the market and optimize their cost structure.

自從我們進入供應商市場以來，我們就與國家農村衛生協會結成了聯盟，透過幾個試點計畫測試了我們的論點，並最終開發了我們的 CompleteVue 平台，該平台提供全面的透明度分析，幫助供應商了解他們在市場中的地位並優化他們的成本結構。

I'm excited to announce that in Q2, we signed three new provider logos, selling not only CompleteVue, but network access and other data analytics products. Our pipeline is continuing to grow as we aggressively go to market and bring value to providers across the country.

我很高興地宣布，在第二季度，我們簽署了三個新的供應商標誌，不僅銷售 CompleteVue，還銷售網路存取和其他資料分析產品。隨著我們積極進軍市場並為全國各地的供應商帶來價值，我們的產品線也不斷擴大。

Next, international expansion represents a significant growth opportunity with overseas healthcare challenges being similar to those in the US. It represents another market vertical where our products and solutions can provide immediate value. Claritev's solutions in the Middle East, North Africa region provide improvement in claims and payment accuracy, reduction in burdensome appeals, reduction in administrative resources, transparency to all parties and standard and custom population health insights.

其次，國際擴張代表著一個巨大的成長機會，海外醫療保健面臨的挑戰與美國類似。它代表了另一個垂直市場，我們的產品和解決方案可以在其中提供直接的價值。Claritev 在中東和北非地區的解決方案提高了索賠和支付的準確性，減少了繁瑣的上訴，減少了行政資源，為各方提供了透明度，並提供了標準和定制的人口健康見解。

As announced back in May, we've established an operational agreement with Burjeel Holdings and closed on our first contract with its subsidiary, Claims Care RCM, making our entry into key Gulf Cooperative Cooperation Council countries within MENA. The breadth of our service offerings is allowing this relationship to bear even more fruit as the two sides continue to explore other solutions and efficiencies that can be developed in the region.

正如 5 月宣布的那樣，我們已與 Burjeel Holdings 達成營運協議，並與其子公司 Claims Care RCM 簽訂了第一份合同，從而進入了中東和北非地區的主要海灣合作委員會國家。隨著雙方繼續探索在該地區可以開發的其他解決方案和效率，我們提供的服務範圍之廣將使這種關係結出更多碩果。

We also plan to use this model to expand our proven solutions to more new geographies and possibly develop new offerings that would be applicable back in the US market. US and state government healthcare programs also represent significant opportunities for our transparency and cost management solutions. Our vision is very much aligned with government initiatives on price transparency services and reducing fraud, waste and abuse. We stand ready to participate in meaningful discussions on thought leadership on these topics and execute on any such optimization projects and solutions.

我們還計劃利用這種模式將我們成熟的解決方案擴展到更多新的地區，並可能開發出可在美國市場應用的新產品。美國和州政府的醫療保健計劃也為我們的透明度和成本管理解決方案提供了重大機會。我們的願景與政府關於價格透明服務和減少詐欺、浪費和濫用的舉措非常一致。我們隨時準備好參與有關這些主題的思想領導力的有意義的討論，並執行任何此類優化項目和解決方案。

Finally, strategic partnerships are a key growth channel to create scale for our solutions and products. We continue to advance our partnership with Echo on payment offerings and signed 3 new clients in Q2. We are pursuing payments in a much more strategic and targeted way. The 3 wins this quarter were all competitive, and our value proposition and delivery capability stood out. The pipeline for this service is strong, and we are starting to see inbound requests for this service from our existing clients.

最後，策略合作夥伴關係是我們解決方案和產品實現規模化的關鍵成長管道。我們繼續推進與 Echo 在支付產品方面的合作，並在第二季簽署了 3 位新客戶。我們正在以更具策略性和針對性的方式尋求付款。本季的 3 場勝利都極具競爭力，我們的價值主張和交付能力脫穎而出。此項服務的管道非常強大，我們開始看到現有客戶對此服務的入站請求。

In addition to the Lantern partnership we announced on the last earnings call, we recently announced the integration of CompleteVue into the athena Marketplace. Now athenahealth's network of healthcare providers is empowered with CompleteVue's insightful analytics of publicly available pricing records. The latter relationship also highlights another strength of some of our partnerships, namely the ability to drive high inbound demand for our products versus active outbound prospecting.

除了我們在上次財報電話會議上宣布的與 Lantern 的合作關係之外，我們最近還宣布將 CompleteVue 整合到 Athena 市場中。現在，athenahealth 的醫療保健提供者網路已獲得 CompleteVue 對公開定價記錄的深入分析。後一種關係也凸顯了我們一些合作關係的另一個優勢，即能夠推動我們產品的高入站需求，而不是主動進行出站勘探。

This is also true for the accessibility of BenInsights within the Oracle HCM marketplace platform, where we have 7 active joint client efforts. These partnerships can provide highly aligned value for us and our partners. Success in all of our markets relies on scalable and reliable technology platform and continuous pipeline of innovative products and enhancements. That is why the transformational shifting of our technology infrastructure to Oracle Cloud Infrastructure is so critical to our long-term growth.

BenInsights 在 Oracle HCM 市場平台內的可近性也是如此，我們在該平台有 7 個活躍的聯合客戶努力。這些合作關係可以為我們和我們的合作夥伴提供高度一致的價值。我們在所有市場的成功取決於可擴展且可靠的技術平台以及持續的創新產品和增強功能。這就是為什麼我們的技術基礎架構向 Oracle 雲端基礎架構的轉型對我們的長期成長如此重要。

OCI has already shown 13% to 17% improvement in our client response time and upload and download speed as compared to prior on-premise processes. This creates a more stable environment for our solutions as we scale across multiple market verticals and geographies and allows us to innovate faster while delivering enhanced value to clients. We are on schedule for the completion of the migration project before the end of the year.

與先前的內部流程相比，OCI 已經顯示出我們的客戶回應時間和上傳和下載速度提高了 13% 到 17%。隨著我們擴展到多個垂直市場和地區，這為我們的解決方案創造了更穩定的環境，並使我們能夠更快地創新，同時為客戶提供更高的價值。我們計劃在年底前完成遷移專案。

Both our partnership with Oracle and the recent hiring of a new Chief AI Officer, Fernando Schwartz, will accelerate our AI strategy and enable us to deliver new products to market faster, at scale and for less cost. AI is undeniably a transformational force that will change how we work across all industries.

我們與 Oracle 的合作以及最近聘請的新首席人工智慧長 Fernando Schwartz 將加速我們的人工智慧策略，並使我們能夠更快、更大規模、更低成本地將新產品推向市場。不可否認，人工智慧是一股變革力量，它將改變我們在所有行業中的工作方式。

We already have a dozen active predictive AI initiatives with wide-ranging potential impact on operational productivity, revenue-generating models and risk modeling, to name a few, and our team will use it responsibly. We have a governance policy and process as well as having announced our membership in the Coalition for Health AI, which advances responsible development, deployment and oversight of AI in healthcare.

我們已經有十幾個活躍的預測性人工智慧計劃，對營運生產力、創收模型和風險建模等具有廣泛的潛在影響，我們的團隊將負責任地使用它。我們擁有一套治理政策和流程，並宣布加入健康人工智慧聯盟，該聯盟致力於推動醫療保健領域人工智慧的負責任開發、部署和監督。

All of this progress and being fit-for-growth allows us to think big. The impact of enhanced intelligence on the healthcare industry is closer than we think. Soon we can expect to see AI deliver autonomous coding, automated prior authorization and document processing tools that will reduce claim denials and accelerate reimbursements. These efficiencies create a trusted foundation that will soon support more patient-facing advances like AI that streamlines clinical documentation and decision support.

所有這些進步和適應成長的能力讓我們有遠大的志向。增強智能對醫療保健產業的影響比我們想像的更近。很快我們就能看到人工智慧提供自主編碼、自動預授權和文件處理工具，從而減少索賠拒絕並加快報銷。這些效率創建了一個值得信賴的基礎，很快就會支援更多面向患者的進步，例如簡化臨床文件和決策支援的人工智慧。

Imagine a world where the currently misaligned incentives start to come into balance with better data, clearer pricing, faster paths to free cash flow and less administrative burden. That world is possible, and we will be tracking alongside its development with solutions that harness and enhance these efficiencies.

想像一下這樣一個世界：目前不一致的激勵機制開始實現平衡，擁有更好的數據、更清晰的定價、更快的自由現金流途徑和更少的行政負擔。這個世界是可能的，我們將追蹤它的發展，並尋找利用和提高這些效率的解決方案。

With that, let me just say I'm having the most fun and I'm as motivated as I've ever been in my professional life. We have great clients, great people and great purpose. We are now starting to see great results. Put that together and our future is very bright.

有了這些，我只想說我玩得很開心，而且我像職業生涯中任何時候一樣有動力。我們擁有優秀的客戶、優秀的員工和偉大的目標。我們現在開始看到出色的成果。綜合起來，我們的未來將會非常光明。

I will turn the call over to Doug to walk through our Q2 financial performance, impact from the recently passed One Big Beautiful Bill Act as well as our updated full year guidance. We will then jump to Q&A before coming back to me for some closing remarks. Thank you.

我將把電話轉給 Doug，讓他介紹一下我們第二季度的財務業績、最近通過的「一項大美麗法案」的影響以及我們更新的全年指引。然後我們將進入問答環節，然後由我來做最後的總結發言。謝謝。

Thank you, Travis, and good morning, everyone. As I reflect on my first year at Claritev, I can confidently say that we are stronger, more focused and more energized than we were at this time last year. The clarity of our execution, the alignment across our teams and the focus embedded in our operating model are starting to deliver tangible results. Q2 is a key reason to believe that 2025 is really the turn, and I'm thrilled that we returned to a growth trajectory this quarter.

謝謝你，崔維斯，大家早安。當我回顧我在 Claritev 的第一年時，我可以自信地說，我們比去年這個時候更強大、更專注、更有活力。我們的執行清晰、團隊之間的協調以及營運模式的重點開始產生實際的成果。第二季是我們相信 2025 年真正轉折的關鍵原因，我很高興我們本季重回成長軌道。

I plan to cover selected Q2 and 1H financial highlights, and I will also give more color by service line as reflected in our supplemental earnings deck issued this AM, which continues to become more robust. I will also highlight the profound and positive impact from the passage of H.R. 1, the One Big Beautiful Bill Act. And finally, I'll share an updated full year 2025 financial guidance before opening the call up for Q&A.

我計劃介紹部分第二季度和上半年的財務亮點，並且還將根據我們今天上午發布的補充收益報告中反映的服務線提供更多細節，該報告將繼續變得更加穩健。我還將強調 H.R. 1《一項偉大的美麗法案》通過後的深遠而積極的影響。最後，在開始問答環節之前，我將分享更新後的 2025 年全年財務指引。

Let's get right into the numbers. Total revenue in Q2 was $241.6 million, up 3.5% year-over-year and up 4.4% quarter-over-quarter. Year-to-date revenue came in at $472.9 million, which was above our internal planning, represented a 5.4% increase year-over-year, excluding the one client with known attrition, and is an early signal that our go-to-market momentum is building.

讓我們直接來看數字。第二季總營收為 2.416 億美元，年增 3.5%，季增 4.4%。年初至今的營收為 4.729 億美元，高於我們的內部計劃，年增 5.4%（不包括已知流失的一家客戶），這是我們進入市場的勢頭正在增強的早期信號。

Adjusted EBITDA was $154 million for the quarter and $296.1 million year-to-date, reflecting 5% and 0.9% growth, respectively. Corresponding EBITDA margins were 63.8% in Q2 and 62.6% year-to-date, healthy, stable and nicely tracking to the midpoint of 63% on a full year basis. The strength of our core offerings allows us to confidently invest and nurture our expanding portfolio of products, solutions and markets.

本季調整後的 EBITDA 為 1.54 億美元，年初至今為 2.961 億美元，分別成長 5% 和 0.9%。相應的 EBITDA 利潤率在第二季為 63.8%，年初至今為 62.6%，健康、穩定，並且與全年中點 63% 的水平持平。我們核心產品的優勢使我們能夠自信地投資和培育不斷擴大的產品、解決方案和市場組合。

During Q2, core revenue grew year-over-year and sequentially, led by the network-based service line and the nonrecurring revenue associated with a new commercial agreement in the Property & Casualty or P&C business. The analytics-based service line revenue grew 2.3% sequentially, and excluding the impact of one large client, grew 2.9% year-over-year with solid performance in both our core and our key growth areas of VDHP and D&DS. Further, we expect our largest product, Data iSight, to deliver mid-single-digit year-over-year growth on a full year basis in 2025.

第二季度，核心收入年增且環比成長，主要得益於基於網路的服務線以及與財產和意外險或 P&C 業務的新商業協議相關的非經常性收入。基於分析的服務線營收季增 2.3%，不包括一個大客戶的影響，年增 2.9%，我們的核心和關鍵成長領域 VDHP 和 D&DS 均表現穩健。此外，我們預計我們最大的產品 Data iSight 將在 2025 年全年實現中等個位數的年成長。

The Payment and Revenue Integrity service line delivered another great quarter, driven by volume growth and higher savings yield on process claims. Our AI-based Advanced Code Editing product, ACE, posted strong double-digit growth and is the solution we are broadly looking to enhance and deploy in international markets.

支付和收入完整性服務線又取得了一個出色的季度，這得益於業務量的成長和流程索賠的更高節省收益。我們基於人工智慧的高級程式碼編輯產品 ACE 實現了強勁的兩位數成長，是我們廣泛尋求在國際市場上增強和部署的解決方案。

Finally, a new commercial arrangement in the P&C business resulted in approximately $5 million of nonrecurring revenue benefit this quarter. We expect a total of about $15 million in nonrecurring in-year revenue for 2025, with similar quarterly benefits to Q3 and Q4. In our growth products, we are gaining momentum.

最後，財產和意外保險業務的新商業安排為本季帶來了約 500 萬美元的非經常性收入收益。我們預計 2025 年非經常性年度收入總計約為 1,500 萬美元，季度收益與第三季和第四季相似。在我們的成長產品方面，我們正在獲得發展動力。

Travis gave a brief overview, but it's worth reiterating our top line and funnel metrics. Our funnel grew at a mid-double-digit pace sequentially. We generated over $130 million in new pipeline during the first half of 2025, with the June 30 pipeline balance representing a 77% increase since January. We are now actively pursuing a multi-hundred million dollar opportunity set.

崔維斯做了簡要概述，但值得重申我們的頂線和漏斗指標。我們的漏斗連續以兩位數左右的速度成長。2025 年上半年，我們產生了超過 1.3 億美元的新管道，截至 6 月 30 日的管道餘額較 1 月增長了 77%。我們現在正在積極尋求價值數億美元的機會。

Importantly, our growth areas, VDHP and D&DS, represented $90 million or about 40% of the total sales pipeline. In total, we expect to book mid-single-digit percentage net incremental ACV this year, which will largely convert to revenue in 2026. Finally, we closed our largest ever BenInsights deal as part of a larger and unique enterprise agreement that will begin contributing meaningful recurring software subscription revenue in 2026.

重要的是，我們的成長領域 VDHP 和 D&DS 代表了 9,000 萬美元，約佔總銷售額的 40%。總體而言，我們預計今年的淨增量 ACV 將達到中等個位數百分比，這將在 2026 年轉化為收入。最後，我們完成了迄今為止最大的 BenInsights 交易，這是更大、更獨特的企業協議的一部分，該協議將於 2026 年開始貢獻有意義的經常性軟體訂閱收入。

We remain disciplined with our operating costs. Adjusted expenses grew just 8% in Q2 -- 0.8% in Q2. Personnel costs were higher due to talent and transformation-related investments, partially offset by lower expenses in facility, legal and professional fees. Importantly, we delivered revenue growth in Q2 with 3% fewer headcount year-over-year. Our multiyear transformation road map is pacing on schedule, and we're continuing to enhance our processes with the implementation of a business case office to prudently assess new investments.

我們對營運成本保持嚴格控制。調整後支出在第二季僅成長了 8%——第二季成長了 0.8%。由於與人才和轉型相關的投資，人事成本較高，但設施、法律和專業費用的降低部分抵消了這種影響。重要的是，我們在第二季度實現了收入成長，但員工人數比去年同期減少了 3%。我們的多年轉型路線圖正在按計劃進行，我們正在透過實施業務案例辦公室來繼續加強我們的流程，以審慎評估新投資。

So far during 2025, we shut down 4 facilities, streamlined product development through our Chief Medical Officer, Dr. Jigar Patel, who is now our Chief Product Officer, and we are still very much on pace to meet our multiyear 10% to 15% net cost reduction and free cash flow improvement goals that we previously stated.

截至目前，在 2025 年，我們關閉了 4 家工廠，透過首席醫療官 Jigar Patel 博士（現任首席產品官）簡化了產品開發，我們仍在穩步實現我們先前提出的多年 10% 至 15% 的淨成本削減和自由現金流改善目標。

In the near term, as we execute upon our transformation program, we may elect to increase investment in certain areas to help fuel growth, to develop new products and to accelerate entry into new markets.

短期內，隨著我們實施轉型計劃，我們可能會選擇增加某些領域的投資，以促進成長、開發新產品並加速進入新市場。

I wanted to take a moment to explain the profound and positive impact of H.R 1, the One Beautiful Bill Act, to our business. Its reinstatement of IRC 174, the immediate expensing of capitalized software development, will reduce our 2025 cash tax burden substantially. We believe the catch-up in current year impacts could result in $60 million to $90 million in free cash flow benefit this year and roughly $30 million benefit per year going forward. This alone improves our Vision 2030 free cash flow outlook by greater than $200 million over the next 5 years and provides us ample dry powder to execute against our Vision 2030 strategy.

我想花點時間解釋一下 H.R 1（《一個美麗法案》）對我們業務的深遠而積極的影響。恢復 IRC 174，即立即將資本化軟體開發費用化，將大幅減輕我們 2025 年的現金稅負。我們認為，彌補今年的影響可能導致今年的自由現金流收益達到 6,000 萬至 9,000 萬美元，並且未來每年的自由現金流收益將達到約 3,000 萬美元。僅此一項就將使我們的「2030願景」自由現金流前景在未來5年內提高2億多美元，並為我們執行「2030願景」策略提供了充足的資金。

We will continue to assess the other business impacts from H.R 1, including the indirect effects of the changes to Medicaid eligibility and funding. Although Medicaid-related revenues currently account for approximately 0.5% of our total revenue, we are closely analyzing the implementation of H.R 1's Medicaid provisions to proactively minimize any potential negative impact.

我們將繼續評估 H.R 1 對其他業務的影響，包括醫療補助資格和資金變化的間接影響。儘管醫療補助相關收入目前約占我們總收入的 0.5%，但我們正在密切分析 H.R 1 醫療補助條款的實施情況，以主動將任何潛在的負面影響降至最低。

A key focus area is the impact on rural health providers in the bill's Rural Health Transformation or RHT provision. We will continue to work collaboratively to leverage data-driven insights to optimize their financial position considering anticipated Medicaid shortfalls.

一個重點關注領域是該法案的農村衛生轉型或 RHT 條款對農村衛生提供者的影響。考慮到預期的醫療補助短缺，我們將繼續合作利用數據驅動的洞察力來優化他們的財務狀況。

On to guidance. Based on first half performance, we are raising full year revenue guidance to flat to up 2% versus prior year and maintaining our adjusted EBITDA margin guidance range of 62.5% to 63.5%. Given the revenue raise in H.R 1, we are also raising the midpoint of our free cash flow guidance range from a use of $70 million to flat for the year. By year-end, we are targeting a full repayment of our revolver borrowing used to fund our well-timed debt refinancing completed at the end of January.

繼續指導。根據上半年的業績，我們將全年營收預期上調至與上年持平或成長 2%，並將調整後的 EBITDA 利潤率預期範圍維持在 62.5% 至 63.5%。鑑於 H.R 1 的收入增加，我們也將自由現金流指導範圍的中點從 7,000 萬美元提高到全年持平。到年底，我們的目標是全額償還用於資助我們在一月底完成的適時債務再融資的循環借款。

We expect to end the year with net debt leverage under 8x. We are continuing to earn back trust. We are hitting our financial stride, and we're making key investments now to fund growth in coming years.

我們預計今年底淨債務槓桿率將低於 8 倍。我們正在繼續贏回信任。我們的財務狀況正在取得進展，我們正在進行重點投資，為未來幾年的成長提供資金。

I want to end my comments by sharing that we have seen meaningful share price and debt fair value recovery in the first half of 2025. We ended the first half as one of the top 15 performing small-cap stocks in the U.S. public equity markets. We are also delighted to be reindexed and reenter the Russell 2000 and several other related indices at the end of June.

最後，我想分享的是，我們在 2025 年上半年看到了股價和債務公允價值的顯著回升。上半年，我們已成為美國公開股票市場表現最好的 15 檔小型股之一。我們也很高興在 6 月底重新納入羅素 2000 指數和其他幾個相關指數。

Finally, the weighted average pricing of our long-term debt portfolio, primarily publicly traded debt instruments, improved nearly 1,000 basis points between year-end 2024 and June of 2025. I'll end by saying that the financial foundation we've rebuilt this year is strong, and I'm pleased with the print this quarter.

最後，我們的長期債務組合（主要是公開交易的債務工具）的加權平均定價在 2024 年底至 2025 年 6 月期間提高了近 1,000 個基點。最後我想說的是，我們今年重建的財務基礎非常強勁，我對本季的業績感到滿意。

With that, Sami, will you kindly open up the call for questions?

薩米，您願意開始提問嗎？

(Operator Instructions)

（操作員指示）

Joshua Raskin, Nephron Research.

Joshua Raskin，腎元研究。

Hey, good morning, guys. This is actually Marco on for Josh. I appreciate you taking the question. Just wanted to see if you could further parse out some of the drivers of the revenue and EBITDA outperformance this quarter. Maybe parse it out by newly signed versus ongoing businesses and then the one-timers as well. It sounded like there were some one-timers in the Network Services segment. And then it would also be helpful if you could parse that out for what are the drivers of the guidance increase today as well?

嘿，大家早安。這實際上是馬可 (Marco) 為喬希 (Josh) 表演的。感謝您回答這個問題。只是想看看您是否可以進一步分析本季營收和 EBITDA 表現優異的一些驅動因素。也許可以透過新簽約的業務與正在進行的業務以及一次性的業務來進行分析。聽起來網路服務部門有一些一次性事件。然後，如果您能分析出今天指導增加的驅動因素是什麼，那也會很有幫助嗎？

Yes, sure. Maybe I'll start with the easiest question, which is the driver of the increase, and it's simply the performance of the underlying business. And so we're halfway through the year. We feel really good about the core and the foundation. I think in some of the new supplemental materials, we've provided a little bit more color to help underscore the fact that our core business has stabilized.

是的，當然。也許我會從最簡單的問題開始，即成長的驅動力，它只是基礎業務的表現。今年已經過去一半了。我們對核心和基礎感到非常滿意。我認為在一些新的補充資料中，我們提供了一些更多的色彩來幫助強調我們的核心業務已經穩定的事實。

With respect to revenue and EBITDA in the quarter, we've seen meaningful pickup in our savings and revenue per claim, and we actually have done some pretty meaningful internal optimization work within our analytics and payment and revenue integrity space to extract more value per claim.

就本季的收入和 EBITDA 而言，我們看到每項索賠的節省和收入都有顯著回升，而且我們實際上在分析、支付和收入完整性領域做了一些非常有意義的內部優化工作，以從每項索賠中獲取更多價值。

So on the revenue front, most of the outperformance that we've experienced through the first half of the year is largely due to, I think, things we've communicated over the last few quarters, which is our core business is actually stabilized and performing quite well.

因此，在收入方面，我認為，我們在今年上半年所經歷的優異表現很大程度上歸功於我們在過去幾個季度所傳達的信息，即我們的核心業務實際上已經穩定下來，並且表現相當良好。

And then when we think about EBITDA, part of the pickup is the improved revenue, of course. And then we did have a onetime -- we had a onetime nonrecurring revenue pickup from a commercial agreement we signed in P&C. But then also, we're doing a really good job managing our controllable costs. I mentioned we've shut several facilities. We're operating with less headcount than we did year-over-year. And we're actually purposely investing in new leadership and new talent to get fit-for-growth.

然後，當我們考慮 EBITDA 時，當然，部分成長是收入的增加。然後我們確實有一次性收入——我們從與 P&C 簽署的商業協議中獲得了一次性非經常性收入。但同時，我們在管理可控成本方面也做得非常好。我提到我們已經關閉了幾個設施。我們的員工人數比去年同期減少。事實上，我們正​​在刻意投資新的領導力和新的人才，以實現成長。

And then I think you'll continue to see the reason why we still have a wide kind of guide range. As the business recovers and we move forward, that gives us the flexibility to continue to invest to accelerate growth. But on the expense side, it's managing our business in real-time and having strong accountability between our leadership team.

然後我想你會繼續看到為什麼我們仍然有廣泛的指導範圍。隨著業務復甦和我們不斷前進，我們可以靈活地繼續投資以加速成長。但在費用方面，它即時管理我們的業務，並在我們的領導團隊之間建立強有力的責任制。

Great. And then I guess just to pivot a little bit. We've been hearing a lot about increasing friction between payors and providers, especially in terms of provider upcoding or payor denials or downgrades. So I was just wondering if you could speak a little bit to your view of the current environment, whether there's been any changes that you've seen that are noticeable, and whether you see any incremental opportunities across your lines of business as a result of that increasing tension?

偉大的。然後我想只需要稍微轉變一下。我們聽到了很多關於付款人和提供者之間摩擦日益加劇的消息，特別是在提供者升級或付款人拒絕或降級方面。所以我只是想知道您是否可以稍微談談您對當前環境的看法，您是否看到任何明顯的變化，以及您是否看到由於緊張局勢加劇而給您的業務線帶來了任何增量機會？

Yeah. This is Travis. I don't think it's any surprise to anybody that's on the call that healthcare has some misaligned incentives, and that continues to be true. I think there's always been some level of friction there that's existed. Our view hasn't changed. I mean, we still view lot of opportunity for transparent products.

是的。這是特拉維斯。我認為，對於任何參加電話會議的人來說，醫療保健存在一些不一致的激勵措施並不奇怪，而且這種情況仍然如此。我認為那裡一直存在著某種程度的摩擦。我們的觀點沒有改變。我的意思是，我們仍然認為透明產品有很多機會。

We think that it's important, it matters. We still think that there's a mutual interest that exists. I actually see cooperation on things like prior authorization and some other areas that would be more efficient and create more efficiency.

我們認為這很重要，這很重要。我們仍然認為存在著共同的利益。我確實看到了在事先授權和其他一些領域的合作，這些合作將會更加高效，創造更高的效率。

So although it's been some natural, I would say, trying to parse out what's going on with some of the recent legislation, I think many of the challenge still exists around affordability, transparency and quality. And I think that the problem set and the opportunities are very much right in front of us.

因此，我想說，儘管試圖分析最近的一些立法的情況是很自然的，但我認為在可負擔性、透明度和品質方面仍然存在許多挑戰。我認為問題和機會就在我們面前。

We've also -- Doug didn't note, but I think we had strong growth in our Payment and Revenue Integrity business, and we see that as a continued trend, I think, over time, really combating fraud, waste and abuse as we go forward and are very aligned with that. We think our products are a good fit for that. So we're going to continue to serve, and we think we have a role to play across the ecosystem.

我們也——道格沒有提到，但我認為我們的支付和收入誠信業務實現了強勁增長，而且我們認為這是一個持續的趨勢，我認為，隨著時間的推移，我們將真正打擊欺詐、浪費和濫用，並且與此保持一致。我們認為我們的產品非常適合這一點。因此，我們將繼續提供服務，我們認為我們在整個生態系統中可以發揮作用。

Great, thanks for all the calling

太好了，謝謝大家的來電

Daniel Grosslight from Citigroup.

花旗集團的丹尼爾‧格羅斯萊特。

Hi guys, thanks for taking the question and congrats on the great results here. It's nice to hear all the momentum in your pipeline, but it sounds like most of the pipeline, at least the new wins in the pipeline, really are going to convert to revenue in 2026. I know you're not guiding to 2026 quite yet, but I was hoping you could maybe put a framework together for us on how we should be thinking about growth in '26. If core, ex the attrition, is growing kind of mid-single digits and you have all these big wins converting into revenue in '26, should we expect revenue growth to be closer to kind of the high single digits next year?

大家好，感謝您提出這個問題，並祝賀您取得的優異成績。很高興聽到你們的管道中充滿了動力，但聽起來大部分管道，至少是管道中的新勝利，真的會在 2026 年轉化為收入。我知道您還沒有為 2026 年做出規劃，但我希望您能為我們制定一個框架，告訴我們應該如何考慮 2026 年的成長。如果核心業務（不包括人員流失）的成長速度達到中等個位數，而所有這些重大勝利都轉化為 26 年的收入，那麼我們是否應該預期明年的營收成長將接近高個位數？

So when we had our recent Investor Summit in March, we had kind of put 2 flavors of what we think the business looks like in the short-term and the long-term. I would say make no mistake, our long-term plan is to grow this business substantially and ratably. And a big piece of that is having strong stable foundation in our core, which is still over 90% of our business.

因此，當我們在三月舉辦最近的投資者高峰會時，我們對短期和長期的業務前景提出了兩種看法。我想說的是，毫無疑問，我們的長期計劃是大幅、按比例地發展這項業務。其中很大一部分是我們的核心業務擁有強大而穩定的基礎，這部分業務仍占我們業務的 90% 以上。

I think why we're taking a little bit cautious of approach is because we want to see a couple of more quarters of progression in our core business. Part of the reason why we provided some supplemental materials in our earnings call is to demonstrate the business has stabilized. And we have talked through the one known customer attrition issue, which I think we've played through incredibly well.

我認為我們採取謹慎態度的原因是我們希望看到核心業務在未來幾季取得進展。我們在財報電話會議上提供一些補充資料的原因之一是為了證明業務已經穩定下來。我們已經討論過一個已知的客戶流失問題，我認為我們已經很好地解決了這個問題。

To your point, we're planning on booking mid-single-digit ACV this year, which will largely convert to revenue next year. We've also secured a good part of our contract base for a multiyear period. And so we're getting all the ingredients ready to enter into a larger growth mode.

正如您所說，我們計劃今年實現中等個位數的 ACV，這將在很大程度上轉化為明年的收入。我們也獲得了大量多年期合約。因此，我們正在做好一切準備，以進入更大的成長模式。

We do want to see maybe one or two quarters more play out with a foundation and revenue retention in our core business. I think really importantly, when you look at our funnel, about half of our funnel is existing white space. And so we have over 300 opportunities on our multi-hundred million dollar funnel and half of them are within our, call it, top 20 to 50 customers, which represents much more selling opportunity, which kind of reaffirms our planning algorithm that we re-underwrote our debt through our refinancing and we communicated in the spring.

我們確實希望看到我們的核心業務能夠再打下基礎並保留收入，或許還有一兩個季度。我認為真正重要的是，當你查看我們的漏斗時，大約有一半的漏斗是現有的空白。因此，我們在數億美元的漏斗上有超過 300 個機會，其中一半在我們的前 20 到 50 名客戶中，這代表著更多的銷售機會，這再次證實了我們的規劃演算法，即我們透過再融資重新承銷了債務，我們在春季進行了溝通。

All that said, I think it's fair to assume that most of the mid-single-digit growth converts to revenue next year. But I think we would be in a much better position in a quarter or two. And certainly, we can follow-up with some details after this call to walk you through how you might want to think about '26 from a modeling perspective.

儘管如此，我認為可以合理地假設，大部分中等個位數的成長將在明年轉化為收入。但我認為，一兩個季度後我們的處境會好得多。當然，我們可以在這通電話後跟進一些細節，指導您如何從建模的角度思考 26 年。

Yes, yes, that makes sense. And perhaps it's a similar answer to my next question, but it does seem like the guidance for the remainder of the year is quite conservative, effectively a bit of a sequential decline from the first half of '25 to the second half of '25 on revenue. It doesn't sound like there's much renewals coming up or attrition like that in the second half, and it does sound like the onetime revenue that occurred this quarter is going to repeat ratably over the next couple of quarters. So I'm just curious why shouldn't we see more revenue growth in the second half of the year?

是的，是的，這很有道理。也許這與我的下一個問題的答案類似，但看起來對今年剩餘時間的預期相當保守，實際上從 2025 年上半年到 2025 年下半年的收入出現了環比下降。聽起來下半年不會出現太多續約或類似的人員流失，而且聽起來本季發生的一次性收入將在接下來的幾季中按比例重複。所以我很好奇為什麼我們不應該在下半年看到更多的收入成長？

Yeah. So I would say two comments. First, I think this might be the first beat and raise that we've done. So we want to achieve 100% of our say-do ratio. I would tell you, internally, we're planning near the top end of the guide range.

是的。因此我想說兩點意見。首先，我認為這可能是我們第一次擊敗並提高。因此，我們希望實現 100% 的言行一致。我想告訴你，在內部，我們的計畫接近指導範圍的上限。

All right, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指示）

Derek Grosslight from Piper Sandler.

派珀‧桑德勒 (Piper Sandler) 的德里克‧格羅萊特 (Derek Grosslight)。

Hi guys, thanks for the question and congrats on the quarter. Congrats on the quarter. My question is on the IDR process. What's your market share there? What role do you play? And could you just elaborate on what the revenue model is?

大家好，感謝您的提問，並祝賀本季取得佳績。恭喜本季。我的問題是關於 IDR 流程的。你們在那裡的市佔率是多少？你扮演什麼角色？能詳細說明一下收入模式嗎？

Yes. So in the IDR space, I'm not quite sure. It's probably hard to get to a market share, and we can probably follow-up on that. But we do IDR incredibly well. Some of our largest customers use our IDR process. And we actually have been working on some -- I had mentioned some automation and tooling. On our surprise bill, our post-payment negotiation IDR performance is actually up substantially.

是的。因此，在 IDR 領域，我不太確定。獲得市場份額可能很難，我們或許可以對此進行跟進。但我們的 IDR 表現非常好。我們的一些最大客戶使用我們的 IDR 流程。事實上，我們一直在研究一些——我曾經提到過一些自動化和工具。在我們的意外帳單中，我們的付款後談判 IDR 表現實際上大幅上升。

So when we look at the performance of our business, even since the first half of the year, our gross receipts are actually up 25% and we've improved outcomes by 30%. I think we can share some follow-up kind of independent research that shows our comparative performance versus our peers. But I think CMS data as of June ranks Claritev as a top performer with greater than a 22% win rate, which is substantially better than, I would say, our next one or two compares.

因此，當我們回顧我們的業務表現時，即使自今年上半年以來，我們的總收入實際上已經成長了 25%，並且我們的表現提高了 30%。我認為我們可以分享一些後續的獨立研究，以顯示我們與同儕的比較表現。但我認為，截至 6 月的 CMS 數據將 Claritev 評為表現最佳的公司，勝率超過 22%，比我們接下來的一兩個比較結果好得多。

And then very importantly, one of the things that we'll tee up here, maybe even on our next earnings call, is our approach and our thought process to AI. So when you look at AI and use cases and agents, there is a ton of automation that Fernando and team will be doing internally to help us automate processes and work with Jerry Hogge and our general managers. And then we're also going to have a point of view on what we think the future of AI is relative to the business. But this is a perfect category for us to focus on automation.

然後非常重要的是，我們將在這裡討論的事情之一，甚至可能是在下一次財報電話會議上，是我們對人工智慧的方法和思考過程。因此，當您查看人工智慧和用例和代理程式時，Fernando 和團隊將在內部進行大量自動化工作，以幫助我們實現流程自動化並與 Jerry Hogge 和我們的總經理合作。然後，我們也將對人工智慧相對於商業的未來有一個看法。但對於我們專注於自動化來說，這是一個完美的類別。

And then with respect to the revenue model, I think we can maybe go into it a little bit in detail after the call. But we do work collectively with our clients to manage the IDR process. And I'll go into maybe the details of the revenue model with you in the follow-up call.

至於收入模式，我想我們可以在通話後詳細討論一下。但我們確實與客戶共同合作來管理 IDR 流程。我可能會在後續電話中與您討論收入模式的細節。

Okay. And then my follow-up is on Lantern. Could you just elaborate on if the partnership is live and some of the early returns you're seeing from it, if so?

好的。接下來我要關注的是 Lantern。您能否詳細說明合作關係是否有效，以及您從中看到的一些早期回報？

Yeah, I think we're -- look, we're early in that discussion. I mean, as we talked about last time, we think what they do is really important. We think specialty networks matter a lot. We think the work they're doing is well aligned to us, and it's an innovative idea for us to go and work on something like that.

是的，我認為我們——你看，我們才剛開始討論。我的意思是，正如我們上次討論的那樣，我們認為他們所做的事情非常重要。我們認為專業網絡非常重要。我們認為他們所做的工作與我們非常一致，對我們來說，從事這樣的工作是一個創新的想法。

So I think we're very early in that process. We'll be able to provide, I think, more color on the revenue contribution over time, yes.

所以我認為我們正處於這個過程的早期階段。是的，我認為，隨著時間的推移，我們將能夠提供更多關於收入貢獻的資訊。

It was very small this quarter. I think as we start to activate deals and as we establish our kind of partnership go-to-market channel, I think we'll have a lot more meat on the bone. But whether it's Lantern or Echo or some of the other meaningful go-to-markets with Oracle and athena, I think the point of those is you don't have to hire a whole bunch of new sales people to get your products to market.

本季規模非常小。我認為，隨著我們開始啟動交易並建立我們的合作夥伴關係進入市場管道，我們將擁有更多實質內容。但無論是 Lantern 還是 Echo，或者像 Oracle 和 athena 這樣的一些其他有意義的市場推廣方式，我認為它們的意義在於你不必僱用一大批新的銷售人員來將你的產品推向市場。

Yeah. And I'll just add a color or commentary of, I call partnerships the land of interesting conversations if you don't focus and execute. So kind of what I said in my prepared comments, our team hears from me every day to move faster with more urgency, but the idea of urgency is really about picking the right thing and getting behind it.

是的。我只是想添加一點色彩或評論，如果你不集中精力和執行，我稱合作關係為有趣對話的土地。正如我在準備好的評論中所說的那樣，我們的團隊每天都聽到我要求我們更加緊迫地加快步伐，但緊迫性實際上是指選擇正確的事情並支持它。

And so we brought in a new person to run the partnership program, who's very, very talented, who's, I think, doing a great job of helping us align more clearly on the critical few to where we can better size those partnerships, the market potential and demonstrate revenue contribution for all of you that are keeping track. That's why we made it its own market vertical. That is actually one of our verticals, so we can focus on it more versus just cover the field.

因此，我們聘請了一位新人來負責合作夥伴計劃，他非常非常有才華，我認為，他出色地幫助我們更清晰地協調幾個關鍵問題，以便我們能夠更好地確定這些合作夥伴關係的規模、市場潛力，並向所有關注的人們展示收入貢獻。這就是我們將其打造為獨立垂直市場的原因。這實際上是我們的垂直領域之一，因此我們可以更加專注於此，而不僅僅是覆蓋該領域。

Great, thank you so much.

太好了，非常感謝。

We currently have no further questions. So I'd like to hand back to Travis Dalton for some closing remarks.

目前我們沒有其他問題。因此，我想把最後的發言交還給特拉維斯·道爾頓 (Travis Dalton)。

Okay. So thanks, everyone, for your time. We appreciate it. Just a couple -- just a minute or two of closing here. So I had the question earlier, but my view is healthcare continues to be complex and opaque and costs are continuing to rise. We think technology, products and services that bring value to those challenges are going to be important. Those challenges are really what's driving us as we work on affordability, transparency and quality, and all of our people know that's what we're here to do.

好的。謝謝大家抽出時間。我們對此表示感謝。只需幾分鐘——只需一兩分鐘就可以結束。我之前有這個問題，但我的觀點是醫療保健仍然複雜且不透明，而且成本持續上升。我們認為，能為這些挑戰帶來價值的技術、產品和服務將會非常重要。這些挑戰正是我們致力於提高可負擔性、透明度和品質的動力，我們所有員工都知道這就是我們要做的工作。

I think that's what sets us apart, is we don't just do one thing narrowly, that we provide a suite of solutions that can work across the value chain to provide access to care with our networks, deliver insights with our products, pricing and risk, and tools that can really help providers and employers increase revenue and reduce cost. And we have a very aligned business model with our clients. We win only if they win.

我認為這就是我們與眾不同的地方，我們不只是狹隘地做一件事，我們提供一套可以在整個價值鏈中發揮作用的解決方案，透過我們的網絡提供醫療服務，透過我們的產品、定價和風險提供見解，以及可以真正幫助供應商和雇主增加收入和降低成本的工具。我們與客戶有著非常一致的商業模式。只有他們勝利，我們才能勝利。

And so challenges are many. We're going to -- everyone here knows as a consumer of healthcare, we need to improve healthcare economics. As we build the foundation, we've also been focused on getting the company fit, laying the foundation, leaning into the turn, and all of our people understand our story and what we're trying to achieve here in generating hard return on investment.

因此挑戰很多。我們將會－在座的各位都知道，身為醫療保健的消費者，我們需要改善醫療保健經濟。在我們建立基礎的同時，我們也一直致力於讓公司健康發展，奠定基礎，迎接轉變，我們所有的人都了解我們的故事以及我們在創造投資回報方面所努力實現的目標。

So we shared a lot of information today, and I'll just close really by saying we're delivering on our promises. As Doug said, the say-do ratio -- our say-do ratio is going to be high, and we demonstrated this with Q2 and first half 2025 revenue growth supporting our raised outlook and full year top line and bottom line guidance.

因此，我們今天分享了很多訊息，最後我只想說，我們正在兌現我們的承諾。正如道格所說，我們的言行比率將會很高，我們透過第二季和 2025 年上半年的營收成長證明了這一點，這支持了我們上調的前景以及全年營收和利潤指引。

Significant organic and white space wins with the renewal of top 5 and the top 20 client for 5-year periods, 9 new logos across multiple market segments, diversifying the business and a record-setting enterprise subscription.

透過續簽 5 年期前 5 名和前 20 名客戶、在多個細分市場推出 9 個新標誌、實現業務多元化以及創紀錄的企業訂閱量，獲得了顯著的有機增長和空白。

So we're delivering on the turn in '25 with strong financial performance and discipline and a growing pipeline. We're excited about the momentum and the way forward into '26 and beyond. And we remain very confident in our ability to drive sustainable growth here and very proud of the hard work that our people are doing and the belief and the dedication that they get up with every single day to serve our clients, which is ultimately what matters most.

因此，我們憑藉強勁的財務業績和紀律以及不斷增長的管道在 25 年實現了轉型。我們對 26 年及以後的發展勢頭和前進方向感到興奮。我們對我們在這裡推動永續發展的能力仍然充滿信心，並為我們員工的辛勤工作以及他們每天為服務客戶所抱持的信念和奉獻精神感到非常自豪，這才是最重要的。

And so with that, I'll close out the call, say we're really looking forward to the future, taking some big swings and going forward to improve healthcare. Thank you.

因此，我將以此結束本次電話會議，說我們真的期待未來，取得一些重大進展並繼續改善醫療保健。謝謝。

This concludes today's call. We thank everyone for joining. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝大家的加入。現在您可以斷開線路了。