Claritev Corp (CTEV) 2026 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Claritev Corporation Second Quarter 2026 Earnings Conference Call.

各位女士、先生，歡迎參加 Claritev Corporation 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

I would now like to turn the call over to Todd Friedman, Head of Investor Relations. Todd, you may begin.

現在我想把電話會議交給投資人關係主管 Todd Friedman。Todd，請開始。

Thank you, Mark. Good morning, everyone, and welcome to Claritev's Second Quarter 2026 Earnings Call. Joining me today are Travis Dalton, President and Chief Executive Officer, and Doug Garis, Chief Financial Officer. During our call, we will refer to the supplemental slide deck that is available in the Investors portion of our website, along with the second quarter 2026 earnings press release that we issued earlier this morning. Our remarks and responses to questions today will 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.

謝謝你，Mark。各位早安，歡迎參加 Claritev 2026 年第二季財報電話會議。今天與我一同出席的有總裁兼執行長 Travis Dalton，以及財務長 Doug Garis。在本次電話會議中，我們將參考補充簡報投影片（可於本公司網站的投資人專區取得），以及我們今天稍早發布的 2026 年第二季財報新聞稿。我們今天的發言與對提問的回覆將包含前瞻性陳述。這些前瞻性陳述僅代表管理層截至本次電話會議日期的信念與預期。由於多項風險因素，實際結果可能與這些前瞻性陳述存在重大差異。

A summary of these risks can be found on the second page of the supplemental slide deck and a more complete description in our annual report on Form 10-K and 10-Q and other documents that we've filed with the SEC. 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 the reconciliations to their comparable GAAP measures can be found in the earnings press release and in the supplemental slide deck. With that, I would now like to turn the call over to Travis.

這些風險的摘要可見於補充簡報投影片第二頁，更完整的說明則載於我們的 Form 10-K 與 10-Q 年度報告，以及其他已向美國證券交易委員會（SEC）提交的文件中。我們也將提及若干非 GAAP 衡量指標，我們相信這些指標能讓投資人更完整地理解 Claritev 的基本營運成果。這些非 GAAP 指標的說明，以及與其可比 GAAP 指標的調節表，可於財報新聞稿與補充簡報投影片中查閱。接下來，我想把電話會議交給 Travis。

Good morning. Thank you for joining us. We're pleased to announce another strong quarter for Claritev and continued progress on our turnaround journey. You are what your record says you are, and our results demonstrate that our strategy is working, our execution is strengthening, growth is returning, and we are building forward momentum across the business. The hard work and discipline over the last two years of laying the foundation of clarity, alignment, focus resulted in the turn last year, which has positioned us to take advantage of the opportunities in front of us. At our Investor Day in March, we introduced 2026 as the year of the way up, which is a return to sustainable growth in our multi-year transformation. The first half of the year has demonstrated that our strategy of driving horizontal solutions into vertical markets is working.

各位早安。感謝各位加入我們。我們很高興宣布 Claritev 再度交出強勁的一季，並在我們的轉型復甦之路上持續取得進展。你是什麼樣的人，就看你的成績單；而我們的成果證明，我們的策略正在奏效、執行力持續增強、成長正在回歸，且我們正在全公司建立向前的動能。過去兩年在清晰、對齊與聚焦等基礎上的努力與紀律，促成了去年的轉折，並使我們得以把握眼前的機會。在 3 月的投資人日上，我們將 2026 年定位為「向上之年」，也就是在多年轉型中重返可持續成長的一年。今年上半年已證明，我們將橫向解決方案導入垂直市場的策略正在奏效。

In addition to focusing on our core client solutions and attacking new markets, we're building leaders and a culture of growth at the company. I'm most proud of the way our people have embraced change and new opportunities to impact healthcare. We also have made thoughtful and smart investments in our technology, platforms, data architecture, and talent over the last two years. Our technology modernization positions us to quickly adapt and harness the power of new tools and technology like AI to bring more value to clients much faster. The organizations that have the knowledge and align structurally to unleash the potential of AI will be winners going forward. Our greatest asset is the knowledge and industry acumen we possess versus the competition.

除了聚焦核心客戶解決方案並開拓新市場外，我們也在公司內部培養領導者並打造成長文化。我最自豪的是，我們的同仁以何等方式擁抱變革與新機會，為醫療照護帶來影響。過去兩年，我們也在技術、平台、資料架構與人才方面進行了審慎且明智的投資。我們的技術現代化使我們能快速調整，並運用 AI 等新工具與新技術的力量，更快為客戶創造更高價值。未來，具備知識並在組織結構上對齊、以釋放 AI 潛力的組織將成為贏家。相較競爭對手，我們最大的資產是我們所擁有的知識與產業洞察力。

On today's call, I'll cover our strong second quarter results, the macro healthcare environment that demonstrates the challenges we are so good at tackling for consumers of healthcare, the continued progress and potential we see in AI. Let me begin with our Q2 performance, which exceeded our expectations on nearly every key metric. Revenue and adjusted EBITDA both came in above plan. We had another great bookings quarter, exceeding $70 million ACV for the first half of 2026. Well on our way to achieve our $100 million full year stretch target. Just as important, we're seeing larger deal sizes, broader contributions from our Claritev sales team, improving win rates, and a healthy and growing pipeline. Doug will give some color on the conversion cycle from booking to revenue. This quarter's business performance validates the foundation against the multi-year financial goals that we outlined at our Investor Day.

在今天的電話會議中，我將說明我們強勁的第二季成果、宏觀醫療照護環境（顯示出醫療照護使用者所面臨、而我們擅長協助解決的挑戰），以及我們在 AI 方面持續看到的進展與潛力。先從第二季表現談起：幾乎在每一項關鍵指標上都超出我們的預期。營收與調整後 EBITDA 均高於計畫。我們又迎來一個出色的簽約季度，2026 年上半年簽約 ACV 超過 7,000 萬美元。我們正穩步邁向全年 1 億美元的挑戰性目標。同樣重要的是，我們看到更大的交易規模、Claritev 銷售團隊更廣泛的貢獻、勝率提升，以及健康且持續成長的銷售管線。Doug 將補充說明從簽約到營收認列的轉換週期。本季的業務表現驗證了我們在投資人日所提出多年期財務目標的基礎。

I do want to highlight one area that we stressed on our first quarter earnings call, where we have ramped up our focus and brought in new leadership. That's the third party administrator or TPA business. The TPA vertical represented our largest contributor to second quarter bookings, with several seven-figure deals. Among them was Marpai, which selected our Payment and Revenue Integrity solutions for both prepay and post-pay claims. We also expanded adoption of our Network and advanced code editing solutions across the TPA market. Equally important is the breadth of our momentum with wins spanning large national TPAs, regional mid-market organizations, and technology-focused players. Our new segment leader, Dallas Scrip, has provided immediate energy to the business. We expect this segment to contribute roughly 30% of our total new bookings this year, second only to our payer segment. We also see an expanded opportunity in Medicare Advantage.

我確實想強調一個我們在第一季財報電話會議中提到的重點領域：我們已提升關注並引進新的領導團隊。那就是第三方管理機構（TPA）業務。TPA 垂直領域是第二季簽約的最大貢獻來源，包含數筆百萬美元等級的交易。其中之一是 Marpai，其選擇我們的付款與營收完整性（Payment and Revenue Integrity）解決方案，用於預付與事後支付的理賠。我們也在 TPA 市場擴大採用我們的 Network 與進階代碼編輯解決方案。同樣重要的是，我們的動能涵蓋範圍廣泛，勝出案例橫跨大型全國性 TPA、區域型中型市場組織，以及以科技為導向的業者。我們的新事業分部負責人 Dallas Scrip 已立即為業務注入活力。我們預期今年該分部將貢獻約 30% 的新增簽約，僅次於我們的付款方（payer）分部。我們也看到在 Medicare Advantage 方面更大的機會。

We recently signed a high six-figure ACV deal and new logo in the quarter to build an MA network. While not a significant revenue driver for us today, we believe it represents a meaningful long-term growth opportunity as plans increasingly seek solutions that improve payment accuracy, optimize networks, identify high-cost trends, and enhance provider performance. This is an example of the diversification strategy we set in motion over the past two years. We're beginning to see it translate into a broader, more durable growth profile. Taken together, our bookings momentum and revenue growth reinforce our confidence in the long-term strategy. Focus on our core solutions and faster innovation with our existing clients, expand aggressively across new vertical markets with those solutions, create new capabilities for launch that fit the cost reduction and transparency demand of the market.

我們近期在本季簽下一筆高六位數 ACV 的交易，並取得一個新客戶標誌（new logo），用以建置 MA 網路。雖然目前它對我們而言並非重要的營收驅動因素，但我們相信，隨著各計畫日益尋求能提升支付準確性、優化網路、辨識高成本趨勢並強化醫療提供者績效的解決方案，這將代表一個具意義的長期成長機會。這是我們在過去兩年啟動的多元化策略的一個例子。我們開始看到它轉化為更廣泛、更具韌性的成長輪廓。綜合而言，我們的簽約動能與營收成長強化了我們對長期策略的信心。聚焦核心解決方案並加速對既有客戶的創新；以這些解決方案積極擴展至新的垂直市場；打造符合市場對降本與透明度需求、可推出的新能力。

This strategy is starting to yield sustainable growth momentum that will allow us the financial flexibility to invest, drive down our debt leverage over time, improve operating leverage, and unlock free cash flow to maximize long-term value. I'd like to highlight several macro trends that continue in healthcare to make our mission of affordability and transparency so important. First, medical cost trends continue to rise, with medical inflation running between 8% and 10% annually, well above overall economic growth. Healthcare spending is almost 20% of U.S. GDP, creating significant pressure on employers, the government, and consumers. Claritev exists to help solve that problem, whether it's our Network providing access to predictable care, transparency solutions bringing insights, PRI solutions tapping waste, or Claims Intelligence driving cost savings. Simply put, we make healthcare more affordable for consumers.

這項策略正開始帶來可持續的成長動能，使我們具備財務彈性以進行投資、隨時間降低債務槓桿、提升營運槓桿，並釋放自由現金流以最大化長期價值。我想強調幾項在醫療照護領域持續存在的宏觀趨勢，使我們推動可負擔性與透明度的使命格外重要。第一，醫療成本趨勢持續上升，醫療通膨每年約在 8% 至 10% 之間，遠高於整體經濟成長。醫療照護支出接近美國 GDP 的 20%，對雇主、政府與消費者造成顯著壓力。Claritev 的存在就是為了協助解決這個問題，無論是我們的 Network 提供可預期照護的可近性、透明度解決方案帶來洞察、PRI 解決方案挖掘浪費，或是 Claims Intelligence 推動成本節省。簡而言之，我們讓醫療照護對消費者而言更可負擔。

Second, self-funded plan enrollment remains stable, and out-of-network claim volumes have remained in the mid 7% range over the last five years. Utilization is stable, but mix is shifting to higher cost areas such as emergency care, behavioral health, and specialty facilities, creating a durable demand environment for our Network, Payment Integrity, and No Surprises Act solutions. Third, the regulatory complexity persists with NSA IDR changes and reduced federal funding for several programs. These changes and challenges can only be met by nimble, scaled, technology-enabled companies like Claritev. Affordability and transparency remain central priorities for the federal government, aligning closely with our core capabilities and strategies. Let me highlight a key area where government intervention is most measurable, the 2022 introduction of the No Surprises Act and the independent dispute resolution process. The recently finalized IDR rules increased the operational and compliance requirements for both payers and providers.

第二，自籌型計畫的投保人數維持穩定，且在過去五年中，網外理賠量一直維持在約 7% 的中段區間。使用量穩定，但組合正轉向成本較高的領域，例如急診照護、行為健康與專科機構，為我們的 Network、Payment Integrity 與 No Surprises Act 解決方案創造了持久的需求環境。第三，隨著 NSA IDR 變更以及多項計畫的聯邦資金縮減，監管複雜性仍在持續。這些變化與挑戰只能由像 Claritev 這樣靈活、具規模且以科技賦能的公司來因應。可負擔性與透明度仍是聯邦政府的核心優先事項，與我們的核心能力與策略高度一致。我想強調一個政府介入最可衡量的關鍵領域：2022 年《No Surprises Act》以及獨立爭議解決（IDR）流程的推出。近期定案的 IDR 規則提高了付款方與提供者雙方在營運與合規方面的要求。

As those requirements grow, our scale, technology, and expertise become even more valuable. No company has demonstrated a greater ability to manage NSA claims at scale than Claritev. Our arbitration outcomes continue to outperform the industry by approximately eight percentage points, and we're seeing existing clients consolidate more of their NSA workflow onto our platform. The same dynamics are driving demand across our Payment and Revenue Integrity portfolio. As healthcare organizations face increasing pressure to reduce costs, identify fraud, waste, and abuse, and improve payment accuracy, our solutions become increasingly strategic. We're proud that Everest Group recently recognized Claritev as a leader in Payment Integrity, and wins like the Marpai engagement underscore the growing momentum we continue to see across this portfolio.

隨著這些要求增加，我們的規模、技術與專業能力變得更加有價值。在以規模管理 NSA 理賠方面，沒有任何公司展現出比 Claritev 更強的能力。我們的仲裁結果持續較產業平均高出約 8 個百分點，而且我們也看到既有客戶將更多 NSA 工作流程整合到我們的平台上。同樣的動態也正在推動我們 Payment 與 Revenue Integrity 產品組合的需求。隨著醫療照護組織面臨降低成本、辨識詐欺／浪費／濫用並提升支付準確性的壓力日益增加，我們的解決方案變得愈發具有策略性。我們很自豪 Everest Group 近期將 Claritev 認定為 Payment Integrity 領導者，而像 Marpai 合作案這樣的勝出也凸顯了我們在此產品組合上持續看到的成長動能。

Finally, let me turn to AI. We view artificial intelligence as an accelerator of both growth and operating leverage in an area where Claritev has built a meaningful competitive advantage. AI is only as valuable as the quality of the data behind it, the harness engineering engaged, the workflows it improves, and the trust users place in its recommendations. Those are areas where Claritev stands apart. Our multi-year digital transformation positioned us well before AI became today's headline. We have organized data, modern file-based workflow, and deep domain expertise that allows us to deploy AI responsibly and at scale. Today, we're already using AI across numerous models and production use cases to improve efficiency, accelerate decision-making, and deliver better outcomes for our clients. We have AI initiatives across all solutions and business functions, but I'll focus today on a few IDR examples where the need and the impact can be seen immediately.

最後，我想談談 AI。我們將人工智慧視為成長與營運槓桿的加速器，而 Claritev 在此領域已建立具實質意義的競爭優勢。AI 的價值取決於其背後資料的品質、所投入的工程能力、它所改善的工作流程，以及使用者對其建議的信任程度。這些正是 Claritev 脫穎而出的領域。我們多年的數位轉型在 AI 成為今日焦點之前就已讓我們做好準備。我們擁有整理完善的資料、現代化的檔案式工作流程，以及深厚的領域專業，使我們能以負責任且可規模化的方式部署 AI。今天，我們已在多個模型與正式上線的使用案例中運用 AI，以提升效率、加速決策並為客戶帶來更佳成果。我們在所有解決方案與業務職能上都有 AI 計畫，但今天我將聚焦於幾個 IDR 的例子，因為其需求與影響可立即看見。

If you listen to recent healthcare earnings calls or read any of the current articles related to NSA, you know that the system is being overwhelmed with volume that drives unnecessary administrative cost and delay. Payers, on behalf of employers, often have only a narrow window to validate claims, identify missing information, and screen out ineligible submissions. Our analysis indicates that nearly half of all IDR submissions are ineligible, highlighting a significant opportunity to use AI to improve efficiency and accelerate our clients' ability to respond quickly. This is where Claritev's combination of scale, data, and AI makes a meaningful difference. Over the past six months, we've launched AI-powered capabilities that automate provider data validation and ineligibility assessments, improving both speed and accuracy. We're also automating case creation for resubmission and enhancing predictive models that optimize pre-arbitration strategy.

如果你聽過近期醫療照護公司的財報電話會議，或閱讀任何與 NSA 相關的現行文章，你就會知道系統正被大量案件淹沒，導致不必要的行政成本與延遲。付款方代表雇主，往往只有很短的時間窗口來驗證理賠、辨識缺漏資訊並篩除不符合資格的提交。我們的分析顯示，幾乎一半的 IDR 提交不具資格，凸顯了運用 AI 提升效率並加速客戶快速回應能力的重大機會。這正是 Claritev 結合規模、資料與 AI 能產生實質差異之處。在過去六個月，我們推出了 AI 驅動的能力，可自動化提供者資料驗證與不具資格評估，同時提升速度與準確性。我們也在自動化建立重新提交案件，並強化可優化仲裁前策略的預測模型。

Together, these types of innovations reduce operating costs, improve outcomes, and resolve disputes earlier in the process, which is good for both parties. Finally, we operate in a highly competitive environment with large and growing challenges facing our clients. The need for more healthcare affordability and transparency has never been greater. Our strategy is delivering results, and we have the people, technology, data, and client relationships to capitalize on the opportunities to deliver right now and in the future. With that, let me turn the call over to Doug.

綜合而言，這類創新可降低營運成本、改善結果，並在流程更早階段解決爭議，對雙方都有利。最後，我們所處的環境競爭激烈，而客戶面臨的挑戰規模龐大且持續增加。對更高的醫療照護可負擔性與透明度的需求從未如此迫切。我們的策略正在帶來成果，而我們具備人員、技術、資料與客戶關係，能把握當前與未來的機會並交付成果。接下來，我把電話會議交給 Doug。

Thank you, Travis, and good morning, everyone. In Q2, we outperformed virtually all of our internal financial metrics for revenue, adjusted EBITDA, cash flow, and bookings or ACV. As Travis indicated in his opening remarks, we are executing against the key objectives necessary, and we are on track to deliver or exceed the multi-year financial targets we outlined at our March 26th Investor Day. We are encouraged by our first half results and the momentum we are carrying into the back half of the year. Total revenue in the quarter was $257.5 million, up 6.6% year-over-year. This marks the fifth straight quarter of year-over-year revenue growth and was our highest revenue quarter in 15 quarters back to Q3 of 2022. Growth in Q2 came primarily from our largest business, where we saw noted performance in the Claims Intelligence service line, especially within our NSA business.

謝謝你，Travis，各位早安。在第二季，我們在營收、調整後 EBITDA、現金流以及預訂（bookings）或 ACV 等幾乎所有內部財務指標上都表現優於預期。如 Travis 在開場所提到的，我們正在執行達成關鍵目標所需的各項工作，並按計畫交付或超越我們在 3 月 26 日投資人日所提出的多年期財務目標。我們對上半年成果感到振奮，也對我們帶入下半年的動能感到鼓舞。本季總營收為 2.575 億美元，年增 6.6%。這是連續第五季營收年增，也是自 2022 年第三季以來（回溯 15 個季度）我們最高的單季營收。第二季的成長主要來自我們最大的業務，我們在 Claims Intelligence 服務線上表現突出，尤其是在 NSA 業務方面。

Claims Intelligence was up close to 14% in Q2, and our total PSAV revenue of $220 million was at its highest level in nearly four years. Additionally, our Network and Payment and Revenue Integrity service lines performed at or slightly above internal expectations in the quarter. Network revenues would have been positive year-over-year if you exclude the $5.4 million of one-time revenue from Q2 last year. On a comparable basis, excluding the one-time revenue from last year, our total growth from Q2 is nearly 9%. Q2 adjusted EBITDA was $155.8 million, our strongest performance in 13 quarters on an absolute dollar basis and represented 60.5% of revenue. Margin was in line with our expectations for the quarter. I'd like to take a moment to note the strength of our cash flow metrics this quarter because they were meaningful.

第二季 Claims Intelligence 成長接近 14%，而我們 PSAV 總營收 2.20 億美元也達到近四年來的最高水準。此外，我們的 Network 以及 Payment and Revenue Integrity 服務線在本季的表現符合或略高於內部預期。若排除去年第二季 540 萬美元的一次性營收，Network 營收本可呈現年增。在可比基礎上，排除去年的一次性營收後，我們第二季的總成長接近 9%。第二季調整後 EBITDA 為 1.558 億美元，以絕對金額計為 13 個季度以來最強表現，並占營收的 60.5%。本季毛利率（Margin）符合我們的預期。我想花一點時間指出本季現金流指標的強勁表現，因為這非常重要。

We generated $93 million of operating cash flow, up 51% versus prior year, $89.5 million of unlevered free cash flow, up 24% versus prior year, and we generated $54.6 million of levered free cash flow, up 49% versus prior year. With respect to levered free cash flow, this was our highest quarterly performance in 15 quarters. We also did a great job of managing working capital and improved the pacing of our working capital cash conversion metrics, DPO and DSO, by greater than five days. As a reminder, since the debt refinancing transaction concluded in January 2025, we expect Q1 and Q3 to be cash consumption quarters and Q2 to Q4 to be cash generation quarters in the near and midterm. Our strong Q2 cash flow performance gives us confidence to invest with the elevated pace of investment required to fund our multi-year transformation and to support our growth initiatives.

我們產生 9,300 萬美元的營運現金流，較去年同期成長 51%；產生 8,950 萬美元的無槓桿自由現金流，較去年同期成長 24%；並產生 5,460 萬美元的槓桿自由現金流，較去年同期成長 49%。就槓桿自由現金流而言，這是我們 15 個季度以來最高的單季表現。我們也在營運資金管理上做得很好，並將營運資金現金轉換指標（DPO 與 DSO）的節奏改善超過 5 天。提醒一下，自 2025 年 1 月完成債務再融資交易以來，在近期與中期內，我們預期第一季與第三季為現金消耗季度，而第二季到第四季為現金產生季度。第二季強勁的現金流表現，讓我們更有信心以較高的投資節奏進行投入，以資助我們多年的轉型並支持成長計畫。

Our diversification strategy continues to be supported by strong sales momentum, highlighted by another record bookings quarter. Travis provided some stats about strong bookings. With $30 million of ACV booked in Q2, we have already surpassed the $67 million we booked for the full year in 2025. We plan on achieving the $100 million bookings aspiration we announced earlier this year. Our first half 2026 bookings were up 150%, and we exited June with greater than $300 million of active pipeline, up 50% on a comparable basis with greater than three times coverage. As we have said before, bookings are not linear, but given improvements to our processes and insights into our pipeline, we feel highly confident in our ability to deliver at least 50% ACV bookings growth for the full year.

我們的多元化策略持續受到強勁銷售動能的支持，並以再創紀錄的預訂季度作為亮點。Travis 已分享了一些關於強勁預訂的數據。第二季預訂 ACV 達 3,000 萬美元，我們已經超越 2025 全年 6,700 萬美元的預訂金額。我們計畫達成今年稍早宣布的 1 億美元預訂目標。2026 年上半年預訂年增 150%，而我們在 6 月底的活躍商機管線（active pipeline）超過 3 億美元，在可比基礎上成長 50%，且覆蓋倍數超過三倍。如同我們先前所說，預訂並非線性，但鑑於我們流程的改善以及對管線的洞察提升，我們對於全年至少達成 50% 的 ACV 預訂成長非常有信心。

In Q2, bookings reflected a balanced mix of expansion between existing clients and new client acquisition.

在第二季，預訂量反映出既有客戶擴張與新客戶取得之間的均衡組合。

Cross-sell and up-sell activity accounted for approximately 75% of bookings, while 25% came from five net new client logos, which included several from the provider and public sector verticals. A few additional highlights on Q2 bookings performance. Pipeline growth remains exceptionally strong alongside continued improvements in lead qualification and sales execution. So far in 2026, we closed 16 deals with greater than $1 million of ACV, up 25% versus last year. Through the first half of the year, our average deal size has grown more than 300% on an absolute dollar basis. Beyond deal size, most of our other key sales metrics continue to trend favorably. Sales cycle times from lead gen to deal close continue to shorten and our win rates continue to improve.

交叉銷售與加購活動約占預訂量的 75%，另有 25% 來自五個淨新增客戶標誌，其中包含數個來自醫療服務提供者與公共部門垂直領域。以下再補充幾點第二季預訂表現的重點。在銷售線索資格審核與銷售執行持續改善的同時，管線成長仍然異常強勁。截至 2026 年目前為止，我們已完成 16 筆年約合約價值（ACV）超過 100 萬美元的交易，較去年成長 25%。今年上半年，我們的平均交易規模以絕對金額計已成長超過 300%。除了交易規模之外，我們其他多項關鍵銷售指標也持續呈現有利趨勢。從線索開發到成交的銷售週期持續縮短，而我們的贏單率也持續提升。

Our momentum is building.Our performance this quarter is reflective of the aggressive sales strategy and realignment to segments we announced at the end of last year. In our supplemental deck you'll find on our website, you'll see a shift in some of our claims and charges trends. In Q2, claims volume grew 11% sequentially and 3% versus prior year, reversing recent trends. There are two primary drivers here that speak about the diversification of our business and why we balance these metrics instead of relying on just one. First, we have now largely lapped the residual impact of a single client issue from several years ago, whose volumes declined increasingly over the last few years. Future quarters starting in Q3 will make for a better comparison to the run rate of our core business as we go forward.

我們的動能正在累積。本季的表現反映了我們在去年底宣布的積極銷售策略，以及對各細分市場的重新調整。在我們網站上的補充簡報中，您會看到我們在部分理賠與費用趨勢上出現變化。第二季理賠量較前一季成長 11%，較去年同期成長 3%，扭轉了近期趨勢。這裡有兩個主要驅動因素，說明我們業務的多元化，以及為何我們會平衡觀察這些指標，而不是只依賴單一指標。第一，我們如今已大致走過數年前單一客戶事件所帶來的殘餘影響；該客戶的量在過去幾年持續下滑。自第三季起，未來各季將能更好地與我們核心業務的常態運行水準進行比較。

Second, more notable, we saw a significant increase in the volume of NSA claims we processed, driven by a recent client win. Because NSA claims typically cover a broader set of services, gross NSA claims volume stepped up meaningfully while total charges per claim and revenue per claim moved lower sequentially. This is simply a product mix shift, not pricing nor margin pressure. Total PSAV revenue dollars grew 8% sequentially and 10% in the quarter versus prior year, and the net dollar contribution is clearly accretive. While we do not give a guide to claims volumes, we note that this mix dynamic could persist in the second half which could keep volumes elevated and revenue per claims averages closer to our Q2 exit rate in the near future.

第二點更為顯著的是，在近期贏得一位客戶後，我們處理的 NSA 理賠量大幅增加。由於 NSA 理賠通常涵蓋更廣泛的服務項目，NSA 理賠總量明顯上升，但每件理賠的總費用與每件理賠的收入則較前一季下降。這僅是產品組合的變化，並非定價或毛利壓力。PSAV 總收入金額較前一季成長 8%，本季較去年同期成長 10%，且淨金額貢獻明顯具增益性。雖然我們不提供理賠量指引，但我們注意到此組合動態可能在下半年持續，進而使理賠量維持在較高水準，並使每件理賠的平均收入在短期內更接近我們第二季期末的水準。

Turning to guidance, On the strength of Q2, we are raising our revenue guide 2 full percentage points to a new range of $1 billion to $1.02 billion, reflecting 4%to 6% growth and marking a return to greater than $1 billion of annual revenue, which we last eclipsed in 2022. As you review your second half model, I'll note Q2 included a small amount of volume-based revenue that was originally modeled in Q1. Therefore, for the quarterly revenue cadence, we suggest modeling Q3 revenue flat sequentially, largely consistent with current analyst models. We are raising our full year adjusted EBITDA guide to $610 milliont o$620 million, with margins of approximately 61%. As we stated last quarter, we will continue to invest increasingly in sales, marketing, and operations to support the growth in ACV.

接著談指引，基於第二季的強勁表現，我們將營收指引上調整整 2 個百分點至新的區間 10 億美元至 10.2 億美元，反映 4% 至 6% 的成長，並標誌著年度營收重返 10 億美元以上；我們上一次超過 10 億美元是在 2022 年。在您檢視下半年模型時，我要提醒第二季包含少量原本建模在第一季的按量計費收入。因此，就季度營收節奏而言，我們建議將第三季營收建模為與前一季持平，這也大致與目前分析師模型一致。我們將全年調整後 EBITDA 指引上調至 6.10 億美元至 6.20 億美元，利潤率約為 61%。如同我們上季所述，我們將持續加大對銷售、行銷與營運的投資，以支持 ACV 的成長。

New bookings take on average two to four quarters to convert to revenue, and then another four quarters to achieve fully annualized revenue contribution, which means we will continue to invest now for new and expansion revenue drivers that largely begin contributing to our top and bottom line growth in 2027 and 2028. We are not changing our guidance for total capital spend at $160 million to $170 million in 2026. We are raising our free cash flow guide by five million to a new range of $5 million to $15 million. In 2026, we expect to deliver substantial operating, unlevered, and levered free cash flow growth, with adjusted cash conversion normalizing to pre-2025 levels of greater than 50% by the end of this year. Finally, we remain committed to our capital allocation plan on a multi-year basis.

新預訂平均需要兩到四個季度才能轉化為收入，之後還需要再四個季度才能達到完全年化的收入貢獻；這意味著我們將持續在當下投入，以培育新的與擴張的收入驅動因素，而這些因素主要將在 2027 年與 2028 年開始對我們的營收與獲利成長做出貢獻。我們不調整 2026 年總資本支出指引，維持在 1.60 億美元至 1.70 億美元。我們將自由現金流指引上調 500 萬美元至新的區間 500 萬美元至 1,500 萬美元。在 2026 年，我們預期將實現營運、無槓桿與有槓桿自由現金流的顯著成長，且調整後現金轉換率將在今年底回歸至 2025 年以前超過 50% 的水準。最後，我們仍致力於以多年期的方式執行我們的資本配置計畫。

We plan to primarily invest in our business to drive organic growth and drive absolute dollar earnings and free cash flow yield. All of this aligns with our guiding principles to diversify and accelerate expanding our solutions, verticals, and channels to drive growth while also deleveraging and derisking our business to enhance cash flow and operating agility. With that, I'll turn the call back over to Travis for some final remarks before taking your questions.

我們計畫主要投資於自身業務，以推動有機成長，並提升以絕對金額計的獲利與自由現金流殖利率。這一切都符合我們的指導原則：透過多元化並加速擴展我們的解決方案、垂直領域與通路來推動成長，同時去槓桿化並降低業務風險，以提升現金流與營運敏捷性。接下來，我把電話交回給 Travis，請他在進入提問前做最後的補充。

Thanks, Doug. I've got one quick closing comment, and then we'll open the lines for questions. Our leadership team is fully formed, and it's finding its rhythm. Transforming a 45-year-old business is not a small task, but the momentum at Claritev is real, and you can feel it every day. Change is a constant and continuous force, and we're building the organization to adapt. Our strategy is working. Our alignment internally has allowed us to focus on our clients, and we're executing with greater speed and discipline as we attack new areas to ensure long-term sustainable growth. I also want to give a quick shout-out to Ryan Fox on his recent victory at the Open Championship. When we relaunched our brand last year, we made a decision to align ourselves with brand ambassadors who do more than wear our logo. They represent the values we aspire to as a company.

謝謝，Doug。我有一個簡短的結語，然後我們就開放提問。我們的領導團隊已完整到位，並逐漸找到運作節奏。改造一家有 45 年歷史的企業並非易事，但 Claritev 的動能是真實存在的，而且你每天都能感受到。變革是一股持續且不斷的力量，我們正在打造能夠適應變化的組織。我們的策略正在奏效。我們在內部的對齊讓我們得以聚焦客戶；在開拓新領域、確保長期可持續成長的過程中，我們以更快的速度與更高的紀律執行。我也想簡短恭喜 Ryan Fox 最近在英國公開賽（Open Championship）奪冠。去年我們重新推出品牌時，我們決定與不只是穿著我們標誌的品牌大使合作。他們代表了我們作為一家公司所追求的價值觀。

Ryan is not just an amazing golfer, but he's a tremendous human being, and all of us at Claritev could not have been prouder to support him and cheer him along the way. It was a cool moment to watch him sink that last birdie putt and see the Claritev name. With that, I'll turn to the operator for questions. Thanks.

Ryan 不僅是一位出色的高爾夫球手，更是一位了不起的人；Claritev 的所有同仁都以能支持他、一路為他加油而感到無比自豪。看到他推進最後一記博蒂推桿並看到 Claritev 的名字，那一刻非常精彩。接下來我把時間交給接線員進行提問。謝謝。

(Operator Instructions)

（接線員指示）

Daniel Grosslight, City.

Daniel Grosslight，City。

Hi, guys. Thanks for taking the question. Congrats on reaching what seems to be a nice inflection point. I know it was a lot of hard work to get here. I wanted to focus on the nice improvement in PSAV volume you saw this quarter. I know you noted it was largely driven by NSA claim growth. I'm wondering how much of that was due to maybe a bolus in 2Q just getting through the system, and how much is more structural? I'm trying to think through the volume dynamic in the back half of this year.

嗨，各位。謝謝讓我提問。恭喜你們達到看起來相當不錯的轉折點。我知道走到這一步付出了很多努力。我想聚焦在你們本季看到的 PSAV 量的明顯改善。我知道你們提到這主要是由 NSA 理賠成長所帶動。我想了解其中有多少可能是第二季一次性大量案件只是剛好在系統中消化完成所致，又有多少是更具結構性的變化？我正在思考今年下半年量的動態。

Yeah thank you Daniel. Thanks for the kudos and happy to take that one. When you look at our first half volume, we modeled low single-digit volume on the full year. We think there was approximately maybe $45 million to$60 million of savings that kind of slipped into Q2, which is a few million of revenue. We're actually highly encouraged by the volume environment heading into the second half of the year. As the new pronouncements of NSA come about, it's going to be really hard to tell why we've taken a little bit more of a modest view of volumes in our base modeling for the second half. Some of the structural changes to NSA actually have us very well positioned, we basically modeled a low single-digit volume decline on the full year. If you look at the sequential progression of volume, we think the Q2 exit rates are pretty fair baseline for us heading throughout the year.

是的，謝謝你，Daniel。謝謝你的肯定，我很樂意回答這題。就我們上半年量能來看，我們對全年建模的是低個位數的量能表現。我們認為大約有4,500萬到6,000萬美元的節省項目有點延後、落在第二季，這相當於幾百萬美元的營收。我們對下半年進入時的量能環境其實非常受到鼓舞。隨著NSA的新公告陸續出來，很難判斷為什麼我們在下半年基礎情境的量能建模上採取了稍微更保守的看法。NSA的一些結構性變化其實讓我們處於非常有利的位置；我們基本上對全年建模的是低個位數的量能下滑。如果你看量能的逐季走勢，我們認為第二季的期末退出率（exit rates）作為我們全年往後推進的基準是相當合理的。

Got it. Okay. As a follow-up, more of a math question. If I hold 3Q revenue constant relative to 2Q, I plug in kind of the midpoint of guidance for the full year, that implies a step down from 3Q to 4Q of about $7 million-ish. Is that just conservatism in the guide and you really expect to be kind of closer to the high end of the revenue guide or even above it? I'm just trying to square why should we see a sequential step down in 4Q implied by the guide?

了解。好。追問一下，這比較像是數學問題。如果我假設第三季營收相對第二季持平，然後帶入你們全年指引的中位數，那就意味著從第三季到第四季大概會下滑約700萬美元左右。這只是指引上比較保守、而你們其實預期會更接近營收指引的高端、甚至高於高端嗎？我只是想釐清，為什麼指引所隱含的是第四季會出現逐季下滑？

No, that's a great question. What I would say is, we're managing between the base and the high end of the range. If you look at the base case, that implies a 2H of about $508 million of total revenue, which year-over-year is up 3%, sequentially is up 1%. If you take the base of 1.01 on the year, between the base and the high end of the range, you have a sequential step-up of 1% to 3%, a year-over-year progression of about 3% to 5%. Again, largely dependent on claims volume and flow through the NSA business. We tend to plan the business a little bit more conservatively so we can manage free cash flow. That's how I would think about your model for Q3 and Q4 exit rate.

不，這是個很好的問題。我會這麼說：我們是在區間的基礎情境與高端之間來管理。如果看基礎情境，代表下半年總營收大約是5.08億美元，年增3%，逐季增1%。如果以全年1.01的基礎來看，在基礎到高端之間，你會看到逐季成長1%到3%，年增約3%到5%。同樣地，這很大程度取決於理賠量能以及NSA業務的流入與轉換。我們通常會把業務規劃得稍微保守一些，以便管理自由現金流。這就是我會如何看待你對第三季與第四季退出率的模型。

Richard close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Yes, tes, thanks for the question. Congratulations on the performance here. Doug, I think you mentioned this a little bit in your prepared remarks, but can you just remind us on new booking wins, just the time to implement and trigger revenue recognition, has there been any changes there? Just trying to plan out when these new wins come online.

是的，呃，謝謝讓我提問。恭喜你們這次的表現。Doug，我想你在事先準備的講稿裡有稍微提到，但能否再提醒一下：新簽約（new booking）贏單從導入到觸發營收認列的時間，有沒有任何變化？我只是想規劃一下這些新贏單大概什麼時候會開始貢獻。

No, Thanks for the question. Our average booking, when we have a new booking, it takes anywhere from about two to four quarters to turn into the first dollar of revenue, and then it takes about four quarters for the revenue to annualize. Our ACV bookings metric is not indifferent to a software ARR metric. It operates in principle the same. We had a larger NSA win earlier in the year that took about a quarter and a half to turn on, which is why we had a little bit of over-performance in Q2. On the round, when you look at our Claims Intelligence business, and especially our Payment Revenue Integrity business, those tend to be closer to two to maybe three quarters.

沒有，謝謝你的問題。我們平均來說，一旦有新的簽約，通常需要大約兩到四個季度才會轉成第一筆營收，之後大約再需要四個季度讓營收年化（annualize）。我們的ACV簽約指標與軟體ARR指標並沒有本質差異。原則上運作方式相同。我們今年稍早拿下一個較大的NSA案子，大約花了一個半季度才上線啟用，這也是為什麼我們在第二季有些超預期表現。整體而言，當你看我們的Claims Intelligence業務，尤其是Payment Revenue Integrity業務，這些通常更接近兩到三個季度。

For instance, we had a large public sector win with the World Trade Center in the federal space, which takes anywhere from three to four quarters to turn into first dollar of revenue. Two to four quarters is our midpoint of how we plan for ACV to revenue conversion. If you recall in the annual guide that we provided, we had about a 6% to7% step-up in ACV to revenue conversion at the beginning of the year. I think it's fair that we probably are seeing a point higher of revenue conversion this year, which is preempting our beat and raise heading into the second half of the year.

例如，我們在聯邦領域拿下了一個大型公部門案子，客戶是世界貿易中心（World Trade Center），大約需要三到四個季度才會轉成第一筆營收。兩到四個季度是我們在規劃ACV轉換為營收時所採用的中位數假設。如果你還記得我們年初提供的全年指引，我們當時假設ACV到營收的轉換率會提升約6%到7%。我認為可以合理地說，今年我們看到的營收轉換率可能又高了約1個百分點，這也提前反映了我們在進入下半年前的「超預期並上調」（beat and raise）。

Okay, that's helpful. Then just on the digital transformation, maybe an update there. Is it going as expected? Are you able to accelerate it at all? Just any thoughts in terms of how that's tracking?

好，這很有幫助。接著想問數位轉型，能否更新一下？進度是否如預期？有沒有可能加速？就追蹤狀況而言，有什麼想法？

Yeah, Richard, this is Travis. As I said in my opening remarks, I think we made a smart decision two years ago to start that transformation program, to start aggressively modernizing the company. The point I would make is that we had investments to make in core systems, we had investments to make in digital transformation, and we had investments to make for growth. I think the team's done, frankly, a tremendous job of what I call threading the needle of bringing the company up to modern standards, then investing in our growth thesis by opening new markets, talent, people. Our digital transformation remains on track. It remains core and central to the company. We've been able to move most of our applications to cloud-based environments. What was underpinning a lot of the digital work we were doing was really around data architecture and infrastructure.

是的，Richard，我是Travis。如我在開場談到的，我認為兩年前我們啟動那個轉型計畫、開始積極推動公司現代化，是一個明智的決定。我想強調的是：我們需要投資核心系統、需要投資數位轉型，也需要投資成長。我認為團隊確實做得非常出色，我稱之為「穿針引線」：一方面把公司提升到現代標準，另一方面也透過開拓新市場、引進人才與人力來投資我們的成長主張。我們的數位轉型仍按計畫推進。它仍然是公司核心且居於中心的位置。我們已經能把大多數應用程式移轉到雲端環境。支撐我們許多數位工作的基礎，其實主要是在資料架構與基礎設施。

I think it's positioned us really well, not just to run the company in its current form, but also to take full advantage of AI models and capability and forward-progressive technologies. I would say we're very pleased with the progress, teams executing, and we're starting to see real value from those models that are emerging.

我認為這讓我們處於非常好的位置，不只是以目前的形態來營運公司，也能充分利用AI模型與能力，以及更前瞻、持續演進的技術。我會說我們對進度非常滿意，團隊執行到位，而且我們開始從正在浮現的這些模型中看到實質價值。

And I would just say AI has been a focal point, obviously, for a lot of organizations. Our digital transformation enables us to be a winner in AI. We have dozens of use cases and models in place. Look, last quarter, I think we said it, more than half of our code now is generated by AI. I think the expectation is going forward, as we fully modernize our over 400 applications, we'll have approximately the same number of humans doing four to eight times more work. We're pretty well-positioned in our digital transformation. I always joke around with our Chief Digital Officer, ask him to go faster, but I think we're well on track to our multi-year transformation in the last update that we gave at Investor Day in March.

我也想補充，AI顯然已成為許多組織的焦點。我們的數位轉型讓我們有能力在AI領域成為贏家。我們已經部署了數十個使用情境與模型。你看，上個季度我想我們提過：現在我們超過一半的程式碼是由AI生成的。我認為未來的預期是，當我們把超過400個應用程式全面現代化之後，我們大約會用相同數量的人力，完成4到8倍的工作量。就數位轉型而言，我們的布局相當到位。我常跟我們的首席數位長開玩笑，叫他再快一點；但我認為就我們在3月投資人日所提供的最新更新來看，我們的多年期轉型計畫進度良好。

Okay, thank you.

好的，謝謝。

Stan Berenshteyn, Wells Fargo.

Stan Berenshteyn，Wells Fargo。

Good morning. Thanks for taking my questions. Maybe first on bookings. Obviously, year to date, executed against most of the book that you anticipated. There's maybe $26 million remaining. Do you see a path to get to over $100 million here? How have bookings been converting into revenue versus your expectations at the start of the year?

早安。謝謝回答我的問題。先從簽約（bookings）談起。顯然截至目前，你們的執行已涵蓋了大部分年初預期的簽約。大概還剩下2,600萬美元。你們是否看到一條路徑可以讓簽約超過1億美元？相較於年初的預期，簽約轉換為營收的速度表現如何？

Thanks, Stan. We are going to deliver in excess of $100 million of bookings this year. We've delivered $74 million of bookings through the first half of the year. What I had said earlier, is I think we got about an additional point of ACV to revenue conversion on a larger win we had in the NSA space that has been progressing well, a very large payer win that we had earlier in the year that turned on at or maybe a little bit ahead of schedule. I think part of the uptick in our guide is attributable to the ACV conversion. On average, the two to four quarters for ACV ramp is still a very good paradigm.

謝謝，Stan。我們今年將交付超過 1 億美元的訂單（bookings）。截至上半年，我們已交付 7,400 萬美元的訂單。我先前提到的是，我認為在 NSA 領域我們有一筆進展良好的較大案子，讓 ACV 轉換為營收的比例額外提升了大約 1 個百分點；另外，我們今年稍早拿下的一個非常大型的付款方（payer）案子，也已在預定時程或甚至略早啟用。我認為我們指引上調的一部分可歸因於 ACV 的轉換。平均而言，ACV 需要 2 到 4 個季度爬坡，這仍然是一個非常好的典範。

And Then, maybe it's a little bit early to start talking about 2027, but as you look at your sales pipeline, do you see any differences in the mix of opportunities versus what you've executed against in 2026? Thank you.

另外，或許現在開始談 2027 年還有點早，但當你們看銷售管線時，相較於你們在 2026 年所執行的案子，你們是否看到機會組合有任何差異？謝謝。

Yes. So I would so felt comfortable coming out and giving a little bit more color into our actual funnel. We have north of $300 million of active pipeline, and about a third of that is within our new verticals. Some of them, especially in the public sector, are a little bit longer lead time. But just like the World Trade Center, it's business we would've never bid on before. Our realignment under our chief growth officer, two segments was really smart. Our pipeline and funnel and our bookings progression has been pretty steady at 70% to 75% of upsell and cross-sell. This notion that there's not growth in our core business is simply not true. When you look at our payer space, about 80% of our revenue, our TPA space is a little less than 20%.

是的。所以我覺得我們可以更有把握地出來，對我們實際的漏斗提供更多細節。我們目前有超過 3 億美元的活躍管線，其中約三分之一來自我們的新垂直領域。其中一些，特別是在公共部門，前置時間會稍微更長。但就像世界貿易中心那個案子一樣，這是我們以前根本不會去投標的業務。在我們的首席成長官之下進行重新調整、分成兩個事業區隔，這個決策非常明智。我們的管線、漏斗以及訂單進展一直相當穩定，約有 70% 到 75% 來自加購（upsell）與交叉銷售（cross-sell）。所謂我們核心業務沒有成長的說法，根本不正確。以付款方（payer）領域來看，約占我們營收的 80%；TPA 領域略低於 20%。

There is significant white space left to go. We're actively hitting the market, especially in the TPA space, thinking about pricing and packaging more strategically. We want to be the single vendor to a lot of large customers. We've seen great progress and momentum thinking about our sales motion differently. We did close five new logos. We have 11 this year, we did 30 last year. It's goodness all around. We're keeping the core business the focus because that's where most of our uplift in scale is going to come from over the next few years. I don't know if you have anything.

仍然有相當大的未開發空間（white space）。我們正積極打市場，特別是在 TPA 領域，並更具策略性地思考定價與方案包裝。我們希望成為許多大型客戶的單一供應商。我們在以不同方式思考銷售動作（sales motion）方面，看到了很好的進展與動能。我們確實拿下了 5 個新客戶標誌（new logos）。今年目前是 11 個，去年是 30 個。整體來看都很不錯。我們會持續把核心業務作為重點，因為未來幾年我們規模提升的大部分動能將來自這裡。我不知道你是否還要補充。

I would just add a tiny bit of color commentary to that. I think Doug hit it, but our strategy we set out really a couple of years ago that we're executing is to put together vertical market strategies against products that could work across those without massive customization or investments needed for each vertical market. That's been something we've been focused on. We're now getting to it, we're starting to execute against that. It's not just calling on the same customers over and over. We expanded aggressively in the TPA market. We think MA represents a real advantage for us or opportunity as we build out our sales apparatus. This quarter was great. We had TPA deals. We had two public sector deals. We had two services deals.

我只想再補充一點點說明。我想 Doug 已經講到了，但我們幾年前就訂下並正在執行的策略，是針對垂直市場制定策略，同時以那些不需要為每個垂直市場做大量客製化或投入的產品為核心，讓它們能跨垂直市場運作。這一直是我們的重點。現在我們已經走到這一步，開始據此執行。這不只是反覆拜訪同一批客戶。我們在 TPA 市場積極擴張。我們認為 MA 對我們而言代表一個真正的優勢或機會，因為我們正在建構銷售體系。本季表現很棒。我們有 TPA 的案子。我們有兩筆公共部門的案子。我們有兩筆服務（services）案子。

International continues to be a business that we think could yield results for us. The totality of it is healthier. I think it'll take time for us in those new markets for it to become a significant portion of our ongoing revenue performance. I'm very happy with what looks like early returns and durability of the business.

國際市場仍然是我們認為可能為我們帶來成果的業務。整體而言更健康。我認為在那些新市場，要花一些時間才會成為我們持續營收表現中的重要部分。我對目前看起來的早期回報與業務的持久性非常滿意。

Appreciate the color. Thank you.

感謝補充說明。謝謝。

Jason Cassorla, Guggenheim.

Jason Cassorla，Guggenheim。

Great. Thanks. Good morning and congrats on the quarter. Just on the NSA revenue upside, can you help a little bit in terms of the mix of drivers? It sounds like it was predominantly from the win earlier this year, but I'm just curious if you're seeing that funnel widen, just given the backdrop. Then, maybe following up on that, can you help in terms of how to think about the puts and takes for NSA moving forward in that business? Do you think that this year could be a tough comp for you? How sticky is this NSA revenue in your view? Just any thoughts there would be great.

很好。謝謝。早安，恭喜本季表現。關於 NSA 營收上修，你能否在驅動因素的組合上再多說一點？聽起來主要來自今年稍早的那筆得標，但我也想了解，在目前的大環境下，你們是否看到漏斗變寬。接著延伸問一下，對於 NSA 這塊業務未來的增減因素（puts and takes），你能否協助我們理解該如何看待？你認為今年對你們來說會不會是比較難的比較基期（tough comp）？以你的看法，這些 NSA 營收有多黏著（sticky）？任何想法都很有幫助。

Yeah, thanks for the question, Jason. The uptick in NSA was primarily due to one client. It's not just NSA, it's Surprise Bill. Surprise Bill both includes the NSA as well as state Surprise Bill, which there's 27 different versions of state Surprise Bill, which is yet another reason why we continue to be the market leader. We actually recently published a report on our performance, on our website, and we can share those details in follow-ups. We're performing eight points better than the next closest comparer. I think we're the fourth largest provider aside from folks who do it in-source. We really like our position in NSA. The recent final rulings and the rollout of those, it will be interesting to see how volume unfolds in the second half

好的，謝謝你的問題，Jason。NSA 的上修主要是因為一個客戶。而且不只是 NSA，還包括 Surprise Bill（突襲帳單）。Surprise Bill 同時包含 NSA 以及各州的 Surprise Bill；各州的 Surprise Bill 有 27 種不同版本，這也是我們持續成為市場領導者的另一個原因。我們最近其實在官網發布了一份關於我們表現的報告，我們也可以在後續跟進時分享那些細節。我們的表現比下一個最接近的比較對象高出 8 個百分點。若不含那些自行內製（in-source）的人，我想我們是第四大供應商。我們非常看好自己在 NSA 的位置。近期的最終裁定以及其推行，將會很有意思，看看下半年量能會如何發展。

I think we probably need a quarter or two to see whether there's a material volume uptake. Just as a point of clarification, the cost per dispute went from $115 to $15. We think that we're well-positioned with our large clients who rely on us, and we think not just the Surprise Bill product, which is now our second largest category, our second largest offering. We have the full end-to-end set of solutions. Keep in mind, greater than 85% to 90% of the time when we get a Surprise Bill claim, it doesn't go through the IDR process. Everything funnels in through our Network.

我想我們可能需要一到兩個季度，才能看出是否會有實質的量能提升。補充說明一下，每件爭議（dispute）的成本已從 115 美元降到 15 美元。我們認為，對於仰賴我們的大型客戶，我們的定位很好；而且不只是 Surprise Bill 產品——它現在是我們第二大類別、第二大產品線。我們提供完整的端到端解決方案組合。請記住，當我們收到 Surprise Bill 的理賠（claim）時，超過 85% 到 90% 的情況不會進入 IDR 流程。所有案件都會先透過我們的 Network 匯入。

Oftentimes, we're able to get to an immediate clearing price that's acceptable. Then we go through a prepay and post-pay negotiation process. All of these in total, I think are a net positive for the business, but it's when the final, I would say, implementation of the rules happen in Q3 and Q4, I think it probably bodes net positive for us from a volume perspective. I think we're waiting to see some of that volume come through in the back half of the year.

很多時候，我們能立即達成一個可接受的清算價格（clearing price）。接著我們會進入預付（prepay）與事後支付（post-pay）的協商流程。整體而言，我認為這些都是對業務的淨正面因素；但當我所說的最終規則在第三季與第四季真正落地實施時，我認為從量能角度看，對我們可能是淨正面。我們正在等待下半年看到部分量能進來。

Got it. Okay, thanks. Very helpful. Maybe, just wanted to ask about the AI initiatives that are identifying more savings per claim. I guess, curious, is there a way to help quantify how incremental those savings are developing against your normal blocking and tackling? Then maybe, a way to frame what the remaining savings opportunity there looks like? Are you in inning two or three of this AI-related savings potential? Just any thoughts around that would be helpful.

了解。好的，謝謝。非常有幫助。另外，我想問一下那些 AI 計畫，它們正在每件理賠中識別出更多節省。我想了解的是，有沒有方法可以協助量化：相較於你們平常的基本功（blocking and tackling），這些節省增量目前發展到什麼程度？以及，是否能用一個框架來說明剩餘的節省機會大概長什麼樣子？在這個 AI 相關的節省潛力上，你們現在是在第二局或第三局嗎？任何相關想法都會很有幫助。

Yeah, so At our Investor Day, we announced our ProPricer product, which has identified over $1 billion of additional savings. The uplift from us using AI to make our stuff work better is real. It's baked into the way the existing R&D we put into the business. With respect to additional savings, some of this stuff is competitive, we probably wouldn't give further insight. I will tell you that, historically, we spend about 12% to 14% of our capital on R&D, and about half of that was historically devoted to making our stuff work better. We've been investing in AI for a very long time. Notable last year was ProPricer, which was an AI-based initiative to identify and deliver more savings, which I think we came out and said it's worth about $1 billion in our core business of savings.

是的，所以在我們的投資人日上，我們宣布了我們的 ProPricer 產品，該產品已識別出超過 10 億美元的額外節省。我們運用 AI 讓產品運作得更好的增益是真實存在的。這已經內建在我們既有投入業務的研發方式之中。至於額外節省，其中有些內容涉及競爭因素，我們可能不會提供更多細節。我可以告訴各位，從歷史上看，我們大約將 12% 到 14% 的資本投入研發，而其中約一半過去是用於讓我們的產品運作得更好。我們在 AI 方面投資已經很長一段時間了。去年值得一提的是 ProPricer，這是一項以 AI 為基礎的計畫，用於識別並實現更多節省；我想我們對外也表示過，在我們核心的節省業務中，它的價值約為 10 億美元。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（接線員指示）

And our next question comes from the line of Jessica Tassan with Piper Sandler. Jessica, please go ahead.

下一個問題來自 Piper Sandler 的 Jessica Tassan。Jessica，請開始。

Hi, guys. Thank you very much for taking the question, and congrats on the results. I'm wondering if you can just help us understand the variance versus consensus, across each of your three revenue segments. Just drivers and any comments. Network, it looks like, was a $2.7 million beat. Analytics, $12.6 million beat, and then Payments, $2.6 million miss. Appreciate the comments on flat sequential revenue in 3Q. Just helpful if you could provide detail on the performance versus consensus, across each of those three revenue lines. Thanks.

嗨，各位。非常感謝讓我提問，也恭喜本季業績。我想請你們協助我們理解，相較於市場一致預期，你們三個營收分部各自的差異。也就是驅動因素以及任何評論。Network 看起來超出 270 萬美元。Analytics 超出 1,260 萬美元，而 Payments 則低於 260 萬美元。也希望你們評論一下第三季營收環比持平的情況。如果能就這三條營收線各自相較一致預期的表現提供一些細節，會很有幫助。謝謝。

Thanks,Thanks, Jess, and thanks for the question. On Payment and Revenue Integrity, the miss is timing. We still expect that business to be up versus prior year. The Network, we mentioned in the prepared remarks, both Network and Payment and Revenue Integrity performed in line with our expectations. If we need to go a little bit further in detail in the post call, we can. Network's going to be down high single digits this year because we had approximately $18.5 million of one-time revenue from last year. Our Claims Intelligence obviously being up roughly 14% in quarter with a highlight. That's where our Data iSight, financial negotiation and NSA products land. Part of the beat this quarter and the raise on the full year was due to the performance in NSA. I would expect the trend in Claims Intelligence to continue.

謝謝、謝謝，Jess，也謝謝你的問題。在 Payment and Revenue Integrity 方面，未達預期主要是時點因素。我們仍預期該業務相較去年會成長。至於 Network，我們在事先準備的講稿中提到，Network 以及 Payment and Revenue Integrity 的表現都符合我們的預期。如果需要在會後再更進一步說明細節，我們可以補充。Network 今年將下滑高個位數百分比，因為去年約有 1,850 萬美元的一次性營收。我們的 Claims Intelligence 本季顯然約成長 14%，這是亮點。這個分部涵蓋我們的 Data iSight、財務協商以及 NSA 產品。本季部分超預期以及全年指引上調，來自 NSA 的表現。我預期 Claims Intelligence 的趨勢將會延續。

Just as a quick highlight to the first half of the year, we booked approximately $25 million of ACV in the Payment and Revenue Integrity space. When we announced several of the large deals, including the Marpai deals, these are all in deals that a majority of the revenue is associated with Payment and Revenue Integrity. It was very nice to be included in the leader category in a recent Everest Group report. We're finding great success in selling our Payment and Revenue Integrity solutions, both pre- and post-pay, as a bundled offering. The medium to long-term prospects of the Payment and Revenue Integrity business, especially with payers focused on fraud, waste, and abuse, is a specific area of investment and growth for us in the medium to long term.

再快速補充一下上半年，我們在 Payment and Revenue Integrity 領域簽下約 2,500 萬美元的 ACV。當我們宣布幾筆大型交易（包括 Marpai 的交易）時，這些交易中大部分營收都與 Payment and Revenue Integrity 相關。我們很高興在近期一份 Everest Group 報告中被列入領導者類別。我們在銷售 Payment and Revenue Integrity 解決方案方面取得很大成功，無論是 pre-pay 或 post-pay，並以套裝（bundled）方式提供。Payment and Revenue Integrity 業務的中長期前景，特別是在付款方聚焦於詐欺、浪費與濫用（fraud, waste, and abuse）之際，是我們中長期特別投資與成長的領域。

We do expect the Payment and Revenue Integrity business to be a growth business this year when we snap the chalk on the full year.

我們確實預期在全年結算時，Payment and Revenue Integrity 業務今年會是一項成長型業務。

Thank you. That's so helpful. Just one quick clarification. 25 of the 37 million ACV booked was Payment and Rev Integrity. My follow-up question is just, can you maybe discuss, of your top three customers, how many use Claritev for IDR help? You mentioned eligibility determinations, but I guess, what is Claritev doing in that process from the time the out-of-network service is rendered? Would appreciate just any color on the suite of products that address the NSA and the IDR process. Thank you.

謝謝。這非常有幫助。再請快速釐清一下：已簽下的 3,700 萬美元 ACV 中，有 2,500 萬美元來自 Payment and Rev Integrity。我的追問是，你們前三大客戶中，有多少使用 Claritev 來協助 IDR？你們提到資格判定（eligibility determinations），但我想問的是，從發生院外（out-of-network）服務的那一刻起，Claritev 在流程中具體做了什麼？也請分享一下，針對 NSA 與 IDR 流程的產品組合有哪些重點。謝謝。

Great. So, several of our top 10 customers use our services explicitly. As I mentioned, we are the largest independent provider of Surprise Bill and NSA outside of the large payers and carriers who do the services themselves. We think we do it much better, and the recent PUF data from CMS confirms that. Most often when we get an NSA claim and it comes to our NPI core database, we can resolve the claim with our host of solutions, whether it's a Network rate, which we have 1.4 million providers. We have a financial negotiation team of hundreds of folks who have decades of relationships with providers. We're often able to assign value through the QPA process so that the disputes do not go to the IDR process.

好的。我們前 10 大客戶中，有好幾家明確使用我們的服務。如我所提，我們是 Surprise Bill 與 NSA 領域最大的獨立服務提供者（不含那些由大型付款方與保險業者自行提供服務者）。我們認為我們做得更好，而 CMS 最新的 PUF 數據也證實了這點。通常當我們收到一筆 NSA 理賠並進入我們的 NPI 核心資料庫時，我們可以透過一整套解決方案來解決該理賠：不論是 Network 費率（我們有 140 萬名提供者），或是我們由數百人組成、與提供者建立了數十年關係的財務協商團隊。我們往往能透過 QPA 流程來賦予合理價值，使爭議不必進入 IDR 流程。

When a dispute does go to the IDR process, which is a fraction of the time, that's where our win rates stand apart, and they're exceptional. This is the value of the service that several of our large customers rely on us. It's better, faster, cheaper, more economical, and the most important point is it gives the best outcome for employers and consumers of healthcare, which is our core strategy with transparency and affordability.

當爭議確實進入 IDR 流程時（這只占少數情況），我們的勝率就顯得與眾不同，而且非常出色。這正是我們幾家大型客戶所仰賴的服務價值。它更好、更快、更便宜、更具經濟效益；而最重要的一點是，它能為雇主與醫療照護的消費者帶來最佳結果，這也符合我們以透明度與可負擔性為核心的策略。

There's no further question at this time. I will now turn the call back over to the company for closing remarks.

目前沒有進一步的問題。我現在把電話交回公司進行結語。

Yeah. Thanks everybody for your time. We appreciate it. Like we said, we're pleased with our results and the positive momentum. Thanks for your time. Appreciate it.

好的。謝謝各位撥冗參與。我們非常感謝。如同我們所說，我們對本季結果與正向動能感到滿意。謝謝各位的時間。感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。