Claritev Corporation (CTEV) Q2 FY2025 Earnings Call Transcript & Summary

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

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

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. 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. 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. As I noted, we recently aligned to 6 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. 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 3 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. 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. 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 5 key pillars as we communicate the value of our broad base of products through each of our market verticals. 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. 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. 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. We're excited to share that we recently renewed a top 5 client for a 5-year period ahead of schedule. That is on top of the top 20 clients that we renewed for 5 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. 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. 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 5 new payor and TPA logos in Q2, including a new blue client logo win. 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. 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. 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. 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. I'm excited to announce that in Q2, we signed 3 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. Next, international expansion represents a significant growth opportunity with overseas healthcare challenges being similar to those in the U.S. 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. 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 (sic) [ Cooperation ] Council countries within MENA. The breadth of our service offerings is allowing this relationship to bear even more fruit as the 2 sides continue to explore other solutions and efficiencies that can be developed in the region. 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 U.S. market. U.S. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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.

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

[Operator Instructions] Our first question comes from Joshua Raskin from Nephron Research.

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?

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. 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. 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. 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. 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.

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?

Yes. 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. 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. 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. 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.

Our next question comes from Daniel Grosslight from Citigroup.

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?

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. 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. 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. We do want to see maybe 1 or 2 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. 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 2. 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.

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?

Yes. So I would say 2 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.

[Operator Instructions] Our next question comes from Derek Gross from Piper Sandler.

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?

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. 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 1 or 2 compares. 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. 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.

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?

Yes, 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. 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.

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.

Yes. 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. 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.

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

Okay. So thanks, everyone, for your time. We appreciate it. Just a couple -- just a minute or 2 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. 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. 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. 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. 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. 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. 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.

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