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1 Claritev Corporation Q3 2025 Results and Business Update November 7, 2025
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2 Disclaimer Forward-Looking Statements This presentation includes statements that express our management’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “forecasts,” “intends,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this presentation, including, but not limited to, statements relating to our ability to deliver anticipated results; our ability to successfully implement our transformation plan; the execution of our international expansion plan; our 2025 outlook and guidance; our potential for international growth; and the long-term prospects of the Company. Such forward- looking statements are based on available current market and management’s expectations, beliefs and forecasts concerning future events impacting the business. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that these forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include: loss of our clients, particularly our largest clients; the ability to achieve the goals of our strategic plans and recognize the anticipated strategic, operational, growth and efficiency benefits when expected; our ability to enter new lines of business and broaden the scope of our services; the loss of key members of our management team or inability to maintain sufficient qualified personnel; our ability to continue to attract, motivate and retain a large number of skilled employees, and adapt to the effects of inflationary pressure on wages; trends in the U.S. healthcare system, including recent trends of unknown duration of reduced healthcare utilization and increased patient financial responsibility for services; effects of competition; effects of pricing pressure; the inability of our clients to pay for our services; changes in our industry and in industry standards and technology; adverse outcomes related to litigation or governmental proceedings; interruptions or security breaches of our information technology systems and other cybersecurity attacks; our ability to maintain the licenses or right of use for the software we use; our ability to protect proprietary information, processes and applications; our inability to expand our network infrastructure; inability to preserve or increase our existing market share or the size of our preferred provider organization networks; decreases in discounts from providers; pressure to limit access to preferred provider networks; changes in our regulatory environment, including healthcare law and regulations; the expansion of privacy and security laws; heightened enforcement activity by government agencies; our ability to obtain additional financing; our ability to pay interest and principal on our notes and other indebtedness; lowering or withdrawal of our credit ratings; changes in accounting principles or the incurrence of impairment charges; the possibility that we may be adversely affected by other political, economic, business, and/or competitive factors; other factors disclosed in our Securities and Exchange Commission filings; and other factors beyond our control. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. There can be no assurance that future developments affecting our business will be those that we have anticipated. Forward-looking statements speak only as of the date made. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Non-GAAP Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this presentation contains certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Free Cash Flow, Unlevered Free Cash Flow and Adjusted Cash Conversion Ratio. A non-GAAP financial measure is generally defined as a numerical measure of a company’s financial or operating performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP. EBITDA, Adjusted EBITDA, Free Cash Flow, Unlevered Free Cash Flow and Adjusted Cash Conversion Ratio are supplemental measures of Claritev’s performance that are not required by or presented in accordance with GAAP. These measures are not measurements of our financial or operating performance under GAAP, have limitations as analytical tools and should not be considered in isolation or as an alternative to net income (loss), cash flows or any other measures of performance prepared in accordance with GAAP. EBITDA represents net income (loss) before interest expense, interest income, income tax provision (benefit), depreciation and amortization of intangible assets, and non-income taxes. Adjusted EBITDA is EBITDA as further adjusted by certain items as described in the table below. In addition, in evaluating EBITDA and Adjusted EBITDA you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of EBITDA and Adjusted EBITDA. The presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The calculations of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Based on our industry and debt financing experience, we believe that EBITDA and Adjusted EBITDA are customarily used by investors, analysts and other interested parties to provide useful information regarding a company’s ability to service and/or incur indebtedness. We also believe that Adjusted EBITDA is useful to investors and analysts in assessing our operating performance during the periods these charges were incurred on a consistent basis with the periods during which these charges were not incurred. Both EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider either in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are: EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; EBITDA and Adjusted EBITDA do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our debt; EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and Although depreciation and amortization are non-cash charges, the tangible assets being depreciated will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Claritev’s presentation of Adjusted EBITDA should not be construed as an inference that our future results and financial position will be unaffected by unusual items. Free Cash Flow as defined as net cash provided by operating activities less capital expenditures, all as disclosed in the Statement of Cash Flows. Unlevered Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, plus cash interest paid, all as disclosed in the Statements of Cash Flows. Free Cash Flow and Unlevered Free Cash Flow are measures of our operational performance used by management to evaluate our business after purchases of property and equipment and, in the case of Unlevered Free Cash Flow, prior to the impact of our capital structure, in the case of Unlevered Free Cash Flow, and after purchases of property and equipment. Unlevered Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, Claritev’s definition of Free Cash Flow and Unlevered Free Cash Flow are limited, in that they do not represent residual cash flows available for discretionary expenditures, due to the fact that the measures do not deduct the payments required for debt service, in the case of Unlevered Free Cash Flow, and other contractual obligations or payments made for business acquisitions. Adjusted Cash Conversion Ratio is defined as Unlevered Free Cash Flow divided by Adjusted EBITDA. Claritev believes that the presentation of the Adjusted Cash Conversion Ratio provides useful information to investors because it is a financial performance measure that shows how much of its Adjusted EBITDA Claritev converts into Unlevered Free Cash Flow.
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3 Q3 2025 Call Highlights Launched our International Business Unit +6.7% Q3 Revenue vs. PY ~$15M ACV Closed in Bookings Key Events Activity in the Market • Go-live with Burjeel Holdings to implement Advanced Code Editing (ACE) and provide consulting and analytics support • Signed new partnerships to expand presence in region +162 bps Adjusted EBITDA Margin vs. PY Renewed Top Ten customers Completed Migration Modernization Underway Partnerships • >3x faster performance • More scalable • Less downtime 5 New Logos 180 Closed Opptys Brand momentum at HLTH and Oracle AI World Expanded brand sponsorships Hosted Claritev Client Conference in Laguna Niguel 2025 Q3 Results Exceeded Prior Year International Expansion +26% Increase in Average ACV Note: Adjusted EBITDA, Adjusted EBITDA margin and unlevered free cash flow are non-GAAP financial measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenues. See reconciliation of non-GAAP measures included in the Appendix. ACV Bookings represents our estimate of the annualized value of all closed opportunities in the third quarter of 2025
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Confidential and Proprietary – Do not distribute without permission 4 Growth and Progress by Market Vertical – Q3 2025 • 4 new logos • Completed renewal of all Top Ten clients • Continued organic growth in the core with ProPricer® and Data iSight® wins • Significant pipeline growth over 2024 Payors | TPA1 – Core Business 01 • Closed new business • Submitting bids on multi-year projects • Aligned with government initiatives on Artificial Intelligence and Price Transparency Government 03 • Hosted first Claritev Broker Summit • Launched Premier Broker Program and signed first agreement • Closed second direct-to-employer, strategic pilot client for BenInsights® /HCM2 integration Brokers | Employers 02 • Closed EPHC, a consortium of 13 rural hospitals providing data mining and market analytics • Pipeline building with opportunities covering 60+ provider organizations Providers 04 • Advancing Echo partnership • Growing Claritev Payments pipeline • New Partnerships Signed Channel Partners 05 • Go-live of ACE in UAE for Burjeel • Multiple growth opportunities across MENA • Actively signing new partnerships International 06 1 TPA = Third Party Administrators 2 HCM = Human Capital Management 4
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5 Enterprise Data Platform Data Warehouse | AI/ML | Language Models Technical Infrastructure Oracle Cloud Infrastructure | Apex Tools | Externally Sourced Claims Data The Vision To Make Healthcare More Transparent and Affordable for All Patients Payors | TPA Brokers | Employers Government Channel Partners (e.g., Oracle) Providers PRODUCTS International Network Solutions Payment & Revenue Integrity Solutions Value Driven Health Plan Services Data & Decision Science Solutions Analytics Solutions
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Confidential and Proprietary – Do not distribute without permission 6 Financial Highlights During the Third Quarter 2025: 106.7% Adjusted EBITDA2,3 Adjusted EBITDA margin2,3 Unlevered free cash flow2,3 ACV Bookings3,4 Total Net Revenue Retention Rate1,3 1 Total Net Revenue Retention Rate represents total revenue from the third quarter of 2025 divided by total revenue from the third quarter of 2024. 2 Adjusted EBITDA, Adjusted EBITDA margin and unlevered free cash flow are non-GAAP financial measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenues. See reconciliation of non-GAAP measures included in the Appendix. 3 For the three months ended September 30, 2025. 4 ACV Bookings represents our estimate of the annualized value of all closed opportunities in the third quarter of 2025. $155.1M 63.1% $113.2M ~$15M Closed ~$15M in annual contract value (ACV) bookings4, including new logos and expansion wins with existing clients Increase in Average ACV, pipeline created, and win rate compared to Q3 2024 Second straight quarter of topline and profitability growth; exceeded internal targets leading to full-year guidance raise Accelerating transformation roadmap on multiple cost and process milestones
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Confidential and Proprietary – Do not distribute without permission 7 Q3 2025 and Year-to-Date Results (18.0%) 1 Adjusted EBITDA and Adjusted EBITDA margin are non -GAAP financial measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenues See reconciliation of non-GAAP measures included in Appendix 2 Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenues Revenues Adjusted EBITDA1 Adjusted EBITDA Margin2 63.8%63.1% 61.5%63.1% 0.7% Q2 2025 Q3 2025 Q3 2024 1.8% 6.7% 9.5% Quarter-over-Quarter Q3 2025 $ in millions Year-over-Year Q3 YTD 2024Q3 YTD 2025 2.9% 3.7% 62.3%62.8% Sequential Quarter Prior Year Quarter Nine Months ended September 30
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Confidential and Proprietary – Do not distribute without permission 8 Revenue by Service Line $ in millions Service Line Q3 2025 Q2 2025 % Change Q3 2024 % Change Analytics-Based $164.4 $157.0 4.7% $157.7 4.2% Network-Based $52.9 $54.1 (2.2)% $46.2 14.6% Payment & Revenue Integrity $28.6 $30.5 (6.0)% $26.6 7.5% Total Revenue $246.0 $241.6 1.8% $230.5 6.7% Prior Year Quarter Sequential Quarter Current Quarter
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Confidential and Proprietary – Do not distribute without permission 9 Data-driven reimbursement solutions for out-of-network claims & support for NSA compliance Actionable, digestible insights to improve plan and network design and lower healthcare costs by identifying and better serving high risk patients that improve outcomes Integrated health plan solutions including reference-based pricing that enable employers to reduce medical cost and increase employee satisfaction • Strong OON claims performance from two largest products (Data iSight and Financial Negotiation) with National Payors • Pipeline growing in D&DS and VDHP ~40% of total pipeline • Increased workable claims and enhanced savings rate performance through multiple improvement initiatives • First quarter with International revenue Revenue $ in millions Q3 2025 Analytics-Based Services Quarter Highlights Prior Year Quarter Sequential Quarter Current Quarter Q3 2025 Q2 2025 % Change Q3 2024 % Change $164.4 $157.0 4.7% $157.7 4.2%
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Confidential and Proprietary – Do not distribute without permission 10 Build and manage custom healthcare provider networks with access to 1.4M credentialed providers Integrated health plan solutions including exclusive network access that enable employers to reduce medical cost and increase employee satisfaction Q3 2025 Network-Based Services Quarter Highlights • Double digit growth driven one-time revenue gain of ~$5M in the property and casualty (P&C) market • Delivered improved functionality which enables fully customized versions of Claritev-owned networks • Signed two additional top-30 MSA anchor systems for High- Performance Network with BUCA-competitive rates Revenue $ in millions Q3 2025 Q2 2025 % Change Q3 2024 % Change $52.9 $54.1 (2.2)% $46.2 14.6% Prior Year Quarter Sequential Quarter Current Quarter
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Confidential and Proprietary – Do not distribute without permission 11 Identify, correct and prevent improper billing to optimize accuracy and reduce waste and abuse in the healthcare system that lowers cost of care Q3 2025 Payment & Revenue Integrity Services Quarter Highlights • Strong ACE (Advanced Code Editing) performance with savings rate & claim penetration with continued benefit from rules and factor improvements • Implemented 20 Revenue Integrity clients in 2025 through September; additional 15 implementations underway in Q4 • Expect International revenue contribution in coming quarters from MENA launch Revenue $ in millions Q3 2025 Q2 2025 % Change Q3 2024 % Change $28.6 $30.5 (6.0)% $26.6 7.5% Prior Year Quarter Sequential Quarter Current Quarter
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Confidential and Proprietary – Do not distribute without permission 12 Medical Charges Processed and Identified Potential Savings $ in billions Q3 2025 Q2 2025 % Change Q3 2024 % Change Commercial Health Plans Medical charges processed $21.6 $21.1 2.4% $20.5 5.5% Potential medical cost savings $5.7 $5.8 (3.2)% $6.0 (5.8)% Potential savings as % of charges 26% 28% 29% Payment & Revenue Integrity, Property & Casualty, and Other Medical charges processed $24.3 $22.7 7.0% $24.2 0.4% Potential medical cost savings $0.5 $0.4 5.9% $0.3 34.2% Potential savings as % of charges 2% 2% 1% Total Medical charges processed $45.9 $43.8 4.8% $44.7 2.8% Potential medical cost savings $6.1 $6.3 (2.5)% $6.4 (3.6)% Potential savings as % of charges 13% 14% 14% Prior Year Quarter Sequential Quarter Current Quarter
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Confidential and Proprietary – Do not distribute without permission 13 Q3 2025 Q2 2025 Variance Q3 2024 Variance PSAV1 Identified potential savings $4,342 $4,249 $93 $4,473 $(131) Revenues $206 $200 $6 $206 $0 Revenues as a % of identified savings 4.74 % 4.71 % 0.03 % 4.61 % 0.13 % PEPM/Other2 Revenues $40 $42 $(2) $24 $16 Total Revenues $246 $242 $4 $230 $16 Claritev Share of Savings – As Reported $ in millions • In our core PSAV revenue model, revenue as a percentage of savings was flat YoY. Key Drivers of Identified Savings Volume and Revenue as a % of Savings Prior Year Quarter Sequential Quarter Current Quarter 1 In our PSAV model, we earn revenue as a percentage of identified savings. 2 In our PEPM model, we earn revenue per covered life. Other includes revenue not captured in our PSAV or PEPM models.
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Confidential and Proprietary – Do not distribute without permission 14 Claritev PSAV Normalized Analysis* - Rate/Volume/Mix Rate/Vol/Mix ($M’s) - Revenue per Claim Analysis $15 $(9) FY25 Q2 Rate & Mix Volume FY25 Q3 $199 $205 + $6 (+3.0%) 3,740 3,784 3,609 3,546 3,314 3,273 3,129 0 1,000 2,000 3,000 4,000 5,000 6,000 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 -13% -4% PSAV Claim Volume (000’s) $’s Per Claim $1,094 $1,110 $1,210 $1,190 $1,253 $1,252 $1,327 $54 $53 $55 $56 $59 $61 $66 0 200 400 600 800 1,000 1,200 1,400 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 +10% +19% +6% +8% Savings Per Claim Revenue Per Claim Total Claims Highlights • PSAV Claim volume down ~13% YOY (Q3’24 to Q3’25) • Per Claim Analysis - YOY (Q3’24 to Q3’25) • Identified Potential Savings up +10% YOY • Revenue up +19% YOY • PSAV Revenue up +$6M sequentially Q2’25 to Q3’25 • +$15M on a client/product mix “Rate per claim” • ($9M) due to volume of claims * Normalized for P&C market (shift of claims/savings/revenue to PEPM)
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Confidential and Proprietary – Do not distribute without permission 15 FY 2025 Guidance 1 We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transformation-related expenses, certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results. 2 Capital Expenditures include hosted software implementation costs that are capitalized but not classified as investing activities in the statement of cash flows. Revenue Adjusted EBITDA %1 Capital Expenditures2 Effective Tax Rate Free Cash Flow Improved revenue outlook due to sequential performance of core business and first revenue from International Tightening margin outlook with year-over-year margin improvement expected Narrowing range given timing of spend on projects Expect no material changes to effective rate range from recently passed tax legislation FCF includes: • Transformation Program investments • Debt-refinancing transaction costs • HR.1 Cash Tax benefit 2.8% to 3.2% vs. 2024 62.5% to 63.0% $165M to $175M unchanged unchanged Updated: FY2025 Comments Flat to +2% vs. 2024 62.5% to 63.5% $170M to $180M 25% to 28% $(20)M to $20M Previous: FY2025
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16 Our primary uses of capital are to: invest in our business, serve our clients, care for our associates, and maximize shareholder value. HIGHEST PRIORITYOrganic investments to fuel Vision 2030 Plan Debt paydown Value creating M&A Share buybacks HIGH PRIORITY HIGH PRIORITY LOW % OF CAPITAL ALLOCATION Strategic Investment Prioritization • Diversify & Accelerate • Expand solutions, verticals, channels to drive growth • De-lever and De-risk • Improve cash flow, provide operating flexibility Guiding Principles
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17 Appendix
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Confidential and Proprietary – Do not distribute without permission 18 Balance Sheet $ in millions DEBT STRUCTURE (Outstanding Principal Balances) 9/30/2025 Rate Maturity 2025 Revolving Credit Facility $ 70 SOFR+3.75% DEC-29 New First-Out First Lien Term Loans 323 SOFR+3.75% DEC-30 New Second-Out First Lien Term Loans 1,138 SOFR+4.60%+CSA1 DEC-30 New Second-Out First Lien A Notes 620 6.50% Cash+5.00%PIK DEC-30 New Second-Out First Lien B Notes 763 5.75% DEC-30 New Third-Out First Lien A Notes 762 6.00%Cash+0.75%PIK MAR-31 New Third-Out First Lien B Notes 982 6.00%Cash+0.75%PIK MAR-31 First lien debt, secured3 $ 4,659 (A) 5.50% Notes $ 6 5.50% SEP-28 5.75% Notes 5 5.75% NOV-28 6.00% Notes — (B) 6.00% OCT-27 Total long-term debt3 $ 4,670 Less unrestricted cash & cash equivalents 39 (C) Net debt3 $ 4,631 (D) TTM Adj. EBITDA2 $ 593 (E) Total leverage ratio, net of cash 7.8x D/E 1 Alternative Reference Rates Committee’s recommended CSA of 0.26161% 2 See reconciliation of non-GAAP measures included in Appendix 3 Totals may not foot due to rounding
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Confidential and Proprietary – Do not distribute without permission 19 Reconciliation of GAAP and Non-GAAP Items $ in thousands, except share data (1"Other expenses, net" represents miscellaneous non-recurring expenses, impairment of other assets, non-integration related severance costs, legal expenses associated with the multi-district litigation, and start-up costs related to international expansion. (2)"Transformation costs" represent costs directly associated with our multi-year transformation program called Vision 2030 which includes internal personnel costs for employees that have been either hired or redeployed and are fully dedicated to transformation activities, as well as other non-recurring and duplicative costs. At such time that internal personnel are redeployed to non-transformation activities, they will no longer be included as an adjustment herein. Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Net loss $ (69,753) $ (62,640) $ (71,319) $ (137,965) $ (391,450) Adjustments: Interest expense 101,232 99,746 91,636 81,252 81,792 Interest income (471) (323) (488) (408) (1,245) Benefit for income taxes (23,608) (20,292) (18,549) (48,166) (27,220) Depreciation 25,968 25,261 24,546 22,818 22,572 Amortization of intangible assets 85,971 85,971 85,971 85,970 85,971 Non-income taxes 581 563 553 715 515 EBITDA $ 119,920 $ 128,286 $ 112,350 $ 4,216 $ (229,065) Adjustments: Other expenses, net (1) $ 6,451 $ 6,690 $ 2,764 $ 2,818 $ 1,517 Loss on disposal of assets, including right-of-use assets 1,902 1,809 3,667 8,595 — Integration expenses 66 133 380 689 850 Change in fair value of Private Placement Warrants and Unvested Founder Shares — — — (1) (87) Transformation costs (2) 13,883 7,925 7,728 Transaction costs - Refinancing Transaction — 87 7,792 63,930 — Loss (gain) on extinguishment of debt — — 670 — — Loss on sale of equity investments 2,667 — — — — Loss on impairment of goodwill and intangible assets — — — 54,500 361,612 Stock-based compensation, including cRSUs 10,243 9,098 6,718 6,816 6,818 Adjusted EBITDA $ 155,132 $ 154,028 $ 142,069 $ 141,563 $ 141,645
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Confidential and Proprietary – Do not distribute without permission 20 Reconciliation of GAAP and Non-GAAP Items, continued $ in thousands, except share and per share data Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Net (loss) income $ (69,753) $ (62,640) $ (71,319) $ (137,965) $ (391,450) Adjustments: Amortization of intangible assets 85,971 85,971 85,971 85,970 85,971 Stock-based compensation, including cRSUs 10,243 9,098 6,718 6,816 6,818 Transaction costs - Refinancing Transaction — 87 7,792 63,930 — Loss (Gain) on extinguishment of debt — — 670 — — Integration expenses 66 133 380 689 850 Loss on sale of equity investments 2,667 — — — — Other expenses, net (1) 6,451 6,690 2,764 2,818 1,517 Loss on disposal of assets, including right-of-use assets 1,902 1,809 3,667 8,595 — Change in fair value of Private Placement Warrants and Unvested Founder Shares — — — (1) (87) Transformation costs (2) 13,883 7,925 7,728 — — Loss on impairment of goodwill and intangible assets — — — 54,500 361,612 Estimated tax effect of adjustments (27,094) (25,365) (24,621) (42,151) (29,724) Adjusted net income $ 24,336 $ 23,708 $ 19,750 $ 43,201 $ 35,507 Weighted average shares outstanding – Basic and Diluted 16,480,703 16,453,896 16,273,439 16,171,224 16,143,520 Net loss per share – Basic and Diluted $ (4.23) $ (3.81) $ (4.38) $ (8.53) $ (24.25) Adjusted EPS $ 1.48 $ 1.44 $ 1.21 $ 2.67 $ 2.20 (1"Other expenses, net" represents miscellaneous non-recurring expenses, impairment of other assets, non-integration related severance costs, legal expenses associated with the multi-district litigation, and start-up costs related to international expansion. (2)"Transformation costs" represent costs directly associated with our multi-year transformation program called Vision 2030 which includes internal personnel costs for employees that have been either hired or redeployed and are fully dedicated to transformation activities, as well as other non-recurring and duplicative costs. At such time that internal personnel are redeployed to non-transformation activities, they will no longer be included as an adjustment herein.
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Confidential and Proprietary – Do not distribute without permission 21 Reconciliation of GAAP and Non-GAAP Items, continued $ in thousands Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Net cash (used in) provided by operating activities $ 19,857 $ 61,237 $ (30,056) $ (33,413) $ 72,842 Purchases of property and equipment (36,203) (24,623) (38,866) (30,434) (31,700) Free cash flow (16,346) 36,614 (68,922) (63,847) 41,142 Interest paid 129,547 35,507 82,003 96,655 60,195 Unlevered Free Cash Flow $ 113,201 $ 72,121 $ 13,081 $ 32,808 $ 101,337 Adjusted EBITDA 155,132 154,028 142,069 141,563 141,645 Adjusted Cash Conversion Ratio 73 % 47 % 9 % 23 % 72 % Net cash (used in) investing activities (22,870) (24,623) (38,866) (30,434) (31,700) Net cash (used in) provided by financing activities (13,630) (3,226) 73,150 (3,649) (3,143)