Everyone, thanks for joining. We have with us Todd Friedman, Vice President of Investor Relations, and Doug Garis, Chief Financial Officer, from Claritev. First, foremost, just wanna thank you guys for joining us. As always. More importantly, and, I know we were just talking, but I thought it'd be helpful, you've been with the company, you know, nearly two years now. Travis has been on, two years. Puts and takes, your thoughts, puts and takes before we kinda get into some of the discussions around verticals and opportunities and so forth. Yeah, great. Thanks for the question, and a great conference this week. You know, when I think about the puts and takes, the significant opportunity we have to positively impact healthcare with 3,000 dedicated associates was a extremely pleasant surprise coming in, especially having worked at larger organizations most recently. We have an incredible base of people who are dedicated with clarity, alignment, and focus, and purpose. Man alive, we set a foundation here in 2024, we build 2025 the turn, and expectations now have reached a fever pitch. The management team, our team is executing, our associates are dedicated to the mission, but it's just that we keep telling our team it just gets harder. Yeah On a day-to-day basis, it's been a grind. That's what we signed up to do. We're having a great time. To that end, maybe in some ways taking a step back, can you talk about the durability of the core business? I know you've talked about obviously stabilized the top, 10 clients, ex one client, which we've talked about. I think you said organic, up 10% or 11%. That- Can you talk about that just as from a core competency perspective? Yeah. You know, I think maybe one of the more underappreciated aspects of coming into the organization was how sticky our core business is. When we refinanced the company, it was without fully understanding, but kinda betting on the future of being able to sell into an already mature and penetrated customer base. When I think about the opportunity for us to continue to grow the business, we say at Claritev all of our businesses are growth business. Our core business is a growth business, and we look at Q1, our Claims Intelligence business, our largest core business, was up 8.4% year-over-year. We like the prospects of each of our lines of business, our service lines between Claims Intelligence. We think the out-of-network market is stable on a dollar perspective. Our network business is our crown jewel, and it's a very strategic asset that we're gonna more aggressively pursue the TPA space with. Finally, our Payment and Revenue Integrity, I think from a medium to long-term perspective, we see significant compounding growth in products like our claims, Advanced Code Editing, where we're catching on a prepayment basis, issues on claims on a second pass. All three of those businesses are core to what we do, and the medium to long-term prospects for those businesses are good too. Okay, great. Thank you. More, you know, Investor Day showed about the kind of the 2030 vision and so forth. Maybe I'm trying to put two thoughts together here, but at the end of the day, can you talk about some of those verticals that are merged, and then tie it to, you know, how you're thinking about that? Yep as we roll out, you know, pushing towards 2030 and generating cash flow. Yeah. That's a great question. I think we, I think the main thing will be the main thing, so the payer and TPA space is a majority of our revenue, and PSAVE is 85%-ish of our business. We expect it to be, you know, approximately 2/3 of our business, and those markets are where we're actually winning white space and even net new logos. The core business affixed to the payer and TPA space, we like the prospects and the opportunities. When you think about providers, we recently signed a top three health system. The provider opportunity is not just a U.S. opportunity, it's a global opportunity. We're looking at ways to get more sticky with new market verticals. We started with a couple of pilot clients, so we have two large clients, one in the UAE and then one in the U.S., and it's a perfect vehicle for us to learn and build additional case studies to more broadly serve the provider markets. We would expect, you know, meaningful revenue contribution as those mature. Finally, when we think about the public sector, our core products fit very well state, local, and federal agency bids like the World Trade Center business that we won. We expect, again, these to augment and help us elevate our growth story in the medium to long term, where we're managing against ultimately our Rule of 70 financial algorithm through the 2030 timeframe. Right. Okay. As far as the goals, you had laid out revenue goals, kind of the $1.128 and the $1.3- Yep point, 30. Yep. At least $1.1 billion of revenue through 2028, that's $675 million of EBITDA. Yeah. At least $1.3 billion on at least $800 million of EBITDA by 2030. The important thing to note is our business gets a little bit more growth and scale. It starts to spit out free cash flow. The investments that we've purposefully made over the last year and change that we'll continue to make in our technology modernization efforts, we think make our business much more capital efficient over time. When you look at kind of the midpoint 2028, it's kinda like a mid-single-digit Levered Free Cash Flow yield. When we get to 2030, we're spending on a couple $100 million a year of Levered Free Cash Flow, and it's a mid-teen free cash flow yield. Right which is a very attractive business. Okay. Okay, great. To that end, can you speak to just the ACV? Obviously has some pretty, I would argue, maybe aggressive goals this year. Yeah. Well against those goals. Our CEO set a very aggressive target for our sales team, and our team delivered in Q1. When I look at our Q4 exiting 2025, we had a $23.1 million bookings quarter. It was our largest bookings quarter. We turned around and delivered $44.1 million bookings. The important thing to highlight is that the mix of what is organic, so what we're selling into the current install base versus what's net new, is about a 70/30 mix. When you look at the last five or six quarters, we've added 36 net new logos. The market is mature, yes. Our ability to penetrate these markets, and build substantial funnel and pipeline coverage is something that, as we're talking to both new and existing investors, we think the message on ACV bookings and the conversion to revenue against our financial algorithm is something we'll continue to provide additional color as we go forward. You're saying that transition's 6-12 months. About a 6-12 months, depending on the type of booking, correct. Within those opportunities, how much does the public market, you know, the World Trade Center contract, how much of an opportunity, or is that kind of a one-off? Cause that's clearly a unique vertical from what we've seen in the past. That deal was in partnership with GDIT. They were the prime on the bid from the CDC. That business alone was about a $5 million ACV booking for us. We are the primary network for World Trade Center first responders and survivors. I think it's about 130 or 40,000 members. That business was sold as a PEPM business, and that is our core business. That is our primary network. Our network business is about a $200 million business. As state, local, and federal opportunities come up, whether they're in Claims Intelligence, whether they're in our network or Payment Revenue Integrity, or in some of our new technology domains, you have to kind of build a funnel, plant a flag, and start to show progress. I think Q1 was meaningful progress in both the provider space and public sector. Yeah. We expect to continue to chase sizable opportunities like that in the future as well. How would you weigh those two? Is the provider opportunity a better opportunity than the public opportunity? Is it or is that a fair question? Yeah, I think it's probably early to tell. As we're kind of finalizing our provider strategy, which we'll share at some point in the future, the public sector opportunities, you know, from my past life, you won one big deal. Yeah It's like a multi-billion dollar deal. I think in large, I wouldn't be surprised if they were ratable. I think longer term, a stable recurring revenue provider business is a really great space for us to be in because we're trying to embed to be a critical piece of technology infrastructure within the healthcare ecosystem, which is an important role that we play today, and we're looking to continue to expand. To that end, can you speak to your pipeline? I I know you had talked about a little bit earlier today. Yep. Touched on the pipeline. I'm curious how, you know, having followed the company for quite some time, you know, there was a, obviously, there was a core organic business, but the kind of the vertical element of this, the growth opportunity here is, is unique to the story, quite frankly. I'm wondering how you positioned yourself from a sales infrastructure and how you're, you know, what you're seeing relative to what your original expectations were. That's a great question. Over the last 18 months, we've hired a new chief growth officer. I think we hired her a few months after I joined, Tiffani Misencik. She's built an incredible segment leadership team. When you look at our payer, our TPA, our provider, our public sector, and then we have an international leader as well, we have end-to-end client management from new logo acquisition all the way through client success, and that kind of vertical alignment was new to the Claritev story. Yeah. When you kind of take a step back, we've been trying to simplify the way we talk about the business. When we roll out of bed every year, our Gross Revenue Retention is 93%-95%. Having a, you know, technology background, that is a really good, sticky business. I think for us on the pipeline, the organic opportunities, we've created, you know, almost two and a half to three times as much funnel. When you look at our coverage now, we put a $100 million bookings target out there, 80 - 100. I know that I can acquire that funnel because I have a few hundred million dollars of pipeline. You win, you know, 25%-40% of your deals and the math actually becomes pretty easy over time. Yeah. To that end, another question I get is, can you speak to, like, AI? I mean, kind of jumping around here. Yeah With limited time, AI is always, you know, the question, the landscape, the discussion. Can you speak to your value proposition? What your relationship with your clients, I guess, does that landscape, does it create a concern about penetration of AI? you know, does your client relation? Yep able to offset that competitive landscape? Yeah, that's a great question, it evolves every day, I think we covered this a little bit at Investor Day. What we would say is it starts with trust. We have deep client relationships over multiple decades. We have a, you know, near perfect say-do ratio. We have large customers who trust us. We've embedded these relationships over the course of multiple decades. Two, we have data rights and data access to large organizations. That is a high hurdle when you're dealing with confidential and private information with PHI and PII. Yeah. You can't just, you know, go into a large organization and get access to all their data. That's kind of point number two. Point number three is we are embedded inside of the workflows with highly customizable applications. That when you put those three things together, our customers trust us, we have data rights, and we're embedded inside of workflows with massive customizations. The value proposition we think is an offensive opportunity from AI because as a for instance, we generated 53% of our code to make our products work better using AI in Q1. We're thinking about AI in terms of practical use cases, how do we better serve our clients? When you think about, the amount of, you know, unlevered free cash flow we deliver, it allows us to invest in those things that are gonna meaningfully drive positive revenue, positive client retention, or in some cases, help us take costs out of the business. What and to that end, to extension that, what are you hearing from, what are your clients saying to you? Like, what they, in terms of how they want to facilitate that transition? Yeah, I would point to a product like our NSA product, right? We're the market leader, we think, in NSA. We are looking at automating the NSA process further to make it a much better experience for our client through a Service Cloud, through real-time insights and analytics, and of course, by continuing to enjoy a pretty substantial win rate versus our competition. I think the proof is when we do business reviews with our large clients, we'll bring our Chief AI Officer, we'll bring software engineers, we'll bring our technology organization. Yeah. We'll even bring members of the leadership team, and we'll very clearly explain what the strategy is and how it benefits our clients. I think NSA is a fantastic example for us. The clients will come to you and be looking for a solution around NSA. Is that's part of your? You bring that value proposition. Yeah, absolutely. I think the big psychological change for us, or maybe relating back to the puts and takes, we are a product and technology organization, and we have a published roadmap. Now I can go on a quarterly basis, I can go to my customers and say, "Hey, do you know in Q3 of 2026 I'm releasing this thing for NSA. Yeah. we should be planning for it. when you think about activating a sales motion, building a funnel Right Connecting to that product technology and innovation investment, it's a much better and much more organic conversation with our client because they trust us. Yeah we have dedicated relationships and sales reps Yeah devoted to them. Okay. Thank you. All right. Fast and furious. Love it. Thank you, Doug. Thank you, guys. Thanks for joining.