Q2 2025 Claritev Corp Earnings Call
Court and form 10K and other documents we file with the FCC.
We will also be referring to several non-gaap measures which we believe provide investors with a more complete understanding of clarity underlining operating results.
An explanation of these non-gaap measures, and reconciliations to their comparable. Gaap measure to 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.
Uh, 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 Clarity says this 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 with 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, for 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 in our 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 health care, more affordable than 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 are 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 opportunities.
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 sign 9, new logos and close on 135 opportunities and 16 million in annual contract value achieving. Our quarterly targets,
we're improving our operating model to take in new ideas, evaluate those
prioritizing its product roadmaps and launch.
Urgency is distilling. The critical few from the many inputs and focusing on completion with organization and energy.
In just three short months, we've been able to go from concept to contract with our partners at Burgal 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 at the Top Line and bottom line growth. This quarter, we're also seeing the growth in our pipeline development during the first half of 2025, we created over 130 million in new pipelines. 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 whitespace and the rest from net.
Opportunity.
We are confident in our foundational 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 at every level. 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
Not only did they provide the majority of our revenue today, but we believe they 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 clarity are our payer and TPA client relationships.
Our teams remain steadfast and providing world-class service and solutions.
To not only maintain the current level of offerings.
But introduced new ones into the client whitespace.
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 Pro pricer solution to an existing client, but an incremental 6 million in annual contract value and a white space win with data eyesight.
Our core is secure, and we aren't just holding on that. 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 bed. Insights replacing a key competitors 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 today for Ben insights and our data and 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.
Leveling licensed software solutions with licensed software support like insights.
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 that we are attracting new clients as well, with 5 new pair and TPA logos in Q2, including a new blue client logo win.
The broker and employer Market continues to search seek Innovation, innovative solutions to manage healthcare costs.
While improving employee satisfaction and outcomes.
Key milestones in Q2 in this market include hosting our first Regional.
11 organizations, attended the conference, which yielded over 1 million in new Pipeline and closed opportunity.
We are here in 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 want 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 event, insights products 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 of our talent and solutions could bring to the provider Market, particularly in Rural America.
Where Healthcare Providers seek transparency and analytic 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 complete view 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 complete view but network access and other data analytics products.
Our pipeline is continuing to grow as we aggressively go to market to bring value to Providers across the country.
Next International expansion represents a significant growth opportunity. The overseas Healthcare challenges being similar to those in the US.
It represents another Market vertical where our products and solutions can provide immediate value.
Clarity of Solutions in the Middle East, North Africa, region, provide
Improved Improvement in claims and payment accuracy.
Reduction in burdensome Appeals.
Resources.
Transparency to all parties.
And standard and custom population. Health insights.
As announced back in May, we've established an operational agreement with Braille Holdings and closed on our first contract with its subsidiary. Claims care, RCM making our entry into key Gulf Cooperative Council countries within Mina.
The breadth of our service offerings is allowing its relationship to bury even more fruit as a 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 US market.
Us and state. Government Healthcare programs. Also represent significant opportunities for our transparency and cost Management Solutions.
Our vision is very much aligned with government initiatives on price transparency services and reducing fraud waste and abuse.
We Stand ready to participate in meaningful discussions on thought leadership on these topics.
And execute on any such optimization, projects, and solutions.
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 sign 3. New clients in Q2.
We are pursuing payments in a much more strategic and targeted way.
3 wins this quarter, where 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 complete view into the Athena Marketplace.
Now Athena Health's network of healthcare providers, is empowered with complete views, 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 Ben insights 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. Oracle Cloud infrastructure is so critical to our long-term growth.
Oci has already shown 13 to 17% Improvement and 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 markets, 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, Hernando Schwarz 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 is 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 enhance 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.
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 them as motivated as I have 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 in our future, is very bright. I'll turn the call over to Doug to walk through our Q2, financial performance impact from the recently passed 1 big beautiful, bill act
And 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 of clarity I can confidently say that we are stronger more focused and more energized and 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 return 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 mmm, which continues to become more robust
I will also highlight the profound and positive impact from the passage of hr1. The 1, big beautiful, Bill Axe. And finally, I'll share an updated full year of 2025 Financial guidance. Before opening the call up for Q&A.
Let's get right into the numbers.
Total revenue in Q2 is 241.6 million up, 3.5% year-over-year and up 4.4%. Quarter of a quarter year to date Revenue came in at 472.9% above our internal planning represented a 5.4% increase year-over-year. Excluding the 1 client was known attrition and is an early signal that our go to market momentum is building
Adjusted e. But I was 154 million for the quarter and 296.1 million year to date reflecting 5% and 0.9% growth respectively.
Corresponding Ebon 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. This growth was led by the network-based service line and the non-recurring revenue associated with a new commercial agreement in the Property and Casualty (PNC) business.
The analytics based service line revenue grew, 2.3% sequentially, and excluding the impact of 1 large client, through 2.9% year-over-year with solid performance. And both our core and our key growth areas are vdhp and DN DS.
Further. We expect our largest product data eyesight 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 processed claims from 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 PNC business results in an approximately 5 million of non-recurring Revenue benefit this quarter, we expect a total of about 15 million in non-recurring, in-ear revenue, for 2025 with similar quarterly, benefits to Q3 and Q4.
And our growth products, we are gaining momentum.
Travis gave a brief overview, but it's worth reiterating our Topline 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 a June 30th 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 DN 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.
Meaningful recurring software subscription revenue in 2026.
We remain disciplined with our operating cost adjusted expenses. Grew just 8% in Q2.
8% in Q2 Personnel costs were higher due to talent and transformation related Investments, partially offset by lower expenses and Facilities, legal and professional fees.
Importantly, we delivered Revenue growth in Q2 with 3%. Fewer headcount year-over-year,
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 have shut down four facilities and streamlined product development through our Chief Medical Officer, Dr. Jigar Patel, who is now our Chief Product Officer. We are still very much on pace to meet our multi-year, 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 hr1. The 1, beautiful bill act to our business. It's reinstatement of IRC 174. The immediate expensing of capitalized software development will reduce our 2025 cash tax burdens substantially.
We believe that the catch-up in the current year 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, approves 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 HR1, including the indirect effects of the changes to Medicaid eligibility and funding.
Although a Medicaid related revenue is currently account for approximately a half, a percent of our total revenue. We are closely analyzing the implementation of HR 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 Precision position considering anticipated Medicaid, shortfalls
On the 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 e. But on margin guidance, range of 62 and a half to 63 and a half percent.
Given the re Revenue raised in hr1. 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 8 times.
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 1 of the top 15 performers cap stocks in the US public Equity markets. We are also delighted to be reindexed and re-enter the Russell 20000 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 rebuilt this year is strong and I am pleased with the print this quarter.
With that Sammy will you kindly open up the call for questions?
Thank you very much for asking a question. Please press star for about 1 on your telephone keypad now.
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As a reminder, in the interest of time, we asked the participants limit themselves to 1 primary question and 1 follow-up question.
Our first question comes from Joshua Raskin from nefron research for line is open Joshua, please go ahead.
You know, parse it out by newly signed versus ongoing businesses. And then the one-timers as well. Um, it sounds like there were some one-timers in the Network Services segment. Um, and then it would also be helpful if you could parse that out for, you know, what are the drivers of the guidance increase today as well. Thank you.
Yeah, sure, maybe I'll start with that the the easiest question, which is the driver of the increase and it's simply the the performance of the underlying business. And so we're halfway through the year. We feel really good about the core and the foundation. Um, 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 is stabilized with respect to revenue and IBA. And 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 Revenue Integrity space to extract more value per 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 I think things we've communicated over the last few quarters which is our Core Business is actually a stabilized and and Performing quite well. And then when we think about uh ibida part of the pickup is the improved revenue of course. And then we did have
Time. Uh,
we had a 1-time non-recurring revenue pickup from a commercial agreement, we signed in PNC, um, but then also, we're doing a really good job managing our controllable cost. I mentioned, we've shot, um, several facilities. We're operating with less headcount than we did year-over-year. We're actually purposely investing in, you know, new leadership, and new talent to get fit for growth. Um, and then, I think you'll continue to see the reason why we still have a wide uh kind of guide range as the business recovers and we and we move forward that gives us the flexibility to continue to invest to accelerate growth. But on the expense side, it's it's managing managing our business in real time and having strong accountability between our our leadership team.
Great, thanks. Um, and then I guess just the pivot a little bit. Um, we've been hearing a lot about, you know, increasing friction between payers and providers. Um, especially in terms of Provider upcoding or pay, or denials, or downgrades. So I was just wondering, if you could speak a little bit to uh, your view of the current environment. You know, whether there's been any changes that you've seen that are noticeable. Um, and whether you see any incremental opportunities across, you know, your lines of business as a result of that uh, increasing tension.
Thank you.
Yeah. Um,
you know, this is Travis, um,
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. Um, I think there's always been some level of friction there that existed our our view hasn't
Hasn't changed. I mean, we still view um,
A lot of opportunity for transparent products.
um we think that it's important to matter, as we still think that there's a mutual interest that exists
Um, I actually see, cooperation on things like prior prior authorization and some other areas, um, that would be more efficient and create more efficiency. So, um, although it's been, you know, some natural, I would say, um,
Trying to parse out what's going on with some of the recent legislation, I think many of the challenges still exist around affordability, transparency and quality. And I think that um, the problem setting, the opportunities are very much right in front of us. We've also Dug Dug in note, but I think we, 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, you know fraud waste and abuses. We go forward and are very aligned with that. We need our products are a good fit for that. So um we're going to continue to serve and we think we have a role to play across the ecosystem.
Great. Thanks for all the calling.
On the next question, customer Daniel Grass from City Group. Your line is open. Daniel, please go ahead.
Guys, thanks for taking the question and congrats on the, uh, great results here.
Um, you know, it's
Converting into, uh, to revenue, uh, in 26. Should we expect Revenue growth to be closer to kind of the, uh, High single digits next year? Thanks.
Hey, thanks, Danielle and thanks for that. Thanks for the the datas. Um, so when we had our 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 uh, relatively in a big piece of that is having strong stable foundation in our core, which is still over 90% of our business, you know? I think why, we're, we're taking a little bit cautious of approach is because we want to see a couple 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 as stabilized. And we have talked through the the 1 known customer attrition issue, which I think we've played through incredibly well uh, to your point. We um, we're planning on booking mid single digits, ACV this year, which will largely convert to revenue next year. We've also secured, you know, a good part of our contract based
For a multi-year period.
And so we're getting all the the ingredients ready to enter into a larger growth mode. We 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 our planning algorithm that we read our debt through our refinancing and we communicated in the spring. All that said um I think it's fair to assume that most of the mid single digit growth converts to revenue next year. Um but I think we would be in a much better position in a quarter or 2 and certainly we can 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.
Yeah. Yeah, that makes sense. And, and perhaps it's a similar answer to, to my next question, but it does seem like, you know, the the guidance for the remainder of the year is quite conservative effectively. Um, a bit of a sequential decline from the first half of of 25 to the second half of 25, on on Revenue. Um, it doesn't sound like, uh, there's, there's, you know, much renewals coming up early nutrition like that in the
Second half and it does sound like the 1 time Revenue, that occurred, this quarter is going to repeat rapidly over the next couple quarters. Um,
so I'm just curious, you know, you know why, why shouldn't we see more Revenue growth in the second half of the year?
Yeah, so um, thanks for that. 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, we want to um, achieve 100% of our say, do ratio. I would tell you internally where planning near the top end of the guide range.
All right. Thank you.
As a reminder to ask a question. Please press star. Followed by 1 on your telephone keypad.
Our next question comes from Derek Ross. From Piper Sandler, your line is open, Derek, please go ahead.
Hi guys. Um thanks for the question and congrats on the quarter. Um my question is on the IDR process um what's your market share? Their what role do you play? And could you just elaborate on what the revenue model is? Thank you.
Approaching our thought process to AI. So when you look at Ai and use cases and um agents, there is a ton of automation that Fernando and team will be doing um internally to help us automate processes and work with uh Jerry hog and our 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 we can maybe go into it a little bit in detail after the call. But we do um we do work. Collectively with our clients to um manage the IDR process and that I'll go into maybe the details of the revenue model with you and the follow-up.
Okay thanks um and then my follow-up is um on Lantern. Um could you just elaborate on? Um if the partnership is live and you know some of the early returns you're seeing from it, if so, thank you.
Yeah, I think we're look. We're early in that in that discussion. I mean, as we talked about last time, um, I think what they do is really important, we think, especially in networks, matter a lot. We think the work they're doing.
Um, is well aligned to us and it's an Innovative idea for us to go and work on something like that. Um, so I think we're, we're very early in that process.
Um, we'll be able to provide I think more color on the revenue contribution over time. Yeah. It was, it was very small this quarter. I think, you know, as we start to activate deals and as we establish our kind of partnership go to market Channel. I think we'll, 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.
Yeah and I I'll just add a color commentary of that call Partnerships to the land of interesting conversations if you don't uh focus and execute. So you're kind of I said in my prepared comments,
This eye over our team here is from me every day.
Move faster, more urgency, but the idea of urgency is really about picking the right thing and getting behind it. And so, um, we brought in a new person to run a new partnership program, um, and it's very very talented. Who's I think doing a great job of helping us online more clearly on the critical few um to where we can better size those parking, those Partnerships the market potential and demonstrate Revenue contribution um for all of you that are are keeping track, that's why we made it its own markets vertical um that is actually 1 of our verticals so we can focus on it more versus
Um, just cover the field.
Uh great. Thank you so much.
We currently have no further questions, so I'd like to hand back to Travis Dalton for some closing remarks.
Okay. Um so thanks. Thanks everyone. Uh, for your time. Um, we appreciate it. Uh, just a couple, just a minute or 2 closing here. So um, you know, I had the question earlier but how 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. Um, those challenges are really what it'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.
Um I think that's what sets us apart is. We don't just do 1 thing narrowly. Um, that we provide a suite of solutions that can work across the value chain, to provide access to care with our networks, um, deliver insights with our, our products pricing at risk and tools that can really help providers and employers increase revenue and reduce costs. And we have a very aligned business model with our clients. We we win, only if they, if they win,
So um, challenges are many, we're gonna that everyone here knows is 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, um, and generating hard return on investment.
So we shared a lot of information today um and I'll just close really by saying we're delivering on a promises.
As Doug said to say do ratio, um, or 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
Five-year periods, nine new logos across multiple market segments, diversifying the business, and a record-setting Enterprise subscription. So we're delivering on the turn in 2025.
Um, with strong financial performance, and discipline and growing pipeline. We're excited about, um, the momentum and the way forward in the 26th and Beyond and we remain very confident in our ability to drive sustainable growth here and very proud of, um, the hard work that our people are doing, and, um, 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. Um, so we're really looking forward to the future, taking some big swings, um, and going forward to improve Health Care. Thank you.
This concludes today's call. We thank everyone for joining. You may now disconnect your lines.