Claritev (MultiPlan) (CTEV)

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$1,017	$271	9.7%	$1,085	6.7%
Adj. EBITDA	$517	$141	25.7%	$607	17.3%
Free Cash Flow	($28)	($8)	(121.2%)	$13	146.2%
Net Debt, end of period	$4,607	$4,614		$4,594	(0.3%)
Net Debt / Adj. EBITDA	8.9x	8.4x		7.6x	-1.3x
Total Liquidity, end of period	$259	$251		$272	5.0%

The credit over the next year

Claritev's credit over the next year turns on whether Claims intelligence revenue (Data iSight and surprise bill work under the No Surprises Act) keeps compounding at double digits, since it is now 72% of revenue and grew 17.1% in 3Q26 while Network and Payment integrity both shrank. Management raised 2026 revenue guidance to $1.038 to $1.043 billion and previewed about $1.1 billion for 2027, but Adjusted EBITDA margin slipped to 60.4% from 63.1% as cost of services personnel and antitrust legal spend grew faster than revenue. With about $4.7 billion of debt, roughly $400 million of annual interest (part paid in kind), negative free cash flow year to date and $10 million of cash, the company needs that top-line growth to carry through to EBITDA and cash, or revolver use keeps climbing.

Leverage falls from 8.9x to 7.6x over the next four quarters on the starting case.
Free cash flow of $13mm is projected over the next year, with no itemised debt due in that time.
Net debt is roughly unchanged from $4.61bn to $4.59bn.
Liquidity a year out is $272mm, against $259mm today.
Company guidance for fiscal 2026: adjusted EBITDA of $625mm to $630mm on its own definition, free cash flow of $10mm to $20mm.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$10.1
Second-Out First Lien Term Loans	1,126.8	100.0%	N/a	2.2x	Bullish
5.75% Second-Out First Lien B Notes due 2030	763.1	100.0%	5.75%	3.7x	Bullish
6.50% Cash & 5.00% PIK Second-Out First Lien A Notes due 2030	651.7	100.0%	11.50%	4.9x	Bullish
First-Out First Lien Term Loans	320.2	100.0%	N/a	5.5x	Bullish
6.00% Cash & 0.75% PIK Third-Out First Lien B Notes due 2031	999.9	100.0%	6.75%	7.5x	Neutral
6.00% Cash & 0.75% PIK Third-Out First Lien A Notes due 2031	776.2	100.0%	6.75%	9.0x	Neutral
Finance lease obligations, non-current	0.1	100.0%	N/a	9.0x	Neutral
6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027 (stub left after the 2025 exchange)	0.4	100.0%	6.00%	9.0x	Neutral
5.50% Senior Notes due 2028 (stub left after the 2025 exchange)	5.8	100.0%	5.50%	9.0x	Neutral
5.750% Senior Notes due 2028 (stub left after the 2025 exchange)	5.3	100.0%	5.75%	9.0x	Neutral
Total Debt	$4,616.9			8.9x
Net Debt	$4,606.8			8.9x

Last Twelve Months

Revenue	$1,017
Implied Costs	(500)
Adj. EBITDA	$517
(-) Interest Expense	(330)
(-) Capex	(159)
Memo: FCF	($28)
Total Liquidity	$258.7

Next 12 months, starting case▲ Revenue $1.02bn → $1.08bn▲ Adj. EBITDA $517mm → $607mm▲ Free cash flow -$28mm → $13mm▼ Net leverage 8.9x → 7.6x▲ Liquidity $259mm → $272mm

Claritev (MultiPlan)

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$10.1
Undrawn Revolver ($350mm facility)			248.6
Total Liquidity			$258.7

Second-Out First Lien Term Loans	S + 460	12/31/2030	1,126.8	100.0%	N/a	N/a	N/a	Bullish
5.75% Second-Out First Lien B Notes due 2030	5.75%	12/31/2030	763.1	100.0%	5.75%	1/1/2028 @ 101.375	6.64%	Bullish
6.50% Cash & 5.00% PIK Second-Out First Lien A Notes due 2030	11.50%	12/31/2030	651.7	100.0%	11.50%	1/1/2028 @ 103.25	13.53%	Bullish
First-Out First Lien Term Loans	S + 375	12/31/2030	320.2	100.0%	N/a	N/a	N/a	Bullish
6.00% Cash & 0.75% PIK Third-Out First Lien B Notes due 2031	6.75%	3/31/2031	999.9	100.0%	6.75%	1/1/2027 @ 107	20.75%	Neutral
6.00% Cash & 0.75% PIK Third-Out First Lien A Notes due 2031	6.75%	3/31/2031	776.2	100.0%	6.75%	1/1/2027 @ 107	20.75%	Neutral
Finance lease obligations, non-current	N/a	N/a	0.1	100.0%	N/a	N/a	N/a	Neutral
Total Secured Debt			$4,637.9						5.7x	6.4x	7.7x	9.4x	9.2x	9.0x	7.6x	6.8x
Net Secured Debt			$4,627.8						5.7x	6.4x	7.7x	9.4x	9.2x	8.9x	7.6x	6.7x

6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027 (stub left after the 2025 exchange)	6.00%	10/15/2027	0.4	100.0%	6.00%	N/a	N/a	Neutral
5.50% Senior Notes due 2028 (stub left after the 2025 exchange)	5.50%	9/1/2028	5.8	100.0%	5.50%	N/a	N/a	Neutral
5.750% Senior Notes due 2028 (stub left after the 2025 exchange)	5.75%	11/1/2028	5.3	100.0%	5.75%	N/a	N/a	Neutral
Other debt, discounts and issuance costs	N/a	N/a	(32.5)
Total Debt			$4,616.9						5.7x	6.4x	7.7x	9.3x	9.2x	8.9x	7.6x	6.7x
Net Debt			$4,606.8						5.7x	6.4x	7.7x	9.3x	9.2x	8.9x	7.6x	6.6x
						Adj. EBITDA			$809	$721	$600	$495	$502	$517	$607	$687

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$1,118	$1,080	$962	$931	$965	$1,017	$1,085	$1,143
Y/Y Growth		(3.4%)	(10.9%)	(3.2%)	3.7%		6.7%	5.4%
Implied Costs	(308)	(359)	(362)	(436)	(463)	(500)	(478)	(456)
Adj. EBITDA	$809	$721	$600	$495	$502	$517	$607	$687
Margin	72.4%	66.8%	62.4%	53.1%	52.0%	50.9%	55.9%	60.1%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$809	$721	$600	$495	$502	$517	$607	$687
(-) Interest Expense (Cash Only)	(231)	(290)	(323)	(315)	(283)	(330)	(402)	(402)
(-) Cash Taxes	(132)	(124)	(100)	(80)	(45)	(22)	(22)	(22)
(-) Capex	(85)	(90)	(109)	(118)	(130)	(159)	(170)	(179)
(+/-) Working Capital and Other	(42)	65	(5)	8	(57)	(34)	--	--
Memo: FCF	$320	$283	$63	($11)	($12)	($28)	$13	$84
% of Debt	6.9%	6.1%	1.4%	(0.2%)	(0.3%)	(0.6%)	0.3%	1.8%

Liquidity

Unrestricted Cash	$10.1
Undrawn Revolver	248.6
Total Liquidity	$258.7
(-) Debt due through 2028	(11.5)
(+/-) Free cash flow, last twelve months	(27.8)
Liquidity after maturities and a year of cash flow	$219.4

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

The governing debt documents are listed and linked below. The review of baskets and loopholes, and the score, have not been run for this company yet.

All debt documents

Jan 30, 2025Super Senior Credit Agreement dated January 30, 2025 (MPH Acquisition Holdings LLC as borrower; Goldman Sachs Lending Partners LLC as agent). Exhibit A is the form of Guarantee and Exhibit B is the form of Security Agreement. · credit agreement · First-Out First Lien Term Loans; Second-Out First Lien Term Loans; $350mm revolver (first-out)
Jan 30, 2025Indenture dated January 30, 2025 for the 6.00% Cash & 0.75% PIK First Lien Notes due 2031 issued by MultiPlan Corporation (now Claritev), with Wilmington Trust as trustee and notes collateral agent · indenture · 6.00% Cash & 0.75% PIK Third-Out First Lien B Notes due 2031
Jan 30, 2025Indenture dated January 30, 2025 for the 6.00% Cash & 0.75% PIK First Lien Notes due 2031 issued by MPH Acquisition Holdings LLC, with Wilmington Trust as trustee and notes collateral agent · indenture · 6.00% Cash & 0.75% PIK Third-Out First Lien A Notes due 2031
Jan 30, 2025Indenture dated January 30, 2025 for the 5.75% First Lien Notes due 2030 issued by MPH Acquisition Holdings LLC, with Wilmington Trust as trustee and notes collateral agent · indenture · 5.75% Second-Out First Lien B Notes due 2030
Jan 30, 2025Indenture dated January 30, 2025 for the 6.50% Cash & 5.00% PIK First Lien Notes due 2030 issued by MPH Acquisition Holdings LLC, with Wilmington Trust as trustee and notes collateral agent · indenture · 6.50% Cash & 5.00% PIK Second-Out First Lien A Notes due 2030
Dec 23, 2024Forms of the Equal Priority Intercreditor Agreement and the Junior Priority Intercreditor Agreement, attached as Exhibits 10 and 11 to the term sheet in the Transaction Support Agreement (forms only; the signed agreements are not filed) · intercreditor or security agreement · Payment order and lien sharing among the First-Out and Second-Out First Lien Term Loans, the revolver, the Second-Out First Lien A and B Notes and the Third-Out First Lien A and B Notes
Dec 23, 2024Transaction Support Agreement dated December 23, 2024 among MultiPlan Corporation, MPH Acquisition Holdings LLC, affiliates and ad hoc groups of noteholders and lenders, with the transaction term sheet and forms of the new documents attached · exchange or support agreement · The January 2025 exchange that created the current first-out, second-out and third-out structure
Jan 30, 2025Second Supplemental Indenture dated January 30, 2025 to the 5.50% Senior Secured Notes due 2028 indenture (removes most covenants and releases the collateral) · supplemental indenture · 5.50% Senior Notes due 2028 (stub left after the 2025 exchange)
Aug 24, 2021Indenture dated August 24, 2021 for the 5.50% Senior Secured Notes due 2028 issued by MPH Acquisition Holdings LLC, with Wilmington Trust as trustee and notes collateral agent · indenture · 5.50% Senior Notes due 2028 (stub left after the 2025 exchange)
Jan 30, 2025Second Supplemental Indenture dated January 30, 2025 to the 5.750% Senior Notes due 2028 indenture (removes most covenants and some default provisions) · supplemental indenture · 5.750% Senior Notes due 2028 (stub left after the 2025 exchange)
Oct 29, 2020Indenture dated October 29, 2020 for the 5.750% Senior Notes due 2028 issued by MPH Acquisition Holdings LLC, with Wilmington Trust as trustee · indenture · 5.750% Senior Notes due 2028 (stub left after the 2025 exchange)
Jan 30, 2025Second Supplemental Indenture dated January 30, 2025 to the 6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027 indenture (removes most covenants, adds a release in new Section 12.17) · supplemental indenture · 6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027 (stub left after the 2025 exchange)
Oct 8, 2020Indenture dated October 8, 2020 for the 6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027, between Churchill Capital Corp III (now Claritev) and Wilmington Trust as trustee · indenture · 6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027 (stub left after the 2025 exchange)
Jan 30, 2025Amendment Agreement No. 2, Consent and Waiver dated January 30, 2025 to the 2021 Credit Agreement, with the amended credit agreement attached in marked form · credit agreement amendment · Prior term loans and revolver under the 2021 Credit Agreement (all term loans exchanged and the revolver terminated on 2025-01-30) · repaid
Aug 24, 2021Credit Agreement dated August 24, 2021 among MPH Acquisition Corp 1, MPH Acquisition Holdings LLC and Goldman Sachs Lending Partners LLC as agent, with forms of Guarantee and Security Agreement attached · credit agreement · Prior term loans and revolver under the 2021 Credit Agreement (all term loans exchanged and the revolver terminated on 2025-01-30) · repaid
Jun 15, 2023Amendment Agreement No. 1 dated June 15, 2023 to the 2021 Credit Agreement (benchmark replacement from the Eurocurrency Rate) · credit agreement amendment · Prior term loans and revolver under the 2021 Credit Agreement (all term loans exchanged and the revolver terminated on 2025-01-30) · repaid

Scores and summaries are an analyst-style reading of the documents produced with AI and checked against the text. They are not legal advice. Read the document before relying on any point.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$1,118	$1,080	$962	$931	$965	$1,017	$1,085	$1,143
Y/Y Growth		(3.4%)	(10.9%)	(3.2%)	3.7%		6.7%	5.4%
Implied Costs	(308)	(359)	(362)	(436)	(463)	(500)	(478)	(456)
Adj. EBITDA	$809	$721	$600	$495	$502	$517	$607	$687
Margin	72.4%	66.8%	62.4%	53.1%	52.0%	50.9%	55.9%	60.1%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$809	$721	$600	$495	$502	$517	$607	$687
(-) Interest Expense (Cash Only)	(231)	(290)	(323)	(315)	(283)	(330)	(402)	(402)
(-) Cash Taxes	(132)	(124)	(100)	(80)	(45)	(22)	(22)	(22)
(-) Capex	(85)	(90)	(109)	(118)	(130)	(159)	(170)	(179)
(+/-) Working Capital and Other	(42)	65	(5)	8	(57)	(34)	--	--
Memo: FCF	$320	$283	$63	($11)	($12)	($28)	$13	$84
% of Debt	6.9%	6.1%	1.4%	(0.2%)	(0.3%)	(0.6%)	0.3%	1.8%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Claims intelligence solutions revenue growth % change vs same quarter a year earlier	5.1	8.4	13.7	17.1	16.8	11.5	11.5	11.5	11.5	11.5	11.5	11.5	$1.8mm on revenue	90
Network solutions revenue growth % change vs same quarter a year earlier	11.7	1.2	-7.0	-5.6	-5.6	-5.6	-5.6	-5.6	-5.6	-5.6	-5.6	-5.6	$0.5mm on revenue	(11)
Payment and revenue integrity solutions revenue growth % change vs same quarter a year earlier	3.3	-0.4	-5.9	-9.8	-9.8	-9.8	-9.8	-9.8	-9.8	-9.8	-9.8	-9.8	$0.3mm on revenue	(11)
Cost of services personnel expense as % of revenue % of revenue	20.4	21.0	20.4	20.2	20.4	21.0	20.4	20.2	20.4	21.0	20.4	20.2	$2.7mm on cost of revenue	--
Antitrust litigation legal expense $ millions per quarter	8.4	8.6	2.6	10.3	8.4	8.6	2.6	10.3	8.4	8.6	2.6	10.3	$1.0mm on SG&A	--

Claritev's credit over the next year turns on whether Claims intelligence revenue (Data iSight and surprise bill work under the No Surprises Act) keeps compounding at double digits, since it is now 72% of revenue and grew 17.1% in 3Q26 while Network and Payment integrity both shrank. Management raised 2026 revenue guidance to $1.038 to $1.043 billion and previewed about $1.1 billion for 2027, but Adjusted EBITDA margin slipped to 60.4% from 63.1% as cost of services personnel and antitrust legal spend grew faster than revenue. With about $4.7 billion of debt, roughly $400 million of annual interest (part paid in kind), negative free cash flow year to date and $10 million of cash, the company needs that top-line growth to carry through to EBITDA and cash, or revolver use keeps climbing.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$247	$245	$258	$268	$271	$259	$272	$283	$285	$274	$287	$298
Y/Y Growth	6.2%	5.8%	6.6%	9.1%	9.7%	6.0%	5.7%	5.4%	5.4%	5.6%	5.4%	5.2%
Adj. EBITDA	$112	$125	$142	$139	$141	$145	$162	$159	$161	$165	$182	$179
Margin	45.4%	50.9%	55.0%	51.9%	52.0%	56.0%	59.4%	56.2%	56.5%	60.4%	63.3%	60.1%
Free Cash Flow	$36	($93)	$55	($26)	($8)	($1)	$13	$9	$11	$17	$31	$26
Cash, end of period	17	21	14	10	3	1	14	23	34	50	81	107
Total Debt, end of period	4,575	4,589	4,603	4,617	4,617	4,617	4,617	4,617	4,617	4,617	4,617	4,617
Net Debt / Adj. EBITDA	9.1x	9.1x	9.0x	8.9x	8.4x	8.1x	7.8x	7.6x	7.3x	7.1x	6.8x	6.6x

Revenue is built from one revenue line, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Nov 9, 2026

Slides Webcast and audio replay Investor relations site

Claritev beat its own plan in the third quarter and raised 2026 guidance, but free cash flow stayed negative and net leverage is still about 7.7x.

Takeaways

Revenue rose 9.1% to $268.3 million, the fastest growth in years. Claims Intelligence grew 17.1% to $192.5 million, helped by surprise bill services, while Network fell 5.6% and Payment and Revenue Integrity fell 9.8%.
Margins narrowed. Adjusted EBITDA rose 4.4% to $162.0 million, but the margin slipped to 60.4% from 63.1% as the company keeps spending on technology and growth.
Cash flow was weak. Operating cash flow was $18.1 million and capital spending was $43.9 million, so free cash flow was negative $25.8 million, worse than a year ago.
Liquidity is thin but stable. Unrestricted cash was $10.1 million and the revolver draw rose to $95 million from $20 million at year end, leaving $248.6 million available on the $350 million facility.
Leverage remains very high. Net debt was about $4.73 billion against trailing adjusted EBITDA of $616 million, or 7.7x, and quarterly interest expense was about $101 million.
Bookings momentum continued. Year to date ACV bookings passed $100 million, about $27 million closed in the quarter, and the pipeline was up 40% from last year.

Debt and capital

Total long-term debt was about $4.74 billion at principal on September 30, 2026, almost all first lien after the January 2025 refinancing.
First lien stack: $95 million revolver due December 2029, $320 million first-out term loans and $1.127 billion second-out term loans due December 2030, $652 million second-out A notes (6.50% cash plus 5.00% PIK) and $763 million second-out B notes (5.75%) due December 2030, and $1.776 billion of third-out notes (6.00% cash plus 0.75% PIK) due March 2031.
Only about $11 million of old unsecured 2028 notes remain outside the first lien structure. PIK interest is steadily adding to the second-out A and third-out notes.
The weighted average cash interest rate was 6.84%. The revolver carries a springing 2.50x first-out first lien leverage test, which was not triggered.
Capital priorities on the slides rank organic investment and debt paydown highest, with M&A and buybacks a low share. No new debt transaction was announced with the quarter.

Guidance

Raised. 2026 revenue now $1.038 to $1.043 billion, up from $1.00 to $1.02 billion.
Raised. 2026 adjusted EBITDA now $625 to $630 million, up from $610 to $620 million.
Raised. 2026 free cash flow now $10 to $20 million, up from $5 to $15 million. That implies a strongly positive fourth quarter after negative free cash flow through September.
Capital expenditures range narrowed to $165 to $170 million from $160 to $170 million. Tax rate held at 24% to 28%.
Fourth quarter revenue guided to $268 to $273 million, 8.5% to 10.5% growth. Preliminary 2027 revenue target of about $1.1 billion, which management says is about a year ahead of its March 2026 Investor Day plan.

Tone: Upbeat and growth focused, with management calling Claritev a growth company rather than a turnaround, while saying little new about deleveraging.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides

Summary written with AI from Press release and slides only. Claritev did not publish a transcript or prepared remarks for the Q3 2026 call on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Revenue grew 9.1% and adjusted EBITDA rose 4.4% in the third quarter; full-year guidance was raised again and the company gave a first 2027 revenue view of $1.1bn.

Results

Third quarter revenue was $268mm, up 9.1% from $246mm a year earlier.
Adjusted EBITDA was $162mm, up 4.4% from $155mm. Adjusted EBITDA margin was 60.4% against 63.1%.
Cash from operations was $18mm against $20mm. Free cash flow after $44mm of net capital spending was negative $26mm against negative $16mm.
Net loss was $62mm against $70mm. Interest expense was $101mm in the quarter.
For the nine months, revenue was $770mm, adjusted EBITDA was $465mm and free cash flow was negative $64mm.

Why

The company says results came in ahead of its own expectations and that it is running about a year ahead of the plan it set out at its March 2026 investor day.
Costs grew faster than revenue. Costs of services rose to $70mm from $62mm and general and administrative expenses rose to $66mm from $60mm, which is why margin fell.
Adjustments to EBITDA included $10mm of legal expenses tied to antitrust matters (up from $4mm), $8mm of transformation costs and $8mm of stock-based pay.

Balance sheet and guidance

Unrestricted cash was $10mm at September 30, 2026. Long-term debt was $4.60bn and the revolving credit facility had $95mm drawn, after $125mm of borrowings and $100mm of repayments in the quarter.
Cash interest paid was $130mm in the quarter and $294mm in the nine months. Accrued interest was $53mm at quarter end.
The release does not state total liquidity or a leverage ratio.
Full-year 2026 revenue guidance was raised to $1.038bn to $1.043bn from $1.0bn to $1.02bn.
Adjusted EBITDA guidance was raised to $625mm to $630mm from $610mm to $620mm.
Free cash flow guidance was raised to $10mm to $20mm from $5mm to $15mm. Capital spending was narrowed to $165mm to $170mm from $160mm to $170mm.
The company gave a preliminary 2027 revenue expectation of $1.1bn.

What to watch

Free cash flow was negative $64mm through nine months against a full-year guide of $10mm to $20mm, so the fourth quarter has to bring in roughly $74mm to $84mm (our arithmetic). Interest on the notes is paid in January and July, so the fourth quarter carries less of it.
Cash on hand was only $10mm with $95mm drawn on the revolver, up from $70mm at June 30. Watch revolver usage and capital spending, guided at $165mm to $170mm for the year.
Margin fell about three points as costs outgrew revenue, and antitrust legal costs more than doubled from a year earlier. Watch whether the raised EBITDA range holds.

From the company's press release filed Nov 9, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Aug 7, 20268-K for Aug 7, 2026: Results · Presentation or supplement
May 7, 20268-K for May 7, 2026: Results · Presentation or supplement
Feb 23, 20268-K for Feb 23, 2026: Results · Presentation or supplement
Nov 7, 20258-K for Nov 7, 2025: Results · Presentation or supplement
Aug 6, 20258-K for Aug 6, 2025: Results · Presentation or supplement
May 8, 20258-K for May 8, 2025: Results · Presentation or supplement
Feb 25, 20258-K for Feb 25, 2025: Results · Presentation or supplement
Nov 5, 20248-K for Nov 5, 2024: Results · Presentation or supplement

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Nov 9, 20268-K for Nov 9, 2026: Current report
Oct 15, 20268-K for Oct 15, 2026: Director or officer change; Regulation FD
Sep 15, 20268-K for Sep 14, 2026: Director or officer change; Regulation FD
Jul 6, 20268-K for Jul 6, 2026: Other event
Jun 22, 20268-K for Jun 22, 2026: Regulation FD
May 18, 20268-K for May 18, 2026: Regulation FD
Apr 30, 20268-K for Apr 29, 2026: Director or officer change; Shareholder vote
Mar 16, 20268-K for Mar 16, 2026: Regulation FD
Jan 15, 20268-K for Jan 15, 2026: Regulation FD
Dec 29, 20258-K for Dec 23, 2025: Director or officer change
Nov 14, 20258-K for Nov 12, 2025: Other event
Oct 16, 20258-K for Oct 15, 2025: Other event
Sep 26, 20258-K for Sep 23, 2025: Director or officer change
Sep 3, 20258-K for Sep 3, 2025: Regulation FD
May 1, 20258-K for Apr 30, 2025: Director or officer change; Shareholder vote
Mar 5, 20258-K for Mar 5, 2025: Director or officer change
Mar 5, 20258-K for Mar 5, 2025: Regulation FD
Feb 24, 20258-K for Feb 24, 2025: Other event
Feb 19, 20258-K for Feb 17, 2025: Bylaw change; Regulation FD
Jan 30, 20258-K for Jan 30, 2025: Material agreement; Agreement terminated; New debt

Proxy statements 3

Other filings 8

Nov 14, 2025424B3
Nov 12, 2025424B3
Jan 10, 202425-NSE
May 26, 2023424B3
Dec 10, 2021424B3
Nov 15, 2021424B3
Nov 4, 2021424B3
Aug 27, 2021424B3

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Rating actions

Feb 5, 2025S&P: Upgraded issuer rating to B- from SD, outlook stable; first-out loans B+ (recovery 1), second-out loans and notes B- (recovery 3), third-out notes CCC (recovery 6). The exchange of more than 99% of the debt pushed out maturities, though leverage near 8x and a weak operating trend keep the rating low. · source

Coming up

Feb 25, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Oct 15, 2027Maturity. 6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027 (stub left after the 2025 exchange): $0mm outstanding comes due.
Sep 1, 2028Maturity. 5.50% Senior Notes due 2028 (stub left after the 2025 exchange): $6mm outstanding comes due.
Nov 1, 2028Maturity. 5.750% Senior Notes due 2028 (stub left after the 2025 exchange): $5mm outstanding comes due.

Recent 8-K filings

Oct 15, 2026Director or officer change; Regulation FD disclosure
Sep 15, 2026Director or officer change; Regulation FD disclosure
Aug 7, 2026Reported results
Jul 6, 2026Other event
Jun 22, 2026Regulation FD disclosure