Claritev Corp
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
CTEV$22.71+12.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001793229-25-000110
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001793229-25-000135
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 204 previous paragraphs and 214 current paragraphs.
171 unchanged; 30 reworded; 10 added; 0 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
During the three months ended June 30, 2025, the Company advanced its long-term growth strategy by initiating its first international market expansion into the Middle East and North Africa ("MENA") region through a strategic partnership with Claims Care Revenue Cycle Management LLC ("Claims Care"), a division of Burjeel Holdings. Through this partnership, we will collaborate on a comprehensive product roadmap to deliver state-of-the-art revenue cycle management solutions, tailored to the needs of the MENA market. The relationship will involve the transition of certain of Claritev’s offshore business processes to Claims Care, in an effort to foster deeper operational synergies and market alignment.
Current report
Remittance delays
Current report
During the quarter ended June 30, 2025, delays in the timing of receipt and remittance of certain fees collected from our customers and remitted to third party service providers contributed to an increase in Trade accounts receivable, net and Other accrued expenses recorded on the Condensed Consolidated Balance Sheet. These delays did not materially impact the Results of Operations for the three and six months ended June 30, 2025.
Current report
Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024
Current report
Revenues increased by $8.1 million, or 3.5%, for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. This increase in revenues was due to the increase in Network-Based Services of $8.4 million.
Current report
Network-Based Services revenues increased by $9.1 million, or 9.9%, in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. The increase was primarily due to an increase in the Property and Casualty service line.
Current report
Analytics-Based Services revenues decreased by $9.6 million, or 3.0%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. This decrease in revenue was primarily due to a decrease in PSAV of $16.4 million, primarily related to customer and program attrition partially offset by increases in PEPM of $3.4 million primarily related to value driven health plans and an increase of $3.4 million in other revenues.
Current report
The increase in general and administrative expenses of $34.2 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024 was primarily due to $15.7 million of transformation costs, $5.5 million of losses on disposal of assets, increase in personnel expenses of $6.3 million and increased stock compensation of $2.6 million.
Current report
For the six months ended June 30, 2025 as compared to the six months ended June 30, 2024
Current report
In the six months ended June 30, 2024, the Company repurchased and cancelled $21.1 million of the Senior Convertible PIK Notes, resulting in the recognition of a gain on debt extinguishment of $5.9 million.
Reworded paragraphs (30)
Previous wording
Claritev is a leading provider of data-driven cost management solutions that deliver transparency and promote fairness, quality and affordability to the U.S. healthcare industry. Through our proprietary data and technology platform, we provide out-of-network cost management, payment and revenue integrity, data and decision science, business-to-business healthcare payments and other services to the payors of healthcare, which are primarily health insurers and their administrative-services-only platforms, self-insured employers, federal and state government-sponsored health plans and other health plan sponsors (typically through their health plan administrators), and, indirectly, the plan members who are the consumers of healthcare services.
Current wording
Claritev is a leading provider of data-driven cost management solutions that deliver transparency and promote fairness, quality and affordability to the healthcare industry. Through our proprietary data and technology platform, we provide out-of-network cost management, payment and revenue integrity, data and decision science, business-to-business healthcare payments and other services to the payors of healthcare, which are primarily health insurers and their administrative-services-only platforms, self-insured employers, federal and state government-sponsored health plans and other health plan sponsors (typically through their health plan administrators), and, indirectly, the plan members who are the consumers of healthcare services.
Previous wording
We believe our solutions provide a strong value proposition to payors, their health plan customers and healthcare consumers, as well as to providers. Overall, our service offerings aim to reduce healthcare costs in a manner that is orderly, efficient, and fair to all parties. In addition, because in most instances the fee for our services is linked to the savings we identify, our revenue model is aligned with the interests of our customers. For the three months ended March 31, 2025 and March 31, 2024 and year ended December 31, 2024, our comprehensive services identified approximately $6.2 billion, $5.7 billion, and $24.7 billion in potential medical cost savings, respectively.
Current wording
We believe our solutions provide a strong value proposition to payors, their health plan customers and healthcare consumers, as well as to providers. Overall, our service offerings aim to reduce healthcare costs in a manner that is orderly, efficient, and fair to all parties. In addition, because in most instances the fee for our services is linked to the savings we identify, our revenue model is aligned with the interests of our customers. For the six months ended June 30, 2025 and June 30, 2024 and for the year ended December 31, 2024, our comprehensive services identified approximately $12.5 billion, $11.9 billion, and $24.7 billion in potential medical cost savings, respectively.
Previous wording
EBITDA, Adjusted EBITDA, and Adjusted EPS are widely used measures of corporate profitability eliminating the effects of financing and capital expenditures from the operating results. We define EBITDA as net loss adjusted for interest expense, interest income, income tax (benefit) expense, depreciation, amortization of intangible assets, and non-income taxes. Non-income taxes includes personal property taxes, real estate taxes, sales and use taxes and franchise taxes which are included in cost of services and general and administrative expenses. We define Adjusted EBITDA as EBITDA further adjusted to eliminate the impact of certain items that we do not consider to be indicative of our core business, including other expenses, net, gain on change in fair value of Private Placement Warrants and Unvested Founder Shares, transaction related expenses, (gain) loss on debt extinguishment, (gain) loss on investments, loss on impairment of goodwill and intangible assets, and stock-based compensation. See our unaudited condensed consolidated financial statements included in this Quarterly Report for more information regarding these adjustments. Adjusted EBITDA is used in our agreements governing our outstanding indebtedness for debt covenant compliance purposes. Our Adjusted EBITDA calculation is consistent with the definition of Adjusted EBITDA used in our debt instruments.
Current wording
EBITDA, Adjusted EBITDA, and Adjusted EPS are widely used measures of corporate profitability eliminating the effects of financing and capital expenditures from the operating results. We define EBITDA as net loss adjusted for interest expense, interest income, income tax (benefit) expense, depreciation, amortization of intangible assets, and non-income taxes. Non-income taxes includes personal property taxes, real estate taxes, sales and use taxes and franchise taxes which are included in cost of services and general and administrative expenses. We define Adjusted EBITDA as EBITDA further adjusted to eliminate the impact of certain items that we do not consider to be indicative of our core business, including other expenses, net, Loss on disposal of assets, including right-of-use assets, integration expenses, gain (loss) on change in fair value of Private Placement Warrants and Unvested Founder Shares, transaction related expenses, transformation costs, (gain) loss on debt extinguishment, (gain) loss on investments, loss on impairment of goodwill and intangible assets, and stock-based compensation. See our unaudited condensed consolidated financial statements included in this Quarterly Report for more information regarding these adjustments. Adjusted EBITDA is used in our agreements governing our outstanding indebtedness for debt covenant compliance purposes. Our Adjusted EBITDA calculation is consistent with the definition of Adjusted EBITDA used in our debt instruments.
Previous wording
(1)"Other expenses, net" represents miscellaneous non-recurring expenses, impairment of other assets, tax penalties, non-integration related severance costs, and implementation costs for cloud computing arrangements.
Current wording
(1)"Other expenses, net" represents miscellaneous non-recurring expenses, impairment of other assets, tax penalties, non-integration related severance costs, legal expenses associated with antitrust matters, start-up costs related to international expansion, and implementation costs for cloud computing arrangements.
Previous wording
Material differences between Claritev Corporation and MPH for the three months ended March 31, 2025 and March 31, 2024 include differences in interest expense, income taxes, gain on extinguishment of debt, and stock-based compensation.
Current wording
Material differences between Claritev Corporation and MPH for the three and six months ended June 30, 2025 and June 30, 2024 include differences in interest expense, income taxes, gain on extinguishment of debt, and stock-based compensation.
Previous wording
For the three months ended March 31, 2025 and March 31, 2024, interest expense for Claritev Corporation was higher than MPH by $18.8 million and $20.4 million, respectively, due to interest expense incurred by Claritev Corporation on the Senior Convertible PIK Notes and the New Third-Out First Lien B Notes.
Current wording
For the three and six months ended June 30, 2025, interest expense for Claritev Corporation was higher than MPH by $19.5 million and $38.4 million, respectively, due to interest expense incurred by Claritev Corporation on the Senior Convertible PIK Notes and the New Third-Out First Lien B Notes. For the three and six months ended June 30, 2024, interest expense for Claritev Corporation was higher than MPH by $19.3 million and $39.6 million, respectively, due to interest expense incurred by Claritev Corporation on the Senior Convertible PIK Notes
Previous wording
In the three months ended March 31, 2025 and March 31, 2024, EBITDA expenses for Claritev Corporation were lower than MPH by $2.2 million and $0.6 million, respectively, primarily due to insurance premiums paid to our captive insurance company, net of related captive insurance company costs, which are eliminated in the consolidated financial reporting of Claritev Corporation.
Current wording
In the three and six months ended June 30, 2025, EBITDA expenses for Claritev Corporation were lower than MPH by $1 million and $1.9 million, respectively, primarily due to insurance premiums paid to our captive insurance company, net of related captive insurance company costs, which are eliminated in the consolidated financial reporting of Claritev Corporation. In the three and six months ended June 30, 2024, EBITDA expenses for Claritev Corporation were lower than MPH by $0.7 million and $1.3 million, respectively, primarily due to insurance premiums paid to our captive insurance company, net of related captive insurance company costs, which are eliminated in the consolidated financial reporting of Claritev Corporation.
Previous wording
(1)"Other expenses, net" represents miscellaneous non-recurring expenses, impairment of other assets, tax penalties, non-integration related severance costs, and implementation costs for cloud computing arrangements.
Current wording
(1)"Other expenses, net" represents miscellaneous non-recurring expenses, impairment of other assets, tax penalties, non-integration related severance costs, legal expenses associated with antitrust matters, start-up costs related to international expansion, and implementation costs for cloud computing arrangements.
Previous wording
As part of the Refinancing Transactions, we have incurred transaction expenses of approximately $76.6 million, of which $7.8 million have been expensed as incurred for three months ended March 31, 2025, and are included in Transaction Costs - Refinancing Transaction in the accompanying unaudited condensed consolidated statements of loss and comprehensive loss.
Current wording
As part of the Refinancing Transactions, we have incurred transaction expenses of approximately $71.8 million, of which $7.9 million have been expensed as incurred for six months ended June 30, 2025, and are included in Transaction costs - Refinancing Transaction in the accompanying unaudited condensed consolidated statements of loss and comprehensive loss.
Previous wording
During the three months ended March 31, 2024, the Company repurchased and cancelled $21.1 million of the Senior Convertible PIK Notes, resulting in the recognition of a gain on debt extinguishment of $5.9 million, representing the difference between the purchase price including associated fees and the net carrying amount of the extinguished debt.
Current wording
During the six months ended June 30, 2024, the Company repurchased and cancelled $21.1 million of the Senior Convertible PIK Notes, resulting in the recognition of a gain on debt extinguishment of $5.9 million, representing the difference between the purchase price including associated fees and the net carrying amount of the extinguished debt.
Previous wording
Revenues decreased by $3.2 million, or 1.4%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. This decrease in revenues was due to the decrease in Analytics-Based Services revenues of $6.7 million, partially offset by the increase in Payment and Revenue Integrity Services Revenues of $2.7 million during this time period.
Current wording
Revenues increased by $4.9 million, or 1.1%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. This increase in revenues was due to the increase in Network-Based Services of $9.1 million and Payment and Revenue Integrity Services Revenues of $5.4 million during this time period partially offset by the decrease in Analytics-Based Services revenues of $9.6 million.
Previous wording
Network-Based Services revenues increased by $0.7 million, or 1.6%, in the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The increase was primarily due to an increase in Workers Comp product line of $1.7 million partially offset by a decrease in Primary PEPM product line.
Current wording
Network-Based Services revenues increased by $8.4 million, or 18.4%, in the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. The increase was primarily due to an increase in the Property and Casualty service line.
Previous wording
Analytics-Based Services revenues decreased by $6.7 million, or 4.2%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. This decrease in revenue was primarily due to a decrease in Analytics-Based Services PSAV of $8.9 million primarily related to customer and program attrition.
Current wording
Analytics-Based Services revenues decreased by $2.9 million, or 1.8%, for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. This decrease in revenue was primarily due to a decrease in PSAV of $7.5 million, primarily related to customer and program attrition partially offset by increases in PEPM of $2.1 million primarily related to value driven health plans and an increase of $2.5 million in other revenues
Previous wording
Payment and Revenue Integrity Services revenues increased by $2.7 million, or 9.7%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. This increase was primarily due to increases in our Clinical Review and Payment Accuracy product lines of $4.5 million offset by decreases in our Negotiations and Revenue Integrity product lines of $1.9 million. The increase in Payment and Revenue Integrity Services was primarily within our PSAV revenues.
Current wording
Payment and Revenue Integrity Services revenues increased by $2.6 million, or 9.4%, for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. This increase was primarily due to increases in our Clinical Review and Payment Accuracy product lines of $3.5 million partially offset by decreases in our Revenue Integrity product line of $1.5 million. The increase in Payment and Revenue Integrity Services was primarily within our PSAV revenues.
Previous wording
Costs of services were stable for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024.
Current wording
Costs of services were stable for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024.
Previous wording
The increase in general and administrative expenses of $15.8 million for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024 was primarily due to $7.7 million of transformation costs and $3.7 million of losses on disposal of assets.
Current wording
The increase in general and administrative expenses of $18.4 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024 was primarily due to $7.9 million of transformation costs, $1.8 million of losses on disposal of assets, increase in personnel expenses of $4.4 million and increased stock compensation of $1.6 million.
Previous wording
The increases in depreciation expenses of $3.6 million, or 16.9%, for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, were due to purchases of property and equipment, including internally generated capitalized software, partially offset by assets that were written-off or became fully depreciated in the period.
Current wording
The increases in depreciation expenses of $3.5 million, or 15.8%, and $7.0 million, or 16.4% for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024, were due to purchases of property and equipment, including internally generated capitalized software, partially offset by assets that were written off or became fully depreciated in the period.
Previous wording
For the three months ended March 31, 2024, in connection with quantitative impairment testing performed on our goodwill and indefinite-lived intangibles, we recorded a loss on impairment of goodwill and indefinite-lived intangibles of $516.4 million and $2.7 million, respectively. For the three months ended March 31, 2025, no such loss was recorded.
Current wording
For the three and six months ended June 30, 2024, in connection with quantitative impairment testing performed on our goodwill and indefinite-lived intangibles, we recorded a loss on impairment of goodwill and indefinite-lived intangibles of $553.7 million and $1,072.8 million, respectively. For the three and six months ended June 30, 2025, no such loss was recorded.
Previous wording
The increase in interest expense of $9.4 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily due the PIK interest recognized on the New Notes of $10.4 million.
Current wording
The increase in interest expense of $18.6 million and $28.1 million for the three and six months ended June 30, 2025 as compared to the three and six months ended June 30, 2024 was primarily due the PIK interest recognized on the New Notes of $26.0 million.
Previous wording
Our annualized weighted average cash interest rate increased by 0.13% across our total debt in the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. As of March 31, 2025 and March 31, 2024, our total debt had an annualized weighted average cash interest rate of 6.96% and 6.82%, respectively. As of December 31, 2024, our total debt had a weighted average cash interest rate of 6.68%.
Current wording
Our annualized weighted average cash interest rate increased by 0.13% across our total debt in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. As of June 30, 2025 and June 30, 2024, our total debt had an annualized weighted average cash interest rate of 6.95% and 6.82%, respectively. As of December 31, 2024, our total debt had a weighted average cash interest rate of 6.68%.
Previous wording
The decreases in interest income of $0.4 million for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024 were primarily due to less interest earned on interest bearing bank accounts resulting from lower average invested cash and cash equivalents balances.
Current wording
The decreases in interest income of $0.2 million and $0.7 million for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024 were primarily due to less interest earned on interest bearing bank accounts resulting from lower average invested cash and cash equivalents balances.
Previous wording
During the three months ended March 31, 2025, in connection with the Refinancing Transactions, the Company recognized a loss on extinguishment of debt of $0.7 million for unamortized deferred costs relating to the Existing Revolving Credit Commitments.
Current wording
During the six months ended June 30, 2025, in connection with the Refinancing Transactions, the Company recognized a loss on extinguishment of debt of $0.7 million for unamortized deferred costs relating to the Existing Revolving Credit Commitments.
Previous wording
During the three months ended March 31, 2024, the Company repurchased and cancelled $21.1 million of the Senior Convertible PIK Notes, resulting in the recognition of a gain on debt extinguishment of $5.9 million, representing the difference between the reacquisition price of the debt and the net carrying amount of the extinguished debt.
Current wording
During the six months ended June 30, 2024, the Company repurchased and cancelled $21.1 million of the Senior Convertible PIK Notes, resulting in the recognition of a gain on debt extinguishment of $5.9 million, representing the difference between the reacquisition price of the debt and the net carrying amount of the extinguished debt.
Previous wording
Net loss before income taxes for the three months ended March 31, 2025 of $89.9 million generated a benefit for income taxes of $18.5 million. Net loss before income taxes for the three months ended March 31, 2024 of $561.7 million generated a benefit for income taxes of $22.0 million.
Current wording
Net loss before income taxes for the three months ended June 30, 2025 of $82.9 million generated a benefit for income taxes of $20.3 million. Net loss before income taxes for the three months ended June 30, 2024 of $604.2 million generated a benefit for income taxes of $27.5 million.
Previous wording
The effective tax rate for the three months ended March 31, 2025 differed from the statutory rate primarily due to stock compensation expense, limitations on executive compensation, and state taxes. The effective tax rate for the three months ended March 31, 2024 differed from the statutory rate primarily due to stock compensation expense, limitations on executive compensation, non-deductible goodwill impairment, and state taxes.
Current wording
The effective tax rate for the six months ended June 30, 2025 differed from the statutory rate primarily due to stock compensation expense, limitations on executive compensation, and state taxes. The effective tax rate for the six months ended June 30, 2024 differed from the statutory rate primarily due to stock compensation expense, limitations on executive compensation, non-deductible goodwill impairment, and state taxes.
Previous wording
As of March 31, 2025, we had cash and cash equivalents of$33.9 million, which includes restricted cash of$10.8 million. As of March 31, 2025, we had $264.8 million of loan availability under the revolving credit facility. As of March 31, 2025, we had five letters of credit totaling $5.2 million of utilization against the revolving credit facility. Four letters of credit are used to satisfy real estate lease agreements for four of our offices in lieu of security deposits in the amount of $3.2 million as of March 31, 2025 and December 31, 2024. The Company also has an irrevocable letter of credit to satisfy the obligations of a subsidiary in the amount of $2.0 million as of March 31, 2025 and $6.1 million as of December 31, 2024.
Current wording
As of June 30, 2025, we had cash and cash equivalents of$67.3 million, which includes restricted cash of$10.9 million. As of June 30, 2025, we had $263.6 million of loan availability under the revolving credit facility. As of June 30, 2025, we had five letters of credit totaling $6.4 million of utilization against the revolving credit facility. Four letters of credit are used to satisfy real estate lease agreements for four of our offices in lieu of security deposits in the amount of $4.4 million and $3.2 million as of June 30, 2025 and December 31, 2024, respectively. The Company also has an irrevocable letter of credit to satisfy the obligations of a subsidiary in the amount of $2.0 million as of June 30, 2025 and $6.1 million as of December 31, 2024.
Previous wording
Cash flows from operating activities decreased by $79.8 million, primarily due to lower earnings once adjusted for non-cash items, and unfavorable changes in working capital. Changes in our working capital requirements reflect primarily the payment of the transaction costs related to the Refinancing Transaction.
Current wording
Cash flows from operating activities decreased by $37.0 million, primarily due to lower earnings once adjusted for non-cash items, and unfavorable changes in working capital. Changes in our working capital requirements reflect primarily the payment of the transaction costs related to the Refinancing Transaction.
Previous wording
Net cash used in investing activities increased $8.3 million, or 27.2%, as compared to the prior-year period, primarily due to investments in technologies to support our transformation initiatives.
Current wording
Net cash used in investing activities increased $7.5 million, or 13.4%, as compared to the prior-year period, primarily due to investments in technologies to support our transformation initiatives.
Previous wording
Net cash provided by financing activities increased $104.6 million as compared to the prior-year period, primarily due the net borrowing of $80.0 million on our 2025 revolving credit facility to fund the transaction costs related to the Refinancing Transaction versus the repurchase of PIK Notes of $14.9 million and treasury stock of $10.4 million in the prior period.
Current wording
Net cash provided by financing activities increased $104.4 million as compared to the prior-year period, primarily due the net borrowing of $80.0 million on our 2025 revolving credit facility to fund the transaction costs related to the Refinancing Transaction versus the repurchase of PIK Notes of $14.9 million and treasury stock of $10.4 million in the prior period.
Previous wording
The Senior Convertible PIK Notes are convertible into shares of Class A common stock based on a $520.00 conversion price, subject to customary anti-dilution adjustments. The Senior Convertible PIK Notes are guaranteed by Polaris Intermediate Corp. ("Polaris Intermediate"). The interest rate on the Senior Convertible PIK Notes is fixed at 6% in cash and 7% in kind and is payable semi-annually on April 15 and October 15 of each year.
Current wording
The Senior Convertible PIK Notes are convertible into shares of Class A common stock based on a $520.00 conversion price, subject to customary anti-dilution adjustments. The Senior Convertible PIK Notes are guaranteed by Polaris Intermediate
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Payment and Revenue Integrity Services revenues increased by $5.4 million, or 9.6%, for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. This increase was primarily due to increases in our Clinical Review and Payment Accuracy product lines of $7.9 million partially offset by decreases in our Revenue Integrity product line of $2.3 million. The increase in Payment and Revenue Integrity Services was primarily within our PSAV revenues.
Current report — wording carried from elsewhere
Net loss before income taxes for the six months ended June 30, 2025 of $172.8 million generated a benefit for income taxes of $38.8 million. Net loss before income taxes for the six months ended June 30, 2024 of 1,165.9 million generated a benefit for income taxes of $49.5 million.
Current report — wording carried from elsewhere
Corp. ("Polaris Intermediate"). The interest rate on the Senior Convertible PIK Notes is fixed at 6% in cash and 7% in kind and is payable semi-annually on April 15 and October 15 of each year.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Results of Operations for the Three Months Ended March 31, 2025 and 2024
Previous report — wording carried elsewhere
For the three months ended March 31, 2025 as compared to the three months ended March 31, 2024
Previous report — wording carried elsewhere
In the three months ended March 31, 2024, the Company repurchased and cancelled $21.1 million of the Senior Convertible PIK Notes, resulting in the recognition of a gain on debt extinguishment of $5.9 million.