v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the chief operating decision maker. The Company’s chief operating decision maker ("CODM") is the Chief Executive Officer. The Company manages its operations as a single segment for the purposes of assessing performance and making decisions. The Company's singular focus is being a leading value-added provider of data analytics and technology-enabled end-to-end cost management, payment and revenue integrity solutions to the U.S. healthcare industry.
The CODM assesses performance for our reporting segment and decides how to allocate resources based on consolidated net income (loss). The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses net income (loss) to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into our segment or into other parts of the entity, such as for acquisitions or debt and equity repurchases. Additionally, we have identified personnel costs, stock based compensation ("SBC"), and access and bill review fees as significant expenses that are regularly provided to the CODM and included in net income (loss). Personnel costs are defined as salaries and corresponding benefits (excluding SBC), severance costs, indirect costs such as recruitment fees, contract labor, and are presented net of capitalized costs. Stock based compensation includes expense under the 2020 Omnibus Incentive Plan and ESPP. Access and bill review fees include fees for accessing non-owned third-party provider networks, expenses associated with vendor fees for database access and systems technology used to reprice claims, and outsourced services. Third-party network expenses are fees paid to non-owned provider networks used to supplement our owned network assets to provide more network claim savings to our clients.
In addition, all of the Company's revenues and long-lived assets are attributable to operations in the United States for all periods presented.
The following table presents summary results for our reporting segment for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues241,570 233,476 472,900 467,984 
Cost of Services ("COS")
Personnel costs (excluding SBC)46,084 47,731 93,963 95,794 
Stock Based Compensation (including cRSUs)2,518 2,298 4,295 4,054 
Access and Bill Review Fees6,713 4,670 12,221 9,571 
Other COS Expense5,508 6,670 10,780 12,027 
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)60,823 61,369 121,259 121,446 
General and Administrative ("G&A")
Personnel costs (excluding SBC)18,307 13,874 35,075 28,813 
Stock Based Compensation (including cRSUs)6,580 5,019 11,521 8,957 
Other G&A Expense28,050 15,658 56,976 31,638 
General and Administrative Expenses52,937 34,551 103,572 69,408 
Depreciation25,261 21,811 49,807 42,800 
Amortization of intangible assets85,971 85,971 171,942 171,942 
Loss on impairment of goodwill and intangible assets— 553,701 — 1,072,751 
Total expenses224,992 757,403 446,580 1,478,347 
Operating income (loss)16,578 (523,927)26,320 (1,010,363)
Interest expense99,746 81,129 191,382 163,327 
Interest income(323)(551)(811)(1,477)
Transaction costs - Refinancing Transaction87 — 7,879 — 
Gain on extinguishment of debt— — 670 (5,913)
Loss (Gain) on change in fair value of Private Placement Warrants and Unvested Founder Shares— (259)— (389)
Net loss before taxes(82,932)(604,246)(172,800)(1,165,911)
Benefit for income taxes(20,292)(27,519)(38,841)(49,495)
Net loss(62,640)(576,727)(133,959)(1,116,416)