Exhibit 99.1

Convey Health Solutions Announces Financial Results for Third Quarter 2021

Third Quarter 2021 Highlights

Fort Lauderdale, Florida, November 10, 2021 – Convey Health Solutions Holdings, Inc. (NYSE: CNVY) (the “Company” or “Convey”), a leading healthcare technology and services company in the U.S., announced today financial results for the third quarter ended September 30, 2021.

“We achieved excellent third quarter financial and operating results across both of our business segments. Our advisory business is performing well as health plans are looking for competitive advantages that our advisory team can help drive, and our technology team is busy onboarding new members and clients during the Medicare Annual Election Period that extends until December 7^th ,” said Stephen Farrell, CEO of Convey.

Mr. Farrell continued, “This past quarter, our Value-Based Analytics business, powered by data on over 28 million health plan members, provided some new and exciting insights on beneficiaries of our Supplemental Benefit Administration program. Analyzing over 250,000 over-the-counter (OTC) beneficiaries across a three-year period, we found a high correlation between usage of our OTC offering and lower medical costs. More specifically, users of the Convey OTC program who had diabetes, cardiovascular disease, or a history of slip and fall accidents had between 6 and 8 percent lower medical costs than members with similar conditions who did not use our OTC offering. Although the cause and effect is hard to determine, it stands to reason that there is some meaningful cause and effect as our engagement with members naturally makes them more proactive with their health which in turn improves outcomes. We are excited to continue leveraging data-driven insights to help new and existing health plan customers keep improving member outcomes as they become more focused on value-based care.”

Tim Fairbanks, Convey’s CFO, said “During the third quarter, our revenue grew 19% year over year leading to $18.3 million of Adjusted EBITDA, $16.3 million of net cash provided by operating activities and $3.7 million of net income. This strong performance allows us to increase the midpoint of our full year 2021 net revenues and Adjusted EBITDA guidance ranges, which now represents 19% and 32% year over year growth, respectively, as compared to 2020. Additionally, our liquidity and modest levels of debt position us well for both new product development and strategic M&A initiatives.”

Third Quarter 2021 Financial Results

¹ Convey is not providing forward-looking guidance for U.S. GAAP reported financial measures (other than net revenues) or a quantitative reconciliation of forward-looking non-GAAP financial measures. Please see “Use of Non-GAAP Financial Measures” for additional information.

Nine Months Ended September 30, 2021 Financial Results

2021 Financial Guidance

For the full year 2021, Convey is updating the following financial guidance ranges.

The midpoints of these guidance ranges represent a 19% year over year increase in net revenues and a 32% year over year increase in Adjusted EBITDA.

Third Quarter 2021 Conference Call

Convey will host a conference call to discuss third quarter 2021 results on November 10, 2021 at 5:00 p.m. Eastern Time. The conference call can be accessed by dialing (844) 200-6205 for U.S. participants or +44 208-0682-558 for international participants, and referencing conference ID 273613; or via a live audio webcast that will be available online at https://ir.conveyhealthsolutions.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Convey Health Solutions

Convey Health Solutions is a specialized healthcare technology and services company that is committed to providing clients with healthcare-specific, compliant member support solutions utilizing technology, engagement, and analytics. Convey's administrative solutions for government-sponsored health plans help to optimize member interactions, ensure compliance, and support end-to-end Medicare processes. By combining its purpose-built technology platforms with dedicated and flexible business process solutions, Convey creates better business results and better healthcare consumer experiences on behalf of business customers and partners. Convey's clients include some of the nation's leading health insurance plans and pharmacy benefit management firms. Convey's healthcare-focused teams help millions of Americans navigate the complex Medicare Advantage and Part D landscape.

² Convey is not providing forward-looking guidance for U.S. GAAP reported financial measures (other than net revenues) or a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including net (loss) income and adjustments that could be made for COVID-19 related costs, income tax expense/benefits, contract termination costs, and extinguishment of debt in its reconciliation of historic numbers. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period.

Effective November 4, 2021, Convey Holding Parent, Inc., changed its name to Convey Health Solutions Holdings, Inc.

Forward-Looking Statements

This press release contains “forward-looking statements.” These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies and other future conditions. Such forward-looking statements may include, without limitation, statements about future opportunities for us and our products and services, our future operations, financial or operating results, including our 2021 financial guidance, our excitement to continue leveraging data-driven insights to help new and existing health plan customers keep improving member outcomes as they become more focused on value-based care, that our liquidity and modest levels of debt position us well for both new product development and strategic M&A initiatives, anticipated business levels, our ability to create value for our clients and serve their business objectives, future earnings, planned activities, anticipated growth, market opportunities and our expectations with respect to the growth of the markets in which we compete, including the Medicare Advantage market, trends in the markets in which we compete, strategies, competitions and other expectations and targets for future periods. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “target,” “potential,” “seek,” “will,” “would,” “could,” “should,” continue,” contemplate,” “plan” and other words and terms of similar meaning. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, financial condition and cash flows, and the development of the markets in which we operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, among others, the following: our ability to retain our existing clients or attract new clients; our dependence on a small number of clients for a substantial portion of our total revenue; limitations of our clients’ growth prospects, and the failure of the size of the total addressable markets in which we compete or expect that we may compete in the future to grow at rates currently expected; increases in labor costs, including due to changing minimum wage laws, and an overall tightening of the labor market; an economic downturn or volatility, including as a result of the ongoing COVID-19 pandemic; developments in the Medicare Advantage market or the healthcare industry generally, including with respect to changing laws and regulations; security breaches, failures or other disruptions of the information technology systems used in our business operations or by our vendors; our ability to obtain, maintain, protect and enforce our intellectual property and proprietary rights; our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property or proprietary rights of third parties; our substantial indebtedness, and the restrictions imposed by our indebtedness on our subsidiaries; a material weakness in our internal control over financial reporting and a failure to remediate a material weakness, and the effectiveness of our internal controls over financial reporting; and the significant influence our principal stockholder, TPG, has over us. For a further discussion of these and other factors that could impact our future results, performance or transactions, see the section Part II, Item 1A “Risk Factors” included in our Form 10-Q for the period ended June 30, 2021 and our other filings with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. We qualify all of the forward-looking statements in this press release by these cautionary statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This press release includes the presentation and discussion of certain financial information that differs from what is reported under accounting principles generally accepted in the United States (“GAAP”). EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP financial measures and are presented in order to supplement investors’ and other readers’ understanding and assessment of the financial performance of the Company. We use EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to assess our financial performance and also for internal planning and forecasting purposes. We believe EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin provide investors with useful information because such metrics offer a consistent and comparable overview of our operations across historical financial periods. In evaluating EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin, you should be aware that in the future we may incur expenses similar to those eliminated in the presentation.

Non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

The non-GAAP financial measures we present are not meant to be considered as indicators of performance in isolation from or as a substitute for measures prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP financial measure are presented below. We encourage you to review our financial information in its entirety, not to rely on any single financial measure and to view the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude such items, may incur income and expenses similar to these excluded items, and include other expenses, costs, and non-recurring items.

CONVEY HOLDING PARENT, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data) (unaudited)

CONVEY HOLDING PARENT, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(unaudited)

CONVEY HOLDING PARENT, INC. AND ITS SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

CONVEY HOLDING PARENT, INC. AND ITS SUBSIDIARIES 

SEGMENT REVENUES AND ADJUSTED EBITDA

(in thousands) (unaudited)

Presented in the tables below is revenue and Segment Adjusted EBITDA by reportable segment:

The following table presents a reconciliation of Segment Adjusted EBITDA to the condensed consolidated U.S. GAAP net income (loss) from continuing operations:

 

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
(in thousands)		2021				2020				2021				2020
Technology Enabled Solutions Segment Adjusted EBITDA		$	19,786			$	19,088			$	52,038			$	44,196
Advisory Services Segment Adjusted EBITDA			4,559				1,799				13,159				4,068
Total		$	24,345			$	20,887			$	65,197			$	48,264
Unallocated(1)		$	(3,742	)		$	(2,086	)		$	(8,731	)		$	(6,410	)
Adjustments to reconcile to U.S. GAAP net income (loss) from continuing operations			​				​				​				​
Depreciation and amortization			(7,473	)			(6,918	)			(22,667	)			(20,710	)
Interest, net			(3,283	)			(4,561	)			(15,144	)			(13,471	)
Income tax provision			(1,131	)			472				5,042				3,272
Cost of COVID-19(2)			(746	)			(3,254	)			(3,057	)			(7,772	)
Sales and use tax			(1,734	)			(2,122	)			(5,802	)			(5,577	)
Non-cash stock compensation expense			(1,093	)			(1,745	)			(3,166	)			(5,671	)
Transaction related costs			(328	)			(80	)			(2,969	)			(277	)
Acquisition bonus expense – HealthScape and Pareto acquisition			(192	)			(481	)			(481	)			(1,476	)
Loss on extinguishment of debt			—				—				(5,015	)			—
Director and officer prior act liability insurance policy(3)			—				—				(7,861	)			—
Other(4)			(937	)			(1,758	)			(5,737	)			(4,773	)
Net income (loss) from continuing operations		$	3,686			$	(1,646	)		$	(10,391	)		$	(14,601	)

Non-GAAP Reconciliations

EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin

We define EBITDA as net income (loss) less income (loss) from discontinued operations adjusted for interest, net, income tax expense (benefit), and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA further adjusted for certain items of a significant or unusual nature, including but not limited to, change in fair value contingent consideration, COVID-19 cost impacts, non-cash stock compensation, transaction related costs, acquisition bonus expense, loss of extinguishment of debt, director and officer prior act liability insurance policy and other costs. Other includes costs such as contract termination fees, management, and board of directors’ fees, and costs associated with obtaining the incremental term loans.

Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net revenues.

The following table reconciles EBITDA and Adjusted EBITDA for the three and nine months ending September 30, 2021 and 2020 to net income (loss), the most directly comparable GAAP measure:

Investor Contacts

Kevin Ellich 

ICR Westwicke 

[email protected]

Media Contact

Tom Pelegrin 

Senior Vice President & Chief Revenue Officer 

[email protected]