Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of selected financial data for reportable segments

The following table is representative of the significant categories, including significant expenses, regularly provided to the CODM when managing the Company’s single reporting segment.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Revenue	$	550,785	$	477,915	$	1,051,537	$	945,513

Expenses:(1)
Personnel expenses	307,466		265,087		589,124		533,459
Facility expenses	51,292		45,038		99,674		88,843
Other expenses	77,009		66,190		145,062		125,469
Total segment expenses	435,767		376,315		833,860		747,771
Segment Adjusted EBITDA	$	115,018	$	101,600	$	217,677	$	197,742

Total assets	$	2,841,584	$	2,363,338	$	2,841,584	$	2,363,338
Purchases of property and equipment	$	25,226	$	15,263	$	40,958	$	32,494
Depreciation and amortization	$	18,998	$	17,870	$	35,617	$	36,355

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(1) Includes transition services agreement fees of $3.5 million and $7.2 million for the three and six months ended June 30, 2025, and shared service fees from a related party of $3.8 million and $7.7 million for the three and six months ended June 30, 2024. See Note 11—“Relationship with Select”, for additional information.

Schedule of reconciliation of Adjusted EBITDA to income before income taxes

The following table reconciles Segment Adjusted EBITDA to income before income taxes for the periods indicated.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Segment Adjusted EBITDA	$	115,018	$	101,600	$	217,677	$	197,742
Interest (expense) income	(28,193)		205		(53,741)		94
Interest expense on related party debt	—		(9,318)		—		(19,289)
Loss on early retirement of debt	—		—		(875)		—
Equity in losses of unconsolidated subsidiaries	—		(3,676)		—		(3,676)

Stock compensation expense	(2,285)		(166)		(4,554)		(332)
Depreciation and amortization	(18,998)		(17,870)		(35,617)		(36,355)
Separation transaction costs(1)	(1,360)		380		(1,675)		(1,613)
Nova and Pivot Onsite Innovations acquisition costs	(2,833)		—		(5,970)		—
Income before income taxes	$	61,349	$	71,155	$	115,245	$	136,571

____________________________________________

(1) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations.