XML 48 R38.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information (Tables)
9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
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 September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Revenue$572,800 $489,638 $1,624,337 $1,435,151 
Expenses:(1)
Personnel expenses
325,280 277,959 914,404 811,418 
Facility expenses
52,561 45,665 152,235 134,508 
Other expenses
76,042 64,443 221,104 189,912 
Total segment expenses453,883 388,067 1,287,743 1,135,838 
Segment Adjusted EBITDA$118,917 $101,571 $336,594 $299,313 
Total assets$2,843,930 $2,481,042 $2,843,930 $2,481,042 
Purchases of property and equipment$21,209 $15,145 $62,167 $47,639 
Depreciation and amortization$19,909 $15,213 $55,526 $51,568 
____________________________________________
(1)    Includes transition services agreement fees of $2.7 million and $9.9 million for the three and nine months ended September 30, 2025, and shared service fees from Select and transition services agreement fees of $3.8 million and $11.5 million for the three and nine months ended September 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 September 30,Nine Months Ended September 30,
 2025202420252024
(in thousands)
Segment Adjusted EBITDA
$118,917 $101,571 $336,594 $299,313 
Interest expense
(28,683)(21,369)(82,424)(21,275)
Interest expense on related party debt
— (2,691)— (21,980)
Loss on early retirement of debt
— — (875)— 
Equity in losses of unconsolidated subsidiaries— — — (3,676)
Stock compensation expense
(2,330)(168)(6,884)(500)
Depreciation and amortization
(19,909)(15,213)(55,526)(51,568)
Separation transaction costs(1)
(1,025)44 (2,700)(1,569)
Nova and Pivot Onsite Innovations acquisition costs
(1,181)— (7,151)— 
Income before income taxes
$65,789 $62,174 $181,034 $198,745 
____________________________________________
(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.