Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

Our business is organized into three operating segments based primarily on the type or location of occupational health services provided: (i) occupational health centers, (ii) onsite health clinics, and (iii) other businesses. All three operating segments are aggregated into a single reportable segment in our consolidated financial statements based on similar services provided, service delivery process involved, target customers, and similar economic characteristics. Across our operating segments, we offer a diverse and comprehensive array of services, which includes workers’ compensation, employer services and consumer health. Our patients are generally employed by our main customers - employers across the United States.

Occupational health services are focused on the diagnosis and treatment of work-related injuries and illnesses (workers’ compensation services) and employer services such as examinations, physicals, tests and screenings, vaccinations, and a range of consulting services designed to protect employees from workplace hazards.

The chief operating decision maker (“CODM”) is our Chief Executive Officer. The CODM uses Segment Adjusted EBITDA in the annual budgeting and forecasting process, in the review of budget-to-actual and prior year variances to make decisions about the allocation of operating and capital resources, and to establish management’s compensation.

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.

	For the Year Ended December 31,
	2025		2024		2023
			(in thousands)
Revenue	$	2,163,417	$	1,900,192	$	1,838,081
Expenses:(1)
Personnel expenses	1,228,967		1,086,886		1,048,463
Facility expenses	204,316		180,996		173,375
Other expenses	298,271		255,454		254,909
Total segment expenses	1,731,554		1,523,336		1,476,747
Segment Adjusted EBITDA	$	431,863	$	376,856	$	361,334
Total assets	$	2,858,388	$	2,521,164	$	2,333,560
Purchases of property and equipment	$	82,335	$	64,327	$	64,958
Depreciation and amortization	$	75,817	$	67,178	$	73,051

____________________________________________

(1)        Includes transition services agreement fees of $12.1 million for the year ended December 31, 2025, shared service fees from Select and transition services agreement fees of $15.2 million for the year ended December 31, 2024, and shared service fees from Select of $14.6 million for the year ended December 31, 2023. See Note 16—“Relationship with Select”, for additional information.

Segment Adjusted EBITDA is calculated as net income before, interest, income taxes, depreciation and amortization, stock compensation expense, acquisition related costs, gains or losses on early retirement of debt, separation transaction costs, and equity in earnings or losses of unconsolidated subsidiaries.

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

	For the Year Ended December 31,
	2025		2024		2023
			(unaudited)
			(in thousands)
Segment Adjusted EBITDA	$	431,863	$	376,856	$	361,334
Interest expense	(109,290)		(47,714)		(221)
Interest expense on related party debt	—		(21,980)		(44,253)
Loss on early retirement of debt	(875)		—		—
Equity in losses of unconsolidated subsidiaries	—		(3,676)		(526)
Other expense	—		—		(2)
Stock compensation expense	(10,490)		(2,327)		(651)
Depreciation and amortization	(75,817)		(67,178)		(73,051)
Separation transaction costs(1)	(4,093)		(1,693)		—
Nova and Pivot Onsite Innovations acquisition costs	(7,471)		(895)		—
Income before income taxes	$	223,827	$	231,393	$	242,630

____________________________________________

(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 consolidated statements of operations.