Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

14.    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.

	Three Months Ended March 31,
	2026		2025
	(in thousands)
Revenue	$	569,555	$	500,752
Expenses:(1)
Personnel expenses	322,168		281,658
Facility expenses	52,215		48,382
Other expenses	74,484		68,053
Total segment expenses	448,867		398,093
Segment Adjusted EBITDA	$	120,688	$	102,659
Total assets	$	2,889,760	$	2,729,238
Purchases of property and equipment	$	11,088	$	15,732
Depreciation and amortization	$	19,648	$	16,619

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(1)    Includes transition services agreement fees of $1.6 million and $3.7 million for the three months ended March 31, 2026, and 2025, respectively. See Note 12—“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, and separation transaction costs.

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

	Three Months Ended March 31,
	2026		2025
	(in thousands)
Segment Adjusted EBITDA	$	120,688	$	102,659
Interest expense	(26,003)		(25,548)
Loss on early retirement of debt	—		(875)
Stock compensation expense	(4,135)		(2,269)
Depreciation and amortization	(19,648)		(16,619)
Separation transaction costs(1)	(1,076)		(315)
Nova and Pivot Onsite Innovations acquisition costs	(219)		(3,137)
Income before income taxes	$	69,607	$	53,896

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(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.