•Revenue of $465.0 million, an increase of 5.5% from $440.7 million in Q4 2023

•Net Income of $22.8 million, and earnings per share of $0.17 in Q4 2024

•Adjusted EBITDA of $77.5 million, an increase of 13.6% from $68.3 million in Q4 2023

•Cash balance at year end of $183.3 million and net leverage of 3.46x

•Patient Visits of 2,994,988, or 46,797 Visits per Day, a decrease in Visits per Day of 2.1% from Q4 2023

•Revenue per Visit of $145.08, an increase of 5.8% from $137.15 in Q4 2023

•Total occupational health centers of 552, compared to 544 at the end of Q4 2023

•Total onsite health clinics of 157, compared to 150 at the end of Q4 2023

•Revenue of approximately $2.1 billion

•Adjusted EBITDA in the range of $410 million to $425 million

•Capital expenditures in the range of $80 million to $90 million

•Net leverage ratio of approximately 3.5x

•The frequency of work-related injuries and illnesses;

•The adverse changes to our relationships with employer customers, third-party payors, workers’ compensation provider networks or employer services networks;

•Changes to regulations, new interpretations of existing regulations, or violations of regulations;

•Cost containment initiatives or state fee schedule changes undertaken by state workers’ compensation boards or commissions and other third-party payors;

•Our ability to realize reimbursement increases at rates sufficient to keep pace with the inflation of our costs;

•Labor shortages, increased employee turnover or costs, and union activity could significantly increase our operating costs;

•Our ability to compete effectively with other occupational health centers, onsite health clinics at employer worksites, and healthcare providers;

•A security breach of our, or our third-party vendors’, information technology systems which may cause a violation of HIPAA and subject us to potential legal and reputational harm;

•Negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes;

•Significant legal actions could subject us to substantial uninsured liabilities;

•Litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements;

•Insurance coverage may not be sufficient to cover losses we may incur;

•Acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities;

•Our exposure to additional risk due to our reliance on third parties in many aspects of our business;

•Compliance with applicable laws regarding the corporate practice of medicine and therapy and fee-splitting;

•Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information;

•Compliance with applicable data interoperability and information blocking rule;

•Facility licensure requirements in some states are costly and time-consuming, limiting or delaying our operations;

•Our ability to adequately protect and enforce our intellectual property and other proprietary rights;

•Adverse economic conditions in the U.S. or globally;

•Any negative impact on the global economy and capital markets resulting from other geopolitical tensions;

•The impact of impairment of our goodwill and other intangible assets;

•Our ability to maintain satisfactory credit ratings;

•The effects of the Separation on our business;

•Our ability to achieve the expected benefits of and successfully execute the Separation and related transactions;

•Restrictions on our business, potential tax and indemnification liabilities and substantial charges in connection with the Separation and related transactions;

•The negative impact of public threats such as a global pandemic or widespread outbreak of an infectious disease similar to the COVID-19 pandemic;

•The loss of key members of our management team;

•Our ability to attract and retain talented, highly skilled employees and a diverse workforce, and on the succession of our senior management;

•Climate change, or legal, regulatory or market measures to address climate change;

•Increasing scrutiny and rapidly evolving expectations from stakeholders regarding ESG matters; and

•Changes in tax laws or exposures to additional tax liabilities.

						Year Ended December 31,
						2024						2023						% Change
Revenue						$	1,900,192					$	1,838,081					3.4		%
Costs and expenses:
Cost of services, exclusive of depreciation and amortization						1,372,217						1,325,649						3.5
General and administrative, exclusive of depreciation and amortization(1)						156,318						151,999						2.8
Depreciation and amortization						67,178						73,051						(8.0)
Total costs and expenses						1,595,713						1,550,699						2.9
Other operating income						284						250						13.6
Income from operations						304,763						287,632						6.0
Other income and expense:
Equity in losses of unconsolidated subsidiaries						(3,676)						(526)						598.9
Interest expense on related party debt						(21,980)						(44,253)						N/M
Interest expense						(47,714)						(221)						N/M
Other expense						—						(2)						N/M
Income before income taxes						231,393						242,630						(4.6)
Income tax expense						59,496						57,887						2.8
Net income						171,897						184,743						(7.0)
Less: net income attributable to non-controlling interests						5,354						4,796						11.6
Net income attributable to the Company						$	166,543					$	179,947					(7.4)		%
Basic and diluted earnings per common share(2)						$	1.46					$	1.73

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The following tables set forth the computation of EPS under the two-class method for the quarters and years ended December 31, 2024 and 2023: