•Revenue of $500.8 million, an increase of 7.1% from $467.6 million in Q1 2024

•Net income of $40.6 million, and earnings per common share of $0.30 in Q1 2025

•Adjusted earnings per common share of $0.32 in Q1 2025

•Adjusted EBITDA of $102.7 million, an increase of 6.8% from $96.1 million in Q1 2024

•Cash balance of $52.1 million and net leverage of 3.9x at the end of Q1 2025

•Patient Visits of 3,204,368, or 50,863 Visits per Day in the quarter, an increase in Visits per Day of 3.2% from Q1 2024

•Revenue per Visit of $146.94, an increase of 5.6% from $139.09 in Q1 2024

•Total occupational health centers of 627, compared to 547 at the end of Q1 2024

•Total onsite health clinics of 160, compared to 151 at the end of Q1 2024

•Revenue in the range of $2.1 billion to $2.15 billion

•Adjusted EBITDA in the range of $415 million to $430 million

•Capital expenditures in the range of $80 million to $90 million (no change from initial guidance)

•Net leverage ratio of approximately 3.5x (no change from initial guidance)

•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;

•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;

•Changes in tax laws or exposures to additional tax liabilities; and

•Changes to United States tariff and import/export regulations and the impact on global economic conditions may have a negative effect on our business, financial condition and results of operations.

						Three Months Ended March 31,
						2025						2024						% Change
Revenue						$	500,752					$	467,598					7.1		%
Costs and expenses:
Cost of services, exclusive of depreciation and amortization						357,101						336,990						6.0
General and administrative, exclusive of depreciation and amortization(1)						46,713						36,909						26.6
Depreciation and amortization						16,619						18,485						(10.1)
Total costs and expenses						420,433						392,384						7.1
Other operating income						—						284						(100.0)
Income from operations						80,319						75,498						6.4
Other income and expense:
Loss on early retirement of debt						(875)						—						N/M
Interest expense						(25,548)						(111)						N/M
Interest expense on related party debt						—						(9,971)						N/M
Income before income taxes						53,896						65,416						(17.6)
Income tax expense						13,254						15,137						(12.4)
Net income						40,642						50,279						(19.2)
Less: net income attributable to non-controlling interests						1,731						1,323						30.8
Net income attributable to the Company						$	38,911					$	48,956					(20.5)		%
Basic and diluted earnings per common share(2)						$	0.30					$	0.47

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						Three Months Ended March 31, 2025																		Three Months Ended March 31, 2024
						Net Income Attributable to the Company						Shares(1)						Basic and Diluted EPS						Net Income Attributable to the Company						Shares(1)						Basic and Diluted EPS
						(in thousands, except for per share amounts)
Common shares						$	38,456					126,647						$	0.30					$	48,956					104,094						$	0.47
Participating securities						455						1,500						$	0.30					—						—						$	—
Total Company						$	38,911																	$	48,956

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						Three Months Ended March 31,
						2025												2024
($ in thousands)						Amount						% of Revenue						Amount						% of Revenue
Reconciliation of Adjusted EBITDA:
Net income						$	40,642					8.1		%				$	50,279					10.8		%
Add (Subtract):
Income tax expense						13,254						2.6						15,137						3.2
Interest expense						25,548						5.1						111						—
Interest expense on related party debt						—						—						9,971						2.1
Loss on early retirement of debt						875						0.2						—						—
Stock compensation expense						2,269						0.5						166						—
Depreciation and amortization						16,619						3.3						18,485						4.0
Separation transaction costs(1)						315						0.1						1,993						0.5
Nova acquisition costs						3,137						0.6						—						—
Adjusted EBITDA						$	102,659					20.5		%				$	96,142					20.6		%

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			Three Months Ended March 31,
($ in thousands, except per share amounts)			2025						Per Share(1)						2024						Per Share(1)
Reconciliation of Adjusted Net Income Attributable to Common Shares:
Net income attributable to common shares(1)			$	38,456					$	0.30					$	48,956					$	0.47
Adjustments:(2)
Loss on early retirement of debt			865						0.01						—						—
Separation transaction costs(3)			311						—						1,993						0.02
Nova acquisition costs			3,100						0.02						—						—
Total additions, net			$	4,276					$	0.03					$	1,993					$	0.02
Less: tax effect of adjustments(4)			(1,052)						(0.01)						(460)						—
Adjusted Net Income Attributable to Common Shares			$	41,680					$	0.32					$	50,489					$	0.49
Weighted average common shares outstanding - diluted									126,647												104,094

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