Concentra Group Holdings Parent, Inc.

Previous wording

We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America’s workforce. As of June 30, 2025, we operated 628 stand-alone occupational health centers in 41 states and 406 onsite health clinics at employer worksites in 43 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 47 states and the District of Columbia. Our patients are generally employed by our main customers — employers across the United States.

Current wording

We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America’s workforce. As of September 30, 2025, we operated 628 stand-alone occupational health centers in 41 states and 413 onsite health clinics at employer worksites in 44 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 47 states and the District of Columbia. Our patients are generally employed by our main customers — employers across the United States.

Previous wording

•Onsite health clinics: Our onsite health clinics operating segment delivers occupational health services and/or employer-sponsored primary care services at an employer’s workplace, including mobile health services and episodic specialty testing services — we deliver our services at 406 permanent on-site locations and multiple other employer locations through our episodic services. In this segment, we serve medium to large-sized employers.

Current wording

•Onsite health clinics: Our onsite health clinics operating segment delivers occupational health services and/or employer-sponsored primary care services at an employer’s workplace, including mobile health services and episodic specialty testing services — we deliver our services at 413 permanent on-site locations and multiple other employer locations through our episodic services. In this operating segment, we serve medium to large-sized employers.

Previous wording

On March 3, 2025, the Company completed an amendment to the Credit Agreement to increase our revolving credit facility by $50.0 million from $400.0 million to $450.0 million. The interest rate for the revolving credit facility has been reduced from Term SOFR plus 2.50% to Term SOFR plus 2.00%, subject to a leverage-based pricing grid. In addition, the amendment to the Credit Agreement also added new debt through an incremental term loan of $102.1 million, which provides an updated Term Loan of $950.0 million. The Term Loan interest rate has been reduced from Term SOFR plus 2.25% down to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including 25-basis point step down at a net leverage ratio of ≤3.25x.

Current wording

On March 3, 2025, the Company completed an amendment to the Credit Agreement to increase our revolving credit facility by $50.0 million from $400.0 million to $450.0 million. The interest rate for the revolving credit facility has been reduced from Term Secured Overnight Financing Rate (“Term SOFR”) plus 2.50% to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including a 25-basis point step down at a net leverage ratio of ≤3.50x. In addition, the amendment to the Credit Agreement also added new debt through an incremental term loan of $102.1 million, which provides an updated Term Loan of $950.0 million. The Term Loan interest rate has been reduced from Term SOFR plus 2.25% down to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including 25-basis point step down at a net leverage ratio of ≤3.25x.

Previous wording

(1) Adjusted EBITDA and Adjusted Net Income Attributable to the Company are financial measures not calculated in accordance with GAAP. For definitions and reconciliations to the GAAP measures, refer to “—Non-GAAP Measures”.

Current wording

(1) Adjusted EBITDA and Adjusted Net Income Attributable to the Company are financial measures not calculated in accordance with U.S. GAAP. For definitions and reconciliations to the U.S. GAAP measures, refer to “—Non-GAAP Measures”.

Previous wording

(1) Adjusted EBITDA and Adjusted Net Income Attributable to the Company are financial measures not calculated in accordance with GAAP. For definitions and reconciliations to the GAAP measures, refer to “—Non-GAAP Measures

Current wording

(1) Adjusted EBITDA and Adjusted Net Income Attributable to the Company are financial measures not calculated in accordance with U.S. GAAP. For definitions and reconciliations to the U.S. GAAP measures, refer to “—Non-GAAP Measures

Previous wording

Revenue increased 15.2% to $550.8 million for the three months ended June 30, 2025, compared to $477.9 million for the three months ended June 30, 2024, driven primarily by the increase in volume of patient visits and revenue per visit, as described below, and due to the addition of over 240 onsite locations that were acquired through acquisition in June 2025 and 72 occupational health centers that were acquired through acquisitions in March 2025.

Current wording

Revenue increased 17.0% to $572.8 million for the three months ended September 30, 2025, compared to $489.6 million for the three months ended September 30, 2024, driven primarily by the increase in volume of patient visits and revenue per visit, as described below, and due to the addition of over 240 onsite locations that were acquired through acquisition in June 2025 and 72 occupational health centers that were acquired through acquisitions in March 2025.

Previous wording

Our total patient visits increased 9.5% to 3,520,320 for the three months ended June 30, 2025, compared to 3,214,255 visits for the three months ended June 30, 2024. Total VPD volume increased 9.5% to 55,005 for the three months ended June 30, 2025, compared to 50,223 for the three months ended June 30, 2024, primarily due to an increase in workers’ compensation and employer services visits. Workers’ compensation VPD volume increased 9.3% to 24,843 from 22,739 and employer services VPD volume increased 10.3% to 29,334 from 26,600, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

Current wording

Our total patient visits increased 9.2% to 3,557,697 for the three months ended September 30, 2025, compared to 3,258,605 visits for the three months ended September 30, 2024. Total VPD volume increased 9.2% to 55,589 for the three months ended September 30, 2025, compared to 50,916 for the three months ended September 30, 2024, primarily due to an increase in workers’ compensation and employer services visits. Workers’ compensation VPD volume increased 9.8% to 25,335 from 23,070 and employer services VPD volume increased 8.9% to 29,419 from 27,011, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Previous wording

Revenue per visit increased 4.4% to $145.92 for the three months ended June 30, 2025, compared to $139.81 for the three months ended June 30, 2024. We experienced a higher revenue per visit principally due to increases in the reimbursement rates payable pursuant to certain state fee schedules for workers’ compensation visits, as well as increases in our employer services rates, for the three months ended June 30, 2025. Revenue per visit for workers’ compensation visits increased 5.4% to $208.93 from $198.18 and revenue per visit for employer services visits increased 3.1% to $92.85 from $90.05, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

Current wording

Revenue per visit increased 4.2% to $147.31 for the three months ended September 30, 2025, compared to $141.42 for the three months ended September 30, 2024. We experienced a higher revenue per visit principally due to increases in the reimbursement rates payable pursuant to certain state fee schedules for workers’ compensation visits, as well as increases in our employer services rates, for the three months ended September 30, 2025. Revenue per visit for workers’ compensation visits increased 4.7% to $211.82 from $202.29 and revenue per visit for employer services visits increased 2.7% to $92.01 from $89.55, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Previous wording

Our cost of services expense includes all direct and indirect support costs related to providing services to our customers. Cost of services was $389.3 million, or 70.7% of revenue, for the three months ended June 30, 2025, compared to $339.3 million, or 71.0% of revenue, for the three months ended June 30, 2024. The percentage of revenue decreased primarily due to increased staffing efficiencies, relative to a 15.2% increase in revenue during the period.

Current wording

Our cost of services expense includes all direct and indirect support costs related to providing services to our customers. Cost of services was $405.5 million, or 70.8% of revenue, for the three months ended September 30, 2025, compared to $351.1 million, or 71.7% of revenue, for the three months ended September 30, 2024. The percentage of revenue decreased primarily due to increased staffing efficiencies, relative to a 17.0% increase in revenue during the period.

Previous wording

General and administrative expense includes corporate overhead such as finance, legal, human resources, marketing, corporate offices, and other administrative areas as well as executive compensation. Our general and administrative expenses were $52.9 million, or 9.6% of revenue, for the three months ended June 30, 2025, compared to $36.8 million, or 7.7% of revenue, for the three months ended June 30, 2024. The increase in general and administrative expense as a percentage of revenue is principally due to Nova and Pivot Onsite Innovations acquisition and transition costs, one-time costs to separate from Select, stock compensation expense, and the planned addition of new full-time employees and other personnel costs to support the separation from Select and operate as a standalone public company.

Current wording

General and administrative expense includes corporate overhead such as finance, legal, human resources, marketing, corporate offices, and other administrative areas as well as executive compensation. Our general and administrative expenses were $52.9 million, or 9.2% of revenue, for the three months ended September 30, 2025, compared to $37.1 million, or 7.6% of revenue, for the three months ended September 30, 2024. The increase in general and administrative expense as a percentage of revenue is principally due to Nova and Pivot Onsite Innovations acquisition and transition costs, one-time costs to separate from Select, stock compensation expense, and the planned addition of new full-time employees and other personnel costs to support the separation from Select and operate as a standalone public company.

Previous wording

Excluding items that are added back for purposes of calculating Adjusted EBITDA, including stock compensation expense, acquisitions costs, and one-time separation transaction costs, general and administrative expenses were $46.6 million for the three months ended June 30, 2025, or 8.5% of revenue, compared to 7.8% of revenue in the three months ended June 30, 2024. The year-over year increase in general and administrative expense burdening Adjusted EBITDA was primarily the result of the planned addition of new full-time employees and other personnel costs to support the separation from Select and operate as a standalone public company. Adjusted EBITDA is a financial measure not calculated in accordance with GAAP. For a definition and a reconciliation to net income, please see “—Non-GAAP Measures”.

Current wording

Excluding items that are added back for purposes of calculating Adjusted EBITDA, including stock compensation expense, acquisitions costs, and one-time separation transaction costs, general and administrative expenses were $48.5 million for the three months ended September 30, 2025, or 8.5% of revenue, compared to 7.5% of revenue in the three months ended September 30, 2024. The year-over-year increase in general and administrative expense burdening Adjusted EBITDA was primarily the result of the planned addition of new full-time employees and non-personnel costs to support the separation from Select and operate as a standalone public company. Adjusted EBITDA is a financial measure not calculated in accordance with U.S. GAAP. For a definition and a reconciliation to net income, please see “Non-GAAP Measures”.

Previous wording

Depreciation and amortization expense was $19.0 million for the three months ended June 30, 2025, or 3.4% of revenue compared to $17.9 million for the three months ended June 30, 2024, or 3.7% of revenue. The increase was due to recent growth investments.

Current wording

Depreciation and amortization expense was $19.9 million for the three months ended September 30, 2025, or 3.5% of revenue compared to $15.2 million for the three months ended September 30, 2024, or 3.1% of revenue. The increase was due to recent growth investments.

Previous wording

For the three months ended June 30, 2025, we had interest expense of $28.2 million, compared to interest income of $0.2 million for the three months ended June 30, 2024. The increase in interest expense was due to the issuance of an $850.0 million term loan and $650.0 million senior notes in July 2024, and due to the $102.1 million of incremental term loan and $85.0 million in borrowings on the revolving credit facility as of June 2025, as described in Note 6—“Long-Term Debt”.

Current wording

For the three months ended September 30, 2025, we had interest expense of $28.7 million, compared to $21.4 million for the three months ended September 30, 2024. The increase in interest expense was due to the issuance of an $850.0 million term loan, $650.0 million senior notes in late July 2024, $102.1 million incremental term loan in March 2025 and the $35.0 million in borrowings on the revolving credit facility as of September 2025, as described in Note 6—“Long-Term Debt.”

Previous wording

For the three months ended June 30, 2025, we had no interest expense on related party debt with Select, compared to $9.3 million for the three months ended June 30, 2024. The decrease in interest expense on related party debt is due to the payoff of the revolving promissory note with Select during the three months ended December 31, 2024.

Current wording

For the three months ended September 30, 2025, we had no interest expense on related party debt with Select, compared to $2.7 million for the three months ended September 30, 2024. The decrease in interest expense on related party debt is due to the payoff of the revolving promissory note with Select during the three months ended September 30, 2024.

Previous wording

We recorded income tax expense of $15.2 million for the three months ended June 30, 2025, which represented an effective tax rate of 24.7%. We recorded income tax expense of $18.1 million for the three months ended June 30, 2024, which represented an effective tax rate of 25.4%. Our income tax expense is computed based on annual estimates which we allocate throughout the year based on our income. This intra-period tax allocation may cause our effective tax rate to reflect variances when compared to the prior year as estimates of our annual income and the components of our income tax expense change throughout the year.

Current wording

We recorded income tax expense of $16.0 million for the three months ended September 30, 2025, which represented an effective tax rate of 24.3%. We recorded income tax expense of $16.4 million for the three months ended September 30, 2024, which represented an effective tax rate of 26.4%. Our income tax expense is computed based on annual estimates which we allocate throughout the year based on our income. This intra-period tax allocation may cause our effective tax rate to reflect variances when compared to the prior year as estimates of our annual income and the components of our income tax expense change throughout the year.

Previous wording

Revenue increased 11.2% to $1,051.5 million for the six months ended June 30, 2025, compared to $945.5 million for the six months ended June 30, 2024, driven primarily by the increase in volume of patient visits and revenue per visit, as described below, and due to the addition of over 240 onsite locations that were acquired through acquisition in June 2025 and 72 occupational health centers that were acquired through acquisitions in March 2025.

Current wording

Revenue increased 13.2% to $1,624.3 million for the nine months ended September 30, 2025, compared to $1,435.2 million for the nine months ended September 30, 2024, driven primarily by the increase in volume of patient visits and revenue per visit, as described below, and due to the addition of over 240 onsite locations that were acquired through acquisition in June 2025 and 72 occupational health centers that were acquired through acquisitions in March 2025.

Previous wording

Our total patient visits increased 5.6% to 6,724,688 for the six months ended June 30, 2025, compared to 6,369,910 visits for the six months ended June 30, 2024. Total VPD volume increased 6.4% to 52,950 for the six months ended June 30, 2025, compared to 49,765 for the six months ended June 30, 2024, primarily due to an increase in workers’ compensation and employer services visits. Workers’ compensation VPD volume increased 5.9% to 23,897 from 22,565 and employer services VPD volume increased 7.1% to 28,140 from 26,263, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

Current wording

Our total patient visits increased 6.8% to 10,282,385 for the nine months ended September 30, 2025, compared to 9,628,515 visits for the nine months ended September 30, 2024. Total VPD volume increased 7.3% to 53,834 for the nine months ended September 30, 2025, compared to 50,149 for the nine months ended September 30, 2024, primarily due to an increase in workers’ compensation and employer services visits. Workers’ compensation VPD volume increased 7.2% to 24,379 from 22,733 and employer services VPD volume increased 7.8% to 28,569 from 26,513, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Previous wording

Revenue per visit increased 5.0% to $146.41 for the six months ended June 30, 2025, compared to $139.45 for the six months ended June 30, 2024. We experienced a higher revenue per visit principally due to increases in the reimbursement rates payable pursuant to certain state fee schedules for workers’ compensation visits, as well as increases in our employer services rates, for the six months ended June 30, 2025. Revenue per visit for workers’ compensation visits increased 6.2% to $209.00 from $196.75 and revenue per visit for employer services visits increased 3.5% to $93.59 from $90.44, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

Current wording

Revenue per visit increased 4.7% to $146.72 for the nine months ended September 30, 2025, compared to $140.12 for the nine months ended September 30, 2024. We experienced a higher revenue per visit principally due to increases in the reimbursement rates payable pursuant to certain state fee schedules for workers’ compensation visits, as well as increases in our employer services rates, for the nine months ended September 30, 2025. Revenue per visit for workers’ compensation visits increased 5.7% to $209.98 from $198.62 and revenue per visit for employer services visits increased 3.2% to $93.04 from $90.14, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Previous wording

Our cost of services expense includes all direct and indirect support costs related to providing services to our customers. Cost of services was $746.4 million, or 71.0% of revenue, for the six months ended June 30, 2025, compared to $676.3 million, or 71.5% of revenue, for the six months ended June 30, 2024. The percentage of revenue decreased primarily due to increased staffing efficiencies, relative to an 11.2% increase in revenue during the period.

Current wording

Our cost of services expense includes all direct and indirect support costs related to providing services to our customers. Cost of services was $1,152.0 million, or 70.9% of revenue, for the nine months ended September 30, 2025, compared to $1,027.4 million, or 71.6% of revenue, for the nine months ended September 30, 2024. The percentage of revenue decreased primarily due to increased staffing efficiencies, relative to a 13.2% increase in revenue during the period.

Previous wording

General and administrative expense includes corporate overhead such as finance, legal, human resources, marketing, corporate offices, and other administrative areas as well as executive compensation. Our general and administrative expenses were $99.6 million, or 9.5% of revenue, for the six months ended June 30, 2025, compared to $73.7 million, or 7.8% of revenue, for the six months ended June 30, 2024. The increase in general and administrative expense as a percentage of revenue is principally due to Nova and Pivot Onsite Innovations acquisition and transition costs, one-time costs to separate from Select, stock compensation expense, and the planned addition of new full-time employees and other personnel costs to support the separation from Select and operate as a standalone public company.

Current wording

General and administrative expense includes corporate overhead such as finance, legal, human resources, marketing, corporate offices, and other administrative areas as well as executive compensation. Our general and administrative expenses were $152.5 million, or 9.4% of revenue, for the nine months ended September 30, 2025, compared to $110.8 million, or 7.7% of revenue, for the nine months ended September 30, 2024. The increase in general and administrative expense as a percentage of revenue is principally due to Nova and Pivot Onsite Innovations acquisition and transition costs, one-time costs to separate from Select, stock compensation expense, and the planned addition of new full-time employees and other personnel costs to support the separation from Select and operate as a standalone public company.

Previous wording

Excluding items that are added back for purposes of calculating Adjusted EBITDA, including stock compensation expense, acquisitions costs, and one-time separation transaction costs, general and administrative expenses was $87.6 million for the six months ended June 30, 2025, or 8.3% of revenue, compared to 7.6% of revenue in the six months ended June 30, 2024. The year-over-year increase in general and administrative expense burdening Adjusted EBITDA was primarily the result of the planned addition of new full-time employees and other personnel costs to support the separation from Select and operate as a standalone public company. Adjusted EBITDA is a financial measure not calculated in accordance with GAAP. For a definition and a reconciliation to net income, please see “—Non-GAAP Measures”.

Current wording

Excluding items that are added back for purposes of calculating Adjusted EBITDA, including stock compensation expense, acquisitions costs, and one-time separation transaction costs, general and administrative expenses was $136.4 million for the nine months ended September 30, 2025, or 8.4% of revenue, compared to 7.6% of revenue in the nine months ended September 30, 2024. The year-over-year increase in general and administrative expense burdening Adjusted EBITDA was primarily the result of the planned addition of new full-time employees and non-personnel costs to support the separation from Select and operate as a standalone public company. Adjusted EBITDA is a financial measure not calculated in accordance with U.S. GAAP. For a definition and a reconciliation to net income, please see “Non-GAAP Measures”.

Previous wording

Depreciation and amortization expense was $35.6 million for the six months ended June 30, 2025, compared to $36.4 million for the six months ended June 30, 2024. The decrease was due to an intangible asset fully amortizing in June 2024, offset by recent growth investments.

Current wording

Depreciation and amortization expense was $55.5 million for the nine months ended September 30, 2025, compared to $51.6 million for the nine months ended September 30, 2024. The increase was due to recent growth investments.

Previous wording

For the three months ended June 30, 2025, we had no equity in losses of unconsolidated subsidiaries, compared to $3.7 million for the three months ended June 30, 2024. The decrease in equity in losses is attributable to the impairment of an investment during the three months ended June 30, 2024.

Current wording

For the nine months ended September 30, 2025, we had no equity in losses of unconsolidated subsidiaries, compared to $3.7 million for the nine months ended September 30, 2024. The decrease in equity in losses is attributable to the impairment of an investment during the nine months ended September 30, 2024.

Previous wording

For the six months ended June 30, 2025, we had interest expense of $53.7 million, compared to interest income of $0.1 million for the six months ended June 30, 2024. The increase in interest expense was due to the issuance of an $850.0 million term loan and $650.0 million senior notes in July 2024, and due to the $102.1 million of incremental term loan and $85.0 million in borrowings on the revolving credit facility as of June 2025, as described in Note 6, Long-Term Debt.

Current wording

For the nine months ended September 30, 2025, we had interest expense of $82.4 million, compared to $21.3 million for the nine months ended September 30, 2024. The increase in interest expense was due to the issuance of an $850.0 million term loan, $650.0 million senior notes in late July 2024, $102.1 million of incremental term loan in March 2025, and $35.0 million in borrowings on the revolving credit facility as of September 2025, as described in Note 6, Long-Term Debt.

Previous wording

For the six months ended June 30, 2025, we had no interest expense on our related party debt with Select, compared to $19.3 million for the six months ended June 30, 2024. The decrease in interest expense on related party debt is due to the payoff of the revolving promissory note with Select during the three months ended December 31, 2024.

Current wording

For the nine months ended September 30, 2025, we had no interest expense on our related party debt with Select, compared to $22.0 million for the nine months ended September 30, 2024. The decrease in interest expense on related party debt is due to the payoff of the revolving promissory note with Select during the three months ended September 30, 2024.

Previous wording

We recorded income tax expense of $28.4 million for the six months ended June 30, 2025, which represented an effective tax rate of 24.7%. We recorded income tax expense of $33.2 million for the six months ended June 30, 2024, which represented an effective tax rate of 24.3%. Our income tax expense is computed based on annual estimates which we allocate throughout the year based on our income. This intra-period tax allocation may cause our effective tax rate to reflect variances when compared to the prior year as estimates of our annual income and the components of our income tax expense change throughout the year.

Current wording

We recorded income tax expense of $44.4 million for the nine months ended September 30, 2025, which represented an effective tax rate of 24.5%. We recorded income tax expense of $49.6 million for the nine months ended September 30, 2024, which represented an effective tax rate of 25.0%. Our income tax expense is computed based on annual estimates which we allocate throughout the year based on our income. This intra-period tax allocation may cause our effective tax rate to reflect variances when compared to the prior year as estimates of our annual income and the components of our income tax expense change throughout the year.

Previous wording

(1) As of June 30, 2025, we updated the schedule for all periods presented to include Net Income Attributable to the Company. Management believes this measure will provide an improved insight into the performance of our business.

Current wording

(1) Beginning in the second quarter of 2025, we updated the schedule for all periods presented to include Net Income Attributable to the Company. Management believes this measure will provide an improved insight into the performance of our business.

Previous wording

Operating activities provided $100.1 million and $115.1 million of cash flows during the six months ended June 30, 2025 and 2024, respectively. The decrease in cash flows from operating activities for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, was primarily due to an increase in interest payments following the recapitalization of debt in July 2024.

Current wording

Operating activities provided $160.7 million and $181.0 million of cash flows during the nine months ended September 30, 2025 and 2024, respectively. The decrease in cash flows from operating activities for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, was primarily due to an increase in interest payments following the recapitalization of debt in July 2024.

Previous wording

Investing activities used $374.3 million and $37.6 million of cash flows for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, the principal uses of cash were $41.0 million for purchases of property and equipment under our capital program to open de novos, upgrade and maintain existing facilities, Nova start-up capital, and technology investments, and $333.3 million for acquisitions of businesses, which primarily includes the purchase of Nova and Pivot Onsite Innovations. For the six months ended June 30, 2024, the principal uses of cash were $32.5 million for purchases of property and equipment and $5.1 million for acquisitions of businesses.

Current wording

Investing activities used $394.7 million and $54.6 million of cash flows for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, the principal uses of cash were $62.2 million for purchases of property and equipment under our capital program to open de novos, upgrade and maintain existing facilities, Nova start-up capital, and technology investments, and $333.3 million for acquisitions of businesses, which primarily includes the purchase of Nova and Pivot Onsite Innovations. For the nine months ended September 30, 2024, the principal uses of cash were $47.6 million for purchases of property and equipment and $7.0 million for acquisitions of businesses.

Previous wording

Financing activities provided $164.8 million and used $58.1 million of cash flows for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, the principal sources of cash were due to the updated term loan, net of issuance costs of $948.8 million and from borrowings on our Revolving Credit Facility of $85.0 million. This was partially offset by payment of the original term loan of $850.3 million and dividend payment of $16.0 million to shareholders. For the six months ended June 30, 2024, the principal uses of cash were $50.0 million of net repayments on our related party revolving promissory note, distributions to Select of $7.7 million for income tax adjustments relating to the application of the separate return methodology, and principal payments on other debt of $4.4 million, partially offset by $6.6 million in borrowings of other debt.

Current wording

Financing activities provided $100.7 million and used $20.9 million of cash flows for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, the principal sources of cash were due to the updated term loan net proceeds of $948.8 million, and from borrowings on our Revolving Credit Facility of $85.0 million. This was partially offset by payment of the original term loan of $852.6 million, voluntary revolver repayments of $50.0 million, dividend payments of $24.0 million to shareholders, and distributions to non-controlling interest of $4.5 million. For the nine months ended September 30, 2024, the principal uses of cash were a $1,535.7 million dividend payment to Select and $470.0 million of net repayments on our related party revolving promissory note. The principle sources of cash were net proceeds from our term loans of $836.7 million, net proceeds from the issuance of our 6.875% senior notes of $637.3 million, and net proceeds from our initial public offering of $511.2 million.

Previous wording

We had net working capital of $60.1 million at June 30, 2025, compared to net working capital of $130.0 million at December 31, 2024. The decrease in the net working capital surplus was principally due to a decrease in our cash, which resulted from the Nova acquisition in March 2025 and Pivot Onsite Innovations acquisition in June 2025. On March 1, 2025, we acquired Nova and financed the transaction using a combination of $102.1 million of new debt financing under the Credit Agreement, $50.0 million of available borrowing capacity under our existing Revolving Credit Facility, and the remaining with cash on hand. On June 1, 2025, we acquired Pivot Onsite Innovations and financed the transaction using a combination of $35.0 million of available borrowing capacity under our existing Revolving Credit Facility and the remaining with cash on hand.

Current wording

We had net working capital of $62.8 million at September 30, 2025, compared to net working capital of $130.0 million at December 31, 2024. The decrease in the net working capital surplus was principally due to a decrease in our cash, which resulted from the Nova acquisition in March 2025, Pivot Onsite Innovations acquisition in June 2025, and voluntary revolver repayments. On March 1, 2025, we acquired Nova and financed the transaction using a combination of $102.1 million of new debt financing under the Credit Agreement, $50.0 million of available borrowing capacity under our existing Revolving Credit Facility, and the remaining with cash on hand. On June 1, 2025, we acquired Pivot Onsite Innovations and financed the transaction using a combination of $35.0 million of available borrowing capacity under our existing Revolving Credit Facility and the remaining with cash on hand.

Previous wording

On July 26, 2024, Concentra Health Services, Inc. (“CHSI”), a wholly-owned subsidiary of Concentra, entered into a senior secured credit agreement (the “Credit Agreement”) that provided for an $850.0 million term loan (the “Term Loan”), and a $400.0 million revolving credit facility, including a $75.0 million sublimit for the issuance of standby letters of credit (the “Revolving Credit Facility” and, together with the Term Loan, the “Credit Facilities”). In March 2025, the Company completed an amendment to the Credit Agreement to increase our Revolving Credit Facility by $50.0 million from $400.0 million to $450.0 million. The interest rate for the Revolving Credit Facility has been reduced from Term SOFR plus 2.50% to Term SOFR plus 2.00%, subject to a leverage-based pricing grid. In addition, the amendment to the Credit Agreement also added new debt through an incremental term loan of $102.1 million, which provides an updated Term Loan of $950.0 million. The Term Loan interest rate has been reduced from Term SOFR plus 2.25% down to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including 25-basis point step down at a net leverage ratio of ≤3.25x.

Current wording

On July 26, 2024, CHSI, a wholly-owned subsidiary of Concentra, entered into a senior secured credit agreement (the “Credit Agreement”) that provided for an $850.0 million term loan (the “Term Loan”), and a $400.0 million revolving credit facility, including a $75.0 million sublimit for the issuance of standby letters of credit (the “Revolving Credit Facility” and, together with the Term Loan, the “Credit Facilities”). In March 2025, the Company completed an amendment to the Credit Agreement to increase our Revolving Credit Facility by $50.0 million from $400.0 million to $450.0 million. The interest rate for the Revolving Credit Facility has been reduced from the Term SOFR plus 2.50% to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including 25-basis point step down at a net leverage ratio of ≤3.50x. In addition, the amendment to the Credit Agreement also added new debt through an incremental term loan of $102.1 million, which provides an updated Term Loan of $950.0 million. The Term Loan interest rate has been reduced from Term SOFR plus 2.25% down to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including 25-basis point step down at a net leverage ratio of ≤3.25x.

Previous wording

At June 30, 2025, the Company had $342.8 million of availability under its Revolving Credit Facility after giving effect to $85.0 million of borrowings under the Revolving Credit Facility and $22.2 million of outstanding letters of credit.

Current wording

At September 30, 2025, the Company had $393.0 million of availability under its Revolving Credit Facility after giving effect to $35.0 million of borrowings under the Revolving Credit Facility and $22.0 million of outstanding letters of credit.

Previous wording

The Credit Facilities require CHSI to maintain a leverage ratio (as defined in the Credit Agreement), which is tested quarterly and currently must not be greater than 6.50 to 1.00. As of June 30, 2025, our leverage ratio was 3.8x.

Current wording

The Credit Facilities require CHSI to maintain a leverage ratio (as defined in the Credit Agreement), which is tested quarterly and currently must not be greater than 6.5 to 1.0. As of September 30, 2025, our leverage ratio was 3.6x.

Previous wording

On March 3, 2025 we entered into derivative swap and collar contracts to mitigate our exposure to variable Term SOFR interest rates, which expire on February 29, 2028. The derivative swap contract limits the Term SOFR rate to a fixed rate of 3.829% on $300.0 million of principal outstanding under our term loan. We also entered into a derivative collar contract, which limits the Term SOFR rate to a cap of 4.500% and floor of 3.001% on $300.0 million of principal outstanding under our term loan. These derivative contracts limit our Term SOFR variable interest exposure on our $947.6 million term loan and $85.0 million of borrowings under the Revolving Credit Facility.

Current wording

On March 3, 2025 we entered into derivative swap and collar contracts to mitigate our exposure to variable Term SOFR interest rates, which expire on February 29, 2028. The derivative swap contract limits the Term SOFR rate to a fixed rate of 3.829% on $300.0 million of principal outstanding under our term loan. We also entered into a derivative collar contract, which limits the Term SOFR rate to a cap of 4.500% and floor of 3.001% on $300.0 million of principal outstanding under our term loan. These derivative contracts limit our Term SOFR variable interest exposure on our $945.3 million term loan.

Previous wording

We believe our internally generated cash flows and borrowing capacity under our Revolving Credit Facility will allow us to finance our operations in both the short and long term. As of June 30, 2025, we had cash of $73.9 million and $342.8 million of availability under the Revolving Credit Facility, after giving effect to $85.0 million of borrowings under the Revolving Credit Facility and $22.2 million of outstanding letters of credit.

Current wording

We believe our internally generated cash flows and borrowing capacity under our Revolving Credit Facility will allow us to finance our operations in both the short and long term. As of September 30, 2025, we had cash of $49.9 million and $393.0 million of availability under the Revolving Credit Facility, after giving effect to $35.0 million of borrowings under the Revolving Credit Facility and $22.0 million of outstanding letters of credit.

Previous wording

On February 28, 2025 and May 6, 2025, our Board of Directors declared a cash dividend of $0.0625 per share. On April 1, 2025 and May 29, 2025, cash dividends totaling $8.0 million and $8.0 million were paid.

Current wording

On February 28, 2025, May 6, 2025, and August 6, 2025, our Board of Directors declared a cash dividend of $0.0625 per share. On April 1, 2025, May 29, 2025, and August 28, 2025, cash dividends of $8.0 million were paid for each payment date, for a total of $24.0 million paid in 2025.