UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-12111

Pediatrix Medical Group, Inc.

(Exact name of registrant as specified in its charter)


Florida		26-3667538
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification No.)

1301 Concord Terrace Sunrise, Florida		33323
(Address of principal executive offices)		(Zip Code)

(954) 384-0175

(Registrant'’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $.01 per share	MD	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

On ~~October~~May 252, ~~2024~~2025, the registrant had outstanding 85,~~880~~905,~~487~~735 shares of Common Stock, par value $.01 per share.

Pediatrix Medical Group, Inc.

INDEX

		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited)	3
	Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited)	3
	Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)	4
	Consolidated Statements of Income and Comprehensive Income for the Three Months EndedMarch 31, 2025 and 2024 (Unaudited)	4
	Consolidated Statements of Equity for the Three and Nine Months EndedSeptember 30, 2024 and 2023 (Unaudited)	5
	Consolidated Statements of Equity for the Three Months EndedMarch 31, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Cash Flows for the Nine Months EndedSeptember 30, 2024 and 2023 (Unaudited)	6
	Consolidated Statements of Cash Flows for the Three Months EndedMarch 31, 2025 and 2024 (Unaudited)	6
	Notes to Consolidated Financial Statements (Unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	2119
Item 4.	Controls and Procedures	2119
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	2220
Item 1A.	Risk Factors	2220
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2220
Item 5.	Other Information	2220
Item 6.	Exhibits	2321
SIGNATURES		2422

Pediatrix Medical Group, Inc.

Consolidated Balance Sheets

(in thousands, except share data)

(Unaudited)

	September 30, 2024			December 31, 2023
	March 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	~~103~~98,~~831~~978		$	73229,~~258~~940
Short-term investments		~~116~~120,~~621~~198			~~104~~118,~~485~~566
Accounts receivable, net		~~286~~242,~~897~~529			~~272~~259,~~313~~990
Prepaid expenses		1012,~~188~~085			13,~~525~~410
Income taxes receivable		110,~~198~~272			712,~~565~~614
Other current assets		97,~~480~~608			125,~~308~~087
Total current assets		~~528~~491,~~215~~670			~~483~~639,~~454~~607
Property and equipment, net		4138,~~922~~222			7539,~~639~~172
Goodwill		1,~~239~~242,~~007~~606			1,~~384~~242,~~166~~606
Intangible assets, net		1310,~~183~~387			2111,~~240~~595
Operating and finance lease right-of-use assets		5639,~~566~~866			7039,~~294~~267
Deferred income tax assets		~~119~~99,~~386~~379			~~102~~103,~~852~~855
Other assets		7871,~~594~~349			8276,~~165~~598
Total assets	$	21,~~076~~993,~~873~~479		$	2,~~219~~152,~~810~~700
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	~~333~~234,~~493~~173		$	~~350~~398,~~798~~690
Current portion of debt and finance lease liabilities, net		1922,~~276~~128			1420,~~913~~545
Current portion of operating lease liabilities		1612,~~992~~174			2112,~~076~~704
Income taxes payable		32,~~319~~577			2,~~159~~171
Total current liabilities		~~373~~271,~~080~~052			~~388~~434,~~946~~110
Long-term debt and finance lease liabilities, net		~~607~~590,~~445~~476			~~618~~597,~~421~~119
Long-term operating lease liabilities		3930,~~940~~538			4731,~~238~~945
Long-term professional liabilities		~~255~~246,~~263~~942			~~251~~257,~~284~~455
Deferred income tax liabilities		3534,~~618~~424			34,~~308~~246
Other liabilities		3330,~~035~~859			3032,~~552~~887
Total liabilities		1,~~344~~204,~~381~~291			1,~~370~~387,~~749~~762
Commitments and contingencies
Shareholders’ equity:
Preferred stock; $.01 par value; 1,000,000 shares authorized; none issued		—			—
Common stock; $.01 par value; 200,000,000 shares authorized; 85,865,841 and 84,018,023 shares issued and outstanding, respectively		859			840
Common stock; $.01 par value; 200,000,000 shares authorized; 85,810,408 and 85,866,000 shares issued and outstanding, respectively		858			859
Additional paid-in capital		1,~~010~~016,~~862~~425			~~999~~1,~~906~~013,690
Accumulated other comprehensive loss		(~~209~~292	)		(21,~~214~~071	)
Retained deficit		(~~279~~227,~~020~~803	)		(~~149~~248,~~471~~540	)
Total shareholders’ equity		~~732~~789,~~492~~188			~~849~~764,~~061~~938
Total liabilities and shareholders' equity	$	2,076,873		$	2,219,810
Total liabilities and shareholders’ equity	$	1,993,479		$	2,152,700

The accompanying notes are an integral part of these Consolidated Financial Statements.

Pediatrix Medical Group, Inc.

Consolidated Statements of Income and Comprehensive Income

(in thousands, except per share data)

(Unaudited)

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2024			2023			2024			2023
	2025			2024
Net revenue	$	~~511~~458,~~158~~359		$	~~506~~495,~~612~~101		$	~~1,510,555~~		$	~~1,498,197~~
Operating expenses:
Practice salaries and benefits		~~364~~337,~~888~~031			~~368~~369,~~404~~138			~~1,091,834~~			~~1,084,671~~
Practice supplies and other operating expenses		2918,~~449~~686			31,~~319~~085			~~92,903~~			~~93,128~~
General and administrative expenses		58,~~121~~604			5760,~~406~~198			~~174,884~~			~~174,478~~
Depreciation and amortization		65,~~254~~332			910,~~211~~308			~~25,353~~			~~27,109~~
Transformational and restructuring related expenses		186,~~560~~605			—8,480			~~40,619~~			—
Goodwill impairment		—			—			154,243			—
Total operating expenses		426,258			479,209
Fixed assets impairments		—			—			20,112			—
Income from operations		32,101			15,892
Intangible assets impairments		—			—			7,679			—
Investment and other income		4,737			2,013
Loss on disposal of businesses		59			—			10,932			—
Interest expense		(9,154	)		(10,599	)
Total operating expenses		477,331			466,340			1,618,559			1,379,386
Equity in earnings of unconsolidated affiliate		406			518
Income (loss) from operations		33,827			40,272			(108,004	)		118,811
Total non-operating expenses		(4,011	)		(8,068	)
Investment and other income		1,089			273			2,941			2,096
Income before income taxes		28,090			7,824
Interest expense		(10,126	)		(10,374	)		(31,033	)		(31,994	)
Income tax provision		(7,353	)		(3,789	)
Equity in earnings of unconsolidated affiliate		445			661			1,427			1,578
Net income	$	20,737		$	4,035
Total non-operating expenses		(8,592	)		(9,440	)		(26,665	)		(28,320	)
Other comprehensive income, net of tax
Income (loss) before income taxes		25,235			30,832			(134,669	)		90,491
Unrealized holding gain on investments, net of tax of $255 and $20		779			60
Income tax (provision) benefit		(5,794	)		(9,441	)		5,120			(26,612	)
Total comprehensive income	$	21,516		$	4,095
Net income (loss)	$	19,441		$	21,391		$	(129,549	)	$	63,879
Per common and common equivalent share data:
Other comprehensive income (loss), net of tax
Net income:
Unrealized holding gain on investments, net of tax of $571, $-, $657 and $100		1,745			1			2,005			218
Basic	$	0.25		$	0.05
Total comprehensive income (loss)	$	21,186		$	21,392		$	(127,544	)	$	64,097
Diluted	$	0.24		$	0.05
Per common and common equivalent share data:
Weighted average common shares:
Net income (loss):
Basic		84,435			82,863
Basic	$	0.23		$	0.26		$	(1.56	)	$	0.78
Diluted		85,430			83,275
Diluted	$	0.23		$	0.26		$	(1.56	)	$	0.77
Weighted average common shares:
Basic		83,891			82,543			83,223			82,127
Diluted		84,523			82,950			83,223			82,492

The accompanying notes are an integral part of these Consolidated Financial Statements.

Pediatrix Medical Group, Inc.

Consolidated Statements of Shareholders'’ Equity

(in thousands)

(Unaudited)

	Common Stock
	Number of						AdditionalPaid-in			AccumulatedOtherComprehensive			Retained			TotalShareholders'’
	Shares			Amount			Capital			Loss			Deficit			Equity
2025
Balance at January 1, 2025		85,866		$	859		$	1,013,690		$	(1,071	)	$	(248,540	)	$	764,938
Net income		—			—			—			—			20,737			20,737
Unrealized holding gain on investments, net of tax		—			—			—			779			—			779
Common stock issued under employee stock purchase plan		60			—			662			—			—			662
Forfeitures of restricted stock		(7	)		—			—			—			—			—
Stock-based compensation expense		—			—			3,641			—			—			3,641
Repurchased common stock		(109	)		(1	)		(1,568	)		—			—			(1,569	)
Balance at March 31, 2025		85,810		$	858		$	1,016,425		$	(292	)	$	(227,803	)	$	789,188
2024
Balance at January 1, 2024		84,018		$	840		$	999,906		$	(2,214	)	$	(149,471	)	$	849,061
Net income		—			—			—			—			4,035			4,035
Unrealized holding gain on investments, net of tax		—			—			—			60			—			60
Common stock issued under employee stock purchase plan		108			1			859			—			—			860
Forfeitures of restricted stock		(21	)		—			—			—			—			—
Stock-based compensation expense		—			—			3,067			—			—			3,067
Repurchased common stock		(97	)		(1	)		(886	)		—			—			(887	)
Balance at March 31, 2024		84,008		$	840		$	1,002,946		$	(2,154	)	$	(145,436	)	$	856,196
Net loss		—			—			—			—			(153,025	)		(153,025	)
Unrealized holding gain on investments, net of tax		—			—			—			200			—			200
Common stock issued under employee stock purchase plan		139			2			1,147			—			—			1,149
Issuance of restricted stock		1,630			16			(16	)		—			—			—
Forfeitures of restricted stock		(22	)		—			—			—			—			—
Stock-based compensation expense		—			—			1,952			—			—			1,952
Repurchased common stock		(2	)		—			(11	)		—			—			(11	)
Balance at June 30, 2024		85,753		$	858		$	1,006,018		$	(1,954	)	$	(298,461	)	$	706,461
Net income		—			—			—			—			19,441			19,441
Unrealized holding gain on investments, net of tax		—			—			—			1,745			—			1,745
Common stock issued under employee stock purchase plan		149			1			896			—			—			897
Forfeitures of restricted stock		(13	)		—			—			—			—			—
Stock-based compensation expense		—			—			4,110			—			—			4,110
Repurchased common stock		(23	)		—			(162	)		—			—			(162	)
Balance at September 30, 2024		85,866		$	859		$	1,010,862		$	(209	)	$	(279,020	)	$	732,492
2023
Balance at January 1, 2023		82,947		$	829		$	983,601		$	(3,735	)	$	(89,063	)	$	891,632
Net income		—			—			—			—			14,206			14,206
Unrealized holding gain on investments, net of tax		—			—			—			604			—			604
Common stock issued under employee stock option, employee stock purchase plan and stock purchase plan		86			—			1,095			—			—			1,095
Issuance of restricted stock		871			9			(9	)		—			—			—
Forfeitures of restricted stock		(221	)		(2	)		2			—			—			—
Stock-based compensation expense		—			—			3,009			—			—			3,009
Repurchased common stock		(49	)		—			(775	)		—			—			(775	)
Balance at March 31, 2023		83,634		$	836		$	986,923		$	(3,131	)	$	(74,857	)	$	909,771
Net income		—			—			—			—			28,282			28,282
Unrealized holding loss on investments, net of tax		—			—			—			(387	)		—			(387	)
Common stock issued under employee stock option, employee stock purchase plan and stock purchase plan		126			1			1,593			—			—			1,594
Issuance of restricted stock		93			1			(1	)		—			—			—
Forfeitures of restricted stock		(11	)		—			—			—			—			—
Stock-based compensation expense		—			—			3,126			—			—			3,126
Repurchased common stock		(1	)		—			(11	)		—			—			(11	)
Balance at June 30, 2023		83,841		$	838		$	991,630		$	(3,518	)	$	(46,575	)	$	942,375
Net income		—			—			—			—			21,391			21,391
Unrealized holding gain on investments, net of tax		—			—			—			1			—			1
Common stock issued under employee stock option, employee stock purchase plan and stock purchase plan		100			1			1,186			—			—			1,187
Forfeitures of restricted stock		(1	)		—			—			—			—			—
Stock-based compensation expense		—			—			3,164			—			—			3,164
Repurchased common stock		(11	)		—			(133	)		—			—			(133	)
Balance at September 30, 2023		83,929		$	839		$	995,847		$	(3,517	)	$	(25,184	)	$	967,985

The accompanying notes are an integral part of these Consolidated Financial Statements.

Pediatrix Medical Group, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2024			2023
	2025			2024
Cash flows from operating activities:
Net (loss) income	$	(129,549	)	$	63,879
Net income	$	20,737		$	4,035
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		255,~~353~~332			2710,~~109~~308
Amortization of premiums, discounts and issuance costs		~~703~~230			~~1,015~~200
Goodwill impairment		154,243			—
Stock-based compensation expense		3,641			3,067
Fixed assets impairments		20,112			—
Deferred income taxes		4,398			686
Intangible assets impairments		7,679			—
Other		(758	)		(1,265	)
Loss on disposal of businesses		10,932			—
Stock-based compensation expense		9,129			9,299
Deferred income taxes		(15,880	)		10,589
Other		(2,006	)		(1,607	)
Changes in assets and liabilities:
Accounts receivable		~~635~~17,461			22(9,~~095~~936	)
Prepaid expenses and other current assets		5(1,~~945~~125	)		43,~~290~~756
Other long-term assets		304,~~569~~649			135,~~343~~900
Accounts payable and accrued expenses		(34159,~~154~~685	)		(56141,~~118~~463	)
Income taxes payable		72,~~527~~748			(53,~~154~~017	)
Long-term professional liabilities		13(7,~~239~~590	)		~~838~~4,082
Other liabilities		(226,~~032~~149	)		(165,~~500~~011	)
Net cash provided by operating activities – continuing operations		82,445			73,078
Net cash used in operating activities – continuing operations		(116,111	)		(122,624	)
Net cash used in operating activities - discontinued operations		(81,~~882~~352	)		(52,~~003~~602	)
Net cash provided by operating activities		73,563			68,075
Net cash used in operating activities		(117,463	)		(125,226	)
Cash flows from investing activities:
Acquisition payments, net of cash acquired		~~(8,167~~—	)		(18,~~667~~167	)
Purchases of investments		(547,~~402~~761	)		(2616,~~477~~896	)
Proceeds from maturities or sales of investments		457,~~324~~300			1614,~~560~~155
Purchases of property and equipment		(183,~~582~~318	)		(245,~~284~~330	)
Other		2(3,~~359~~685	)		~~116~~—
Net cash used in investing activities		(337,~~468~~464	)		(3516,~~752~~238	)
Cash flows from financing activities:
Borrowings on line of credit		~~235,500~~—			~~470~~170,~~000~~500
Payments on line of credit		~~(235,500~~—	)		(~~474~~90,~~000~~500	)
Payments on term loan		(94,~~375~~688	)		(93,~~375~~125	)
Payments on finance lease obligations		(~~2,045~~339	)		(~~2,105~~690	)
Proceeds from issuance of common stock		~~2,906~~662			~~3,876~~860
Repurchases of common stock		(1,~~060~~569	)		(~~919~~887	)
Other		52(101	)		~~(8,445~~46	)
Net cash used in financing activities		(9,522	)		(20,968	)
Net cash (used in) provided by financing activities		(6,035	)		76,204
Net increase in cash and cash equivalents		30,573			11,355
Net decrease in cash and cash equivalents		(130,962	)		(65,260	)
Cash and cash equivalents at beginning of period		73229,~~258~~940			973,~~824~~258
Cash and cash equivalents at end of period	$	~~103~~98,~~831~~978		$	217,~~179~~998

The accompanying notes are an integral part of these Consolidated Financial Statements.

Pediatrix Medical Group, Inc.

Notes to Consolidated Financial Statements

~~September~~March 3031, ~~2024~~2025

(Unaudited)

1. Basis of Presentation and New Accounting Pronouncements:

The accompanying unaudited Consolidated Financial Statements of the Company and the notes thereto presented in this Form 10-Q have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("“SEC"”) applicable to interim financial statements, and do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results of interim periods. The financial statements include all the accounts of Pediatrix Medical Group, Inc. and its consolidated subsidiaries (collectively, “PMG”) together with the accounts of PMG’s affiliated business corporations or professional associations, professional corporations, limited liability companies and partnerships (the “affiliated professional contractors”). Certain subsidiaries of PMG have contractual management arrangements with its affiliated professional contractors, which are separate legal entities that provide physician services in certain states. The terms “Pediatrix” and the “Company” refer collectively to Pediatrix Medical Group, Inc., its subsidiaries and the affiliated professional contractors.

During 2024, the Company exited almost all of its affiliated office-based practices, including its primary and urgent care service line. The operating results of these practices did not meet the criteria to be reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income.

The Company is a party to a joint venture in which it owns a 37.5% economic interest. The Company accounts for this joint venture under the equity method of accounting because the Company exercises significant influence over, but does not control, this entity.

The consolidated results of operations for the interim periods presented are not necessarily indicative of the results to be experienced for the entire fiscal year. In addition, the accompanying unaudited Consolidated Financial Statements and the notes thereto should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K (the “Form 10-K”).

New Accounting Pronouncements

In December 2023, accounting guidance related to income tax disclosures was issued which will require additional disclosure in the Company's income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The accounting guidance will also require the Company to disaggregate its income taxes paid disclosure by federal and state jurisdictions, with further disaggregation required for significant state jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of this new guidance will have on its financial statement disclosures.

2. Cash Equivalents and Investments:

As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, the Company'’s cash equivalents consisted entirely of money market funds totaling $04.73 million and $29.83 million, respectively.

Investments held are all classified as current and at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 are summarized as follows (in thousands):

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
Corporate securities	$	5044,~~602~~644	$	5746,~~878~~411
U.S. Treasury securities		3542,~~105~~923		2240,~~674~~590
Municipal debt securities		2123,~~508~~543		1422,~~649~~294
Federal home loan securities		6,~~673~~706		56,~~670~~640
Certificates of deposit		2,~~733~~382		32,~~614~~631
	$	~~116~~120,~~621~~198	$	~~104~~118,~~485~~566

3. Fair Value Measurements:

The accounting guidance establishes a fair value hierarchy that prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels:

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The following table presents information about the Company’s financial instruments that are accounted for at fair value on a recurring basis at September 30, 2024 and December 31, 2023 (in thousands):

		Fair Value
	Fair ValueCategory	September 30, 2024		December 31, 2023
Assets:
Money market funds	Level 1	$	711	$	2,814
Short-term investments	Level 2		116,621		104,485
Mutual Funds	Level 1		18,708		17,687

~~The~~Level ~~following~~3 ~~table~~– ~~presents~~inputs ~~information~~are ~~about~~generally ~~the~~unobservable ~~Company~~and typically reflect management’s ~~financial~~estimates ~~instruments~~of assumptions that ~~are~~market ~~not~~participants ~~carried~~would atuse in pricing the asset or liability. The fair ~~value~~values atare ~~September~~therefore ~~30,~~determined ~~2024~~using ~~and~~model-based ~~December~~techniques 31that include option pricing models, ~~2023~~discounted ~~(in~~cash ~~thousands):~~flow models and similar techniques.

	September 30, 2024				December 31, 2023
	CarryingAmount		FairValue		CarryingAmount		FairValue
Liabilities:
2030 Notes	$	400,000	$	388,240	$	400,000	$	357,000

The following table presents information about the Company’s financial instruments that are accounted for at fair value on a recurring basis at March 31, 2025 and December 31, 2024 (in thousands):


		Fair Value
	Fair Value Category	March 31, 2025		December 31, 2024
Assets:
Money market funds	Level 1	$	4,348	$	9,295
Short-term investments	Level 2		120,198		118,566
Mutual funds	Level 1		17,829		18,581

The following table presents information about the Company’s financial instruments that are not carried at fair value at March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Liabilities:
2030 Notes	$	400,000	$	380,000	$	400,000	$	382,000

The carrying amounts of cash equivalents, accounts receivable and accounts payable and accrued expenses approximate fair value due to the short maturities of the respective instruments.

4. Accounts Receivable and Net Revenue:

Accounts receivable, net consists of the following (in thousands):

	September 30, 2024			December 31, 2023
Gross accounts receivable	$	1,469,676		$	1,379,213
Allowance for contractual adjustments and uncollectibles		(1,182,779	)		(1,106,900	)
	$	286,897		$	272,313

Patient service revenue is recognized at the time services are provided by the Company’s affiliated physicians. The Company’s performance obligations related to the delivery of services to patients are satisfied at the time of service. Accordingly, there are no performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period with respect to patient service revenue. Almost all of the Company’s patient service revenue is reimbursed by government-sponsored healthcare programs (“GHC Programs”) and third-party insurance payors. Payments for services rendered to the Company’s patients are generally less than billed charges. The Company monitors its revenue and receivables from these sources and records an estimated contractual allowance to properly account for the anticipated differences between billed and reimbursed amounts.

Accordingly, patient service revenue is presented net of an estimated provision for contractual adjustments and uncollectibles. The Company estimates allowances for contractual adjustments and uncollectibles on accounts receivable based upon historical experience and other factors, including days sales outstanding (“DSO”) for accounts receivable, evaluation of expected adjustments and delinquency rates, past adjustments and collection experience in relation to amounts billed, an aging of accounts receivable, current contract and reimbursement terms, changes in payor mix and other relevant information. Contractual adjustments result from the difference between the physician rates for services performed and the reimbursements by GHC Programs and third-party insurance payors for such services.

Collection of patient service revenue the Company expects to receive is normally a function of providing complete and correct billing information to the GHC Programs and third-party insurance payors within the various filing deadlines and typically occurs within 30 to 60 days of billing.

Some of the Company’s hospital agreements require hospitals to pay the Company administrative fees. Some agreements provide for fees if the hospital does not generate sufficient patient volume in order to guarantee that the Company receives a specified minimum revenue level. The Company also receives fees from hospitals for administrative services performed by its affiliated physicians providing medical director or other services at the hospital.

The following table summarizes the Company’s net revenue by category (in thousands):

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2024		2023		2024		2023
Net patient service revenue	$	438,675	$	437,321	$	1,293,353	$	1,290,888
Hospital contract administrative fees		72,413		68,712		215,129		204,286
Other revenue		70		579		2,073		3,023
	$	511,158	$	506,612	$	1,510,555	$	1,498,197

The following table summarizes the Company’s net revenue by category (in thousands):


	Three Months Ended March 31,
	2025		2024
Net patient service revenue	$	389,378	$	421,831
Hospital contract administrative fees		65,184		71,803
Other revenue		3,797		1,467
	$	458,359	$	495,101

The approximate percentage of net patient service revenue by type of payor was as follows:

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2024			2023			2024			2023
	2025			2024
Contracted managed care		7270	%		6770	%		71	%		67	%
Government		2324			25			24			25
Other third-parties		4			53			3			6
Private-pay patients		12			32			2			2
		100	%		100	%		~~100~~	%		~~100~~	%

5. ~~Business~~ Accounts ~~Combinations:~~Payable and Accrued Expenses:

During the nine months ended September 30, 2024, the Company completed the acquisition of one maternal-fetal medicine practice for total consideration of $9.7 million, of which $6.5 million was paid in cash at closing and $3.2 million was recorded as a contingent consideration liability. The acquisition expanded the Company’s national network of physician practices across women’s and children’s services. In connection with this acquisition, the Company recorded tax deductible goodwill of $9.1 million, fixed assets of $0.4 million and other intangible assets consisting primarily of physician and hospital agreements of $0.2 million.

6. Goodwill, Long-Lived Asset Impairments and Loss on Disposal of Businesses:

During the second quarter of 2024, the Company formalized its practice portfolio management plans, resulting in a decision to exit almost all of its affiliated office-based practices, other than maternal-fetal medicine. The practice exits are expected to be completed by December 31, 2024. Accordingly, a recoverability assessment for each individual physician practice was performed, and the estimated future cash flows related to the physician practices did not support the carrying value of the specifically identified individual long-lived assets. As a result, during the nine months ended September 30, 2024, the Company recorded fixed asset impairments of $20.1 million, intangible asset impairments of $7.7 million and operating lease right-of-use asset impairments of $10.6 million. The operating lease right-of-use impairments are recorded within the transformational and restructuring related expenses line item.

During the second quarter of 2024, the Company made the decision to exit its primary and urgent care service line based on a review of the cost and time that would be required to build the platform to scale. The Company divested one of its two previously acquired primary and urgent care practices during the second quarter and divested the second practice during the third quarter. The total loss on disposal of these two businesses was $10.6 million.

During the second quarter of 2024, the Company experienced a triggering event, due to a sustained decline in its stock price and a market capitalization below the Company's book equity value. As the Company consists of only one reporting unit, and is publicly traded, management estimates the fair value of its reporting unit utilizing the Company’s market capitalization, multiplying the number of actual shares of common stock outstanding on June 30, 2024 by its stock price on June 30, 2024 and applying an additional premium to give effect to the Company’s best estimate of a control premium. With respect to the estimated control premium used in its analysis, the Company believes that it is reasonable to expect that a market participant would pay a premium to obtain a controlling interest in the Company. The Company considered information from the public markets for premiums on acquisitions in its industry and also considered other factors, such as the value that may arise from the ability to take advantage of synergies and other benefits that flow from control over another entity.

This assessment resulted in a non-cash impairment charge of $130.0 million, representing the amount by which the Company's book value exceeded its implied fair value, based on its market capitalization plus an estimated control premium. Consideration was first given to other individual and group long-lived assets, and no impairment was considered necessary on such assets.

Recognition of this non-cash charge against goodwill resulted in a tax benefit which generated an additional deferred tax asset of $24.2 million that increased the Company's book value. An incremental non-cash charge was required to reduce the Company's book value to its previously determined fair value. Accordingly, the Company recorded the incremental non-cash charge of $24.2 million for a total non-cash charge of $154.2 million. A 1% change in the control premium used would have impacted the non-cash impairment charge by approximately $7.7 million.

7. Accounts Payable and Accrued Expenses:

Accounts payable and accrued expenses consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Accounts payable	$	44,120	$	46,431
Accrued salaries and incentive compensation		74,099		215,357
Accrued payroll taxes and benefits		25,375		35,450
Accrued professional liabilities		29,968		30,430
Accrued interest		2,782		8,159
Other accrued expenses		57,829		62,863
	$	234,173	$	398,690

The net decrease in accrued salaries and incentive compensation of $141.3 million, from December 31, 2024 to March 31, 2025, is primarily due to the payment of performance-based incentive compensation, principally to the Company’s affiliated physicians, partially offset by performance-based incentive compensation accrued during the three months ended March 31, 2025. A majority of the Company’s payments for performance-based incentive compensation is paid annually during the first quarter.

6. Line of Credit and Long-Term Debt:

On February 11, 2022, the Company issued $400.0 million of 5.375% unsecured senior notes due 2030 (the “2030 Notes”). Interest on the 2030 Notes accrues at the rate of 5.375% per annum, or $21.5 million, and is payable semi-annually in arrears on February 15 and August 15, beginning on August 15, 2022. The Company’s obligations under the 2030 Notes are guaranteed on an unsecured senior basis by the same subsidiaries and affiliated professional contractors that guarantee the Amended Credit Agreement (as defined below). The indenture under which the 2030 Notes are issued, among other things, limits the Company’s ability to (1) incur liens, (2) enter into sale and lease-back transactions and (3) merge or dispose of all or substantially all of its assets, in all cases, subject to a number of customary exceptions. Although the Company is not required to make mandatory redemption or sinking fund payments with respect to the 2030 Notes, upon the occurrence of a change in control, the Company may be required to repurchase the 2030 Notes at a purchase price equal to 101% of the aggregate principal amount of the 2030 Notes repurchased plus accrued and unpaid interest.

Concurrently with the issuance of the 2030 Notes, the Company amended its credit agreement (the “Credit Agreement”, and such amendment, the "Credit Agreement Amendment"). The Credit Agreement Amendment, among other things, (i) refinanced the prior unsecured revolving credit facility with a $450 million unsecured revolving credit facility, including a $37.5 million sub-facility for the issuance of letters of credit (the “Revolving Credit Line”), and a $250 million term A loan facility (“Term A Loan”) and (ii) removed JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement and appointed Bank of America, N.A. as the administrative agent for the lenders.

The Credit Agreement, as amended by the Credit Agreement Amendment (the “Amended Credit Agreement”) matures on February 11, 2027 and is guaranteed on an unsecured basis by substantially all of the Company’s subsidiaries and affiliated professional contractors. At the Company’s option, borrowings under the Amended Credit Agreement bear interest at (i) the Alternate Base Rate (defined as the highest of (a) the prime rate as announced by Bank of America, N.A., (b) the Federal Funds Rate plus

	September 30, 2024	December 31, 2023
Accounts payable	$47,367	$34,588
Accrued salaries and incentive compensation	162,554	193,112
Accrued payroll taxes and benefits	34,327	36,545
Accrued professional liabilities	28,966	32,039
Accrued interest	2,789	8,262
Other accrued expenses	57,490	46,252
	$333,493	$350,798

0.50% and (c) Term Secured Overnight Financing Rate (“SOFR”) for an interest period of one month plus 1.00% with a 1.00% floor) plus an applicable margin rate of 0.50% for the first two fiscal quarters after the date of the Credit Agreement Amendment, and thereafter at an applicable margin rate ranging from 0.125% to 0.750% based on the Company’s consolidated net leverage ratio or (ii) Term SOFR rate (calculated as the Secured Overnight Financing Rate published on the applicable Reuters screen page plus a spread adjustment of 0.10%, 0.15% or 0.25% depending on if the Company selects a one-month, three-month or six-month interest period, respectively, for the applicable loan with a 0% floor), plus an applicable margin rate of 1.50% for the first two full fiscal quarters after the date of the Credit Agreement Amendment, and thereafter at an applicable margin rate ranging from 1.125% to 1.750% based on the Company’s consolidated net leverage ratio. The Amended Credit Agreement also provides for other customary fees and charges, including an unused commitment fee with respect to the Revolving Credit Line ranging from 0.150% to 0.200% of the unused lending commitments under the Revolving Credit Line, based on the Company’s consolidated net leverage ratio.

The ~~net~~Amended ~~decrease~~Credit inAgreement ~~accrued~~contains ~~salaries~~customary covenants and ~~incentive~~restrictions, ~~compensation~~including ofcovenants ~~$30.6~~that ~~million~~require the Company to maintain a minimum interest coverage ratio, ~~from~~a ~~December~~maximum 31consolidated net leverage ratio and to comply with laws, ~~2023~~and restrictions on the ability to ~~September~~pay 30dividends, ~~2024~~incur indebtedness or liens and make certain other distributions subject to baskets and exceptions, isin ~~primarily~~each ~~due~~case, as specified therein. Failure to ~~the~~comply ~~payment~~with these covenants would constitute an event of ~~performance-based~~default ~~incentive~~under ~~compensation~~the Amended Credit Agreement, ~~principally~~notwithstanding tothe ability of the Company’s ~~affiliated~~to ~~physicians,~~meet ~~partially~~its ~~offset~~debt byservice ~~performance-based~~obligations. ~~incentive~~The ~~compensation~~Amended ~~accrued~~Credit ~~during~~Agreement includes various customary remedies for the ~~nine~~lenders ~~months~~following ~~ended~~an ~~September~~event 30of default, ~~2024~~including the acceleration of repayment of outstanding amounts under the Amended Credit Agreement. AIn ~~majority~~addition, the Company may increase the principal amount of the Revolving Credit Line or incur additional term loans under the Amended Credit Agreement in an aggregate principal amount such that on a pro forma basis after giving effect to such increase or additional term loans, the Company’s ~~payments~~would ~~for~~be ~~performance-based~~in ~~incentive~~compliance ~~compensation~~with isthe ~~paid~~financial ~~annually~~covenants, ~~during~~subject to the ~~first~~satisfaction ~~quarter~~of specified conditions and additional caps in the event that the Amended Credit Agreement is secured.

8At March 31, 2025, the Company had an outstanding principal balance on the Amended Credit Agreement of $210. ~~Line~~9 million, composed of the Term A Loan. There was no outstanding balance under the Revolving Credit ~~and~~Line ~~Long-Term~~at ~~Debt:~~March 31, 2025. The Company had $450.0 million available on its Revolving Credit Line at March 31, 2025.

OnAt ~~February~~March 1131, ~~2022~~2025, the Company issued $400.0 million of 5.375% unsecured senior notes due 2030 (the “2030 Notes”). The Company used the net proceeds from the issuance of the 2030 Notes, together with $100.0 million drawn under the Revolving Credit Line (as defined below), $250.0 million of Term A Loan (as defined below) and approximately $308.0 million of cash on hand, to redeem (the “Redemption”) the 6.25% senior unsecured notes due 2027 (the "2027 Notes"), which had an outstanding principal balance of $1400.0 ~~billion,~~million ~~and~~on ~~to pay costs, fees and expenses associated with~~ the ~~Redemption~~2030 ~~and the Credit Agreement Amendment (as defined below)~~Notes.

~~Interest on the 2030 Notes accrues at the rate of 5~~7.~~375%~~ Common ~~per annum, or $21.5 million,~~ and isCommon ~~payable~~Equivalent semi-annually in arrears on February 15 and August 15, beginning on August 15, 2022. The Company's obligations under the 2030 Notes are guaranteed on an unsecured senior basis by the same subsidiaries and affiliated professional contractors that guarantee the Amended Credit Agreement (as defined below). The indenture under which the 2030 Notes are issued, among other things, limits the Company's ability to (1) incur liens and (2) enter into sale and lease-back transactions, and also limits the Company's ability to merge or dispose of all or substantially all of its assets, in all cases, subject to a number of customary exceptions. Although the Company is not required to make mandatory redemption or sinking fund payments with respect to the 2030 Notes, upon the occurrence of a change in control, the Company may be required to repurchase the 2030 Notes at a purchase price equal to 101% of the aggregate principal amount of the 2030 Notes repurchased plus accrued and unpaid interest.Shares:

~~Also~~Basic innet ~~connection~~income ~~with~~per ~~the~~common ~~Redemption,~~share ~~the~~is ~~Company~~calculated ~~amended~~by ~~its~~dividing ~~credit~~net ~~agreement~~income ~~(the~~by ~~“Credit Agreement”, and such amendment,~~ the ~~"Credit~~weighted ~~Agreement~~average ~~Amendment"),~~number ~~concurrently~~of ~~with~~common ~~the~~shares ~~issuance~~outstanding ofduring the ~~2030 Notes~~period. ~~The~~Diluted ~~Credit~~net ~~Agreement~~income ~~Amendment,~~per ~~among~~common ~~other~~share ~~things,~~is ~~(i)~~calculated ~~refinanced~~by ~~the~~dividing ~~prior~~net ~~unsecured~~income ~~revolving~~by ~~credit facility with a $450 million unsecured revolving credit facility, including a $37.5 million sub-facility for~~ the ~~issuance~~weighted ofaverage ~~letters~~number of ~~credit~~common ~~(the “Revolving Credit Line”),~~ and apotential ~~$250~~common ~~million~~shares ~~term~~outstanding Aduring ~~loan~~the ~~facility (“Term A Loan”) and (ii) removed JPMorgan Chase Bank, N~~period.~~A.,~~ asPotential ~~the~~common ~~administrative~~shares ~~agent~~consist ~~under~~of ~~the~~outstanding ~~Credit~~restricted ~~Agreement~~stock and ~~appointed~~is ~~Bank~~calculated ofusing ~~America, N.A. as~~ the ~~administrative~~treasury ~~agent~~stock ~~for the lenders~~method.

The ~~Credit~~calculation ~~Agreement, as amended by the Credit Agreement Amendment (the “Amended Credit Agreement”) matures on February 11, 2027 and is guaranteed on an unsecured basis by substantially all~~ of ~~the~~shares ~~Company's~~used ~~subsidiaries~~in ~~and affiliated professional contractors. At~~ the ~~Company's~~basic option, borrowings under the Amended Credit Agreement bear interest at (i) the Alternate Base Rate (defined as the highest of (a) the prime rate as announced by Bank of America, N.A., (b) the Federal Funds Rate plus 0.50% and ~~(c)~~diluted ~~Term~~net ~~Secured~~income ~~Overnight~~per ~~Financing~~common ~~Rate~~share ~~("SOFR")~~calculation for ~~an interest period of one month plus 1.00% with a 1.00% floor) plus an applicable margin rate of 0.50% for~~ the first two fiscal quarters after the date of the Credit Agreement Amendment, and thereafter at an applicable margin rate ranging from 0.125% to 0.750% based on the Company's consolidated net leverage ratio or (ii) Term SOFR rate (calculated as the Secured Overnight Financing Rate published on the applicable Reuters screen page plus a spread adjustment of 0.10%, 0.15% or 0.25% depending on if the Company selects a one-month, three~~-month~~ ormonths ~~six-month~~ended ~~interest~~March ~~period~~31, ~~respectively,~~2025 ~~for the applicable loan with a 0% floor), plus an applicable margin rate of 1.50% for the first two full fiscal quarters after the date of the Credit Agreement Amendment,~~ and ~~thereafter~~2024 atis anas ~~applicable~~follows ~~margin~~(in rate ranging from 1.125% to 1.750% based on the Company's consolidated net leverage ratio. The Amended Credit Agreement also provides for other customary fees and charges, including an unused commitment fee with respect to the Revolving Credit Line ranging from 0.150% to 0.200% of the unused lending commitments under the Revolving Credit Line, based on the Company's consolidated net leverage ratio.thousands):

The Amended Credit Agreement contains customary covenants and restrictions, including covenants that require the Company to maintain a minimum interest coverage ratio, a maximum consolidated net leverage ratio and to comply with laws, and restrictions on the ability to pay dividends, incur indebtedness or liens and make certain other distributions subject to baskets and exceptions, in each case, as specified therein. Failure to comply with these covenants would constitute an event of default under the Amended Credit Agreement, notwithstanding the ability of the Company to meet its debt service obligations. The Amended Credit Agreement includes various customary remedies for the lenders following an event of default, including the acceleration of repayment of outstanding amounts under the Amended Credit Agreement. In addition, the Company may increase the principal amount of the Revolving Credit Line or incur additional term loans under the Amended Credit Agreement in an aggregate principal amount such that on a pro forma basis after


	Three Months Ended March 31,
	2025		2024
Weighted average number of common shares outstanding		84,435		82,863
Weighted average number of dilutive common share equivalents		995		412
Weighted average number of common and common equivalent shares outstanding		85,430		83,275
Antidilutive restricted stock not included in the diluted net income per common share calculation		10		406

108. Stock Incentive Plans and Stock Purchase Plans:

giving effect to such increase or additional term loans, the Company would be in compliance with the financial covenants, subject to the satisfaction of specified conditions and additional caps in the event that the Amended Credit Agreement is secured.

At September 30, 2024, the Company had an outstanding principal balance on the Amended Credit Agreement of $218.8 million, composed of the Term A Loan. There was no outstanding balance under the Revolving Credit Line at September 30, 2024. The Company had $450.0 million available on its Amended Credit Agreement at September 30, 2024.

At September 30, 2024, the Company had an outstanding principal balance of $400.0 million on the 2030 Notes.

9. Common and Common Equivalent Shares:

Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is calculated by dividing net income by the weighted average number of common and potential common shares outstanding during the period. Potential common shares consist of outstanding restricted stock and stock options and is calculated using the treasury stock method.

The calculation of shares used in the basic and diluted net income per common share calculation for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2024		2023		2024		2023
Weighted average number of common shares outstanding		83,891		82,543		83,223		82,127
Weighted average number of dilutive common share equivalents (a)		632		407		—		365
Weighted average number of common and common equivalent shares outstanding		84,523		82,950		83,223		82,492
Antidilutive securities (restricted stock and stock options) not included in the diluted net income per common share calculation		2		888		389		1,201

(a) Due to a loss for the nine months ended September 30, 2024, 0.4 million incremental shares are not included because the effect would be antidilutive.

10. Stock Incentive Plans and Stock Purchase Plans:

The Company’s Amended and Restated 2008 Incentive Compensation Plan (the “Amended and Restated 2008 Incentive Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, deferred stock, and other stock-related awards and performance awards that may be settled in cash, stock or other property.

Under the Amended and Restated 2008 Incentive Plan, options to purchase shares of common stock may be granted at a price not less than the fair market value of the shares on the date of grant. The options must be exercised within 10 years from the date of grant and generally become exercisable on a pro rata basis over a three-year period from the date of grant. The Company issues new shares of its common stock upon exercise of its stock options. Restricted stock awards generally vest over periods of three years upon the fulfillment of specified service-based conditions and in certain instances performance-based conditions. Deferred stock awards generally vest upon the satisfaction of specified performance-based conditions and service-based conditions. The Company recognizes compensation expense related to its restricted stock and deferred stock awards ratably over the corresponding vesting periods. During the nine months ended September 30, 2024, the Company granted 1.4 million shares of restricted stock to its employees and non-employee directors under the Amended and Restated 2008 Incentive Plan. At September 30, 2024, the Company had 6.4 million shares available for future grants and awards under the Amended and Restated 2008 Incentive Plan.

Under the Company’s Amended and Restated 1996 Non-Qualified Employee Stock Purchase Plan, as amended (the “ESPP”), employees are permitted to purchase the Company's common stock at 85% of market value on January 1st, April 1st, July 1st and October 1st of each year. Under the Company’s 2015 Non-Qualified Stock Purchase Plan (the “SPP”), certain eligible non-employee service providers are permitted to purchase the Company’s common stock at 90% of market value on January 1st, April 1st, July 1st and October 1st of each year. 10

~~The~~vesting ~~Company recognizes stock-based compensation expense for the discount received by participating employees and non-employee service providers~~periods. ~~During the nine months ended September 30, 2024, approximately 0.4 million shares were issued under the ESPP.~~ At ~~September~~March 3031, ~~2024~~2025, the Company had ~~approximately 1~~6.73 million shares ~~reserved~~available for ~~issuance~~future ~~under~~grants ~~the~~and ~~ESPP.~~awards ~~At September 30, 2024, the Company had approximately 61,000 shares in the aggregate reserved for issuance~~ under the ~~SPP. No~~Amended ~~shares~~and ~~have~~Restated ~~been~~2008 ~~issued~~Incentive ~~under the SPP since 2020~~Plan.

~~During~~Under the ~~three~~Company’s Amended and ~~nine~~Restated ~~months~~1996 ~~ended~~Non-Qualified ~~September~~Employee 30Stock Purchase Plan, ~~2024~~as ~~and~~amended ~~2023~~(the “ESPP”), employees are permitted to purchase the Company’s ~~recognized~~common stock~~-based~~ ~~compensation~~at ~~expense~~85% of ~~$2.6~~market ~~million~~value ~~and~~on ~~$7.5~~January ~~million~~1st, ~~and~~April ~~$3.2~~1st, ~~million~~July 1st and $9October 1st of each year.3 ~~million~~Under the Company’s 2015 Non-Qualified Stock Purchase Plan (the “SPP”), ~~respectively~~certain eligible non-employee service providers are permitted to purchase the Company’s common stock at 90% of market value on January 1st, April 1st, July 1st and October 1st of each year.

11The Company recognizes stock-based compensation expense for the discount received by participating employees and non-employee service providers. During the three months ended March 31, 2025, 59,780 shares were issued under the ESPP. At March 31, 2025, the Company had approximately 1.5 million shares reserved for issuance under the ESPP. At March 31, 2025, the Company had approximately 61,000 shares in the aggregate reserved for issuance under the SPP. No shares have been issued under the SPP since 2020.

11During the three months ended March 31, 2025 and 2024, the Company recognized stock-based compensation expense of $2. ~~Common~~3 ~~Stock~~million ~~Repurchase~~and ~~Programs:~~$2.9 million, respectively.

In July 2013, the Company’s Board of Directors authorized the repurchase of shares of the Company’s common stock up to an amount sufficient to offset the dilutive impact from the issuance of shares under the Company’s equity compensation programs9. Common ~~The~~Stock ~~share~~Repurchase ~~repurchase~~Programs: program allows the Company to make open market purchases from time-to-time based on general economic and market conditions and trading restrictions. The repurchase program also allows for the repurchase of shares of the Company’s common stock to offset the dilutive impact from the issuance of shares, if any, related to the Company’s acquisition program. No shares were purchased under this program during the nine months ended September 30, 2024.

In ~~August~~July ~~2018~~2013, the Company’s ~~announced that its~~ Board of Directors ~~had~~ authorized the repurchase of upshares ~~to $500.0 million~~ of the Company’s common stock inup ~~addition~~ to ~~its~~an ~~existing~~amount ~~share~~sufficient ~~repurchase~~to ~~program,~~offset ofthe ~~which~~dilutive ~~$4.6~~impact ~~million~~from ~~remained~~the ~~available~~issuance ~~for~~of ~~repurchase~~shares asunder ofthe ~~December~~Company’s ~~31,~~equity ~~2023~~compensation programs. ~~Under~~The ~~this~~ share repurchase program, ~~during~~allows the ~~nine~~Company ~~months~~to ~~ended~~make ~~September~~open ~~30,~~market ~~2024,~~purchases ~~the~~from ~~Company~~time-to-time ~~purchased~~based aon ~~nominal~~general ~~number~~economic ofand ~~shares~~market ofconditions ~~its~~and ~~common~~trading ~~stock~~restrictions. The repurchase program also allows for ~~$1.1~~the ~~million~~repurchase ~~representing~~of shares ~~withheld~~of tothe ~~satisfy~~Company’s ~~minimum~~common ~~statutory~~stock ~~withholding~~to ~~obligations~~offset inthe ~~connection~~dilutive ~~with~~impact from the ~~vesting~~issuance of ~~restricted~~shares, ~~stock~~if any, ~~resulting~~related into ~~$3.5~~the ~~million~~Company’s ~~remaining~~acquisition ~~available~~program. ~~for~~No ~~repurchase~~shares were purchased under this ~~authorization~~program asduring ofthe ~~September~~three 30months ended March 31, ~~2024~~2025.

In August 2018, the Company announced that its Board of Directors had authorized the repurchase of up to $500.0 million of the Company’s common stock in addition to its existing share repurchase program, of which $2.9 million remained available for repurchase as of December 31, 2024. Under this share repurchase program, during the three months ended March 31, 2025, the Company purchased a nominal number of shares of its common stock for $1.6 million representing shares withheld to satisfy minimum statutory withholding obligations in connection with the vesting of restricted stock, resulting in $1.3 million remaining available for repurchase under this authorization as of March 31, 2025.

The Company intends to utilize various methods to effect any future share repurchases, including, among others, open market purchases and accelerated share repurchase programs. The amount and timing of repurchases will depend upon several factors, including general economic and market conditions and trading restrictions.

1210. ~~Commitments~~Segment ~~and Contingencies~~Reporting:

The Company ~~expects~~has ~~that~~one ~~audits~~reportable segment, ~~inquiries~~which ~~and~~is ~~investigations~~also ~~from~~its ~~government~~single ~~authorities~~reporting ~~and~~unit, ~~agencies~~for ~~will~~purposes ~~occur in the ordinary course~~ of ~~business.~~presenting ~~Such~~financial ~~audits,~~information ~~inquiries~~in ~~and~~accordance ~~investigations~~with ~~and~~the ~~their~~accounting ~~ultimate~~guidance ~~resolutions,~~for ~~individually~~segment orreporting. inFinancial ~~the~~results ~~aggregate,~~for ~~could~~all ~~have~~practices aare ~~material~~managed ~~adverse effect~~ on ~~the~~a ~~Company's~~consolidated ~~business,~~basis. ~~financial~~The ~~condition,~~chief ~~results~~operating ofdecision ~~operations,~~maker ~~cash~~assesses ~~flows~~performance and ~~the~~decides ~~trading~~how ~~price~~to ofallocate ~~its~~resources ~~securities.~~based ~~The~~on ~~Company~~net ~~has~~income ~~not~~and ~~included~~total anassets ~~accrual~~as ~~for~~reported ~~these~~in ~~matters~~the asCompany’s ofConsolidated ~~September~~Financial ~~30,~~Statements. ~~2024~~Significant insegment ~~its~~expenses ~~Consolidated~~are ~~Financial~~practice ~~Statements,~~salaries asand ~~the~~benefits ~~variables~~and ~~affecting~~general ~~any~~and ~~potential~~administrative ~~eventual~~expenses ~~liability~~as ~~depend~~reported on the ~~currently~~Company’s ~~unknown~~Consolidated ~~facts~~Statements of Income and ~~circumstances~~Comprehensive ~~that~~Income. ~~arise~~Refer ~~out~~to ~~of,~~the ~~and~~Consolidated ~~are~~Financial ~~specific~~Statements ~~to,~~for ~~any~~the ~~particular~~Company’s ~~future~~segment ~~audit~~revenue, ~~inquiry~~significant ~~and~~segment ~~investigation~~expenses, ~~and~~other ~~cannot~~segment beexpenses ~~reasonably~~and ~~estimated~~net ~~at this time~~income.

In the ordinary course of business, the Company becomes involved in pending and threatened legal actions and proceedings, most of which involve claims of medical malpractice related to medical services provided by the Company's affiliated physicians11. Commitments ~~The Company's contracts with hospitals generally require the Company to indemnify them~~ and their affiliates for losses resulting from the negligence of the Company's affiliated physicians. The Company may also become subject to other lawsuits which could involve large claims and significant costs. The Company believes, based upon a review of pending actions and proceedings, that the outcome of such legal actions and proceedings will not have a material adverse effect on its business, financial condition, results of operations, cash flows and the trading price of its securities. The outcome of such actions and proceedings, however, cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company's business, financial condition, results of operations, cash flows and the trading price of its securities.Contingencies:

~~Although~~The ~~the~~ Company ~~currently~~expects ~~maintains~~that ~~liability~~audits, ~~insurance~~inquiries ~~coverage~~and ~~intended~~investigations tofrom ~~cover~~government ~~professional~~authorities ~~liability~~ and ~~certain~~agencies ~~other~~will ~~claims,~~occur in the ~~Company~~ordinary ~~cannot~~course ~~assure~~of ~~that~~business. ~~its~~Such ~~insurance~~audits, ~~coverage~~inquiries ~~will~~and beinvestigations ~~adequate~~and totheir ~~cover~~ultimate ~~liabilities~~resolutions, ~~arising~~individually ~~out~~or ofin ~~claims~~the ~~asserted~~aggregate, ~~against~~could ithave ina ~~the~~material ~~future~~adverse ~~where~~effect on the ~~outcomes~~Company’s ofbusiness, ~~such~~financial ~~claims~~condition, ~~are~~results ~~unfavorable.~~of ~~With~~operations, ~~respect~~cash toflows ~~professional~~and ~~liability~~the ~~risk,~~trading ~~the~~price ~~Company~~of ~~generally~~its ~~self-insures~~securities. aThe ~~portion~~Company ofhas ~~this~~not ~~risk~~included ~~through~~an ~~its~~accrual ~~wholly~~for ~~owned~~these ~~captive~~matters ~~insurance~~as ~~subsidiary.~~of ~~Liabilities~~March in31, ~~excess~~2025 ofin ~~the~~its ~~Company's~~Consolidated ~~insurance~~Financial ~~coverage~~Statements, ~~including~~as ~~coverage~~the ~~for~~variables ~~professional~~affecting ~~liability~~any ~~and~~potential ~~certain~~eventual ~~other~~liability ~~claims,~~depend ~~could~~on ~~have~~the acurrently ~~material~~unknown ~~adverse~~facts ~~effect~~and oncircumstances ~~the~~that ~~Company's~~arise ~~business~~out of, ~~financial~~and ~~condition~~are specific to, ~~results~~any ofparticular ~~operations~~future audit, ~~cash~~inquiry ~~flows~~and investigation and ~~the~~cannot ~~trading~~be ~~price~~reasonably ofestimated ~~its~~at ~~securities.~~this time.

In the ordinary course of business, the Company becomes involved in pending and threatened legal actions and proceedings, most of which involve claims of medical malpractice related to medical services provided by the Company’s affiliated physicians. The Company’s contracts with hospitals generally require the Company to indemnify them and their affiliates for losses resulting from the negligence of the Company’s affiliated physicians. The Company may also become subject to other lawsuits which could involve large claims and significant costs. The Company believes, based upon a review of pending actions and proceedings, that the outcome of such legal actions and proceedings will not have a material adverse effect on its business, financial condition, results of operations, cash flows and the trading price of its securities. The outcome of such actions and proceedings, however, cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations, cash flows and the trading price of its securities.

Although the Company currently maintains liability insurance coverage intended to cover professional liability and certain other claims, the Company cannot assure that its insurance coverage will be adequate to cover liabilities arising out of claims asserted against it in the future where the outcomes of such claims are unfavorable. With respect to professional liability risk, the Company generally self-insures a portion of this risk through its wholly owned captive insurance subsidiary. Liabilities in excess of the Company’s insurance coverage, including coverage for professional liability and certain other claims, could have a material adverse effect on the Company’s business, financial condition, results of operations, cash flows and the trading price of its securities.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion highlights the principal factors that have affected our financial condition and results of operations, as well as our liquidity and capital resources, for the periods described. This discussion should be read in conjunction with the unaudited Consolidated Financial Statements and the notes thereto included in this Quarterly Report. In addition, reference is made to our audited consolidated financial statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2023~~2024, filed with the Securities and Exchange Commission on February 20, ~~2024~~2025 (the “~~2023~~2024 Form 10-K”). As used in this Quarterly Report, the terms “Pediatrix”, the “Company”, “we”, “us” and “our” refer to the parent company, Pediatrix Medical Group, Inc., a Florida corporation, and the consolidated subsidiaries through which its businesses are actually conducted (collectively, “PMG”), together with PMG’s affiliated business corporations or professional associations, professional corporations, limited liability companies and partnerships (“affiliated professional contractors”). Certain subsidiaries of PMG have contracts with our affiliated professional contractors, which are separate legal entities that provide physician services in certain states. The following discussion contains forward-looking statements. Please see the Company’s ~~2023~~2024 Form 10-K, including Item 1A., Risk Factors, for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements. In addition, please see “Caution Concerning Forward-Looking Statements” below.

Overview

Pediatrix is a leading provider of physician services including newborn, maternal-fetal, and other pediatric subspecialty care. Our national network is comprised of affiliated physicians who provide clinical care in 3736 states. Our affiliated physicians provide neonatal clinical care, primarily within hospital-based neonatal intensive care units (“NICUs”), to babies born prematurely or with medical complications; and maternal-fetal and obstetrical medical care to expectant mothers experiencing complicated pregnancies, primarily in areas where our affiliated neonatal physicians practice. We also provide services across multiple other pediatric subspecialties.

General Economic Conditions and Other Factors

Our operations and performance depend significantly on economic conditions. During the three months ended ~~September~~March 3031, ~~2024~~2025, the percentage of our patient service revenue being reimbursed under government-sponsored healthcare programs (“GHC Programs”) decreased as compared to the three months ended ~~September~~March 3031, ~~2023~~2024. However, we could experience shifts toward GHC Programs if changes occur in economic behaviors or population demographics within geographic locations in which we provide services, including an increase in unemployment and underemployment as well as losses of commercial health insurance. Payments received from GHC Programs are substantially less for equivalent services than payments received from commercial insurance payors. In addition, costs of managed care premiums and patient responsibility amounts continue to rise, and accordingly, we may experience lower net revenue resulting from increased bad debt due to patients’ inability to pay for certain services.

Office-Based Practice ~~Portfolio~~Exits ~~Management Plan and Impairment of Long-Lived Assets~~

During the second quarter of 2024, we formalized our physician practice optimization plans, resulting in a decision to exit almost all of our affiliated office-based practices, other than maternal-fetal medicine. Over the course of many years, we expanded our pediatric service lines and footprint to provide specialized care to more patients, including through our office-based portfolio of practices. This added complexity to our operations over time and, accordingly, increased costs that resulted in operating challenges primarily for our office-based portfolio of practices. Recognizing this and our need to adapt to the current healthcare climate, ~~during the second quarter,~~ we made the decision to return to a hospital-based and maternal-fetal medicine-focused organization. ~~The~~As ~~exits~~ of ~~our pediatric office-based practices are expected to be completed by~~ December 31, 2024~~. Accordingly~~, ~~a recoverability assessment for each impacted individual physician practice was performed, and~~ the ~~estimated~~exits ~~future~~of ~~cash~~our ~~flows~~pediatric ~~related~~office-based ~~to the physician~~ practices ~~did~~were ~~not~~completed. ~~support~~Additionally, the ~~carrying~~Company ~~value~~exited ofits ~~the~~primary ~~specifically~~and ~~identified~~urgent ~~individual~~care ~~long-lived~~service ~~assets.~~line ~~As a result,~~ during ~~the nine months ended September 30,~~ 2024, webased ~~recorded~~on ~~fixed~~a ~~asset~~review ~~impairments~~ of ~~$20.1~~the ~~million,~~cost ~~intangible asset impairments of $7.7 million~~ and ~~operating~~time ~~lease~~that ~~right-of-use~~would ~~asset~~be ~~impairments~~required ofto ~~$10.6~~build ~~million. The operating lease right-of-use impairments are recorded within~~ the ~~transformational~~platform ~~and~~to ~~restructuring related expenses line item~~scale.

Loss on Disposal of Businesses

During the second quarter of 2024, we made the decision to exit our primary and urgent care service line based on a review of the cost and time that would be required to build the platform to scale. We divested one of our two previously acquired primary and urgent care practices during the second quarter and divested the second practice in the third quarter. The total loss on disposal of these two businesses was $10.6 million.

Goodwill Impairment

Goodwill is tested for impairment on at least an annual basis, in accordance with the subsequent measurement provisions of the accounting guidance for goodwill. During the second quarter of 2024, we experienced a triggering event resulting from a sustained decline in our stock price that resulted in our market capitalization being lower than the book value of our equity. This impairment assessment resulted in a non-cash impairment charge of $130.0 million. Recognition of this non-cash charge against goodwill resulted in a tax benefit which generated an additional deferred tax asset of $24.2 million that increased the book value of our equity. An incremental non-cash charge was required to reduce the book value of our equity to our previously determined fair value. Accordingly, we recorded the incremental non-cash charge of $24.2 million for a total non-cash charge of $154.2 million.

“Surprise” Billing Legislation

In late 2020, Congress enacted the No Surprises Act (“NSA”) legislation intended to protect patients from “surprise” medical bills when certain services are furnished by providers who are not in-network with the patient’s insurer. Effective January 1, 2022, if a patient’s insurance plan or coverage is subject to the NSA, providers are not permitted to send such patient an unexpected or “surprise” medical bill that arises from out-of-network emergency care provided at certain out-of-network facilities or at certain in-network facilities by out-of-network emergency providers, as well as nonemergency care provided at certain in-network facilities by out-of-network providers without the patient’s informed consent (as defined by the NSA). Many states have legislation on this topic and will continue to modify and review their laws pertaining to surprise billing.

For claims subject to the NSA, insurers are required to calculate the patient’s total cost-sharing amount pursuant to rules set forth in the NSA and its implementing regulations which, in some cases, can be calculated by reference to the applicable qualifying payment amount for the items or services received. The patient’s cost-sharing amount for out-of-network services covered by the NSA must be no more than the patient’s in-network cost-sharing amounts. Patient cost-sharing amounts for items and services subject to the NSA count toward the patient’s health plan deductible and out-of-pocket cost-sharing limits. For claims subject to the NSA, providers are generally not permitted to balance bill patients beyond this cost-sharing amount. An out-of-network provider is only permitted to bill a patient more than the cost-sharing amount allowed under the NSA for certain types of services if the provider satisfies all aspects of an informed consent process set forth in the NSA’s implementing regulations. Providers that violate these surprise billing prohibitions may be subject to enforcement actions by the Centers for Medicare and Medicaid Services or by states, one or both of which may be tasked with investigating potential non-compliance as a result of patient complaints, as well as any state-specific penalties enforcement action and federal civil monetary penalties.

InFor ~~late~~claims ~~2020,~~subject ~~Congress~~to ~~enacted~~ the NoNSA, ~~Surprises~~including ~~Act~~many ~~(“NSA”)~~emergency ~~legislation~~care ~~intended~~services, toout-of-network ~~protect~~providers ~~patients~~will ~~from~~be ~~“surprise”~~paid ~~medical~~an ~~bills~~initial ~~when~~amount ~~certain~~determined ~~services~~by ~~are~~the ~~furnished~~plan; byif ~~providers~~a ~~who~~provider ~~are~~is not ~~in-network~~satisfied with the ~~patient’s~~initial ~~insurer.~~amount ~~Effective~~paid ~~January~~for 1,the ~~2022~~services, if the ~~patient’s~~provider ~~insurance~~can ~~plan~~pursue orrecourse ~~coverage~~through an independent dispute resolution (“IDR”) process. The outcome of each IDR dispute is ~~subject~~generally tobinding on both the ~~NSA,~~provider ~~providers~~and ~~are~~payor ~~not~~with ~~permitted~~respect to ~~send~~the ~~patients~~particular anclaims ~~unexpected~~at orissue ~~“surprise”~~in ~~medical~~that ~~bill~~dispute ~~that~~but ~~arises~~may ~~from~~not ~~out-~~affect an insurer’s future offers of~~-network~~ ~~emergency~~payment. ~~care~~Accordingly, ~~provided~~we atcannot ~~certain~~predict ~~out-of-network~~how ~~facilities~~these orIDR atresults ~~certain~~will ~~in-network~~compare ~~facilities~~to bythe ~~out-of-network~~rates ~~emergency~~that ~~providers,~~our asaffiliated ~~well~~physicians ascustomarily ~~nonemergency~~receive ~~care~~for ~~provided~~their atservices. ~~certain~~These ~~in-network~~measures ~~facilities~~could bylimit ~~out-of-network~~the ~~providers~~amount ~~without~~we can charge and recover for services we furnish where we have not contracted with the patient’s ~~informed~~insurer, ~~consent~~and ~~(as~~therefore ~~defined~~could byhave ~~the~~a ~~NSA).~~material ~~Many~~adverse ~~states~~effect ~~have~~on ~~legislation~~our onbusiness, ~~this~~financial ~~topic~~condition, ~~and~~results ~~will~~of ~~continue~~operations, tocash ~~modify~~flows and ~~review~~the ~~their~~trading ~~laws~~price ~~pertaining~~of toour ~~surprise billing~~securities.

For claims subject to the NSA, insurers are required to calculate the patient’s total cost-sharing amount pursuant to rules set forth in the NSA and its implementing regulations which, in some cases, can be calculated by reference to the applicable qualifying payment amount for the items or services received. The patient’s cost-sharing amount for out-of-network services covered by the NSA must be no more than the patient’s in-network cost-sharing amounts. Patient cost-sharing amounts for items and services subject to the NSA count toward the patient’s health plan deductible and out-of-pocket cost-sharing limits. For claims subject to the NSA, providers are generally not permitted to balance bill patients beyond this cost-sharing amount. An out-of-network provider is only permitted to bill a patient more than the cost-sharing amount allowed under the NSA for certain types of services if the provider satisfies all aspects of an informed consent process set forth in the NSA’s implementing regulations. Providers that violate these surprise billing prohibitions may be subject to state enforcement action or federal civil monetary penalties.

For claims subject to the NSA, including many emergency care services, out-of-network providers will be paid an amount determined by the patient’s insurer; if a provider is not satisfied with the initial amount paid for the services, the provider can pursue recourse through an independent dispute resolution process. The outcome of each IDR dispute is generally binding on both the provider and payor with respect to the particular claims at issue in that dispute but may not affect an insurer’s future offers of payment. Accordingly, we cannot predict how these IDR results will compare to the rates that our affiliated physicians customarily receive for their services. These measures could limit the amount we can charge and recover for services we furnish where we have not contracted with the patient’s insurer, and therefore could have a material adverse effect on our business, financial condition, results of operations, cash flows and the trading price of our securities.

Healthcare Reform

The Patient Protection and Affordable Care Act, ~~and~~as amended by the Health Care and Education Reconciliation Act of 2010 (collectively, the “ACA”) has altered how health care is delivered and reimbursed in the U.S. and ~~contain~~contains various provisions, including the establishment of health insurance exchanges to facilitate the purchase of qualified health plans, expanded Medicaid eligibility, subsidized insurance premiums and additional requirements and incentives for businesses to provide healthcare benefits. Other provisions of the ACA have expanded the scope and reach of the ~~FCA~~False Claims Act and other healthcare fraud and abuse laws. The status of the ACA may be subject to change as a result of political, legislative, regulatory, and administrative developments, as well as judicial proceedings. As a result, we could be affected by potential changes to various aspects of the ACA, including changes to subsidies, healthcare insurance marketplaces and Medicaid expansion. We cannot say for certain whether there will be additional future challenges to the ACA or what impact, if any, such challenges may have on our business. Changes resulting from various legal proceedings, and any legislative or administrative change to the current healthcare financing system, could have a material adverse effect on our business, financial condition, results of operations, cash flows and the trading price of our securities.

In addition to the ACA, there could be changes to other ~~GHC~~government-sponsored ~~Programs~~or funded healthcare programs, such as a change to the Medicaid program design or Medicaid coverage and reimbursement rates set forth under federal or state law. These changes, if implemented, could eliminate the guarantee that everyone who is eligible and applies for Medicaid benefits would receive them and could potentially give states new authority to restrict eligibility, cut benefits and/or make it more difficult for people to enroll. Moreover, the expiration of the COVID-19 national emergency and public health emergency declarations in May 2023 may impact the coverage for and access to certain services for Medicaid patients. Expiration of the national emergency and public health emergency declarations will also end waivers for the provision of certain services, and returning our services to a pre-pandemic regulatory state similarly may increase our exposure to legal, regulatory, compliance and clinical risks.

Medicaid Expansion

The ACA also allows states to expand their Medicaid programs through federal payments that fund most of the cost of increasing the Medicaid eligibility income limit from a state’s historic eligibility levels to 133% of the federal poverty level. All of the states in which we operate, however, already cover children in the first year of life and pregnant women if their household income is at or below 133% of the federal poverty level. Recently, Democrats in Congress have sought to expand Medicaid or Medicaid-like coverage in states that have not yet expanded Medicaid. They also have sought to reduce payments to certain hospitals in some of these states. Should any of these changes take effect, we cannot predict with any assurance the ultimate effect on reimbursements for our services.

Non-GAAP Measures

In our analysis of our results of operations, we use various GAAP and certain non-GAAP financial measures. We have incurred certain expenses that we do not consider representative of our underlying operations, including transformational and restructuring related expenses. Accordingly, we report adjusted earnings before interest, taxes and depreciation and amortization (“Adjusted EBITDA”), defined as net income ~~(loss)~~ before interest, taxes, depreciation and amortization, and transformational and restructuring related expenses. Earnings per share has also been adjusted (“Adjusted EPS”) and consists of diluted net income ~~(loss)~~ per common and common equivalent share adjusted for amortization expense, stock-based compensation expense, transformational and restructuring related expenses and impacts from discrete tax events. ~~For the three months ended September 30, 2024, Adjusted EBITDA and Adjusted EPS are being further adjusted to exclude loss~~

on disposal of businesses and tax effects of goodwill impairment. For the nine months ended September 30, 2024, both Adjusted EBITDA and Adjusted EPS are being further adjusted to exclude loss on disposal of businesses and impairment losses.

We believe these measures, in addition to income from operations, net income and diluted net income per common and common equivalent share, provide investors with useful supplemental information to compare and understand our underlying business trends and performance across reporting periods on a consistent basis. These measures should be considered a supplement to, and not a substitute for, financial performance measures determined in accordance with GAAP. In addition, since these non-GAAP measures are not determined in accordance with GAAP, they are susceptible to varying calculations and may not be comparable to other similarly titled measures of other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

For a reconciliation of each of Adjusted EBITDA and Adjusted EPS to the most directly comparable GAAP measures for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, refer to the tables below (in thousands, except per share data).

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	2024		2023		2024			2023
Net income (loss)	$	19,441	$	21,391	$	(129,549	)	$	63,879
Interest expense		10,126		10,374		31,033			31,994
Income tax provision (benefit)		5,794		9,441		(5,120	)		26,612
Depreciation and amortization expense		6,254		9,211		25,353			27,109
Transformational and restructuring related expenses		18,560		—		40,619			—
Goodwill impairment		—		—		154,243			—
Fixed assets impairments		—		—		20,112			—
Intangible assets impairments		—		—		7,679			—
Loss on disposal of businesses		59		—		10,932			—
Adjusted EBITDA	$	60,234	$	50,417	$	155,302		$	149,594

	Three Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2024						2023
	2025			2024
Weighted average diluted shares outstanding	84,523						82,950
Net income	$	20,737		$	4,035
Net income and diluted net income per share	$	19,441		$	0.23		$	21,391	$	0.26
Interest expense		9,154			10,599
Adjustments (1):
Income tax provision		7,353			3,789
Amortization (net of tax of $446 and $498)		1,338			0.02			1,493		0.02
Depreciation and amortization expense		5,332			10,308
Stock-based compensation (net of tax of $656 and $791)		1,969			0.02			2,373		0.03
Transformational and restructuring related expenses		6,605			8,480
Transformational and restructuring expenses (net of tax of $4,640)		13,920			0.16			—		—
Adjusted EBITDA	$	49,181		$	37,211
Tax effects of goodwill impairment		(6,135	)		(0.07	)		—		—
Loss on disposal of businesses (net of tax of $15)		44			—			—		—
Net impact from discrete tax events		6,452			0.08			1,114		0.01
Adjusted income and diluted EPS	$	37,029		$	0.44		$	26,371	$	0.32

A blended tax rate of 25% was used to calculate the tax effects of the adjustments for the three months ended September 30, 2024 and 2023, other than for tax effects of goodwill impairment for the relevant period. Tax effects of goodwill impairment relate to the goodwill impairment recognized in the second quarter of 2024.


	Three Months Ended March 31,
	2025					2024
Weighted average diluted shares outstanding	85,430					83,275
Net income and diluted net income per share	$	20,737		$	0.24	$	4,035	$	0.05
Adjustments (1):
Amortization (net of tax of $430 and $863)		1,290			0.01		2,589		0.03
Stock-based compensation (net of tax of $573 and $716)		1,720			0.02		2,146		0.03
Transformational and restructuring expenses (net of tax of $1,651 and $2,120)		4,954			0.06		6,360		0.08
Net impact from discrete tax events		(175	)		—		1,676		0.01
Adjusted income and diluted EPS	$	28,526		$	0.33	$	16,806	$	0.20

(1)

	Nine Months EndedSeptember 30,
	2024						2023
Weighted average diluted shares outstanding	83,223						82,492
Net (loss) income and diluted net (loss) income per share	$	(129,549	)	$	(1.56	)	$	63,879	$	0.77
Adjustments (1):
Amortization (net of tax of $1,842 and $1,508)		5,526			0.07			4,522		0.06
Stock-based compensation (net of tax of $1,872 and $2,325)		5,616			0.07			6,974		0.09
Transformational and restructuring expenses (net of tax of $10,155)		30,464			0.37			—		—
Goodwill impairment (net of tax of $21,625)		132,618			1.59			—		—
Fixed assets impairments (net of tax of $5,028)		15,084			0.18			—		—
Intangible assets impairments (net of tax of $1,920)		5,759			0.07			—		—
Loss on disposal of businesses (net of tax of $2,733)		8,199			0.10			—		—
Net impact from discrete tax events		8,456			0.10			1,984		0.02
Adjusted income and diluted EPS	$	82,173		$	0.99		$	77,359	$	0.94

A blended tax rate of 25% was used to calculate the tax effects of the adjustments for the three months ended March 31, 2025 and 2024.

A blended tax rate of 25% was used to calculate the tax effects of the adjustments for the nine months ended September 30, 2024 and 2023, other than for goodwill impairment for the relevant period. Tax effects for the goodwill impairment approximate 14% due to a portion of the expense being non-deductible.

Results of Operations

Three Months Ended ~~September~~March 3031, ~~2024~~2025 as Compared to Three Months Ended ~~September~~March 3031, ~~2023~~2024

Our net revenue was $~~511~~458.24 million for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to $~~506~~495.61 million for the same period in ~~2023~~2024. The ~~increase~~decrease in net revenue of $436.67 million, or 07.94%, was primarily attributable to annon-same ~~increase~~unit inactivity, ~~same-unit~~primarily ~~revenue~~from practice dispositions, partially offset by aan ~~decrease~~increase in ~~revenue from non-~~same -unit ~~activity, primarily resulting from practice dispositions~~revenue. Same units are those units at which we provided services for the entire current period and the entire comparable period. Same-unit net revenue increased by $2426.61 million, or 56.2%. The increase in same-unit revenue was comprised of an increase of $1519.94 million, or 3.4.6%, from net reimbursement-related factors and $86.7 million, or 1.86%, related to patient service volumes. The net increase in revenue related to net reimbursement-related factors was primarily due to an increase in revenue resulting from a favorable shift in payor mix and an increase in administrative fees from our hospital partners. The increase in revenue from patient service volumes was related to increases across all of our service lines.

Practice salaries and benefits decreased $332.51 million, or 18.07%, to $~~364~~337.90 million for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to $~~368~~369.41 million for the same period in ~~2023~~2024. The decrease of $332.51 million ~~decrease~~ was primarily attributable to non-same unit activity, primarily ~~resulting~~ from practice dispositions, partially offset by an increase in clinical compensation ~~expense~~, including ~~benefits and~~ incentive compensation, ~~all~~based on practice results, at our existing units.

Practice supplies and other operating expenses decreased $112.94 million, or 639.09%, to $2918.47 million for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to $31.31 million for the same period in ~~2023~~2024. The decrease was primarily attributable to non-same unit activity, primarily ~~resulting~~ from practice dispositions, partially offset by a net increase in practice supply and other costs related to our existing units, with increases in professional services, travel and medical supply costs partially offset by a decrease in insurance expense.

General and administrative expenses primarily include all billing and collection functions and all other salaries, benefits, supplies and operating expenses not specifically related to the day-to-day operations of our affiliated physician practices and services. General and administrative expenses were $58.16 million for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to $5760.42 million for the same period in ~~2023~~2024. The net ~~increase~~decrease of $01.76 million was primarily related to ~~increases~~net instaffing ~~incentive~~reductions ~~compensation~~partially ~~based~~offset onby ~~financial~~increases ~~results~~in ~~and~~other ~~salary~~expenses, ~~expense~~including ~~for~~billing ~~enhancement~~and ofcollection ~~revenue cycle management staffing~~fees, ~~partially~~certain ~~offset~~professional byservices ~~decreases~~and ininformation ~~overall staffing levels~~technology. General and administrative expenses as a percentage of net revenue was 1112.48% for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to 1112.32% for the same period in ~~2023~~2024.

Depreciation and amortization expense was $65.3 million for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to $910.23 million for the same period in ~~2023~~2024. The net decrease of $25.90 million was primarily related to ~~a decrease in depreciation expense related to~~ non-same unit activity, primarily practice dispositions.

Transformational and restructuring related expenses were $186.6 million for the three months ended ~~September~~March 3031, ~~2024~~2025 ~~and~~as ~~primarily~~compared ~~related~~ to ~~revenue~~$8.5 ~~cycle~~million ~~management~~for ~~transition~~the ~~activities,~~same ~~position~~period ~~eliminations~~in ~~across~~2024. ~~various~~The ~~shared~~expenses ~~services~~during 2025 and ~~operations~~2024 ~~departments~~primarily ~~and~~related ~~impairment~~to ofposition eliminations across various ~~right-of-use~~shared ~~lease~~services ~~assets~~departments ~~resulting~~and ~~from~~revenue ~~practice~~cycle ~~dispositions~~management transition activities.

~~Loss~~Income onfrom ~~disposal~~operations ofincreased ~~businesses~~$16.2 ~~was~~million, $or 102.0%, to $32.1 million for the three months ended ~~September~~March 3031, 2025, as compared to $15.9 million for the same period in 2024. Our operating margin was 7.0% for the three months ended March 31, 2025, as compared to 3.2% for the same period in 2024. The increase in our operating margin was primarily due to the impact from practice disposition activity and favorable same-unit results, primarily due to same-unit revenue growth. Excluding transformation and restructuring related expenses, our

Income from operations was $33.8 million for the three months ended September 30, 2024, as compared to $40.3 million for the same period in 2023. Our operating margin was 6.6% for the three months ended September 30, 2024, as compared to 7.9% for the same period in 2023. The decrease in our operating margin was primarily due to transformational and restructuring related activity, partially offset by net favorable impacts from our same-unit results driven by higher revenue and from non-same unit activity due to practice dispositions. Excluding transformational and restructuring related expenses for the three months ended September 30, 2024, our income from operations was $52.4 million and our operating margin was 10.3% for such period. We believe excluding the impacts from transformational and restructuring related activity provides a more comparable view of our operating income and operating margin.15

~~Total~~income ~~non-operating~~from ~~expenses~~operations ~~were~~was $838.67 million and $24.4 million, and our operating margin was 8.4% and 4.9% for the three months ended ~~September~~March 3031, 2025 and 2024, ~~as compared to $9~~respectively.4 We ~~million~~believe ~~for~~excluding the ~~same~~impacts ~~period~~from inthe ~~2023.~~transformational ~~The~~and ~~net~~restructuring ~~decrease~~related inactivity ~~non-operating~~provides ~~expenses~~a ~~was~~more ~~primarily~~comparable ~~related~~view toof anour ~~increase~~operating ~~in investment~~ income onand ~~higher~~operating ~~cash balances~~margin.

~~Our~~Total ~~effective~~non-operating ~~income~~expenses ~~tax~~were ~~rate (“tax rate”) was 23~~$4.0% million for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to 30$8.6%1 ~~for~~million ~~the three months ended September 30, 2023. The tax rates~~ for the ~~three~~same ~~months~~period ~~ended~~in ~~September 30,~~ 2024. ~~and~~The ~~2023 include~~ net ~~discrete~~decrease ~~tax~~in ~~expense~~non-operating ofexpenses ~~$6.5~~was ~~million and $1.1 million, respectively. Net discrete tax expense for the three months ended September 30, 2024~~ primarily ~~relates~~related to aan ~~reduction~~increase in ~~the~~interest ~~carrying~~income ~~value of deferred tax assets~~ due to ~~practice~~higher ~~portfolio~~cash ~~management~~balances ~~activities. After excluding discrete tax impacts, during the three months ended September 30, 2024~~ and ~~2023, our tax rate was (2.6)% and 27.0%, respectively. We believe excluding discrete tax impacts provides~~ a ~~more comparable view of our tax rate. The~~ decrease in ~~our~~interest ~~tax~~expense ~~rate~~ from ~~27.0%~~ tolower (2borrowings.~~6)% for the three months ended September 30, 2024 as compared to the prior year period primarily relates to the tax effects of the non-cash goodwill impairment charge.~~

~~Net~~Our effective income tax rate (“tax rate”) was ~~$19~~26.42% ~~million~~ for the three months ended ~~September~~March 3031, ~~2024,~~2025 as compared to ~~$21~~48.4% ~~million~~ for the ~~same~~three ~~period~~months inended ~~2023.~~March ~~Adjusted~~31, ~~EBITDA was $60~~2024.2 The ~~million~~tax rates for the three months ended ~~September~~March 3031, 2025 and 2024, asinclude ~~compared~~net todiscrete tax benefits of $500.42 million ~~for~~and ~~the~~expense ~~same~~of ~~period~~$1.7 inmillion, ~~2023~~respectively. ~~The~~ ~~increase~~After inexcluding discrete tax impacts during the three months ended March 31, 2025 and 2024, our ~~Adjusted~~tax ~~EBITDA~~rate was ~~primarily~~26.8% ~~due~~and to27.0%, ~~net~~respectively. ~~favorable~~We believe excluding discrete tax impacts ~~from~~provides ~~our~~a ~~same-unit~~more ~~results~~comparable ~~and~~view ~~practice~~of ~~disposition~~our ~~activity~~tax rate.

16Net income was $20.7 million for the three months ended March 31, 2025, as compared to $4.0 million for the same period in 2024. Adjusted EBITDA was $49.2 million for the three months ended March 31, 2025, as compared to $37.2 million for the same period in 2024. The increase in our Adjusted EBITDA was primarily due to net favorable impacts from our same-unit results and practice disposition activity.

Diluted net income per common and common equivalent share was $0.2324 on weighted average shares outstanding of 8485.54 million for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to $0.2605 per common and common equivalent share on weighted average shares outstanding of 83.03 million for the same period in ~~2023~~2024. Adjusted EPS was $0.4433 for the three months ended ~~September~~March 3031, ~~2024~~2025, as compared to $0.3220 for the same period in ~~2023~~2024.

Nine Months Ended September 30, 2024 as Compared to Nine Months Ended September 30, 2023

Our net revenue was $1.51 billion for the nine months ended September 30, 2024, as compared to $1.50 billion for the same period in 2023. The increase in revenue of $12.4 million, or 0.8%, was primarily attributable to increases in same-unit revenue, partially offset by a decrease in revenue from non-same unit activity, primarily resulting from practice dispositions. Same units are those units at which we provided services for the entire current period and the entire comparable period. Same-unit net revenue increased by $51.5 million, or 3.7%. The increase in same-unit net revenue was comprised of an increase of $29.1 million, or 2.1%, from net reimbursement-related factors and an increase of $22.4 million, or 1.6%, related to patient service volumes. The net increase in revenue related to net reimbursement-related factors was primarily due to an increase in revenue resulting from a favorable shift in payor mix and an increase in administrative fees from our hospital partners. The increase in revenue from patient service volumes was related to increases across all of our service lines.

Practice salaries and benefits increased $7.2 million, or 0.7%, to $1.09 billion for the nine months ended September 30, 2024, as compared to $1.08 billion for the same period in 2023. The $7.2 million increase was primarily attributable to an increase in clinical compensation expense and benefits at our existing units, partially offset by decreases in non-same unit activity, primarily practice dispositions.

Practice supplies and other operating expenses decreased $0.2 million, or 0.2%, to $92.9 million for the nine months ended September 30, 2024, as compared to $93.1 million for the same period in 2023. The decrease was primarily attributable to non-same unit activity, primarily practice dispositions, partially offset by a net increase in practice supply and other expenses. The net increase at our existing units was driven by increases in professional services, rent and travel expenses, partially offset by a decrease in insurance expense.

General and administrative expenses primarily include all billing and collection functions and all other salaries, benefits, supplies and operating expenses not specifically identifiable to the day-to-day operations of our physician practices and services. General and administrative expenses were $174.9 million for the nine months ended September 30, 2024, as compared to $174.5 million for the same period in 2023. The net increase of $0.4 million is primarily related to increases in salary expense for enhancement of revenue cycle management staffing and incentive compensation based on financial results, partially offset by lower expenses from net staffing reductions, professional services fees, travel expenses, and information technology expenses. General and administrative expenses as a percentage of net revenue were 11.6% for the nine months ended September 30, 2024 and 2023.

Depreciation and amortization expense was $25.4 million for the nine months ended September 30, 2024, as compared to $27.1 million for the same period in 2023. The decrease of $1.7 million was primarily related to lower depreciation resulting from fixed asset impairments recognized in the second quarter of 2024.

Transformational and restructuring related expenses were $40.6 million for the nine months ended September 30, 2024 and primarily related to the impairment of various right-of-use lease assets resulting from our practice portfolio management activities, position eliminations across various shared services and operations departments and revenue cycle management transition activities.

Goodwill impairment was $154.2 million for the nine months ended September 30, 2024, resulting from the triggering event during the second quarter based on a sustained stock price decline.

Fixed assets impairments were $20.1 million for the nine months ended September 30, 2024, resulting from the practice portfolio management activities.

Intangible assets impairments were $7.7 million for the nine months ended September 30, 2024, resulting from the practice portfolio management activities.

Loss on disposal of businesses was $10.9 million for the nine months ended September 30, 2024, resulting from the disposals of the primary and urgent care practices.

Loss from operations was $108.0 million for the nine months ended September 30, 2024, as compared to income from operations of $118.8 million for the same period in 2023. Our operating margin was (7.1)% for the nine months ended September 30, 2024, as compared to 7.9% for the same period in 2023. The decrease in our operating margin was primarily due to the impairment activity recorded during the second quarter and transformational and restructuring related activity, partially offset by net favorable impacts from non-same unit activity. Excluding impairment activity and transformational and restructuring related expenses for the nine months ended September 30, 2024, our income from operations was $125.5 million and our operating margin was 8.3% for such period. We believe excluding the impacts from the impairment and transformational and restructuring related activity provides a more comparable view of our operating income and operating margin.

Total non-operating expenses were $26.7 million for the nine months ended September 30, 2024, as compared to $28.3 million for the same period in 2023. The net decrease in non-operating expenses was primarily related to an increase in investment income and lower interest expense due to lower debt balances.

Our tax rate was 3.8% for the nine months ended September 30, 2024 compared to 29.4% for the nine months ended September 30, 2023. The tax rates for the nine months ended September 30, 2024 and 2023 include net discrete tax expense of $8.5 million and $2.0 million,

respectively. After excluding discrete tax impacts, during the nine months ended September 30, 2024 and 2023, our tax rate was 10.1% and 27.2%, respectively. We believe excluding discrete tax impacts on our tax rate provides a more comparable view of our effective income tax rate. The decrease in our tax rate from 27.2% to 10.1% for the nine months ended September 30, 2024 as compared to the prior year period primarily relates to the effects of the non-cash goodwill impairment charge.

Net loss was $129.5 million for the nine months ended September 30, 2024, as compared to net income of $63.9 million for the nine months ended September 30, 2023. Adjusted EBITDA was $155.3 million for the nine months ended September 30, 2024, as compared to $149.6 million for the same period in 2023. The increase in our Adjusted EBITDA was primarily due to net favorable impacts in our same-unit results, primarily from an increase in revenue.

Diluted net loss per common and common equivalent share was $1.56 on weighted average shares outstanding of 83.2 million for the nine months ended September 30, 2024, as compared to diluted net income per common and common equivalent share of $0.77 on weighted average shares outstanding of 82.5 million for the same period in 2023. Adjusted EPS was $0.99 for the nine months ended September 30, 2024, as compared to $0.94 for the same period in 2023.

Liquidity and Capital Resources

As of ~~September~~March 3031, ~~2024~~2025, we had $~~103~~99.80 million of cash and cash equivalents as compared to $73229.39 million at December 31, ~~2023~~2024. Additionally, we had working capital of $~~155~~220.16 million at ~~September~~March 3031, ~~2024~~2025, an increase of $6015.61 million from working capital of $94205.5 million at December 31, ~~2023~~2024. The net increase in working capital is primarily due to net favorable impacts in our same-unit results, primarily from an increase in revenue.

Cash Flows ~~from Continuing Operations~~

Cash ~~provided by~~ (used in) provided by operating, investing and financing activities from continuing operations is summarized as follows (in thousands):

	Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2024			2023
	2025			2024
Operating activities	$	82(116,~~445~~111	)	$	73(122,~~078~~624	)
Investing activities		(337,~~468~~464	)		(3516,~~752~~238	)
Financing activities		(96,~~522~~035	)		~~(20~~76,~~968~~204	)

Operating Activities

During the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, our net cash ~~provided~~used byin operating activities ~~for~~from continuing operations was $82116.41 million, compared to $73122.16 million for the same period in ~~2023~~2024. The net ~~increase~~decrease in cash ~~provided~~used of $96.35 million was primarily due to higher earnings and increases in cash flow from accounts ~~payable and accrued expenses~~receivable, partially offset by decreases in cash flow from accounts ~~receivable.~~payable and accrued expenses, primarily related to incentive compensation payments.

During the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, cash inflow from accounts receivable was $017.65 million, as compared to a cash outflow of $229.19 million for the same period in ~~2023~~2024. The ~~decrease~~increase in cash flow from accounts receivable for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 as compared to the prior year period was primarily due to ~~the prior year period reflecting~~ a ~~significant~~decrease ~~improvement~~ in ~~cash~~days ~~collections~~sales outstanding (“DSO”).

DSO is one of the key factors that we use to evaluate the condition of our accounts receivable and the related allowances for contractual adjustments and uncollectibles. DSO reflects the timeliness of cash collections on billed revenue and the level of reserves on outstanding accounts receivable. Our DSO ~~for~~from continuing operations was 5147.6 days at ~~September~~March 3031, 2025 and December 31, 2024 as compared to 5052.52 days at ~~December~~March 31, ~~2023 and 50~~2024.~~4 days at September 30, 2023.~~ The ~~change~~decrease in our DSO from March 31, 2024 was primarily related to ~~revenue~~improved ~~cycle~~cash ~~management~~collections ~~transition~~at ~~activity~~our existing units.

Investing Activities

During the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025, our net cash used in investing activities of $337.5 million consisted ~~primarily~~ of ~~capital expenditures of~~ $183.67 million, ~~net~~of ~~purchases~~other ofactivity, ~~investments~~primarily ofrelated ~~$9.1~~to ~~million~~practice dispositions, and ~~acquisition~~capital ~~payments~~expenditures of $83.23 million.

Financing Activities

~~During the nine months ended September 30, 2024, our net cash used in financing activities of $9.5 million primarily consisted of payments on our Term A Loan (as defined below).~~ 16

During the three months ended March 31, 2025, our net cash used in financing activities of $6.0 million primarily consisted of payments on our Term A Loan (as defined below).

Liquidity

On February 11, 2022, we issued $400.0 million of 5.375% unsecured senior notes due 2030 (the “2030 Notes”). WeConcurrently ~~used~~with the ~~net proceeds from the~~ issuance of the 2030 Notes, ~~together~~we ~~with~~amended ~~$100~~and restated our credit agreement (the “Credit Agreement”, and such amendment and restatement, the “Credit Agreement Amendment”).0 ~~million~~The ~~drawn~~Credit ~~under~~Agreement, ~~our~~as ~~Revolving~~amended by the Credit ~~Line~~Agreement Amendment (asthe ~~defined~~“Amended ~~below~~Credit Agreement”), among other things, (i) refinanced the prior unsecured revolving credit facility with a $~~250~~450.0 million ofunsecured ~~Term~~revolving Acredit ~~Loan~~facility, ~~and~~including ~~approximately~~a $~~308~~37.05 million ofsub-facility ~~cash~~for onthe ~~hand,~~issuance toof ~~redeem~~letters of credit (the “~~Redemption~~Revolving Credit Line”), ~~the~~and ~~2027~~a ~~Notes,~~new ~~which~~$250.0 ~~had~~million anterm ~~outstanding~~A ~~principal~~loan ~~balance~~facility of(“Term ~~$1.0~~A ~~billion,~~Loan”) and (ii) toremoved ~~pay~~JPMorgan ~~costs~~Chase Bank, ~~fees~~N.A., ~~and~~as ~~expenses~~the ~~associated~~administrative ~~with~~agent under the ~~Redemption~~Credit Agreement and ~~the~~appointed ~~Credit~~Bank ~~Agreement~~of ~~Amendment~~America, (N.A. as ~~defined~~the ~~below)~~administrative agent for the lenders under the Amended Credit Agreement.

18The Amended Credit Agreement matures on February 11, 2027 and is guaranteed on an unsecured basis by substantially all of our subsidiaries and affiliated professional contractors. At our option, borrowings under the Amended Credit Agreement bear interest at (i) the Alternate Base Rate (defined as the highest of (a) the prime rate as announced by Bank of America, N.A., (b) the Federal Funds Rate plus 0.50% and (c) Term Secured Overnight Financing Rate (“SOFR”) for an interest period of one month plus 1.00% with a 1.00% floor) plus an applicable margin rate of 0.50% for the first two fiscal quarters after the date of the Credit Agreement Amendment, and thereafter at an applicable margin rate ranging from 0.125% to 0.750% based on our consolidated net leverage ratio or (ii) Term SOFR rate (calculated as the Secured Overnight Financing Rate published on the applicable Reuters screen page plus a spread adjustment of 0.10%, 0.15% or 0.25% depending on if we select a one-month, three-month or six-month interest period, respectively, for the applicable loan with a 0% floor), plus an applicable margin rate of 1.50% for the first two full fiscal quarters after the date of the Credit Agreement Amendment, and thereafter at an applicable margin rate ranging from 1.125% to 1.750% based on our consolidated net leverage ratio. The Amended Credit Agreement also provides for other customary fees and charges, including an unused commitment fee with respect to the Revolving Credit Line ranging from 0.150% to 0.200% of the unused lending commitments under the Revolving Credit Line, based on our consolidated net leverage ratio.

~~Also~~The inAmended ~~connection~~Credit ~~with~~Agreement ~~the~~contains ~~Redemption~~customary covenants and restrictions, weincluding ~~amended~~covenants ~~and~~that ~~restated~~require ~~the~~us ~~Credit~~to ~~Agreement~~maintain ~~(the~~a ~~"Credit~~minimum ~~Agreement")~~interest coverage ratio, a maximum consolidated net leverage ratio and ~~such~~to ~~amendment~~comply with laws, and ~~restatement~~restrictions (on the ~~“Credit~~ability ~~Agreement~~to ~~Amendment”)~~pay dividends, ~~concurrently~~incur ~~with~~indebtedness ~~the~~or ~~issuance~~liens ofand ~~the~~make ~~2030~~certain ~~Notes.~~other ~~The~~distributions ~~Credit~~subject ~~Agreement~~to baskets and exceptions, in each case, as ~~amended~~specified bytherein. Failure to comply with these covenants would constitute an event of default under the Amended Credit Agreement, ~~Amendment~~notwithstanding (the “ability of the Company to meet its debt service obligations. The Amended Credit Agreement~~”),~~ ~~among~~includes ~~other~~various ~~things,~~customary ~~(i)~~remedies ~~refinanced~~for the ~~prior~~lenders ~~unsecured~~following ~~revolving~~an ~~credit~~event ~~facility~~of ~~with~~default, aincluding ~~$450.0~~the ~~million~~acceleration ~~unsecured~~of ~~revolving~~repayment ~~credit~~of ~~facility,~~outstanding ~~including~~amounts aunder ~~$37~~the Amended Credit Agreement.5 ~~million~~In ~~sub-facility~~addition, ~~for~~we ~~the~~may ~~issuance~~increase ofthe ~~letters~~principal amount of ~~credit (~~the “Revolving Credit Line~~”),~~ ~~and~~or aincur ~~new~~additional ~~$250.0~~term ~~million~~loans ~~term~~under Athe ~~loan~~Amended ~~facility~~Credit ~~(“Term~~Agreement Ain ~~Loan”)~~an ~~and (ii)~~aggregate ~~removed~~principal ~~JPMorgan~~amount ~~Chase~~such ~~Bank,~~that ~~N.A.,~~on asa ~~the~~pro ~~administrative~~forma ~~agent~~basis ~~under~~after ~~the~~giving ~~Credit~~effect ~~Agreement~~to ~~and~~such ~~appointed~~increase ~~Bank~~or ofadditional ~~America~~term loans, ~~N.A.~~we asare in compliance with the ~~administrative~~financial ~~agent~~covenants, ~~for~~subject to the ~~lenders~~satisfaction ~~under~~of specified conditions and additional caps in the event that the Amended Credit Agreement is secured.

~~The Amended Credit Agreement matures on February 11, 2027 and is guaranteed on an unsecured basis by substantially all of our subsidiaries and affiliated professional contractors.~~ At ~~our~~March ~~option~~31, ~~borrowings under the Amended Credit Agreement bear interest at (i) the Alternate Base Rate (defined as the highest of (a) the prime rate as announced by Bank of America~~2025, ~~N.A.,~~we ~~(b)~~had ~~the Federal Funds Rate plus 0.50% and (c) Term Secured Overnight Financing Rate ("SOFR") for~~ an ~~interest~~outstanding ~~period~~principal ofbalance ~~one~~on ~~month plus 1.00% with a 1.00% floor) plus an applicable margin rate of 0.50% for~~ the ~~first~~Amended ~~two fiscal quarters after the date of the~~ Credit Agreement Amendment, and thereafter at an applicable margin rate ranging from 0.125% to 0.750% based on our consolidated net leverage ratio or (ii) Term SOFR rate (calculated as the Secured Overnight Financing Rate published on the applicable Reuters screen page plus a spread adjustment of 0$210.~~10%,~~9 ~~0.15% or 0.25% depending on if we select a one-month~~million, ~~three-month~~composed ~~or six-month interest period, respectively, for the applicable loan with a 0% floor), plus an applicable margin rate~~ of ~~1.50% for~~ the ~~first~~Term ~~two~~A ~~full fiscal quarters after the date of the Credit Agreement Amendment, and thereafter at an applicable margin rate ranging from 1~~Loan.~~125%~~ toThere ~~1.750%~~was ~~based~~no onbalance ~~our~~outstanding ~~consolidated~~under ~~net leverage ratio. The Amended Credit Agreement also provides for other customary fees and charges, including an unused commitment fee with respect to~~ the Revolving Credit Line. ~~ranging~~We ~~from~~had 0$450.~~150% to~~ 0~~.200%~~ ofmillion ~~the~~available ~~unused~~on ~~lending commitments under~~ the Revolving Credit Line, ~~based~~at onMarch ~~our~~31, ~~consolidated net leverage ratio~~2025.

~~The~~At ~~Amended~~March ~~Credit Agreement contains customary covenants and restrictions~~31, ~~including covenants that require us to maintain a minimum interest coverage ratio~~2025, awe ~~maximum~~had ~~consolidated~~an ~~net~~outstanding ~~leverage~~principal ~~ratio~~balance ~~and~~of to$400.0 ~~comply~~million ~~with laws, and restrictions~~ on the ~~ability~~2030 ~~to pay dividends, incur indebtedness or liens and make certain other distributions subject to baskets and exceptions, in each case, as specified therein~~Notes. ~~Failure~~Our toobligations ~~comply~~under ~~with~~the ~~these~~2030 ~~covenants~~Notes ~~would~~are ~~constitute~~guaranteed on an ~~event~~unsecured ofsenior ~~default~~basis ~~under~~by the ~~Amended~~same ~~Credit~~subsidiaries ~~Agreement,~~and ~~notwithstanding~~affiliated ~~the~~professional ~~ability~~contractors ofthat ~~the~~guarantee ~~company~~our ~~to meet its debt service obligations. The~~ Amended Credit Agreement. ~~includes~~Interest ~~various~~on ~~customary remedies for~~ the ~~lenders~~2030 ~~following~~Notes anaccrues ~~event~~at ~~of default, including~~ the ~~acceleration~~rate of ~~repayment of outstanding amounts under the Amended Credit Agreement~~5.375% Inper ~~addition~~annum, ~~we may increase the principal amount of the Revolving Credit Line~~ or ~~incur~~$21.5 ~~additional~~million, ~~term~~and ~~loans~~is ~~under~~payable ~~the~~semi-annually ~~Amended Credit Agreement~~ in anarrears ~~aggregate principal amount such that~~ on aFebruary ~~pro~~15 ~~forma~~and ~~basis~~August ~~after giving effect to such increase or additional term loans~~15, webeginning ~~are~~on inAugust ~~compliance with the financial covenants~~15, ~~subject to the satisfaction of specified conditions and additional caps in the event that the Amended Credit Agreement is secured~~2022.

AtThe ~~September~~indenture 30under which the 2030 Notes are issued, ~~2024~~among other things, welimits ~~had~~our anability ~~outstanding~~to ~~principal~~(1) ~~balance~~incur onliens, ~~the~~(2) ~~Amended~~enter ~~Credit~~into ~~Agreement~~sale and lease-back transactions and (3) merge or dispose of ~~$218.8~~all ~~million,~~or ~~composed~~substantially all of ~~the~~our ~~Term~~assets, Ain ~~Loan~~all cases, subject to a number of customary exceptions. Although ~~There~~we ~~was~~are nonot ~~balance~~required ~~outstanding~~to ~~under~~make mandatory redemption or sinking fund payments with respect to the ~~Revolving~~2030 ~~Credit~~Notes, ~~Line.~~upon Wethe ~~had~~occurrence ~~$450.0~~of ~~million~~a ~~available~~change onin ~~our~~control, ~~Amended~~we ~~Credit~~may ~~Agreement~~be required to repurchase the 2030 Notes at ~~September~~a ~~30,~~purchase ~~2024.~~price equal to 101% of the aggregate principal amount of the 2030 Notes repurchased plus accrued and unpaid interest.

At ~~September~~March 3031, ~~2024~~2025, we ~~had~~believe anwe ~~outstanding~~were ~~principal~~in ~~balance~~compliance, ofin ~~$400.0~~all ~~million~~material onrespects, ~~the~~with ~~2030 Notes. Our obligations under~~ the ~~2030~~financial ~~Notes~~covenants ~~are~~and ~~guaranteed~~other onrestrictions anapplicable ~~unsecured~~to ~~senior~~us ~~basis~~under by the ~~same subsidiaries and affiliated professional contractors that guarantee our~~ Amended Credit Agreement. ~~Interest~~and on the 2030 Notes ~~accrues at the rate of 5~~.~~375%~~ ~~per~~We ~~annum,~~believe orwe ~~$21.5~~will ~~million,~~be ~~and is payable semi-annually~~ in ~~arrears~~compliance onwith ~~February~~these 15covenants ~~and~~throughout ~~August 15, beginning on August 15, 2022~~2025.

~~The~~We ~~indenture~~maintain ~~under~~professional ~~which~~liability ~~the~~insurance ~~2030~~policies ~~Notes~~with ~~are~~third-party ~~issued~~insurers, ~~among~~subject ~~other~~to ~~things~~self-insured retention, ~~limits~~exclusions and other restrictions. We self-insure our ~~ability~~liabilities to ~~(1)~~pay ~~incur~~self-insured ~~liens~~retention ~~and~~amounts ~~(2)~~under ~~enter~~our ~~into~~professional ~~sale~~liability ~~and~~insurance ~~lease-back~~coverage ~~transactions,~~through ~~and~~a ~~also~~wholly ~~limits~~owned ~~our~~captive ~~ability~~insurance tosubsidiary. ~~merge~~We orrecord ~~dispose~~liabilities offor ~~all~~self-insured oramounts ~~substantially~~and ~~all~~claims ofincurred ~~our~~but ~~assets,~~not inreported ~~all~~based ~~cases~~on an actuarial valuation using historical loss information, ~~subject~~claim toemergence apatterns ~~number~~and ofvarious ~~customary~~actuarial ~~exceptions~~assumptions. ~~Although~~ weOur ~~are~~total ~~not~~liability ~~required~~related to ~~make~~professional ~~mandatory~~liability ~~redemption~~risks orat ~~sinking~~March ~~fund~~31, ~~payments~~2025 ~~with~~was ~~respect~~$276.9 tomillion, ~~the~~of ~~2030~~which ~~Notes,~~$30.0 ~~upon~~million ~~the~~is ~~occurrence~~classified ofas a ~~change~~current inliability ~~control,~~within weaccounts ~~may~~payable beand ~~required~~accrued toexpenses ~~repurchase~~in the ~~2030~~Consolidated ~~Notes~~Balance atSheet. aIn ~~purchase~~addition, ~~price~~there ~~equal~~is toa ~~101%~~corresponding insurance receivable of ~~the~~$25.0 ~~aggregate~~million ~~principal~~recorded ~~amount~~as a component of ~~the~~other ~~2030~~assets ~~Notes~~for ~~repurchased~~certain ~~plus~~professional ~~accrued~~liability ~~and~~claims ~~unpaid~~that ~~interest~~are covered by insurance policies.

AtWe ~~September~~anticipate ~~30,~~that ~~2024,~~funds wegenerated ~~believe~~from ~~we were in compliance~~operations, intogether ~~all~~with ~~material~~our ~~respects,~~current ~~with~~cash ~~the~~on ~~financial~~hand ~~covenants~~ and ~~other~~funds ~~restrictions~~available ~~applicable to us~~ under ~~the~~our Amended Credit Agreement, ~~and~~will ~~the~~be ~~2030~~sufficient ~~Notes.~~to Wefinance ~~believe~~our weworking ~~will~~capital berequirements, infund ~~compliance~~anticipated ~~with~~acquisitions ~~these~~and ~~covenants~~capital ~~throughout~~expenditures, ~~2024.~~fund

We maintain professional liability insurance policies with third-party insurers, subject to self-insured retention, exclusions and other restrictions. We self-insure our liabilities to pay self-insured retention amounts under our professional liability insurance coverage through a wholly owned captive insurance subsidiary. We record liabilities for self-insured amounts and claims incurred but not reported based on an actuarial valuation using historical loss information, claim emergence patterns and various actuarial assumptions. Our total liability related to professional liability risks at September 30, 2024 was $284.2 million, of which $29.0 million is classified as a current liability within accounts payable and accrued expenses in the Consolidated Balance Sheet. In addition, there is a corresponding insurance receivable of $28.3 million recorded as a component of other assets for certain professional liability claims that are covered by insurance policies.17

We anticipate that funds generated from operations, together with our current cash on hand and funds available under our Amended Credit Agreement, will be sufficient to finance our working capital requirements, fund anticipated acquisitions and capital expenditures, fund expenses related to our transformational and restructuring activities, fund our share repurchase programs and meet our contractual obligations for at least the next 12 months from the date of issuance of this Quarterly Report on Form 10-Q.

Caution Concerning Forward-Looking Statements

19Certain information included or incorporated by reference in this Quarterly Report may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this Quarterly Report are made as of the date hereof, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the 2024 Form 10-K, including the section entitled “Risk Factors.”

Certain information included or incorporated by reference in this Quarterly Report may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this Quarterly Report are made as of the date hereof, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the 2023 Form 10-K, including the section entitled “Risk Factors.”18

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to market risk primarily from exposure to changes in interest rates based on our financing, investing and cash management activities. We intend to manage interest rate risk through the use of a combination of fixed rate and variable rate debt. We borrow under our Amended Credit Agreement at various interest rate options based on the Alternate Base Rate or SOFR rate depending on certain financial ratios. At ~~September~~March 3031, ~~2024~~2025, we had an outstanding principal balance of $~~218~~210.89 million on our Amended Credit Agreement under our Term A Loan. Considering the total outstanding balance, a 1% change in interest rates would result in an impact to income before taxes of approximately $2.21 million per year.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed by the Company in reports it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of ~~September~~March 3031, ~~2024~~2025.

Changes in Internal Controls Over Financial Reporting

No changes in our internal control over financial reporting occurred during the three months ended ~~September~~March 3031, ~~2024~~2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

2119

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We expect that audits, inquiries and investigations from government authorities and agencies will occur in the ordinary course of business. Such audits, inquiries and investigations and their ultimate resolutions, individually or in the aggregate, could have a material adverse effect on our business, financial condition, results of operations, cash flows and the trading price of our securities.

In the ordinary course of our business, we become involved in pending and threatened legal actions and proceedings, most of which involve claims of medical malpractice related to medical services provided by our affiliated physicians. Our contracts with hospitals generally require us to indemnify them and their affiliates for losses resulting from the negligence of our affiliated physicians and other clinicians. We may also become subject to other lawsuits, including with payors or other counterparties that could involve large claims and significant defense costs. We believe, based upon a review of pending actions and proceedings, that the outcome of such legal actions and proceedings will not have a material adverse effect on our business, financial condition, results of operations, cash flows or the trading price of our securities. The outcome of such actions and proceedings, however, cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on our business, financial condition, results of operations, cash flows and the trading price of our securities.

Although we currently maintain liability insurance coverage intended to cover professional liability and certain other claims, we cannot ensure that our insurance coverage will be adequate to cover liabilities arising out of claims asserted against us in the future where the outcomes of such claims are unfavorable to us. With respect to professional liability risk, we self-insure a significant portion of this risk through our wholly owned captive insurance subsidiary. Liabilities in excess of our insurance coverage, including coverage for professional liability and certain other claims, could have a material adverse effect on our business, financial condition, results of operations, cash flows and the trading price of our securities.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in our ~~2023~~2024 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended ~~September~~March 3031, ~~2024~~2025, we withheld 22108,~~821~~560 shares of our common stock to satisfy minimum statutory withholding obligations in connection with the vesting of restricted stock.

Period	Total Numberof SharesRepurchased (a)		Average PricePaid per Share		Total Number ofShares Purchasedas part ofthe RepurchaseProgram		Approximate DollarValue of Sharesthat May YetBe PurchasedUnder theRepurchasePrograms (a)
July 1 – July 31, 2024	22,821 (b)		$	7.10		—	(a)
January 1 – January 31, 2025	95,867 (b)		$	14.41		—	(a)
August 1 – August 31, 2024		—		—		—	(a)
February 1 – February 28, 2025		—		—		—	(a)
September 1 – September 30, 2024		—		—		—	(a)
March 1 – March 31, 2025	12,693 (b)			14.77		—	(a)
Total		22108,~~821~~560	$	714.1045		—	(a)

(a)

We have two active repurchase programs. Our July 2013 program allows us to repurchase shares of our common stock up to an amount sufficient to offset the dilutive impact from the issuance of shares under our equity compensation programs~~, which is estimated to be approximately 1~~.5 ~~million shares for 2024.~~ Our August 2018 repurchase program allows us to repurchase up to an additional $500.0 million of shares of our common stock, of which we repurchased $~~496~~498.57 million as of ~~September~~March 3031, ~~2024~~2025.

(b)

Shares withheld to satisfy ~~nominal~~ minimum statutory withholding obligations of $1.6 million in connection with the vesting of restricted stock.

The amount and timing of any future repurchases will depend upon several factors, including general economic and market conditions and trading restrictions.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the three months ended ~~September~~March 3031, ~~2024~~2025, none of the Company’s directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

2220

Item 6. Exhibits

Exhibit No. Description

10.1+	Third Amended and Restated Employment Agreement, dated as of September 30, 2024, by and between PMG Services, Inc. and Kasandra Rossi.
10.1	Employment Agreement, dated as of January 12, 2025, by and between PMG Services, Inc., Pediatrix Medical Group, Inc. and Mark Ordan (incorporated by reference to Exhibit 10.19 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 20, 2025).
31.1+	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2+	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1++	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1+	Interactive Data File
101.INS+	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH+	XBRL Schema Document.
101.CAL+	XBRL Calculation Linkbase Document.
101.DEF+	XBRL Definition Linkbase Document.
101.LAB+	XBRL Label Linkbase Document.
101.PRE+	XBRL Presentation Linkbase Document.
104+	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

+ Filed herewith.

++ Furnished herewith.

2321

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Pediatrix Medical Group, Inc.
Date: November 1, 2024	By: /s/ James D. Swift, M.D.
Date: May 6, 2025	By: /s/ Mark S. Ordan
	James D. Swift, M.D.
	Mark S. Ordan
	Chief Executive Officer
	(Principal Executive Officer)
Date: November 1, 2024	By: /s/ Kasandra H. Rossi
Date: May 6, 2025	By: /s/ Kasandra H. Rossi
	Kasandra H. Rossi
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

2422

Filing Compare · Pediatrix Medical Group, Inc.