Concentra Group Holdings Parent, Inc.CON

Concentra Group Holdings Parent, Inc. Segments Disclosure

10-KFiled Feb 26, 20263 min read
Segment Information
Our business is organized into three operating segments based primarily on the type or location of occupational health services provided: (i) occupational health centers, (ii) onsite health clinics, and (iii) other businesses. All three operating segments are aggregated into a single reportable segment in our consolidated financial statements based on similar services provided, service delivery process involved, target customers, and similar economic characteristics. Across our operating segments, we offer a diverse and comprehensive array of services, which includes workers’ compensation, employer services and consumer health. Our patients are generally employed by our main customers - employers across the United States.
Occupational health services are focused on the diagnosis and treatment of work-related injuries and illnesses (workers’ compensation services) and employer services such as examinations, physicals, tests and screenings, vaccinations, and a range of consulting services designed to protect employees from workplace hazards.
The chief operating decision maker (“CODM”) is our Chief Executive Officer. The CODM uses Segment Adjusted EBITDA in the annual budgeting and forecasting process, in the review of budget-to-actual and prior year variances to make decisions about the allocation of operating and capital resources, and to establish management’s compensation.
The following table is representative of the significant categories, including significant expenses, regularly provided to the CODM when managing the Company’s single reporting segment.
For the Year Ended December 31,
202520242023
(in thousands)
Revenue
$2,163,417 $1,900,192 $1,838,081 
Expenses:(1)
Personnel expenses
1,228,967 1,086,886 1,048,463 
Facility expenses
204,316 180,996 173,375 
Other expenses
298,271 255,454 254,909 
Total segment expenses1,731,554 1,523,336 1,476,747 
Segment Adjusted EBITDA
$431,863 $376,856 $361,334 
Total assets
$2,858,388 $2,521,164 $2,333,560 
Purchases of property and equipment
$82,335 $64,327 $64,958 
Depreciation and amortization$75,817 $67,178 $73,051 
____________________________________________
(1)        Includes transition services agreement fees of $12.1 million for the year ended December 31, 2025, shared service fees from Select and transition services agreement fees of $15.2 million for the year ended December 31, 2024, and shared service fees from Select of $14.6 million for the year ended December 31, 2023. See Note 16—“Relationship with Select”, for additional information.
Segment Adjusted EBITDA is calculated as net income before, interest, income taxes, depreciation and amortization, stock compensation expense, acquisition related costs, gains or losses on early retirement of debt, separation transaction costs, and equity in earnings or losses of unconsolidated subsidiaries.
The following table reconciles Segment Adjusted EBITDA to income before income taxes for the periods indicated.
 For the Year Ended December 31,
 202520242023
(unaudited)
(in thousands)
Segment Adjusted EBITDA
$431,863 $376,856 $361,334 
Interest expense(109,290)(47,714)(221)
Interest expense on related party debt
— (21,980)(44,253)
Loss on early retirement of debt
(875)— — 
Equity in losses of unconsolidated subsidiaries— (3,676)(526)
Other expense
— — (2)
Stock compensation expense
(10,490)(2,327)(651)
Depreciation and amortization
(75,817)(67,178)(73,051)
Separation transaction costs(1)
(4,093)(1,693)— 
Nova and Pivot Onsite Innovations acquisition costs
(7,471)(895)— 
Income before income taxes
$223,827 $231,393 $242,630 
____________________________________________
(1)    Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the consolidated statements of operations.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Mar 3, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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