v3.25.4
Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
The Company’s reportable segments are identified based on a number of factors related to how its Chief Operating Decision Maker ("CODM") determines the allocation of resources and assesses the performance of the Company’s operations. The Company's CODM is its President and Chief Executive Officer. The Company's reportable segments are strategic business units that offer different healthcare-related services to the Company's members. They are managed separately because each segment has its own distinct revenue generating activities and core business processes, which requires different technology and strategies in order to serve the varying needs of its members. The Company's CODM manages the Company under four reportable segments, the services of each are discussed in detail below.

For each of the segments, the CODM uses operating income or loss as the measure of profit or loss to assess segment performance and allocate resources (including personnel, financial, and capital resources) during periodic budgeting and forecasting processes and budget-to-actual variance reviews. The Company's operating income for the reportable segments includes an allocated portion of corporate expenses to the respective segments and includes revenues and all other costs directly attributable to the specific segment.

The CODM uses total assets as the measure of assets attributable to each segment and reviews this measure in conjunction with segment performance to allocate capital to technology investments and projects in each segment in order to identify the best deployment of resources.

•NEMT - The Company's NEMT segment is the largest manager of non-emergency medical transportation programs for state governments and managed care organizations, or MCOs, in the U.S. This segment also holds the results of the Company's captive insurance program;

•PCS - The Company's PCS segment provides in-home personal care services to State and Managed Medicaid, Medicare, and Private Pay patient populations in need of care monitoring and assistance performing activities of daily living;

•Monitoring - The Company's Monitoring segment provides in-home monitoring solutions, including in-home clinical monitoring and quality improvement services that leverage personal emergency response systems, vitals monitoring devices, relationship-based care and data-driven patient engagement solutions;

•Corporate and Other - The Company's Corporate and Other segment includes the costs associated with the Company's corporate operations as well as the results of an investment in innovation related to expanding our virtual care, digital engagement, monitoring capabilities, and member insights and analytics that the Company made at the end of the first quarter of 2023, which contributes to service revenue and service expense. The operating results of the Corporate and Other segment include activities related to executive, accounting, finance, internal audit, tax, legal and certain strategic and corporate development functions for each segment, the results of this investment in innovation, as well as the results of the Company's Matrix investment.

The following table sets forth certain financial information from operations attributable to the Company’s business segments for the three and six months ended June 30, 2025 and 2024 (in thousands):
 Three months ended June 30, 2025
 NEMTPCS
Monitoring
Corporate and OtherTotal
 Service revenue, net
$473,335 $166,888 $17,482 $1,848 $659,553 
Purchased services
376,640 — — — 376,640 
Payroll and related costs
38,697 131,429 4,258 333 174,717 
Other service expense
12,232 2,186 3,245 1,627 19,290 
Service expense427,569 133,615 7,503 1,960 570,647 
General and administrative expense29,217 21,857 5,944 13,563 70,581 
Depreciation and amortization7,579 9,352 5,911 572 23,414 
Impairment of goodwill
— 211,780 51,614 — 263,394 
Operating income (loss)8,970 (209,716)(53,490)(14,247)(268,483)
Interest expense, net
— — — 37,109 37,109 
Income (loss) before income taxes and equity method investment
8,970 (209,716)(53,490)(51,356)(305,592)
Income tax provision
(11)(32)(9)(24)(76)
Equity in net income (loss) of investee, net of tax(28)— — 2,007 1,979 
Net income (loss)
$8,931 $(209,748)$(53,499)$(49,373)$(303,689)
Balance Sheet Information
Equity investment$361 $— $— $28,802 $29,163 
Goodwill$135,186 $203,664 $77,978 $30 $416,858 
Total assets$555,644 $479,674 $170,031 $202,201 $1,407,550 
 Six months ended June 30, 2025
 NEMTPCS
Monitoring
Corporate and OtherTotal
 Service revenue, net
$922,342 $348,675 $35,607 $3,583 $1,310,207 
Purchased services
720,758 — — — 720,758 
Payroll and related costs
78,555 276,764 8,509 448 364,276 
Other service expense
24,270 4,369 6,667 3,295 38,601 
Service expense823,583 281,133 15,176 3,743 1,123,635 
General and administrative expense57,001 44,441 11,352 36,376 149,170 
Depreciation and amortization15,135 18,786 11,961 1,051 46,933 
Impairment of goodwill
— 211,780 51,614 — 263,394 
Operating income (loss)26,623 (207,465)(54,496)(37,587)(272,925)
Interest expense, net
— — — 75,946 75,946 
Income (loss) before income taxes and equity method investment
26,623 (207,465)(54,496)(113,533)(348,871)
Income tax benefit (provision)
1,106 141 (86)(4,784)(3,623)
Equity in net loss of investee, net of tax
(1,091)— — (481)(1,572)
Net income (loss)
$26,638 $(207,324)$(54,582)$(118,798)$(354,066)
Balance Sheet Information
Equity investment$361 $— $— $28,802 $29,163 
Goodwill$135,186 $203,664 $77,978 $30 $416,858 
Total assets$555,644 $479,674 $170,031 $202,201 $1,407,550 
 Three months ended June 30, 2024
 NEMTPCS
Monitoring
Corporate and OtherTotal
Service revenue, net$490,677 $186,610 $19,025 $1,987 $698,299 
Purchased services
372,579 — — — 372,579 
Payroll and related costs
42,619 147,938 4,233 117 194,907 
Other service expense
12,758 1,928 3,942 1,986 20,614 
Service expense427,956 149,866 8,175 2,103 588,100 
General and administrative expense33,123 23,897 6,008 13,037 76,065 
Depreciation and amortization7,598 12,793 7,087 274 27,752 
Impairment of goodwill
— — 105,302 — 105,302 
Operating income (loss)22,000 54 (107,547)(13,427)(98,920)
Interest expense, net
— — — 19,950 19,950 
Income (loss) before income taxes and equity method investment
22,000 54 (107,547)(33,377)(118,870)
Income tax benefit (provision)
(5,748)67 666 (4,543)(9,558)
Equity in net income (loss) of investee, net of tax146 — — (602)(456)
Net income (loss)
$16,398 $121 $(106,881)$(38,522)$(128,884)
Balance Sheet Information
Equity investment$1,816 $— $— $37,524 $39,340 
Goodwill$135,186 $415,444 $129,592 $30 $680,252 
Total assets$564,112 $751,133 $236,496 $124,401 $1,676,142 
 Six months ended June 30, 2024
 NEMTPCS
Monitoring
Corporate and OtherTotal
Service revenue, net$969,983 $370,178 $39,127 $3,462 $1,382,750 
Purchased services
735,479 — — — 735,479 
Payroll and related costs
90,777 294,791 8,569 332 394,469 
Other service expense
25,357 4,513 7,969 3,879 41,718 
Service expense851,613 299,304 16,538 4,211 1,171,666 
General and administrative expense64,943 48,329 11,448 28,522 153,242 
Depreciation and amortization14,957 25,588 13,761 549 54,855 
Impairment of goodwill
— — 105,302 — 105,302 
Operating income (loss)38,470 (3,043)(107,922)(29,820)(102,315)
Interest expense, net
— — — 38,636 38,636 
Income (loss) before income taxes and equity method investment
38,470 (3,043)(107,922)(68,456)(140,951)
Income tax benefit (provision)
(10,022)890 733 (616)(9,015)
Equity in net income (loss) of investee, net of tax118 — — (1,336)(1,218)
Net income (loss)
$28,566 $(2,153)$(107,189)$(70,408)$(151,184)
Balance Sheet Information
Equity investment$1,816 $— $— $37,524 $39,340 
Goodwill$135,186 $415,444 $129,592 $30 $680,252 
Total assets$564,112 $751,133 $236,496 $124,401 $1,676,142