Pediatrix Medical Group, Inc.

Ladies and gentlemen, thank you for standing by. Hello, my name is Dustin and I will be your conference operator today. At this time, I would like to welcome you to third quarter 2025 Pediatrics Medical Group Incorporated earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. So if you'd like to ask a question at that time, please press star then the number 1 on your telephone keypad. If you'd like to withdraw your question or your question has been answered already, please press star 1 again. Thank you. I would now like to turn the conference over to our Chief Administrative Officer, Maren Moore. Please go ahead.

Thank you, Operator, and good morning. Certain statements and information during this call may be deemed to be forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions and assessments made by pediatrics management in light of their experience and assessment of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. Any forward-looking statements made during this call are made as of today. and pediatrics undertakes no duty to update or revise any such statements, whether as a result of new information, future events, or otherwise. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the company's filings with the SEC, including the sections entitled Risk Factors. In today's remarks by management, we will be discussing non-GAAP financial metrics, A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in this morning's earnings press release, our quarterly and annual reports, and on our website at www.pediatrics.com. With that, I will turn the call over to Mark Ordean, our Chief Executive Officer.

Thank you, Mary Ann, and good morning, everyone. Also with me today is Cassandra Rossi, our Chief Financial Officer, who is recovering from the flu. We didn't forecast that. Our third quarter results, including adjusted EBITDA of $87 million, exceeded our expectations. A confluence of positive outcomes in pricing, collections, and expense controls together led to another very strong quarter. 2025 year-to-date results have been strong, and we see no reason to expect a shift from normal seasonality in the fourth quarter. Because of practice bonus variability, our outlook for the full year of adjusted EBITDA is a wider than usual range at $270 to $290 million. Note that we also disclosed in our Q filing that we bought back 1.2 million shares in the quarter. To date, that number is now 1.7 million shares. After Cassandra, I will speak about the big picture about where pediatrics is today and where we are heading.