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    Edward Kressler

    Managing Director at TPG Angelo Gordon

    Edward Kressler is a Managing Director at TPG Angelo Gordon, specializing in CLOs and structured credit, with extensive experience in merger arbitrage and distressed securities. Since joining TPG Angelo Gordon in 1999, he has contributed significantly to the firm's credit and CLO investment teams, engaging with companies such as Concentra Group Holdings and others through direct involvement in complex credit transactions. Kressler began his career as a mergers and acquisitions consultant at Public Service Enterprise Group before moving through roles in corporate planning and treasury, and he advanced within TPG Angelo Gordon to his current senior leadership position in 2013. He holds a B.S. from the University of Pennsylvania and an M.B.A. from Columbia University, and maintains credentials as a registered securities professional.

    Edward Kressler's questions to Concentra Group Holdings Parent (CON) leadership

    Edward Kressler's questions to Concentra Group Holdings Parent (CON) leadership • Q1 2025

    Question

    Edward Kressler asked for more color on the variability of the cost structure, particularly labor, and questioned how the onsite clinic business has historically performed during macroeconomic downturns.

    Answer

    Executive Matthew DiCanio explained that the cost structure is highly variable as it is mostly labor, which can be scaled up or down effectively using large PRN (as-needed) staff pools to match volume fluctuations. Executive William Newton stated that the onsite business has proven resilient in past downturns because employers view it as a valuable investment with a clear ROI. Even with workforce reductions, the employer sites are typically large enough to sustain the clinic. DiCanio added that the onsite model is cost-plus, not volume-dependent, and that long-term trends like the reshoring of U.S. jobs provide a tailwind for this segment.

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