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    Ryan Quinn

    Research Associate at Corre Partners Management, LLC

    Ryan Quinn is a Research Associate at Corre Partners Management, LLC, specializing in supporting underwriting and market analysis for opportunistic, deep-value investments in middle market companies. Since joining Corre Partners in 2014 right after graduating college, he has been integral in evaluating and executing investment strategies, though public performance metrics or specific company coverage are not disclosed. Prior to Corre, there is no record of professional experience at other firms, and no public achievements, investment rankings, or quantitative performance data are available. His professional credentials, such as FINRA registration or securities licenses, are not listed in publicly available profiles.

    Ryan Quinn's questions to U S PHYSICAL THERAPY INC /NV (USPH) leadership

    Ryan Quinn's questions to U S PHYSICAL THERAPY INC /NV (USPH) leadership • Q4 2024

    Question

    Ryan Quinn from Corre Partners sought a detailed bridge for the 2025 EBITDA guidance, questioning the contribution from the Metro acquisition. He also asked for an explanation of the sequential decline in the net rate per visit and requested insight into the implied EBITDA margin for 2025.

    Answer

    CEO Christopher Reading and CFO Carey Hendrickson clarified that the analyst's estimate for Metro's contribution was high, as USPH owns 50%. Hendrickson provided a bridge, noting an $8-9M lift from acquisitions and over $3M from IIP, offset by a $5.7M Medicare cut and higher corporate costs. She explained the sequential rate dip was due to Metro's lower-rate business being added to the mix and stated the 2025 PT margin would be similar to 2024.

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