GMR Solutions (GMRS) Registration filing summary

Company overview and business model

• Operates as the largest provider of emergency medical services (EMS) and one of the largest integrated alternate-site, out-of-hospital care providers in the U.S., with a national footprint covering 1,400 counties and serving over 5.5 million patients annually.

• Delivers both emergent (84% of encounters) and non-emergent (16%) care, integrating air and ground ambulance services, and offers innovative solutions such as Nurse Navigation and digital dispatch platforms.

• Maintains a diversified business model with over 650 commercial payors, 600 operating locations, and a team of 34,000 employees, including 24,000 clinicians.

• Acts as a critical community and disaster safety net, responding to 10% of all 911 calls and 37% of emergent air medical calls nationwide.

• Engages in research and technology development, including proprietary platforms like Transport.Net and partnerships with academic centers.

Financial performance and metrics

• For the year ended December 31, 2025: revenue was $5,739.8 million, net income $206.2 million, and Adjusted EBITDA $1,186.2 million, representing changes of (4)%, 911%, and 8% respectively compared to 2024.

• Net transport revenue increased 10.9% year-over-year, driven by improved net revenue per transport and a positive mix shift toward emergent services.

• As of December 31, 2025, had $609.3 million in cash and cash equivalents, $5,045.9 million in long-term indebtedness, and $695.1 million in additional borrowing capacity under the A&R ABL Facility.

• Payor mix for 2025: 59% commercial, 32% government (24% Medicare, 8% Medicaid), 2% self-pay.

• Divested non-core assets in 2024, reducing revenue volatility and focusing on core operations.

Use of proceeds and capital allocation

• Net proceeds from the IPO (estimated at $669.2 million) will be used to redeem $299.3 million of Series B Preferred Stock and, together with proceeds from a concurrent private placement and cash on hand, to repay $770 million of outstanding borrowings under the 2032 First Lien Term Loan.

• $350 million from the concurrent private placement of warrants will be used to repay additional indebtedness.

• Ongoing capital allocation priorities include debt reduction, funding acquisitions, and general corporate purposes.