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 60% of the U.S. population.

• Delivers both emergent (84% of encounters) and non-emergent (16%) care, including air and ground ambulance services, disaster response, and event medical services.

• Maintains a fleet of 7,400 ground vehicles and 513 aircraft, supported by 34,000 employees, including 24,000 clinicians.

• Utilizes proprietary technology platforms (e.g., Transport.Net, Nurse Navigation) to optimize care delivery and resource deployment.

• Revenue model is primarily fee-for-service (90%), diversified across 650+ commercial payors and 600+ locations.

Financial performance and metrics

• 2025 revenue: $5.74 billion (down 4% YoY due to divestitures); net income: $206.2 million (up 911% YoY); Adjusted EBITDA: $1.19 billion (up 8% YoY).

• Q1 2026 estimated revenue: $1.42–$1.46 billion; net income: $97–$102 million; Adjusted EBITDA: $295–$305 million.

• As of December 31, 2025: $609 million in cash, $5.05 billion in debt (excluding finance leases), and a retained deficit of $259.5 million.

• Net transport revenue per ambulance transport in 2025: $1,332; commercial payors accounted for 59% of net transport revenue, government payors 32%.

Use of proceeds and capital allocation

• IPO expected to raise $669.2 million (or $775.5 million if over-allotment is exercised), based on a $23.50/share midpoint.

• $299.3 million of net proceeds to redeem Series B Preferred Stock; remaining proceeds, plus $350 million from a concurrent private placement and cash on hand, to repay $770 million of 2032 First Lien Term Loan.

• Private placement of $350 million in warrants to KKR, Ares, and HPS, with proceeds used to repay debt.