Financial Data and Key Metrics Changes - VITAS' net revenue for Q4 2025 was $418.8 million, a 1.9% increase compared to the prior year, driven by a 1.3% increase in days of care and a 2.2% increase in Medicare reimbursement rates [14] - Adjusted EBITDA for VITAS, excluding Medicare cap, was $91.6 million, a decline of 1.7% year-over-year, with an adjusted EBITDA margin of 21.7%, down 79 basis points from the previous year [15] - Roto-Rooter revenue declined by 3.7% in Q4 2025 compared to Q4 2024, with adjusted EBITDA at $47.5 million, a decrease of 21.1% year-over-year, and an adjusted EBITDA margin of 21.5%, down 477 basis points [9][21] Business Line Data and Key Metrics Changes - VITAS admissions totaled 17,419 in Q4 2025, a 6% improvement from Q4 2024, with hospital-based admissions making up 44.8% of total admissions, the highest post-pandemic [4][5] - Roto-Rooter branch residential revenue decreased by 3.1%, with plumbing revenue increasing by 6.3% while water restoration revenue declined by 10.3% [16] - Roto-Rooter branch commercial revenue increased by 1.6%, with excavation revenue up 10.9% and drain cleaning revenue up 2% [19] Market Data and Key Metrics Changes - The average daily census for VITAS was 22,462 patients, a 1.3% increase, with hospital-directed admissions up 9.9% and home-based admissions up 4.1% [26] - The average revenue per patient day for VITAS was $288.01, an increase of 86 basis points from the prior year [15] - Roto-Rooter experienced a significant increase in paid leads by 9.4% compared to Q4 2024, although total leads remained flat due to a decline in natural leads [9][10] Company Strategy and Development Direction - VITAS aims to balance its admission patterns to improve revenue growth and EBITDA margins, with a focus on long-stay patients to enhance financial performance [8][29] - Roto-Rooter is expanding its commercial business by hiring commercial business managers, which has shown promising results in branches where they were implemented [19] - The company is pursuing strategic acquisitions and new CON opportunities in Florida to drive growth for VITAS [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the Florida Medicare cap issue is resolved, allowing for a return to a more sustainable growth pattern for VITAS [11][29] - Roto-Rooter is expected to face a transition year in 2026, with anticipated modest growth driven by improved lead generation and billing practices [12][42] - The company believes that the difficult operating environment is temporary and that long-term growth prospects remain intact for both VITAS and Roto-Rooter [11][60] Other Important Information - The company repurchased 400,000 shares of Chemed stock at an average price of $436.39, funded by free cash flow from both subsidiaries [21] - For 2026, VITAS revenue is projected to grow by 5.5%-6.5%, while Roto-Rooter is expected to achieve revenue growth of 3%-3.5% [22][23] Q&A Session Summary Question: What gives confidence in Roto-Rooter revenue growth in 2026 after flat revenues in 2025? - Management highlighted improvements in paid leads and a transition from free leads to paid leads, which is expected to stabilize and grow revenue [32][35] Question: Are long-term margin targets still achievable for Roto-Rooter? - Management indicated that achieving 24%-25% margins is still possible if revenue growth normalizes, but the path is less clear due to increased marketing costs [44][46] Question: What is the outlook for VITAS revenue and EBITDA progression in 2026? - Management noted that a shift back to long-stay patients is necessary for revenue growth, with expectations for gradual improvement throughout the year [50][51] Question: Is there a structural change in the plumbing industry affecting Roto-Rooter? - Management acknowledged challenges from private equity and changes in lead generation but expressed confidence that these issues are being addressed and that Roto-Rooter can return to stable growth [54][60]

As filed with the Securities and Exchange Commission on July 15, 2024 Registration No. 333-275240 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Amendment No. 6 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Ten-League International Holdings Limited (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrants name into English) (State or Other Jurisdiction of Incorporation or Organization) Cayman Islands 5080 Not Applicable ( ...

As filed with the Securities and Exchange Commission on February 23, 2024 Registration No. 333-275240 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Amendment No. 3 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Ten-League International Holdings Limited (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrants name into English) (State or Other Jurisdiction of Incorporation or Organization) Cayman Islands 5080 Not Applicab ...