Select Medical Holdings Corporation
(NYSE:SEM)

Select Medical Holdings Corporation, through its subsidiary, Select Medical Corporation, operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States. The company's Critical Illness Recovery Hospital s...

Website: http://www.selectmedical.com

Founded: 1996

Full Time Employees: 35,700

Sector: Healthcare

Industry: Medical Care Facilities

Healthcare

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-01-01

revenue	1,421,476,000	1,396,634,000	1,363,445,000	1,339,579,000	1,353,172,000	-122,587,000	1,761,220,000	1,759,663,000	1,788,809,000	1,658,856,000	1,665,694,000	1,674,528,000	1,664,980,000	1,581,456,000	1,567,794,000	1,584,741,000	1,599,547,000	1,559,811,000	1,534,221,000	1,564,020,000	1,546,463,000
yoy	5.05%	-1239.30%	-22.59%	-23.87%	-24.35%	-107.39%	5.73%	5.08%	7.44%	4.89%	6.24%	5.67%	4.09%	1.39%	2.19%	1.32%	3.43%
qoq	1.78%	2.43%	1.78%	-1.00%	-1203.85%	-106.96%	0.09%	-1.63%	7.83%	-0.41%	-0.53%	0.57%	5.28%	0.87%	-1.07%	-0.93%	2.55%	1.67%	-1.91%	1.14%
costs and expenses:
cost of services, exclusive of depreciation and amortization	1,246,008,000	1,250,800,000	1,215,995,000	1,184,129,000	1,172,611,000	36,908,000	1,523,899,000	1,498,044,000	1,494,610,000	1,447,086,000	1,442,509,000	1,423,603,000	1,418,819,000	1,408,784,000	1,393,817,000	1,390,550,000	1,407,010,000	1,402,570,000	1,297,682,000	1,291,448,000	1,293,449,000	3,529,421,000	1,180,951,000	1,082,456,000	1,200,371,000	3,457,891,000	1,183,111,000	1,150,150,000	1,132,092,000
general and administrative	39,384,000	45,693,000	40,050,000	35,663,000	33,008,000	80,197,000	47,347,000	49,878,000	48,447,000	44,090,000	41,316,000	42,508,000	42,279,000	38,763,000	39,491,000	37,268,000	37,513,000	37,950,000	37,885,000	35,737,000	35,403,000	102,521,000	35,516,000	33,461,000	33,831,000	94,078,000	34,385,000	31,339,000	28,677,000	91,293,000	29,975,000	29,194,000	31,782,000	86,982,000	27,065,000	28,275,000	28,075,000	27,088,000	25,870,000	28,268,000	22,201,000	24,041,000	21,675,000	19,377,000	18,123,000	17,740,000	17,927,000	17,398,000	17,130,000	18,554,000	14,224,000	11,914,000	14,975,000	16,115,000	16,566,000	20,302,000	19,228,000	9,802,000	12,789,000	12,131,000	34,618,000	12,081,000	12,182,000	11,584,000	9,762,000	11,549,000
depreciation and amortization	37,666,000	36,205,000	34,442,000	34,848,000	34,808,000	-15,285,000	50,143,000	53,939,000	54,069,000	53,984,000	52,394,000	49,939,000	52,425,000	52,246,000	51,459,000	51,081,000	51,039,000	51,943,000	50,128,000	50,954,000	49,620,000	155,549,000	50,110,000	52,271,000	51,752,000	159,635,000	52,941,000	54,993,000	52,138,000	151,128,000	50,527,000	51,724,000	46,771,000	121,239,000	38,772,000	38,333,000	42,539,000	37,165,000	36,205,000	34,517,000	31,472,000	21,848,000	17,348,000	17,196,000	16,229,000	16,163,000	15,907,000	15,802,000	15,537,000	15,428,000	16,199,000	18,751,000	17,545,000	17,999,000	17,222,000	17,373,000	17,012,000	16,610,000	17,711,000	17,635,000	17,676,000	16,399,000	13,939,000	11,704,000	12,394,000	11,666,000
total costs and expenses	1,323,058,000	1,332,698,000	1,290,487,000	1,254,640,000	1,240,427,000	101,820,000	1,621,389,000	1,601,861,000	1,597,126,000	1,545,160,000	1,536,219,000	1,516,050,000	1,513,523,000	1,499,793,000	1,484,767,000	1,478,899,000	1,495,562,000	1,492,463,000	1,385,695,000	1,378,139,000	1,378,472,000	3,787,491,000	1,266,577,000	1,168,188,000	1,285,954,000	3,711,604,000	1,270,437,000	1,236,482,000	1,212,907,000	3,496,415,000	1,167,564,000	1,175,649,000	1,144,366,000	3,062,657,000	1,025,068,000	1,005,012,000	1,019,596,000	997,633,000	996,577,000	1,001,444,000	972,909,000	802,054,000	716,078,000	690,569,000	684,134,000	660,446,000	668,410,000	667,425,000	642,850,000	656,680,000	652,417,000	462,333,750	626,058,000	617,723,000	605,554,000	588,392,000	546,296,000	507,301,000	512,164,000	503,624,000	512,716,000	469,093,000	445,908,000	406,504,000	389,559,000	404,148,000
income from operations	98,418,000					123,225,000	141,133,000	157,800,000	193,967,000	114,253,000	129,960,000	159,204,000	151,457,000	86,864,000	91,467,000	120,967,000	103,985,000	77,539,000	150,255,000	283,968,000	202,012,000	411,525,000	156,132,000	119,518,000	128,678,000	348,975,000	122,906,000	124,882,000	111,724,000	317,442,000	99,837,000	120,561,000	108,598,000	283,780,000	72,098,000	115,663,000	91,765,000	56,162,000	101,054,000	86,886,000	48,214,000	85,011,000	79,265,000	82,193,000	78,444,000	62,399,000	88,263,000	82,530,000	70,819,000	93,513,000	91,604,000	73,988,000	68,073,000	81,026,000	87,632,000	48,958,000	41,954,000	72,576,000	72,649,000	69,919,000	32,905,000	31,292,000	60,576,000	60,325,000	54,313,000	77,993,000
yoy						7.85%	8.60%	-0.88%	28.07%	31.53%	42.08%	31.61%	45.65%	12.03%	-39.13%	-57.40%	-48.53%	-81.16%	-3.76%	137.59%	56.99%	17.92%	27.03%	-4.30%	15.17%	9.93%	23.11%	3.58%	2.88%	11.86%	38.47%	4.23%	18.34%	405.29%	-28.65%	33.12%	90.33%	-33.94%	27.49%	5.71%	-38.54%	36.24%	-10.19%	-0.41%	10.77%	-33.27%	-3.65%	11.55%	4.03%	15.41%	4.53%	51.13%	62.26%	11.64%	20.62%	-29.98%	27.50%	131.93%	19.93%	15.90%	-39.42%	-59.88%
qoq						-12.69%	-10.56%	-18.65%	69.77%	-12.09%	-18.37%	5.11%	74.36%	-5.03%	-24.39%	16.33%	34.11%	-48.40%	-47.09%	40.57%	-50.91%	163.58%	30.63%	-7.12%	-63.13%	183.94%	-1.58%	11.78%	-64.80%	217.96%	-17.19%	11.02%	-61.73%	293.60%	-37.67%	26.04%	63.39%	-44.42%	16.31%	80.21%	-43.28%	7.25%	-3.56%	4.78%	25.71%	-29.30%	6.95%	16.54%	-24.27%	2.08%	23.81%	8.69%	-15.99%	-7.54%	78.99%	16.69%	-42.19%	-0.10%	3.90%	112.49%	5.15%	-48.34%	0.42%	11.07%	-30.36%
operating margin %	6.92%	0%	0%	0%	0%	-100.52%	8.01%	8.97%	10.84%	6.89%	7.80%	9.51%	9.10%	5.49%	5.83%	7.63%	6.50%	4.97%	9.79%	18.16%	13.06%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
other income and expense:
equity in earnings of unconsolidated subsidiaries	12,011,000	15,399,000	12,992,000	13,618,000	12,512,000	14,099,000	33,069,000	6,315,000	10,421,000	10,195,000	11,561,000	10,501,000	8,556,000	6,759,000	8,084,000	6,167,000	5,397,000	11,248,000	11,452,000	11,809,000	9,919,000	20,675,000	8,765,000	8,324,000	2,588,000	18,039,000	6,950,000	7,394,000	4,366,000	16,473,000	5,432,000	4,785,000	4,697,000	16,623,000	4,431,000	5,666,000	5,521,000	5,268,000	4,546,000	4,652,000	6,348,000	3,848,000	2,592,000	1,239,000	908,000		568,000	1,058,000	1,167,000	2,752,000	2,465,000	1,594,000	1,653,000
interest expense	-28,336,000	-28,871,000	-30,021,000	-29,978,000	-29,072,000	14,704,000	-55,439,000	-37,107,000	-50,763,000	-50,800,000	-50,271,000	-48,997,000	-48,571,000	-47,341,000	-45,204,000	-41,052,000	-35,514,000	-33,870,000	-33,825,000	-33,888,000	-34,402,000	-118,985,000	-34,026,000	-37,366,000	-46,107,000	-146,234,000	-54,336,000	-51,464,000	-50,811,000	-147,824,000	-50,669,000	-50,159,000	-47,163,000																			-23,800,000	-21,526,000	-19,694,000	-25,664,000	-25,339,000	-27,677,000	-29,279,000	-30,042,000	-30,688,000	-33,451,000	-35,678,000	-35,749,000	-32,203,000	-33,002,000	-32,642,000
income before income taxes	82,093,000					97,114,250	107,824,000	127,008,000	153,625,000	73,648,000	76,558,000	120,708,000	111,442,000	46,282,000	54,347,000	86,082,000	73,868,000	57,673,000	127,882,000	261,889,000	182,278,000	320,459,000	136,014,000	90,822,000	92,360,000	207,872,000	56,877,000	80,812,000	71,811,000	178,813,000	56,739,000	81,665,000	56,276,000	163,620,000	38,841,000	83,674,000	36,665,000	5,067,000	74,303,000	77,004,000	51,157,000	63,571,000	60,469,000	61,769,000	56,459,000	40,968,000	49,647,000	58,663,000	44,182,000	75,308,000	70,147,000		48,319,000	40,807,000	61,951,000
income tax expense	18,318,000					23,877,250	26,809,000	32,242,000	36,458,000	11,850,000	15,742,000	28,848,000	26,185,000	8,570,000	16,221,000	19,820,000	17,942,000	-8,637,000	27,665,000	65,681,000	45,064,000	80,310,000	31,557,000	23,336,000	21,912,000	50,871,000	12,847,000	20,826,000	18,467,000	44,550,000	14,060,000	21,106,000	12,294,000	3,504,250	14,017,000	32,374,000	13,202,000	1,075,000	33,450,000	17,060,000	18,347,000	23,517,000	23,184,000	23,775,000	22,092,000	15,761,000	19,769,000	21,861,000	17,181,000	28,646,000	27,575,000	14,159,000	20,243,000	16,597,000	26,564,000	1,639,000	5,574,000	17,306,000	17,109,000	4,440,000	-804,000		10,568,000	12,430,000	8,717,000	17,942,000
net income	63,775,000	37,742,000	44,180,000	57,879,000	74,732,000	3,756,000	81,015,000	94,766,000	117,167,000	61,798,000	60,816,000	91,860,000	85,257,000	37,712,000	38,126,000	66,262,000	55,926,000	66,310,000	100,217,000	196,208,000	137,214,000	240,149,000	104,457,000	67,486,000	70,448,000	157,001,000	44,030,000	59,986,000	53,344,000	134,263,000	42,679,000	60,559,000	43,982,000	195,821,000	24,824,000	51,300,000	23,463,000	3,992,000	40,853,000	59,944,000	32,810,000	40,054,000	37,285,000	37,994,000	34,367,000	25,207,000	29,878,000	36,802,000	27,001,000	46,662,000	42,572,000	37,337,000	28,076,000	24,210,000	35,387,000	21,894,000	8,665,000	26,173,000	25,632,000	31,299,000	1,389,000	-3,106,000	14,315,000	17,471,000	12,544,000	27,271,000
yoy	-14.66%	904.85%	-45.47%	-38.92%	-36.22%	-93.92%	33.21%	3.16%	37.43%	63.87%	59.51%	38.63%	52.45%	-43.13%	-61.96%	-66.23%	-59.24%	-72.39%	-4.06%	190.74%	94.77%	52.96%	137.24%	12.50%	32.06%	16.94%	3.17%	-0.95%	21.29%	-31.44%	71.93%	18.05%	87.45%	4805.34%	-39.24%	-14.42%	-28.49%	-90.03%	9.57%	57.77%	-4.53%	58.90%	24.79%	3.24%	27.28%	-45.98%	-29.82%	-1.43%	-3.83%	92.74%	20.30%	70.54%	224.02%	-7.50%	38.06%	-30.05%	523.83%	-942.66%	79.06%	79.15%	-88.93%	-111.39%
qoq	68.98%	-14.57%	-23.67%	-22.55%	1889.67%	-95.36%	-14.51%	-19.12%	89.60%	1.61%	-33.79%	7.74%	126.07%	-1.09%	-42.46%	18.48%	-15.66%	-33.83%	-48.92%	42.99%	-42.86%	129.90%	54.78%	-4.20%	-55.13%	256.58%	-26.60%	12.45%	-60.27%	214.59%	-29.52%	37.69%	-77.54%	688.84%	-51.61%	118.64%	487.75%	-90.23%	-31.85%	82.70%	-18.09%	7.43%	-1.87%	10.55%	36.34%	-15.63%	-18.81%	36.30%	-42.13%	9.61%	14.02%	32.99%	15.97%	-31.59%	61.63%	152.67%	-66.89%	2.11%	-18.11%	2153.35%	-144.72%	-121.70%	-18.06%	39.28%	-54.00%
net income margin %	4.49%	2.70%	3.24%	4.32%	5.52%	-3.06%	4.60%	5.39%	6.55%	3.73%	3.65%	5.49%	5.12%	2.38%	2.43%	4.18%	3.50%	4.25%	6.53%	12.55%	8.87%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
less: net income attributable to non-controlling interests	19,780,000	17,568,000	15,387,000	17,308,000	18,051,000	19,806,000	25,387,000	17,203,000	20,270,000	15,529,000	12,636,000	13,623,000	14,452,000	10,208,000	10,960,000	11,055,000	6,809,000	16,453,000	23,289,000	31,314,000	26,668,000	58,100,000	27,511,000	15,836,000	17,323,000	39,284,000	13,298,000	15,170,000	12,510,000	29,340,000	9,762,000	14,048,000	10,243,000	37,099,000	6,362,000	9,245,000	7,593,000		6,918,000	5,111,000	3,404,000	3,114,000	2,222,000	2,653,000	1,323,000	1,935,000	2,098,000	2,384,000	1,048,000	1,644,000	1,030,000	478,000	785,000	1,938,000	1,715,000	947,000	656,000	1,711,000	1,406,000	1,388,000	806,000
net income attributable to select medical holdings corporation	43,995,000	20,174,000	28,793,000	40,571,000	56,681,000	-16,050,000	55,628,000	77,563,000	96,897,000	46,269,000	48,180,000	78,237,000	70,805,000	27,504,000	27,166,000	55,207,000	49,117,000	49,857,000	76,928,000	164,894,000	110,546,000	182,049,000	76,946,000	51,650,000	53,125,000	117,717,000	30,732,000																					34,418,000
earnings per common share
basic and diluted	350					445	430	600	750	360	380	610	560	220	210	430	370	652.5	570	1,220
other operating income				1,592,000		-178,000	1,302,000	-2,000	2,284,000	557,000	485,000	726,000		5,201,000	8,440,000	15,125,000		10,191,000	1,729,000	98,087,000	34,021,000	91,172,000	-1,160,000	54,988,000
income from continuing operations before other income and expense		63,936,000	72,958,000	86,531,000	112,745,000
loss on early retirement of debt						-17,906,000	-10,939,000				-14,692,000															-19,440,000	-18,643,000						-10,255,000																			-7,754,500		-20,385,000
income from continuing operations before income taxes		50,464,000	55,929,000	70,171,000	96,185,000																																																										24,883,000	29,901,000	21,261,000	45,213,000
income tax expense from continuing operations		12,722,000	11,749,000	12,292,000	21,453,000
income from continuing operations, net of tax		37,742,000	44,180,000	57,879,000	74,732,000
discontinued operations:
income from discontinued business
income tax expense from discontinued business
income from discontinued operations, net of tax
net income attributable to select medical holdings corporation’s common stockholders:
net income attributable to select medical holdings corporation’s common stockholders		20,174,000	28,793,000	40,571,000	56,681,000
earnings per common share
continuing operations - basic and diluted		160	230	320	440
discontinued operations - basic and diluted
total earnings per common share - basic and diluted		160	230	320	440
interest income																		601,000			4,749,000																															71,500	119,000	111,000	56,000					10,000	2,000	158,000	869,000	929,000	319,000	197,000
gain on sale of businesses																						7,244,000	5,143,000	346,000	7,201,000
earnings per common share
basic																					820	1,360	570	390	400	870	230
net operating revenues																						355,967,250	1,423,869,000	1,232,718,000	1,414,632,000	4,060,579,000	1,393,343,000	1,361,364,000	1,324,631,000	3,813,857,000	1,267,401,000	1,296,210,000	1,252,964,000	3,346,437,000	1,097,166,000	1,120,675,000	1,111,361,000	1,053,795,000	1,097,631,000	1,088,330,000	1,021,123,000	887,065,000	795,343,000	772,762,000	762,578,000	722,845,000	756,673,000	749,955,000	713,669,000	750,193,000	744,021,000	718,441,000	694,131,000	698,749,000	693,186,000	637,350,000	588,250,000	579,877,000	584,813,000	573,543,000	545,621,000	500,385,000	506,484,000	466,829,000	443,872,000	482,141,000
earnings per common share
basic																					820	1,360	570	390	400	870	230
diluted																						1,360	570	390	400	870	230
non-operating gain																													6,532,000	6,877,000	2,139,000	6,478,000	399,000						13,035,000	25,087,000
net income attributable to select medical holdings corporation and select medical corporation																												44,816,000	40,834,000	8,229,250	32,917,000	46,511,000	33,739,000	4,615,500	18,462,000	42,055,000		6,471,000	33,935,000	54,833,000	29,406,000	36,940,000	35,063,000	35,341,000	33,044,000	23,272,000	27,780,000		25,953,000	45,018,000	41,542,000	17,746,750	27,291,000	22,272,000	33,672,000	14,174,250	8,009,000	24,462,000	24,226,000	11,342,750	583,000
cost of services																														271,765,500	1,087,062,000	1,094,731,000	1,065,813,000	2,795,266,000	938,910,000	920,230,000	928,357,000	915,703,000	916,985,000	922,262,000	900,949,000	743,879,000	664,385,000	642,881,000	638,764,000	617,281,000	625,730,000	624,904,000	598,984,000	612,669,000	611,619,000	427,227,750	581,829,000	569,666,000	557,416,000	541,019,000	498,739,000	470,044,000	472,377,000	466,664,000	448,702,000	429,831,000	410,952,000	377,627,000	362,070,000	372,500,000
income per common share:
basic																														60				1,190														250			290	250			220	140	50	150	150	230
diluted																														60				1,190														240			290	250			220	130	50	150	150	240
weighted-average shares outstanding:
basic																																		128,955																		150,501,000
diluted																																		129,126																		150,725,000
bad debt expense																																		59,170,000	20,321,000	18,174,000	20,625,000	17,677,000	17,517,000	16,397,000	18,287,000	12,286,000	12,670,000	11,115,000	11,018,000	9,262,000	8,846,000	9,321,000	11,199,000	10,029,000	10,375,000	10,000,500	11,709,000	13,943,000	14,350,000	9,698,000	11,317,000	10,845,000	9,287,000	7,194,000	11,720,000	10,782,000	8,835,000	5,589,000	5,333,000	8,433,000
non-operating income
net income attributable to select medical holdings corporation and select medical corporation																												44,816,000	40,834,000	8,229,250	32,917,000	46,511,000	33,739,000	4,615,500	18,462,000	42,055,000		6,471,000	33,935,000	54,833,000	29,406,000	36,940,000	35,063,000	35,341,000	33,044,000	23,272,000	27,780,000		25,953,000	45,018,000	41,542,000	17,746,750	27,291,000	22,272,000	33,672,000	14,174,250	8,009,000	24,462,000	24,226,000	11,342,750	583,000
basic
diluted
net income attributable to select medical holdings
corporation and select medical corporation																																					15,870,000
basic
diluted
dividends paid per share
gain on sale of equity investment																																									29,647,000
other income																																																								168,000	148,000	182,000	134,000			-1,372,000		1,173,000
equity in losses of unconsolidated subsidiaries																																																						-251,000	-73,000	-254,000	-186,000
gain on early retirement of debt																																																												-2,870,000	1,129,000
income from operations before income taxes																																																				33,058,500				25,114,750	14,239,000	43,479,000	42,741,000	35,739,000	585,000	-5,837,000
less: preferred dividends																																																													6,667,000
net income available to common stockholders and participating securities																																																								20,947,000	8,009,000	24,462,000
net income available to common stockholders																																																											24,226,000	6,458,500
net loss available to common stockholders																																																													-6,084,000
loss per common share:
basic																																																													-90
diluted																																																													-90
income from operations before minority interests and income taxes																																																														-5,600,000
minority interest in consolidated subsidiary companies																																																														237,000	813,000	323,000	369,000	335,000
income tax benefit																																																														-2,731,000
income from continuing operations before minority interests and income taxes																																																															25,696,000	30,224,000	21,630,000	45,548,000
income from continuing operations																																																																17,471,000	12,544,000	27,271,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30

assets
current assets:
cash and cash equivalents	25,683,000	26,523,000	60,054,000	52,349,000	53,213,000	59,694,000	191,468,000	111,160,000	92,620,000	84,006,000	77,440,000	101,167,000	83,703,000	97,906,000	108,223,000	94,669,000	130,881,000	74,310,000	747,983,000	803,493,000	750,274,000	577,061,000	639,800,000	509,737,000	73,163,000	335,882,000	135,963,000	124,036,000	147,815,000	175,178,000	160,413,000	141,029,000	119,683,000	122,549,000	73,799,000	65,211,000	68,223,000	78,420,000	85,408,000	22,635,000	25,191,000	6,588,000	3,140,000	4,692,000	9,293,000	8,768,000	4,500,000	49,676,000	21,520,000	9,274,000	12,043,000	10,213,000	13,584,000	15,068,000	4,365,000	15,343,000	128,753,000	73,173,000	83,680,000	280,492,000	10,103,000	25,610,000	37,536,000	81,600,000	5,040,000	12,140,000
accounts receivable	949,480,000	864,207,000	825,811,000	909,460,000	908,185,000	821,385,000	1,060,007,000	1,077,984,000	1,134,788,000	940,335,000	944,219,000	964,680,000	997,274,000	941,312,000	909,030,000	921,623,000	941,434,000	889,303,000	898,823,000	931,179,000	959,715,000	896,763,000	842,615,000	749,245,000	816,405,000	762,677,000	798,805,000	791,769,000	779,861,000	706,676,000	746,816,000	775,610,000	806,391,000	691,732,000	714,236,000	691,520,000	592,711,000		626,375,000	574,845,000	633,621,000	493,409,000	453,184,000	467,738,000	423,334,000	427,191,000	428,571,000	392,647,000	423,859,000	465,687,000	413,743,000	394,989,000	406,472,000	439,310,000	353,432,000	325,338,000	338,320,000	360,997,000	307,079,000	310,855,000	257,318,000	261,311,000	227,549,000	199,927,000	247,972,000	268,024,000
prepaid income taxes	12,412,000	19,622,000	10,719,000	7,223,000	6,566,000	26,601,000	8,669,000	8,448,000	9,034,000	22,726,000	22,716,000	16,513,000	16,893,000	31,868,000	19,227,000	42,642,000	40,761,000	55,620,000	15,460,000	5,417,000	5,657,000	5,686,000	23,536,000	9,204,000	12,634,000	18,585,000	18,804,000	12,318,000	7,709,000	20,539,000	19,852,000	14,488,000	21,270,000	31,387,000		2,402,000	11,474,000			2,303,000			678,000		4,044,000	12,219,000		1,410,000	4,061,000		9,497,000	10,340,000	27,223,000		12,699,000	12,966,000	6,841,000		11,179,000	13,338,000	6,019,000		2,570,000
other current assets	124,522,000	114,929,000	123,880,000	111,858,000	124,328,000	112,097,000	144,053,000	145,069,000	161,238,000	151,617,000	145,816,000	138,186,000	143,736,000	125,370,000	180,766,000	162,114,000	137,775,000	120,206,000	117,075,000	128,081,000	119,668,000	114,490,000	118,183,000	95,143,000	95,828,000	95,848,000	96,721,000	99,942,000	117,500,000	90,131,000	96,214,000	88,215,000	93,997,000	75,158,000	83,211,000	85,081,000	82,680,000	88,862,000	86,423,000	78,402,000	78,153,000	52,093,000	44,081,000	44,288,000	39,968,000	38,077,000	38,278,000	31,620,000	31,383,000	34,178,000	29,822,000	28,106,000	29,686,000	31,264,000	28,176,000	25,897,000	24,730,000	26,303,000	24,240,000	22,152,000	22,872,000	23,710,000	17,479,000	16,762,000	16,847,000	17,803,000
total current assets	1,112,097,000	1,025,281,000	1,020,464,000	1,080,890,000	1,092,292,000	1,019,777,000	1,404,197,000	1,365,087,000	1,440,340,000	1,257,646,000	1,276,087,000	1,304,484,000	1,313,733,000	1,271,313,000	1,217,246,000	1,221,048,000	1,250,851,000	1,139,439,000	1,779,341,000	1,868,170,000	1,835,314,000	1,594,000,000	1,624,134,000	1,363,329,000	998,030,000	1,212,992,000	1,050,293,000	1,028,065,000	1,052,885,000	992,524,000	1,023,295,000	1,019,342,000	1,041,341,000	920,826,000	871,246,000	844,214,000	805,735,000	825,027,000	844,023,000	701,531,000	754,320,000	568,051,000	517,125,000	534,499,000	492,011,000	501,105,000	490,160,000	493,331,000	496,356,000	529,033,000	483,410,000	463,482,000	492,600,000	515,286,000	429,326,000	418,493,000	539,452,000	507,850,000	474,713,000	678,263,000	335,958,000	355,268,000	331,327,000	345,237,000	332,998,000	360,697,000
operating lease right-of-use assets	1,042,220,000	957,904,000	939,083,000	938,624,000	909,180,000	908,095,000	1,321,045,000	1,252,839,000	1,176,713,000	1,188,616,000	1,180,907,000	1,182,839,000	1,186,534,000	1,169,740,000	1,129,872,000	1,136,678,000	1,102,710,000	1,078,754,000	1,069,953,000	1,053,331,000	1,053,880,000	1,032,217,000	1,005,689,000	1,022,721,000	1,014,969,000	1,003,986,000	986,519,000	971,385,000	982,616,000
property and equipment	997,409,000	992,314,000	903,242,000	921,741,000	894,920,000	872,185,000	1,040,383,000	1,030,587,000	1,024,626,000	1,023,561,000	1,006,842,000	1,004,430,000	987,283,000	1,001,440,000	957,353,000	955,752,000	952,926,000	961,467,000	936,695,000	928,226,000	930,843,000	943,420,000	927,975,000	959,086,000	978,547,000	998,406,000	997,467,000	1,008,555,000	972,807,000	979,810,000	965,390,000	965,844,000	973,483,000	912,591,000	911,532,000	897,146,000	863,485,000	889,171,000	872,543,000	800,430,000	771,410,000	553,870,000	526,349,000	520,194,000	499,531,000	498,808,000	499,767,000	494,625,000	492,781,000	491,773,000	510,028,000	505,894,000	514,922,000	526,905,000	532,100,000	538,026,000	459,567,000	462,035,000	466,131,000	458,897,000	479,833,000	460,227,000	383,199,000	356,336,000	330,106,000	301,366,000
goodwill	2,378,179,000	2,360,902,000	2,333,143,000	2,331,898,000	2,331,898,000	2,331,898,000	3,555,022,000	3,525,474,000	3,517,071,000	3,513,170,000	3,504,654,000	3,486,050,000	3,484,594,000	3,484,200,000	3,479,374,000	3,476,213,000	3,465,456,000	3,448,912,000	3,399,794,000	3,391,040,000	3,390,325,000	3,379,014,000	3,369,009,000	3,391,196,000	3,391,078,000	3,391,955,000	3,382,656,000	3,385,394,000	3,323,749,000	3,320,726,000	3,311,459,000	3,314,606,000	3,318,611,000	2,782,812,000	2,766,296,000	2,759,764,000	2,674,623,000	2,638,286,000	2,675,522,000	2,367,228,000	2,353,975,000	1,652,005,000	1,642,869,000	1,642,857,000	1,641,836,000	1,641,796,000	1,640,534,000	1,633,106,000	1,631,461,000	1,631,383,000	1,631,716,000	1,627,509,000	1,627,509,000	1,640,535,000	1,631,252,000	1,646,698,000	1,548,269,000	1,548,269,000	1,548,269,000	1,507,223,000	1,475,530,000	1,468,086,000	1,323,572,000	1,323,572,000	1,319,018,000	1,319,011,000
identifiable intangible assets	99,864,000	100,800,000	101,425,000	101,925,000	102,544,000	103,183,000	312,565,000	316,930,000	324,125,000	329,916,000	336,639,000	346,733,000	346,606,000	351,662,000	358,411,000	366,222,000	368,850,000	374,879,000	378,433,000	380,302,000	384,322,000	387,541,000	392,506,000	398,266,000	405,374,000	409,068,000	415,763,000	419,335,000	426,428,000	437,693,000	444,847,000	451,932,000	424,647,000	326,519,000	335,704,000	337,076,000
other assets	412,314,000	414,388,000	388,366,000	367,172,000	365,169,000	372,813,000	369,449,000	384,385,000	375,388,000	376,722,000	378,879,000	358,937,000	353,992,000	341,738,000	412,720,000	395,745,000	395,151,000	356,720,000	335,257,000	335,310,000	326,097,000	319,207,000	340,564,000	333,860,000	327,569,000	323,881,000	322,058,000	294,206,000	263,007,000	233,512,000	235,190,000	213,076,000	210,561,000	184,418,000	169,433,000	164,737,000	163,342,000	141,937,000	137,707,000	186,576,000	199,988,000	140,485,000	145,405,000	146,196,000	137,215,000	131,633,000	103,888,000	86,221,000	84,514,000	79,779,000	72,128,000	70,435,000	68,873,000	36,649,000	37,947,000	38,330,000	38,025,000	34,826,000	36,481,000	41,544,000	67,940,000	77,022,000	71,727,000	73,294,000	67,483,000	75,722,000
total assets	6,042,083,000	5,851,589,000	5,685,723,000	5,742,250,000	5,696,003,000	5,607,951,000	8,002,661,000	7,875,302,000	7,858,263,000	7,689,631,000	7,684,008,000	7,701,869,000	7,699,736,000	7,665,293,000	7,554,976,000	7,551,658,000	7,535,944,000	7,360,171,000	7,899,473,000	7,956,379,000	7,920,781,000	7,655,399,000	7,659,877,000	7,468,458,000	7,115,567,000	7,340,288,000	7,154,756,000	7,106,940,000	7,021,492,000	5,964,265,000	5,980,181,000	5,964,800,000	5,968,643,000	5,127,166,000	5,054,211,000	5,002,937,000	4,845,405,000	4,838,349,000	4,847,969,000	4,314,405,000	4,341,335,000	2,987,051,000	2,903,771,000	2,915,726,000	2,842,424,000	2,845,055,000	2,808,836,000	2,781,808,000	2,779,637,000	2,806,578,000	2,772,147,000	2,751,110,000	2,788,022,000	2,803,819,000	2,722,086,000	2,720,608,000	2,660,123,000	2,628,970,000	2,602,233,000	2,764,742,000	2,458,240,000	2,457,840,000	2,192,191,000	2,182,524,000	2,131,061,000	2,140,205,000
liabilities and equity
current liabilities:
overdrafts	19,394,000	16,751,000		16,506,000	20,683,000	25,803,000	14,173,000	23,625,000	28,534,000	30,274,000	29,994,000	31,494,000	31,237,000	31,961,000	33,262,000	31,298,000	34,745,000	42,353,000										27,259,000	31,133,000	25,083,000	23,291,000	23,292,000	21,547,000	29,463,000
current operating lease liabilities	179,449,000	188,405,000	184,215,000	182,150,000	181,605,000	179,601,000	249,832,000	247,920,000	245,617,000	245,400,000	242,594,000	241,517,000	239,713,000	236,784,000	234,595,000	233,917,000	234,420,000	229,334,000	226,419,000	224,868,000	223,648,000	220,413,000	215,235,000	216,689,000	212,884,000	207,950,000	204,936,000	202,484,000	205,145,000
current portion of long-term debt and notes payable	25,185,000	24,217,000	28,778,000	20,326,000	28,353,000	20,269,000	42,785,000	46,431,000	60,184,000	70,329,000	35,085,000	57,205,000	113,894,000	44,351,000	43,429,000	44,009,000	24,513,000	17,572,000	18,059,000	11,608,000	15,426,000	12,621,000	11,031,000	13,435,000	17,161,000	25,167,000	15,656,000	9,012,000	12,329,000	43,865,000	24,175,000	24,479,000	22,499,000	22,187,000	26,577,000	22,013,000	12,690,000	10,511,000	8,296,000	17,666,000	17,448,000	11,060,000	14,778,000	15,435,000	13,966,000	13,230,000	17,877,000	11,084,000	11,785,000	14,451,000	10,848,000	10,268,000	13,740,000	150,323,000	149,379,000	149,116,000	102,410,000	55,784,000	4,145,000	141,667,000	7,616,000	8,239,000	7,184,000	6,209,000	6,309,000	6,350,000
accounts payable	166,467,000	157,063,000	167,102,000	163,265,000	158,542,000	142,157,000	170,711,000	160,129,000	163,551,000	174,312,000	183,086,000	186,787,000	174,101,000	186,729,000	207,413,000	231,472,000	238,150,000	233,844,000	192,393,000	187,736,000	189,170,000	177,087,000	160,474,000	142,946,000	131,601,000	145,731,000	136,801,000	138,015,000	140,581,000	146,693,000	137,540,000	131,830,000	138,436,000	128,194,000	123,631,000	125,118,000	114,181,000	118,420,000	122,279,000	118,617,000	105,369,000	101,013,000	98,638,000	93,022,000	96,360,000	86,914,000	93,704,000	91,520,000	90,132,000	94,058,000	95,618,000	88,942,000	83,109,000	86,642,000	74,193,000	76,447,000	64,634,000	71,628,000	73,434,000	64,103,000	81,488,000	78,102,000	76,478,000	72,597,000	64,973,000	61,895,000
accrued and other liabilities	579,870,000	598,058,000	559,483,000	556,743,000	555,616,000	609,821,000	768,203,000	778,894,000	686,491,000
total current liabilities	970,365,000	984,494,000	939,578,000	938,990,000	944,799,000	977,651,000	1,245,704,000	1,256,999,000	1,184,377,000	1,248,465,000	1,166,056,000	1,188,212,000	1,185,706,000	1,155,151,000	1,196,744,000	1,241,739,000	1,189,151,000	1,273,077,000	1,326,373,000	1,409,028,000	1,540,252,000	1,438,366,000	1,345,486,000	1,255,969,000	843,954,000	914,280,000	869,787,000	852,692,000	884,937,000	705,186,000	685,109,000	627,311,000	625,731,000	605,403,000	568,885,000	538,499,000	550,348,000	535,360,000	515,205,000	522,489,000	488,379,000	392,963,000	355,861,000	382,095,000	385,290,000	365,677,000	391,112,000	373,921,000	389,015,000	380,969,000	383,938,000	353,488,000	378,685,000	498,190,000	499,558,000	473,141,000	399,382,000	348,273,000	303,941,000	446,901,000	353,479,000	359,253,000	297,955,000	317,333,000	296,246,000	316,411,000
non-current operating lease liabilities	931,195,000	835,362,000	818,586,000	818,128,000	787,861,000	787,124,000	1,163,406,000	1,091,784,000	1,015,160,000	1,025,867,000	1,019,185,000	1,021,314,000	1,024,676,000	1,008,394,000	967,758,000	974,657,000	938,423,000	916,540,000	909,950,000	893,478,000	894,526,000	875,367,000	852,555,000	866,097,000	860,796,000	852,897,000	836,205,000	813,903,000	820,007,000
long-term debt	1,835,523,000	1,803,979,000	1,743,371,000	1,839,631,000	1,767,409,000	1,691,546,000	3,098,957,000	3,593,660,000	3,758,631,000	3,587,675,000	3,695,244,000	3,695,341,000	3,766,838,000	3,835,211,000	3,750,411,000	3,723,734,000	3,738,299,000	3,556,385,000	3,384,164,000	3,386,214,000	3,387,249,000	3,389,398,000	3,390,945,000	3,390,417,000	3,553,056,000	3,419,943,000	3,336,506,000	3,349,702,000	3,299,103,000	3,249,516,000	3,305,533,000	3,386,209,000	3,478,021,000	2,677,715,000	2,734,132,000	2,771,410,000	2,642,115,000	2,707,311,000	2,773,450,000	2,333,078,000	2,431,319,000	1,569,627,000	1,598,754,000	1,596,765,000	1,474,915,000	1,517,728,000	1,474,260,000	1,330,549,000	1,342,134,000	1,399,039,000	1,385,950,000	1,397,418,000	1,413,128,000	1,324,393,000	1,281,390,000	1,276,816,000	1,305,069,000	1,353,420,000	1,401,426,000	1,521,394,000	1,728,033,000	1,709,546,000	1,530,072,000	1,532,294,000	1,538,516,000	1,534,643,000
non-current deferred tax liability	117,862,000	112,157,000	88,311,000	72,946,000	75,245,000	81,497,000	95,557,000	97,647,000	133,987,000	143,306,000	146,919,000	155,925,000	163,024,000	169,793,000	162,156,000	157,892,000	156,407,000	142,792,000	120,274,000	123,559,000	133,408,000	132,421,000	131,423,000	144,697,000	158,782,000	148,258,000	147,567,000	147,716,000	153,863,000	153,895,000	148,227,000	150,694,000	125,020,000	124,917,000	197,411,000	195,729,000	210,000,000	201,538,000	213,923,000	182,963,000	167,908,000	106,702,000	95,981,000	96,502,000	90,859,000	89,676,000	90,446,000	84,118,000	82,911,000	85,029,000	82,028,000	68,399,000	64,210,000	63,653,000	59,074,000	66,269,000	66,604,000	68,187,000	66,768,000	54,733,000	24,675,000	27,787,000	25,183,000	32,075,000	23,869,000	25,570,000
other non-current liabilities	81,197,000	79,858,000	76,021,000	73,293,000	74,652,000	73,038,000	98,593,000	98,682,000	100,175,000	110,303,000	106,216,000	105,123,000	106,652,000	106,137,000	109,848,000	107,738,000	105,098,000	106,442,000	167,770,000	172,656,000	168,798,000	168,703,000	178,967,000	142,861,000	103,783,000	101,334,000	105,251,000	102,555,000	105,791,000	158,940,000	174,170,000	172,427,000	167,120,000	145,709,000	141,279,000	142,208,000	136,527,000	131,699,000	136,046,000	145,277,000	142,383,000	98,245,000	96,335,000	95,090,000	80,077,000	70,647,000	69,206,000	70,502,000	68,649,000	69,459,000	64,905,000	73,219,000	71,155,000	69,526,000	66,650,000	67,266,000	61,712,000	61,043,000	60,543,000	60,648,000	22,857,000	24,648,000	23,410,000
total liabilities	3,936,142,000	3,815,850,000	3,665,867,000	3,742,988,000	3,649,966,000	3,610,856,000	5,702,217,000	6,138,772,000	6,192,330,000	6,115,616,000	6,133,620,000	6,165,915,000	6,246,896,000	6,274,686,000	6,186,917,000	6,205,760,000	6,127,378,000	5,995,236,000	5,908,531,000	5,984,935,000	6,124,233,000	6,004,255,000	5,899,376,000	5,800,041,000	5,520,371,000	5,436,712,000	5,295,316,000	5,266,568,000	5,263,701,000	4,267,537,000	4,313,039,000	4,336,641,000	4,395,892,000	3,553,744,000	3,641,707,000	3,647,846,000	3,538,990,000	3,575,908,000	3,638,624,000	3,183,807,000	3,229,989,000	2,167,537,000	2,146,931,000	2,170,452,000	2,031,141,000	2,043,728,000	2,025,024,000	1,859,090,000	1,882,709,000	1,934,496,000	1,916,821,000	1,892,524,000	1,927,178,000	1,955,762,000	1,906,672,000	1,883,492,000	1,832,767,000	1,830,923,000	1,832,678,000	2,083,676,000	2,129,044,000	2,121,234,000	1,876,620,000	1,881,702,000	1,858,631,000	1,876,624,000
commitments and contingencies
redeemable non-controlling interests	20,967,000	18,808,000	8,651,000	8,493,000	9,021,000	10,167,000	30,455,000	29,565,000	28,290,000	26,297,000	26,999,000	34,375,000	34,399,000	34,043,000	33,540,000	42,197,000	41,670,000	39,033,000	627,330,000	521,552,000	445,931,000	398,171,000	541,856,000	495,987,000	620,377,000	974,541,000	953,697,000	844,422,000	833,241,000	780,488,000	779,574,000	616,232,000	607,474,000	640,818,000	468,850,000	462,680,000	246,429,000	245,784,000	239,627,000	257,122,000	257,187,000	11,275,000	11,238,000	11,276,000	11,623,000	12,520,000	11,115,000
stockholders’ equity:
common stock, 0.001 par value...	124,000	124,000	124,000	123,000	128,000	129,000	130,000	130,000	128,000	128,000	128,000	127,000	127,000	127,000	127,000	126,000	132,000	134,000	134,000	135,000	135,000	135,000	135,000	134,000	134,000	134,000	134,000																				140,000																	205,000	205,000	206,000
capital in excess of par	889,055,000	874,848,000	870,575,000	867,347,000	908,868,000	911,080,000	858,741,000	519,280,000	505,403,000	493,413,000	482,290,000	473,942,000	462,185,000	452,183,000	444,843,000	441,769,000	489,794,000	504,314,000	501,710,000	516,172,000	514,336,000	509,128,000	500,972,000	496,785,000	491,824,000	491,038,000	485,415,000	492,569,000	488,303,000	482,556,000	477,822,000	474,812,000	468,885,000	463,499,000	454,892,000	450,373,000	440,316,000	432,951,000	428,294,000	419,477,000	422,524,000	418,288,000	410,721,000	415,875,000	472,080,000	470,809,000	469,021,000	471,358,000	469,410,000	479,547,000	493,828,000	518,295,000	535,421,000	535,239,000	535,628,000	565,342,000	579,719,000	579,266,000	578,648,000	544,772,000	-292,186,000	-293,157,000	-294,131,000	-295,256,000	-296,202,000	-297,137,000
retained earnings	872,222,000	837,016,000	824,813,000	804,728,000	813,504,000	770,146,000	1,056,320,000	891,397,000	830,821,000	751,856,000	722,665,000	696,922,000	635,483,000	581,010,000	570,069,000	565,556,000	596,079,000	593,251,000	639,451,000	713,191,000	625,381,000	553,244,000	537,479,000	495,964,000	316,680,000	279,800,000	269,169,000	353,305,000	313,593,000	320,351,000	296,635,000	420,525,000	383,581,000	359,735,000	393,294,000	351,224,000	528,593,000	522,995,000	489,518,000	405,689,000	383,278,000	347,303,000	300,481,000	285,397,000	296,196,000	287,350,000	273,912,000	418,071,000	393,961,000	359,990,000	328,882,000	307,648,000	292,360,000	281,094,000	248,097,000	240,627,000	217,782,000	193,320,000	169,094,000	139,183,000	130,077,000	139,223,000	130,805,000	121,024,000	99,971,000	93,168,000
accumulated other comprehensive loss	-5,380,000	-6,404,000	-6,242,000	-5,157,000	-3,106,000																	-2,027,000																																		-414,000	-1,898,000	-4,926,000	-8,914,000	-10,680,000
total stockholders’ equity	1,756,021,000	1,705,584,000	1,689,270,000	1,667,041,000	1,719,394,000	1,681,355,000	1,915,191,000	1,416,589,000	1,367,282,000	1,288,304,000	1,267,810,000	1,246,038,000	1,170,449,000	1,121,922,000	1,105,595,000	1,071,413,000	1,138,140,000	1,109,981,000	1,145,498,000	1,234,225,000	1,145,976,000	1,060,480,000	1,038,586,000	992,883,000	808,638,000	770,972,000	754,718,000																				743,073,000														-160,782,000	-146,311,000	-159,665,000	-169,139,000	-191,431,000	-194,787,000
non-controlling interests	328,953,000	311,347,000	321,935,000	323,728,000	317,622,000	305,573,000	354,798,000	290,376,000	270,361,000	259,414,000	255,579,000	255,541,000	247,992,000	234,642,000	228,924,000	232,288,000	228,756,000	215,921,000	218,114,000	215,667,000	204,641,000	192,493,000	180,059,000	179,547,000	166,181,000	158,063,000	151,025,000	149,941,000	122,519,000	113,198,000	112,976,000	116,456,000	112,677,000	109,236,000													29,624,000									31,400,000			30,567,000
total equity	2,084,974,000	2,016,931,000	2,011,205,000	1,990,769,000	2,037,016,000	1,986,928,000	2,269,989,000	1,706,965,000	1,637,643,000	1,547,718,000	1,523,389,000	1,501,579,000	1,418,441,000	1,356,564,000	1,334,519,000	1,303,701,000	1,366,896,000	1,325,902,000	1,363,612,000	1,449,892,000	1,350,617,000	1,252,973,000	1,218,645,000	1,172,430,000	974,819,000	929,035,000	905,743,000	995,950,000	924,550,000	916,240,000	887,568,000	1,011,927,000	965,277,000	932,604,000	943,654,000	892,411,000	1,059,986,000	1,016,657,000	969,718,000	873,476,000	854,159,000	808,239,000	745,602,000	733,998,000	799,660,000	788,807,000	772,697,000	922,718,000	896,928,000	872,082,000	855,326,000	858,586,000	860,844,000	848,057,000	815,414,000	837,116,000	827,356,000	798,047,000	769,555,000	681,066,000
total liabilities and equity	6,042,083,000	5,851,589,000	5,685,723,000	5,742,250,000	5,696,003,000	5,607,951,000	8,002,661,000	7,875,302,000	7,858,263,000	7,689,631,000	7,684,008,000	7,701,869,000	7,699,736,000	7,665,293,000	7,554,976,000	7,551,658,000	7,535,944,000	7,360,171,000	7,899,473,000	7,956,379,000	7,920,781,000	7,655,399,000	7,659,877,000	7,468,458,000	7,115,567,000	7,340,288,000	7,154,756,000	7,106,940,000	7,021,492,000	5,964,265,000	5,980,181,000	5,964,800,000	5,968,643,000	5,127,166,000	5,054,211,000	5,002,937,000	4,845,405,000	4,838,349,000	4,847,969,000	4,314,405,000	4,341,335,000	2,987,051,000	2,903,771,000	2,915,726,000	2,842,424,000	2,845,055,000	2,808,836,000	2,781,808,000	2,779,637,000	2,806,578,000	2,772,147,000	2,751,110,000	2,788,022,000	2,803,819,000	2,722,086,000	2,720,608,000	2,660,123,000	2,628,970,000	2,602,233,000	2,764,742,000
current portion of interest rate cap contract								22,426,000	42,660,000	58,962,000	85,896,000	83,938,000	72,127,000	74,857,000
current assets of discontinued operations
non-current assets of discontinued operations
current liabilities of discontinued operations
non-current liabilities of discontinued operations
accumulated other comprehensive income								5,782,000	30,930,000	42,907,000	62,727,000	75,047,000	72,654,000	88,602,000	90,556,000	63,962,000	52,135,000	12,282,000	4,203,000	4,727,000	6,124,000																																								1,122,000	7,418,000	3,456,000	4,888,000	4,595,000	8,976,000
interest rate cap contract, net of current portion												18,396,000	26,994,000	45,200,000
accrued payroll										238,768,000	210,088,000	191,061,000	171,815,000	209,789,000	252,041,000	257,612,000	242,749,000	247,292,000	295,897,000	246,960,000	228,839,000	224,876,000	182,461,000	125,109,000	140,009,000	183,754,000	170,294,000	147,397,000	142,289,000	172,386,000	176,221,000	149,967,000	135,561,000	160,562,000	119,187,000	110,196,000	138,090,000	135,552,000	128,553,000	132,872,000	122,707,000	80,382,000	74,736,000	73,081,000	81,303,000	76,289,000	74,706,000	83,683,000	73,712,000	70,634,000	82,888,000	70,917,000	75,453,000	75,357,000	63,760,000	72,450,000	58,269,000	62,285,000	62,035,000	64,991,000	67,068,000	64,653,000	52,432,000	55,084,000	54,515,000	52,454,000
accrued vacation										157,748,000	154,655,000	159,168,000	156,433,000	150,695,000	147,763,000	152,281,000	148,114,000	144,048,000	140,363,000	146,790,000	140,622,000	132,811,000	124,898,000	124,624,000	128,705,000	124,111,000	119,286,000	122,277,000	116,675,000	110,660,000	106,026,000	109,958,000	105,325,000	92,875,000	92,250,000	88,736,000	78,776,000	81,074,000	79,783,000	72,475,000	76,262,000	65,929,000	64,127,000	62,180,000	57,328,000	60,304,000	58,552,000	53,210,000	56,208,000	54,701,000	51,250,000	48,243,000	50,501,000	49,057,000	46,588,000	46,152,000	43,692,000	42,582,000	41,013,000	38,082,000	33,398,000	35,203,000	28,583,000	27,360,000	27,039,000	29,004,000
accrued interest										32,472,000	12,044,000	29,514,000	10,241,000	29,837,000	10,347,000	29,339,000	9,932,000	29,002,000	9,894,000	28,938,000	10,072,000	29,240,000	10,152,000	29,610,000	11,339,000	33,853,000	10,112,000	10,234,000	22,593,000	12,137,000	23,648,000	13,293,000	28,588,000	19,885,000	19,277,000	21,558,000	32,964,000	16,927,000	23,453,000	25,300,000	14,152,000	21,805,000	10,985,000	16,765,000	22,005,000	9,057,000	16,063,000	13,921,000	26,945,000	5,942,000	15,096,000	5,590,000	18,623,000	12,889,000	30,937,000	13,191,000	31,947,000	14,759,000	32,919,000	15,293,000	16,072,000	36,908,000	15,455,000	36,759,000	16,007,000	36,694,000
accrued other										297,663,000	297,931,000	283,257,000	274,654,000	264,525,000	265,451,000	242,980,000	232,297,000	244,312,000	250,176,000	256,095,000	253,141,000	228,948,000	239,201,000	204,074,000	194,165,000	191,076,000	209,887,000	184,247,000	205,535,000	190,691,000	188,079,000	170,067,000	163,141,000	143,166,000	146,853,000	143,180,000	142,431,000	134,085,000	149,993,000	131,460,000	122,801,000	87,073,000	81,424,000	82,300,000	102,925,000	94,127,000	97,833,000	99,004,000	99,583,000	95,652,000	101,076,000	105,053,000	105,564,000	96,732,000	103,856,000	95,538,000	78,505,000	75,547,000	84,234,000	115,846,000	71,150,000	70,329,000	70,027,000	67,084,000	65,140,000	63,535,000
income taxes payable										1,499,000	579,000	8,209,000	13,618,000	480,000	1,265,000	11,774,000	3,175,000	1,437,000	31,253,000	50,662,000	52,545,000	7,956,000	16,980,000	36,985,000	8,090,000	2,638,000	2,815,000	11,767,000	8,657,000	3,671,000	6,129,000	4,425,000	10,634,000	9,071,000	6,976,000	5,399,000		12,314,000	2,848,000		2,303,000	6,776,000		19,645,000			17,195,000			16,095,000				6,698,000				2,649,000				3,431,000		1,937,000	22,346,000	33,589,000
government advances															942,000	6,471,000	20,862,000	83,790,000	159,505,000	251,272,000	324,975,000	321,807,000	318,116,000	316,992,000
unearned government assistance															236,000	586,000	194,000	93,000	2,414,000	4,099,000	101,814,000	82,607,000	66,938,000	45,505,000
common stock of holdings, 0.001 par value...																												135,000	135,000	135,000	135,000	134,000	134,000	134,000	133,000	132,000	132,000	131,000	131,000	131,000	131,000	131,000	130,000	131,000	140,000	140,000		140,000	140,000	142,000	145,000	150,000	154,000		155,000	161,000	160,000	160,000	160,000	156,000	205,000	205,000	205,000
common stock of select, 0.01 par value...
total select medical holdings corporation and select medical corporation stockholders’ equity																												846,009,000	802,031,000	803,042,000	774,592,000	895,471,000	852,600,000	823,368,000	848,319,000	801,729,000	969,041,000	956,077,000	917,943,000	825,297,000	805,933,000	765,722,000	711,332,000	701,403,000	768,416,000	758,299,000		889,569,000	863,511,000	839,679,000	822,855,000	826,093,000	827,935,000		783,880,000	805,716,000	795,763,000	767,820,000	738,988,000	673,431,000
bank overdrafts																																			34,134,000	22,299,000	20,151,000	26,477,000		24,099,000	27,337,000	18,925,000	9,192,000	18,476,000	7,435,000	19,461,000	12,207,000	13,598,000	20,348,000	19,100,000	16,609,000	14,618,000	20,894,000	9,374,000	18,792,000	10,971,000	14,201,000	17,314,000			18,911,000	19,023,000	15,205,000	12,213,000	7,531,000
non-controlling interest																																			95,335,000	90,682,000	90,945,000	60,580,000	51,775,000	48,179,000	48,226,000	42,517,000	34,270,000	32,595,000	31,244,000	30,508,000		33,149,000	33,417,000	32,403,000	32,471,000	32,493,000	32,909,000	31,570,000	31,534,000		31,593,000	30,227,000		7,635,000
current deferred tax asset																																					50,647,000	43,955,000	45,817,000	23,346,000	17,355,000	15,961,000	16,042,000	17,781,000	15,372,000	14,850,000	18,811,000	17,978,000	15,533,000	19,894,000	18,305,000	19,834,000	15,635,000	29,644,000	30,654,000	38,949,000	40,808,000	47,377,000	48,535,000	51,426,000	38,760,000	40,837,000	41,804,000	42,613,000	57,892,000	57,182,000
other identifiable intangibles																																					338,220,000	343,928,000	318,174,000	258,640,000	261,642,000	72,640,000	72,023,000	71,980,000	71,831,000	71,713,000	71,745,000	71,783,000	71,783,000	71,868,000	72,123,000	72,448,000	72,776,000	73,102,000	80,119,000	67,719,000	63,468,000	64,648,000	65,297,000	67,473,000	95,532,000	97,237,000	77,541,000	79,230,000	81,456,000	83,409,000
due to third party payors																																					11,065,000						1,981,000	1,191,000	3,968,000	6,295,000	2,975,000	5,886,000	7,264,000	6,011,000	5,526,000	4,249,000	4,835,000	4,825,000	5,299,000	6,445,000	2,492,000	1,962,000	1,905,000	2,179,000	10,791,000	6,267,000	6,924,000	12,886,000	9,006,000	9,562,000
of 61,133 and 56,664 at 2015 and 2016, respectively																																						613,790,000
assets held for sale																																															2,742,000	2,742,000	2,742,000	2,742,000	2,742,000	11,342,000	11,342,000	11,342,000	11,342,000	11,342,000	11,342,000	11,342,000	11,342,000	11,342,000
accrued restructuring																																																2,015,000	3,038,000	4,325,000	5,027,000	5,608,000	5,966,000	6,293,000	6,754,000	2,831,000	3,232,000	3,763,000	4,256,000	4,740,000	20,713,000	11,742,000	208,000	225,000	252,000	280,000
common stock of select, 0.01par value, 100 shares issued and outstanding
common stock of holdings, 0.001par value, 700,000,000 shares authorized, 154,519,025 shares and 154,273,150 shares issued and outstanding in 2010 and 2011, respectively																																																						154,000
total select medical holdings corporation and select medical
corporation stockholders’ equity																																																						816,487,000
preferred stock — authorized shares																																																													485,081,000	479,044,000	473,145,000	467,395,000
restricted cash																																																													886,000	3,800,000	4,389,000	4,335,000	5,247,000	5,548,000
other assets held for sale																																																													3,447,000		4,825,000	4,855,000
liabilities and stockholders’ equity
accrued professional liability																																																													26,272,000	25,356,000	25,459,000	24,979,000	23,128,000	23,048,000
minority interest in consolidated subsidiary companies																																																													4,897,000	3,873,000	2,091,000	2,566,000	2,285,000	2,507,000
total liabilities and stockholders’ equity																																																													2,458,240,000	2,457,840,000	2,192,191,000	2,182,524,000	2,131,061,000	2,140,205,000
current assets held for sale
current liabilities held for sale
non-current liabilities held for sale
preferred stock																																																																	461,576,000	455,861,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30

operating activities
net income	63,775,000	37,742,000	44,180,000	57,879,000	74,732,000	3,756,000	81,015,000	94,766,000	117,167,000	61,798,000	60,816,000	91,860,000	85,257,000	37,712,000	38,126,000	66,262,000	55,926,000	66,310,000	100,217,000	196,208,000	137,214,000	102,215,000	104,457,000	67,486,000	70,448,000	43,671,000	44,030,000	59,986,000	53,344,000	147,220,000	60,559,000	43,982,000	51,300,000	23,463,000	3,992,000	40,853,000	59,944,000	32,810,000	40,054,000	37,285,000	37,994,000	34,367,000	25,207,000	29,878,000	36,802,000	25,158,000	44,816,000	42,572,000	37,337,000	26,381,000	13,657,000	35,387,000	21,894,000	8,665,000	26,173,000	25,632,000	31,299,000	-3,106,000	14,315,000	17,471,000	68,004,000	55,460,000
adjustments to reconcile net income to net cash from operating activities:
distributions from unconsolidated subsidiaries	14,043,000	10,155,000	11,723,000	10,947,000	20,145,000	8,742,000	16,306,000	1,756,000	12,374,000	13,521,000	1,055,000	6,275,000	2,566,000	5,019,000	5,752,000	3,654,000	7,486,000	9,230,000	8,388,000	7,751,000	11,633,000	13,670,000	10,497,000	2,744,000	8,479,000	6,613,000	2,461,000	3,276,000	7,872,000	10,734,000	6,466,000	1,364,000	6,022,000	4,911,000	4,106,000	3,734,000	8,305,000	11,762,000	24,000	28,000
depreciation and amortization	37,666,000	36,205,000	34,442,000	34,848,000	34,808,000	45,743,000	50,143,000	53,939,000	54,069,000	53,984,000	52,394,000	49,939,000	52,425,000	52,246,000	51,459,000	51,081,000	51,039,000	51,943,000	50,128,000	50,954,000	49,620,000	51,526,000	50,110,000	52,271,000	51,752,000	52,504,000	52,941,000	54,993,000	52,138,000	149,022,000	51,724,000	46,771,000	38,333,000	42,539,000	37,165,000	36,205,000	34,517,000	31,472,000	21,848,000	17,348,000	17,196,000	16,229,000	16,163,000	15,907,000	15,802,000	15,537,000	15,428,000	16,199,000	18,751,000	17,545,000	17,999,000	17,222,000	17,373,000	17,012,000	16,610,000	17,711,000	17,635,000	16,399,000	13,939,000	11,704,000	35,131,000	22,737,000
provision for expected credit losses	1,098,000	301,000	506,000	-728,000	2,283,000	2,620,000	199,000	606,000	854,000	-71,000	340,000	332,000	429,000	215,000	-152,000	17,000	94,000	64,000	-40,000	145,000	67,000	323,000	28,000	54,000	199,000
equity in earnings of unconsolidated subsidiaries	-12,011,000	-15,399,000	-12,992,000	-13,618,000	-12,512,000	-10,423,000	-33,069,000	-6,315,000	-10,421,000	-10,195,000	-11,561,000	-10,501,000	-8,556,000	-6,759,000	-8,084,000	-6,167,000	-5,397,000	-11,248,000	-11,452,000	-11,809,000	-9,919,000	-9,763,000	-8,765,000	-8,324,000	-2,588,000	-6,279,000	-6,950,000	-7,394,000	-4,366,000	-14,914,000	-4,785,000	-4,697,000
loss on sale or disposal of assets	48,000				-23,000				44,000							-1,453,000	-23,000
stock compensation expense	4,638,000	4,523,000	4,255,000	4,032,000	3,892,000	61,271,000	13,376,000	14,413,000	11,610,000	11,818,000	11,483,000	10,327,000	10,181,000	9,799,000	10,187,000	8,946,000	8,823,000	8,938,000	8,194,000	7,099,000	6,709,000	6,422,000	6,962,000	6,963,000	6,903,000	7,020,000	6,818,000	6,358,000	6,255,000	17,175,000	5,984,000	4,927,000	4,684,000	4,586,000	4,750,000	4,198,000	3,976,000
amortization of debt discount and issuance costs	778,000																																										1,919,000	2,284,000	2,304,000
deferred income taxes	6,336,000	20,105,000	17,895,000	-1,693,000	-5,655,000	2,507,000	-602,000	-27,448,000	-6,891,000	930,000	-6,173,000	-8,275,000	-2,601,000	14,601,000	-5,115,000	-2,385,000	420,000	17,020,000	-3,642,000	-7,426,000	-897,000	-159,000	-11,140,000	-12,780,000	9,364,000	-188,000	-957,000	-6,209,000	-81,000	-2,092,000	-1,769,000	78,000
changes in operating assets and liabilities, net of effects of business combinations:
accounts receivable	-86,370,000	-38,698,000	83,144,000	-548,000	-89,083,000	20,916,000	22,348,000	56,199,000	-195,308,000	4,170,000	20,121,000	32,262,000	-55,397,000	-32,497,000	12,745,000	19,794,000	-52,225,000	22,456,000	32,396,000	28,391,000	-60,142,000	-25,188,000	-104,592,000	67,107,000	-53,928,000	35,434,000	-7,552,000	-11,121,000	-74,752,000	23,495,000	40,037,000	-45,811,000																	-29,660,000	-226,000	18,895,000	-100,135,000	-37,661,000	24,705,000	11,832,000	-63,205,000	-3,422,000	-8,934,000	-11,188,000	-33,210,000	-10,811,000	-25,530,000
other current assets	-10,563,000	7,911,000	-8,060,000	12,792,000	-12,230,000	10,216,000	1,299,000	16,168,000	-9,611,000	-12,098,000	-11,279,000	5,745,000	-11,742,000	-7,789,000	5,051,000	-309,000	-1,819,000	-596,000	11,034,000	-8,431,000	-4,425,000	4,040,000	-23,528,000	686,000	27,000	1,757,000	3,220,000	-1,713,000	-7,523,000	-10,274,000	5,934,000	-8,945,000			1,083,000	3,451,000	7,560,000												-1,441,000	1,751,000	1,565,000	-3,076,000	-1,976,000	4,066,000	1,571,000	-2,066,000	-135,000	1,826,000	-1,814,000	423,000	2,494,000	1,538,000
other assets	5,092,000	-13,864,000	1,597,000	1,332,000	2,127,000	-1,009,000	26,789,000	-15,210,000	2,363,000	3,003,000	1,556,000	1,813,000	3,659,000	6,841,000	8,375,000	-1,411,000	2,686,000	-4,072,000	8,860,000	-12,945,000	961,000	1,252,000	4,831,000	9,256,000	2,248,000	4,863,000	2,198,000	-58,258,000	57,319,000	4,828,000	-9,949,000	16,633,000			476,000			972,000	1,905,000	1,663,000								2,028,000	348,000	-1,652,000	672,000	2,052,000	314,000	1,634,000	-3,270,000	2,130,000	2,096,000	-1,617,000	2,083,000	-1,013,000	3,591,000	2,791,000
accounts payable	21,196,000	-18,626,000	-3,322,000	7,632,000	13,462,000	-14,733,000	5,558,000	-1,896,000	-5,718,000	-11,200,000	-2,308,000	11,660,000	-4,564,000	-25,857,000	-27,064,000	-11,195,000	16,074,000	30,478,000	4,033,000	-4,579,000	23,460,000	3,079,000	19,995,000	13,243,000	-8,992,000	4,374,000	-1,301,000	-1,654,000	4,324,000	-3,507,000	1,090,000	-6,552,000	347,000	412,000				-5,878,000	3,593,000	5,332,000	5,611,000	4,732,000			4,130,000				6,621,000	5,901,000	-3,670,000	11,777,000	-3,692,000	5,327,000	-6,994,000	-1,802,000	9,329,000	3,386,000	-795,000	3,967,000	4,300,000	1,222,000
accrued expenses	-7,866,000	33,132,000	1,159,000	-3,349,000	-36,186,000	-13,005,000	-14,030,000	91,498,000	-37,971,000	63,084,000	-1,022,000	42,808,000	-20,775,000	-3,150,000	-4,499,000	51,564,000	-31,076,000	-157,955,000	13,762,000	49,867,000	21,167,000	51,058,000	113,753,000	48,483,000	-44,455,000	14,902,000	40,552,000	51,007,000	-69,163,000	49,391,000	13,188,000	-11,981,000			32,364,000	-30,561,000	51,193,000	32,009,000	-6,050,000	6,757,000						-6,075,000			17,454,000	-19,341,000	16,723,000	-9,948,000	22,916,000	-14,584,000	22,179,000	-20,633,000	-11,645,000	2,017,000	8,491,000	2,170,000	-9,991,000	-11,747,000
net cash from operating activities	37,860,000	64,325,000	175,307,000	110,292,000	-3,457,000	125,432,000	180,969,000	278,152,000	-66,689,000	179,442,000	116,338,000	234,838,000	51,440,000	12,544,000	94,263,000	171,681,000	6,337,000	-60,752,000	98,954,000	123,138,000	239,888,000	207,438,000	134,537,000	642,014,000	44,084,000	178,542,000	133,726,000	91,152,000	41,762,000	380,977,000	166,223,000	50,727,000			102,278,000	66,817,000	111,152,000	128,371,000	37,525,000	37,535,000			93,082,000			75,271,000	110,625,000	8,180,000	73,214,000	60,387,000	88,559,000	-5,032,000	34,272,000	51,546,000	74,515,000	-15,796,000	72,192,000	-284,000	62,789,000	-7,485,000	105,166,000	82,774,000
capital expenditures	-58,898,000	0	-53,102,000	-64,684,000	-52,339,000	-63,429,000	-50,683,000	-55,548,000	-52,517,000	-60,603,000	-50,198,000	-59,514,000	-58,885,000	-55,253,000	-41,942,000	-46,332,000	-46,845,000	-55,151,000	-48,944,000	-36,723,000	-39,719,000	-40,868,000	-34,319,000	-32,045,000	-39,208,000	-33,170,000	-34,671,000	-40,212,000	-49,073,000	-121,039,000	-42,031,000	-39,617,000			0	0	0	0	0	0			0			0	0	0	-13,922,000	-8,398,000	-10,776,000	-12,920,000	-13,135,000	-12,172,000	-13,407,000	-13,047,000	-22,627,000	-38,065,000	-51,733,000	-38,099,000	-112,132,000	-71,814,000
free cash flows	-21,038,000	64,325,000	122,205,000	45,608,000	-55,796,000	62,003,000	130,286,000	222,604,000	-119,206,000	118,839,000	66,140,000	175,324,000	-7,445,000	-42,709,000	52,321,000	125,349,000	-40,508,000	-115,903,000	50,010,000	86,415,000	200,169,000	166,570,000	100,218,000	609,969,000	4,876,000	145,372,000	99,055,000	50,940,000	-7,311,000	259,938,000	124,192,000	11,110,000			102,278,000	66,817,000	111,152,000	128,371,000	37,525,000	37,535,000			93,082,000			75,271,000	110,625,000	8,180,000	59,292,000	51,989,000	77,783,000	-17,952,000	21,137,000	39,374,000	61,108,000	-28,843,000	49,565,000	-38,349,000	11,056,000	-45,584,000	-6,966,000	10,960,000
investing activities
business combinations, net of cash acquired	31,000	-7,596,000				-10,786,000	3,682,000	-588,000	-5,405,000	-9,085,000	-12,750,000	-7,335,000	-397,000	-4,960,000	-2,786,000	-14,055,000	-5,186,000	-55,081,000	-16,749,000	-3,767,000	-6,314,000	-6,732,000	-7,115,000	-128,000	-6,833,000	-7,436,000	-207,000	-79,942,000	-6,120,000	-519,258,000	-2,345,000	-515,359,000
purchases of property and equipment	-58,898,000		-53,102,000	-64,684,000	-52,339,000									-55,253,000	-41,942,000	-46,332,000	-46,845,000	-55,151,000	-48,944,000	-36,723,000	-39,719,000	-40,868,000	-34,319,000	-32,045,000	-39,208,000	-33,170,000	-34,671,000	-40,212,000	-49,073,000	-121,039,000	-42,031,000	-39,617,000																	-13,922,000	-8,398,000	-10,776,000	-12,920,000	-13,135,000	-12,172,000	-13,407,000	-13,047,000	-22,627,000	-38,065,000	-51,733,000	-38,099,000	-112,132,000	-71,814,000
proceeds from sales of assets and business	2,212,000
net cash from investing activities	-56,655,000	-66,892,000	-32,610,000	-64,669,000	-52,315,000	-74,193,000	-45,093,000	-54,068,000	-57,657,000	-69,584,000	-63,018,000	-66,813,000	-69,062,000	-57,234,000	-55,011,000	-58,763,000	-55,331,000	-99,268,000	-69,081,000	-35,660,000	-52,585,000	-53,168,000	18,377,000	-35,903,000	-44,659,000	-46,019,000	-43,231,000	-144,680,000	-82,799,000	-646,542,000	-39,932,000	-556,039,000																	-18,927,000	-8,398,000	-12,740,000	-14,670,000	-12,570,000	-177,974,000	-13,407,000	-13,047,000	-43,627,000	-32,194,000	-256,498,000	-37,353,000	-37,589,000	2,429,000
financing activities
borrowings on revolving facilities	250,000,000	320,000,000	200,000,000	365,000,000	405,000,000	290,000,000	235,000,000	220,000,000	495,000,000	270,000,000	200,000,000	210,000,000	225,000,000	275,000,000	280,000,000	285,000,000	280,000,000					0	0	10,000,000	460,000,000	0	65,000,000	275,000,000	360,000,000	420,000,000	100,000,000	165,000,000	100,000,000	530,000,000	100,000,000	130,000,000	190,000,000	180,000,000
payments on revolving facilities	-225,000,000	-370,000,000	-300,000,000	-295,000,000	-330,000,000	-195,000,000	-570,000,000	-385,000,000	-265,000,000	-330,000,000	-205,000,000	-325,000,000	-210,000,000	-210,000,000	-250,000,000	-275,000,000	-100,000,000					0	0	-175,000,000	-295,000,000	0	-260,000,000	-240,000,000	-220,000,000	-585,000,000	-195,000,000	-150,000,000
payments on term loans	-2,625,000	-2,625,000	-2,625,000	-2,625,000	-2,625,000	-372,982,000	-1,640,418,000	0	-79,085,000	-5,258,000												0	0	0	-39,843,000	-1,243,086,000	-242,399,000	0	-132,685,000	-8,625,000	-2,875,000	-2,875,000
borrowings of other debt	19,369,000	59,696,000	20,169,000	5,338,000	16,015,000	4,086,000	3,078,000	0	17,728,000	550,000	8,551,000	850,000	21,448,000	4,800,000	3,372,000	1,700,000	15,794,000	13,498,000	10,600,000	0	8,915,000	5,022,000	3,599,000	25,000,000	6,487,000	4,943,000	5,052,000	5,940,000	8,290,000	30,134,000	8,328,000	11,600,000	2,873,000	6,571,000	1,719,000	15,355,000	6,727,000	1,451,000	3,008,000	6,582,000	0	6,111,000	2,329,000	1,083,000	5,826,000	0	0	5,835,000	1,559,000	0	0	5,496,000	1,332,000	0	0	5,015,000	2,005,000
principal payments on other debt	-9,903,000	-8,363,000	-9,274,000	-8,962,000	-7,729,000	-29,498,000	-12,521,000	-14,200,000	-9,061,000	-8,648,000	-11,925,000	-15,203,000	-11,170,000	-10,429,000	-8,291,000	-7,686,000	-9,188,000	-16,758,000	-7,596,000	-5,972,000	-9,342,000	-5,561,000	-7,087,000	-27,634,000	-8,099,000	-7,976,000	-9,948,000	-6,525,000	-6,155,000	-17,971,000	-5,612,000	-5,909,000
dividends paid to common stockholders	-7,751,000	-7,751,000	-7,739,000	-7,885,000	-8,060,000	-16,124,000	-16,194,000	-16,254,000	-16,045,000	-16,048,000	-16,035,000	-15,924,000	-15,897,000	-15,897,000	-15,893,000	-16,108,000	-16,691,000	-16,784,000	-16,940,000
repurchases of common stock			-1,970,000	-86,176,000	-11,389,000
increase in overdrafts	2,643,000																											-3,874,000	6,050,000
proceeds from issuance of non-controlling interests	5,948,000	2,940,000	2,058,000	2,962,000	7,944,000	6,300,000	3,662,000	1,749,000	4,002,000	2,472,000	5,651,000	12,081,000	2,731,000	2,434,000	141,000	1,726,000	5,229,000	806,000	14,238,000			5,878,000	0	7,000	1,679,000	159,000	0	14,863,000	3,425,000	2,926,000			1,459,000	2,094,000
distributions to and purchases of non-controlling interests	-14,726,000	-41,070,000	-19,105,000	-14,962,000	-14,745,000	-24,201,000	-17,430,000	-5,531,000	-12,839,000	-8,663,000	-30,783,000	-16,116,000	-7,969,000	-2,444,000	-22,000,000	-8,368,000	-10,295,000	-22,684,000	-21,245,000	-15,489,000	-13,663,000	-10,393,000	-14,536,000	-1,186,000	-12,474,000	-5,748,000	-8,287,000	-2,494,000	-5,251,000
net cash from financing activities	17,955,000	-30,964,000	-134,992,000	-46,487,000	49,291,000	-183,013,000	-55,568,000	-205,544,000	132,960,000	-103,292,000	-77,047,000	-150,561,000	3,419,000	34,373,000	-25,698,000	-149,130,000	105,565,000	-513,653,000	-85,383,000	-34,259,000	-14,090,000	-217,009,000	-22,851,000	-169,537,000	-262,144,000	67,396,000	-78,568,000	29,749,000	13,674,000	303,429,000	-104,945,000	502,446,000	-29,688,000	63,250,000	-81,474,000	-39,478,000	357,495,000	-117,762,000			-36,397,000	44,171,000		3,144,000	306,000				-52,457,000	-55,360,000	-77,303,000	30,405,000	-32,680,000	13,018,000	-5,528,000	18,336,000	-225,377,000	16,971,000	181,783,000	774,000	-98,433,000	-108,959,000
net decrease in cash and cash equivalents	-840,000																								-262,719,000				-27,363,000			-2,866,000																								-10,507,000		-15,507,000	-11,926,000	-44,064,000	-30,821,000	-23,721,000
cash and cash equivalents at beginning of period	26,523,000	0	0	0	59,694,000	0	0	0	84,006,000	0	0	0	97,906,000	0	0	0	74,310,000	0	0	0	577,061,000	0	0	0	335,882,000	0	0	0	175,178,000	122,549,000	0	122,549,000	0	99,029,000	0	0	14,435,000	0	0	3,354,000	0	4,319,000	0	0	40,144,000	0	0	12,043,000	0	0	0	4,365,000	0	0	0	83,680,000	0	0	0	81,600,000	35,861,000	35,861,000
cash and cash equivalents at end of period	25,683,000	-33,531,000	7,705,000	-864,000	53,213,000	-131,774,000	80,308,000	18,540,000	92,620,000	6,566,000	-23,727,000	17,464,000	83,703,000	-10,317,000	13,554,000	-36,212,000	130,881,000	-673,673,000	-55,510,000	53,219,000	750,274,000	-62,739,000	130,063,000	436,574,000	73,163,000	199,919,000	11,927,000	-23,779,000	147,815,000	160,413,000	21,346,000	119,683,000	8,588,000	65,211,000	-10,197,000	-6,988,000	85,408,000	-2,556,000	18,603,000	6,588,000	-1,552,000	4,692,000	525,000	4,268,000	4,500,000	28,156,000	12,246,000	9,274,000	1,830,000	-3,371,000	-1,484,000	15,068,000	-10,978,000	-113,410,000	55,580,000	73,173,000	-196,812,000	-15,507,000	-11,926,000	37,536,000	5,040,000	12,140,000
supplemental information
cash paid for interest	17,554,000															20,700,000	53,517,000	13,633,000	51,615,000	14,485,000	52,470,000	15,062,000	54,050,000	18,239,000	67,885,000	33,902,000	51,181,000	60,710,000	37,199,000	134,378,000	62,105,000	35,233,000	38,085,000	38,565,000	23,613,000	47,771,000	21,544,000	20,005,000	31,197,000	8,735,000	24,700,000	14,407,000	6,525,000	26,708,000	27,206,000	35,744,000	1,093,000	31,285,000	12,856,000	35,343,000	17,924,000	41,365,000	6,042,000	43,969,000	9,890,000	46,038,000	10,794,000	58,368,000	9,771,000	52,001,000	114,504,000	61,886,000
cash paid for taxes	3,908,000	3,904,000	1,066,000	19,580,000	1,472,000	30,491,000	41,870,000	60,222,000	604,000	10,008,000	35,747,000	42,419,000	336,000	7,446,000	8,421,000	15,500,000	923,000	44,327,000	60,763,000	74,751,000	1,343,000	26,945,000	77,025,000	3,785,000	1,135,000	12,120,000	29,231,000	28,523,000	718,000	40,460,000	22,104,000	376,000	26,419,000	1,207,000	24,419,000	34,309,000	1,209,000	23,203,000	31,969,000	733,000	42,659,000	2,812,000	6,145,000	45,692,000	1,140,000	14,506,000	45,140,000	204,000	7,895,000	1,670,000	29,332,000	103,000	1,385,000	11,760,000	23,684,000	980,000	-4,357,000	5,611,000	2,406,000	443,000	21,840,000	2,666,000
loss on extinguishment of debt						8,099,000				0																11,970,000				484,000	72,000	412,000
amortization of debt discount, premium and issuance costs										748,000	725,000	609,000	565,000	576,000	573,000	565,000	558,000	562,000	560,000	552,000	543,000	549,000	542,000	540,000	553,000	2,097,000	3,143,000	3,095,000	3,231,000	9,845,000	3,350,000	3,136,000	2,552,000	3,422,000	4,768,000	3,386,000	3,691,000	2,719,000	2,098,000	1,929,000	1,798,000	2,051,000
purchases of property, equipment, and other assets						-63,429,000	-50,683,000	-55,548,000	-52,517,000	-60,603,000	-50,198,000	-59,514,000	-58,885,000
investment in businesses										1,000	-74,000	0	-9,800,000	0	-10,333,000	-3,653,000	-3,337,000	-4,600,000	-5,182,000	-4,614,000	-6,571,000	-5,568,000	-11,108,000	-4,901,000	-9,848,000	-5,422,000	-8,411,000	-24,649,000	-27,608,000	-12,936,000	-1,537,000	-1,754,000
proceeds from sales and exchanges of assets and sale of business
proceeds from term loans, net of issuance costs						1,043,355,000
payment on senior notes, including call premium
proceeds from senior notes, net of issuance costs
repurchase of common stock						-19,981,000	-16,524,000			-1,709,000	-9,544,000			-1,914,000	-14,991,000	-126,947,000	-51,676,000	-13,426,000	-64,440,000			-1,792,000	-4,827,000	-724,000	-8,691,000	-1,222,000	-23,689,000			-5,640,000	-767,000	-122,000																		-28,356,000	-1,259,000	-2,026,000
decrease in overdrafts		16,751,000	-16,506,000	-4,177,000	-5,120,000	11,630,000	-9,453,000	-4,908,000	-1,740,000		-1,500,000	257,000	-724,000		1,964,000	-3,447,000	-7,608,000									0				-6,172,000	1,745,000	-7,916,000
purchase of membership interests of concentra group holdings parent																						-210,163,000	0	0	-366,203,000
proceeds from concentra initial public offering						0
cash transferred to concentra at separation
supplemental information:
cash paid for interest, excluding amounts received of 82,818 and 68,069 under the interest rate cap contract for the years ended december 31, 2023 and 2024, respectively.
non-cash investing and financing activities:
liabilities for purchases of property and equipment
gain on sale or disposal of assets			-4,000				-89,000				16,000	-16,000	-7,000
amortization of debt discount, premium, and issuance costs			784,000	786,000	783,000		787,000	742,000	750,000
proceeds from sales and exchange of assets
proceeds from 6.875% senior notes, net of issuance costs
net increase in cash and cash equivalents			7,705,000	-864,000	-6,481,000	-131,774,000	80,308,000	18,540,000	8,614,000	6,566,000	-23,727,000	17,464,000	-14,203,000	-10,317,000	13,554,000	-36,212,000	56,571,000	-673,673,000	-55,510,000	53,219,000	173,213,000	-62,739,000	130,063,000			199,919,000	11,927,000			37,864,000					-10,197,000	-6,988,000	70,973,000	-2,556,000	18,603,000	3,234,000		373,000				28,156,000			1,830,000	-3,371,000			-10,978,000	-113,410,000			-196,812,000
cash paid for interest, excluding amounts received of 68,069 under the interest rate cap contract during the nine months ended september 30, 2024
proceeds from sale of assets				15,000	24,000						4,000	36,000	20,000		50,000	5,277,000	37,000																													0	0	16,511,000	0	0
cash paid for interest, excluding amounts received of 44,954 under the interest rate cap contract during the six months ended june 30, 2024
cash paid for interest, excluding amounts received of 22,515 under the interest rate cap contract during the three months ended march 31, 2024					23,772,000
gain on sale of assets and businesses																						2,160,000	-16,842,000	-542,000	-7,339,000	28,000	5,000	-121,000	-6,233,000	-9,129,000	-6,467,000	-513,000
government advances														-942,000	-5,529,000	-14,391,000	-62,928,000	-75,715,000	-91,767,000			0	1,124,000
proceeds from sale of assets and businesses						22,000	1,908,000	2,068,000	265,000									15,564,000	1,794,000	9,444,000	19,000	0	70,919,000	1,171,000	11,230,000	9,000	58,000	123,000	2,000	6,691,000	5,981,000	691,000	15,040,000	19,512,000
cash paid for interest, excluding amounts received of 19,584, 82,818, and 68,069 under the interest rate cap contract for the years ended december 31, 2022, 2023 and 2024, respectively.
cash paid for interest, excluding amounts received of 60,353 and 68,069 under the interest rate cap contract
cash paid for interest, excluding amounts received of 38,284 and 44,954 under the interest rate cap contract
cash paid for interest, excluding amounts received of 17,828 and 22,515 under the interest rate cap contract									88,834,000
unearned government assistance														-130,000	-350,000	392,000	101,000	-2,321,000	-1,684,000	-97,716,000	19,207,000	15,669,000	21,433,000
proceeds from term loans										0																614,423,000				779,904,000	0	779,904,000	-335,000	1,139,822,000
cash paid for interest, excluding amounts received of 19,584 and 82,818 under the interest rate cap contract for the years ended december 31, 2022 and 2023, respectively.
cash paid for interest, excluding amounts received of 6,232 and 60,353 under the interest rate cap contract
cash paid for interest, excluding amounts received of 103 and 38,284 under the interest rate cap contract
cash paid for interest, excluding amounts received of 17,828 under the interest rate cap contract for the three months ended march 31, 2023													84,531,000
cash paid for interest, excluding 19,584 received under the interest rate cap contract for the year ended december 31, 2022
income taxes															12,905,000	6,717,000	16,598,000		-29,452,000	-1,642,000	44,618,000		-34,328,000	32,330,000	11,413,000		-15,428,000	-1,484,000	17,830,000	9,072,000	772,000	11,838,000	3,979,000	15,420,000	-23,788,000	9,467,000	19,354,000	-3,170,000	-6,500,000	24,916,000
cash paid for interest, excluding amounts received of 6,232 under interest rate cash flow hedge for the nine months ended september 30, 2022
proceeds from 6.250% senior notes																										705,811,000
payment on 6.375% senior notes																										0
revolving facility debt issuance costs																										0				-1,333,000	0	-1,333,000
proceeds from exercise of stock options																										92,000	413,000			1,633,000	882,000	738,000	346,000	617,000
gain on sale or disposal of assets and businesses
loss on sale or disposal of assets and businesses																				422,000	72,000
non-cash equity exchange for acquisition of u.s. healthworks																														238,000,000	0	238,000,000
operating lease right-of-use assets obtained in exchange for lease liabilities, excluding adoption impact of asc topic 842 at january 1, 2019																								64,231,000	67,894,000
provision for bad debts																										694,000	386,000	391,000	1,567,000		17,000	85,000											9,262,000	8,846,000	9,321,000	11,199,000	10,029,000	10,375,000	11,345,000	11,709,000	13,943,000	14,350,000	9,698,000	11,317,000	10,845,000	9,287,000	7,194,000	10,782,000	8,835,000	5,589,000	18,853,000	13,520,000
dividends paid to holdings
equity investment by holdings
benefit from bad debts																														-373,000			18,174,000	20,625,000	17,677,000	17,517,000	16,397,000	18,287,000	12,286,000	12,670,000	11,115,000	11,018,000
gain on sale of equity investment
impairment of equity investment																																			0	0	5,339,000
proceeds from sale of equity investment
distributions to non-controlling interests																														-306,427,000	-14,572,000	-286,641,000																	-1,105,000	-1,237,000	-599,000	-1,671,000	-813,000	-1,527,000	-345,000	-1,746,000	-280,000
as reported
condensed consolidated statements of operations
net operating revenues																														1,077,014,000
bad debt expense																														169,000
tax benefit from stock based awards																																			245,000	253,000	16,000	372,000	6,000	5,000
purchase of non-controlling interests
loss on disposal of assets																																			227,000																									305,000	1,418,000	259,000
acquisition of businesses, net of cash acquired																																																	-2,820,000	0	3,921,000	-2,000,000	0				-21,000,000	125,000	-214,018,000	-81,000	-3,261,000	-3,261,000
repayments of bank overdrafts
loss on early retirement of debt																																		6,527,000	10,853,000	0	773,000				0	2,277,000	0	17,280,000	1,467,000				0	0
amortization of leasehold interests																																			162,000	172,000	123,000
changes in operating assets and liabilities, net of effects from acquisition of businesses:
due to third party payors
net proceeds from term loans
proceeds from issuance of common stock																																			831,000	636,000	21,000	279,000	836,000	489,000	3,354,000	1,943,000				557,000	452,000	95,000	39,000	0	88,000	81,000			15,000	110,000
proceeds from issuance of non-controlling interest																																			8,743,000			0
proceeds from (repayments of) bank overdrafts																																										5,970,000
supplemental cash flow information
cash and cash equivalents
identifiable tangible assets, excluding cash and cash equivalents
identifiable intangible assets
goodwill																																								1,652,005,000	12,000	1,642,857,000
total assets
total liabilities
acquired non-controlling interests
net assets acquired
less: cash and cash equivalents acquired
net cash paid
gain on sale of assets and business
proceeds from sale of assets and business																																				8,766,000	62,600,000
net proceeds from select term loans
net proceeds from concentra term loans
borrowings on select term loans, net of discount and debt issuance costs																																					600,127,000
payments on select term loans
issuance of 6.375% senior notes, includes premium																																									0	111,650,000
proceeds from concentra term loans, net of discounts																																						0
debt issuance costs																																																	0	0
proceeds from bank overdrafts																																																												2,992,000
balance at december 31, 2014 — redeemable non-controlling interests
issuance of redeemable non-controlling interests
redeemable non-controlling interests acquired in business combination
changes in the redemption amounts of redeemable non-controlling interests
net income attributable to redeemable non-controlling interests
distributions to redeemable non-controlling interests
repurchase of redeemable non-controlling interests
balance at september 30, 2015 — redeemable non-controlling interests
income from disposal of assets																																							246,000	5,000	22,000	121,000
non-cash stock compensation expense																																							3,395,000	2,399,000	1,965,000	2,155,000	1,866,000	1,788,000	1,749,000	1,391,000	1,338,000	1,261,000	1,027,000	918,000	900,000	880,000	831,000	460,000	437,000	508,000	352,000	931,000	951,000	927,000	2,837,000	1,891,000
issuance of non-controlling interests in concentra group holdings
acquisition of concentra inc. non-controlling interests
changes in the redemption amounts of non-controlling interests
net income attributable to non-controlling interests
balance at june 30, 2015 — redeemable non-controlling interests
borrowings on revolving credit facility																																								215,000,000	230,000,000	285,000,000	125,000,000	265,000,000	190,000,000							205,000,000	137,000,000				0	159,000,000
payments on revolving credit facility																																																				-105,000,000	-132,000,000				-90,000,000	-139,000,000
payments on credit facility term loans
trademarks																																								57,709,000	0	57,709,000
certificates of need																																								12,848,000	43,000	12,188,000
accreditations																																								2,083,000	0	2,083,000
total																																								1,724,645,000	55,000	1,714,837,000
due to third-party payors																																									790,000	1,154,000	-2,327,000	3,320,000	1,897,000	-1,378,000	1,253,000	485,000	1,277,000	-586,000	10,000	-474,000	-1,146,000	-1,343,000	530,000	57,000	-274,000	4,483,000	-617,000	-5,961,000	-3,169,000	-2,613,000
investment in businesses, net of distributions
borrowings on credit facility term loans, net of discount																																											0	0	298,500,000
repurchase of senior floating rate notes																																																									0
repurchase of 7 5/8% senior subordinated notes
proceeds from (repayment of) bank overdrafts																																																2,491,000	1,991,000			-9,418,000			-3,113,000	17,314,000		-112,000
income and deferred taxes																																										19,280,000			21,293,000	1,680,000	-17,503,000	27,382,000		17,659,000	-18,219,000	26,238,000		-5,995,000	-6,211,000	16,136,000		-8,267,000	8,171,000	11,982,000
adjustments to reconcile net income to net cash provided by operating activities:
gain from disposal or sale of assets
issuance of 6.375% senior notes																																											0
repayment of bank overdrafts																																																														-19,355,000
loss from disposal or sale of assets																																												40,000	41,000
investment in business, net of distributions
amortization of debt discount																																														501,000	311,000	311,000	312,000	309,000	455,000	507,000	497,000	478,000	468,000	450,000	442,000	334,000	328,000	315,000
borrowings on revolving credit facilities																																														25,000,000	110,000,000	230,000,000	140,000,000	160,000,000
payments on revolving credit facilities																																																	-150,000,000	-175,000,000
borrowings on 2011 credit facility term loans, net of discount
payments on 2011 credit facility term loans																																																	-2,125,000
payments on 2005 credit facility term loans, net of premium
repurchase of 10% senior subordinated notes																																																	0	0
repurchase of 7 5/8% senior subordinated notes, net of premiums
investment in business																																																		0
borrowings on 2011 credit facility term loan, net of discount																																																	0	0
payments on 2011 credit facility term loan
payments on 2005 credit facility term loans, net of call premium																																																	0	0
repurchase of 7 5/8% senior subordinated notes, net of tender premium																																																	0	0
payments on 2005 credit facility term loans
net increase (decrease in) cash and cash equivalents																																																				10,703,000
non-cash loss from interest rate swaps
proceeds from initial public offering, net of fees																																																									33,866,000
payment of initial public offering costs																																																									-1,153,000
repurchase of common and preferred stock																																																									0	0	0	-14,000
equity contribution and loans from non-controlling interests																																																									0
loss from disposal of assets																																																		19,000	-5,389,000	188,000	-128,000	-48,000	527,000	133,000	-672,000
non-cash gain from interest rate swaps																																																						-148,000	-182,000	-134,000
principal payments on seller and other debt																																																		-2,366,000	-986,000	-2,494,000	-769,000	-2,225,000	-2,085,000	-2,357,000	-1,537,000	-771,000	-180,000	-111,000	-614,000	-600,000
proceeds from sale of business																																																				250,000								880,000	76,806,000	76,806,000
payment on credit facility term loans																																																				-59,563,000
gain on early retirement of debt																																																									2,870,000
proceeds from sale of business units																																																										2,832,000
proceeds from sale of property																																																									0
insurance proceeds
payment on credit facility term loan																																																									-168,400,000
repurchase of 75/8% senior subordinated notes
exercise of stock options																																																										40,000
borrowings (repayment) of bank overdrafts
changes in restricted cash																																																										2,914,000
credit facility term loan borrowing																																																										0
proceeds from issuance of restricted stock																																																										0
gain from disposal of assets and sale of business units																																																										2,074,000
minority interests																																																										237,000	813,000	323,000	1,435,000	1,066,000
accrued interest																																																										-20,829,000	21,446,000	-21,304,000	-20,021,000	667,000
earnout payments																																																													-100,000	-100,000
sale of building																																																										0
payments on credit facility term loan																																																										-1,700,000
dividends to holdings
distributions to minority interests																																																										-486,000	-179,000	-843,000	-1,604,000	-1,104,000
effect of exchange rate changes on cash and cash equivalents																																																													35,000	35,000
non-cash income from interest rate swaps
gain from sale of business																																																												-1,173,000	-13,950,000	-13,950,000
non-cash loss from hedge
restricted cash																																																												-53,000	1,098,000	798,000
net repayments on credit facility debt																																																												-1,450,000	-84,350,000	-87,900,000
proceeds from sale of restricted stock																																																												200,000
gain on sale of business
non cash compensation expense
income taxes and deferred taxes																																																													24,177,000	34,892,000
proceeds from sale of business, net of cash sold
proceeds from sale of membership interests
proceeds from senior floating rate notes
equity investment
proceeds from credit facility
proceeds from 7 5/8% senior subordinated notes
repayment of senior subordinated notes
deferred financing costs
costs associated with equity investment
repurchases of common stock and options
payment of preferred stock dividends
payment of common stock dividends
amorization of debt discount																																																													868,000	571,000
issuance of senior floating rate notes
proceeds from 10% senior subordinated notes
payment of deferred financing costs
repurchases of common stock, preferred stock and options																																																													-41,000
borrowing (repayment) of bank overdrafts																																																													-11,824,000
proceeds from senior subordinated notes

Select Medical Holdings Corporation(NYSE:SEM)

Select Medical Holdings Corporation
(NYSE:SEM)