SELECT MEDICAL HOLDINGS CORP

CIK:0001320414|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 1,421,476	$ 1,353,172
Costs and expenses:
Cost of services, exclusive of depreciation and amortization	1,246,008	1,172,611
General and administrative	39,384	33,008
Depreciation and amortization	37,666	34,808
Total costs and expenses	1,323,058	1,240,427
Income from operations	98,418	112,745
Other income and expense:
Equity in earnings of unconsolidated subsidiaries	12,011	12,512
Interest expense	(28,336)	(29,072)
Income before income taxes	82,093	96,185
Income tax expense	18,318	21,453
Net income	63,775	74,732
Less: Net income attributable to non-controlling interests	19,780	18,051
Net income attributable to Select Medical Holdings Corporation	$ 43,995	$ 56,681
Earnings per common share (Note 11):
Basic (in dollars per share)	$ 0.35	$ 0.44
Diluted (in dollars per share)	$ 0.35	$ 0.44

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net income	$ 63,775	$ 74,732
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	14,043	20,145
Depreciation and amortization	37,666	34,808
Provision for expected credit losses	1,098	2,283
Equity in earnings of unconsolidated subsidiaries	(12,011)	(12,512)
(Gain) loss on sale or disposal of assets	48	(23)
Stock compensation expense	4,638	3,892
Amortization of debt discount and issuance costs	778	783
Deferred income taxes	6,336	(5,655)
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(86,370)	(89,083)
Other current assets	(10,563)	(12,230)
Other assets	5,092	2,127
Accounts payable	21,196	13,462
Accrued expenses	(7,866)	(36,186)
Net cash provided by (used in) operating activities	37,860	(3,457)
Investing activities
Business combinations, net of cash acquired	31	0
Purchases of property and equipment	(58,898)	(52,339)
Proceeds from sales of assets and business	2,212	24
Net cash used in investing activities	(56,655)	(52,315)
Financing activities
Borrowings on revolving facilities	250,000	405,000
Payments on revolving facilities	(225,000)	(330,000)
Payments on term loans	(2,625)	(2,625)
Borrowings of other debt	19,369	16,015
Principal payments on other debt	(9,903)	(7,729)
Dividends paid to common stockholders	(7,751)	(8,060)
Repurchases of common stock	0	(11,389)
Increase (decrease) in overdrafts	2,643	(5,120)
Proceeds from issuance of non-controlling interests	5,948	7,944
Distributions to and purchases of non-controlling interests	(14,726)	(14,745)
Net cash provided by financing activities	17,955	49,291
Net decrease in cash and cash equivalents	(840)	(6,481)
Cash and cash equivalents at beginning of period	26,523	59,694
Cash and cash equivalents at end of period	25,683	53,213
Supplemental information
Cash paid for interest	17,554	23,772
Cash paid for taxes	$ 3,908	$ 1,472

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 25,683	$ 26,523
Accounts receivable	949,480	864,207
Prepaid income taxes	12,412	19,622
Other current assets	124,522	114,929
Total Current Assets	1,112,097	1,025,281
Operating lease right-of-use assets	1,042,220	957,904
Property and equipment, net	997,409	992,314
Goodwill	2,378,179	2,360,902
Identifiable intangible assets, net	99,864	100,800
Other assets	412,314	414,388
Total Assets	6,042,083	5,851,589
Current Liabilities:
Overdrafts	19,394	16,751
Current operating lease liabilities	179,449	188,405
Current portion of long-term debt and notes payable	25,185	24,217
Accounts payable	166,467	157,063
Accrued and other liabilities	579,870	598,058
Total Current Liabilities	970,365	984,494
Non-current operating lease liabilities	931,195	835,362
Long-term debt, net of current portion	1,835,523	1,803,979
Non-current deferred tax liability	117,862	112,157
Other non-current liabilities	81,197	79,858
Total Liabilities	3,936,142	3,815,850
Commitments and contingencies (Note 12)
Redeemable non-controlling interests	20,967	18,808
Stockholders’ Equity:
Common stock, $0.001 par value, 700,000,000 shares authorized, 124,017,191 and 124,016,800 shares issued and outstanding at 2025 and 2026, respectively	124	124
Capital in excess of par	889,055	874,848
Retained earnings	872,222	837,016
Accumulated other comprehensive loss	(5,380)	(6,404)
Total Stockholders’ Equity	1,756,021	1,705,584
Non-controlling interests	328,953	311,347
Total Equity	2,084,974	2,016,931
Total Liabilities and Equity	$ 6,042,083	$ 5,851,589