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Concentra Group Holdings Parent, Inc.

CIK:0002014596|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenue

$ 606,030

$ 550,785

$ 1,175,585

$ 1,051,537

Costs and expenses:

Cost of services, exclusive of depreciation and amortization

413,933

389,334

813,019

746,435

General and administrative, exclusive of depreciation and amortization

^[1]

56,677

52,931

111,957

99,644

Depreciation and amortization

19,899

18,998

39,547

35,617

Total costs and expenses

490,509

461,263

964,523

881,696

Other operating (expense) income

(453)

(384)

Income from operations

115,068

89,542

210,678

169,861

Other income and expense:

Loss on early retirement of debt

(875)

Interest expense

(25,723)

(28,193)

(51,726)

(53,741)

Income before income taxes

89,345

61,349

158,952

115,245

Income tax expense

22,046

15,155

39,361

28,409

Net income

67,299

46,194

119,591

86,836

Less: net income attributable to non-controlling interests

2,000

1,634

3,804

3,365

Net income attributable to the Company

$ 65,299

$ 44,560

$ 115,787

$ 83,471

Earnings per common share (Note 11):

Basic (in dollars per share)

$ 0.51

$ 0.35

$ 0.90

$ 0.65

Diluted (in dollars per share)

$ 0.51

$ 0.35

$ 0.90

$ 0.65

[1]	Includes transition services agreement fees of $1.0 million and $3.5 million for the three months ended June 30, 2026 and 2025, and $2.7 million and $7.2 million for the six months ended June 30, 2026 and 2025, respectively. See Note 12—“Relationship with Select”, for additional information.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 119,591	$ 86,836
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,547	35,617
Loss on early retirement of debt	0	51
Stock compensation expense	8,265	4,554
Amortization of debt discount and issuance costs	2,072	1,971
Deferred income taxes	(1,506)	(2,205)
Other	507	1,107
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(41,975)	(26,251)
Other current assets	(5,186)	(7,781)
Other assets	3,577	2,303
Accounts payable and accrued liabilities	31,337	3,876
Net cash provided by operating activities	156,229	100,078
Investing activities
Business combinations, net of cash acquired	(3,760)	(333,300)
Purchases of property and equipment	(26,753)	(40,958)
Proceeds from sale of assets	1,470	1
Net cash used in investing activities	(29,043)	(374,257)
Financing activities
Borrowings on revolving facilities	0	85,000
Proceeds from term loans, net of issuance costs	0	948,848
Payments on term loans	(4,750)	(850,250)
Borrowings of other debt	4,912	6,575
Principal payments on other debt	(3,549)	(6,505)
Dividends paid to common stockholders	(16,009)	(16,021)
Repurchase of common shares	(25,954)	0
Distributions to non-controlling interests	(3,697)	(2,851)
Net cash (used in) provided by financing activities	(49,047)	164,796
Net increase (decrease) in cash	78,139	(109,383)
Cash at beginning of period	79,899	183,255
Cash at end of period	158,038	73,872
Supplemental information
Cash paid for interest	50,201	54,432
Cash paid for taxes	$ 34,384	$ 35,568

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 158,038	$ 79,899
Accounts receivable	299,819	257,900
Prepaid expenses and other current assets	48,626	45,299
Total current assets	506,483	383,098
Operating lease right-of-use assets	522,421	483,652
Property and equipment, net	226,040	225,309
Goodwill	1,480,421	1,479,192
Other identifiable intangible assets, net	232,267	242,556
Non-current deferred tax asset	22,511	24,120
Other assets	20,132	20,461
Total assets	3,010,275	2,858,388
Current liabilities:
Current operating lease liabilities	87,208	84,582
Current portion of long-term debt and notes payable	12,412	10,738
Accounts payable	36,415	21,005
Accrued and other liabilities	231,904	220,922
Total current liabilities	367,939	337,247
Non-current operating lease liabilities	482,988	443,642
Long-term debt, net of current portion	1,561,211	1,563,658
Non-current deferred tax liability	47,079	48,906
Other non-current liabilities	44,634	44,506
Total liabilities	2,503,851	2,437,959
Commitments and contingencies (Note 13)
Redeemable non-controlling interests	21,706	19,404
Stockholders’ equity:
Common stock, $0.01 par value, 700,000,000 shares authorized, 127,517,736 and 128,633,374 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1,276	1,286
Capital in excess of par	230,964	248,899
Retained earnings	244,152	146,448
Accumulated other comprehensive income (loss)	703	(3,352)
Total stockholders’ equity	477,095	393,281
Non-controlling interests	7,623	7,744
Total equity	484,718	401,025
Total liabilities and equity	$ 3,010,275	$ 2,858,388