Select Medical Holdings Corporation Announces Results For Its Second Quarter Ended June 30, 2021 and Cash Dividend
Select Medical Holdings Corporation (NYSE: SEM) reported a remarkable 26.9% revenue increase for Q2 2021, totaling $1,564.0 million, up from $1,232.7 million the previous year. Net income surged 190.7% to $196.2 million, with earnings per share rising to $1.22. The company declared a cash dividend of $0.125 per share, payable on August 30, 2021. Adjusted EBITDA also saw a significant rise of 91.3% to $342.0 million. For the full year 2021, Select Medical projects revenue between $5.85 billion and $6.05 billion.
- Revenue up 26.9% to $1,564.0 million for Q2 2021.
- Net income increased 190.7% to $196.2 million.
- Earnings per share rose to $1.22.
- Declared a cash dividend of $0.125 per share.
- Adjusted EBITDA increased by 91.3% to $342.0 million.
- 2021 revenue guidance raised to $5.85 billion - $6.05 billion.
- Increased labor costs due to COVID-19 protocols.
- Occupancy rates in critical illness recovery hospitals fell to 69%.
MECHANICSBURG, Pa., Aug. 5, 2021 /PRNewswire/ -- Select Medical Holdings Corporation ("Select Medical," "we," "us," or "our") (NYSE: SEM) today announced results for its second quarter ended June 30, 2021 and the declaration of a cash dividend.
For the second quarter ended June 30, 2021, revenue increased
For the six months ended June 30, 2021, revenue increased
Please refer to "Effects of the COVID-19 Pandemic on Select Medical's Results of Operations during the Three and Six Months Ended June 30, 2020 and 2021" below for further discussion regarding the impact of the coronavirus disease 2019 ("COVID-19") pandemic on Select Medical's operating results.
Company Overview
Select Medical is one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States based on number of facilities. Select Medical's reportable segments include the critical illness recovery hospital segment, the rehabilitation hospital segment, the outpatient rehabilitation segment, and the Concentra segment. As of June 30, 2021, Select Medical operated 99 critical illness recovery hospitals in 28 states, 30 rehabilitation hospitals in 12 states, and 1,833 outpatient rehabilitation clinics in 38 states and the District of Columbia. Select Medical's joint venture subsidiary Concentra operated 518 occupational health centers in 41 states. At June 30, 2021, Select Medical had operations in 46 states and the District of Columbia. Information about Select Medical is available at www.selectmedical.com.
CARES Act Provider Relief Fund
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted. The CARES Act provided additional waivers, reimbursement, grants and other funds to assist health care providers during the COVID-19 pandemic, including
Select Medical recognized
Critical Illness Recovery Hospital Segment
For the second quarter ended June 30, 2021, revenue for the critical illness recovery hospital segment increased
For the six months ended June 30, 2021, revenue for the critical illness recovery hospital segment increased
Rehabilitation Hospital Segment
For the second quarter ended June 30, 2021, revenue for the rehabilitation hospital segment increased
For the six months ended June 30, 2021, revenue for the rehabilitation hospital segment increased
Outpatient Rehabilitation Segment
For the second quarter ended June 30, 2021, revenue for the outpatient rehabilitation segment increased
For the six months ended June 30, 2021, revenue for the outpatient rehabilitation segment increased
Concentra Segment
For the second quarter ended June 30, 2021, revenue for the Concentra segment increased
For the six months ended June 30, 2021, revenue for the Concentra segment increased
Effects of the COVID-19 Pandemic on Select Medical's Results of Operations during the Three and Six Months Ended June 30, 2020 and 2021
Beginning in March 2020, state governments placed significant restrictions on businesses and mandated closures of non-essential or non-life sustaining businesses, causing many employers to furlough their workforce and temporarily cease or significantly reduce their operations. State governments also implemented restrictions on travel and individual activities outside of the home, closed schools, and mandated other social distancing measures. At the same time, hospitals and other facilities began suspending elective surgeries. In an effort to ensure hospitals and health systems had the capacity to absorb and effectively manage surges of COVID-19 patients, a number of waivers and modifications of certain requirements under the Medicare, Medicaid and Children's Health Insurance Program ("CHIP") programs were authorized in March 2020, including certain regulations under the Medicare program which govern admissions into Select Medical's critical illness recovery hospitals and rehabilitation hospitals. Specifically, Select Medical's critical illness recovery hospitals which are certified as long-term care hospitals ("LTCHs") became exempt from the greater-than-25-day average length of stay requirement for all cost reporting periods that include the COVID-19 public health emergency period. Select Medical's rehabilitation hospitals which are certified as inpatient rehabilitation facilities ("IRFs") could exclude patients admitted solely to respond to the emergency from the calculation of the "60 percent rule" thresholds to receive payment as an IRF. The COVID-19 public health emergency period has been extended and is currently in effect through October 17, 2021.
The adverse effects of the COVID-19 pandemic, along with the actions of governmental authorities and those in the private sector to limit the spread of COVID-19, caused disruptions in each of Select Medical's segments; these disruptions were most significant within the outpatient rehabilitation and Concentra segments. By mid-March 2020, Select Medical's outpatient rehabilitation clinics began experiencing significantly less patient visit volume due to declines in patient referrals from physicians, a reduction in workers' compensation injury visits resulting from the temporary closure of businesses, and the suspension of elective surgeries which would have required outpatient rehabilitation services. Select Medical's Concentra centers experienced similar declines in patient visit volume due to businesses furloughing their workforce and temporarily ceasing or significantly reducing their operations. Since March 2021, Select Medical's outpatient rehabilitation clinics and Concentra centers have experienced patient visit volumes which approximate or exceed the levels experienced in the months prior to the widespread emergence of COVID-19 in the United States. Although they have experienced temporary disruptions in their core businesses as a result of the COVID-19 pandemic, Select Medical's outpatient rehabilitation and Concentra segments have been able to expand their services to provide COVID-19 screening and testing.
Select Medical's critical illness recovery hospitals have played a critical role in caring for patients during the COVID-19 pandemic, and the relaxation of certain admission restrictions have contributed to volume increases in certain of its hospitals. The revenue of Select Medical's critical illness recovery hospitals and rehabilitation hospitals has also benefited from the temporary suspension of the
The unpredictable effects of the COVID-19 pandemic, including the duration and extent of disruption on Select Medical's operations, creates uncertainties about Select Medical's future operating results and financial condition. Select Medical has provided revenue and certain operating statistics below for each of its segments for each of the periods presented. Please refer to our risk factors previously reported in our Annual Report on Form 10-K for the year ended December 31, 2020 for further discussion.
Critical Illness Recovery Hospital | ||||||||||||||||||||||||||||||||||||||||
Revenue | Patient Days | Occupancy Rate | Number of Hospitals | |||||||||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2019 | 2020 | 2021 | 2019 | 2020 | 2021 | 2019 | 2020 | 2021 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
January | $ | 149,799 | $ | 163,238 | $ | 199,611 | 86,238 | 90,783 | 100,933 | 69 | % | 69 | % | 75 | % | 96 | 100 | 99 | ||||||||||||||||||||||
February | 145,586 | 165,375 | 190,703 | 80,806 | 87,844 | 92,036 | 71 | % | 72 | % | 75 | % | 96 | 100 | 99 | |||||||||||||||||||||||||
March | 162,149 | 171,908 | 204,558 | 91,085 | 91,831 | 100,149 | 73 | % | 70 | % | 74 | % | 96 | 100 | 99 | |||||||||||||||||||||||||
Three Months Ended March 31 | $ | 457,534 | $ | 500,521 | $ | 594,872 | 258,129 | 270,458 | 293,118 | 71 | % | 70 | % | 75 | % | 96 | 100 | 99 | ||||||||||||||||||||||
April | $ | 156,231 | $ | 171,445 | $ | 185,934 | 88,357 | 90,710 | 91,506 | 70 | % | 71 | % | 70 | % | 99 | 100 | 99 | ||||||||||||||||||||||
May | 156,422 | 178,223 | 183,471 | 89,350 | 95,191 | 93,708 | 69 | % | 72 | % | 70 | % | 99 | 100 | 99 | |||||||||||||||||||||||||
June | 148,490 | 169,958 | 174,654 | 85,153 | 90,988 | 87,767 | 68 | % | 71 | % | 68 | % | 99 | 100 | 99 | |||||||||||||||||||||||||
Three Months Ended June 30 | $ | 461,143 | $ | 519,626 | $ | 544,059 | 262,860 | 276,889 | 272,981 | 69 | % | 72 | % | 69 | % | 99 | 100 | 99 | ||||||||||||||||||||||
Six Months Ended June 30 | $ | 918,677 | $ | 1,020,147 | $ | 1,138,931 | 520,989 | 547,347 | 566,099 | 70 | % | 71 | % | 72 | % | 99 | 100 | 99 | ||||||||||||||||||||||
Rehabilitation Hospital | ||||||||||||||||||||||||||||||||||||||||
Revenue | Patient Days | Occupancy Rate | Number of Hospitals | |||||||||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2019 | 2020 | 2021 | 2019 | 2020 | 2021 | 2019 | 2020 | 2021 | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
January | $ | 50,615 | $ | 61,673 | $ | 68,297 | 27,434 | 32,111 | 34,404 | 74 | % | 79 | % | 82 | % | 17 | 19 | 20 | ||||||||||||||||||||||
February | 48,080 | 60,690 | 64,202 | 25,442 | 31,813 | 32,178 | 76 | % | 84 | % | 84 | % | 17 | 19 | 20 | |||||||||||||||||||||||||
March | 55,863 | 59,656 | 75,305 | 29,940 | 30,644 | 35,857 | 78 | % | 76 | % | 85 | % | 18 | 19 | 20 | |||||||||||||||||||||||||
Three Months Ended March 31 | $ | 154,558 | $ | 182,019 | $ | 207,804 | 82,816 | 94,568 | 102,439 | 76 | % | 79 | % | 84 | % | 18 | 19 | 20 | ||||||||||||||||||||||
April | $ | 51,991 | $ | 45,878 | $ | 70,295 | 28,266 | 23,553 | 34,861 | 76 | % | 61 | % | 85 | % | 18 | 19 | 20 | ||||||||||||||||||||||
May | 56,019 | 57,815 | 71,190 | 29,730 | 29,787 | 35,604 | 75 | % | 73 | % | 84 | % | 19 | 19 | 20 | |||||||||||||||||||||||||
June | 52,364 | 64,974 | 71,181 | 28,529 | 30,741 | 34,483 | 73 | % | 78 | % | 84 | % | 19 | 19 | 20 | |||||||||||||||||||||||||
Three Months Ended June 30 | $ | 160,374 | $ | 168,667 | $ | 212,666 | 86,525 | 84,081 | 104,948 | 75 | % | 71 | % | 85 | % | 19 | 19 | 20 | ||||||||||||||||||||||
Six Months Ended June 30 | $ | 314,932 | $ | 350,686 | $ | 420,470 | 169,341 | 178,649 | 207,387 | 76 | % | 75 | % | 84 | % | 19 | 19 | 20 | ||||||||||||||||||||||
Outpatient Rehabilitation | ||||||||||||||||||||||||||||||||||||||||
Revenue | Visits | Working Days(2) | ||||||||||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2019 | 2020 | 2021 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
January | $ | 83,185 | $ | 90,924 | $ | 76,763 | 687,007 | 757,171 | 625,964 | 22 | 22 | 20 | ||||||||||||||||||||||||||||
February | 78,573 | 88,239 | 77,063 | 658,610 | 739,061 | 641,942 | 20 | 20 | 20 | |||||||||||||||||||||||||||||||
March | 85,147 | 76,086 | 98,135 | 708,866 | 626,433 | 832,248 | 21 | 22 | 23 | |||||||||||||||||||||||||||||||
Three Months Ended March 31 | $ | 246,905 | $ | 255,249 | $ | 251,961 | 2,054,483 | 2,122,665 | 2,100,154 | 63 | 64 | 63 | ||||||||||||||||||||||||||||
April | $ | 90,230 | $ | 49,084 | $ | 95,251 | 762,914 | 386,108 | 810,314 | 22 | 22 | 22 | ||||||||||||||||||||||||||||
May | 90,272 | 51,186 | 89,030 | 759,829 | 409,703 | 758,773 | 22 | 20 | 20 | |||||||||||||||||||||||||||||||
June | 81,389 | 66,868 | 96,128 | 680,762 | 546,456 | 835,774 | 20 | 22 | 22 | |||||||||||||||||||||||||||||||
Three Months Ended June 30 | $ | 261,891 | $ | 167,138 | $ | 280,409 | 2,203,505 | 1,342,267 | 2,404,861 | 64 | 64 | 64 | ||||||||||||||||||||||||||||
Six Months Ended June 30 | $ | 508,796 | $ | 422,387 | $ | 532,370 | 4,257,988 | 3,464,932 | 4,505,015 | 127 | 128 | 127 | ||||||||||||||||||||||||||||
Concentra | ||||||||||||||||||||||||||||||||||||||||
Revenue | Visits | Working Days(2) | ||||||||||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2019 | 2020 | 2021 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
January | $ | 133,507 | $ | 141,236 | $ | 127,103 | 985,598 | 1,032,069 | 867,793 | 22 | 22 | 20 | ||||||||||||||||||||||||||||
February | 126,309 | 133,690 | 132,349 | 919,065 | 965,741 | 869,910 | 20 | 20 | 20 | |||||||||||||||||||||||||||||||
March | 136,505 | 123,609 | 163,388 | 1,006,944 | 879,585 | 1,057,871 | 21 | 22 | 23 | |||||||||||||||||||||||||||||||
Three Months Ended March 31 | $ | 396,321 | $ | 398,535 | $ | 422,840 | 2,911,607 | 2,877,395 | 2,795,574 | 63 | 64 | 63 | ||||||||||||||||||||||||||||
April | $ | 140,050 | $ | 91,178 | $ | 152,143 | 1,040,543 | 610,555 | 999,622 | 22 | 22 | 22 | ||||||||||||||||||||||||||||
May | 143,183 | 99,228 | 142,228 | 1,073,763 | 674,629 | 956,250 | 22 | 20 | 20 | |||||||||||||||||||||||||||||||
June | 130,218 | 121,932 | 162,001 | 988,783 | 865,896 | 1,074,206 | 20 | 22 | 22 | |||||||||||||||||||||||||||||||
Three Months Ended June 30 | $ | 413,451 | $ | 312,338 | $ | 456,372 | 3,103,089 | 2,151,080 | 3,030,078 | 64 | 64 | 64 | ||||||||||||||||||||||||||||
Six Months Ended June 30 | $ | 809,772 | $ | 710,873 | $ | 879,212 | 6,014,696 | 5,028,475 | 5,825,652 | 127 | 128 | 127 | ||||||||||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||||||||||
(1) Represents the number of hospitals owned at the end of each period presented. | ||||||||||||||||||||||||||||||||||||||||
(2) Represents the number of days in which normal business operations were conducted during the periods presented. |
Stock Repurchase Program
The board of directors of Select Medical has authorized a common stock repurchase program to repurchase up to
Select Medical did not repurchase shares during the quarter ended June 30, 2021. Since the inception of the program through June 30, 2021, Select Medical has repurchased 38,580,908 shares at a cost of approximately
Dividend
On August 4, 2021, Select Medical's board of directors declared a cash dividend of
There is no assurance that future dividends will be declared. The declaration and payment of dividends in the future are at the discretion of Select Medical's board of directors after taking into account various factors, including, but not limited to, our financial condition, operating results, available cash and current and anticipated cash needs, the terms of Select Medical's indebtedness, and other factors Select Medical's board of directors may deem to be relevant.
Financing Transactions
On June 2, 2021, Select Medical entered into Amendment No. 5 to its senior secured credit agreement which, among other things, increased the aggregate commitments available under its revolving credit facility from
On June 2, 2021, Concentra Inc. terminated its first lien credit agreement. The first lien credit agreement provided for commitments of
Business Outlook
Select Medical is updating its business outlook for 2021 following the reporting of its second quarter 2021 results. Select Medical now expects revenue for the full year of 2021 to be in the range of
Select Medical reaffirms its target compound annual growth rates, provided most recently in its May 6, 2021 press release, for revenue, Adjusted EBITDA, and earnings per common share. Select Medical continues to expect its compound annual growth for revenue to be in the range of
Conference Call
Select Medical will host a conference call regarding its second quarter results, as well as its business outlook and the impact of the COVID-19 pandemic on each of its reportable segments, on Friday, August 6, 2021, at 9:00am ET. The domestic dial in number for the call is 1-866-440-2669. The international dial in number is 1-409-220-9844. The conference ID for the call is 5819078. The conference call will be webcast simultaneously and can be accessed at Select Medical Holdings Corporation's website www.selectmedicalholdings.com.
For those unable to participate in the conference call, a replay will be available until 12:00pm ET, August 13, 2021. The replay number is 1-855-859-2056 (domestic) or 1-404-537-3406 (international). The conference ID for the replay will be 5819078. The replay can also be accessed at Select Medical Holdings Corporation's website, www.selectmedicalholdings.com.
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), including statements related to Select Medical's 2021 and long-term business outlook. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following:
- developments related to the COVID-19 pandemic including, but not limited to, the duration and severity of the pandemic, additional measures taken by government authorities and the private sector to limit the spread of COVID-19, and further legislative and regulatory actions which impact healthcare providers, including actions that may impact the Medicare program;
- changes in government reimbursement for our services and/or new payment policies may result in a reduction in revenue, an increase in costs, and a reduction in profitability;
- the failure of our Medicare-certified long term care hospitals or inpatient rehabilitation facilities to maintain their Medicare certifications may cause our revenue and profitability to decline;
- the failure of our Medicare-certified long term care hospitals and inpatient rehabilitation facilities operated as "hospitals within hospitals" to qualify as hospitals separate from their host hospitals may cause our revenue and profitability to decline;
- a government investigation or assertion that we have violated applicable regulations may result in sanctions or reputational harm and increased costs;
- acquisitions or joint ventures may prove difficult or unsuccessful, use significant resources or expose us to unforeseen liabilities;
- our plans and expectations related to our acquisitions and our ability to realize anticipated synergies;
- private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability;
- the failure to maintain established relationships with the physicians in the areas we serve could reduce our revenue and profitability;
- shortages in qualified nurses, therapists, physicians, or other licensed providers, or the inability to attract or retain healthcare professionals due to the heightened risk of infection related to the COVID-19 pandemic, could increase our operating costs significantly or limit our ability to staff our facilities;
- competition may limit our ability to grow and result in a decrease in our revenue and profitability;
- the loss of key members of our management team could significantly disrupt our operations;
- the effect of claims asserted against us could subject us to substantial uninsured liabilities;
- a security breach of our or our third-party vendors' information technology systems may subject us to potential legal and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 or the Health Information Technology for Economic and Clinical Health Act; and
- other factors discussed from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including factors discussed under the heading "Risk Factors" of the quarterly reports on Form 10-Q and of the annual report on Form 10-K for the year ended December 31, 2020.
Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC, we are under no obligation to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. You should not place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in forward-looking statements are reasonable, we cannot guarantee future results or performance.
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
ir@selectmedical.com
I. Condensed Consolidated Statements of Operations
For the Three Months Ended June 30, 2020 and 2021
(In thousands, except per share amounts, unaudited)
2020 | 2021 | % Change | |||||||||
Revenue | $ | 1,232,718 | $ | 1,564,020 | 26.9 | % | |||||
Costs and expenses: | |||||||||||
Cost of services, exclusive of depreciation and amortization | 1,082,456 | 1,291,448 | 19.3 | ||||||||
General and administrative | 33,461 | 35,737 | 6.8 | ||||||||
Depreciation and amortization | 52,271 | 50,954 | (2.5) | ||||||||
Total costs and expenses | 1,168,188 | 1,378,139 | 18.0 | ||||||||
Other operating income | 54,988 | 98,087 | N/M | ||||||||
Income from operations | 119,518 | 283,968 | 137.6 | ||||||||
Other income and expense: | |||||||||||
Equity in earnings of unconsolidated subsidiaries | 8,324 | 11,809 | 41.9 | ||||||||
Gain on sale of businesses | 346 | — | N/M | ||||||||
Interest expense | (37,366) | (33,888) | (9.3) | ||||||||
Income before income taxes | 90,822 | 261,889 | 188.4 | ||||||||
Income tax expense | 23,336 | 65,681 | 181.5 | ||||||||
Net income | 67,486 | 196,208 | 190.7 | ||||||||
Less: Net income attributable to non-controlling interests | 15,836 | 31,314 | 97.7 | ||||||||
Net income attributable to Select Medical | $ | 51,650 | $ | 164,894 | 219.3 | % | |||||
Basic and diluted earnings per common share:(1) | $ | 0.39 | $ | 1.22 | |||||||
_______________________________________________________________________________ | |||||||||||
(1) Refer to table III for calculation of earnings per common share. | |||||||||||
N/M Not meaningful. |
II. Condensed Consolidated Statements of Operations
For the Six Months Ended June 30, 2020 and 2021
(In thousands, except per share amounts, unaudited)
2020 | 2021 | % Change | |||||||||
Revenue | $ | 2,647,350 | $ | 3,110,483 | 17.5 | % | |||||
Costs and expenses: | |||||||||||
Cost of services, exclusive of depreciation and amortization | 2,282,827 | 2,584,897 | 13.2 | ||||||||
General and administrative | 67,292 | 71,140 | 5.7 | ||||||||
Depreciation and amortization | 104,023 | 100,574 | (3.3) | ||||||||
Total costs and expenses | 2,454,142 | 2,756,611 | 12.3 | ||||||||
Other operating income | 54,988 | 132,108 | N/M | ||||||||
Income from operations | 248,196 | 485,980 | 95.8 | ||||||||
Other income and expense: | |||||||||||
Equity in earnings of unconsolidated subsidiaries | 10,912 | 21,728 | 99.1 | ||||||||
Gain on sale of businesses | 7,547 | — | N/M | ||||||||
Interest income | — | 4,749 | N/M | ||||||||
Interest expense | (83,473) | (68,290) | (18.2) | ||||||||
Income before income taxes | 183,182 | 444,167 | 142.5 | ||||||||
Income tax expense | 45,248 | 110,745 | 144.8 | ||||||||
Net income | 137,934 | 333,422 | 141.7 | ||||||||
Less: Net income attributable to non-controlling interests | 33,159 | 57,982 | 74.9 | ||||||||
Net income attributable to Select Medical | $ | 104,775 | $ | 275,440 | 162.9 | % | |||||
Basic and diluted earnings per common share:(1) | $ | 0.78 | $ | 2.04 | |||||||
_______________________________________________________________________________ | |||||||||||
(1) Refer to table III for calculation of earnings per common share. | |||||||||||
N/M Not meaningful. |
III. Earnings per Share
For the Three and Six Months Ended June 30, 2020 and 2021
(In thousands, except per share amounts, unaudited)
Select Medical's capital structure includes common stock and unvested restricted stock awards. To compute earnings per share ("EPS"), Select Medical applies the two-class method because its unvested restricted stock awards are participating securities which are entitled to participate equally with its common stock in undistributed earnings.
The following table sets forth the net income attributable to Select Medical, its common shares outstanding, and its participating securities outstanding for the three and six months ended June 30, 2020 and 2021:
Basic and Diluted EPS | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||||
Net income | $ | 67,486 | $ | 196,208 | $ | 137,934 | $ | 333,422 | ||||||||
Less: net income attributable to non-controlling interests | 15,836 | 31,314 | 33,159 | 57,982 | ||||||||||||
Net income attributable to Select Medical | 51,650 | 164,894 | 104,775 | 275,440 | ||||||||||||
Less: net income attributable to participating securities | 1,778 | 5,560 | 3,596 | 9,250 | ||||||||||||
Net income attributable to common shares | $ | 49,872 | $ | 159,334 | $ | 101,179 | $ | 266,190 |
The following tables set forth the computation of EPS under the two-class method for the three and six months ended June 30, 2020 and 2021:
Three Months Ended June 30, | |||||||||||||||||||||||
2020 | 2021 | ||||||||||||||||||||||
Net Income | Shares(1) | Basic and | Net Income | Shares(1) | Basic and | ||||||||||||||||||
Common shares | $ | 49,872 | 129,319 | $ | 0.39 | $ | 159,334 | 130,396 | $ | 1.22 | |||||||||||||
Participating securities | 1,778 | 4,610 | $ | 0.39 | 5,560 | 4,550 | $ | 1.22 | |||||||||||||||
Total | $ | 51,650 | $ | 164,894 | |||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||
2020 | 2021 | ||||||||||||||||||||||
Net Income | Shares(1) | Basic and | Net Income | Shares(1) | Basic and | ||||||||||||||||||
Common shares | $ | 101,179 | 129,479 | $ | 0.78 | $ | 266,190 | 130,362 | $ | 2.04 | |||||||||||||
Participating securities | 3,596 | 4,602 | $ | 0.78 | 9,250 | 4,530 | $ | 2.04 | |||||||||||||||
Total | $ | 104,775 | $ | 275,440 | |||||||||||||||||||
_______________________________________________________________________________ | |||||||||||||||||||||||
(1) Represents the weighted average share count outstanding during the period. |
IV. Condensed Consolidated Balance Sheets
(In thousands, unaudited)
December 31, 2020 | June 30, 2021 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 577,061 | $ | 803,493 | ||||
Accounts receivable | 896,763 | 931,179 | ||||||
Other current assets | 120,176 | 133,498 | ||||||
Total Current Assets | 1,594,000 | 1,868,170 | ||||||
Operating lease right-of-use assets | 1,032,217 | 1,053,331 | ||||||
Property and equipment, net | 943,420 | 928,226 | ||||||
Goodwill | 3,379,014 | 3,391,040 | ||||||
Identifiable intangible assets, net | 387,541 | 380,302 | ||||||
Other assets | 319,207 | 335,310 | ||||||
Total Assets | $ | 7,655,399 | $ | 7,956,379 | ||||
Liabilities and Equity | ||||||||
Current Liabilities: | ||||||||
Payables and accruals | $ | 800,918 | $ | 917,181 | ||||
Government advances | 321,807 | 251,272 | ||||||
Unearned government assistance | 82,607 | 4,099 | ||||||
Current operating lease liabilities | 220,413 | 224,868 | ||||||
Current portion of long-term debt and notes payable | 12,621 | 11,608 | ||||||
Total Current Liabilities | 1,438,366 | 1,409,028 | ||||||
Non-current operating lease liabilities | 875,367 | 893,478 | ||||||
Long-term debt, net of current portion | 3,389,398 | 3,386,214 | ||||||
Non-current deferred tax liability | 132,421 | 123,559 | ||||||
Other non-current liabilities | 168,703 | 172,656 | ||||||
Total Liabilities | 6,004,255 | 5,984,935 | ||||||
Redeemable non-controlling interests | 398,171 | 521,552 | ||||||
Total equity | 1,252,973 | 1,449,892 | ||||||
Total Liabilities and Equity | $ | 7,655,399 | $ | 7,956,379 |
V. Condensed Consolidated Statements of Cash Flows
For the Three Months Ended June 30, 2020 and 2021
(In thousands, unaudited)
2020 | 2021 | |||||||
Operating activities | ||||||||
Net income | $ | 67,486 | $ | 196,208 | ||||
Adjustments to reconcile net income to net cash provided by operating | ||||||||
Distributions from unconsolidated subsidiaries | 2,744 | 7,751 | ||||||
Depreciation and amortization | 52,271 | 50,954 | ||||||
Provision for expected credit losses | 54 | 145 | ||||||
Equity in earnings of unconsolidated subsidiaries | (8,324) | (11,809) | ||||||
Loss (gain) on sale of assets and businesses | (542) | 422 | ||||||
Stock compensation expense | 6,963 | 7,099 | ||||||
Amortization of debt discount, premium and issuance costs | 540 | 552 | ||||||
Deferred income taxes | (12,780) | (7,426) | ||||||
Changes in operating assets and liabilities, net of effects of business | ||||||||
Accounts receivable | 67,107 | 28,391 | ||||||
Other current assets | 686 | (8,431) | ||||||
Other assets | 9,256 | (12,945) | ||||||
Accounts payable and accrued expenses | 61,726 | 45,288 | ||||||
Government advances | 316,992 | (73,703) | ||||||
Unearned government assistance | 45,505 | (97,716) | ||||||
Income taxes | 32,330 | (1,642) | ||||||
Net cash provided by operating activities | 642,014 | 123,138 | ||||||
Investing activities | ||||||||
Business combinations, net of cash acquired | (128) | (3,767) | ||||||
Purchases of property and equipment | (32,045) | (36,723) | ||||||
Investment in businesses | (4,901) | (4,614) | ||||||
Proceeds from sale of assets and businesses | 1,171 | 9,444 | ||||||
Net cash used in investing activities | (35,903) | (35,660) | ||||||
Financing activities | ||||||||
Borrowings on revolving facilities | 10,000 | — | ||||||
Payments on revolving facilities | (175,000) | — | ||||||
Borrowings of other debt | 25,000 | — | ||||||
Principal payments on other debt | (27,634) | (5,972) | ||||||
Dividends paid to common stockholders | — | (16,876) | ||||||
Repurchase of common stock | (724) | (1,610) | ||||||
Proceeds from issuance of non-controlling interests | 7 | 5,688 | ||||||
Distributions to and purchases of non-controlling interests | (1,186) | (15,489) | ||||||
Net cash used in financing activities | (169,537) | (34,259) | ||||||
Net increase in cash and cash equivalents | 436,574 | 53,219 | ||||||
Cash and cash equivalents at beginning of period | 73,163 | 750,274 | ||||||
Cash and cash equivalents at end of period | $ | 509,737 | $ | 803,493 | ||||
Supplemental information | ||||||||
Cash paid for interest | $ | 18,239 | $ | 14,485 | ||||
Cash paid for taxes | 3,785 | 74,751 |
VI. Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2020 and 2021
(In thousands, unaudited)
2020 | 2021 | |||||||
Operating activities | ||||||||
Net income | $ | 137,934 | $ | 333,422 | ||||
Adjustments to reconcile net income to net cash provided by operating | ||||||||
Distributions from unconsolidated subsidiaries | 11,223 | 19,384 | ||||||
Depreciation and amortization | 104,023 | 100,574 | ||||||
Provision for expected credit losses | 253 | 212 | ||||||
Equity in earnings of unconsolidated subsidiaries | (10,912) | (21,728) | ||||||
Loss (gain) on sale of assets and businesses | (7,881) | 494 | ||||||
Stock compensation expense | 13,866 | 13,808 | ||||||
Amortization of debt discount, premium and issuance costs | 1,093 | 1,095 | ||||||
Deferred income taxes | (3,416) | (8,323) | ||||||
Changes in operating assets and liabilities, net of effects of business | ||||||||
Accounts receivable | 13,179 | (31,751) | ||||||
Other current assets | 713 | (12,856) | ||||||
Other assets | 11,504 | (11,984) | ||||||
Accounts payable and accrued expenses | 8,279 | 89,915 | ||||||
Government advances | 316,992 | (73,703) | ||||||
Unearned government assistance | 45,505 | (78,509) | ||||||
Income taxes | 43,743 | 42,976 | ||||||
Net cash provided by operating activities | 686,098 | 363,026 | ||||||
Investing activities | ||||||||
Business combinations, net of cash acquired | (6,961) | (10,081) | ||||||
Purchases of property and equipment | (71,253) | (76,442) | ||||||
Investment in businesses | (14,749) | (11,185) | ||||||
Proceeds from sale of assets and businesses | 12,401 | 9,463 | ||||||
Net cash used in investing activities | (80,562) | (88,245) | ||||||
Financing activities | ||||||||
Borrowings on revolving facilities | 470,000 | — | ||||||
Payments on revolving facilities | (470,000) | — | ||||||
Payments on term loans | (39,843) | — | ||||||
Borrowings of other debt | 31,487 | 8,915 | ||||||
Principal payments on other debt | (35,733) | (15,314) | ||||||
Dividends paid to common stockholders | — | (16,876) | ||||||
Repurchase of common stock | (9,415) | (1,610) | ||||||
Proceeds from issuance of non-controlling interests | 1,686 | 5,688 | ||||||
Distributions to and purchases of non-controlling interests | (13,660) | (29,152) | ||||||
Purchase of membership interests of Concentra Group Holdings Parent | (366,203) | — | ||||||
Net cash used in financing activities | (431,681) | (48,349) | ||||||
Net increase in cash and cash equivalents | 173,855 | 226,432 | ||||||
Cash and cash equivalents at beginning of period | 335,882 | 577,061 | ||||||
Cash and cash equivalents at end of period | $ | 509,737 | $ | 803,493 | ||||
Supplemental information | ||||||||
Cash paid for interest | $ | 86,124 | $ | 66,955 | ||||
Cash paid for taxes | 4,920 | 76,094 |
VII. Key Statistics
For the Three Months Ended June 30, 2020 and 2021
(unaudited)
2020 | 2021 | % Change | |||||||||
Critical Illness Recovery Hospital | |||||||||||
Number of hospitals – end of period(a) | 101 | 99 | |||||||||
Revenue (,000) | $ | 519,626 | $ | 544,059 | 4.7 | % | |||||
Number of patient days(b)(c) | 276,889 | 272,981 | (1.4) | % | |||||||
Number of admissions(b)(d) | 9,167 | 9,026 | (1.5) | % | |||||||
Revenue per patient day(b)(e) | $ | 1,867 | $ | 1,986 | 6.4 | % | |||||
Adjusted EBITDA (,000) | $ | 89,743 | $ | 72,904 | (18.8) | % | |||||
Adjusted EBITDA margin | 17.3 | % | 13.4 | % | |||||||
Rehabilitation Hospital | |||||||||||
Number of hospitals – end of period(a) | 29 | 30 | |||||||||
Revenue (,000) | $ | 168,667 | $ | 212,666 | 26.1 | % | |||||
Number of patient days(b)(c) | 84,081 | 104,948 | 24.8 | % | |||||||
Number of admissions(b)(d) | 5,713 | 7,360 | 28.8 | % | |||||||
Revenue per patient day(b)(e) | $ | 1,831 | $ | 1,849 | 1.0 | % | |||||
Adjusted EBITDA (,000) | $ | 27,605 | $ | 50,768 | 83.9 | % | |||||
Adjusted EBITDA margin | 16.4 | % | 23.9 | % | |||||||
Outpatient Rehabilitation | |||||||||||
Number of clinics – end of period(a) | 1,757 | 1,833 | |||||||||
Revenue (,000) | $ | 167,138 | $ | 280,409 | 67.8 | % | |||||
Number of visits(b)(f) | 1,342,267 | 2,404,861 | 79.2 | % | |||||||
Revenue per visit(b)(g) | $ | 106 | $ | 102 | (3.8) | % | |||||
Adjusted EBITDA (,000) | $ | (6,282) | $ | 45,633 | N/M | ||||||
Adjusted EBITDA margin | (3.8) | % | 16.3 | % | |||||||
Concentra | |||||||||||
Number of centers – end of period(b) | 522 | 518 | |||||||||
Revenue (,000) | $ | 312,338 | $ | 456,372 | 46.1 | % | |||||
Number of visits(b)(f) | 2,151,080 | 3,030,078 | 40.9 | % | |||||||
Revenue per visit(b)(g) | $ | 124 | $ | 125 | 0.8 | % | |||||
Adjusted EBITDA (,000) | $ | 41,497 | $ | 137,060 | 230.3 | % | |||||
Adjusted EBITDA margin | 13.3 | % | 30.0 | % |
_______________________________________________________________________________ | |
(a) | Includes managed locations. |
(b) | Excludes managed locations. For purposes of the Concentra segment, onsite clinics and community-based outpatient clinics are excluded. |
(c) | Each patient day represents one patient occupying one bed for one day during the periods presented. |
(d) | Represents the number of patients admitted to Select Medical's hospitals during the periods presented. |
(e) | Represents the average amount of revenue recognized for each patient day. Revenue per patient day is calculated by dividing patient service revenues, excluding revenues from certain other ancillary and outpatient services provided at Select Medical's hospitals, by the total number of patient days. |
(f) | Represents the number of visits in which patients were treated at Select Medical's outpatient rehabilitation clinics and Concentra centers during the periods presented. |
(g) | Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated by dividing patient service revenue, excluding revenues from certain other ancillary services, by the total number of visits. For purposes of this computation for the Concentra segment, patient service revenue does not include onsite clinics and community-based outpatient clinics. |
VIII. Key Statistics
For the Six Months Ended June 30, 2020 and 2021
(unaudited)
2020 | 2021 | % Change | |||||||||
Critical Illness Recovery Hospital | |||||||||||
Number of hospitals – end of period(a) | 101 | 99 | |||||||||
Revenue (,000) | $ | 1,020,147 | $ | 1,138,931 | 11.6 | % | |||||
Number of patient days(b)(c) | 547,347 | 566,099 | 3.4 | % | |||||||
Number of admissions(b)(d) | 18,700 | 18,885 | 1.0 | % | |||||||
Revenue per patient day(b)(e) | $ | 1,853 | $ | 2,006 | 8.3 | % | |||||
Adjusted EBITDA (,000) | $ | 178,313 | $ | 186,176 | 4.4 | % | |||||
Adjusted EBITDA margin | 17.5 | % | 16.3 | % | |||||||
Rehabilitation Hospital | |||||||||||
Number of hospitals – end of period(a) | 29 | 30 | |||||||||
Revenue (,000) | $ | 350,686 | $ | 420,470 | 19.9 | % | |||||
Number of patient days(b)(c) | 178,649 | 207,387 | 16.1 | % | |||||||
Number of admissions(b)(d) | 12,046 | 14,491 | 20.3 | % | |||||||
Revenue per patient day(b)(e) | $ | 1,778 | $ | 1,851 | 4.1 | % | |||||
Adjusted EBITDA (,000) | $ | 66,174 | $ | 101,302 | 53.1 | % | |||||
Adjusted EBITDA margin | 18.9 | % | 24.1 | % | |||||||
Outpatient Rehabilitation | |||||||||||
Number of clinics – end of period(a) | 1,757 | 1,833 | |||||||||
Revenue (,000) | $ | 422,387 | $ | 532,370 | 26.0 | % | |||||
Number of visits(b)(f) | 3,464,932 | 4,505,015 | 30.0 | % | |||||||
Revenue per visit(b)(g) | $ | 105 | $ | 103 | (1.9) | % | |||||
Adjusted EBITDA (,000) | $ | 20,840 | $ | 71,962 | 245.3 | % | |||||
Adjusted EBITDA margin | 4.9 | % | 13.5 | % | |||||||
Concentra | |||||||||||
Number of centers – end of period(b) | 522 | 518 | |||||||||
Revenue (,000) | $ | 710,873 | $ | 879,212 | 23.7 | % | |||||
Number of visits(b)(f) | 5,028,475 | 5,825,652 | 15.9 | % | |||||||
Revenue per visit(b)(g) | $ | 124 | $ | 125 | 0.8 | % | |||||
Adjusted EBITDA (,000) | $ | 102,963 | $ | 219,075 | 112.8 | % | |||||
Adjusted EBITDA margin | 14.5 | % | 24.9 | % |
_______________________________________________________________________________ | |
(a) | Includes managed locations. |
(b) | Excludes managed locations. For purposes of the Concentra segment, onsite clinics and community-based outpatient clinics are excluded. |
(c) | Each patient day represents one patient occupying one bed for one day during the periods presented. |
(d) | Represents the number of patients admitted to Select Medical's hospitals during the periods presented. |
(e) | Represents the average amount of revenue recognized for each patient day. Revenue per patient day is calculated by dividing patient service revenues, excluding revenues from certain other ancillary and outpatient services provided at Select Medical's hospitals, by the total number of patient days. |
(f) | Represents the number of visits in which patients were treated at Select Medical's outpatient rehabilitation clinics and Concentra centers during the periods presented. |
(g) | Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated by dividing patient service revenue, excluding revenues from certain other ancillary services, by the total number of visits. For purposes of this computation for the Concentra segment, patient service revenue does not include onsite clinics and community-based outpatient clinics. |
IX. Net Income to Adjusted EBITDA Reconciliation
For the Three and Six Months Ended June 30, 2020 and 2021
(In thousands, unaudited)
The presentation of Adjusted EBITDA is important to investors because Adjusted EBITDA is commonly used as an analytical indicator of performance by investors within the healthcare industry. Adjusted EBITDA is used to evaluate financial performance and determine resource allocation for each of Select Medical's operating segments. Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles ("GAAP"). Items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, income from operations, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is thus susceptible to varying definitions, Adjusted EBITDA as presented may not be comparable to other similarly titled measures of other companies.
The following table reconciles net income to Adjusted EBITDA for Select Medical. Adjusted EBITDA is used by Select Medical to report its segment performance. Adjusted EBITDA is defined as earnings excluding interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, gain (loss) on sale of businesses, and equity in earnings (losses) of unconsolidated subsidiaries.
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||
Net income | $ | 67,486 | $ | 196,208 | $ | 137,934 | $ | 333,422 | |||||||
Income tax expense | 23,336 | 65,681 | 45,248 | 110,745 | |||||||||||
Interest expense | 37,366 | 33,888 | 83,473 | 68,290 | |||||||||||
Interest income | — | — | — | (4,749) | |||||||||||
Gain on sale of businesses | (346) | — | (7,547) | — | |||||||||||
Equity in earnings of unconsolidated subsidiaries | (8,324) | (11,809) | (10,912) | (21,728) | |||||||||||
Income from operations | 119,518 | 283,968 | 248,196 | 485,980 | |||||||||||
Stock compensation expense: | |||||||||||||||
Included in general and administrative | 5,451 | 5,620 | 10,888 | 11,080 | |||||||||||
Included in cost of services | 1,512 | 1,479 | 2,978 | 2,728 | |||||||||||
Depreciation and amortization | 52,271 | 50,954 | 104,023 | 100,574 | |||||||||||
Adjusted EBITDA | $ | 178,752 | $ | 342,021 | $ | 366,085 | $ | 600,362 | |||||||
Critical illness recovery hospital(a) | $ | 89,743 | $ | 72,904 | $ | 178,313 | $ | 186,176 | |||||||
Rehabilitation hospital | 27,605 | 50,768 | 66,174 | 101,302 | |||||||||||
Outpatient rehabilitation | (6,282) | 45,633 | 20,840 | 71,962 | |||||||||||
Concentra(b) | 41,497 | 137,060 | 102,963 | 219,075 | |||||||||||
Other(c)(d) | 26,189 | 35,656 | (2,205) | 21,847 | |||||||||||
Adjusted EBITDA | $ | 178,752 | $ | 342,021 | $ | 366,085 | $ | 600,362 |
_______________________________________________________________________________ | |
(a) | For the six months ended June 30, 2021, Adjusted EBITDA included other operating income of |
(b) | For both the three and six months ended June 30, 2021, Adjusted EBITDA included other operating income of |
(c) | For the three and six months ended June 30, 2021, Adjusted EBITDA included other operating income of |
(d) | Other primarily includes general and administrative costs and other operating income, as discussed further above. |
X. Reconciliation of Earnings per Common Share to Adjusted Earnings per Common Share
For the Three and Six Months Ended June 30, 2020 and 2021
(In thousands, except per share amounts, unaudited)
Adjusted net income attributable to common shares and adjusted earnings per common share are not measures of financial performance under GAAP. Items excluded from adjusted net income attributable to common shares and adjusted earnings per common share are significant components in understanding and assessing financial performance. Select Medical believes that the presentation of adjusted net income attributable to common shares and adjusted earnings per common share are important to investors because they are reflective of the financial performance of Select Medical's ongoing operations and provide better comparability of its results of operations between periods. Adjusted net income attributable to common shares and adjusted earnings per common share should not be considered in isolation or as alternatives to, or substitutes for, net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because adjusted net income attributable to common shares and adjusted earnings per common share are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, adjusted net income attributable to common shares and adjusted earnings per common share as presented may not be comparable to other similarly titled measures of other companies.
The following tables reconcile net income attributable to common shares and earnings per common share on a fully diluted basis to adjusted net income attributable to common shares and adjusted earnings per common share on a fully diluted basis.
Three Months Ended June 30, | |||||||||||||||
2020 | Per Share(a) | 2021 | Per Share(a) | ||||||||||||
Net income attributable to common shares(a) | $ | 49,872 | $ | 0.39 | $ | 159,334 | $ | 1.22 | |||||||
Adjustments:(b) | |||||||||||||||
Gain on sale of businesses, net of tax effect of | (249) | (0.01) | — | — | |||||||||||
Adjusted net income attributable to common shares | $ | 49,623 | $ | 0.38 | $ | 159,334 | $ | 1.22 | |||||||
Six Months Ended June 30, | |||||||||||||||
2020 | Per Share(a) | 2021 | Per Share(a) | ||||||||||||
Net income attributable to common shares(a) | $ | 101,179 | $ | 0.78 | $ | 266,190 | $ | 2.04 | |||||||
Adjustments:(b) | |||||||||||||||
Gain on sale of businesses, net of tax effect of | (3,900) | (0.03) | — | — | |||||||||||
Adjusted net income attributable to common shares | $ | 97,279 | $ | 0.75 | $ | 266,190 | $ | 2.04 |
______________________________________________________________________________ | |
(a) | Net income attributable to common shares and earnings per common share are calculated based on the weighted average common shares outstanding, as presented in table III. |
(b) | Adjustments to net income attributable to common shares include estimated income tax and non-controlling interest impacts and are calculated based on the diluted weighted average common shares outstanding. The estimated income tax impact, which is determined using tax rates based on the nature of the adjustment and the jurisdiction in which the adjustment occurred, includes both current and deferred income tax expense or benefit. |
XI. Net Income to Adjusted EBITDA Reconciliation
Business Outlook for the Year Ending December 31, 2021
(In millions, unaudited)
The following is a reconciliation of full year 2021 Adjusted EBITDA expectations as computed at the low and high points of the range to the closest comparable GAAP financial measure. Refer to table IX for the definition of Adjusted EBITDA and a discussion of Select Medical's use of Adjusted EBITDA in evaluating financial performance. Each item presented in the below table is an estimation of full year 2021 expectations.
Range | |||||||
Non-GAAP Measure Reconciliation | Low | High | |||||
Net income attributable to Select Medical | $ | 394 | $ | 417 | |||
Net income attributable to non-controlling interests | 94 | 94 | |||||
Net income | 488 | 511 | |||||
Income tax expense | 163 | 170 | |||||
Interest income | (5) | (5) | |||||
Interest expense | 138 | 138 | |||||
Equity in earnings of unconsolidated subsidiaries | (43) | (43) | |||||
Income from operations | 741 | 771 | |||||
Stock compensation expense | 28 | 28 | |||||
Depreciation and amortization | 201 | 201 | |||||
Adjusted EBITDA | $ | 970 | $ | 1,000 |
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SOURCE Select Medical Holdings Corporation
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