Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of selected financial data for reportable segments

The following tables summarize selected financial data for the Company’s reportable segments.


	Three Months Ended March 31,
		2023		2024
		(in thousands)
Revenue:
Critical illness recovery hospital		$	593,926	$	655,880
Rehabilitation hospital		231,462		265,700
Outpatient rehabilitation		295,903		303,158
Concentra		456,298		467,598
Other		87,391		96,473
Total Company		$	1,664,980	$	1,788,809
Adjusted EBITDA:
Critical illness recovery hospital		$	76,773	$	115,940
Rehabilitation hospital		47,216		61,400
Outpatient rehabilitation		30,199		24,928
Concentra		93,748		96,142
Other		(33,873)		(36,493)
Total Company		$	214,063	$	261,917
Total assets:
Critical illness recovery hospital		$	2,507,265	$	2,608,979
Rehabilitation hospital		1,203,069		1,233,828
Outpatient rehabilitation		1,397,823		1,423,740
Concentra		2,300,632		2,362,848
Other		290,947		228,868
Total Company		$	7,699,736	$	7,858,263
Purchases of property, equipment, and other assets:
Critical illness recovery hospital		$	23,658	$	15,941
Rehabilitation hospital		8,582		7,101
Outpatient rehabilitation		9,932		9,500
Concentra		14,400		17,231
Other		2,313		2,744
Total Company		$	58,885	$	52,517

Schedule of reconciliation of Adjusted EBITDA to income before income taxes

A reconciliation of Adjusted EBITDA to income before income taxes is as follows:


	Three Months Ended March 31, 2023
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Concentra		Other		Total
	(in thousands)
Adjusted EBITDA	$	76,773	$	47,216	$	30,199	$	93,748	$	(33,873)
Depreciation and amortization	(16,637)		(6,888)		(8,457)		(18,310)		(2,133)
Stock compensation expense	—		—		—		(178)		(10,003)
Income (loss) from operations	$	60,136	$	40,328	$	21,742	$	75,260	$	(46,009)	$	151,457

Equity in earnings of unconsolidated subsidiaries											8,556


Interest expense											(48,571)
Income before income taxes											$	111,442


	Three Months Ended March 31, 2024
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Concentra		Other		Total
	(in thousands)
Adjusted EBITDA	$	115,940	$	61,400	$	24,928	$	96,142	$	(36,493)
Depreciation and amortization	(17,157)		(7,135)		(9,181)		(18,485)		(2,111)
Stock compensation expense	—		—		—		(166)		(11,444)
Concentra separation transaction costs(1)	—		—		—		(1,993)		(278)
Income (loss) from operations	$	98,783	$	54,265	$	15,747	$	75,498	$	(50,326)	$	193,967

Equity in earnings of unconsolidated subsidiaries											10,421


Interest expense											(50,763)
Income before income taxes											$	153,625

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(1) Concentra separation transaction costs represent incremental consulting, legal, and audit-related fees incurred in connection with the Company’s planned separation of the Concentra segment into a new, publicly traded company and are included within general and administrative expenses on the Condensed Consolidated Statements of Operations.