| Summary of the Financial Results, Aggregate Carrying Amounts of Assets and Liabilities Held for Sale and Significant Non-cash Items and Purchases of Property and Equipment |
The following table presents the financial results of the Community Living business (in thousands):
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For the Years Ended December 31, |
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2025 |
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2024 |
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2023 |
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Services revenue |
$ |
1,234,403 |
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$ |
1,194,258 |
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$ |
1,135,159 |
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Cost of services |
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840,172 |
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872,250 |
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840,361 |
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Gross profit |
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394,231 |
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322,008 |
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294,798 |
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Selling, general, and administrative expenses |
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254,753 |
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223,588 |
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|
205,743 |
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Operating income of discontinued operations |
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139,478 |
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|
98,420 |
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|
89,055 |
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Interest expense, net |
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29,917 |
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37,840 |
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52,694 |
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Income from discontinued operations before income taxes |
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109,561 |
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60,580 |
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36,361 |
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Income tax expense from discontinued operations |
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25,244 |
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12,170 |
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10,930 |
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Income from discontinued operations, net of income taxes |
$ |
84,317 |
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$ |
48,410 |
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$ |
25,431 |
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The following table presents the aggregate carrying amounts of assets and liabilities held for sale for the Community Living business in the consolidated balance sheets (in thousands):
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December 31, 2025 |
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December 31, 2024 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
107 |
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$ |
299 |
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Accounts receivable, net of allowance for credit losses |
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136,875 |
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125,872 |
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Inventories |
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3,294 |
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|
4,007 |
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Prepaid expenses and other current assets |
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2,717 |
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1,269 |
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Total current assets held for sale |
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142,993 |
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131,447 |
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Property and equipment, net of accumulated depreciation of $104,314 and $110,417 at
December 31, 2025 and 2024, respectively |
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83,465 |
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69,715 |
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Goodwill |
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307,640 |
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307,640 |
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Intangible assets, net of accumulated amortization |
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216,192 |
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216,258 |
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Operating lease right-of-use assets, net |
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129,005 |
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88,717 |
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Deferred income taxes, net |
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— |
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|
287 |
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Other assets |
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2,894 |
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5,343 |
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Total assets held for sale |
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$ |
882,189 |
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$ |
819,407 |
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Liabilities |
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Current liabilities: |
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Trade accounts payable |
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$ |
25,081 |
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$ |
17,366 |
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Accrued expenses |
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59,038 |
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60,791 |
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Current portion of obligations under operating leases |
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32,749 |
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30,755 |
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Current portion of obligations under financing leases |
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7,691 |
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8,651 |
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Total current liabilities held for sale |
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124,559 |
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117,563 |
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Obligations under operating leases, net of current portion |
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57,771 |
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58,147 |
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Obligations under financing leases, net of current portion |
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12,766 |
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18,461 |
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Deferred income taxes, net |
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390 |
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— |
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Long-term liabilities |
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|
508 |
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|
569 |
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Total liabilities held for sale |
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$ |
195,994 |
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$ |
194,740 |
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The following table presents the significant non-cash items and purchases of property and equipment for the discontinued operations that are included in the accompanying consolidated statements of cash flows (in thousands):
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For the Years Ended December 31, |
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2025 |
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2024 |
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2023 |
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Cash flows from operating activities of discontinued operations: |
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Depreciation and amortization |
$ |
1,329 |
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$ |
42,338 |
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$ |
41,779 |
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Share-based compensation |
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10,934 |
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7,838 |
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|
137 |
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Impairment of long-lived assets |
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— |
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6,238 |
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8,134 |
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Cash flows from investing activities of discontinued operations: |
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Purchases of property and equipment |
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12,313 |
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10,429 |
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11,983 |
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