| 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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2024 |
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2023 |
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2022 |
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Services revenue |
$ |
1,194,258 |
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$ |
1,135,159 |
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$ |
1,083,104 |
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Cost of services |
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872,250 |
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|
840,361 |
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|
813,772 |
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Gross profit |
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322,008 |
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|
294,798 |
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|
269,332 |
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Selling, general, and administrative expenses |
|
223,588 |
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|
|
205,743 |
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|
200,364 |
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Operating income of discontinued operations |
|
98,420 |
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|
89,055 |
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|
|
68,968 |
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Interest expense, net |
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37,840 |
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|
52,694 |
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|
33,771 |
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Income from discontinued operations before incomes taxes |
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60,580 |
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36,361 |
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35,197 |
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Income tax expense from discontinued operations |
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12,170 |
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10,930 |
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|
8,855 |
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Income from discontinued operations, net of income taxes |
$ |
48,410 |
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$ |
25,431 |
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$ |
26,342 |
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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, 2024 |
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December 31, 2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
299 |
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$ |
641 |
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Accounts receivable, net of allowance for credit losses |
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125,872 |
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|
114,727 |
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Inventories |
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|
4,007 |
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|
3,901 |
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Prepaid expenses and other current assets |
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1,269 |
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|
1,307 |
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Total current assets held for sale |
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131,447 |
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120,576 |
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Property and equipment, net of accumulated depreciation of $110,417 and $91,955 at
December 31, 2024 and December 31, 2023, respectively |
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69,715 |
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70,443 |
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Goodwill |
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307,640 |
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307,640 |
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Intangible assets, net of accumulated amortization |
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216,258 |
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241,221 |
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Operating lease right-of-use assets, net |
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88,717 |
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101,306 |
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Deferred income taxes, net |
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|
287 |
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— |
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Other assets |
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5,343 |
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4,484 |
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Total assets held for sale |
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$ |
819,407 |
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$ |
845,670 |
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Liabilities |
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Current liabilities: |
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Trade accounts payable |
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$ |
17,366 |
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$ |
16,774 |
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Accrued expenses |
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60,791 |
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|
77,687 |
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Current portion of obligations under operating leases |
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30,755 |
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34,042 |
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Current portion of obligations under financing leases |
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8,651 |
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|
7,906 |
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Total current liabilities held for sale |
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117,563 |
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136,409 |
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Obligations under operating leases, net of current portion |
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58,147 |
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66,832 |
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Obligations under financing leases, net of current portion |
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18,461 |
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16,774 |
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Deferred income taxes, net |
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— |
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|
|
637 |
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Long-term liabilities |
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|
569 |
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|
638 |
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Total liabilities held for sale |
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$ |
194,740 |
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$ |
221,290 |
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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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2024 |
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2023 |
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|
2022 |
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Cash flows from discontinued operations operating activities: |
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Depreciation and amortization |
$ |
42,338 |
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$ |
41,779 |
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$ |
43,637 |
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Share-based compensation |
|
7,838 |
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|
137 |
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|
183 |
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Impairment of long-lived assets |
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6,238 |
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8,134 |
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8,898 |
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Cash flows from discontinued operations investing activities: |
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Purchases of property and equipment |
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10,429 |
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11,983 |
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17,326 |
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