Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of selected financial data for reportable segments

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


	Three Months Ended June 30, 2024
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Other		Total
	(in thousands)
Revenue	$	604,921	$	267,831	$	315,496	$	93,500	$	1,281,748
Personnel expense	342,151		150,285		222,161
Other segment items (1)	190,937		55,592		64,566
Adjusted EBITDA	71,833		61,954		28,769
Total assets	2,659,137		1,241,445		1,415,573		200,169		5,516,324
Capital expenditures	17,616		14,818		8,162		(311)		40,285


	Three Months Ended June 30, 2025
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Other		Total
	(in thousands)
Revenue	$	601,139	$	313,775	$	327,584	$	97,081	$	1,339,579
Personnel expense	348,845		175,441		231,689
Other segment items (1)	196,011		67,287		65,382
Adjusted EBITDA	56,283		71,047		30,513
Total assets	2,687,401		1,479,225		1,414,168		161,456		5,742,250
Capital expenditures	23,239		31,345		9,844		256		64,684


	Six Months Ended June 30, 2024
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Other		Total
	(in thousands)
Revenue	$	1,260,801	$	533,531	$	618,654	$	189,973	$	2,602,959
Personnel expense	691,445		297,935		437,578
Other segment items (1)	381,583		112,242		127,379
Adjusted EBITDA	187,773		123,354		53,697
Total assets	2,659,137		1,241,445		1,415,573		200,169		5,516,324
Capital expenditures	33,557		21,919		17,662		2,433		75,571


	Six Months Ended June 30, 2025
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Other		Total
	(in thousands)
Revenue	$	1,238,169	$	621,163	$	634,926	$	198,493	$	2,692,751
Personnel expense	697,393		346,251		451,127
Other segment items (1)	397,844		133,441		129,013
Adjusted EBITDA	142,932		141,471		54,786
Total assets	2,687,401		1,479,225		1,414,168		161,456		5,742,250
Capital expenditures	39,910		57,270		18,891		952		117,023

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(1) Other segment items consist of facilities expense, other operating expenses, and other operating income.

Schedule of reconciliation of Adjusted EBITDA to income before income taxes

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2025		2024		2025
	(in thousands)
Adjusted EBITDA - Critical Illness Recovery Hospital Segment	$	71,833	$	56,283	$	187,773	$	142,932
Adjusted EBITDA - Rehabilitation Hospital Segment	61,954		71,047		123,354		141,471
Adjusted EBITDA - Outpatient Rehabilitation Segment	28,769		30,513		53,697		54,786
Other revenue	93,500		97,081		189,973		198,493
Other cost of services (1)	(93,500)		(97,081)		(189,973)		(198,493)
Other general and administrative expenses (1)	(37,827)		(32,504)		(74,320)		(62,405)
Other other operating income	—		72		—		72
Depreciation and amortization	(36,069)		(34,848)		(71,653)		(69,656)
Stock compensation expense	(14,247)		(4,032)		(25,691)		(7,924)
Concentra separation transaction costs	(557)		—		(835)		—

Equity in earnings of unconsolidated subsidiaries	9,991		13,618		20,412		26,130


Interest expense	(27,994)		(29,978)		(68,675)		(59,050)
Income from continuing operations before income taxes	$	55,853	$	70,171	$	144,062	$	166,356

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(1) Exclusive of depreciation, amortization and stock compensation expense.