v3.26.1
BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
The Company classifies its operations into the following reportable operating segments: (1) home health and hospice services, which includes the Company’s home health, hospice, home care, and geriatric primary and palliative care businesses; and (2) senior living services, which includes the operation of assisted living, independent living, and memory care communities. The reporting segments are business units that offer different services and are managed separately to provide greater visibility into those operations. The Company’s Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), reviews financial information at the operating segment level.

As of June 30, 2026, the Company provided services through 175 affiliated home health, hospice and home care agencies, and 69 affiliated senior living operations. The Company evaluates performance and allocates capital resources to each segment based on an operating model that is designed to maximize the quality of care provided and profitability. The Company’s Service Center provides various services to all lines of business. The CODM does not review assets by segment and therefore assets and capital expenditure by segment are not disclosed below.

The CODM uses Segment Adjusted EBITDAR from Operations as the primary measure of profit and loss for the Company's reportable segments and to compare the performance of its operations with those of its competitors. The CODM monitors these results and provides guidance to leadership of the reportable segments to allocate enterprise-wide resources. Segment Adjusted EBITDAR from Operations is net income attributable to the Company's reportable segments excluding interest expense, provision for income taxes, depreciation and amortization expense, rent, unallocated corporate and administrative expenses, and, in order to view the operations’ performance on a comparable basis from period to period, certain adjustments including: (1) activities associated with start-up operations, (2) share-based compensation expense, (3) acquisition related costs, (4) activities associated with transitioning operations, (5) transition services costs, (6) other unusual, non-recurring, or redundant charges, and (7) net income attributable to noncontrolling interest. “All Other” consists of revenues generated at operating locations not included in the segment financial information reviewed by the CODM. Revenue included in the “All Other” category is insignificant individually, and therefore does not constitute a reportable segment. General and administrative expenses are not allocated to the reportable segments, and are included as “Unallocated corporate expenses”, accordingly the segment earnings measure reported is before allocation of corporate general and administrative expenses. The Company's segment measures may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
The following tables present certain financial information regarding the Company’s reportable segments, provided that general and administrative expenses are not allocated to the reportable segments:

Home Health and Hospice ServicesSenior Living ServicesAll OtherTotal
Three Months Ended June 30, 2026
Segment Revenue$237,353 $58,497 $2,134 $297,984 
Segment Cost of Services196,402 42,535 
Segment Adjusted EBITDAR from Operations$40,951 $15,962 $56,913 
Three Months Ended June 30, 2025
Segment Revenue$165,248 $51,862 $2,391 $219,501 
Segment Cost of Services137,565 37,074 
Segment Adjusted EBITDAR from Operations$27,683 $14,788 $42,471 
Home Health and Hospice ServicesSenior Living ServicesAll OtherTotal
Six Months Ended June 30, 2026
Revenue$466,185 $113,151 $4,012 $583,348 
Segment Cost of Services388,433 80,925 
Segment Adjusted EBITDAR from Operations$77,752 $32,226 $109,978 
Six Months Ended June 30, 2025
Revenue$324,691 $101,396 $3,256 $429,343 
Segment Cost of Services269,734 72,159 
Segment Adjusted EBITDAR from Operations$54,957 $29,237 $84,194 
The following table provides a reconciliation of Segment Adjusted EBITDAR from Operations to Condensed Consolidated Income from Operations:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment Adjusted EBITDAR from Operations$56,913 $42,471 $109,978 $84,194 
Less: Unallocated corporate expenses19,285 14,235 37,610 27,929 
Depreciation and amortization3,112 2,224 5,728 4,116 
Rent—cost of services13,428 11,925 26,526 23,640 
Income from equity method investment370 — 370 — 
Other income626 255 480 186 
Adjustments to Segment EBITDAR from Operations:
Less: Start-up operations(a)
58 (158)353 (80)
Share-based compensation expense and related taxes(b)
3,057 2,212 5,646 4,379 
Acquisition related costs(c)
350 2,166 704 2,438 
Activities associated with transitioning operations(d)
— (1,036)— (1,016)
Transition services costs(e)
1,257 — 1,664 — 
Other unusual, non-recurring, or redundant charges(f)
— 16 — 67 
Add: Net income attributable to noncontrolling interest1,816 896 3,590 1,643 
Condensed Consolidated Income from Operations$17,186 $11,528 $34,487 $24,178 
(a)Represents results related to start-up operations. This amount excludes rent and depreciation and amortization expense related to such operations.
(b)
Share-based compensation expense and related payroll taxes incurred. Share-based compensation expense and related payroll taxes are included in cost of services and general and administrative expense.
(c)Non-capitalizable costs associated with acquisitions.
(d)During 2025, an affiliate of the Company held its memory care units in transition and converted the facility into an assisted living community. In 2026, this community is included in start-up operations.
(e)
Costs identified as redundant or non-recurring incurred by the Company as a result of the transition services agreement between the Company and UnitedHealth Group Incorporated (“UnitedHealth”) entered into as part of the acquisition agreement consummated on October 1, 2025. All amounts are included in Cost of services. Fees incurred under the transition services agreement were $2,491 and $5,306 for the three and six months ended June 30, 2026.
(f)Represents other unusual, non-recurring, or redundant charges for legal services, implementation costs, integration costs, and consulting fees in general and administrative and cost of services expenses.
Adjusted segment depreciation expenseHome Health and Hospice ServicesSenior Living Services
Three Months Ended June 30, 2026$601 $1,355 
Three Months Ended June 30, 2025$209 $1,169 

Adjusted segment depreciation expenseHome Health and Hospice ServicesSenior Living Services
Six Months Ended June 30, 2026$1,005 $2,634 
Six Months Ended June 30, 2025$439 $2,280