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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities    
Net income $ 43,982 $ 23,463
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Distributions from unconsolidated subsidiaries 1,364 4,911
Depreciation and amortization 46,771 42,539
Provision for bad debts 85 781
Equity in earnings of unconsolidated subsidiaries (4,697) (5,521)
Loss on extinguishment of debt 412 6,527
Gain on sale of assets and businesses (513) (4,609)
Stock compensation expense 4,927 4,586
Amortization of debt discount, premium and issuance costs 3,136 3,422
Deferred income taxes 78 (3,425)
Changes in operating assets and liabilities, net of effects of business combinations:    
Accounts receivable (45,811) (118,269)
Other current assets (8,945) (7,621)
Other assets 16,633 (48)
Accounts payable (6,552) 412
Accrued expenses (11,981) (18,429)
Income taxes 11,838 15,420
Net cash provided by (used in) operating activities 50,727 (55,861)
Investing activities    
Business combinations, net of cash acquired (515,359) (9,566)
Purchases of property and equipment (39,617) (50,653)
Investment in businesses (1,754) (500)
Proceeds from sale of assets and businesses 691 19,512
Net cash provided by (used in) investing activities (556,039) (41,207)
Financing activities    
Borrowings on revolving facilities 165,000 530,000
Payments on revolving facilities (150,000) (415,000)
Proceeds from term loans 779,904 1,139,822
Payments on term loans (2,875) (1,170,817)
Revolving facility debt issuance costs (1,333) (3,887)
Borrowings of other debt 11,600 6,571
Principal payments on other debt (5,909) (5,275)
Repurchase of common stock (122) (156)
Dividends paid to Holdings 0 0
Proceeds from exercise of stock options 738 617
Equity investment by Holdings 0 0
Decrease in overdrafts (7,916) (17,062)
Proceeds from issuance of non-controlling interests 0 2,094
Distributions to non-controlling interests (286,641) (3,657)
Net cash provided by (used in) financing activities 502,446 63,250
Net increase (decrease) in cash and cash equivalents (2,866) (33,818)
Cash and cash equivalents at beginning of period 122,549 99,029
Cash and cash equivalents at end of period 119,683 65,211
Supplemental Information    
Cash paid for interest 35,233 38,565
Cash paid for taxes 376 1,207
Non-cash equity exchange for acquisition of U.S. HealthWorks 238,000 0
Select Medical Corporation    
Operating activities    
Net income 43,982 23,463
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Distributions from unconsolidated subsidiaries 1,364 4,911
Depreciation and amortization 46,771 42,539
Provision for bad debts 85 781
Equity in earnings of unconsolidated subsidiaries (4,697) (5,521)
Loss on extinguishment of debt 412 6,527
Gain on sale of assets and businesses (513) (4,609)
Stock compensation expense 4,927 4,586
Amortization of debt discount, premium and issuance costs 3,136 3,422
Deferred income taxes 78 (3,425)
Changes in operating assets and liabilities, net of effects of business combinations:    
Accounts receivable (45,811) (118,269)
Other current assets (8,945) (7,621)
Other assets 16,633 (48)
Accounts payable (6,552) 412
Accrued expenses (11,981) (18,429)
Income taxes 11,838 15,420
Net cash provided by (used in) operating activities 50,727 (55,861)
Investing activities    
Business combinations, net of cash acquired (515,359) (9,566)
Purchases of property and equipment (39,617) (50,653)
Investment in businesses (1,754) (500)
Proceeds from sale of assets and businesses 691 19,512
Net cash provided by (used in) investing activities (556,039) (41,207)
Financing activities    
Borrowings on revolving facilities 165,000 530,000
Payments on revolving facilities (150,000) (415,000)
Proceeds from term loans 779,904 1,139,822
Payments on term loans (2,875) (1,170,817)
Revolving facility debt issuance costs (1,333) (3,887)
Borrowings of other debt 11,600 6,571
Principal payments on other debt (5,909) (5,275)
Repurchase of common stock 0 0
Dividends paid to Holdings (122) (156)
Proceeds from exercise of stock options 0 0
Equity investment by Holdings 738 617
Decrease in overdrafts (7,916) (17,062)
Proceeds from issuance of non-controlling interests 0 2,094
Distributions to non-controlling interests (286,641) (3,657)
Net cash provided by (used in) financing activities 502,446 63,250
Net increase (decrease) in cash and cash equivalents (2,866) (33,818)
Cash and cash equivalents at beginning of period 122,549 99,029
Cash and cash equivalents at end of period 119,683 65,211
Supplemental Information    
Cash paid for interest 35,233 38,565
Cash paid for taxes 376 1,207
Non-cash equity exchange for acquisition of U.S. HealthWorks $ 238,000 $ 0