Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
	(in thousands)
Revenue:
Critical illness recovery hospital	$	519,454	$	530,646	$	1,539,601	$	1,669,577
Rehabilitation hospital	188,075		212,434		538,761		632,904
Outpatient rehabilitation	240,042		274,540		662,429		806,910
Concentra	391,859		442,190		1,102,732		1,321,402
Other	84,439		74,411		227,696		213,911
Total Company	$	1,423,869	$	1,534,221	$	4,071,219	$	4,644,704
Adjusted EBITDA:
Critical illness recovery hospital	$	88,830	$	57,245	$	267,143	$	243,421
Rehabilitation hospital	44,637		44,076		110,811		145,378
Outpatient rehabilitation	30,623		38,762		51,463		110,724
Concentra	80,547		99,832		183,510		318,907
Other	(31,433)		(31,338)		(33,638)		(9,491)
Total Company	$	213,204	$	208,577	$	579,289	$	808,939
Total assets:
Critical illness recovery hospital	$	2,160,157	$	2,181,405	$	2,160,157	$	2,181,405
Rehabilitation hospital	1,144,436		1,191,093		1,144,436		1,191,093
Outpatient rehabilitation	1,298,938		1,339,452		1,298,938		1,339,452
Concentra	2,355,644		2,609,361		2,355,644		2,609,361
Other	700,702		578,162		700,702		578,162
Total Company	$	7,659,877	$	7,899,473	$	7,659,877	$	7,899,473
Purchases of property and equipment:
Critical illness recovery hospital	$	11,126	$	12,365	$	35,061	$	43,249
Rehabilitation hospital	1,636		4,366		6,884		8,288
Outpatient rehabilitation	7,268		9,481		22,245		24,264
Concentra	11,985		11,353		34,391		31,624
Other	2,304		11,379		6,991		17,961
Total Company	$	34,319	$	48,944	$	105,572	$	125,386

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


	Three Months Ended September 30, 2020
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Concentra		Other		Total
	(in thousands)
Adjusted EBITDA	$	88,830	$	44,637	$	30,623	$	80,547	$	(31,433)
Depreciation and amortization	(12,521)		(6,910)		(7,231)		(21,083)		(2,365)
Stock compensation expense	—		—		—		(506)		(6,456)
Income (loss) from operations	$	76,309	$	37,727	$	23,392	$	58,958	$	(40,254)	$	156,132

Equity in earnings of unconsolidated subsidiaries											8,765
Gain on sale of businesses											5,143

Interest expense											(34,026)
Income before income taxes											$	136,014


	Three Months Ended September 30, 2021
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Concentra		Other		Total
	(in thousands)
Adjusted EBITDA	$	57,245	$	44,076	$	38,762	$	99,832	$	(31,338)
Depreciation and amortization	(12,972)		(6,869)		(7,319)		(20,419)		(2,549)
Stock compensation expense	—		—		—		(535)		(7,659)
Income (loss) from operations	$	44,273	$	37,207	$	31,443	$	78,878	$	(41,546)	$	150,255

Equity in earnings of unconsolidated subsidiaries											11,452


Interest expense											(33,825)
Income before income taxes											$	127,882


	Nine Months Ended September 30, 2020
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Concentra		Other		Total
	(in thousands)
Adjusted EBITDA	$	267,143	$	110,811	$	51,463	$	183,510	$	(33,638)
Depreciation and amortization	(38,749)		(20,704)		(21,643)		(65,827)		(7,210)
Stock compensation expense	—		—		—		(1,974)		(18,854)
Income (loss) from operations	$	228,394	$	90,107	$	29,820	$	115,709	$	(59,702)	$	404,328

Equity in earnings of unconsolidated subsidiaries											19,677
Gain on sale of businesses											12,690

Interest expense											(117,499)
Income before income taxes											$	319,196


	Nine Months Ended September 30, 2021
	Critical Illness Recovery Hospital		Rehabilitation Hospital		Outpatient Rehabilitation		Concentra		Other		Total
	(in thousands)
Adjusted EBITDA	$	243,421	$	145,378	$	110,724	$	318,907	$	(9,491)
Depreciation and amortization	(38,958)		(20,868)		(21,855)		(61,547)		(7,474)
Stock compensation expense	—		—		—		(1,606)		(20,396)
Income (loss) from operations	$	204,463	$	124,510	$	88,869	$	255,754	$	(37,361)	$	636,235

Equity in earnings of unconsolidated subsidiaries											33,180

Interest income											4,749
Interest expense											(102,115)
Income before income taxes											$	572,049