XML 34 R22.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We report the results of our operations as three segments in our unaudited condensed consolidated financial statements: (i) the hospital division, (ii) the population health management division and (iii) the real estate division.
The Company’s chief operating decision maker (“CODM”) is our Chief Executive Officer (“CEO”). The determination of our reporting segments was made based on our strategic priorities, which corresponds to the way our CODM reviews and evaluates operating performance to make decisions about resources to be allocated. For our operating segments, the CODM uses segment gross profit and segment income before tax to allocate resources (including financial and capital resources) in the annual and forecasting processes. On a monthly basis, the CODM considers month-to-month and budget-to-actual variances for both measures when allocating resources to segments.
Other hospital division expenses include expenses such as facility-specific utilities, marketing and advertising, repairs and maintenance, and other tax expenses. Corporate costs primarily include expenses for support functions and salaries and benefits for corporate employees and are excluded from segment operating results.
Reportable segment information, including intercompany transactions, is presented below (in thousands):
September 30,December 31,
20252024
Assets:
Hospital division$900,924 $607,590 
Population health management division28,322 28,338 
Real estate division35,272 19,392 
Total Assets$964,518 $655,320 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue from external customers:
Hospital division$260,239 $71,733 $700,488 $199,367 
Population health management division7,565 7,062 23,090 22,964 
Total revenue$267,804 $78,795 $723,578 $222,331 
Segment expenses:
Hospital division
Payroll$38,431 $29,196 $108,914 $82,398 
Contract services47,813 6,484 133,601 15,077 
Medical supplies3,307 3,983 11,920 12,893 
Other hospital division expenses12,026 6,257 34,486 21,487 
Hospital division expenses101,577 45,920 288,921 131,855 
Population health management division expenses6,341 5,987 21,171 22,150 
Total segment expenses$107,918 $51,907 $310,092 $154,005 
Depreciation and amortization:
Hospital division$4,553 $4,637 $13,996 $12,072 
Population health management division341 361 1,020 1,193 
Real estate division109 (26)327 426 
Total depreciation and amortization$5,003 $4,972 $15,343 $13,691 
Segment gross profit (loss):
Hospital division$154,107 $21,438 $397,571 $54,700 
Population health management division883 479 899 (65)
Real estate division(109)— (327)— 
Total segment gross profit$154,881 $21,917 $398,143 $54,635 
Consolidated operating income:
Total segment gross profit$154,881 $21,917 $398,143 $54,635 
Corporate and other costs(24,514)(12,254)(153,436)(38,223)
Consolidated operating income$130,367 $9,663 $244,707 $16,412 
Segment income:
Hospital division
Hospital division gross profit$154,107 $21,438 $397,571 $54,700 
Interest expense, net5,651 5,385 17,074 14,890 
Other expense (income)990 384 8,644 (492)
Hospital division income before income taxes$147,466 $15,669 $371,853 $40,302 
Population health management division income before income taxes886 868 905 295 
Real estate division loss before income taxes(109)- (327)— 
Non-segment loss before income taxes(24,304)(19,117)(153,544)(39,427)
Income (loss) before income taxes$123,939 $(2,580)$218,887 $1,170 
Capital expenditures:
Hospital division$490 $617 $1,387 $1,909 
Total capital expenditures$490 $617 $1,387 $1,909