Segment Information

3 Months Ended

Mar. 31, 2026

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. Reportable segment information, including intercompany transactions, is presented below (in thousands):

	March 31,		December 31,
	2026		2025
Assets:
Hospital division	$	887,392	$	851,344
Population health management division	30,784		29,505
Real estate division	39,142		37,676
Total Assets	$	957,318	$	918,525

	Three Months Ended March 31,
	2026		2025
Revenue from external customers:
Hospital division	$	207,570	$	203,947
Population health management division	8,915		7,842
Total revenue	$	216,485	$	211,789
Revenue from inter-segment activities:
Real estate division	1,177		619
Segment expenses:
Hospital division
Payroll	$	40,829	$	34,579
Contract services	52,904		31,760
Medical supplies	4,009		3,801
Other hospital division expenses	15,362		11,269
Hospital division expenses	113,104		81,409
Population health management division expenses	6,159		6,950
Total segment expenses	$	119,263	$	88,359
Depreciation and amortization:
Hospital division	$	4,879	$	4,643
Population health management division	340		340
Real estate division	273		109
Total depreciation and amortization	$	5,492	$	5,092
Segment gross profit (loss):
Hospital division	$	89,587	$	117,895
Population health management division	2,416		552
Real estate division	(273)		(109)
Total segment gross profit	$	91,730	$	118,338
Consolidated operating income:
Total segment gross profit	$	91,730	$	118,338
Corporate and other costs	(10,465)		(37,677)
Consolidated operating income	$	81,265	$	80,661
Segment income:
Hospital division
Hospital division gross profit	$	89,587	$	117,895
Interest expense, net	6,578		5,575

	Three Months Ended March 31,
	2026		2025
Other expense	22		3,354
Hospital division income before income taxes	$	82,987	$	108,966
Population health management division income before income taxes	2,422		554
Real estate division loss before income taxes	(273)		(109)
Non-segment loss before income taxes	(8,576)		(38,195)
Income before income taxes	$	76,560	$	71,216
Capital expenditures:
Hospital division	$	2,209	$	64
Total capital expenditures	$	2,209	$	64