SEM · As filed with the SEC

Select Medical Holdings cash flow statement, by fiscal year

The statement as Select Medical Holdings presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.

Consolidated Statements of Cash Flows · USD thousands

USD thousands	FY2025 Year ended Dec 31, 2025	FY2024 Year ended Dec 31, 2024	FY2023 Year ended Dec 31, 2023	FY2022 Year ended Dec 31, 2022	FY2021 Year ended Dec 31, 2021	FY2020 Year ended Dec 31, 2020	FY2019 Year ended Dec 31, 2019	FY2018 Year ended Dec 31, 2018
Operating activities
Net income	214,533	296,704	299,731	198,026	499,949	344,606	201,031	176,942
Select Medical Corporation	—	—	—	—	—	—	—	176,942
Adjustments to reconcile net income to net cash provided by operating activities:
Distributions from unconsolidated subsidiaries	52,970	39,178	23,417	21,911	37,002	35,390	20,222	15,721
Select Medical Corporation	—	—	—	—	—	—	—	15,721
Depreciation and amortization	140,303	203,894	208,742	205,825	202,645	205,659	212,576	201,655
Select Medical Corporation	—	—	—	—	—	—	—	201,655
Provision for expected credit losses	2,362	4,279	1,030	174	236	604	3,038	(103)
Select Medical Corporation	—	—	—	—	—	—	—	(103)
Equity in earnings of unconsolidated subsidiaries	(54,521)	(60,228)	(40,813)	(26,407)	(44,428)	(29,440)	(24,989)	(21,905)
Select Medical Corporation	—	—	—	—	—	—	—	(21,905)
Loss on extinguishment of debt	0	19,038	175	—	0	0	22,130	2,999
Select Medical Corporation	—	—	—	—	—	—	—	2,999
Gain on sale of assets and businesses	—	—	—	—	—	—	—	(9,168)
Select Medical Corporation	—	—	—	—	—	—	—	(9,168)
Gain on sale of equity investment	—	—	—	—	—	—	—	0
Select Medical Corporation	—	—	—	—	—	—	—	0
Impairment of equity investment	—	—	—	—	—	—	—	0
Select Medical Corporation	—	—	—	—	—	—	—	0
Gain on sale of assets and businesses	—	—	(57)	(2,714)	(2,409)	(22,563)	(6,321)	—
(Gain) loss on sale or disposal of assets	8	(1,063)	—	—	—	—	—	—
Stock compensation expense	16,702	100,670	43,809	37,755	30,940	27,250	26,451	23,326
Select Medical Corporation	—	—	—	—	—	—	—	23,326
Amortization of debt discount, premium and issuance costs	3,136	2,963	2,647	2,272	2,217	2,184	11,566	13,112
Select Medical Corporation	—	—	—	—	—	—	—	13,112
Deferred income taxes	—	—	(16,119)	7,521	5,055	(14,715)	(7,435)	7,217
Select Medical Corporation	—	—	—	—	—	—	—	7,217
Deferred income taxes	30,652	(32,434)	—	—	—	—	—	—
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(45,185)	(95,845)	1,156	(52,183)	23,101	(116,601)	(57,991)	54,575
Select Medical Corporation	—	—	—	—	—	—	—	54,575
Other current assets	413	18,072	(29,374)	(4,866)	(2,418)	(18,775)	(4,259)	(4,152)
Select Medical Corporation	—	—	—	—	—	—	—	(4,152)
Other assets	—	—	—	—	—	—	6,122	7,857
Select Medical Corporation	—	—	—	—	—	—	—	7,857
Other assets	(8,808)	12,933	10,031	16,491	(7,196)	17,587	—	—
Accounts payable	(854)	(16,789)	(6,412)	(48,042)	53,392	27,325	5,743	(1,778)
Select Medical Corporation	—	—	—	—	—	—	—	(1,778)
Accrued expenses	(5,244)	26,492	84,095	12,839	(73,159)	168,839	37,298	27,896
Select Medical Corporation	—	—	—	—	—	—	—	27,896
Government advances	—	—	—	—	—	318,116	—	—
Government advances	—	0	0	(83,790)	(241,185)	—	—	—
Unearned government assistance	—	—	0	13	(82,514)	82,607	—	—
Net cash provided by operating activities	346,467	517,864	582,058	284,825	401,228	1,028,073	445,182	494,194
Select Medical Corporation	—	—	—	—	—	—	—	494,194
Investing activities
Business combinations, net of cash acquired	(9,197)	(13,097)	(29,567)	(26,987)	(81,911)	(20,808)	(93,705)	(523,134)
Select Medical Corporation	—	—	—	—	—	—	—	(523,134)
Purchases of property, equipment, and other assets	(229,225)	(222,177)	(229,200)	(190,372)	(180,537)	(146,440)	(157,126)	(167,281)
Select Medical Corporation	—	—	—	—	—	—	—	(167,281)
Investment in businesses	(1,455)	0	(9,873)	(17,323)	(20,967)	(31,425)	(66,090)	(13,482)
Select Medical Corporation	—	—	—	—	—	—	—	(13,482)
Proceeds from sale of assets and businesses	—	4,263	163	8,343	26,821	83,320	192	6,760
Select Medical Corporation	—	—	—	—	—	—	—	6,760
Proceeds from sale of equity investment	—	—	—	—	—	—	—	0
Select Medical Corporation	—	—	—	—	—	—	—	0
Proceeds from sales and exchanges of assets and sale of business	23,391	—	—	—	—	—	—	—
Net cash used in investing activities	(216,486)	(231,011)	(268,477)	(226,339)	(256,594)	(115,353)	(316,729)	(697,137)
Select Medical Corporation	—	—	—	—	—	—	—	(697,137)
Financing activities
Borrowings on revolving facilities	1,290,000	1,240,000	905,000	1,120,000	160,000	470,000	700,000	595,000
Select Medical Corporation	—	—	—	—	—	—	—	595,000
Payments on revolving facilities	(1,295,000)	(1,415,000)	(1,070,000)	(835,000)	0	(470,000)	(720,000)	(805,000)
Select Medical Corporation	—	—	—	—	—	—	—	(805,000)
Proceeds from term loans, net of issuance costs	0	1,880,052	2,092,232	—	0	0	1,208,106	779,823
Select Medical Corporation	—	—	—	—	—	—	—	779,823
Payments on term loans	(10,500)	(2,092,485)	(2,113,952)	0	0	(39,843)	(1,618,170)	(11,500)
Select Medical Corporation	—	—	—	—	—	—	—	(11,500)
Proceeds from 6.250% senior notes	—	—	—	—	0	0	1,244,987	—
Payment on 6.375% senior notes	—	—	—	—	0	0	(710,000)	—
Revolving facility debt issuance costs	—	—	—	—	0	0	(310)	(1,639)
Select Medical Corporation	—	—	—	—	—	—	—	(1,639)
Payment on senior notes, including call premium	0	(1,237,764)	—	—	—	—	—	—
Proceeds from senior notes, net of issuance costs	0	1,176,598	—	—	—	—	—	—
Borrowings of other debt	101,218	24,892	31,399	25,666	33,013	40,108	24,225	42,218
Select Medical Corporation	—	—	—	—	—	—	—	42,218
Principal payments on other debt	(34,328)	(65,280)	(46,946)	(35,594)	(39,668)	(48,381)	(30,604)	(25,242)
Select Medical Corporation	—	—	—	—	—	—	—	(25,242)
Select Medical Corporation	—	—	—	—	—	—	—	(6,837)
Select Medical Corporation	—	—	—	—	—	—	—	1,722
Dividends paid to common stockholders	(31,435)	(64,617)	(63,904)	(64,589)	(50,600)	—	—	—
Repurchase of common stock	(100,077)	(37,905)	(12,759)	(195,528)	(79,476)	(16,034)	(38,531)	(6,837)
Proceeds from exercise of stock options	—	—	—	—	0	0	964	1,722
Decrease in overdrafts	(9,052)	(4,471)	(1,687)	(10,392)	42,353	0	(25,083)	(4,380)
Select Medical Corporation	—	—	—	—	—	—	—	(4,380)
Proceeds from issuance of non-controlling interests	—	—	—	—	—	—	—	2,926
Select Medical Corporation	—	—	—	—	—	—	—	2,926
Proceeds from issuance of non-controlling interests	15,904	15,713	22,935	9,530	20,732	7,564	18,447	—
Distributions to and purchases of non-controlling interests	(89,882)	(60,001)	(63,531)	(43,107)	(73,081)	(38,589)	(21,780)	(311,519)
Select Medical Corporation	—	—	—	—	—	—	—	(311,519)
Purchase of membership interests of Concentra Group Holdings Parent	0	0	(6,268)	(5,876)	(660,658)	(576,366)	—	—
Proceeds from Concentra initial public offering	0	511,198	—	—	—	—	—	—
Cash transferred to Concentra at separation	0	(182,095)	—	—	—	—	—	—
Net cash used in financing activities	(163,152)	(311,165)	(327,481)	(34,890)	(647,385)	(671,541)	32,251	255,572
Select Medical Corporation	—	—	—	—	—	—	—	255,572
Net increase in cash and cash equivalents	—	—	—	—	—	—	—	52,629
Select Medical Corporation	—	—	—	—	—	—	—	52,629
Cash and cash equivalents at beginning of period	—	—	—	—	—	—	175,178	122,549
Select Medical Corporation	—	—	—	—	—	—	—	175,178
Cash and cash equivalents at end of period	—	—	—	—	—	—	—	175,178
Select Medical Corporation	—	—	—	—	—	—	—	175,178
Net decrease in cash and cash equivalents	(33,171)	(24,312)	(13,900)	23,596	(502,751)	241,179	160,704	—
Cash and cash equivalents at beginning of period	—	84,006	97,906	—	—	—	—	—
Cash and cash equivalents at beginning of period	59,694	84,006	97,906	74,310	577,061	335,882	175,178	—
Cash and cash equivalents at end of period	26,523	—	84,006	97,906	74,310	577,061	335,882	—
Supplemental information:
Cash paid for interest, excluding amounts received of $82,818 and $68,069 under the interest rate cap contract for the years ended December 31, 2023 and 2024, respectively.	120,624	256,229	272,261	183,453	132,203	155,236	182,992	193,406
Select Medical Corporation	—	—	—	—	—	—	—	193,406
Cash paid for taxes	26,022	133,187	88,510	32,290	181,184	108,890	70,592	48,153
Select Medical Corporation	—	—	—	—	—	—	—	48,153
Non-cash investing and financing activities:
Liabilities for purchases of property and equipment	36,268	21,784	18,403	51,529	23,441	24,480	28,760	29,134
Select Medical Corporation	—	—	—	—	—	—	—	29,134

As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.