SEM · As filed with the SEC

Select Medical Holdings cash flow statement, by quarter

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.

Condensed Consolidated Statements of Cash Flows (unaudited) · USD thousands

USD thousands	Q1 2026 3 months ended Mar 31, 2026	Q4 2025^† 3 months ended Dec 31, 2025	Q3 2025^† 3 months ended Sep 30, 2025	Q2 2025^† 3 months ended Jun 30, 2025	Q1 2025 3 months ended Mar 31, 2025	Q4 2024^† 3 months ended Dec 31, 2024	Q3 2024^† 3 months ended Sep 30, 2024	Q2 2024^† 3 months ended Jun 30, 2024
Operating activities
Net income	63,775	37,742^†	44,180^†	57,879^†	74,732	3,756^†	81,015^†	94,766^†
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	14,043	10,155^†	11,723^†	10,947^†	20,145	8,742^†	16,306^†	1,756^†
Depreciation and amortization	37,666	36,205^†	34,442^†	34,848^†	34,808	45,743^†	50,143^†	53,939^†
Provision for expected credit losses	1,098	301^†	506^†	(728)^†	2,283	2,620^†	199^†	606^†
Equity in earnings of unconsolidated subsidiaries	(12,011)	(15,399)^†	(12,992)^†	(13,618)^†	(12,512)	(10,423)^†	(33,069)^†	(6,315)^†
Loss on extinguishment of debt	—	0^†	—	—	—	8,099^†	—	—
(Gain) loss on sale or disposal of assets	48	55^†	(4)^†	(20)^†	(23)	48^†	(89)^†	(1,066)^†
Stock compensation expense	4,638	4,523^†	4,255^†	4,032^†	3,892	61,271^†	13,376^†	14,413^†
Amortization of debt discount and issuance costs	778	783^†	784^†	786^†	783	684^†	787^†	742^†
Deferred income taxes	6,336	—	17,895^†	(1,693)^†	(5,655)	—	(602)^†	(27,448)^†
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(86,370)	(38,698)^†	83,144^†	(548)^†	(89,083)	20,916^†	22,348^†	56,199^†
Other current assets	(10,563)	7,911^†	(8,060)^†	12,792^†	(12,230)	10,216^†	1,299^†	16,168^†
Other assets	5,092	(13,864)^†	1,597^†	1,332^†	2,127	(1,009)^†	26,789^†	(15,210)^†
Accounts payable	21,196	(18,626)^†	(3,322)^†	7,632^†	13,462	(14,733)^†	5,558^†	(1,896)^†
Accrued expenses	(7,866)	33,132^†	1,159^†	(3,349)^†	(36,186)	(13,005)^†	(14,030)^†	91,498^†
Net cash provided by (used in) operating activities	37,860	64,325^†	175,307^†	110,292^†	(3,457)	125,432^†	180,969^†	278,152^†
Investing activities
Business combinations, net of cash acquired	31	(7,596)^†	(1,601)^†	0^†	0	(10,786)^†	3,682^†	(588)^†
Purchases of property and equipment	(58,898)	(59,100)^†	(53,102)^†	(64,684)^†	(52,339)	(63,429)^†	(50,683)^†	(55,548)^†
Proceeds from sale of assets	—	—	—	15^†	24	22^†	1,908^†	2,068^†
Investment in businesses	—	—	—	—	—	0^†	0^†	0^†
Proceeds from sales and exchanges of assets and sale of business	—	1,259^†	—	—	—	22^†	—	—
Proceeds from sales of assets and business	2,212	—	—	—	—	—	—	—
Net cash used in investing activities	(56,655)	(66,892)^†	(32,610)^†	(64,669)^†	(52,315)	(74,193)^†	(45,093)^†	(54,068)^†
Financing activities
Borrowings on revolving facilities	250,000	320,000^†	200,000^†	365,000^†	405,000	290,000^†	235,000^†	220,000^†
Payments on revolving facilities	(225,000)	(370,000)^†	(300,000)^†	(295,000)^†	(330,000)	(195,000)^†	(570,000)^†	(385,000)^†
Proceeds from term loans, net of issuance costs	—	0^†	—	—	—	1,043,355^†	—	—
Payments on term loans	(2,625)	(2,625)^†	(2,625)^†	(2,625)^†	(2,625)	(372,982)^†	(1,640,418)^†	0^†
Proceeds from senior notes, net of issuance costs	—	0^†	—	—	—	539,261^†	—	—
Borrowings of other debt	19,369	59,696^†	20,169^†	5,338^†	16,015	4,086^†	3,078^†	0^†
Principal payments on other debt	(9,903)	(8,363)^†	(9,274)^†	(8,962)^†	(7,729)	(29,498)^†	(12,521)^†	(14,200)^†
Dividends paid to common stockholders	(7,751)	(7,751)^†	(7,739)^†	(7,885)^†	(8,060)	(16,124)^†	(16,194)^†	(16,254)^†
Repurchases of common stock	0	(542)^†	(1,970)^†	(86,176)^†	(11,389)	(19,981)^†	(16,524)^†	(1,400)^†
Increase (decrease) in overdrafts	2,643	16,751^†	(16,506)^†	(4,177)^†	(5,120)	11,630^†	(9,453)^†	(4,908)^†
Proceeds from issuance of non-controlling interests	5,948	2,940^†	2,058^†	2,962^†	7,944	6,300^†	3,662^†	1,749^†
Distributions to and purchases of non-controlling interests	(14,726)	(41,070)^†	(19,105)^†	(14,962)^†	(14,745)	(24,201)^†	(17,430)^†	(5,531)^†
Proceeds from Concentra initial public offering	—	0^†	—	—	—	0^†	—	—
Net cash provided by financing activities	17,955	(30,964)^†	(134,992)^†	(46,487)^†	49,291	(183,013)^†	(55,568)^†	(205,544)^†
Net decrease in cash and cash equivalents	(840)	(33,531)^†	7,705^†	(864)^†	(6,481)	(131,774)^†	80,308^†	18,540^†
Cash and cash equivalents at beginning of period	26,523	60,054	52,349	53,213	59,694	191,468	111,160	92,620
Cash and cash equivalents at end of period	—	26,523	60,054	52,349	53,213	59,694	191,468	111,160
Cash and cash equivalents at beginning of period	26,523	—	—	53,213	—	—	—	—
Cash and cash equivalents at end of period	25,683	—	—	—	—	—	—	—
Supplemental information
Cash paid for interest	17,554	36,622^†	21,937^†	38,293^†	23,772	39,472^†	74,879^†	53,044^†
Cash paid for taxes	3,908	3,904^†	1,066^†	19,580^†	1,472	30,491^†	41,870^†	60,222^†

† Derived: worked out from the filings, not stated in them. A fourth quarter is the 10-K year less the nine months in the third-quarter 10-Q; a quarter of cash flows is year to date less the prior year to date.

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