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
Operating activities
Net income	63,775	37,742^†	44,180^†	57,879^†
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^†
Depreciation and amortization	37,666	36,205^†	34,442^†	34,848^†
Provision for expected credit losses	1,098	301^†	506^†	(728)^†
Equity in earnings of unconsolidated subsidiaries	(12,011)	(15,399)^†	(12,992)^†	(13,618)^†
Loss on extinguishment of debt	—	0^†	—	—
(Gain) loss on sale or disposal of assets	48	55^†	(4)^†	(20)^†
Stock compensation expense	4,638	4,523^†	4,255^†	4,032^†
Amortization of debt discount and issuance costs	778	783^†	784^†	786^†
Deferred income taxes	6,336	—	17,895^†	(1,693)^†
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(86,370)	(38,698)^†	83,144^†	(548)^†
Other current assets	(10,563)	7,911^†	(8,060)^†	12,792^†
Other assets	5,092	(13,864)^†	1,597^†	1,332^†
Accounts payable	21,196	(18,626)^†	(3,322)^†	7,632^†
Accrued expenses	(7,866)	33,132^†	1,159^†	(3,349)^†
Net cash provided by (used in) operating activities	37,860	64,325^†	175,307^†	110,292^†
Investing activities
Business combinations, net of cash acquired	31	(7,596)^†	(1,601)^†	0^†
Purchases of property and equipment	(58,898)	(59,100)^†	(53,102)^†	(64,684)^†
Proceeds from sale of assets	—	—	—	15^†
Proceeds from sales and exchanges of assets and sale of business	—	1,259^†	—	—
Proceeds from sales of assets and business	2,212	—	—	—
Net cash used in investing activities	(56,655)	(66,892)^†	(32,610)^†	(64,669)^†
Financing activities
Borrowings on revolving facilities	250,000	320,000^†	200,000^†	365,000^†
Payments on revolving facilities	(225,000)	(370,000)^†	(300,000)^†	(295,000)^†
Proceeds from term loans, net of issuance costs	—	0^†	—	—
Payments on term loans	(2,625)	(2,625)^†	(2,625)^†	(2,625)^†
Proceeds from senior notes, net of issuance costs	—	0^†	—	—
Borrowings of other debt	19,369	59,696^†	20,169^†	5,338^†
Principal payments on other debt	(9,903)	(8,363)^†	(9,274)^†	(8,962)^†
Dividends paid to common stockholders	(7,751)	(7,751)^†	(7,739)^†	(7,885)^†
Repurchases of common stock	0	(542)^†	(1,970)^†	(86,176)^†
Increase (decrease) in overdrafts	2,643	16,751^†	(16,506)^†	(4,177)^†
Proceeds from issuance of non-controlling interests	5,948	2,940^†	2,058^†	2,962^†
Distributions to and purchases of non-controlling interests	(14,726)	(41,070)^†	(19,105)^†	(14,962)^†
Proceeds from Concentra initial public offering	—	0^†	—	—
Net cash provided by financing activities	17,955	(30,964)^†	(134,992)^†	(46,487)^†
Net decrease in cash and cash equivalents	(840)	(33,531)^†	7,705^†	(864)^†
Cash and cash equivalents at beginning of period	26,523	60,054	52,349	53,213
Cash and cash equivalents at end of period	—	26,523	60,054	52,349
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^†
Cash paid for taxes	3,908	3,904^†	1,066^†	19,580^†

† 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.