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Segment Information
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company identifies its segments according to how the chief operating decision maker evaluates financial performance and allocates resources. The Company’s reportable segments consist of the critical illness recovery hospital segment, rehabilitation hospital segment, and outpatient rehabilitation segment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Other activities include the Company’s corporate shared services, certain investments, and employee leasing services provided to related parties affiliated through the Company’s equity method investments.
The Company’s chief operating decision maker is its Executive Chairman. The chief operating decision maker uses Adjusted EBITDA in the annual budgeting and forecasting process. The chief operating decision maker considers budget-to-actual variances when making decisions about the allocation of operating and capital resources to each segment. The chief operating decision maker also uses segment Adjusted EBITDA to assess the performance of each segment by comparing the results of each segment to one another and to each segment’s budget. Adjusted EBITDA is defined as earnings from continuing operations excluding interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, gain (loss) on sale of businesses, and equity in earnings (losses) of unconsolidated subsidiaries. The Company has provided additional information regarding its reportable segments, such as total assets, which contributes to the understanding of the Company and provides useful information to the users of the consolidated financial statements.
The following tables summarize selected financial data for the Company’s reportable segments.
 For the Year Ended December 31, 2023
 Critical Illness Recovery HospitalRehabilitation HospitalOutpatient
Rehabilitation
OtherTotal
 (in thousands)
Revenue$2,299,773 $979,585 $1,188,914 $357,705 $4,825,977 
Personnel expense1,326,448 554,899 825,907 
Other segment items (1)
727,310 202,811 251,139 
Adjusted EBITDA246,015 221,875 111,868 
Total assets2,496,886 1,233,888 1,380,447 248,204 5,359,425 
Capital expenditures93,036 21,922 38,776 6,126 159,860 
 For the Year Ended December 31, 2024
 Critical Illness Recovery HospitalRehabilitation HospitalOutpatient
Rehabilitation
OtherTotal
 (in thousands)
Revenue$2,444,196 $1,110,592 $1,250,294 $382,023 $5,187,105 
Personnel expense1,376,917 629,149 888,290 
Other segment items (1)
765,645 235,695 253,427 
Adjusted EBITDA301,634 245,748 108,577 
Total assets2,654,474 1,366,922 1,404,379 182,176 5,607,951 
Capital expenditures65,861 53,620 36,142 3,285 158,908 
 For the Year Ended December 31, 2025
 Critical Illness Recovery HospitalRehabilitation HospitalsOutpatient
Rehabilitation
OtherTotal
 (in thousands)
Revenue$2,477,814 $1,288,954 $1,284,873 $401,189 $5,452,830 
Personnel Expense1,404,061 722,897 931,702 
Other segment items (1)
808,306 287,435 263,008 
Adjusted EBITDA265,447 278,622 90,163 
Total assets2,669,940 1,602,879 1,399,975 178,795 5,851,589 
Capital expenditures76,412 112,550 37,250 3,013 229,225 
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(1)    Other segment items consist of facilities expense, other operating expenses, and other operating income.
A reconciliation of Adjusted EBITDA to income from continuing operations before income taxes is as follows:
 For the Year Ended December 31,
 202320242025
 (in thousands)
Adjusted EBITDA - Critical Illness Recovery Hospital Segment$246,015 $301,634 $265,447 
Adjusted EBITDA - Rehabilitation Hospital Segment221,875 245,748 278,622 
Adjusted EBITDA - Outpatient Rehabilitation Segment111,868 108,577 90,163 
Other revenue357,705 382,023 401,189 
Other cost of services (1)
(357,705)(382,023)(401,189)
Other general and administrative expenses (1)
(134,153)(145,939)(141,129)
Other operating income486 375 72 
Depreciation and amortization(135,691)(142,866)(140,303)
Stock compensation expense(43,158)(99,214)(16,702)
Loss on early retirement of debt(14,692)(28,845)— 
Equity in earnings of unconsolidated subsidiaries41,339 63,904 54,521 
Interest expense(154,165)(128,605)(117,942)
Income from continuing operations before income taxes$139,724 $174,769 $272,749 
_______________________________________________________________________________
(1)    Exclusive of depreciation, amortization, and stock compensation expense.