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Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Information [Abstract] |
Segment Information | 11. Segment Information The Company’s reportable segments include the physical therapy operations segment and the IIP segment. Also included in the physical therapy operations segment are revenues from management contract services and other services which include services the Company provides on-site, such as athletic trainers for schools. Physical Therapy Operations The physical therapy operations segment primarily operates through subsidiary clinic partnerships (“Clinic Partnerships”), in which the Company generally owns a 1% general partnership interest in all the Clinic Partnerships. The Company’s limited partnership interests generally range from 65% to 75% (the range is 10% - 99%) in the Clinic Partnerships. The managing therapist of each clinic owns, directly or indirectly, the remaining limited partnership interest in most of the clinics (hereinafter referred to as “Clinic Partnerships”). To a lesser extent, the Company operates some clinics, through wholly-owned subsidiaries, under profit sharing arrangements with therapists (hereinafter referred to as “Wholly-Owned Facilities”). The Company continues to seek to attract for employment physical therapists who have established relationships with physicians and other referral sources, by offering these therapists a competitive salary and incentives based on the profitability of the clinic that they manage. For multi-site clinic practices in which a controlling interest is acquired by the Company, the prior owners typically continue on as employees to manage the clinic operations, retain a non-controlling ownership interest in the clinics and receive a competitive salary for managing the clinic operations. In addition, the Company has developed satellite clinic facilities as part of existing Clinic Partnerships and Wholly-Owned Facilities, with the result that a substantial number of Clinic Partnerships and Wholly-Owned Facilities operate more than one clinic location. Clinic Partnerships For non-acquired Clinic Partnerships, the earnings and liabilities attributable to the non-controlling interests, typically owned by the managing therapist, directly or indirectly, are recorded within the balance sheets and income statements as non-controlling interest—permanent equity. For acquired Clinic Partnerships with redeemable non-controlling interests, the earnings attributable to the redeemable non-controlling interests are recorded within the consolidated balance sheets and income statements as redeemable non-controlling interest—temporary equity. Wholly-Owned Facilities For Wholly-Owned Facilities with profit sharing arrangements, an appropriate accrual is recorded for the amount of profit sharing due to the clinic partners/directors. The amount is expensed as compensation and included in clinic operating costs—salaries and related costs. The respective liability is included in current liabilities—accrued expenses on the consolidated balance sheets. Industrial Injury Prevention Services Services provided in the IIP segment include onsite injury prevention and rehabilitation, performance optimization, post offer employment testing, functional capacity evaluations, and ergonomic assessments. The majority of these services are contracted with and paid for directly by employers, including a number of Fortune 500 companies. Other clients include large insurers and their contractors. The Company performs these services through Industrial Sports Medicine Professionals, consisting primarily of specialized certified athletic trainers. Segment Financials The Company evaluates performance of the segments based on gross profit. The Company has provided additional information regarding its reportable segments which contributes to the understanding of the Company and provides useful information. The following table summarizes selected financial data for the Company’s reportable segments:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
|  | (In thousands) |  |  | (In thousands) |
Net revenue: |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 143,486 |  |  | $ | 132,239 |  |  | $ | 277,911 |  |  | $ | 261,398 |
Industrial injury prevention services |  |  | 23,704 |  |  |  | 19,246 |  |  |  | 44,954 |  |  |  | 38,596 |
Total Company |  | $ | 167,190 |  |  | $ | 151,485 |  |  | $ | 322,865 |  |  | $ | 299,994 |
Operating Costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and related costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 81,452 |  |  | $ | 74,394 |  |  | $ | 161,226 |  |  | $ | 148,281 |
Industrial injury prevention services |  |  | 14,882 |  |  |  | 12,477 |  |  |  | 28,839 |  |  |  | 24,630 |
Total salaries and related costs |  | $ | 96,334 |  |  | $ | 86,871 |  |  | $ | 190,065 |  |  | $ | 172,911 |
Rent supplies, contract labor and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 31,534 |  |  | $ | 28,060 |  |  | $ | 60,494 |  |  | $ | 54,732 |
Industrial injury prevention services |  |  | 3,743 |  |  |  | 2,784 |  |  |  | 6,699 |  |  |  | 6,212 |
Total rent, supplies, contract labor and other |  | $ | 35,277 |  |  | $ | 30,844 |  |  | $ | 67,193 |  |  | $ | 60,944 |
Provision for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 1,717 |  |  | $ | 1,563 |  |  | $ | 3,344 |  |  | $ | 3,075 |
Industrial injury prevention services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total provision for credit losses |  | $ | 1,717 |  |  | $ | 1,563 |  |  | $ | 3,344 |  |  | $ | 3,075 |
Total Company |  | $ | 133,328 |  |  | $ | 119,278 |  |  | $ | 260,602 |  |  | $ | 236,930 |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 28,783 |  |  | $ | 28,222 |  |  | $ | 52,847 |  |  | $ | 55,310 |
Industrial injury prevention services |  |  | 5,079 |  |  |  | 3,985 |  |  |  | 9,416 |  |  |  | 7,754 |
Total Company |  | $ | 33,862 |  |  | $ | 32,207 |  |  | $ | 62,263 |  |  | $ | 63,064 |
|  | As of |
|  | June 30, 2024 |  |  | June 30, 2023 |
Total Assets: |  |  |  |  |  |
Physical therapy operations |  | $ | 853,045 |  |  | $ | 849,907 |
Industrial injury prevention services |  |  | 170,089 |  |  |  | 149,674 |
Total Company |  | $ | 1,023,134 |  |  | $ | 999,581 |

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- Definition The entire disclosure for reporting segments including data and tables. 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