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Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Information [Abstract] |
Selected Financial Data for Reportable Segments | The Company has provided additional information regarding its reportable segments which contributes to the understanding of the Company and provides useful information.
|  | For the Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Net revenue: |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 574,433 |  |  | $ | 526,548 |  |  | $ | 476,092 |
Industrial injury prevention services |  |  | 96,912 |  |  |  | 78,254 |  |  |  | 77,052 |
Total Company |  | $ | 671,345 |  |  | $ | 604,802 |  |  | $ | 553,144 |
Operating Costs: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and related costs: |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 337,466 |  |  | $ | 302,765 |  |  | $ | 272,360 |
Industrial injury prevention services |  |  | 61,928 |  |  |  | 50,625 |  |  |  | 46,831 |
Total salaries and related costs |  | $ | 399,394 |  |  | $ | 353,390 |  |  | $ | 319,191 |
Rent supplies, contract labor and other: |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 105,019 |  |  | $ | 97,873 |  |  | $ | 88,523 |
Industrial injury prevention services |  |  | 13,891 |  |  |  | 10,723 |  |  |  | 13,847 |
Total rent, supplies, contract labor and other |  | $ | 118,910 |  |  | $ | 108,596 |  |  | $ | 102,370 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 16,741 |  |  | $ | 14,542 |  |  | $ | 13,563 |
Industrial injury prevention services |  |  | 1,112 |  |  |  | 418 |  |  |  | 376 |
Total depreciation and amortization |  | $ | 17,853 |  |  | $ | 14,960 |  |  | $ | 13,939 |
Provision for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 6,904 |  |  | $ | 6,129 |  |  | $ | 5,517 |
Industrial injury prevention services |  |  | 8 |  |  |  | 43 |  |  |  | 31 |
Total provision for credit losses |  | $ | 6,912 |  |  | $ | 6,172 |  |  | $ | 5,548 |
Clinic closure costs: |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 4,355 |  |  | $ | 175 |  |  | $ | 72 |
Industrial injury prevention services |  |  | - |  |  |  | - |  |  |  | - |
Total clinic closure costs |  | $ | 4,355 |  |  | $ | 175 |  |  | $ | 72 |
Total Company |  | $ | 547,424 |  |  | $ | 483,293 |  |  | $ | 441,120 |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 103,948 |  |  | $ | 105,064 |  |  | $ | 96,057 |
Industrial injury prevention services |  |  | 19,973 |  |  |  | 16,445 |  |  |  | 15,967 |
Total Company |  | $ | 123,921 |  |  | $ | 121,509 |  |  | $ | 112,024 |
Impairment of goodwill and other intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Industrial injury prevention services |  | $ | - |  |  | $ | 17,495 |  |  | $ | 9,112 |
Total impairment of goodwill and other intangible assets |  | $ | - |  |  | $ | 17,495 |  |  | $ | 9,112 |
Impairment of assets held for sale |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 2,418 |  |  | $ | - |  |  | $ | - |
Total impairment of assets held for sale |  | $ | 2,418 |  |  | $ | - |  |  | $ | - |
Unallocated amounts |  |  |  |  |  |  |  |  |  |  |  |
Corporate office costs |  | $ | 58,290 |  |  | $ | 51,953 |  |  | $ | 46,111 |
Interest expense, debt and other |  |  | 8,015 |  |  |  | 9,303 |  |  |  | 5,779 |
Interest income from investments |  |  | (3,941 | ) |  |  | (3,774 | ) |  |  | - |
Change in fair value of contingent earn-out consideration |  |  | 219 |  |  |  | 1,550 |  |  |  | (2,520 | )
Change in revaluation of put-right liability |  |  | 82 |  |  |  | (2,582 | ) |  |  | 5 |
Equity in earnings of unconsolidated affiliate |  |  | (1,014 | ) |  |  | (955 | ) |  |  | (1,175 | )
Relief Funds |  |  | - |  |  |  | (467 | ) |  |  | - |
Other |  |  | (357 | ) |  |  | (390 | ) |  |  | (859 | )
Total unallocated amounts |  | $ | 61,294 |  |  | $ | 54,638 |  |  | $ | 47,341 |
Income before taxes |  | $ | 60,209 |  |  | $ | 49,376 |  |  | $ | 55,571 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Goodwill: |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  | $ | 595,519 |  |  | $ | 437,413 |  |  | $ | 408,705 |
Industrial injury prevention services |  |  | 71,633 |  |  |  | 72,158 |  |  |  | 85,396 |
Total goodwill |  | $ | 667,152 |  |  | $ | 509,571 |  |  | $ | 494,101 |
All other assets: |  |  |  |  |  |  |  |  |  |  |  |
Physical therapy operations |  |  | 452,905 |  |  | $ | 398,272 |  |  | $ | 263,131 |
Industrial injury prevention services |  |  | 47,410 |  |  |  | 89,395 |  |  |  | 100,922 |
Total all other assets |  |  | 500,315 |  |  |  | 487,667 |  |  |  | 364,053 |
Total Assets |  | $ | 1,167,467 |  |  | $ | 997,238 |  |  | $ | 858,154 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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