Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

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