|
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details 4) (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Operating activities |
|
|
| Net income |
$ 37,285 |
$ 34,367 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Distributions from unconsolidated subsidiaries |
28 |
|
| Depreciation and amortization |
17,348 |
16,229 |
| Provision for bad debts |
12,670 |
11,018 |
| Equity in earnings of unconsolidated subsidiaries |
(2,592) |
(908) |
| Loss on early retirement of debt |
|
2,277 |
| Loss from disposal of assets |
5 |
121 |
| Non-cash stock compensation expense |
2,399 |
2,155 |
| Amortization of debt discount, premium and issuance costs |
1,929 |
2,051 |
| Deferred income taxes |
(2,471) |
57 |
| Changes in operating assets and liabilities, net of effects from acquisition of businesses: |
|
|
| Accounts receivable |
(61,810) |
(87,437) |
| Other current assets |
(5,924) |
(3,144) |
| Other assets |
1,663 |
(3,938) |
| Accounts payable |
5,332 |
4,732 |
| Accrued expenses |
6,757 |
(12,803) |
| Income taxes |
24,916 |
19,223 |
| Net cash provided by (used in) operating activities |
37,535 |
(16,000) |
| Investing activities |
|
|
| Purchases of property and equipment |
(27,848) |
(27,299) |
| Investment in businesses |
(1,000) |
(124) |
| Acquisition of businesses, net of cash acquired |
(2,686) |
(375) |
| Net cash used in investing activities |
(31,534) |
(27,798) |
| Financing activities |
|
|
| Borrowings on revolving credit facility |
215,000 |
285,000 |
| Payments on revolving credit facility |
(175,000) |
(200,000) |
| Payments on credit facility term loans |
(26,884) |
(33,994) |
| Issuance of 6.375% senior notes, includes premium |
|
111,650 |
| Borrowings of other debt |
6,582 |
6,111 |
| Principal payments on other debt |
(4,584) |
(3,067) |
| Debt issuance costs |
|
(4,434) |
| Proceeds from (repayments of) bank overdrafts |
(2,821) |
5,970 |
| Dividends paid |
(13,129) |
(14,056) |
| Tax benefit from stock based awards |
5 |
|
| Distributions to non-controlling interests |
(2,425) |
(1,452) |
| Net cash provided by (used in) financing activities |
(2,767) |
44,171 |
| Net increase (decrease) in cash and cash equivalents |
3,234 |
373 |
| Cash and cash equivalents at beginning of period |
3,354 |
4,319 |
| Cash and cash equivalents at end of period |
6,588 |
4,692 |
| Select |
|
|
| Operating activities |
|
|
| Net income |
37,285 |
34,367 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Distributions from unconsolidated subsidiaries |
28 |
|
| Depreciation and amortization |
17,348 |
16,229 |
| Provision for bad debts |
12,670 |
11,018 |
| Equity in earnings of unconsolidated subsidiaries |
(2,592) |
(908) |
| Loss on early retirement of debt |
|
2,277 |
| Loss from disposal of assets |
5 |
121 |
| Non-cash stock compensation expense |
2,399 |
2,155 |
| Amortization of debt discount, premium and issuance costs |
1,929 |
2,051 |
| Deferred income taxes |
(2,471) |
57 |
| Changes in operating assets and liabilities, net of effects from acquisition of businesses: |
|
|
| Accounts receivable |
(61,810) |
(87,437) |
| Other current assets |
(5,924) |
(3,144) |
| Other assets |
1,663 |
(3,938) |
| Accounts payable |
5,332 |
4,732 |
| Accrued expenses |
6,757 |
(12,803) |
| Income taxes |
24,916 |
19,223 |
| Net cash provided by (used in) operating activities |
37,535 |
(16,000) |
| Investing activities |
|
|
| Purchases of property and equipment |
(27,848) |
(27,299) |
| Investment in businesses |
(1,000) |
(124) |
| Acquisition of businesses, net of cash acquired |
(2,686) |
(375) |
| Net cash used in investing activities |
(31,534) |
(27,798) |
| Financing activities |
|
|
| Borrowings on revolving credit facility |
215,000 |
285,000 |
| Payments on revolving credit facility |
(175,000) |
(200,000) |
| Payments on credit facility term loans |
(26,884) |
(33,994) |
| Issuance of 6.375% senior notes, includes premium |
|
111,650 |
| Borrowings of other debt |
6,582 |
6,111 |
| Principal payments on other debt |
(4,584) |
(3,067) |
| Debt issuance costs |
|
(4,434) |
| Proceeds from (repayments of) bank overdrafts |
(2,821) |
5,970 |
| Equity investment by Holdings |
489 |
1,943 |
| Dividends paid |
(13,129) |
(123,556) |
| Tax benefit from stock based awards |
5 |
|
| Distributions to non-controlling interests |
(2,425) |
(1,452) |
| Net cash provided by (used in) financing activities |
(2,767) |
44,171 |
| Net increase (decrease) in cash and cash equivalents |
3,234 |
373 |
| Cash and cash equivalents at beginning of period |
3,354 |
4,319 |
| Cash and cash equivalents at end of period |
6,588 |
4,692 |
| Select | Reportable legal entities | Select Medical Corporation (Parent Company Only) |
|
|
| Operating activities |
|
|
| Net income |
35,063 |
33,044 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
985 |
923 |
| Loss on early retirement of debt |
|
2,277 |
| Non-cash stock compensation expense |
2,399 |
2,155 |
| Amortization of debt discount, premium and issuance costs |
1,929 |
2,051 |
| Deferred income taxes |
(2,471) |
57 |
| Changes in operating assets and liabilities, net of effects from acquisition of businesses: |
|
|
| Equity in earnings of subsidiaries |
(32,251) |
(32,033) |
| Other current assets |
(6,200) |
(2,043) |
| Other assets |
1,599 |
(3,324) |
| Accounts payable |
47 |
1,274 |
| Accrued expenses |
1,016 |
(12,117) |
| Income taxes |
24,916 |
19,223 |
| Net cash provided by (used in) operating activities |
27,032 |
11,487 |
| Investing activities |
|
|
| Purchases of property and equipment |
(1,452) |
(2,171) |
| Net cash used in investing activities |
(1,452) |
(2,171) |
| Financing activities |
|
|
| Borrowings on revolving credit facility |
215,000 |
285,000 |
| Payments on revolving credit facility |
(175,000) |
(200,000) |
| Payments on credit facility term loans |
(26,884) |
(33,994) |
| Issuance of 6.375% senior notes, includes premium |
|
111,650 |
| Borrowings of other debt |
6,486 |
6,111 |
| Principal payments on other debt |
(4,201) |
(2,567) |
| Debt issuance costs |
|
(4,434) |
| Proceeds from (repayments of) bank overdrafts |
(2,821) |
5,970 |
| Equity investment by Holdings |
489 |
1,943 |
| Dividends paid |
(13,129) |
(123,556) |
| Intercompany |
(22,524) |
(55,440) |
| Tax benefit from stock based awards |
5 |
|
| Net cash provided by (used in) financing activities |
(22,579) |
(9,317) |
| Net increase (decrease) in cash and cash equivalents |
3,001 |
(1) |
| Cash and cash equivalents at beginning of period |
70 |
71 |
| Cash and cash equivalents at end of period |
3,071 |
70 |
| Select | Reportable legal entities | Subsidiary Guarantors |
|
|
| Operating activities |
|
|
| Net income |
32,322 |
31,691 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
13,772 |
13,048 |
| Provision for bad debts |
9,473 |
9,317 |
| Equity in earnings of unconsolidated subsidiaries |
(2,571) |
(887) |
| Loss from disposal of assets |
5 |
6 |
| Changes in operating assets and liabilities, net of effects from acquisition of businesses: |
|
|
| Equity in earnings of subsidiaries |
(3,280) |
(2,337) |
| Accounts receivable |
(48,350) |
(80,083) |
| Other current assets |
42 |
(1,959) |
| Other assets |
(140) |
(597) |
| Accounts payable |
6,037 |
4,122 |
| Accrued expenses |
5,048 |
1,802 |
| Net cash provided by (used in) operating activities |
12,358 |
(25,877) |
| Investing activities |
|
|
| Purchases of property and equipment |
(25,067) |
(23,636) |
| Investment in businesses |
(1,000) |
(124) |
| Acquisition of businesses, net of cash acquired |
|
(375) |
| Net cash used in investing activities |
(26,067) |
(24,135) |
| Financing activities |
|
|
| Principal payments on other debt |
(103) |
(80) |
| Intercompany |
14,369 |
50,154 |
| Net cash provided by (used in) financing activities |
14,266 |
50,074 |
| Net increase (decrease) in cash and cash equivalents |
557 |
62 |
| Cash and cash equivalents at beginning of period |
2,454 |
3,098 |
| Cash and cash equivalents at end of period |
3,011 |
3,160 |
| Select | Reportable legal entities | Non-Guarantor Subsidiaries |
|
|
| Operating activities |
|
|
| Net income |
5,431 |
4,002 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Distributions from unconsolidated subsidiaries |
28 |
|
| Depreciation and amortization |
2,591 |
2,258 |
| Provision for bad debts |
3,197 |
1,701 |
| Equity in earnings of unconsolidated subsidiaries |
(21) |
(21) |
| Loss from disposal of assets |
|
115 |
| Changes in operating assets and liabilities, net of effects from acquisition of businesses: |
|
|
| Accounts receivable |
(13,460) |
(7,354) |
| Other current assets |
234 |
858 |
| Other assets |
204 |
(17) |
| Accounts payable |
(752) |
(664) |
| Accrued expenses |
693 |
(2,488) |
| Net cash provided by (used in) operating activities |
(1,855) |
(1,610) |
| Investing activities |
|
|
| Purchases of property and equipment |
(1,329) |
(1,492) |
| Acquisition of businesses, net of cash acquired |
(2,686) |
|
| Net cash used in investing activities |
(4,015) |
(1,492) |
| Financing activities |
|
|
| Borrowings of other debt |
96 |
|
| Principal payments on other debt |
(280) |
(420) |
| Intercompany |
8,155 |
5,286 |
| Distributions to non-controlling interests |
(2,425) |
(1,452) |
| Net cash provided by (used in) financing activities |
5,546 |
3,414 |
| Net increase (decrease) in cash and cash equivalents |
(324) |
312 |
| Cash and cash equivalents at beginning of period |
830 |
1,150 |
| Cash and cash equivalents at end of period |
506 |
1,462 |
| Select | Eliminations |
|
|
| Operating activities |
|
|
| Net income |
(35,531) |
(34,370) |
| Changes in operating assets and liabilities, net of effects from acquisition of businesses: |
|
|
| Equity in earnings of subsidiaries |
$ 35,531 |
$ 34,370 |