Select medical holdings corp (SEM)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Operating activities
Net income

201,031

176,942

220,645

125,270

135,996

128,175

123,009

153,893

112,762

82,364

78,888

Adjustments to reconcile net income to net cash provided by operating activities:
Distributions from unconsolidated subsidiaries

20,222

15,721

20,006

20,476

13,969

11,954

-

-

-

-

-

Depreciation and amortization

212,576

201,655

160,011

145,311

104,981

68,354

64,392

63,311

71,517

68,706

70,981

Provision for expected credit losses

3,038

-103

79,491

532

59,372

44,600

37,423

39,055

51,347

41,147

40,872

Equity in earnings of unconsolidated subsidiaries

24,989

21,905

21,054

19,943

16,811

7,044

2,476

7,705

2,923

-440

-

Loss on extinguishment of debt

22,100

3,000

6,527

11,626

0

-2,277

-18,747

-6,064

-31,018

-

13,575

Gain on sale of assets and businesses

6,321

9,168

10,349

46,488

1,098

1,048

-

-

-

-

-

Gain on sale of equity investment

-

-

0

2,779

29,647

-

-

-

-

-

-

Loss on disposal of assets

-

-

-

-

-

-

581

5,906

4,966

-484

122

Impairment of equity investment

-

-

0

5,339

0

-

-

-

-

-

-

Non-cash gain from interest rate swaps

-

-

-

-

-

-

-

-

-

632

-632

Stock compensation expense

26,451

23,326

19,284

17,413

14,985

11,186

7,033

5,677

3,725

2,236

5,147

Amortization of debt discount, premium and issuance costs

11,566

13,112

11,130

15,656

9,543

7,553

8,433

7,566

8,007

9,043

-

Deferred income taxes

-7,435

7,217

-72,324

-12,591

-2,058

14,311

7,032

7,909

35,305

9,450

27,103

Changes in operating assets and liabilities, net of effects of business combinations:
Amortization of debt discount

-

-

-

-

-

-

-

-

-

-

1,681

Accounts receivable

57,991

-54,575

197,191

-29,241

92,572

97,802

67,145

-15,158

111,126

64,329

35,455

Other current assets

4,259

4,152

-1,597

-17,450

2,503

1,729

8,167

1,607

1,201

-1,595

1,117

Other assets

-6,122

-7,857

886

-9,290

-4,713

103

3,484

-5,862

2,081

6,782

-6,114

Accounts payable

5,743

-1,778

3,903

-15,492

2,345

5,997

-1,283

-6,117

20,629

-7,161

963

Accrued expenses

37,298

27,896

17,341

46,292

7,200

-16,039

9,590

19,970

4,888

9,878

-12,669

Due to third party payors

-

-

-

-

-

-

-

-4,448

227

-1,902

-3,804

Net cash provided by operating activities

445,182

494,194

238,131

346,603

208,415

170,642

192,523

298,682

217,128

144,537

165,639

Investing activities
Business combinations, net of cash acquired

93,705

523,134

27,390

472,206

1,061,628

1,211

1,665

6,043

899

165,802

21,381

Payments to Acquire Productive Assets

157,126

167,281

233,243

161,633

182,642

95,246

73,660

68,185

46,016

51,761

57,877

Proceeds from sale of assets

-

-

-

-

-

-

2,912

16,511

7,879

565

1,341

Investment in businesses

66,090

13,482

12,682

4,723

2,347

4,634

34,893

14,689

15,699

-

-

Proceeds from sale of assets and businesses

192

6,760

80,350

80,463

1,767

-

-

-

-

-

-

Proceeds from sale of equity investment

-

-

0

3,779

33,096

-

-

-

-

-

-

Net cash used in investing activities

-316,729

-697,137

-192,965

-554,320

-1,211,754

-101,091

-107,306

-72,406

-54,735

-216,998

-77,917

Financing activities
Proceeds from initial public offering, net of fees

-

-

-

-

-

-

-

-

-

-

315,866

Payment of initial public offering costs

-

-

-

-

-

-

-

-

-

-

1,737

Borrowings on revolving facilities

700,000

595,000

970,000

575,000

1,135,000

910,000

690,000

495,000

735,000

227,000

193,000

Net proceeds from term loans

-

-

-

-

-

-

298,500

266,750

841,500

-

-

Payments on revolving facilities

720,000

805,000

960,000

655,000

895,000

870,000

800,000

405,000

720,000

202,000

343,000

Proceeds from term loans

1,208,106

779,823

1,139,487

795,344

623,575

-

-

-

-

-

-

Payments on term loans

-

-

-

-

-

33,994

-

-

-

-

-

Payments on term loans

1,618,170

11,500

1,179,442

438,034

29,134

-2,139

596,720

-

-

-

-

Proceeds from 6.250% senior notes

1,244,987

0

-

-

-

-

-

-

-

-

-

Payment on 6.375% senior notes

710,000

0

-

-

-

-

-

-

-

-

-

Revolving facility debt issuance costs

310

1,639

4,392

0

0

-

18,914

6,527

18,556

-

-

Borrowings of other debt

24,225

42,218

-

27,721

-

-

-

-

-

-

-

Payments on credit facility term loans

-

-

-

-

-

-

-

9,875

4,250

-

-

Net proceeds from 6.375% senior notes issuance

-

-

-

-

-

109,355

600,000

-

-

-

-

Payments on 2005 credit facility term loans, net of premium

-

-

-

-

-

-

-

-

484,633

1,223

173,433

Repurchase of 10% senior subordinated notes

-

-

-

-

-

-

-

-

150,000

-

-

Repurchase of senior floating rate notes

-

-

-

-

-

-

167,300

-

-

-

6,468

Repurchase of 7 5/8% senior subordinated notes

-

-

-

-

-

-

70,000

278,495

273,941

-

30,114

Borrowings of other debt

-

-

46,621

-

13,374

9,076

15,310

8,281

7,055

6,347

7,189

Principal payments on other debt

30,604

25,242

20,647

21,401

18,136

14,673

10,834

10,295

7,499

7,436

7,275

Repurchase of common stock

38,531

6,837

4,753

2,929

15,827

130,734

11,781

46,902

72,804

44,144

80

Dividends paid to common stockholders

-

-

0

-

13,129

53,366

41,961

210,888

-

-

-

Proceeds from exercise of stock options

964

1,722

2,017

1,672

1,649

7,355

-

-

-

-

-

Proceeds from issuance of common stock

-

-

-

-

-

-

1,525

1,817

208

241

146

Equity contribution and loans from non-controlling interests

-

-

-

-

-

-

-

-

-

-

1,500

Tax benefit from stock based awards

-

-

0

-

1,846

3,119

-

-

-

-

-

Increase in overdrafts

-25,083

-4,380

-9,899

10,746

6,869

9,240

-5,330

1,227

-2,183

18,792

-21,130

Proceeds from issuance of non-controlling interests

18,447

2,926

9,982

11,846

217,065

185

-

-

-

-

-

Purchase of non-controlling interests

-

-

120

-

1,095

9,961

-

-

-

-

-

Distributions to and purchases of non-controlling interests

21,780

311,519

10,500

12,654

12,637

3,979

3,537

3,268

4,612

4,431

2,766

Net cash provided by (used in) financing activities

32,251

255,572

-21,646

292,311

1,014,420

-70,516

-121,042

-198,175

-154,715

-6,854

-68,302

Net decrease in cash and cash equivalents

160,704

52,629

23,520

84,594

11,081

-965

-35,825

28,101

7,678

-79,315

19,420

Supplemental Information
Cash paid for interest

182,992

193,406

149,156

142,640

103,166

78,812

89,061

80,722

107,488

105,939

126,695

Cash paid for taxes

70,592

48,153

64,991

70,756

79,420

77,771

64,963

77,614

39,000

37,809

18,084

Non-cash investing and financing activities:
Liabilities for purchases of property and equipment

28,760

29,134

30,043

32,861

36,744

14,230

-

-

-

-

-

Select Medical Corporation
Net income

-

-

220,645

125,270

-

-

-

-

-

-

-

Distributions from unconsolidated subsidiaries

-

-

20,006

20,476

-

-

-

-

-

-

-

Depreciation, Depletion and Amortization, Nonproduction

-

-

160,011

145,311

-

-

-

-

-

-

-

Provision for bad debts

-

-

79,491

532

-

-

-

-

-

-

-

Income (Loss) from Equity Method Investments

-

-

21,054

19,943

-

-

-

-

-

-

-

Loss on extinguishment of debt

-

-

6,527

11,626

-

-

-

-

-

-

-

Gain on sale of assets and businesses

-

-

-

46,488

-

-

-

-

-

-

-

Gain on sale of equity investment

-

-

0

2,779

-

-

-

-

-

-

-

Impairment of equity investment

-

-

0

5,339

-

-

-

-

-

-

-

Stock compensation expense

-

-

19,284

17,413

-

-

-

-

-

-

-

Amortization of debt discount, premium and issuance costs

-

-

11,130

15,656

-

-

-

-

-

-

-

Deferred income taxes

-

-

-72,324

-12,591

-

-

-

-

-

-

-

Accounts receivable

-

-

197,191

-29,241

-

-

-

-

-

-

-

Other current assets

-

-

-1,597

-17,450

-

-

-

-

-

-

-

Other assets

-

-

886

-9,290

-

-

-

-

-

-

-

Accounts payable

-

-

3,903

-15,492

-

-

-

-

-

-

-

Accrued expenses

-

-

17,341

46,292

-

-

-

-

-

-

-

Net cash provided by operating activities

-

-

238,131

346,603

-

-

-

-

-

-

-

Business combinations, net of cash acquired

-

-

27,390

472,206

-

-

-

-

-

-

-

Purchases of property and equipment

-

-

233,243

161,633

-

-

-

-

-

-

-

Investment in businesses

-

-

12,682

4,723

-

-

-

-

-

-

-

Proceeds from sale of assets and businesses

-

-

80,350

80,463

-

-

-

-

-

-

-

Proceeds from sale of equity investment

-

-

0

3,779

-

-

-

-

-

-

-

Net cash used in investing activities

-

-

-192,965

-554,320

-

-

-

-

-

-

-

Borrowings on revolving facilities

-

-

970,000

575,000

-

-

-

-

-

-

-

Payments on revolving facilities

-

-

960,000

655,000

-

-

-

-

-

-

-

Proceeds from term loans

-

-

1,139,487

795,344

-

-

-

-

-

-

-

Payments on term loans

-

-

1,179,442

438,034

-

-

-

-

-

-

-

Revolving facility debt issuance costs

-

-

4,392

0

-

-

-

-

-

-

-

Borrowings of other debt

-

-

46,621

27,721

-

-

-

-

-

-

-

Principal payments on other debt

-

-

20,647

21,401

-

-

-

-

-

-

-

Dividends paid to Holdings

-

-

4,753

-

-

-

-

-

-

-

-

Equity investment by Holdings

-

-

2,017

1,672

-

-

-

-

-

-

-

Increase (decrease) in overdrafts

-

-

-9,899

10,746

-

-

-

-

-

-

-

Dividends paid to Holdings

-

-

-

2,929

-

-

-

-

-

-

-

Proceeds from issuance of non-controlling interests

-

-

9,982

11,846

-

-

-

-

-

-

-

Distributions to and purchases of non-controlling interests

-

-

10,500

12,654

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-

-

-21,646

292,311

-

-

-

-

-

-

-

Net increase (decrease) in cash and cash equivalents

-

-

23,520

84,594

-

-

-

-

-

-

-

Cash paid for interest

-

-

149,156

142,640

-

-

-

-

-

-

-

Cash paid for taxes

-

-

64,991

70,756

-

-

-

-

-

-

-

Liabilities for purchases of property and equipment

-

-

30,043

32,861

-

-

-

-

-

-

-

Select
Gain (Loss) on Disposition of Assets and Business

-

-

10,349

-

-

-

-

-

-

-

-

Tax benefit from stock based awards

-

-

0

-

-

-

-

-

-

-

-

Purchase of non-controlling interests

-

-

120

-

-

-

-

-

-

-

-