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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 131,676 $ 19,153
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 40,284 27,893
Amortization of deferred financing fees 2,361 2,333
Stock-based compensation 38,322 103,240
Loss on investment in partnership 800 3,572
Gain on insurance subsidiary deposits and investments (4,004) (2,200)
Deferred taxes (31,537) (45,250)
Noncash lease expense 37,071 22,973
Other noncash operating activities, net 110 843
Change in operating assets and liabilities    
Accounts receivable, net 13,495 (26,835)
Other receivables 8,318 2,934
Prepaid expenses and other current assets (6,963) (5,112)
Other assets (7,684) (14,879)
Escrow funds 704 (7,935)
Operating lease liabilities (1,333) (20,913)
Accounts payable 27,067 10,339
Accrued payroll and benefits 106,361 61,651
Accrued self-insurance liabilities 57,449 48,593
Refund liability 35,338 83,987
Other accrued expenses 37,300 37,294
Other liabilities (77,521) 1,070
NET CASH PROVIDED BY OPERATING ACTIVITIES 407,614 302,751
Cash flows from investing activities    
Investment in partnerships 0 (30,426)
Non-operating distributions from investment in partnership 4,176 2,216
Purchase of available-for-sale securities (15,162) (45,000)
Acquisition of facilities (80,594) (224,761)
Purchase of property and equipment (54,299) (41,874)
Proceeds from the sale of assets 0 1,500
NET CASH USED IN INVESTING ACTIVITIES (145,879) (338,345)
Cash flows from financing activities    
Borrowing on line of credit, net of deferred financing fees 0 402,000
Payments on line of credit (42,000) (922,000)
Borrowings of long-term debt, net of deferred financing fees 0 70,116
Payments on long-term debt (12,748) (13,839)
Noncontrolling interest distribution (378) 0
Contributions from noncontrolling interest 0 502
Dividends on common stock 0 (33,721)
Proceeds from initial public offering, net of issuance costs 0 414,157
Proceeds from common stock offering, net of issuance costs 0 95,285
Taxes paid related to net share settlement of stock-based compensation awards (8,395) (33,598)
NET CASH USED IN FINANCING ACTIVITIES (63,521) (21,098)
Net change in cash 198,214 (56,692)
Cash, cash equivalents, and restricted cash - beginning of period 160,842 118,704
Cash, cash equivalents, and restricted cash - end of period 359,056 62,012
Supplemental disclosures of cash flow information    
Interest 28,598 39,346
Income taxes 81,044 77,540
Non-cash financing and investing activity    
Accrued capital expenditures 7,067 6,458
Assets acquired in operation expansions through settlement of notes receivable $ 0 $ 500

Source

10-Q PDF
XBRL