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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 217,829 $ 131,676
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 58,279 40,284
Amortization of deferred financing fees 2,362 2,361
Stock-based compensation 91,500 38,322
(Gain) loss on investment in partnership (1,517) 800
Loss (gain) on insurance subsidiary deposits and investments 2,489 (4,004)
Deferred taxes (53,766) (31,537)
Noncash operating lease expense 31,330 37,071
Other noncash operating activities, net 351 110
Change in operating assets and liabilities    
Accounts receivable, net (32,128) 13,495
Other receivables (10,501) 8,318
Prepaid expenses and other current assets 71,629 (6,963)
Other assets (3,621) (7,684)
Escrow funds (7,064) 704
Operating lease liabilities (4,182) (1,333)
Accounts payable (16,897) 27,067
Accrued payroll and benefits 65,369 106,361
Accrued self-insurance liabilities 82,751 57,449
Refund liability 0 35,338
Other accrued expenses 74,566 37,300
Other liabilities 14,300 (77,521)
NET CASH PROVIDED BY OPERATING ACTIVITIES 583,079 407,614
Cash flows from investing activities    
Non-operating distributions from investment in partnership 3,660 4,176
Purchase of equity securities (99,686) (15,162)
Sale of equity securities 20,349 0
Acquisition of facilities (376,322) (80,594)
Purchase of property and equipment (80,854) (54,299)
Issuance of transition working capital loan (25,000) 0
Collections from transition working capital loan 19,619 0
NET CASH USED IN INVESTING ACTIVITIES (538,234) (145,879)
Cash flows from financing activities    
Borrowing on line of credit 299,000 0
Payments on line of credit (399,000) (42,000)
Payments on long-term debt (5,637) (12,748)
Noncontrolling interest distribution (746) (378)
Purchase of equity in noncontrolling interest (404) 0
Proceeds from issuance of common stock under employee stock purchase plan 4,251 0
Taxes paid related to net share settlement of stock-based compensation awards (46,167) (8,395)
NET CASH USED IN FINANCING ACTIVITIES (148,703) (63,521)
Net change in cash (103,858) 198,214
Cash, cash equivalents, and restricted cash - beginning of period 232,051 160,842
Cash, cash equivalents, and restricted cash - end of period 128,193 359,056
Cash and cash equivalents 115,281 355,672
Restricted cash (included in prepaid expenses and other current assets) 12,912 3,384
Cash, cash equivalents, and restricted cash 128,193 359,056
Supplemental disclosures of cash flow information    
Interest 23,071 28,598
Income taxes 41,206 81,044
Non-cash financing and investing activity    
Accrued capital expenditures 7,968 7,067
Assets acquired in operation expansions in exchange for notes payable 27,460 0
Assets acquired through consolidation of previously held equity method investment $ 15,558 $ 0

Source

10-Q PDF
XBRL