v3.25.4
COMBINED/CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 191,461 $ 55,344 $ 112,882
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 55,663 40,809 25,632
Amortization and write-off of deferred financing fees 3,148 3,115 6,068
Stock-based compensation 54,069 115,544 0
Loss on investment in partnership 773 4,565 391
Gain on insurance subsidiary deposits and investments (4,896) (1,258) 0
Deferred taxes (17,733) (44,484) (9,923)
Noncash lease expense 48,454 34,647 22,727
Other noncash operating activities 573 843 581
Change in operating assets and liabilities      
Accounts receivable, net 13,647 (93,968) (176,883)
Other receivables 781 (22,487) (3,059)
Prepaid expenses and other current assets (69,523) (17,210) (18,765)
Other assets (2,660) (13,338) (3,338)
Escrow funds 6,718 (9,473) 568
Operating lease liabilities (1,196) (20,784) (2,011)
Accounts payable 14,856 33,398 33,371
Accrued payroll and benefits 40,992 52,041 6,325
Accrued self-insurance liabilities 80,610 67,242 35,576
Refund liability 35,334 145,795 0
Other accrued expenses 13,227 73,210 (55,501)
Other liabilities (60,074) (36,210) 89,056
NET CASH PROVIDED BY OPERATING ACTIVITIES 404,224 367,341 63,697
Cash flows from investing activities      
Investment in partnerships 0 (32,891) (2,597)
Non-operating distributions from investment in partnership 5,593 3,521 1,862
Purchase of available-for-sale securities (21,212) (90,874) 0
Sale of available-for-sale securities 0 25,874 0
Acquisition of facilities (143,751) (283,344) (127,024)
Purchase of property and equipment (105,405) (66,465) (45,782)
Proceeds from the sale of assets 750 1,500 750
NET CASH USED IN INVESTING ACTIVITIES (264,025) (442,679) (172,791)
Cash flows from financing activities      
Borrowing on lines of credit, net of deferred financing fees 0 676,000 855,704
Payments on lines of credit (42,000) (1,054,000) (497,986)
Borrowings of long-term debt, net of deferred financing fees 0 72,305 411,313
Payments on long-term debt (18,218) (19,455) (559,632)
Noncontrolling interest distribution (377) 0 0
Contributions from noncontrolling interest 0 502 587
Dividends on common stock 0 (33,721) (80,394)
Proceeds from initial public offering, net of issuance costs 0 414,157 0
Proceeds from common stock offering, net of issuance costs 0 95,285 0
Taxes paid related to net share settlement of equity awards (8,395) (33,597) 0
NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES (68,990) 117,476 129,592
Net change in cash 71,209 42,138 20,498
Cash, cash equivalents, and restricted cash - beginning of period 160,842 118,704 98,206
Cash, cash equivalents, and restricted cash - end of period 232,051 160,842 118,704
Cash and cash equivalents 197,016 157,674 73,416
Cash, cash equivalents, and restricted cash 232,051 160,842 118,704
Supplemental disclosures of cash flow information      
Interest 40,509 48,248 50,558
Income taxes 84,047 107,831 60,009
Non-cash financing and investing activity      
Accrued capital expenditures 6,031 3,716 3,000
Assets acquired in operation expansions in exchange for notes payable 0 0 2,150
Assets acquired in operation expansions through settlement of notes receivable 0 500 0
Contributions from noncontrolling interest through relief of notes payable 0 451 0
Prepaid Expenses and Other Current Assets      
Cash flows from financing activities      
Restricted cash 35,035 3,168 4,977
Other Assets      
Cash flows from financing activities      
Restricted cash $ 0 $ 0 $ 40,311

Source

10-K PDF
XBRL