SELECT MEDICAL HOLDINGS CORP (SEM) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Concentra	1,724.4	1,732.0	1,501.4	1,628.8	1,557.7	1,013.2		585.2
Outpatient Rehabilitation	1,125.3	1,084.4	919.9	1,046.0	995.8	960.9		810.0
Other								0.7
Other	3,483.9	3,388.1	3,110.4	2,779.1	2,527.8	2,391.1		2,346.8
Total revenues [+]	6,333.5	6,204.5	5,531.7	5,453.9	5,081.3	4,365.2	4,217.5	3,742.7
Services								3,742.7
Revenue growth [+]	2.1%	12.2%	1.4%	7.3%	16.4%	3.5%	12.7%	22.1%
Concentra	-0.4%	15.4%	-7.8%	4.6%	53.7%
Outpatient Rehabilitation	3.8%	17.9%	-12.1%	5.0%	3.6%			-1.1%
Other								0.4%
Cost of goods sold	5,571.4	5,141.1	4,620.4	4,641.0	4,341.1	3,735.3	3,665.4	3,211.5
Gross profit	762.1	1,063.4	911.4	812.9	740.2	629.9	552.1	531.2
Gross margin	12.0%	17.1%	16.5%	14.9%	14.6%	14.4%	13.1%	14.2%
Selling, general and administrative [+]	153.0	147.0	138.0	128.5	121.3	114.0	106.9	92.1
General and administrative	153.0	147.0	138.0	128.5	121.3	114.0	106.9	92.1
Equity in earnings	26.4	44.4	29.4	25.0	21.9	21.1	19.9	16.8
Other operating expenses								59.4
Adjusted EBITDA	673.3	991.8	830.0	735.9	664.2	556.2	482.5	411.6
Adjusted EBITDA margin	10.6%	16.0%	15.0%	13.5%	13.1%	12.7%	11.4%	11.0%
Stock-based compensation	37.8	30.9	27.3	26.5	23.3	19.3	17.4	15.0
EBITDA [+]	635.5	960.8	802.8	709.4	640.8	536.9	465.1	396.6
EBITDA growth	-33.9%	19.7%	13.2%	10.7%	19.3%	15.4%	17.3%	10.2%
EBITDA margin	10.0%	15.5%	14.5%	13.0%	12.6%	12.3%	11.0%	10.6%
Depreciation	174.8	173.1	178.1	183.0	171.8	142.6	145.3	105.0
EBITA	460.7	787.7	624.7	526.5	469.1	394.3	319.8	291.6
EBITA margin	7.3%	12.7%	11.3%	9.7%	9.2%	9.0%	7.6%	7.8%
Amortization of intangibles	31.0	29.5	27.6	29.6	29.9	17.4
EBIT [+]	429.7	758.2	597.1	496.9	439.2	376.9	319.8	291.6
EBIT growth	-43.3%	27.0%	20.2%	13.1%	16.5%	17.9%	9.7%	0.0%
EBIT margin	6.8%	12.2%	10.8%	9.1%	8.6%	8.6%	7.6%	7.8%
Interest expense, net [+]	169.1	130.6	153.0	200.6	198.5	154.7	170.1	112.8
Interest expense	169.1	136.0	153.0	200.6	198.5	154.7	170.1	112.8
Interest income		5.4
Other income (expense), net [+]		2.2	12.4	-31.6	-5.1	-19.8	31.0	29.6
Gain (loss) on debt retirement				-38.1	-14.2	-19.7	-11.6
Other non-operating gains/losses								29.6
Other								29.6
Pre-tax income	260.6	629.7	456.5	264.7	235.6	202.5	180.7	208.4
Income taxes	62.6	129.8	111.9	63.7	58.6	-18.2	55.5	72.4
Tax rate	24.0%	20.6%	24.5%	24.1%	24.9%		30.7%	34.8%
Minority interest	39.0	97.7	85.6	52.6	39.1	43.5	9.9	5.3
Net income	159.0	402.2	259.0	148.4	137.8	177.2	115.4	130.7
Net margin	2.5%	6.5%	4.7%	2.7%	2.7%	4.1%	2.7%	3.5%

Basic EPS [+]	$1.28	$3.09	$2.00	$1.14	$1.06	$1.37	$0.90	$1.03
Growth	-58.7%	54.7%	75.1%	7.6%	-22.9%	52.2%	-12.0%	9.7%
Diluted EPS [+]	$1.28	$3.09	$2.00	$1.14	$1.06	$1.37	$0.90	$1.02
Growth	-58.7%	54.7%	75.1%	7.7%	-22.9%	52.1%	-11.9%	9.8%

Dividends per share [+]	$0.50	$0.38						$0.10
Growth	33.3%						-100.0%	-75.0%

Shares outstanding (basic) [+]	124.6	130.2	129.8	130.2	130.2	129.0	127.8	127.5
Growth	-4.3%	0.4%	-0.4%	0.1%	0.9%	0.9%	0.3%	-1.2%
Shares outstanding (diluted) [+]	124.6	130.2	129.8	130.3	130.3	129.1	128.0	127.8
Growth	-4.3%	0.4%	-0.4%	0.0%	0.9%	0.9%	0.2%	-1.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.