Concentra Group Holdings Parent, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
CON$42.22+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0002014596-26-000044
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0002014596-26-000056
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 133 previous paragraphs and 153 current paragraphs.
106 unchanged; 25 reworded; 16 added; 2 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 9 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Six Months Ended June 30, 2026, Compared to Six Months Ended June 30, 2025
Current report
Revenue
Current report
Revenue increased 11.8% to $1,175.6 million for the six months ended June 30, 2026, compared to $1,051.5 million for the six months ended June 30, 2025, driven primarily by organic increases in both volume of patient visits and revenue per visit, as described below, as well as a $28.7 million increase in revenue related to the acquisition of Pivot in June 2025, and a $22.7 million increase in revenue related to the acquisition of Nova in March 2025.
Current report
Our total patient visits increased 4.5% to 7,030,025 for the six months ended June 30, 2026, compared to 6,724,688 visits for the six months ended June 30, 2025. Total VPD volume increased 4.5% to 55,355 for the six months ended June 30, 2026, compared to 52,950 for the six months ended June 30, 2025, primarily due to an increase in workers’ compensation and employer services visits. Workers’ compensation VPD volume increased 6.5% to 25,451 from 23,897 and employer services VPD volume increased 3.2% to 29,052 from 28,140, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025.
Current report
Cost of Services
Current report
Our cost of services expense includes all direct and indirect support costs related to providing services to our customers. Cost of services was $813.0 million, or 69.2% of revenue, for the six months ended June 30, 2026, compared to $746.4 million, or 71.0% of revenue, for the six months ended June 30, 2025. The percentage of revenue decreased primarily due to increased staffing efficiencies and Nova expenses that were incurred during the six months ended of 2025 that were eliminated through synergies in 2025, relative to an 11.8% increase in revenue during the period.
Current report
General and Administrative
Current report
Depreciation and Amortization
Current report
Depreciation and amortization expense was $39.5 million for the six months ended June 30, 2026, compared to $35.6 million for the six months ended June 30, 2025. The increase was primarily due to recent growth through de novos and acquisitions.
Current report
Interest Expense
Current report
For the six months ended June 30, 2026, we had interest expense of $51.7 million, compared to $53.7 million for the six months ended June 30, 2025. The decrease in interest expense was primarily due to the amortization of the term loan and the $85 million in borrowings on the Revolving Credit Facility as of June 30, 2025, which were fully repaid by October 2025.
Current report
Income Taxes
Current report
Cash Flows for the Six Months Ended June 30, 2026 and Six Months Ended June 30, 2025
Current report
Free Cash Flow
Current report
We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities, excluding business combinations, net of cash acquired. Free Cash Flow (i) does not represent residual cash flow available for discretionary expenditures and (ii) does not reflect our mandatory debt service obligations or other non-discretionary expenditures that are not deducted in calculating the measure.
Current report
The following table reconciles net cash provided by operating activities to Free Cash Flow.
Removed paragraphs (2)
Previous report
(1) Beginning in the second quarter of 2025, we updated the schedule for all periods presented to include Net Income Attributable to the Company. Management believes this measure will provide an improved insight into the performance of our business. As a result, the reconciliation for the three months ended March 31, 2025, has been recast to conform to the current period’s presentation.
Previous report
Cash Flows for the Three Months Ended March 31, 2026 and Three Months Ended March 31, 2025
Reworded paragraphs (25)
Previous wording
We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America’s workforce. As of March 31, 2026, we operated 632 stand-alone occupational health centers in 41 states and 411 onsite health clinics at employer worksites in 45 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 47 states and the District of Columbia. Our patients are generally employed by our main customers — employers across the United States.
Current wording
We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America’s workforce. As of June 30, 2026, we operated 633 stand-alone occupational health centers in 41 states and 415 onsite health clinics at employer worksites in 44 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 46 states and the District of Columbia. Our patients are generally employed by our main customers — employers across the United States.
Previous wording
•Occupational health centers: Our occupational health centers operating segment encompasses the services we deliver at our 632 occupational health center facilities across the United States. In this operating segment, we serve all types of employers, from Fortune 100 companies to small businesses. The occupational health services provided in this operating segment include workers’ compensation and employer services, and we also provide consumer health services.
Current wording
•Occupational health centers: Our occupational health centers operating segment encompasses the services we deliver at our 633 occupational health center facilities across the United States. In this operating segment, we serve all types of employers, from Fortune 100 companies to small businesses. The occupational health services provided in this operating segment include workers’ compensation and employer services, and we also provide consumer health services.
Previous wording
•Onsite health clinics: Our onsite health clinics operating segment delivers occupational health services and/or employer-sponsored primary care services at an employer’s workplace, including mobile health services and episodic specialty testing services — we deliver our services at 411 permanent on-site locations and multiple other employer locations through our episodic services. In this operating segment, we serve medium to large-sized employers.
Current wording
•Onsite health clinics: Our onsite health clinics operating segment delivers occupational health services and/or employer-sponsored primary care services at an employer’s workplace, including mobile health services and episodic specialty testing services — we deliver our services at 415 permanent on-site locations and multiple other employer locations through our episodic services. In this operating segment, we serve medium to large-sized employers.
Previous wording
The following table outlines selected operating data as a percentage of revenue for the periods indicated:
Current wording
The following tables outline selected operating data as a percentage of revenue for the periods indicated:
Previous wording
Revenue increased 13.7% to $569.6 million for the three months ended March 31, 2026, compared to $500.8 million for the three months ended March 31, 2025, driven by organic increases in both volume of patient visits and revenue per visit and due to the addition of occupational health centers in 2025 and over 240 onsite locations that were acquired in June 2025.
Current wording
Revenue increased 10.0% to $606.0 million for the three months ended June 30, 2026, compared to $550.8 million for the three months ended June 30, 2025, driven primarily by organic increases in both volume of patient visits and revenue per visit, as described below, and also due to the acquisition of over 240 onsite locations in June 2025.
Previous wording
Our total patient visits increased 6.7% to 3,419,091 for the three months ended March 31, 2026, compared to 3,204,368 visits for the three months ended March 31, 2025. Total VPD volume increased 6.7% to 54,271 for the three months ended March 31, 2026, compared to 50,863 for the three months ended March 31, 2025, primarily due to organic growth and the acquisition of Nova Medical Centers (“Nova”). Workers’ compensation VPD volume increased 9.6% to 25,132 from 22,935 and employer services VPD volume increased 4.8% to 28,231 from 26,927, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
Current wording
Our total patient visits increased 2.6% to 3,610,934 for the three months ended June 30, 2026, compared to 3,520,320 visits for the three months ended June 30, 2025. Total VPD volume increased 2.6% to 56,421 for the three months ended June 30, 2026, compared to 55,005 for the three months ended June 30, 2025, primarily due to organic growth. Workers’ compensation VPD volume increased 3.7% to 25,765 from 24,843 and employer services VPD volume increased 1.8% to 29,859 from 29,334, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.
Previous wording
Revenue per visit increased 3.1% to $151.47 for the three months ended March 31, 2026, compared to $146.94 for the three months ended March 31, 2025. We experienced a higher revenue per visit principally due to increases in the reimbursement rates payable pursuant to certain state fee schedules for workers’ compensation visits, as well as increases in our employer services rates, for the three months ended March 31, 2026. Revenue per visit for workers’ compensation visits increased 2.0% to $213.27 from $209.09 and revenue per visit for employer services visits increased 2.7% to $96.91 from $94.40, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.
Current wording
Revenue per visit increased 4.6% to $152.67 for the three months ended June 30, 2026, compared to $145.92 for the three months ended June 30, 2025. We experienced a higher revenue per visit principally due to increases in the reimbursement rates payable pursuant to certain state fee schedules for workers’ compensation visits, as well as increases in our employer services rates, for the three months ended June 30, 2026. Revenue per visit for workers’ compensation visits increased 4.9% to $219.06 from $208.93 and revenue per visit for employer services visits increased 3.2% to $95.84 from $92.85, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.
Previous wording
Our cost of services expense includes all direct and indirect support costs related to providing services to our customers. Cost of services expense was $399.1 million, or 70.1% of revenue, for the three months ended March 31, 2026, compared to $357.1 million, or 71.3% of revenue, for the three months ended March 31, 2025. The cost of services expense as a percentage of revenue decreased primarily due to increased staffing efficiencies, relative to a 13.7% increase in revenue during the period.
Current wording
Our cost of services expense includes all direct and indirect support costs related to providing services to our customers. Cost of services expense was $413.9 million, or 68.3% of revenue, for the three months ended June 30, 2026, compared to $389.3 million, or 70.7% of revenue, for the three months ended June 30, 2025. The cost of services expense as a percentage of revenue decreased primarily due to increased staffing efficiencies and Nova expenses that were incurred during the second quarter of 2025 that were eliminated through synergies in 2025, relative to a 10.0% increase in revenue during the period.
Previous wording
Our general and administrative expense includes corporate overhead such as finance, legal, human resources, marketing, corporate offices, and other administrative areas as well as executive compensation. General and administrative expense was $55.3 million, or 9.7% of revenue, for the three months ended March 31, 2026, compared to $46.7 million, or 9.3% of revenue, for the three months ended March 31, 2025. The increase in general and administrative expense as a percentage of revenue is principally due to the planned addition of new full-time employees and other non-personnel costs to support the separation from Select and operate as a standalone public company, stock compensation expense, and one-time costs to separate from Select.
Current wording
Our general and administrative expense includes corporate overhead such as finance, legal, human resources, marketing, corporate offices, and other administrative areas as well as executive compensation. General and administrative expense was $56.7 million, or 9.4% of revenue, for the three months ended June 30, 2026, compared to $52.9 million, or 9.6% of revenue, for the three months ended June 30, 2025. The decrease in general and administrative expense as a percentage of revenue is primarily due to one-time Nova and Pivot Onsite Innovations expenses that were incurred during the second quarter of 2025, offset by increased personnel costs due to the planned addition of new full-time employees and other non-personnel costs to support the separation from Select and operate as a standalone public company, stock compensation expense, and one-time costs to separate from Select.
Previous wording
Depreciation and amortization expense was $19.6 million for the three months ended March 31, 2026, compared to $16.6 million for the three months ended March 31, 2025. The increase was primarily due to growth investments in 2025.
Current wording
Depreciation and amortization expense was $19.9 million for the three months ended June 30, 2026, compared to $19.0 million for the three months ended June 30, 2025. The increase was primarily due to recent growth through de novos and acquisitions.
Previous wording
For the three months ended March 31, 2026, we had interest expense of $26.0 million, compared to $25.5 million for the three months ended March 31, 2025. The slight increase in interest expense was due to the issuance of the $102.1 million incremental term loan in March 2025, as described in Note 6—“Long-Term Debt”.
Current wording
For the three months ended June 30, 2026, we had interest expense of $25.7 million, compared to $28.2 million for the three months ended June 30, 2025. The decrease in interest expense was primarily due to the amortization of the term loan and the $85 million in borrowings on the Revolving Credit Facility as of June 30, 2025, which were fully repaid by October 2025.
Previous wording
We recorded income tax expense of $17.3 million for the three months ended March 31, 2026, which represented an effective tax rate of 24.9%. We recorded income tax expense of $13.3 million for the three months ended March 31, 2025, which represented an effective tax rate of 24.6%. Our income tax expense is computed based on annual estimates, which we allocate throughout the year based on our income. This intra-period tax allocation may cause our effective tax rate to reflect variances when compared to the prior year, as estimates of our annual income and the components of our income tax expense change throughout the year.
Current wording
We recorded income tax expense of $22.0 million for the three months ended June 30, 2026, which represented an effective tax rate of 24.7%. We recorded income tax expense of $15.2 million for the three months ended June 30, 2025, which represented an effective tax rate of 24.7%. Our income tax expense is computed based on annual estimates, which we allocate throughout the year based on our income. This intra-period tax allocation may cause our effective tax rate to reflect variances when compared to the prior year, as estimates of our annual income and the components of our income tax expense change throughout the year.
Previous wording
Operating activities provided $21.0 million and $11.7 million of cash flows during the three months ended March 31, 2026 and 2025, respectively. The increase in cash flows from operating activities for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily due to an increase in net income from organic growth and through acquisitions.
Current wording
Operating activities provided $156.2 million and $100.1 million of cash flows during the six months ended June 30, 2026 and 2025, respectively. The increase in cash flows from operating activities for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily due to an increase in net income from organic growth and through acquisitions and de novos, as well as year-over-year variances in timing associated with payments of current liabilities.
Previous wording
Investing activities used $14.8 million and $294.7 million of cash flows for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, the principal uses of cash were $11.1 million for purchases of property and equipment under our capital program to open de novos, upgrade and maintain existing facilities, and technology investments, and $3.8 million for acquisitions of businesses. For the three months ended March 31, 2025, the principal uses of cash were $279.0 million for acquisitions of businesses, which primarily includes the purchase of Nova, and $15.7 million for purchases of property and equipment under our capital program to open de novos and upgrade and maintain existing facilities.
Current wording
Investing activities used $29.0 million and $374.3 million of cash flows for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, the principal uses of cash were $26.8 million for purchases of property and equipment under our capital program to open de novos, upgrade and maintain existing facilities, and technology investments, and $3.8 million for acquisitions of businesses. For the six months ended June 30, 2025, the principal uses of cash were $41.0 million for purchases of property and equipment under our capital program to open de novos, upgrade and maintain existing facilities, Nova start-up capital, and technology investments, and $333.3 million for acquisitions of businesses, which primarily includes the purchase of Nova and Pivot Onsite Innovations.
Previous wording
Financing activities used $24.4 million and provided $151.9 million of cash flows for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, the principal uses of cash were repurchases of common stock of $15.0 million and dividends paid to common stockholders of $8.0 million. For the three months ended March 31, 2025, the principal sources of cash were due to the updated term loan, net of issuance costs of $948.8 million and from borrowings on our Revolving Credit Facility of $50.0 million. This was partially offset by payment of the original term loan of $847.9 million.
Current wording
Financing activities used $49.0 million and provided $164.8 million of cash flows for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026, the principal uses of cash were repurchases of common stock of $26.0 million, dividends paid to common stockholders of $16.0 million and payments on the term loan of $4.8 million. For the six months ended June 30, 2025, the principal sources of cash were due to the updated term loan, net of issuance costs of $948.8 million and from borrowings on our Revolving Credit Facility of $85.0 million. This was partially offset by payment of the original term loan of $850.3 million and dividends paid to common stockholders of $16.0 million.
Previous wording
We had net working capital of $83.3 million at March 31, 2026, compared to net working capital of $45.9 million at December 31, 2025. The increase in the net working capital surplus was principally due to an increase in accounts receivable, partially offset by a decrease in our cash, which resulted from share repurchases.
Current wording
We had net working capital of $138.5 million at June 30, 2026, compared to net working capital of $45.9 million at December 31, 2025. The increase in the net working capital surplus was principally due to a significant increase in cash and an increase in accounts receivable.
Previous wording
At March 31, 2026, the Company had $434.2 million of availability under its Revolving Credit Facility, after giving effect to $15.8 million of outstanding letters of credit. At March 31, 2026, the Company did not have any outstanding borrowings under its Revolving Credit Facility.
Current wording
At June 30, 2026, the Company had $430.2 million of availability under its Revolving Credit Facility, after giving effect to $19.8 million of outstanding letters of credit. At June 30, 2026, the Company had no outstanding borrowings under its Revolving Credit Facility.
Previous wording
The Credit Facilities require CHSI to maintain a leverage ratio (as defined in the Credit Agreement), which is tested quarterly and currently must not be greater than 6.5 to 1.0. As of March 31, 2026, CHSI’s leverage ratio was 3.4x.
Current wording
The Credit Facilities require CHSI to maintain a leverage ratio (as defined in the Credit Agreement), which is tested quarterly and currently must not be greater than 6.5 to 1.0. As of June 30, 2026, CHSI’s leverage ratio was 2.99x.
Previous wording
At March 31, 2026, the Company had $650.0 million of the Senior Notes outstanding (excluding unamortized premium and debt issuance costs of $10.0 million).
Current wording
At June 30, 2026, the Company had $650.0 million of the Senior Notes outstanding (excluding unamortized premium and debt issuance costs of $9.6 million).
Previous wording
On March 3, 2025 we entered into derivative swap and collar contracts to mitigate our exposure to variable Term Secured Overnight Financing Rate (“Term SOFR”) interest rates, which expire on February 29, 2028. The derivative swap contract limits the Term SOFR rate to a fixed rate of 3.829% on $300.0 million of principal outstanding under our Term Loan. We also entered into a derivative collar contract, which limits the Term SOFR rate to a cap of 4.500% and floor of 3.001% on $300.0 million of principal outstanding under our Term Loan. These derivative contracts limit our Term SOFR variable interest exposure on our $940.5 million Term Loan.
Current wording
On March 3, 2025 we entered into derivative swap and collar contracts to mitigate our exposure to variable Term Secured Overnight Financing Rate (“Term SOFR”) interest rates, which expire on February 29, 2028. The derivative swap contract limits the Term SOFR rate to a fixed rate of 3.829% on $300.0 million of principal outstanding under our Term Loan. We also entered into a derivative collar contract, which limits the Term SOFR rate to a cap of 4.500% and floor of 3.001% on $300.0 million of principal outstanding under our Term Loan. These derivative contracts limit our Term SOFR variable interest exposure on our $938.1 million Term Loan.
Previous wording
We believe our internally generated cash flows and borrowing capacity under our Revolving Credit Facility will allow us to finance our operations in both the short and long term. As of March 31, 2026, we had cash of $61.7 million and $434.2 million of availability under our Revolving Credit Facility, after giving effect to $15.8 million of outstanding letters of credit.
Current wording
We believe our internally generated cash flows and borrowing capacity under our Revolving Credit Facility will allow us to finance our operations in both the short and long term. As of June 30, 2026, we had cash of $158.0 million and $430.2 million of availability under our Revolving Credit Facility, after giving effect to $19.8 million of outstanding letters of credit.
Previous wording
During the three months ended March 31, 2026, the Company repurchased 0.7 million shares of common stock under the share repurchase program for $15.0 million, excluding commissions paid and excise taxes. All shares repurchased were permanently retired. As of March 31, 2026, the Company’s remaining authorization to repurchase shares under the program was $65.0 million.
Current wording
During the three and six months ended June 30, 2026, the Company repurchased 0.4 million and 1.1 million shares of common stock under the share repurchase program for $10.9 million and $25.9 million, respectively, excluding commissions paid and excise taxes. All repurchased shares were permanently retired. As of June 30, 2026, the Company’s remaining authorization to repurchase shares under the program was $54.1 million.
Previous wording
On February 25, 2026, the Board of Directors declared a cash dividend of $0.0625 per share. On March 19, 2026, a cash dividend of approximately $8.0 million was paid.
Current wording
On February 25, 2026 and May 5, 2026, the Board of Directors declared a cash dividend of $0.0625 per share. On March 19, 2026 and June 9, 2026, cash dividends of approximately $8.0 million were paid on each payment date, for a total of approximately $16.0 million paid in 2026.
Previous wording
(2) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations.
Current wording
(2) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation from Select into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations.
Previous wording
(2) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations.
Current wording
(1) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation from Select into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
(1) Adjusted EBITDA and Adjusted Net Income Attributable to the Company are financial measures not calculated in accordance with U.S. GAAP. For definitions and reconciliations to the U.S. GAAP measures, refer to “—Non-GAAP Measures”.
Current report — wording carried from elsewhere
Revenue per visit increased 3.9% to $152.08 for the six months ended June 30, 2026, compared to $146.41 for the six months ended June 30, 2025. We experienced a higher revenue per visit principally due to increases in the reimbursement rates payable pursuant to certain state fee schedules for workers’ compensation visits, as well as increases in our employer services rates, for the six months ended June 30, 2026. Revenue per visit for workers’ compensation visits increased 3.5% to $216.22 from $209.00 and revenue per visit for employer services visits increased 3.0% to $96.36 from $93.59, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025.
Current report — wording carried from elsewhere
General and administrative expense includes corporate overhead such as finance, legal, human resources, marketing, corporate offices, and other administrative areas as well as executive compensation. Our general and administrative expenses were $112.0 million, or 9.5% of revenue, for the six months ended June 30, 2026, compared to $99.6 million, or 9.5% of revenue, for the six months ended June 30, 2025. General and administrative expense as a percentage of revenue remained flat compared to prior period primarily due to one-time Nova and Pivot Onsite Innovations expenses that were incurred during 2025, offset by increased personnel costs due to the planned addition of new full-time employees and other non-personnel costs to support the separation from Select and operate as a standalone public company, stock compensation expense, and one-time costs to separate from Select.
Current report — wording carried from elsewhere
We recorded income tax expense of $39.4 million for the six months ended June 30, 2026, which represented an effective tax rate of 24.8%. We recorded income tax expense of $28.4 million for the six months ended June 30, 2025, which represented an effective tax rate of 24.7%. Our income tax expense is computed based on annual estimates, which we allocate throughout the year based on our income. This intra-period tax allocation may cause our effective tax rate to reflect variances when compared to the prior year, as estimates of our annual income and the components of our income tax expense change throughout the year.
Current report — wording carried from elsewhere
(3) Totals in this column may not foot due to rounding.
Current report — wording carried from elsewhere
Free Cash Flow is used by management to provide useful insight into the underlying performance of our business. Free Cash Flow is not a measure of financial performance or liquidity under U.S. GAAP and is not intended to be a substitute for U.S. GAAP measures, such as net cash provided by operating activities. This metric may differ from similarly titled metrics supported by other companies. Other companies, including companies in our industry, may calculate Free Cash Flow differently than we do, limiting the usefulness of those measures for comparative purposes. We believe that the presentation of Free Cash Flow is important to investors because it is reflective of the financial performance and cash flows of Concentra’s ongoing operations and provides a better comparability of its cash flows between periods. Investors should consider this measure in addition to, and not as a replacement for, U.S. GAAP results reporting in our financial statements.