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Select Medical Holdings Corporation (SEM) reported a significant earnings per share (EPS) beat for the second quarter of 2025, with actual EPS of $0.60 far exceeding the forecast of $0.24, marking a 150% surprise. Despite this, revenue fell short of expectations, coming in at $1.28 billion against a forecast of $1.34 billion. The market reacted negatively, with the stock price dropping by 9.91% to $14.79. According to InvestingPro analysis, the company appears undervalued at current levels, with a GREAT Financial Health score of 3.02 out of 5, suggesting strong fundamentals despite market concerns.
Key Takeaways
- EPS of $0.60 beat the forecast by 150%.
- Revenue fell short of expectations by 4.48%.
- Stock price declined by 9.91% post-earnings announcement.
- Continued expansion with new hospital openings and increased occupancy rates.
- Reaffirmed 2025 guidance with revenue projections between $5.3 and $5.5 billion.
Company Performance
Select Medical demonstrated strong performance in terms of earnings, driven by operational efficiencies and cost management. The company’s consolidated revenue grew nearly 5% to $1.3 billion, and adjusted EBITDA increased slightly to $125.4 million. The expansion in hospital services and high occupancy rates contributed positively, although the revenue miss suggests potential challenges in demand or pricing.
Financial Highlights
- Revenue: $1.28 billion, up nearly 5% year-over-year.
- Earnings per share: $0.60, an 88% increase from the previous quarter.
- Adjusted EBITDA: $125.4 million, up from $124.7 million.
- Debt: $1.9 billion with $52.3 million in cash.
Earnings vs. Forecast
Select Medical’s EPS of $0.60 significantly outperformed the forecast of $0.24, resulting in a 150% surprise. However, the revenue of $1.28 billion missed the forecast of $1.34 billion by 4.48%. This mixed performance highlights strong cost management but potential challenges in revenue generation.
Market Reaction
Following the earnings announcement, Select Medical’s stock price fell by 9.91% to $14.79, moving closer to its 52-week low of $13.25. While the decline reflects investor concerns, InvestingPro data shows the stock typically trades with low price volatility (Beta: 1.13), suggesting this movement may present an opportunity for investors. The company maintains a solid current ratio of 1.16 and expects continued net income growth this year.
Outlook & Guidance
Select Medical reaffirmed its 2025 guidance, projecting revenue between $5.3 and $5.5 billion, adjusted EBITDA of $510 to $530 million, and adjusted EPS of $1.09 to $1.19. The company plans further expansion with new hospital openings and increased bed capacity, aiming to capitalize on strong volume and occupancy rates.
Executive Commentary
CEO Robert Ortenzio emphasized the company’s commitment to improving outpatient services and engaging with regulators. He noted, "We continue to expect outpatient to improve," highlighting efforts to address reimbursement challenges and labor costs.
Risks and Challenges
- Revenue generation challenges as indicated by the recent miss.
- High debt levels and leverage ratios.
- Potential reimbursement and regulatory challenges in the healthcare sector.
- Broader market volatility affecting investor sentiment.
- Competitive pressures in key markets.
Q&A
During the earnings call, analysts inquired about the company’s strategies to overcome LTACH reimbursement challenges and seasonality in the critical illness business. The management addressed these concerns, highlighting improvements in labor costs and the strong supply-demand dynamics in critical illness recovery hospitals.
Full transcript - Select Medical Holdings Corp (SEM) Q2 2025:
Conference Call Operator: Good morning, and thank you for joining us today for Select Medical Holdings Corporation earnings conference call to discuss the second quarter twenty twenty five results and the company’s business outlook. Presenting today are the company’s Executive Chairman and Co Founder, Robert Ortenzio the company’s Executive Vice President and Chief Financial Officer, Michael Molotesta. Also on the conference line is the company’s Senior Executive Vice President of Strategic Finance and Operations, Martin Jackson. Management will give you an overview of the quarter and then open the call for questions. Before we get started, we would like to remind you that this conference call may contain forward looking statements regarding future events or future financial performance of the company, including, without limitation, statements regarding operating results, growth opportunities and other statements that refer to Select Medical’s plans, expectations, strategies, intentions and beliefs.
These forward looking statements are based on the information available to management of Select Medical today, and the company assumes no obligation to update these statements as circumstances change. At this time, I will turn the conference call over to Mr. Robert Ortenzio.
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: Thank you, operator. Good morning, everyone. Welcome to Select Medical’s earnings call for the second quarter twenty twenty five. I’d like to begin today’s call by sharing that U. S.
News and World Report recently released its list of the nation’s best rehabilitation hospitals. And I’m pleased to report that eight of our hospitals, which operate across 15 locations were recognized among the country’s best. Kessler Institute for Rehabilitation at number four was once again ranked as one of the top five rehab hospitals in the nation, earning a spot on the list for the thirty third consecutive year. Our other ranked hospitals include Baylor Scott and White Institute for Rehabilitation, Dallas at number eight, Cleveland Clinic Rehab Hospital at number 20, California Rehab Institute at number 24, Banner Rehabilitation Hospital at number 26 and Ohio Health Rehabilitation Hospital at number 31. This year also marked the first recognition for Baylor Scott and White Institute for Rehabilitation Hospitals at Frisco at number 36 and Penn State Health Rehabilitation Hospital at number 47.
These rankings underscore the strength and consistency of our services and reflect our ongoing commitment to delivering high quality care to patients and the communities we serve. I’m also pleased to report that we have continued success in executing our development strategy this past quarter. In our rehab division, we recently opened our second hospital with UPMC in Central Pennsylvania, adding a 12 bed acute rehab unit in Tallahassee, Florida and expanding our acute rehab hospital in Pensacola, Florida with eight additional beds. In addition, we launched a 12 bed neurotransitional care unit with SSM Health in Missouri. Within our outpatient rehab division, we continue to expand our footprint and grew our clinic count by eight this past quarter.
Looking ahead, we remain focused on advancing our development pipeline and growing our presence in key markets, particularly within the inpatient rehab division, where we continue to see growing demand for our services. We expect to add three eighty two rehab beds, which two ninety four will be consolidating and 88 non consolidating and 30 critical illness beds between now and the end of the 2027. This expansion will be achieved through a combination of new openings and bed additions in markets with strong volume and occupancy rates. In Q3, we plan to open a 45 bed hospital in Temple, Texas and add a 30 bed critical illness recovery hospital in Memphis, Tennessee. Later this year, we plan to open our fourth Cleveland Clinic rehab hospital as well as a 32 bed acute rehab unit in Orlando, Florida and complete a 10 bed expansion in one other of our existing rehab hospitals.
We anticipate opening an additional three rehab hospitals during 2026, including our fourth in partnership with Banner Health in Tucson, Arizona, 58 beds, a new freestanding 63 bed rehab hospital in Ozark, Missouri with Cox Health Systems and a 60 bed rehab hospital branded as Atlanta Care Rehabilitation Hospital in New Jersey. We also intend to add another acute rehab unit and two neuro transitional units in 2026. And in 2027, we plan to open a 76 bed facility in Jersey City, which will operate under the Kessler brand and expand one of our existing hospitals. We expect to continue to fill our pipeline with additional growth opportunities as our inpatient rehab pipeline remains very strong with many opportunities currently under evaluation. In parallel with our growth initiatives, we remain committed to delivering value to our shareholders.
This quarter, we repurchased over 5,700,000.0 shares of our stock at an average price per share of $14.86 under our board authorized stock repurchase program for a total purchase price of $85,100,000 In addition, our Board of Directors have also declared a cash dividend of $0.06 $25 per share is payable on 08/28/2025 to stockholders of record as of close of business on 08/13/2025. Looking forward, we will continue to evaluate the most effective uses of capital to support strong operational performance and shareholder value, including strategic investments for growth, debt reduction, additional share repurchases and cash dividends. Turning to our second quarter financial results. On a consolidated basis, our revenue grew nearly 5% to 1,300,000,000.0 and our adjusted EBITDA increased to $125,400,000 from $124,700,000 in the prior year. Earnings per common share from continuing operations rose 88% to $0.32 from $0.17 per share in the same quarter prior year.
I’d now like to highlight key financial results by segment, starting with our inpatient rehab hospital division, which delivered another exceptional quarter. Revenue rose 17% year over year to $313,800,000 with adjusted EBITDA increasing nearly 15% to $71,000,000 and our adjusted EBITDA margin declining slightly to 22.6 from 23.1% in the prior year. Our occupancy rate was lower than prior year at 82% and is reflected of the early stage operations of our new hospitals. Our same store occupancy rate remained stable at 86%. In April, CMS issued their proposed rule and if adopted would see an increase of 2.4% in the standard federal payment rate.
We expect the final rule to be posted in early August. In our outpatient rehabilitation division, revenue increased 3.8%, which was driven by a corresponding 3.8 in patient volume when compared to prior year. REI revenue per visit remained stable at $100 and while we continue to see improvements in our commercial managed care rates, these improvements are offset by a 3.2% reduction in Medicare physician fee schedule rates. Reduction in Medicare rate caused a $3,000,000 decrease in our revenue during the quarter and adjusted EBITDA increased 6.1% year over year with divisions adjusted EBITDA margin increasing to 9.3% from 9.1%. Before speaking to the performance of the critical illness recovery hospital division, I wanted to address the headwinds we are continuing to face with LTACH reimbursement system.
The goals of the twenty thirteen LTACH criteria policy, which we supported focused on caring for high acuity patients, those with a minimum three day ICU stay with lower acuity patients being treated in lower cost setting. Since the enactment of the criteria, the LTAC industry has seen a 56% reduction in Medicare spent. The enactment of criteria at additional regulatory changes has resulted in the closure of over 100 LTAC hospitals, which represents a 24 closure rate. The high outlier threshold target established more than twenty years ago at eight percent preceded the implementation of LTACH criteria and was developed using a significantly different and less acute patient population than the industry is caring for today. This has resulted in a significant reduction in reimbursement for the higher acuity patients in the high cost outlier status has been further magnified by the twenty percent transmittal.
We are committed to engaging in dialogue with regulators regarding potential short and long term policy reforms. We’re hopeful these discussions will lead to positive changes that will enable us to continue to provide excellent care to high acuity patients with complex medical needs. Moving on to the financial results for the Critical Illness Recovery Hospital Division, revenue was 601,100,000.0 this quarter, which is a decline of 1% from the same quarter last year. The decrease continues to reflect the impact of the increase in high cost outlier threshold and the implementation of the 20% transmittal rule. Patient volumes remained relatively stable year over year with our occupancy rate improved to sixty nine percent from sixty seven percent in the prior year.
Our salary wages and benefits revenue ratio rose slightly to 58% and our adjusted EBITDA declined 22% year over year, which was primarily due to the regulatory changes I mentioned earlier. Our adjusted EBITDA margin was 9.4% for the quarter compared to 11.9% in the prior year. Yesterday afternoon, CMS issued the final LTAC rules for fiscal year twenty twenty six. These rules, which become effective October 1, include an increase in the standard federal rate of 2.9%, which is higher than the 2.7, which was within the proposed rule in April. The high cost outlier threshold increased by $11.88 dollars from $77,048 to $78,936 which is less than the $14,199 increase in the proposed rule.
The MS LTAC DRG relative weight and expect the length of stays will also update it in the final rule. This concludes my remarks and I’ll now turn it over to Mike Malatesta for some additional financial details before we open the call up for questions. Thank you, Bob, and good morning, everyone. At the end of the quarter, we had $1,900,000,000 of debt outstanding and $52,300,000 of cash on the balance sheet. Our debt balance at the end of the quarter included 1,040,000,000 in term loans, dollars $250,000,000 in revolving loans, $550,000,000 in 6.25% senior notes due 2,032 and $33,000,000 of other miscellaneous debt.
We ended the quarter with net leverage for our senior secured credit agreement of 3.57. As of June 30, we had $319,100,000 of availability on our revolving loans. The interest rate on our term loan is SOFR plus 200 basis points and matures on 12/03/2031. Interest expense was $30,000,000 in the second quarter compared to $28,000,000 in the same quarter prior year. For the second quarter, activities generated $110,300,000 of cash flow.
Our days sales outstanding or DSO for continuing operations was sixty two days at 06/30/2025, compared to sixty days at 06/30/2024, and fifty eight days at 12/31/2024. Investing activities used $64,700,000 of cash in the second quarter for purchases of property and equipment. Financing activities used $46,500,000 of cash in the second quarter, which includes the $85,100,000 of shares repurchased under our stock repurchase program, dollars 7,900,000.0 in dividends paid on our common stock, dollars 12,000,000 in net distributions and purchases of non controlling interests and a $2,600,000 payment on our term loan. This was offset by $70,000,000 in net borrowings on our revolving line of credit. We are reaffirming our business outlook for 2025.
We expect revenue to be in the range of $5,300,000,000 to $5,500,000,000 adjusted EBITDA to be in the range of $510,000,000 to $530,000,000 and adjusted earnings per common share to be in the range of $1.9 to 1.19 We are narrowing our expectation of capital expenditures, which we now project to be in the range of $180,000,000 to $200,000,000 This concludes our prepared remarks. And at this time, we would like to turn it back to the operator to open up the call for questions.
Conference Call Operator: Thank you. Now first question coming from the line of Anne Hines with Mizuho. Your line is now open.
Anne Hines, Analyst, Mizuho: Great. Thank you. I just want to talk about how the EBITDA per segment came in line versus your internal expectations. And specifically with the critical illness, I guess, expected an improvement in the year over year decline in EBITDA. Does that come in line or worsen your expectations?
And also with guidance, can you talk about I know you reiterated your adjusted EBITDA guidance, but maybe any changes within that guidance would be great. Thanks.
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: Hi, Ann. Critical illness came in for our internal expectations slightly lower, but then again, we continue to see inpatient rehab exceed our expectations. And then going forward, that’s kind of built into our guidance. So overall, we’re comfortable with our reaffirmed guidance.
Anne Hines, Analyst, Mizuho: All right. Okay. And then with inpatient rehab, I know there’s a few states that might list the inpatient rehab, hopefully over the next year, Carolina being a big one. What is your strategy going forward in those states that will have a more favorable environment for inpatient rehab? Thanks.
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: Yeah, as you point out, are a few number of states that continue to have CON law. Recall that a year or so ago, Florida sunsetted theirs, which was really a big one and you saw more growth. And we would expect the same thing to happen in North Carolina or other states that may remove their CON requirements. For us, it really won’t change our strategy. We would spend more time in North Carolina, but we continue to stay true to our joint venture strategy.
So while, if you see a sunset, for example, in North Carolina, you wouldn’t expect to see us go in, tie up land and immediately start construction. We would probably follow our model of engaging with some of the major systems in that state that would be interested in growing their post acute network with rehab, potentially critical illness and outpatient.
Conference Call Operator: Thank you. Thank you. Our next question coming from the line of Justin Barz with Deutsche Bank. Your line is now open.
Justin Barz, Analyst, Deutsche Bank: Hi, good morning, everyone. So in outpatient rehab, making some progress there, EBITDA up 6% year over year. Can you talk about how you expect that business to evolve throughout the rest of the year? And then in the midterm, where you think EBITDA margins can settle for that business?
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: Hi, Justin. We continue to expect outpatient to improve, and I think as we communicated before, that improvement will continue throughout the year and our initiative with scheduling really should take off towards the end of the year and the early part of next year. And we should start exceeding that or approach that 10% EBITDA margin, because right now we’re slightly below. I think we had slight improvement from 9.1% to 9.3% this last quarter, but we should continue to see improvement. And Justin, it’s Bob.
I continue to be very bullish on the prospects for our outpatient division on a go forward basis. We have been working on implementing some really good system upgrades in that platform. And with platform that spans as many states as we’re in with 2,000 plus clinics, the incremental improvement that we can put over that platform through systems efficiencies can really drive performance margin and EBITDA growth. So, I’m pretty bullish about our prospects there on a go forward for the balance of this year and particularly into 2026, even with the Medicare headwinds that we’re seeing on the Medicare fee schedule.
Justin Barz, Analyst, Deutsche Bank: Understood. And then with the outlier threshold, can you help us understand the impact there in 2Q or maybe throughout the year and then what some of those policy initiatives are that you think could maybe impact CMS’ approach to this longer term?
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: Yeah, well, I’ll speak to the policy initiatives. As you know, the final rule for LTACHs just came out yesterday and we saw an improvement, a slight improvement, an improvement nonetheless on the rate. And we saw a pretty significant improvement on the high cost outlier threshold, which was telegraphed under the last administration to go to over $90,000 and in the final rule here, it’s in the 70,000. So, I’m encouraged by the willingness of the current CMS administration to be open to the feedback of providers and with us specifically, and we have submitted a number of comment letters and have worked to engage with CMS. The only thing that I can say is I have found them much more open and transparent to discussion than I had found through the Biden CMS.
So, they’re open to dialogue, that’s for us, that’s the best that we can hope for. Success in our policy initiatives is not guaranteed, never has been, but I’m encouraged by the fact that there is easier path to dialogue. And Justin, impact on the quarter, it was around 60 of the impact it was in Q1. So as we expected, we’re still going to face these headwinds throughout the year, but it wouldn’t be as significant as was in Q1 when we have higher volume and higher acuity.
Justin Barz, Analyst, Deutsche Bank: Thank you. Appreciate it. I’ll jump back in queue.
Conference Call Operator: Thank you. Our next question coming from the line of Ben Hendrix with RBC Capital Markets. Your line is now open.
Ben Hendrix, Analyst, RBC Capital Markets: Great. Thank you very much. Just to touch a little more on that last point there. If we could get your take on kind of how we should think about seasonality with LTAC margins knowing that we did enter a lower acuity quarter and we saw a sequential decrease in margin,
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: now that we’ve got kind of
Ben Hendrix, Analyst, RBC Capital Markets: a more stable high cost outlier backdrop going forward, any way that we should just generally think about margin seasonality going forward
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: under the current rule? Thanks. I don’t think there’s a change in when we say margin seasonality, mean, Q1 is always going to be our strongest quarter. And the grade is, I mean, last year, I think in 2024, we’re around 17% margin. We finished this year at over 13%.
Q2, you start seeing weakening as the quarter progresses. Then Q3, that’s normally our most challenging quarter and we start seeing census growth through the back end of that quarter. And in Q4, we start seeing a ramp back up during the colder months. So while we’re going to have margin suppression from 2024, the seasonality aspect is relatively the same.
Ben Hendrix, Analyst, RBC Capital Markets: Great, thank you. Then can you run us how much startup costs do you have included in guidance for the IRF segment through the back
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: of the year? Thank you. Probably slightly around or a little less than $10,000,000 for the back of the year. I think year over year for select specialty hospitals, we’re pretty consistent from 25,000,000 through $24,000,000 around on a per annum basis, that $20,000,000 level. Thank you.
Conference Call Operator: Thank you. Our next question coming from the line of Joanna Gajuk from Bank of America. This
Joaquin Regatta, Analyst, Bank of America: is Joaquin Regatta on for Joanna. So with Q1, you flagged the 20% rule impacts. The rule was issued as a surprise to the industry, and there was some traction in Congress to pull back. What’s been the progress on this and what should we expect moving forward?
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: I’m not sure that I could agree that there was traction in Congress to pull back on the 20% transmittal, if that’s what your question was. I mean, first part of your comment was yes, the 20% transmittal came from what they call a subregulatory and this was back in the last administration, kind of the outgoing CMS that was not put through formal rulemaking and it came through what they call a transmittal. So that was a surprise and a disappointment to many of us in the industry because it doesn’t give you any opportunity to comment. Normally, it would be very difficult for the Congress to fix that and there really has not, at least to this date, been much of a vehicle, even though you had the reconciliation that was what they call a pretty clean bill. So, I think on that, working with CMS is probably gonna be the only path that we have on that.
But that’s now been in place for close to six months. While we can always be hopeful, hope is not a strategy, so we are where we are right now and we’ve baked that transmittal impact into our guidance and we’ll continue to look at all avenues to try to affect policy, but I just wanna point out that the 20% transmittal is just part of a bigger high cost outlier challenge that the industry is facing as I made in my comments, which is as the number of cases in the LTACH industry have overall gone down and those cases tend to have much higher CMI, case mix index and higher measure of acuity, the 8% outlier pool is gonna continue to be a challenging element of the reimbursement system. I hope that answers your question without getting too far in the weeds.
Joaquin Regatta, Analyst, Bank of America: No, yeah, definitely, thank you. And then kind of changing it up. The on the final LTAC reg, you’re calling called for the 2% increase in outlier threshold. So it should be easier to manage than the 30% increase in full year ’25. So we’re assuming better margins in the critical illness business in 4Q twenty five?
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: Well, the reduction from the proposed 91,000 to 70,000 was certainly welcome, but I’m not sure I could agree with the characterization that it’ll make it easier in 2025, 2026, that’s still a challenging number on the fixed loss threshold. We bake into our guidance the proposed rule nor do we ever bake into our guidance proposed rules. So while we’re very happy that it’s not as punitive as the proposed rule, it is still represent a modest increase over where our current threshold limit is.
Joaquin Regatta, Analyst, Bank of America: Got it. Thank you, guys.
Conference Call Operator: Thank you. Our next question coming from the line of AJ Rice with UBS. Your line is now open.
AJ Rice, Analyst, UBS: Hi, everybody. Just to make sure I understand sort of the dynamics in the critical access hospital LTAC business. So some of the less intense patients are dropping off and not getting referred to LTACs. Sounds like maybe there’s some contraction of the people that providing the business. Can you just talk about I know there’s a lot of focus on the outlier changes, etcetera, and how that’s affected the dynamics.
But if you strip all that back, is the supply what is happening with the overall supply demand picture in that business? Is there a meaningful reduction in capacity? Is there a steady flow of patients, at least the kind that you want? Is that even picked up? Maybe it’s you’re one of the few outlets that’s hanging in there, any thoughts on that?
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: Let me take a shot at that, AJ, you tell me if I’m being responsive to your question. The supply demand dynamics for the critical illness recovery hospitals is very strong and we think it’ll be even stronger and that’s driven by demographics, it’s fueled by advances in medical technology, it’s fueled by the need to decompress ICUs that are becoming increasingly crowded, particularly during those months where you see a lot of respiratory cases. So we are not short of demand, patient demand for our services. We of course struggle with the same things everybody else struggles with, which as more and more patients, Medicare patients go to Medicare Advantage, we still face what we consider inappropriate denials or pre authorization that delay or prevent admissions. But is not a new problem and that is a problem that we manage.
We still have over twenty four percent, twenty five percent of our patient population in our critical illness recovery hospitals are Medicare Advantage and 30% probably Medicare fee for service. So we see that demand going forward unabated. It’s really our challenge has been the structure of the reimbursement system that for a company like ours that has one of the highest case mix indexes, we tend to see the higher acuity patients that are more likely to go through the fixed loss and end up in high cost outlier status. So if that’s responsive, if not, please ask the follow-up question.
AJ Rice, Analyst, UBS: No, that’s sort of what I was looking for. Just generally speaking, again, we’re talking about some of the top level revenue driven things. What’s happening with some of your expenses? I know mainly labor, I guess, but, across the different business lines, a number of providers are showing improvement there, margin wise. But what’s your trend across your major business lines?
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: Hey, AJ. Our trend is at least on an employee rate perspective, we continue to see improvement. So I think coming out of COVID or in the heart of COVID in our inpatient division for full time employees, we’re experiencing five percent per annum increases. That’s migrated down to 3% and now even a little bit below three percent. From that aspect, it’s improving.
I don’t think we have the headwinds or the challenges we had with agency and those elevated costs that we had in 2022 and part of 2023. We did have some slight deterioration in our critical illness labor margin this quarter year over year, but that was a function of really the pressures that we have on revenue with the HCO threshold. So that’s where you saw that modest tick up of 1%.
AJ Rice, Analyst, UBS: Okay. That’s great. Thanks so much.
Conference Call Operator: Thank you. I’m showing no further questions in queue. I will now turn the call back over to Mr. Artenzio for any closing remarks.
Robert Ortenzio, Executive Chairman and Co-Founder, Select Medical Holdings Corporation: Great. Thank you, operator. Thanks, everybody, for joining us for the call. We look forward to updating you next quarter.
Conference Call Operator: This concludes today’s conference call. Thank you for your participation, and you may now disconnect.
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