Revenue per visit (d) $101 $103 2.0%
Adjusted EBITDA (,000) $17,618 $20,097 14.1%
Adjusted EBITDA margin 15.7% 11.9% (24.2)%
(a) Specialty hospitals consist of long-term acute care hospitals and
acute medical rehabilitation hospitals.
(b) Net revenue per patient day is calculated by dividing specialty
hospital inpatient service revenues by the total number of patient
( c ) Adjusted EBITDA margin - same store hospitals represents the
Adjusted EBITDA margin for those hospitals opened or acquired before
January 1, 2007 and operated throughout both periods.
(d) Net revenue per visit is calculated by dividing outpatient
rehabilitation clinic revenue by the total number of visits. For
purposes of this computation, outpatient rehabilitation clinic
revenue does not include managed clinics or contract services
IV. Net Income to Adjusted EBITDA Reconciliation
For the Three Months Ended March 31, 2007 and 2008
The following table reconciles net income to Adjusted EBITDA for Select.
Adjusted EBITDA is used by Select to report its segment performance in
accordance with SFAS No. 131. Adjusted EBITDA is defined as net income
before interest, income taxes, depreciation and amortization, stock
compensation expense, other expense and minority interest. We believe that
the presentation of Adjusted EBITDA is important to investors because
Adjusted EBITDA is used by management to evaluate financial performance
and determine resource allocation for each of our operating units.
Adjusted EBITDA is not a measure of financial performance under
|SOURCE Select Medical Corporation|
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