Adjusted EBITDA margin - all hospitals 20.5% 15.7% (23.4)%
Adjusted EBITDA margin - same store
hospitals (c) 21.8% 17.7% (18.8)%
Number of clinics - end of period 544 999 83.6%
Net operating revenues (,000) $470,339 $603,413 28.3%
Number of visits 2,972,243 4,032,197 35.7%
Revenue per visit (d) $94 $100 6.4%
Adjusted EBITDA (,000) $64,823 $75,437 16.4%
Adjusted EBITDA margin 13.8% 12.5% (9.4)%
(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 patient service revenue by the total number of patient days.
(c) Adjusted EBITDA margin -- same store hospitals represents the Adjusted
EBITDA margin for those hospitals opened or acquired before January 1,
2006 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 revenue.
VI. Net Income to Adjusted EBITDA Reconciliation
For the Three Months and Year Ended December 31, 2006 and 2007
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, incom
|SOURCE Select Medical Corporation|
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