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Select Medical Holdings Corporation Announces Results for Fourth Quarter and Year Ended December 31, 2009
Date:2/18/2010

Adjusted EBITDA (,000) $236,388 $290,370 22.8% Adjusted EBITDA margin – all hospitals 15.9% 18.6% 17.0% Adjusted EBITDA margin – same store hospitals (c) 18.2% 20.1% 10.4% Outpatient Rehabilitation Number of clinics - end of period 956 961 0.5% Net operating revenues (,000) $664,760 $681,892 2.6% Number of visits 4,533,727 4,502,049 (0.7)% Revenue per visit (d) $102 $102 0.0% Adjusted EBITDA (,000) $77,279 $89,072 15.3% Adjusted EBITDA margin 11.6% 13.1% 12.9% (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, 2008 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.
    
    
    
    VII. Net Income to Adjusted EBITDA Reconciliation
    (In thousands)
    (unaudited)
    For the Three Months and Year Ended December 31, 2008 and 2009
    
         The following table reconciles net income to Adjusted EBITDA for 
    Select.  Adjusted EBITDA is used by Select to report its segment 
    performance.  Adjusted EBITDA is defined as net income
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SOURCE Select Medical Holdings Corporation
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