SEM - Earnings call transcript Q1 2022 | Select Medical Holdings Corporation

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Operator

Good morning, and thank you for joining us today for Select Medical Holdings Corporation's earnings conference call to discuss the first quarter 2022 results and the company's business outlook.

Speaking today are the company's Executive Chairman and Co-Founder, Robert Ortenzio; and the company's Executive Vice President and Chief Financial Officer, 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 the future financial performance of the company, including, without limitation, statements regarding operating results, growth opportunities and other statements that refer to Select Medical 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. will conference I Mr. over time, this turn call the to At Ortenzio. Robert

Robert Ortenzio

as quarter would The morning, Thank thank their a be faced and us earnings professionalism of and Select first live stories to communities resulted reaffirms you, I all years call last believe, X of the and challenges XXXX. everyone. day, and the to like we work. and Operator. in organization. have we continued our unified Good continue we patients of improving the every in I'd our to that quality amazed clinicians stronger commend to like which first welcome prolonged operators And giving grateful you for emerging, dedication more the pandemic. back of of we and employees vision the I for for hear the the we from by Medical's during life

to and in four Critical agency for primarily divisions Labor on X.X%, company continue my costs Illness driven nursing provide this quarter Hospital by in more costs are of overcome are highlights format operate noting our Our elevated today each clinical in continued our a we the modifying remarks. commentary obstacles segment. in From staff quarter, that to we normally remarks call care. a of financial our our teams exceptional performance, X environment. bonuses I to details very and provide night, on employed on to was all incentive this earnings for revenue will business only The pressure an provide challenging provided as that of by perspective, to segments. my labor and Form growth put continue release we preface want last I broad patient provide experienced XX-Q even available and increase with the

to company $XXX.X million total year. EBITDA million in was adjusted prior compared $XXX.X the the For quarter,

Our I outcome EBITDA CARES margin XX.X% for prior CMS to results was litigation prior to $XX.X grant year. note of QX, the of would Illness that $XX.X within segment. a and Critical consolidated positive income the compared related the million million included QX the adjusted with however year XX.X% in of

the inpatient margin, Excluding EBITDA division. is these been Delta in XXXX, this labor items, The in for to segments adjusted QX outpatient XX.X% our XX.X% entirely QX would've and Rehab increased within attributed year. both margin costs EBITDA to compared of

has quarter. quarter experienced the as May our of which We business, Directors the our As the XXXX. into to deployment regards as our the a close environment labor costs, $X.XXX, we progresses. remain Board second of progressed, optimistic the labor continued that stabilize improvement in of cash In year on June allocation dividend Xst, of and capital, of of XXXX declared record to shareholders payable XXth, will

to development continue optimistic, will debt repurchases, evaluate and stock of be opportunities. We reduction and

Now I'll points divisions. on of some operating each provide commentary and our data

to of Our due rise census $X,XXX. average revenue of day our This in in patient revenue Illness an $X,XXX a offset to experienced decrease per increase from XX. division Critical a was by X.X% of net daily

the of mix in their our for XX% to census volumes the which compared lower while decrease the short-term year, prior to from case had our consistent our Our hospitals XX% year. decreased with year in care remained occupancy prior index in acute quarter. Many ICUs, prior contributed referral

when for with that our Rehab we our hospitals patients margin expectations our was April, with in QX, was acute Our ever, right the community have partners, those The our year. and XX% care is facilities. stronger built short-term Critical compared census of the ICU the referring than Illness X% we believe to we in prior in in that line the hospitals however, for are relationships prior and continue year. EBITDA Recovery see many will increase, volumes to in Hospitals --

of earlier, to mentioned CMS. the outcome related I with include QX results As litigation of $XX.X of prior positive the year million,

prior would've along Nursing the QX from illness XX% year the revenue agency drivers In in QX QX from rates increase margin by for for XXXX. XXXX. improved X% this wages significantly bonuses hour XXXX. increased benefit Excluding for EBITDA in the nursing employed from incentive increased year but from our prior usage by agency with increased been agency the per The by were RN decrease and The X% QX margins. item, rate and from EBITDA ratio staff for salary critical XX% year levels and XX% prior QX, QX. costs

from of utilization XXXX. prior XX% with QX nurses year QX agency the consistent remained our by increased that Additionally,

Within our relatively the agency consistent. quarter, utilization was

However, with Nashville venture agency we our as In into of continuing April. see with part in Recovery decline did in opened for quarter joint rates as new Ascension. a the a Illness Critical the improvement the Hospital RNs progressed we QX,

In addition, expected Youngstown, in Ohio acquisition early end the quarter with close the a second hospital our two QX. we expanding market of or are at footprint to

to We year Jackson, to half Tucson, in by of end all with Venice, of Tennessee; the four have signed the XXXX. also Arizona; agreements Florida or open and Virginia, this expected joint open venture partners Alexandria, hospitals first

see acute posted of we X.XX% rate would standard long-term the an cost by an in April, in proposed care were threshold. the hospitals CMS. outlier rules high the If increase and adopted, in Finally, increase

X.X%. required volumes period. division, be rule in August net the with We experienced after of rehab inpatient the an which expect turn in comment to to increase X.X% the patient I'll increasing finalized revenue

QX QX by for year rates agency to levels margin year agency EBITDA and X% was improve XX.X% decline increase our XXXX, The EBITDA occupancy In increased from was beds Banner hospital expanded we has West improved the private inpatient inpatient, continued year. QX rehab staff. for in April. increase we XX.X% cost costs significantly our rules in outlier Phoenix, hospitals required with X.XX% increased from and $X,XXX. trend consistent August to nursing XXXX. from proposed the from are after prior QX, in an to inpatient also for the for Gables be employed see the per $X,XXX system day prior in also threshold. compared Health an their and bonuses rehab to If Our opened hospitals finalized agency QX, in April. in Jersey. Nursing by revenue from in in and in of this rehab third expected elevated along usage in in The prior high The CMS salary with period. with These April. Miami our Jersey But Arizona division increase year. prior attributed benefit to North $XX federal at margin rate but rates adopted, patient within California The overall predominantly ratio incentive inpatient increased and and was XX New wage by and agency an X% did rehab the would revenue inpatient increase posted remained XX%, in our comment rehab rule in standard

QX acquired In XX.X% QX to one and now ratio year, comp services XXXX. increase significantly and was improvement need revenue while the executed of increase patient and prior Concentra acquisitions There XX.X%, to expect prior decline Gary, de in improved center novos is compared to we attractive for visit new de year of level and overall an very our Indiana net strong employer and attributed this revenue $XXX increased increased Improvement Turning within Concentra's Concentra an The leases comp. pipeline, Centers their and X%. net X% for net experienced Concentra's margin and revenue testing prior employer $X.X than a our per a continue QX have offset office year. EBITDA in in has for to consistent potential visit related segment. exceptional increased services experienced in increased revenue it by increase labor continue a from slight clinics. of reimbursement smaller in visits quarter, by volume Concentra back million. for COVID as to lower clinical in was EBITDA reimbursement which from centers. with an for efficiencies, as QX, remain evaluations. Novo improvement had Concentra by X% work the volumes XX.X% X% X SW&B mix to expected a QX, was Concentra, from for work

in Turning increasing of per net per Medicare outpatient revenue volumes in The experienced decrease of in division, $XXX increase to by XX%. $XXX our X% decrease quarter. a driven patient visit this business patient division in X.X% outpatient an offset visit was in QX reimbursement. last year a with primarily by by revenues, improvement was slightly decline The revenue net net in from to

due is salary to grew. as decrease the margin revenue in prior in benefits our increase QX improved such also in In to compared payers slightly decline In EBITDA X.X% a wages to lower salary year to prior increased wages our The a Medicare quarter. prior revenue XXXX. but in X.X% mix addition, quarter, slight in first volume by X% benefits an QX, reimbursement, a division with the as outpatient in with we increase XX.X% year experienced same the payer from to from margin and toward our ratio. ratio increase EBITDA experienced to and year compared

and revenue to leases acquisitions share and fully our $X.XX same the We executed been continued volume remainder via have our de were novo with quarter have have to clinic for of acquire Earnings to in In progressed we clinics seen that per $X.XX look the We the clinics. dissipated in significant improvement seven share signed de forward to and ratio QX, the for wages compared diluted as expanded the agreements and an prior quarter quarter year as first XX variant along by XX year. the additional per count outpatient our growth. Omicron salary climb. benefits novo

my declared in stated per of additional details Board previously quarterly $XX.X the remarks, Directors press over questions. to for dividend As Jackson share. release, we it open and concludes of financial I'll has before call some Martin our This turn for noted and up our

Martin Jackson

QX partially interest grant same million in equity non-consolidated which morning, the our the decrease interest. XXX% of income year unconsolidated compares everyone. voting rehabilitation of re-purchasing prior earnings is million X.X non-controlling quarter year. we XXXX, our to in compares owned quarter CARES to in with JVs. and minority income Thanks membership in decrease Bob. nurse the recognition The a prior attribute hospitals and recorded inpatient The in of to prior earnings this subsidiaries of $X.X costs million Good interest Net to this $X.X QX, year. own our Concentra lower elevated million, now same were due due in agency result In the of in $XX.X the to of is QX,

few year. to of of the hospitals, had again compares nurse large of of a agency and we in same of this addition, $XXX.X in the on elevated million balance quarter, the prior in In earnings our At the end debt joint Interest we a result million sheet. the lower quarter expense experienced costs. first million primarily outstanding $X.X $XX.X as venture billion $XX.X was cash quarter,

at agreement X.XX million senior notes the in of loans, included debt senior net of debt. our the quarter million Our in miscellaneous $X.X for the secured quarter revolving and leverage billion $XX credit term other $XXX in balance loans, of We end X.XXx. ended with $X.X billion

million XXst, loans. had $XXX remaining of our March we availability on revolving As

repayment million the of quarter Since we of Medicare $XX.X in remaining $XX.X to quarter, end At of For was Advantage’s the of there Advantage’s. Medicare activities returned million related first of only year, have flow, million April, April last in million of Medicare was cash the which the $XXX operating the recouped repaid. provided to over $XX.X be advances.

the Our end XXXX and day dividends was This of days quarter. days shares on equipment million million days or our quarter. to $XX.X first for about, and Investing sales This XX our of million. outstanding at cash end property the used amounts This activities net part of investment borrowings little common to and compares the acquisition the XX purchases Financing the $XX.X credit, last $XXX.X revolving at totaling and end repurchases, includes year. of quarter million million of cash during $XXX in at share of by in quarter. purchased of the a in in activity $XX.X the common stock This first $X.X million DSO XX of X.X the of activities line bit and million. million offset in north of $XX.X quarter. first provided includes

December We XX, remains additional have to the of until an $XXX this worth XXXX. capacity shares purchase million effect program, in under which

expect and to billion We range our for the billion are in year $X.XX outlook to XXXX. revenue revenue of be reaffirming in a $X.X

in growth of to reaffirming rate X%. be X million year a issued the expect for range range be We annual capital our of compounded in for target still We $XXX to to million year. expenditures a previously revenue are X% to $XXX

last stated our prepared earnings like and quarter, we As EBITDA back adjusted stabilized call this at and questions. our time open operator to market share, readdress predictable. remarks. outlook the target business it when for the we'd is believe the to we will over And labor to concludes for per rates growth is This turn common up and

Operator

line [Operator Deutsche Instructions] Bank. comes Your from with Justin to Bowers first question

Justin Bowers

and this Just then two the of LTACs, -- by developments some development more of or activity understood sounds acquired XXXX. expected a developed the be make four wanted lot by to into of year hospitals to I the sure -- four there's -- like end quarter the for this it

So on sorry, you a Concentra in end. I expect then, year de give And outpatient called correctly? -- us all how understood six or total, of XX I novos then to if And phase out. do that more think you those through sense you can

Robert Ortenzio

Bob. Justin, it's

there what I care long-term think, of more development joint of There's in literally a ventures or illness seen the a things recovery main bit hospitals developments. ago, quarters did the the critical we on talked illness think with something critical you're history now the as -- hospital. requests -- when of our And most through acute illness of then a recognition ventured couple the was main about a of all critical and side, the of unlike continuum pandemic, little hospital the they that that, think are play the care the where noteworthy hospitals think couple is we increasing are On and of the inpatient an is in are I well. that has critical company decompressing in recognition value about seeing And that delay I projects illness ICUs. I the the rehab joint side, our within

So importance that we've of the is I continuum. segment and what the a think that -- of saying overall been recognition is

that one We on HIHs. free do are have So we of hospital in our of is close. to with Youngstown, developed sign hospitals a one and expect one those and markets, those markets two and being already our we that And in is Ohio. in standing, And have which did a acquisition are presence that HIH is market.

further a that's that of So consolidation market.

years. selectively On you've same partners. ground primarily the usually the inpatient seen last rehab side, we with will we'll large, do continue had do pace couple with large those And as at Banner Hospital. cadence to And recently continue to freestanding open probably the over the up from we the hospitals, one and

acquisitions in think in division. and Turning growing it about would again, to that the talked division, on and outpatient I ago, a small do said quarters rehab selectively we couple novos. that renewed And Marty focus I we our de

in of markets. lot We are a

or we grown de that de commented clinics lumpy the where pipeline markets and an And -- expanding to It's showed, outpatient where terms think see think that be the use open really X announced only significantly they acquire we'll in well. novo acquisition acquisitions, on smaller-sized I and represents that. year-end, through And XXXX novo is de really a in, already while de markets I a then can we outpatient on by in center they've that then something. novo. of to we we're Concentra, of And so their primarily acquisitions, better while will We finally, XX know you'll have then do we the a robust. time and sign us very have only lease over acquisition, that capitals novo do new clinics, a

good So that of that. don't I anything hope Marty, a gives I want And add you you there's know kind if to sense. to

Martin Jackson

No.

I think, well. Bob, very covered you it

Justin Bowers

Concentra. just then update Very follow-up on a there. And robust

think exceed there, pandemic it new Or expectations Is anything there to call taking now. I out share? throughout continued everyone's that's economy just the the just specifically service offerings? and to is

Robert Ortenzio

in in employers, and and a job with an delivering their on to hiring having always really better of in job whose and amazing having good will focusing that But really efforts market short-term a at relationship but strong stronger on the term. having employers deepening have market team also to stronger consolidated some strategic Concentra U.S. led they HealthWorks, said thinking, doing share results good a consolidated economy. Concentra do do and just continue just for long the good Well, Concentra, employee

when but pressure they're Concentra in continue a and services we've as believe past, clinics doing, environment, and employers of their to under to will in always will continue hiring, their combination Concentra, employer that people's division are said most So I recessionary the expectations. outperform the not on-site the be what

Operator

comes Ben Capital question Markets. of Hendrix, next Your from the line from RBC

Michael Murray

Michael Murray for is This on Ben.

a results the the essentially better your also So bit indicated was flat was utilization comments yet obviously, agency which XQ. your that quarter than from flat quarter, came through consensus, in

could Just Are metrics are And the this color beginning given how in you sense for us would be incentive any April? of indications is helpful. improving, that compensation? give guys? trending Any there utilization retention to a you ease is

Martin Jackson

this is Jackson. Marty Michael,

RN We're we reductions January. in statements saw occur seeing As rates. start in trends. to We positive today, are some our overall seeing we indicated that some post agency the

and decline. February April March and to rates So lower, continues were

the expect to quarter decline, has but April, months. see rate, one first to we relatively see Utilization need One We relatively in that that And has couple take of the it's declines. the we remained utilization. starting see at. is we're components through constant. look X and over second overall is continue to decline those high next a That and remained really the to

Michael Murray

and much testing helpful. revenue? one. expect, quick revenue forward? That's back-to-work QX contribute How what contribution And Then do you to another Concentra's just did moving Okay.

Martin Jackson

Michael, really you the in you was was really 'XX. COVID? When quarter testing; QX was of in nothing talking first of for predominant say nothing the testing there -- Which but no, really there in are about 'XX,

what So 'XX. the -- it in saw QX function by a of of basically XX.X% volume replacement rate the we was really testing of in growth was that a

Operator

from Your the Rice from A.J. next Credit comes question of Suisse. line

A.J. Rice

it this updates pursue stabilizing that further what permanent about seeing you the core your How turnover what open on Just the Or point? your question is with a are LTAC, positions? Is And at about to wages labor with staff? your little staffing? in trending? rate elevated, is

Robert Ortenzio

the some seen we for as A.J., far hires first far have time, versus people concerned. leaving, as RNs as trends positive QX are in as

quarter, So we see first well. have the in a trending trending that April. saw into that did and positive number we well We

Your was? second the question of part

A.J. Rice

doesn't just was I starting Or forecasting bode that -- well you're say, sound lessening It to that the improvement going for near term. see temporary like there, the shouldn't if you're your staff? for to demand that over necessarily is

Robert Ortenzio

right, You're training we're X- frame. the absolutely We to of remember, that onboarding see utilization time in there's place should A.J. that nurses, X-week as typically, in agency for, a nursing. takes decline But

utilization go continue to June agencies probably during and see utilize why in to time. suggesting in that's I start we'll to -- So we're of that agency of going nurses that down. And period was May

A.J. Rice

discussions open, manage being talk issues in was both, rehab LTAC Are side. more have? willing them other I to Right. potentially labor post or about up? in pandemic to partners own resulting a going They're to is ask you system and the more joint to way guess, of labor as the venture in question about facing they issues. pick health from I their JVs seeing some the the then And you acute Is the that

Robert Ortenzio

I say labor. part anything have answer your to would the second question, doesn't with of discussions do but is that whatsoever not That's really picked it to up, have Well, conversation.

core that very ventures after to perhaps of continuum the systems competency. critical couple that the a illness and I feel their large think a in joint on that need lot of recognizing side they last of markets this have their it's part not a recognition years are the of that function the

is in bringing to being I proven that's able Select, really of the to think, that come leader to of high this be out So would and segment care that patients is, take that important. say care conversations. the acuity But irrelevant to of ICU, staffing I in able those acknowledged have very

Operator

question Company. The the Benchmark comes next Bill Your from from of line Sutherland

Bill Sutherland

to to What -- little total, labor bit whack time. prior workforce? total was the the utilization the on a Just one horse to the dead pandemic, take at ratio RN a your more agency

Martin Jackson

Bill, we're nominal provided we we say to that those, if compare pandemic, really historically. seeing is today what XXX% the you number. is we greater What least can that at what haven't prior than had

Bill Sutherland

like to you there ratio do can a prepandemic it think reason And future? of to as the normal where you sort return think is to? of in Okay. different kind there's new can have a not Or any

Martin Jackson

to I wish a be. had we ball tell you what crystal it would

would we to probably that going think it's anticipate higher, points I be basis maybe. XXX maybe

Robert Ortenzio

on I in other mean, agency environment I prepandemic. that is you've need But be I the that is levels general this we move from levels And need what think return just the to same that to environment, return hand, these companies released just that, able to that say unsustainable. are in it that we would away prepandemic. would can't message other I could labor the is, don't have to heard that it we imagine thing. think from say we to this

up for down. come of on people rates for basis. services And the It's that comp don't handle are health we in there's just is new that agency yes, the them is that agency are I extreme up. we're care those and that sustainable. many rates So seeing a believes Even rates that hires. think is It's mature understandable, Comp our staff. up Which up. can go-forward

could. salaries I But up. across I in to -- wage mean, up agency? are is States. And do completely you're think to return they have going still entire so minimum trend the increase on they United

Martin Jackson

in SW&B We revenue. this look levers a we're the at that, a in look what look get rates. to at side. Bill, revenue at as addition can large is we are there's a to of utilization. look see way you percentage X% really that I we at. And should X% to the really a take look take I take rate. don't take that our think We a at increases X a on we about the But mean, increases also expect think taking

to expect in commercial higher, We see the particular, on side.

also. will play role that So a

Bill Sutherland

So that's how cost recapture structure. even EBITDA though you a obviously, that labor have -- of permanently kind structurally, higher got margin everyone's a you

Okay. That's very helpful. And on Concentra, growth this remind us the of how for much year. the COVID comp comps are a factor balance the for

Martin Jackson

look With to comps, I increase -- in regards a QX there's if mean, COVID 'XX, take the no mean, you at almost I of that. COVID

Bill Sutherland

to didn't ask comps. sorry the so that to mean, your the you curious revenue say had just by growth fact that back interrupt I Right. I'm is it the kind and correctly, But only question meant testing the forth you. your activity. on I of I held Marty. hurt didn't EBITDA.

Martin Jackson

XX in as is way think about a it think job mentioned, to have in great the -- of about business done the incremental the it existing I locations. Bob think terms in bringing operators

XX.X% EBITDA that's basically existing volume those benefits had higher dollars, is that the COVID the that in last replaced increase So incremental year. and margin on locations, we substantially

way think So about to that's the it.

Operator

from comes Bank Kevin question of Fischbeck of from next Your America. line the

Kevin Fischbeck

your ability overall that a seems the price increases comment the take to get on little back go the do the offsetting clearly to being that think to about want of It How made one about flow labor long lag does system? the the of it there's to you for through you you equation. levers to side government bit pricing. the How of I need? a

Martin Jackson

Medicare we but XX- mean, going Medicare. lag take incremental won't probably is see to cost Kevin, that that's be I look good we seeing regards to XX-month a on point. than to for with an it's to very going as months XX be, quicker is at I obviously a Commercial typically that through. that, Medicare, said, when come

Kevin Fischbeck

or contracts X-year companies Are annual, contracts. of being commercial more about their type lever I can you a quicker? yours guess commercial X- get lot talk the so the

Martin Jackson

adjustments. contracts we Well, in most of COLA our have

Kevin Fischbeck

Okay.

for see expectation you on away. as number data helpful expecting your we a or less final this be it's the of final And going the by your coming hear we it update. in? Or get is to then of time should a right that higher was CMS think rule rate Medicare what the kind little impact So you it get rule? to Do the -- more relatively more be the

Martin Jackson

Kevin, know. I you've comment this around you a period. never I for mean, business the time. been long mean,

guess So is good ours. as I mean, your as

Robert Ortenzio

lot not There'll never rules. which to input can the lot proposed, be give margin, why to people a of a that of dramatically, change, input. and we proposed be There'll meaningful, tend They those it comment they they change on they but is sometimes, on the be because do change.

Kevin Fischbeck

past, saying the that XXX% Obviously, there QX. basically in COVID clear high, occupancy. spikes? LTAC you wasn't last saying not a spike, really so COVID indicated strength that was what about And the That's then less high. itself better ICU the question. were you prior wasn't maybe Are guess I trying related, helpful. was during just the It just during And just occupancy occupancy was of so to bit trend understand that lot a you in I LTAC kind of your COVID little guess acuity

Robert Ortenzio

busy treat care our very in during illness. in the main, of the volumes we acute pandemic well did LTACs critical But the ICUs was probably COVID, were the over used A of to the hospitals. COVID in XX,XXX decompress lot and our height LTAC patients

the of we XXX extreme with and hospitals some incidence -- it's all the hospitals, pressure markets, now of and pandemic So to in but as on hard what of make across over saw profile has our acute and the care a statement traditional hospitals COVID what gone have are. relatively are down of their like dramatically, and to been I call, their up ICUs will COVID return still some all gearing of the because on their, stressed, business, hospitalizations for those blanket

think So is probably ICUs would But are a is we mentioned going and was, into less XX% underbedded services. They demand the less for will health for lot of volume in segment maybe to I There ADC. I not volume acute their ICUs, less. pent-up continue. translate single care. I that say the have elective us. that surgeries most are mean, a that of

recovery And so demand fill a for as be lot services there's go-forward our critical ICUs those there'll basis. to going and And our be up, and that on ICUs demand more illness demand of for a hospitals.

that ADC. color a on just the little will so give were bit reduction trying happen. And We a to of of

time had when say still that we have good. which was would I XX% a pretty We was a bit a year reflect little there does Now COVID. of occupancy XX% ago, would said

So with on disappointed XX% go ADC critical here that it our from say can't illness it's see can demand. and probably been side, but more a we as I XX% I'm higher

Martin Jackson

sending Kevin, the other we're complex case see acute to the it index actually goes is the is high. thing that care very here case index lower substantially these mix the pleased our to is, one I away, today. critically remain accelerated to things And mix prepandemic, hospital of important pandemic continues think the patients note us. was that that's than And to as pandemic

those acuity So higher we're continuing patients. to get

Operator

Robert to over like at Ortenzio. the questions further would call back turn this to now time. no are Mr. There I

Robert Ortenzio

us. Operator. joining Thanks, Thanks, for everyone,

Operator

conference today's Thank This a and for call. wonderful have day. participating, you concludes

disconnect. may all You

Select Medical (SEM) 6 May 222022 Q1 Earnings call transcript