15 unchanged sentences
All share repurchases after February 21, 2014 have been executed under this program.
−Removed: Since approval of the share repurchase program in 2014 through June 30, 2025, we have repurchased a total of 9.2 million shares for an aggregate of $862.7 million.
−Removed: As of June 30, 2025, 10.8 million additional shares can be repurchased under the approved share repurchase program.
+Added: Since approval of the share repurchase program in 2014 through June 30, 2026, we have repurchased a total of approximately 12.1 million shares for an aggregate of $1.6 billion.
+Added: As of June 30, 2026, approximately 7.9 million additional shares can be repurchased under the approved share repurchase program.
While we have historically paid dividends to holders of our common stock on a quarterly basis, the declaration and payment of future dividends will depend on many factors, including, but not limited to, our earnings, financial condition, business development needs and regulatory considerations, and are at the discretion of our board of directors pursuant to authority delegated to our audit committee.
15 unchanged sentences
Select Medical Equipment 84 94 93 104 82
−Removed: ITEM 6 SELECTED FINANCIAL DATA
−Removed: The following table summarizes certain selected consolidated financial data for, and as of the end of, each of the fiscal years in the five-year period ended June 30, 2025.
−Removed: The data set forth below should be read together with Item 7 of Part II of this report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8 of Part II of this report, “Consolidated Financial Statements and Supplementary Data”, and related notes included elsewhere in this report.
−Removed: The consolidated statement of income data for the years ended June 30, 2025, 2024 and 2023 and the consolidated balance sheet data as of June 30, 2025 and 2024 are derived from our audited consolidated financial statements included elsewhere in this report.
−Removed: The consolidated statement of income data for the years ended June 30, 2022 and 2021 and the consolidated balance sheet data as of June 30, 2023, 2022 and 2021 are derived from our audited consolidated financial
−Removed: PART II Item 6
−Removed: AND SUBSIDIARIES
−Removed: statements not included in this report.
−Removed: Historical results do not necessarily indicate the results to be expected in the future, and the results for the years presented should not be considered to indicate our future results of operations.
−Removed: Consolidated Statement of Income Data Years Ended June 30,
−Removed: (In thousands, except per share data):
−Removed: 2025 2024 2023 2022 2021
−Removed: Net revenue $ 5,146,327 $ 4,685,297 $ 4,222,993 $ 3,578,127 $ 3,196,825
−Removed: Cost of sales (exclusive of amortization shown separately below) 2,059,241 1,997,031 1,836,935 1,514,166 1,312,598
−Removed: Amortization of acquired intangible assets 32,116 32,963 30,396 39,650 45,127
−Removed: Total cost of sales 2,091,357 2,029,994 1,867,331 1,553,816 1,357,725
−Removed: Gross profit 3,054,970 2,655,303 2,355,662 2,024,311 1,839,100
−Removed: Selling, general and administrative expenses 991,019 917,136 874,003 737,508 670,387
−Removed: Research and development expenses 331,284 307,525 287,642 253,575 225,284
−Removed: Amortization of acquired intangible assets 45,273 46,521 42,020 31,078 31,078
−Removed: Restructuring expenses — 64,228 9,177 — 8,673
−Removed: Acquisition related expenses 2,031 — 10,949 1,864 —
−Removed: Total operating expenses 1,369,607 1,335,410 1,223,791 1,024,025 935,422
−Removed: Income from operations 1,685,363 1,319,893 1,131,871 1,000,286 903,678
−Removed: Other income:
−Removed: Interest expense, net 4,114 (45,708) (47,379) (22,312) (23,627)
−Removed: Loss attributable to equity method investments 3,644 (1,848) (7,265) (8,486) (11,205)
−Removed: Gain on insurance recoveries — — 20,227 — —
−Removed: Gain (loss) on equity investments (10,299) (4,045) 9,922 (12,202) 14,515
−Removed: Other, net (5,256) (3,494) (5,712) 3,197 301
−Removed: Total other income (loss), net (7,797) (55,095) (30,207) (39,803) (20,016)
−Removed: Income before income taxes 1,677,566 1,264,798 1,101,664 960,483 883,662
−Removed: Income taxes 276,843 243,847 204,108 181,046 409,157
−Removed: Net income $ 1,400,723 $ 1,020,951 $ 897,556 $ 779,437 $ 474,505
−Removed: Basic earnings per share $ 9.55 $ 6.94 $ 6.12 $ 5.34 $ 3.27
−Removed: Diluted earnings per share $ 9.51 $ 6.92 $ 6.09 $ 5.30 $ 3.24
−Removed: Dividends per share $ 2.12 $ 1.92 $ 1.76 $ 1.68 $ 1.56
−Removed: Weighted average:
−Removed: Basic shares outstanding 146,716 147,021 146,765 146,066 145,313
−Removed: Diluted shares outstanding 147,340 147,550 147,455 147,043 146,451
−Removed: As of June 30,
−Removed: Consolidated Balance Sheet Data (In thousands):
−Removed: 2025 2024 2023 2022 2021
−Removed: Working capital $ 2,486,485 $ 1,447,064 $ 1,609,297 $ 1,242,179 $ 662,991
−Removed: Total assets $ 8,174,391 $ 6,872,394 $ 6,751,708 $ 5,095,853 $ 4,728,125
−Removed: Long-term debt, net $ 658,392 $ 697,313 $ 1,431,234 $ 765,325 $ 643,351
−Removed: Total stockholders’ equity $ 5,967,859 $ 4,864,043 $ 4,129,903 $ 3,360,751 $ 2,885,679
+Added: ITEM 6 RESERVED
PART II Item 7
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.