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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Physical Therapy Inc | NYSE:USPH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-8.36 | -9.29% | 81.64 | 86.34 | 79.21 | 83.00 | 482,676 | 23:05:50 |
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(State or other jurisdiction
of incorporation or organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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◻
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Exhibits
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Description of Exhibits
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Registrant's Press Release dated August 13, 2024
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U.S. PHYSICAL THERAPY, INC.
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|||||||
Dated: August 14, 2024
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By:
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/s/ CAREY HENDRICKSON
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|||||
Carey Hendrickson
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|||||||
Chief Financial Officer
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|||||||
(duly authorized officer and principal financial and accounting officer)
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•
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Adjusted EBITDA (1), a non-Generally Accepted Accounting Principles (“GAAP”) measure, was $22.1 million for the three
months ended June 30, 2024 (“2024 Second Quarter”) compared to $21.7 million in the second quarter ended June 30, 2023 (“2023 Second Quarter”).
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•
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Operating Results (1), a non-GAAP measure, was $11.0 million in the 2024 Second Quarter compared to $10.4 million in the
2023 Second Quarter. On a per share basis, Operating Results was $0.73 in the 2024 Second Quarter compared to $0.76 in the 2023 Second Quarter, with the decrease attributable to the increase in shares outstanding associated with the
Company’s secondary offering completed in May 2023.
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•
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Net income attributable to USPH’s shareholders (“USPH Net Income”), a GAAP measure, was $7.5 million for the 2024 Second Quarter. In
accordance with GAAP, the revaluation of redeemable non-controlling interest, net of taxes, is not included in net income but is charged directly to retained earnings; however, this change is included in the computation of earnings per
share. Earnings per share for the 2024 Second Quarter was $0.47.
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•
|
Total revenue from physical therapy operations for the 2024 Second Quarter increased $11.2 million, or 8.5%, to $143.5 million.
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•
|
Net rate per patient visit for the 2024 Second Quarter increased to $105.05 from $102.03 for the 2023 Second Quarter, an increase of
3.0%, despite the 1.8% Medicare rate reduction in effect for the 2024 Second Quarter. Excluding Medicare, the Company’s net rate increased 4.5% in the 2024 Second Quarter as compared to the 2023 Second Quarter. The increase in net rate
per patient visit reflects the Company’s strategic priority of increasing reimbursement rates through contract negotiations with commercial and other payors as well as growth in workers compensation as a percent of the Company’s overall
mix of business.
|
•
|
Average daily visits per clinic was at an all-time high of 30.6 for the 2024 Second Quarter compared to 30.4 in the comparable prior
year quarter. Total patient visits were 1,335,335 in the 2024 Second Quarter, a 5.4% increase from the 2023 Second Quarter.
|
•
|
Industrial injury prevention (“IIP”) services revenue was $23.7 million for the 2024 Second Quarter, an increase of 23.2% as compared
to the 2023 Second Quarter, with an increase in gross profit of 27.5% over the same periods.
|
•
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During the 2024 Second Quarter, the Company added seven new clinics and closed five clinics bringing its total clinic count to 681 as
of June 30, 2024, as compared to 656 clinics as of June 30, 2023.
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•
|
On April 30, 2024, one of the Company’s primary IIP businesses, Briotix Health Limited Partnership, acquired 100% of an IIP services
business for a purchase price of $24.0 million. The acquired business currently generates approximately $11.0 million in annual revenues.
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•
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The Company’s Board of Directors declared a quarterly dividend of $0.44 per share payable on September 13, 2024, to shareholders of
record on August 23, 2024.
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•
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Management updated its guidance for Adjusted EBITDA for 2024, returning guidance to its original range of $80.0 million to $85.0
million. See “Management Updates 2024 Guidance” below for more information.
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(1)
|
See pages 12 and 13 of this release for the definition and reconciliation of non-GAAP
measures, Adjusted EBITDA and Operating Results, to the most directly comparable GAAP measure.
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U.S. Physical Therapy Press Release
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Page 2
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August 13, 2024
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For the Three Months Ended
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Variance
|
|||||||||||||||||||
June 30, 2024
|
June 30, 2023
|
$
|
%
|
|||||||||||||||||
(In thousands, except percentages)
|
||||||||||||||||||||
Revenue related to:
|
||||||||||||||||||||
Mature Clinics (1)
|
$
|
129,349
|
$
|
126,057
|
$
|
3,292
|
2.6
|
%
|
||||||||||||
Clinic additions (2)
|
10,905
|
1,910
|
8,995
|
*
|
(6) |
|
|
|||||||||||||
Clinics sold or closed (3)
|
17
|
1,313
|
(1,296
|
)
|
*
|
(6) |
|
|
||||||||||||
Net Patient Revenue
|
140,271
|
129,280
|
10,991
|
8.5
|
%
|
|||||||||||||||
Other (4)
|
3,215
|
2,959
|
256
|
8.7
|
%
|
|||||||||||||||
Total
|
143,486
|
132,239
|
11,247
|
8.5
|
%
|
|||||||||||||||
Operating costs (4)
|
114,703
|
104,017
|
10,686
|
10.3
|
%
|
|||||||||||||||
Gross profit
|
$
|
28,783
|
$
|
28,222
|
$
|
561
|
2.0
|
%
|
||||||||||||
Financial and operating metrics (not in thousands):
|
||||||||||||||||||||
Net rate per patient visit (1)
|
$
|
105.05
|
$
|
102.03
|
$
|
3.02
|
3.0
|
%
|
||||||||||||
Patient visits (1)
|
1,335,335
|
1,267,140
|
68,195
|
5.4
|
%
|
|||||||||||||||
Average daily visits per clinic (1)
|
30.6
|
30.4
|
0.2
|
0.7
|
%
|
|||||||||||||||
Gross margin
|
20.1
|
%
|
21.3
|
%
|
||||||||||||||||
Salaries and related costs per visit, clinics (5)
|
$
|
59.66
|
$
|
57.59
|
$
|
2.07
|
3.6
|
%
|
||||||||||||
Operating costs per visit, clinics (5)
|
$
|
84.46
|
$
|
80.61
|
$
|
3.85
|
4.8
|
%
|
||||||||||||
|
||||||||||||||||||||
(1) See Glossary of Terms - Revenue Metrics for
definitions.
|
||||||||||||||||||||
(2) Includes 21 clinics added during the six months ended June 30, 2024 and 46 clinic added during the year ended December 31, 2023.
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||||||||||||||||||||
(3) Includes 11 clinics closed during the six months ended June 30, 2024 and 15 clinics closed during the year ended December 31, 2023.
|
||||||||||||||||||||
(4) Includes revenues and costs from management contracts.
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||||||||||||||||||||
(5) Per visit costs excludes management contract costs.
|
||||||||||||||||||||
(6) Not meaningful.
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U.S. Physical Therapy Press Release
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Page 3
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August 13, 2024
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For the Three Months Ended
|
Variance
|
|||||||||||||||
June 30, 2024
|
June 30, 2023
|
$
|
%
|
|||||||||||||
(In thousands, except percentages)
|
||||||||||||||||
Net revenue
|
$
|
23,704
|
$
|
19,246
|
$
|
4,458
|
23.2
|
%
|
||||||||
Operating costs
|
18,625
|
15,261
|
3,364
|
22.0
|
%
|
|||||||||||
Gross profit
|
$
|
5,079
|
$
|
3,985
|
$
|
1,094
|
27.5
|
%
|
||||||||
Gross margin
|
21.4
|
%
|
20.7
|
%
|
U.S. Physical Therapy Press Release
|
Page 4
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August 13, 2024
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|
U.S. Physical Therapy Press Release
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Page 5
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August 13, 2024
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U.S. Physical Therapy Press Release
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Page 6
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August 13, 2024
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•
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changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or
enrollment status;
|
•
|
the impact of future public health crises and epidemics/pandemics, such as was the case with the novel strain of COVID-19 and its
variants;
|
•
|
revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
|
•
|
changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles
and co-pays owed by patients;
|
•
|
compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and
associated fines and penalties for failure to comply;
|
•
|
competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby
incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;
|
•
|
one of our acquisition agreements contains a put right related to a future purchase of a majority interest in a separate company;
|
•
|
the impact of future vaccinations and/or testing mandates at the federal, state and/or local level, which could have an adverse impact
on staffing, revenue, costs and the results of operations;
|
•
|
our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing and our
ability to operate our business;
|
•
|
changes as the result of government enacted national healthcare reform;
|
•
|
business and regulatory conditions including federal and state regulations;
|
•
|
governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational
harm and increased costs;
|
•
|
revenue and earnings expectations;
|
•
|
some of our acquisition agreements contain contingent consideration, the value of which may impact future financial results;
|
•
|
legal actions, which could subject us to increased operating costs and uninsured liabilities;
|
•
|
general economic conditions, including but not limited to inflationary and recessionary periods;
|
•
|
actual or perceived events involving banking volatility or limited liability, defaults or other adverse developments that affect the
U.S. or international financial systems, may result in market wide liquidity problems which could have a material and adverse impact on our available cash and results of operations;
|
•
|
our business depends on hiring, training, and retaining qualified employees;
|
•
|
availability and cost of qualified physical therapists;
|
•
|
competitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of
contractual service arrangements and other adverse financial consequences for that service line;
|
•
|
our ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses;
|
•
|
impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their
non-controlling interest (minority interests);
|
•
|
maintaining our information technology systems with adequate safeguards to protect against cyber-attacks;
|
•
|
a security breach of our or our third-party vendors’ information technology systems may subject us to potential legal action and
reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act, or may interfere with our ability to file and
process claims for payment which could interfere with our collection of revenues from third party payors;
|
•
|
enforcing our noncompetition covenants;
|
•
|
maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or
termination of those contractual arrangements by such clients could cause operating results to be less than expected;
|
•
|
maintaining adequate internal controls;
|
•
|
maintaining necessary insurance coverage;
|
•
|
availability, terms, and use of capital; and
|
•
|
weather and other seasonal factors.
|
U.S. Physical Therapy Press Release
|
Page 7
|
August 13, 2024
|
U.S. Physical Therapy Press Release
|
Page 8
|
August 13, 2024
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
June 30, 2024
|
June 30, 2023
|
June 30, 2024
|
June 30, 2023
|
|||||||||||||
Net patient revenue
|
$
|
140,271
|
$
|
129,280
|
$
|
271,346
|
$
|
255,861
|
||||||||
Other revenue
|
26,919
|
22,205
|
51,519
|
44,133
|
||||||||||||
Net revenue
|
167,190
|
151,485
|
322,865
|
299,994
|
||||||||||||
Operating cost:
|
||||||||||||||||
Salaries and related costs
|
96,334
|
86,871
|
190,065
|
172,911
|
||||||||||||
Rent, supplies, contract labor and other
|
35,277
|
30,844
|
67,193
|
60,944
|
||||||||||||
Provision for credit losses
|
1,717
|
1,563
|
3,344
|
3,075
|
||||||||||||
Total operating cost
|
133,328
|
119,278
|
260,602
|
236,930
|
||||||||||||
Gross profit
|
33,862
|
32,207
|
62,263
|
63,064
|
||||||||||||
Corporate office costs
|
14,249
|
12,145
|
28,334
|
26,004
|
||||||||||||
Operating income
|
19,613
|
20,062
|
33,929
|
37,060
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense, debt and other
|
(1,980
|
)
|
(2,633
|
)
|
(3,948
|
)
|
(5,193
|
)
|
||||||||
Interest income from investments
|
1,074
|
517
|
2,617
|
517
|
||||||||||||
Change in fair value of contingent earn-out consideration
|
(4,046
|
)
|
708
|
(3,434
|
)
|
10
|
||||||||||
Change in revaluation of put-right liability
|
(223
|
)
|
(50
|
)
|
(303
|
)
|
(199
|
)
|
||||||||
Equity in earnings of unconsolidated affiliate
|
248
|
326
|
519
|
600
|
||||||||||||
Relief Funds
|
-
|
-
|
-
|
467
|
||||||||||||
Other
|
109
|
165
|
171
|
229
|
||||||||||||
Total other income (expense)
|
(4,818
|
)
|
(967
|
)
|
(4,378
|
)
|
(3,569
|
)
|
||||||||
Income before taxes
|
14,795
|
19,095
|
29,551
|
33,491
|
||||||||||||
Provision for income taxes
|
3,083
|
4,231
|
6,222
|
7,200
|
||||||||||||
Net income
|
11,712
|
14,864
|
23,329
|
26,291
|
||||||||||||
Less: Net income attributable to non-controlling interest:
|
||||||||||||||||
Redeemable non-controlling interest - temporary equity
|
(3,314
|
)
|
(2,920
|
)
|
(5,541
|
)
|
(5,640
|
)
|
||||||||
Non-controlling interest - permanent equity
|
(892
|
)
|
(1,025
|
)
|
(2,236
|
)
|
(2,322
|
)
|
||||||||
(4,206
|
)
|
(3,945
|
)
|
(7,777
|
)
|
(7,962
|
)
|
|||||||||
Net income attributable to USPH shareholders
|
$
|
7,506
|
$
|
10,919
|
$
|
15,552
|
$
|
18,329
|
||||||||
Basic and diluted earnings per share attributable to USPH shareholders (1)
|
$
|
0.47
|
$
|
0.64
|
$
|
0.93
|
$
|
1.22
|
||||||||
Shares used in computation - basic and diluted
|
15,072
|
13,720
|
15,044
|
13,375
|
||||||||||||
Dividends declared per common share
|
$
|
0.44
|
$
|
0.43
|
$
|
0.88
|
$
|
0.86
|
||||||||
U.S. Physical Therapy Press Release
|
Page 9
|
August 13, 2024
|
|
||||||||||||||||
|
For the Three Months Ended
|
For the Six Months Ended
|
||||||||||||||
|
June 30, 2024
|
June 30, 2023
|
June 30, 2024
|
June 30, 2023
|
||||||||||||
|
||||||||||||||||
Net income
|
$
|
11,712
|
$
|
14,864
|
$
|
23,329
|
$
|
26,291
|
||||||||
Other comprehensive (loss) gain:
|
||||||||||||||||
Unrealized (loss) gain on cash flow hedge
|
(31
|
)
|
2,881
|
1,750
|
1,064
|
|||||||||||
Tax effect at statutory rate (federal and state)
|
8
|
(736
|
)
|
(447
|
)
|
(272
|
)
|
|||||||||
Comprehensive income
|
$
|
11,689
|
$
|
17,009
|
$
|
24,632
|
$
|
27,083
|
||||||||
|
||||||||||||||||
Comprehensive income attributable to non-controlling interest
|
(4,206
|
)
|
(3,945
|
)
|
(7,777
|
)
|
(7,962
|
)
|
||||||||
Comprehensive income attributable to USPH shareholders
|
$
|
7,483
|
$
|
13,064
|
$
|
16,855
|
$
|
19,121
|
||||||||
|
U.S. Physical Therapy Press Release
|
Page 10
|
August 13, 2024
|
June 30, 2024
|
December 31, 2023
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
112,911
|
$
|
152,825
|
||||
Patient accounts receivable, less provision for credit losses of $3,184 and $2,736, respectively
|
54,659
|
51,866
|
||||||
Accounts receivable - other
|
21,669
|
17,854
|
||||||
Other current assets
|
12,438
|
10,830
|
||||||
Total current assets
|
201,677
|
233,375
|
||||||
Fixed assets:
|
||||||||
Furniture and equipment
|
65,775
|
63,982
|
||||||
Leasehold improvements
|
48,730
|
46,941
|
||||||
Fixed assets, gross
|
114,505
|
110,923
|
||||||
Less accumulated depreciation and amortization
|
(88,277
|
)
|
(84,821
|
)
|
||||
Fixed assets, net
|
26,228
|
26,102
|
||||||
Operating lease right-of-use assets
|
105,484
|
103,431
|
||||||
Investment in unconsolidated affiliate
|
12,243
|
12,256
|
||||||
Goodwill
|
548,970
|
509,571
|
||||||
Other identifiable intangible assets, net
|
123,903
|
109,682
|
||||||
Other assets
|
4,629
|
2,821
|
||||||
Total assets
|
$
|
1,023,134
|
$
|
997,238
|
||||
|
||||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS’ EQUITY AND NON-CONTROLLING INTEREST
|
||||||||
Current liabilities:
|
||||||||
Accounts payable - trade
|
$
|
4,100
|
$
|
3,898
|
||||
Accrued expenses
|
58,056
|
55,344
|
||||||
Current portion of operating lease liabilities
|
35,243
|
35,252
|
||||||
Current portion of term loan and notes payable
|
9,700
|
7,691
|
||||||
Total current liabilities
|
107,099
|
102,185
|
||||||
Notes payable, net of current portion
|
1,511
|
1,289
|
||||||
Term loan, net of current portion and deferred financing costs
|
134,188
|
137,702
|
||||||
Deferred taxes
|
26,531
|
24,815
|
||||||
Operating lease liabilities, net of current portion
|
78,329
|
76,653
|
||||||
Other long-term liabilities
|
5,507
|
2,356
|
||||||
Total liabilities
|
353,165
|
345,000
|
||||||
|
||||||||
Redeemable non-controlling interest - temporary equity
|
184,354
|
174,828
|
||||||
|
||||||||
Commitments and Contingencies
|
||||||||
|
||||||||
U.S. Physical Therapy, Inc. ("USPH") shareholders’ equity:
|
||||||||
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding
|
-
|
-
|
||||||
Common stock, $.01 par value, 20,000,000 shares authorized,
|
||||||||
17,291,366 and 17,202,291 shares issued, respectively
|
172
|
172
|
||||||
Additional paid-in capital
|
285,462
|
281,096
|
||||||
Accumulated other comprehensive gain
|
4,084
|
2,782
|
||||||
Retained earnings
|
226,482
|
223,772
|
||||||
Treasury stock at cost, 2,214,737 shares
|
(31,628
|
)
|
(31,628
|
)
|
||||
Total USPH shareholders’ equity
|
484,572
|
476,194
|
||||||
Non-controlling interest - permanent equity
|
1,043
|
1,216
|
||||||
Total USPH shareholders' equity and non-controlling interest - permanent equity
|
485,615
|
477,410
|
||||||
Total liabilities, redeemable non-controlling interest,
|
||||||||
USPH shareholders' equity and non-controlling interest - permanent equity
|
$
|
1,023,134
|
$
|
997,238
|
||||
|
U.S. Physical Therapy Press Release
|
Page 11
|
August 13, 2024
|
|
For the Six Months Ended
|
|||||||
|
June 30, 2024
|
June 30, 2023
|
||||||
OPERATING ACTIVITIES
|
||||||||
Net income including non-controlling interest
|
$
|
23,329
|
$
|
26,291
|
||||
Adjustments to reconcile net income including non-controlling interest to net cash
provided by operating activities:
|
||||||||
Depreciation and amortization
|
8,609
|
7,615
|
||||||
Provision for credit losses
|
3,344
|
3,075
|
||||||
Equity-based awards compensation expense
|
3,916
|
3,592
|
||||||
Amortization of debt issue costs
|
210
|
210
|
||||||
Change in deferred income taxes
|
770
|
1,799
|
||||||
Change in revaluation of put-right liability
|
303
|
199
|
||||||
Change in fair value of contingent earn-out consideration
|
3,434
|
(10
|
)
|
|||||
Equity of earnings in unconsolidated affiliate
|
(519
|
)
|
(600
|
)
|
||||
Loss on sale of fixed assets
|
51
|
63
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Increase in patient accounts receivable
|
(5,110
|
)
|
(5,341
|
)
|
||||
Increase in accounts receivable - other
|
(2,351
|
)
|
(85
|
)
|
||||
(Increase) decrease in other current and long term assets
|
(1,642
|
)
|
593
|
|||||
(Decrease) increase in accounts payable and accrued expenses
|
(1,481
|
)
|
1,125
|
|||||
Increase in other long-term liabilities
|
548
|
253
|
||||||
Net cash provided by operating activities
|
33,411
|
38,779
|
||||||
|
||||||||
INVESTING ACTIVITIES
|
||||||||
Purchase of fixed assets
|
(4,174
|
)
|
(4,523
|
)
|
||||
Purchase of majority interest in businesses, net of cash acquired
|
(38,695
|
)
|
(8,040
|
)
|
||||
Purchase of redeemable non-controlling interest, temporary equity
|
(6,230
|
)
|
(7,804
|
)
|
||||
Purchase of non controlling interest, permanent equity
|
(527
|
)
|
(39
|
)
|
||||
Proceeds on sale of non-controlling interest, permanent equity
|
26
|
-
|
||||||
Proceeds on sale of partnership interest - redeemable non-controlling interest
|
69
|
237
|
||||||
Distributions from unconsolidated affiliate
|
532
|
502
|
||||||
Proceeds on sale of fixed assets
|
-
|
7
|
||||||
Other
|
244
|
-
|
||||||
Net cash used in investing activities
|
(48,755
|
)
|
(19,660
|
)
|
||||
|
||||||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from revolving facility
|
-
|
24,000
|
||||||
Proceeds from issuance of common stock pursuant to the secondary public offering,
net of issuance costs
|
-
|
163,655
|
||||||
Distributions to non-controlling interest, permanent and temporary equity
|
(8,318
|
)
|
(8,431
|
)
|
||||
Cash dividends paid to shareholders
|
(13,264
|
)
|
(11,238
|
)
|
||||
Principal payments on notes payable
|
(1,113
|
)
|
(1,086
|
)
|
||||
Payments on term loan
|
(1,875
|
)
|
(1,875
|
)
|
||||
Payments on revolving facility
|
-
|
(55,000
|
)
|
|||||
Net cash (used in) provided by financing activities
|
(24,570
|
)
|
110,025
|
|||||
|
||||||||
Net (decrease) increase in cash and cash equivalents
|
(39,914
|
)
|
129,144
|
|||||
Cash and cash equivalents - beginning of period
|
152,825
|
31,594
|
||||||
Cash and cash equivalents - end of period
|
$
|
112,911
|
$
|
160,738
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash paid during the period for:
|
||||||||
Income taxes
|
$
|
4,932
|
$
|
1,241
|
||||
Interest paid
|
3,708
|
4,011
|
||||||
Non-cash investing and financing transactions during the period:
|
||||||||
Purchase of interest in businesses - seller financing portion
|
955
|
360
|
||||||
Deferred payments related to purchase of interest in business
|
-
|
180
|
||||||
Fair market value of initial contingent consideration related to purchase of interest of businesses
|
2,800
|
200
|
||||||
Offset of notes receivable associated with purchase of redeemable non-controlling interest
|
75
|
-
|
||||||
Notes payable related to purchase of non-controlling interest, temporary equity
|
22
|
-
|
||||||
Notes payable related to purchase of redeemable non-controlling interest, temporary equity
|
-
|
621
|
||||||
Notes receivable related to sale of redeemable non-controlling interest, temporary equity
|
402
|
2,687
|
||||||
Notes receivable related to the sale of non-controlling interest, permanent equity
|
243
|
-
|
U.S. Physical Therapy Press Release
|
Page 12
|
August 13, 2024
|
U.S. Physical Therapy Press Release
|
Page 13
|
August 13, 2024
|
|
For the Three Months Ended
|
For the Six Months Ended
|
||||||||||||||
|
June 30, 2024
|
June 30, 2023
|
June 30, 2024
|
June 30, 2023
|
||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Adjusted EBITDA (a non-GAAP measure)
|
||||||||||||||||
Net income attributable to USPH shareholders
|
$
|
7,506
|
$
|
10,919
|
$
|
15,552
|
$
|
18,329
|
||||||||
Adjustments:
|
||||||||||||||||
Provision for income taxes
|
3,083
|
4,231
|
6,222
|
7,200
|
||||||||||||
Depreciation and amortization
|
4,514
|
3,827
|
8,609
|
7,615
|
||||||||||||
Interest expense, debt and other, net
|
1,980
|
2,633
|
3,948
|
5,193
|
||||||||||||
Equity-based awards compensation expense
|
1,919
|
1,786
|
3,916
|
3,592
|
||||||||||||
Interest income from investments
|
(1,074
|
)
|
(517
|
)
|
(2,617
|
)
|
(517
|
)
|
||||||||
Change in revaluation of put-right liability
|
223
|
50
|
303
|
199
|
||||||||||||
Change in fair value of contingent earn-out consideration
|
4,046
|
(708
|
)
|
3,434
|
(10
|
)
|
||||||||||
Relief Funds
|
-
|
-
|
-
|
(467
|
)
|
|||||||||||
Closure costs
|
551
|
-
|
677
|
-
|
||||||||||||
Other income
|
(109
|
)
|
(165
|
)
|
(171
|
)
|
(229
|
)
|
||||||||
Allocation to non-controlling interests
|
(515
|
)
|
(389
|
)
|
(978
|
)
|
(761
|
)
|
||||||||
$
|
22,124
|
$
|
21,667
|
$
|
38,895
|
$
|
40,144
|
|||||||||
Operating Results (a non-GAAP measure)
|
||||||||||||||||
Net income attributable to USPH shareholders
|
$
|
7,506
|
$
|
10,919
|
$
|
15,552
|
$
|
18,329
|
||||||||
Adjustments:
|
||||||||||||||||
Change in fair value of contingent earn-out consideration
|
4,046
|
(708
|
)
|
3,434
|
(10
|
)
|
||||||||||
Change in revaluation of put-right liability
|
223
|
50
|
303
|
199
|
||||||||||||
Closure costs
|
551
|
-
|
677
|
-
|
||||||||||||
Relief Funds
|
-
|
-
|
-
|
(467
|
)
|
|||||||||||
Allocation to non-controlling interests
|
(68
|
)
|
-
|
(84
|
)
|
33
|
||||||||||
Tax effect at statutory rate (federal and state)
|
(1,214
|
)
|
168
|
(1,106
|
)
|
63
|
||||||||||
$
|
11,044
|
$
|
10,429
|
$
|
18,776
|
$
|
18,147
|
|||||||||
Operating Results per share (a non-GAAP measure)
|
$
|
0.73
|
$
|
0.76
|
$
|
1.25
|
$
|
1.36
|
||||||||
Earnings per share
|
||||||||||||||||
Computation of earnings per share - USPH shareholders:
|
||||||||||||||||
Net income attributable to USPH shareholders
|
$
|
7,506
|
$
|
10,919
|
$
|
15,552
|
$
|
18,329
|
||||||||
Charges to retained earnings:
|
||||||||||||||||
Revaluation of redeemable non-controlling interest
|
(622
|
)
|
(2,865
|
)
|
(2,061
|
)
|
(2,746
|
)
|
||||||||
Tax effect at statutory rate (federal and state)
|
159
|
732
|
527
|
700
|
||||||||||||
$
|
7,043
|
$
|
8,786
|
$
|
14,018
|
$
|
16,283
|
|||||||||
Earnings per share (basic and diluted)
|
$
|
0.47
|
$
|
0.64
|
$
|
0.93
|
$
|
1.22
|
||||||||
Shares used in computation - basic and diluted
|
15,072
|
13,720
|
15,044
|
13,375
|
U.S. Physical Therapy Press Release
|
Page 14
|
August 13, 2024
|
Number of Clinics
|
Net Rate Per
Patient Visit (1)
|
Patient Visits (1)
|
Average Daily Visits
Per Clinic (1)
|
|||||||||||||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||||||||||||
First Quarter
|
679
|
647
|
$
|
103.37
|
$
|
103.12
|
1,268,002
|
1,227,490
|
29.5
|
29.8
|
||||||||||||||||||||||
Second quarter
|
681
|
656
|
$
|
105.05
|
$
|
102.03
|
1,335,335
|
1,267,140
|
30.6
|
30.4
|
||||||||||||||||||||||
Third quarter
|
672
|
$
|
102.37
|
1,242,954
|
29.7
|
|||||||||||||||||||||||||||
Fourth quarter
|
671
|
$
|
103.68
|
1,267,842
|
29.9
|
|||||||||||||||||||||||||||
Year
|
671
|
$
|
102.80
|
5,005,426
|
30.0
|
|||||||||||||||||||||||||||
(1)
|
See definition of the metrics above in the Glossary of Terms – Revenue Metrics on page 7.
|
For the Three Months Ended
|
For the Six Months Ended
|
||||||
June 30, 2024
|
June 30, 2023
|
June 30, 2024
|
June 30, 2023
|
||||
Number of clinics, beginning of period
|
679
|
647
|
671
|
640
|
|||
Additions (1)
|
7
|
13
|
21
|
21
|
|||
Closed or sold
|
(5)
|
(4)
|
(11)
|
(5)
|
|||
Number of clinics, end of period
|
681
|
656
|
681
|
656
|
(1)
|
Includes clinics added through acquisitions.
|
Document and Entity Information |
Aug. 13, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Aug. 13, 2024 |
Entity File Number | 001-11151 |
Entity Registrant Name | U S PHYSICAL THERAPY INC /NV |
Entity Central Index Key | 0000885978 |
Entity Incorporation, State or Country Code | NV |
Entity Tax Identification Number | 76-0364866 |
Entity Address, Address Line One | 1300 WEST SAM HOUSTON PARKWAY |
Entity Address, Address Line Two | SUITE 300 |
Entity Address, City or Town | HOUSTON |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77043 |
City Area Code | 713 |
Local Phone Number | 297-7000 |
Title of 12(b) Security | Common Stock, $.01 par value |
Trading Symbol | USPH |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year US Physical Therapy Chart |
1 Month US Physical Therapy Chart |
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