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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 94.48 | 0 | 09:09:52 |
Declares Quarterly Dividend
U.S. Physical Therapy, Inc. ("USPH" or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics, today reported results for the first quarter ended March 31, 2019.
For the first quarter ended March 31, 2019, USPH’s Operating Results increased 18.6% to $8.4 million, or $0.66 per diluted share, as compared to $7.1 million, or $0.56 per diluted share, in the first quarter of 2018. Operating Results per share, a non-GAAP measure, equals net income attributable to USPH shareholders per the consolidated statement of net income, and excludes the impact of the revaluation of redeemable non-controlling interest, net of tax, to calculate earnings per share.
For the first quarter ended March 31, 2019, USPH’s net income attributable to its shareholders was $8.4 million as compared to $7.1 million in the first quarter of 2018. Inclusive of the charge for revaluation of non-controlling interest, net of tax, used to compute diluted earnings per share, in accordance with GAAP, in the recent quarter, the amount is $5.0 million, or $0.39 per share, as compared to $3.4 million, or $0.27 per share for the first quarter of 2018. In accordance with current accounting guidance, the revaluation of redeemable non-controlling interest, net of tax, is not included in net income but charged directly to retained earnings and is included in the earnings per basic and diluted share calculation. See the schedule on page 10 for a computation of diluted earnings per share.
First Quarter 2019 Compared to First Quarter 2018
Other Financial Measures
For the first quarter of 2019 the Company's Adjusted EBITDA increased by 11.7% to $15.6 million from $14.0 million in the first quarter of 2018. Adjusted EBITDA as a percentage of net revenue increased by 50 basis points from 12.9% to 13.4%. See definition and explanation of Adjusted EBITDA in the schedule on pages 9 and 10.
Management’s Comments
Chris Reading, Chief Executive Officer, said, “Despite a historically long and difficult winter our dedicated team of partners, clinicians and support staff got us started off on the right foot for 2019. Cost control coupled with good volume helped to create some meaningful margin improvement in all aspects of our business. With our recently announced industrial injury prevention acquisition coupled with continued opportunity, internally and externally, we look forward to a good year ahead.”
Larry McAfee, Chief Financial Officer, noted, “Strong net cash flow in the quarter enabled the Company to reduce credit line borrowings by approximately 24% to $29,000,000, the lowest since 2013.”
U.S. Physical Therapy Declares Quarterly Dividend
The second quarterly dividend for 2019 of $0.27 per share will be paid on June 14, 2019 to shareholders of record as of May 17, 2019. U.S. Physical Therapy began paying quarterly dividends in 2011 and has increased the dividend amount every year since.
Operating Leases – Right-to-Use Assets and Lease Liability
The Company implemented the new lease accounting standard beginning January 1, 2019. On March 31, 2019, the adoption resulted in $77.9 million of right-to-use assets and $82.6 million of operating lease liabilities, of which $26.7 million was classified as a current liability, in the consolidated balance sheet. For a detailed discussion of the new lease accounting standard refer to the Company’s Annual Report on Form 10-K filed with the SEC on March 18, 2019.
First Quarter 2019 Conference Call
U.S. Physical Therapy's Management will host a conference call at 10:30 a.m. Eastern Time, 9:30 a.m. Central Time, on May 2, 2019 to discuss the Company's Quarter Ended March 31, 2019 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and entering reservation number 7918419 approximately 10 minutes before the call is scheduled to begin. To listen to the live call via web-cast, go to the Company's website at www.usph.com at least 15 minutes early to register, download and install any necessary audio software. The conference call will be archived and can be accessed until August 2, 2019 at U.S. Physical Therapy’s website.
Forward-Looking Statements
This press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as “believes”, “expects”, “intends”, “plans”, “appear”, “should” and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to:
Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. Please see our periodic reports filed with the Securities and Exchange Commission for more information on these factors. Our forward-looking statements represent our estimates and assumptions only as of the date of this press release. Except as required by law, we are under no obligation to update any forward-looking statement, regardless of the reason the statement is no longer accurate.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 590 outpatient physical therapy clinics in 41 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. In addition to owning and operating clinics, the Company manages 28 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups. The Company also has an industrial injury prevention business which provides onsite services for clients’ employees including injury prevention, rehabilitation, ergonomic assessments and performance optimization.
More information about U.S. Physical Therapy, Inc. is available at www.usph.com. The information included on that website is not incorporated into this press release.
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
For the Three Months Ended March 31, 2019 March 31, 2018 Net patient revenues $ 106,650 $ 100,552 Other revenues 9,581 7,790 Net revenues 116,231 108,342 Operating costs: Salaries and related costs 66,267 62,279 Rent, supplies, contract labor and other 22,044 21,776 Provision for doubtful accounts 1,206 1,061 Closure costs (4 ) 12 Total operating costs 89,513 85,128 Gross profit 26,718 23,214 Corporate office costs 11,293 10,163 Operating income 15,425 13,051 Interest and other income, net 16 32 Interest expense - debt and other (358 ) (553 ) Income before taxes 15,083 12,530 Provision for income taxes 2,708 2,476 Net income 12,375 10,054 Less: net income attributable to non-controlling interests: Non-controlling interests - permanent equity (1,537 ) (1,201 ) Redeemable non-controlling interests - temporary equity (2,395 ) (1,736 ) (3,932 ) (2,937 ) Net income attributable to USPH shareholders $ 8,443 $ 7,117 Basic and diluted earnings per share attributable to USPH shareholders $ 0.39 $ 0.27 Shares used in computation - basic and diluted 12,707 12,616 Dividends declared per common share $ 0.27 $ 0.23U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
(unaudited)
March 31, 2019 December 31, 2018 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 20,238 $ 23,368 Patient accounts receivable, less allowance for doubtful accounts of $2,692 and $2,672, respectively 48,443 44,751 Accounts receivable - other 7,237 6,742 Other current assets 5,238 4,353 Total current assets 81,156 79,214 Fixed assets: Furniture and equipment 53,267 52,611 Leasehold improvements 33,089 31,712 Fixed assets, gross 86,356 84,323 Less accumulated depreciation and amortization 65,197 64,154 Fixed assets, net 21,159 20,169 Operating lease right-of-use assets 77,870 - Goodwill 293,338 293,525 Other identifiable intangible assets, net 48,125 48,828 Other assets 1,439 1,430 Total assets $ 523,087 $ 443,166LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, USPH SHAREHOLDERS’ EQUITYAND NON-CONTROLLING INTERESTS
Current liabilities: Accounts payable - trade $ 1,894 $ 2,019 Accrued expenses 39,237 38,493 Current portion of operating lease liabilities 26,733 - Current portion of notes payable 1,066 1,434 Total current liabilities 68,930 41,946 Notes payable, net of current portion 516 402 Revolving line of credit 29,000 38,000 Deferred taxes 9,872 9,012 Deferred rent - 2,159 Operating lease liabilities, net of current portion 55,834 - Other long-term liabilities 566 829 Total liabilities 164,718 92,348 Redeemable non-controlling interests 137,196 133,943 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, 14,975,829 and 14,899,233 shares issued, respectively 149 149 Additional paid-in capital 82,295 80,028 Retained earnings 168,952 167,396 Treasury stock at cost, 2,214,737 shares (31,628 ) (31,628 ) Total USPH shareholders’ equity 219,768 215,945 Non-controlling interests 1,405 930 Total USPH shareholders' equity and non-controlling interests 221,173 216,875Total liabilities, redeemable non-controlling interests, USPH shareholders' equity and non-controlling interests
$ 523,087 $ 443,166U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(unaudited)
Three Months Ended March 31, 2019 March 31, 2018 OPERATING ACTIVITIES Net income including non-controlling interests $ 12,375 $ 10,054 Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: Depreciation and amortization 2,400 2,468 Provision for doubtful accounts 1,206 1,061 Equity-based awards compensation expense 1,728 1,381 Deferred income taxes 2,118 (1,162 ) Other 12 54 Changes in operating assets and liabilities: Increase in patient accounts receivable (4,898 ) (2,782 ) Increase in accounts receivable - other (495 ) (849 ) Increase in other assets (894 ) (1,238 ) Increase in accounts payable and accrued expenses 274 7,389 Decrease in other liabilities (263 ) (845 ) Net cash provided by operating activities 13,563 15,531 INVESTING ACTIVITIES Purchase of fixed assets (2,497 ) (1,404 ) Purchase of redeemable non-controlling interest, temporary equity (2,053 ) (761 ) Purchase of non-controlling interest, permanent equity (139 ) (246 ) Proceeds on sale of fixed assets 60 - Net cash used in investing activities (4,629 ) (2,411 ) FINANCING ACTIVITIES Distributions to non-controlling interests, permanent and temporary equity (2,576 ) (2,208 ) Proceeds from revolving line of credit 19,000 19,000 Payments on revolving line of credit (28,000 ) (31,000 ) Payments to settle mandatorily redeemable non-controlling interests - (265 ) Principal payments on notes payable (482 ) (823 ) Other (5 ) 56 Net cash used in financing activities (12,063 ) (15,240 ) Net decrease in cash and cash equivalents (3,129 ) (2,120 ) Cash and cash equivalents - beginning of period 23,368 21,933 Cash and cash equivalents - end of period $ 20,239 $ 19,813 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Income taxes $ 313 $ 2,941 Interest $ 343 $ 526 Non-cash investing and financing transactions during the period: Purchase of business - seller financing portion $ 228 $ 150U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
OPERATING RESULTS AND ADJUSTED EBITDA(IN THOUSANDS, EXCEPT PER SHARE DATA)(unaudited)
The following tables provide detail of the diluted earnings per share computation and reconcile net income attributable to USPH shareholders calculated in accordance with GAAP to Operating Results and Adjusted EBITDA. Management believes providing Operating Results and Adjusted EBITDA to investors is useful information for comparing the Company's period-to-period results.
Operating Results (as defined below), a non-generally accepted accounting principles (“non-GAAP”) measure, equals net income attributable to USPH shareholders. In accordance with current accounting guidance, the revaluation of redeemable non-controlling interest, net of tax, is not included in net income but charged directly to retained earnings and is included in the earnings per basic and diluted share calculation.
Management uses Operating Results, which eliminates the non-current cash item related to the revaluation of redeemable non-controlling interest that can be subject to volatility and unusual costs, as one of the principal measures to evaluate and monitor financial performance period over period. Management believes that Operating Results is useful information for investors to use in comparing the Company's period-to-period results as well as for comparing with other similar businesses since most do not have mandatorily redeemable instruments and therefore have different liability and equity structures.
Adjusted EBITDA is defined as net income attributable to USPH shareholders before interest income, interest expense – debt and other, taxes, depreciation, amortization and equity-based awards compensation expense. Management believes reporting Adjusted EBITDA is useful information for investors in comparing the Company’s period-to-period results as well as comparing with similar businesses which report adjusted EBITDA as defined by their company.
Operating Results and Adjusted EBITDA are not measures of financial performance under GAAP. Adjusted EBITDA and Operating Results should not be considered in isolation or as an alternative to, or substitute for, net income attributable to USPH shareholders presented in the consolidated financial statements.
Three Months Ended March 31, 2019 2018 Computation of earnings per share - USPH shareholders: Net income attributable to USPH shareholders $ 8,443 $ 7,117 Charges to retained earnings: Revaluation of redeemable non-controlling interest $ (4,661 ) $ (5,081 ) Tax effect at statutory rate (federal and state) of 26.25% 1,224 1,334 $ 5,006 $ 3,370 Basic and diluted per share $ 0.39 $ 0.27 Adjustments: Revaluation of redeemable non-controlling interest 4,661 5,081 Tax effect at statutory rate (federal and state) of 26.25% and 39.25%, respectively (1,224 ) (1,334 ) Operating results $ 8,443 $ 7,117 Basic and diluted operating results per share $ 0.66 $ 0.56 Shares used in computation - basic and diluted 12,707 12,616 Three Months Ended March 31, 2019 2018 Net income attributable to USPH shareholders $ 8,443 $ 7,117 Adjustments: Depreciation and amortization 2,375 2,468 Interest income (16 ) (32 ) Interest expense - debt and other 358 553 Provision for income taxes 2,708 2,476 Equity-based awards compensation expense 1,728 1,381 Adjusted EBITDA $ 15,596 $ 13,963U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
RECAP OF CLINIC COUNT
Date Number of Clinics March 31, 2018 580 June 30, 2018 581 September 30, 2018 588 December 31, 2018 591 March 31, 2019 590
View source version on businesswire.com: https://www.businesswire.com/news/home/20190502005050/en/
U.S. Physical Therapy, Inc.Larry McAfee, Chief Financial OfficerChris Reading, Chief Executive Officer(713) 297-7000Three Part AdvisorsJoe Noyons(817) 778-8424
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