Nevada
|
001-11151
|
76-0364866
|
||
(State or other jurisdiction
of incorporation or organization)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
1300 WEST SAM HOUSTON PARKWAY,
SUITE 300,
HOUSTON, Texas
|
77043
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $.01 par value
|
USPH
|
New York Stock Exchange
|
Emerging growth company
|
☐
|
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.
|
◻
|
Exhibits
|
Description of Exhibits
|
|
Registrant's Press Release dated May 7, 2024
|
U.S. PHYSICAL THERAPY, INC.
|
|||||||
Dated: May 7, 2024
|
By:
|
/s/ CAREY HENDRICKSON
|
|||||
Carey Hendrickson
|
|||||||
Chief Financial Officer
|
|||||||
(duly authorized officer and principal financial and accounting officer)
|
•
|
Adjusted EBITDA (1), a non-Generally Accepted Accounting Principles (“GAAP”) measure, was $16.7 million for the first quarter
ended March 31, 2024 (“2024 First Quarter”) compared to $18.5 million in the first quarter ended March 31, 2023 (“2023 First Quarter”), with the variance due to the Medicare rate reductions that took effect at the beginning of 2024 and the
impact of significant adverse weather events in January 2024. The Medicare rate reductions decreased Adjusted EBITDA by approximately $1.7 million while the adverse weather resulted in a decrease in Adjusted EBITDA of approximately $1.3
million.
|
•
|
Operating Results (1), a non-GAAP measure, was $7.7 million in each of the 2024 First Quarter and 2023 First Quarter. On a
per share basis, Operating Results was $0.51 in the 2024 First Quarter compared to $0.59 in the 2023 First Quarter, with the decrease attributable to the increase in shares outstanding associated with the Company’s secondary offering
completed in May 2023. The impact of the Medicare rate reduction and weather on 2024 First Quarter Operating Results was approximately $2.2 million, or $0.15 per share.
|
•
|
Net income attributable to USPH’s shareholders (“USPH net income”), a GAAP measure, was $8.0 million for the 2024 First Quarter compared
to $7.4 million for the 2023 First 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 First Quarter was $0.46 compared to $0.58 for the 2023 First Quarter.
|
•
|
Total revenue from physical therapy operations for the 2024 First Quarter increased $5.3 million, or 4.1%, to $134.4 million.
|
•
|
Net rate per patient visit for the 2024 First Quarter increased to $103.37 from $103.12 for the 2023 First Quarter despite the 3.5%
Medicare rate reduction in effect for most of the 2024 First 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 percent of the Company’s overall mix of business.
|
•
|
Average daily visits per clinic was 29.5 for the 2024 First Quarter compared to 29.8 in the comparable prior year quarter. Total patient
visits were 1,268,002 in the 2024 First Quarter, a 3.3% increase from 2023 First Quarter. Average daily visits per clinic in January 2024 of 27.4 were lower than the prior year of 28.9, while average daily visits per clinic in February and
March of 2024 were higher than the prior year, the highest volumes for those two months in the Company’s history.
|
•
|
Industrial injury prevention (“IIP”) services revenue was $21.3 million for the 2024 First Quarter, an increase of 9.8% as compared to
the 2023 First Quarter, with an increase in gross profit of 15.1%.
|
•
|
During the 2024 First Quarter, the Company added 14 new clinics, including the acquisition described below, and closed six clinics
bringing its total clinic count to 679 as of March 31, 2024, as compared to 647 clinics as of March 31, 2023.
|
•
|
On March 29, 2024, the Company acquired a 50% equity interest in a nine-clinic practice for a purchase price of $16.4 million, with the
original practice owners retaining a 50% equity interest. The acquired business currently generates approximately $11.4 million in annual revenues and approximately 65,000 annual visits.
|
•
|
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.
|
•
|
The Company’s Board of Directors declared a quarterly dividend of $0.44 per share payable on June 14, 2024, to shareholders of record on
May 23, 2024.
|
•
|
Management increased full-year guidance and now expects Adjusted EBITDA for 2024 to be in the range of $82.5 million to $87.5 million.
See “Management Updates 2024 Guidance” below for more information.
|
(1)
|
See pages 11 and 12 of this release for the definition and reconciliation of non-GAAP measures,
Adjusted EBITDA and Operating Results, to the most directly comparable GAAP measure.
|
U.S. Physical Therapy Press Release
|
Page 2
|
May 7, 2024
|
|
Three Months Ended
|
Variance
|
|||||||||||||||||||
March 31, 2024
|
March 31, 2023
|
$
|
%
|
|||||||||||||||||
(In thousands, except percentages)
|
||||||||||||||||||||
Revenue related to:
|
||||||||||||||||||||
Mature Clinics (1)
|
$
|
123,267
|
$
|
125,485
|
$
|
(2,218
|
)
|
(1.8
|
)%
|
|||||||||||
Clinic additions (2)
|
7,561
|
371
|
7,190
|
*
|
(6) |
|||||||||||||||
Clinics sold or closed (3)
|
247
|
725
|
(478
|
)
|
*
|
(6) | ||||||||||||||
Net Patient Revenue
|
131,075
|
126,581
|
4,494
|
3.6
|
%
|
|||||||||||||||
Other (4)
|
3,350
|
2,578
|
772
|
29.9
|
%
|
|||||||||||||||
Total
|
134,425
|
129,159
|
5,266
|
4.1
|
%
|
|||||||||||||||
Operating costs (4)
|
110,361
|
102,070
|
8,291
|
8.1
|
%
|
|||||||||||||||
Gross profit
|
$
|
24,064
|
$
|
27,089
|
$
|
(3,025
|
)
|
(11.2
|
)%
|
|||||||||||
Financial and operating metrics (not in thousands):
|
||||||||||||||||||||
Net rate per patient visit (1)
|
$
|
103.37
|
$
|
103.12
|
$
|
0.25
|
0.2
|
%
|
||||||||||||
Patient visits (1)
|
1,268,002
|
1,227,490
|
40,512
|
3.3
|
%
|
|||||||||||||||
Average daily visits per clinic (1)
|
29.5
|
29.8
|
(0.3
|
)
|
(1.0
|
)%
|
||||||||||||||
Gross margin
|
17.9
|
%
|
21.0
|
%
|
||||||||||||||||
Salaries and related costs per visit, clinics (5)
|
$
|
61.42
|
$
|
59.14
|
$
|
2.28
|
3.9
|
%
|
||||||||||||
Operating costs per visit, clinics (5)
|
$
|
85.50
|
$
|
81.97
|
$
|
3.53
|
4.3
|
%
|
||||||||||||
|
||||||||||||||||||||
(1) See Glossary of Terms - Revenue Metrics for definitions.
|
||||||||||||||||||||
(2) Includes 14 clinics added during the 2024 First Quarter and 46 clinics added during the year ended December 31, 2023.
|
||||||||||||||||||||
(3) Includes six clinics closed during the 2024 First Quarter and 15 clinics closed during the year ended December 31, 2023.
|
||||||||||||||||||||
(4) Includes revenues and costs from management contracts.
|
||||||||||||||||||||
(5) Per visit costs excludes management contract costs.
|
||||||||||||||||||||
(6) Not meaningful.
|
U.S. Physical Therapy Press Release
|
Page 3
|
May 7, 2024
|
|
Three Months Ended
|
Variance
|
|||||||||||||||
March 31, 2024
|
March 31, 2023
|
$
|
%
|
|||||||||||||
(In thousands, except percentages)
|
||||||||||||||||
Net revenue
|
$
|
21,250
|
$
|
19,350
|
$
|
1,900
|
9.8
|
%
|
||||||||
Operating costs
|
16,913
|
15,582
|
1,331
|
8.5
|
%
|
|||||||||||
Gross profit
|
$
|
4,337
|
$
|
3,768
|
$
|
569
|
15.1
|
%
|
||||||||
Gross margin
|
20.4
|
%
|
19.5
|
%
|
•
|
Interest expense decreased $0.6 million to $2.0 million (net of $0.9 million savings from the Company’s interest rate swap arrangement)
for the 2024 First Quarter compared to $2.6 million (net of $0.6 million savings from the interest rate swap agreement) in the 2023 First Quarter due to a lower outstanding balance on our revolver, which we paid down in May 2023. The interest
rate on the Company’s term loan was 4.7% for the 2024 First Quarter and 4.9% for the 2023 First Quarter, with an all-in effective interest rate, including all associated costs, of 5.3% and 5.5% over the same periods, respectively.
|
•
|
Interest income from investing excess cash (primarily proceeds from the secondary offering sale of the Company’s stock completed in May
2023) in a high-yield savings account was $1.5 million during the 2024 First Quarter.
|
•
|
The Company revalued contingent and put-right liabilities related to certain acquisitions and recognized a net gain of $0.5 million (a
decrease in the related liabilities) in the 2024 First Quarter compared to a net expense of $0.8 million (an increase in the related liabilities) in the 2023 First Quarter.
|
U.S. Physical Therapy Press Release
|
Page 4
|
May 7, 2024
|
|
U.S. Physical Therapy Press Release
|
Page 5
|
May 7, 2024
|
|
•
|
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;
|
•
|
if our noncompetition covenants with employed therapists are nullified, we may lose staff to competitor;
|
•
|
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 6
|
May 7, 2024
|
U.S. Physical Therapy Press Release
|
Page 7
|
May 7, 2024
|
Three Months Ended
|
||||||||
March 31, 2024
|
March 31, 2023
|
|||||||
Net patient revenue
|
$
|
131,075
|
$
|
126,581
|
||||
Other revenue
|
24,600
|
21,928
|
||||||
Net revenue
|
155,675
|
148,509
|
||||||
Operating cost:
|
||||||||
Salaries and related costs
|
93,731
|
86,040
|
||||||
Rent, supplies, contract labor and other
|
31,916
|
30,100
|
||||||
Provision for credit losses
|
1,627
|
1,512
|
||||||
Total operating cost
|
127,274
|
117,652
|
||||||
Gross profit
|
28,401
|
30,857
|
||||||
Corporate office costs
|
14,085
|
13,859
|
||||||
Operating income
|
14,316
|
16,998
|
||||||
Other income (expense):
|
||||||||
Interest expense, debt and other
|
(1,968
|
)
|
(2,560
|
)
|
||||
Interest income from investments
|
1,543
|
64
|
||||||
Change in fair value of contingent earn-out consideration
|
612
|
(698
|
)
|
|||||
Change in revaluation of put-right liability
|
(80
|
)
|
(149
|
)
|
||||
Equity in earnings of unconsolidated affiliate
|
271
|
274
|
||||||
Relief Funds
|
-
|
467
|
||||||
Other
|
62
|
-
|
||||||
Total other income (expense)
|
440
|
(2,602
|
)
|
|||||
Income before taxes
|
14,756
|
14,396
|
||||||
Provision for income taxes
|
3,139
|
2,969
|
||||||
Net income
|
11,617
|
11,427
|
||||||
Less: Net income attributable to non-controlling interest:
|
||||||||
Redeemable non-controlling interest - temporary equity
|
(2,227
|
)
|
(2,720
|
)
|
||||
Non-controlling interest - permanent equity
|
(1,344
|
)
|
(1,297
|
)
|
||||
(3,571
|
)
|
(4,017
|
)
|
|||||
Net income attributable to USPH shareholders
|
$
|
8,046
|
$
|
7,410
|
||||
Basic and diluted earnings per share attributable to USPH shareholders (1)
|
$
|
0.46
|
$
|
0.58
|
||||
Shares used in computation - basic and diluted
|
15,017
|
13,025
|
||||||
Dividends declared per common share
|
$
|
0.44
|
$
|
0.43
|
||||
U.S. Physical Therapy Press Release
|
Page 8
|
May 7, 2024
|
|
Three Months Ended
|
|||||||
|
March 31, 2024
|
March 31, 2023
|
||||||
|
||||||||
Net income
|
$
|
11,617
|
$
|
11,427
|
||||
Other comprehensive gain (loss):
|
||||||||
Unrealized gain (loss) on cash flow hedge
|
1,781
|
(1,817
|
)
|
|||||
Tax effect at statutory rate (federal and state)
|
(455
|
)
|
464
|
|||||
Comprehensive income
|
$
|
12,943
|
$
|
10,074
|
||||
|
||||||||
Comprehensive income attributable to non-controlling interest
|
(3,571
|
)
|
(4,017
|
)
|
||||
Comprehensive income attributable to USPH shareholders
|
$
|
9,372
|
$
|
6,057
|
||||
|
U.S. Physical Therapy Press Release
|
Page 9
|
May 7, 2024
|
March 31, 2024
|
December 31, 2023
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
132,290
|
$
|
152,825
|
||||
Patient accounts receivable, less provision for credit losses of $2,936 and $2,736, respectively
|
55,363
|
51,866
|
||||||
Accounts receivable - other
|
21,774
|
17,854
|
||||||
Other current assets
|
11,715
|
10,830
|
||||||
Total current assets
|
221,142
|
233,375
|
||||||
Fixed assets:
|
||||||||
Furniture and equipment
|
65,550
|
63,982
|
||||||
Leasehold improvements
|
47,458
|
46,941
|
||||||
Fixed assets, gross
|
113,008
|
110,923
|
||||||
Less accumulated depreciation and amortization
|
(86,757
|
)
|
(84,821
|
)
|
||||
Fixed assets, net
|
26,251
|
26,102
|
||||||
Operating lease right-of-use assets
|
102,113
|
103,431
|
||||||
Investment in unconsolidated affiliate
|
12,160
|
12,256
|
||||||
Goodwill
|
534,271
|
509,571
|
||||||
Other identifiable intangible assets, net
|
116,888
|
109,682
|
||||||
Other assets
|
4,431
|
2,821
|
||||||
Total assets
|
$
|
1,017,256
|
$
|
997,238
|
||||
|
||||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS’ EQUITY AND NON-CONTROLLING INTEREST
|
||||||||
Current liabilities:
|
||||||||
Accounts payable - trade
|
$
|
4,866
|
$
|
3,898
|
||||
Accrued expenses
|
53,749
|
55,344
|
||||||
Current portion of operating lease liabilities
|
34,699
|
35,252
|
||||||
Current portion of term loan and notes payable
|
9,222
|
7,691
|
||||||
Total current liabilities
|
102,536
|
102,185
|
||||||
Notes payable, net of current portion
|
804
|
1,289
|
||||||
Term loan, net of current portion and deferred financing costs
|
135,945
|
137,702
|
||||||
Deferred taxes
|
27,337
|
24,815
|
||||||
Operating lease liabilities, net of current portion
|
75,680
|
76,653
|
||||||
Other long-term liabilities
|
2,988
|
2,356
|
||||||
Total liabilities
|
345,290
|
345,000
|
||||||
|
||||||||
Redeemable non-controlling interest - temporary equity
|
190,733
|
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,
|
||||||||
17,282,822 and 17,202,291 shares issued, respectively
|
172
|
172
|
||||||
Additional paid-in capital
|
283,546
|
281,096
|
||||||
Accumulated other comprehensive gain
|
4,108
|
2,782
|
||||||
Retained earnings
|
223,573
|
223,772
|
||||||
Treasury stock at cost, 2,214,737 shares
|
(31,628
|
)
|
(31,628
|
)
|
||||
Total USPH shareholders’ equity
|
479,771
|
476,194
|
||||||
Non-controlling interest - permanent equity
|
1,462
|
1,216
|
||||||
Total USPH shareholders' equity and non-controlling interest - permanent equity
|
481,233
|
477,410
|
||||||
Total liabilities, redeemable non-controlling interest,
|
||||||||
USPH shareholders' equity and non-controlling interest - permanent equity
|
$
|
1,017,256
|
$
|
997,238
|
U.S. Physical Therapy Press Release
|
Page 10
|
May 7, 2024
|
|
Three Months Ended
|
|||||||
|
March 31, 2024
|
March 31, 2023
|
||||||
OPERATING ACTIVITIES
|
||||||||
Net income, including non-controlling interest
|
$
|
11,617
|
$
|
11,427
|
||||
Adjustments to reconcile net income including non-controlling interest to net cash provided by
operating activities:
|
||||||||
Depreciation and amortization
|
4,095
|
3,788
|
||||||
Provision for credit losses
|
1,627
|
1,512
|
||||||
Equity-based awards compensation expense
|
1,997
|
1,806
|
||||||
Amortization of debt issue costs
|
106
|
106
|
||||||
Change in deferred income taxes
|
1,943
|
221
|
||||||
Change in revaluation of put-right liability
|
80
|
149
|
||||||
Change in fair value of contingent earn-out consideration
|
(612
|
)
|
698
|
|||||
Equity of earnings in unconsolidated affiliate
|
(271
|
)
|
(274
|
)
|
||||
Loss on sale of fixed assets
|
5
|
-
|
||||||
Other
|
-
|
19
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Increase in patient accounts receivable
|
(5,124
|
)
|
(5,999
|
)
|
||||
Increase in accounts receivable - other
|
(3,985
|
)
|
(796
|
)
|
||||
(Decrease) increase in other current and long-term assets
|
(433
|
)
|
1,897
|
|||||
Decrease in accounts payable and accrued expenses
|
(6,678
|
)
|
(1,846
|
)
|
||||
Increase (decrease) in other long-term liabilities
|
52
|
(1,359
|
)
|
|||||
Net cash provided by operating activities
|
4,419
|
11,349
|
||||||
|
||||||||
INVESTING ACTIVITIES
|
||||||||
Purchase of fixed assets
|
(1,838
|
)
|
(2,059
|
)
|
||||
Purchase of majority interest in businesses, net of cash acquired
|
(15,971
|
)
|
(5,796
|
)
|
||||
Purchase of redeemable non-controlling interest, temporary equity
|
(2,702
|
)
|
(5,178
|
)
|
||||
Purchase of non-controlling interest, permanent equity
|
(498
|
)
|
-
|
|||||
Proceeds on sale of non-controlling interest, permanent equity
|
23
|
-
|
||||||
Proceeds on sale of partnership interest - redeemable non-controlling interest, temporary equity
|
67
|
107
|
||||||
Distributions from unconsolidated affiliate
|
367
|
245
|
||||||
Other
|
88
|
-
|
||||||
Net cash used in investing activities
|
(20,464
|
)
|
(12,681
|
)
|
||||
|
||||||||
FINANCING ACTIVITIES
|
||||||||
Proceeds from revolving facility
|
-
|
7,000
|
||||||
Distributions to non-controlling interest, permanent and temporary equity
|
(3,160
|
)
|
(3,297
|
)
|
||||
Principal payments on notes payable
|
(392
|
)
|
(422
|
)
|
||||
Payments on term loan
|
(938
|
)
|
(938
|
)
|
||||
Net cash (used in) provided by financing activities
|
(4,490
|
)
|
2,343
|
|||||
|
||||||||
Net (decrease) increase in cash and cash equivalents
|
(20,535
|
)
|
1,011
|
|||||
Cash and cash equivalents - beginning of period
|
152,825
|
31,594
|
||||||
Cash and cash equivalents - end of period
|
$
|
132,290
|
$
|
32,605
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash paid during the period for:
|
||||||||
Income taxes
|
$
|
367
|
$
|
442
|
||||
Interest paid
|
1,844
|
1,377
|
||||||
Non-cash investing and financing transactions during the period:
|
||||||||
Purchase of interest in businesses - seller financing portion
|
500
|
360
|
||||||
Notes payable related to purchase of redeemable non-controlling interest, temporary equity
|
-
|
611
|
||||||
Offset of notes receivable associated with purchase of redeemable non-controlling interest
|
75
|
-
|
||||||
Notes receivable related to sale of redeemable non-controlling interest, temporary equity
|
315
|
532
|
||||||
Notes receivable related to the sale of non-controlling interest, permanent equity
|
243
|
-
|
||||||
Dividends payable to USPH shareholders
|
$
|
6,630
|
$
|
5,617
|
U.S. Physical Therapy Press Release
|
Page 11
|
May 7, 2024
|
U.S. Physical Therapy Press Release
|
Page 12
|
May 7, 2024
|
|
Three Months Ended
|
|||||||
|
March 31, 2024
|
March 31, 2023
|
||||||
(In thousands, except per share data)
|
||||||||
Adjusted EBITDA (a non-GAAP measure)
|
||||||||
Net income attributable to USPH shareholders
|
$
|
8,046
|
$
|
7,410
|
||||
Adjustments:
|
||||||||
Provision for income taxes
|
3,139
|
2,969
|
||||||
Depreciation and amortization
|
4,095
|
3,788
|
||||||
Interest expense, debt and other, net
|
1,968
|
2,560
|
||||||
Interest income from investments
|
(1,543
|
)
|
(64
|
)
|
||||
Equity-based awards compensation expense
|
1,997
|
1,806
|
||||||
Change in revaluation of put-right liability
|
80
|
149
|
||||||
Change in fair value of contingent earn-out consideration
|
(612
|
)
|
698
|
|||||
Relief Funds
|
-
|
(467
|
)
|
|||||
Other income
|
(62
|
)
|
-
|
|||||
Allocation to non-controlling interests
|
(432
|
)
|
(371
|
)
|
||||
$
|
16,676
|
$
|
18,478
|
|||||
Operating Results (a non-GAAP measure)
|
||||||||
Net income attributable to USPH shareholders
|
$
|
8,046
|
$
|
7,410
|
||||
Adjustments:
|
||||||||
Change in fair value of contingent earn-out consideration
|
(612
|
)
|
698
|
|||||
Change in revaluation of put-right liability
|
80
|
149
|
||||||
Relief Funds
|
-
|
(467
|
)
|
|||||
Allocation to non-controlling interests
|
-
|
33
|
||||||
Tax effect at statutory rate (federal and state)
|
136
|
(105
|
)
|
|||||
$
|
7,650
|
$
|
7,718
|
|||||
Operating Results per share (a non-GAAP measure)
|
$
|
0.51
|
$
|
0.59
|
||||
Earnings per share
|
||||||||
Computation of earnings per share - USPH shareholders:
|
||||||||
Net income attributable to USPH shareholders
|
$
|
8,046
|
$
|
7,410
|
||||
Charges to retained earnings:
|
||||||||
Revaluation of redeemable non-controlling interest
|
(1,439
|
)
|
119
|
|||||
Tax effect at statutory rate (federal and state)
|
368
|
(30
|
)
|
|||||
$
|
6,975
|
$
|
7,499
|
|||||
Earnings per share (basic and diluted)
|
$
|
0.46
|
$
|
0.58
|
||||
Shares used in computation - basic and diluted
|
15,017
|
13,025
|
||||||
U.S. Physical Therapy Press Release
|
Page 13
|
May 7, 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
|
656
|
$
|
102.03
|
1,267,140
|
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 6.
|
Three Months Ended
|
|||
March 31, 2024
|
March 31, 2023
|
||
Number of clinics, beginning of period
|
671
|
640
|
|
Additions
|
14
|
8
|
|
Closed or sold
|
(6)
|
(1)
|
|
Number of clinics, end of period
|
679
|
647
|