U.S. Physical Therapy, Inc. ("USPH" or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, today reported results for the third quarter and nine months ended September 30, 2021 (“2021 Third Quarter” and “2021 Nine Months”, respectively).
QUARTER HIGHLIGHTS
SUMMARY OF 2021 THIRD QUARTER AND NINE MONTHS RESULTS
For the 2021 Third Quarter, USPH’s Operating Results, a non-GAAP measure (defined below) was $11.0 million, or $0.85 per diluted share, as compared to $11.1 million (inclusive of Relief Funds), or $0.86 per diluted share, for the 2020 Third Quarter. Operating Results, a non-GAAP measure, for the 2021 Third Quarter was 21.4% higher than $9.0 million, or $0.71 per diluted share, for the 2019 Third Quarter.
For the 2021 Nine Months, USPH’s Operating Results was $31.6 million, or $2.45 per diluted share, an increase of 28.6%, as compared to $24.6 million (inclusive of Relief Funds), or $1.92 per diluted share, for the nine months ended September 30, 2020 (“2020 Nine Months”). Operating Results for the 2021 Nine Months was also 13.6% higher than the $27.8 million, or $2.18 per diluted share, for the nine months ended September 30, 2019 (“2019 Nine Months”). Operating Results, a non-Generally Accepted Accounting Principles (“non-GAAP”) measure, equals net income attributable to USPH diluted shareholders per the consolidated statements of income less gain on sale of partnership interests and clinics plus charges incurred for clinic closure costs and expenses related to executive officer transitions, all net of taxes. Operating Results per diluted share also excludes the impact of the revaluation of redeemable non-controlling interest and the associated tax impact. See tables on pages 17 and 18.
For the 2021 Third Quarter, USPH’s net income attributable to its shareholders, a GAAP measure, was $10.0 million as compared to $10.9 million for the 2020 Third Quarter and $9.0 million for the 2019 Third Quarter. Inclusive of the charge or credit for revaluation of non-controlling interest, net of taxes, used to compute diluted earnings per diluted share in accordance with GAAP, the amount is $8.5 million, or $0.66 per diluted share, for the 2021 Third Quarter, $7.8 million, or $0.61 per diluted share, for the 2020 Third Quarter, and $8.4 million, or $0.66 per diluted share, for the 2019 Third Quarter.
For the 2021 Nine Months, USPH’s net income attributable to its shareholders was $30.6 million, as compared to $22.2 million for the 2020 Nine Months (inclusive of $4.7 million of Relief Funds, net of non-controlling interest and taxes) and $32.1 million for the 2019 Nine Months (inclusive of a gain on sale of partnerships and clinics of $4.3 million, net of taxes). Including the charge or credit for revaluation of non-controlling interest, net of taxes, used to compute diluted earnings per diluted share in accordance with GAAP, the amount is $21.8 million, or $1.69 per diluted share, for the 2021 Nine Months and $23.0 million, or $1.80 per diluted share, for the 2020 Nine Months, and $24.2 million, or $1.90 per diluted share, for the 2019 Third Quarter.
In accordance with current accounting guidance, the revaluation of redeemable non-controlling interest, net of taxes, is not included in net income but charged directly to retained earnings; however, the charge or credit for this change is included in the earnings per basic and diluted share calculation. See the schedule on page 16 for the computation of earnings per diluted share. In 2021 Third Quarter, 2021 Nine Months, 2020 Third Quarter, 2019 Third Quarter and 2019 Nine Months, the valuations increased therefore there was a charge to retained earnings. In the 2020 Nine Months, the valuation of redeemable non-controlling interest decreased due to the results associated with the pandemic resulting in a credit to retained earnings.
As previously disclosed in a series of filings with the SEC and further described in detail in our Quarterly Reports on Form 10-Q for the first three quarters of 2020 and our 2020 Annual Report, the Company’s results were negatively impacted by the effects of the COVID-19 pandemic in 2020. For 2021 periods as compared to 2020 periods, the increase in revenues and expenses are largely due to the Company returning to and now exceeding pre-pandemic patient volumes.
Third Quarter 2021 Compared to Third Quarter 2020
|
|
Three Months Ended |
|
|||||
|
|
September
|
|
|
September
|
|
||
Revenue related to Mature Clinics |
|
$ |
101,954 |
|
|
$ |
92,933 |
|
Revenue related to 2021 Clinic Additions |
|
|
4,997 |
|
|
|
- |
|
Revenue related to 2020 Clinic Additions |
|
|
5,277 |
|
|
|
2,850 |
|
Revenue from clinics sold or closed in 2021 |
|
|
65 |
|
|
|
307 |
|
Revenue from clinics sold or closed in 2020 |
|
|
34 |
|
|
|
308 |
|
Net patient revenue from physical therapy operations |
|
|
112,327 |
|
|
|
96,398 |
|
Other revenue |
|
|
759 |
|
|
|
512 |
|
Revenue from physical therapy operations |
|
|
113,086 |
|
|
|
96,910 |
|
Management contract revenue |
|
|
2,313 |
|
|
|
2,004 |
|
Industrial injury prevention services |
|
|
10,494 |
|
|
|
10,015 |
|
Net Revenue |
|
$ |
125,893 |
|
|
$ |
108,929 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|||||
|
|
September
|
|
|
September
|
|
||
Operating cost related to Mature Clinics |
|
$ |
77,325 |
|
|
$ |
66,867 |
|
Operating cost related to 2021 Clinic Additions |
|
|
3,790 |
|
|
|
- |
|
Operating cost related to 2020 Clinic Additions |
|
|
5,031 |
|
|
|
2,237 |
|
Operating cost related to clinics sold or closed in 2021 |
|
|
68 |
|
|
|
333 |
|
Operating cost related to clinics sold or closed in 2020 |
|
|
13 |
|
|
|
301 |
|
Closure costs |
|
|
5 |
|
|
|
79 |
|
Physical therapy operations |
|
|
86,232 |
|
|
|
69,817 |
|
Physical therapy management contracts |
|
|
2,044 |
|
|
|
1,608 |
|
Industrial injury prevention services |
|
|
7,818 |
|
|
|
7,147 |
|
Total operating cost |
|
$ |
96,094 |
|
|
$ |
78,572 |
|
Less: Physical therapy operations - closure costs |
(5 |
) |
(79 |
) |
||||
|
|
|
|
|
|
|
|
|
Total operating cost less closure costs (a non-GAAP measure) |
|
$ |
96,089 |
|
|
$ |
78,493 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|||||
|
|
September
|
|
|
September
|
|
||
|
|
|
|
|
|
|
||
Physical therapy operations |
|
$ |
26,859 |
|
|
$ |
27,172 |
|
Management contracts |
|
|
269 |
|
|
|
396 |
|
Industrial injury prevention services |
|
|
2,676 |
|
|
|
2,868 |
|
Physical therapy operations - closure costs |
|
|
(5 |
) |
|
|
(79 |
) |
Gross profit |
|
$ |
29,799 |
|
|
$ |
30,357 |
|
|
|
|
|
|
|
|
|
|
Physical therapy operations - closure costs |
|
|
5 |
|
|
|
79 |
|
Gross profit, less closure costs (a non-GAAP measure) |
|
$ |
29,804 |
|
|
$ |
30,436 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|||||
|
|
September
|
|
|
September
|
|
||
|
|
|
|
|
|
|
||
Income before taxes |
|
$ |
17,938 |
|
|
$ |
20,042 |
|
|
|
|
|
|
|
|
|
|
Less: net income attributable to non-controlling interest: |
|
|
|
|
|
|
|
|
Redeemable non-controlling interest - temporary equity |
|
|
(2,605 |
) |
|
|
(1,828 |
) |
Non-controlling interest - permanent equity |
|
|
(1,509 |
) |
|
|
(3,019 |
) |
|
|
$ |
(4,114 |
) |
|
$ |
(4,847 |
) |
Income before taxes less net income attributable to non-controlling interest |
|
$ |
13,824 |
|
|
$ |
15,195 |
|
Provision for income taxes |
|
$ |
3,815 |
|
|
$ |
4,279 |
|
|
|
|
|
|
|
|
|
|
Percentage |
|
|
27.6 |
% |
|
|
28.2 |
% |
|
|
|
|
|
|
|
|
|
2021 Nine Months Compared to 2020 Nine Months
|
|
Nine Months Ended |
|
|||||
|
|
September
|
|
|
September
|
|
||
Revenue related to Mature Clinics |
|
$ |
300,792 |
|
|
$ |
257,940 |
|
Revenue related to 2021 Clinic Additions |
|
|
7,527 |
|
|
|
- |
|
Revenue related to 2020 Clinic Additions |
|
|
16,010 |
|
|
|
5,782 |
|
Revenue from clinics sold or closed in 2021 |
|
|
458 |
|
|
|
908 |
|
Revenue from clinics sold or closed in 2020 |
|
|
32 |
|
|
|
4,173 |
|
Net patient revenue from physical therapy operations |
|
|
324,819 |
|
|
|
268,803 |
|
Other revenue |
|
|
2,222 |
|
|
|
1,407 |
|
Revenue from physical therapy operations |
|
|
327,041 |
|
|
|
270,210 |
|
Management contract revenue |
|
|
7,611 |
|
|
|
5,744 |
|
Industrial injury prevention services |
|
|
30,537 |
|
|
|
29,549 |
|
Net Revenue |
|
$ |
365,189 |
|
|
$ |
305,503 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|||||
|
|
September
|
|
|
September
|
|
||
Operating cost related to Mature Clinics |
|
$ |
224,936 |
|
|
$ |
199,186 |
|
Operating cost related to 2021 Clinic Additions |
|
|
5,952 |
|
|
|
- |
|
Operating cost related to 2020 Clinic Additions |
|
|
14,702 |
|
|
|
4,509 |
|
Operating cost related to clinics sold or closed in 2021 |
|
|
484 |
|
|
|
999 |
|
Operating cost related to clinics sold or closed in 2020 |
|
|
9 |
|
|
|
5,131 |
|
Closure costs |
|
|
20 |
|
|
|
3,926 |
|
Physical therapy operations |
|
|
246,103 |
|
|
|
213,751 |
|
Physical therapy management contracts |
|
|
6,492 |
|
|
|
4,582 |
|
Industrial injury prevention services |
|
|
22,595 |
|
|
|
21,838 |
|
Total operating cost |
|
$ |
275,190 |
|
|
$ |
240,171 |
|
Less: Physical therapy operations - closure costs |
|
|
(20 |
) |
|
|
(3,926 |
) |
Total operating cost less closure costs (a non-GAAP measure) |
|
$ |
275,170 |
|
|
$ |
236,245 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|||||
|
|
September
|
|
|
September
|
|
||
|
|
|
|
|
|
|
||
Physical therapy operations |
|
$ |
80,958 |
|
|
$ |
60,385 |
|
Management contracts |
|
|
1,119 |
|
|
|
1,162 |
|
Industrial injury prevention services |
|
|
7,942 |
|
|
|
7,711 |
|
Physical therapy operations - closure costs |
|
|
(20 |
) |
|
|
(3,926 |
) |
Gross profit |
|
$ |
89,999 |
|
|
$ |
65,332 |
|
Physical therapy operations - closure costs |
|
|
20 |
|
|
|
3,926 |
|
Gross profit, less closure costs (a non-GAAP measure) |
|
$ |
90,019 |
|
|
$ |
69,258 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|||||||
|
|
September
|
|
|
September
|
|
|||
|
|
|
|
|
|
|
|||
Income before taxes |
|
$ |
54,807 |
|
|
$ |
42,317 |
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income attributable to non-controlling interest: |
|
|
|
|
|
|
|
|
|
Redeemable non-controlling interest - temporary equity |
|
|
(8,669 |
) |
|
|
(3,889 |
) |
|
Non-controlling interest - permanent equity |
|
|
(4,194 |
) |
|
|
(7,811 |
) |
|
|
|
$ |
(12,863 |
) |
|
$ |
(11,700 |
) |
|
Income before taxes less net income attributable to non-controlling interest |
|
$ |
41,944 |
|
|
$ |
30,617 |
|
|
Provision for income taxes |
|
$ |
11,326 |
|
|
$ |
8,453 |
|
|
|
|
|
|
|
|
|
|
|
|
Percentage |
|
|
27.0 |
% |
|
|
27.6 |
% |
|
|
|
|
|
|
|
|
|
|
Medicare Accelerated and Advance Payment Program (“MAAPP Funds”)
In response to the COVID-19 pandemic, the federal government approved the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act allowed for qualified healthcare providers to receive advanced payments under the MAAPP Funds during the COVID-19 pandemic. Under this program, healthcare providers could choose to receive advanced payments for future Medicare services provided. The Company applied for and received approval from Centers for Medicare & Medicaid Services (“CMS”) in April 2020. The Company recorded the $14.1 million in advance payments received as a liability. During the first quarter of 2021, the Company repaid the MAAPP Funds of $14.1 million rather than applying them to future services performed.
Relief Funds
On March 27, 2020, the CARES Act was enacted. The CARES Act provided additional waivers, reimbursement, grants and other funds to assist health care providers during the COVID-19 pandemic, including $100.0 billion in appropriations for the Public Health and Social Services Emergency Fund, also referred to as the Provider Relief Fund, to be used for preventing, preparing, and responding to the coronavirus, and for reimbursing eligible health care providers for lost revenues and health care related expenses that are attributable to COVID-19.
Through December 31, 2020, the Company’s consolidated subsidiaries received approximately $13.5 million of payments under the CARES Act (“Relief Funds”). Under the Company’s accounting policy, these payments were recorded as Other income – Relief Funds. These funds are not required to be repaid upon attestation and compliance with certain terms and conditions, which could change materially based on evolving grant compliance provisions and guidance provided by the U.S. Department of Health and Human Services. Currently, the Company can attest and comply with the terms and conditions. The Company will continue to monitor the evolving guidelines and may record adjustments as additional information is released. There were no Relief Funds received in the 2021 Nine Months.
Other Financial Measures
For the 2021 Third Quarter, the Company’s Adjusted EBITDA, excluding Relief Funds, a non-GAAP measure, was $19.9 million for the 2021 Third Quarter, 1.8% higher than the $19.6 million for the 2020 Third Quarter, and $3.0 million, or 17.6%, higher than the pre-pandemic 2019 Third Quarter. The 2020 Third Quarter included $0.4 million of Relief Funds. Inclusive of Relief Funds, the Company's Adjusted EBITDA, a non-GAAP measure, of $19.8 million in the 2021 Third Quarter compares to $20.0 million in the 2020 Third Quarter. For the 2021 Nine Months, the Company's Adjusted EBITDA, excluding Relief Funds, was $57.3 million compared to $38.7 million for the 2020 Nine Months, and $51.6 million for the 2019 Nine Months. The 2020 Nine Months included $8.3 million of Relief Funds. Inclusive of Relief Funds, the Company’s Adjusted EBITDA of $57.3 million in the 2021 Nine Months compares to $47.0 million in the 2020 Nine Months. See definition, explanation and calculation of Adjusted EBITDA, a non-GAAP measure, in the schedule on pages 16 and 17.
Acquisition in Third Quarter 2021
As previously reported, in the 2021 Third Quarter, the Company completed the acquisition of a company that will add to its industrial injury prevention services business. The acquired company specializes in return-to-work and ergonomic services, among other offerings. The business generates more than $2.0 million in annual revenue. USPH acquired the company’s assets at a purchase price of approximately $3.3 million which includes the obligation to pay up to $0.6 million in contingent payment consideration in conjunction with the acquisition if specified future operational objectives are met.
The Company’s strategy is to continue acquiring multi-clinic outpatient physical therapy practices, to develop outpatient physical therapy clinics as satellites in existing partnerships and to continue acquiring companies that provide industrial injury prevention services.
Quarterly Dividend
In response to the Company’s strong performance thus far in 2021 and confidence in its future performance, the Company’s Board of Directors declared a quarterly dividend on November 2, 2021 of $0.38 per share payable on December 10, 2021 to shareholders of record on November 15, 2021.
Management’s Comments
Chris Reading, Chief Executive Officer, said, “In spite of continued challenges in the operating environment, our team has delivered another strong result, all of which starts with the great care of our patients at the talented hands of our partners and our clinical staff. As evidenced by the busiest summer we have ever experienced, our referral and patient volumes remained very steady on the heels of our record 2nd quarter volumes in what is usually a seasonally slower period. I am extremely proud of our team and very grateful to our entire staff for their exemplary work throughout this entire pandemic period.”
Carey Hendrickson, Chief Financial Officer, said, “We are pleased with the continued outstanding results produced by our team. Patient volumes have continued at record-high levels for seven consecutive months, and both labor costs and total operating cost have remained in line with or better than pre-pandemic levels as a percentage of revenue. Our cash generation is strong and our balance sheet remains in an excellent position.”
Third Quarter 2021 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 November 4, 2021 to discuss results for the Company's 2021 Third Quarter. Interested parties may participate in the call by dialing 1-800-895-3361 or 785-424-1062 and entering reservation number USPHQ32021 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 December 4, 2021 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:
See Risk Factors in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020.
Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. Please see the other sections of this report and our other periodic reports filed with the Securities and Exchange Commission (the “SEC”) for more information on these factors. Our forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement, regardless of the reason the statement may no longer be accurate.
About U.S. Physical Therapy, Inc.
Founded in 1990, U.S. Physical Therapy, Inc. operates 579 outpatient physical therapy clinics in 39 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 35 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups. The Company also has an industrial injury prevention services business which provides onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments. 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 INCOME |
||||||||||||||||
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September
|
|
|
September
|
|
|
September
|
|
|
September
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net patient revenue |
|
$ |
112,327 |
|
|
$ |
96,398 |
|
|
$ |
324,819 |
|
|
$ |
268,803 |
|
Other revenue |
|
|
13,566 |
|
|
|
12,531 |
|
|
|
40,370 |
|
|
|
36,700 |
|
Net revenue |
|
|
125,893 |
|
|
|
108,929 |
|
|
|
365,189 |
|
|
|
305,503 |
|
Operating cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and related costs |
|
|
70,492 |
|
|
|
57,519 |
|
|
|
203,173 |
|
|
|
169,952 |
|
Rent, supplies, contract labor and other |
|
|
24,239 |
|
|
|
19,695 |
|
|
|
68,075 |
|
|
|
62,915 |
|
Provision for credit losses |
|
|
1,358 |
|
|
|
1,279 |
|
|
|
3,922 |
|
|
|
3,379 |
|
Closure cost - lease and other |
|
|
5 |
|
|
|
79 |
|
|
|
20 |
|
|
|
2,066 |
|
Closure cost - derecognition of goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,859 |
|
Total operating cost |
|
|
96,094 |
|
|
|
78,572 |
|
|
|
275,190 |
|
|
|
240,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
29,799 |
|
|
|
30,357 |
|
|
|
89,999 |
|
|
|
65,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate office cost |
|
|
12,867 |
|
|
|
10,422 |
|
|
|
35,815 |
|
|
|
31,121 |
|
Operating income |
|
|
16,932 |
|
|
|
19,935 |
|
|
|
54,184 |
|
|
|
34,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income and expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relief Funds |
|
|
- |
|
|
|
390 |
|
|
|
- |
|
|
|
8,349 |
|
Gain on sale of partnership interest and clinics |
|
|
- |
|
|
|
18 |
|
|
|
- |
|
|
|
1,091 |
|
Resolution of a payor matter |
|
|
1,216 |
|
|
|
- |
|
|
|
1,216 |
|
|
|
- |
|
Interest and other income, net |
|
|
58 |
|
|
|
50 |
|
|
|
158 |
|
|
|
97 |
|
Interest expense - debt and other |
|
|
(268 |
) |
|
|
(351 |
) |
|
|
(751 |
) |
|
|
(1,431 |
) |
Total other income and expense |
|
|
1,006 |
|
|
|
107 |
|
|
|
623 |
|
|
|
8,106 |
|
Income before taxes |
|
|
17,938 |
|
|
|
20,042 |
|
|
|
54,807 |
|
|
|
42,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
3,815 |
|
|
|
4,279 |
|
|
|
11,326 |
|
|
|
8,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
14,123 |
|
|
|
15,763 |
|
|
|
43,481 |
|
|
|
33,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income attributable to non-controlling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable non-controlling interest - temporary equity |
|
|
(2,605 |
) |
|
|
(3,019 |
) |
|
|
(8,669 |
) |
|
|
(7,811 |
) |
Non-controlling interest - permanent equity |
|
|
(1,509 |
) |
|
|
(1,828 |
) |
|
|
(4,194 |
) |
|
|
(3,889 |
) |
|
|
|
(4,114 |
) |
|
|
(4,847 |
) |
|
|
(12,863 |
) |
|
|
(11,700 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to USPH shareholders |
|
$ |
10,009 |
|
|
$ |
10,916 |
|
|
$ |
30,618 |
|
|
$ |
22,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share attributable to USPH shareholders |
|
$ |
0.66 |
|
|
$ |
0.61 |
|
|
$ |
1.69 |
|
|
$ |
1.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computation - basic and diluted |
|
|
12,909 |
|
|
|
12,847 |
|
|
|
12,894 |
|
|
|
12,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
|
$ |
0.38 |
|
|
$ |
- |
|
|
$ |
1.08 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES |
||||||||||
CONSOLIDATED BALANCE SHEET |
||||||||||
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||||
|
|
September |
|
|
December |
|||||
|
|
30, 2021 |
|
|
31, 2021 |
|||||
ASSETS |
|
(unaudited) |
|
|
|
|||||
Current assets: |
|
|
|
|
|
|||||
Cash and cash equivalents |
|
$ |
19,188 |
|
|
$ |
32,918 |
|
||
Patient accounts receivable, less allowance for credit losses of $2,728 and $2,008, respectively |
|
|
46,456 |
|
|
|
41,906 |
|
||
Accounts receivable - other |
|
|
10,093 |
|
|
|
9,039 |
|
||
Other current assets |
|
|
3,687 |
|
|
|
3,773 |
|
||
Total current assets |
|
|
79,424 |
|
|
|
87,636 |
|
||
Fixed assets: |
|
|
|
|
|
|
|
|
||
Furniture and equipment |
|
|
58,179 |
|
|
|
55,426 |
|
||
Leasehold improvements |
|
|
37,413 |
|
|
|
35,320 |
|
||
Fixed assets, gross |
|
|
95,592 |
|
|
|
90,746 |
|
||
Less accumulated depreciation and amortization |
|
|
73,556 |
|
|
|
69,081 |
|
||
Fixed assets, net |
|
|
22,036 |
|
|
|
21,665 |
|
||
Operating lease right-of-use assets |
|
|
92,952 |
|
|
|
81,595 |
|
||
Goodwill |
|
|
374,047 |
|
|
|
345,646 |
|
||
Other identifiable intangible assets, net |
|
|
60,086 |
|
|
|
56,280 |
|
||
Other assets |
|
|
1,553 |
|
|
|
1,539 |
|
||
Total assets |
|
$ |
630,098 |
|
|
$ |
594,361 |
|
||
|
|
|
|
|
|
|
|
|
||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS’ EQUITY AND NON-CONTROLLING INTEREST |
|
|
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
|
|
||
Accounts payable - trade |
|
$ |
1,532 |
|
|
$ |
1,335 |
|
||
Accrued expenses |
|
|
50,267 |
|
|
|
59,746 |
|
||
Current portion of operating lease liabilities |
|
|
29,197 |
|
|
|
27,512 |
|
||
Current portion of notes payable |
|
|
672 |
|
|
|
4,899 |
|
||
Total current liabilities |
|
|
81,668 |
|
|
|
93,492 |
|
||
Notes payable, net of current portion |
|
|
2,265 |
|
|
|
596 |
|
||
Revolving line of credit |
|
|
33,000 |
|
|
|
16,000 |
|
||
Deferred taxes |
|
|
6,682 |
|
|
|
7,779 |
|
||
Operating lease liabilities, net of current portion |
|
|
71,209 |
|
|
|
61,985 |
|
||
Other long-term liabilities |
|
|
6,440 |
|
|
|
4,539 |
|
||
Total liabilities |
|
|
201,264 |
|
|
|
184,391 |
|
||
|
|
|
|
|
|
|
|
|
||
Redeemable non-controlling interest - temporary equity |
|
|
138,217 |
|
|
|
132,340 |
|
||
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, 15,126,345 and 15,066,282 shares issued, respectively |
|
|
151 |
|
|
|
151 |
|
||
Additional paid-in capital |
|
|
101,922 |
|
|
|
95,622 |
|
||
Retained earnings |
|
|
219,338 |
|
|
|
212,015 |
|
||
Treasury stock at cost, 2,214,737 shares |
|
|
(31,628 |
) |
|
|
(31,628 |
) |
||
Total USPH shareholders’ equity |
|
|
289,783 |
|
|
|
276,160 |
|
||
Non-controlling interest - permanent equity |
|
|
834 |
|
|
|
1,470 |
|
||
Total USPH shareholders' equity and non-controlling interest - permanent equity |
|
|
290,617 |
|
|
|
277,630 |
|
||
Total liabilities, redeemable non-controlling interest, |
|
|
|
|
|
|
|
|
||
USPH shareholders' equity and non-controlling interest - permanent equity |
|
$ |
630,098 |
|
|
$ |
594,361 |
|
||
|
|
|
|
|
|
|
|
|
||
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||
(unaudited) |
||||||||
|
|
Nine Months Ended |
|
|||||
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
||
OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net income including non-controlling interest |
|
$ |
43,481 |
|
|
$ |
33,864 |
|
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
8,519 |
|
|
|
8,066 |
|
Provision for credit losses |
|
|
3,922 |
|
|
|
3,379 |
|
Equity-based awards compensation expense |
|
|
6,280 |
|
|
|
5,325 |
|
Deferred income taxes |
|
|
1,292 |
|
|
|
(834 |
) |
Loss on sale of fixed assets |
|
|
113 |
|
|
|
346 |
|
Gain on sale of partnership interest |
|
|
- |
|
|
|
(1,091 |
) |
Derecognition (write-off) of goodwill - closed clinics |
|
|
- |
|
|
|
1,859 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
(Increase) decrease in patient accounts receivable |
|
|
(7,513 |
) |
|
|
4,117 |
|
(Increase) decrease in accounts receivable - other |
|
|
(738 |
) |
|
|
730 |
|
(Increase) decrease in other assets |
|
|
(195 |
) |
|
|
5,404 |
|
Increase in accounts payable and accrued expenses |
|
|
4,529 |
|
|
|
13,495 |
|
Increase (decrease) in other long-term liabilities |
|
|
811 |
|
|
|
(58 |
) |
Net cash provided by operating activities |
|
|
60,501 |
|
|
|
74,602 |
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of fixed assets |
|
|
(5,996 |
) |
|
|
(5,494 |
) |
Purchase of majority interest in businesses, net of cash acquired |
|
|
(22,590 |
) |
|
|
(15,322 |
) |
Purchase of redeemable non-controlling interest, temporary equity |
|
|
(14,916 |
) |
|
|
(3,087 |
) |
Purchase of non-controlling interest, permanent equity |
|
|
(1,093 |
) |
|
|
(184 |
) |
Proceeds on sale of redeemable non-controlling interest, temporary equity |
|
|
69 |
|
|
|
54 |
|
Proceeds on sales of partnership interest, clinics and fixed assets |
|
|
137 |
|
|
|
1,118 |
|
Sales of non-controlling interest-permanent |
|
|
131 |
|
|
|
- |
|
Net cash used in investing activities |
|
|
(44,258 |
) |
|
|
(22,915 |
) |
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Distributions to non-controlling interest, permanent and temporary equity |
|
|
(14,330 |
) |
|
|
(14,223 |
) |
Cash dividends paid to shareholders |
|
|
(13,934 |
) |
|
|
(4,110 |
) |
Proceeds from revolving line of credit |
|
|
193,000 |
|
|
|
134,000 |
|
Payments on revolving line of credit |
|
|
(176,000 |
) |
|
|
(173,000 |
) |
Principal payments on notes payable |
|
|
(4,662 |
) |
|
|
(700 |
) |
(Payment) receipt of Medicare Accelerated and Advance Funds |
|
|
(14,054 |
) |
|
|
12,924 |
|
Short swing profit settlement |
|
|
20 |
|
|
|
- |
|
Other |
|
|
(13 |
) |
|
|
3 |
|
Net cash used in financing activities |
|
|
(29,973 |
) |
|
|
(45,106 |
) |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(13,730 |
) |
|
|
6,581 |
|
Cash and cash equivalents - beginning of period |
|
|
32,918 |
|
|
|
23,548 |
|
Cash and cash equivalents - end of period |
|
$ |
19,188 |
|
|
$ |
30,129 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
10,777 |
|
|
$ |
4,421 |
|
Interest |
|
$ |
1,195 |
|
|
$ |
1,202 |
|
Non-cash investing and financing transactions during the period: |
|
|
|
|
|
|
|
|
Purchase of businesses - seller financing portion |
|
$ |
1,800 |
|
|
$ |
796 |
|
Purchase of redeemable non-controlling interest - notes payable |
|
$ |
1,302 |
|
|
$ |
137 |
|
Notes payable due to purchase of non-controlling interest, permanent equity |
|
$ |
- |
|
|
$ |
699 |
|
Receivables related to sale of partnership interest |
|
$ |
- |
|
|
$ |
386 |
|
Note receivables related to sale of partnership interest |
|
$ |
914 |
|
|
$ |
670 |
|
|
|
|
U. 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, a non-Generally Accepted Accounting Principles (“GAAP”) measure, equals net income attributable to USPH diluted shareholders per the consolidated statements of income less gain on sale of partnership interests and clinics plus charges incurred for clinic closure costs and expenses related to executive officer transitions, all net of taxes. Operating Results per diluted share, also excludes the impact of the revaluation of redeemable non-controlling interest. In accordance with current accounting guidance, the revaluation of redeemable non-controlling interest, net of tax, is included in the earnings per basic and diluted share calculation, although it is not included in net income but charged directly to retained earnings.
Adjusted EBITDA is defined as net income attributable to USPH shareholders before interest income, interest expense, taxes, depreciation, amortization, equity-based awards compensation expense and derecognition of goodwill related to clinic closures. 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.
Management uses Operating Results and Adjusted EBITDA, which eliminates certain items described above that can be subject to volatility and unusual costs, as one the principal measures to evaluate and monitor financial performance period over period. Management believes that Operating Results and Adjusted EBITDA 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 redeemable instruments and therefore have different equity structures.
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.
In this earnings release, Management purposefully defined Gross profit less closure costs (a non-GAAP measure) and Operating cost less closure costs (a non-GAAP measure) as a metric to see the business through the eyes of Management excluding the variability of closure costs. Although closure costs are a recurring cost of our business, due to the business environment in 2020 (primarily the COVID-19 pandemic), Management determined that a number of clinics needed to be closed resulting in unusually high closure costs. Presenting Gross profit less closure costs and Operating cost less closure costs allows the reader to evaluate our revenue generation performance relative to direct costs of revenue. A reconciliation between the Gross Profit in accordance with GAAP to Gross profit less closure costs and Operating cost in accordance with GAAP to Operating cost less closure costs has been included in the body of the release.
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES |
||||||||||||||||
OPERATING RESULTS AND ADJUSTED EBITDA |
||||||||||||||||
2021 PERIODS COMPARED TO 2020 PERIODS |
||||||||||||||||
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Computation of earnings per share - USPH shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to USPH shareholders |
|
$ |
10,009 |
|
|
$ |
10,916 |
|
|
$ |
30,618 |
|
|
$ |
22,164 |
|
Credit (charges) to retained earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation of redeemable non-controlling interest |
|
|
(2,070 |
) |
|
|
(4,298 |
) |
|
|
(11,889 |
) |
|
|
1,175 |
|
Tax effect at statutory rate (federal and state) of 25.55% and 26.25%, respectively |
|
|
529 |
|
|
|
1,228 |
|
|
|
3,038 |
|
|
|
(308 |
) |
|
|
$ |
8,468 |
|
|
$ |
7,846 |
|
|
$ |
21,767 |
|
|
$ |
23,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic and diluted) |
|
$ |
0.66 |
|
|
$ |
0.61 |
|
|
$ |
1.69 |
|
|
$ |
1.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closure costs |
|
|
5 |
|
|
|
79 |
|
|
|
20 |
|
|
|
3,925 |
|
Expenses related to executive officer transitions |
|
|
1,301 |
|
|
|
69 |
|
|
|
1,301 |
|
|
|
202 |
|
Gain on sale of partnership interest and clinics |
|
|
- |
|
|
|
(18 |
) |
|
|
|
|
|
|
(1,091 |
) |
Relief Funds |
|
|
- |
|
|
|
(391 |
) |
|
|
- |
|
|
|
(8,349 |
) |
Allocation to non-controlling interest |
|
|
- |
|
|
|
77 |
|
|
|
- |
|
|
|
1,977 |
|
Revaluation of redeemable non-controlling interest |
|
|
2,070 |
|
|
|
4,298 |
|
|
|
11,889 |
|
|
|
(1,175 |
) |
Tax effect at statutory rate (federal and state) of 25.55% and 26.25%, respectively |
|
|
(863 |
) |
|
|
(1,080 |
) |
|
|
(3,375 |
) |
|
|
1,184 |
|
Operating Results (excluding Relief Funds) (a non-GAAP measure) |
|
$ |
10,981 |
|
|
$ |
10,880 |
|
|
$ |
31,602 |
|
|
$ |
19,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relief Funds |
|
$ |
- |
|
|
|
391 |
|
|
$ |
- |
|
|
|
8,349 |
|
Allocation to non-controlling interest |
|
|
- |
|
|
|
(77 |
) |
|
|
- |
|
|
|
(1,753 |
) |
Tax effect at statutory rate (federal and state) of 26.25% |
|
|
- |
|
|
|
(82 |
) |
|
|
- |
|
|
|
(1,731 |
) |
Operating Results (including Relief Funds) (a non-GAAP measure) |
|
$ |
10,981 |
|
|
$ |
11,112 |
|
|
$ |
31,602 |
|
|
$ |
24,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted Operating Results per share (excluding Relief Funds) (a non-GAAP measure) |
|
$ |
0.85 |
|
|
$ |
0.85 |
|
|
$ |
2.45 |
|
|
$ |
1.54 |
|
Basic and diluted Operating Results per share (including Relief Funds) (a non-GAAP measure) |
|
$ |
0.85 |
|
|
$ |
0.86 |
|
|
$ |
2.45 |
|
|
$ |
1.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computation - basic and diluted |
|
|
12,909 |
|
|
|
12,847 |
|
|
|
12,894 |
|
|
|
12,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to USPH shareholders |
|
$ |
10,009 |
|
|
$ |
10,916 |
|
|
$ |
30,618 |
|
|
$ |
22,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,036 |
|
|
|
2,546 |
|
|
|
8,520 |
|
|
|
7,879 |
|
Closure cost - derecognition of goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,859 |
|
Relief Funds |
|
|
- |
|
|
|
(391 |
) |
|
|
|
|
|
|
(8,349 |
) |
Interest income |
|
|
(58 |
) |
|
|
(50 |
) |
|
|
(158 |
) |
|
|
(97 |
) |
Interest expense - debt and other |
|
|
268 |
|
|
|
351 |
|
|
|
751 |
|
|
|
1,431 |
|
Provision for income taxes |
|
|
3,815 |
|
|
|
4,279 |
|
|
|
11,326 |
|
|
|
8,453 |
|
Equity-based awards compensation expense |
|
|
2,875 |
|
|
|
1,936 |
|
|
|
6,280 |
|
|
|
5,325 |
|
Adjusted EBITDA (excluding Relief Funds) (a non-GAAP measure) |
|
$ |
19,945 |
|
|
$ |
19,587 |
|
|
$ |
57,337 |
|
|
$ |
38,665 |
|
Relief Funds |
|
|
- |
|
|
|
391 |
|
|
|
- |
|
|
|
8,349 |
|
Adjusted EBITDA (a non-GAAP measure) |
|
$ |
19,945 |
|
|
$ |
19,978 |
|
|
$ |
57,337 |
|
|
$ |
47,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES |
||||||||||||||||
OPERATING RESULTS AND ADJUSTED EBITDA |
||||||||||||||||
2021 PERIODS COMPARED TO 2019 PERIODS |
||||||||||||||||
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2021 |
|
|
2019 |
|
|
2021 |
|
|
2019 |
|
||||
Computation of earnings per share - USPH shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to USPH shareholders |
|
$ |
10,009 |
|
|
$ |
9,047 |
|
|
$ |
30,618 |
|
|
$ |
32,110 |
|
Credit (charges) to retained earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation of redeemable non-controlling interest |
|
|
(2,070 |
) |
|
|
(922 |
) |
|
|
(11,889 |
) |
|
|
(10,752 |
) |
Tax effect at statutory rate (federal and state) of 25.55% and 26.25%, respectively |
|
|
529 |
|
|
|
242 |
|
|
|
3,038 |
|
|
|
2,822 |
|
|
|
$ |
8,468 |
|
|
$ |
8,367 |
|
|
$ |
21,767 |
|
|
$ |
24,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic and diluted) |
|
$ |
0.66 |
|
|
$ |
0.66 |
|
|
$ |
1.69 |
|
|
$ |
1.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closure costs |
|
|
5 |
|
|
|
- |
|
|
|
20 |
|
|
|
- |
|
Expense related to COO transition |
|
|
1,301 |
|
|
|
- |
|
|
|
1,301 |
|
|
|
- |
|
Gain on sale of partnership interest and clinics |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,823 |
) |
Revaluation of redeemable non-controlling interest |
|
|
2,070 |
|
|
|
922 |
|
|
|
11,889 |
|
|
|
10,752 |
|
Tax effect at statutory rate (federal and state) of 25.55% and 26.25%, respectively |
|
|
(863 |
) |
|
|
(242 |
) |
|
|
(3,375 |
) |
|
|
(1,293 |
) |
Operating Results (a non-GAAP measure) |
|
$ |
10,981 |
|
|
$ |
9,047 |
|
|
$ |
31,602 |
|
|
$ |
27,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted Adjusted EPS (a non-GAAP measure) |
|
$ |
0.85 |
|
|
$ |
0.71 |
|
|
$ |
2.45 |
|
|
$ |
2.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computation - basic and diluted |
|
|
12,909 |
|
|
|
12,774 |
|
|
|
12,894 |
|
|
|
12,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2021 |
|
|
2019 |
|
|
2021 |
|
|
2019 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to USPH shareholders |
|
$ |
10,009 |
|
|
$ |
9,047 |
|
|
$ |
30,618 |
|
|
$ |
32,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,036 |
|
|
|
2,457 |
|
|
|
8,520 |
|
|
|
7,377 |
|
Gain on sale of partnership interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,823 |
) |
Interest income |
|
|
(58 |
) |
|
|
(7 |
) |
|
|
(158 |
) |
|
|
(27 |
) |
Interest expense - debt and other |
|
|
268 |
|
|
|
557 |
|
|
|
751 |
|
|
|
1,522 |
|
Provision for income taxes |
|
|
3,815 |
|
|
|
3,197 |
|
|
|
11,326 |
|
|
|
11,223 |
|
Equity-based awards compensation expense |
|
|
2,875 |
|
|
|
1,704 |
|
|
|
6,280 |
|
|
|
5,262 |
|
Adjusted EBITDA |
|
$ |
19,945 |
|
|
$ |
16,955 |
|
|
$ |
57,337 |
|
|
$ |
51,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES |
||
RECAP OF PHYSICAL THERAPY OPERATIONS |
||
CLINIC COUNT |
||
Date |
Number of Clinics |
|
|
|
|
March 31, 2020 |
567 |
|
June 30, 2020 |
554 |
|
September 30, 2020 |
550 |
|
December 31, 2020 |
554 |
|
|
|
|
March 31, 2021 |
564 |
|
June 30, 2021 |
575 |
|
September 30, 2021 |
579 |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211104005217/en/
U.S. Physical Therapy, Inc.
Carey Hendrickson, Chief Financial Officer
email: [email protected]
Chris Reading, Chief Executive Officer
(713) 297-7000
Three Part Advisors
Joe Noyons
(817) 778-8424