•
|
Adjusted EBITDA, a non-Generally Accepted Accounting Principles (“GAAP”) measure, increased $1.0 million to
$18.5 million for the 2023 First Quarter, an all-time high first quarter amount, from $17.5 million for the three months ended March 31, 2022 (“2022 First Quarter”). See pages 12 and 13 of this release for the definition and
reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure.
|
•
|
Net income attributable to USPH’s shareholders, a GAAP measure, was $7.4 million for the 2023 First Quarter
compared to $8.8 million for the 2022 First Quarter. The decrease in net income is primarily due to a $2.0 million increase in interest expense as a result of a higher effective interest rate as well as increased borrowings to fund
acquisitions. In accordance with GAAP, the revaluation of 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 diluted share. Earnings per diluted share, in accordance with GAAP, was $0.58 for the 2023 First Quarter as compared to $0.67 for the 2022 First Quarter.
|
•
|
Operating income increased $2.0 million, or 13.1%, to $17.0 million in the 2023 First Quarter from $15.0
million in the 2022 First Quarter.
|
•
|
Operating Results per diluted share, a non-GAAP measure, was $0.59 per diluted share for the 2023 First
Quarter as compared to $0.65 for 2022 First Quarter, with the decrease primarily due to the increase in interest expense previously described. See pages 12 and 13 of this release for the definition and reconciliation of Operating
Results per diluted share to the most directly comparable GAAP measure.
|
•
|
Net patient revenue from physical therapy operations increased 15.6% to $126.6 million for the 2023 First
Quarter from $109.5 million for the 2022 First Quarter.
|
•
|
Average visits per clinic per day in the 2023 First Quarter was 29.8, an all-time high for the first quarter
and the second highest average visits amount for any quarter in the Company’s history. Average visits per clinic per day was 27.9 in the 2022 First Quarter, which was the previous high average visits amount for a first quarter.
|
•
|
Total patient visits increased 15.4% to 1,227,490 in the 2023 First Quarter from 1,063,519 in the 2022 First
Quarter. Patient visits at our mature clinics increased 6.0% in the 2023 First Quarter as compared to the 2022 First Quarter.
|
•
|
Net rate per patient visit increased to $103.12 in the 2023 First Quarter as compared to $103.00 in the 2022
First Quarter, despite a 2% reduction in Medicare rates at the beginning of 2023 and the discontinuance of 2% sequestration relief on Medicare rates which was present in the first quarter of 2022.
|
•
|
The Company’s physical therapy operating margin was 21.0% in the 2023 First Quarter as compared to 20.0% in
the 2022 First Quarter. Physical therapy average operating costs per patient visit decreased 1.1% to $81.97 per visit in the 2023 First Quarter from $83.09 in the 2022 First Quarter. Physical therapy salaries and related costs were
$59.14 per visit in the 2023 First Quarter, a 0.7% increase from $58.74 in the 2022 First Quarter, and have sequentially decreased from $60.99 per visit in the third quarter of 2022 and $60.04 per visit in the fourth quarter of 2022.
|
•
|
IIP services revenue was $19.4 million for the 2023 First Quarter compared to $19.1 million in the 2022 First
Quarter. IIP services operating margin was 19.5% in the 2023 First Quarter as compared to 21.8% in the 2022 First Quarter.
|
•
|
On February 28, 2023, the Company acquired 80.0% of the equity interest in a one-clinic physical therapy
practice with the practice’s founder and owner retaining 20.0% of the interest. The business generates approximately $3.2 million in annual revenue and has approximately 27,000 patient visits per year. In addition, the Company opened
seven clinics in the 2023 First Quarter. As of March 31, 2023, the Company operated 647 clinics compared to 601 clinics on March 31, 2022.
|
•
|
The Company’s Board of Directors declared a quarterly dividend of $0.43 per share payable on June 9, 2023, to
shareholders of record on May 18, 2023.
|
•
|
Management reaffirms that it currently expects the Company’s Adjusted EBITDA for 2023 to be in the range of
$75.0 million to $80.0 million. The earnings guidance represents projected Adjusted EBITDA from existing operations and excludes future acquisitions. See “Management Reaffirms 2023 Earnings Guidance” below for more information.
|
U.S. Physical Therapy Press Release
|
Page 2
|
May 3, 2023
|
|
Three Months Ended March 31,
|
Variance
|
|||||||||||||||||||
2023
|
2022
|
$
|
%
|
|||||||||||||||||
(In thousands, except percentages)
|
||||||||||||||||||||
Revenue related to:
|
In USD
|
|||||||||||||||||||
Mature Clinics (1)
|
$
|
114,502
|
$
|
108,229
|
$
|
6,273
|
5.8
|
%
|
||||||||||||
2023 Clinic Additions
|
371
|
-
|
371
|
*
|
(2) |
|
||||||||||||||
2022 Clinic Additions
|
11,708
|
195
|
11,513
|
*
|
(2) |
|||||||||||||||
Clinics sold or closed in 2022
|
-
|
1,114
|
(1,114
|
)
|
*
|
(2) | ||||||||||||||
Net patient revenue from physical therapy operations
|
126,581
|
109,538
|
17,043
|
15.6
|
%
|
|||||||||||||||
Other revenue
|
799
|
872
|
(73
|
)
|
-8.4
|
%
|
||||||||||||||
Physical therapy operations
|
127,380
|
110,410
|
16,970
|
15.4
|
%
|
|||||||||||||||
Management contracts
|
1,779
|
2,226
|
(447
|
)
|
-20.1
|
%
|
||||||||||||||
Industrial injury prevention services
|
19,350
|
19,068
|
282
|
1.5
|
%
|
|||||||||||||||
$
|
148,509
|
$
|
131,704
|
$
|
16,805
|
12.8
|
%
|
(1)
|
See Glossary of Terms
- Revenue Metrics for the definition.
|
(2)
|
Not meaningful.
|
U.S. Physical Therapy Press Release
|
Page 3
|
May 3, 2023
|
|
•
|
Revenue from physical therapy operations increased $17.0 million, or 15.4%, to $127.4 million for the 2023 First Quarter from
$110.4 million for the 2022 First Quarter primarily due to a 15.4% increase in the number of patient visits to 1,227,490 for the 2023 First Quarter from 1,063,519 in the 2022 First Quarter. Net patient revenue per visit increased
to $103.12 in the 2023 First Quarter from $103.00 in the 2022 First Quarter.
|
•
|
IIP services revenue increased to $19.4 million for the 2023 First Quarter as compared to $19.1 million for the 2022 First
Quarter.
|
Three Months Ended March 31,
|
Variance
|
|||||||||||||||||||
2023
|
2022
|
$
|
%
|
|||||||||||||||||
(In thousands, except percentages)
|
||||||||||||||||||||
Operating costs related to:
|
||||||||||||||||||||
Mature clinics (1)
|
$
|
91,025
|
$
|
86,978
|
$
|
4,047
|
4.7
|
%
|
||||||||||||
2023 clinic additions
|
432
|
-
|
432
|
*
|
(2) | |||||||||||||||
2022 clinic additions
|
9,100
|
389
|
8,711
|
*
|
(2) |
|
||||||||||||||
Clinics sold or closed in 2022
|
64
|
1,002
|
(938
|
)
|
*
|
(2) |
|
|||||||||||||
Physical therapy operations
|
100,621
|
88,369
|
12,252
|
13.9
|
%
|
|||||||||||||||
Management contracts
|
1,449
|
1,831
|
(382
|
)
|
-20.9
|
%
|
||||||||||||||
Industrial injury prevention services
|
15,582
|
14,916
|
666
|
4.5
|
%
|
|||||||||||||||
Operating costs
|
$
|
117,652
|
$
|
105,116
|
$
|
12,536
|
11.9
|
%
|
(1)
|
See Glossary of
Terms - Revenue Metrics for the definition.
|
(2)
|
Not meaningful
|
•
|
Physical therapy operating costs increased $12.3 million or 13.9% primarily driven by the impact of a full quarter of 2022
and 2023 clinic additions. Additionally, costs associated with mature clinics increased 4.7% primarily due to higher salaries and related costs related to a 6.0% increase in patient visits at mature clinics.
|
•
|
IIP services operating costs increased by $0.7 million, or 4.5%, to $15.6 million as compared to $14.9 million in the 2022
First Quarter.
|
U.S. Physical Therapy Press Release
|
Page 4
|
May 3, 2023
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
2023
|
2022
|
Variance
|
||||||||||||||||||||||
|
In USD
|
Margin %
|
In USD
|
Margin %
|
$
|
%
|
||||||||||||||||||
(In thousands, except percentages)
|
||||||||||||||||||||||||
Physical therapy operations
|
$
|
26,759
|
21.0
|
%
|
$
|
22,041
|
20.0
|
%
|
$
|
4,718
|
21.4
|
%
|
||||||||||||
Management contracts
|
330
|
18.5
|
%
|
395
|
17.7
|
%
|
(65
|
)
|
-16.5
|
%
|
||||||||||||||
Industrial injury prevention services
|
3,768
|
19.5
|
%
|
4,152
|
21.8
|
%
|
(384
|
)
|
-9.2
|
%
|
||||||||||||||
Gross profit
|
$
|
30,857
|
20.8
|
%
|
$
|
26,588
|
20.2
|
%
|
$
|
4,269
|
16.1
|
%
|
•
|
During the 2023 First Quarter, the Company recognized $0.5 million of income received under the Coronavirus Aid, Relief and
Economic Security Act (“Relief Funds”). The Relief Funds were received in prior years but were subject to certain compliance requirements which were met in 2023 First Quarter. The Company does not expect to receive or recognize
any future Relief Funds. No such income was recognized in the comparable prior year period.
|
•
|
During the 2023 First Quarter, the Company revalued the contingent earn-out consideration related to an acquisition and
recognized an increase in the related liability of $0.7 million.
|
•
|
The revaluation of the put-right liability resulted in an increase of $0.1 million to the related liability for the 2023 First
Quarter. The put right relates to the potential future purchase of a company that provides physical therapy and rehabilitation services to hospitals and other ancillary providers in a distinct market area. The owners have the
right to put this transaction to the Company in approximately five years from November 2021.
|
•
|
Equity in earnings of the unconsolidated affiliate was $0.3 million in both the 2023 First Quarter and the 2022 First Quarter.
|
•
|
Interest expense, net of $0.6 million savings from the interest rate swap arrangement discussed below, was $2.6 million for
the 2023 First Quarter compared to $0.5 million in the 2022 First Quarter. The increase in interest expense was primarily due to a higher effective interest rate as well as increased borrowings to fund acquisitions. The overall
effective interest rate on the Company’s debt was 5.5% for the 2023 First Quarter.
|
U.S. Physical Therapy Press Release
|
Page 5
|
May 3, 2023
|
Three Months Ended March 31,
|
||||||||
2023
|
2022
|
|||||||
(In thousands, except percentages)
|
||||||||
Income before taxes
|
$
|
14,396
|
$
|
15,480
|
||||
Less: net loss (income) attributable to non-controlling interest:
|
||||||||
Redeemable non-controlling interest - temporary equity
|
(2,720
|
)
|
(2,557
|
)
|
||||
Non-controlling interest - permanent equity
|
(1,297
|
)
|
(626
|
)
|
||||
$
|
(4,017
|
)
|
$
|
(3,183
|
)
|
|||
Income before taxes less net income attributable to non-controlling interest
|
$
|
10,379
|
$
|
12,297
|
||||
Provision for income taxes
|
$
|
2,969
|
$
|
3,498
|
||||
Effective income tax rate
|
28.6
|
%
|
28.4
|
%
|
U.S. Physical Therapy Press Release
|
Page 6
|
May 3, 2023
|
U.S. Physical Therapy Press Release
|
Page 7
|
May 3, 2023
|
U.S. Physical Therapy Press Release
|
Page 8
|
May 3, 2023
|
Three Months Ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
Net patient revenue
|
$
|
126,581
|
$
|
109,538
|
||||
Other revenue
|
21,928
|
22,166
|
||||||
Net revenue
|
148,509
|
131,704
|
||||||
Operating cost:
|
||||||||
Salaries and related costs
|
86,040
|
75,149
|
||||||
Rent, supplies, contract labor and other
|
30,100
|
28,662
|
||||||
Provision for credit losses
|
1,512
|
1,305
|
||||||
Total operating cost
|
117,652
|
105,116
|
||||||
Gross profit
|
30,857
|
26,588
|
||||||
Corporate office costs
|
13,859
|
11,556
|
||||||
Operating income
|
16,998
|
15,032
|
||||||
Other income and expense:
|
||||||||
Relief Funds
|
467
|
-
|
||||||
Change in fair value of contingent earn-out consideration
|
(698
|
)
|
-
|
|||||
Equity in earnings of unconsolidated affiliate
|
274
|
339
|
||||||
Other and interest income
|
64
|
46
|
||||||
Change in revaluation of put-right liability
|
(149
|
)
|
603
|
|||||
Interest expense - debt and other, net
|
(2,560
|
)
|
(540
|
)
|
||||
Total other income and expense
|
(2,602
|
)
|
448
|
|||||
Income before taxes
|
14,396
|
15,480
|
||||||
Provision for income taxes
|
2,969
|
3,498
|
||||||
Net income
|
11,427
|
11,982
|
||||||
Less: net loss (income) attributable to non-controlling interest:
|
||||||||
Redeemable non-controlling interest - temporary equity
|
(2,720
|
)
|
(2,557
|
)
|
||||
Non-controlling interest - permanent equity
|
(1,297
|
)
|
(626
|
)
|
||||
(4,017
|
)
|
(3,183
|
)
|
|||||
Net income attributable to USPH shareholders
|
$
|
7,410
|
$
|
8,799
|
||||
Basic and diluted earnings per share attributable to USPH shareholders
|
$
|
0.58
|
$
|
0.67
|
||||
Shares used in computation - basic and diluted
|
13,025
|
12,937
|
||||||
Dividends declared per common share
|
$
|
0.43
|
$
|
0.41
|
U.S. Physical Therapy Press Release
|
Page 9
|
May 3, 2023
|
Three Months Ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
Net income
|
$
|
11,427
|
$
|
11,982
|
||||
Other comprehensive loss
|
||||||||
Unrealized loss on cash flow hedge
|
(1,817
|
)
|
-
|
|||||
Tax effect at statutory rate (federal and state)
|
464
|
-
|
||||||
Comprehensive income
|
$
|
10,074
|
$
|
11,982
|
||||
Comprehensive income attributable to non-controlling interest
|
(4,017
|
)
|
(3,183
|
)
|
||||
Comprehensive income attributable to USPH shareholders
|
$
|
6,057
|
$
|
8,799
|
U.S. Physical Therapy Press Release
|
Page 10
|
May 3, 2023
|
|
March 31,
2023
|
December 31, 2022
|
||||||
ASSETS
|
(unaudited)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
32,605
|
$
|
31,594
|
||||
Patient accounts receivable, less allowance for credit losses of $2,674 and $2,829,
respectively
|
56,647
|
51,934
|
||||||
Accounts receivable – other
|
17,816
|
16,671
|
||||||
Other current assets
|
10,726
|
11,067
|
||||||
Total current assets
|
117,794
|
111,266
|
||||||
Fixed assets:
|
||||||||
Furniture and equipment
|
63,139
|
62,074
|
||||||
Leasehold improvements
|
43,525
|
42,877
|
||||||
Fixed assets, gross
|
106,664
|
104,951
|
||||||
Less accumulated depreciation and amortization
|
82,026
|
80,203
|
||||||
Fixed assets, net
|
24,638
|
24,748
|
||||||
Operating lease right-of-use assets
|
100,604
|
103,004
|
||||||
Investment in unconsolidated affiliate
|
12,160
|
12,131
|
||||||
Goodwill
|
501,347
|
494,101
|
||||||
Other identifiable intangible assets, net
|
108,991
|
108,755
|
||||||
Other assets
|
2,593
|
4,149
|
||||||
Total assets
|
$
|
868,127
|
$
|
858,154
|
||||
|
||||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS’ EQUITY AND NON-CONTROLLING INTEREST
|
||||||||
Current liabilities:
|
||||||||
Accounts payable – trade
|
$
|
4,233
|
$
|
3,300
|
||||
Accounts payable - due to seller of acquired business
|
-
|
3,204
|
||||||
Accrued expenses
|
45,220
|
37,413
|
||||||
Current portion of operating lease liabilities
|
33,650
|
33,709
|
||||||
Current portion of term loan and notes payable
|
7,730
|
7,863
|
||||||
Total current liabilities
|
90,833
|
85,489
|
||||||
Notes payable, net of current portion
|
2,583
|
1,913
|
||||||
Revolving line of credit
|
38,000
|
31,000
|
||||||
Term loan, net of current portion and deferred financing costs
|
142,098
|
142,918
|
||||||
Deferred taxes
|
21,524
|
21,303
|
||||||
Operating lease liabilities, net of current portion
|
75,460
|
77,934
|
||||||
Other long-term liabilities
|
13,870
|
13,029
|
||||||
Total liabilities
|
384,368
|
373,586
|
||||||
|
||||||||
Redeemable non-controlling interest - temporary equity
|
164,283
|
167,515
|
||||||
|
||||||||
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,
|
||||||||
15,277,320 and 15,216,326 shares issued, respectively
|
152
|
152
|
||||||
Additional paid-in capital
|
112,123
|
110,317
|
||||||
Accumulated other comprehensive gain
|
2,651
|
4,004
|
||||||
Retained earnings
|
234,760
|
232,948
|
||||||
Treasury stock at cost, 2,214,737 shares
|
(31,628
|
)
|
(31,628
|
)
|
||||
Total USPH shareholders’ equity
|
318,058
|
315,793
|
||||||
Non-controlling interest - permanent equity
|
1,418
|
1,260
|
||||||
Total USPH shareholders' equity and non-controlling interest - permanent equity
|
319,476
|
317,053
|
||||||
Total liabilities, redeemable non-controlling interest,
|
||||||||
USPH shareholders' equity and non-controlling interest - permanent equity
|
$
|
868,127
|
$
|
858,154
|
U.S. Physical Therapy Press Release
|
Page 11
|
May 3, 2023
|
Three Months Ended
|
||||||||
|
March 31, 2023
|
March 31, 2022
|
||||||
OPERATING ACTIVITIES
|
||||||||
Net income including non-controlling interest
|
$
|
11,427
|
$
|
11,982
|
||||
Adjustments to reconcile net income including non-controlling interest to
|
||||||||
net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
3,788
|
3,824
|
||||||
Provision for credit losses
|
1,512
|
1,305
|
||||||
Equity-based awards compensation expense
|
1,806
|
1,846
|
||||||
Deferred income taxes
|
221
|
2,132
|
||||||
Change in revaluation of put-right liability
|
149
|
(603
|
)
|
|||||
Change in fair value of contingent earn-out consideration
|
698
|
-
|
||||||
Earnings in unconsolidated affiliate
|
(274
|
)
|
(339
|
)
|
||||
Other
|
125
|
93
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Increase in patient accounts receivable
|
(5,999
|
)
|
(4,676
|
)
|
||||
Increase in accounts receivable – other
|
(796
|
)
|
(2,145
|
)
|
||||
Increase (decrease) in other assets
|
1,897
|
(735
|
)
|
|||||
(Decrease) increase in accounts payable and accrued expenses
|
(1,846
|
)
|
1,445
|
|||||
Decrease in other long-term liabilities
|
(1,359
|
)
|
(2,480
|
)
|
||||
Net cash provided by operating activities
|
11,349
|
11,649
|
||||||
|
||||||||
INVESTING ACTIVITIES
|
||||||||
Purchase of fixed assets
|
(2,059
|
)
|
(2,528
|
)
|
||||
Purchase of majority interest in businesses, net of cash acquired
|
(5,796
|
)
|
(11,242
|
)
|
||||
Purchase of redeemable non-controlling interest, temporary equity
|
(5,178
|
)
|
(2,211
|
)
|
||||
Purchase of non-controlling interest-permanent
|
-
|
(99
|
)
|
|||||
Proceeds on sale of partnership interest - redeemable non-controlling interest
|
107
|
4
|
||||||
Distributions from unconsolidated affiliate
|
245
|
132
|
||||||
Net cash used in investing activities
|
(12,681
|
)
|
(15,944
|
)
|
||||
|
||||||||
FINANCING ACTIVITIES
|
||||||||
Distributions to non-controlling interest, permanent and temporary equity
|
(3,297
|
)
|
(3,711
|
)
|
||||
Proceeds from revolving line of credit
|
7,000
|
35,000
|
||||||
Proceeds from term loan
|
-
|
(31,000
|
)
|
|||||
Payments on term loan
|
(938
|
)
|
-
|
|||||
Principal payments on notes payable
|
(422
|
)
|
(332
|
)
|
||||
Net cash provided by (used in) financing activities
|
2,343
|
(43
|
)
|
|||||
|
||||||||
Net decrease in cash and cash equivalents
|
1,011
|
(4,338
|
)
|
|||||
Cash and cash equivalents - beginning of period
|
31,594
|
28,567
|
||||||
Cash and cash equivalents - end of period
|
$
|
32,605
|
$
|
24,229
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash paid during the period for:
|
||||||||
Income taxes
|
$
|
442
|
$
|
81
|
||||
Interest paid
|
1,377
|
525
|
||||||
Non-cash investing and financing transactions during the period:
|
||||||||
Purchase of businesses - seller financing portion
|
360
|
300
|
||||||
Notes payable related to purchase of redeemable non-controlling interest, temporary equity
|
611
|
246
|
||||||
Notes payable related to purchase of non-controlling interest, permanent equity
|
-
|
296
|
||||||
Notes receivable related to sale of partnership interest - redeemable non-controlling interest
|
532
|
-
|
||||||
Dividends payable to USPH shareholders
|
$
|
5,617
|
$
|
5,327
|
U.S. Physical Therapy Press Release
|
Page 12
|
May 3, 2023
|
U.S. Physical Therapy Press Release
|
Page 13
|
May 3, 2023
|
|
Three Months Ended March 31,
|
|||||||
|
2023
|
2022
|
*
|
|||||
Adjusted EBITDA
|
||||||||
Net income attributable to USPH shareholders
|
$
|
7,410
|
$
|
8,799
|
||||
Adjustments:
|
||||||||
Depreciation and amortization
|
3,788
|
3,824
|
||||||
Change in fair value of contingent earn-out consideration
|
698
|
-
|
||||||
Interest income
|
(64
|
)
|
(46
|
)
|
||||
Relief Funds
|
(467
|
)
|
-
|
|||||
Change in revaluation of put-right liability
|
149
|
(603
|
)
|
|||||
Interest expense - debt and other, net
|
2,560
|
540
|
||||||
Provision for income taxes
|
2,969
|
3,498
|
||||||
Equity-based awards compensation expense
|
1,806
|
1,846
|
||||||
Allocation to non-controlling interests
|
(371
|
)
|
(363
|
)
|
||||
Adjusted EBITDA (a non-GAAP measure)
|
$ |
18,478
|
$ |
17,495
|
||||
Three Months Ended March 31,
|
||||||||
Earnings per share
|
2023
|
2022
|
*
|
|||||
Computation of earnings per share - USPH shareholders:
|
||||||||
Net income attributable to USPH shareholders
|
$
|
7,410
|
$
|
8,799
|
||||
Charges to retained earnings:
|
||||||||
Revaluation of redeemable non-controlling interest
|
119
|
(153
|
)
|
|||||
Tax effect at statutory rate (federal and state) of 25.55%
|
(30
|
)
|
39
|
|||||
$
|
7,499
|
$
|
8,685
|
|||||
Earnings per share (basic and diluted)
|
$
|
0.58
|
$
|
0.67
|
||||
|
||||||||
Operating Results
|
||||||||
Net income attributable to USPH shareholders
|
$
|
7,410
|
$
|
8,799
|
||||
Adjustments:
|
||||||||
Change in fair value of contingent earn-out consideration
|
698
|
-
|
||||||
Change in revaluation of put-right liability
|
149
|
(603
|
)
|
|||||
Allocation to non-controlling interests
|
33
|
-
|
||||||
Relief Funds
|
(467
|
)
|
-
|
|||||
Tax effect at statutory rate (federal and state)
|
(105
|
)
|
154
|
|||||
Operating Results (a non-GAAP measure)
|
$
|
7,718
|
$
|
8,350
|
||||
Basic and diluted Operating Results per share (a non-GAAP measure)
|
$
|
0.59
|
$
|
0.65
|
||||
Shares used in computation - basic and diluted
|
13,025
|
12,937
|
||||||
U.S. Physical Therapy Press Release
|
Page 14
|
May 3, 2023
|
Number of Clinics
|
Net Rate Per Patient Visit (1)
|
Patient Visits (1)
|
Average Visits Per Day Per Clinic (1)
|
|||||||||||||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
2023
|
2022
|
|||||||||||||||||||||||||
First quarter
|
647
|
601
|
$
|
103.12
|
$
|
103.00
|
1,227,490
|
1,063,519
|
29.8
|
27.9
|
||||||||||||||||||||||
Second quarter
|
608
|
$
|
103.18
|
1,145,554
|
29.5
|
|||||||||||||||||||||||||||
Third quarter
|
614
|
$
|
104.01
|
1,122,070
|
28.8
|
|||||||||||||||||||||||||||
Fourth quarter
|
640
|
$
|
104.28
|
1,152,139
|
29.1
|
|||||||||||||||||||||||||||
(1)
|
See definition of the metrics above in the Glossary of Terms – Revenue Metrics on page 7.
|