Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Dividend, Conference Call, Webcast

U.S. Physical Therapy Reports Record Results for 2019


U.S. Physical Therapy, Inc. ("USPH" or the "Company") (NYSE: USPH), a national operator of outpatient physical therapy clinics, today reported results for the fourth quarter and year ended December 31, 2019.

For the year ended December 31, 2019, USPH's Operating Results (as defined below) increased 7.3% to $36.0 million, or $2.82 per diluted share, as compared to $33.5 million, or $2.65 per diluted share in 2018. For the fourth quarter ended December 31, 2019, USPH's Operating Results were $8.2 million, or $0.64 per diluted share as compared to $9.0 million, or $0.71 per diluted share, in the fourth quarter of 2018. As discussed further in this release, in the recent quarter the Company incurred more than $1.0 million in higher employee healthcare costs than planned. Operating Results, a non-Generally Accepted Accounting Principle ("GAAP") measure, equals net income attributable to USPH shareholders per the consolidated statements of net income less the gain on the sale of a partnership interest in 2019 and the gain on the derecognition of debt in 2018 as described below. The earnings per share from Operating Results also excludes the impact of the revaluation of redeemable non-controlling interest. On June 30, 2019, the Company sold its 50% interest in one physical therapy partnership to the group's founders for $11.6 million and recognized a net pre-tax gain of $5.5 million in 2019 which is not included in Operating Results.

For the year ended December 31, 2019, USPH's net income attributable to its shareholders, in accordance with GAAP, was $40.0 million as compared to $34.9 million for the comparable period of 2018. For the fourth quarter ended December 31, 2019, USPH's net income attributable to its shareholders was $7.9 million, as compared to $10.4 million in the fourth 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 year, the amount is $31.3 million, or $2.45 per share, as compared to $16.6 million, or $1.31 per share, for 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 $7.1 million, or $0.55 per share, as compared to $5.5 million, or $0.43 per share, for the fourth 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; however, the charge or credit for this change is included in the earnings per basic and diluted share calculation. See the schedule on page 14 for the computation of diluted earnings per share.

Year 2019 Compared to Year 2018

Fourth Quarter 2019 Compared to Fourth Quarter 2018

Other Financial Measures

For 2019, the Company's Adjusted EBITDA increased by 8.5% to $67.3 million from $62.0 million in 2018 and, as a percentage of net revenue increased by 30 basis points from 13.7% to 14.0%. For the fourth quarter of 2019, the Company's Adjusted EBITDA increased by 1.3% to $15.6 million from $15.4 million in the comparable 2018 quarter and as a percentage of net revenue decreased by 40 basis points from 13.2% to 12.8%. See definition and explanation of Adjusted EBITDA in the schedule on pages 13 and 14.

Management's Comments

Chris Reading, Chief Executive Officer, said, "Our team produced a great many highlights in 2019 including an 11.8% increase in our operating income as well as significant margin improvement. We delivered record 6.3% same store revenue growth in physical therapy and finished the year in strong fashion in all operating categories. When you dig into the details our businesses performed quite well overall. We experienced some cost issues in the fourth quarter, including higher employee healthcare expenses, which are being addressed. Further, today we announced what will be another terrific partner-centric acquisition with robust activity on the development front overall."

2020 Earnings Guidance

Management currently expects the Company's Operating Results for 2020 to be in the range of $38.1 million to $39.8 million or $2.98 to $3.10 per share. This earnings range is based on an assumed annual corporate tax rate of approximately 26.5%. Please note that the earnings guidance represents projected Operating Results from existing operations, including the acquisition announced today, and excludes future acquisitions. The 2020 earnings guidance range excludes expenses associated with the scheduled retirement and replacement of the Company's CFO. The annual guidance figures will not be updated unless there is a material development that causes management to believe that Operating Results will be significantly outside the given range.

U.S. Physical Therapy Quarterly Dividend

The first quarterly dividend for 2020 of $0.32 per share will be paid on April 17, 2020 to shareholders of record as of March 13, 2020. At that quarterly rate the total dividend expected to be paid in 2020 would be 12.2% higher than what was paid in 2019. U.S. Physical Therapy began paying quarterly dividends in 2011 and has increased the dividend amount at least annually every year since.

Employee Healthcare Plan Changes

Effective January 1, 2020, in order to reduce costs while continuing to provide excellent healthcare benefits for employees, the Company made a number of changes to it prescription drug program. These included a change in the management company of the program, guaranteed price reductions and rebates, preauthorization being required for certain medications, plan design changes to incentivize employees to utilize generic prescriptions or over-the-counter alternatives rather than significantly more expensive brand name drugs, and a number of other changes. This is expected to reduce the costs of the Company's prescription medication plan by more than $1.0 million annually.

In addition, the Company's various employee healthcare insurance programs renew annually on May 1. The Company will be making design changes to those plans which are anticipated to save a substantial amount.

The Company maintains a self-insured health plan and uses one of the largest insurance companies in the U.S. to administer the plan and provide stop loss insurance and terminal run out-coverage. There are several layers of insurance within the plan to protect the Company, namely individual stop loss, aggregate stop loss and terminal liability coverages. The individual stop loss protects the plan from any one single large claimant whereas the aggregate insurance protects the entire plan, similar to umbrella coverage, to provide a known maximum exposure. Lastly, the Company purchases terminal liability coverage that provides a defined run-out cost in the event the plan is moved, replaced or terminated.

Operating Leases ? Right-to-Use Assets and Lease Liability

The Company implemented the new lease accounting standard beginning January 1, 2019. As of December 31, 2019, the adoption has resulted in $81.6 million of right-to-use assets and $86.7 million of operating lease liabilities, of which $26.5 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.

Fourth 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 February 27, 2020 to discuss the Company's Fourth Quarter and Year Ended December 31, 2019 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and entering reservation number 4759865 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 May 27, 2020 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 587 outpatient physical therapy clinics in 40 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 26 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 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

 

 

For the Year Ended

 

 

 

December 31, 2019

 

 

December 31, 2018

 

 

December 31, 2019

 

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net patient revenues

 

$

108,940

 

 

$

107,808

 

 

$

433,345

 

 

$

417,703

 

Other revenues

 

 

13,174

 

 

 

9,541

 

 

 

48,624

 

 

 

36,208

 

Net revenues

 

 

122,114

 

 

 

117,349

 

 

 

481,969

 

 

 

453,911

 

Operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and related costs

 

 

70,549

 

 

 

67,818

 

 

 

274,233

 

 

 

259,228

 

Rent, supplies, contract labor and other

 

 

23,143

 

 

 

22,828

 

 

 

90,379

 

 

 

88,426

 

Provision for doubtful accounts

 

 

1,450

 

 

 

1,501

 

 

 

4,858

 

 

 

4,603

 

Closure costs

 

 

13

 

 

 

(17

)

 

 

25

 

 

 

(9

)

Total operating costs

 

 

95,155

 

 

 

92,130

 

 

 

369,495

 

 

 

352,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

26,959

 

 

 

25,219

 

 

 

112,474

 

 

 

101,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate office costs

 

 

11,673

 

 

 

10,415

 

 

 

45,049

 

 

 

41,349

 

Operating income

 

 

15,286

 

 

 

14,804

 

 

 

67,425

 

 

 

60,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income and expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (adjustment) on sale of partnership interest

 

 

(309

)

 

 

-

 

 

 

5,514

 

 

 

-

 

Gain on derecognition of debt

 

 

-

 

 

 

1,846

 

 

 

-

 

 

 

1,846

 

Interest and other income, net

 

 

19

 

 

 

23

 

 

 

46

 

 

 

93

 

Interest expense - debt and other

 

 

(557

)

 

 

(365

)

 

 

(2,079

)

 

 

(2,042

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

 

14,439

 

 

 

16,308

 

 

 

70,906

 

 

 

60,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

2,424

 

 

 

2,635

 

 

 

13,647

 

 

 

11,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

12,015

 

 

 

13,673

 

 

 

57,259

 

 

 

48,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to non-controlling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlling interests - permanent equity

 

 

(1,579

)

 

 

(1,600

)

 

 

(6,561

)

 

 

(5,536

)

Redeemable non-controlling interests - temporary equity

 

 

(2,507

)

 

 

(1,665

)

 

 

(10,659

)

 

 

(8,433

)

 

 

 

(4,086

)

 

 

(3,265

)

 

 

(17,220

)

 

 

(13,969

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to USPH shareholders

 

$

7,929

 

 

$

10,408

 

 

$

40,039

 

 

$

34,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share attributable to USPH shareholders

 

$

0.55

 

 

$

0.43

 

 

$

2.45

 

 

$

1.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computation - basic and diluted

 

 

12,774

 

 

 

12,685

 

 

 

12,756

 

 

 

12,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.30

 

 

$

0.23

 

 

$

1.14

 

 

$

0.92

 

U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE DATA)

 

 

December 31,
2019

 

 

December 31,
2018

 

ASSETS

 

(unaudited)

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

23,548

 

 

$

23,368

 

Patient accounts receivable, less allowance for doubtful accounts of $2,698 and $2,672, respectively

 

 

46,228

 

 

 

44,751

 

Accounts receivable - other

 

 

9,823

 

 

 

6,742

 

Other current assets

 

 

5,787

 

 

 

4,353

 

Total current assets

 

 

85,386

 

 

 

79,214

 

Fixed assets:

 

 

 

 

 

 

 

 

Furniture and equipment

 

 

54,942

 

 

 

52,611

 

Leasehold improvements

 

 

33,247

 

 

 

31,712

 

Fixed assets, gross

 

 

88,189

 

 

 

84,323

 

Less accumulated depreciation and amortization

 

 

66,099

 

 

 

64,154

 

Fixed assets, net

 

 

22,090

 

 

 

20,169

 

Operating lease right-of-use assets

 

 

81,586

 

 

 

-

 

Goodwill

 

 

317,676

 

 

 

293,525

 

Other identifiable intangible assets, net

 

 

52,588

 

 

 

48,828

 

Other assets

 

 

1,519

 

 

 

1,430

 

Total assets

 

$

560,845

 

 

$

443,166

 

 

 

 

 

 

 

 

 

 

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, USPH SHAREHOLDERS' EQUITY AND NON-CONTROLLING INTERESTS

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable - trade

 

$

2,494

 

 

$

2,019

 

Accrued expenses

 

 

30,855

 

 

 

38,493

 

Current portion of operating lease liabilities

 

 

26,486

 

 

 

-

 

Current portion of notes payable

 

 

728

 

 

 

1,434

 

Total current liabilities

 

 

60,563

 

 

 

41,946

 

Notes payable, net of current portion

 

 

4,361

 

 

 

402

 

Revolving line of credit

 

 

46,000

 

 

 

38,000

 

Deferred taxes

 

 

10,071

 

 

 

9,012

 

Deferred rent

 

 

-

 

 

 

2,159

 

Operating lease liabilities, net of current portion

 

 

60,258

 

 

 

-

 

Other long-term liabilities

 

 

141

 

 

 

829

 

Total liabilities

 

 

181,394

 

 

 

92,348

 

 

 

 

 

 

 

 

 

 

Redeemable non-controlling interests

 

 

137,750

 

 

 

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, 14,989,337 and 14,899,233 shares issued, respectively

 

 

150

 

 

 

149

 

Additional paid-in capital

 

 

87,383

 

 

 

80,028

 

Retained earnings

 

 

184,352

 

 

 

167,396

 

Treasury stock at cost, 2,214,737 shares

 

 

(31,628

)

 

 

(31,628

)

Total USPH shareholders' equity

 

 

240,257

 

 

 

215,945

 

Non-controlling interests

 

 

1,444

 

 

 

930

 

Total USPH shareholders' equity and non-controlling interests

 

 

241,701

 

 

 

216,875

 

Total liabilities, redeemable non-controlling interests, USPH shareholders' equity and non-controlling interests

 

$

560,845

 

 

$

443,166

 

U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(unaudited)

 

 

Year Ended

 

 

 

December 31,
2019

 

 

December 31,
2018

 

OPERATING ACTIVITIES

 

 

 

 

 

 

Net income including non-controlling interests

 

$

57,259

 

 

$

48,842

 

Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

10,095

 

 

 

9,755

 

Provision for doubtful accounts

 

 

4,858

 

 

 

4,603

 

Equity-based awards compensation expense

 

 

6,985

 

 

 

5,939

 

Deferred income taxes

 

 

4,651

 

 

 

4,813

 

Gain on sale of partnership interest

 

 

(5,514

)

 

 

-

 

Gain on derecognition of Debt

 

 

-

 

 

 

(1,846

)

Other

 

 

96

 

 

 

167

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Increase in patient accounts receivable

 

 

(6,376

)

 

 

(3,434

)

Increase in accounts receivable - other

 

 

(2,499

)

 

 

(1,087

)

(Increase) decrease in other assets

 

 

(1,878

)

 

 

345

 

(Decrease) increase in accounts payable and accrued expenses

 

 

(4,209

)

 

 

4,876

 

(Decrease) increase in other liabilities

 

 

(1,020

)

 

 

32

 

Net cash provided by operating activities

 

 

62,448

 

 

 

73,005

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Purchase of fixed assets

 

 

(10,189

)

 

 

(7,193

)

Purchase of majority interest in businesses

 

 

(30,597

)

 

 

(16,367

)

Purchase of redeemable non-controlling interest, temporary equity

 

 

(8,651

)

 

 

-

 

Purchase of non-controlling interest, permanent equity

 

 

(428

)

 

 

(350

)

Sales of non controlling interest-permanent

 

 

207

 

 

 

-

 

Proceeds on sale of partnership interest, net

 

 

11,601

 

 

 

-

 

Proceeds on sale of fixed assets

 

 

64

 

 

 

1

 

Net cash used in investing activities

 

 

(37,993

)

 

 

(23,909

)

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Distributions to non-controlling interests, permanent and temporary equity

 

 

(16,235

)

 

 

(15,646

)

Cash dividends paid to shareholders

 

 

(14,555

)

 

 

(11,664

)

Proceeds from revolving line of credit

 

 

145,000

 

 

 

103,000

 

Payments on revolving line of credit

 

 

(137,000

)

 

 

(119,000

)

Payments to settle mandatorily redeemable non-controlling interests

 

 

-

 

 

 

(265

)

Principal payments on notes payable

 

 

(1,433

)

 

 

(4,044

)

Other

 

 

(52

)

 

 

(42

)

Net cash used in financing activities

 

 

(24,275

)

 

 

(47,661

)

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

180

 

 

 

1,435

 

Cash and cash equivalents - beginning of period

 

 

23,368

 

 

 

21,933

 

Cash and cash equivalents - end of period

 

$

23,548

 

 

$

23,368

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Income taxes

 

$

9,856

 

 

$

9,183

 

Interest

 

$

1,890

 

 

$

2,357

 

Non-cash investing and financing transactions during the period:

 

 

 

 

 

 

 

 

Purchase of businesses - seller financing portion

 

$

4,300

 

 

$

950

 

Purchase of business - payable to common shareholders of acquired business

 

$

502

 

 

$

-

 

Notes payable related to purchase of redeemable non-controlling interest, temporary equity

 

$

283

 

 

$

-

 

Notes payable related to purchase of non-controlling interest, permanent equity

 

$

103

 

 

$

-

 

Notes receivable related to sale of partnership interest - redeemable non-controlling interest

 

$

2,870

 

 

$

-

 

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 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 gain on the sale of a partnership interest in 2019 and the gain on the derecognition of debt in 2018. In addition, the revaluation of redeemable non-controlling interest, net of tax, is not considered in calculating Operating Results per share. 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.

Management uses Operating Results, which eliminates certain items described above 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, taxes, depreciation, amortization, equity-based awards compensation expense and gain on sale of partnership interest. 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.

U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

 

OPERATING RESULTS AND ADJUSTED EBITDA

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(unaudited)

 

 

Three Months Ended
December 31,

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Computation of earnings per share - USPH shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to USPH shareholders

 

$

7,929

 

 

$

10,408

 

 

$

40,039

 

 

$

34,873

 

Charges to retained earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revaluation of redeemable non-controlling interest

 

(1,141

)

 

(6,665

)

 

 

(11,893

)

 

 

(24,770

)

Tax effect at statutory rate (federal and state) of 26.25%

 

 

299

 

 

 

1,749

 

 

 

3,121

 

 

 

6,502

 

 

 

$

7,087

 

 

$

5,492

 

 

$

31,267

 

 

$

16,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share (basic and diluted)

 

$

0.55

 

 

$

0.43

 

 

$

2.45

 

 

$

1.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on derecognition of debt

 

 

-

 

 

 

(1,846

)

 

 

-

 

 

 

(1,846

)

Gain on sale of partnership interest

 

 

309

 

 

 

-

 

 

 

(5,514

)

 

 

-

 

Revaluation of redeemable non-controlling interest

 

 

1,141

 

 

 

6,665

 

 

 

11,893

 

 

 

24,770

 

Tax effect at statutory rate (federal and state) of 26.25%

 

 

(380

)

 

 

(1,265

)

 

 

(1,674

)

 

 

(6,018

)

Operating Results

 

$

8,157

 

 

$

9,046

 

 

$

35,972

 

 

$

33,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted Operating Results per share

 

$

0.64

 

 

$

0.71

 

 

$

2.82

 

 

$

2.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computation - basic and diluted

 

 

12,774

 

 

 

12,685

 

 

 

12,756

 

 

 

12,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
December 31,

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to USPH shareholders

 

$

7,929

 

 

$

10,408

 

 

$

40,039

 

 

$

34,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,718

 

 

 

2,420

 

 

 

10,095

 

 

 

9,755

 

Gain of derecognition of debt

 

 

-

 

 

 

(1,846

)

 

 

-

 

 

 

(1,846

)

Gain on sale of partnership interest

 

 

309

 

 

 

-

 

 

 

(5,514

)

 

 

-

 

Interest income

 

 

(19

)

 

 

(23

)

 

 

(46

)

 

 

(93

)

Interest expense - debt and other

 

 

557

 

 

 

365

 

 

 

2,079

 

 

 

2,042

 

Provision for income taxes

 

 

2,424

 

 

 

2,635

 

 

 

13,647

 

 

 

11,369

 

Equity-based awards compensation expense

 

 

1,723

 

 

 

1,486

 

 

 

6,985

 

 

 

5,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

15,641

 

 

$

15,445

 

 

$

67,285

 

 

$

62,039

 

U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

RECAP OF CLINIC COUNT

March 31, 2018

580

June 30, 2018

581

September 30, 2018

588

December 31, 2018

591

 

 

March 31, 2019

590

June 30, 2019

564

September 30, 2019

574

December 31, 2019

583

 


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