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 (“IIP”) services, today reported results for the first quarter ended March 31, 2022 (“2022 First Quarter”).
HIGHLIGHTS
SUMMARY OF FIRST QUARTER RESULTS
For the 2022 First Quarter, the Company’s net income attributable to its shareholders was $8.8 million as compared to $8.2 million for the 2021 First Quarter. In accordance with GAAP, 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 for this change is included in the earnings per basic and diluted share calculation. Inclusive of the charge for revaluation of non-controlling interest, net of taxes, the amount is $8.7 million, or $0.67 per diluted share, for the 2022 First Quarter, and $2.8 million, or $0.21 per diluted share, for the 2021 First Quarter.
For the 2022 First Quarter, the Company’s Operating Results, a non-GAAP measure, was $8.4 million, or $0.65 per diluted share, an increase of 2.2%, as compared to $8.2 million, or $0.64 per diluted share, for the 2021 First Quarter. See table on page 11.
First Quarter 2022 Compared to First Quarter 2021
|
|
Three Months Ended |
|
|||||
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
||
Revenue related to Mature Clinics |
|
$ |
102,321 |
|
|
$ |
98,649 |
|
Revenue related to 2022 Clinic Additions |
|
|
195 |
|
|
|
- |
|
Revenue related to 2021 Clinic Additions |
|
|
6,823 |
|
|
|
149 |
|
Revenue from clinics sold or closed in 2022 |
|
|
199 |
|
|
|
190 |
|
Revenue from clinics sold or closed in 2021 |
|
|
- |
|
|
|
266 |
|
Net patient revenue from physical therapy operations |
|
|
109,538 |
|
|
|
99,254 |
|
Other revenue |
|
|
872 |
|
|
|
546 |
|
Revenue from physical therapy operations |
|
|
110,410 |
|
|
|
99,800 |
|
Revenue from management contracts |
|
|
2,226 |
|
|
|
2,559 |
|
Revenue from industrial injury prevention services |
|
|
19,068 |
|
|
|
10,009 |
|
Total Revenue |
|
$ |
131,704 |
|
|
$ |
112,368 |
|
|
|
Three Months Ended |
|
|||||
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
||
Operating cost related to Mature Clinics |
|
$ |
81,034 |
|
|
$ |
76,221 |
|
Operating cost related to 2022 Clinic Additions |
|
|
840 |
|
|
|
- |
|
Operating cost related to 2021 Clinic Additions |
|
|
6,209 |
|
|
|
136 |
|
Operating cost related to clinics sold or closed in 2022 |
|
|
286 |
|
|
|
249 |
|
Operating cost related to clinics sold or closed in 2021 |
|
|
- |
|
|
|
334 |
|
Operating cost related to physical therapy operations |
|
|
88,369 |
|
|
|
76,940 |
|
Operating cost related to management contracts |
|
|
1,831 |
|
|
|
2,245 |
|
Operating cost related to industrial injury prevention services |
|
|
14,916 |
|
|
|
7,287 |
|
Total operating cost |
|
$ |
105,116 |
|
|
$ |
86,472 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|||||
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
||
|
|
|
|
|
|
|
||
Physical therapy operations |
|
$ |
22,041 |
|
|
$ |
22,860 |
|
Management contracts |
|
|
395 |
|
|
|
314 |
|
Industrial injury prevention services |
|
|
4,152 |
|
|
|
2,722 |
|
Gross profit |
|
$ |
26,588 |
|
|
$ |
25,896 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|||||
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
||
Income before taxes |
|
$ |
15,480 |
|
|
$ |
14,830 |
|
Less: net income attributable to non-controlling interest: |
|
|
|
|
|
|
|
|
Redeemable non-controlling interest - temporary equity |
|
|
(2,557 |
) |
|
|
(2,453 |
) |
Non-controlling interest - permanent equity |
|
|
(626 |
) |
|
|
(1,260 |
) |
|
|
$ |
(3,183 |
) |
|
$ |
(3,713 |
) |
Income before taxes less net income attributable to non-controlling interest |
|
$ |
12,297 |
|
|
$ |
11,117 |
|
Provision for income taxes |
|
$ |
3,498 |
|
|
$ |
2,944 |
|
Percentage |
|
|
28.4 |
% |
|
|
26.5 |
% |
|
|
|
|
|
|
|
|
|
Other Financial Measures
For the 2022 First Quarter, the Company’s Adjusted EBITDA, a non-GAAP measure, was $17.9 million, an increase of 14.2% from $15.6 million in the 2021 First Quarter. See definition, explanation and calculation of Adjusted EBITDA, a non-GAAP measure, in the schedule on pages 10 through 11.
Medicare Accelerated and Advance Payment Program (“MAAPP Funds”)
On March 27, 2020, in response to the COVID-19 pandemic, the federal government approved the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act provided 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.
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 2021 First Quarter, the Company repaid the MAAPP Funds of $14.1 million rather than applying them to future services performed.
Acquisition in First Quarter 2022
On March 31, 2022, the Company acquired a 70% interest in a six-clinic physical therapy practice in South Central Pennsylvania – Madden and Gilbert Physical Therapy, LLC. The practice’s owners retained 30% of the equity interests. The purchase price for the 70% equity interest was approximately $11.5 million. The business generates more than $7.5 million in annual revenue and has approximately 71,000 patient visits per year.
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
The Board of Directors declared a quarterly dividend of $0.41 per share payable on June 14, 2022, to shareholders of record on May 16, 2022.
Management’s Comments
Chris Reading, Chief Executive Officer, said, “We finished the first quarter in strong fashion, despite a slow start, with visits heavily impacted by Omicron and our highest level ever of employee-related quarantines. I am very pleased with our same store volume numbers along with our cost management, with same store costs up only 0.4% on a per visit basis despite significant pricing pressure on labor and materials. We made a lot of progress in the quarter, and I am pleased with where we are as we enter a traditionally busy season for us. On the acquisition front, we expect to have another very productive year.”
First Quarter 2022 Conference Call
U.S. Physical Therapy's management will host a conference call at 10:30 a.m. Eastern Time, 9:30 a.m. Central Time, on May 5, 2022, to discuss results for the Company's 2022 First Quarter. Interested parties may participate in the call by dialing 1-877-830-2598 or 785-424-1062 and entering reservation number USPHQ12022 approximately 10 minutes before the call is scheduled to begin. To listen to the live call via webcast, go to the Company's website at www.usph.com at least 15 minutes early to register, download and install any necessary audio software. The conference call will be archived and can be accessed until August 5, 2022, 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, 2021.
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 601 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 38 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 |
|
|||||
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
||
|
|
|
|
|
|
|
||
Net patient revenue |
|
$ |
109,538 |
|
|
$ |
99,254 |
|
Other revenue |
|
|
22,166 |
|
|
|
13,114 |
|
Net revenue |
|
|
131,704 |
|
|
|
112,368 |
|
Operating cost: |
|
|
|
|
|
|
|
|
Salaries and related costs |
|
|
75,149 |
|
|
|
63,815 |
|
Rent, supplies, contract labor and other |
|
|
28,662 |
|
|
|
21,457 |
|
Provision for credit losses |
|
|
1,305 |
|
|
|
1,200 |
|
Total operating cost |
|
|
105,116 |
|
|
|
86,472 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
26,588 |
|
|
|
25,896 |
|
|
|
|
|
|
|
|
|
|
Corporate office costs |
|
|
11,556 |
|
|
|
10,874 |
|
Operating income |
|
|
15,032 |
|
|
|
15,022 |
|
|
|
|
|
|
|
|
|
|
Other income and expense |
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated affiliate |
|
|
339 |
|
|
|
- |
|
Interest and other income, net |
|
|
46 |
|
|
|
54 |
|
Gain on revaluation of put-right liability |
|
|
603 |
|
|
|
- |
|
Interest expense - debt and other |
|
|
(540 |
) |
|
|
(246 |
) |
Total other income and expense |
|
|
448 |
|
|
|
(192 |
) |
Income before taxes |
|
|
15,480 |
|
|
|
14,830 |
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
3,498 |
|
|
|
2,944 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
11,982 |
|
|
|
11,886 |
|
|
|
|
|
|
|
|
|
|
Less: net income attributable to non-controlling interest: |
|
|
|
|
|
|
|
|
Redeemable non-controlling interest - temporary equity |
|
|
(2,557 |
) |
|
|
(2,453 |
) |
Non-controlling interest - permanent equity |
|
|
(626 |
) |
|
|
(1,260 |
) |
|
|
|
(3,183 |
) |
|
|
(3,713 |
) |
|
|
|
|
|
|
|
|
|
Net income attributable to USPH shareholders |
|
$ |
8,799 |
|
|
$ |
8,173 |
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share attributable to USPH shareholders |
|
$ |
0.67 |
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
Shares used in computation - basic and diluted |
|
|
12,937 |
|
|
|
12,870 |
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
|
$ |
0.41 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||
|
|
March 31, 2022 |
|
|
December 31, 2021 |
|
||
ASSETS |
|
(unaudited) |
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
24,229 |
|
|
$ |
28,567 |
|
Patient accounts receivable, less allowance for credit losses of $2,799 and $2,768, respectively |
|
|
49,335 |
|
|
|
46,272 |
|
Accounts receivable - other |
|
|
18,239 |
|
|
|
16,144 |
|
Other current assets |
|
|
4,040 |
|
|
|
4,183 |
|
Total current assets |
|
|
95,843 |
|
|
|
95,166 |
|
Fixed assets: |
|
|
|
|
|
|
|
|
Furniture and equipment |
|
|
60,205 |
|
|
|
58,743 |
|
Leasehold improvements |
|
|
40,541 |
|
|
|
39,194 |
|
Fixed assets, gross |
|
|
100,746 |
|
|
|
97,937 |
|
Less accumulated depreciation and amortization |
|
|
76,601 |
|
|
|
74,958 |
|
Fixed assets, net |
|
|
24,145 |
|
|
|
22,979 |
|
Operating lease right-of-use assets |
|
|
94,243 |
|
|
|
96,427 |
|
Investment in unconsolidated affiliate |
|
|
12,422 |
|
|
|
12,215 |
|
Goodwill |
|
|
443,692 |
|
|
|
434,679 |
|
Other identifiable intangible assets, net |
|
|
91,546 |
|
|
|
86,382 |
|
Other assets |
|
|
1,972 |
|
|
|
1,578 |
|
Total assets |
|
$ |
763,863 |
|
|
$ |
749,426 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS’ EQUITY AND NON-CONTROLLING INTEREST |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable - trade |
|
$ |
3,272 |
|
|
$ |
3,268 |
|
Accounts payable - due to seller of acquired business |
|
|
3,203 |
|
|
|
3,203 |
|
Accrued expenses |
|
|
51,121 |
|
|
|
45,705 |
|
Current portion of operating lease liabilities |
|
|
30,625 |
|
|
|
30,475 |
|
Current portion of notes payable |
|
|
799 |
|
|
|
830 |
|
Total current liabilities |
|
|
89,020 |
|
|
|
83,481 |
|
Notes payable, net of current portion |
|
|
4,128 |
|
|
|
3,587 |
|
Revolving line of credit |
|
|
118,000 |
|
|
|
114,000 |
|
Deferred taxes |
|
|
16,067 |
|
|
|
14,385 |
|
Operating lease liabilities, net of current portion |
|
|
72,162 |
|
|
|
74,185 |
|
Other long-term liabilities |
|
|
4,262 |
|
|
|
7,345 |
|
Total liabilities |
|
|
303,639 |
|
|
|
296,983 |
|
|
|
|
|
|
|
|
|
|
Redeemable non-controlling interest - temporary equity |
|
|
158,008 |
|
|
|
155,262 |
|
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, |
|
|
|
|
|
|
|
|
15,206,173 and 15,126,160 shares issued, respectively |
|
|
151 |
|
|
|
151 |
|
Additional paid-in capital |
|
|
105,205 |
|
|
|
102,688 |
|
Retained earnings |
|
|
227,243 |
|
|
|
224,395 |
|
Treasury stock at cost, 2,214,737 shares |
|
|
(31,628 |
) |
|
|
(31,628 |
) |
Total USPH shareholders’ equity |
|
|
300,971 |
|
|
|
295,606 |
|
Non-controlling interest - permanent equity |
|
|
1,245 |
|
|
|
1,575 |
|
Total USPH shareholders' equity and non-controlling interest - permanent equity |
|
|
302,216 |
|
|
|
297,181 |
|
Total liabilities, redeemable non-controlling interest, |
|
|
|
|
|
|
|
|
USPH shareholders' equity and non-controlling interest - permanent equity |
|
$ |
763,863 |
|
|
$ |
749,426 |
|
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS, EXCEPT PER SHARE DATA) (unaudited) |
||||||||
|
|
Three Months Ended |
|
|||||
|
|
March 31, 2022 |
|
|
March 31, 2021 |
|
||
OPERATING ACTIVITIES |
|
|
|
|
|
|
||
Net income including non-controlling interest and earnings from unconsolidated affiliates, net |
|
$ |
11,982 |
|
|
$ |
11,886 |
|
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,824 |
|
|
|
2,681 |
|
Provision for credit losses |
|
|
1,305 |
|
|
|
1,200 |
|
Equity-based awards compensation expense |
|
|
1,846 |
|
|
|
1,651 |
|
Deferred income taxes |
|
|
2,132 |
|
|
|
2,181 |
|
Gain on revaluation of put-right liability |
|
|
(603 |
) |
|
|
- |
|
Earnings in unconsolidated affiliate |
|
|
(339 |
) |
|
|
- |
|
Other |
|
|
93 |
|
|
|
96 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Increase in patient accounts receivable |
|
|
(4,676 |
) |
|
|
(4,688 |
) |
(Increase) decrease in accounts receivable - other |
|
|
(2,145 |
) |
|
|
220 |
|
(Increase) decrease in other assets |
|
|
(735 |
) |
|
|
221 |
|
Increase in accounts payable and accrued expenses |
|
|
1,445 |
|
|
|
3,969 |
|
Decrease in other long-term liabilities |
|
|
(2,480 |
) |
|
|
(1,743 |
) |
Net cash provided by operating activities |
|
|
11,649 |
|
|
|
17,674 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of fixed assets |
|
|
(2,528 |
) |
|
|
(1,608 |
) |
Purchase of majority interest in businesses, net of cash acquired |
|
|
(11,242 |
) |
|
|
(11,747 |
) |
Purchase of redeemable non-controlling interest, temporary equity |
|
|
(2,211 |
) |
|
|
|
|
Purchase of non-controlling interest, permanent equity |
|
|
(99 |
) |
|
|
|
|
Proceeds on sales of partnership interest, clinics and fixed assets |
|
|
4 |
|
|
|
152 |
|
Distributions from unconsolidated affiliate |
|
|
132 |
|
|
|
- |
|
Sales of non-controlling interest-permanent |
|
|
- |
|
|
|
- |
|
Net cash used in investing activities |
|
|
(15,944 |
) |
|
|
(13,203 |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Distributions to non-controlling interest, permanent and temporary equity |
|
|
(3,711 |
) |
|
|
(5,265 |
) |
Cash dividends paid to shareholders |
|
|
- |
|
|
|
- |
|
Proceeds from revolving line of credit |
|
|
35,000 |
|
|
|
60,000 |
|
Payments on revolving line of credit |
|
|
(31,000 |
) |
|
|
(60,000 |
) |
Principal payments on notes payable |
|
|
(332 |
) |
|
|
(145 |
) |
(Payment) receipt of Medicare Accelerated and Advance Funds |
|
|
- |
|
|
|
(14,054 |
) |
Other |
|
|
- |
|
|
|
12 |
|
Net cash used in financing activities |
|
|
(43 |
) |
|
|
(19,452 |
) |
Net decrease in cash and cash equivalents |
|
|
(4,338 |
) |
|
|
(14,981 |
) |
Cash and cash equivalents - beginning of period |
|
|
28,567 |
|
|
|
32,918 |
|
Cash and cash equivalents - end of period |
|
$ |
24,229 |
|
|
$ |
17,937 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
81 |
|
|
$ |
62 |
|
Interest paid |
|
$ |
525 |
|
|
$ |
298 |
|
Non-cash investing and financing transactions during the period: |
|
|
|
|
|
|
|
|
Purchase of businesses - seller financing portion |
|
$ |
300 |
|
|
$ |
300 |
|
Notes payable related to purchase of redeemable non-controlling interest, temporary equity |
|
$ |
246 |
|
|
$ |
4,829 |
|
Notes payable due to purchase of non-controlling interest, permanent equity |
|
$ |
296 |
|
|
$ |
- |
|
Notes receivable related to sale of partnership interest - redeemable non-controlling interest |
|
$ |
- |
|
|
$ |
287 |
|
Dividends payable to USPH shareholders |
|
$ |
5,327 |
|
|
$ |
4,514 |
|
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
NON-GAAP MEASURES
(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-GAAP measure, equals net income attributable to USPH shareholders per the consolidated statements of income less the gain on the revaluation of the put-right liability. In accordance with GAAP, 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, gain on revaluation of put-right liability and equity-based awards compensation expense. Management believes reporting Adjusted EBITDA is useful information for investors in comparing the Company’s period-to-period results as well as comparing with similar businesses which report adjusted EBITDA as defined by their company.
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.
U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES OPERATING RESULTS AND ADJUSTED EBITDA 2022 PERIODS COMPARED TO 2021 PERIODS (IN THOUSANDS, EXCEPT PER SHARE DATA) (unaudited) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Computation of earnings per share - USPH shareholders: |
|
|
|
|
|
|
||
Net income attributable to USPH shareholders |
|
$ |
8,799 |
|
|
$ |
8,173 |
|
Credit (charges) to retained earnings: |
|
|
|
|
|
|
|
|
Revaluation of redeemable non-controlling interest |
|
|
(153 |
) |
|
|
(7,270 |
) |
Tax effect at statutory rate (federal and state) of 25.55% |
|
|
39 |
|
|
|
1,857 |
|
|
|
$ |
8,685 |
|
|
$ |
2,760 |
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic and diluted) |
|
$ |
0.67 |
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Gain on revaluation of put-right liability |
|
|
(603 |
) |
|
|
- |
|
Revaluation of redeemable non-controlling interest |
|
|
153 |
|
|
|
7,270 |
|
Tax effect at statutory rate (federal and state) |
|
|
115 |
|
|
|
(1,857 |
) |
Operating Results (a non-GAAP measure) |
|
$ |
8,350 |
|
|
$ |
8,173 |
|
|
|
|
|
|
|
|
|
|
Basic and diluted Operating Results per share (a non-GAAP measure) |
|
$ |
0.65 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
Shares used in computation - basic and diluted |
|
|
12,937 |
|
|
|
12,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
|
|
|
|
|
|
|
Net income attributable to USPH shareholders |
|
$ |
8,799 |
|
|
$ |
8,173 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,824 |
|
|
|
2,681 |
|
Interest income |
|
|
(46 |
) |
|
|
(54 |
) |
Gain on revaluation of put-right liability |
|
|
(603 |
) |
|
|
- |
|
Interest expense - debt and other |
|
|
540 |
|
|
|
247 |
|
Provision for income taxes |
|
|
3,498 |
|
|
|
2,944 |
|
Equity-based awards compensation expense |
|
|
1,846 |
|
|
|
1,651 |
|
Adjusted EBITDA (a non-GAAP measure) |
|
$ |
17,858 |
|
|
$ |
15,642 |
|
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES RECAP OF PHYSICAL THERAPY OPERATIONS CLINIC COUNT |
|
Date |
Number of Clinics |
|
|
March 31, 2021 |
564 |
June 30, 2021 |
575 |
September 30, 2021 |
579 |
December 31, 2021 |
591 |
|
|
March 31, 2022 |
601 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220505005172/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