$USPH

U S PHYSICAL THERAPY INC /NV

CIK:0000885978|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 14,898	$ 17,720	$ 23,054	$ 31,188
Other comprehensive gain (loss):
Unrealized gain (loss) on cash flow hedge	94	(798)	454	(2,129)
Tax effect at statutory rate (federal and state)	(25)	204	(121)	544
Comprehensive income	14,967	17,126	23,387	29,603
Comprehensive income attributable to non-controlling interest	(5,000)	(5,327)	(8,118)	(8,896)
Comprehensive income attributable to USPH shareholders	$ 9,967	$ 11,799	$ 15,269	$ 20,707

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
OPERATING ACTIVITIES
Net income including non-controlling interest	$ 14,898	$ 17,720	$ 23,054	$ 31,188
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
Depreciation and amortization			11,935	11,924
Provision for credit losses	2,120	1,995	4,124	3,843
Equity-based awards compensation expense			5,479	3,888
Amortization of debt issuance costs			212	210
Change in deferred income taxes			5,232	7,279
Change in revaluation of put-right liability	168	339	(195)	743
Change in fair value of contingent earn-out consideration	992	(790)	2,989	(5,612)
Equity of earnings in unconsolidated affiliate	(408)	(401)	(772)	(794)
Loss on sale of clinics and fixed assets			302	438
Loss on sale of a partnership	0	0	0	123
Loss on extinguishment of debt	124	0	124	0
Changes in operating assets and liabilities:
Patient accounts receivable, net			(9,047)	(10,232)
Accounts receivable - other			(2,962)	355
Other current and long term assets			74	(4,426)
Accounts payable and accrued expenses			(1,410)	(7,914)
Other long-term liabilities			(961)	(827)
Net cash provided by operating activities			38,178	30,186
INVESTING ACTIVITIES
Purchase of fixed assets			(10,737)	(5,830)
Purchase of majority interest in businesses, net of cash acquired			(21,133)	(6,890)
Purchase of redeemable non-controlling interest, temporary equity			(6,531)	(8,427)
Purchase of non controlling interest, permanent equity			(8,973)	(149)
Proceeds on sale of non-controlling interest, permanent equity			50	9
Repayment of notes receivable related to sales of redeemable non-controlling interest			396	346
Proceeds on sale of partnership interest - redeemable non-controlling interest, temporary equity			221	15
Distributions from unconsolidated affiliate			335	664
Proceeds on sale of partnership interest, clinics and fixed assets			0	700
Other			165	228
Net cash (used in) investing activities			(46,207)	(19,334)
FINANCING ACTIVITIES
Payment of debt issuance costs			(2,214)	0
Proceeds from revolving facility			153,262	73,500
Payments on revolving facility			(137,762)	(60,000)
Distributions to non-controlling interest, permanent and temporary equity			(12,326)	(10,697)
Cash dividends paid to shareholders			(13,871)	(13,678)
Proceeds from term loan			45,625	0
Payments on term loan			(1,875)	(5,625)
Principal payments on notes payable			(617)	(1,628)
Payment for taxes related to net settlement of equity awards			(51)	0
Repurchases of common stock			(19,233)	0
Payment of contingent consideration			(13,592)	0
Net cash (used in) financing activities			(2,654)	(18,128)
Net (decrease) in cash and cash equivalents			(10,683)	(7,276)
Cash and cash equivalents - beginning of period			35,570	41,362	$ 41,362
Cash and cash equivalents - end of period	$ 24,887	$ 34,086	24,887	34,086	$ 35,570
Cash paid during the period for:
Income taxes			4,769	9,833
Interest paid			6,589	4,683
Non-cash investing and financing transactions during the period:
Purchase of businesses - seller financing portion			500	0
Fair market value of initial contingent consideration related to purchase of businesses			0	3,059
Notes payable related to purchase of redeemable non-controlling interest, temporary equity			78	89
Notes receivable related to sale of redeemable non-controlling interest, temporary equity			3,649	660
Notes receivable related to the sale of non-controlling interest, permanent equity			527	29
Offset to notes receivable associated with purchase of redeemable non-controlling interest			$ 72	$ 254

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 24,887	$ 35,570
Patient accounts receivable, less provision for credit losses of $3,824 and $3,775, respectively	69,603	64,249
Accounts receivable - other	28,557	24,087
Other current assets	16,628	16,084
Total current assets	139,675	139,990
Fixed assets:
Furniture and equipment	74,132	67,891
Leasehold improvements	60,397	58,985
Fixed assets, gross	134,529	126,876
Less accumulated depreciation and amortization	(94,095)	(91,225)
Fixed assets, net	40,434	35,651
Operating lease right-of-use assets	156,466	144,197
Investment in unconsolidated affiliate	12,712	12,275
Goodwill	716,535	692,392
Other identifiable intangible assets, net	176,547	172,861
Other assets	6,505	6,644
Total assets	1,248,874	1,204,010
Current liabilities:
Accounts payable - trade	6,917	6,059
Accrued expenses	45,424	49,424
Current portion of operating lease liabilities	42,871	42,134
Current portion of term loan and notes payable	4,563	9,865
Other current liabilities	10,134	31,558
Total current liabilities	109,909	139,040
Notes payable, net of current portion	890	417
Revolving facility	46,000	30,500
Term loan, net of current portion and deferred financing costs	168,566	121,677
Deferred taxes	30,998	28,391
Operating lease liabilities, net of current portion	122,899	110,572
Other long-term liabilities	2,954	3,214
Total liabilities	482,216	433,811
Redeemable non-controlling interest - temporary equity	317,491	293,311
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	0	0
Common stock, $.01 par value, 20,000,000 shares authorized, 17,526,791 and 17,418,621 shares issued, respectively	175	174
Additional paid-in capital	290,551	285,522
Accumulated other comprehensive gain	1,047	714
Retained earnings	213,361	227,216
Treasury stock at cost, 2,603,117 shares and 2,296,059 shares, respectively	(56,478)	(37,194)
Total USPH shareholders' equity	448,656	476,432
Non-controlling interest - permanent equity	511	456
Total USPH shareholders' equity and non-controlling interest - permanent equity	449,167	476,888
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity	$ 1,248,874	$ 1,204,010