Financial Performance - Net patient revenue for Q1 2024 was $131,075,000, a 3.6% increase from $126,581,000 in Q1 2023[171]. - Total net revenue for Q1 2024 reached $155,675,000, reflecting a 4.8% growth compared to $148,509,000 in Q1 2023[171]. - Operating income decreased by 15.8% to $14,316,000 in Q1 2024 from $16,998,000 in Q1 2023[171]. - Net income attributable to USPH shareholders rose by 8.6% to $8,046,000 in Q1 2024 from $7,410,000 in Q1 2023[171]. - Total net revenue for the 2024 First Quarter increased by $7.2 million, or 4.8%, to $155.7 million compared to $148.5 million for the 2023 First Quarter[173]. - Net income attributable to shareholders for the 2024 First Quarter was $8.0 million, up from $7.4 million in the 2023 First Quarter, with earnings per share decreasing to $0.46 from $0.58[175]. - Adjusted EBITDA for the 2024 First Quarter was $16.7 million, down from $18.5 million in the 2023 First Quarter, primarily due to Medicare rate reductions and adverse weather impacts[183]. - Net revenue from physical therapy operations increased by $5.3 million, or 4.1%, to $134.4 million for the 2024 First Quarter from $129.2 million for the 2023 First Quarter[188]. - Operating costs from physical therapy operations rose by $8.3 million, or 8.1%, to $110.4 million in the 2024 First Quarter, representing 82.1% of net revenue compared to 79.0% in the prior year[190]. - Gross profit from physical therapy operations decreased by $3.0 million, or 11.2%, to $24.1 million, with a gross profit margin of 17.9% in the 2024 First Quarter compared to 21.0% in the 2023 First Quarter[195]. Operational Metrics - The number of clinics increased to 679 by the end of Q1 2024, up from 647 at the end of Q1 2023[162]. - Total patient visits increased by 3.3% to 1,268,002 in the 2024 First Quarter, while average daily visits per clinic decreased slightly to 29.5 from 29.8[189]. - The net rate per patient visit increased to $103.37 in the 2024 First Quarter from $103.12 in the 2023 First Quarter, driven by higher reimbursement rates[188]. - Salaries and related costs per visit increased to $61.42 in the 2024 First Quarter from $59.14 in the 2023 First Quarter, reflecting a 3.9% rise[192]. - The provision for credit losses was $1.6 million for the 2024 First Quarter, consistent with 1.0% of net revenues for both quarters[194]. Costs and Expenses - Salaries and related costs increased by 8.9% to $93,731,000 in Q1 2024 from $86,040,000 in Q1 2023[171]. - Operating costs rose by $1.3 million, or 8.5%, to $16.9 million in the first quarter of 2024 from $15.6 million in the same period last year[196]. - Operating income decreased to $14.3 million in the first quarter of 2024 from $17.0 million in the first quarter of 2023[198]. - Interest expense decreased by $0.6 million to $2.0 million in the first quarter of 2024, attributed to a lower outstanding balance on the revolver[200]. - Cash provided by operating activities was $4.4 million for the first quarter of 2024, down from $11.3 million in the first quarter of 2023[215]. - Cash used in investing activities totaled $20.5 million in the first quarter of 2024, primarily for business acquisitions and fixed asset purchases[217]. Acquisitions and Investments - The company completed several acquisitions, including a 50% interest in 9 clinics in March 2024 and a 70% interest in 4 clinics in September 2023[158]. - On March 29, 2024, the company acquired a 50% equity interest in a physical therapy practice for approximately $16.4 million, with $0.5 million structured as a note payable accruing interest at 4.5% per annum, due March 29, 2026[232]. - On September 29, 2023, the company acquired a 70% equity interest in a four-clinic practice for approximately $6.0 million, with $0.6 million as a note payable accruing interest at 5.0% per annum, payable in two installments[234]. - The company also acquired a 70% equity interest in a single clinic practice for approximately $7.8 million, with $0.4 million as a deferred payment due on June 30, 2025[235]. - On July 31, 2023, the company acquired a 70% equity interest in a five-clinic practice for approximately $2.1 million, with $0.3 million as a deferred payment due on June 30, 2025[236]. - The company acquired an 80% interest in a one-clinic practice for approximately $6.2 million, with $0.4 million structured as a note payable accruing interest at 4.5% per annum, due February 28, 2025[238]. Financial Position and Debt - As of March 31, 2024, total cash and cash equivalents were $132.3 million, down from $152.8 million as of December 31, 2023[209]. - The fair value of the interest rate swap increased by $1.3 million to $5.5 million as of March 31, 2024, generating $0.9 million in interest savings for the period[230]. - As of March 31, 2024, the outstanding balance on notes payable related to acquisitions is $3.9 million, with $3.1 million due in 2025 and $0.8 million due in 2026[231]. - The company's total indebtedness as of March 31, 2024, includes $3.9 million in seller notes and $143.4 million in a term note related to the Credit Agreement[241]. Regulatory and Legal Matters - The company is involved in various legal actions and regulatory audits that could materially affect its financial position and operations[245]. - There have been no changes in internal control over financial reporting that materially affected the company during the quarter ended March 31, 2024[244].

Financial Data and Key Metrics Changes - Revenue for Q1 2024 grew by 9.8%, resulting in a gross profit increase of over 15% [6] - Adjusted EBITDA for Q1 2024 was $16.7 million, down from $18.5 million in the prior year, impacted by a $1.7 million Medicare rate reduction and $1.3 million from adverse weather [7] - Operating results per share were $0.51 in Q1 2024 compared to $0.59 in Q1 2023, affected by a secondary offering completed in May 2023 [7] - The net rate for Q1 2024 was $103.37, an increase of $0.25 despite the Medicare rate reduction [84] Business Line Data and Key Metrics Changes - Physical therapy revenues reached $134.4 million in Q1 2024, a 4.1% increase from the previous year, driven by 28 additional clinics [8] - Operating costs for physical therapy were $110.4 million, an 8.1% increase year-over-year, also due to the additional clinics [8] - The physical therapy margin was 17.9% in Q1 2024, improving to 20.6% for February and March combined [17] Market Data and Key Metrics Changes - Non-Medicare rates improved by 2.8% year-over-year in Q1 2024, and by 5% since Q1 2022 [14] - Workers' compensation revenue increased from 9.3% of total revenue in Q1 2023 to 10% in Q1 2024, reflecting both volume and rate growth [16][72] Company Strategy and Development Direction - The company is focused on increasing reimbursement rates through contract negotiations and expanding its workers' compensation business [84] - Recent acquisitions are expected to broaden exposure to various industries, enhancing sales traction and cross-selling opportunities [14] - The company raised its EBITDA guidance for the full year of 2024 to a range of $82.5 million to $87.5 million, reflecting confidence in operational performance [9] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand for services despite a challenging start to the year due to adverse weather [13] - The company is optimistic about continued volume growth, with record levels of visits per clinic per day in February, March, and April [13][84] - Management emphasized the importance of staffing as a gating factor for capturing additional volume, with turnover rates at their lowest in years [23][88] Other Important Information - The company has approximately $105 million in excess cash available for growth initiatives and has deployed over $40 million into acquisitions so far this year [9] - The balance sheet remains strong, with $143 million in debt at a favorable interest rate of 4.7% [40] Q&A Session Summary Question: What is driving the better volume in April? - Management attributed the improved volume to strong clinician performance and effective outreach efforts, noting that staffing remains a challenge [23] Question: Can you provide insight into the revenue growth? - The growth is driven by both adding new clients and expanding services within existing partnerships, particularly in the injury prevention sector [68] Question: What is the outlook for Medicare reimbursement? - Management expressed uncertainty about future Medicare changes but highlighted ongoing efforts to advocate for better reimbursement rates [60] Question: What is the status of M&A activity? - The company is actively pursuing tuck-in acquisitions at reasonable prices and expects to continue strong organic growth [61] Question: How is the company managing staffing challenges? - Management noted improvements in staffing and retention, with a new leader in the recruiting department expected to enhance efforts [88]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-11151 U.S. PHYSICAL THERAPY, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) (STATE OR OTHER JURISDICTION OF INCORPORATION ...

US Physical Therapy, Inc. (NYSE:USPH) Q4 2023 Earnings Conference Call February 29, 2024 10:30 AM ET Company Participants Christopher Reading - CEO Jake Martinez - SVP, Accounting and Finance Carey Hendrickson - CFO Eric Williams - COO Conference Call Participants Brian Tanquilut - Jefferies Larry Solow - CJS Securities Joanna Gajuk - Bank of America Merrill Lynch Jared Hoff - William Blair Mike Petusky - Barrington Research Operator Good day, and thank you for standing by. Welcome to the US Physical Therap ...

U.S. Physical Therapy Reports Fourth Quarter and Full Year 2023 Results Company Provides 2024 Guidance Houston, TX, February 28, 2024 – 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 fourth quarter and the full year ended December 31, 2023. FINANCIAL HIGHLIGHTS • Adjusted EBITDA (1) , a non-Generally Accepted Accounting Principles ("GAAP") meas ...

US Physical Therapy, Inc. (NYSE:USPH) Q3 2023 Earnings Conference Call November 8, 2023 10:30 AM ET Company Participants Christopher Reading - President, CEO & Director Jake Martinez - SVP, Finance & Accounting Carey Hendrickson - CFO Eric Williams - COO, East Conference Call Participants Joanna Gajuk - Bank of America Merrill Lynch Brian Tanquilut - Jefferies Lawrence Solow - CJS Securities Calvin Sternick - JPMorgan Michael Petusky - Barrington Research Operator Good day. Welcome to the US Physical Therap ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____TO _____ COMMISSION FILE NUMBER 1-11151 U.S. PHYSICAL THERAPY, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) (STATE OR OTHER JURISDICTI ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____TO _____ COMMISSION FILE NUMBER 1-11151 U.S. PHYSICAL THERAPY, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) NEVADA 76-0364866 (STATE OR OTH ...

US Physical Therapy, Inc. (NYSE:USPH) Q2 2023 Earnings Conference Call August 9, 2023 10:30 AM ET Company Participants Christopher Reading - President, CEO & Director Jake Martinez - SVP, Finance & Accounting Carey Hendrickson - CFO Eric Williams - COO, East Conference Call Participants Brian Tanquilut - Jefferies Joanna Gajuk - Bank of America Merrill Lynch Lawrence Solow - CJS Securities Madeline Mollman - William Blair & Company Operator Good day, and thank you for standing by. Welcome to the U.S. Physic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____TO _____ COMMISSION FILE NUMBER 1-11151 U.S. PHYSICAL THERAPY, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) NEVADA 76-0364866 (STATE OR OT ...