Nevada
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1-11151
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76-0364866
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(State or other jurisdiction
of incorporation or organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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1300 West Sam Houston Parkway South,
Suite 300, Houston, Texas
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77042
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company ☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Exhibits
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Description of Exhibits
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Registrant's press release dated August 2, 2018 * |
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U.S. PHYSICAL THERAPY, INC.
|
|||||
Dated: August 2, 2018
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By:
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/s/ LAWRANCE W. MCAFEE
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||
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Lawrance W. McAfee
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||||
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Chief Financial Officer
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||||
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(duly authorized officer and principal financial and accounting officer)
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· | Net revenues increased $10.8 million, or 10.4%, from $104.3 million in the 2017 second quarter to $115.1 million in the 2018 second quarter, primarily due to an increase in net patient revenues from physical therapy operations from both internal growth and acquisitions, an increase in revenue from management contracts primarily due to acquired contracts and an increase in the revenue from the industrial injury prevention business from a combination of internal growth plus a recent acquisition. Our first company in the initial industrial injury prevention business was acquired in March 2017 and, on April 30, 2018, the Company made a second acquisition with the two businesses then combined. |
U.S. Physical Therapy Press Release
|
Page 2
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August 2, 2018
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|
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Net patient revenues from physical therapy operations increased approximately $8.3 million, or 8.5%, to $106.0 million in the 2018 second quarter from $97.7 million in the 2017 second quarter due to an increase in total patient visits of 8.1% from 924,000 to 999,000 and an increase in the average net patient revenue per visit to $106.16 from $105.73. Of the $8.3 million increase in net patient revenues, $4.6 million related to an increase in business of clinics opened or acquired on or prior to June 30, 2017 (“Mature Clinics”) and $3.7 million related to clinics opened or acquired after June 30, 2017 (“New Clinics”). Revenue from physical therapy management contracts increased 33.6% to $2.2 million in the 2018 second quarter as compared to $1.6 million in the 2017 second quarter.
|
| The revenue from the industrial injury prevention business increased 43.2% to $6.3 million in the 2018 second quarter compared to $4.4 million in the 2017 second quarter due to internal growth and the acquisition on April 30, 2018. Other revenue was $0.6 million in both the 2018 and 2017 second quarters. |
| Total operating costs were $87.9 million, or 76.4% of net revenues, in the 2018 second quarter as compared to $79.7 million, or 76.5% of net revenues, in the 2017 second quarter. The $8.2 million increase was attributable to $3.6 million in operating costs related to New Clinics, an increase of $3.3 million related to Mature Clinics, an increase of $1.0 million in the industrial injury prevention business primarily due to the most recent acquisition and an increase of $0.3 million related to management contracts. Total salaries and related costs, including those from New Clinics and the industrial injury prevention business, were 56.1% of net revenue in the recent quarter versus 56.4% in the 2017 second quarter. Rent, supplies, contract labor and other costs as a percentage of net revenue were 19.3% in the recent quarter versus 19.2% in the 2017 second quarter. The provision for doubtful accounts as a percentage of net revenue was 1.0% in the 2018 second quarter as compared to 0.9% in the 2017 second quarter. |
| The gross profit for the 2018 second quarter grew by 10.7% or $2.6 million to $27.1 million, as compared to $24.5 million in the second quarter of 2017. The gross profit percentage was 23.6% of net revenue in the recent period as compared to 23.5% in the 2017 second quarter. The gross profit percentage for the Company’s physical therapy clinics was 23.7% in the recent quarter as compared to 24.2% in the 2017 second quarter. The gross profit percentage on management contracts was 16.3% in the 2018 second quarter as compared to 7.4% in the 2017 second quarter. The gross profit percentage for the industrial injury prevention business was 24.4% in the recent quarter as compared to 15.0% in the 2017 period. |
| Corporate office costs were $10.1 million in the 2018 second quarter compared to $8.8 million in the 2017 second quarter. Corporate office costs were 8.8% of net revenues for the 2018 quarter compared to 8.5% for the 2017 quarter. |
| Operating income for the recent quarter increased 8.6% to $17.0 million as compared to $15.7 million in the 2017 second quarter. |
| The Company no longer has mandatorily redeemable non-controlling interests. See discussion following – Redeemable Non-Controlling Interests. |
| Interest expense – debt and other was $0.5 million both the 2018 and 2017 second quarters. |
· | The provision for income tax for the 2018 second quarter was $3.3 million and for the 2017 second quarter was $3.1 million, both of which are inclusive of the reduction of $0.2 million and $0.1 million, respectively, for the excess tax benefit, which is a component of the provision for income taxes, related to equity compensation. The provision for income tax as a percentage of income before taxes less net income attributable to non-controlling interest was 26.1% and 38.4%, respectively, for the 2018 and 2017 second quarters. |
· | Net income attributable to non-controlling interests (permanent equity) was $1.4 million in both the 2018 and 2017 second quarters. Net income attributable to redeemable non-controlling interests (temporary equity) was $2.6 million in the 2018 second quarter. |
| Same store revenues for de novo and acquired clinics open for one year or more increased 3.7%. Visits increased 2.8% for de novo and acquired clinics open for one year or more and the same store net rate increased by approximately 0.8%. |
U.S. Physical Therapy Press Release
|
Page 3
|
August 2, 2018
|
|
·
|
Net revenues increased $21.7 million, or 10.7%, from $201.8 million in the first six months of 2017 to $223.4 million in the first six months of 2018, primarily due to an increase in net patient revenues from physical therapy operations from both internal growth and acquisitions, an increase in revenue from management contracts due to acquired contracts and an increase in the revenue from the industrial injury prevention business from a combination of internal growth plus a recent acquisition and due to a full six months of activity in 2018 for the business acquired in March 2017. Our first company in the industrial injury prevention business was acquired in March 2017 and, on April 30, 2018, the Company made a second acquisition with the two businesses then combined.
|
·
|
Net patient revenues from physical therapy operations increased approximately $15.2 million, or 8.0%, to $206.5 million in the 2018 period from $191.3 million in the 2017 period due to an increase in total patient visits of 7.7% from 1,815,000 to 1,955,000 and an increase in the average net patient revenue per visit to $105.67 from $105.39. Of the $15.2 million increase, $8.6 million related to Mature Clinics and $6.6 million related to New Clinics. Revenue from physical therapy management contracts increased 26.6% to $4.4 million in the 2018 first six months as compared to $3.5 million for the 2017 first six months.
|
·
|
Revenue from the industrial injury prevention business increased 89.0% to $11.1 million for the first six months of 2018 compared to $5.9 million in the first half of 2017 due to internal growth and the recent acquisition. Other revenue was $1.4 million in the 2018 period and $1.1 million in the 2017 period.
|
·
|
Total operating costs were $173.1 million, or 77.5% of net revenues, in the first six months of 2018 as compared to $156.5 million, or 77.6% of net revenues, in the 2017 first six months. The $16.5 million increase was attributable to $6.6 million in operating costs related to New Clinics, an increase of $5.4 million related to Mature Clinics, an increase of $3.8 million related to the industrial injury prevention business primarily due to the most recent acquisition and a full six months of activity in 2018 for the business acquired in March 2017 versus four months in 2017, and an increase of $0.7 million related to management contracts. Total salaries and related costs, including those from New Clinics and the industrial prevention business, were 56.8% of net revenue for the first six months of 2018 and 2017. Rent, supplies, contract labor and other costs as a percentage of net revenue were 19.7% for 2018 period and 19.9% for the 2017 period. The provision for doubtful accounts as a percentage of net revenue was 1.0% for the 2018 period as compared to 0.9% for the 2017 period.
|
·
|
The gross profit for the first six months of 2018 grew by 11.2% or $5.1 million to $50.4 million, as compared to $45.3 million in the 2017 first six months. The gross profit percentage was 22.5% of net revenue in the recent period as compared to 22.4% for the 2017 first six months. The gross profit percentage for the Company’s physical therapy clinics was 22.8% in the recent quarter as compared to 22.9% in the first six months of 2017. The gross profit percentage on management contracts was 15.1% in the first half of 2018 as compared to 11.3% in the 2017 first six months. The gross profit percentage for the industrial injury prevention business was 20.6% for the first six months of 2018 as compared to 14.8% for the four months of operation in the 2017 period.
|
·
|
Corporate office costs were $20.3 million in the first six months of 2018 compared to $17.4 million in the 2017 first six months. Corporate office costs were 9.1% of net revenues for the 2018 first six months compared to 8.6% for the 2017 first six months.
|
·
|
Operating income for the 2018 first six months increased 7.9% to $30.1 million as compared to $27.9 million in the 2017 first six months.
|
·
|
The Company no longer has mandatorily redeemable non-controlling interests. See discussion following – Redeemable Non-Controlling Interests.
|
·
|
Interest expense – debt and other was $1.1 million in the first six months of 2018 and $0.9 million in the 2017 first six months.
|
·
|
The provision for income tax for the 2018 first six months was $5.7 million and for the 2017 first six months was $4.9 million both of which are inclusive of the reduction of $0.5 million and $0.9 million, respectively, for the excess tax benefit, which is a component of the provision for income taxes, related to equity compensation. The provision for income tax as a percentage of income before taxes less net income attributable to non-controlling interest was 26.0% and 33.4%, respectively, for the 2018 and 2017 first six months.
|
·
|
Net income attributable to non-controlling interests (permanent equity) was $2.6 million in the 2018 first six months as compared to $2.7 million in the 2017 first six months. Net income attributable to redeemable non-controlling interests (temporary equity) was $4.3 million in the 2018 first six months.
|
·
|
Same store revenues for de novo and acquired clinics open for one year or more increased 3.0%. Visits increased 2.3% for de novo and acquired clinics open for one year or more and the same store net rate increased by approximately 0.6%.
|
U.S. Physical Therapy Press Release
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Page 4
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August 2, 2018
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U.S. Physical Therapy Press Release
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Page 5
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August 2, 2018
|
|
U.S. Physical Therapy Press Release
|
Page 6
|
August 2, 2018
|
|
·
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changes as the result of government enacted national healthcare reform;
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·
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changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification status;
|
·
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revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
|
·
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business and regulatory conditions including federal and state regulations;
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·
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governmental and other third party payor inspections, reviews, investigations and audits;
|
·
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compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply;
|
·
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changes in reimbursement rates or payment methods from third party payors including government agencies and deductibles and co-pays owed by patients;
|
·
|
revenue and earnings expectations;
|
·
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cost, risks and uncertainties associated with the Company's restatement of its prior financial statements due to the correction of its accounting methodology for redeemable non-controlling partnership interests, and including any pending and future claims or proceedings relating to such matters;
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·
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legal actions, which could subject us to increased operating costs and uninsured liabilities;
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·
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general economic conditions;
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·
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availability and cost of qualified physical therapists;
|
·
|
personnel productivity and retaining key personnel;
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·
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competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;
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·
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acquisitions, purchase of non-controlling interests (minority interests) and the successful integration of the operations of the acquired businesses;
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·
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maintaining our information technology systems with adequate safeguards to protect against cyber-attacks;
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·
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maintaining adequate internal controls;
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·
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maintaining necessary insurance coverage;
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·
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availability, terms, and use of capital; and
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·
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weather and other seasonal factors.
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U.S. Physical Therapy Press Release
|
Page 7
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August 2, 2018
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|
Three Months Ended
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Six Months Ended
|
|||||||||||||||
June 30, 2018
|
June 30, 2017
|
June 30, 2018
|
June 30, 2017
|
|||||||||||||
Net patient revenues
|
$
|
105,989
|
$
|
97,657
|
$
|
206,541
|
$
|
191,311
|
||||||||
Other revenues
|
9,109
|
6,594
|
16,899
|
10,505
|
||||||||||||
Net revenues
|
115,098
|
104,251
|
223,440
|
201,816
|
||||||||||||
Operating costs:
|
||||||||||||||||
Salaries and related costs
|
64,607
|
58,779
|
126,886
|
114,606
|
||||||||||||
Rent, supplies, contract labor and other
|
22,168
|
20,033
|
43,944
|
40,120
|
||||||||||||
Provision for doubtful accounts
|
1,151
|
888
|
2,212
|
1,786
|
||||||||||||
Closure costs
|
18
|
17
|
30
|
23
|
||||||||||||
Total operating costs
|
87,944
|
79,717
|
173,072
|
156,535
|
||||||||||||
Gross profit
|
27,154
|
24,534
|
50,368
|
45,281
|
||||||||||||
Corporate office costs
|
10,128
|
8,856
|
20,291
|
17,403
|
||||||||||||
Operating income
|
17,026
|
15,678
|
30,077
|
27,878
|
||||||||||||
Interest and other income, net
|
22
|
23
|
54
|
47
|
||||||||||||
Interest expense:
|
||||||||||||||||
Mandatorily redeemable non-controlling interests - change in redemption value
|
-
|
(3,923
|
)
|
-
|
(6,592
|
)
|
||||||||||
Mandatorily redeemable non-controlling interests - earnings allocable
|
-
|
(1,787
|
)
|
-
|
(3,081
|
)
|
||||||||||
Debt and other
|
(545
|
)
|
(516
|
)
|
(1,098
|
)
|
(931
|
)
|
||||||||
Total interest expense
|
(545
|
)
|
(6,226
|
)
|
(1,098
|
)
|
(10,604
|
)
|
||||||||
Income before taxes
|
16,503
|
9,475
|
29,033
|
17,321
|
||||||||||||
Provision for income taxes
|
3,267
|
3,085
|
5,743
|
4,897
|
||||||||||||
Net income
|
13,236
|
6,390
|
23,290
|
12,424
|
||||||||||||
Less: net income attributable to non-controlling interests
|
(3,990
|
)
|
(1,449
|
)
|
(6,927
|
)
|
(2,667
|
)
|
||||||||
Net income attributable to USPH shareholders
|
$
|
9,246
|
$
|
4,941
|
$
|
16,363
|
$
|
9,757
|
||||||||
Basic and diluted earnings per share attributable to USPH shareholders
|
$
|
0.48
|
$
|
0.39
|
$
|
0.74
|
$
|
0.78
|
||||||||
Shares used in computation - basic and diluted
|
12,677
|
12,579
|
12,647
|
12,553
|
||||||||||||
Dividends declared per common share
|
$
|
0.23
|
$
|
0.20
|
$
|
0.46
|
$
|
0.40
|
||||||||
U.S. Physical Therapy Press Release
|
Page 8
|
August 2, 2018
|
|
June 30, 2018
|
December 31, 2017
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
27,148
|
$
|
21,933
|
||||
Patient accounts receivable, less allowance for doubtful accounts of $2,790 and $2,273, respectively
|
45,424
|
44,707
|
||||||
Accounts receivable - other
|
8,589
|
5,655
|
||||||
Other current assets
|
5,247
|
4,786
|
||||||
Total current assets
|
86,408
|
77,081
|
||||||
Fixed assets:
|
||||||||
Furniture and equipment
|
51,923
|
51,100
|
||||||
Leasehold improvements
|
30,421
|
29,760
|
||||||
Fixed assets, gross
|
82,344
|
80,860
|
||||||
Less accumulated depreciation and amortization
|
62,652
|
60,475
|
||||||
Fixed assets, net
|
19,692
|
20,385
|
||||||
Goodwill
|
284,624
|
271,338
|
||||||
Other identifiable intangible assets, net
|
48,435
|
48,954
|
||||||
Other assets
|
1,384
|
1,224
|
||||||
Total assets
|
$
|
440,543
|
$
|
418,982
|
||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, USPH SHAREHOLDERS' EQUITY AND NON-CONTROLLING INTERESTS
|
||||||||
Current liabilities:
|
||||||||
Accounts payable - trade
|
$
|
1,705
|
$
|
2,165
|
||||
Accrued expenses
|
35,367
|
33,342
|
||||||
Current portion of notes payable
|
4,817
|
4,044
|
||||||
Total current liabilities
|
41,889
|
39,551
|
||||||
Notes payable, net of current portion
|
607
|
2,728
|
||||||
Revolving line of credit
|
56,000
|
54,000
|
||||||
Mandatorily redeemable non-controlling interests
|
-
|
327
|
||||||
Deferred taxes
|
9,584
|
10,875
|
||||||
Deferred rent
|
1,913
|
2,116
|
||||||
Other long-term liabilities
|
775
|
743
|
||||||
Total liabilities
|
110,768
|
110,340
|
||||||
Redeemable non-controlling interests
|
117,027
|
102,572
|
||||||
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, 14,900,575 and 14,809,299 shares issued, respectively
|
149
|
148
|
||||||
Additional paid-in capital
|
77,099
|
73,940
|
||||||
Retained earnings
|
165,991
|
162,406
|
||||||
Treasury stock at cost, 2,214,737 shares
|
(31,628
|
)
|
(31,628
|
)
|
||||
Total USPH shareholders' equity
|
211,611
|
204,866
|
||||||
Non-controlling interests
|
1,137
|
1,204
|
||||||
Total USPH shareholders' equity and non-controlling interests
|
212,748
|
206,070
|
||||||
Total liabilities, redeemable non-controlling interests, USPH shareholders' equity and non-controlling interests
|
$
|
440,543
|
$
|
418,982
|
||||
U.S. Physical Therapy Press Release
|
Page 9
|
August 2, 2018
|
|
|
Six Months Ended
|
|||||||
|
June 30, 2018
|
June 30, 2017
|
||||||
OPERATING ACTIVITIES
|
||||||||
Net income including non-controlling interests
|
$
|
23,290
|
$
|
12,424
|
||||
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
4,866
|
4,789
|
||||||
Provision for doubtful accounts
|
2,212
|
1,786
|
||||||
Equity-based awards compensation expense
|
2,937
|
2,345
|
||||||
Loss on sale of fixed assets
|
94
|
65
|
||||||
Deferred income taxes
|
(1,736
|
)
|
(985
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Increase in patient accounts receivable
|
(2,141
|
)
|
(4,006
|
)
|
||||
Increase in accounts receivable - other
|
(2,934
|
)
|
(3,406
|
)
|
||||
Increase in other assets
|
(140
|
)
|
(2,342
|
)
|
||||
Increase in accounts payable and accrued expenses
|
4,845
|
5,043
|
||||||
Increase in mandatorily redeemable non-controlling interests
|
-
|
6,401
|
||||||
(Decrease) increase in other liabilities
|
(672
|
)
|
77
|
|||||
Net cash provided by operating activities
|
30,621
|
22,191
|
||||||
|
||||||||
INVESTING ACTIVITIES
|
||||||||
Purchase of fixed assets
|
(3,270
|
)
|
(3,245
|
)
|
||||
Purchase of businesses, net of cash acquired
|
(9,118
|
)
|
(33,665
|
)
|
||||
Purchase of non-controlling interest
|
(245
|
)
|
-
|
|||||
Proceeds on sale of fixed assets
|
1
|
62
|
||||||
Net cash used in investing activities
|
(12,632
|
)
|
(36,848
|
)
|
||||
|
||||||||
FINANCING ACTIVITIES
|
||||||||
Distributions to non-controlling interests, permanent and temporary equity
|
(6,735
|
)
|
(2,665
|
)
|
||||
Cash dividends paid to shareholders
|
(5,828
|
)
|
(2,516
|
)
|
||||
Proceeds from revolving line of credit
|
55,000
|
49,000
|
||||||
Payments on revolving line of credit
|
(53,000
|
)
|
(26,000
|
)
|
||||
Payments to settle mandatorily redeemable non-controlling interests
|
(265
|
)
|
(2,230
|
)
|
||||
Principal payments on notes payable
|
(1,898
|
)
|
(777
|
)
|
||||
Other
|
(48
|
)
|
40
|
|||||
Net (cash used in) provided by financing activities
|
(12,774
|
)
|
14,852
|
|||||
|
||||||||
Net increase in cash and cash equivalents
|
5,215
|
195
|
||||||
Cash and cash equivalents - beginning of period
|
21,933
|
20,047
|
||||||
Cash and cash equivalents - end of period
|
$
|
27,148
|
$
|
20,242
|
||||
|
||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
Cash paid during the period for:
|
||||||||
Income taxes
|
$
|
7,483
|
$
|
7,516
|
||||
Interest
|
$
|
1,106
|
$
|
104
|
||||
Non-cash investing and financing transactions during the period:
|
||||||||
Purchase of business - seller financing portion
|
$
|
550
|
$
|
1,650
|
||||
|
U.S. Physical Therapy Press Release
|
Page 10
|
August 2, 2018
|
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Computation of earnings per share - USPH shareholders
|
||||||||||||||||
Net income attributable to USPH shareholders
|
$
|
9,246
|
$
|
4,941
|
$
|
16,363
|
$
|
9,757
|
||||||||
Charges to retained earnings:
|
||||||||||||||||
Revaluation of redeemable non-controlling interest
|
$
|
(4,344
|
)
|
$
|
-
|
(9,425
|
)
|
-
|
||||||||
Tax effect at statutory rate (federal and state) of 26.25%
|
1,140
|
-
|
2,474
|
-
|
||||||||||||
$
|
6,042
|
$
|
4,941
|
$
|
9,412
|
$
|
9,757
|
|||||||||
Basic and diluted per share
|
$
|
0.48
|
$
|
0.39
|
$
|
0.74
|
$
|
0.78
|
||||||||
|
||||||||||||||||
Adjustments:
|
||||||||||||||||
Interest expense MRNCI * - change in redemption value
|
-
|
3,923
|
-
|
6,592
|
||||||||||||
Cost related to restatement of financials - legal and accounting
|
-
|
177
|
-
|
312
|
||||||||||||
Revaluation of redeemable non-controlling interest
|
4,344
|
-
|
9,425
|
-
|
||||||||||||
Tax effect at statutory rate (federal and state) of 26.25% and 39.25%, respectively
|
(1,140
|
)
|
(1,609
|
)
|
(2,474
|
)
|
(2,710
|
)
|
||||||||
Operating results
|
$
|
9,246
|
$
|
7,432
|
$
|
16,363
|
$
|
13,951
|
||||||||
Basic and diluted operating results per share
|
$
|
0.73
|
$
|
0.59
|
$
|
1.29
|
$
|
1.11
|
||||||||
Shares used in computation:
|
||||||||||||||||
Basic and diluted
|
12,677
|
12,579
|
12,647
|
12,553
|
||||||||||||
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
|
||||||||||||||||
Net income attributable to USPH shareholders
|
$
|
9,246
|
$
|
4,941
|
$
|
16,363
|
$
|
9,757
|
||||||||
|
||||||||||||||||
Adjustments:
|
||||||||||||||||
Depreciation and amortization
|
2,398
|
2,433
|
4,866
|
4,789
|
||||||||||||
Interest income
|
(22
|
)
|
(23
|
)
|
(54
|
)
|
(47
|
)
|
||||||||
Interest expense MRNCI * - change in redemption value
|
-
|
3,923
|
-
|
6,592
|
||||||||||||
Interest expense - debt and other
|
545
|
516
|
1,098
|
931
|
||||||||||||
Provision for income taxes
|
3,267
|
3,085
|
5,743
|
4,897
|
||||||||||||
Equity-based awards compensation expense
|
1,556
|
1,065
|
2,937
|
2,345
|
||||||||||||
|
||||||||||||||||
Adjusted EBITDA
|
$
|
16,990
|
$
|
15,940
|
$
|
30,953
|
$
|
29,264
|
||||||||
U.S. Physical Therapy Press Release
|
Page 11
|
August 2, 2018
|
Date
|
Number of Clinics
|
March 31, 2017
|
558
|
June 30, 2017
|
566
|
September 30, 2017
|
569
|
December 31, 2017
|
578
|
March 31, 2018
|
580
|
June 30, 2018
|
581
|