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 ...

Clinic Operations - As of September 30, 2023, the company operated 672 clinics across 42 states, an increase from 656 clinics at the beginning of the period[155] - The company completed several acquisitions in 2023, including 19 clinics added in the third quarter and 40 clinics added in the nine months ended September 30, 2023[157] - The company has 42 third-party facilities under management as of September 30, 2023, in addition to its owned clinics[155] - The company has made strategic acquisitions, including a 70% interest in 4 clinics in September 2023 and a 45% interest in 4 clinics in May 2023[155] - The company reported a total of 19 new clinics added in the third quarter of 2023, compared to 8 in the same quarter of 2022[157] Financial Performance - For the nine months ended September 30, 2023, net patient revenues from Medicare were approximately $128.5 million, compared to $115.1 million for the same period in 2022, reflecting a growth of about 11.8%[171] - Net income attributable to shareholders for Q3 2023 was $9.3 million, a decrease of 3.1% from $9.6 million in Q3 2022[174] - Basic and diluted earnings per share for Q3 2023 were $0.51, down 29.2% from $0.72 in Q3 2022[174] - Total net revenue for Q3 2023 was $150.0 million, representing a 7.5% increase compared to $139.6 million in Q3 2022[190] - Total net revenue for the first nine months of 2023 was $450.0 million, a 9.2% increase from $412.0 million in the same period of 2022[214] Patient Visits - The number of patient visits increased by 10.8% to 1,242,954 in Q3 2023, compared to 1,122,070 in Q3 2022[193] - The number of patient visits increased by 12.2% to 3,737,584 in the first nine months of 2023 compared to 3,331,143 in the same period of 2022[216] - The average patient visits per day per clinic reached a record-high of 29.7 in Q3 2023, compared to 28.8 in Q3 2022[193] Operating Costs - Operating costs increased to $122.1 million in Q3 2023, representing 81.4% of net revenue, up from $112.8 million or 80.8% in Q3 2022[196] - Operating costs for the first nine months of 2023 were $359.0 million, or 79.8% of net revenue, compared to $327.8 million, or 79.6% in the same period of 2022[220] - Physical therapy operating costs rose by $9.5 million, or 9.9%, to $105.0 million in Q3 2023, driven by new clinics and increased patient visits[198] - Physical therapy operating costs rose by $31.0 million, or 11.2%, to $307.8 million in the 2023 Nine Months, driven by the addition of 58 net new clinics and a 3.2% increase in patient visits at mature clinics[222] Profitability Metrics - Adjusted EBITDA for Q3 2023 was $18.6 million, an increase of $1.6 million from $17.0 million in Q3 2022[187] - For the first nine months of 2023, Adjusted EBITDA was $58.7 million, an increase of $2.9 million from $55.8 million in the same period of 2022[188] - Gross profit for Q3 2023 increased by $1.1 million, or 4.3%, to $27.9 million, with a gross profit margin of 18.6%, down from 19.2% in Q3 2022[203] - Gross profit increased by $6.8 million, or 8.1%, to $91.0 million for the 2023 Nine Months, with a gross profit margin slightly decreasing to 20.2% from 20.4% in the 2022 Nine Months[228] - Operating income rose by 5.9% to $52.9 million, representing 11.8% of net revenues for the 2023 Nine Months, down from 12.1% in the previous year[231] Cash Flow and Liquidity - Cash and cash equivalents increased significantly to $147.7 million as of September 30, 2023, compared to $31.6 million at the end of 2022[240] - The company generated $55.1 million in cash from operating activities during the 2023 Nine Months, while $36.6 million was used in investing activities[246] Tax and Interest Expenses - The provision for income taxes was $3.6 million in Q3 2023, with an effective tax rate of 27.8%, up from 25.2% in Q3 2022[208] - The provision for income taxes was $10.8 million for the 2023 Nine Months, with an effective tax rate of 28.1%, compared to 27.0% in the 2022 Nine Months[236] - Interest expense increased to $7.3 million for the 2023 Nine Months, primarily due to a higher effective interest rate and increased borrowings for acquisitions[234] Future Plans and Risks - The company plans to continue developing new clinics and making additional acquisitions, supported by cash generated from operations[243] - The company is subject to various risks, including changes in Medicare rules and potential retroactive reductions in revenue from Medicare and Medicaid[147] Debt and Financing - As of September 30, 2023, the outstanding balance on the Term Facility was $143.7 million, with $175.0 million of credit availability under the Revolving Facility[257] - The average effective interest rate for borrowings under the Senior Credit Facility was 5.6% for the 2023 Third Quarter and 5.7% for the 2023 Nine Months[257] - The company has outstanding notes payable related to acquisitions totaling $5.3 million, with varying payment schedules and interest rates from 3.25% to 8.0% per annum[262] - A 1% change in the interest rate would yield no additional interest expense on the Revolving Facility due to the interest rate swap arrangement[279] Acquisitions - The company acquired a 70% equity interest in a four-clinic physical therapy practice for approximately $6.0 million, with $5.4 million paid in cash[263] - The company acquired a 70% equity interest in a single clinic physical therapy practice for approximately $7.8 million, with $7.4 million paid in cash[264] - The company acquired a 70% equity interest in a five-clinic practice for approximately $2.1 million, with $1.8 million paid in cash[265] Interest Rate Management - The company has an interest rate swap agreement with a notional value of $150 million, effective from June 30, 2022, which has generated $2.3 million in interest savings since inception[261] - The fair value of the redeemable non-controlling interest was $174.7 million as of September 30, 2023[274] - The company did not purchase any shares of common stock during the three and nine months ended September 30, 2023[277]

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 ...

U.S. Physical Therapy, Inc. (NYSE:USPH) Q1 2023 Earnings Conference Call May 4, 2023 10:30 AM ET Company Participants Chris Reading - President and Chief Executive Officer Jake Martinez - Senior Vice President, Finance and Controller Carey Hendrickson - Chief Financial Officer Graham Reeve - Chief Operating Officer Conference Call Participants Larry Solow - CJS Brian Tanquilut - Jefferies Madeline Mollman - William Blair Mike Petusky - Barrington Research Operator Good day, and thank you for standing by. We ...