CONTACT: U.S. Physical Therapy, Inc. Carey Hendrickson, Chief Financial Officer email: chendrickson@usph.com Chris Reading, Chief Executive Officer (713) 297-7000 Three Part Advisors Joe Noyons (817) 778-8424 U.S. Physical Therapy Reports Second Quarter 2021 Results Management Raises Earnings Guidance Company Increases Quarterly Dividend Houston, TX, August 5, 2021 – U.S. Physical Therapy, Inc. ("USPH" or the "Company") (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of ...

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, 2021 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 ...

Financial Data and Key Metrics Changes - The company reported operating results per share of $0.96 for Q2 2021, a record high, which is $0.57 higher than $0.39 in Q2 2020 without relief funds and $0.15 or 18.5% higher than $0.81 in Q2 2019 [13][7][12] - Adjusted EBITDA reached $21.8 million, a record high, which is $2.8 million or 14.5% higher than $19 million in Q2 2020 and $10.7 million or 97.1% higher than Q2 2020 excluding relief funds [15][16] - Revenues for Q2 2021 were $126.9 million, a record high, which is $43.1 million higher than Q2 2020 and $0.6 million or 0.4% higher than Q2 2019 [16][17] Business Line Data and Key Metrics Changes - Physical therapy revenues were $113.2 million in Q2 2021, an increase of 56.7% from $72.3 million in Q2 2020, and only slightly less than $113.4 million in Q2 2019 despite having 21 fewer clinics open on average [18][19] - Revenues for the industrial injury prevention business were $10 million in Q2 2021, a 3.9% increase over Q2 2020 revenues of $9.7 million [19] Market Data and Key Metrics Changes - The net rate for physical therapy operations was $104.46 in Q2 2021, consistent with $104.72 in Q1 2021, showing resilience despite a 3.5% Medicare rate adjustment [18] - Medicare accounted for 31% of the payer mix, while workers' compensation was about 10.5% [78] Company Strategy and Development Direction - The company announced an acquisition of an 8-clinic practice, indicating a focus on growth and expansion in sports medicine-related services [8] - The management expressed confidence in the ability to continue strong performance and raised the full-year 2021 guidance range for the second time this year [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the physical therapy sector is gaining increased attention, emphasizing the importance of personal patient care [9] - The company is focused on overcoming challenges such as reimbursement and staffing while maintaining a commitment to quality care [10] Other Important Information - The company increased its quarterly dividend from $0.35 to $0.38 per share, reflecting confidence in financial performance [8] - The balance sheet remains strong with $38 million drawn on a $125 million revolving credit facility and $20.4 million in cash as of June 30, 2021 [25] Q&A Session Summary Question: Can you share insights on the strong rebound in patient volumes? - Management indicated that while there is no significant pent-up demand, the return of sports and recreational activities is expected to help maintain strong volumes [32] Question: How are you managing costs and efficiency post-COVID? - Management acknowledged improved efficiency and indicated that while there may be salary pressures, they expect to maintain margin improvements [38] Question: What is the outlook for 2022 reimbursement rates? - Management noted a proposed 3.5% reduction in reimbursement rates and emphasized the importance of advocating for the value of physical therapy [53] Question: Have patient volumes been affected by the Delta variant? - Management confirmed that there has been no degradation in patient volumes in Texas despite the Delta variant [56] Question: What is the current status of the industrial injury prevention business? - Management reported ongoing discussions and a focus on rebuilding the sales pipeline, with expectations for growth in the future [61]

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, 2021 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 ...

Financial Data and Key Metrics Changes - The company reported Q1 2021 operating results per share of $0.64, an increase of $0.34 from $0.30 per share in Q1 2020 [21] - Total revenue for Q1 2021 was $112.4 million, slightly down from the previous year, despite having one less business day and 24 fewer clinics open on average [24] - Adjusted EBITDA for Q1 2021 was $15.6 million, up from $8 million in Q1 2020 [23] - Gross profit margin increased to 23.1% in Q1 2021, up 590 basis points from 17.2% in Q1 2020 [30] Business Line Data and Key Metrics Changes - Physical therapy revenues were $102.4 million in Q1 2021, a decline of only 0.5% compared to Q1 2020 [28] - Revenues from the industrial injury prevention business increased by 1.3% to $10 million in Q1 2021 [29] - Average visits per clinic per day were 27.1 in Q1 2021, higher than 26.2 in Q1 2020 and 26.9 in Q1 2019 [25] Market Data and Key Metrics Changes - Patient volumes per clinic per day were 26.1 in January, 25.6 in February, and increased to 29.3 in March 2021, marking a record high [26][22] - The net rate for physical therapy operations was $104.72 in Q1 2021, up 1.6% from $103.11 in Q1 2020 [27] Company Strategy and Development Direction - The company is raising its guidance for the year from a range of $2.40 to $2.52 to a new range of $2.68 to $2.78 per share, driven by better-than-expected performance and strong patient volumes [12] - The company has successfully renegotiated lease contracts and secured positive pricing adjustments with payers, which are expected to benefit future performance [11] - The company continues to pursue acquisitions and partnerships, indicating a strong appetite for growth [16][95] Management's Comments on Operating Environment and Future Outlook - Management noted that while volumes are recovering, COVID-19 still impacts operations, particularly in certain regions [48] - The company expects to see a restoration of normal activities, which will provide a tailwind for growth [49] - Management expressed confidence in the resilience of operations and the potential for increased shareholder value going forward [36] Other Important Information - The company paid back $14.1 million in Medicare advance payments during Q1 2021 and funded an acquisition of $11.7 million [35] - The company has a clean balance sheet with strong cash generation, ending the quarter with approximately $18 million in cash [34] Q&A Session Summary Question: Status of visits per day and COVID impact - Management indicated that visits per day are nearly back to pre-COVID levels, but some population segments are still affected by COVID [45][48] Question: Sustainability of efficiency improvements - Management acknowledged that while some costs will return, many efficiencies gained during the pandemic will be maintained [51][55] Question: Position of the injury prevention business - Management believes there is significant room for growth in the injury prevention business, despite some setbacks during the pandemic [57] Question: Activity level in M&A pipeline - The company reported brisk activity in the M&A pipeline, focusing on partnerships that align with their growth strategy [75][95] Question: Labor costs and filling positions - Management noted mixed experiences in filling positions, with some challenges in front office roles but overall good performance in maintaining staffing levels [96] Question: Renegotiated leases - Management confirmed that approximately $350,000 in overall adjustments have been made through lease renegotiations [132]

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, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO U.S. PHYSICAL THERAPY, INC. (I.R.S. EMPLOYER IDENTIFICATION NO.) 1300 WEST SAM HOUSTON PARKWAY SOUTH, SUITE 300, HOUSTON, TEXAS 77042 (ADDRESS OF PRINCIPAL EXEC ...

U.S. Physical Therapy, Inc. (NYSE:USPH) Q4 2020 Earnings Conference Call February 25, 2021 10:30 AM ET Company Participants Christopher Reading - President, CEO, Director Carey Hendrickson - CFO Graham Reeve - COO Glenn McDowell - COO Jon Bates - VP & Controller Rick Binstein - GC Conference Call Participants Brian Tanquilut - Jefferies Larry Solow - CGS Securities Mitra Ramgopal - Sidoti Mark Juvenile - Copeland Mike Petusky - Barrington Research Operator Ladies and gentlemen, thank you for standing by. We ...

U.S. Physical Therapy, Inc. (NYSE:USPH) Q3 2020 Results Conference Call November 5, 2020 10:30 AM ET Company Participants Chris Reading - CEO Larry McAfee - EVP and CFO Glenn McDowell - COO Graham Reeve - COO Jon Bates - VP, and Controller Rick Binstein - General Counsel Conference Call Participants Larry Solow - CJS Brian Tanquilut - Jefferies Matt Larew - William Blair Mitra Ramgopal - Sidoti Mike Petusky - Barrington Research Richard Sokol - Legacy Capital Operator Ladies and gentlemen, thank you for sta ...

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, 2020 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 ...

Financial Data and Key Metrics Changes - For Q2 2020, the company's net earnings from operating results were $10.9 million or $0.85 per share, including CARES Relief Funds, compared to $10.3 million or $0.81 a year ago [19] - Revenue for the second quarter was $83.9 million, down from $126.4 million a year ago, with physical therapy operations revenue at approximately $72.3 million versus $113.4 million in Q2 2019 [20] - Total operating costs, excluding closure costs, were $64.5 million, a 32% reduction compared to the second quarter last year [21] - Adjusted EBITDA was $19 million compared to $24.9 million in the second quarter last year [23] Business Line Data and Key Metrics Changes - The gross profit for physical therapy management contracts increased to 26.9% in Q2 2020 from 15.4% a year ago [22] - The industrial injury prevention business revenue was $9.7 million, down slightly from $10.3 million in Q2 2019, but gross margins improved significantly [20][14] Market Data and Key Metrics Changes - By the end of July, patient visits improved from the 70s into the mid-80s percentage of pre-COVID volumes [11] - The company experienced a peak drop to approximately 45% of pre-COVID volume in early April, but volumes have since stabilized and improved [9][11] Company Strategy and Development Direction - The company has focused on cost control and operational efficiency during the pandemic, reducing people-related costs by an estimated 38% [8] - Telehealth services were implemented rapidly and are expected to remain a part of the care offering [10] - The company aims to maintain a close alignment between volume and cost as it gradually brings back staff [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges and emphasized the importance of partnerships during the pandemic [27] - The company anticipates that some costs will return as volumes grow, but expects improved margins compared to pre-COVID levels [28] - Management acknowledged the uncertainty regarding the full recovery of patient volumes but remains optimistic about ongoing improvements [32] Other Important Information - The company has $44 million in cash on its balance sheet, which is $20 million higher than six months ago [23] - The company has temporarily closed 30 clinics, most of which have since reopened [48] Q&A Session Summary Question: What have you learned from the cost rollback efforts? - Management learned they can mobilize quickly and efficiently, and that they were operating with some unnecessary costs [27] Question: What drove the decrease in revenue per patient? - The decrease was attributed to a lower percentage of Medicare and Medicaid patients and an increase in units per visit [30] Question: How do you view the potential for recovery in patient visits? - Management expects to return to pre-COVID levels but acknowledges that some patients may not return until a vaccine is available [32] Question: How has the competitive landscape changed during the pandemic? - The company has benefited from competitors struggling to cope with the pandemic, allowing for quicker recovery [45] Question: What impact will the proposed 9% cut to physical therapy rates have? - Management is preparing for the potential cut but believes they can manage through it as they have in the past [50]