U.S. Physical Therapy(USPH) - 2025 Q1 - Quarterly Results

Financial Performance - Adjusted EBITDA for Q1 2025 was $19.5 million, a 16.5% increase from $16.8 million in Q1 2024[19] - Net income attributable to USPH's shareholders for Q1 2025 was $9.9 million, compared to $8.0 million in Q1 2024, with earnings per share rising to $0.80 from $0.46[18] - Operating income for Q1 2025 was $19.6 million, a 31.6% increase from $14.9 million in Q1 2024[13] - The company reported a net income of $13.5 million for the first quarter of 2025, compared to $11.6 million in the same quarter of 2024, representing a 15.9% increase[33] - Comprehensive income attributable to USPH shareholders for the first quarter of 2025 was $8.9 million, down from $9.4 million in the same quarter of 2024[34] - Net income including non-controlling interest for the three months ended March 31, 2025, was $13,468 thousand, compared to $11,617 thousand for the same period in 2024, reflecting a year-over-year increase of 15.9%[38] - Adjusted EBITDA for the first quarter of 2025 was $19,539 thousand, up from $16,771 thousand in the first quarter of 2024, indicating a growth of 10.5%[45] - Basic and diluted earnings per share attributable to USPH shareholders increased to $0.80 for the first quarter of 2025, compared to $0.46 in the same quarter of 2024[33] - Earnings per share (basic and diluted) for the first quarter of 2025 were $0.80, compared to $0.46 in the first quarter of 2024, reflecting a significant increase of 73.9%[45] Revenue and Patient Metrics - Total revenue from physical therapy operations increased by $22.0 million, or 16.4%, to $156.4 million in Q1 2025[8] - Net patient revenue for the three months ended March 31, 2025, was $152.5 million, up 16.4% from $131.1 million for the same period in 2024[33] - Average daily patient visits per clinic reached an all-time high of 31.4 in Q1 2025, up from 29.5 in Q1 2024, with total patient visits increasing by 13.9%[2] - The number of clinic visits increased to 1,443,805 in Q1 2025, compared to 1,268,002 in Q1 2024, representing a growth of approximately 13.8%[51] - The average net rate per visit rose to $105.66 in Q1 2025, up from $103.37 in Q1 2024, indicating an increase of 2.2%[51] Clinic Operations - The company added 14 clinics and closed 7 clinics, bringing the total clinic count to 773 as of March 31, 2025[2] - The company operated 736 clinics as of March 31, 2025, an increase from 679 clinics a year earlier, reflecting a growth of 8.4%[52] - The company managed a total of 773 clinics (owned and managed) as of March 31, 2025, compared to 720 clinics a year prior, marking a 7.4% increase[53] - The company added 14 new clinics in Q1 2025, maintaining a steady growth trajectory[52] - The company closed or sold 7 clinics in Q1 2025, compared to 6 in Q1 2024, indicating ongoing adjustments in its clinic portfolio[52] Costs and Expenses - Corporate office costs increased to $16.2 million in Q1 2025 from $14.1 million in Q1 2024, but improved as a ratio to net revenue to 8.8%[12] - Total operating costs for the first quarter of 2025 were $152.7 million, an increase from $127.3 million in the same quarter of 2024[33] - Salaries and related costs per visit decreased slightly to $63.58 in Q1 2025 from $63.53 in Q1 2024[48] - Operating costs per visit also saw a minor reduction, from $89.33 in Q1 2024 to $89.28 in Q1 2025[48] - The company incurred clinic closure costs of $242 thousand in Q1 2025, associated with the closure of 7 clinics, compared to $126 thousand for 6 clinics in Q1 2024[45] Cash and Assets - Total cash and cash equivalents decreased to $39.2 million as of March 31, 2025, from $41.4 million as of December 31, 2024, and $132.3 million as of March 31, 2024[20] - Cash and cash equivalents decreased to $39,183 thousand at the end of March 2025, down from $41,362 thousand at the beginning of the period, a decline of 5.3%[38] - Total assets increased to $1,179,687 thousand as of March 31, 2025, up from $1,167,467 thousand at December 31, 2024, representing a growth of 1.9%[36] - The total current liabilities increased to $123,795 thousand as of March 31, 2025, from $116,283 thousand at December 31, 2024, marking a rise of 6.3%[36] - The company’s total liabilities reached $420,679 thousand as of March 31, 2025, an increase from $408,421 thousand at December 31, 2024, representing a growth of 3.2%[36] Dividends and Acquisitions - The company declared a quarterly dividend of $0.45 per share, payable on June 13, 2025[3] - The company declared a quarterly dividend of $0.45 per share, an increase from $0.44 per share in the previous year[24] - The company acquired a 65% equity interest in a three-clinic practice generating $4.3 million in annual revenue[21] - An outpatient home care physical and speech therapy practice was acquired, generating approximately $2.1 million in annual revenue[22] Future Outlook - The company aims to continue acquiring multi-clinic outpatient physical therapy practices and develop outpatient clinics as satellites in existing partnerships[23] - Future outlook includes continued expansion and management of clinics, with a focus on enhancing operational efficiency and profitability[48]