\n| (1)<\/td>\n | | \n\n \nThese are Non-GAAP Measures. See pages 13 to 15 of this release for the definition and reconciliation of Non-GAAP Adjusted EBITDA, Non-GAAP Operating Results and other Non-GAAP measures to the most directly comparable GAAP measure.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n MANAGEMENT\u2019S COMMENTS<\/span><\/b><\/p>\n\nChris Reading, Chief Executive Officer, said, \u201cThe past few years have been particularly challenging for our industry due in large part to the intersection and impact of Medicare reimbursement reductions done in sequence, and the rising cost of people and goods, impacted by inflation and exacerbated by a tight labor market. Despite those headwinds, our entire team has worked to find a way to grow in volume, rate, and ultimately in profit, although those results are certainly muted due to the cumulative Medicare reductions, which have been significant. As we near what we expect to be the end of these rate headwinds, we have found additional capabilities in terms of visit growth, new market expansions, positive commercial rate renegotiations and other initiatives we believe will deliver additional capacity and profitability in the future. We continue to work on the cost side of our business, which is largely people driven and, being a people-centric company, this has proven to be our greatest challenge and one where we are not (yet) satisfied with our result. To that end, we are piloting several initiatives which we believe could be impactful to our overall cost and labor efficiency while we continue more traditional efforts as well. We expect 2025 to be a solid growth year supported by these initiatives, a continued record demand for our services, further expected rate lift, and recent acquisitions in both physical therapy and our injury prevention business.\u201d<\/p>\n 2024 FOURTH QUARTER VERSUS 2023 FOURTH QUARTER<\/span><\/b><\/p>\n\nAdditional supplemental tables of financial and performance metrics are presented on page 16 of this release.<\/p>\n Physical Therapy Operations<\/i><\/b><\/p>\n\n\n | \n\n Three Months Ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Variance<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,
\n
2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n (In thousands, except percentages)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nRevenue related to:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMature Clinics (1)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n126,129<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n122,235<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n3,894<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n3.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nClinic additions (2)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23,931<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6,526<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,405<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | \n \n(6)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nClinics sold or closed (3)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,691<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,691<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | \n \n(6)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet patient revenue<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n150,060<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n131,452<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18,608<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n14.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nOther (4)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,747<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,177<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n570<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n17.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nTotal<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n153,807<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n134,629<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n19,178<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n14.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nOperating costs (4)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n126,214<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n108,380<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,834<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n16.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nGross profit<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n27,593<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n26,249<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1,344<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n5.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n Financial and operating metrics (not in thousands):<\/span><\/i><\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nNet rate per patient visit (1)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n104.73<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n103.68<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1.05<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n1.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nPatient visits (1)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,432,801<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,267,842<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n164,959<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n13.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nAverage daily visits per clinic (1)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n29.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n6.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nGross margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n19.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n | \n | \n | <\/tr>\n \n| \n \nSalaries and related costs per visit, clinics (5)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n63.00<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n59.72<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n3.28<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n5.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nOperating costs per visit, clinics (5)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n86.72<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n84.09<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2.63<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n3.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \n(1) See Glossary of Terms – Revenue Metrics <\/i>for definition.<\/p>\n<\/td>\n<\/tr>\n\n| \n \n(2) Includes 103 and 46 clinics added during the years ended December 31, 2024 and 2023, respectively.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(3) Includes 45 and 15 clinics closed during the years ended December 31, 2024 and 2023, respectively.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(4) Includes revenues and costs from management contracts.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(5) Excludes costs from management contracts.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(6) Not meaningful.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nNet revenue from physical therapy operations increased $19.2 million, or 14.2%, to $153.8 million for the 2024 Fourth Quarter from $134.6 million for the 2023 Fourth Quarter. This increase was due to the increase in visits from the 58 net new clinics added since the comparable prior year period, a 3.1% increase in visits at mature clinics and an increase in net rate per patient visit. The increase in net rate per patient visit was mainly driven by higher reimbursement rates from commercial and other payors as a result of contract negotiations.<\/p>\n \nOperating costs from physical therapy operations increased $17.8 million, or 16.5%, to $126.2 million in the 2024 Fourth from $108.4 million in the 2023 Fourth Quarter primarily driven by the 58 net new clinics added since the comparable prior year period. Salaries and related costs per visit was $63.00 in the 2024 Fourth Quarter compared to $59.72 in the 2023 Fourth Quarter while total operating costs per visit was $86.72 compared to $84.09 over the same periods, respectively.<\/p>\n \nGross profit from physical therapy operations in the 2024 Fourth Quarter increased $1.3 million, or 5.1%, to $27.6 million from $26.2 million in the 2023 Fourth Quarter while gross profit margin was 17.9% compared to 19.5% over the same periods, respectively.<\/p>\n Industrial Injury Prevention Services<\/i><\/b><\/p>\n\n\n | \n\n Three Months Ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Variance<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n December 31, 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31, 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n (In thousands, except percentages)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet revenue<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n26,639<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n20,172<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n6,467<\/p>\n<\/td>\n | | \n\n \n32.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating costs<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,705<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15,905<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,800<\/p>\n<\/td>\n | | \n\n \n36.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross profit<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n4,934<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n4,267<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n667<\/p>\n<\/td>\n | | \n\n \n15.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nGross margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n21.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n \nIIP revenues increased $6.5 million, or 32.1%, to $26.6 million for the 2024 Fourth Quarter as compared to $20.2 million for the 2023 Fourth Quarter. Excluding the Company\u2019s IIP acquisitions during the years 2023 and 2024, IIP revenues increased 18.5%. Gross profit from IIP operations in the 2024 Fourth Quarter increased $0.7 million, or 15.6%, to $4.9 million from $4.3 million in the 2023 Fourth Quarter. The gross profit margin from IIP operations was 18.5% in the 2024 Fourth Quarter compared to 21.2% in the 2023 Fourth Quarter.<\/p>\n Corporate Office and Other Expenses<\/i><\/b><\/p>\n \nCorporate office costs were $15.6 million, or 8.6% of net revenue, in the 2024 Fourth Quarter compared to $13.9 million, or 9.0% of revenue in the 2023 Fourth Quarter.<\/p>\n \nA non-cash impairment charge of $2.4 million was recognized during the 2024 Fourth Quarter related to the impairment of assets held for sale, while $17.5 million of a non-cash impairment charge was recognized during the 2023 Fourth Quarter related to a reporting unit in the Company\u2019s IIP segment.<\/p>\n \nOperating income was $14.5 million for the 2024 Fourth Quarter compared to an operating loss of $0.9 million for the 2023 Fourth Quarter. Excluding the non-cash impairment charges and clinic closure costs, adjusted operating income (1)<\/sup>, was $17.2 million in the 2024 Fourth Quarter compared to $16.6 million in the 2023 Fourth Quarter.<\/p>\n\nInterest expense was $2.0 million for both the 2024 Fourth Quarter and the 2023 Fourth Quarter. The interest rate on the Company\u2019s credit facility was 4.8% for the 2024 Fourth Quarter and 4.7% for the 2023 Fourth Quarter, with an all-in effective interest rate including all associated costs, of 5.5% and 5.4% over the same periods, respectively.<\/p>\n \nInterest income from investing excess cash (primarily proceeds from the secondary offering sale of the Company\u2019s stock completed in May 2023) in a high-yield savings account decreased to $0.3 million during the 2024 Fourth Quarter from $1.6 million in the 2023 Fourth Quarter due to a lower cash balance as a result of cash used for business acquisitions.<\/p>\n \nThe Company revalued contingent and put-right liabilities related to certain acquisitions and recognized a net gain (a decrease in the related liabilities) of $5.2 million in the 2024 Fourth Quarter compared to $1.2 million in the 2023 Fourth Quarter.<\/p>\n \nThe provision for income taxes was $5.8 million in the 2024 Fourth Quarter compared to $1.4 million in the 2023 Fourth Quarter. The 2024 Fourth Quarter includes a $1.0 million true-up of income tax expense.<\/p>\n \n\n| ___________________________<\/td>\n<\/tr>\n | \n| (1)<\/i><\/td>\n | | \n\n These are Non-GAAP Measures. See pages 13 to 15 of this release for the definition and reconciliation of Non-GAAP Adjusted EBITDA, Non-GAAP Operating Results and other Non-GAAP measures to the most directly comparable GAAP measure.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n USPH Net Income and Non-GAAP Measures<\/i><\/b><\/p>\n \nNet income attributable to non-controlling interest (temporary and permanent) was $3.3 million in the 2024 Fourth Quarter compared to net loss attributable to non-controlling interest of $1.9 million in the 2023 Fourth Quarter.<\/p>\n \nUSPH Net Income was $9.2 million for the 2024 Fourth Quarter compared to $0.7 million for the 2023 Fourth Quarter. For the 2024 Fourth Quarter, USPH Net Income included a charge of $0.2 million (prior to allocation of the related minority interest and income taxes) related to the closure of underperforming clinics, a non-cash charge of $2.4 million (prior to allocation of income taxes) related to the impairment of assets held for sale and a $1.0 million true-up of income tax expense. For the 2023 Fourth Quarter, USPH Net Income included a charge of $17.5 million (prior to the allocation of minority interest and income taxes) related to the impairment of goodwill and other intangible assets.<\/p>\n \nIn accordance with GAAP, the revaluation of redeemable non-controlling interest, net of taxes, is not included in net income but is charged directly to retained earnings; however, this change is included in the computation of earnings per share. Earnings per share for the 2024 Fourth Quarter was $0.52 compared to net loss per share of $0.38 for the 2023 Fourth Quarter.<\/p>\n \nNon-GAAP Adjusted EBITDA (1)<\/sup> was $21.8 million for the 2024 Fourth Quarter, an increase of $2.8 million, from $19.0 million for the 2023 Fourth Quarter. Non-GAAP Operating Results (1)<\/sup> was $7.8 million, or $0.51 per share, in the 2024 Fourth Quarter, a decrease of $1.2 million, or $0.08 per share, as compared to $8.9 million, or $0.59 per share, in the 2023 Fourth Quarter.<\/p>\n\n\n| ___________________________<\/td>\n<\/tr>\n | \n| (1)<\/i><\/td>\n | | \n\n These are Non-GAAP Measures. See pages 13 to 15 of this release for the definition and reconciliation of Non-GAAP Adjusted EBITDA, Non-GAAP Operating Results and other Non-GAAP measures to the most directly comparable GAAP measure.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2024 YEAR VERSUS 2023 YEAR<\/span><\/b><\/p>\n\nTotal net revenue for the 2024 Year increased $66.5 million, or 11.0%, to $671.3 million from $604.8 million for the 2023 Year while operating costs increased $64.1 million, or 13.3%, to $547.4 million from $483.3 million over the same periods, respectively. Gross profit, which included $4.4 million of costs associated with the 45 clinic closures, was $123.9 million, or 18.5% of net revenue, during the 2024 Year compared to $121.5 million, or 20.1% of net revenue, for the 2023 Year. Excluding the clinic closure costs, Adjusted gross profit (1)<\/sup> for the 2024 Year was $128.3 million, or 19.1% of net revenue, compared to $121.7 million, or 20.1% of net revenue, for the 2023 Year.<\/p>\n\nRevenues from physical therapy operations increased $47.9 million, or 9.1%, to $574.4 million in the 2024 Year compared to $526.5 million in the 2023 Year. This increase was primarily due to the increase in volume from the 58 net clinics added since the comparable prior year period, a 1.5% increase in visits at mature clinics and an increase in net rate per patient visit to $104.71 for the 2024 Year from $102.80 for the 2023 Year. Gross profit from physical therapy operations, which included $4.4 million of costs associated with the 45 clinic closures, was $103.9 million, or 18.1% of net revenue, for the 2024 Year compared to $105.1 million, or 20.0% of net revenue, for the 2023 Year. Excluding the clinic closure costs, adjusted physical therapy gross profit (1)<\/sup> was $108.3 million, or 18.9% of net revenue, in the 2024 Year compared to $105.2 million, or 20.0% of net revenue, in the 2023 Year.<\/p>\n\nRevenues from IIP increased $18.7 million, or 23.8%, to $96.9 million for the 2024 Year from $78.3 million for the 2023 Year. Gross profit from IIP operations increased $3.5 million, or 21.5%, to $20.0 million for the 2024 Year from $16.4 million for the 2023 Year while the gross profit margin from IIP operations was 20.6% for the 2024 Year compared to 21.0% for the 2023 Year.<\/p>\n \nCorporate office costs were $58.3 million, or 8.7% of net revenue, in the 2024 Year, compared to $52.0 million, or 8.6% of net revenue, in the 2023 Year.<\/p>\n \nA non-cash impairment charge of $2.4 million was recognized during the 2024 Year related to the impairment of assets held for sale while $17.5 million of non-cash impairment charge was recognized during the 2023 Year related to a reporting unit in the Company\u2019s IIP segment.<\/p>\n \nOperating income was $63.2 million for the 2024 Year compared to $52.1 million for the 2023 Year. Excluding the clinic closure costs and non-cash impairment charges, adjusted operating income (1)<\/sup> was $70.0 million during the 2024 Year compared to $69.7 million during the 2023 Year.<\/p>\n\nOther expenses were $3.0 million in the 2024 Year compared to $2.7 million in the 2023 Year, with the increase primarily due to increased net expense related to the fair value adjustments of certain contingent earn-out consideration and a put liability partially offset by lower interest expense as a result of lower outstanding borrowings and higher interest income from investing excess cash associated with proceeds from the Company\u2019s secondary offering completed in May 2023.<\/p>\n \nThe provision for income tax was $14.6 million for the 2024 Year and $12.2 million for the 2023 Year while the effective tax rate was 31.7% and 30.1% over the same periods, respectively. The 2024 Year includes a $1.0 million true-up of income tax expense.<\/p>\n \nUSPH Net Income was $31.4 million for the 2024 Year compared to $28.2 million for the 2023 Year. For the 2024 Year, USPH Net Income included a charge of $4.4 million (prior to allocation of the related minority interest and income taxes) related to the closure of 45 underperforming clinics, a non-cash charge of $2.4 million (prior to allocation of income taxes) related to the impairment of assets held for sale and a $1.0 million true-up of income tax expense. For the 2023 Year, USPH Net Income included a charge of $17.5 million (prior to the allocation of minority interest and income taxes) related to the impairment of goodwill and other intangible assets.<\/p>\n \nIn accordance with GAAP, the revaluation of noncontrolling interest, net of taxes, is not included in net income but is charged directly to retained earnings; however, this change is included in the computation of earnings per share. Earnings per share, was $1.84 for the 2024 Year compared to $1.28 for the 2023 Year.<\/p>\n \nNon-GAAP Adjusted EBITDA (1)<\/sup> was $81.8 million for the 2024 Year, an increase of $3.9 million, from $77.9 million for the 2023 Year. Non-GAAP Operating Results (1)<\/sup> was $36.9 million for the 2024 Year, an increase of $0.5 million, from $36.4 million for the 2023 Year. On a per share basis, Operating Results (1)<\/sup> decreased to $2.45 for the 2024 Year from $2.57 for the 2023 Year due to the increase in the number of shares outstanding associated with the Company\u2019s secondary offering completed in May 2023 and a $1.0 million true-up of income tax expense.<\/p>\n\nFor additional information on 2024 Year results, please refer to the Company\u2019s Annual Report on Form 10-K which is expected to be filed with the Securities and Exchange Commission on March 3, 2025.<\/p>\n \n\n| \n \n___________________________<\/p>\n<\/td>\n<\/tr>\n | \n| (1)<\/i><\/td>\n | | \n\n These are Non-GAAP Measures. See pages 13 to 15 of this release for the definition and reconciliation of Non-GAAP Adjusted EBITDA, Non-GAAP Operating Results and other Non-GAAP measures to the most directly comparable GAAP measure<\/i>.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n BALANCE SHEET AND CASH FLOW<\/span><\/b><\/p>\n\nTotal cash and cash equivalents were $41.4 million as of December 31, 2024, compared to $152.8 million at December 31, 2023, with the decrease primarily related to cash used for acquisitions during the 2024 Year. Additionally, the Company had $151.6 million of outstanding borrowings and $164.0 million in available credit under its credit facilities as of December 31, 2024, compared to $144.4 million of outstanding borrowings and $175.0 million in available credit under its credit facilities as of December 31, 2023.<\/p>\n RECENT ACQUISITIONS<\/span><\/b><\/p>\n\nOn October 31, 2024, the Company acquired a 50% equity interest in a management services organization that provides management and administrative services to 50 physical therapy clinics with the owners retaining a 50% equity interest. Through its managed therapy providers, the acquired company currently generates approximately $64.0 million in annual revenue and approximately $12.0 million in annual EBITDA on a consolidated basis.<\/p>\n \nOn November 30, 2024, the Company acquired a 75% equity interest in an eight-clinic practice with the practice owners retaining a 25% equity interest. The business currently generates $6.5 million in annual revenues and 43,000 annual visits.<\/p>\n \nThe Company\u2019s strategy is to continue acquiring multi-clinic outpatient physical therapy practices, to develop outpatient physical therapy clinics as satellites in existing partnerships and to continue acquiring companies that provide industrial injury prevention services.<\/p>\n QUARTERLY DIVIDEND<\/span><\/b><\/p>\n\nThe Company\u2019s Board of Directors increased the Company\u2019s quarterly dividend on February 25, 2025, from $0.44 per share to $0.45 per share. The Board of Directors subsequently declared a quarterly dividend of $0.45 per share payable on April 11, 2025, to shareholders of record on March 14, 2025.<\/p>\n 2025 EARNINGS GUIDANCE<\/span><\/b><\/p>\n\nManagement expects the Company\u2019s Adjusted EBITDA for 2025 to be in the range of $88 million to $93 million. As in previous years, we expect the first quarter to be the lowest quarter for EBITDA, approximately 20% of full year EBITDA, due to normal seasonal factors. The previously announced Medicare rate reduction of approximately 2.9% effective January 1, 2025, is expected to reduce the Company\u2019s revenue by approximately $6.5 million for the full year 2025 as compared to 2024, which equates to an EBITDA reduction of approximately $5.7 million, net of non-controlling interests. Management expects to more than offset the decreases in revenue and EBITDA related to the Medicare rate reduction and other factors from:<\/p>\n \n- \nthe full-year contribution from acquisitions completed in 2024<\/p>\n<\/li>\n
- \nthe full-year impact of rate negotiations in commercial and other payor categories completed during 2024<\/p>\n<\/li>\n
- \nthe partial-year impact of rate negotiations in commercial and other payor categories expected to be completed during 2025<\/p>\n<\/li>\n
- \nvolume increases at the Company\u2019s existing clinics, and<\/p>\n<\/li>\n
- \ncontinued double-digit growth in the Company\u2019s industrial injury prevention business.<\/p>\n<\/li>\n<\/ul>\n
\nThe annual guidance figures will not be updated unless there is a material development that causes management to believe that Adjusted EBITDA will be significantly outside the given range.<\/p>\n CONFERENCE CALL INFORMATION<\/span><\/b><\/p>\n\nU.S. Physical Therapy\u2019s management will host a conference call at 10:30 a.m. ET \/ 9:30 a.m. CT, on February 27, 2025, to discuss the Company\u2019s financial results for the fourth quarter and year ended December 31, 2024. Interested parties may participate in the call by dialing (800) 445-7795 (Primary) or (785) 424-1699 (Alternate) and conference ID of USPHQ424. Please call approximately 10 minutes before the call is scheduled to begin. To listen to the live call, go to the Company\u2019s website at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, a playback of the conference call can be accessed until May 28, 2025, at the Company\u2019s website.<\/p>\n FORWARD LOOKING STATEMENTS<\/span><\/b><\/p>\n\nThis press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as \u201cbelieves\u201d, \u201cexpects\u201d, \u201cintends\u201d, \u201cplans\u201d, \u201cappear\u201d, \u201cshould\u201d and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on ourcurrent views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to:<\/p>\n \n- \nchanges in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and\/or enrollment status;<\/p>\n<\/li>\n
- \nrevenue we receive from Medicare and Medicaid being subject to potential retroactive reduction\u037e<\/p>\n<\/li>\n
- \nchanges in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients\u037e<\/p>\n<\/li>\n
- \nprivate third-party payors for our services may adopt payment policies that could limit our future revenue and profitability;<\/p>\n<\/li>\n
- \ncompliance 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\u037e<\/p>\n<\/li>\n
- \ncompliance with state laws and regulations relating to the corporate practice of medicine and fee splitting, and associated fines and penalties for failure to comply \u037e<\/p>\n<\/li>\n
- \ncompetitive, 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;<\/p>\n<\/li>\n
- \nthe impact of future public health crises and epidemics\/pandemics, such as was the case with the novel strain of COVID-19 and its variants;<\/p>\n<\/li>\n
- \ncertain of our acquisition agreements contain put-rights related to a future purchase of significant equity interests in our subsidiaries or in a separate company;<\/p>\n<\/li>\n
- \nthe impact of future vaccinations and\/or testing mandates at the federal, state and\/or local level, which could have an adverse impact on staffing, revenue, costs and the results of operations;<\/p>\n<\/li>\n
- \nour debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing and our ability to operate our business;<\/p>\n<\/li>\n
- \nchanges as the result of government enacted national healthcare reform\u037e<\/p>\n<\/li>\n
- \nthe ability to control variable interest entities for which we do not have a direct ownership\u037e<\/p>\n<\/li>\n
- \nbusiness and regulatory conditions including federal and state regulations\u037e<\/p>\n<\/li>\n
- \ngovernmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased costs\u037e<\/p>\n<\/li>\n
- \nrevenue and earnings expectations\u037e<\/p>\n<\/li>\n
- \ncontingent consideration provisions in certain our acquisition agreements, the value of which may impact future financial results;<\/p>\n<\/li>\n
- \nlegal actions, which could subject us to increased operating costs and uninsured liabilities\u037e<\/p>\n<\/li>\n
- \ngeneral economic conditions, including but not limited to inflationary and recessionary periods;<\/p>\n<\/li>\n
- \nactual or perceived events involving banking volatility or limited liability, defaults or other adverse developments that affect the U.S or the international financial systems, may result in market wide liquidity problems which could have a material and adverse impact on our available cash and results of operations;<\/p>\n<\/li>\n
- \nour business depends on hiring, training, and retaining qualified employees;<\/p>\n<\/li>\n
- \navailability and cost of qualified physical therapists\u037e<\/p>\n<\/li>\n
- \ncompetitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of contractual service arrangements and other adverse financial consequences for that service line;<\/p>\n<\/li>\n
- \nour ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses;<\/p>\n<\/li>\n
- \nimpact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling interest (minority interests);<\/p>\n<\/li>\n
- \nmaintaining our information technology systems with adequate safeguards to protect against cyber-attacks\u037e<\/p>\n<\/li>\n
- \na security breach of our or our third party vendors\u2019 information technology systems may subject us to potential legal action and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act;<\/p>\n<\/li>\n
- \nmaintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination of those contractual arrangements by such clients could cause operating results to be less than expected.<\/p>\n<\/li>\n
- \nmaintaining adequate internal controls;<\/p>\n<\/li>\n
- \nmaintaining necessary insurance coverage\u037e<\/p>\n<\/li>\n
- \navailability, terms, and use of capital\u037e and<\/p>\n<\/li>\n
- \nweather and other seasonal factors.<\/p>\n<\/li>\n<\/ul>\n
\nMany factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. For additional information regarding these and other risks and uncertainties, that could cause actual results to differ materially from those contained in our forward-looking statements, please refer to \u201cRisk Factors\u201d in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (\u201cSEC\u201d) on February 29, 2024 and any risk factors contained in subsequent quarterly and annual reports we file with the SEC. Our forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.<\/p>\n GLOSSARY OF TERMS \u2013 REVENUE METRICS<\/span><\/b><\/p>\nMature clinics<\/span><\/i> are clinics opened or acquired prior to January 1, 2023, and are still operating as of the balance sheet date.<\/p>\nNet rate per patient visit<\/span><\/i> is net patient revenue related to our physical therapy operations divided by total number of patient visits (defined below) during the periods presented.<\/p>\nPatient visits<\/span><\/i>is the number of unique patient visits during the periods presented.<\/p>\nAverage daily visits per clinic<\/span><\/i> is patient visits divided by the number of days in which normal business operations were conducted during the periods presented and further divided by the average number of clinics in operation during the periods presented.<\/p>\nClinics <\/span><\/i>are outpatient physical therapy clinics that are either owned or managed by the Company or one of its subsidiaries.<\/p>\nABOUT U.S. PHYSICAL THERAPY, INC.<\/span><\/b><\/p>\n\nFounded in 1990, U.S. Physical Therapy, Inc. owns and\/or manages 772 outpatient physical therapy clinics in 43 states. USPH clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. USPH also has an industrial injury prevention business which provides onsite services for clients\u2019 employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments.<\/p>\n \nMore information about U.S. Physical Therapy, Inc. is available at www.usph.com<\/a>. The information included on that website is not incorporated into this press release.<\/p>\n \n\n| \n U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES<\/b><\/p>\n CONSOLIDATED STATEMENTS OF INCOME<\/b><\/p>\n (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n | \n\n Three Months Ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n For the Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | | \n\n December 31,
\n
2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | | \n\n December 31,
\n
2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nNet patient revenue<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n150,060<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n131,452<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n560,553<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n514,556<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther revenue<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30,387<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23,349<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n110,792<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n90,246<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet revenue<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n180,447<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n154,801<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n671,345<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n604,802<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating cost:<\/p>\n<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nSalaries and related costs<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n109,494<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n90,633<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n399,394<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n353,390<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRent, supplies, contract labor and other<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30,863<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n28,139<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n118,910<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n108,596<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,470<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,927<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,853<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14,960<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for credit losses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,847<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,572<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,912<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6,172<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nClinic closure costs – lease and other<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n246<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,355<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n175<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal operating cost<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n147,920<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n124,285<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n547,424<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n483,293<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nGross profit<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n32,527<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n30,516<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n123,921<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n121,509<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nCorporate office costs<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,571<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13,901<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n58,290<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n51,953<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment of goodwill and other intangible assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,495<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,495<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment of assets held for sale<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,418<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,418<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income (loss)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,538<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(880<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n63,213<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n52,061<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nOther (expense) income<\/p>\n<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nInterest expense, debt and other<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,049<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,010<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,015<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(9,303<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest income from investments<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n306<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,583<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,941<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,774<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in fair value of contingent earn-out consideration<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,747<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(219<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,550<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in revaluation of put-right liability<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,926<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(82<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,582<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity in earnings of unconsolidated affiliate<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n264<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n149<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n955<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRelief Funds<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n467<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n96<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n85<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n357<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n390<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nTotal other (expense) income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,784<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n986<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,004<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,685<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome before taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18,322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n106<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n60,209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n49,376<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nProvision for income taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,828<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,399<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,609<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,156<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income (loss)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12,494<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,293<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n45,600<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n37,220<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nLess: Net (income) loss attributable to non-controlling interest:<\/p>\n<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nRedeemable non-controlling interest – temporary equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,505<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,190<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(10,044<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,426<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-controlling interest – permanent equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(745<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,241<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,132<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,555<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,250<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,949<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,176<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,981<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nNet income attributable to USPH shareholders<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9,244<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n656<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n31,424<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n28,239<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nBasic and diluted earnings (loss) per share attributable to USPH shareholders (1)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.52<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.38<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.84<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1.28<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nShares used in computation – basic and diluted<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,089<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14,987<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,064<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14,188<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nDividends declared per common share<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.44<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.43<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.76<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1.72<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n (1) See page 14 of this press release for the calculation of basic and diluted earnings per share.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES<\/b><\/p>\n CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<\/b><\/p>\n (IN THOUSANDS)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n\n Three Months Ended<\/b><\/p>\n<\/td>\n | | \n\n For the Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | | \n\n December 31,
\n
2023<\/b><\/p>\n<\/td>\n | | \n\n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | | \n\n December 31,
\n
2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nNet income (loss)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n12,494<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(1,293<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n45,600<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n37,220<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther comprehensive income (loss)<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nUnrealized gain (loss) on cash flow hedge<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,960<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,982<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,642<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax effect at statutory rate (federal and state)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(500<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,017<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(6<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n420<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nComprehensive income (loss)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n13,954<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(4,258<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n45,617<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n35,998<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nComprehensive (income) loss attributable to non-controlling interest<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,250<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,949<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,176<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,981<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nComprehensive income (loss) attributable to USPH shareholders<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n10,704<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(2,309<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n31,441<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n27,017<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES<\/b><\/p>\n CONSOLIDATED BALANCE SHEET<\/b><\/p>\n (IN THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n\n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,
\n
2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nASSETS<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent assets:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n41,362<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n152,825<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPatient accounts receivable, less provision for credit losses of $3,506 and $2,736, respectively<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n59,040<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n51,866<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts receivable – other<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n26,626<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,854<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther current assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,555<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,830<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal current assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n137,583<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n233,375<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFixed assets:<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nFurniture and equipment<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n68,128<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n63,982<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLeasehold improvements<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n51,105<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n46,941<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFixed assets, gross<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n119,233<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n110,923<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLess accumulated depreciation and amortization<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(87,093<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(84,821<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFixed assets, net<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n32,140<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n26,102<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating lease right-of-use assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n133,936<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n103,431<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInvestment in unconsolidated affiliate<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12,190<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,256<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGoodwill<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n667,152<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n509,571<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther identifiable intangible assets, net<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n179,311<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n109,682<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,155<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,821<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal assets<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,167,467<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n997,238<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nLIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS\u2019 EQUITY AND NON-CONTROLLING INTEREST<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nCurrent liabilities:<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nAccounts payable – trade<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5,936<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n3,898<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n59,513<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n55,344<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent portion of operating lease liabilities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39,835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n35,252<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent portion of term loan and notes payable<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,999<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,691<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal current liabilities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n116,283<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n102,185<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotes payable, net of current portion<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n903<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,289<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevolving facility<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTerm loan, net of current portion and deferred financing costs<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n130,627<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n137,702<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeferred taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n29,465<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n24,815<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating lease liabilities, net of current portion<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n101,868<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n76,653<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther long-term liabilities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18,275<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,356<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal liabilities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n408,421<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n345,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nRedeemable non-controlling interest – temporary equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n269,025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n174,828<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nCommitments and Contingencies<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nU.S. Physical Therapy, Inc. (“USPH”) shareholders\u2019 equity:<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nPreferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommon stock, $.01 par value, 20,000,000 shares authorized,<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \n17,309,120 and 17,202,291 shares issued, respectively<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n172<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n172<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdditional paid-in capital<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n290,321<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n281,096<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccumulated other comprehensive gain<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,799<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,782<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRetained earnings<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n227,265<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n223,772<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTreasury stock at cost, 2,214,737 shares<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(31,628<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(31,628<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal USPH shareholders\u2019 equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n488,929<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n476,194<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-controlling interest – permanent equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,092<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,216<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal USPH shareholders’ equity and non-controlling interest – permanent equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n490,021<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n477,410<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal liabilities, redeemable non-controlling interest,<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nUSPH shareholders’ equity and non-controlling interest – permanent equity<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,167,467<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n997,238<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n<\/table>\n\n\n| \n U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES<\/b><\/p>\n CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/p>\n (IN THOUSANDS)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n\n Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n December 31, 2024<\/b><\/p>\n<\/td>\n | | \n\n December 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n OPERATING ACTIVITIES<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nNet income including non-controlling interest<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n45,600<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n37,220<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18,681<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15,695<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for credit losses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,912<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6,172<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity-based awards compensation expense<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,823<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,236<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmortization of debt issue costs<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n422<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n420<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in deferred income taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,365<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,490<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in revaluation of put-right liability<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n82<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,582<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in fair value of contingent earn-out consideration<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n219<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,550<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity of earnings in unconsolidated affiliate<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,014<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(955<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss on sale of clinics and fixed assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n836<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n166<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment of goodwill and other intangible assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,418<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,495<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChanges in operating assets and liabilities:<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nIncrease in patient accounts receivable<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,346<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,645<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncrease in accounts receivable – other<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6,548<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(356<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncrease in other current and long term assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(818<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(197<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDecrease in accounts payable and accrued expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,713<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(Increase) decrease in accounts payable and accrued expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,405<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,254<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet cash provided by operating activities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n74,940<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n81,978<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n INVESTING ACTIVITIES<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nPurchase of fixed assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(9,186<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(9,294<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPurchase of majority interest in businesses, net of cash acquired<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(133,087<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(26,582<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPurchase of redeemable non-controlling interest, temporary equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,052<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(10,986<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPurchase of non controlling interest, permanent equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,004<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(281<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProceeds on sale of non-controlling interest, permanent equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n26<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n102<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProceeds on sale of partnership interest – redeemable non-controlling interest, temporary equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n79<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n875<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDistributions from unconsolidated affiliate<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,080<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n830<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n694<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n321<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet cash used in investing activities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(149,450<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(45,015<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n FINANCING ACTIVITIES<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nProceeds from issuance of common stock pursuant to the secondary public offering, net of issuance costs<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n163,646<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProceeds from revolving facility<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n24,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDistributions to non-controlling interest, permanent and temporary equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,711<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(16,100<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash dividends paid to shareholders<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(26,540<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(24,128<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPayments on revolving facility<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,000<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(55,000<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPrincipal payments on notes payable<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,952<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,400<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPayments on term loan<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,750<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,750<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet cash (used in) provided by financing activities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(36,953<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n84,268<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nNet (decrease) increase in cash and cash equivalents<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(111,463<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n121,231<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents – beginning of period<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n152,825<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n31,594<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents – end of period<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n41,362<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n152,825<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nCash paid during the period for:<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nIncome taxes<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n4,832<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n4,926<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest paid<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,209<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8,655<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-cash investing and financing transactions during the period:<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| \n \nPurchase of businesses – seller financing portion<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,060<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,815<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLiabilities assumed associated with a purchase of a business<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n670<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n524<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFair market value of initial contingent consideration related to purchase of businesses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,672<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n200<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotes payable related to purchase of redeemable non-controlling interest, temporary equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n71<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,087<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotes payable related to the purchase of non-controlling interest, permanent equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n200<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotes receivable related to sale of redeemable non-controlling interest<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,890<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,136<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNotes receivable related to the sale of non-controlling interest, permanent equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n282<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n458<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOffset to notes receivable associated with purchase of redeemable non-controlling interest<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n726<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIssuance of restricted stock related to purchase of business<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,500<\/p>\n<\/td>\n | | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n–\u00a0<\/p>\n<\/td>\n | | <\/tr>\n<\/table>\nU. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES
\n
<\/b>ADJUSTED EBITDA AND OPERATING RESULTS<\/b><\/p>\n \nThe following tables provide details of the basic and diluted earnings per share computation and reconcile net income attributable to USPH shareholders calculated in accordance with GAAP to Adjusted EBITDA, Operating Results and other non-GAAP measures. Management believes providing Adjusted EBITDA, Operating Results, and other non-GAAP measures to investors is useful information for comparing the Company’s period-to-period results as well as for comparing with other similar businesses since most do not have redeemable instruments and therefore have different equity structures. Additionally, Management believes that these non-GAAP measures provide useful supplemental information to investors, analysts, and other stakeholders in assessing the Company\u2019s operational performance and financial trends. Management uses Adjusted EBITDA, Operating Results and other non-GAAP measures, which eliminate certain items described above that can be subject to volatility and unusual costs, as the principal measures to evaluate and monitor financial performance period over period.<\/p>\n \nAdjusted EBITDA, a non-GAAP measure, is defined as net income attributable to USPH shareholders before interest income, interest expense, taxes, depreciation, amortization, change in fair value of contingent earn-out consideration, payments received from the federal government under the Corona virus Aid, Relief and Economic Security Act (\u201cRelief Funds\u201d), changes in revaluation of put-right liability, equity-based awards compensation expense, clinic closure costs, non-cash impairment charges, business acquisition related costs and other income and related portions for non-controlling interests.<\/p>\n \nOperating Results, a non-GAAP measure, equals net income attributable to USPH shareholders less, changes in revaluation of a put-right liability, Relief Funds, clinic closure costs, changes in fair value of contingent earn-out consideration, business acquisition related costs, non-cash impairment charges and any allocations to non-controlling interests, all net of taxes. Operating Results per share also excludes the impact of the revaluation of redeemable non-controlling interest and the associated tax impact.<\/p>\n \nAdjusted EBITDA, Operating Results and other non-GAAP measures presented are not measures of financial performance under GAAP. Adjusted EBITDA, Operating Results and other non-GAAP measures should not be considered in isolation or as an alternative to, or substitute for, net income attributable to USPH shareholders presented in the consolidated financial statements.<\/p>\n \n\n| \n U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES<\/b><\/p>\n ADJUSTED EBITDA, OPERATING RESULTS AND EARNINGS PER SHARE<\/b><\/p>\n (IN THOUSANDS, EXCEPT PER SHARE DATA)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n For the Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,
\n
2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,
\n
2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,
\n
2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n (In thousands, except per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Adjusted EBITDA (a non-GAAP measure)<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income attributable to USPH shareholders<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9,244<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n656<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n31,424<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n28,239<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments:<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nProvision for income taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,828<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,399<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14,609<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,156<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,685<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18,681<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15,695<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest expense, debt and other, net<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,049<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,010<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8,015<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,303<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInterest income from investments<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(306<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,583<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,941<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,774<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment of goodwill and other intangible assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,495<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,495<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment of assets held for sale<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,418<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,418<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquity-based awards compensation expense<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,986<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,785<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,823<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7,236<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in revaluation of put-right liability<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(54<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,926<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n82<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,582<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in fair value of contingent earn-out consideration<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,113<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,747<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n219<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,550<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nClinic closure costs (1)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n246<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,355<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n175<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBusiness acquisition related costs (2)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n505<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n819<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRelief Funds<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(467<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(96<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(85<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(357<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(390<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAllocation to non-controlling interests<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(590<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,623<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,379<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(6,724<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n21,802<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n19,002<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n81,768<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n77,912<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n Operating Results (a non-GAAP measure)<\/i><\/b><\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nNet income attributable to USPH shareholders<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9,244<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n656<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n31,424<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n28,239<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments:<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nImpairment of goodwill and other intangible assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,495<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,495<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment of assets held for sale<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,418<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,418<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in fair value of contingent earn-out consideration<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,113<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,747<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n219<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,550<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in revaluation of put-right liability<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(54<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,926<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n82<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,582<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nClinic closure costs (1)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n246<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,355<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n175<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBusiness acquisition related costs (2)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n505<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n819<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRelief Funds<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(467<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAllocation to non-controlling interest<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,251<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(521<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,196<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax effect at statutory rate (federal and state)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n513<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,830<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,884<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,804<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n7,751<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n8,905<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n36,912<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n36,410<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nOperating Results per share (a non-GAAP measure)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.51<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.59<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2.45<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2.57<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n Earnings per share<\/i><\/b><\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nComputation of earnings per share – USPH shareholders:<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nNet income attributable to USPH shareholders<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9,244<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n656<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n31,424<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n28,239<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCharges to retained earnings:<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nRevaluation of redeemable non-controlling interest<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,806<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,577<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,964<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(13,565<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTax effect at statutory rate (federal and state)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n462<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,191<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,268<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,466<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n \n$<\/p>\n<\/td>\n | \n \n7,900<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(5,730<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n27,728<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n18,140<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nEarnings per share (basic and diluted)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.52<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.38<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1.84<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1.28<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \nShares used in computation – basic and diluted<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,089<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14,987<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15,064<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14,188<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n| _______________________________<\/td>\n<\/tr>\n | \n| \n (1)<\/i><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Costs associated with the closure of 2 and 45 clinics during the 2024 Fourth Quarter and 2024 Year, respectively. Closure costs in the 2023 Fourth Quarter and 2023 Year were not material.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (2)<\/i><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Primarily consists of legal and consulting expenses related to the acquisition of 50% equity interest in a management services organization that provides management and administrative services to 50 physical therapy clinics.<\/i>\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES<\/b><\/p>\n RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES<\/b><\/p>\n (IN THOUSANDS, EXCEPT PER SHARE DATA AND PERCENTAGES)<\/b><\/p>\n \u00a0<\/b><\/p>\n \nThe tables below reconcile other non-GAAP measures to the most directly comparable GAAP measures.<\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n | <\/tr>\n \n | \n\n Three Months Ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n December 31, 2024<\/b><\/p>\n<\/td>\n | | \n\n December 31, 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n As Reported
\n
(GAAP)<\/b><\/p>\n<\/td>\n | | \n\n Closure
\n
Costs (1)<\/b><\/p>\n<\/td>\n | | \n\n Non-Cash Impairment (2)<\/b><\/p>\n<\/td>\n | | \n\n As Adjusted
\n
(Non-GAAP)<\/b><\/p>\n<\/td>\n | | \n\n As Reported
\n
(GAAP)<\/b><\/p>\n<\/td>\n | | \n\n Closure
\n
Costs (1)<\/b><\/p>\n<\/td>\n | | \n\n Non-Cash Impairment (2)<\/b><\/p>\n<\/td>\n | | \n\n As Adjusted
\n
(Non-GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n (in thousands, except per share data, and percentages)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income (loss)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n14,538<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n246<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2,418<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n17,202<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(880)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n17,495<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n16,629<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,828<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(63)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(618)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,147<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,399<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,129)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,734)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMinority interest<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,250)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n24<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,226)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,949<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,249)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,298)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUSPH Net Income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,244<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n207<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,800<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n11,251<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n656<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,117<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,785<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEarnings per share<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.52<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.12<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.65<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(0.38)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.00<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.61<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.23<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n For the Year Ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n December 31, 2024<\/b><\/p>\n<\/td>\n | | \n\n December 31, 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n As Reported
\n
(GAAP)<\/b><\/p>\n<\/td>\n | | \n\n Closure
\n
Costs (1)<\/b><\/p>\n<\/td>\n | | \n\n Non-Cash Impairment (2)<\/b><\/p>\n<\/td>\n | | \n\n As Adjusted
\n
(Non-GAAP)<\/b><\/p>\n<\/td>\n | | \n\n As Reported
\n
(GAAP)<\/b><\/p>\n<\/td>\n | | \n\n Closure
\n
Costs (1)<\/b><\/p>\n<\/td>\n | | \n\n Non-Cash Impairment (2)<\/b><\/p>\n<\/td>\n | | \n\n As Adjusted
\n
(Non-GAAP)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n (in thousands, except per share data, and percentages)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating costs<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n547,424<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(4,355)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n543,069<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n483,293<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(175)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n483,118<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross profit<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n123,921<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,355<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n128,276<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n121,509<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n175<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n121,684<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18.5%<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n19.1%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n20.1%<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n20.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n63,213<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,355<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,418<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n69,986<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n52,061<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n175<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17,495<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n69,731<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,609<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,113)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(618)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,878<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,156<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(45)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,129)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8,982<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMinority interest<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,176)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n492<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(13,684)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,981)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n20<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,249)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,210)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUSPH Net Income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31,424<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,734<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,800<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n36,958<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n28,239<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n150<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9,117<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n37,506<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEarnings per share<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.84<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.25<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.12<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2.21<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1.28<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.01<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n0.64<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1.93<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Segment information – Physical Therapy Operations<\/i><\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating costs<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n470,485<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(4,355)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n466,130<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n421,484<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(175)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n421,309<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross profit<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n103,948<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n4,355<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n108,303<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n105,064<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n175<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n105,239<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18.1%<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18.9%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n20.0%<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | | \n\n \n*<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n20.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| ___________________________<\/td>\n<\/tr>\n | \n| \n (1)<\/i><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n Costs associated with the closure of 45 clinics during the 2024 Year. Closure costs for the comparable prior year periods were not material. We believe that presenting this information will allow investors to evaluate the performance of the Company’s business more objectively.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (2)<\/i><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n A non-cash impairment charge of $2.4 million was recognized during the 2024 Fourth Quarter related to the impairment of assets held for sale, while $17.5 million of a non-cash impairment charge was recognized during the 2023 Fourth Quarter related to a reporting unit in the Company\u2019s IIP segment.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n * Not meaningful<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES<\/b><\/p>\n SUPPLEMENTAL FINANCIAL AND PERFORMANCE METRICS<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n Revenue Metrics<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n Number of
\n
<\/b>Clinics (2)<\/sup><\/b><\/p>\n<\/td>\n | \n\n Net Rate Per
\n
<\/b>Patient Visit (1)<\/sup><\/b><\/p>\n<\/td>\n | \n\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |