<SEC-DOCUMENT>0001140361-20-007679.txt : 20200401
<SEC-HEADER>0001140361-20-007679.hdr.sgml : 20200401
<ACCEPTANCE-DATETIME>20200401160515
ACCESSION NUMBER:		0001140361-20-007679
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200401
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200401
DATE AS OF CHANGE:		20200401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S PHYSICAL THERAPY INC /NV
		CENTRAL INDEX KEY:			0000885978
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HEALTH SERVICES [8000]
		IRS NUMBER:				760364866
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11151
		FILM NUMBER:		20765409

	BUSINESS ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
		BUSINESS PHONE:		7132977000

	MAIL ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
</SEC-HEADER>
<DOCUMENT>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">WASHINGTON, DC 20549</div>
      <div><br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt;">&#160;<font style="font-weight: bold;">FORM 8-K</font></div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">CURRENT REPORT</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Pursuant to Section 13 or 15(d)</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">of the Securities Exchange Act of 1934</div>
      <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Date of Report (Date of earliest event reported): April 1, 2020</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt;">&#160;<font style="font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</font></div>
      <div style="text-align: center; color: #000000; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
      <div><br>
      </div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">Nevada</div>
            </td>
            <td style="width: 34.18%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">1-11151</div>
            </td>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">76-0364866</div>
            </td>
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            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(State or other jurisdiction of incorporation or organization)</div>
            </td>
            <td style="width: 34.18%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(Commission File Number)</div>
            </td>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(I.R.S. Employer Identification No.)</div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">1300 West Sam Houston Parkway South,</div>
              <div style="text-align: center; color: #000000; font-weight: bold;">Suite 300, Houston, Texas</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 49%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">77042</div>
            </td>
          </tr>
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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(Address of Principal Executive Offices)</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; color: #000000; font-weight: bold;">(Zip Code)</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; color: #000000; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (713) 297-7000</div>
      <div style="text-align: center;"><br>
      </div>
      <div style="color: #000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):</div>
      <div><br>
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                <td style="width: 40.5pt; vertical-align: top;">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
                </td>
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                <td style="width: 40.5pt; vertical-align: top;">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</div>
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                <td style="width: 40.5pt; vertical-align: top;">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
                </td>
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                <td style="width: 40.5pt; vertical-align: top;">&#9744;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
                </td>
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          </table>
        </div>
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      <div><br>
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      <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
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              <div style="text-align: center; color: #231F20;">Title of each class</div>
            </td>
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              <div style="text-align: center; color: #231F20;">Trading</div>
            </td>
            <td style="width: 48.7%; vertical-align: middle; border-right: #000000 2px solid; border-top: #000000 2px solid;">
              <div style="text-align: center; color: #231F20;">Name of each exchange on which registered</div>
            </td>
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            <td style="width: 28.62%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
            <td style="width: 22.68%; vertical-align: middle; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #231F20;">Symbol(s)</div>
            </td>
            <td style="width: 48.7%; vertical-align: middle; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
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            <td style="width: 28.62%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Common Stock, $.01 par value</div>
            </td>
            <td style="width: 22.68%; vertical-align: middle; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">USPH</div>
            </td>
            <td style="width: 48.7%; vertical-align: middle; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">New York Stock Exchange</div>
            </td>
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      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
        (&#167;240.12b-2 of this chapter).</div>
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                <div>&#160;</div>
              </td>
              <td style="width: 23%;">
                <div style="text-align: left; color: #000000;">Emerging growth company<br>
                </div>
              </td>
              <td style="width: 27%;">&#9744;</td>
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        </table>
      </div>
      <br>
      <div style="color: rgb(0, 0, 0);">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
        Section 13(a) of the Exchange Act.&#160;&#160; &#9744;</div>
      <div style="color: rgb(0, 0, 0);"> <br>
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                <td style="width: 63pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">Item 8.01</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000; font-weight: bold;">Other Events.</div>
                </td>
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        </div>
      </div>
      <div>&#160;</div>
      <div style="color: #000000; font-weight: bold;">Business Update</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">The effects of the COVID-19 pandemic continue to adversely impact U.S. Physical Therapy, Inc. (the &#8220;Company, &#8220;us&#8221;, &#8220;our&#8221; and &#8220;we&#8221;). Our patient volumes last week overall were
          approximately 55% of normal but vary significantly by region.&#160; At this point, we have 51 clinics at least temporarily closed.&#160; Clinics that remain open continue to experience a significant decline in patient volume as new patient referrals slow
          and existing patients cancel scheduled appointments and fail to schedule additional appointments. Likewise the Company&#8217;s industrial injury prevention business is experiencing a significant downturn as more of our clients&#8217; locations are on reduced
          work schedules or closed. As a result, the Company expects a significant drop in revenue and, in the near term, expects to incur operating losses. Management has taken a number of steps to mitigate these losses</font>. We have furloughed or
        terminated approximately 1,500 employees across the company to date.&#160; In our corporate office, we have made across the board salary reductions of from 20% to 25%, not including the 35% to 40% salary reduction for executives disclosed last week in
        Current Report on Form 8-K filed on March 26, 2020. In addition, many of our clinic partnerships have made similar salary reductions. We continue to renegotiate leases, deploy a telehealth and e-visit solution to perform services remotely, slow
        development <font style="color: #000000;">of new clinics, delay potential acquisitions and cut other expenses, especially any discretionary spending.</font></div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Risk Factors</div>
      <div><br>
      </div>
      <div style="color: #000000;">Our business can be affected by certain risks, uncertainties and factors which include, but are not limited to:</div>
      <div style="text-align: justify;">
        <div>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">the multiple effects of the impact of public health crises and epidemics/pandemics, such as the novel strain of&#160; COVID-19 (coronavirus) which the financial magnitude cannot be currently estimated;</div>
                </td>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">changes as the result of government enacted national healthcare reform&#894;</div>
                </td>
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      </div>
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        <div>
          <table cellspacing="0" cellpadding="0" id="z095557b8c5d44b04b183987ad166fcdd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status&#894;</div>
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      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9a63fa7e64634220a8bb50c0198ddbad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction&#894;</div>
                </td>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">business and regulatory conditions including federal and state regulations&#894;</div>
                </td>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased costs&#894;</div>
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        <div>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply&#894;</div>
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        </div>
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        <div>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients&#894;</div>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">revenue and earnings expectations&#894;</div>
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        <div>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">legal actions, which could subject us to increased operating costs and uninsured liabilities&#894;</div>
                </td>
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        </div>
      </div>
      <div style="text-align: justify;">
        <div>
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                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">general economic conditions&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">availability and cost of qualified physical therapists&#894;</div>
                </td>
              </tr>

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">personnel productivity and retaining key personnel&#894;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
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              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or
                    write-off of goodwill and other intangible assets&#894;</div>
                </td>
              </tr>

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        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">competitive environment in the industrial injury prevention business, which could result in the termination or non-renewal of contractual service arrangements and other adverse financial consequences for that
                    service line;</div>
                </td>
              </tr>

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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">acquisitions, purchase of non-controlling interests (minority interests) and the successful integration of the operations of the acquired businesses&#894;</div>
                </td>
              </tr>

          </table>
        </div>
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        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">maintaining our information technology systems with adequate safeguards to protect against cyber-attacks&#894;</div>
                </td>
              </tr>

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        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">a security breach of our or our third party vendors&#8217; 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;</div>
                </td>
              </tr>

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        <div>
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              <tr>
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                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">maintaining adequate internal controls&#894;</div>
                </td>
              </tr>

          </table>
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        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">maintaining necessary insurance coverage&#894;</div>
                </td>
              </tr>

          </table>
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        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">availability, terms, and use of capital&#894; and</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
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              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">weather and other seasonal factors.</div>
                </td>
              </tr>

          </table>
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      <div>&#160;</div>
      <div style="text-align: justify; color: #000000;">Refer to the Company&#8217;s Annual Report on Form 10-K &#8211; Item 1A. Risk Factors - filed on February 28, 2020 and the Current Report on Form 8-K filed on March 26, 2020 &#8211; Item 8.01 Other Events &#8211; Amendment
        to Risk Factors - for a listing and explanation of risk factors.<br>
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      <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURE</div>
      <div><br>
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      <div style="color: #000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: #000000; font-weight: bold;">U.S. PHYSICAL THERAPY, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: middle;">&#160;</td>
            <td style="width: 3%; vertical-align: middle;">&#160;</td>
            <td style="width: 47%; vertical-align: middle;">&#160;</td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;">Dated: April 1, 2020</div>
            </td>
            <td style="width: 3%; vertical-align: top;">
              <div style="color: #000000;">By:</div>
            </td>
            <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">/s/ LAWRANCE W. MCAFEE</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 47%; vertical-align: top;">
              <div style="color: #000000;">Lawrance W. McAfee</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
            <td style="width: 47%; vertical-align: top;">
              <div style="color: #000000;">Chief Financial Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">&#160;</td>
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              <div style="color: #000000;">(duly authorized officer and principal financial and accounting officer)</div>
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