<SEC-DOCUMENT>0001140361-21-028853.txt : 20211028
<SEC-HEADER>0001140361-21-028853.hdr.sgml : 20211028
<ACCEPTANCE-DATETIME>20210819110029
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-21-028853
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210819

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:		CORRESP

	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>
<TYPE>CORRESP
<SEQUENCE>1
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      <div style="color: rgb(0, 0, 0); font-weight: bold;">VIA EDGAR</div>
      <div>&#160;</div>
      <div>August 19, 2021</div>
    </div>
    <div>
      <div style="color: rgb(0, 0, 0);">U.S. Securities and Exchange Commission</div>
      <div style="color: rgb(0, 0, 0);">Division of Corporation Finance</div>
      <div style="color: rgb(0, 0, 0);">Office of Life Sciences</div>
      <div style="color: rgb(0, 0, 0);">100 F Street, NE</div>
      <div style="color: rgb(0, 0, 0);">Washington, D.C. 20549</div>
      <div style="color: rgb(0, 0, 0);">Attn: Brian Cascio, Accounting Branch Chief</div>
      <div><br>
      </div>
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              <div style="text-align: left; font-weight: bold;">Re:</div>
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              <div style="text-align: left; font-weight: bold;">U.S. Physical Therapy, Inc.</div>
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    <div style="font-weight: bold; margin-left: 36pt;">Form 10-K For The Fiscal Year Ended December 31, 2020 Filed March 1, 2021</div>
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      <div style="margin-left: 36pt;"><font style="font-weight: bold;">Form 8-K Dated August 5, 2021</font><br>
      </div>
      <div style="font-weight: bold; margin-left: 36pt;">File No. 001-11151</div>
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      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">Dear Mr. Cascio and Ms. Lochhead:</div>
    </div>
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      <div><br>
      </div>
      <div style="text-indent: 36pt;">U.S. Physical Therapy, Inc. and its subsidiaries, <font style="color: rgb(0, 0, 0);"> (the &#8220;Corporation,&#8221; &#8220;we,&#8221; &#8220;our&#8221; or &#8220;us&#8221;) hereby transmits the Company&#8217;s response to the comment letter received from the staff (the
          &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;), dated August 10, 2021, regarding its Form 10-K For The Fiscal Year Ended December 31, 2020 and filed with the Commission on March 1, 2021 and Form 8-K Dated August 5,
          2021 (&#8220;Q2 Earnings Release&#8221;). For the Staff&#8217;s convenience, we have repeated below the Staff&#8217;s comments in bold, and have followed each comment with the Company&#8217;s response.</font></div>
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      <div><br>
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      <div style="color: rgb(0, 0, 0); font-weight: bold;">Form 10-K For The Fiscal Year Ended December 31, 2020</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z975b6019a8014813a09b0ff51dda51b2" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Item 6.</div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">Management's Discussion and Analysis of Financial Condition and Results of Operations, Results of Operations, Fiscal Year 2020 Compared to Fiscal 2019, page 31</div>
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      <div><br>
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    <div>
      <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 36pt;">1. Please respond to the following comments regarding your non-GAAP measures and revise future filings as necessary:</div>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">Within your discussion of results of operations, tell us why you present "Gross profit, excluding closure costs" and "Operating costs, excluding closure costs" without
        identifying those measures as non-GAAP and including all of the disclosures required by Item 10(e)(1)(i) of Regulation S-K. In addition, provide a discussion of the reasons for the significant changes in the related GAAP measures, "Gross profit"
        and "Operating costs as required by Item 303(b) of Regulation S-K;" </div>
    </div>
    <div>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">In future filings, please more clearly label "Operating Results" as a non-GAAP measure. Reference Item 10(e)(1)(ii) which states that a registrant should not use titles or
        descriptions of non-GAAP financial measures that are the same as, or confusingly similar to, titles or descriptions used for GAAP financial measures. Please also apply this comment to your Form10-Q and earnings releases included in Form 8-K.</div>
      <div style="color: rgb(0, 0, 0); font-weight: bold;"> <br>
      </div>
      <div style="color: rgb(0, 0, 0); font-weight: bold;"> <br>
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    <div style="color: rgb(0, 0, 0);"><u>1. Response:</u></div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">In light of the Staff&#8217;s comment, we recognize the use of the terms &#8220;Gross profit, excluding closure costs&#8221; and &#8220;Operating costs, excluding closure costs&#8221; used in our previous filings should have
        been identified as non-GAAP measures and the necessity to include an explanation of the changes in the related GAAP measures &#8220;Gross profit&#8221; and &#8220;Operating costs&#8221;.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">For purposes of Management&#8217;s Discussion and Analysis and earnings press releases, we purposefully defined gross profit less closure costs to see the business through the eyes of Management
        excluding the variability of closure costs.&#160; The gross profit, revenue less direct cost of revenue, as used in our filings, has been an important metric to our investors and analysts. Although closure costs are a recurring cost of our business, due
        to the business environment in 2020 (primarily the COVID-19 pandemic), Management determined that a number of clinics needed to be closed resulting in unusually high closure costs.&#160; Presenting the information as we have proposed below highlights
        the impact of the unusual nature of the pandemic and allows the reader to evaluate our revenue generation performance relative to direct costs of revenue.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">In future filings, we will clearly identify the non-GAAP measures as such:</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">Gross profit, excluding closure costs, a non-GAAP measure,&#8230; and Total operating costs, excluding closure costs, a non-GAAP measure&#8230;</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">Further, we will provide a detailed table reconciling the above mentioned non-GAAP measures to the related GAAP measures.&#160; An example of the format is below:</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">For the Year Ended</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            </tr>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31, 2020</div>
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              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31, 2019</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Gross profit</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Physical therapy clinics</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">82,609</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">102,808</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Management contracts</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,755</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,287</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 25.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Industrial injury prevention services</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">10,086</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">8,379</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Gross profit</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">94,450</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">112,474</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Physical therapy operations - closure costs</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">3,931</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">25</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px;">
                <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Gross profit, excluding closure costs</div>
              </td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">98,381</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
              <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
              </td>
              <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
                <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">112,499</div>
              </td>
              <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">We will prepare a comparable table for Total operating costs, excluding closure costs, a non-GAAP measure to the related GAAP measure &#8211; Total operating costs.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">In addition, we recognize that Operating Results should indicate clearly that Operating Results is a non-GAAP measure in all references which we will do in future filings.</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt;"><font style="color: rgb(37, 37, 37);">As highlighted above and included in our Form 10-K on pages 15, 25, 26, 33, 51 and 52, the principal </font><font style="color: rgb(0, 0, 0);">reasons for the significant year
          over year changes in the related GAAP measures, "Gross profit" and &#8220;Operating Costs&#8221;, were primarily due to the adverse effects of the COVID-19 pandemic which </font><font style="color: rgb(37, 37, 37);">impacted the Company&#8217;s operations and
          supply chains, including a temporary loss of physical therapists and other employees who were infected or quarantined for a period of time, an increase in cancellations of physical therapy patient appointments resulting in lower patient visits, a
          decline in the scheduling of new or additional patient appointments and significantly higher closure costs.</font></div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">In summary, we propose to revise our disclosures in future filings to eliminate any confusion or perceived inconsistency.</div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);"> <br>
      </div>
    </div>
    <div style="text-align: center;"><img src="image00001.jpg"></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="font-weight: bold;">Form 8-K Dated August 5, 2021 - Exhibit 99.1 Registrant's Press Release dated August 5, 2021, page 1</div>
    <div><br>
    </div>
    <div style="font-weight: bold; margin-left: 36pt;">2. Please revise your presentation under "Highlights" in future filings to fully comply with Question 102.10 of the Compliance and Disclosure Interpretations on Non-GAAP Financial Measures. In that
      regard, you should present the most directly comparable GAAP measure to Operating Results and Adjusted EBITDA with equal or greater prominence.</div>
    <div><br>
    </div>
    <div>
      <div style="color: rgb(0, 0, 0);"><u>2. Response:</u></div>
      <div>&#160;</div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">Generally, our purpose in presenting non-GAAP financial measures is to provide supplemental information which Management uses in its decision-making about the business, and that investors and
        analysts generally request. We believe that this provides greater transparency for investors to view the business through the eyes of Management.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">In future filings, we will revise our disclosures and present the most comparable GAAP measure to Operating Results and Adjusted EBITDA with equal or greater prominence as described in your letter
        and to fully comply with Question 102.10 of the Compliance and Disclosure Interpretations on Non-GAAP Financial measures.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">In summary, we will add a discussion of net income attributable to our shareholders and diluted earnings per share in accordance with GAAP in the highlights section.&#160; We will also clearly label all
        Non-GAAP measures as such.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">We acknowledge that our Company and Management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">We thank the Staff for its review of the foregoing and the Form 10-K for the Fiscal Year Ended December 31, 2020 and the Form 8-K Dated August 5, 2021. If you have further comments,
          please feel free to contact me at </font><u>Chendrickson@usph.com</u><font style="color: rgb(0, 0, 0);"> or by telephone at 713-297-7000.</font></div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z16525f52561d4f7ba6ec6f65c51bd7be">

        <tr>
          <td colspan="1" style="vertical-align: top; width: 50%;">&#160;</td>
          <td style="vertical-align: top; width: 50%;">
            <div>Sincerely,</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: middle; width: 50%;">&#160;</td>
          <td style="vertical-align: middle; width: 50%;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: top; width: 50%; padding-bottom: 2px;">&#160;</td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 50%;">
            <div>/s/ Carey Hendrickson</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: middle; width: 50%;">&#160;</td>
          <td style="vertical-align: middle; width: 50%;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: top; width: 50%;">&#160;</td>
          <td style="vertical-align: top; width: 50%;">
            <div>Carey Hendrickson, Chief Financial Officer</div>
            <div>U.S. Physical Therapy, Inc.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
  </div>
  <div>
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    <div style="text-align: center;"><img src="image00001.jpg"> </div>
    <div style="text-align: center;"> </div>
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