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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 24,229 $ 28,567
Patient accounts receivable, less allowance for credit losses of $2,799 and $2,768, respectively 49,335 46,272
Accounts receivable - other 18,239 16,144
Other current assets 4,040 4,183
Total current assets 95,843 95,166
Fixed assets:    
Furniture and equipment 60,205 58,743
Leasehold improvements 40,541 39,194
Fixed assets, gross 100,746 97,937
Less accumulated depreciation and amortization 76,601 74,958
Fixed assets, net 24,145 22,979
Operating lease right-of-use assets 94,243 96,427
Investment in unconsolidated affiliate 12,422 12,215
Goodwill 443,692 434,679
Other identifiable intangible assets, net 91,546 86,382
Other assets 1,972 1,578
Total assets 763,863 749,426
Current liabilities:    
Accounts payable - trade 3,272 3,268
Accounts payable - due to seller of acquired business 3,203 3,203
Accrued expenses 51,121 45,705
Current portion of operating lease liabilities 30,625 30,475
Current portion of notes payable 799 830
Total current liabilities 89,020 83,481
Notes payable, net of current portion 4,128 3,587
Revolving line of credit 118,000 114,000
Deferred taxes 16,067 14,385
Operating lease liabilities, net of current portion 72,162 74,185
Other long-term liabilities 4,262 7,345
Total liabilities 303,639 296,983
Redeemable non-controlling interest - temporary equity 158,008 155,262
Commitments and Contingencies
U.S. Physical Therapy, Inc. ("USPH") shareholders' equity:    
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding 0 0
Common stock, $.01 par value, 20,000,000 shares authorized, 15,206,173 and 15,126,160 shares issued, respectively 151 151
Additional paid-in capital 105,205 102,688
Retained earnings 227,243 224,395
Treasury stock at cost, 2,214,737 shares (31,628) (31,628)
Total USPH shareholders' equity 300,971 295,606
Non-controlling interest - permanent equity 1,245 1,575
Total USPH shareholders' equity and non-controlling interest - permanent equity 302,216 297,181
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 763,863 $ 749,426