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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 32,605 $ 31,594
Patient accounts receivable, less allowance for credit losses of $2,674 and $2,829, respectively 56,647 51,934
Accounts receivable - other 17,816 16,671
Other current assets 10,726 11,067
Total current assets 117,794 111,266
Fixed assets:    
Furniture and equipment 63,139 62,074
Leasehold improvements 43,525 42,877
Fixed assets, gross 106,664 104,951
Less accumulated depreciation and amortization 82,026 80,203
Fixed assets, net 24,638 24,748
Operating lease right-of-use assets 100,604 103,004
Investment in unconsolidated affiliate 12,160 12,131
Goodwill 501,347 494,101
Other identifiable intangible assets, net 108,991 108,755
Other assets 2,593 4,149
Total assets 868,127 858,154
Current liabilities:    
Accounts payable - trade 4,233 3,300
Accounts payable - due to seller of acquired business 0 3,204
Accrued expenses 45,220 37,413
Current portion of operating lease liabilities 33,650 33,709
Current portion of term loan and notes payable 7,730 7,863
Total current liabilities 90,833 85,489
Notes payable, net of current portion 2,583 1,913
Revolving line of credit 38,000 31,000
Term Loan, net of current portion and deferred financing costs 142,098 142,918
Deferred taxes 21,524 21,303
Operating lease liabilities, net of current portion 75,460 77,934
Other long-term liabilities 13,870 13,029
Total liabilities 384,368 373,586
Redeemable non-controlling interest - temporary equity 164,283 167,515
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, 15,277,320 and 15,216,326 shares issued, respectively 152 152
Additional paid-in capital 112,123 110,317
Accumulated other comprehensive gain 2,651 4,004
Retained earnings 234,760 232,948
Treasury stock at cost, 2,214,737 shares (31,628) (31,628)
Total USPH shareholders' equity 318,058 315,793
Non-controlling interest - permanent equity 1,418 1,260
Total USPH shareholders' equity and non-controlling interest - permanent equity 319,476 317,053
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 868,127 $ 858,154