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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 147,685 $ 31,594
Patient accounts receivable, less allowance for credit losses of $2,487 and $2,829, respectively 52,958 51,934
Accounts receivable - other 18,469 16,671
Other current assets 9,387 11,067
Total current assets 228,499 111,266
Fixed assets:    
Furniture and equipment 64,507 62,074
Leasehold improvements 46,212 42,877
Fixed assets, gross 110,719 104,951
Less accumulated depreciation and amortization 84,651 80,203
Fixed assets, net 26,068 24,748
Operating lease right-of-use assets 102,665 103,004
Investment in unconsolidated affiliate 12,256 12,131
Goodwill 522,907 494,101
Other identifiable intangible assets, net 112,112 108,755
Other assets 5,679 4,149
Total assets 1,010,186 858,154
Current liabilities:    
Accounts payable - trade 4,509 3,300
Accounts payable - due to seller of acquired business 0 3,204
Accrued expenses 35,846 37,413
Current portion of operating lease liabilities 34,446 33,709
Current portion of term loan and notes payable 7,555 7,863
Total current liabilities 82,356 85,489
Notes payable, net of current portion 2,037 1,913
Revolving facility 0 31,000
Term loan, net of current portion and deferred financing costs 139,459 142,918
Deferred taxes 26,487 21,303
Operating lease liabilities, net of current portion 76,884 77,934
Other long-term liabilities 14,758 13,029
Total liabilities 341,981 373,586
Redeemable non-controlling interest - temporary equity 174,697 167,515
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, 17,202,053 and 15,216,326 shares issued, respectively 172 152
Additional paid-in capital 279,124 110,317
Accumulated other comprehensive gain 5,746 4,004
Retained earnings 238,557 232,948
Treasury stock at cost, 2,214,737 shares (31,628) (31,628)
Total USPH shareholders' equity 491,971 315,793
Non-controlling interest - permanent equity 1,537 1,260
Total USPH shareholders' equity and non-controlling interest - permanent equity 493,508 317,053
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 1,010,186 $ 858,154