XML 16 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income including non-controlling interest $ 11,617 $ 11,427
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:    
Depreciation and amortization 4,095 3,788
Provision for credit losses 1,627 1,512
Equity-based awards compensation expense 1,997 1,806
Amortization of debt issue costs 106 106
Change in deferred income taxes 1,943 221
Change in revaluation of put-right liability 80 149
Change in fair value of contingent earn-out consideration (612) 698
Equity of earnings in unconsolidated affiliate (271) (274)
Loss on sale of fixed assets 5 0
Other 0 19
Changes in operating assets and liabilities:    
Increase in patient accounts receivable (5,124) (5,999)
Increase in accounts receivable - other (3,985) (796)
(Decrease) increase in other current and long term assets (433) 1,897
Decrease in accounts payable and accrued expenses (6,678) (1,846)
Increase (decrease) in other long-term liabilities 52 (1,359)
Net cash provided by operating activities 4,419 11,349
INVESTING ACTIVITIES    
Purchase of fixed assets (1,838) (2,059)
Purchase of majority interest in businesses, net of cash acquired (15,971) (5,796)
Purchase of redeemable non-controlling interest, temporary equity (2,702) (5,178)
Purchase of non controlling interest, permanent equity (498) 0
Proceeds on sale of non-controlling interest, permanent equity 23 0
Proceeds on sale of partnership interest - redeemable non-controlling interest, temporary equity 67 107
Distributions from unconsolidated affiliate 367 245
Other 88 0
Net cash used in investing activities (20,464) (12,681)
FINANCING ACTIVITIES    
Proceeds from revolving facility 0 7,000
Distributions to non-controlling interest, permanent and temporary equity (3,160) (3,297)
Principal payments on notes payable (392) (422)
Payments on term loan (938) (938)
Net cash (used in) provided by financing activities (4,490) 2,343
Net (decrease) increase in cash and cash equivalents (20,535) 1,011
Cash and cash equivalents - beginning of period 152,825 31,594
Cash and cash equivalents - end of period 132,290 32,605
Cash paid during the period for:    
Income taxes 367 442
Interest paid 1,844 1,377
Non-cash investing and financing transactions during the period:    
Purchase of interest in businesses - seller financing portion 500 360
Notes payable related to purchase of redeemable non-controlling interest, temporary equity 0 611
Offset of notes receivable associated with purchase of redeemable non-controlling interest 75 0
Notes receivable related to sale of redeemable non-controlling interest, temporary equity 315 532
Notes receivable related to the sale of non-controlling interest, permanent equity 243 0
Dividends payable to USPH shareholders $ 6,630 $ 5,617