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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 112,911 $ 152,825
Patient accounts receivable, less provision for credit losses of $3,184 and $2,736, respectively 54,659 51,866
Accounts receivable - other 21,669 17,854
Other current assets 12,438 10,830
Total current assets 201,677 233,375
Fixed assets:    
Furniture and equipment 65,775 63,982
Leasehold improvements 48,730 46,941
Fixed assets, gross 114,505 110,923
Less accumulated depreciation and amortization (88,277) (84,821)
Fixed assets, net 26,228 26,102
Operating lease right-of-use assets 105,484 103,431
Investment in unconsolidated affiliate 12,243 12,256
Goodwill 548,970 509,571
Other identifiable intangible assets, net 123,903 109,682
Other assets 4,629 2,821
Total assets 1,023,134 997,238
Current liabilities:    
Accounts payable - trade 4,100 3,898
Accrued expenses 58,056 55,344
Current portion of operating lease liabilities 35,243 35,252
Current portion of term loan and notes payable [1] 9,700 7,691
Total current liabilities 107,099 102,185
Notes payable, net of current portion 1,511 1,289
Term loan, net of current portion and deferred financing costs 134,188 137,702
Deferred taxes 26,531 24,815
Operating lease liabilities, net of current portion 78,329 76,653
Other long-term liabilities 5,507 2,356
Total liabilities 353,165 345,000
Redeemable non-controlling interest - temporary equity 184,354 174,828
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, 17,291,366 and 17,202,291 shares issued, respectively 172 172
Additional paid-in capital 285,462 281,096
Accumulated other comprehensive gain 4,084 2,782
Retained earnings 226,482 223,772
Treasury stock at cost, 2,214,737 shares (31,628) (31,628)
Total USPH shareholders' equity 484,572 476,194
Non-controlling interest - permanent equity 1,043 1,216
Total USPH shareholders' equity and non-controlling interest - permanent equity 485,615 477,410
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 1,023,134 $ 997,238
[1] The long-term portion is included as part of Other Long-Term Liabilities in the unaudited Consolidated Balance Sheet.