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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 116,959 $ 152,825
Patient accounts receivable, less provision for credit losses of $3,443 and $2,736, respectively 57,022 51,866
Accounts receivable - other 20,056 17,854
Other current assets 10,833 10,830
Total current assets 204,870 233,375
Fixed assets:    
Furniture and equipment 66,782 63,982
Leasehold improvements 48,385 46,941
Fixed assets, gross 115,167 110,923
Less accumulated depreciation and amortization (88,602) (84,821)
Fixed assets, net 26,565 26,102
Operating lease right-of-use assets 103,938 103,431
Investment in unconsolidated affiliate 12,168 12,256
Goodwill 554,642 509,571
Other identifiable intangible assets, net 124,309 109,682
Other assets 2,699 2,821
Total assets 1,029,191 997,238
Current liabilities:    
Accounts payable - trade 6,361 3,898
Accrued expenses 64,506 55,344
Current portion of operating lease liabilities 34,828 35,252
Current portion of term loan and notes payable [1] 9,605 7,691
Total current liabilities 115,300 102,185
Notes payable, net of current portion 534 1,289
Term loan, net of current portion and deferred financing costs 132,382 137,702
Deferred taxes 24,913 24,815
Operating lease liabilities, net of current portion 77,001 76,653
Other long-term liabilities 8,343 2,356
Total liabilities 358,473 345,000
Redeemable non-controlling interest - temporary equity 186,602 174,828
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 287,002 281,096
Accumulated other comprehensive gain 1,339 2,782
Retained earnings 225,873 223,772
Treasury stock at cost, 2,214,737 shares (31,628) (31,628)
Total USPH shareholders' equity 482,758 476,194
Non-controlling interest - permanent equity 1,358 1,216
Total USPH shareholders' equity and non-controlling interest - permanent equity 484,116 477,410
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 1,029,191 $ 997,238
[1] The long-term portion is included as part of Other Long-Term Liabilities in the unaudited Consolidated Balance Sheet.