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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 39,183 $ 41,362
Patient accounts receivable, less provision for credit losses of $3,620 and $3,506, respectively 64,760 59,040
Accounts receivable - other 26,136 26,626
Other current assets 15,274 10,555
Total current assets 145,353 137,583
Fixed assets:    
Furniture and equipment 68,802 68,128
Leasehold improvements 53,504 51,105
Fixed assets, gross 122,306 119,233
Less accumulated depreciation and amortization (89,542) (87,093)
Fixed assets, net 32,764 32,140
Operating lease right-of-use assets 133,197 133,936
Investment in unconsolidated affiliate 12,273 12,190
Goodwill 674,387 667,152
Other identifiable intangible assets, net 177,328 179,311
Other assets 4,385 5,155
Total assets 1,179,687 1,167,467
Current liabilities:    
Accounts payable - trade 6,088 5,936
Accrued expenses 68,326 59,513
Current portion of operating lease liabilities 40,124 39,835
Current portion of term loan and notes payable 9,257 10,999
Total current liabilities 123,795 116,283
Notes payable, net of current portion 387 903
Revolving facility 28,000 11,000
Term loan, net of current portion and deferred financing costs 128,851 130,627
Deferred taxes 34,055 29,465
Operating lease liabilities, net of current portion 100,688 101,868
Other long-term liabilities 4,903 18,275
Total liabilities 420,679 408,421
Redeemable non-controlling interest - temporary equity 260,047 269,025
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, 17,406,426 and 17,309,120 shares issued, respectively 172 172
Additional paid-in capital 292,773 290,321
Accumulated other comprehensive gain 1,783 2,799
Retained earnings 234,161 227,265
Treasury stock at cost, 2,214,737 shares (31,628) (31,628)
Total USPH shareholders' equity 497,261 488,929
Non-controlling interest - permanent equity 1,700 1,092
Total USPH shareholders' equity and non-controlling interest - permanent equity 498,961 490,021
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 1,179,687 $ 1,167,467