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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 34,086 $ 41,362
Patient accounts receivable, less provision for credit losses of $3,928 and $3,506, respectively 65,956 59,040
Accounts receivable - other 27,429 26,626
Other current assets 13,061 10,555
Total current assets 140,532 137,583
Fixed assets:    
Furniture and equipment 66,756 68,128
Leasehold improvements 55,218 51,105
Fixed assets, gross 121,974 119,233
Less accumulated depreciation and amortization (89,853) (87,093)
Fixed assets, net 32,121 32,140
Operating lease right-of-use assets 137,248 133,936
Investment in unconsolidated affiliate 12,320 12,190
Goodwill 677,595 667,152
Other identifiable intangible assets, net 175,627 179,311
Other assets 4,157 5,155
Total assets 1,179,600 1,167,467
Current liabilities:    
Accounts payable - trade 4,200 5,936
Accrued expenses 65,436 59,513
Current portion of operating lease liabilities 41,038 39,835
Current portion of term loan and notes payable [1] 8,168 10,999
Total current liabilities 118,842 116,283
Notes payable, net of current portion 321 903
Revolving facility 24,500 11,000
Term loan, net of current portion and deferred financing costs 127,093 130,627
Deferred taxes 34,402 29,465
Operating lease liabilities, net of current portion 104,279 101,868
Other long-term liabilities 4,571 18,275
Total liabilities 414,008 408,421
Redeemable non-controlling interest - temporary equity 263,298 269,025
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, 17,418,856 and 17,309,120 shares issued, respectively 172 172
Additional paid-in capital 294,636 290,321
Accumulated other comprehensive gain 1,214 2,799
Retained earnings 236,356 227,265
Treasury stock at cost, 2,214,737 shares (31,628) (31,628)
Total USPH shareholders' equity 500,750 488,929
Non-controlling interest - permanent equity 1,544 1,092
Total USPH shareholders' equity and non-controlling interest - permanent equity 502,294 490,021
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 1,179,600 $ 1,167,467
[1] The long-term portion is included as part of Other Long-Term Liabilities in the Consolidated Balance Sheet.