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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 31,102 $ 41,362
Patient accounts receivable, less provision for credit losses of $4,263 and $3,506, respectively 67,629 59,040
Accounts receivable - other 23,672 26,626
Other current assets 16,032 10,555
Total current assets 138,435 137,583
Fixed assets:    
Furniture and equipment 67,522 68,128
Leasehold improvements 58,015 51,105
Fixed assets, gross 125,537 119,233
Less accumulated depreciation and amortization (91,315) (87,093)
Fixed assets, net 34,222 32,140
Operating lease right-of-use assets 139,926 133,936
Investment in unconsolidated affiliate 12,289 12,190
Goodwill 690,412 667,152
Other identifiable intangible assets, net 176,429 179,311
Other assets 4,557 5,155
Total assets 1,196,270 1,167,467
Current liabilities:    
Accounts payable - trade 7,417 5,936
Accrued expenses 56,901 59,513
Current portion of operating lease liabilities 41,960 39,835
Current portion of term loan and notes payable [1] 8,802 10,999
Total current liabilities 115,080 116,283
Notes payable, net of current portion 576 903
Revolving facility 26,500 11,000
Term loan, net of current portion and deferred financing costs 124,384 130,627
Deferred taxes 35,695 29,465
Operating lease liabilities, net of current portion 106,178 101,868
Other long-term liabilities 5,414 18,275
Total liabilities 413,827 408,421
Redeemable non-controlling interest - temporary equity 277,661 269,025
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 296,806 290,321
Accumulated other comprehensive gain 945 2,799
Retained earnings 237,272 227,265
Treasury stock at cost, 2,214,737 shares (31,628) (31,628)
Total USPH shareholders' equity 503,567 488,929
Non-controlling interest - permanent equity 1,215 1,092
Total USPH shareholders' equity and non-controlling interest - permanent equity 504,782 490,021
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 1,196,270 $ 1,167,467
[1] The long-term portion is included as part of Other Long-Term Liabilities in the Consolidated Balance Sheet.