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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 35,570 $ 41,362
Patient accounts receivable, less provision for credit losses of $3,775 and $3,506, respectively 64,249 59,040
Accounts receivable - other 24,087 26,626
Other current assets 16,084 10,555
Total current assets 139,990 137,583
Fixed assets:    
Furniture and equipment 67,891 68,128
Leasehold improvements 58,985 51,105
Fixed assets, gross 126,876 119,233
Less accumulated depreciation and amortization (91,225) (87,093)
Fixed assets, net 35,651 32,140
Operating lease right-of-use assets 144,197 133,936
Investment in unconsolidated affiliate 12,275 12,190
Goodwill 692,392 667,152
Other identifiable intangible assets, net 172,861 179,311
Other assets 6,644 5,155
Total assets 1,204,010 1,167,467
Current liabilities:    
Accounts payable - trade 6,059 5,936
Accrued expenses 80,982 59,513
Current portion of operating lease liabilities 42,134 39,835
Current portion of term loan and notes payable 9,865 10,999
Total current liabilities 139,040 116,283
Notes payable, net of current portion 417 903
Revolving facility 30,500 11,000
Term loan, net of current portion and deferred financing costs 121,677 130,627
Deferred taxes 28,391 29,465
Operating lease liabilities, net of current portion 110,572 101,868
Other long-term liabilities 3,214 18,275
Total liabilities 433,811 408,421
Redeemable non-controlling interest - temporary equity 293,311 269,025
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, 17,418,621 and 17,309,120 shares issued, respectively 174 172
Additional paid-in capital 285,522 290,321
Accumulated other comprehensive gain 714 2,799
Retained earnings 227,216 227,265
Treasury stock at cost, (2,296,059 and 2,214,737 shares at December 31, 2025 and 2024, respectively) (37,194) (31,628)
Total USPH shareholders' equity 476,432 488,929
Non-controlling interest - permanent equity 456 1,092
Total USPH shareholders' equity and non-controlling interest - permanent equity 476,888 490,021
Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 1,204,010 $ 1,167,467