U.S. Physical Therapy Reports Third Quarter 2021 Results
Patient Volumes Continue at Robust Pace
HOUSTON–(BUSINESS WIRE)–U.S. Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, today reported results for the third quarter and nine months ended September 30, 2021 (“2021 Third Quarter” and “2021 Nine Months”, respectively).
QUARTER HIGHLIGHTS
- For the 2021 Third Quarter, Operating Results per diluted share, excluding Relief Funds, a non-GAAP measure (defined below), was $0.85, the same as in the third quarter ended September 30, 2020 (“2020 Third Quarter”), which benefited from significantly reduced costs related to the COVID-19 pandemic, and was 21.4% higher than the Operating Results per diluted share of $0.71 for the pre-pandemic third quarter of 2019 (“2019 Third Quarter”).
- Adjusted EBITDA, excluding Relief Funds, a non-GAAP measure (defined below), was $19.9 million for the 2021 Third Quarter, 1.8% higher than the $19.6 million for the 2020 Third Quarter, and $3.0 million, or 17.6%, higher than the pre-pandemic 2019 Third Quarter. See pages 14 through 16 for a discussion and comparisons to results according to Generally Accepted Accounting Principles (“GAAP”).
- For the 2021 Third Quarter, USPH’s net income attributable to its shareholders, a GAAP measure, was $10.0 million compared to $10.9 million for the 2020 Third Quarter and $9.0 million for the 2019 Third Quarter. Inclusive of the charge or credit for revaluation of non-controlling interest, net of taxes, used to compute earnings per diluted share in accordance with GAAP, the amount is $8.5 million, or $0.66 per diluted share, for the 2021 Third Quarter as compared to $7.8 million, or $0.61 per diluted share, for the 2020 Third Quarter, and $8.4 million, or $0.66 per diluted share, for the 2019 Third Quarter.
- Average visits per clinic per day was 29.5 for the 2021 Third Quarter which was 14.3% higher than the 25.8 average visits per clinic per day for the 2020 Third Quarter and was 7.3% higher than the 27.5 average visits per clinic per day for the pre-pandemic 2019 Third Quarter. The Company’s average visits per clinic per day exceeded 29.0 for the first time in the Company’s history in March 2021 and has continued at that level or higher for seven consecutive months.
- The net rate per patient visit was $102.93 for the 2021 Third Quarter. Net rate per patient visit was $105.91 for the 2020 Third Quarter and $104.80 for the 2019 Third Quarter.
- Net patient revenue from physical therapy operations was $112.3 million for the 2021 Third Quarter, an increase of 16.5% from $96.4 million for the 2020 Third Quarter. Net patient revenue for the 2021 Third Quarter was 7.6% higher than net patient revenue from physical therapy operations of $104.4 million in the third quarter of 2019.
- Industrial injury prevention services revenue, was an all-time high of $10.5 million, for the 2021 Third Quarter, representing a 4.8% increase over the 2020 Third Quarter and a 5.5% increase over the 2019 Third Quarter.
- Net revenue of $125.9 million for the 2021 Third Quarter was 15.6% higher as compared to $108.9 million for the 2020 Third Quarter and 7.3% higher than net revenue of $117.3 million for the 2019 Third Quarter.
- Total operating cost was 76.3% of net revenue in the 2021 Third Quarter, as compared to 72.1% for the 2020 Third Quarter and 76.7% of net revenue in the pre-pandemic 2019 Third Quarter. The Third Quarter 2020 percentage reflects the significant steps taken by the Company to reduce costs as its patient volumes were negatively impacted by the effects of the COVID-19 pandemic, including temporary salary reductions, furloughs and similar measures. Likewise, total salaries and related costs were 56.0% of net revenue for the 2021 Third Quarter versus 52.8% for the 2020 Third Quarter and 56.9% for the pre-pandemic 2019 Third Quarter.
- On September 30, 2021, USPH acquired a company that specializes in return-to-work and ergonomic services, among other offerings. The business generates more than $2.0 million in annual revenue. USPH acquired the company’s assets at a purchase price of approximately $3.3 million which includes the obligation to pay up to $0.6 million in contingent payment consideration in conjunction with the acquisition if specified future operational objectives are met. The acquired company operates as part of Briotix, the Company’s industrial injury prevention services subsidiary.
- The Company’s Board of Directors declared a quarterly dividend of $0.38 per share payable on December 10, 2021 to shareholders of record on November 15, 2021.
SUMMARY OF 2021 THIRD QUARTER AND NINE MONTHS RESULTS
For the 2021 Third Quarter, USPH’s Operating Results, a non-GAAP measure (defined below) was $11.0 million, or $0.85 per diluted share, as compared to $11.1 million (inclusive of Relief Funds), or $0.86 per diluted share, for the 2020 Third Quarter. Operating Results, a non-GAAP measure, for the 2021 Third Quarter was 21.4% higher than $9.0 million, or $0.71 per diluted share, for the 2019 Third Quarter.
For the 2021 Nine Months, USPH’s Operating Results was $31.6 million, or $2.45 per diluted share, an increase of 28.6%, as compared to $24.6 million (inclusive of Relief Funds), or $1.92 per diluted share, for the nine months ended September 30, 2020 (“2020 Nine Months”). Operating Results for the 2021 Nine Months was also 13.6% higher than the $27.8 million, or $2.18 per diluted share, for the nine months ended September 30, 2019 (“2019 Nine Months”). Operating Results, a non-Generally Accepted Accounting Principles (“non-GAAP”) measure, equals net income attributable to USPH diluted shareholders per the consolidated statements of income less gain on sale of partnership interests and clinics plus charges incurred for clinic closure costs and expenses related to executive officer transitions, all net of taxes. Operating Results per diluted share also excludes the impact of the revaluation of redeemable non-controlling interest and the associated tax impact. See tables on pages 17 and 18.
For the 2021 Third Quarter, USPH’s net income attributable to its shareholders, a GAAP measure, was $10.0 million as compared to $10.9 million for the 2020 Third Quarter and $9.0 million for the 2019 Third Quarter. Inclusive of the charge or credit for revaluation of non-controlling interest, net of taxes, used to compute diluted earnings per diluted share in accordance with GAAP, the amount is $8.5 million, or $0.66 per diluted share, for the 2021 Third Quarter, $7.8 million, or $0.61 per diluted share, for the 2020 Third Quarter, and $8.4 million, or $0.66 per diluted share, for the 2019 Third Quarter.
For the 2021 Nine Months, USPH’s net income attributable to its shareholders was $30.6 million, as compared to $22.2 million for the 2020 Nine Months (inclusive of $4.7 million of Relief Funds, net of non-controlling interest and taxes) and $32.1 million for the 2019 Nine Months (inclusive of a gain on sale of partnerships and clinics of $4.3 million, net of taxes). Including the charge or credit for revaluation of non-controlling interest, net of taxes, used to compute diluted earnings per diluted share in accordance with GAAP, the amount is $21.8 million, or $1.69 per diluted share, for the 2021 Nine Months and $23.0 million, or $1.80 per diluted share, for the 2020 Nine Months, and $24.2 million, or $1.90 per diluted share, for the 2019 Third Quarter.
In accordance with current accounting guidance, the revaluation of redeemable non-controlling interest, net of taxes, is not included in net income but charged directly to retained earnings; however, the charge or credit for this change is included in the earnings per basic and diluted share calculation. See the schedule on page 16 for the computation of earnings per diluted share. In 2021 Third Quarter, 2021 Nine Months, 2020 Third Quarter, 2019 Third Quarter and 2019 Nine Months, the valuations increased therefore there was a charge to retained earnings. In the 2020 Nine Months, the valuation of redeemable non-controlling interest decreased due to the results associated with the pandemic resulting in a credit to retained earnings.
As previously disclosed in a series of filings with the SEC and further described in detail in our Quarterly Reports on Form 10-Q for the first three quarters of 2020 and our 2020 Annual Report, the Company’s results were negatively impacted by the effects of the COVID-19 pandemic in 2020. For 2021 periods as compared to 2020 periods, the increase in revenues and expenses are largely due to the Company returning to and now exceeding pre-pandemic patient volumes.
Third Quarter 2021 Compared to Third Quarter 2020
- Reported net revenue for the 2021 Third Quarter was $125.9 million, an increase of 15.6% as compared to $108.9 million for the 2020 Third Quarter. See table below for a detail of reported net revenue (in thousands):
|
|
| Three Months Ended |
| |||||
|
|
| September |
|
| September |
| ||
| Revenue related to Mature Clinics |
| $ | 101,954 |
|
| $ | 92,933 |
|
| Revenue related to 2021 Clinic Additions |
|
| 4,997 |
|
|
| – |
|
| Revenue related to 2020 Clinic Additions |
|
| 5,277 |
|
|
| 2,850 |
|
| Revenue from clinics sold or closed in 2021 |
|
| 65 |
|
|
| 307 |
|
| Revenue from clinics sold or closed in 2020 |
|
| 34 |
|
|
| 308 |
|
| Net patient revenue from physical therapy operations |
|
| 112,327 |
|
|
| 96,398 |
|
| Other revenue |
|
| 759 |
|
|
| 512 |
|
| Revenue from physical therapy operations |
|
| 113,086 |
|
|
| 96,910 |
|
| Management contract revenue |
|
| 2,313 |
|
|
| 2,004 |
|
| Industrial injury prevention services |
|
| 10,494 |
|
|
| 10,015 |
|
| Net Revenue |
| $ | 125,893 |
|
| $ | 108,929 |
|
|
|
|
|
|
|
|
|
|
|
- Net patient revenue from physical therapy operations increased $15.9 million, or 16.5%, to $112.3 million for the 2021 Third Quarter from $96.4 million for the 2020 Third Quarter. Included in net patient revenue are revenues related to clinics sold or closed in 2021 and 2020 of $99,000 for the 2021 Third Quarter and $0.6 million for the 2020 Third Quarter. During the full year of 2020, the Company sold its interest in 14 clinics and closed 34 clinics. For comparison purposes, net patient revenue from physical therapy operations, excluding revenue from the clinics sold or closed, was approximately $112.2 million for Third Quarter 2021, inclusive of $10.3 million related to clinics opened or acquired in the 2021 Nine Months (“2021 Clinic Additions”) and 2020 year (“2020 Clinic Additions”), together referred to as “Clinic Additions”, and $95.8 million for the Third Quarter 2020, inclusive of $2.9 million for 2020 Clinic Additions. Net patient revenue related to clinics opened or acquired prior to 2020 and still in operation at September 30, 2021 (“Mature Clinics”) increased $9.0 million, or 9.7%, to $102.0 million for the 2021 Third Quarter compared to $92.9 million for the 2020 Third Quarter.
- The average net patient revenue per visit was $102.93 for the 2021 Third Quarter as compared to $105.91 for the 2020 Third Quarter, including all clinics operational during such periods. Total patient visits increased 19.9% to 1,091,329 for the 2021 Third Quarter from 910,155 for the 2020 Third Quarter.
- Visits for Mature Clinics (same store) for the 2021 Third Quarter increased 13.7% as compared to the 2020 Third Quarter while the net rate per visit decreased 3.5%.
- Revenue from physical therapy management contracts increased 15.4% to $2.3 million for the 2021 Third Quarter as compared to $2.0 million for the 2020 Third Quarter.
- Revenue from the industrial injury prevention services business increased 4.8% to $10.5 million for the 2021 Third Quarter as compared to $10.0 million for the 2020 Third Quarter.
- Other miscellaneous revenue was $0.8 million for the 2021 Third Quarter and $0.5 million for the 2020 Third Quarter. Other miscellaneous revenue includes a variety of services, including athletic trainers provided for schools and athletic events.
- Total operating cost, less closure costs, a non-GAAP measure, was $96.1 million for the 2021 Third Quarter, or 76.3% of net revenue, as compared to $78.5 million for the 2020 Third Quarter, or 72.1% of net revenue. The Company took a number of steps throughout 2020 to reduce costs as its patient volumes were negatively impacted by the effects of the COVID-19 pandemic, as previously noted. For comparison purposes, total operating cost less closure costs, was 76.7% of net revenue in the pre-pandemic third quarter of 2019, and was 76.9% and 73.0% of net revenue in the first and second quarters of 2021, respectively. Included in operating cost for the 2021 Third Quarter and 2020 Third Quarter was $8.8 million and $2.2 million, respectively, related to Clinic Additions. Operating cost related to Mature Clinics increased by $10.5 million for the 2021 Third Quarter compared to the 2020 Third Quarter. In addition, operating cost related to the industrial injury prevention services business increased by $0.7 million. See table below for a reconciliation of operating cost, less closure costs (in thousands):
|
|
| Three Months Ended |
| |||||
|
|
| September |
|
| September |
| ||
| Operating cost related to Mature Clinics |
| $ | 77,325 |
|
| $ | 66,867 |
|
| Operating cost related to 2021 Clinic Additions |
|
| 3,790 |
|
|
| – |
|
| Operating cost related to 2020 Clinic Additions |
|
| 5,031 |
|
|
| 2,237 |
|
| Operating cost related to clinics sold or closed in 2021 |
|
| 68 |
|
|
| 333 |
|
| Operating cost related to clinics sold or closed in 2020 |
|
| 13 |
|
|
| 301 |
|
| Closure costs |
|
| 5 |
|
|
| 79 |
|
| Physical therapy operations |
|
| 86,232 |
|
|
| 69,817 |
|
| Physical therapy management contracts |
|
| 2,044 |
|
|
| 1,608 |
|
| Industrial injury prevention services |
|
| 7,818 |
|
|
| 7,147 |
|
| Total operating cost |
| $ | 96,094 |
|
| $ | 78,572 |
|
| Less: Physical therapy operations – closure costs | (5 | ) | (79 | ) | ||||
|
|
|
|
|
|
|
|
|
|
| Total operating cost less closure costs (a non-GAAP measure) |
| $ | 96,089 |
|
| $ | 78,493 |
|
|
|
|
|
|
|
|
|
|
|
- Total salaries and related costs, including physical therapy operations and the industrial injury prevention services business, were 56.0% of net revenue for the 2021 Third Quarter versus 52.8% for the 2020 Third Quarter. For comparison purposes, total salaries and related costs was 56.9% of net revenue in the pre-pandemic 2019 Third Quarter, and was 56.8% and 54.3% of net revenue in the first and second quarters of 2021, respectively. Rent, supplies, contract labor and other costs as a percentage of net revenue was 19.3% for the 2021 Third Quarter versus 18.1% for the 2020 Third Quarter. The provision for credit losses as a percentage of net revenue was 1.1% for the 2021 Third Quarter and 1.2% for the 2020 Third Quarter.
- Gross profit less closure costs, a non-GAAP measure, for the 2021 Third Quarter, was $29.8 million, a decrease of $0.6 million, or approximately 2.1%, as compared to $30.4 million for the 2020 Third Quarter. The gross profit percentage, excluding closure costs, was 23.7% of net revenue for the 2021 Third Quarter as compared to 27.9% for the 2020 Third Quarter. The gross profit percentage for the Company’s physical therapy operations, less closure costs, was 23.8% for the 2021 Third Quarter as compared to 28.0% for the 2020 Third Quarter. The gross profit percentage on physical therapy management contracts was 11.6% for the 2021 Third Quarter as compared to 19.8% for the 2020 Third Quarter. The gross profit percentage for the industrial injury prevention services business was 25.5% for the 2021 Third Quarter as compared to 28.6% for the 2020 Third Quarter. The table below details the gross profit, less closure costs, a non-GAAP measure (in thousands):
|
|
| Three Months Ended |
| |||||
|
|
| September |
|
| September |
| ||
|
|
|
|
|
|
|
| ||
| Physical therapy operations |
| $ | 26,859 |
|
| $ | 27,172 |
|
| Management contracts |
|
| 269 |
|
|
| 396 |
|
| Industrial injury prevention services |
|
| 2,676 |
|
|
| 2,868 |
|
| Physical therapy operations – closure costs |
|
| (5 | ) |
|
| (79 | ) |
| Gross profit |
| $ | 29,799 |
|
| $ | 30,357 |
|
|
|
|
|
|
|
|
|
|
|
| Physical therapy operations – closure costs |
|
| 5 |
|
|
| 79 |
|
| Gross profit, less closure costs (a non-GAAP measure) |
| $ | 29,804 |
|
| $ | 30,436 |
|
|
|
|
|
|
|
|
|
|
|
- Corporate office cost was $12.9 million for the 2021 Third Quarter compared to $10.4 million for the 2020 Third Quarter. The 2021 Third Quarter included $1.3 million in equity compensation expense related to the accelerated vesting of restricted stock previously granted to the Company’s Chief Operations Officer-West upon his retirement in July 2021. Corporate office cost was 10.2% of net revenue for the 2021 Third Quarter as compared to 9.6% for the 2020 Third Quarter. Excluding the equity compensation expense related to the retirement of the Chief Operations Officer – West, Corporate office cost was 9.2% of net revenue for the 2021 Third Quarter.
- Other income includes $1.2 million of income related to the positive resolution of a payor matter during the 2021 Third Quarter.
- Operating income for the 2021 Third Quarter was $16.9 million, a decrease of $3.0 million, or 15.1%, as compared to $19.9 million for the 2020 Third Quarter. Operating income as a percentage of net revenue was 18.3% for the 2020 period as compared to 13.4% for the 2021 period.
- Interest expense was $268,000 for the 2021 Third Quarter and $351,000 for the 2020 Third Quarter.
- The provision for income tax was $3.8 million for the 2021 Third Quarter and $4.3 million for the 2020 Third Quarter. The provision for income tax as a percentage of income before taxes less net income attributable to non-controlling interest (effective tax rate) was 27.6% for the 2021 Third Quarter and 28.2% for the 2020 Third Quarter. See table below ($ in thousands):
|
|
| Three Months Ended |
| |||||
|
|
| September |
|
| September |
| ||
|
|
|
|
|
|
|
| ||
| Income before taxes |
| $ | 17,938 |
|
| $ | 20,042 |
|
|
|
|
|
|
|
|
|
|
|
| Less: net income attributable to non-controlling interest: |
|
|
|
|
|
|
|
|
| Redeemable non-controlling interest – temporary equity |
|
| (2,605 | ) |
|
| (1,828 | ) |
| Non-controlling interest – permanent equity |
|
| (1,509 | ) |
|
| (3,019 | ) |
|
|
| $ | (4,114 | ) |
| $ | (4,847 | ) |
| Income before taxes less net income attributable to non-controlling interest |
| $ | 13,824 |
|
| $ | 15,195 |
|
| Provision for income taxes |
| $ | 3,815 |
|
| $ | 4,279 |
|
|
|
|
|
|
|
|
|
|
|
| Percentage |
|
| 27.6 | % |
|
| 28.2 | % |
|
|
|
|
|
|
|
|
|
|
- Net income attributable to redeemable non-controlling interest (temporary equity) was $2.6 million for the 2021 Third Quarter and $1.8 million for the 2020 Third Quarter. Net income attributable to non-controlling interest (permanent equity) was $1.5 million for the 2021 Third Quarter and $3.0 million for the 2020 Third Quarter.
2021 Nine Months Compared to 2020 Nine Months
- Reported net revenue for the 2021 Nine Months increased $59.7 million, or 19.5% to $365.2 million as compared to $305.5 million for the 2020 Nine Months. See table below for a detail of reported net revenue (in thousands):
|
|
| Nine Months Ended |
| |||||
|
|
| September |
|
| September |
| ||
| Revenue related to Mature Clinics |
| $ | 300,792 |
|
| $ | 257,940 |
|
| Revenue related to 2021 Clinic Additions |
|
| 7,527 |
|
|
| – |
|
| Revenue related to 2020 Clinic Additions |
|
| 16,010 |
|
|
| 5,782 |
|
| Revenue from clinics sold or closed in 2021 |
|
| 458 |
|
|
| 908 |
|
| Revenue from clinics sold or closed in 2020 |
|
| 32 |
|
|
| 4,173 |
|
| Net patient revenue from physical therapy operations |
|
| 324,819 |
|
|
| 268,803 |
|
| Other revenue |
|
| 2,222 |
|
|
| 1,407 |
|
| Revenue from physical therapy operations |
|
| 327,041 |
|
|
| 270,210 |
|
| Management contract revenue |
|
| 7,611 |
|
|
| 5,744 |
|
| Industrial injury prevention services |
|
| 30,537 |
|
|
| 29,549 |
|
| Net Revenue |
| $ | 365,189 |
|
| $ | 305,503 |
|
|
|
|
|
|
|
|
|
|
|
- Net patient revenue from physical therapy operations increased $56.0 million, or 20.8%, to $324.8 million for the 2021 Nine Months from $268.8 million for the 2020 Nine Months. Included in net patient revenues are revenues related to clinics sold or closed in 2021 and 2020 of $0.5 million for the 2021 Nine Months and $5.1 million for the 2020 Nine Months. During 2021 Nine Months, the Company sold its interest in 2 clinics and closed 3 clinics. During the full year of 2020, the Company sold its interest in 14 clinics and closed 34 clinics. For comparison purposes, excluding revenue from the clinics sold or closed, net patient revenue from physical therapy operations was approximately $324.3 million for the 2021 Nine Months, inclusive of $23.5 million related Clinic Additions and $263.7 million for the 2020 Nine Months, inclusive of $5.8 million for 2020 Clinic Additions. Revenue related to Mature Clinics increased $42.9 million, or 16.6%, for the 2021 Nine Months compared to the 2020 Nine Months.
- The average net patient revenue per visit was $104.00 for the 2021 Nine Months as compared to $105.13 for the 2020 Nine Months, including all clinics operational during such periods. Total patient visits were 3,123,187 for the 2021 Nine Months and 2,556,879 for the 2020 Nine Months, an increase of 22.1%.
- Visits for Mature Clinics (same store) for the 2021 Nine Months increased 18.1% as compared to the 2020 Nine Months while the net rate per visit decreased 1.3%.
- Revenue from physical therapy management contracts was $7.6 million for the 2021 Nine Months, an increase of 32.5%, as compared to $5.7 million for the 2020 Nine Months.
- Revenue from the industrial injury prevention services business increased 3.3% to $30.5 million for the 2021 Nine Months as compared to $29.5 million for the 2020 Nine Months.
- Other miscellaneous revenue was $2.2 million for the 2021 Nine Months and $1.4 million for the 2020 Nine Months. Other miscellaneous revenue includes a variety of services, including athletic trainers provided for schools and athletic events.
- Total operating cost, less closure costs, a non-GAAP measure, was $275.2 million for the 2021 Nine Months, or 75.4% of net revenue, as compared to $236.2 million for the 2020 Nine Months, or 77.3% of net revenue. For comparison purposes, total operating cost less closure costs, were 76.2% of net revenue in the pre-pandemic 2019 Nine Months. Included in operating cost for the 2021 Nine Months was $20.7 million related to Clinic Additions, of which $14.7 million is associated with 2020 Clinic Additions. Included in operating cost for the 2020 Nine Months was $4.5 million related to 2020 Clinic Additions. Operating cost related to Mature Clinics increased by $25.8 million for the 2021 Nine Months compared to the 2020 Nine Months. In addition, operating cost related to the industrial injury prevention services business increased by $0.8 million. See table below for a detail of operating cost, less closure costs (in thousands):
|
|
| Nine Months Ended |
| |||||
|
|
| September |
|
| September |
| ||
| Operating cost related to Mature Clinics |
| $ | 224,936 |
|
| $ | 199,186 |
|
| Operating cost related to 2021 Clinic Additions |
|
| 5,952 |
|
|
| – |
|
| Operating cost related to 2020 Clinic Additions |
|
| 14,702 |
|
|
| 4,509 |
|
| Operating cost related to clinics sold or closed in 2021 |
|
| 484 |
|
|
| 999 |
|
| Operating cost related to clinics sold or closed in 2020 |
|
| 9 |
|
|
| 5,131 |
|
| Closure costs |
|
| 20 |
|
|
| 3,926 |
|
| Physical therapy operations |
|
| 246,103 |
|
|
| 213,751 |
|
| Physical therapy management contracts |
|
| 6,492 |
|
|
| 4,582 |
|
| Industrial injury prevention services |
|
| 22,595 |
|
|
| 21,838 |
|
| Total operating cost |
| $ | 275,190 |
|
| $ | 240,171 |
|
| Less: Physical therapy operations – closure costs |
|
| (20 | ) |
|
| (3,926 | ) |
| Total operating cost less closure costs (a non-GAAP measure) |
| $ | 275,170 |
|
| $ | 236,245 |
|
|
|
|
|
|
|
|
|
|
|
- Total salaries and related costs, including physical therapy operations and the industrial injury prevention services business, was 55.6% of net revenue for both the 2021 Nine Months and 2020 Nine Months. For comparison purposes, total salaries and related costs was 56.6% of net revenue in the pre-pandemic 2019 Nine Months. Rent, supplies, contract labor and other costs as a percentage of net revenue was 18.6% for the 2021 Nine Months versus 20.6% for the 2020 Nine Months. The provision for credit losses as a percentage of net revenue was 1.1% for both the 2021 Nine Months and 2020 Nine Months.
- Gross profit less closure costs, a non-GAAP measure, was $90.
Contacts
U.S. Physical Therapy, Inc.
Carey Hendrickson, Chief Financial Officer
email: [email protected]
Chris Reading, Chief Executive Officer
(713) 297-7000
Three Part Advisors
Joe Noyons
(817) 778-8424
