a51217710.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): November 5, 2015 (November 5, 2015)
 
 
 

U.S. PHYSICAL THERAPY, INC.
(Exact name of registrant as specified in its charter)
 
 
         
Nevada
  
1-11151
  
76-0364866
(State or other jurisdiction
of incorporation or organization)
  
(Commission
File Number)
  
(I.R.S. Employer
Identification No.)
 
     
1300 West Sam Houston Parkway South,
Suite 300, Houston, Texas
  
77042
(Address of Principal Executive Offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: (713) 297-7000
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL RESULTS
 
On November 5, 2015, U.S. Physical Therapy, Inc. (the “Company”) reported its results for the third quarter and nine months ended September 30, 2015 and will hold a conference call with investors at 9:30 Central Time on November 5. During the conference call, Adjusted EBITDA, a non-GAAP financial measure, for the three months, nine months and trailing twelve months ended September 30, 2015 will be discussed.
 
The following table reconciles adjusted net income attributable to common shareholders, the most directly comparable financial measure calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), to Adjusted EBITDA. Management believes providing Adjusted EBITDA to investors is useful information for comparing the Company’s period-to-period results.  Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization and equity compensation expense.
 
Adjusted EBITDA is not a measure of financial performance under GAAP. Items used to compute Adjusted EBITDA are significant components in understanding and assessing financial performance. Adjusted EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income attributable to common shareholders or net income including noncontrolling interests data presented in the consolidated financial statements as indicators of financial performance. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP, and is thus susceptible to varying calculations, this measurement may not be comparable to other similarly titled measures of other companies.

 
For the three months ended September 30, 2015 (in thousands):                         
            
   
2015
    
2014
  
             
Net revenues
   $ 84,049     $ 77,716  
                 
Net income attributable to U. S. Physical Therapy, Inc.
     5,818       5,216  
                 
Adjustments:
                
Depreciation and amortization
     1,982       1,857  
Interest, net (income) / expense
     231       235  
Noncontrolling interests
     2,246       2,202  
Equity grant expense
     1,162       863  
Provision for income taxes
     3,654       3,625  
                 
Adjusted EBITDA from operations including noncontrolling interests
     15,093       13,998  
                 
Noncontrolling interests
     (2,246 )     (2,202 )
                 
Adjusted EBITDA
   $ 12,847     $ 11,796  
                 

 
 
 
 
For the nine months ended September 30, 2015 (in thousands):            
   
2015
    
2014
  
             
Net revenues
   $ 244,578     $ 225,684  
                 
Net income attributable to U. S. Physical Therapy, Inc.
     16,288       15,876  
                 
Adjustments:
                
Depreciation and amortization
     5,656       4,682  
Interest, net (income) / expense
     717       819  
Noncontrolling interests
     7,044       7,285  
Equity grant expense
     3,368       2,456  
Provision for income taxes
     10,634       11,033  
                 
Adjusted EBITDA from operations including noncontrolling interests
     43,707       42,151  
                 
Noncontrolling interests
     (7,044 )     (7,285 )
                 
Adjusted EBITDA
   $ 36,663     $ 34,866  
                 
 
For the trailing twelve months ended September 30, 2015 (in thousands):            
   
2015
    
2014
  
             
Net revenues
   $ 323,968     $ 294,289  
                 
Net income attributable to U. S. Physical Therapy, Inc.
     21,265       19,779  
                 
Adjustments:
                
Depreciation and amortization
     7,714       6,063  
Interest, net (income) / expense
     968       957  
Noncontrolling interests
     9,330       9,178  
Equity grant expense
     4,275       3,107  
Provision for income taxes
     13,875       14,471  
                 
Adjusted EBITDA from operations including noncontrolling interests
     57,427       53,555  
                 
Noncontrolling interests
     (9,330 )     (9,178 )
                 
Adjusted EBITDA
   $ 48,097     $ 44,377  
                 
 
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 
 
 
 
 
 
 
ITEM 9.01
 
 
 
FINANCIAL STATEMENTS AND EXHIBITS
 
     
Exhibits
  
Description of Exhibits
   
None
  
  
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
             
       
U.S. PHYSICAL THERAPY, INC.
       
Dated: November 5, 2015
      
By:
  
/s/ LAWRANCE W. MCAFEE
           
Lawrance W. McAfee
           
Chief Financial Officer
           
(duly authorized officer and principal financial
           and accounting officer)