USPH Stock Balance Sheets

U.S. Physical Therapy Quarterly Balance Sheets Chart

Quarterly

Annual

Goodwill

Cash and Cash Eq

U.S. Physical Therapy Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-03-31	2005-12-31

assets
current assets:
cash and cash equivalents	34,086,000	39,183,000	41,362,000	116,959,000	112,911,000	132,290,000	152,825,000	147,685,000	160,738,000	32,605,000	31,594,000	37,914,000	48,572,000	24,229,000	28,567,000	19,188,000	20,419,000	17,937,000	32,918,000	30,129,000	43,555,000	89,551,000	23,548,000	27,856,000	34,859,000	20,238,000	23,368,000	32,241,000	27,148,000	19,813,000	21,933,000	17,418,000	20,242,000	25,154,000	20,047,000	15,024,000	20,453,000	19,206,000	12,972,000	14,557,000	14,271,000	15,824,000	12,934,000	16,761,000	12,898,000	12,123,000	10,287,000	10,284,000	11,671,000				9,983,000				9,179,000				6,429,000	9,326,000	10,439,000	11,081,000	10,113,000	9,153,000	8,073,000	9,197,000	7,976,000	9,566,000	11,968,000	13,093,000	10,952,000	15,861,000	15,002,000
patient accounts receivable, less benefit from credit losses of 3,928 and 3,506, respectively	65,956,000
accounts receivable - other	27,429,000	26,136,000	26,626,000	20,056,000	21,669,000	21,774,000	17,854,000	18,469,000	16,852,000	17,816,000	16,671,000	19,146,000	18,915,000	18,239,000	16,144,000	10,093,000	9,025,000	8,621,000	9,039,000	9,878,000	9,983,000	11,650,000	9,823,000	10,462,000	10,724,000	7,237,000	6,742,000	9,609,000	8,589,000	6,504,000	5,655,000	6,992,000	5,662,000	6,346,000
other current assets	13,061,000	15,274,000	10,555,000	10,833,000	12,438,000	11,715,000	10,830,000	9,387,000	9,924,000	10,726,000	11,067,000	6,085,000	3,810,000	4,040,000	4,183,000	3,687,000	5,111,000	3,846,000	3,773,000	3,198,000	2,572,000	4,822,000	5,787,000	7,098,000	7,102,000	5,238,000	4,353,000	4,908,000	5,247,000	3,050,000	4,786,000	5,444,000	6,932,000	3,827,000	4,428,000	10,800,000	8,220,000	8,298,000	6,509,000	5,291,000	6,186,000	5,076,000	2,703,000	3,040,000	4,098,000	4,482,000	1,878,000	3,862,000	5,975,000	4,956,000	5,328,000	5,248,000	5,737,000	6,232,000	5,179,000	3,466,000	3,736,000	2,944,000	3,356,000	2,124,000	2,959,000	2,260,000	2,103,000	2,334,000	1,857,000	1,752,000	2,098,000	1,509,000	1,333,000	2,173,000	2,031,000	2,067,000	2,251,000	1,692,000	1,428,000
total current assets	140,532,000	145,353,000	137,583,000	204,870,000	201,677,000	221,142,000	233,375,000	228,499,000	241,799,000	117,794,000	111,266,000	112,892,000	121,846,000	95,843,000	95,166,000	79,424,000	79,699,000	75,798,000	87,636,000	82,644,000	92,139,000	148,672,000	85,386,000	92,534,000	107,009,000	81,156,000	79,214,000	90,657,000	86,408,000	75,595,000	77,081,000	73,415,000	79,606,000	78,571,000	65,964,000	66,618,000	70,364,000	68,066,000	55,649,000	55,899,000	54,851,000	56,615,000	51,847,000	54,254,000	49,660,000	45,157,000	41,429,000	44,722,000	45,322,000	44,063,000	44,644,000	47,123,000	45,667,000	45,836,000	44,252,000	44,060,000	39,284,000	38,064,000	35,212,000	39,223,000	33,019,000	36,007,000	36,945,000	39,766,000	38,721,000	38,712,000	39,525,000	39,307,000	36,033,000	38,790,000	39,020,000	39,095,000	35,981,000	38,764,000	36,852,000
fixed assets:
furniture and equipment	66,756,000	68,802,000	68,128,000	66,782,000	65,775,000	65,550,000	63,982,000	64,507,000	63,429,000	63,139,000	62,074,000	62,006,000	60,379,000	60,205,000	58,743,000	58,179,000	57,538,000	56,754,000	55,426,000	55,411,000	55,914,000	56,873,000	54,942,000	54,464,000	52,831,000	53,267,000	52,611,000	52,473,000	51,923,000	51,569,000	51,100,000	51,822,000	50,644,000	49,820,000	48,426,000	46,996,000	46,747,000	45,654,000	43,495,000	42,542,000	42,003,000	42,104,000	41,310,000	39,472,000	38,965,000	37,496,000	37,941,000	36,960,000	36,316,000	35,853,000	35,230,000	35,491,000	35,103,000	35,024,000	33,953,000	33,943,000	33,563,000	32,491,000	32,220,000	32,154,000	31,973,000	32,207,000	32,121,000	32,150,000	30,947,000	30,421,000	29,929,000	29,281,000	28,782,000	28,124,000	24,650,000	24,098,000	23,718,000	23,884,000	23,010,000
leasehold improvements	55,218,000	53,504,000	51,105,000	48,385,000	48,730,000	47,458,000	46,941,000	46,212,000	45,096,000	43,525,000	42,877,000	41,961,000	41,038,000	40,541,000	39,194,000	37,413,000	35,986,000	35,492,000	35,320,000	34,111,000	33,631,000	32,873,000	33,247,000	31,948,000	31,020,000	33,089,000	31,712,000	31,101,000	30,421,000	29,981,000	29,760,000	28,449,000	27,729,000	27,582,000	26,765,000	26,206,000	25,733,000	25,547,000	24,107,000	23,565,000	22,806,000	22,639,000	22,065,000	21,701,000	21,891,000	22,170,000	21,404,000	21,353,000	20,858,000	20,598,000	20,407,000	19,987,000	20,385,000	19,990,000	19,733,000	19,587,000	19,590,000	19,240,000	18,999,000	18,916,000	19,012,000	19,209,000	18,581,000	18,175,000	18,061,000	17,792,000	17,512,000	17,068,000	17,352,000	17,325,000	16,171,000	15,554,000	15,226,000	14,835,000	14,556,000
fixed assets, gross	121,974,000	122,306,000	119,233,000	115,167,000	114,505,000	113,008,000	110,923,000	110,719,000	108,525,000	106,664,000	104,951,000	103,967,000	101,417,000	100,746,000	97,937,000	95,592,000	93,524,000	92,246,000	90,746,000	89,522,000	89,545,000	89,746,000	88,189,000	86,412,000	83,851,000	86,356,000	84,323,000	83,574,000	82,344,000	81,550,000	80,860,000	80,271,000	78,373,000	77,402,000	75,191,000	73,202,000	72,480,000	71,201,000			64,809,000
less accumulated depreciation and amortization	-89,853,000	-89,542,000	-87,093,000	-88,602,000	-88,277,000	-86,757,000	-84,821,000	84,651,000	83,548,000	82,026,000	80,203,000	78,960,000	77,188,000	76,601,000	74,958,000	73,556,000	71,964,000	70,485,000	69,081,000	68,048,000	67,011,000	66,764,000	66,099,000	65,040,000	63,829,000	65,197,000	64,154,000	63,608,000	62,652,000	61,742,000	60,475,000	59,517,000	58,200,000	57,235,000	56,018,000	55,760,000	55,642,000	54,512,000	51,098,000	50,212,000	49,045,000	48,685,000	47,517,000	46,543,000	45,896,000	46,150,000	45,588,000	44,922,000	44,158,000	43,634,000	42,747,000	42,556,000	42,299,000	41,432,000	40,940,000	39,998,000	39,230,000	38,546,000	37,816,000	37,185,000	36,646,000	36,314,000	35,131,000	34,105,000	33,167,000	32,106,000	30,893,000	30,086,000	29,342,000	28,373,000	27,628,000	26,618,000	25,573,000	24,591,000	23,825,000
fixed assets	32,121,000	32,764,000	32,140,000	26,565,000	26,228,000	26,251,000	26,102,000	26,068,000	24,977,000	24,638,000	24,748,000	25,007,000	24,229,000	24,145,000	22,979,000	22,036,000	21,560,000	21,761,000	21,665,000	21,474,000	22,534,000	22,982,000	22,090,000	21,372,000	20,022,000	21,159,000	20,169,000	19,966,000	19,692,000	19,808,000	20,385,000	20,754,000	20,173,000	20,167,000	19,173,000	17,442,000	16,838,000	16,689,000			15,764,000
operating lease right-of-use assets	137,248,000	133,197,000	133,936,000	103,938,000	105,484,000	102,113,000	103,431,000	102,665,000	101,582,000	100,604,000	103,004,000	100,967,000	101,274,000	94,243,000	96,427,000	92,952,000	87,090,000	81,553,000	81,595,000	78,784,000	82,965,000	83,619,000	81,586,000	79,793,000	74,930,000	77,870,000
investment in unconsolidated affiliate	12,320,000	12,273,000	12,190,000	12,168,000	12,243,000	12,160,000	12,256,000	12,256,000	12,229,000	12,160,000	12,131,000	11,978,000	12,346,000	12,422,000	12,215,000
goodwill	677,595,000	674,387,000	667,152,000	554,642,000	548,970,000	534,271,000	509,571,000	522,907,000	506,703,000	501,347,000	494,101,000	449,548,000	442,761,000	443,692,000	434,679,000	374,047,000	373,887,000	360,176,000	345,646,000	336,946,000	330,894,000	330,769,000	317,676,000	316,639,000	303,549,000	293,338,000	293,525,000	293,630,000	284,624,000	273,770,000	271,338,000	268,050,000	267,957,000	244,446,000	226,806,000	191,231,000	191,268,000	191,051,000	170,914,000	159,176,000	147,914,000	150,471,000	156,207,000	142,517,000	143,955,000	105,234,000	112,248,000	103,581,000	100,188,000	99,716,000	99,141,000	93,797,000	92,750,000	91,452,000	76,588,000	79,410,000	79,424,000	67,327,000	67,359,000	68,801,000	57,247,000	56,069,000	56,097,000	55,886,000	55,886,000	48,932,000	49,788,000	40,631,000	37,650,000	39,759,000	21,082,000	21,082,000	20,997,000	15,193,000	14,339,000
other identifiable intangible assets	175,627,000	177,328,000	179,311,000	124,309,000	123,903,000	116,888,000	109,682,000	112,112,000	107,592,000	108,991,000	108,755,000	93,697,000	92,655,000	91,546,000	86,382,000	60,086,000	59,216,000	57,593,000	56,280,000	54,060,000	54,895,000	55,648,000	52,588,000	53,385,000	50,055,000	48,125,000	48,828,000	49,311,000	48,435,000	47,092,000	48,954,000	47,568,000	48,321,000	43,213,000	38,060,000	33,389,000	33,909,000	34,428,000
other assets	4,157,000	4,385,000	5,155,000	2,699,000	4,629,000	4,431,000	2,821,000	5,679,000	4,699,000	2,593,000	4,149,000	5,619,000	1,333,000	1,972,000	1,578,000	1,553,000	1,506,000	1,509,000	1,539,000	1,530,000	1,591,000	1,563,000	1,519,000	1,470,000	1,445,000	1,439,000	1,430,000	1,405,000	1,384,000	1,357,000	1,224,000	1,200,000	1,268,000	1,274,000	1,228,000	1,221,000	1,219,000	1,200,000	1,086,000	1,916,000	1,115,000	1,978,000	1,141,000	1,317,000	1,081,000	1,078,000	967,000	953,000	1,042,000	1,018,000	1,435,000	1,079,000	2,043,000	3,396,000	3,303,000	2,206,000	922,000	930,000	923,000	885,000	869,000	855,000	849,000	834,000	1,347,000	1,770,000	2,094,000	1,476,000	1,847,000	2,777,000	1,585,000	1,591,000	1,108,000	950,000	1,587,000
total assets	1,179,600,000	1,179,687,000	1,167,467,000	1,029,191,000	1,023,134,000	1,017,256,000	997,238,000	1,010,186,000	999,581,000	868,127,000	858,154,000	799,708,000	796,444,000	763,863,000	749,426,000	630,098,000	622,958,000	598,390,000	594,361,000	575,438,000	585,018,000	643,253,000	560,845,000	565,193,000	557,010,000	523,087,000	443,166,000	454,969,000	440,543,000	417,622,000	418,982,000	410,987,000	417,325,000	387,671,000	351,231,000	309,901,000	313,598,000	311,434,000			244,551,000
liabilities, redeemable non-controlling interest, usph shareholders’ equity and non-controlling interest
current liabilities:
accounts payable - trade	4,200,000	6,088,000	5,936,000	6,361,000	4,100,000	4,866,000	3,898,000	4,509,000	3,674,000	4,233,000	3,300,000	4,471,000	3,793,000	3,272,000	3,268,000	1,532,000	1,782,000	1,955,000	1,335,000	1,060,000	1,802,000	2,950,000	2,494,000	2,863,000	2,426,000	1,894,000	2,019,000	2,067,000	1,705,000	1,722,000	2,165,000	1,754,000	1,613,000	1,996,000	1,634,000	2,181,000	1,668,000	2,244,000	1,451,000	2,292,000	1,782,000	1,901,000	1,835,000	1,423,000	1,722,000		1,275,000	1,585,000			1,399,000
accrued expenses	65,436,000	68,326,000	59,513,000	64,506,000	58,056,000	53,749,000	55,344,000	35,846,000	43,338,000	45,220,000	37,413,000	33,784,000	41,246,000	51,121,000	45,705,000	50,267,000	44,720,000	51,671,000	59,746,000	60,236,000	51,325,000	40,645,000	30,855,000	33,573,000	31,346,000	39,237,000	38,493,000	40,128,000	35,367,000	38,342,000	33,342,000	31,492,000	31,235,000	30,820,000	21,756,000	23,216,000	26,273,000	20,684,000	19,446,000	18,178,000	22,839,000	19,081,000	20,112,000	17,147,000	20,625,000	14,779,000	15,298,000	11,661,000	14,116,000	12,672,000	14,200,000	10,656,000	14,082,000	11,349,000	12,734,000	25,283,000	12,744,000	13,450,000	10,429,000	12,559,000	12,459,000	13,479,000	10,810,000	11,552,000	11,752,000	12,179,000	9,328,000	9,065,000	9,071,000	9,535,000	6,440,000	9,031,000	7,007,000	6,774,000	5,150,000
current portion of operating lease liabilities	41,038,000	40,124,000	39,835,000	34,828,000	35,243,000	34,699,000	35,252,000	34,446,000	31,274,000	33,650,000	33,709,000	32,540,000	32,083,000	30,625,000	30,475,000	29,197,000	27,860,000	27,292,000	27,512,000	26,905,000	29,591,000	26,826,000	26,486,000	25,644,000	22,558,000	26,733,000
current portion of term loan and notes payable	8,168,000	9,257,000	10,999,000	9,605,000	9,700,000	9,222,000	7,691,000	7,555,000	7,530,000	7,730,000	7,863,000	7,490,000	4,780,000
total current liabilities	118,842,000	123,795,000	116,283,000	115,300,000	107,099,000	102,536,000	102,185,000	82,356,000	85,816,000	90,833,000	85,489,000	81,488,000	85,105,000	89,020,000	83,481,000	81,668,000	75,379,000	90,825,000	93,492,000	93,200,000	87,353,000	71,149,000	60,563,000	62,798,000	57,020,000	68,930,000	41,946,000	46,964,000	41,889,000	45,381,000	39,551,000	35,991,000	35,193,000	34,035,000	24,617,000	26,383,000	28,985,000	24,181,000	21,697,000	21,402,000	25,504,000	21,832,000	22,797,000	19,345,000	23,172,000	16,655,000	17,373,000	13,905,000	16,307,000	14,946,000	16,208,000	12,516,000	16,324,000	13,692,000	14,685,000	27,010,000	14,231,000	15,053,000	12,588,000	14,860,000	14,764,000	15,776,000	13,134,000	14,139,000	14,613,000	14,607,000	12,021,000	11,157,000	11,438,000	11,601,000	7,673,000	10,627,000	9,170,000	8,428,000	7,115,000
notes payable, net of current portion	321,000	387,000	903,000	534,000	1,511,000	804,000	1,289,000	2,037,000	2,194,000	2,583,000	1,913,000	2,912,000	4,258,000	4,128,000	3,587,000	2,265,000	821,000	571,000	596,000	509,000	685,000	4,602,000	4,361,000	4,292,000	4,316,000	516,000	402,000	659,000	607,000	782,000	2,728,000	3,952,000	4,351,000
revolving facility	24,500,000	28,000,000	11,000,000
term loan, net of current portion and deferred financing costs	127,093,000	128,851,000	130,627,000	132,382,000	134,188,000	135,945,000	137,702,000	139,459,000	141,266,000	142,098,000	142,918,000	143,778,000	144,631,000
deferred taxes	34,402,000	34,055,000	29,465,000	24,913,000	26,531,000	27,337,000	24,815,000	26,487,000	23,102,000	21,524,000	21,303,000	23,838,000	19,483,000	16,067,000	14,385,000	6,682,000	8,281,000	8,212,000	7,779,000	8,570,000	8,930,000	7,743,000	10,071,000	10,336,000	12,284,000	9,872,000	9,012,000	8,643,000	9,584,000	10,151,000	10,875,000	16,027,000	15,443,000	15,486,000	15,736,000	13,727,000	12,361,000	10,789,000
operating lease liabilities, net of current portion	104,279,000	100,688,000	101,868,000	77,001,000	78,329,000	75,680,000	76,653,000	76,884,000	78,912,000	75,460,000	77,934,000	76,907,000	77,776,000	72,162,000	74,185,000	71,209,000	66,887,000	62,068,000	61,985,000	60,137,000	61,242,000	62,577,000	60,258,000	58,921,000	56,711,000	55,834,000
other long-term liabilities	4,571,000	4,903,000	18,275,000	8,343,000	5,507,000	2,988,000	2,356,000	14,758,000	12,779,000	13,870,000	13,029,000	4,026,000	4,858,000	4,262,000	7,345,000	6,440,000	5,442,000	4,549,000	4,539,000	349,000	392,000	380,000	141,000	718,000	566,000	566,000	829,000	835,000	775,000	733,000	743,000	815,000		671,000	829,000	860,000	869,000	914,000	10,925,000	9,480,000	8,732,000	7,378,000	6,053,000	5,031,000	4,196,000	728,000	706,000	1,617,000	2,279,000	1,434,000	653,000	605,000	623,000	599,000	587,000	572,000	3,531,000	4,387,000	3,513,000	2,564,000	3,013,000	1,698,000	1,672,000	2,416,000	2,297,000	698,000	929,000	689,000	696,000	615,000	730,000	717,000	829,000	1,258,000	1,159,000
total liabilities	414,008,000	420,679,000	408,421,000	358,473,000	353,165,000	345,290,000	345,000,000	341,981,000	344,069,000	384,368,000	373,586,000	332,949,000	336,111,000	303,639,000	296,983,000	201,264,000	194,810,000	182,225,000	184,391,000	169,765,000	191,602,000	260,451,000	181,394,000	188,065,000	192,897,000	164,718,000	92,348,000	112,965,000	110,768,000	101,052,000	110,340,000	198,971,000	209,419,000	194,957,000	162,543,000	82,829,000	90,547,000	94,396,000	75,721,000	73,849,000	69,961,000	77,174,000	75,395,000	71,348,000	69,014,000	32,948,000	35,201,000	37,197,000	37,055,000	33,549,000	38,066,000	38,601,000	41,672,000	41,974,000	32,255,000	33,416,000	24,478,000	20,440,000	20,678,000	29,435,000	19,204,000	22,251,000	27,104,000	31,244,000	30,425,000	25,798,000	29,956,000	23,540,000	21,197,000	26,471,000	10,175,000	13,239,000	12,069,000	11,349,000	10,020,000
redeemable non-controlling interest - temporary equity	263,298,000	260,047,000	269,025,000	186,602,000	184,354,000	190,733,000	174,828,000	174,697,000	165,514,000	164,283,000	167,515,000	148,155,000	151,400,000	158,008,000	155,262,000	138,217,000
commitments and contingencies
u.s. physical therapy, inc. (“usph”) shareholders’ equity:
preferred stock, 0.01 par value, 500,000 shares authorized, no shares issued and outstanding
common stock	172,000	172,000	172,000	172,000	172,000	172,000	172,000	172,000	172,000	152,000	152,000	152,000	152,000	151,000	151,000	151,000	151,000	151,000	151,000	151,000	151,000	151,000	150,000	150,000	149,000	149,000	149,000	149,000	149,000	149,000	148,000	147,000	147,000	147,000	147,000	147,000	147,000	147,000	146,000	145,000	145,000	145,000	145,000	144,000	143,000	143,000	143,000	142,000	141,000	141,000	140,000	140,000	139,000	141,000	141,000	140,000	139,000	139,000	138,000	138,000	138,000	138,000	137,000	139,000	142,000	142,000	141,000	141,000	141,000	140,000	138,000	138,000	137,000		136,000
additional paid-in capital	294,636,000	292,773,000	290,321,000	287,002,000	285,462,000	283,546,000	281,096,000	279,124,000	277,493,000	112,123,000	110,317,000	108,515,000	106,801,000	105,205,000	102,688,000	101,922,000	99,039,000	97,286,000	95,622,000	93,195,000	91,258,000	89,756,000	87,383,000	85,828,000	84,125,000	82,295,000	80,028,000	78,542,000	77,099,000	75,543,000	73,940,000	72,262,000	71,197,000	70,132,000	68,687,000	49,506,000	48,236,000	46,563,000	45,829,000	45,080,000	43,577,000	42,457,000	41,306,000	40,435,000	40,569,000	39,225,000	38,571,000	37,871,000	37,489,000	37,769,000	37,209,000	36,563,000	36,133,000	37,039,000	37,513,000	39,529,000	45,570,000	44,114,000	43,742,000	43,514,000	43,210,000	39,380,000	38,865,000	41,418,000	43,648,000	43,231,000	42,383,000	41,931,000	41,452,000	40,979,000	37,365,000	36,797,000	36,304,000	35,058,000	35,037,000
accumulated other comprehensive gain	1,214,000	1,783,000	2,799,000	1,339,000	4,084,000	4,108,000	2,782,000	5,746,000	4,796,000	2,651,000	4,004,000	4,424,000
retained earnings	236,356,000	234,161,000	227,265,000	225,873,000	226,482,000	223,573,000	223,772,000	238,557,000	237,665,000	234,760,000	232,948,000	235,683,000	232,247,000	227,243,000	224,395,000	219,338,000	216,286,000	210,375,000	212,015,000	203,201,000	195,473,000	182,785,000	184,352,000	181,135,000	176,610,000	168,952,000	167,396,000	164,821,000	165,991,000	162,907,000	162,406,000	157,702,000	155,068,000	152,642,000	150,342,000	160,746,000	157,161,000	152,219,000	140,933,000	136,491,000	134,186,000	130,683,000	126,934,000	121,970,000	119,206,000	116,555,000	117,538,000	113,835,000	111,321,000	113,112,000	109,615,000	105,825,000	102,405,000	97,509,000	96,632,000	92,679,000	89,876,000	85,729,000	83,255,000	78,804,000	75,632,000	78,923,000	75,822,000	72,200,000	69,446,000	67,213,000	64,682,000	61,827,000	59,442,000	56,956,000	54,836,000	52,533,000	50,704,000	45,892,000	44,408,000
treasury stock	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000	-31,628,000		-26,106,000
total usph shareholders’ equity	500,750,000	497,261,000	488,929,000	482,758,000	484,572,000	479,771,000	476,194,000	491,971,000	488,498,000	318,058,000	315,793,000	317,146,000	307,177,000	300,971,000	295,606,000	289,783,000	283,848,000	276,184,000	276,160,000	264,919,000	255,254,000	241,064,000	240,257,000	235,485,000	229,256,000	219,768,000	215,945,000	211,884,000	211,611,000	206,971,000	204,866,000	198,483,000	194,784,000	191,293,000	187,548,000
non-controlling interest - permanent equity	1,544,000	1,700,000	1,092,000	1,358,000	1,043,000	1,462,000	1,216,000	1,537,000	1,500,000	1,418,000	1,260,000	1,458,000	1,756,000	1,245,000	1,575,000	834,000
total usph shareholders’ equity and non-controlling interest - permanent equity	502,294,000	498,961,000	490,021,000	484,116,000	485,615,000	481,233,000	477,410,000	493,508,000	489,998,000	319,476,000	317,053,000	318,604,000	308,933,000	302,216,000		290,617,000
total liabilities, redeemable non-controlling interest, usph shareholders’ equity and non-controlling interest - permanent equity	1,179,600,000	1,179,687,000	1,167,467,000	1,029,191,000	1,023,134,000	1,017,256,000	997,238,000	1,010,186,000	999,581,000	868,127,000	858,154,000	799,708,000
patient accounts receivable, less benefit from credit losses of 3,620 and 3,506, respectively		64,760,000
patient accounts receivable, less benefit from credit losses of 3,506 and 2,736, respectively			59,040,000
patient accounts receivable, less benefit from credit losses of 3,443 and 2,736, respectively				57,022,000
patient accounts receivable, less benefit from credit losses of 3,184 and 2,736, respectively					54,659,000
patient accounts receivable, less benefit from credit losses of 2,936 and 2,736, respectively						55,363,000
patient accounts receivable, less benefit from credit losses of 2,736 and 2,829, respectively							51,866,000
accounts payable - due to seller of acquired business											3,204,000	3,203,000	3,203,000	3,203,000	3,203,000
patient accounts receivable, less allowance for credit losses of 2,487 and 2,829, respectively								52,958,000
patient accounts receivable, less allowance for credit losses of 2,800 and 2,829, respectively									54,285,000
revolving line of credit										38,000,000	31,000,000			118,000,000	114,000,000	33,000,000	38,000,000	16,000,000	16,000,000	7,000,000	33,000,000	114,000,000	46,000,000	51,000,000	62,000,000	29,000,000	38,000,000	54,000,000	56,000,000	42,000,000	54,000,000	56,000,000	69,000,000	58,000,000	46,000,000	36,000,000	42,500,000	52,500,000	41,000,000	41,500,000	34,500,000	46,500,000	45,000,000	45,500,000	40,000,000	14,150,000	15,750,000	20,400,000	17,400,000	16,100,000	20,000,000	24,200,000	23,500,000	26,400,000	15,800,000	4,800,000	5,500,000		3,600,000	10,900,000	400,000	3,400,000	10,600,000	12,600,000	11,400,000	8,800,000	14,800,000	9,800,000	7,000,000	12,000,000
patient accounts receivable, less allowance for credit losses of 2,674 and 2,829, respectively										56,647,000
patient accounts receivable, less allowance for credit losses of 2,829 and 2,768, respectively											51,934,000
patient accounts receivable, less allowance for credit losses of 2,964 and 2,768, respectively												49,747,000
patient accounts receivable, less allowance for credit losses of 2,948 and 2,768, respectively													50,549,000
accumulated other comprehensive loss													-395,000
total liabilities, redeemable non-controlling interest,
usph shareholders’ equity and non-controlling interest - permanent equity													796,444,000	763,863,000		630,098,000
patient accounts receivable, less allowance for credit losses of 2,799 and 2,768, respectively														49,335,000
current portion of notes payable														799,000	830,000	672,000	1,017,000	5,079,000	4,899,000	4,999,000	4,635,000	728,000	728,000	718,000	690,000	1,066,000	1,434,000	4,769,000	4,817,000	5,317,000	4,044,000	2,745,000	2,345,000	1,219,000	1,227,000	986,000	1,044,000	1,253,000	800,000	932,000	883,000	850,000	850,000	775,000	825,000	575,000	800,000	659,000	459,000	609,000	609,000	483,000	433,000	533,000	434,000	250,000	250,000	379,000	637,000	1,113,000	1,013,000	1,086,000	1,234,000	1,307,000	1,380,000	1,153,000	1,179,000	771,000	812,000	854,000	537,000	537,000	562,000
patient accounts receivable, less allowance for credit losses of 2,768 and 2,008, respectively															46,272,000
total usph shareholders' equity and non-controlling interest - permanent equity															297,181,000
total liabilities, redeemable non-controlling interest, usph shareholders' equity and non-controlling interest - permanent equity															749,426,000
patient accounts receivable, less allowance for credit losses of 2,728 and 2,008, respectively																46,456,000
patient accounts receivable, less allowance for credit losses of 2,435 and 2,008, respectively																	45,144,000
liabilities, redeemable non-controlling interests, usph shareholders’ equityand non-controlling interests
redeemable non-controlling interests - temporary equity																	143,337,000	138,924,000	132,340,000	139,801,000	136,728,000	140,498,000	137,750,000
non-controlling interests - permanent equity																	963,000	1,057,000	1,470,000	953,000			1,444,000
total usph shareholders’ equity and non-controlling interests - permanent equity																	284,811,000
total liabilities, redeemable non-controlling interests,
usph shareholders’ equity and non-controlling interests - permanent equity																	622,958,000
patient accounts receivable, less allowance for credit losses of 2,120 and 2,008, respectively																		45,394,000
liabilities, redeemable non-controlling interests, usph shareholders’ equity and non-controlling interests
accounts payable - purchase of non-controlling interest																		4,828,000
total usph shareholders' equity and non-controlling interests - permanent equity																		277,241,000
total liabilities, redeemable non-controlling interests, usph shareholders' equity and non-controlling interests - permanent equity																		598,390,000
patient accounts receivable, less allowance for credit losses of 2,008 and 2,698, respectively																			41,906,000
liabilities, redeemable non-controlling interests, usphshareholders’ equity and non-controlling interests
total usph shareholders' equity and non-controlling interests																			277,630,000				241,701,000			221,173,000		213,098,000	212,748,000	208,485,000		199,937,000	195,966,000	192,714,000	188,688,000
total liabilities, redeemable non-controlling interests, usph shareholders' equity and non-controlling interests																			594,361,000				560,845,000			523,087,000		454,969,000	440,543,000	417,622,000		410,987,000	417,325,000
patient accounts receivable, less allowance for doubtful accounts of 2,154 and 2,698, respectively																				39,439,000
total usph shareholders’ equity and non-controlling interests																				265,872,000	256,688,000	242,304,000		237,327,000	230,747,000		216,875,000				206,070,000
total liabilities, redeemable non-controlling interests, usph shareholders’ equity and non-controlling interests																				575,438,000	585,018,000	643,253,000		565,193,000	557,010,000		443,166,000				418,982,000
patient accounts receivable, less allowance for doubtful accounts of 2,470 and 2,698, respectively																					36,029,000
non-controlling interests- permanent equity																					1,434,000	1,240,000
patient accounts receivable, less allowance for doubtful accounts of 2,557 and 2,698, respectively																						42,649,000
patient accounts receivable, less allowance for doubtful accounts of 2,698 and 2,672, respectively																							46,228,000
deferred rent																											2,159,000	1,864,000	1,913,000	2,005,000	2,116,000	1,875,000	1,789,000	1,809,000	1,575,000	1,313,000	1,285,000	1,391,000	1,040,000	984,000	991,000	1,014,000	1,095,000	1,022,000	996,000	1,015,000	972,000	950,000	894,000	894,000	930,000	946,000	941,000	849,000	849,000	884,000	966,000	900,000	877,000	1,011,000	1,027,000	1,097,000	1,161,000	1,077,000	1,103,000	887,000	992,000	1,008,000	1,104,000	1,171,000	1,256,000	1,239,000	1,273,000	1,248,000	1,263,000
preferred stock, .01 par value, 500,000 shares authorized, no shares issued and outstanding
patient accounts receivable, less allowance for doubtful accounts of 2,569 and 2,672, respectively																								47,118,000
redeemable non-controlling interests																								139,801,000	133,366,000	137,196,000	133,943,000	128,906,000	117,027,000	108,085,000	102,572,000	12,079,000	11,940,000			8,334,000	8,641,000	7,591,000	10,585,000	7,373,000	7,376,000	7,524,000	1,086,000	2,967,000	4,104,000
non-controlling interests																								1,842,000	1,491,000	1,405,000	930,000	1,214,000	1,137,000	1,514,000	1,204,000	1,454,000	1,182,000	1,421,000	1,140,000	39,967,000	40,494,000	42,146,000	26,734,000	26,113,000	20,934,000	21,382,000	27,542,000	23,398,000		22,414,000
patient accounts receivable, less allowance for doubtful accounts of 2,666 and 2,672, respectively																									44,923,000
receivable, net - sale and purchase of partnership interests																									9,401,000
patient accounts receivable, less allowance for doubtful accounts of 2,692 and 2,672, respectively																										48,443,000
u.s. physical therapy, inc. ("usph") shareholders’ equity:
patient accounts receivable, less allowance for doubtful accounts of 2,672 and 2,273, respectively																											44,751,000
mandatorily redeemable non-controlling interests																															327,000	84,311,000	83,643,000	80,154,000	69,190,000
patient accounts receivable, less allowance for doubtful accounts of 2,690 and 2,273, respectively																												43,899,000
patient accounts receivable, less allowance for doubtful accounts of 2,790 and 2,273, respectively																													45,424,000
patient accounts receivable, less allowance for doubtful accounts of 2,517 and 2,273, respectively																														46,228,000
patient accounts receivable, less allowance for doubtful accounts of 2,273 and 1,792, respectively																															44,707,000
patient accounts receivable, less allowance for doubtful accounts of 2,088 and 1,792, respectively																																43,561,000
patient accounts receivable, less allowance for doubtful accounts of 1,859 and 1,792, respectively																																	46,770,000
patient accounts receivable, less allowance for doubtful accounts of 1,853 and 1,792, respectively																																		43,244,000
liabilities, usph shareholders’ equity and non-controlling interests
notes payable																																		4,802,000	4,596,000	4,546,000	4,547,000	4,621,000	1,059,000	483,000	234,000	450,000	450,000	450,000	650,000	400,000	400,000	325,000	175,000	175,000	275,000	334,000	284,000	434,000	334,000	150,000	250,000	100,000	100,000	100,000		280,000	537,000	1,012,000	1,012,000	806,000	1,214,000	886,000	959,000	1,084,000	516,000	656,000	797,000	244,000	244,000
total liabilities, usph shareholders' equity and non-controlling interests																																		387,671,000	351,231,000
patient accounts receivable, less allowance for doubtful accounts of 1,792 and 1,444, respectively																																			38,840,000
accounts receivable - other, less allowance for doubtful accounts of -0- and 198, respectively																																			2,649,000	2,272,000	2,335,000	2,345,000
liabilities and shareholders’ equity
patient accounts receivable, less allowance for doubtful accounts of 1,770 and 1,444, respectively																																				38,522,000
equity:
u.s. physical therapy, inc. shareholders’ equity:
total u. s. physical therapy, inc. shareholders’ equity																																				178,771,000	173,916,000	167,301,000			146,280,000				128,290,000	124,295,000	124,624,000	120,220,000	117,323,000	119,394,000	115,336,000	110,900,000	107,049,000	103,061,000	102,658,000	100,720,000	103,957,000	98,354,000	95,507,000	90,828,000	87,352,000	86,813,000	83,196,000	82,129,000
total equity																																				218,738,000	214,410,000	209,447,000	182,014,000	176,201,000	167,214,000	163,039,000	164,299,000	154,319,000	151,017,000	146,709,000	147,229,000	139,680,000	134,659,000	136,391,000	132,566,000	125,835,000	121,580,000	122,065,000	114,582,000	112,958,000	116,383,000	106,514,000	103,788,000	99,189,000	92,225,000	91,861,000	88,561,000	87,789,000
total liabilities and equity																																				309,901,000	313,598,000	311,434,000
patient accounts receivable, less allowance for doubtful accounts of 1,672 and 1,444, respectively																																					39,356,000
liabilities and equity
patient accounts receivable, less allowance for doubtful accounts of 1,568 and 1,444, respectively																																						38,217,000
u. s. physical therapy, inc. shareholders’ equity:
patient accounts receivable, less allowance for doubtful accounts of 1,618 and 1,669, respectively																																							34,830,000
accounts receivable - other, less allowance for doubtful accounts of 198 and 198, respectively																																							1,338,000	1,378,000	1,503,000	1,906,000	1,924,000	1,698,000
other intangible assets																																							24,167,000	24,537,000	24,907,000	22,615,000	15,727,000	15,916,000	14,479,000	14,672,000	14,029,000	14,230,000	12,146,000	12,326,000	12,522,000	9,515,000	9,603,000	9,773,000	9,948,000	7,166,000	7,308,000	7,448,000	7,569,000	5,830,000	5,955,000	6,079,000	6,203,000	6,327,000	6,452,000	5,370,000	3,926,000	3,981,000	3,930,000
liabilities and shareholders' equity
shareholders' equity:
u. s. physical therapy, inc. shareholders' equity:
total u. s. physical therapy, inc. shareholders' equity																																							155,280,000	150,088,000		141,657,000	136,757,000	130,921,000
patient accounts receivable, less allowance for doubtful accounts of 1,633 and 1,669, respectively																																								34,673,000
patient accounts receivable, less allowance for doubtful accounts of 1,669 and 1,430, respectively																																									32,891,000
shareholders’ equity:
total liabilities and stockholders' equity																																									244,551,000
patient accounts receivable, less allowance for doubtful accounts of 1,811 and 1,430, respectively																																										33,809,000
patient accounts receivable, less allowance for doubtful accounts of 1,713 and 1,430, respectively																																											34,286,000
patient accounts receivable, less allowance for doubtful accounts of 1,583 and 1,430, respectively																																												32,755,000
patient accounts receivable, less allowance for doubtful accounts of 1,430 and 1,595, respectively																																													30,820,000
accounts receivable - other, less allowance for doubtful accounts of 198 and 514, respectively																																													1,844,000
noncontrolling interests																																													22,727,000		22,605,000	19,460,000	17,336,000	16,997,000	17,230,000	14,935,000	14,531,000	19,004,000	11,924,000	12,238,000	12,426,000	8,160,000	8,281,000	8,361,000	4,873,000	5,048,000	5,365,000	5,660,000
patient accounts receivable, less allowance for doubtful accounts of 1,427 and 1,595, respectively																																														27,289,000
accounts receivable—other, less allowance for doubtful accounts of 198 and 514, respectively																																														1,263,000
accounts payable—trade																																														1,301,000			1,732,000			1,377,000
patient accounts receivable, less allowance for doubtful accounts of 1,469 and 1,595, respectively																																															27,564,000
accounts receivable - other, less allowance for doubtful accounts of 412 and 514, respectively																																															1,700,000	1,607,000
patient accounts receivable, less allowance for doubtful accounts of 1,521 and 1,595, respectively																																																28,969,000
patient accounts receivable, less allowance for doubtful accounts of 1,595 and 2,154, respectively																																																	25,973,000
accounts receivable—other, less allowance for doubtful accounts of 514 and 883, respectively																																																	1,703,000
cash																																																		10,683,000	8,811,000	10,440,000		9,475,000	8,992,000	10,666,000		9,720,000	7,176,000	11,471,000
patient accounts receivable, less allowance for doubtful accounts of 1,687 and 2,154, respectively																																																		26,784,000
accounts receivable — other, less allowance for doubtful accounts of 373 and 883, respectively																																																		1,640,000
accounts payable — trade																																																		1,665,000			1,809,000	1,810,000	1,517,000	1,477,000	1,237,000	1,224,000	1,522,000	1,188,000	1,292,000	1,211,000	1,090,000	1,280,000	1,481,000	1,275,000	1,514,000	1,321,000	1,555,000	1,212,000	696,000	1,059,000	1,601,000		1,721,000
patient accounts receivable, less allowance for doubtful accounts of 1,930 and 2,154, respectively																																																			28,768,000
accounts receivable - other, less allowance for doubtful accounts of 408 and 883, respectively																																																			1,737,000
patient accounts receivable, less allowance for doubtful accounts of 1,892 and 2,154, respectively																																																				29,456,000
accounts receivable—other, less allowance for doubtful accounts of 186 and 883, respectively																																																				1,979,000
patient accounts receivable, less allowance for doubtful accounts of 2,154 and 2,190, respectively																																																					28,333,000
accounts receivable — other, less allowance for doubtful accounts of 883 and 83, respectively																																																					1,614,000
patient accounts receivable, less allowance for doubtful accounts of 2,155 and 2,190, respectively																																																						28,130,000
accounts receivable — other, less allowance for doubtful. accounts of 916 and 83, respectively																																																						1,999,000
patient accounts receivable, less allowance for doubtful accounts of 2,570 and 2,190, respectively																																																							27,468,000
accounts receivable — other, less allowance for doubtful accounts of 136 and 83, respectively																																																							2,613,000
patient accounts receivable, less allowance for doubtful accounts of 2,500 and 2,190, respectively																																																								27,987,000
accounts receivable — other, less allowance for doubtful accounts of 106 and 83, respectively																																																								1,941,000
patient accounts receivable, less allowance for doubtful accounts of 2,190 and 1,830, respectively																																																									24,814,000
accounts receivable — other, less allowance for doubtful accounts of 83 and 42, respectively																																																									1,555,000
patient accounts receivable, less allowance for doubtful accounts of 2,226 and 1,830, respectively																																																										23,900,000
accounts receivable — other, less allowance for doubtful accounts of 81 and 42, respectively																																																										1,500,000
patient accounts receivable, less allowance for doubtful accounts of 2,215 and 1,830, respectively																																																											23,115,000
accounts receivable — other, less allowance for doubtful accounts of 59 and 42, respectively																																																											1,565,000
patient accounts receivable, less allowance for doubtful accounts of 2,031 and 1,830, respectively																																																												23,482,000
accounts receivable — other, less allowance for doubtful accounts of 50 and 42, respectively																																																												2,146,000
patient accounts receivable, less allowance for doubtful accounts of 1,830 and 2,275, respectively																																																													22,300,000
accounts receivable — other, less allowance for doubtful accounts of 42 and — , respectively																																																													1,331,000
u. s. physical therapy, inc. shareholders’s equity:
patient accounts receivable, less allowance for doubtful accounts of 1,976 and 2,275, respectively																																																														23,715,000
accounts receivable — other																																																														706,000	707,000	701,000	898,000		920,000	1,020,000	1,150,000	1,075,000	793,000	602,000	775,000		761,000
patient accounts receivable, less allowance for doubtful accounts of 2,062 and 2,275, respectively																																																															23,696,000
patient accounts receivable, less allowance for doubtful accounts of 2,177 and 2,275, respectively																																																																25,650,000
patient accounts receivable, less allowance for doubtful accounts of 2,275 and 2,184, respectively																																																																	25,853,000
minority interests in subsidiary limited partnerships																																																																	6,214,000	6,135,000	6,347,000	5,847,000	5,648,000	5,484,000	3,994,000	3,723,000	3,871,000	3,344,000	3,024,000
total shareholders’ equity																																																																	81,608,000	78,958,000	75,578,000	72,271,000	69,407,000	66,447,000	60,711,000	57,840,000	55,517,000		53,475,000
patient accounts receivable, less allowance for doubtful accounts of 2,128 and 2,184, respectively																																																																		26,935,000
accounts receivable – other																																																																		872,000
patient accounts receivable, less allowance for doubtful accounts of 2,181 and 2,184, respectively																																																																			28,434,000
patient accounts receivable, less allowance for doubtful accounts of 2,142 and 2,184, respectively																																																																				27,581,000
marketable securities — available for sale																																																																							1,900,000	1,460,000	500,000
patient accounts receivable, less allowance for doubtful accounts of 2,184 and 1,567, respectively																																																																					25,574,000
patient accounts receivable, less allowance for doubtful accounts of 1,950 and 1,567, respectively																																																																						25,976,000
patient accounts receivable, less allowance for doubtful accounts of 1,745 and 1,567, respectively																																																																							22,328,000
patient accounts receivable, less allowance for doubtful accounts of 1,669 and 1,567, respectively																																																																								21,873,000
patient accounts receivable, less allowance for doubtful accounts of 1,567 and 1,621, respectively																																																																									21,503,000
patient accounts receivable, less allowance for doubtful
accounts of 1,656 and 1,621, respectively																																																																										20,372,000
accounts receivable -- other																																																																										839,000
accounts payable -- trade																																																																										1,410,000
notes payable - long-term portion																																																																										415,000
preferred stock, .01 par value, 500,000 shares authorized, no
shares issued and outstanding
13,647,047 and 13,645,167 shares issued at march 31, 2006
and december 31, 2005, respectively																																																																										136,000
additional paid-in capital, equity-based compensation																																																																										222,000
march 31, 2006 and december 31, 2005, respectively																																																																										-26,966,000
total shareholders' equity																																																																										54,342,000
patient accounts receivable, less allowance for doubtful accounts of 1,621 and 2,447, respectively																																																																											19,661,000
notes payable — long-term portion																																																																											483,000

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