7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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 2006-03-31 
      
    		                                                                          
      operating activities
    		                                                                          
      net income including non-controlling interest
    		17,642,000 17,720,000 13,468,000 12,494,000 9,777,000 11,712,000 11,617,000 -1,293,000 12,222,000 14,864,000 11,427,000                                                                
      adjustments to reconcile net income including non-controlling interest to net cash from operating activities:
    		                                                                          
      depreciation and amortization
    		5,832,000 6,057,000 5,867,000 5,685,000 4,387,000 4,514,000 4,095,000 4,113,000 3,967,000 3,827,000 3,788,000 3,793,000 3,652,000 3,474,000 3,824,000 3,072,000 3,035,000 2,803,000 2,681,000 2,467,000 2,733,000 2,726,000 2,607,000 2,718,000 2,419,000 2,558,000 2,400,000 2,420,000 2,469,000 2,398,000 2,468,000 2,441,000 2,480,000 2,433,000 2,356,000 2,569,000 2,052,000 2,067,000 2,091,000 1,867,000 1,807,000 2,058,000 1,857,000 1,438,000 1,387,000 1,381,000 1,451,000 1,378,000 1,352,000 1,271,000 1,370,000 1,312,000 1,334,000 1,341,000 1,356,000 1,422,000 1,330,000 1,391,000 1,411,000 1,434,000 1,431,000 1,458,000 1,492,000 1,475,000 1,472,000 1,520,000 1,542,000 1,420,000 1,484,000 1,456,000 1,247,000 1,158,000 1,125,000 1,090,000 
      benefit from credit losses
    		2,073,000 1,995,000 1,848,000 1,847,000 1,721,000 1,717,000 1,627,000 1,572,000 1,525,000 1,563,000 1,512,000 1,356,000 1,336,000 1,551,000 1,305,000 1,383,000 1,358,000 1,364,000 1,200,000                                                        
      equity-based awards compensation expense
    		2,263,000 2,117,000 1,771,000 1,986,000 1,921,000 1,919,000 1,997,000 1,785,000 1,859,000 1,786,000 1,806,000 1,802,000 1,802,000 1,814,000 1,846,000 1,587,000 2,875,000 1,754,000 1,651,000 2,592,000 1,936,000 1,503,000 1,886,000 1,723,000 1,704,000 1,830,000 1,728,000 1,486,000 1,516,000 1,556,000 1,381,000 1,622,000 1,065,000 1,065,000 1,280,000 1,214,000 1,264,000 1,263,000 1,221,000 1,216,000 990,000 907,000 863,000 858,000 735,000 651,000 722,000 731,000 639,000 513,000 546,000 496,000 547,000 541,000 528,000 519,000 444,000 373,000 341,000 272,000 306,000 360,000 415,000 384,000 414,000 417,000 397,000 421,000 339,000 341,000 356,000 323,000 257,000 222,000 
      amortization of debt issue costs
    		105,000 104,000 106,000 105,000 107,000 104,000 106,000                                                                    
      change in deferred income taxes
    		3,884,000 2,037,000 5,242,000 4,760,000 -165,000 -1,173,000 1,943,000 -903,000 3,594,000                                                                  
      change in revaluation of put-right liability
    		663,000 339,000 404,000 -54,000 -167,000 223,000 80,000 -2,926,000 145,000 50,000 149,000 776,000                                                               
      change in fair value of contingent earn-out consideration
    		-5,872,000   -5,113,000 1,898,000 4,046,000 -612,000 1,747,000   698,000 -520,000                                                               
      equity of earnings in unconsolidated affiliate
    		-361,000 -401,000 -393,000 -264,000 -231,000 -248,000 -271,000 -149,000                                                                   
      loss on sale of fixed assets
    		-18,000     46,000 5,000          7,000    -83,000         40,000 54,000  18,000 32,000 33,000                                        
      loss on sale of a partnership
    		0 0 123,000                                                                        
      other
    		303,000 184,000 44,000 778,000 -328,000 156,000 88,000 271,000   125,000 -95,000 0 -81,000 93,000 -121,000 -20,000 -5,000 12,000 278,000   129,000 -24,000 99,000 9,000 12,000 209,000 6,000 -104,000 56,000 581,000 0   0 557,000 -557,000 1,000   45,000 132,000 44,000 1,000  -310,000 0 33,000     1,208,000 -180,000 -217,000 -374,000  -13,000 -138,000 -24,000             -54,000 
      changes in operating assets and liabilities:
    		                                                                          
      patient accounts receivable
    		                                                                          
      accounts receivable - other
    		3,204,000                                                                          
      other current and long term assets
    		-3,729,000                                                                          
      accounts payable and accrued expenses
    		-2,994,000                                                                          
      other long-term liabilities
    		620,000                                                                          
      net cash from operating activities
    		19,940,000 34,861,000 -4,675,000 19,409,000 22,120,000 28,992,000 4,419,000 26,835,000 16,364,000 27,430,000 11,349,000 17,299,000 13,727,000 15,862,000 11,649,000 15,905,000 24,945,000 17,882,000 17,674,000 25,393,000 26,246,000 31,976,000 16,380,000 15,984,000 17,843,000 15,058,000 13,563,000 19,000,000 23,384,000 15,090,000 15,531,000 15,695,000 18,640,000 8,020,000 14,171,000 9,022,000 8,664,000 18,653,000 14,711,000 16,220,000 3,019,000 16,368,000 7,772,000 17,364,000 3,690,000 15,936,000 8,143,000 15,863,000 4,853,000 9,899,000 10,383,000 13,796,000 5,171,000 12,062,000 7,752,000 7,146,000 5,695,000 6,739,000 11,242,000 6,511,000 6,029,000 6,427,000 9,826,000 8,258,000 6,433,000 9,400,000 10,813,000 6,059,000 3,900,000 6,617,000 5,308,000 1,722,000 5,400,000 4,981,000 
      investing activities
    		                                                                          
      purchase of fixed assets
    		-4,315,000 -3,251,000 -2,579,000 -2,489,000 -2,523,000 -2,336,000 -1,838,000 -2,220,000 -2,551,000 -2,464,000 -2,059,000 -958,000 -2,721,000 -2,041,000 -2,528,000 -2,205,000 -2,695,000 -1,693,000 -1,608,000 -2,145,000 -866,000 -1,874,000 -2,754,000 -2,761,000 -2,552,000 -2,379,000 -2,497,000 -1,886,000 -2,037,000 -1,866,000 -1,404,000 -1,519,000 -2,331,000 -1,658,000 -1,587,000 -2,640,000 -2,167,000 -1,715,000 -1,738,000 -1,454,000 -1,419,000 -1,255,000 -1,780,000 -1,283,000 -849,000 -1,179,000 -1,064,000 -1,124,000 -1,270,000 -1,286,000 -1,005,000 -1,047,000 -896,000 -794,000 -944,000 -624,000 -860,000 -1,003,000 -1,082,000 -1,000,000 -588,000 -594,000 -992,000 -728,000 -1,562,000 -1,126,000 -1,076,000 -1,169,000 -928,000 -1,187,000 -745,000 -1,318,000 -784,000 -1,480,000 
      purchase of interest in businesses, net of cash acquired
    		                                                                          
      purchase of redeemable non-controlling interest, temporary equity
    		-152,000 -7,520,000 -907,000 -1,095,000 -727,000 -3,528,000 -2,702,000 -3,182,000 0 -2,626,000 -5,178,000 -891,000 -5,448,000 -6,437,000 -2,211,000 -13,549,000 -5,380,000   -17,298,000 -699,000 -536,000 -1,852,000 -2,952,000 -3,646,000                                                  
      purchase of non controlling interest, permanent equity
    		-47,000   -248,000 -229,000 -29,000 -498,000                                                                    
      proceeds from the sale of non-controlling interest, permanent equity
    		0                                                                          
      proceeds from the sale of partnership interest - redeemable non-controlling interest, temporary equity
    		134,000 0 15,000                                                                        
      repayment of notes receivable related to sales of redeemable non-controlling interest
    		                                                                          
      proceeds from the sale of partnership
    		0                                                                          
      distributions from unconsolidated affiliate
    		425,000 354,000 310,000 242,000 306,000 165,000 367,000 149,000 179,000 257,000 245,000 39,000 672,000 416,000 132,000                                                            
      net cash (used in) investing activities
    		-11,935,000 -12,706,000 -6,628,000                                                                        
      financing activities
    		                                                                          
      proceeds from revolving facility
    		73,000,000 56,500,000 17,000,000     0                                                                   
      payments on revolving facility
    		-71,000,000       0                                                                   
      distributions to non-controlling interest, permanent and temporary equity
    		-3,913,000 -7,044,000 -3,653,000 -3,312,000 -3,081,000 -5,158,000 -3,160,000 -4,323,000 -3,346,000 -5,134,000 -3,297,000 -3,588,000 -4,558,000 -3,491,000 -3,711,000 -2,601,000                                                           
      cash dividends paid to shareholders
    		-6,842,000   -6,642,000 -6,634,000   -6,445,000 -6,445,000   -5,331,000 -5,331,000   -4,831,000 -4,906,000   0 0   -3,832,000 -3,832,000   -2,918,000 -2,918,000    -5,031,000                                          
      payments on term loan
    		-1,875,000 -1,875,000 -3,750,000 0 -1,875,000 -937,000 -938,000 -937,000   -938,000                                                                
      principal payments on notes payable
    		-366,000 -1,155,000 -473,000 -1,226,000 -613,000 -721,000 -392,000 -1,526,000 -1,788,000 -664,000 -422,000 -434,000 -158,000 -6,000 -332,000 -237,000 -455,000 -4,062,000 -145,000 -337,000 -386,000 -200,000 -114,000 -24,000 -352,000 -575,000 -482,000 -1,750,000 -396,000 -1,075,000 -823,000 -451,000 1,000 -75,000 -702,000 -208,000 -59,000 -283,000 -250,000                                    
      net cash (used in) financing activities
    		-10,989,000                                                                          
      net (decrease) in cash and cash equivalents
    		-2,984,000 -5,097,000 -2,179,000                                                                        
      cash and cash equivalents - beginning of period
    		0 0 41,362,000 0 0 0 152,825,000 0 0 0 31,594,000 0 0 0 28,567,000 0 0 0 32,918,000 0 0 0 23,548,000 0 0 0 23,368,000 0 0 0 21,933,000 0 0 0 20,047,000 0 0 0 15,778,000 0 14,271,000        11,671,000                          
      cash and cash equivalents - end of period
    		-2,984,000 -5,097,000 39,183,000 -75,597,000 4,048,000 -19,379,000 132,290,000 5,140,000 -13,053,000 128,133,000 32,605,000 -6,320,000 -10,658,000 24,343,000 24,229,000 9,379,000 -1,231,000 2,482,000 17,937,000 2,789,000 -13,426,000 -45,996,000 89,551,000 -4,308,000 -7,003,000 14,621,000 20,238,000 -8,873,000 5,093,000 7,335,000 19,813,000 4,515,000 -2,824,000 -4,912,000 25,154,000 5,023,000 -5,429,000 1,247,000 19,206,000          10,284,000                         15,861,000 
      supplemental disclosures of cash flow information
    		                                                                          
      cash paid during the period for:
    		                                                                          
      income taxes
    		1,976,000 2,474,000 7,359,000 -927,000 827,000 4,565,000 367,000 2,195,000 1,490,000 799,000 442,000 86,000 3,005,000 4,443,000 81,000 1,437,000 3,810,000 6,905,000 62,000 3,256,000 4,364,000 -185,000 242,000 398,000 5,119,000 4,026,000 313,000 226,000 1,474,000 4,542,000 2,941,000 484,000 543,000 7,430,000 86,000 533,000 4,538,000 3,248,000 2,265,000 2,560,000 1,275,000 1,333,000 4,685,000 2,993,000 242,000 -291,000 2,403,000 1,822,000 177,000 1,161,000 1,314,000 3,310,000 576,000 1,156,000 4,514,000 2,752,000 615,000 1,636,000 1,381,000 4,368,000 419,000 1,499,000 1,874,000 3,328,000 1,744,000 128,000 808,000 1,946,000 1,518,000 1,405,000 1,391,000 2,576,000 109,000 256,000 
      interest paid
    		2,622,000 2,478,000 2,205,000 1,579,000 1,922,000 1,864,000 1,844,000 1,663,000 2,981,000 2,634,000 1,377,000 3,528,000 840,000 794,000 525,000                                                            
      non-cash investing and financing transactions during the period:
    		                                                                          
      purchase of businesses - seller financing portion
    		       -45,000 1,500,000 0 360,000 750,000 450,000 74,000 300,000 1,250,000 1,250,000 250,000 300,000 325,000 496,000 0 300,000 0                                                   
      fair market value of initial contingent consideration related to purchase of businesses
    		2,672,000 1,800,000 1,259,000                                                                        
      offset of notes receivable associated with purchase of redeemable non-controlling interest
    		0    552,000 0 75,000                                                                    
      notes payable related to purchase of redeemable non-controlling interest, temporary equity
    		46,000 0 89,000 5,000    70,000 396,000 10,000 611,000 0 126,000 702,000 246,000         0                                                   
      notes receivable related to sale of redeemable non-controlling interest, temporary equity
    		1,357,000    1,673,000 87,000 315,000 1,072,000                                                                   
      notes receivable related to the sale of non-controlling interest, permanent equity
    		0   0 39,000 0 243,000 61,000                                                                   
      patient accounts receivable,net
    		                                                                          
      purchase of majority interest in businesses, net of cash acquired
    		 -2,679,000 -4,211,000 -91,891,000 -2,501,000 -22,724,000 -15,971,000 -3,588,000 -14,954,000 -2,244,000 -5,796,000 -41,215,000 -6,774,000 -557,000 -11,242,000 -64,234,000 -2,187,000 -8,655,000 -11,747,000 -8,585,000 -3,689,000 0 -11,633,000                                                    
      repayment of notes receivable related to redeemable non-controlling interest
    		                                                                          
      notes payable related to purchase of non-controlling interest, temporary equity
    		                                                                          
      gain on change in fair value of contingent earn-out consideration
    		  -4,822,000                                                                        
      increase in patient accounts receivable
    		  -7,341,000 3,524,000 -3,760,000 14,000 -5,124,000 -230,000 -74,000 658,000 -5,999,000 -2,694,000 -126,000 -2,783,000 -4,676,000 -1,904,000 -2,188,000 -637,000 -4,688,000    3,209,000 1,795,000 -3,215,000 -58,000 -4,898,000 -2,342,000 1,049,000 641,000 -2,782,000 -1,533,000 2,092,000 -2,464,000 -1,542,000 -727,000 -99,000 -264,000 -2,185,000 -695,000 -2,185,000 -436,000 -510,000 -1,440,000 -3,002,000 -2,071,000 -776,000 887,000 -3,429,000 -365,000 315,000 566,000 -2,179,000 -1,336,000 -83,000 46,000 -3,774,000 -553,000 -1,557,000 -476,000 -1,583,000    -503,000         -1,218,000 
      decrease (increase) in accounts receivable - other
    		  774,000                220,000                             -70,000 74,000                          
      increase in other current and long term assets
    		  -6,209,000 990,000 -166,000 -1,209,000 -433,000 -2,686,000                                                                   
      decrease in accounts payable and accrued expenses
    		  -14,229,000    -6,678,000                                      -5,241,000    -2,460,000  -1,016,000         -2,028,000 -58,000   -1,066,000 -324,000          
      increase in long term liabilities
    		  -1,284,000                                                                        
      proceeds from sale of partnership
    		  700,000                                                                        
      net cash from financing activities
    		  9,124,000 -153,000 -12,230,000 -20,080,000 -4,490,000 -13,281,000 -12,476,000 107,682,000 2,343,000 19,772,000 -10,047,000 16,077,000 -43,000 73,352,000 -15,293,000 4,772,000 -19,452,000 5,684,000 -34,836,000 -75,816,000 65,546,000 -14,264,000 -18,122,000 20,174,000 -12,063,000 -25,844,000    -6,854,000 -19,063,000 6,721,000 8,131,000 8,157,000 -11,512,000 -15,770,000 4,836,000 -7,784,000 5,482,000 -16,148,000 -1,564,000 -7,193,000 3,964,000 22,482,000 -4,942,000 -8,846,000 187,000 -6,174,000 -6,965,000 -8,149,000 -2,169,000 -9,455,000 4,873,000 7,673,000 -3,336,000 3,181,000 -7,312,000 -10,285,000 8,278,000 -5,362,000 -9,833,000 -8,194,000 -3,913,000 418,000 -7,830,000 2,900,000 1,353,000 -6,421,000 10,417,000 -1,091,000 -1,392,000 -1,788,000 
      purchase of redeemable non-controlling interest, temporary equity, recorded in accrued liabilities
    		  6,672,000                                                                        
      notes receivable related to sale of redeemable non-controlling interest
    		  646,000                                                                        
      offset to notes receivable associated with purchase of redeemable non-controlling interest
    		  180,000                                                                        
      dividends payable to usph shareholders
    		  6,836,000    6,630,000    5,617,000    5,327,000    4,514,000                                                        
      gain on sale of clinics and fixed assets
    		       272,000 -169,000                                                                  
      impairment of goodwill and other intangible assets
    		                                                                          
      impairment of assets held for sale
    		                                                                          
      increase in accounts receivable - other
    		   -5,588,000 1,391,000 1,634,000 -3,985,000 1,275,000 -1,546,000 711,000 -796,000 4,244,000 -1,689,000 -717,000 -2,145,000 -800,000       -1,752,000 -1,493,000 1,462,000 -1,973,000 -495,000 2,867,000 -1,020,000 -2,085,000 -849,000 1,714,000 -1,330,000 291,000 -3,697,000        18,000                                
      decrease (increase) in accounts payable and accrued expenses
    		                                                                          
      increase in other long-term liabilities
    		   -816,000 -1,137,000 496,000 52,000  292,000   2,979,000 2,459,000   -5,603,000 209,000 2,345,000 -1,743,000                                                        
      proceeds on sale of non-controlling interest, permanent equity
    		   0 0 3,000 23,000 72,000                                                                   
      proceeds on sale of partnership interest - redeemable non-controlling interest, temporary equity
    		      67,000 60,000                                                                   
      proceeds on sale of partnership interest, clinics and fixed assets
    		                                                                          
      net cash from investing activities
    		   -94,853,000 -5,842,000 -28,291,000 -20,464,000 -8,414,000 -16,941,000 -6,979,000 -12,681,000 -43,391,000 -14,338,000 -7,596,000 -15,944,000 -79,878,000 -10,883,000 -20,172,000 -13,203,000 -28,288,000 -4,836,000 -2,156,000 -15,923,000 -6,028,000 -6,724,000 -20,611,000 -4,630,000 -2,029,000 -9,248,000 -10,221,000 -2,411,000 -4,326,000 -2,401,000 -19,653,000 -17,195,000 -12,156,000 -2,581,000 -1,636,000 -16,119,000 -10,021,000 -8,215,000 -1,773,000 -3,318,000 -13,998,000 -3,791,000 -37,643,000 -1,365,000 -7,014,000 -6,427,000 -2,737,000 -1,546,000 -7,276,000 -2,545,000 -2,099,000 -12,142,000 -16,493,000 -872,000 -10,461,000 -1,386,000 -521,000 -9,265,000 -3,962,000 -1,106,000 -706,000 -1,552,000 -8,858,000 -1,903,000 -10,083,000 -4,032,000 -1,786,000 -18,127,000 -1,756,000 -1,867,000 -2,334,000 
      proceeds from issuance of common stock pursuant to the secondary public offering, net of issuance costs
    		       0 -9,000                                                                  
      proceeds from term loan
    		           0 0                                                              
      payment of deferred financing costs
    		           0 0                                                              
      net increase in cash and cash equivalents
    		   -75,597,000 4,048,000 -19,379,000 -20,535,000   128,133,000 1,011,000     9,379,000 -1,231,000 2,482,000 -14,981,000 2,789,000 -13,426,000 -45,996,000 66,003,000 -4,308,000 -7,003,000   -8,873,000 5,093,000 7,335,000 -2,120,000 4,515,000 -2,824,000 -4,912,000 5,107,000 5,023,000 -5,429,000 1,247,000 3,428,000 -1,585,000 286,000        -1,387,000             -2,897,000 -1,113,000 -642,000 968,000 960,000 1,080,000 -1,124,000 1,221,000 -1,590,000 -2,402,000 -1,125,000 2,141,000 859,000 
      liabilities assumed associated with a purchase of a business
    		                                                                          
      notes payable related to the purchase of non-controlling interest, permanent equity
    		       0                                                                   
      issuance of restricted stock related to purchase of business
    		                                                                          
      gain on sale of fixed assets
    		                                      -19,000                                    
      others
    		                                                                          
      increase in accounts payable and accrued expenses
    		    6,484,000       -3,187,000   1,445,000 128,000 8,201,000 -7,641,000 3,969,000 -1,068,000 9,017,000 2,451,000 2,027,000 -3,769,000 4,340,000 -5,054,000 274,000 -4,866,000 4,897,000 -2,544,000 7,389,000 -1,147,000 3,083,000 -272,000 5,315,000 -2,184,000 -2,537,000 3,393,000 4,322,000              -3,728,000 2,684,000   685,000 -956,000    -939,000    -647,000   -240,000 -225,000   1,526,000 1,313,000 
      proceeds on sale of redeemable non-controlling interest, temporary equity
    		               0 37,000   73,000 35,000                                                      
      purchase of interest in businesses - seller financing portion
    		    6,440,000 455,000 500,000                                                                    
      initial contingent consideration related to purchase of interest of businesses
    		                                                                          
      notes payable related to purchase of non-controlling interest, permanent equity
    		           -280,000                                                               
      proceeds on sale of partnership interest - redeemable non-controlling interest
    		         130,000 107,000                                                                
      proceeds on sale of fixed assets
    		                    423,000 -295,000 316,000 0 -1,000 6,000 59,000 -1,000 1,000   14,000 5,000 0 62,000 19,000 0 0 42,000                       4,000 21,000 22,000 10,000 10,000 15,000 71,000 12,000 -16,000 29,000 2,000 6,000  
      deferred payments related to purchase of interest in business
    		                                                                          
      fair market value of initial contingent consideration related to purchase of interest of businesses
    		                                                                          
      decrease (increase) in other long-term liabilities
    		                                                                          
      payment of medicare accelerated and advance funds
    		                  -14,054,000                                                        
      purchase of non controlling interest-permanent equity
    		        -223,000                                                                  
      net decrease in cash and cash equivalents
    		           -6,320,000 -10,658,000 24,343,000 -4,338,000            -3,130,000                                                
      earnings in unconsolidated affiliate
    		         -326,000 -274,000 -192,000 -304,000 -340,000 -339,000                                                            
      decrease in other assets
    		                  221,000                      106,000   805,000 735,000  -2,719,000 1,772,000 2,095,000    38,000    355,000                  
      increase (decrease ) in accounts payable and accrued expenses
    		                                                                          
      proceeds on sales of redeemable non-controlling interest-temporary
    		            57,000                                                              
      proceeds from revolving line of credit
    		         17,000,000 7,000,000 40,000,000 0 26,000,000 35,000,000 123,000,000 65,000,000 68,000,000 60,000,000 80,000,000 35,000,000 11,000,000 88,000,000 35,000,000 30,000,000 61,000,000 19,000,000 24,000,000 24,000,000 36,000,000 19,000,000 30,000,000 14,000,000 17,000,000 32,000,000 40,000,000 35,000,000 44,000,000 49,000,000 17,000,000 34,000,000 22,000,000 35,300,000 48,000,000 29,000,000 62,350,000 25,900,000 31,950,000 30,600,000 24,000,000 23,500,000 24,000,000 8,400,000 24,900,000 51,700,000 38,300,000 4,000,000 9,500,000 9,000,000 8,300,000 19,500,000 7,000,000 6,500,000 5,250,000 5,700,000 8,600,000 0 9,500,000 2,800,000 0     
      payments on revolving line of credit
    		           -9,000,000 0 -144,000,000 -31,000,000 -42,000,000 -70,000,000 -46,000,000 -60,000,000 -71,000,000 -61,000,000 -92,000,000 -20,000,000 -40,000,000 -41,000,000 -28,000,000 -28,000,000 -40,000,000 -26,000,000 -22,000,000 -31,000,000 -32,000,000 -27,000,000 -6,000,000 -20,000,000 -30,000,000 -41,500,000 -54,000,000 -40,500,000 -17,500,000 -27,000,000 -34,000,000 -33,800,000 -48,500,000 -23,500,000 -36,500,000 -27,500,000 -36,600,000 -27,600,000 -22,700,000 -27,400,000 -28,200,000 -7,700,000 -27,800,000 -41,100,000 -27,300,000 -4,700,000 -4,000,000 -12,600,000 -15,600,000 -9,000,000 -10,000,000 -13,700,000 -7,250,000 -4,500,000          
      payment on term loan
    		                                                                          
      notes receivable related to sale of partnership interest - redeemable non-controlling interest
    		         2,155,000 532,000 0 104,000      287,000     0 90,000                                                  
      deferred income taxes
    		          221,000 -1,768,000 1,770,000 2,175,000 2,132,000 4,396,000 -1,868,000 979,000 2,181,000 576,000 903,000 -368,000 -1,369,000 971,000 -1,741,000 3,303,000 2,118,000 7,912,000 -1,363,000 -574,000 -1,162,000                                    -108,000 64,000 343,000  -142,000 21,000 81,000 471,000 
      increase in other assets
    		          1,897,000 -7,609,000 1,439,000 965,000 -735,000 -438,000 60,000      2,846,000 866,000 15,000 -1,865,000 -894,000   1,098,000 -1,238,000  1,555,000   3,580,000 -2,536,000 -161,000 -2,282,000   -690,000            55,000 -776,000          -144,000 384,000 546,000 -1,039,000 -148,000 208,000 24,000 4,000 -396,000 -107,000 
      (decrease ) increase in accounts payable and accrued expenses
    		          -1,846,000                                                                
      decrease in other long-term liabilities
    		          -1,359,000    -2,480,000                                                            
      purchase of non controlling interest-permanent
    		                                                                          
      net income including non-controlling interest and earnings from unconsolidated affiliates
    		           3,348,000 12,821,000 15,256,000 11,982,000                                                            
      gain on sale of partnership interest
    		                  96,000 0    309,000                                                   
      derecognition (write-off) of goodwill - closed clinics
    		                                                                          
      (gain) loss on sale of clinics and fixed assets
    		           0 -29,000                                                              
      impairment of goodwill
    		                                                                          
      purchase of non-controlling interest, permanent equity
    		           0 -124,000 -57,000 -99,000 -181,000    -54,000 -40,000   -290,000 0                                                  
      sales of partnership interest, clinics and fixed assets
    		                                                                          
      sale of non-controlling interest - permanent
    		                                                                          
      (payment) receipt of medicare accelerated and advance funds
    		               0 0                                                          
      notes receivable related to sale of partnership interest
    		                                                                          
      unrealized gain on cash flow hedge
    		                                                                          
      proceeds on sales of partnership interest, clinics and fixed assets
    		            0 736,000 4,000 139,000 304,000                                                          
      loss on revaluation of put-right liability
    		                                                                          
      purchase of businesses - contingent consideration
    		                                                                          
      notes payable due to purchase of non-controlling interest, permanent equity
    		             0 296,000                                                            
      gain on revaluation of put-right liability
    		              -603,000                                                            
      sales of non-controlling interest-permanent
    		               0                                                           
      interest
    		               157,000 454,000 443,000 298,000 0 258,000 595,000 349,000 478,000 510,000 559,000 343,000 652,000 599,000 580,000 526,000 497,000 1,512,000 -495,000 599,000 14,000 258,000 264,000 248,000 225,000 235,000 246,000 200,000 312,000 345,000 0 115,000 118,000 119,000 101,000 116,000 139,000 283,000 10,000 127,000 95,000 93,000 40,000 24,000   56,000 173,000 90,000 5,000 82,000 198,000 104,000 100,000 197,000 16,000 21,000 29,000 11,000 
      purchase of business - payable to common shareholders of acquired business
    		                       0 0                                                  
      note receivables related to sale of partnership interest
    		                627,000                                                          
      short swing profit settlement
    		                                                                          
      purchase of redeemable non-controlling interest - notes payable
    		                    0                                                      
      receivables related to sale of partnership interest
    		                                                                          
      net income including non-controlling interests
    		                 17,472,000 11,886,000 18,627,000 15,763,000 14,763,000 3,338,000 12,015,000 13,069,000 19,800,000 12,375,000 13,673,000 11,879,000 13,236,000 10,054,000 8,706,000 6,594,000 6,390,000 6,034,000 556,000 7,972,000 10,060,000 7,680,000 9,117,000 6,151,000 7,263,000 7,418,000 9,420,000 6,323,000                              
      adjustments to reconcile net income including non-controlling interests to net cash provided byoperating activities:
    		                                                                          
      decrease in accounts receivable - other
    		                                     10,000 43,000  125,000    146,000                              
      distributions to non-controlling interests, permanent and temporary equity
    		                 -4,133,000 -5,265,000 -4,108,000 -8,516,000 -3,366,000 -2,341,000 -5,373,000 -2,928,000 -5,358,000 -2,576,000 -5,176,000 -3,735,000                                              
      purchase of businesses - payable
    		                                                                          
      adjustments to reconcile net income including non-controlling interests to net cash from operating activities:
    		                                                                          
      purchase of redeemable non-controlling interest - temporary equity
    		                                                                          
      proceeds on sales of partnership interest and clinics
    		                  152,000  0                                                      
      payable related to purchase of redeemable non-controlling interest, temporary equity
    		                  4,829,000                                                        
      write-off of goodwill - closed clinics
    		                   0 0 0 1,859,000                                                    
      decrease (increase) in patient accounts receivable
    		                   -3,218,000 -4,763,000                                                      
      decrease(increase) in accounts receivable - other
    		                   931,000 447,000                                                      
      decrease (increase) in other assets
    		                   -1,243,000 -565,000       112,000       757,000                170,000       111,000   741,000              
      payments to settle mandatorily redeemable non-controlling interests
    		                           0 0 0 -265,000 -131,000 0 0 -2,230,000                                        
      medicare accelerated and advance payment funds
    		                   1,130,000 63,000                                                      
      notes receivables related to sale of partnership interest
    		                   324,000 284,000                                                      
      benefit from doubtful accounts
    		                    1,279,000 739,000 1,361,000 1,450,000 962,000 1,240,000 1,206,000 1,501,000 890,000 1,151,000 1,061,000 956,000 930,000 888,000 898,000 1,078,000 917,000 956,000 1,089,000 1,061,000 991,000 1,018,000 1,090,000 1,054,000 950,000 1,007,000 1,095,000 1,193,000 1,089,000 1,192,000 1,259,000 1,280,000 1,117,000 1,231,000 1,426,000 504,000 624,000 778,000 695,000 734,000 1,034,000 772,000 1,001,000 869,000 706,000 843,000 747,000 735,000 748,000 813,000 691,000 501,000 631,000 566,000 
      payable due to purchase of redeemable non-controlling interest
    		                    0                                                      
      gain on sale of partnership interest, net of tax
    		                                                                          
      increase in other liabilities
    		                     106,000 239,000 -577,000    -1,956,000 2,660,000 173,000 -845,000 170,000 209,000 1,000 76,000 -356,000 261,000 82,000 365,000     220,000 184,000 195,000 645,000 -37,000 56,000 -1,340,000 -12,000 43,000 -12,000 -882,000 192,000 207,000 208,000 575,000 168,000 106,000 -45,000 961,000 -20,000 -584,000 58,000 234,000 51,000 117,000 68,000 126,000 -23,000 242,000 -7,000 187,000 
      payable related to purchase of partnership interest - settlement of redeemable non-controlling interest
    		                                                                          
      purchase of non-controlling interest - payable
    		                                                                          
      gain on derecognition of debt
    		                                                                          
      increase in mandatorily redeemable non-controlling interests
    		                               4,510,000 668,000 3,490,000 2,911,000                                        
      purchase of majority interest in businesses
    		                       -232,000                                                   
      sales of non-controlling interest-permanent equity
    		                                                                          
      proceeds on sale of partnership interest
    		                       0                                                   
      decrease in other liabilities
    		                         -438,000 -263,000                                                
      purchase of business
    		                                                                    -2,831,000      
      purchase of business - seller financing portion
    		                         3,772,000 228,000 0 400,000 400,000 150,000 500,000 0 750,000 900,000 486,000 14,000 0 500,000 850,000 500,000 0 0     400,000 400,000                          
      receivable related to sale of partnership interest
    		                                                                          
      purchase of redeemable non-controlling interest
    		                          -2,053,000                                                
      purchase of non-controlling interest
    		                          -139,000  -27,000 1,000 -246,000                                            
      purchase of businesses, net of cash acquired
    		                           -64,000 -7,185,000 -8,357,000 -761,000 -2,942,000 -75,000 -17,995,000 -15,670,000 -10,665,000 0 -59,000 -12,899,000 -8,022,000 -6,445,000 -30,000 -1,490,000 -10,625,000 -125,000 -36,500,000 -130,000 -5,783,000 -4,215,000 -527,000 -222,000 -6,090,000 -1,090,000 -1,302,000    -9,351,000 32,000 -93,000 -8,785,000     -8,042,000 -103,000        
      (purchase) sale of non-controlling interest
    		                                                                          
      acquisition of non-controlling interest - seller financing portion
    		                                   -113,000 -14,000 0 514,000                                    
      payment to settle redeemable non-controlling interest - financing portion
    		                                                                          
      receivable from sale of non-controlling interests
    		                                                                          
      loss on sale and disposal of fixed assets
    		                                                                          
      net (cash used in) provided by financing activities
    		                             2,466,000 -15,240,000                                            
      distributions to non-controlling interests
    		                              -2,208,000 -1,874,000 -1,033,000 -1,728,000 -937,000 2,553,000 -3,067,000 -3,591,000 -1,613,000 -3,317,000 -1,589,000 -2,846,000 -2,085,000 -3,569,000 -1,413,000                              
      excess tax benefit from equity-based rewards
    		                                                                          
      deferred income tax
    		                               -5,155,000 1,276,000 -735,000 -250,000 -2,709,000 1,518,000 1,461,000 2,709,000 1,565,000 565,000 2,387,000 1,466,000 842,000 1,580,000 2,912,000 253,000 -577,000 -219,000 1,203,000 1,489,000 -564,000 1,610,000 2,401,000 482,000 585,000 365,000 -652,000 651,000 737,000 -284,000 524,000 128,000 8,000 54,000          
      sale of non-controlling interest, net of purchases
    		                                                                          
      cash dividends paid to shareholders - funded
    		                                                                          
      tax benefit from equity-based rewards
    		                                                                          
      acquisitions of non-controlling interests
    		                                   1,130,000 -414,000 138,000 -1,524,000 -609,000 -359,000 -492,000 -53,000 -2,112,000 -2,833,000                              
      sale of non-controlling interests
    		                                    0                                      
      tax benefit from equity-based awards
    		                                    242,000 233,000 323,000                                    
      cash dividends to shareholders - funded
    		                                   -2,128,000 -2,128,000 -2,129,000 -2,125,000                                    
      excess tax benefit from equity-based awards
    		                                                                          
      revaluation of redeemable non-controlling interests
    		                                         0 0 202,000 1,639,000                              
      excess tax benefit from exercise of equity-based awards
    		                                      -323,000                                    
      (gain) loss on sale or abandonment of assets
    		                                                                          
      excess tax benefit from shared-based compensation
    		                                       -159,000 -271,000                                  
      increase in other long term liabilities
    		                                       262,000 665,000                                  
      cash dividends to shareholders
    		                                         -1,474,000 -1,467,000   -1,210,000 -1,210,000 -1,211,000 -1,207,000 -5,834,000 -1,066,000 -1,059,000 -1,058,000 -946,000 -953,000                    
      payment of notes payable
    		                                       -408,000 -200,000 -250,000 0 -325,000 -250,000 0 -225,000 -184,000 -50,000 -150,000 -100,000   -150,000 0 0 -100,000 -279,000 -258,000   -353,000 -405,000 -548,000 -73,000 -124,000 -434,000 -215,000 -114,000 -167,000 -115,000 -140,000 -166,000 -68,000 
      tax benefit from share-based compensation
    		                                       159,000 271,000                                  
      cash - end of period
    		                                       -1,585,000 14,557,000  2,890,000 -3,827,000 16,761,000                              
      loss on sale of business and sale or abandonment of assets
    		                                        17,000  -14,000 15,000 19,000                              
      write-off of goodwill - closed clinic
    		                                        34,000                                  
      (decrease) in accounts payable and accrued expenses
    		                                        -5,976,000                                  
      proceeds on sale of business and fixed assets
    		                                        8,000 4,000 5,000 22,000 16,000    14,000                          
      loss on sale of business and fixed assets
    		                                                14,000                          
      excess tax benefit from exercise of stock options
    		                                         -422,000 -311,000 -89,000 -126,000                 0             
      tax benefit from stock options exercised
    		                                                33,000                          
      excess tax benefit from stock options exercised
    		                                          311,000 89,000 126,000  244,000    197,000 126,000 58,000  180,000 227,000 395,000 288,000 36,000 4,000 8,000 0    0 50,000 3,000 75,000 7,000 68,000 100,000 9,000 10,000 
      proceeds from exercise of stock options
    		                                          28,000    2,000    67,000 12,000 3,000  0 1,000 1,000 16,000 316,000 81,000 7,000 0    0 402,000 28,000 65,000 126,000 69,000 145,000 228,000 11,000 
      net increase in cash
    		                                          2,890,000 -3,827,000 3,863,000        457,000  483,000 -1,674,000 1,487,000  2,544,000 -4,295,000 5,042,000              
      cash - beginning of period
    		                                          0 0 12,898,000                              
      balance december 31, 2013
    		                                          0 0 14,316,000                              
      issuance of restricted stock, net of cancellations
    		                                          29,000 21,000 97,000                              
      compensation expense - restricted stock
    		                                                                          
      excess tax benefit of equity grants
    		                                                                          
      revaluation of redeemable non-controlling interests, net of tax
    		                                                                          
      reclass to redeemable non- controlling interests
    		                                                                          
      acquisition of non-controlling interests
    		                                                                          
      dividends paid to shareholders
    		                                                                          
      contributions of non-controlling interest partner
    		                                                                          
      distributions to non-controlling interest partners
    		                                                                          
      net income
    		                                                                 2,233,000 2,531,000 2,855,000 2,385,000 2,486,000 2,120,000 2,303,000 1,829,000 1,484,000 
      balance september 30, 2014
    		                                                                          
      dividends payable to shareholders
    		                                                                          
      distributions to noncontrolling interest partners
    		                                                                          
      balance june 30, 2014
    		                                                                          
      balance march 31, 2014
    		                                            14,413,000                              
      net income including noncontrolling interests
    		                                               7,374,000 5,609,000 5,794,000 6,298,000 7,314,000 6,812,000 10,142,000 5,853,000 7,603,000 6,185,000 6,358,000 6,177,000 7,034,000 5,131,000 4,207,000 5,140,000 6,034,000 4,593,000          
      adjustments to reconcile net income including noncontrolling interests to net cash from operating activities:
    		                                                                          
      gain on purchase price settlement
    		                                                                          
      gain on sale of business and fixed assets
    		                                                                          
      acquisitions of noncontrolling interests
    		                                                -956,000 -930,000 -349,000 -400,000 -565,000 -1,504,000 -3,050,000 -15,870,000 -15,000 -129,000 -338,000 -198,000 -17,000 -2,194,000             
      sale of noncontrolling interests
    		                                                 0 0                        
      settlement of purchase price
    		                                                                          
      distributions to noncontrolling interests
    		                                               -2,816,000 -1,594,000 -2,482,000 -2,099,000 -2,832,000 -1,919,000 -2,485,000 -2,685,000 -2,608,000 -1,989,000 -2,344,000 -2,405,000 -2,594,000 -2,237,000 -2,009,000 -2,329,000 -2,707,000 -2,393,000          
      purchase and retire of common stock
    		                                                             0 0 -2,939,000 -2,647,000          
      acquisition of noncontrolling interest - seller financing portion
    		                                                                          
      increase in accounts receivable—other
    		                                                    -426,000                      
      acquisitions of non-controlling interests, net of sales
    		                                                                          
      net proceeds on sale of non controlling interest, fixed assets and business
    		                                                                          
      cash—beginning of period
    		                                                    9,983,000                      
      cash—end of period
    		                                                    10,440,000                      
      purchase of business—seller financing portion
    		                                                    100,000                      
      balance december 31, 2012
    		                                              0                            
      issuance of restricted stock
    		                                              0    0 23,000 58,000  58,000 32,000 70,000  71,000                
      compensation expense—restricted stock
    		                                                                          
      transfer of compensation liability for certain stock issued pursuant to incentive plans
    		                                                                          
      purchases of business
    		                                                                          
      balance september 30, 2013
    		                                                                          
      loss on sale or abandonment of assets
    		                                                  46,000 25,000 58,000         19,000 72,000 4,000 27,000 83,000 51,000 68,000 45,000 81,000 14,000 16,000 6,000  
      acquisitions of noncontrolling interests, net of sales
    		                                                                          
      net proceeds on sale of fixed assets and business
    		                                                  30,000 22,000 6,000  1,000 1,000 3,000  2,000 770,000 125,000              
      net decrease in cash
    		                                                                          
      acquisition of non controlling interests
    		                                                                          
      balance june 30, 2013
    		                                                                          
      cash and cash equivalents—beginning of period
    		                                                                          
      cash and cash equivalents—end of period
    		                                                                          
      acquisition of noncontrolling interest—seller financing portion
    		                                                                          
      increase in accounts receivable — other
    		                                                     287,000 -165,000 -703,000 -409,000 -128,000 65,000 -172,000 -62,000         -75,000 6,000 -191,000 173,000  
      purchase and retirement of common stock
    		                                                                          
      cash — beginning of period
    		                                                      0 0 9,179,000  0 0 6,429,000              
      cash — end of period
    		                                                      483,000 -1,674,000 10,666,000  2,544,000 -4,295,000 11,471,000              
      purchase of business — seller financing portion
    		                                                     0    250,000 50,000 0 225,000     556,000 0   0     
      acquisition of noncontrolling interest — seller financing portion
    		                                                     0 0                    
      balance december 31, 2011
    		                                                  0 0 13,919,000                      
      compensation expense — restricted stock
    		                                                                          
      contribution of non controlling interests partners
    		                                                                          
      sale of non controlling interests
    		                                                                          
      cash dividends to uspt shareholders
    		                                                                          
      balance september 30, 2012
    		                                                                          
      balance june 30, 2012
    		                                                                          
      balance march 31, 2012
    		                                                    13,980,000                      
      cash and cash equivalents — beginning of period
    		                                                             0 0 0 10,113,000  0 0 7,976,000  0 0 10,952,000  
      cash and cash equivalents — end of period
    		                                                             -2,897,000 -1,113,000 -642,000 11,081,000  1,080,000 -1,124,000 9,197,000  -2,402,000 -1,125,000 13,093,000  
      (gain) loss on sale of business and sale or abandonment of assets
    		                                                      65,000 19,000 56,000  58,000 150,000 -558,000              
      balance december 31, 2010
    		                                                      0 0 13,893,000                  
      cancellation of restricted stock
    		                                                      0    0                
      purchase and retirement of treasury stock
    		                                                                          
      tax benefit from exercise of stock options
    		                                                                  -50,000 -3,000 -75,000  -68,000 -100,000 -9,000  
      transfer of compensation liability for certain stock issued pursuant to long-term incentive plans
    		                                                                          
      purchase of noncontrolling interests, net of tax
    		                                                                          
      balance september 30, 2011
    		                                                                          
      balance june 30, 2011
    		                                                                          
      cash dividend to shareholders
    		                                                        -943,000                  
      transfer of compensation expense liability for certain stock issued pursuant to long-term incentive plan
    		                                                                          
      balance march 31, 2011
    		                                                        14,011,000                  
      recognition of deferred rent subsidies
    		                                                             -130,000 -124,000 -121,000 -117,000 -108,000 -105,000 -122,000 -96,000 -105,000 -109,000 -112,000 -130,000 -103,000 
      balance december 31, 2009
    		                                                          0 0 13,829,000              
      compensation expense — stock options
    		                                                                          
      sale of business
    		                                                                          
      purchase and retirement of treasury shares
    		                                                                          
      purchase of noncontrolling interests
    		                                                                          
      balance september 30, 2010
    		                                                                          
      balance june 30, 2010
    		                                                                          
      balance march 31, 2010
    		                                                            13,829,000              
      (increase) in other assets
    		                                                                          
      purchase of marketable securities — available for sale
    		                                                                     0 0 -440,000 -1,600,000  
      proceeds on sale of marketable securities — available for sale
    		                                                                     0 1,900,000 0 640,000  
      purchase of business — issuance of common stock
    		                                                                          
      write-off of goodwill
    		                                                                 -39,000         
      decrease in accounts receivable — other
    		                                                              1,000 -6,000 197,000    130,000      
      cash paid during the period for :
    		                                                                          
      adjustments to reconcile net income to net cash from operating activities:
    		                                                                          
      minority interests in earnings of subsidiary limited partnerships
    		                                                                 1,853,000 1,583,000 1,977,000 1,672,000 1,576,000 1,369,000 1,467,000 1,315,000 1,201,000 
      acquisitions of minority interests, included in goodwill
    		                                                                          
      distributions to minority investors in subsidiary limited partnerships
    		                                                                 -2,058,000 -1,848,000 -1,916,000 -1,473,000 -1,387,000 -1,605,000 -1,196,000 -1,463,000 -881,000 
      repurchase of common stock
    		                                                                         -860,000 
      cash and cash equivalents — beginning of year
    		                                                                          
      cash and cash equivalents — end of year
    		                                                                          
      increase in patient account receivable
    		                                                                  880,000 -682,000 -2,755,000  -1,175,000 -956,000 -1,001,000  
      decrease (increase) in accounts receivable – other
    		                                                                          
      acquisitions of minority interest, included in goodwill
    		                                                                  -739,000 -372,000 -285,000  -383,000 0 -129,000  
      payment on revolving line of credit
    		                                                                  -6,000,000        
      changes in operating assets and liabilites:
    		                                                                          
      decrease (increase) in accounts receivable — other
    		                                                                          
      purchase of business, net of cash acquired
    		                                                                     -576,000     
      closure costs — write-off of goodwill
    		                                                                          
      gain on sale or abandonment of assets
    		                                                                          
      impairment charge — goodwill
    		                                                                          
      non-cash transactions during the period:
    		                                                                          
      conversion of series c notes into common stock
    		                                                                          
      adjustments to reconcile net income to net cash from
    		                                                                          
      operating activities:
    		                                                                          
      loss on sale or abandonment of fixed assets
    		                                                                         12,000 
      increase in accounts receivable -- other
    		                                                                         -137,000 
      acquisition of minority interests, included in goodwill
    		                                                                         -800,000 
      cash and cash equivalents -- beginning of period
    		                                                                         15,002,000 
      gain on sale or abandonment of fixed assets
    		                                                                          
      acquisition of businesses
    		                                                                          
      note payable purchase of minority interest purchase of business — seller financing portion
    		                                                                          
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.