U S Physical Therapy (USPH) FY2018 results: revenue $454 million, up 9.6% on the year
U S Physical Therapy Inc. (USPH) reported revenue of $454 million for fiscal 2018, the year ended 31 December 2018, up 9.6% on the year before. Net income was $35 million, up 56.7%, and diluted earnings per share $1.31. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$454 million
+9.6% on the year
FY2011FY2018
Operating margin
13.3%
13.2% a year earlier
FY2011FY2018
Net income
$35 million
+56.7% on the year
FY2011FY2018
Diluted EPS
$1.31
-25.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
454
414
357
+9.6%
Gross profit
102
90.6
82.0
+12.2%
Gross margin
22.4%
21.9%
23.0%
Selling, general and administrative
41.3
35.9
32.5
+15.2%
Operating income
60.3
54.7
49.5
+10.2%
Operating margin
13.3%
13.2%
13.9%
Interest expense
2.0
21.1
11.5
-90.3%
Pre-tax income
60.2
33.8
38.1
+78.4%
Income tax
11.4
6.0
11.9
+88.5%
Effective tax rate
18.9%
17.9%
31.1%
Net income
34.9
22.3
20.6
+56.7%
Net margin
7.7%
5.4%
5.8%
Diluted EPS
$1.31
$1.76
$1.64
-25.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
73.0
56.5
51.0
+29.2%
Capital expenditure
7.2
7.1
8.3
+1.4%
Free cash flow
65.8
49.4
42.8
+33.1%
Free cash flow margin
14.5%
11.9%
12.0%
Cash from investing
-23.9
-43.6
-32.5
Cash from financing
-47.7
-11.1
-14.3
Depreciation and amortisation
9.8
9.7
8.8
+0.5%
Share-based compensation
5.9
5.0
5.0
+18.0%
Dividends paid
11.7
10.1
8.5
+15.9%
Dividend per share
$0.92
$0.80
$0.68
+15.0%
Diluted shares, weighted
n/a
n/a
12m
Shares outstanding at period end
13m
13m
n/a
+0.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
216
205
188
+5.4%
Non-controlling interest
0.9
1.2
1.1
-22.8%
Redeemable equity
134
103
0.0
+30.6%
Debt
39.8
60.8
51.8
-34.5%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
52.5
49.6
111
+5.9%
Total liabilities and equity
443
419
351
+5.8%
Fixed assets
20.2
20.4
19.2
-1.1%
Goodwill
294
271
227
+8.2%
Intangible assets
48.8
49.0
38.1
-0.3%
Cash and equivalents
23.4
21.9
20.0
+6.5%
Receivables
44.8
44.7
38.8
+0.1%
Other assets
12.5
11.7
8.3
+7.4%
Total assets
443
419
351
+5.8%
10-K for the year ended 31 December 2018, filed 1 March 2021: the filing.