U S Physical Therapy (USPH) FY2019 results: revenue $482 million, up 6.2% on the year
U S Physical Therapy Inc. (USPH) reported revenue of $482 million for fiscal 2019, the year ended 31 December 2019, up 6.2% on the year before. Net income was $40 million, up 14.8%, and diluted earnings per share $2.45. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$482 million
+6.2% on the year
FY2012FY2019
Operating margin
14.0%
13.3% a year earlier
FY2012FY2019
Net income
$40 million
+14.8% on the year
FY2012FY2019
Diluted EPS
$2.45
+87.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
482
454
414
+6.2%
Gross profit
112
102
90.6
+10.6%
Gross margin
23.3%
22.4%
21.9%
Selling, general and administrative
45.0
41.3
35.9
+8.9%
Operating income
67.4
60.3
54.7
+11.8%
Operating margin
14.0%
13.3%
13.2%
Interest expense
2.1
2.0
21.1
+1.8%
Pre-tax income
70.9
60.2
33.8
+17.8%
Income tax
13.6
11.4
6.0
+20.0%
Effective tax rate
19.2%
18.9%
17.9%
Net income
40.0
34.9
22.3
+14.8%
Net margin
8.3%
7.7%
5.4%
Diluted EPS
$2.45
$1.31
$1.76
+87.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
62.4
73.0
56.5
-14.5%
Capital expenditure
10.2
7.2
7.1
+41.7%
Free cash flow
52.3
65.8
49.4
-20.6%
Free cash flow margin
10.8%
14.5%
11.9%
Cash from investing
-38.0
-23.9
-43.6
Cash from financing
-24.3
-47.7
-11.1
Depreciation and amortisation
10.1
9.8
9.7
+3.5%
Share-based compensation
7.0
5.9
5.0
+17.6%
Dividends paid
14.6
11.7
10.1
+24.8%
Dividend per share
$1.14
$0.92
$0.80
+23.9%
Diluted shares, weighted
13m
n/a
n/a
Shares outstanding at period end
n/a
13m
13m
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
240
216
205
+11.3%
Non-controlling interest
1.4
0.9
1.2
+55.3%
Redeemable equity
138
134
103
+2.8%
Debt
51.1
39.8
60.8
+28.2%
Operating lease liabilities
60.3
0.0
n/a
Other liabilities
140
52.5
49.6
+166.0%
Total liabilities and equity
631
443
419
+42.3%
Fixed assets
22.1
20.2
20.4
+9.5%
Goodwill
318
294
271
+8.2%
Intangible assets
52.6
48.8
49.0
+7.7%
Cash and equivalents
23.5
23.4
21.9
+0.8%
Receivables
46.2
44.8
44.7
+3.3%
Other assets
168
12.5
11.7
+1,244.3%
Total assets
631
443
419
+42.3%
10-K for the year ended 31 December 2019, filed 1 March 2021: the filing.