U S Physical Therapy (USPH) FY2021 results: revenue $495 million, up 17.0% on the year

U S Physical Therapy Inc. (USPH) reported revenue of $495 million for fiscal 2021, the year ended 31 December 2021, up 17.0% on the year before. Net income was $41 million, up 16.0%, and diluted earnings per share $2.41. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$495 million

+17.0% on the year

FY2014FY2021

Operating margin

14.3%

12.4% a year earlier

FY2014FY2021

Net income

$41 million

+16.0% on the year

FY2014FY2021

Diluted EPS

$2.41

-2.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	495	423	482	+17.0%
Gross profit	117	94.5	112	+24.1%
Gross margin	23.7%	22.3%	23.3%
Selling, general and administrative	46.5	42.0	45.0	+10.7%
Operating income	70.6	52.4	67.4	+34.8%
Operating margin	14.3%	12.4%	14.0%
Interest expense	n/a	n/a	2.1
Pre-tax income	73.2	65.5	70.9	+11.7%
Income tax	15.3	13.0	13.6	+17.3%
Effective tax rate	20.9%	19.9%	19.2%
Net income	40.8	35.2	40.0	+16.0%
Net margin	8.2%	8.3%	8.3%
Diluted EPS	$2.41	$2.48	$2.45	-2.8%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	76.4	100.0	62.4	-23.6%
Capital expenditure	8.2	7.6	10.2	+7.4%
Free cash flow	68.2	92.4	52.3	-26.1%
Free cash flow margin	13.8%	21.8%	10.8%
Cash from investing	-124	-51.2	-38.0
Cash from financing	43.4	-39.4	-24.3
Depreciation and amortisation	11.6	10.5	10.1	+10.0%
Share-based compensation	7.9	7.9	7.0	-0.6%
Dividends paid	18.8	4.1	14.6	+356.6%
Dividend per share	$1.46	$0.32	$1.14	+356.2%
Diluted shares, weighted	13m	13m	13m	+0.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	296	276	240	+7.0%
Non-controlling interest	1.6	1.5	1.4	+7.1%
Redeemable equity	155	132	138	+17.3%
Debt	118	21.5	51.1	+450.9%
Operating lease liabilities	74.2	62.0	60.3	+19.7%
Other liabilities	104	101	140	+3.4%
Total liabilities and equity	749	594	631	+26.1%
Fixed assets	23.0	21.7	22.1	+6.1%
Goodwill	435	346	318	+25.8%
Intangible assets	86.4	56.3	52.6	+53.5%
Cash and equivalents	28.6	32.9	23.5	-13.2%
Receivables	46.3	41.9	46.2	+10.4%
Other assets	131	95.9	168	+36.1%
Total assets	749	594	631	+26.1%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.