U S Physical Therapy (USPH) FY2022 results: revenue $553 million, up 11.7% on the year

U S Physical Therapy Inc. (USPH) reported revenue of $553 million for fiscal 2022, the year ended 31 December 2022, up 11.7% on the year before. Net income was $32 million, down 21.2%, and diluted earnings per share $2.25. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$553 million

+11.7% on the year

FY2015FY2022

Operating margin

10.3%

14.3% a year earlier

FY2015FY2022

Net income

$32 million

-21.2% on the year

FY2015FY2022

Diluted EPS

$2.25

-6.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	553	495	423	+11.7%
Gross profit	112	117	94.5	-4.4%
Gross margin	20.3%	23.7%	22.3%
Selling, general and administrative	46.1	46.5	42.0	-0.9%
Operating income	56.8	70.6	52.4	-19.6%
Operating margin	10.3%	14.3%	12.4%
Pre-tax income	55.6	73.2	65.5	-24.1%
Income tax	12.2	15.3	13.0	-20.4%
Effective tax rate	21.9%	20.9%	19.9%
Net income	32.2	40.8	35.2	-21.2%
Net margin	5.8%	8.2%	8.3%
Diluted EPS	$2.25	$2.41	$2.48	-6.6%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	58.5	76.4	100.0	-23.4%
Capital expenditure	8.2	8.2	7.6	+0.6%
Free cash flow	50.3	68.2	92.4	-26.3%
Free cash flow margin	9.1%	13.8%	21.8%
Cash from investing	-81.3	-124	-51.2
Cash from financing	25.8	43.4	-39.4	-40.6%
Depreciation and amortisation	14.7	11.6	10.5	+27.2%
Share-based compensation	7.3	7.9	7.9	-7.7%
Dividends paid	21.3	18.8	4.1	+13.6%
Dividend per share	$1.64	$1.46	$0.32	+12.3%
Diluted shares, weighted	13m	13m	13m	+0.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	316	296	276	+6.8%
Non-controlling interest	1.3	1.6	1.5	-20.0%
Redeemable equity	168	155	132	+7.9%
Debt	184	118	21.5	+55.1%
Operating lease liabilities	77.9	74.2	62.0	+5.1%
Other liabilities	112	104	101	+7.3%
Total liabilities and equity	858	749	594	+14.5%
Fixed assets	24.7	23.0	21.7	+7.7%
Goodwill	494	435	346	+13.7%
Intangible assets	109	86.4	56.3	+25.9%
Cash and equivalents	31.6	28.6	32.9	+10.6%
Receivables	51.9	46.3	41.9	+12.2%
Other assets	147	131	95.9	+12.6%
Total assets	858	749	594	+14.5%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.