Company: USPH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001140361-25-018157
Chunk: 10

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 10
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 15,132

            15,017

Non-GAAP Measures

The following tables provide details of the basic and diluted earnings per share computation and reconcile net income attributable to our shareholders calculated in accordance with GAAP to Adjusted EBITDA and Operating
      Results. The tables also provide a reconciliation of additional non-GAAP measures to the most comparable GAAP measure. We believe providing Adjusted EBITDA and Operating Results to investors is useful for comparing our period-to-period results as
      well as for comparing with other similar businesses since most do not have redeemable instruments and therefore have different equity structures. We use Adjusted EBITDA and Operating Results, which eliminate certain items described above that can be
      subject to volatility and unusual costs, as the principal measures to evaluate and monitor financial performance period over period.

Adjusted EBITDA, a non-GAAP measure, is defined as net income attributable to our shareholders before interest income, interest expense, taxes, depreciation, amortization, change in fair value of contingent earn-out
      consideration, changes in revaluation of put-right liability, equity-based awards compensation expense, clinic closure costs, business acquisition related costs, costs related to a one-time financial systems upgrade, loss on sale of a partnership and
      other income and related portions for non-controlling interests.

Operating Results, a non-GAAP measure, equals net income attributable to our shareholders less, changes in revaluation of a put-right liability, clinic closure costs, loss on sale of a partnership, changes in fair
      value of contingent earn-out consideration, business acquisition related costs, costs related to a one-time financial systems upgrade and any allocations to non-controlling interests, all net of taxes. Operating Results per share also excludes the
      impact of the revaluation of redeemable non-controlling interest and the associated tax impact.

Adjusted EBITDA and Operating Results are not measures of financial performance under GAAP. Adjusted EBITDA, Operating Results and other non-GAAP measures should not be considered in isolation or as an alternative to,
      or substitute for, net income attributable to our shareholders presented in the consolidated financial statements.

      38

 ADJUSTED EBITDA AND OPERATING RESULTS

      (IN THOUSANDS, EXCEPT PER SHARE DATA)

        (unaudited)

            Three Months Ended

             March 31, 2025

             March 31, 2024

            (In thousands, except per share data)

            Adjusted EBITDA  (a non