Company: USPH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001140361-25-018157
Chunk: 15

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 15
---
 17,328

            $

            14,756

            Less: Net income attributable to non-controlling interest:

            Redeemable non-controlling interest - temporary equity

            (2,012

            )

            (2,227

            )

            Non-controlling interest - permanent equity

            (1,557

            )

            (1,344

            )

            $

            (3,569

            )

            $

            (3,571

            )

            Income before taxes less net income attributable to non-controlling interest

            $

            13,759

            $

            11,185

            Provision for income taxes

            $

            3,860

            $

            3,139

            Effective income tax rate

            28.1

            %

            28.1

            %

Net Income Attributable to Non-controlling Interest

Net income attributable to non-controlling interest (temporary and permanent) was $3.6 million in each of the 2025 First Quarter and 2024 First Quarter, respectively.

      43

LIQUIDITY AND CAPITAL RESOURCES

We believe that our business has sufficient cash to allow us to meet our short-term cash requirements. Total cash and cash equivalents were $39.2 million as of March 31, 2025, compared to $41.4 million
      as of December 31, 2024, and $132.3 million at March 31, 2024. Additionally, we had $164.9 million of outstanding borrowings and $147.0 million in available credit under our credit facilities as of March 31, 2025, compared to $151.6 million of
      outstanding borrowings and $164.0 million in available credit under our credit facilities as of December 31, 2024.

We believe that our cash and cash equivalents and availability under our Senior Credit Facilities are sufficient to fund the working capital needs of our operating subsidiaries through at least March
      31, 2026.

Historically, we have generated sufficient cash from operations to fund our development activities and to cover operational needs. We plan to continue developing new clinics and making acquisitions. We
      have, from time to time, purchased the non-controlling interests of limited partners in our existing partnerships. We may purchase additional non-controlling interests in the future.  Generally, any acquisition or purchase of non-controlling
      interests is expected to be accomplished using our cash, financing,