Company: USPH
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001140361-25-029744
Chunk: 16

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 16
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 expenses, mostly consisting of payroll and related benefits.  These decreases were
        partially offset by higher net income.

        50

Investing Activities

Cash used in investing activities for the 2025 Six Months totaled $19.3 million and primarily consisted of $15.5 million used in the purchase of interests in businesses and non-controlling interests
        (temporary and permanent), and $5.8 million of fixed assets purchases.  These uses were partially offset by $0.7 million in proceeds from the sale of a partnership, and $0.7 million of distributions received from an unconsolidated affiliate. Cash
        used in investing activities in the 2024 Six Months was $48.8 million.

Financing Activities

Cash used in financing activities for the 2025 Six Months totaled $18.1 million and primarily comprised of $13.5 million in proceeds from our Revolving Facility (as defined below), $10.7 million in
        distributions to non-controlling interests (temporary and permanent), $13.7 in cash dividends paid to shareholders and payments of $7.3 million related to notes payable and the Term Facility. Cash used in financing activities in the 2024 Six Months
        was $24.6 million.

Senior Credit Facilities

On December 5, 2013, we entered into an Amended and Restated Credit Agreement with a commitment for a $125.0 million revolving credit facility. This agreement was amended and/or restated in August
        2015, January 2016, March 2017, November 2017, and January 2021. On June 17, 2022, we entered into the Third Amended and Restated Credit Agreement (the “Credit Agreement”) among Bank of America, N.A., as administrative agent (“Administrative
        Agent”) and the lenders from time-to-time party thereto.

The Credit Agreement, which matures on June 17, 2027, provides for loans in an aggregate principal amount of $325 million. Such loans will be available through the following facilities (collectively, the “Senior Credit
        Facilities”):

    1)

              Revolving Facility: $175 million, five-year, revolving credit facility (“Revolving Facility”), which includes a $12 million sublimit for the issuance of standby letters of credit and a $15 million sublimit
                for swingline loans (each, a “Swingline Loan”).

    2)

              Term Facility: