Company: USPH
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001140361-25-006750
Chunk: 44

Company: U S PHYSICAL THERAPY INC /NV
Filing Date: 2025-03-03
Form: 10-K
Item: Item 3
Chunk 44
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 the 58 net new clinic additions during 2024 Year.

Gross profit, which included $4.4 million of costs associated with the 45 clinic closures, was $123.9 million, or 18.5% of net revenue, during the 2024 Year compared to $121.5 million, or 20.1% of net revenue,
            for the 2023 Year. Excluding the clinic closure costs, Adjusted gross profit (1),  for the 2024 Year was $128.3 million, or 19.1% of net revenue, compared to
            $121.7 million, or 20.1% of net revenue, for the 2023 Year.

          USPH Net Income was $31.4 million for the 2024 Year compared to $28.2 million for the 2023 Year.  For the 2024 Year, USPH Net Income included a charge of $4.4 million (prior to allocation of the related minority interest and income taxes) related
          to the closure of 45 underperforming clinics, a non-cash charge of $2.4 million (prior to allocation of income taxes) related to the impairment of assets held for sale and a $1.0 million true-up of income tax expense.  For the 2023 Year, USPH Net
          Income included a charge of $17.5 million (prior to the allocation of minority interest and income taxes) related to the impairment of goodwill and other intangible assets. 

            In accordance with GAAP, the revaluation of noncontrolling interest, net of taxes, is not included in net income but is charged directly to retained earnings; however, this change is included in the computation
              of earnings per share.  Earnings per share, was $1.84 for the 2024 Year compared to $1.28 in the 2023 Year.

    (1)

                    These are non-GAAP Measures. See below for the definition and reconciliation of non-GAAP measures to the most directly comparable GAAP measure.

            33

The table below shows the calculation of earnings per share for the periods presented.

                  For the Year Ended

                  December 31, 2024

                  December 31, 2023

                  (In thousands, except per share data)

                  Computation of earnings per share - USPH shareholders:

                  Net income attributable to USPH shareholders

                  $

                  31,424