On November 14, 2019, U.S. Physical Therapy, Inc. (NYSE: USPH), a national
operator of outpatient physical therapy clinics (the “Company”), announced that its Chief Financial Officer, Larry McAfee, will present at the 2019 Southwest IDEAS Investor Conference on Thursday, November 21, 2019. The presentation will cover an
overview of the Company. The conference is being held in Dallas, Texas.
A copy of the presentation is posted on the Company’s website at www.usph.com.
The presentation includes a discussion of tables provide detail of the diluted earnings per share computation and reconcile net income attributable to USPH
shareholders calculated in accordance with GAAP to Operating Results and Adjusted EBITDA. Management believes providing Operating Results and Adjusted EBITDA to investors is useful information for comparing the Company's period-to-period results.
Operating Results, a non-GAAP measure, equals net income attributable to USPH shareholders per the consolidated statements of net income less the gain on the
sale of a partnership interest. The earnings per share from Operating Results also excludes the impact of the revaluation of redeemable non-controlling interests, net of tax. In accordance with current accounting guidance, the revaluation of
redeemable non-controlling interest, net of tax, is not included in net income but charged directly to retained earnings and is included in the earnings per basic and diluted share calculation.
Management uses Operating Results, which eliminates certain items described above that can be subject to volatility and unusual costs, as one of the principal
measures to evaluate and monitor financial performance period over period. Management believes that Operating Results is useful information for investors to use in comparing the Company's period-to-period results as well as for comparing with
other similar businesses since most do not have mandatorily redeemable instruments and therefore have different liability and equity structures.
Adjusted EBITDA is defined as net income attributable to USPH shareholders before interest income, interest expense, taxes, depreciation, amortization,
equity-based awards compensation expense and gain on sale of partnership interest. Management believes reporting Adjusted EBITDA is useful information for investors in comparing the Company’s period-to-period results as well as comparing with
similar businesses which report adjusted EBITDA as defined by their company.
Operating Results and Adjusted EBITDA are not measures of financial performance under GAAP. Adjusted EBITDA and Operating Results should not be considered in
isolation or as an alternative to, or substitute for, net income attributable to USPH shareholders presented in the consolidated financial statements.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or
other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.