U.S. Physical Therapy, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $39.6M | $31.4M | $28.2M | $32.2M | $40.8M | $35.2M | $40.0M | $34.9M |
| Depreciation & Amortization | $22.4M | $18.7M | $15.7M | $14.7M | $11.6M | $10.5M | $10.1M | $9.8M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $11.3M | $9.5M | $7.3M | $6.5M | $3.7M | $3.4M | $3.0M | $2.8M |
| Stock-Based Compensation | $8.3M | $7.8M | $7.2M | $7.3M | $7.9M | $7.9M | $7.0M | $5.9M |
| Net Cash from Operating Activities | $75.1M | $74.9M | $82.0M | $58.5M | $76.4M | $100.0M | $62.4M | $73.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $14.1M | $9.2M | $9.3M | $8.2M | $8.2M | $7.6M | $10.2M | $7.2M |
| Business Acquisitions | $15.7M | $133.1M | $26.6M | $59.8M | $86.8M | $23.9M | $30.6M | $16.4M |
| Net Cash from Investing Activities | $-36.7M | $-149.5M | $-45.0M | $-81.3M | $-124.1M | $-51.2M | $-38.0M | $-23.9M |
| Financing Activities | ||||||||
| Dividends Paid | $27.4M | $26.5M | $24.1M | $21.3M | $18.8M | $4.1M | $14.6M | $11.7M |
| Stock Repurchases | $5.6M | $0 | $0 | — | — | — | — | — |
| Net Cash from Financing Activities | $-44.1M | $-37.0M | $84.3M | $25.8M | $43.4M | $-39.4M | $-24.3M | $-47.7M |
| Net Change in Cash | $-5.8M | $-111.5M | $121.2M | $3.0M | $-4.4M | $9.4M | $180.0K | $1.4M |
| Free Cash Flow | $61.0M | $65.8M | $72.7M | $50.3M | $68.2M | $92.4M | $52.3M | $65.8M |