USPH - Earnings call transcript Q4 2019 | U.S. Physical Therapy, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by and welcome to the U.S. Physical Therapy Q4 Year End 2019 Earnings Call. [Operator Instructions] I would now like to hand the conference over to your speaker today Mr. Chris Reading, Chief Executive Officer. Thank you. sir. ahead go Please

Chris Reading

and morning Binstein and welcome call. year Larry our Chief and Vice today Good and President Graham Therapy's McDowell, Vice General Glenn With U.S. Counsel; fourth include our President Executive our quarter end Officers; McAfee Financial everyone you. Officer; to Reeve Rick and Operating Physical me Chief our Thank Controller. XXXX Bates earnings Jon

brief prepared my I ask disclosure. comments cover Before I begin Jon will to

if Jon you would.

Jon Bates

forward-looking contains These from presentation actual This which based involve the uncertainties. Chris. Thanks vary views those company's and risks statements and forward-looking on materially certain results can the are statements anticipated. and company's current assumptions

Please with Commission Securities see more Exchange company's and the filings information. the for

Chris Reading

Thanks Jon.

I'm I'm well it to focus segments. open going So will I am initially to going going it I'm year. various challenges we the I'll impacted few see highlights operating to the comments segments comments. to Larry a our up year over later operating going my cover start before especially and to some this the also plus for performed year on prepared results Later with final have the in our on quarter. questions. which we you for kick encountered well in Overall some discussion as as year overall some extremely

Gross profit grew XX.X%. by

year earlier the improved the XX.X%. year a on gain produced the in business for over on Gross we outside a points and XX the Additionally of partnership our to of operating announced results of $X entirety sale basis margin of million.

sales XX.X% strong margins basis higher than with improving visits year margins clinic PT day the hard worked the our PT same-store prior on year Our per XXX and for in ops to fashion partners team quarter. finished our the by XX.X% strong to year we our continued per gross and points further gross increase in

integration of and for and we made basis improving XXX improved our to management excellent the Our margins infrastructure XXX in spite business forward the contract’s year costs for in points prevention by progress significant basis points gross margin injury related year. industrial XX.X%

come with first Also just our started XX% early some additional our Briotix XXXX. far we injury on IIP we that's in margin. business. prevention finished Since with That on how business year a perspective we've

So almost in couple just over from XX%. business X.X, to XX% years X in a gone we've now margin that

Our truly a very entire exemplary all and has opportunities Briotix done to which we about. continues job create are team excited

$XX past up We under year just with that under revenue. Additional million XXXX year perspective. million just ended $XX revenue, first in this started in

XX% year-over-year was ahead. lot as a Our look capture healthy change very more opportunity and there's we a to

Other highlights year. the for

for XX.X% spite in income improved Our large this cost a total out of by very and of operating us large the company XX operating ordinary a overrun including increased year margin claims healthcare basis year. expense meaningfully the few our points for

an same and And or clinic to and revenue volume result year I for current X.X% ever our on, our believe is X.X% Moving store day per best what the of respectively. per of lives. the all us enable visits team for the increased efforts XX.X partners touch for leaders our Hats of positively to teams, sales off and and high those that in all-time assist year. impact our the supporting and who more driving our to

in in fashion finished strong as We final well. quarter our XXXX

points created related the has XX%. integration infrastructure the and been integration over margins IIP in XXX and costs the BTE injury that industrial Our prevention basis all growth necessary over deal for the spite few improves years. past of whopping revenue increased

costs PT the especially felt the year. despite improved basis impact Our in XX.X% margins XXX the points healthcare to late additional

plan some making and their while our the aspect plan guaranteed already which our in addressing savings pharmacy with us embedded and will and year. important We of we're health allow addressing continue to our families cost benefit us to have offer excellent of and an adjustments against our issues that we employees worked funding business XXXX are moved to in further which

contracts for very management for would improve the that about. margins saw XXX and business also funded basis we very gifted to points for basis and points XXX and team with acquisition us quarter I excited want partner excellent yesterday closed a a Finally an be we're mention what year. a driven special

in expect activity year to strong have has keeping a to invested very as in this We've acquired been resources very opportunities. come both area, Our us dealer busy. as well additional good development organic

and have some Larry you. will That for color make open questions. up prepared concludes a comments and and I'll additional we'll comments my then comments. other few Thank

Larry McAfee

the Thanks may to. of try few highlights repeat not I Chris I'll but a of hit, Chris.

we that First despite X.X% to year entity under M&A of able an Chris revenue. to revenue I’m internal talk ‘XX going versus ’XX, PT increases growth produce revenue just overall about a and also It the we was sold and million, even as $XXX in that increased a robust wasn’t particularly year total were lot and mentioned.

$XX.X sold year before. in the an increased that contributed having year for by million the revenue despite million entity PT $XX.X

were reduced company total were points from XXXX year. points. and reduced prior by Rent, basis labor and costs XX salaries XX in by of a contract related Total were XX.X% at costs operating costs that Our the XX other points. was basis reduction supplies, $XX.X basis

every structure. area almost cost we So saw an improvement in the operating in

versus costs to gross The X.X% $XX.X The million revenue for office million. by ‘XX the were of corporate in profit ‘XX. $XXX.X grew $X.X year

employee than was that included Chris corporate tax from and after costs approximately operating impact was EPS As XXXX $XX.X. an mentioned cost and planned higher for million $X.X healthcare

little and to is get for depth income show the and to Operating magnitude gain partnership the basis XX June of for in a we tax XX.. was improved quarter XX.X as the XX.X% difference to sale there a XX%, percentage XX.X which rate. a from in million interest versus operating the and was included The XXXX as percentage by points as at $X.X of want taxes to provision $XX.X the I of at million increased you a income in the in income that into really results revenue not more of ‘XX ‘XX go

novo revenue a year Chris clinics increased de open while increased acquired X.X% or Same-store the more for rate Visits as mentioned. X.X% for and X.X%. a increased

talk ‘XX. about despite at in revenue quarter quarter I'll million of within Now X.X% million sold clinics the revenue the overall and increase were loss the the fourth $X.X $XXX total the of partnership revenue from that to

jumped Patient operation Company’s fourth Industrial total quarters. by revenue million. physical XX.X% to XX.X% for the $XX.X ‘XX of rent between quarter labor salaries costs consistent costs actually in Total from contracts XX.X% pretty prevention revenue the improved and million. of and therapy two for was related operating Revenue other and in improvement quarter by contract two points. basis the management $X.X quarters physical fourth the therapy grew from dramatically XX consistent injury points. XX supplies, while were basis

XX of points. the the was was versus doubt in XXX The the as $XX amazing X.X% grew million. clinics quarter year for doubtful the basis profits a X.X% by of physical by gross profit Provision X.X% pretty earlier. of profit the in last basis accounts gross consistent year Overall Chris percentage mentioned points fourth at quarter pretty to therapy fourth gross gross and to and XX.X% increased

points such Corporate injury to Management basis XXX the doing costs better, compared XX%. prevention because year and contracts do a operations We operations to also XXX industrial were catch were basis by PT points also did the the to the teams jumped to higher good our year -- accrued before. quarter comp last in for up a increased fourth as office frankly had job. XX.X% to on a lot incentive

lower overall comp So the was XXXX, for incentive about than in higher XXXX XXX,XXX it quarter. was by

higher healthcare a million than $X.XX costs than we incurred In in quarter the hit. employee about planned dollars fourth alone more a that's

we can and that to this our from honestly X. by savings the dollars that million estimate So plan over and in will will effective savings fix. changed changes January already plan seven-figure as operations May I that from expect we $X.XX make well. healthcare is pharmacy and be wasn't missed We've our substantial we The from a something consensus it but

Operating quarter in ’XX, quarter of an fourth taxes the $XX.X differential XXXX in that's [$X.XX]. taxes the XX.X% for tax to income I was mentioned increased million the of of $XXX,XXX for ‘XX versus X.X% or fourth and the quarter fourth provision $XX.X income

quarter Same-store the volume revenue was -- X.X% pretty for clinics flat. as acquired revenue the increased mostly open for in on year or a rate net more was increases the

million. is from to expected Our $X.XX adjusted of expect XX.X% what or the total in to time and operating that EBITDA management excludes At be earning the $XX.X to would quarterly in existing for per XXXX the quarterly X.X% rate for per year paid This current release guidance. $X.XX $XX.X to to increase operations range the higher future to increased provides share. XXXX. acquisitions. we at dividend be the the $XX.X results million We dividend paid than we be share $X.XX In

Chris Reading

Larry. before make reiterate just Thanks I for just we up of on want open a the I to some of couple and hit up open the the before going questions Larry we I for comments comments questions was some things. of to

team, recognize that which messy to folks our a and on our team extends final a extends quarter I to support bit miss. Briotix corporate it the a ops in facilities extends down surface this Our to quarter of was

ordinary. some for quarter. They top Our all things additional our ops were had all-in that of prior our kind accrual though We teams segments. was year that ‘XX ‘XX We had to even the less impact. the $XXX,XXX an year had was didn't compared miss than across quarter-over-quarter of incentive outstanding out on an accrual

as our that really ever of forward, Jeff Larry control. of slightly. made got VP We've we've a Todes, outlining job in good it tweak matter arms the able our has around can health being go year it. amount of plan Fact to a and thing healthcare the something This we isn't so our administration, huge progress. is in we done

form end. unfortunate, cases us really to us. had subtle at so caused already adjustment is which a the paying bunch benefit off significant and We're the adjustments We of that to able in make some impact of will bleed

fourth-quarter we an that low artificially Then a the into extended extended had the ‘XX fact the back of that and majority ‘XX benefit you rate tax what period. in

each a did So overall in operating but obviously of our strength operating basis that don't the and result. divisions quarter-over-quarter impact those our reflect

I understandable. understand think So addressable all I what's and it's fairly addressable were, and those important it's to just think issues where

So with open my questions. go that ahead that up comments. for concludes and We'll

Operator

of Tanquilut with [Operator the first question Instructions] from Your Brian is line Jefferies.

Chris Reading

good Brian Hey morning.

Unidentified Analyst

it’s [Jason Brian. morning, Plagman] good for Hey on

you ask store to force? adding as Is capacity? deliver allowing performance your record what it is, What that to strong performance same wanted factors in the sales that would investments the driving just the performance? of very I would strength is economy, are kind that you So you strong you say mentioned -- in about the volume. Obviously, say are

Chris Reading

Yes.

I So the think This for performance economy's year. strong us the best ever It's has a economy been been. the what for while. been is this

combination added training. marketing. I resources think our on make additional we those We a and sales region. to continued some factors. in new a added support ‘XX it's individuals in and focused investments of In specifically We've

doing They're so are from a job a not from care. directly referral. a terms a on marketing We consumer in direct the coming consumer partners fronts job. and focus more direct through Our doctor variety that's great referral, the of doing we're also driving our business great more different of

helping. So that's

combination making hard So working and those of people I it's good a think difference. a things

economy's it's up. years few eat a and been been able to the we've think great been great but this for I

did team the to this of work proud for we the it I'm and year can going. they keep and if to work hard we're pleased see really going So

Unidentified Analyst

on partners. at makes PT was how number of the is areas little just a That also interest the on that M&A -- directionally having that bit as conversations the new integration on Is far you acquisitions? and this focused Are then you're with IPI wondering point? side XXXX sense Okay. as any of and trending slower the

Chris Reading

Yes.

it I'm instance in So does we things that done to get thought the year for And close done year. to we had this for force the we it get announced trying ready get XXXX announced we deal we both right sorry get done for instead We be face we'd to do XXXX that originally we thought the deal and done. to on the better closed was it. get just the when they take some time earlier of thing took [XXXX] yesterday. we'd yesterday we to right was originally and credit to expected

healthy, now right sellers. process continues been be good very any busier in than very we're since a for So good good, and be think active I've I It'll a to here. a and discussions hopefully year. time strong very Pricing

selective. We continue to be

board done a strong. or had just to continues the meeting last performance performance we and and years five be think looked deals in forever we've I inception date and four at including to that our really

I to So expect PT. done in a lot get

we organic an started much On have acquisitions we'll year from these focus really organic progresses. I'm expect and side to the not We through than the there M&A on Briotix lot had we good provide see a a -- and we'll growth. year. since perspective activity may digest see three We've that. we going color more may to how

will we see year So wait the and how unfolds.

Unidentified Analyst

was Okay. And for thoughts XXXX. capital cash by flow XXXX in some on Fair then like for the operating last XXXX? working one cash impacted headwinds enough. is it just me Larry flow in seemed any

Larry McAfee

was our good hardware clinics normal particularly thing. normal, black. they cash Well, higher a Early apologetic terms they spend about We we than ever really is out the in software EMR, Braintree was on rolled but novo we're at don't in and and a had our cash lose flow. machines. good feel on quickly of the year which de and get money openings I

So that off we if your that ‘XX didn't I debt do we acquisitions ‘XX but higher mean than you clinics new than that in set was or year. less analysis pay an a shows any in

have we flow. So strong cash

Chris Reading

Great. Thanks questions. for the

Operator

next Your from Larry line Solow with the CJS is of Securities. question

Chris Reading

Larry. Hey

Larry Solow

Good guys. morning. Thanks

of couple follow-ups. a Just

of your same-store of to baking What little the you going guess highs Is good few a especially to was a guys sort So into or have sales will outlook? obviously back that thought what been X% years. we I into XXXX baked sort of X%-ish bit point? you volumes that last running if peaks are above starting normal sort

Chris Reading

Yes, that's a good starting point.

Larry McAfee

normally in we to what is X%. use That's the budget, X%

We that. of year, higher we've this used we think than assumed X% year. I been because this X% just running

Larry Solow

Right.

corona -- as a knows is into like -- -- Who short-term the the what issue, gets stable anyhow. that hopefully would obviously. So potentially environment If if it hopefully things and seems I U.S. pretty happens. view

it's go cost Okay. like you What looks healthcare -- maybe control. out, seems the pretty called but on certainly -- sounds not volumes operational, anything about it continue your like much -- So it costs side? it have you seems to up, if I on to to costs things I or -- guys It related guess at Unless clinics. like be healthcare right, the guess

Larry McAfee

and they There for it. than name-brand higher items. different One these Let with other that are advertised cost I'll you pharmaceutical for. quite to now significantly be honest that they're be me on go are ten drugs is through two is originally than were are we supposed were expected used TV used being purposes

So you gatekeeper changed put prescription drugs alternative expense sure there's $XX,XXX buy January Xst or – in and less of as plan making so a not getting these administrators can't a we generic without

Larry Solow

out scrutiny Much more Right. Yes. there.

Larry McAfee

there. doing, try -- that And changes know frankly, going superior else healthcare have again, we're everybody benefits we're And save some we're a figures. health still to changes that us we but hospitals is on drugs for side. to then healthcare it deductibles going on just a the are such to then with going because normally they and And increase the co-pays. oftentimes we increased we're maintain seven to do what will healthcare top-tier provide already we to make co-pays to for But we plan, plan design there design But too. is really solid, try that competing plan, provide

recurrence had I'm what And year. we're last -- going we so have to going not a of

Chris Reading

spend much accidents -- tweaked and little people really -- had a year-out. year, year-in randomly cases, I healthcare including tough, normal think our big relatively We rash we've of the -- we've and young beyond of bit preemies, part that speaking, really, a and we've had issue last plan

Larry Solow

avoid, you yes. Yes, just can't Absolutely.

Larry McAfee

We're an self-insured and the an Both case by $XXX,XXX, end loss. up loss, of individual stop have have to got those we stop year. and we triggered aggregate then then the of

you the year. like would Our prior XX% cases from jumped claims $XXX,XXX Typically, expect something normally over in that.

Chris Reading

make we'll... will and adjustments, we But some

Larry Solow

little you're A related the in -- in And of repeat. couple were does Where cost? like and sort salaries Does you, seems shows and in against in P&L? predict extraordinary don't offset up show storm I things an to that higher It that stuff. guess perfect other the that guys. that probably up Certainly. of impossible what,

Larry McAfee

corporate. operating corporate the up costs, and It shows an G&A, in and clinics,

Larry Solow

Okay.

of out So it's bit. sort spread a little

Chris Reading

And in posted we've long just PT to in of operating fourth-quarter that shows on margins with those and really point in even clinics even time operating we one up best though it the push cost down. that cost had

Larry Solow

Right.

costs. once of most of of once sort had in on complete you prevention side, margin integrating. to room the some climb? questions Chris, you hopefully, an on a offset know for What not that these you about the So then two some the guess some side, obviously do to guess the -- expenses get QX, the exact mentioned, you sort you the higher you've I there. that complete? a you're recent number, done job increased I Can I improvement but too, ultimate Is integration to -- industrial you think little pretty got -- of continue what today. up And much low-XXs acquisition. great

Chris Reading

too young with see business. that we how This would I XX%, do We'll graph growing I Yes. us. plots right for what And business. not We've the kind are a focus year that. to and we where budgeted out. taken from far everybody encourage is understand of ahead XX% to The we've get around the of can margins is on now.

that contracts. both need company of the had of and support particularly team to kind a because these IT, financial be our and rescale resources have and some manage take to support, deployed around to IT We lot there's

see. we'll So

good right of we'll not the forward, right And take can see but to. where that but we asking I is if year at it a think finished we model wouldn't now, kind watermark. least, now I

Larry Solow

No, no. Fair enough.

Just last question.

has -- would I expect replacement I although Do you you October. in it at know [indiscernible] know like sort fast, -- think process? think a I of to to the too Just But have point I transition see leaving Larry do help you're to I here longer. before leave him some

Chris Reading

going Yes, amazing has a CFO. to do Larry without an CFO. we're not been

somebody, situated good time a summer to So talk process still way. the We're got the we well to would of to. I by be under say support Larry that we to. and to but have a broadly people overlap We've And early need in going is process, slate transition to around is help smooth then transition. Larry, nice with with and as expect

Larry Solow

Got it.

Larry McAfee

I should admin We financial months. obviously new a for overlap with team. accounting have the person deep several

Now, CFO take Petusky, that. the we'd than not to from Mike other warn new calls but

Larry Solow

Alright.

guys. appreciate Thanks. good. Sounds I it

Operator

next the Larew line Your question is William Matt with Blair. of from

Chris Reading

Hey Matt.

Matt Larew

think morning. that and now of going a Hey, recent ask different about broader bigger good IIP customers cross-selling with a there's actually then to versus you POET again. services of done customers? added, out some slightly sense opportunity suite you've for growth And acquiring whether the you new testing. mix Obviously, PT? the opportunity on a Wanted Cosco you the business most with with penetrating like XXXX in any maybe existing have update just give Could some acquisition here,

Chris Reading

Yes.

different two So questions.

lot post-offer spent be a folks. great a team on testing, and So honest, integration. got we've part BTE BTE of a great to last lot of the just year on we And with

the the such in bodies least world, tough hard at we're craziness enough they that, on tariffs around contracts, positions, hot all a and industries -- that. to for a that screening with that their the because bit are centered have kept these some market people, especially warm even we've their hit the other while concentration little going all got so secondarily and then of a particularly can't to hire. fill POET, of some employment find with the to even market, 'XX everybody they because railways It's that And a China excited look in And not around they bit was in tariffs. transportation, at don't about people been temporarily

say would of POET It's is problem, but I a kind cyclical. business the good counter

super economy, a hot little bit tougher. a And it's so in

said that the recently, We the Now pick continue we and year. can were that hopeful slow we seen little 'XX. I'm frankly have that, more latter up, in early, having into part a in volume. of it's that

great looks I really and have don't cross-sell don't because We how know. We've have a team. the I that commentary work really do to We're and started on yet that. truly early

to on trying then still bit between on PT we've to traveling And -- you the mentioned keep very early shareholders PT to recently, with been on businesses in a We've were prevention that. slow and we been these separate. really to trying meet careful business, we're as when side the and I

of lots to opportunity there's cross-sell Briotix. within Now

they job there do folks such job a good prevention do PT ton business. a Our they frankly. do, on side, of the isn't If and their

not necessarily a benefit relationship And because these to just of side group health employers. companies comp PT We're so moving relationships we there or customers, suck is doing side this are bad job over time, the as visits in those out slowly our there. second believe that we've Now impression will on not most done the large prevention. on there. by inning self-insured maybe the the to on create but a We're and first

prevention. that. We're a job on not great we're doing So doing

a is this early. we're and still play so And long-term

going to So take a it's while.

Matt Larew

terms likely models, Yes. of questions our the there. be you've positioning any the think XXXX industry, could the M&A? proposed could you disruption I guess CMS? few then different impact had So with terms of from own it of And Understood. in in accelerate of with create of kind the sort whether rate in in changes? any a some update of get thinking wanted And I about group XXXX, terms we in just discussions industrial should to How the

Chris Reading

part Yes, absolutely disruption accelerates the in M&A. first. pattern. just been industry of that Any easy the That's

a And a on in lot is small a you that's same in And you a rougher lot gets it to want feel you're if boat, the it feels people will storm, happen. bigger much everybody boat, going board. if if say, better. a it have and but I little and bit As less

alliance really that continued our group, the -- of industry alliance Our APTQI. and to grow strengthen. proud group, has I'm

companies. a XXXX more few three around the issue. last the We've of number seven dinners months, focused congressional had very We've Great last or been active. added We've two months. six companies or in here over the

for We've few out We which been It February, combinations. bungle code January, year a times to of the of It a things. have We've actually, little few different to of started the that with of a CMS. been mistake. February, process, also was. was shouldn't It CMS affects edit a half we've affected kind a got bit but happened. where back and it resolved and CCI corrected

And effective so with that leaders. groups in industry an initiative was participated that APTQI directly and other

on issue, model changes, We're It's how to X% mitigate to hard got still but it to X% and working yet. model blunt We're it's that, to done not it it really working is. Until XXXX. you're like for it. the

So, I that's about as can clear as it. make

Matt Larew

thank Okay, you.

Chris Reading

you. Thank

Operator

[Operator Instructions].

question the Sidoti. Ramgopal of next from Mitra is with line Your

Mitra Ramgopal

the questions. taking Thanks for morning. good Hi,

the dedicated opportunities IIP to First, to cross-selling Chris, was incremental the wanted if are the I And also wondering out cross-selling talked or initiative? with a I about you drive need it do with just start I revenue sales just force can that business. you know you there.

Chris Reading

sales force. dedicated a a have force do and great we have we No, sales

BTE. great Health. in got folks Patterson and He's that Bob up made is a heads So folks Bob partner that's Briotix well Briotix up as of us. from a InSite acquisition team as for

growing us. a force been that's for so And

have a cross-selling, through are Briotix leadership job, who organization. relationships other throughout involved client And managers team, things, those as workforce, Health and people our doing the our and embedded in all terrific and the way all they're client

so a our for success. But So, that of a we've with lot team invested continues and new to part it be doing job. good They're not really We in us. together, that. that's a significant work

Mitra Ramgopal

clinics. clinics the And obviously the maybe in four size great. of generated, at one then and out clinics as revenue? acquisition other? of, the preference question similar is you That's are based on the for five number Okay. have seems it just or And I a just just to of these If versus look terms wondering today, clinics very balancing revenue like at you opportunities was XX-plus a on a versus commenting it a nice there,

Chris Reading

I the different announced people. mean, outstanding good to these come about. excited we this Yes, shapes they come that one morning, And some get And and The we they really sizes. in folks we're way really attached come.

some -- Some advanced, average] [or more average clinic in more have and – are bigger and clinics and volumes. more

with happened to really, size amazing through footprint facilities run be really This smaller the weekend. a schedule that nice an including

they affinity So job, great they're different. other, all a do for the one

And great and people that people how business different. all that of then business, little those so run things growth. affinity have and we have combined, an the understand for to love for And appetite integrity the look bit also and an feel they

We're interested. and clinics size with people us, healthy to there's with at -- The appetite starts people, once business healthy it of as least not to the right so and grow. the And the much fit, don't there me, is a matter a there now. is

Mitra Ramgopal

I healthcare expect the to from the some some you tweak the And already including you was savings also Okay. factoring get was it savings That's side. of plans? the the on assuming once then just of guidance, great. it's in I'm if wondering pharma

Larry McAfee

make little year. we're A that really. Not miss changes trying look at bit, That's mainly for but covered the last it. the we to way

Mitra Ramgopal

the And had was sure not Okay, already, mix finally, mentioned I the wondering for if you if thanks. Larry, you it payer year. then I'm

- Larry McAfee] A

The year, --.

Mitra Ramgopal

the the quarter; actually is No, fine. for quarter

Larry McAfee

quarter. Okay, for the

of X.X%. other [together if you was look revenue, and XX%] So our now. And commercial private Workers' then comp and comp revenue at care, XX.X%. Medicaid workers' was was injury Medicare XX%. insurance managed total XX.X%. [indiscernible] prevention our really and industrial

Chris Reading

we'll roll to in do We start which factoring on may meaningful we to report that's Briotix, out re-cut think And forward. marketplace. the as here that basis, going a quarters probably piece

that So as we forward. we expect go

Mitra Ramgopal

Thanks Okay, the again good. taking sounds for questions.

Chris Reading

Thanks, Mitra.

Operator

line Brian the question with next Tanquilut of is Your from Jefferies.

Chris Reading

Hey, Brain.

Brian Tanquilut

quick One follow-up. Hey.

therapist are any seem other be home seeing somewhat. utilization from side, the in therapist homes the sectors, or on hiring reduced of cutting post-acute compensation, some change you nursing of given On to utilization in PT back ease there and out health some reports

candidates, So you're an I positions. you have increased of was just seeing open supply if wondering when

Chris Reading

don't on location. don't done personally get per job many how particularly -- up a clear report positions. advertise group filling good I you get that I can we a has tell I the have on optics applicants really

done Our good come reputations, where creating want staying have connected to in a work. partners job and people

we not particularly terms of often be great of. that to It out don't being or I about business. think the we typically orthopedic business, when generally may for of But able know a know folks don't live. I'm aware But long-term that fit be coming in to people we hire fill recently, are seem that where sports here but I care necessarily. positions medicine easier

the you our many association unfortunately a or debt. On however doctor come people more everybody or six, side, decision will have out degree, out made come pricing with ago, I to with the five tell years

full waiting tables And so employment and don't a market, right I are now. think that's therapists I think

So eking think improvement, pressure flat job -- That's some rate. out it's case. expansion I because less. the is margin there net an paying relatively in in some not and But pricing people what there. 'XX the margin did group but is The we're exemplary getting not

Brian Tanquilut

Chris. Got it. Thanks,

Chris Reading

you. Thank

Operator

no further are There questions.

Chris Reading

a questions, today. us attention day. a Thanks your for time everybody. Bye, so I great and your buzz. give and follow-up Have are Alright, available now. Larry for pretty

Operator

Thank call. year-end concludes participation. today's earnings This your for you

may You now disconnect.

U.S. Physical Therapy (USPH) 27 Feb 202019 Q4 Earnings call transcript