and morning good Chris everyone. you, Thank do. will We
effects we felt the which noted, first As momentum primarily we past built the January. Omicron, in moved Chris our through of once quarter
result, that January reductions the were As first higher prior results the on a posted we the year that Medicare operating implemented of rate than were quarter despite X.
for the first reported the first our prior the was we year’s an of ‘XX, of the per first quarter EBITDA And as million or first $X.XX and high. in Chris share high reported all-time compared which quarter quarter quarter. quarter adjusted prior XXXX, noted, increase $XX.X company million the For first operating to previous was $X.X as a of the $X.XX over for XX.X% year, results
That’s then day last which first the high Therapy per higher Physical quarter, per Our clinic also patient visits month, for in clinic average quarter XX.X clinic all By day. X% per in average a visits XX.X per than XX.X XX.X were year’s is per February, record level and the for clinics our January, company. first March. per volumes XX.X in were in volume day
the year and we volume at recall reached of for level XXXX. the for or our March when history last XX You that time we continued rest is that in first in of that level greater
to So of also. and March XX we happy this again above year April see are trended well
rate highest of XXXX, of the compares In net in XXXX. was that our which our last $XXX we quarter first quarterly of the first recent most quarter was was year, in Our $XXX.XX. quarter operations $XXX.XX our reported to fourth which rate the XXXX, for net net Therapy in Physical rate
from fourth the is a sequential net quarter. quarter first basis X.X% our on down rate So,
rate X.XX% rate this rate patients decrease to of Therapy XX% and of went Our for January first of which assistant, provided quarter Medicare by the care year. ‘XX cut net Medicare a reflects Physical effect both in into
pandemic disclosed the will in have out the since as we previously, quarter of we rate by Medicare and coming As the rates third to a with start will decrease sequestration reminder X% phase relief had have relief of that then remaining beginning in and quarter. the second out the sequestration X% when the
of X,XXX,XXX growth almost Our an quarter the same-store total increase organic XXXX XX.X% to first and addition is that’s XXXX. to of clinics. first quarter quarter from visits from the to of increased first due the in by new visits, The both of the increase XXX,XXX
and same-store clinics the quarter our noted, XXXX. first of we Chris on increased quarter versus XXXX the open the more XX average first had quarter in the first As in than in prior X.X% year of volumes
XX.X%. million this which a noted, increase year. Revenues even Therapy of the IIP than prior Industrial were still quarter year, at XXXX, over revenues in quarter XX.X% $XXX.X an of $XX.X of acquisition was Prevention revenue of the of first the for first as increased first quarter And increase Our in XX.X% which XXXX, business IIP Injury November an the million excluding the in Chris high, XXXX. was were Physical our all-time
our continues and excellent cost also managing team job visits. an to in increases cost revenue Our our keeping aligned with growth do and
was which first XXXX. of in million in $XXX.X were or net costs million the operating from XX.X% XXXX quarter quarter revenues, of first the $XX.X of Our up
increase in XXXX, only that million So, costs that year-over-year in Physical $XX.X costs quarter and Therapy of due visits look $XX.XX visit were Therapy the were of quarter quarter from quarter in in up visit Physical of per quarter $XX.XX our per XXXX. the significant was in same-store mostly increase XXXX. operating first at of you first year. first the of costs the X.X% to from it $XX.XX the first operating had that X.X% was we from only a When up on XXXX, basis, the our prior first an year And the total
were XX.X% represents costs, our costs for XXXX. of related XXXX, first X.X% in quarter the salaries of Looking quarter operations specifically a of as salaries revenue. at the related revenues than year-over-year only percent salaries a slightly increase all and in of only for and our XX.X% higher first That
only, from That $XX.XX of and quarter ‘XX. up quarter in the only from the of For $XX.XX XXXX, was salaries operations XXXX. our visit the related were quarter first first in fourth Physical of in Therapy down X.X% $XX.XX cost per
Our XXXX, $XX.X first million quarter was the to gross of last year. which $XX.X in profit million compares
XX.X% quarter, was the the first margin compared in profit gross prior in Our XX% year. to which
Medicare margin had year, the impacted margin Chris was in that And as we the Our last lower profile of November rate the in of reductions. the margin of business quarter. acquired XX.X% which a IIP first noted, by
of the $XX.X $XX.X quarter Our corporate compared last million million office first were as year. costs to year this in
As income our know corporate new the to of X.X% X.X% revenues reevaluation gain down last costs in year. a quarter our other in of first A percent liability. was quarter which a a includes was it of revenue, the related of from $XXX,XXX on of were our you’ll statements put-right income line first of XXXX, the
IIP agreed USPH November that in years. business the XXXX X acquisition, of second the founders USPH that of the for of part and to phase business right purchase the acquired As to
million, million revalued have as recorded and value it’s income. We a that going put-right. will operating must quarter. $X.X The after to value associated value on or Because another the liability in be it’s period. of operations, that our $X.X each in first results this change we’ve or change at put-right not forward, continue with gain loss quarter represents The do or in now a gain any books was and of liability so adjusted our recording this given total in with our originally this loss it’s a any whether a gain ongoing out
attributable of quarter income higher quarter the of businesses net the the year. our which this $X.X first year, was of non-controlling quarter $X.X first in to IIP Our from interest the and year, year our last than operating first in was even million though than income million less last this in PT is
And the purchase non-controlling as our reduction of compared due purchased in this the $X.X of quarter XXXX As million million the the profits, purchased from is interest In quarter first non-controlling XX.X% of excuse we of we first were – a in those interests XXXX. in interest equity The non-controlling me, another ‘XX, in of percentage partners. existing of interest to non-controlling such first the to partners. $XX XX.X% from existing percent year. quarter from
an excellent Finally, position. in our balance sheet remains
of XX includes Our remains on fund million drawn Therapy ended with acquisition quarter & We cash million on the revolving strong. our credit Company. Madden the the generation to facility, $XXX March million drawn Gilbert $XX.X $XXX which was that
our That deferred includes under which cash. the in million payable payroll at million line Our million first net our was of million in $X.X notes quarter. taxes on in and March net this $XXX $X.X XX million, of $XXX.X was debt CARES, $XX.X credit, $XXX million
from invested of X our Our in funded net we million. XXXX, purchased the at $X.X In interest December debt and $XX was we we million. acquisition, fixed million $XX.X months position first million assets of that $X.X XX partners non-controlling
All $XX.X million. net together million, our but of totaled only those position debt things $X.X increased
front. another morning, to As very productive have the comments and Chris and press expect year noted on in the acquisition release also his this we
leverage opportunities low with we strong identify sufficient tremendous generation capacity our and the as Our growth flexibility cash them. and for provide right us
turn I’ll back Chris, the Now, to call you.
