USPH - Earnings call 4 2023 | U.S. Physical Therapy, Inc.

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

Operator

Good day, and thank you for standing by. Welcome to the U.S. Physical Therapy Fourth Quarter 2023 and Full Year Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I'd now like to turn the call over to Chris Reading, President and CEO. sir. ahead, go Please

Christopher Reading

morning, this everyone, morning. Good Therapy's U.S. earnings call and Shelby. to welcome, Physical Thanks,

Officer; Senior With this a Carey Jake Accounting; Eric joining Operating Graham Hendrickson, be on Martinez, morning, our Binstein, me the of to us. CFO; he Williams, call Senior Vice Reeve our won't Finance General happens President plane and Vice today President include Rick Counsel; our and Chief on be

a I'll we statement. brief with cover prepared Jake Before please. disclosure remarks, if ask would, begin you Jake, to some

Jake Martinez

the Thank which assumptions. you, and Securities on uncertainties. statements forward-looking anticipated. results Chris. for company's the Commission This presentation Exchange see materially company's based The involve These information. filings contains statements, vary with are and and certain those may risks the views more actual company's current from forward-looking Please

Christopher Reading

their Jake. this workers start success the teams prevention keeping the by challenging ahead free. in things our our I'm capable our patients care, to number morning the of with for in go going around clinical Thanks, to thanks continued And to returning a with led to efforts and be partners weathering companies and year record serve for we healthy they enjoy and delivering great we that a exceptional what of to most. more particular thousands that partners 'XX, expected in country, injury

year business, XXXX. our which growth seasonally in subset the in the strong quarter, all our year margin revenue a has with in good a for final what a sets for slower been finished XXX They in of this growth table really point in ahead a and of X.X% quarter basis improvement fashion,

year, network more physical Each per history high time clinics, grew XX produced to teams to up Past of Helping which the remained refer neighbors day. happy in for friends clinical first clinic throughout demand caring million in persistently the XXXX. meet us. additional growing our turn finishing an in than volume Demand for from for patients, for of XXXX did demand strong job XX.X% year and across colleagues, year the X per the our their in therapy customers our Visits was who for services. to exemplary our a demand, creates record year. this at quarter one visits our

hire tight rather enable a us we Despite volumes. market, achieve able therapists these to and were attract to labor record to

additional efforts country, improved in an our many forces when their to pressures. remained via keep Our integrate the a juggling team, clinics by ops in helped strong efficiency in proud year, at initiatives, and led has partners including well XX the of clinical injury both despite limit balance demand working cost XXXX all significant our and team And to our opening levels. factors record as PT and and time while locally turnover particularly in inflationary tucking around to these throughout at acquisitions as numerous group prevention. I'm

system significant more years, these the when to invasive physical cuts, Additionally, cost which to and the often our Medicare we difficult therapy procedures. overcome expensive past unnecessary made compared more few despite musculoskeletal lives saving worked

Our bearing is in commercial of which us in and team a for base. across contract contracts renegotiated number payer fruit XXXX, our significant

further. plan work work rates We have impact carry to a good for to on that and XXXX

this to small and a capital saw in through years the that on start Finally, with with and focus in majority quarter of you dividend release carefully-vetted year, the come. our of increase the the deploying acquisitions attention we announced

getting and software year us which great are injury added partnership product, in we in partners The [indiscernible] is prevention reviews strong prevention. of overall plan industrial brought our doing and ahead terrific, XXXX injury the including first that a

opportunities at included that varying side provided PT things, in the guidance in completion, our the are busy several we release. of of have and we On stages we diligence

And any assure While I ahead. by isn't fantastic [indiscernible] very team respect. and love environment whom good produce easy you a can hard everyone year to I by a the is working

have cover. job a of detail to always that. Carey great lot does a We with

going So it to turn in we dive questions. up to before for it to I'm over him open

Carey Hendrickson

on as Great. our Thank morning, XXXX. labor reduction everyone. Despite good we've and you, Chris, the talked environment, enter rate results that strong in produced X% team challenges XXXX, including we Medicare tight about a

history noted, highest per in we in per clinic day. patients Chris XXXX As XX the volumes patient at company's recorded the

Our $XX XXXX, over million in increase increase the was XX.X% physical therapy prior than more revenues -- year. increased which a XX%

costs operating the decreased for therapy physical per $X.XX year. full visit by Our

progressed, business IIP almost fourth adjusted industrial year. we up and year prevention up quarter Our prior quarter, year-over-year revenues quarter over XX% injury with growth results. strengthened income prior year And the both fourth over operating EBITDA as X.X% operating achieved fourth in and the the

via added on to clinics XX after we accretive a Further, May done providing well. us business acquisitions and in 'XX, an capital was with growth which and closures, we opportunities. structure added strengthened cash IIP We with into our a in offering deploy XX basis basis, net our XXXX, de secondary as novos on to

good challenges results, the that positions as despite work well very we done the we some as year, forward. began our good and there So a lot us in was produced team go of XXXX

an quarter increase EBITDA fourth $XX the million, quarter million prior the of reported adjusted of over year. $X.X for We of the fourth

in last per the increase which $X.XX an Our operating in the results were reported XXXX, of is the quarter over $X.XX quarter fourth year. fourth of share

company increased $XX.X fourth in million million company 'XX And the in profit our or X.X% increased of $X.X in 'XX. 'XX. total fourth to quarter, the X.X%, 'XX from quarter Our quarter million the fourth of quarter quarter $XXX.X gross million $XXX.X of of million in total fourth in revenues growing fourth $XX.X from to the the

XX.X, November higher XX.X, month per in the the quarter. December company's at All were volume at the day is XX.X. fourth clinic per visits was the same fourth previous and the average, highest was in at year. for than in months was Our quarter a history were X October which XX.X,

$XXX.XX prior that net mix. fourth reported of a reported rates, we and on in working negotiations of rate from year of in quarter fourth was about the quarter Our efforts the in the 'XX, basis Medicare X/X from all XXXX progress -- impact our rate third some represent a to increase we in we've increased which cumulative the $XXX.XX was over due payer which in categories quarter operational $XXX.XX at meaningful due the payer of to the the year. our X.X% XXXX, been All of combined other reductions sequential

than offset was quarter or fourth X.X% decrease million therapy the of XX on net which fourth of quarter were The Our in average of $XX.X clinics by million fourth an was $XXX.X revenues quarter with increase patient driven the physical in of was 'XX. from having quarter in per more visits by fourth 'XX, which record quarter the coupled rate. 'XX 'XX, the in day, fourth partially clinic average the of per increase

operating of than were an fourth costs over prior Our XX.X% in of which million, of the on the more to quarter physical quarter increase the is 'XX. year, clinics average fourth $XXX.X having due therapy XX also

flat visit basis, with the fourth 'XX. in operating our On basically quarter, a $XX.XX is quarter the which fourth per in we costs of had the were $XX.XX that total

full XXXX, per -- full down and XXXX. visit to $XX.XX the year year the were then 'XX full year for $XX.XX $XX of operating -- in the costs For our moved in of excuse me,

decreased salaries fourth down Our in from the and related $XX.XX fourth the of $XX.XX to costs in XXXX. quarter, quarter

visit the the $X.XX down For and per related salaries previous versus year, full year. costs were

the prior decline fourth last with quarter in the in XX.X% with our the was the rate net the margin rate quarter net to fourth our fourth from decrease Even the slightly down of due our had Therapy in Physical the we change versus in Our X% the profit That 'XX, PT increased was gross year. versus year, of XXXX. in XX% quarter.

fourth saw business revenues IIP IIP X.X%. and nice net our million a only $X.X quarter. up the earlier, were mentioned or I our X.X%, growth up or expenses were $XXX,XXX in As

quarter the increase XX% prior the IIP 'XX, resulted which So year. income $X was in a in million almost in over that increase an fourth of

XX.X% increased 'XX fourth fourth XX.X% the 'XX. margin quarter to the IIP Our quarter of in from of in

in an balance excellent position. remains Our sheet

agreement with X.X%, swap we places at debt our at and that have term on We that debt $XXX the rate X-year our remain rate to loan, million on expect of place, in going a forward.

well As current you and know, funds market favorable rate. below that's in rate the todays a very Fed

the of million quarter XXXX agreement XXXX. interest us of full In savings in $XXX,XXX fourth alone, saved cumulative expense, the of year the for swap $X.X with

fourth quarter the in 'XX. million of $X was expense interest Our

ready for we and that we the term loan, on credit in revolving quarter. have growth addition it the what fourth the million facility of had have nothing working to excess we million need for approximately capital, $XXX above a over $XXX during In drawn And initiatives. cash deployment also

dividend our full Board in a in price. that on dividend rate, stock quarterly noted our release the per be XXXX. is dividend share, quarter also rate per recent by X.X% our We $X.XX our of about new At yield $X.XX be which based the raised approximately -- would would paid year

into As in expect rate of interest. to that for XXXX million reduction we X.X% minority in EBITDA noted in million $X.X $X January full and be of the million Medicare EBITDA The a went in in million. effect reduction year our $XX we reduction release, our to results a X, revenue on range $XX net

due 'XX to becomes we $XX.X So Medicare rate the the reduction. $XX.X XXXX million million as that of begin in we EBITDA reported

The of an this increase XXXX range roughly XX% starting XX% from point. EBITDA is to

benefit to XXXX. the impact partial tremendous our during and we in of negotiations team 'XX, confidence 'XX have work do growth in year rate the EBITDA impact of produce full completed We from in negotiation then that that in we year XXXX. We'll

our We in and increase also -- we'll completed existing from during contribution 'XX, also XXXX. at the that discipline 'XX volumes full We'll remain in expect and to benefit year clinics expense of we'll continue our acquisitions maintain we to control.

by several we addition, in have near roughly XXXX. middle to expect the we of the close term In acquisitions that

from included those we've contribution expected guidance. acquisitions So EBITDA in our the XXXX

the with million total we've XX% and of between including The and similar normal in $X us between EBITDA, purchasing of we're in companies. $X million to size XX% course, acquisitions those those are completed enterprise

EBITDA quarter We by to it little expect did our than last year. out lay a differently XXXX

reminder, we first quarter resulted a volumes best ever As by margin. which in a sizable of events first weather had in the significant XXXX, quarter the had we've no

in more did was events, line we some weather with year, this January which experience. In historic our significant have

growth our normal slower gain then the year expect rate our increases, momentum volume seasonal we'd layer the little year, of last backdrop year to we start patterns. in off as as to against did get than So it acquisitions and progresses and to a

quarter a is which XXXX, As where shares XX in a expect be each will over That of has our XXXX. shares full shares issued the it XXXX million to XXXX. million since year reminder, for offering outstanding in couple little we our metrics and quarters first in with share late of our the X.X comparisons of secondary impact for we our May of been per

very and feel for -- XXXX. our results XXXX, to we forward strong closing, look we producing stakeholders in In all in growth of

back that, call turn With to I'll the Chris.

Christopher Reading

let's questions. Thanks, Yes. Great it open Carey. and for Operator, go job. up ahead

Operator

Brian first Jefferies. our take We'll Instructions] question [Operator from Tanquilut with

Brian Tanquilut

Maybe in in the guide, on and as think Congrats some in deals both visibility embedded of timing you that I expected your you fact included the Carey, just Chris quarter. that guide? curious, the of strong contributions M&A the terms -- into for the the about M&A

And deal broadly landscape the within in deals? what the speaking, about M&A own market of more you how in Chris, maybe, in competition the then you're terms thinking also seeing are pipeline? your terms that seeing year for flow of you're like this And

Christopher Reading

Yes.

I terms we relative guidance to the this release. year of proximity added speak the of this we've we think due tried is when announcement, one were into it I that. just to timing, reasons going do to mean our to to In the this

for now aren't we're because that queue between July, I what are is ones and say now. right So sometimes kind at between kind and the certain would now of these of in -- looking

as and having some carry. the we've just they In are landscape, folks we're to are changing some because Competition because been. than as more leverage quite been the terms sidelined these companies or rates time for ever of that of some, broader busy some have changed of is

so for And opportunity it's good us. a

That -- right good said, continue to we we continue for to but changing. that opportunity our and We'll And it's look part be kinds continue isn't disciplined, of and to attributes. now. be so a selective, partners

to be this year. expect We busy

Brian Tanquilut

obviously is I No, gross side, there, your And as you margin that's about maybe, Carey, success the it impressive. then highlighted awesome. and think very

opportunities curious see of to just line some gross expansion? drive the in as remaining So steady you this year? Or margin either remaining grow opportunity terms hold what margin there as to volumes you is the

Carey Hendrickson

Yes.

can we much how on depend this year. on to do going the it's think I side rate

there. We well expect to do

where grow able net least I we function margins it's have on think slightly but then side. can we'll be if to to going rate XXXX. able to going push in think been, if extent improvement. the we Yes, line, much I of we we be those our a visit really our a push flat little to in better them either not really or slightly to they on basis margin per how at that. And maintain the see we're both if keep And of do can cost well, that, a than

Brian Tanquilut

contracts or rate you get Carey And you point of drive again? of across How payers. what the are? about think like commercial that we I kind on in markets in portfolio as made have just for last discussions -- from different the Maybe, ability Chris, more actually, the to Carey rate are terms are inning that the to that the what in terms trying of about thinking growth of growth

Christopher Reading

ahead. Go

Carey Hendrickson

Yes.

It's our carriers most the we at -- in based a overall cost of to that say have had really successful the therapy actually that that we And on discussions. the care. we've largest team So and good provides the patients outcomes [indiscernible] decrease -- they're fact during top around keep around in going X ones XXXX. it's these a the been and on we've and the working work to physical way based success that that conversations. partnerships, and those we're I'd they're value our we're at and concentrate are most

Christopher Reading

inning you say? what So would

Carey Hendrickson

step good I we've Inning, work can can Brian, fifth In We some some last do. probably We've definitely good have say, we is, progress have inning so. still made so and -- I'd months, the in would The the we maybe built have or increases. work still we -- far. do. we're in XX say, we thing but

mean, As that X,XXX-plus trying back to contracts, build X-year contracts having like you know, these come we're increases and as all we've revisit always been to look, I renegotiated step we because we've in having renegotiate. year so X, that not these to to each X -- we're have, contracts

have -- automatically helped as So lapse. we get because X the X-year step increases we as the that really year

good. been that's So

Christopher Reading

And I we get the going when just would to say to new done. we're not inning, We're ninth [indiscernible] a game. play

over. start to going we're So

and crazy how maybe thing. count latitude paid, think going opportunity. And more over continued a now. this and on is maybe right little It's to a to have we do it. be perpetual to we've got focus bit So get But minutes do I I results just time, we way it changes a not like we think

Operator

take we'll with next Solow question Securities. our from CJS And Larry

Lawrence Solow

of I guess just question. on just line that continuing

the commercial on Just side.

we're maybe quarter a what You mentioned this the in wasn't impact, the for of have fifth, get the or a the baseball you -- in or increase fourth I little XXXX X% bottom And necessarily a using X% top 'XX, nice maybe full up improvement you analogy from and of was it better the expect that you sort of year? little stuff CMS more. some if the that even that you bit do as in think do a of similar

Christopher Reading

For sure.

Carey Hendrickson

Yes, right.

in product, So up combined all X.X% basis, for combine categories for if about they you the Medicare them were XXXX a on XXXX. except take and

fourth So quarter, X.X%. the up obviously, in it being accelerated

along. gone years been it's as accelerating So

think I ahead, And -- Go I'm Larry. sorry.

Lawrence Solow

go no, ahead. No,

Carey Hendrickson

combined, 'XX, Medicare to asked math think do right, Yes. -- think just And these can I year from we as -- our between flat. X% at better. I perspective, we that we mean, down maybe increase or do to little you think would rate make even a I is look can if we an of if we X.X%, And going I be that somewhere if categories next do that. about a in X.X%

Lawrence Solow

Got it.

practitioner weeks next shift sort Are I guess, the in Congress you couple going there. like the cuts -- the Okay. cuts on And it pretty just how maintaining in anything that. can of what do to do there'll be Christopher, you remind the on of forward? just 'XX? the -- probably no that? CMS cut, know I sort to to rate of these together relief sounds get us, But sort is at view But X.X%, more related what's outlook general we and more of budget end of going neutrality. that? Do you potentially schedule [indiscernible] to guys are expect while Or much not

Christopher Reading

increases go little isn't every what the guys of picking does think we'll years we government federal people a job. Yes. end, with as and I does, I of what CMS I hard believe. get that a sequential understand forward and bit I a don't predict to wrong at pattern X year, sustainable But they're think mean, the know, back I I into this small trying have on we're normal that cuts, Larry. that's more think the and to or

So we'll see what happens.

Operator

from Gajuk America. our take Joanna of We'll with next Bank question

Joanna Gajuk

So contribution I of you items, year that year to expect the this it's list. first one these this deals, of from or last things. the When later a the you of outlined July. out but comes on listed [indiscernible] the items unannounced I that through close assets half it guess couple those the one or in to

I you're implying of here kind [indiscernible] deal for this you year-over-year, kind contribution wait guess, to versus assets overcome headwind the as the items. is of those we $X.X talking should So have smaller from about the million, the

listed or So there these you are some assets? quantify other as quantify you that willing of things to

Carey Hendrickson

are things and and any didn't then amounts appreciate, we get provide quite that as than about -- to impact Yes. will their there dollar and there's anticipate. a be on. not some And much Joanna, can we more specifics and others, items would may you and the on puts of of we lot know takes, just

talk to didn't dollars related to one about of specifically want each items. those So we

ones million basis, in that -- I these around ownership in -- have on our think of a will if we close beyond we can percentage ones kind the about what are the there and just of those the $X then to normal you they're talked put that. for will of 'XX. enterprise say be get total I first as later half typically course, impact. XX%, of in so the in But I Their are you to guidance in acquisitions, have you and later the go, though, the year, bit year have kind have some between And less impact that million little the a those, then in -- year the and and somewhere $X impact for are here, amounts have feel XX%, XX%. those what will, the won't going that because EBITDA we'll which we can of -- is the are that believe related the later significant, beyond our

Joanna Gajuk

That's the But about And I is about -- a in I highlighted All I volume helpful. for guess guess, full volumes what right. guess volumes here? same-store, volumes comp. do have full same-store appreciate should tough assume And think QX do you the we when that was year? So I growth year guidance, -- growing essential and on 'XX? guess, you the will for the how I what for how that think then you 'XX

Carey Hendrickson

-- XXXX. the haven't we [indiscernible] in probably that's we kind really, X% -- of think for that's in of factors to going to for X% -- and it's to we that we that's hope clinics, plan, nice existing growth and we volumes, number, -- mean, I we be one Yes. strong have same our a think could achievable growth mid-single-digit those

Joanna Gajuk

Can rate workers' helping what pricing Okay. the well, I and last talk and things, commercial the follow-up as traction mix, you to I getting improving increases or one, comp good workers' that the the guess about there. you you're the on rate average And comp, X a will are mix the be there? see increasing around guess, right? And also discussion

Carey Hendrickson

we're Yes. is The pretty well categories the good stayed news The mix has too. consistent. growing other

-- just volume on is to and it comp, growth as So as go be workers' a workers' continuing that -- commercial, lot so 'XX, of than increases, We're Medicare, patient forward. the hasn't It's mix so rate comp changed categories. hoping well. was really higher mix as but comp we've of across had we're had been like though than like will are and much. workers' nice The growing. It's now And 'XX is we to we that negotiating it just improve. others continue as in rate the

Joanna Gajuk

one, this on were Any may level, if $XX.X guess, squeeze keeping talked the I we maybe corporate corporate there's should it. comment you in where it about going margins expanding. million these level last the very number just about costs. gross the forward? even And margins, comment I The up office little so a a around guess, picked bit about seasonality, How I think QX. sorry costs. maybe the

going So how number we should think about forward? that

Carey Hendrickson

Yes.

consistently, bid a And think do for revenue forward. cost to that's net some cost as is we we clinics add that additional number years. net we additional between of of corporate I to -- that several total that add we think have because as it, on about I go revenue, how percent X.X% and X% think

number I think X.X% of it Joanna? X% total net revenue thinking -- So in to -- revenue that of

Operator

from Haase Jared our And we'll question with Blair. William next take

Jared Haase

maybe over next I think maybe from couple of mix of margin in think recent about a for little quarters, a your PT one and years, -- was assistance. sticking of bit thinking how kind a a in sort just and hiring first the of curious [indiscernible], to Just perspective with perspective, levers staffing just about I you of sort to the talked from trends a shift and

that mix from perspective. an about labor perspective? staffing the sort to just from cost kind you're hear curious kind operating and So out and Any trends to availability of how there I'm a of of thinking call

Christopher Reading

not our unforgiving working the new been tight, get we Yes. clinicians into everybody assistants, call I be partners here, company, we've folks, more locally, therapists than can our licensed also recruiting always the to combined job PT which to PT-centric the more We're continues ops a with together good it licensed is just considerably say market would a a to is -- position. but -- team company. do

But we going it on with good PT assistant, either. probably we're have look, to if a great a opportunity not pass

relationships little where steady improve those PTA just can and really to the a year. sensitive reasonably have bit, to PT in been we the we So have between last be If it patients. the anything is to it's okay. competitive on -- schedule market, add with want more respect we're federal But Eric, to you to that? markets than anything but a doing

Eric Williams

No, I think you summed it up pretty well.

We additional continue was lowest resources XXXX, And the company which [indiscernible] perspective. from was X.X recruiting us from business turnover to a this as perspective. in a clinical X also and help invest number number in points us percentage the better had grows than helped to years, year it we've

a terms better to of source we licensed continue our retention get staff get perspective, we to and better So ability the in to organization. continue from across

Jared Haase

margin Helpful. this And sticking for then theme of kind levers with expansion. of

group across an hear update you was, in was platform. of talked rolling purchasing to past, the out kind I hoping the on about area Another

was across Just continuing incremental hoping to of opportunities And what you to see leverage bit of how consolidate is that more a little terms clinics. any purchasing? color extent your in footprint kind then of penetrated from to just hear

Christopher Reading

Yes. unfortunately, divergent have factors. I Well, X, you mean,

then is that, complete, You you done pretty of group we've and and inflation. just have have on general the which overlaid rollout purchasing,

I was do. it think so thing the And right to

get X year. didn't done I it day think it last to We smart do. was

rolled year. out the it So across

carry we'll forward. So that see

up of year. our that visit of show small a You that in total part cost last probably some saw per

look, been But inflation little challenging, too. -- has a we're

gave And so I'm sure in what got, we that of inflation. some we that back

So that's not a big lever.

a facilities, additional coverage through that's little gives a our bit is help else. to overhead what efficient. focus And more more down us anything and really it be big Our comes driving us volume which little than

Carey Hendrickson

visits the leverage Yes. the your I because your on And overall do say right? extra volumes than your you margin. on that, increase Jared, operating higher will fixed costs gain at incremental same, as relatively existing the those you just So remain margin to is add clinics

or a forward, should visit So can go per little can in think better go I we forward those a as we keep that if help even we do. line basis on as us costs bit we maybe which

Jared Haase

kind end. around rate opinion, related terms to deals in -- what in of for are very puts put just of the So I love your talked the some some in we high again, the sort potentially helpful point factor complete to XXXX, the is the you it swing to high variance outlook the variance unpack little year? adjusted maybe would the for is takes EBITDA in -- a of guidance that of that of a M&A range bit low we've the timing that in assumed outlook, your on, XXXX. and fine think end And color. of when assumptions guess just to just the drives about kind the around kind trends maybe when to of biggest the about that Just in from low to

Christopher Reading

Yes.

day Let that. Carey company, that a me run a when running you going try have close X give to delivering take when there control every I'm many a not all I to you try as I and are things you're and every to you're and mean, facilities mean, ball, to XXX plus break, guys, and you X as happen great day. it's things and can you crystal X equals care,

things we're of we familiar And do have with, have well. that a that to very so series we

ahead. to August year We the additional that September for projecting have July and and of we're volume, drive volume

of clinically, those renewed contracts All on and had. and mix slightly in amount carry certain. bring that the same we've operationally. contracts than is and work relatively that of requires locally to forward have updated or We better a and get mix ordinate an None patients everybody's of part,

the acquisitions, of timing have some out, effect. has you we then as point which, And

guide think together, do are if according all that the you. and things feel and we given and somewhere We can market better be to we'll the going, bottom, direction. we that like think as goes the to you the particular a that roll in we on we've You how we than we've in year update need guidance range, given we'll

all I that. tell January, to we early We're start off can plan that's on. now. little We're We to as albeit I So year. think reasonably the but overcome year you goes a right really weather in good in can overcome it the a

I about you doesn't that life. more when wish work real you're it way but in I tell bucket, could really

Operator

[Operator We'll Petusky our with next Research. from question Barrington Instructions] Mike take

Michael Petusky

-- the think actual the Can you mentioned mix guys for I payer actually the get I don't quarter.

Carey Hendrickson

comp make the quarter, commercial, had so personal it injuries, workers' XX% for similar. about up pretty they Yes, [indiscernible] the and was rest. Sure. XX% then We other Medicare the

Michael Petusky

you Carey, on up workers' much I'm end, How comp. comp? workers' -- least was my at you broke on sorry,

Carey Hendrickson

X.X%. And up comp other the for then then X.X% the XX% so workers' was comp commercial, rest. and make -- XX% Workers' Medicare, categories

Michael Petusky

of for last Okay. guess possibly around some somebody comp, then workers' know changing expressed guys I Chris I in maybe room. optimism you On over have the X X or the trajectory else and And Because there the maybe to quarters, you then low getting just double-digit at have move? range. revenue. into of that time, sort tough optimism needle back one the that a probably there? overall up is XX% that Is did Or that still XX%, to

Christopher Reading

lot to lot the you're able but dead whole we've should and growing, And not that drive training. contracts but it's just business, been we've volume. tough tough outgrow a to one Mike, a We've when it's additional it's category, done yet, lift. grow new a Yes, signed of of

in? on to it. want partners you focused are do Eric, Our weigh

Eric Williams

agreements were that end, a tail QX. and a of place signed and those at There the of lot new QX late lot Yes. took were

I where additional and process year see that there's mix, in in we us to work in on in did pickup dividends that executed second a in believe, pay for also that handful are go executed things And we a quarter, we 'XX are of of as actually up late the so we dividends us, comp XXXX. first agreements year. And we to QX. the pay QX, through going of was So X.X% will Last slightly think work the in will our the from part in back get were. quarter that the

as business. perspective for from volume we rate continue but area that an is comp our and to get year-over-year rate on, from well, this a a focus not So hard work in pickup we just nice perspective did really a

So when XXXX. it's we expect really those opportunity significant a here, to making things other on Chris But categories growing, out, as basis, outkick better we progress there. the business but whole in is and hard pointed are

Michael Petusky

All action Okay. on then Great. lack just and year. a guess, cut CMS quick And just of the this I question, right. Washington in the

Chris, got In we've if an and sort go look mean, that leader argument of very connected the you're sort say, a there talk, argument few there's taken that 'XX this here," that essentially guess, CMS, has "Look, know, and in this? the industry is the and to last back you any this 'XX really terms I and the -- years essentially was it mean, of industry. should this I point. streak been there end to end at an to make I for in at and be within no relief that I to

Christopher Reading

Executive downstream the it. with a frustrating And federal a savings Director you, would We're tell talk us There's the level company place, everything the have another the lot to Nick million so. prevent APTQI, in in their government or with in associated MedPAC going in some also Congress. with rules works month of a lot D.C., is CMS of look a can serves talk on for now like, lack CEOs industry. empathy Yes. again, for member as spectacular scoring and our Nick true more our their to who is score in and and -- that actually savings. Washington talking we'll system be a I seem and about of if and has we be a meet We will got to I, their who what of in instance, know you measurably fall fall, the we're saver. we of ability savers rules know prevention a to like about Based lot

It's it's rules, sense. like score Based as -- a new MedPAC doesn't it [indiscernible] a to the coster on prevention score saver as the is ]. a unable of a make downstream expense have massive to to [ given

And the occur lawmaking and CMS. coordination to of so making needs the that side, there's lot rule side a government between and

people hard. going organizations and all I continue beat and push get good that the APTA going work to continue to those X drum, with work the and we're so yes, And the all to constituents APTQI to with the to to in we're

will I would come think understatement, right okay. been entree physical we not I that saves If for it's should side I is cost. amount physical according a other therapy studies To be care. musculoskeletal now, it's frustrating mean a the think out of the are they therapy it know -- an of massive be good and And say, and But be point is, period. it frustrating everyone's lot to in and statistically out heart, that

would going drum not we're I Did And so but you? I say, absolutely is lose predict great, to [indiscernible]. beat to [indiscernible] what continue happens, we're that

Michael Petusky

no. No,

think you. one. That's I great. just And I one lost quick

-- that's no On all injury the that's PT, in included the that M&A I'm prevention. Is guidance, all correct? assuming that's

Christopher Reading

that make Don't assumption.

Michael Petusky

right. to All Okay. the year. And Fair finish enough. nice

Christopher Reading

we've statistically say majority active the I for both. you expect to been speaking, be will But active active, of expect the in that benefit, to prevention are No, done the us get and space. mean, everybody's while be injury we in I to deals continue PT can that in

Operator

back have turn that time. this the over appears it And we will now remarks. closing at I to questions additional any presenters further for program our or no

Christopher Reading

We your really questions this week truly I great attention next a or appreciate you this and or today have appreciate available we and either week. answer are hope Look, time Bye morning. now. Carey we day. and later to interest, your later

Carey Hendrickson

Thanks, everyone.

Operator

for you your Thank teleconference. today's participation. concludes That

disconnect. now may You

U.S. Physical Therapy (USPH) 29 Feb 242023 Q4 Earnings call transcript