U.S. Physical Therapy Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	44.67	31.42	28.24	32.16	40.83	35.19
Depreciation & Amortization	23.44	18.68	15.7	14.74	11.59	10.53
Other Amortization	0.42	0.42	0.42	0.31	0.06	-
Loss (Gain) From Sale of Assets	0.98	0.84	0.17	-0.64	-	-
Asset Writedown & Restructuring Costs	2.42	2.42	17.5	9.11	-	1.86
Loss (Gain) From Sale of Investments	0.12	-	-	-	-	-1.09
Loss (Gain) on Equity Investments	-1.42	-1.01	-0.96	-1.18	-0.11	-
Stock-Based Compensation	8.14	7.82	7.24	7.26	7.87	7.92
Provision & Write-off of Bad Debts	7.76	6.91	6.17	5.55	5.31	4.62
Other Operating Activities	17.5	19.84	12.44	12.96	22.65	17.32
Change in Accounts Receivable	-10.08	-5.35	-5.65	-10.28	-9.42	0.9
Change in Accounts Payable	-14.2	1.71	0.02	-7.76	4.66	12.43
Change in Other Net Operating Assets	-10.22	-8.77	0.7	-3.7	-7.02	10.31
Operating Cash Flow	69.54	74.94	81.98	58.54	76.41	100
Operating Cash Flow Growth	-15.58%	-8.58%	40.04%	-23.39%	-23.59%	60.12%
Capital Expenditures	-12.63	-9.19	-9.29	-8.25	-8.2	-7.64
Cash Acquisitions	-117.22	-142.14	-37.85	-75.06	-116.56	-44.53
Divestitures	0.01	0.11	0.98	0.4	0.2	0.13
Investment in Securities	2.03	1.08	0.83	1.63	0.43	0.84
Other Investing Activities	1.7	0.69	0.32	-	-	-
Investing Cash Flow	-126.12	-149.45	-45.02	-81.27	-124.14	-51.2
Long-Term Debt Issued	-	19	24	251	316	214
Long-Term Debt Repaid	-	-14.7	-63.15	-186.81	-222.9	-245.04
Net Debt Issued (Repaid)	15.78	4.3	-39.15	64.2	93.1	-31.04
Issuance of Common Stock	-	-	163.65	-	-	-
Common Dividends Paid	-27.16	-26.54	-24.13	-21.32	-18.77	-4.11
Other Financing Activities	-17.89	-14.71	-16.1	-17.12	-30.96	-4.28
Financing Cash Flow	-29.27	-36.95	84.27	25.76	43.38	-39.42
Net Cash Flow	-85.86	-111.46	121.23	3.03	-4.35	9.37
Free Cash Flow	56.9	65.75	72.68	50.29	68.21	92.36
Free Cash Flow Growth	-22.53%	-9.53%	44.53%	-26.27%	-26.15%	76.73%
Free Cash Flow Margin	7.58%	9.90%	12.14%	9.18%	13.93%	22.08%
Free Cash Flow Per Share	3.75	4.37	5.12	3.87	5.29	7.20
Cash Interest Paid	8.88	7.21	8.66	5.69	1.35	1.2
Cash Income Tax Paid	10.88	4.83	4.93	7.62	12.21	7.68
Levered Free Cash Flow	34.74	46.1	66.08	33.22	48.15	63.35
Unlevered Free Cash Flow	40.04	50.68	71.47	36.53	48.68	64.37
Change in Working Capital	-34.5	-12.4	-4.93	-21.74	-11.78	23.64

Source: S&P Global Market Intelligence. Standard template. Financial Sources.