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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income including non-controlling interest $ 11,427 $ 11,982  
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:      
Depreciation and amortization 3,788 3,824  
Provision for credit losses 1,512 1,305  
Equity-based awards compensation expense 1,806 1,846  
Deferred income taxes 221 2,132  
Change in revaluation of put-right liability 149 (603)  
Change in fair value of contingent earn-out consideration 698 0  
Earnings in unconsolidated affiliate (274) (339)  
Other 125 93  
Changes in operating assets and liabilities:      
Increase in patient accounts receivable (5,999) (4,676)  
Increase in accounts receivable - other (796) (2,145)  
Increase (decrease) in other assets 1,897 (735)  
(Decrease ) increase in accounts payable and accrued expenses (1,846) 1,445  
Decrease in other long-term liabilities (1,359) (2,480)  
Net cash provided by operating activities 11,349 11,649  
INVESTING ACTIVITIES      
Purchase of fixed assets (2,059) (2,528)  
Purchase of majority interest in businesses, net of cash acquired (5,796) (11,242)  
Purchase of redeemable non-controlling interest, temporary equity (5,178) (2,211)  
Purchase of non controlling interest-permanent 0 (99)  
Proceeds on sale of partnership interest - redeemable non-controlling interest 107 4  
Distributions from unconsolidated affiliate 245 132  
Net cash used in investing activities (12,681) (15,944)  
FINANCING ACTIVITIES      
Distributions to non-controlling interest, permanent and temporary equity (3,297) (3,711)  
Proceeds from revolving line of credit 7,000 35,000  
Proceeds from term loan 0 (31,000)  
Payments on term loan (938) 0  
Principal payments on notes payable (422) (332)  
Net cash provided by (used in) financing activities 2,343 (43)  
Net increase (decrease) in cash and cash equivalents 1,011 (4,338)  
Cash and cash equivalents - beginning of period 31,594 28,567 $ 28,567
Cash and cash equivalents - end of period 32,605 24,229 $ 31,594
Cash paid during the period for:      
Income taxes 442 81  
Interest paid 1,377 525  
Non-cash investing and financing transactions during the period:      
Purchase of businesses - seller financing portion 360 300  
Notes payable related to purchase of redeemable non-controlling interest, temporary equity 611 246  
Notes payable related to purchase of non-controlling interest, permanent equity 0 296  
Notes receivable related to sale of partnership interest - redeemable non-controlling interest 532 0  
Dividends payable to USPH shareholders $ 5,617 $ 5,327