Form 8-K

8-K — U S PHYSICAL THERAPY INC /NV

Accession: 0000885978-26-000042

Filed: 2026-08-06

Period: 2026-08-05

CIK: 0000885978

SIC: 8000 (SERVICES-HEALTH SERVICES)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

EX-99 (ex99-1.htm)

GRAPHIC (image0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: form8-k.htm · Sequence: 1

falseU S PHYSICAL THERAPY INC /NV0000885978NYSE00008859782026-08-052026-08-050000885978usph:NewYorkStockExchangeMember2026-08-052026-08-050000885978usph:NYSEMember2026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2026

U. S. PHYSICAL THERAPY, INC.

(Exact name of registrant as specified in its charter)

Nevada

001-11151

76-0364866

(State or other jurisdiction

of incorporation or organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

1300 WEST SAM HOUSTON PARKWAY SOUTH,

SUITE 300,

HOUSTON, Texas

77042

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number, including area code: (713) 297-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the

following provisions ( see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

USPH

New York Stock Exchange

Common Stock, $.01 par value

USPH

NYSE Texas, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933

(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

◻

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL RESULTS.

On August 5, 2026, U.S. Physical Therapy, Inc. (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, reported results for the three and six months ended June 30,

2026.

A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the

liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific

reference in such filing.

ITEM 8.01 OTHER EVENTS

The Company’s Board of Directors declared a quarterly dividend of $0.46 which will be payable on September 11, 2026 to shareholders of record on August 21, 2026.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

Exhibit

Description of Exhibit

99.1

Registrant's Press release dated August 5, 2026

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the

undersigned hereunto duly authorized.

U.S. PHYSICAL THERAPY, INC.

Dated: August 6, 2026

By:

/s/ JASON CURTIS

Jason Curtis

Interim Chief Financial Officer

(duly authorized officer and principal financial and accounting officer)

EX-99

Filename: ex99-1.htm · Sequence: 2

Exhibit 99.1

CONTACT:

U.S. Physical Therapy, Inc.

Jason Curtis, Interim Chief Financial Officer

email: jcurtis@usph.com

Chris Reading, Chief Executive Officer

(713) 297-7000

Three Part Advisors

Joe Noyons

(817) 778-8424

USPH Reports Second Quarter 2026 Results,

Reaffirms Full Year Guidance

Houston, TX, August 5, 2026 – U.S. Physical Therapy, Inc. (“USPH” or the “Company”) (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services

(“IIP”), today reported results for the three and six months ended June 30, 2026.

•

Total net revenue of $214.1 million for the second quarter ended June 30, 2026 (“Q2 2026”), an 8.5% increase over

the second quarter ended June 30, 2025 (“Q2 2025”).

•

Net income attributable to USPH shareholders of $9.9 million for Q2 2026 compared to $12.4 million for Q2 2025 with

earnings per share of $0.25 compared to earnings per share of $0.58 for the same periods, respectively. Under GAAP, changes in the value of redeemable noncontrolling interests, representing our partners’ ownership stakes in subsidiaries not

fully owned by USPH, are excluded from net income but are included in the calculation of earnings per share. Improving performance increases the value of these ownership interests, which has a dilutive effect on earnings per share.

•

Operating results (1), a non-GAAP measure, of $11.3 million for Q2 2026 compared to $12.4 million for Q2

2025, with operating results per share of $0.75 compared to $0.81 for the same periods, respectively.

•

Adjusted EBITDA (1), a non-GAAP measure, of $27.0 million for Q2 2026 compared to $26.9 million for Q2

2025.

______________________

(1)

These are non-GAAP measures. Please refer to the section titled “Reconciliation of Non-GAAP Measures to the Most

Directly Comparable GAAP Measure” for the definition and reconciliation of Adjusted EBITDA, Operating Results and other non-GAAP measures to the most directly comparable GAAP measure.

Chris Reading, Chairman and Chief Executive Officer commented, “Our second quarter 2026 results include an important milestone

for USPH as we completed the integration of 31 existing clinics into our hospital affiliations. The remaining 39 hospital affiliated clinics are expected to integrate in the third quarter, resulting in increasing physical therapy revenues and

margins. Combined with the partial virtualization of front desk processes and expansion of cash-based programs in our largest partnerships, we expect to accelerate our year over year adjusted EBITDA improvement in the back half of 2026, and for these

initiatives to propel us into 2027.”

Mr. Reading continued, “I want to thank our partners, clinical and support staff for their ongoing work, with special callout

to those working directly on our hospital initiative. Their work is building momentum for 2027 with an expanding pipeline of opportunities around the country.”

Q2 2026 versus Q2 2025

•

Physical therapy net revenue was $182.4 million for Q2 2026, an 8.4% increase versus Q2 2025, including a 3.5% increase in mature

revenue (1).

•

Patient visits (1) were 1,661,694 for Q2 2026, a 6.6% increase versus Q2 2025, with average daily visits per clinic (1)

of 33.5 for Q2 2026 compared to 32.7 for Q2 2025.

•

Physical therapy net revenue per patient visit (1) was $107.59 for Q2 2026, a $2.26 increase compared to Q2 2025.

•

Physical therapy margin was 19.5% for Q2 2026 compared to 21.2% for Q2 2025. Adjusted physical therapy margin (2) was

19.9% compared to 21.4% for Q2 2025. Q2 2026 results included an unfavorable impact of company-provided health benefit costs compared to a favorable impact in Q2 2025, impacting margins by approximately 100 basis points.

•

IIP revenue was $31.7 million for Q2 2026, a 9.1% increase compared to Q2 2025. Excluding the IIP acquisition on January 31, 2026, IIP

revenue increased 3.6% over the comparable periods.

•

IIP margin was 20.4% for Q2 2026 compared to 20.3% for Q2 2025.

•

Corporate expense as a percentage of total revenue was 8.9% in each of Q2 2026 and Q2 2025. Adjusted corporate expense (2) as

a percentage of total revenue was 8.4% in Q2 2026 and 8.7% in Q2 2025.

•

The Company added four and closed four locations during Q2 2026, bringing the clinic count (1) to 781 as of June 30, 2026.

U.S. Physical Therapy Press Release

Page 2

August 5, 2026

Six Months ended June 30, 2026 versus Six Months ended June 30, 2025

•

Total net revenue was $412.3 million for year-to-date June 30, 2026 (“YTD 2026”), an 8.2% increase over the year-to-date ended

June 30, 2025 (“YTD 2025”).

•

Physical therapy net revenue was $350.0 million for YTD 2026, a 7.8% increase versus YTD 2025, including a 3.1% increase in mature

revenue (1).

•

Patient visits (1) were 3,204,838 for the YTD 2026, a 6.7% increase versus YTD 2025, with average daily visits per

clinic (1) of 32.7 for YTD 2026 compared to 31.9 for the YTD 2025.

•

Physical therapy net revenue per patient visit (1) was $107.06 for YTD 2026, a $1.57 increase compared to YTD 2025.

•

Physical therapy margin was 17.7% for YTD 2026 compared to 19.0% for YTD 2025. Adjusted physical therapy margin (2)

was 18.1% compared to 19.2% for YTD 2025.

•

IIP revenue was $62.3 million for YTD 2026, a 10.4% increase compared to YTD 2025. Excluding the IIP acquisition made on January

31, 2026, IIP revenue increased 5.8% over the comparable periods.

•

IIP margin was 20.4% for YTD 2026 compared to 19.5% for YTD 2025.

•

Corporate expense as a percentage of total revenue was 9.0% for YTD 2026 and 8.8% for YTD 2025. Adjusted corporate expense (2)

as a percentage of total revenue was 8.6% for YTD 2026 and 8.7% for YTD 2025.

•

Net income attributable to USPH shareholders of $14.9 million for YTD 2026 compared to $22.3 million for YTD 2025 with earnings

per share of $0.13 compared to earnings per share of $1.38 for the same periods, respectively.

•

Operating results (2), a non-GAAP measure, of $18.2 million for YTD 2026 compared to $19.7 million for YTD 2025, with

operating results per share of $1.21 compared to $1.30 for the same periods, respectively.

•

Adjusted EBITDA (2), a non-GAAP measure, of $47.2 million for YTD 2026 compared to $46.4 million for YTD 2025.

________________________

(1)

See “Glossary of Terms” for the definition.

(2)

These are non-GAAP measures. Please refer to the section titled “Reconciliation of Non-GAAP Measures to the

Most Directly Comparable GAAP Measure” for the definition and reconciliation of Adjusted EBITDA, Operating Results and other non-GAAP measures to the most directly comparable GAAP measure.

BALANCE SHEET AND CASH FLOW

•

Cash and cash equivalents were $24.9 million as of June 30, 2026 compared to $35.6 million as of December 31, 2025. Borrowings

under the Company’s credit facility was $221.0 million as of June 30, 2026, compared to $161.8 million as of December 31, 2025.

•

As previously announced, on April 14, 2026, the Company closed on a $450.0 million, five-year credit facility that includes a

$175.0 million term loan and a $275.0 million revolver with a maturity date of April 14, 2031. This is an increase and extension of the Company’s prior $325.0 million credit facility which was due to expire on June 17, 2027.

•

The Company’s Board of Directors declared a quarterly dividend of $0.46 which will be payable on September 11, 2026 to

shareholders of record on August 21, 2026.

•

Under the Company’s $25.0 million share repurchase authorization, during Q2 2026, the Company repurchased 306,256 of its own

shares on the open market for a total consideration of $19.2 million, at an average share price of $62.80. Including repurchases made in 2025, the Company has repurchased 387,578 shares on the open market for a total consideration of

$24.8 million, at an average share price of $63.99.

2026 ACQUISITIONS

The Company has announced three acquisitions during 2026 with a cumulative purchase price of $37.6 million and approximately $27.0 million

in cumulative annualized revenue.

•

On July 1, 2026, the Company acquired a 67% equity interest in a 12-clinic physical therapy practice for a purchase price of $16.4

million. The business currently generates $12.0 million in annual revenue and 112,000 annual visits.

•

On January 31, 2026, the Company acquired a 70% equity interest in an industrial injury prevention business for a purchase price

of $15.0 million. The business currently generates $7.0 million in annual revenue.

•

On January 2, 2026, the Company acquired a 50% equity interest in an 8-clinic physical therapy practice for a purchase price of

$6.2 million. The business currently generates $8.0 million in annual revenue and 66,000 annual visits.

HOSPITAL AFFILIATIONS

The Company’s two previously announced hospital affiliations impact 70 existing USPH clinics.

•

On February 2, 2026, the Company announced a 10-year strategic alliance between its subsidiary, Metro, and NYU Langone. The

integration of the 60 clinics began in Q2 2026 and is expected to conclude in the three months ended September 30, 2026 (“Q3 2026”).

•

On February 25, 2026, the Company announced a 10-year strategic alliance between its subsidiary in the gulf-coast region and a

local hospital system. The integration of the 10 clinics is expected to occur in Q3 2026.

2026 EARNINGS GUIDANCE

Management reaffirmed the Company’s full year 2026 adjusted EBITDA guidance of $102.0 million to $106.0 million.

CONFERENCE CALL INFORMATION

U.S. Physical Therapy’s management will host a conference call at

10:30 a.m. ET / 9:30 a.m. CT, on August 6, 2026, to discuss the Company’s financial results for the three and six months ended June 30, 2026. Interested parties may participate in the call by dialing (800) 347-6865 (Primary) or (203) 518-9757

(Alternate) and conference ID of USPHQ226. Please call approximately 10 minutes before the call is scheduled to begin. To listen to the live call, go to the Company’s website at www.usph.com at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen

live, a playback of the conference call can be accessed until November 4, 2026, on the Company’s website.

U.S. Physical Therapy Press Release

Page 3

August 5, 2026

FORWARD-LOOKING STATEMENTS

This press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities

Exchange Act of 1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using

words such as “believes”, “expects”, “intends”, “plans”, “appear”, “should” and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those

relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views

and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to:

ent conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible

write-down or write-off of goodwill and other intangible assets;

•

changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status;

•

revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;

•

changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed

by patients;

•

private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability;

•

compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and

penalties for failure to comply;

•

compliance with state laws and regulations relating to the corporate practice of medicine and fee splitting, and associated fines and penalties for

failure to comply ;

•

competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses

and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;

•

the impact of a termination of one or more of the Company’s hospital affiliated arrangements, which could have an adverse impact on revenue and the

results of operations;

•

the impact of future public health crises and epidemics/pandemics;

•

certain of our acquisition agreements contain put-rights related to a future purchase of significant equity interests in our subsidiaries or in a

separate company;

•

the impact of future vaccinations and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing,

revenue, costs and the results of operations;

•

our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing, and our ability to operate our

business;

•

changes as the result of government enacted national healthcare reform;

•

the ability to control variable interest entities for which we do not have a direct ownership;

•

business and regulatory conditions including federal and state regulations;

•

governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and

increased costs;

•

revenue and earnings expectations;

•

contingent consideration provisions in certain of our acquisition agreements, the value of which may impact future financial results;

•

legal actions, which could subject us to increased operating costs and uninsured liabilities;

•

general economic conditions, including but not limited to inflationary and recessionary periods;

•

actual or perceived events involving banking volatility, defaults or other adverse developments that affect the U.S or the international financial

systems, may result in market wide liquidity problems which could have a material and adverse impact on our available cash and results of operations;

•

our business depends on hiring, training, and retaining qualified employees;

•

availability and cost of qualified physical therapists;

•

competitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of contractual

service arrangements and other adverse financial consequences for that service line;

•

our ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses;

•

impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling

interest (minority interests);

•

maintaining our information technology systems with adequate safeguards to protect against cyber-attacks;

•

a security breach of our or our third party vendors’ information technology systems may subject us to potential legal action and reputational harm and

may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act;

•

maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination of

those contractual arrangements by such clients could cause operating results to be less than expected;

•

maintaining adequate internal controls;

•

use of generative artificial intelligence;

•

maintaining necessary insurance coverage;

•

availability, terms, and use of capital; and

•

weather and other seasonal factors.

Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. For

additional information regarding these and other risks and uncertainties, that could cause actual results to differ materially from those contained in our forward-looking statements, please refer to “Risk Factors” in our Annual Report on Form

10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 27, 2026 and any risk factors contained in subsequent quarterly and annual reports we file with the SEC. Our forward-looking

statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement as a result of new information, future events, or otherwise,

except as required by law.

GLOSSARY OF TERMS

Mature revenue includes revenues from owned and hospital affiliated clinics as well as homecare which were operational prior to January 1, 2025,

and are still operating as of the balance sheet date. This metric excludes other management contracts.

Physical therapy revenue per patient visit

is net revenue from owned and hospital affiliated clinics as well as homecare divided by total number of patient visits (defined below) during the periods presented. This metric excludes other management contracts.

Patient visits is the number of unique

patient visits at the Company’s owned and hospital affiliated clinics as well as homecare for the periods presented. This metric excludes other management contracts.

Average daily visits per clinic is

patient visits at the Company’s owned and hospital affiliated clinics, divided by the number of days in which normal business operations were conducted during the periods presented and further divided by the average number of owned and hospital

affiliated clinics in operation during the periods presented. This metric excludes homecare and other management contracts.

Clinic count includes owned and

hospital affiliated clinics as well as other management contracts. This metric excludes homecare.

ABOUT U.S. PHYSICAL THERAPY, INC.

Founded in 1990, U.S. Physical Therapy, Inc. owns and/or manages 796 outpatient physical therapy locations in 45 states.

USPH locations provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. USPH also has an

industrial injury prevention business which provides onsite services for clients’ employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic

assessments.

More information about U.S. Physical Therapy, Inc. is

available at www.usph.com. The information included on that website is not incorporated into this press release.

U.S. Physical Therapy Press Release

Page 4

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(IN THOUSANDS, EXCEPT PER SHARE DATA)

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net patient revenue

173,224

164,183

337,552

316,730

Hospital affiliation revenue

5,564

Other revenue

35,271

33,161

69,228

64,402

Net revenue

214,059

197,344

412,344

381,132

Operating cost

Salaries and related costs

125,404

113,788

244,892

225,037

Rent, supplies, contract labor and other

38,965

34,127

77,417

67,971

Depreciation and amortization

5,621

5,741

11,278

11,281

Provision for credit losses

2,120

1,995

4,124

3,843

Clinic closure costs - lease and other

(62

)

311

Total operating cost

172,116

155,720

337,649

308,443

Gross profit

41,943

41,624

74,695

72,689

Corporate office costs

19,005

17,476

37,279

33,721

Loss (gain) on change in fair value of contingent earn-out consideration

992

(790

)

2,989

(5,612

)

Operating income

21,946

24,938

34,427

44,580

Other (expense) income

Interest expense, debt and other

(3,213

)

(2,422

)

(6,004

)

(4,701

)

Interest income from investments

Change in revaluation of put-right liability

(168

)

(339

)

195

(743

)

Equity in earnings of unconsolidated affiliate

408

401

772

794

Loss on extinguishment of debt

(124

)

(124

)

Loss on sale of a partnership

(123

)

Other

175

305

122

Total other expense

(2,893

)

(2,285

)

(4,811

)

(4,599

)

Income before taxes

19,053

22,653

29,616

39,981

Provision for income taxes

4,155

4,933

6,562

8,793

Net income

14,898

17,720

23,054

31,188

Less: Net income attributable to non-controlling interest:

Redeemable non-controlling interest - temporary equity

(4,080

)

(3,914

)

(6,594

)

(5,926

)

Non-controlling interest - permanent equity

(920

)

(1,413

)

(1,524

)

(2,970

)

(5,000

)

(5,327

)

(8,118

)

(8,896

)

Net income attributable to USPH shareholders

9,898

12,393

14,936

22,292

Basic and diluted earnings per share attributable to USPH shareholders (1)

0.25

0.58

0.13

1.38

Shares used in computation - basic and diluted

15,070

15,197

15,118

15,165

Dividends declared per common share

0.46

0.45

0.92

0.90

_____________________________

(1) Please refer to the section titled “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measure” of this press release for the calculation of basic and diluted earnings per share.

U.S. Physical Therapy Press Release

Page 5

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(IN THOUSANDS)

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income

14,898

17,720

23,054

31,188

Other comprehensive gain (loss):

Unrealized gain (loss) on cash flow hedge

(798

)

454

(2,129

)

Tax effect at statutory rate (federal and state)

(25

)

204

(121

)

544

Comprehensive income

14,967

17,126

23,387

29,603

Comprehensive income attributable to non-controlling interest

(5,000

)

(5,327

)

(8,118

)

(8,896

)

Comprehensive income attributable to USPH shareholders

9,967

11,799

15,269

20,707

U.S. Physical Therapy Press Release

Page 6

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

Three Months Ended

Variance

June 30, 2026

June 30, 2025

(In thousands, except percentages)

Physical Therapy Operations

Net patient revenue

173,224

164,183

9,041

5.5

Hospital affiliation revenue

5,564

Other revenue (1)

3,567

4,109

(542

)

(13.2

Net revenue

182,355

168,292

14,063

8.4

Operating costs (1)(2)

146,884

132,568

14,316

10.8

Gross profit

35,471

35,724

(253

)

(0.7

IIP

Net revenue

31,704

29,052

2,652

9.1

Operating costs (2)

25,232

23,152

2,080

9.0

Gross profit

6,472

5,900

572

9.7

Financial and operating metrics (not in thousands):

Patient visits (3)

1,661,694

1,558,756

102,938

6.6

Average daily visits per clinic (3)

33.5

32.7

0.8

2.4

Physical therapy revenue per patient visit (3)

107.59

105.33

2.26

2.1

Mature revenue percent change (3)

3.5

0.2

Salaries and related costs, as a percentage of revenue (4)(5)

57.9

56.6

Adjusted salaries and related costs, as a percentage of revenue (4)(5)(6)

57.5

56.4

Physical therapy operations gross profit margin (2)

19.5

21.2

Adjusted physical therapy operations gross profit margin (2)(7)

19.9

21.4

IIP gross profit margin

20.4

20.3

____________________________________________________

(1)Includes revenues and/or

costs related to other management contracts.

(2)Amortization of certain intangible assets was reallocated between physical therapy operations and IIP segments for Q2 2025 amounts to conform

with current presentation.

(3)See Glossary of terms for

definition. Reflects the average number of clinic locations (755 and 731) during the current and prior-year periods, respectively. .

(4)Beginning Q2 2026, the Company changed its salaries and related costs metric from cost-per-visit to percentage-of-revenue, which management

believes is a more meaningful presentation. For hospital affiliated clinics, salaries and related costs reimbursements by hospital systems are recognized as revenue by USPH, supporting this presentation change. Prior period metrics

have been revised to conform to the current presentation.

(5)Includes cost and revenue from physical therapy operations. Excludes costs and revenue from other management contracts.

(6)Excludes certain incentive

costs related to Metro. See the section titled Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measure.

(7)Excludes certain incentive

costs related to the Metro acquisition, business acquisition costs and clinic closure costs. See the section titled Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measure.

* Not applicable.

U.S. Physical Therapy Press Release

Page 7

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

Six Months Ended

Variance

June 30, 2026

June 30, 2025

Physical Therapy Operations

(In thousands, except percentages)

Revenue related to:

Net patient revenue

337,552

316,730

20,822

6.6

Hospital affiliation revenue

5,564

Other revenue (1)

6,914

7,970

(1,056

)

(13.2

Total revenue

350,030

324,700

25,330

7.8

Operating costs (1)(2)

288,062

263,017

25,045

9.5

Gross profit

61,968

61,683

285

0.5

IIP

Net revenue

62,314

56,432

5,882

10.4

Operating costs (2)

49,587

45,426

4,161

9.2

Gross profit

12,727

11,006

1,721

15.6

Financial and operating metrics (not in thousands):

Patient visits (3)

3,204,838

3,002,561

202,277

6.7

Average daily visits per clinic (3)

32.7

31.9

0.8

2.5

Physical therapy revenue per patient visit (3)

107.06

105.49

1.57

1.5

Mature revenue percent change (3)

3.1

(0.5

Salaries and related costs, as a percentage of revenue (4)(5)

58.9

58.0

Adjusted salaries and related costs, as a percentage of revenue (4)(5)(6)

58.6

58.0

Physical therapy operations gross profit margin (2)

17.7

19.0

Adjusted physical therapy operations gross profit margin (2)(7)

18.1

19.2

IIP gross profit margin

20.4

19.5

___________________________________________________

(1)Includes revenues and/or

costs related to other management contracts.

(2)Amortization of certain

intangible assets was reallocated between physical therapy operations and IIP segments for YTD 2025 amounts to conform with current presentation.

(3)See Glossary of terms for

definition. Reflects the average number of clinic locations (753 and 728) during the current and prior-year periods, respectively.

(4)Beginning Q2 2026, the

Company changed its salaries and related costs metric from cost-per-visit to percentage-of-revenue, which management believes is a more meaningful presentation. For hospital affiliated clinics, salaries and related costs

reimbursements by hospital systems are recognized as revenue by USPH, supporting this presentation change. Prior period metrics have been revised to conform to the current presentation.

(5)Includes cost and revenue

from physical therapy operations. Excludes costs and revenue from other management contracts.

(6)Excludes certain incentive

costs related to Metro. See the section titled Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measure.

(7)Excludes certain incentive

costs related to the Metro acquisition, business acquisition costs and clinic closure costs. See the section titled Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measure.

* Not applicable.

U.S. Physical Therapy Press Release

Page 8

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL AND PERFORMANCE METRICS

Revenue Metrics

Physical Therapy Revenue Per Patient Visit (1)

Patient Visits (1)

Average Visits Per Clinic Per Day (2)

2026

2025

2026

2025

2026

2025

First quarter

106.49

105.66

1,543,144

1,443,805

31.8

31.2

Second quarter

107.59

105.33

1,661,694

1,558,756

33.5

32.7

Third quarter

105.54

1,554,207

32.2

Fourth quarter

106.49

1,593,336

32.7

Year

107.06

105.76

3,204,838

6,150,104

32.7

32.2

________________________

(1) See definition of the metrics above in the Glossary of Terms.

(2) Excludes home-care visits.

Physical Therapy Locations Roll

Forward (1)

2026

2025

Number of clinics, beginning of period

778

759

Q1 additions

Q1 closed or sold

(12)

(9)

Number of clinics, end of period

781

764

Q2 additions

Q2 closed or sold

(4)

Number of clinics, end of period

781

766

Q3 additions

Q3 closed or sold

(7)

Number of clinics, end of period

777

Q4 additions

Q4 closed or sold

(10)

Number of clinics, end of period

778

Year-to-date total additions

Year-to-date total closed or sold

(16)

(13)

__________________________

(1)

See “Glossary of Terms” for the definition

U.S. Physical Therapy Press Release

Page 9

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(IN THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)

June 30, 2026

December 31, 2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

24,887

35,570

Patient accounts receivable, less provision for credit losses of $3,824 and $3,775, respectively

69,603

64,249

Accounts receivable - other

28,557

24,087

Other current assets

16,628

16,084

Total current assets

139,675

139,990

Fixed assets:

Furniture and equipment

74,132

67,891

Leasehold improvements

60,397

58,985

Fixed assets, gross

134,529

126,876

Less accumulated depreciation and amortization

(94,095

)

(91,225

)

Fixed assets, net

40,434

35,651

Operating lease right-of-use assets

156,466

144,197

Investment in unconsolidated affiliate

12,712

12,275

Goodwill

716,535

692,392

Other identifiable intangible assets, net

176,547

172,861

Other assets

6,505

6,644

Total assets

1,248,874

1,204,010

LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS’ EQUITY AND NON-CONTROLLING INTEREST

Current liabilities:

Accounts payable - trade

6,917

6,059

Accrued expenses

45,424

49,424

Current portion of operating lease liabilities

42,871

42,134

Current portion of term loan and notes payable

4,563

9,865

Other current liabilities

10,134

31,558

Total current liabilities

109,909

139,040

Notes payable, net of current portion

890

417

Revolving facility

46,000

30,500

Term loan, net of current portion and deferred financing costs

168,566

121,677

Deferred taxes

30,998

28,391

Operating lease liabilities, net of current portion

122,899

110,572

Other long-term liabilities

2,954

3,214

Total liabilities

482,216

433,811

Redeemable non-controlling interest - temporary equity

317,491

293,311

Commitments and Contingencies

U.S. Physical Therapy, Inc. ("USPH") shareholders’ equity:

Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding

Common stock, $.01 par value, 20,000,000 shares authorized,

17,526,791 and 17,418,621 shares issued, respectively

175

174

Additional paid-in capital

290,551

285,522

Accumulated other comprehensive gain

1,047

714

Retained earnings

213,361

227,216

Treasury stock at cost, 2,603,117 shares and 2,296,059 shares, respectively

(56,478

)

(37,194

)

Total USPH shareholders’ equity

448,656

476,432

Non-controlling interest - permanent equity

511

456

Total USPH shareholders' equity and non-controlling interest - permanent equity

449,167

476,888

Total liabilities, redeemable non-controlling interest,

USPH shareholders' equity and non-controlling interest - permanent equity

1,248,874

1,204,010

U.S. Physical Therapy Press Release

Page 10

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

Six Months Ended

June 30, 2026

June 30, 2025

OPERATING ACTIVITIES

Net income including non-controlling interest

23,054

31,188

Adjustments to reconcile net income including non-controlling interest to net cash

provided by operating activities:

Depreciation and amortization

11,935

11,924

Provision for credit losses

4,124

3,843

Equity-based awards compensation expense

5,479

3,888

Amortization of debt issuance costs

212

210

Change in deferred income taxes

5,232

7,279

Change in revaluation of put-right liability

(195

)

743

Change in fair value of contingent earn-out consideration

2,989

(5,612

)

Equity of earnings in unconsolidated affiliate

(772

)

(794

)

Loss on sale of clinics and fixed assets

302

438

Loss on sale of a partnership

123

Loss on extinguishment of debt

124

Changes in operating assets and liabilities:

Patient accounts receivable, net

(9,047

)

(10,232

)

Accounts receivable - other

(2,962

)

355

Other current and long term assets

(4,426

)

Accounts payable and accrued expenses

(1,410

)

(7,914

)

Other long-term liabilities

(961

)

(827

)

Net cash provided by operating activities

38,178

30,186

INVESTING ACTIVITIES

Purchase of fixed assets

(10,737

)

(5,830

)

Purchase of majority interest in businesses, net of cash acquired

(21,133

)

(6,890

)

Purchase of redeemable non-controlling interest, temporary equity

(6,531

)

(8,427

)

Purchase of non controlling interest, permanent equity

(8,973

)

(149

)

Proceeds on sale of non-controlling interest, permanent equity

Repayment of notes receivable related to sales of redeemable non-controlling interest

396

346

Proceeds on sale of partnership interest - redeemable non-controlling interest, temporary equity

221

Distributions from unconsolidated affiliate

335

664

Proceeds on sale of partnership interest, clinics and fixed assets

700

Other

165

228

Net cash (used in) investing activities

(46,207

)

(19,334

)

FINANCING ACTIVITIES

Payment of debt issuance costs

(2,214

)

Proceeds from revolving facility

153,262

73,500

Payments on revolving facility

(137,762

)

(60,000

)

Distributions to non-controlling interest, permanent and temporary equity

(12,326

)

(10,697

)

Cash dividends paid to shareholders

(13,871

)

(13,678

)

Proceeds from term loan

45,625

Payments on term loan

(1,875

)

(5,625

)

Principal payments on notes payable

(617

)

(1,628

)

Payment for taxes related to net settlement of equity awards

(51

)

Repurchases of common stock

(19,233

)

Payment of contingent consideration

(13,592

)

Net cash (used in) financing activities

(2,654

)

(18,128

)

Net (decrease) in cash and cash equivalents

(10,683

)

(7,276

)

Cash and cash equivalents - beginning of period

35,570

41,362

Cash and cash equivalents - end of period

24,887

34,086

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the period for:

Income taxes

4,769

9,833

Interest paid

6,589

4,683

Non-cash investing and financing transactions during the period:

Purchase of businesses - seller financing portion

500

Fair market value of initial contingent consideration related to purchase of businesses

3,059

Notes payable related to purchase of redeemable non-controlling interest, temporary equity

Notes receivable related to sale of redeemable non-controlling interest, temporary equity

3,649

660

Notes receivable related to the sale of non-controlling interest, permanent equity

527

Offset to notes receivable associated with purchase of redeemable non-controlling interest

254

U.S. Physical Therapy Press Release

Page 11

August 5, 2026

U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

TO THE MOST DIRECTLY COMPARABLE GAAP MEASURE

The following tables provide details of the basic and diluted earnings per share computation and reconcile net income attributable to

USPH shareholders calculated in accordance with GAAP to Adjusted EBITDA and Operating Results. The tables also provide a reconciliation of additional non-GAAP measures to the most comparable GAAP measure. Management believes providing

Adjusted EBITDA and Operating Results to investors is useful for comparing the Company's period-to-period results as well as for comparing with other similar businesses since most do not have redeemable instruments and therefore have

different equity structures. Management uses Adjusted EBITDA and Operating Results, which eliminate certain items described above that can be subject to volatility and unusual costs, as the principal measures to evaluate and monitor

financial performance period over period.

Adjusted EBITDA, a non-GAAP measure, is defined as net income attributable to USPH shareholders before interest income, interest

expense, taxes, depreciation, amortization, change in fair value of contingent earn-out consideration, changes in revaluation of put-right liability, equity-based awards compensation expense, clinic closure costs, business acquisition

related costs, costs related to a one-time financial and human resources systems upgrade, loss on sale of a partnership, other income and related portions for non-controlling interests, and other non-recurring items as applicable.

Operating Results, a non-GAAP measure, equals net income attributable to USPH shareholders less changes in revaluation of a put-right

liability, clinic closure costs, loss on sale of a partnership, changes in fair value of contingent earn-out consideration, business acquisition related costs, costs related to a one-time financial and human resources systems upgrade, any

allocations to non-controlling interests, all net of taxes, and other non-recurring items as applicable. Operating Results per share also excludes the impact of the revaluation of redeemable non-controlling interest and the associated tax

impact.

Adjusted EBITDA and Operating Results are not measures of financial performance under GAAP. Adjusted EBITDA, Operating Results and

other non-GAAP measures should not be considered in isolation or as an alternative to, or substitute for, net income attributable to USPH shareholders presented in the consolidated financial statements.

U.S. Physical Therapy Press Release

Page 12

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

ADJUSTED EBITDA, OPERATING RESULTS AND EARNINGS PER SHARE

(IN THOUSANDS, EXCEPT PERCENTAGES AND PER SHARE DATA)

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Adjusted EBITDA (a non-GAAP measure)

Net income attributable to USPH shareholders

9,898

12,393

14,936

22,292

Adjustments:

Provision for income taxes

4,155

4,933

6,562

8,793

Depreciation and amortization

5,935

6,057

11,935

11,924

Interest expense, debt and other, net

3,213

2,422

6,004

4,701

Interest income from investments

(29

)

(28

)

(45

)

(52

)

Equity-based awards compensation expense

3,168

2,117

5,479

3,888

Change in revaluation of put-right liability

168

339

(195

)

743

Loss (gain) on change in fair value of contingent earn-out consideration

992

(790

)

2,989

(5,612

)

Clinic closure costs (1)

(62

)

311

Business acquisition related costs (2)

219

320

756

800

ERP implementation costs (3)

419

159

727

221

Loss on sale of a partnership

123

Loan amendment costs (4)

288

Loss on extinguishment of debt (4)

124

Other income

(175

)

(47

)

(305

)

(122

)

Allocation to non-controlling interests

(1,429

)

(1,081

)

(1,997

)

(1,608

)

26,952

26,863

47,196

46,402

Operating Results (a non-GAAP measure)

Net income attributable to USPH shareholders

9,898

12,393

14,936

22,292

Adjustments:

Loss (gain) on change in fair value of contingent earn-out consideration

992

(790

)

2,989

(5,612

)

Change in revaluation of put-right liability

168

339

(195

)

743

Clinic closure costs (1)

150

311

Business acquisition related costs (2)

219

320

756

800

ERP implementation costs (3)

419

159

727

221

Loss on sale of a partnership

123

Loan amendment costs (4)

288

Loss on extinguishment of debt (4)

124

Allocation to non-controlling interest

(355

)

(156

)

(356

)

(118

)

Tax effect at statutory rate (federal and state)

(494

)

(1,190

)

903

11,265

12,350

18,229

19,663

Operating Results per share (a non-GAAP measure)

0.75

0.81

1.21

1.30

Earnings per share

Computation of earnings per share - USPH shareholders:

Net income attributable to USPH shareholders

9,898

12,393

14,936

22,292

Charges to retained earnings:

Revaluation of redeemable non-controlling interest

(8,294

)

(4,806

)

(17,663

)

(1,903

)

Tax effect at statutory rate (federal and state)

2,202

1,228

4,690

486

3,806

8,815

1,963

20,875

Earnings per share (basic and diluted)

0.25

0.58

0.13

1.38

Shares used in computation - basic and diluted

15,070

15,197

15,118

15,165

___________________________________________________________

(1) Costs associated with clinic closures during the periods presented and, for purposes of Operating Results,

includes accelerated depreciation related to closed clinics.

(2) Primarily consists of retention bonuses, as well as legal and consulting expenses related to the acquisition of

equity interests in certain partnerships and costs associated with entering into hospital affiliation contracts.

(3) Consists of costs related to a one-time financial and human resources systems upgrade.

(4) Consists of costs related to the amendment of the Company's credit facility.

U.S. Physical Therapy Press Release

Page 13

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

RECONCILIATION OF OTHER NON-GAAP MEASURES TO THE

MOST COMPARABLE GAAP MEASURES

Three Months Ended June 30, 2026

Adjustments

Reported

(GAAP)

Clinic Closure Costs (1)

Metro Incentive Costs (2)

Business Acquisition Related Costs (3)

ERP Implementation Costs (4)

Amended Credit Facility Costs (5)

Adjusted

(Non-GAAP)

(in thousands, except percentages)

Segment information - Physical Therapy Operations

Salaries and related costs, clinics (6)

104,563

(816

)

103,747

Salaries and related costs as a percentage of revenue (6)

57.9

(0.5

57.5

Gross profit

35,471

816

36,293

Gross profit margin

19.5

0.4

19.9

Corporate office costs

19,005

(219

)

(419

)

(288

)

18,079

Corporate office costs as a percentage of revenue

8.9

(0.1

(0.2

(0.1

8.4

Three Months Ended June 30, 2025

Adjustments

Reported

(GAAP)

Clinic Closure Costs (1)

Metro Incentive Costs (2)

Business Acquisition Related Costs (3)

ERP Implementation Costs (4)

Amended Credit Facility Costs (5)

Adjusted

(Non-GAAP)

(in thousands, except percentages)

Segment information - Physical Therapy Operations

Salaries and related costs, clinics (6)

93,877

(229

)

93,648

Salaries and related costs as a percentage of revenue (6)

56.6

(0.1

56.4

Gross profit

35,724

229

36,022

Gross profit margin

21.2

0.1

21.4

Corporate office costs

17,476

(178

)

(159

)

17,139

Corporate office costs as a percentage of revenue

8.9

(0.1

8.7

________________________________________

(1) These are costs incurred during the period that are associated with closed clinics (owned).

(2) Certain earnout bonuses and incentive costs related to Metro.

(3) Includes expenses related to the acquisitions of equity interests in certain partnerships and includes costs associated

with entering into hospital affiliated contracts.

(4) Includes costs related to a one-time financial and human resources systems upgrade.

(5) Certain fees expensed when entering into the Fourth Amended Credit Facility.

(6) Excludes revenues and costs related to management contracts.

* Not meaningful

U.S. Physical Therapy Press Release

Page 14

August 5, 2026

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

RECONCILIATION OF OTHER NON-GAAP MEASURES TO THE

MOST COMPARABLE GAAP MEASURES

Six Months Ended June 30, 2026

Adjustments

Reported

(GAAP)

Clinic Closure Costs (1)

Metro Incentive Costs (2)

Business Acquisition Related Costs (3)

ERP Implementation Costs (4)

Amended Credit Facility Costs (5)

Adjusted

(Non-GAAP)

(in thousands, except percentages)

Segment information - Physical Therapy Operations

Salaries and related costs, clinics (6)

203,888

(1,076

)

202,812

Salaries and related costs as a percentage of revenue (6)

58.9

(0.3

58.6

Gross profit

61,968

150

1,076

107

63,301

Gross profit margin

17.7

0.3

18.1

Corporate office costs

37,279

(756

)

(727

)

(288

)

35,508

Corporate office costs as a percentage of revenue

9.0

(0.2

(0.1

8.6

Six Months Ended June 30, 2025

Adjustments

Reported

(GAAP)

Clinic Closure Costs (1)

Metro Incentive Costs (2)

Business Acquisition Related Costs (3)

ERP Implementation Costs (4)

Amended Credit Facility Costs (5)

Adjusted

(Non-GAAP)

(in thousands, except percentages)

Segment information - Physical Therapy Operations

Salaries and related costs, clinics (6)

185,676

(294

)

185,382

Salaries and related costs as a percentage of revenue (6)

58.0

(0.1

58.0

Gross profit

61,683

311

294

62,288

Gross profit margin

19.0

0.1

19.2

Corporate office costs

33,721

(433

)

(221

)

33,067

Corporate office costs as a percentage of revenue

8.8

(0.1

8.7

_______________________________________

(1) These are costs incurred during the period that are associated with closed clinics (owned).

(2) Certain earnout bonuses and incentive costs related to Metro.

(3) Includes expenses related to the acquisitions of equity interests in certain partnerships and includes costs associated

with entering into hospital affiliated contracts.

(4) Includes costs related to a one-time financial and human resources systems upgrade.

(5) Certain fees expensed when entering into the Fourth Amended Credit Facility

(6) Excludes revenues and costs related to management contracts.

* Not meaningful

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Address Line 1 such as Attn, Building Name, Street Name

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Address Line 2 such as Street or Suite number

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

-Name Exchange Act

-Number 240

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-Subsection b-2

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Local phone number for entity.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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