U.S. Physical Therapy, Inc. (NYSE:USPH) Q2 2024 Earnings Conference Call August 14, 2024 10:30 AM ET

Company Participants

Chris Reading - President and CEO
Jake Martinez - Senior Vice President, Accounting and Finance
Carey Hendrickson - Chief Financial Officer
Eric Williams - President and COO, East
Graham Reeve - Chief Operating Officer, West
Rick Binstein - Executive Vice President and General Counsel

Conference Call Participants

Brian Tanquilutit - Jefferies
Larry Solow - CJS Securities
Joanna Gajuk - Bank of America
Jared Haase - William Blair
Michael Petusky - Barrington Research

Operator

Good day and thank you for standing by. Welcome to the U.S. Physical Therapy Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]

I’d now like to turn the call over to Chris Reading, President and CEO. Please go ahead, sir.

Chris Reading

Thanks, Jamie. Good morning. And welcome everyone to our second quarter 2024 U.S. Physical Therapy earnings call. With me on the line this morning, I’ve got Carey Hendrickson, our Chief Financial Officer; Eric Williams, our President and COO, East; Graham Reeve, our Chief Operating Officer, West; Rick Binstein, our Executive Vice President and General Counsel.

Before I make some prepared remarks relating to our quarter and year, I’ll ask Jake Martinez to cover a brief disclosure.

Jake Martinez

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

This presentation also contains certain non-GAAP measures as defined in Regulation G. The related reconciliations can be found in the company’s earnings release and the company presentations on our website. Chris?

Chris Reading

Thanks, Jake. So, let’s get started. My discussion this morning will cover a variety of highlights. We’ve definitely made some progress in some key areas. It will also touch on one of our primary challenges as well.

Let’s start with the fact that this was a very solid quarter from a volume perspective. The best visit per clinic per day quarter in our history. April was our high month at 31.2, marking a high also for the year, followed by May nicely over 30. June, just under 30 at 29.8. And all of this follows our normal seasonal progression with school finishing and summer vacations kicking off for a bit before things get back to normal that they’ve begun to do with school starting up here in Texas this week in many places.