US Physicalrapy Inc (USPH)

Activity ratios

Short-term

Turnover ratios

Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Inventory turnover — — — — — — — — — — — — — — — — — — — —
Receivables turnover 11.66 11.16 10.70 10.06 10.65 10.89 10.45 10.43 10.36 10.51 10.40 9.39 10.18 10.79 12.10 11.22 10.43 10.17 10.56 9.55
Payables turnover 123.98 104.76 126.05 107.17 133.67 96.27 109.07 121.17 115.62 241.05 196.27 164.55 248.88 314.45 192.36 127.80 148.15 123.38 139.83 168.79
Working capital turnover 4.61 4.05 3.72 21.14 21.46 17.25 14.37 75.39 42.36 — 108.66 — — — 91.09 6.17 19.42 16.11 9.49 37.83

Inventory turnover data is not provided in the table for U.S. Physical Therapy, Inc. Receivables turnover has remained relatively stable over the quarters, indicating that the company efficiently collects payments from its customers. However, payables turnover is consistently zero, which suggests that the company may not have a significant amount of payables or that they are not being settled quickly.

The working capital turnover ratio for the company varies significantly across quarters, with a notable spike in Q1 2023 and Q4 2022. This indicates that the company is effectively utilizing its working capital to generate sales revenue, particularly in those quarters. Overall, the activity ratios suggest that U.S. Physical Therapy, Inc. manages its receivables well and efficiently uses its working capital to drive sales.

Average number of days

Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Days of inventory on hand (DOH) days — — — — — — — — — — — — — — — — — — — —
Days of sales outstanding (DSO) days 31.30 32.70 34.12 36.28 34.27 33.51 34.94 35.01 35.22 34.72 35.10 38.86 35.85 33.82 30.17 32.54 35.01 35.90 34.57 38.23
Number of days of payables days 2.94 3.48 2.90 3.41 2.73 3.79 3.35 3.01 3.16 1.51 1.86 2.22 1.47 1.16 1.90 2.86 2.46 2.96 2.61 2.16

Based on the activity ratios provided for U.S. Physical Therapy, Inc., we can analyze the efficiency of the company's operations in managing its inventory, collecting receivables, and paying its suppliers.

1. Days of Inventory on Hand (DOH): Unfortunately, the data for Days of Inventory on Hand (DOH) is unavailable for all quarters provided. DOH is a measure of how long it takes for the company to sell its inventory. Without this data, it is challenging to assess how efficiently the company is managing its inventory levels.

2. Days of Sales Outstanding (DSO): The Days of Sales Outstanding (DSO) for U.S. Physical Therapy, Inc. ranged from 42.08 days to 47.69 days over the past eight quarters. DSO indicates the average number of days it takes for the company to collect payments from its customers. A lower DSO is generally favorable as it signifies a quicker collection of receivables, improving cash flow.

3. Number of Days of Payables: Unfortunately, data for the Number of Days of Payables is also unavailable for all quarters provided. This ratio would have given insights into how long the company takes to pay its suppliers, impacting its cash conversion cycle and liquidity management.

In summary, while we can see some insights from the DSO data, the lack of information on inventory turnover and payables turnover ratios limits our ability to make a comprehensive assessment of U.S. Physical Therapy, Inc.'s overall efficiency in managing its working capital and operational activities. Further analysis would be necessary to provide a more detailed evaluation of the company's activity ratios.

Long-term

Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Fixed asset turnover 23.17 22.68 23.25 23.13 22.35 21.67 21.80 21.30 21.54 22.16 21.77 19.59 19.70 19.82 19.35 20.82 21.82 22.41 23.69 21.86
Total asset turnover 0.61 0.59 0.58 0.66 0.64 0.68 0.66 0.67 0.66 0.78 0.63 0.57 0.72 0.74 0.75 0.80 0.76 0.85 0.85 0.88

U.S. Physical Therapy, Inc.'s long-term activity ratios, specifically the fixed asset turnover and total asset turnover, provide insights into the company's efficiency in generating revenues from its assets over an extended period.

The fixed asset turnover ratio indicates the company's ability to generate sales from its fixed assets. The ratio has shown a consistent trend of improvement, increasing steadily from 21.30 in Q1 2022 to 23.17 in Q4 2023. This signifies that the company is utilizing its fixed assets more effectively to generate revenue.

On the other hand, the total asset turnover ratio reflects the company's overall asset utilization efficiency. The ratio fluctuates over the quarters but generally remains stable around the range of 0.58 to 0.68. This indicates that the company is generating sales relative to its total assets at a fairly consistent pace.

Overall, the increasing trend in fixed asset turnover suggests that U.S. Physical Therapy, Inc. is efficiently utilizing its fixed assets to generate revenue, while the stable total asset turnover ratio indicates a consistent level of overall asset utilization efficiency. This combined analysis indicates that the company is effectively managing its assets to drive revenue growth.