HCA Healthcare, Inc. (NYSE: HCA) today announced financial and
operating results for the first quarter ended March 31, 2024.
Key first quarter metrics (all percentage changes compare
1Q 2024 to 1Q 2023 unless otherwise noted):
- Revenues totaled $17.339 billion
- Net income attributable to HCA Healthcare, Inc. totaled $1.591
billion, or $5.93 per diluted share
- Adjusted EBITDA totaled $3.353 billion
- Cash flows from operating activities totaled $2.469
billion
- Same facility admissions increased 6.2 percent while same
facility equivalent admissions increased 5.2 percent
“The strong fundamentals we saw in our business this past year
continued into the first quarter of 2024. This momentum generated
strong financial results that were driven primarily by broad-based
volume growth,” said Sam Hazen, Chief Executive Officer of HCA
Healthcare.
Revenues in the first quarter of 2024 totaled $17.339 billion,
compared to $15.591 billion in the first quarter of 2023. Net
income attributable to HCA Healthcare, Inc. totaled $1.591 billion,
or $5.93 per diluted share, compared to $1.363 billion, or $4.85
per diluted share, in the first quarter of 2023. Results for the
first quarter of 2024 include gains on sales of facilities of $201
million, or $0.57 per diluted share, primarily related to the sale
of a hospital facility in California. Results for the first quarter
of 2023 include losses on sales of facilities of $15 million, or
$0.08 per diluted share. During the first quarter of 2023, we
recorded $145 million of revenues, or $0.40 per diluted share,
related to resolving certain disputed claims from prior years with
a commercial payer.
For the first quarter of 2024, Adjusted EBITDA totaled $3.353
billion, compared to $3.172 billion in the first quarter of 2023.
Adjusted EBITDA is a non-GAAP financial measure. A table providing
supplemental information on Adjusted EBITDA and reconciling net
income attributable to HCA Healthcare, Inc. to Adjusted EBITDA is
included in this release.
Same facility admissions increased 6.2 percent while same
facility equivalent admissions increased 5.2 percent in the first
quarter of 2024, compared to the prior year period. Same facility
emergency room visits increased 7.2 percent in the first quarter of
2024, compared to the prior year period. Same facility inpatient
surgeries increased 1.7 percent, and same facility outpatient
surgeries declined 2.1 percent in the first quarter of 2024,
compared to the same period of 2023. Same facility revenue per
equivalent admission increased 3.5 percent in the first quarter of
2024, compared to the first quarter of 2023.
Balance Sheet and Cash Flows from Operations
As of March 31, 2024, HCA Healthcare, Inc.’s balance sheet
reflected cash and cash equivalents of $1.284 billion, total debt
of $40.191 billion, and total assets of $56.962 billion. During the
first quarter of 2024, capital expenditures totaled $1.118 billion,
excluding acquisitions. Cash flows provided by operating activities
in the first quarter of 2024 totaled $2.469 billion, compared to
$1.803 billion in the first quarter of 2023.
During the first quarter of 2024, the Company repurchased 3.894
million shares of its common stock at a cost of $1.180 billion. The
Company had $5.595 billion remaining under its repurchase
authorization as of March 31, 2024. As of March 31, 2024, the
Company had $7.987 billion of availability under its credit
facilities.
Dividend
HCA today announced that its Board of Directors declared a
quarterly cash dividend of $0.66 per share on the Company’s common
stock. The dividend will be paid on June 28, 2024 to stockholders
of record at the close of business on June 14, 2024.
The declaration and payment of any future dividend will be
subject to the discretion of the Board of Directors and will depend
on a variety of factors, including the Company’s financial
condition, results of operations, and contractual restrictions.
Future dividends are expected to be funded by cash balances and
future cash flows from operations.
2024 Guidance
Today, the Company reaffirmed its 2024 estimated guidance ranges
issued on January 30, 2024.
The Company’s 2024 guidance contains a number of assumptions,
including, among others, the Company’s current expectations
regarding patient volumes and payor mix as well as general economic
conditions, including inflation, and excludes the impact of items
such as, but not limited to, gains or losses on sales of
facilities, losses on retirement of debt, legal claims costs and
impairment of long-lived assets.
Adjusted EBITDA is a non-GAAP financial measure. A table
reconciling forecasted net income attributable to HCA Healthcare,
Inc. to forecasted Adjusted EBITDA is included in this release.
The Company’s guidance is based on current plans and
expectations and is subject to a number of known and unknown
uncertainties and risks, including those set forth below in the
Company’s “Forward-Looking Statements.”
Earnings Conference Call
HCA Healthcare will host a conference call for investors at 9:00
a.m. Central Time today. All interested investors are invited to
access a live audio broadcast of the call via webcast. The
broadcast also will be available on a replay basis beginning this
afternoon. The webcast can be accessed through the Company’s
Investor Relations web page at
https://investor.hcahealthcare.com/events-and-presentations/default.aspx.
About the Company
As of March 31, 2024, HCA operated 188 hospitals and
approximately 2,400 ambulatory sites of care, including surgery
centers, freestanding emergency rooms, urgent care centers and
physician clinics, in 20 states and the United Kingdom.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, which involve risks and
uncertainties. Forward-looking statements include the Company’s
financial guidance for the year ending December 31, 2024, as well
as other statements that do not relate solely to historical or
current facts. Forward-looking statements can be identified by the
use of words like “may,” “believe,” “will,” “expect,” “project,”
“estimate,” “anticipate,” “plan,” “initiative” or “continue.” These
forward-looking statements are based on our current plans and
expectations and are subject to a number of known and unknown
uncertainties and risks, many of which are beyond our control,
which could significantly affect current plans and expectations and
our future financial position and results of operations. These
factors include, but are not limited to, (1) changes in or related
to general economic conditions nationally and regionally in our
markets, including inflation and economic and business conditions
(and the impact thereof on the economy, financial markets and
banking industry); changes in revenues due to declining patient
volumes; changes in payer mix (including increases in uninsured and
underinsured patients); potential increased expenses related to
labor, supply chain or other expenditures; workforce disruptions;
supply shortages and disruptions (including as a result of
geopolitical disruptions); and the impact of potential federal
government shutdowns, (2) the impact of our significant
indebtedness and the ability to refinance such indebtedness on
acceptable terms, (3) the impact of current and future federal and
state health reform initiatives and possible changes to other
federal, state or local laws and regulations affecting the health
care industry, including, but not limited to, proposals to expand
coverage of federally-funded insurance programs as an alternative
to private insurance or establish a single-payer system (such
reforms often referred to as “Medicare for All”), (4) the effects
related to the implementation of sequestration spending reductions
required under the Budget Control Act of 2011, related legislation
extending these reductions and those required under the
Pay-As-You-Go Act of 2010 as a result of the federal budget deficit
impact of the American Rescue Plan Act of 2021, and the potential
for future deficit reduction legislation that may alter these
spending reductions, which include cuts to Medicare payments, or
create additional spending reductions, (5) increases in the amount
and risk of collectability of uninsured accounts and deductibles
and copayment amounts for insured accounts, (6) the ability to
achieve operating and financial targets, attain expected levels of
patient volumes and revenues, and control the costs of providing
services, (7) possible changes in Medicare, Medicaid and other
state programs, including Medicaid supplemental payment programs,
Medicaid waiver programs or state directed payments, that may
impact reimbursements to health care providers and insurers and the
size of the uninsured or underinsured population, (8)
personnel-related capacity constraints, increases in wages and the
ability to attract, utilize and retain qualified management and
other personnel, including affiliated physicians, nurses and
medical and technical support personnel, (9) the highly competitive
nature of the health care business, (10) changes in service mix,
revenue mix and surgical volumes, including potential declines in
the population covered under third-party payer agreements, the
ability to enter into and renew third-party payer provider
agreements on acceptable terms and the impact of consumer-driven
health plans and physician utilization trends and practices, (11)
the efforts of health insurers, health care providers, large
employer groups and others to contain health care costs, (12) the
outcome of our continuing efforts to monitor, maintain and comply
with appropriate laws, regulations, policies and procedures, (13)
the availability and terms of capital to fund the expansion of our
business and improvements to our existing facilities, (14) changes
in accounting practices, (15) the emergence of and effects related
to pandemics, epidemics and outbreaks of infectious diseases or
other public health crises, including but not limited to
developments related to COVID-19, (16) future divestitures which
may result in charges and possible impairments of long-lived
assets, (17) changes in business strategy or development plans,
(18) delays in receiving payments for services provided, (19) the
outcome of pending and any future tax audits, disputes and
litigation associated with our tax positions, (20) the impact of
known and unknown government investigations, litigation and other
claims that may be made against us, (21) the impact of actual and
potential cybersecurity incidents or security breaches, including
the data security incident disclosed in July 2023, (22) our ongoing
ability to demonstrate meaningful use of certified electronic
health record technology and the impact of interoperability
requirements, (23) the impact of natural disasters, such as
hurricanes and floods, physical risks from climate change or
similar events beyond our control, (24) changes in U.S. federal,
state, or foreign tax laws including interpretive guidance that may
be issued by taxing authorities or other standard setting bodies,
(25) the results of our efforts to use technology and resilience
initiatives, including artificial intelligence and machine
learning, to drive efficiencies, better outcomes and an enhanced
patient experience, and (26) other risk factors described in our
annual report on Form 10-K for the year ended December 31, 2023 and
our other filings with the Securities and Exchange Commission. Many
of the factors that will determine our future results are beyond
our ability to control or predict. In light of the significant
uncertainties inherent in the forward-looking statements contained
herein, readers should not place undue reliance on forward-looking
statements, which reflect management’s views only as of the date
hereof. We undertake no obligation to revise or update any
forward-looking statements, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise. All references to “Company,” “HCA” and “HCA
Healthcare” as used throughout this release refer to HCA
Healthcare, Inc. and its affiliates.
HCA Healthcare, Inc. Condensed Consolidated Comprehensive
Income Statements First Quarter Unaudited
(Dollars in millions, except per share amounts)
2024
2023
Amount
Ratio
Amount
Ratio
Revenues
$17,339
100.0
%
$15,591
100.0
%
Salaries and benefits
7,707
44.4
7,084
45.4
Supplies
2,671
15.4
2,423
15.5
Other operating expenses
3,606
20.9
2,894
18.7
Equity in losses of affiliates
2
-
18
0.1
Depreciation and amortization
795
4.5
756
4.8
Interest expense
512
3.0
479
3.1
Losses (gains) on sales of facilities
(201
)
(1.2
)
15
0.1
15,092
87.0
13,669
87.7
Income before income taxes
2,247
13.0
1,922
12.3
Provision for income taxes
445
2.6
379
2.4
Net income
1,802
10.4
1,543
9.9
Net income attributable to noncontrolling
interests
211
1.2
180
1.2
Net income attributable to HCA Healthcare,
Inc.
$1,591
9.2
$1,363
8.7
Diluted earnings per share
$5.93
$4.85
Shares used in computing diluted earnings per
share (millions)
268.016
280.961
Comprehensive income attributable to HCA
Healthcare, Inc.
$1,583
$1,383
HCA Healthcare, Inc. Condensed
Consolidated Balance Sheets Unaudited (Dollars in
millions) March 31, December
31,
2024
2023
ASSETS Current assets: Cash and cash equivalents
$1,284
$935
Accounts receivable
10,044
9,958
Inventories
1,903
2,021
Other
2,051
2,013
15,282
14,927
Property and equipment, at cost
59,440
58,548
Accumulated depreciation
(31,344
)
(30,833
)
28,096
27,715
Investments of insurance subsidiaries
471
477
Investments in and advances to affiliates
736
756
Goodwill and other intangible assets
9,967
9,945
Right-of-use operating lease assets
2,211
2,207
Other
199
184
$56,962
$56,211
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable
$4,735
$4,233
Accrued salaries
1,759
2,127
Other accrued expenses
3,619
3,871
Long-term debt due within one year
3,028
2,424
13,141
12,655
Long-term debt, less debt issuance costs and discounts of
$381 and $333
37,163
37,169
Professional liability risks
1,571
1,557
Right-of-use operating lease obligations
1,912
1,903
Income taxes and other liabilities
1,905
1,867
Stockholders' equity: Stockholders' deficit attributable to
HCA Healthcare, Inc.
(1,615
)
(1,774
)
Noncontrolling interests
2,885
2,834
1,270
1,060
$56,962
$56,211
HCA Healthcare, Inc. Condensed Consolidated
Statements of Cash Flows First Quarter Unaudited
(Dollars in millions)
2024
2023
Cash flows from operating activities: Net income
$1,802
$1,543
Adjustments to reconcile net income to net cash provided by
operating activities: Increase (decrease) in cash from operating
assets and liabilities: Accounts receivable
(90
)
238
Inventories and other assets
77
(214
)
Accounts payable and accrued expenses
(517
)
(1,066
)
Depreciation and amortization
795
756
Income taxes
444
372
Losses (gains) on sales of facilities
(201
)
15
Amortization of debt issuance costs and discounts
9
9
Share-based compensation
87
77
Other
63
73
Net cash provided by operating activities
2,469
1,803
Cash flows from investing activities: Purchase of
property and equipment
(1,118
)
(1,197
)
Acquisition of hospitals and health care entities
(96
)
(115
)
Sales of hospitals and health care entities
310
165
Change in investments
2
(13
)
Other
(1
)
9
Net cash used in investing activities
(903
)
(1,151
)
Cash flows from financing activities: Issuances of
long-term debt
4,483
-
Net change in revolving credit facilities
(1,880
)
1,240
Repayment of long-term debt
(2,066
)
(550
)
Distributions to noncontrolling interests
(152
)
(187
)
Payment of debt issuance costs
(40
)
(3
)
Payment of dividends
(185
)
(175
)
Repurchase of common stock
(1,180
)
(846
)
Other
(196
)
(204
)
Net cash used in financing activities
(1,216
)
(725
)
Effect of exchange rate changes on cash and cash equivalents
(1
)
7
Change in cash and cash equivalents
349
(66
)
Cash and cash equivalents at beginning of period
935
908
Cash and cash equivalents at end of period
$1,284
$842
Interest payments
$538
$574
Income tax payments, net
$1
$7
HCA Healthcare, Inc. Operating
Statistics First Quarter
2024
2023
Operations: Number of Hospitals
188
180
Number of Freestanding Outpatient Surgery Centers*
121
126
Licensed Beds at End of Period
49,724
48,891
Weighted Average Beds in Service
42,564
41,684
Reported: Admissions
560,869
525,235
% Change
6.8
%
Equivalent Admissions
981,521
916,535
% Change
7.1
%
Revenue per Equivalent Admission
$ 17,666
$ 17,011
% Change
3.9
%
Inpatient Revenue per Admission
$ 18,923
$ 17,828
% Change
6.1
%
Patient Days
2,781,596
2,637,903
% Change
5.4
%
Equivalent Patient Days
4,867,793
4,603,141
% Change
5.7
%
Inpatient Surgery Cases
133,398
130,460
% Change
2.3
%
Outpatient Surgery Cases
252,835
255,971
% Change
-1.2
%
Emergency Room Visits
2,428,914
2,252,669
% Change
7.8
%
Outpatient Revenues as a Percentage of Patient Revenues
36.9
%
37.7
%
Average Length of Stay (days)
4.959
5.022
Occupancy**
75.2
%
74.0
%
Same Facility: Admissions
555,681
523,458
% Change
6.2
%
Equivalent Admissions
960,772
913,434
% Change
5.2
%
Revenue per Equivalent Admission
$ 17,569
$ 16,981
% Change
3.5
%
Inpatient Revenue per Admission
$ 18,964
$ 17,796
% Change
6.6
%
Inpatient Surgery Cases
132,274
130,010
% Change
1.7
%
Outpatient Surgery Cases
247,721
253,023
% Change
-2.1
%
Emergency Room Visits
2,400,190
2,238,063
% Change
7.2
%
* Excludes freestanding endoscopy centers (24 centers
at March 31, 2024 and 22 centers at March 31, 2023). ** Reflects
the rate of occupancy (patient days and observations) based on
weighted average beds in service.
Supplemental
Non-GAAP Disclosures Operating Results Summary
(Dollars in millions, except per share amounts)
First Quarter
2024
2023
Revenues
$17,339
$15,591
Net income attributable to HCA Healthcare, Inc.
$1,591
$1,363
Losses (gains) on sales of facilities (net of tax)
(154
)
22
Net income attributable to HCA Healthcare, Inc., as adjusted (a)
1,437
1,385
Depreciation and amortization
795
756
Interest expense
512
479
Provision for income taxes
398
372
Net income attributable to noncontrolling interests
211
180
Adjusted EBITDA (a)
$3,353
$3,172
Adjusted EBITDA margin (a)
19.3
%
20.3
%
Diluted earnings per share: Net income attributable to HCA
Healthcare, Inc.
$5.93
$4.85
Losses (gains) on sales of facilities
(0.57
)
0.08
Net income attributable to HCA Healthcare, Inc., as adjusted (a)
$5.36
$4.93
Shares used in computing diluted earnings per share
(millions)
268.016
280.961
______________________
(a)
Net income attributable to HCA
Healthcare, Inc., as adjusted, diluted earnings per share, as
adjusted, and Adjusted EBITDA should not be considered as measures
of financial performance under generally accepted accounting
principles ("GAAP"). These non-GAAP financial measures are adjusted
to exclude losses (gains) on sales of facilities and losses on
retirement of debt. We believe net income attributable to HCA
Healthcare, Inc., as adjusted, diluted earnings per share, as
adjusted, and Adjusted EBITDA are important measures that
supplement discussions and analysis of our results of operations.
We believe it is useful to investors to provide disclosures of our
results of operations on the same basis used by management.
Management relies upon net income attributable to HCA Healthcare,
Inc., as adjusted, diluted earnings per share, as adjusted, and
Adjusted EBITDA as the primary measures to review and assess
operating performance of its health care facilities and their
management teams.
Management and investors review
both the overall performance (including net income attributable to
HCA Healthcare, Inc., as adjusted, diluted earnings per share, as
adjusted, and GAAP net income attributable to HCA Healthcare, Inc.)
and operating performance (Adjusted EBITDA) of our health care
facilities. Adjusted EBITDA and the Adjusted EBITDA margin
(Adjusted EBITDA divided by revenues) are utilized by management
and investors to compare our current operating results with the
corresponding periods during the previous year and to compare our
operating results with other companies in the health care industry.
It is reasonable to expect that adjustments, including losses
(gains) on sales of facilities and losses on retirement of debt
will occur in future periods, but the amounts recognized can vary
significantly from period to period, do not directly relate to the
ongoing operations of our health care facilities and complicate
period comparisons of our results of operations and operations
comparisons with other health care companies.
Net income attributable to HCA
Healthcare, Inc., as adjusted, diluted earnings per share, as
adjusted, and Adjusted EBITDA are not measures of financial
performance under GAAP, and should not be considered as
alternatives to net income attributable to HCA Healthcare, Inc. as
a measure of operating performance or cash flows from operating,
investing and financing activities as a measure of liquidity.
Because net income attributable to HCA Healthcare, Inc., as
adjusted, diluted earnings per share, as adjusted, and Adjusted
EBITDA are not measurements determined in accordance with GAAP and
are susceptible to varying calculations, net income attributable to
HCA Healthcare, Inc., as adjusted, diluted earnings per share, as
adjusted, and Adjusted EBITDA, as presented, may not be comparable
to other similarly titled measures presented by other
companies.
HCA Healthcare, Inc. Supplemental Non-GAAP
Disclosures 2024 Operating Results Forecast (Dollars
in millions, except per share amounts) For the
Year Ending December 31, 2024 Low High
Revenues
$67,750
$70,250
Net income attributable to HCA Healthcare, Inc. (a)
$5,200
$5,600
Depreciation and amortization
3,200
3,270
Interest expense
1,985
2,040
Provision for income taxes
1,615
1,740
Net income attributable to noncontrolling interests
850
900
Adjusted EBITDA (a) (b)
$12,850
$13,550
Diluted earnings per share: Net income attributable to HCA
Healthcare, Inc.
$19.70
$21.20
Shares used in computing diluted earnings per share
(millions)
264.000
264.000
The Company's forecasted guidance range is based on current
plans and expectations and is subject to a number of known and
unknown uncertainties and risks. ______________________
(a)
The Company does not forecast the
impact of items such as, but not limited to, losses (gains) on
sales of facilities, losses on retirement of debt, legal claim
costs (benefits) and impairments of long-lived assets because the
Company does not believe that it can forecast these items with
sufficient accuracy.
(b)
Adjusted EBITDA should not be
considered a measure of financial performance under generally
accepted accounting principles ("GAAP"). We believe Adjusted EBITDA
is an important measure that supplements discussions and analysis
of our results of operations. We believe it is useful to investors
to provide disclosures of our results of operations on the same
basis used by management. Management relies upon Adjusted EBITDA as
a primary measure to review and assess operating performance of its
health care facilities and their management teams.
Management and investors review
both the overall performance (including net income attributable to
HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA)
of our health care facilities. Adjusted EBITDA is utilized by
management and investors to compare our current operating results
with the corresponding periods during the previous year and to
compare our operating results with other companies in the health
care industry.
Adjusted EBITDA is not a measure
of financial performance under GAAP and should not be considered as
an alternative to net income attributable to HCA Healthcare, Inc.
as a measure of operating performance or cash flows from operating,
investing and financing activities as a measure of liquidity.
Because Adjusted EBITDA is not a measurement determined in
accordance with GAAP and is susceptible to varying calculations,
Adjusted EBITDA, as presented, may not be comparable to other
similarly titled measures presented by other companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240426108334/en/
INVESTOR CONTACT: Frank Morgan 615-344-2688
MEDIA CONTACT: Harlow Sumerford 615-344-1851
Grafico Azioni HCA Healthcare (NYSE:HCA)
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Da Nov 2024 a Dic 2024
Grafico Azioni HCA Healthcare (NYSE:HCA)
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Da Dic 2023 a Dic 2024
