Consolidated Results of Operations, As Reported and As
Adjusted – Three-month periods ended March
31, 2024 and 2023:
KING OF
PRUSSIA, Pa., April 24,
2024 /PRNewswire/ -- Universal Health Services, Inc.
(NYSE: UHS) announced today that its reported net income
attributable to UHS was $261.8
million, or $3.82 per diluted
share, during the first quarter of 2024, as compared to
$163.1 million, or $2.28 per diluted share, during the first quarter
of 2023. Net revenues increased by 10.8% to $3.844 billion during the first quarter of 2024,
as compared to $3.468 billion during
the first quarter of 2023.
As reflected on the Schedule of Non-GAAP Supplemental
Information ("Supplemental Schedule"), our adjusted net income
attributable to UHS during the first quarter of 2024 was
$253.1 million, or $3.70 per diluted share, as compared to
$167.6 million, or $2.34 per diluted share, during the first quarter
of 2023.
As reflected on the Supplemental Schedule, included in our
reported results during the first quarter of 2024 were: (i) a
favorable after-tax impact of $9.2
million, or $.13 per diluted
share, resulting from the tax benefit recorded in connection with
employee share-based payments (pursuant to "ASU 2016-09",
Compensation – Stock Compensation: Improvements to Employee
Share-Based Payment Accounting), and; (ii) an unrealized after-tax
loss of $0.4 million, or $.01 per diluted share ($0.6 million pre-tax), resulting from a decrease
in the market value of certain equity securities (included in
"Other (income) expense, net"). Our reported results during the
first quarter of 2023 included an unrealized after-tax loss of
$4.5 million, or $.06 per diluted share, ($5.8 million pre-tax) resulting from a decrease
in the market value of certain equity securities.
As calculated on the attached Supplemental Schedule, our
earnings before interest, taxes, depreciation & amortization
("EBITDA net of NCI", NCI is net income attributable to
noncontrolling interests), was $525.9
million during the first quarter of 2024, as compared to
$407.3 million during the first
quarter of 2023. Our adjusted earnings before interest, taxes,
depreciation & amortization ("Adjusted EBITDA net of NCI"),
which excludes the impact of other (income) expense, net, was
$525.8 million during the first
quarter of 2024, as compared to $421.1
million during the first quarter of 2023.
Acute Care Services – Three-month periods ended March 31, 2024 and 2023:
During the first quarter of 2024, at our acute care hospitals
owned during both periods ("same facility basis"), adjusted
admissions (adjusted for outpatient activity) increased by 4.5%
while adjusted patient days increased by 3.4%, as compared to the
first quarter of 2023. At these facilities, during the first
quarter of 2024, net revenue per adjusted admission increased by
4.6% while net revenue per adjusted patient day increased by 5.8%,
as compared to the first quarter of 2023. Net revenues generated
from our acute care services, on a same facility basis, increased
by 9.6% during the first quarter of 2024, as compared to the first
quarter of 2023.
Behavioral Health Care Services – Three-month periods ended
March 31, 2024 and 2023:
During the first quarter of 2024, at our behavioral health care
facilities on a same facility basis, adjusted admissions decreased
by 0.8% while adjusted patient days increased by 2.0%, as compared
to the first quarter of 2023. At these facilities, during the first
quarter of 2024, net revenue per adjusted admission increased by
11.2% and net revenue per adjusted patient day increased by 8.2%,
as compared to the first quarter of 2023. Net revenues generated
from our behavioral health care services, on a same facility basis,
increased by 10.4% during the first quarter of 2024, as compared to
the first quarter of 2023.
Net Cash Provided by Operating Activities and
Liquidity:
Net Cash Provided by Operating Activities:
During the three-month period ended March
31, 2024, our net cash provided by operating activities was
$396 million as compared to
$291 million during the first three
months of 2023. The $106 million net
increase in our net cash provided by operating activities consisted
of: (i) a favorable change of $98
million resulting from an increase in net income plus/minus
depreciation and amortization expense, stock-based compensation
expense and gains on sales of assets and businesses; (ii) a
favorable change of $86 million in
other working capital accounts due primarily to the timing of
disbursements for other accrued liabilities; (iii) an unfavorable
change of $59 million in accounts
receivable; (iv) an unfavorable change of $45 million in other assets and deferred charges,
and; (v) $26 million of other
combined net favorable changes.
Liquidity:
As of March 31, 2024, we had
$733 million of aggregate available
borrowing capacity pursuant to our $1.2
billion revolving credit facility, net of outstanding
borrowings and letters of credit.
Stock Repurchase Program:
Pursuant to the terms of our stock repurchase program, shares of
our Class B Common Stock may be repurchased, from time to time as
conditions allow, on the open market or in negotiated private
transactions. During the first quarter of 2024, we have repurchased
700,000 shares at an aggregate cost of approximately $125.1 million (approximately $179 per share) pursuant to the program. As of
March 31, 2024, we had an aggregate
available repurchase authorization of approximately $298 million.
Conference call information:
We will hold a conference call for investors and analysts at
9:00 a.m. eastern time on
April 25, 2024. A live webcast of the
call will be available on our website at www.uhs.com. To
participate via telephone, please register in advance at this
link.
Upon registration, all telephone participants will receive a
confirmation email detailing how to join the conference call,
including the dial-in number along with a unique passcode and
registrant ID that can be used to access the call. A replay of the
call will be available for one full year following the live
call.
General Information, Forward-Looking Statements and Risk
Factors and Non-GAAP Financial Measures:
One of the nation's largest and most respected providers of
hospital and healthcare services, Universal Health Services, Inc.
(the "Company") has built an impressive record of achievement and
performance. Growing steadily since our inception into an esteemed
Fortune 500 corporation, our annual revenues during 2023 were
$14.282 billion. UHS ranked #311 on
the Fortune 500; and #434 on Forbes' list of America's
Largest Public Companies. UHS was again recognized as one of the
World's Most Admired Companies by Fortune.
Our operating philosophy is as effective today as it was upon
the Company's founding in 1979, enabling us to provide
compassionate care to our patients and their loved ones. Our
strategy includes building or acquiring high quality hospitals in
rapidly growing markets, investing in the people and equipment
needed to allow each facility to thrive, and becoming the leading
healthcare provider in each community we serve.
Headquartered in King of Prussia,
PA, UHS has approximately 96,700 employees and, through its
subsidiaries, operates 27 inpatient acute care hospitals, 333
inpatient behavioral health facilities, 48 outpatient facilities
and ambulatory care access points, an insurance offering, a
physician network and various related services located in 39
states, Washington, D.C., the
United Kingdom and Puerto Rico. It acts as the advisor to
Universal Health Realty Income Trust, a real estate investment
trust (NYSE: UHT). For additional information visit
www.uhs.com.
This press release contains forward-looking statements based on
current management expectations. Numerous factors, including those
disclosed herein, those related to healthcare industry trends and
those detailed in our filings with the Securities and Exchange
Commission (as set forth in Item 1A-Risk
Factors, and Item 7-Forward-Looking Statements and Risk
Factors, in our Form 10-K for the year ended December 31, 2023), may cause the results to
differ materially from those anticipated in the forward-looking
statements. These statements are subject to risks and uncertainties
and therefore actual results may differ materially. Readers should
not place undue reliance on such forward-looking statements which
reflect management's view 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.
Many of the factors that could affect our future results are
beyond our control or ability to predict, including, but not
limited to:
- A significant portion of our revenues are derived from federal
and state government programs including the Medicare and Medicaid
programs. Payments from these programs are subject to statutory and
regulatory changes, administrative rulings, interpretations and
determinations, requirements for utilization review, and federal
and state funding restrictions. Changes to these programs, if
adopted, could materially affect program payments which could
materially impact our results of operations.
- The increase in interest rates has substantially increased our
borrowings costs and reduced our ability to access the capital
markets on favorable terms. Additional increases in interest rates
could have a significant unfavorable impact on our future results
of operations and the resulting effect on the capital markets could
adversely affect our ability to carry out our strategy.
- The outcome of known and unknown litigation, liabilities and
other claims asserted against us and/or our subsidiaries,
including, but not limited to, the March 28,
2024, jury award (of compensatory damages of $60 million and punitive damages of $475 million) against The Pavilion Behavioral
Health System (the "Pavilion), an indirect subsidiary of the
Company, as previously disclosed on Form 8-K, as filed with the
Securities and Exchange Commission on April
1, 2024. While the Pavilion has professional liability
insurance to cover a portion of these amounts, the resolution of
this matter may have a material adverse effect on the Company.
We believe that adjusted net income attributable to UHS,
adjusted net income attributable to UHS per diluted share, EBITDA
net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP
financial measures ("GAAP" is Generally Accepted Accounting
Principles in the United States of
America), are helpful to our investors as measures of our
operating performance. In addition, we believe that, when
applicable, comparing and discussing our financial results based on
these measures, as calculated, is helpful to our investors since it
neutralizes the effect of material items impacting our net income
attributable to UHS, such as, changes in the market value of shares
of certain equity securities, the impact of ASU 2016-09 and other
potential material items that are nonrecurring or non-operational
in nature including, but not limited to, impairments of goodwill,
long-lived and intangible assets, reserves for various matters
including settlements, legal judgments and lawsuits, costs related
to extinguishment of debt, gains/losses on sales of assets and
businesses, potential impacts of non-ordinary acquisitions,
divestitures, joint ventures or other strategic transactions, and
other amounts that may be reflected in the current or prior year
financial statements that relate to prior periods. To obtain a
complete understanding of our financial performance these measures
should be examined in connection with net income attributable to
UHS, as determined in accordance with GAAP, and as presented in the
condensed consolidated financial statements and notes thereto in
this report or in our other filings with the Securities and
Exchange Commission including our Report on Form 10-K for the year
ended December 31, 2023. Since the
items included or excluded from these measures are significant
components in understanding and assessing financial performance
under GAAP, these measures should not be considered to be
alternatives to net income as a measure of our operating
performance or profitability. Since these measures, as presented,
are not determined in accordance with GAAP and are thus susceptible
to varying calculations, they may not be comparable to other
similarly titled measures of other companies. Investors are
encouraged to use GAAP measures when evaluating our financial
performance.
|
Universal Health Services,
Inc.
|
|
Consolidated Statements of Income
|
|
(in thousands, except
per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
Three months
|
|
ended March
31,
|
|
2024
|
|
2023
|
|
|
|
|
|
Net revenues
|
$3,843,582
|
|
$3,467,518
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
Salaries,
wages and benefits
|
1,842,624
|
|
1,753,335
|
|
Other
operating expenses
|
1,032,170
|
|
878,951
|
|
Supplies
expense
|
403,573
|
|
379,989
|
|
Depreciation and amortization
|
141,003
|
|
141,621
|
|
Lease and
rental expense
|
35,450
|
|
34,922
|
|
3,454,820
|
|
3,188,818
|
|
|
|
|
|
Income from
operations
|
388,762
|
|
278,700
|
|
|
|
|
|
Interest expense,
net
|
52,826
|
|
50,876
|
|
Other (income) expense,
net
|
(150)
|
|
13,723
|
|
|
|
|
|
Income before income
taxes
|
336,086
|
|
214,101
|
|
|
|
|
|
Provision for income
taxes
|
70,264
|
|
51,726
|
|
|
|
|
|
Net income
|
265,822
|
|
162,375
|
|
|
|
|
|
Less: Net income
(loss) attributable to
|
|
|
|
|
noncontrolling
interests ("NCI")
|
3,988
|
|
(740)
|
|
|
|
|
|
Net income attributable
to UHS
|
$261,834
|
|
$163,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS (a)
|
$3.90
|
|
$2.31
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS (a)
|
$3.82
|
|
$2.28
|
|
Universal Health Services,
Inc.
|
|
Footnotes to Consolidated Statements of
Income
|
|
(in thousands, except
per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
Three months
|
|
(a) Earnings per
share calculation:
|
ended March
31,
|
|
2024
|
|
2023
|
|
Basic and
diluted:
|
|
|
|
|
Net income attributable
to UHS
|
$261,834
|
|
$163,115
|
|
Less: Net income
attributable to unvested restricted share grants
|
(45)
|
|
(129)
|
|
Net income attributable
to UHS - basic and diluted
|
$261,789
|
|
$162,986
|
|
|
|
|
|
Weighted average number
of common shares - basic
|
67,204
|
|
70,535
|
|
|
|
|
|
Basic earnings per
share attributable to UHS:
|
$3.90
|
|
$2.31
|
|
|
|
|
|
Weighted average number
of common shares
|
67,204
|
|
70,535
|
|
Add: Other share
equivalents
|
1,278
|
|
952
|
|
Weighted average number
of common shares and equiv. - diluted
|
68,482
|
|
71,487
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS:
|
$3.82
|
|
$2.28
|
|
Universal Health Services,
Inc.
|
|
Schedule of Non-GAAP Supplemental Information
("Supplemental Schedule")
|
|
For the Three Months ended March 31, 2024 and
2023
|
|
(in thousands, except
per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Earnings/Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
% Net
|
|
Three months
ended
|
|
% Net
|
|
March 31,
2024
|
|
revenues
|
|
March 31,
2023
|
|
revenues
|
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$261,834
|
|
|
|
$163,115
|
|
|
|
Depreciation and amortization
|
141,003
|
|
|
|
141,621
|
|
|
|
Interest
expense, net
|
52,826
|
|
|
|
50,876
|
|
|
|
Provision
for income taxes
|
70,264
|
|
|
|
51,726
|
|
|
|
EBITDA net of
NCI
|
$525,927
|
|
13.7 %
|
|
$407,338
|
|
11.7 %
|
|
|
|
|
|
|
|
|
|
Other (income) expense,
net
|
(150)
|
|
|
|
13,723
|
|
|
|
Adjusted EBITDA net of
NCI
|
$525,777
|
|
13.7 %
|
|
$421,061
|
|
12.1 %
|
|
|
|
|
|
|
|
|
|
Net revenues
|
$3,843,582
|
|
|
|
$3,467,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Net Income Attributable to
UHS
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
March 31,
2024
|
|
March 31,
2023
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$261,834
|
|
$3.82
|
|
$163,115
|
|
$2.28
|
|
Plus/minus after-tax
adjustments:
|
|
|
|
|
|
|
|
|
Unrealized loss on
equity securities
|
444
|
|
0.01
|
|
4,461
|
|
0.06
|
|
Impact of ASU
2016-09
|
(9,156)
|
|
(0.13)
|
|
-
|
|
-
|
|
Subtotal
adjustments
|
(8,712)
|
|
(0.12)
|
|
4,461
|
|
0.06
|
|
Adjusted net income
attributable to UHS
|
$253,122
|
|
$3.70
|
|
$167,576
|
|
$2.34
|
|
Universal Health Services,
Inc.
|
|
Condensed Consolidated Balance
Sheets
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
2024
|
|
|
2023
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
112,093
|
|
$
|
119,439
|
|
Accounts receivable, net
|
|
|
2,299,425
|
|
|
2,238,265
|
|
Supplies
|
|
|
216,058
|
|
|
216,988
|
|
Other current assets
|
|
|
243,352
|
|
|
236,658
|
|
Total current assets
|
|
|
2,870,928
|
|
|
2,811,350
|
|
|
|
|
|
|
|
|
Property and
equipment
|
|
|
11,955,109
|
|
|
11,777,047
|
|
Less: accumulated
depreciation
|
|
|
(5,770,371)
|
|
|
(5,652,518)
|
|
|
|
6,184,738
|
|
|
6,124,529
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Goodwill
|
|
|
3,928,120
|
|
|
3,932,407
|
|
Deferred income taxes
|
|
|
94,853
|
|
|
85,626
|
|
Right of use assets-operating leases
|
|
|
422,268
|
|
|
433,962
|
|
Deferred charges
|
|
|
6,871
|
|
|
6,974
|
|
Other
|
|
|
538,354
|
|
|
572,754
|
|
Total Assets
|
|
$
|
14,046,132
|
|
$
|
13,967,602
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
127,477
|
|
$
|
126,686
|
|
Accounts payable and other liabilities
|
|
|
1,830,178
|
|
|
1,813,015
|
|
Operating lease liabilities
|
|
|
71,014
|
|
|
71,600
|
|
Federal and state taxes
|
|
|
46,667
|
|
|
2,046
|
|
Total current liabilities
|
|
|
2,075,336
|
|
|
2,013,347
|
|
|
|
|
|
|
|
|
Other noncurrent
liabilities
|
|
|
551,257
|
|
|
584,007
|
|
Operating lease
liabilities noncurrent
|
|
|
374,380
|
|
|
382,559
|
|
Long-term
debt
|
|
|
4,734,328
|
|
|
4,785,783
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
4,987
|
|
|
5,191
|
|
|
|
|
|
|
|
|
UHS common
stockholders' equity
|
|
|
6,256,697
|
|
|
6,149,001
|
|
Noncontrolling
interest
|
|
|
49,147
|
|
|
47,714
|
|
Total equity
|
|
|
6,305,844
|
|
|
6,196,715
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
14,046,132
|
|
$
|
13,967,602
|
|
Universal Health Services,
Inc.
|
|
Consolidated Statements of Cash
Flows
|
|
(in
thousands)
|
|
(unaudited)
|
|
Three
months
|
|
ended March
31,
|
|
2024
|
|
2023
|
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net
income
|
$265,822
|
|
$162,375
|
|
Adjustments
to reconcile net income to net
|
|
|
|
|
cash provided by
operating activities:
|
|
|
|
|
Depreciation &
amortization
|
141,003
|
|
141,621
|
|
Gains on sale of assets
and businesses
|
(3,725)
|
|
(295)
|
|
Stock-based
compensation expense
|
19,630
|
|
20,964
|
|
Changes in
assets & liabilities, net of effects from
|
|
|
|
|
acquisitions and
dispositions:
|
|
|
|
|
Accounts
receivable
|
(74,446)
|
|
(15,723)
|
|
Accrued
interest
|
3,453
|
|
(662)
|
|
Accrued
and deferred income taxes
|
72,193
|
|
46,576
|
|
Other
working capital accounts
|
(33,291)
|
|
(119,605)
|
|
Medicare
accelerated payments and deferred CARES Act and other
grants
|
0
|
|
136
|
|
Other
assets and deferred charges
|
(20,307)
|
|
24,727
|
|
Other
|
8,897
|
|
7,030
|
|
Accrued
insurance expense, net of commercial premiums paid
|
51,112
|
|
42,545
|
|
Payments
made in settlement of self-insurance claims
|
(33,935)
|
|
(18,936)
|
|
Net cash provided by operating activities
|
396,406
|
|
290,753
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Property
and equipment additions
|
(208,539)
|
|
(168,752)
|
|
Proceeds
received from sales of assets and businesses
|
5,428
|
|
9,259
|
|
Inflows
(outflows) from foreign exchange contracts that hedge our net U.K.
investment
|
8,319
|
|
(18,818)
|
|
Decrease
in capital reserves of commercial insurance
subsidiary
|
155
|
|
0
|
|
Net cash used in investing activities
|
(194,637)
|
|
(178,311)
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Repayments
of long-term debt
|
(63,905)
|
|
(16,489)
|
|
Additional
borrowings
|
12,038
|
|
11,300
|
|
Financing
costs
|
0
|
|
(292)
|
|
Repurchase
of common shares
|
(142,084)
|
|
(85,039)
|
|
Dividends
paid
|
(13,601)
|
|
(14,214)
|
|
Issuance
of common stock
|
3,241
|
|
2,988
|
|
Profit
distributions to noncontrolling interests
|
(4,480)
|
|
(4,145)
|
|
(Purchase)
sale of ownership interests by (from) minority members
|
(156)
|
|
0
|
|
Net cash used in financing activities
|
(208,947)
|
|
(105,891)
|
|
|
|
|
|
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash
|
(492)
|
|
1,650
|
|
(Decrease) increase in
cash, cash equivalents and restricted cash
|
(7,670)
|
|
8,201
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
214,470
|
|
200,837
|
|
Cash, cash equivalents
and restricted cash, end of period
|
$206,800
|
|
$209,038
|
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
|
Interest
paid
|
$48,116
|
|
$50,279
|
|
|
|
|
|
Income taxes
paid, net of refunds
|
$2,671
|
|
$2,360
|
|
|
|
|
|
Noncash
purchases of property and equipment
|
$60,125
|
|
$61,341
|
|
Universal Health Services,
Inc.
|
|
Supplemental Statistical
Information
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
|
|
|
|
3 Months
ended
|
|
Same
Facility:
|
|
|
|
|
3/31/2024
|
|
|
|
|
|
|
|
Acute Care
Hospitals
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
9.6 %
|
|
Adjusted
Admissions
|
|
|
|
|
4.5 %
|
|
Adjusted Patient
Days
|
|
|
|
|
3.4 %
|
|
Revenue Per Adjusted
Admission
|
|
|
|
|
4.6 %
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
|
5.8 %
|
|
|
|
|
|
|
|
Behavioral Health
Hospitals
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
10.4 %
|
|
Adjusted
Admissions
|
|
|
|
|
-0.8 %
|
|
Adjusted Patient
Days
|
|
|
|
|
2.0 %
|
|
Revenue Per Adjusted
Admission
|
|
|
|
|
11.2 %
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
|
8.2 %
|
|
|
|
|
|
|
|
UHS
Consolidated
|
|
|
First Quarter
Ended
|
|
|
|
3/31/2024
|
|
3/31/2023
|
|
|
|
|
|
|
|
Revenues
|
|
|
$3,843,582
|
|
$3,467,518
|
|
EBITDA net of
NCI
|
|
|
$525,927
|
|
$407,338
|
|
EBITDA Margin net of
NCI
|
|
|
13.7 %
|
|
11.7 %
|
|
Adjusted EBITDA net of
NCI
|
|
|
$525,777
|
|
$421,061
|
|
Adjusted EBITDA Margin
net of NCI
|
|
|
13.7 %
|
|
12.1 %
|
|
|
|
|
|
|
|
Cash Flow From
Operations
|
|
|
$396,406
|
|
$290,753
|
|
Capital
Expenditures
|
|
|
$208,539
|
|
$168,752
|
|
Days Sales
Outstanding
|
|
|
54
|
|
53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
$4,861,805
|
|
$4,803,556
|
|
UHS' Shareholders
Equity
|
|
|
$6,256,697
|
|
$6,012,108
|
|
Debt / Total
Capitalization
|
|
|
43.7 %
|
|
44.4 %
|
|
Debt / EBITDA net of
NCI (1)
|
|
|
2.65
|
|
2.94
|
|
Debt / Adjusted EBITDA
net of NCI (1)
|
|
2.63
|
|
2.82
|
|
Debt / Cash From
Operations (1)
|
|
|
3.54
|
|
5.71
|
|
|
|
|
|
|
|
(1) Latest 4
quarters.
|
|
|
|
|
|
|
Universal Health Services,
Inc.
|
|
Acute Care Hospital Services
|
|
For the Three months
ended
|
|
March 31, 2024 and
2023
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Same Facility Basis - Acute Care Hospital
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Net revenues
|
|
$2,107,434
|
|
100.0 %
|
|
$1,922,464
|
|
100.0 %
|
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
860,676
|
|
40.8 %
|
|
826,975
|
|
43.0 %
|
|
Other operating expenses
|
|
577,076
|
|
27.4 %
|
|
504,617
|
|
26.2 %
|
|
Supplies
expense
|
|
347,095
|
|
16.5 %
|
|
325,371
|
|
16.9 %
|
|
Depreciation and amortization
|
|
90,120
|
|
4.3 %
|
|
93,007
|
|
4.8 %
|
|
Lease and rental
expense
|
|
23,793
|
|
1.1 %
|
|
23,995
|
|
1.2 %
|
|
Subtotal-operating
expenses
|
|
1,898,760
|
|
90.1 %
|
|
1,773,965
|
|
92.3 %
|
|
Income from
operations
|
|
208,674
|
|
9.9 %
|
|
148,499
|
|
7.7 %
|
|
Interest expense,
net
|
|
1,300
|
|
0.1 %
|
|
(577)
|
|
(0.0) %
|
|
Other (income) expense, net
|
|
(81)
|
|
(0.0) %
|
|
6,213
|
|
0.3 %
|
|
Income before income
taxes
|
|
$207,455
|
|
9.8 %
|
|
$142,863
|
|
7.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Acute Care Hospital
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Net revenues
|
|
$2,185,081
|
|
100.0 %
|
|
$1,973,532
|
|
100.0 %
|
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
861,547
|
|
39.4 %
|
|
843,960
|
|
42.8 %
|
|
Other operating expenses
|
|
654,983
|
|
30.0 %
|
|
544,300
|
|
27.6 %
|
|
Supplies
expense
|
|
347,004
|
|
15.9 %
|
|
328,060
|
|
16.6 %
|
|
Depreciation and amortization
|
|
90,312
|
|
4.1 %
|
|
93,326
|
|
4.7 %
|
|
Lease and rental
expense
|
|
23,833
|
|
1.1 %
|
|
24,154
|
|
1.2 %
|
|
Subtotal-operating
expenses
|
|
1,977,679
|
|
90.5 %
|
|
1,833,800
|
|
92.9 %
|
|
Income from
operations
|
|
207,402
|
|
9.5 %
|
|
139,732
|
|
7.1 %
|
|
Interest expense,
net
|
|
1,300
|
|
0.1 %
|
|
(577)
|
|
(0.0) %
|
|
Other (income) expense, net
|
|
634
|
|
0.0 %
|
|
7,013
|
|
0.4 %
|
|
Income before income
taxes
|
|
$205,468
|
|
9.4 %
|
|
$133,296
|
|
6.8 %
|
|
|
We believe that
providing our results on a "Same Facility" basis (which is a
non-GAAP measure), which includes the operating results for
facilities and businesses operated in both the current year and
prior year periods, is helpful to our investors as a measure of our
operating performance. Our Same Facility results also neutralize
(if applicable), the effect of material items that are nonrecurring
or non-operational in nature including items such as, but not
limited to, reserves for various matters, settlements, legal
judgments and lawsuits, cost related to extinguishment of debt,
gains/losses on sales of assets and businesses, impairments of
goodwill, long-lived and intangible assets and other amounts that
may be reflected in the current or prior year financial statements
that relate to prior periods. Our Same Facility basis results
exclude from net revenues and other operating expenses, provider
tax assessments incurred in each period. However, these provider
tax assessments are included in net revenues and other operating
expenses as reflected in the table under All Acute Care Hospital
Services. The provider tax assessments had no impact on the
income before income taxes as reflected on the above tables since
the amounts offset between net revenues and other operating
expenses. To obtain a complete understanding of our financial
performance, the Same Facility results should be examined in
connection with our net income as determined in accordance with
GAAP and as presented herein and the condensed consolidated
financial statements and notes thereto as contained in our Form
10-K for the year ended December 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The All Acute Care
Hospital Services table summarizes the results of operations
for all our acute care operations during the periods presented.
These amounts include: (i) our acute care results on a same
facility basis, as indicated above; (ii) the impact of
provider tax assessments which increased net revenues and other
operating expenses but had no impact on income before income taxes,
and; (iii) certain other amounts including the results of
facilities acquired or opened during the last twelve
months.
|
|
Universal Health Services,
Inc.
|
|
Behavioral Health Care Services
|
|
For the Three months
ended
|
|
March 31, 2024 and
2023
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Same Facility - Behavioral Health Care
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Net revenues
|
|
$1,616,312
|
|
100.0 %
|
|
$1,463,723
|
|
100.0 %
|
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
868,876
|
|
53.8 %
|
|
808,938
|
|
55.3 %
|
|
Other operating expenses
|
|
312,285
|
|
19.3 %
|
|
278,722
|
|
19.0 %
|
|
Supplies
expense
|
|
56,766
|
|
3.5 %
|
|
52,485
|
|
3.6 %
|
|
Depreciation and amortization
|
|
47,108
|
|
2.9 %
|
|
45,332
|
|
3.1 %
|
|
Lease and rental
expense
|
|
11,446
|
|
0.7 %
|
|
10,598
|
|
0.7 %
|
|
Subtotal-operating
expenses
|
|
1,296,481
|
|
80.2 %
|
|
1,196,075
|
|
81.7 %
|
|
Income from
operations
|
|
319,831
|
|
19.8 %
|
|
267,648
|
|
18.3 %
|
|
Interest expense,
net
|
|
1,027
|
|
0.1 %
|
|
1,210
|
|
0.1 %
|
|
Other (income) expense, net
|
|
(676)
|
|
(0.0) %
|
|
(576)
|
|
(0.0) %
|
|
Income before income
taxes
|
|
$319,480
|
|
19.8 %
|
|
$267,014
|
|
18.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Behavioral Health Care
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Net revenues
|
|
$1,656,067
|
|
100.0 %
|
|
$1,490,489
|
|
100.0 %
|
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
872,196
|
|
52.7 %
|
|
809,786
|
|
54.3 %
|
|
Other operating expenses
|
|
347,268
|
|
21.0 %
|
|
305,232
|
|
20.5 %
|
|
Supplies
expense
|
|
56,924
|
|
3.4 %
|
|
52,488
|
|
3.5 %
|
|
Depreciation and amortization
|
|
47,872
|
|
2.9 %
|
|
45,619
|
|
3.1 %
|
|
Lease and rental
expense
|
|
11,518
|
|
0.7 %
|
|
10,668
|
|
0.7 %
|
|
Subtotal-operating
expenses
|
|
1,335,778
|
|
80.7 %
|
|
1,223,793
|
|
82.1 %
|
|
Income from
operations
|
|
320,289
|
|
19.3 %
|
|
266,696
|
|
17.9 %
|
|
Interest expense,
net
|
|
1,027
|
|
0.1 %
|
|
1,211
|
|
0.1 %
|
|
Other (income) expense, net
|
|
(676)
|
|
(0.0) %
|
|
(871)
|
|
(0.1) %
|
|
Income before income
taxes
|
|
$319,938
|
|
19.3 %
|
|
$266,356
|
|
17.9 %
|
|
|
We believe that
providing our results on a "Same Facility" basis (which is a
non-GAAP measure), which includes the operating results for
facilities and businesses operated in both the current year and
prior year periods, is helpful to our investors as a measure of our
operating performance. Our Same Facility results also neutralize
(if applicable), the effect of material items that are nonrecurring
or non-operational in nature including items such as, but not
limited to, reserves for various matters, settlements, legal
judgments and lawsuits, cost related to extinguishment of debt,
gains/losses on sales of assets and businesses, impairments of
goodwill, long-lived and intangible assets and other amounts that
may be reflected in the current or prior year financial statements
that relate to prior periods. Our Same Facility basis results
exclude from net revenues and other operating expenses, provider
tax assessments incurred in each period. However, these provider
tax assessments are included in net revenues and other operating
expenses as reflected in the table under All Behavioral Health
Care Services. The provider tax assessments had no impact on
the income before income taxes as reflected on the above tables
since the amounts offset between net revenues and other operating
expenses. To obtain a complete understanding of our financial
performance, the Same Facility results should be examined in
connection with our net income as determined in accordance with
GAAP and as presented herein and the condensed consolidated
financial statements and notes thereto as contained in our Form
10-K for the year ended December 31, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The All Behavioral
Health Care Services table summarizes the results of operations
for all our behavioral health care facilities during the periods
presented. These amounts include: (i) our behavioral health
results on a same facility basis, as indicated above; (ii) the
impact of provider tax assessments which increased net revenues and
other operating expenses but had no impact on income before income
taxes, and; (iii) certain other amounts including the results
of facilities acquired or opened during the last twelve
months.
|
|
Universal Health Services,
Inc.
|
|
Selected Hospital Statistics
|
|
For the Three Months
ended
|
|
March 31, 2024 and
2023
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
3/31/24
|
|
3/31/23
|
|
%
change
|
|
3/31/24
|
|
3/31/23
|
|
%
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
27
|
|
27
|
|
0.0 %
|
|
333
|
|
331
|
|
0.6 %
|
|
Average licensed
beds
|
|
6,657
|
|
6,798
|
|
-2.1 %
|
|
24,378
|
|
24,232
|
|
0.6 %
|
|
Average available
beds
|
|
6,485
|
|
6,626
|
|
-2.1 %
|
|
24,278
|
|
24,132
|
|
0.6 %
|
|
Patient days
|
|
415,327
|
|
404,253
|
|
2.7 %
|
|
1,608,992
|
|
1,572,571
|
|
2.3 %
|
|
Average daily
census
|
|
4,564.0
|
|
4,491.7
|
|
1.6 %
|
|
17,681.2
|
|
17,473.0
|
|
1.2 %
|
|
Occupancy-licensed
beds
|
|
68.6 %
|
|
66.1 %
|
|
3.8 %
|
|
72.5 %
|
|
72.1 %
|
|
0.6 %
|
|
Occupancy-available
beds
|
|
70.4 %
|
|
67.8 %
|
|
3.8 %
|
|
72.8 %
|
|
72.4 %
|
|
0.6 %
|
|
Admissions
|
|
83,581
|
|
80,126
|
|
4.3 %
|
|
119,930
|
|
120,560
|
|
-0.5 %
|
|
Length of
stay
|
|
5.0
|
|
5.0
|
|
0.0 %
|
|
13.4
|
|
13.0
|
|
3.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$12,910,102
|
|
$11,401,491
|
|
13.2 %
|
|
$2,754,684
|
|
$2,627,990
|
|
4.8 %
|
|
Outpatient
revenue
|
|
8,346,289
|
|
7,296,116
|
|
14.4 %
|
|
278,528
|
|
272,371
|
|
2.3 %
|
|
Total patient
revenue
|
|
21,256,391
|
|
18,697,607
|
|
13.7 %
|
|
3,033,212
|
|
2,900,361
|
|
4.6 %
|
|
Other
revenue
|
|
246,251
|
|
221,993
|
|
10.9 %
|
|
80,211
|
|
65,318
|
|
22.8 %
|
|
Gross
revenue
|
|
21,502,642
|
|
18,919,600
|
|
13.7 %
|
|
3,113,423
|
|
2,965,679
|
|
5.0 %
|
|
Total
deductions
|
|
19,317,561
|
|
16,946,068
|
|
14.0 %
|
|
1,457,356
|
|
1,475,190
|
|
-1.2 %
|
|
Net
revenue
|
|
$2,185,081
|
|
$1,973,532
|
|
10.7 %
|
|
$1,656,067
|
|
$1,490,489
|
|
11.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
3/31/24
|
|
3/31/23
|
|
%
change
|
|
3/31/24
|
|
3/31/23
|
|
%
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
27
|
|
27
|
|
0.0 %
|
|
331
|
|
331
|
|
0.0 %
|
|
Average licensed
beds
|
|
6,657
|
|
6,610
|
|
0.7 %
|
|
24,124
|
|
24,106
|
|
0.1 %
|
|
Average available
beds
|
|
6,485
|
|
6,438
|
|
0.7 %
|
|
24,024
|
|
24,006
|
|
0.1 %
|
|
Patient days
|
|
415,327
|
|
397,998
|
|
4.4 %
|
|
1,596,431
|
|
1,562,130
|
|
2.2 %
|
|
Average daily
census
|
|
4,564.0
|
|
4,422.2
|
|
3.2 %
|
|
17,543.2
|
|
17,357.0
|
|
1.1 %
|
|
Occupancy-licensed
beds
|
|
68.6 %
|
|
66.9 %
|
|
2.5 %
|
|
72.7 %
|
|
72.0 %
|
|
1.0 %
|
|
Occupancy-available
beds
|
|
70.4 %
|
|
68.7 %
|
|
2.5 %
|
|
73.0 %
|
|
72.3 %
|
|
1.0 %
|
|
Admissions
|
|
83,581
|
|
79,063
|
|
5.7 %
|
|
118,897
|
|
119,615
|
|
-0.6 %
|
|
Length of
stay
|
|
5.0
|
|
5.0
|
|
0.0 %
|
|
13.4
|
|
13.1
|
|
2.3 %
|
View original
content:https://www.prnewswire.com/news-releases/universal-health-services-inc-announces-2024-first-quarter-financial-results-302126643.html
SOURCE Universal Health Services, Inc.