KING OF PRUSSIA, Pa.,
Feb. 25, 2021 /PRNewswire/
-- Universal Health Services, Inc. (NYSE: UHS) announced today
that its reported net income attributable to UHS was $308.7 million, or $3.60 per diluted share, during the fourth
quarter of 2020, as compared to $245.2
million, or $2.79 per diluted
share, during the comparable quarter of 2019. Net revenues
increased 6.6% to $3.087 billion
during the fourth quarter of 2020 as compared to $2.890 billion during the fourth quarter of
2019.
As reflected on the Schedule of Non-GAAP Supplemental
Information ("Supplemental Schedule"), our adjusted net income
attributable to UHS during the fourth quarter of 2020 was
$307.9 million, or $3.59 per diluted share, as compared to
$245.1 million, or $2.79 per diluted share, during the fourth
quarter of 2019.
Included in our reported and adjusted net income attributable to
UHS during the three-month period ended December 31, 2020 were the following:
- A favorable impact of approximately $151.4 million, or $1.76 per diluted share, resulting from the
recording of approximately $200
million of grant revenues from various governmental stimulus
programs, most notably the Coronavirus Aid, Relief, and Economic
Security Act ("CARES Act"), as discussed below in CARES Act and
Other Governmental Grants and Medicare Accelerated
Payments.
- An unfavorable estimated impact of $42.1
million ($55 million pre-tax),
or $.49 per diluted share, resulting
from the previously disclosed information technology incident that
occurred on September 27, 2020. As
discussed below in Information Technology Incident, we
estimate that this incident had a pre-tax unfavorable impact of
approximately $67 million during the
twelve-month period ended December 31,
2020.
As reflected on the Supplemental Schedule, included in our
reported results during the fourth quarter of 2020, was a net
aggregate favorable after-tax impact of $849,000, or $.01
per diluted share, consisting of the following: (i) an after-tax
unrealized gain of $3.9 million, or
$.05 per diluted share, ($5.1 million pre-tax which is included in "Other
(income) expense, net"), resulting from an increase in the market
value of shares of certain marketable securities held for
investment and classified as available for sale, and; (ii) a
unfavorable after-tax impact of $3.0
million, or $.04 per diluted
share, resulting from our adoption of ASU 2016-09, "Compensation –
Stock Compensation (Topic 718): Improvements to Employee
Share-Based Payment Accounting" ("ASU 2016-09").
As indicated on the attached Supplemental Schedule, there were
no significant adjustments made to our reported net income
attributable to UHS during the fourth quarter of 2019.
Included in our reported, and our adjusted, net income
attributable to UHS during the fourth quarter of 2019 is a pre-tax
unrealized gain of $16.7 million, or
$.15 per diluted share (included in
"Other (income), expense, net"), resulting from an increase in the
market value of shares of certain marketable securities held for
investment and classified as available for sale.
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 $557.2
million during the fourth quarter of 2020, as compared to
$485.1 million during the fourth
quarter of 2019. Our adjusted earnings before interest, taxes,
depreciation & amortization ("Adjusted EBITDA net of NCI"),
which excludes the impact of other (income) expense, net, was
$548.9 million during the fourth
quarter of 2020 as compared to $465.8
million during the fourth quarter of 2019.
Consolidated Results of Operations, As Reported and As
Adjusted – Twelve-month periods ended December 31, 2020 and 2019:
Reported net income attributable to UHS was $944.0 million, or $10.99 per diluted share, during the twelve-month
period ended December 31, 2020, as
compared to $814.9 million, or
$9.13 per diluted share, during the
full year of 2019. Net revenues increased 1.6% to
$11.559 billion during the year ended
December 31, 2020 as compared to
$11.378 billion during the full year
of 2019.
As reflected on the Supplemental Schedule, our adjusted net
income attributable to UHS during the twelve-month period ended
December 31, 2020 was $954.7 million, or $11.12 per diluted share, as compared to
$891.8 million, or $9.99 per diluted share, during the full year of
2019.
Our reported and adjusted net income attributable to UHS during
the twelve-month period ended December 31,
2020 included the following:
- A favorable impact of $308.6
million, or $3.61 per diluted
share, resulting from the recording of approximately $413 million of grant revenues, as discussed
below in CARES Act and Other Governmental Grants and Medicare
Accelerated Payments.
- An unfavorable estimated impact of $51.3
million ($67 million pre-tax),
or $.60 per diluted share, resulting
from the information technology incident, as discussed below in
Information Technology Incident.
- A favorable impact of $21.4
million, or $0.25 per diluted
share, resulting from $28 million of
net revenues recorded in connection with the California Medicaid
supplemental payment program related to our acute care hospitals.
Approximately $11 million of these
supplemental revenues were attributable to 2020 and $17 million were attributable to prior
years.
As reflected on the Supplemental Schedule, included in our
reported results during the twelve-month period ended December 31, 2020, was a net aggregate
unfavorable after-tax impact of $10.8
million, or $.13 per diluted
share, consisting of the following: (i) an after-tax unrealized
loss of $3.3 million, or $.04 per diluted share, ($4.3 million pre-tax which is included in "Other
(income) expense, net"), resulting from a decrease in the market
value of shares of certain marketable securities held for
investment and classified as available for sale, and; (ii) an
unfavorable after-tax impact of $7.4
million, or $.09 per diluted
share, resulting from our adoption of ASU 2016-09.
As reflected on the Supplemental Schedule, included in our
reported results during the twelve-month period ended December 31, 2019, is an aggregate net
unfavorable after-tax impact of $77.0
million, or $.86 per diluted
share, resulting from: (i) an unfavorable after-tax impact of
$74.6 million, or $.84 per diluted share, resulting from a
$97.6 million provision for asset
impairment recorded in connection with Foundations Recovery
Network; (ii) an unfavorable after-tax impact of $14.6 million, or $.16 per diluted share, resulting from the
non-deductible portion of the net federal and state income taxes
related to the settlement finalized in July, 2020 with the
Department of Justice, Civil Division, and; (iii) a favorable
after-tax impact of $12.2 million, or
$.14 per diluted share, resulting
from our adoption of ASU 2016-09.
Included in our reported and our adjusted net income
attributable to UHS during the year ended December 31, 2019 is a pre-tax unrealized gain of
$4.1 million, or $.04 per diluted share (included in "Other
(income) expense, net"), resulting from an increase in the market
value of shares of certain marketable securities held for
investment and classified as available for sale.
As calculated on the attached Supplemental Schedule, our EBITDA
net of NCI was $1.860 billion during
the full year of 2020, as compared to $1.707
billion during the full year of 2019. Our Adjusted EBITDA
net of NCI, which excludes the impact of other (income) expense,
net, the increase in the Department of Justice settlement reserve,
and the provision for asset impairment, both of which were recorded
during 2019, was $1.860 billion
during the twelve-month period ended December 31, 2020 and $1.802 billion during the full year of 2019.
COVID-19
The impact of the COVID-19 pandemic, which began during the
second half of March, 2020, has had a material unfavorable effect
on our operations and financial results since that time, before
giving effect to the revenues recorded in connection with the CARES
Act and other governmental grants as discussed below in CARES
Act and Other Governmental Grants and Medicare Accelerated
Payments.
In an effort to slow the spread of the disease, since March,
2020, at various times, most state and local governments mandated
general "shelter-in-place" orders or other similar restrictions
that require or strongly encourage social distancing and, face
coverings, and that have closed or limited non-essential business
activities. Some of these restrictions remain in place.
Additionally, evidence suggests that individuals may be deciding to
forego medical care delivered in traditional venues. These dynamics
have manifested themselves in our hospitals in, among other ways,
reduced emergency room visits, elective/scheduled procedures and
acute and behavioral health patient days. While such measures
are expected to assist in responding to the recent outbreak,
self-quarantines, shelter-in-place orders, and suspension of
voluntary procedures and surgeries have had, and will likely
continue to have, an adverse impact on the operations and financial
position of health care provider systems due to increased costs
(including labor costs which have been pressured during the
COVID-19 pandemic due to a shortage of clinicians and increased
wage rates resulting from increased demand for those services),
actual reduction and potential reduction in overall patient volume,
and shifts in payor mix. Despite these measures, there have been
waves of escalated COVID-19 cases at various times, including the
fourth quarter of 2020 and into the first quarter of 2021, in many
states in the U.S., including many states in which we operate
hospitals.
Recently, COVID-19 vaccinations have begun to be administered
and while we expect the administration of vaccines will assist in
easing the number of COVID-19 patients, the pace at which this is
likely to occur is difficult to predict. The extent to which the
COVID-19 pandemic and measures taken in response thereto impact our
business, results of operations and financial condition will depend
on numerous factors and future developments, most of which are
beyond our control or ability to predict. The ultimate impact of
the COVID-19 pandemic is highly uncertain and subject to change. We
are not able to fully quantify the impact that these factors will
have on our future financial results, but expect developments
related to the COVID-19 pandemic to materially affect our financial
performance in 2021.
CARES Act and Other Governmental Grants and Medicare
Accelerated Payments:
As of December 31, 2020, we have
received an aggregate of $1.112
billion as follows:
- Approximately $417 million of
funds received from various governmental stimulus programs, most
notably the Public Health and Social Services Emergency Fund, as
provided for by the CARES Act.
-
- Included in our reported and adjusted net income attributable
to UHS for the three-month period ended December 31, 2020, was a favorable impact of
$151.4 million, or $1.76 per diluted share, resulting from the
recording of approximately $200
million of CARES Act and other grant revenues. During the
fourth quarter of 2020, approximately $155
million of the grant revenues were recorded by our acute
care services, and approximately $45
million of the grant revenues were recorded by our
behavioral health services.
- Included in our reported and adjusted net income attributable
to UHS for the twelve-month period ended December 31, 2020, was the favorable impact of
$308.6 million, or $3.61 per diluted share, resulting from the
recording of approximately $413
million of CARES Act and other grant revenues. Approximately
$316 million of the grant revenues
were attributable to our acute care services and approximately
$97 million were attributable to our
behavioral health care services.
- As of December 31, 2020,
approximately $4 million of these
funds remain in the Medicare accelerated payments and deferred
CARES Act and other grants liability account in our consolidated
balance sheet.
- Approximately $695 million of
Medicare accelerated payments received pursuant to the Medicare
Accelerated and Advance Payment Program ("MAAPP"). Pursuant to
legislation enacted on October 1,
2020, these funds are required to be repaid to the
government beginning in the second quarter of 2021 through the
third quarter of 2022 through withholding of future Medicare
revenues earned during those periods. There was no impact on our
earnings during the three and twelve-month periods ended
December 31, 2020 in connection with
receipt of these funds.
-
- We are planning for the early repayment of the $695 million of Medicare accelerated payments
previously received pursuant to the MAAPP. We have commenced the
repayment process and anticipate that the $695 million of funds will be repaid to the
government in March or April of 2021.
Additional CARES Act grants amounting to $187 million were received in January,
2021. There was no impact on our results of operations for
the year ended December 31, 2020 in
connection with receipt of these funds.
Information Technology Incident:
As previously disclosed on September 29,
2020, we experienced an information technology security
incident in the early morning hours of September 27, 2020. As a result of this
cyberattack, we suspended user access to our information technology
applications related to operations located in the United States. While our information
technology applications were offline, patient care was delivered
safely and effectively at our facilities across the country
utilizing established back-up processes, including offline
documentation methods. Our information technology
applications were substantially restored at our acute care and
behavioral health hospitals at various times in October, 2020, on a
rolling/staggered basis, and our facilities generally resumed
standard operating procedures at that time.
Immediately after the incident, we worked diligently with our
information technology security partners to restore our information
technology infrastructure and business operations as quickly as
possible. In parallel, we began investigating the nature and
potential impact of the security incident and engaged third-party
information technology and forensic vendors to assist. No evidence
of unauthorized access, copying or misuse of any patient or
employee data has been identified to date.
Given the disruption to the standard operating procedures at our
facilities during the period of September
27, 2020 into October, 2020, certain patient activity,
including ambulance traffic and elective/scheduled procedures at
our acute care hospitals, were diverted to competitor facilities.
We also incurred significant incremental labor expense, both
internal and external, to restore information technology operations
as expeditiously as possible. Additionally, certain
administrative functions such as coding and billing were delayed
into December, 2020, which had a negative impact on our operating
cash flows during the fourth quarter of 2020.
As a result of these factors, we estimate that this incident had
an aggregate unfavorable pre-tax impact of approximately
$67 million during the year ended
December 31, 2020. We estimate that
approximately $12 million of the
unfavorable pre-tax impact was experienced during the third quarter
of 2020, and approximately $55
million was experienced during the fourth quarter of 2020.
The substantial majority of the unfavorable impact was attributable
to our acute care services and consisted primarily of lost
operating income resulting from the related decrease in patient
activity as well as increased revenue reserves recorded in
connection with the associated billing delays. Also included were
certain labor expenses, professional fees and other operating
expenses incurred as a direct result of this incident and the
related disruption to our operations. Although we can provide no
assurance or estimation related to the receipt timing, or amount,
of the proceeds that we may receive pursuant to commercial
insurance coverage we have in connection with this incident, we
believe we are entitled to recovery of the majority of the ultimate
financial impact resulting from the cyberattack.
Acute Care Services – Three and twelve-month periods ended
December 31, 2020 and 2019:
During the fourth quarter of 2020, at our acute care hospitals
owned during both periods ("same facility basis"), adjusted
admissions (adjusted for outpatient activity) decreased 14.5% and
adjusted patient days decreased 2.2%, as compared to the fourth
quarter of 2019. At these facilities, excluding the CARES Act and
other grant revenues of approximately $155
million recorded during the fourth quarter of 2020, net
revenue per adjusted admission increased 14.9% while net revenue
per adjusted patient day increased 0.6% during the fourth quarter
of 2020 as compared to the fourth quarter of 2019. During the
fourth quarter of 2020, as compared to the fourth quarter of 2019,
net revenues generated from our acute care services on a same
facility basis increased 9.5% including the impact of the CARES Act
and other grant revenues, and decreased 0.4% excluding the impact
of the CARES Act and other grant revenues.
During the twelve-month period ended December 31, 2020, at our acute care hospitals on
a same facility basis, adjusted admissions decreased 15.2% and
adjusted patient days decreased 5.5%, as compared to the full year
of 2019. At these facilities, excluding the CARES Act and other
grant revenues of approximately $316
million recorded during the full year of 2020, net revenue
per adjusted admission increased 14.1% while net revenue per
adjusted patient day increased 2.4% during the twelve-month period
ended December 31, 2020 as compared
to the full year of 2019. During the twelve months of 2020, as
compared to the full year of 2019, net revenues generated from our
acute care services on a same facility basis increased 3.0%
including the CARES Act and other grant revenues, and decreased
2.2% excluding the CARES Act and other grant revenues.
Behavioral Health Care Services – Three and twelve-month
periods ended December 31, 2020 and
2019:
During the fourth quarter of 2020, at our behavioral health care
facilities on a same facility basis, adjusted admissions decreased
9.2% while adjusted patient days decreased 5.9% as compared to the
fourth quarter of 2019. At these facilities, excluding the impact
of the CARES Act and other grant revenues of approximately
$45 million recorded during the
fourth quarter of 2020, net revenue per adjusted admission
increased 9.5% while net revenue per adjusted patient day increased
5.7% during the fourth quarter of 2020 as compared to the
comparable quarter in 2019. During the fourth quarter of 2020, as
compared to the fourth quarter of 2019, net revenues generated from
our behavioral health care services on a same facility basis
increased 3.0% including the impact of the CARES Act and other
grant revenues, and decreased 0.5% excluding the impact of the
CARES Act and other grant revenues.
During the twelve-month period ended December 31, 2020, at our behavioral health care
facilities on a same facility basis, adjusted admissions decreased
8.0% and adjusted patient days decreased 5.3%, as compared to the
full year of 2019. At these facilities, excluding the CARES Act and
other grant revenues of approximately $97
million recorded during the twelve months of 2020, net
revenue per adjusted admission increased 7.3% while net revenue per
adjusted patient day increased 4.3% during the full year of 2020 as
compared to the full year of 2019. During the full year of 2020, as
compared to the full year of 2019, net revenues generated from our
behavioral health care services on a same facility basis increased
0.6% including the CARES Act and other grant revenues, and
decreased 1.3% excluding the CARES Act and other grant
revenues.
Net Cash Provided by Operating Activities and
Liquidity:
Net Cash Provided by Operating Activities:
For the twelve months ended December 31,
2020, our net cash provided by operating activities
increased to $2.
The $922 million net increase was
due to: (i) a favorable change of $699
million resulting primarily from the $695 million of Medicare accelerated payments
received during 2020; (ii) a favorable change of $176 million due to the payment deferral of the
employer's share of Social Security taxes, as provided for by the
CARES Act; (iii) an unfavorable change of $104 million in accounts receivable due, in part,
to the coding and billing delays experienced during the fourth
quarter of 2020 resulting from the information technology incident,
as discussed below; (iv) a favorable change of $55 million resulting from an increase in net
income plus/minus depreciation and amortization expense,
stock-based compensation, provision for asset impairment, net
gains/losses on sales of assets and businesses and costs related to
extinguishment of debt; (v) a favorable change of $38 million in accrued insurance expense, net of
commercial premiums paid; (vi) a favorable change of $35 million in accrued and deferred income taxes,
and; (vii) $23 million of other
combined net favorable changes.
Liquidity:
As of December 31, 2020, we had
$1.222 billion of aggregate available
borrowing capacity pursuant to the following: (i) $997 million of available borrowing capacity
pursuant to our $1 billion revolving
credit facility (there were no borrowings outstanding), net of
outstanding letters of credit, and; (ii) $225 million of available borrowing capacity
pursuant to our $450 million accounts
receivable securitization program, net of $225 million of outstanding borrowings.
In addition, as of December 31,
2020, we had approximately $1.224
billion of cash and cash equivalents.
Stock Repurchase Program and Payment of Quarterly
Dividends:
In April of 2020, as part of various Covid-19 initiatives, we
suspended our stock repurchase program and payment of quarterly
dividends.
Our Board of Directors have recently approved a $0.20 per share cash dividend payable on
March 31, 2021 to shareholders of
record as of March 15,
2021.
We are planning to resume stock repurchases, subject to approval
by our Board of Directors, during the second quarter of 2021.
Pursuant to our $2.7 billion stock
repurchase program, which had an aggregate available repurchase
authorization of $559.6 million as of
December 31, 2020, 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.
In conjunction with our stock repurchase program, during the
first quarter of 2020 prior to the suspension of the program,
we repurchased approximately 1.95 million shares at an aggregate
cost of $196.6 million (approximately
$101 per share). Since
inception of the program in 2014 through December 31, 2020, we have repurchased
approximately 18.02 million shares at an aggregate cost of
approximately $2.14 billion
(approximately $119 per
share).
2021 Operating Results Forecast:
Reflected below is our 2021 guidance range for consolidated net
revenues, earnings before interest, taxes, depreciation &
amortization, and the impacts of other income/expense and net
income attributable to noncontrolling interests ("Adjusted EBITDA
net of NCI"), adjusted net income attributable to UHS per diluted
share ("Adjusted EPS-diluted") and capital expenditures.
Adjusted EPS-diluted and Adjusted EBITDA net of NCI, are
non-GAAP financial measures and should be examined in connection
with net income determined in accordance with GAAP as presented in
the consolidated financial statements and notes thereto in this
report or in our filings with the Securities and Exchange
Commission including our Report on Form 10-K for the year ended
December 31, 2020. Please see the
Supplemental Non-GAAP Disclosures - 2021 Operating Results
Forecast schedule as included herein for additional information
and a reconciliation to the financial forecasts as computed in
accordance with GAAP.
|
For the Year
Ended
December 31, 2021
|
|
Low
|
High
|
Net
revenues
|
$12.125
billion
|
$12.361
billion
|
Adjusted EBITDA net
of NCI
|
$1.738
billion
|
$1.849
billion
|
Adjusted
EPS-diluted
|
$10.05 per
share
|
$11.05 per
share
|
Capital
expenditures
|
$850
million
|
$1.000
billion
|
Our 2021 guidance contains a number of assumptions including,
but not limited to, the following:
- The impact of the COVID-19 pandemic, which began during the
second half of March, 2020, has had a material unfavorable effect
on our operations and financial results since that time, before
giving effect to the revenues recorded in connection with the CARES
Act and other governmental grants. The extent to which the COVID-19
pandemic and measures taken in response thereto impact our
business, results of operations and financial condition will depend
on numerous factors and future developments, most of which are
beyond our control or ability to predict. The ultimate impact of
the COVID-19 pandemic is highly uncertain and subject to change. We
are not able to fully quantify the impact that these factors will
have on our future financial results, but expect developments
related to the COVID-19 pandemic to materially affect our financial
performance in 2021 and our 2021 operating results forecast. Please
see additional disclosure above in COVID-19.
- The 2021 forecasted revenues and other amounts exclude any
favorable impact that may result from revenues and income recorded
during 2021 in connection with various governmental stimulus
programs, most notably the CARES Act.
- In addition, the 2021 forecasted amounts exclude the impact of
future items, if applicable, that are nonrecurring or
non-operational in nature including items such as, pre-tax
unrealized gains/losses resulting from increases/decreases in the
market value of shares of certain marketable securities held for
investment and classified as available for sale, our adoption of
ASU 2016-09, and other potential material items including, but not
limited to, reserves for various matters including settlements,
legal judgments and lawsuits, potential impacts of non-ordinary
course acquisitions, divestitures, joint ventures or other
strategic transactions, costs related to extinguishment of debt,
gains/losses on sales of assets and businesses, impairment of
long-lived and intangible assets, other amounts that may be
reflected in the current financial statements that relate to prior
periods, and the impact of share repurchases that differ from
included assumptions. It is also subject to certain conditions
including those as set forth below in General Information,
Forward-Looking Statements and Risk Factors and Non-GAAP Financial
Measures.
- Our net revenues are estimated to be approximately $12.125 billion to $12.361
billion representing an increase of approximately 4.9% to
6.9% over our 2020 net revenues of approximately $11.559 billion.
-
- Our 2021 forecasted net revenues exclude any revenues that may
be recorded during 2021 in connection with various governmental
stimulus programs, most notably the CARES Act.
- Our 2020 net revenues include approximately $413 million of CARES Act and other grant
revenues.
- Our Adjusted EBITDA net of NCI is estimated to be approximately
$1.738 billion to $1.849 billion as compared to our 2020 Adjusted
EBITDA net of NCI of $1.860
billion.
-
- Our 2021 forecasted Adjusted EBITDA net of NCI excludes any
income that may be recorded during 2021 in connection with various
governmental stimulus programs, most notably the CARES Act.
- Our 2020 Adjusted EBITDA includes approximately
$403 million of income related to
CARES Act and other grant revenues ($413
million of CARES Act and other grant revenues, less
$10 million attributable to
noncontrolling interests).
- Our Adjusted EPS-diluted range is estimated to be $10.05 per diluted share to $11.05 per diluted share as compared to our
adjusted net income attributable to UHS of $11.12 per diluted share for the year ended
December 31, 2020, as calculated on
the attached Supplemental Schedule.
-
- Our 2021 forecasted Adjusted EPS-diluted excludes any after-tax
income that may be recorded during 2021 in connection with various
governmental stimulus programs, most notably the CARES Act.
- Our 2020 Adjusted EPS-diluted includes $3.61 of after-tax income related to the
recording of $413 million of CARES
Act and other grant revenues.
Conference call information:
We will hold a conference call for investors and analysts at
9:00 a.m. eastern time on
February 26, 2021. The dial-in number
is 1-877-648-7971.
A live broadcast of the conference call will be available on our
website at www.uhsinc.com. Also, a replay of the call will be
available following the conclusion of the live call and will be
available for one full year.
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.
has built an impressive record of achievement and performance.
Growing steadily since our inception into an esteemed Fortune 500
corporation, our annual revenues were approximately $11.56 billion during 2020. In 2021, UHS was
again recognized as one of the World's Most Admired Companies by
Fortune; in 2020 ranked #281 on the Fortune 500; and listed
#330 in Forbes ranking of U.S.' Largest Public
Companies.
Our operating philosophy is as effective today as it was over 40
years ago, 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 89,000 employees and through its
subsidiaries operates 26 acute care hospitals, 334 behavioral
health facilities, 39 outpatient facilities and ambulatory care
access points, an insurance offering, a physician network and
various related services located in 38 U.S. states, Washington, D.C., Puerto Rico and the United Kingdom. It acts as the advisor to
Universal Health Realty Income Trust, a real estate investment
trust (NYSE:UHT). For additional information on the Company,
visit our web site: http://www.uhsinc.com.
This press release contains forward-looking statements based on
current management expectations. Numerous factors, including
those disclosed herein, those related to the anticipated impact of
COVID-19 on our operations and financial results, 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 in Item 7-Forward-Looking
Statements and Risk Factors in our Form 10-K for the year ended
December 31, 2020), 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 the impact of the COVID-19 pandemic. Our future
operations and financial results will likely be materially impacted
by developments related to COVID-19 including, but not limited to,
the length of time and severity of the spread of the pandemic; the
volume of cancelled or rescheduled elective procedures and the
volume of COVID-19 patients treated at our hospitals and other
healthcare facilities; measures we are taking to respond to the
COVID-19 pandemic; the impact of government and administrative
regulation and stimulus on the hospital industry and potential
retrospective adjustment in future periods of CARES Act and other
grant income revenues recorded as revenues in prior periods;
declining patient volumes and unfavorable changes in payer mix
caused by deteriorating macroeconomic conditions (including
increases in uninsured and underinsured patients as the result of
business closings and layoffs); potential disruptions to our
clinical staffing and shortages and disruptions related to supplies
required for our employees and patients; and potential increases to
expenses related to staffing, supply chain or other expenditures;
the impact of our substantial indebtedness and the ability to
refinance such indebtedness on acceptable terms, as well as risks
associated with disruptions in the financial markets and the
business of financial institutions as the result of the COVID-19
pandemic which could impact us from a financing perspective; and
changes in general economic conditions nationally and regionally in
our markets resulting from the COVID-19 pandemic. We are not able
to fully quantify the impact that these factors will have on our
future financial results, but expect developments related to the
COVID-19 pandemic to materially affect our financial performance in
2021.
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, our adoption of ASU 2016-09,
unrealized gains/losses resulting from changes in the market value
of shares of certain marketable securities held for investment and
classified as available for sale, and other potential material
items that are nonrecurring or non-operational in nature including,
but not limited to, impairments of long-lived and intangible
assets, changes in the reserve established in connection with our
discussions with the Department of Justice, reserves for various
matters including settlements, legal judgments and lawsuits, costs
related to extinguishment of debt, gains/losses on sales of assets
and businesses, 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,
2020. 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
|
|
Twelve
months
|
|
ended December
31,
|
|
ended December
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Net
revenues
|
$3,086,935
|
|
$2,896,247
|
|
$11,558,897
|
|
$11,378,259
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
1,466,070
|
|
1,431,640
|
|
5,613,097
|
|
5,588,893
|
Other
operating expenses
|
690,560
|
|
644,393
|
|
2,672,762
|
|
2,723,911
|
Supplies
expense
|
351,324
|
|
324,090
|
|
1,288,132
|
|
1,251,346
|
Depreciation and amortization
|
133,930
|
|
127,656
|
|
510,493
|
|
490,392
|
Lease
and rental expense
|
31,092
|
|
27,489
|
|
116,059
|
|
107,809
|
|
2,672,976
|
|
2,555,268
|
|
10,200,543
|
|
10,162,351
|
|
|
|
|
|
|
|
|
Income from
operations
|
413,959
|
|
340,979
|
|
1,358,354
|
|
1,215,908
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
19,886
|
|
39,159
|
|
106,285
|
|
162,733
|
Other (income)
expense, net
|
(8,305)
|
|
(19,338)
|
|
(14)
|
|
(13,162)
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
402,378
|
|
321,158
|
|
1,252,083
|
|
1,066,337
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
94,644
|
|
73,148
|
|
299,293
|
|
238,794
|
|
|
|
|
|
|
|
|
Net income
|
307,734
|
|
248,010
|
|
952,790
|
|
827,543
|
|
|
|
|
|
|
|
|
Less: Net
income attributable to
|
|
|
|
|
|
|
|
noncontrolling
interests ("NCI")
|
(974)
|
|
2,834
|
|
8,837
|
|
12,689
|
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$308,708
|
|
$245,176
|
|
$943,953
|
|
$814,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS (a)
|
$3.63
|
|
$2.81
|
|
$11.06
|
|
$9.16
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS (a)
|
$3.60
|
|
$2.79
|
|
$10.99
|
|
$9.13
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Footnotes to
Consolidated Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Twelve
months
|
(a) Earnings per
share calculation:
|
ended December
31,
|
|
ended December
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Basic and
diluted:
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$308,708
|
|
$245,176
|
|
$943,953
|
|
$814,854
|
Less: Net income
attributable to unvested restricted share grants
|
(994)
|
|
(614)
|
|
(2,981)
|
|
(2,028)
|
Net income
attributable to UHS - basic and diluted
|
$307,714
|
|
$244,562
|
|
$940,972
|
|
$812,826
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
84,728
|
|
87,184
|
|
85,061
|
|
88,762
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS:
|
$3.63
|
|
$2.81
|
|
$11.06
|
|
$9.16
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares
|
84,728
|
|
87,184
|
|
85,061
|
|
88,762
|
Add: Other share
equivalents
|
859
|
|
419
|
|
526
|
|
278
|
Weighted average
number of common shares and equiv. - diluted
|
85,587
|
|
87,603
|
|
85,587
|
|
89,040
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS:
|
$3.60
|
|
$2.79
|
|
$10.99
|
|
$9.13
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
|
For the Three Months
ended December 31, 2020 and 2019
|
(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
|
|
December 31,
2020
|
|
revenues
|
|
December 31,
2019
|
|
revenues
|
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$308,708
|
|
|
|
$245,176
|
|
|
Depreciation and amortization
|
133,930
|
|
|
|
127,656
|
|
|
Interest
expense, net
|
19,886
|
|
|
|
39,159
|
|
|
Provision for income taxes
|
94,644
|
|
|
|
73,148
|
|
|
EBITDA net of
NCI
|
$557,168
|
|
18.0%
|
|
$485,139
|
|
16.8%
|
|
|
|
|
|
|
|
|
Other (income)
expense, net
|
(8,305)
|
|
|
|
(19,338)
|
|
|
Adjusted EBITDA net
of NCI
|
$548,863
|
|
17.8%
|
|
$465,801
|
|
16.1%
|
|
|
|
|
|
|
|
|
Net
revenues
|
$3,086,935
|
|
|
|
$2,896,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$308,708
|
|
$3.60
|
|
$245,176
|
|
$2.79
|
Plus/minus after-tax
adjustments:
|
|
|
|
|
|
|
|
Unrealized gain on
marketable securities held for sale
|
(3,880)
|
|
(0.05)
|
|
-
|
|
-
|
Impact of ASU
2016-09
|
3,031
|
|
0.04
|
|
(78)
|
|
-
|
Subtotal
adjustments
|
(849)
|
|
(0.01)
|
|
(78)
|
|
-
|
Adjusted net income
attributable to UHS
|
$307,859
|
|
$3.59
|
|
$245,098
|
|
$2.79
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
|
For the Twelve Months
ended December 31, 2020 and 2019
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("EBITDA/Adjusted EBITDA net of NCI")
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
% Net
|
|
Twelve months
ended
|
|
% Net
|
|
December 31,
2020
|
|
revenues
|
|
December 31,
2019
|
|
revenues
|
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$943,953
|
|
|
|
$814,854
|
|
|
Depreciation and amortization
|
510,493
|
|
|
|
490,392
|
|
|
Interest
expense, net
|
106,285
|
|
|
|
162,733
|
|
|
Provision for income taxes
|
299,293
|
|
|
|
238,794
|
|
|
EBITDA net of
NCI
|
$1,860,024
|
|
16.1%
|
|
$1,706,773
|
|
15.0%
|
|
|
|
|
|
|
|
|
Other (income)
expense, net
|
(14)
|
|
|
|
(13,162)
|
|
|
Increase in DOJ
Reserve
|
-
|
|
|
|
10,978
|
|
|
Provision for asset
impairment
|
-
|
|
|
|
97,631
|
|
|
Adjusted EBITDA net
of NCI
|
$1,860,010
|
|
16.1%
|
|
$1,802,220
|
|
15.8%
|
|
|
|
|
|
|
|
|
Net
revenues
|
$11,558,897
|
|
|
|
$11,378,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$943,953
|
|
$10.99
|
|
$814,854
|
|
$9.13
|
Plus/minus after-tax
adjustments:
|
|
|
|
|
|
|
|
Unrealized loss on
marketable securities held for sale
|
3,313
|
|
0.04
|
|
-
|
|
-
|
Increase in DOJ
Reserve and related income taxes
|
-
|
|
-
|
|
14,583
|
|
0.16
|
Impact of ASU
2016-09
|
7,443
|
|
0.09
|
|
(12,200)
|
|
(0.14)
|
Provision for asset
impairment
|
-
|
|
-
|
|
74,583
|
|
0.84
|
Subtotal
adjustments
|
10,756
|
|
0.13
|
|
76,966
|
|
0.86
|
Adjusted net income
attributable to UHS
|
$954,709
|
|
$11.12
|
|
$891,820
|
|
$9.99
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Comprehensive Income
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Twelve
months
|
|
ended December
31,
|
|
ended December
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Net income
|
$307,734
|
|
$248,010
|
|
$952,790
|
|
$827,543
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Unrealized derivative losses on cash flow hedges
|
0
|
|
0
|
|
0
|
|
(3,925)
|
Minimum
pension liability
|
4,428
|
|
8,503
|
|
4,428
|
|
8,503
|
Foreign
currency translation adjustment
|
31,899
|
|
47,078
|
|
13,619
|
|
27,886
|
Other comprehensive
income (loss) before tax
|
36,327
|
|
55,581
|
|
18,047
|
|
32,464
|
Income tax expense
(benefit) related to items of other comprehensive income
(loss)
|
2,728
|
|
5,489
|
|
1,820
|
|
4,813
|
Total other
comprehensive income (loss), net of tax
|
33,599
|
|
50,092
|
|
16,227
|
|
27,651
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
341,333
|
|
298,102
|
|
969,017
|
|
855,194
|
Less: Comprehensive
income (loss) attributable to noncontrolling interests
|
(974)
|
|
2,834
|
|
8,837
|
|
12,689
|
Comprehensive income
attributable to UHS
|
$342,307
|
|
$295,268
|
|
$960,180
|
|
$842,505
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2020
|
|
|
2019
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,224,490
|
|
$
|
61,268
|
Accounts receivable, net
|
|
|
1,728,928
|
|
|
1,560,847
|
Supplies
|
|
|
190,417
|
|
|
159,889
|
Other current assets
|
|
|
138,034
|
|
|
133,930
|
Total current assets
|
|
|
3,281,869
|
|
|
1,915,934
|
|
|
|
|
|
|
|
Property and
equipment
|
|
|
9,885,888
|
|
|
9,106,377
|
Less: accumulated
depreciation
|
|
|
(4,512,764)
|
|
|
(4,089,679)
|
|
|
|
5,373,124
|
|
|
5,016,698
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Goodwill
|
|
|
3,882,715
|
|
|
3,869,760
|
Deferred income taxes
|
|
|
22,689
|
|
|
16,189
|
Right of use assets-operating leases
|
|
|
336,513
|
|
|
326,518
|
Deferred charges
|
|
|
4,985
|
|
|
6,373
|
Other
|
|
|
574,984
|
|
|
516,778
|
Total
Assets
|
|
$
|
13,476,879
|
|
$
|
11,668,250
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
331,998
|
|
$
|
87,550
|
Accounts payable and other liabilities
|
|
|
1,656,046
|
|
|
1,272,374
|
Medicare accelerated payments and deferred CARES Act and other
grants
|
|
376,151
|
|
|
0
|
Legal reserves
|
|
|
12,625
|
|
|
144,509
|
Operating lease liabilities
|
|
|
59,796
|
|
|
56,442
|
Federal and state taxes
|
|
|
44,423
|
|
|
2,515
|
Total current liabilities
|
|
|
2,481,039
|
|
|
1,563,390
|
|
|
|
|
|
|
|
Other noncurrent
liabilities
|
|
|
458,549
|
|
|
329,932
|
Operating lease
liabilities noncurrent
|
|
|
278,303
|
|
|
270,076
|
Medicare accelerated
payments noncurrent
|
|
|
322,617
|
|
|
0
|
Long-term
debt
|
|
|
3,524,253
|
|
|
3,896,577
|
Deferred income
taxes
|
|
|
5,582
|
|
|
25,071
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
4,569
|
|
|
4,333
|
|
|
|
|
|
|
|
UHS common
stockholders' equity
|
|
|
6,317,146
|
|
|
5,504,105
|
Noncontrolling
interest
|
|
|
84,821
|
|
|
74,766
|
Total equity
|
|
|
6,401,967
|
|
|
5,578,871
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
13,476,879
|
|
$
|
11,668,250
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
Twelve
months
|
|
ended December
31,
|
|
2020
|
|
2019
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
Net
income
|
$952,790
|
|
$827,543
|
Adjustments
to reconcile net income to net
|
|
|
|
cash provided by
operating activities:
|
|
|
|
Depreciation &
amortization
|
510,493
|
|
490,392
|
(Gain) loss on sale of
assets and businesses
|
1,957
|
|
(7,540)
|
Stock-based
compensation expense
|
65,837
|
|
69,431
|
Costs related to
extinguishment of debt
|
1,365
|
|
0
|
Provision for asset
impairment
|
0
|
|
97,631
|
Changes in
assets & liabilities, net of effects from
|
|
|
|
acquisitions and
dispositions:
|
|
|
|
Accounts
receivable
|
(145,901)
|
|
(42,056)
|
Accrued
interest
|
(10,028)
|
|
209
|
Accrued
and deferred income taxes
|
9,593
|
|
(25,194)
|
Other
working capital accounts
|
124,545
|
|
39,664
|
Medicare
accelerated payments and deferred CARES Act and other
grants
|
698,768
|
|
0
|
Other
assets and deferred charges
|
(4,555)
|
|
(27,205)
|
Other
|
109,167
|
|
7,703
|
Accrued
insurance expense, net of commercial premiums paid
|
159,223
|
|
105,672
|
Payments
made in settlement of self-insurance claims
|
(113,085)
|
|
(97,781)
|
Net cash provided by operating activities
|
2,360,169
|
|
1,438,469
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Property
and equipment additions, net of disposals
|
(731,307)
|
|
(634,095)
|
Proceeds
received from sales of assets and businesses
|
8,168
|
|
9,450
|
Acquisition of businesses and property
|
(52,009)
|
|
(8,005)
|
Outflows
from foreign exchange contracts that hedge our net U.K.
investment
|
(21,740)
|
|
(19,763)
|
Increase
in capital reserves of commercial insurance subsidiary
|
(100)
|
|
0
|
Costs
incurred for purchase and implementation of information technology
applications
|
(2,902)
|
|
(21,418)
|
Investment in, and advances to, joint ventures and
other
|
(2,672)
|
|
(14,579)
|
Net cash used in investing activities
|
(802,562)
|
|
(688,410)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Reduction of long-term debt
|
(962,567)
|
|
(57,142)
|
Additional borrowings
|
801,599
|
|
39,220
|
Financing costs
|
(10,300)
|
|
0
|
Repurchase of common shares
|
(206,719)
|
|
(770,504)
|
Dividends paid
|
(17,344)
|
|
(53,003)
|
Issuance
of common stock
|
12,318
|
|
10,806
|
Profit
distributions to noncontrolling interests
|
(19,805)
|
|
(15,859)
|
Purchase
of ownership interests by minority members
|
17,959
|
|
1,446
|
Net cash used in financing activities
|
(384,859)
|
|
(845,036)
|
|
|
|
|
Effect
of exchange rate changes on cash, cash equivalents and restricted
cash
|
739
|
|
959
|
Increase (decrease)
in cash, cash equivalents and restricted cash
|
1,173,487
|
|
(94,018)
|
Cash, cash
equivalents and restricted cash, beginning of period
|
105,667
|
|
199,685
|
Cash, cash
equivalents and restricted cash, end of period
|
$1,279,154
|
|
$105,667
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
Interest
paid
|
$112,598
|
|
$157,406
|
|
|
|
|
Income taxes
paid, net of refunds
|
$286,247
|
|
$260,622
|
|
|
|
|
Noncash
purchases of property and equipment
|
$74,854
|
|
$63,514
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Supplemental
Statistical Information
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
%
Change
|
|
|
|
|
|
|
|
3 Months
ended
|
|
12 Months
ended
|
Same
Facility:
|
|
|
|
|
|
|
12/31/2020
|
|
12/31/2020
|
|
|
|
|
|
|
|
|
|
|
Acute Care
Hospitals
|
|
|
|
|
|
|
|
|
|
Revenues
(a)
|
|
|
|
|
|
|
9.5%
|
|
3.0%
|
Revenues-excludes
CARES Act and other grant revenues
|
|
|
|
-0.4%
|
|
-2.2%
|
Adjusted
Admissions
|
|
|
|
|
|
|
-14.5%
|
|
-15.2%
|
Adjusted Patient
Days
|
|
|
|
|
|
|
-2.2%
|
|
-5.5%
|
Revenue Per Adjusted
Admission-excludes CARES Act and other grant revenues
|
14.9%
|
|
14.1%
|
Revenue Per Adjusted
Patient Day-excludes CARES Act and other grant revenues
|
0.6%
|
|
2.4%
|
|
|
|
|
|
|
|
|
|
|
Behavioral Health
Hospitals
|
|
|
|
|
|
|
|
|
|
Revenues
(b)
|
|
|
|
|
|
|
3.0%
|
|
0.6%
|
Revenues-excludes
CARES Act and other grant revenues
|
|
|
|
-0.5%
|
|
-1.3%
|
Adjusted
Admissions
|
|
|
|
|
|
|
-9.2%
|
|
-8.0%
|
Adjusted Patient
Days
|
|
|
|
|
|
|
-5.9%
|
|
-5.3%
|
Revenue Per Adjusted
Admission-excludes CARES Act and other grant revenues
|
9.5%
|
|
7.3%
|
Revenue Per Adjusted
Patient Day-excludes CARES Act and other grant revenues
|
5.7%
|
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
(a) Includes CARES
Act and other grant revenues of $155 million and $316 million
recorded in the three and twelve-months periods ended December 31,
2020, respectively.
|
(b) Includes CARES
Act and other grant revenues of $45 million and $97 million
recorded in the three and twelve-months periods ended December 31,
2020, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UHS
Consolidated
|
|
|
Three months
ended
|
|
Twelve months
ended
|
|
|
|
12/31/2020
|
|
12/31/2019
|
|
12/31/2020
|
|
12/31/2019
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$3,086,935
|
|
$2,896,247
|
|
$11,558,897
|
|
$11,378,259
|
EBITDA net of
NCI
|
|
|
$557,168
|
|
$485,139
|
|
$1,860,024
|
|
$1,706,773
|
EBITDA Margin net of
NCI
|
|
|
18.0%
|
|
16.8%
|
|
16.1%
|
|
15.0%
|
Adjusted EBITDA net
of NCI
|
|
|
$548,863
|
|
$465,801
|
|
$1,860,010
|
|
$1,802,220
|
Adjusted EBITDA
Margin net of NCI
|
|
17.8%
|
|
16.1%
|
|
16.1%
|
|
15.8%
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From
Operations
|
|
|
|
|
|
|
$2,360,169
|
|
$1,438,469
|
Days Sales
Outstanding
|
|
|
|
|
|
|
55
|
|
50
|
Capital
Expenditures
|
|
|
|
|
|
|
$731,307
|
|
$634,095
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
$3,856,251
|
|
$3,984,127
|
UHS' Shareholders
Equity
|
|
|
|
|
|
|
$6,317,146
|
|
$5,504,105
|
Debt / Total
Capitalization
|
|
|
|
|
|
|
37.9%
|
|
42.0%
|
Debt / EBITDA net of
NCI (1)
|
|
|
|
|
|
|
2.07
|
|
2.33
|
Debt / Adjusted
EBITDA net of NCI (1)
|
|
|
|
|
2.07
|
|
2.21
|
Debt / Cash From
Operations (1)
|
|
|
|
|
|
1.63
|
|
2.77
|
Net Debt / EBITDA net
of NCI (1) (2)
|
|
|
|
|
1.45
|
|
|
Net Debt / Adjusted
EBITDA net of NCI (1) (2)
|
|
|
|
1.45
|
|
|
Net Debt / Cash From
Operations (1) (2)
|
|
|
|
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Latest 4
quarters.
|
|
|
|
|
|
|
|
|
|
(2) Debt, net of
approximately $1.2 billion of short term cash investments as of
December 31, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Acute Care Hospital
Services
|
For the Three and
Twelve Months ended
|
December 31, 2020 and
2019
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Facility
Basis - Acute Care Hospital Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
(a)
|
|
$1,709,872
|
|
100.0%
|
|
$1,561,605
|
|
100.0%
|
|
$6,238,236
|
|
100.0%
|
|
$6,054,901
|
|
100.0%
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
701,927
|
|
41.1%
|
|
662,538
|
|
42.4%
|
|
2,611,143
|
|
41.9%
|
|
2,559,682
|
|
42.3%
|
Other operating
expenses
|
|
375,958
|
|
22.0%
|
|
347,182
|
|
22.2%
|
|
1,462,627
|
|
23.4%
|
|
1,365,015
|
|
22.5%
|
Supplies
expense
|
|
299,376
|
|
17.5%
|
|
272,438
|
|
17.4%
|
|
1,081,154
|
|
17.3%
|
|
1,049,747
|
|
17.3%
|
Depreciation and
amortization
|
|
83,321
|
|
4.9%
|
|
78,775
|
|
5.0%
|
|
318,077
|
|
5.1%
|
|
305,264
|
|
5.0%
|
Lease and rental
expense
|
|
19,414
|
|
1.1%
|
|
15,215
|
|
1.0%
|
|
69,638
|
|
1.1%
|
|
60,485
|
|
1.0%
|
Subtotal-operating
expenses
|
|
1,479,996
|
|
86.6%
|
|
1,376,148
|
|
88.1%
|
|
5,542,639
|
|
88.8%
|
|
5,340,193
|
|
88.2%
|
Income from
operations
|
|
229,876
|
|
13.4%
|
|
185,457
|
|
11.9%
|
|
695,597
|
|
11.2%
|
|
714,708
|
|
11.8%
|
Interest expense,
net
|
|
228
|
|
0.0%
|
|
502
|
|
0.0%
|
|
1,567
|
|
0.0%
|
|
1,330
|
|
0.0%
|
Other (income)
expense, net
|
|
0
|
|
-
|
|
0
|
|
-
|
|
0
|
|
-
|
|
(32)
|
|
(0.0)%
|
Income before income
taxes
|
|
$229,648
|
|
13.4%
|
|
$184,955
|
|
11.8%
|
|
$694,030
|
|
11.1%
|
|
$713,410
|
|
11.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Acute Care
Hospital Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
(a)
|
|
$1,738,746
|
|
100.0%
|
|
$1,589,472
|
|
100.0%
|
|
$6,337,304
|
|
100.0%
|
|
$6,164,560
|
|
100.0%
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
702,099
|
|
40.4%
|
|
662,538
|
|
41.7%
|
|
2,611,514
|
|
41.2%
|
|
2,559,682
|
|
41.5%
|
Other operating
expenses
|
|
404,966
|
|
23.3%
|
|
375,049
|
|
23.6%
|
|
1,561,875
|
|
24.6%
|
|
1,474,674
|
|
23.9%
|
Supplies
expense
|
|
299,383
|
|
17.2%
|
|
272,438
|
|
17.1%
|
|
1,081,159
|
|
17.1%
|
|
1,049,747
|
|
17.0%
|
Depreciation and
amortization
|
|
83,368
|
|
4.8%
|
|
78,775
|
|
5.0%
|
|
318,124
|
|
5.0%
|
|
305,264
|
|
5.0%
|
Lease and rental
expense
|
|
19,414
|
|
1.1%
|
|
15,215
|
|
1.0%
|
|
69,638
|
|
1.1%
|
|
60,485
|
|
1.0%
|
Subtotal-operating
expenses
|
|
1,509,230
|
|
86.8%
|
|
1,404,015
|
|
88.3%
|
|
5,642,310
|
|
89.0%
|
|
5,449,852
|
|
88.4%
|
Income from
operations
|
|
229,516
|
|
13.2%
|
|
185,457
|
|
11.7%
|
|
694,994
|
|
11.0%
|
|
714,708
|
|
11.6%
|
Interest expense,
net
|
|
228
|
|
0.0%
|
|
502
|
|
0.0%
|
|
1,567
|
|
0.0%
|
|
1,330
|
|
0.0%
|
Other (income)
expense, net
|
|
0
|
|
-
|
|
0
|
|
-
|
|
0
|
|
-
|
|
(32)
|
|
(0.0)%
|
Income before income
taxes
|
|
$229,288
|
|
13.2%
|
|
$184,955
|
|
11.6%
|
|
$693,427
|
|
10.9%
|
|
$713,410
|
|
11.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes CARES
Act and other grant revenues of $155 million and $316 million
recorded in the three and twelve-months periods ended December 31,
2020, respectively.
|
|
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
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, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and
Twelve Months ended
|
December 31, 2020 and
2019
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Facility -
Behavioral Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
(a)
|
|
$1,322,752
|
|
100.0%
|
|
$1,284,273
|
|
100.0%
|
|
$5,124,358
|
|
100.0%
|
|
$5,092,071
|
|
100.0%
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
697,738
|
|
52.7%
|
|
684,542
|
|
53.3%
|
|
2,722,041
|
|
53.1%
|
|
2,711,813
|
|
53.3%
|
Other operating
expenses
|
|
236,872
|
|
17.9%
|
|
238,404
|
|
18.6%
|
|
931,850
|
|
18.2%
|
|
952,714
|
|
18.7%
|
Supplies
expense
|
|
50,831
|
|
3.8%
|
|
51,066
|
|
4.0%
|
|
204,658
|
|
4.0%
|
|
199,726
|
|
3.9%
|
Depreciation and
amortization
|
|
46,394
|
|
3.5%
|
|
44,251
|
|
3.4%
|
|
176,652
|
|
3.4%
|
|
167,340
|
|
3.3%
|
Lease and rental
expense
|
|
10,678
|
|
0.8%
|
|
10,708
|
|
0.8%
|
|
42,532
|
|
0.8%
|
|
42,956
|
|
0.8%
|
Subtotal-operating
expenses
|
|
1,042,513
|
|
78.8%
|
|
1,028,971
|
|
80.1%
|
|
4,077,733
|
|
79.6%
|
|
4,074,549
|
|
80.0%
|
Income from
operations
|
|
280,239
|
|
21.2%
|
|
255,302
|
|
19.9%
|
|
1,046,625
|
|
20.4%
|
|
1,017,522
|
|
20.0%
|
Interest expense,
net
|
|
368
|
|
0.0%
|
|
357
|
|
0.0%
|
|
1,447
|
|
0.0%
|
|
1,460
|
|
0.0%
|
Other (income)
expense, net
|
|
(1,277)
|
|
(0.1)%
|
|
(1,438)
|
|
(0.1)%
|
|
1,060
|
|
0.0%
|
|
404
|
|
0.0%
|
Income before income
taxes
|
|
$281,148
|
|
21.3%
|
|
$256,383
|
|
20.0%
|
|
$1,044,118
|
|
20.4%
|
|
$1,015,658
|
|
19.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Behavioral
Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
(a)
|
|
$1,343,899
|
|
100.0%
|
|
$1,311,623
|
|
100.0%
|
|
$5,208,722
|
|
100.0%
|
|
$5,210,063
|
|
100.0%
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
699,906
|
|
52.1%
|
|
690,140
|
|
52.6%
|
|
2,727,129
|
|
52.4%
|
|
2,739,871
|
|
52.6%
|
Other operating
expenses
|
|
258,727
|
|
19.3%
|
|
261,483
|
|
19.9%
|
|
1,023,733
|
|
19.7%
|
|
1,152,733
|
|
22.1%
|
Supplies
expense
|
|
50,850
|
|
3.8%
|
|
51,305
|
|
3.9%
|
|
204,711
|
|
3.9%
|
|
201,114
|
|
3.9%
|
Depreciation and
amortization
|
|
47,931
|
|
3.6%
|
|
45,370
|
|
3.5%
|
|
182,012
|
|
3.5%
|
|
172,697
|
|
3.3%
|
Lease and rental
expense
|
|
11,354
|
|
0.8%
|
|
11,614
|
|
0.9%
|
|
45,505
|
|
0.9%
|
|
46,799
|
|
0.9%
|
Subtotal-operating
expenses
|
|
1,068,768
|
|
79.5%
|
|
1,059,912
|
|
80.8%
|
|
4,183,090
|
|
80.3%
|
|
4,313,214
|
|
82.8%
|
Income from
operations
|
|
275,131
|
|
20.5%
|
|
251,711
|
|
19.2%
|
|
1,025,632
|
|
19.7%
|
|
896,849
|
|
17.2%
|
Interest expense,
net
|
|
415
|
|
0.0%
|
|
357
|
|
0.0%
|
|
1,599
|
|
0.0%
|
|
1,460
|
|
0.0%
|
Other (income)
expense, net
|
|
(1,561)
|
|
(0.1)%
|
|
(1,438)
|
|
(0.1)%
|
|
776
|
|
0.0%
|
|
(5,576)
|
|
(0.1)%
|
Income before income
taxes
|
|
$276,277
|
|
20.6%
|
|
$252,792
|
|
19.3%
|
|
$1,023,257
|
|
19.6%
|
|
$900,965
|
|
17.3%
|
(a) Includes CARES
Act and other grant revenues of $45 million and $97 million
recorded in the three and twelve-months periods ended December 31,
2020, respectively.
|
|
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, lawsuits and reserves established in connection with the
government's investigation of our behavioral health care
facilities, cost related to extinguishment of debt, gains/losses on
sales of assets and businesses, impairments of 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 in
the condensed consolidated financial statements and notes thereto
as contained in our Form 10-K for the year ended December 31,
2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 as well as the results of certain facilities
that were closed or restructured during the past year.
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Three Months
ended
|
December 31, 2020 and
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
12/31/20
|
|
12/31/19
|
|
%
change
|
|
12/31/20
|
|
12/31/19
|
|
%
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
26
|
|
26
|
|
0.0%
|
|
334
|
|
327
|
|
2.1%
|
Average licensed
beds
|
|
6,476
|
|
6,387
|
|
1.4%
|
|
23,859
|
|
23,648
|
|
0.9%
|
Average available
beds
|
|
6,304
|
|
6,215
|
|
1.4%
|
|
23,759
|
|
23,545
|
|
0.9%
|
Patient
days
|
|
386,491
|
|
367,313
|
|
5.2%
|
|
1,522,352
|
|
1,612,906
|
|
-5.6%
|
Average daily
census
|
|
4,201.0
|
|
3,992.5
|
|
5.2%
|
|
16,547.3
|
|
17,531.6
|
|
-5.6%
|
Occupancy-licensed
beds
|
|
64.9%
|
|
62.5%
|
|
3.8%
|
|
69.4%
|
|
74.1%
|
|
-6.4%
|
Occupancy-available
beds
|
|
66.6%
|
|
64.2%
|
|
3.7%
|
|
69.6%
|
|
74.5%
|
|
-6.5%
|
Admissions
|
|
72,877
|
|
79,156
|
|
-7.9%
|
|
109,514
|
|
120,264
|
|
-8.9%
|
Length of
stay
|
|
5.3
|
|
4.6
|
|
14.3%
|
|
13.4
|
|
13.4
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$7,866,580
|
|
$7,210,451
|
|
9.1%
|
|
$2,420,468
|
|
$2,532,774
|
|
-4.4%
|
Outpatient
revenue
|
|
4,067,550
|
|
4,529,430
|
|
-10.2%
|
|
244,286
|
|
273,775
|
|
-10.8%
|
Total patient
revenue
|
|
11,934,130
|
|
11,739,881
|
|
1.7%
|
|
2,664,754
|
|
2,806,549
|
|
-5.1%
|
Other
revenue
|
|
275,271
|
|
121,482
|
|
126.6%
|
|
109,554
|
|
60,371
|
|
81.5%
|
Gross hospital
revenue
|
|
12,209,401
|
|
11,861,363
|
|
2.9%
|
|
2,774,308
|
|
2,866,920
|
|
-3.2%
|
Total
deductions
|
|
10,470,655
|
|
10,271,891
|
|
1.9%
|
|
1,430,409
|
|
1,555,297
|
|
-8.0%
|
Net hospital
revenue
|
|
$1,738,746
|
|
$1,589,472
|
|
9.4%
|
|
$1,343,899
|
|
$1,311,623
|
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
12/31/20
|
|
12/31/19
|
|
%
change
|
|
12/31/20
|
|
12/31/19
|
|
%
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
26
|
|
26
|
|
0.0%
|
|
312
|
|
312
|
|
0.0%
|
Average licensed
beds
|
|
6,476
|
|
6,387
|
|
1.4%
|
|
23,665
|
|
23,361
|
|
1.3%
|
Average available
beds
|
|
6,304
|
|
6,215
|
|
1.4%
|
|
23,565
|
|
23,258
|
|
1.3%
|
Patient
days
|
|
386,491
|
|
367,313
|
|
5.2%
|
|
1,515,912
|
|
1,599,852
|
|
-5.2%
|
Average daily
census
|
|
4,201.0
|
|
3,992.5
|
|
5.2%
|
|
16,477.3
|
|
17,389.7
|
|
-5.2%
|
Occupancy-licensed
beds
|
|
64.9%
|
|
62.5%
|
|
3.8%
|
|
69.6%
|
|
74.4%
|
|
-6.5%
|
Occupancy-available
beds
|
|
66.6%
|
|
64.2%
|
|
3.7%
|
|
69.9%
|
|
74.8%
|
|
-6.5%
|
Admissions
|
|
72,877
|
|
79,156
|
|
-7.9%
|
|
108,854
|
|
119,052
|
|
-8.6%
|
Length of
stay
|
|
5.3
|
|
4.6
|
|
14.3%
|
|
13.9
|
|
13.4
|
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Twelve Months
ended
|
December 31, 2020 and
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
12/31/20
|
|
12/31/19
|
|
%
change
|
|
12/31/20
|
|
12/31/19
|
|
%
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
26
|
|
26
|
|
0.0%
|
|
334
|
|
327
|
|
2.1%
|
Average licensed
beds
|
|
6,457
|
|
6,379
|
|
1.2%
|
|
23,661
|
|
23,812
|
|
-0.6%
|
Average available
beds
|
|
6,285
|
|
6,205
|
|
1.3%
|
|
23,559
|
|
23,711
|
|
-0.6%
|
Patient
days
|
|
1,458,321
|
|
1,451,847
|
|
0.4%
|
|
6,142,823
|
|
6,487,707
|
|
-5.3%
|
Average daily
census
|
|
3,984.5
|
|
3,977.7
|
|
0.2%
|
|
16,783.7
|
|
17,774.5
|
|
-5.6%
|
Occupancy-licensed
beds
|
|
61.7%
|
|
62.4%
|
|
-1.0%
|
|
70.9%
|
|
74.6%
|
|
-5.0%
|
Occupancy-available
beds
|
|
63.4%
|
|
64.1%
|
|
-1.1%
|
|
71.2%
|
|
75.0%
|
|
-5.0%
|
Admissions
|
|
286,535
|
|
317,983
|
|
-9.9%
|
|
448,870
|
|
488,367
|
|
-8.1%
|
Length of
stay
|
|
5.1
|
|
4.6
|
|
11.5%
|
|
13.7
|
|
13.3
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$30,562,093
|
|
$28,430,922
|
|
7.5%
|
|
$9,718,934
|
|
$10,100,903
|
|
-3.8%
|
Outpatient
revenue
|
|
16,272,520
|
|
17,666,629
|
|
-7.9%
|
|
963,799
|
|
1,066,704
|
|
-9.6%
|
Total patient
revenue
|
|
46,834,613
|
|
46,097,551
|
|
1.6%
|
|
10,682,733
|
|
11,167,607
|
|
-4.3%
|
Other
revenue
|
|
788,694
|
|
458,851
|
|
71.9%
|
|
332,766
|
|
228,712
|
|
45.5%
|
Gross hospital
revenue
|
|
47,623,307
|
|
46,556,402
|
|
2.3%
|
|
11,015,499
|
|
11,396,319
|
|
-3.3%
|
Total
deductions
|
|
41,286,003
|
|
40,391,842
|
|
2.2%
|
|
5,806,777
|
|
6,186,256
|
|
-6.1%
|
Net hospital
revenue
|
|
$6,337,304
|
|
$6,164,560
|
|
2.8%
|
|
$5,208,722
|
|
$5,210,063
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
12/31/20
|
|
12/31/19
|
|
%
change
|
|
12/31/20
|
|
12/31/19
|
|
%
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
26
|
|
26
|
|
0.0%
|
|
312
|
|
312
|
|
0.0%
|
Average licensed
beds
|
|
6,457
|
|
6,379
|
|
1.2%
|
|
23,497
|
|
23,340
|
|
0.7%
|
Average available
beds
|
|
6,285
|
|
6,205
|
|
1.3%
|
|
23,395
|
|
23,239
|
|
0.7%
|
Patient
days
|
|
1,458,321
|
|
1,451,847
|
|
0.4%
|
|
6,114,762
|
|
6,423,197
|
|
-4.8%
|
Average daily
census
|
|
3,984.5
|
|
3,977.7
|
|
0.2%
|
|
16,707.0
|
|
17,597.8
|
|
-5.1%
|
Occupancy-licensed
beds
|
|
61.7%
|
|
62.4%
|
|
-1.0%
|
|
71.1%
|
|
75.4%
|
|
-5.7%
|
Occupancy-available
beds
|
|
63.4%
|
|
64.1%
|
|
-1.1%
|
|
71.4%
|
|
75.7%
|
|
-5.7%
|
Admissions
|
|
286,535
|
|
317,983
|
|
-9.9%
|
|
446,420
|
|
482,660
|
|
-7.5%
|
Length of
stay
|
|
5.1
|
|
4.6
|
|
11.5%
|
|
13.7
|
|
13.3
|
|
2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Supplemental Non-GAAP
Disclosures
|
2021 Operating
Results Forecast
|
(in thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forecast For The
Year Ending December 31, 2021
|
|
|
|
|
|
% Net
|
|
|
|
% Net
|
|
|
|
Low
|
|
revenues
|
|
High
|
|
revenues
|
Net revenues
(a)
|
|
|
$12,125,000
|
|
|
|
$12,361,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to UHS (a) (b)
|
$856,090
|
|
|
|
$940,813
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
533,231
|
|
|
|
533,231
|
|
|
Interest
expense
|
|
|
93,498
|
|
|
|
93,498
|
|
|
Other (income)
expense, net
|
|
|
(7,607)
|
|
|
|
(7,607)
|
|
|
Provision for
income taxes
|
|
|
262,824
|
|
|
|
289,068
|
|
|
Adjusted EBITDA net
of NCI (a) (c)
|
|
$1,738,036
|
|
14.3%
|
|
$1,849,003
|
|
15.0%
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to UHS, per diluted share (a) (b)
|
$10.05
|
|
|
|
$11.05
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted earnings per share
|
84,865
|
|
|
|
84,865
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The 2021
forecasted revenues and other amounts exclude any favorable impact
that may result from funds received in connection with various
governmental stimulus programs, most notably the CARES Act. The
impact of the COVID-19 pandemic, which began during the second half
of March, 2020, has had a material unfavorable effect on our
operations and financial results since that time, before giving
effect to the revenues recorded in connection with the CARES Act
and other governmental grants. The extent to which the COVID-19
pandemic and measures taken in response thereto impact our
business, results of operations and financial condition will depend
on numerous factors and future developments, most of which are
beyond our control or ability to predict. The ultimate impact of
the COVID-19 pandemic is highly uncertain and subject to change. We
are not able to fully quantify the impact that these factors will
have on our future financial results, but expect developments
related to the COVID-19 pandemic to materially affect our financial
performance in 2021 and our 2021 operating results
forecast.
|
|
|
|
|
|
|
|
|
|
|
|
(b) Adjusted net
income attributable to UHS/per diluted share are non-GAAP financial
measures. The 2021 forecasted amounts exclude the impact of
future items, if applicable, that are nonrecurring or
non-operational in nature including items such as pre-tax
unrealized gains/losses resulting from increases/decreases in the
market value of shares of certain marketable securities held for
investment and classified as available for sale, our adoption of
ASU 2016-09, and other potential material items including, but not
limited to, reserves for various matters including settlements,
legal judgments and lawsuits, potential impacts of non-ordinary
course acquisitions, divestitures, joint ventures or other
strategic transactions, costs related to extinguishment of debt,
gains/losses on sales of assets and businesses, impairment of
long-lived and intangible assets, other amounts that may be
reflected in the current financial statements that relate to prior
periods, and the impact of share repurchases that differ from
included assumptions. It is also subject to certain conditions
including those as set forth below in General Information,
Forward-Looking Statements and Risk Factors and Non-GAAP Financial
Measures.
|
|
|
|
|
|
|
|
|
|
|
|
(c) Adjusted EBITDA
net of NCI is a non-GAAP financial measure. To obtain a
complete understanding of our financial performance, Adjusted
EBITDA net of NCI should be examined in connection with net income
determined in accordance with GAAP as presented in the consolidated
financial statements and notes thereto in this report or in our
filings with the Securities and Exchange Commission including our
Report on Form 10-K for the year ended December 31,
2020.
|
View original
content:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports-2020-fourth-quarter-and-full-year-financial-results-and-2021-full-year-earnings-guidance-301236075.html
SOURCE Universal Health Services, Inc.