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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-10765

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware

23-2077891

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, Pennsylvania 19406

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (610) 768-3300

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class B Common Stock, $0.01 par value	UHS	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer		☐

Non-accelerated filer	☐	Smaller reporting company		☐
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common shares outstanding, as of April 30, 2022:

Class A		6,577,100
Class B		67,127,528
Class C		661,688
Class D		14,293

UNIVERSAL HEALTH SERVICES, INC.

INDEX

		PAGE NO.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

Condensed Consolidated Statements of Income – Three Months Ended March 31, 2022 and 2021		3

Condensed Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2022 and 2021		4

Condensed Consolidated Balance Sheets – March 31, 2022 and December 31, 2021		5

Condensed Consolidated Statements of Changes in Equity – Three Months Ended March 31, 2022 and 2021		6

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2022 and 2021		8

Notes to Condensed Consolidated Financial Statements		9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		25

Item 3. Quantitative and Qualitative Disclosures About Market Risk		54

Item 4. Controls and Procedures		54

PART II. Other Information

Item 1. Legal Proceedings		55

Item 1A. Risk Factors		55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		55

Item 6. Exhibits		56

Signatures		57

This Quarterly Report on Form 10-Q is for the quarter ended March 31, 2022. This Report modifies and supersedes documents filed prior to this Report. Information that we file with the Securities and Exchange Commission (the “SEC”) in the future will automatically update and supersede information contained in this Report.

In this Quarterly Report, “we,” “us,” “our” “UHS” and the “Company” refer to Universal Health Services, Inc. and its subsidiaries. UHS is a registered trademark of UHS of Delaware, Inc., the management company for, and a wholly-owned subsidiary of Universal Health Services, Inc. Universal Health Services, Inc. is a holding company and operates through its subsidiaries including its management company, UHS of Delaware, Inc. All healthcare and management operations are conducted by subsidiaries of Universal Health Services, Inc. To the extent any reference to “UHS” or “UHS facilities” in this report including letters, narratives or other forms contained herein relates to our healthcare or management operations it is referring to Universal Health Services, Inc.’s subsidiaries including UHS of Delaware, Inc. Further, the terms “we,” “us,” “our” or the “Company” in such context similarly refer to the operations of Universal Health Services Inc.’s subsidiaries including UHS of Delaware, Inc. Any reference to employees or employment contained herein refers to employment with or employees of the subsidiaries of Universal Health Services, Inc. including UHS of Delaware, Inc.

PART I. FINANCIAL INFORMATION

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share amounts)

(unaudited)

	Three months ended March 31,
	2022			2021
Net revenues	$	3,292,956		$	3,012,987
Operating charges:
Salaries, wages and benefits		1,692,270			1,497,773
Other operating expenses		820,934			709,708
Supplies expense		371,073			347,110
Depreciation and amortization		143,784			131,403
Lease and rental expense		32,038			31,324
		3,060,099			2,717,318
Income from operations		232,857			295,669
Interest expense, net		21,673			21,957
Other (income) expense, net		11,201			835
Income before income taxes		199,983			272,877
Provision for income taxes		48,962			63,807
Net income		151,021			209,070
Less: Net income (loss) attributable to noncontrolling interests		(2,892	)		(21	)
Net income attributable to UHS	$	153,913		$	209,091

Basic earnings per share attributable to UHS	$	2.05		$	2.46
Diluted earnings per share attributable to UHS	$	2.02		$	2.43

Weighted average number of common shares - basic		75,030			84,782
Add: Other share equivalents		1,011			1,014
Weighted average number of common shares and equivalents - diluted		76,041			85,796

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(amounts in thousands, unaudited)

	Three months ended March 31,
	2022			2021
Net income	$	151,021		$	209,070
Other comprehensive income (loss):
Foreign currency translation adjustment		(18,470	)		(10,346	)
Other comprehensive income (loss) before tax		(18,470	)		(10,346	)
Income tax expense (benefit) related to items of other comprehensive income (loss)		(944	)		(1,466	)
Total other comprehensive income (loss), net of tax		(17,526	)		(8,880	)
Comprehensive income		133,495			200,190
Less: Comprehensive income (loss) attributable to noncontrolling interests		(2,892	)		(21	)
Comprehensive income attributable to UHS	$	136,387		$	200,211

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, unaudited)

	March 31, 2022			December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	105,999		$	115,301
Accounts receivable, net		1,754,877			1,746,635
Supplies		208,302			206,839
Other current assets		232,724			194,781
Total current assets		2,301,902			2,263,556

Property and equipment		10,929,292			10,770,702
Less: accumulated depreciation		(5,010,825	)		(4,896,427	)
		5,918,467			5,874,275
Other assets:
Goodwill		3,949,788			3,962,624
Deferred income taxes		47,549			45,707
Right of use assets-operating leases		368,921			367,477
Deferred charges		6,310			6,525
Other		551,509			573,379
Total Assets	$	13,144,446		$	13,093,543

Liabilities and Stockholders’ Equity
Current liabilities:
Current maturities of long-term debt	$	48,486		$	48,409
Accounts payable and other liabilities		1,976,389			1,860,496
Operating lease liabilities		65,607			64,484
Federal and state taxes		55,734			10,720
Total current liabilities		2,146,216			1,984,109

Other noncurrent liabilities		475,006			464,759
Operating lease liabilities noncurrent		305,643			304,624
Long-term debt		4,250,689			4,141,879

Redeemable noncontrolling interests		4,314			5,119

Equity:
UHS common stockholders’ equity		5,867,872			6,089,664
Noncontrolling interest		94,706			103,389
Total equity		5,962,578			6,193,053
Total Liabilities and Stockholders’ Equity	$	13,144,446		$	13,093,543

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months ended March 31, 2022

(amounts in thousands, unaudited)

																			Accumulated			UHS
	Redeemable																		Other			Common
	Noncontrolling			Class A		Class B			Class C		Class D		Cumulative			Retained			Comprehensive			Stockholders'			Noncontrolling
	Interest			Common		Common			Common		Common		Dividends			Earnings			Income (Loss)			Equity			Interest			Total
Balance, January 1, 2022	$	5,119		$	66	$	698		$	7	$	0	$	(545,487	)	$	6,604,089		$	30,291		$	6,089,664		$	103,389		$	6,193,053
Common Stock
Issued/(converted)		—			—		5			—		—		—			3,640			—			3,645			—			3,645
Repurchased		—			—		(27	)		—		—		—			(365,478	)		—			(365,505	)		—			(365,505	)
Restricted share-based compensation expense		—			—		—			—		—		—			3,442			—			3,442			—			3,442
Dividends paid and accrued		—			—		—			—		—		(14,963	)		—			—			(14,963	)		—			(14,963	)
Stock option expense		—			—		—			—		—		—			15,202			—			15,202			—			15,202
Distributions to noncontrolling interests		(650	)		—		—			—		—		—			—			—			—			(4,639	)		(4,639	)
Purchase (sale) of ownership interests by (from) minority members		—			—		—			—		—		—			—			—			—			(1,307	)		(1,307	)
Comprehensive income:
Net income (loss) to UHS / noncontrolling interests		(155	)		—		—			—		—		—			153,913			—			153,913			(2,737	)		151,176
Foreign currency translation adjustments, net of income tax		—			—		—			—		—		—			—			(17,526	)		(17,526	)		—			(17,526	)
Subtotal - comprehensive income		(155	)		—		—			—		—		—			153,913			(17,526	)		136,387			(2,737	)		133,650
Balance, March 31, 2022	$	4,314		$	66	$	676		$	7	$	0	$	(560,450	)	$	6,414,808		$	12,765		$	5,867,872		$	94,706		$	5,962,578

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months ended March 31, 2021

(amounts in thousands, unaudited)

																			Accumulated			UHS
	Redeemable																		Other			Common
	Noncontrolling			Class A		Class B			Class C		Class D		Cumulative			Retained			Comprehensive			Stockholders'			Noncontrolling
	Interest			Common		Common			Common		Common		Dividends			Earnings			Income (Loss)			Equity			Interest			Total
Balance, January 1, 2021	$	4,569		$	66	$	778		$	7	$	0	$	(479,503	)	$	6,747,678		$	48,120		$	6,317,146		$	84,821		$	6,401,967
Common Stock
Issued/(converted)		—			—		4			—		—		—			3,356			—			3,360			—			3,360
Repurchased		—			—		(1	)		—		—		—			(7,463	)		—			(7,464	)		—			(7,464	)
Restricted share-based compensation expense		—			—		—			—		—		—			2,862			—			2,862			—			2,862
Dividends paid		—			—		—			—		—		(17,018	)		—			—			(17,018	)		—			(17,018	)
Stock option expense		—			—		—			—		—		—			14,765			—			14,765			—			14,765
Distributions to noncontrolling interests		—			—		—			—		—		—			—			—			—			(4,525	)		(4,525	)
Purchase of ownership interests by minority members		—			—		—			—		—		—			—			—			—			7,603			7,603
Comprehensive income:
Net income (loss) to UHS / noncontrolling interests		(99	)		—		—			—		—		—			209,091			—			209,091			78			209,169
Foreign currency translation adjustments		—			—		—			—		—		—			—			(8,880	)		(8,880	)		—			(8,880	)
Subtotal - comprehensive income		(99	)		—		—			—		—		—			209,091			(8,880	)		200,211			78			200,289
Balance, March 31, 2021	$	4,470		$	66	$	781		$	7	$	0	$	(496,521	)	$	6,970,289		$	39,240		$	6,513,862		$	87,977		$	6,601,839

The accompanying notes are an integral part of these condensed consolidated financial statements.

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands, unaudited)

Three months

ended March 31,

2022

2021

Cash Flows from Operating Activities:

Boards:

Quotes:

UHS