Consolidated Results of Operations, As Reported and As
Adjusted – Three-month periods ended June 30, 2023 and 2022:
KING OF
PRUSSIA, Pa., July 25,
2023 /PRNewswire/ -- Universal Health Services,
Inc. (NYSE: UHS) announced today that its reported net income
attributable to UHS was $171.3
million, or $2.42 per diluted
share, during the second quarter of 2023, as compared to
$164.1 million, or $2.20 per diluted share, during the second
quarter of 2022. Net revenues increased by 6.8% to $3.548 billion during the second quarter of 2023,
as compared to $3.323 billion during
the second quarter of 2022.
As reflected on the Schedule of Non-GAAP Supplemental
Information ("Supplemental Schedule"), our adjusted net income
attributable to UHS during the second quarter of 2023 was
$179.4 million, or $2.53 per diluted share, as compared to
$163.9 million, or $2.20 per diluted share, during the second
quarter of 2022. As reflected on the Supplemental Schedule,
included in our reported results was an unrealized after-tax loss
of $8.1 million, or $.11 per diluted share, ($10.5 million pre-tax) during the second quarter
of 2023. The unrealized loss, which is included in "Other (income)
expense, net", resulted 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 $419.3
million during the second quarter of 2023, as compared to
$384.5 million during the second
quarter of 2022. Our adjusted earnings before interest, taxes,
depreciation & amortization ("Adjusted EBITDA net of NCI"),
which excludes the impact of other (income) expense, net, was
$425.9 million during the second
quarter of 2023, as compared to $382.6
million during the second quarter of 2022.
Consolidated Results of Operations, As Reported and As
Adjusted – Six-month periods ended June 30, 2023 and 2022:
Reported net income attributable to UHS was $334.4 million, or $4.70 per diluted share, during the first six
months of 2023, as compared to $318.0
million, or $4.22 per diluted
share, during the first six months 2022. Net revenues increased by
6.0% to $7.016 billion during the
first six months of 2023, as compared to $6.616 billion during the comparable period of
2022.
As reflected on the Supplemental Schedule, our adjusted net
income attributable to UHS during the first six months of 2023, was
$346.9 million, or $4.87 per diluted share, as compared to
$327.4 million, or $4.35 per diluted share, during the six-month
period ended June 30, 2022.
As reflected on the Supplemental Schedule, included in our
reported results were unrealized after-tax losses of $12.5 million, or $.17 per diluted share, ($16.3 million pre-tax) during the first six
months of 2023 and $9.4 million, or
$.13 per diluted share, ($12.3 million pre-tax) during the first six
months of 2022. These unrealized losses, which are included in
"Other (income) expense, net", resulted from decreases 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"), was $826.6
million during the first six months of 2023, as compared to
$752.9 million during the first six
months of 2022. Our adjusted earnings before interest, taxes,
depreciation & amortization ("Adjusted EBITDA net of NCI"),
which excludes the impact of other (income) expense, net, was
$846.9 million during the first six
months of 2023, as compared to $762.1
million during the comparable period of 2022.
Acute Care Services – Three and six-month periods ended
June 30, 2023 and 2022:
During the second quarter of 2023, at our acute care hospitals
owned during both periods ("same facility basis"), adjusted
admissions (adjusted for outpatient activity) increased by 7.7%
while adjusted patient days increased by 6.9%, as compared to the
second quarter of 2022. At these facilities, during the second
quarter of 2023, net revenue per adjusted admission increased by
1.3% while net revenue per adjusted patient day increased by 2.0%,
as compared to the second quarter of 2022. Net revenues generated
from our acute care services, on a same facility basis, increased
by 9.7% during the second quarter of 2023, as compared to the
second quarter of 2022.
During the six-month period ended June 30, 2023, at our acute care hospitals on a
same facility basis, adjusted admissions increased by 9.1% while
adjusted patient days increased by 5.2%, as compared to the first
six months of 2022. At these facilities, during the first six
months of 2023, net revenue per adjusted admission decreased by
3.3% while net revenue per adjusted patient day increased by 0.3%,
as compared to the first six months of 2022. Net revenues generated
from our acute care services, on a same facility basis, increased
by 6.6% during the first six months of 2023, as compared to the
comparable period of 2022.
Behavioral Health Care Services – Three and six-month periods
ended June 30, 2023 and 2022:
During the second quarter of 2023, at our behavioral health care
facilities on a same facility basis, adjusted admissions increased
by 3.3% while adjusted patient days increased by 1.5%, as compared
to the second quarter of 2022. At these facilities, during the
second quarter of 2023, net revenue per adjusted admission
increased by 4.4% and net revenue per adjusted patient day
increased by 6.2%, as compared to the second quarter of 2022. Net
revenues generated from our behavioral health care services, on a
same facility basis, increased by 7.8% during the second quarter of
2023, as compared to the second quarter of 2022.
During the six-month period ended June
30, 2023, at our behavioral health care facilities on a same
facility basis, adjusted admissions increased by 5.4% while
adjusted patient days increased by 3.1%, as compared to the first
six months of 2022. At these facilities, during the first six
months of 2023, net revenue per adjusted admission increased by
3.3% and net revenue per adjusted patient day increased by 5.6%, as
compared to the first six months of 2022. Net revenues generated
from our behavioral health care services, on a same facility basis,
increased by 8.7% during the first six months of 2023, as compared
to the comparable period of 2022.
Net Cash Provided by Operating Activities and
Liquidity:
Net Cash Provided by Operating Activities:
During the six-month period ended June
30, 2023, our net cash provided by operating activities was
$654 million as compared to
$478 million during the first six
months of 2022. Included in the $176
million net increase in our net cash provided by operating
activities was a favorable change of $119
million in other working capital accounts due primarily to
the timing of disbursements for accrued compensation and accounts
payable.
Liquidity:
As of June 30, 2023, we had
$946 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:
As of December 31, 2022, we had an
aggregate remaining repurchase authorization of approximately
$947 million pursuant to our 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 second quarter of 2023, we have repurchased 758,578
shares at an aggregate cost of approximately $113.4 million (approximately $150 per share) pursuant to the program. During
the first six months of 2023, we have repurchased approximately 1.4
million shares at an aggregate cost of approximately $192.1 million (approximately $136 per share) pursuant to the program.
As of June 30, 2023, we had an
aggregate available repurchase authorization of approximately
$755 million.
Revised 2023 Operating Results Forecasts:
Based upon the operating trends and financial results
experienced during the first six months of 2023, as indicated on
the Revised Forecast table below, we are increasing the
lower end of our 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"), and
adjusted net income attributable to UHS per diluted share
("Adjusted EPS-diluted") for the year ended December 31, 2023. The higher end of the 2023
guidance range for these metrics is remaining substantially
unchanged.
The tables below include our revised 2023 operating results
forecasts for the year ended December 31,
2023, as well as our original 2023 operating results
forecast which was previously disclosed on February 27, 2023.
|
Revised
Forecast
|
|
Original
Forecast
|
|
For the Year
Ended
|
|
For the Year
Ended
|
|
December 31,
2023
|
|
December 31,
2023
|
|
Low
|
High
|
|
Low
|
High
|
Net revenues
|
$14.130
billion
|
$14.330
billion
|
|
$14.044
billion
|
$14.314
billion
|
Adjusted EBITDA, net of
NCI
|
$1.696
billion
|
$1.756
billion
|
|
$1.662
billion
|
$1.753
billion
|
Adjusted EPS –
diluted
|
$9.85 per
share
|
$10.50 per
share
|
|
$9.50 per
share
|
$10.50 per
share
|
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, 2022 and our Form 10-Q
for the quarter ended March 31, 2023.
Please see the schedule of Supplemental Non-GAAP Disclosures -
2023 Revised Operating Results Forecast, as included herein for
additional information and a reconciliation to the financial
forecasts as computed in accordance with GAAP. In addition,
the 2023 revised forecasted amounts exclude the impact of certain
future items, if applicable, including those as outlined below in
General Information, Forward-Looking Statements and Risk Factors
and Non-GAAP Financial Measures.
Conference call information:
We will hold a conference call for investors and analysts at
9:00 a.m. eastern time on
July 26, 2023. 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.
has built an impressive record of achievement and performance.
Growing steadily since our inception into an esteemed Fortune 500
corporation, our annual revenues during 2022 were approximately
$13.4 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 93,800 employees and, through its
subsidiaries, operates 27 inpatient acute care hospitals, 331
inpatient behavioral health facilities, 42 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 the potential 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
2-Forward Looking Statements and Risk Factors in our Form 10-Q
for the quarter ended March 31, 2023
and 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,
2022), 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:
- The nationwide shortage of nurses and other clinical staff and
support personnel has been a significant operating issue facing us
and other healthcare providers. In some areas, the labor scarcity
is putting a strain on our resources and staff, which has required
us to utilize higher‑cost temporary labor and pay premiums above
standard compensation for essential workers. These factors, which
had a material unfavorable impact on our results of operations
during 2022, could continue to have an unfavorable material impact
on our results of operations for the foreseeable future.
- The impact of the COVID-19 pandemic, which began in March,
2020, has had a material effect on our operations and financial
results, at various times, since that time. We cannot predict if
there will be future disruptions caused by the COVID‑19 pandemic.
- 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.
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 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-Q for the quarter ended March 31,
2023 and our Report on Form 10-K for the year ended
December 31, 2022. 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
|
|
Six months
|
|
ended June
30,
|
|
ended June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Net revenues
|
$3,548,138
|
|
$3,323,407
|
|
$7,015,656
|
|
$6,616,363
|
|
|
|
|
|
|
|
|
Operating charges:
|
|
|
|
|
|
|
|
Salaries,
wages and benefits
|
1,770,271
|
|
1,691,472
|
|
3,523,606
|
|
3,383,742
|
Other
operating expenses
|
938,314
|
|
867,885
|
|
1,817,265
|
|
1,688,819
|
Supplies
expense
|
380,294
|
|
354,993
|
|
760,283
|
|
726,066
|
Depreciation and amortization
|
143,744
|
|
143,850
|
|
285,365
|
|
287,634
|
Lease and
rental expense
|
35,387
|
|
31,773
|
|
70,309
|
|
63,811
|
|
3,268,010
|
|
3,089,973
|
|
6,456,828
|
|
6,150,072
|
|
|
|
|
|
|
|
|
Income from
operations
|
280,128
|
|
233,434
|
|
558,828
|
|
466,291
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
48,831
|
|
25,676
|
|
99,707
|
|
47,349
|
Other (income) expense,
net
|
6,602
|
|
(1,972)
|
|
20,325
|
|
9,229
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
224,695
|
|
209,730
|
|
438,796
|
|
409,713
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
55,393
|
|
50,949
|
|
107,119
|
|
99,911
|
|
|
|
|
|
|
|
|
Net income
|
169,302
|
|
158,781
|
|
331,677
|
|
309,802
|
|
|
|
|
|
|
|
|
Less: Net income
(loss) attributable to
|
|
|
|
|
|
|
|
noncontrolling
interests ("NCI")
|
(2,011)
|
|
(5,281)
|
|
(2,751)
|
|
(8,173)
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$171,313
|
|
$164,062
|
|
$334,428
|
|
$317,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS (a)
|
$2.44
|
|
$2.22
|
|
$4.75
|
|
$4.27
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS (a)
|
$2.42
|
|
$2.20
|
|
$4.70
|
|
$4.22
|
Universal Health Services, Inc.
|
Footnotes to Consolidated Statements of
Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Six months
|
(a) Earnings per share
calculation:
|
ended June
30,
|
|
ended June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Basic and diluted:
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$171,313
|
|
$164,062
|
|
$334,428
|
|
$317,975
|
Less: Net income
attributable to unvested restricted share grants
|
(61)
|
|
(164)
|
|
(190)
|
|
(413)
|
Net income attributable
to UHS - basic and diluted
|
$171,252
|
|
$163,898
|
|
$334,238
|
|
$317,562
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares - basic
|
70,073
|
|
73,682
|
|
70,304
|
|
74,356
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS:
|
$2.44
|
|
$2.22
|
|
$4.75
|
|
$4.27
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares
|
70,073
|
|
73,682
|
|
70,304
|
|
74,356
|
Add: Other share
equivalents
|
766
|
|
753
|
|
859
|
|
882
|
Weighted average number
of common shares and equiv. - diluted
|
70,839
|
|
74,435
|
|
71,163
|
|
75,238
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS:
|
$2.42
|
|
$2.20
|
|
$4.70
|
|
$4.22
|
Universal Health Services, Inc.
|
Schedule of Non-GAAP Supplemental Information
("Supplemental Schedule")
|
For the Three Months ended June 30, 2023 and
2022
|
(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
|
|
June 30, 2023
|
|
revenues
|
|
June 30, 2022
|
|
revenues
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$171,313
|
|
|
|
$164,062
|
|
|
Depreciation and amortization
|
143,744
|
|
|
|
143,850
|
|
|
Interest
expense, net
|
48,831
|
|
|
|
25,676
|
|
|
Provision
for income taxes
|
55,393
|
|
|
|
50,949
|
|
|
EBITDA net of
NCI
|
$419,281
|
|
11.8 %
|
|
$384,537
|
|
11.6 %
|
|
|
|
|
|
|
|
|
Other (income) expense,
net
|
6,602
|
|
|
|
(1,972)
|
|
|
Adjusted EBITDA net of
NCI
|
$425,883
|
|
12.0 %
|
|
$382,565
|
|
11.5 %
|
|
|
|
|
|
|
|
|
Net revenues
|
$3,548,138
|
|
|
|
$3,323,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Net Income Attributable to
UHS
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
June 30, 2023
|
|
June 30, 2022
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted Share
|
|
Amount
|
|
Diluted Share
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$171,313
|
|
$2.42
|
|
$164,062
|
|
$2.20
|
Plus/minus after-tax
adjustments:
|
|
|
|
|
|
|
|
Unrealized loss (gain)
on equity securities
|
8,051
|
|
0.11
|
|
(153)
|
|
-
|
Subtotal
adjustments
|
8,051
|
|
0.11
|
|
(153)
|
|
-
|
Adjusted net income
attributable to UHS
|
$179,364
|
|
$2.53
|
|
$163,909
|
|
$2.20
|
Universal Health Services, Inc.
|
Schedule of Non-GAAP Supplemental Information
("Supplemental Schedule")
|
For the Six Months ended June 30, 2023 and
2022
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
Calculation of Earnings/Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
% Net
|
|
Six months
ended
|
|
% Net
|
|
June 30, 2023
|
|
revenues
|
|
June 30, 2022
|
|
revenues
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$334,428
|
|
|
|
$317,975
|
|
|
Depreciation and amortization
|
285,365
|
|
|
|
287,634
|
|
|
Interest
expense, net
|
99,707
|
|
|
|
47,349
|
|
|
Provision
for income taxes
|
107,119
|
|
|
|
99,911
|
|
|
EBITDA net of
NCI
|
$826,619
|
|
11.8 %
|
|
$752,869
|
|
11.4 %
|
|
|
|
|
|
|
|
|
Other (income) expense,
net
|
20,325
|
|
|
|
9,229
|
|
|
Adjusted EBITDA net of
NCI
|
$846,944
|
|
12.1 %
|
|
$762,098
|
|
11.5 %
|
|
|
|
|
|
|
|
|
Net revenues
|
$7,015,656
|
|
|
|
$6,616,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Net Income Attributable to
UHS
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
Six months
ended
|
|
June 30, 2023
|
|
June 30, 2022
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted Share
|
|
Amount
|
|
Diluted Share
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$334,428
|
|
$4.70
|
|
$317,975
|
|
$4.22
|
Plus/minus after-tax
adjustments:
|
|
|
|
|
|
|
|
Unrealized loss on
equity securities
|
12,512
|
|
0.17
|
|
9,384
|
|
0.13
|
Subtotal
adjustments
|
12,512
|
|
0.17
|
|
9,384
|
|
0.13
|
Adjusted net income
attributable to UHS
|
$346,940
|
|
$4.87
|
|
$327,359
|
|
$4.35
|
Universal Health Services, Inc.
|
Condensed Consolidated Balance
Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2022
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
79,451
|
|
$
|
102,818
|
Accounts receivable, net
|
|
|
2,103,478
|
|
|
2,017,722
|
Supplies
|
|
|
215,380
|
|
|
218,517
|
Other current assets
|
|
|
226,405
|
|
|
198,283
|
Total current assets
|
|
|
2,624,714
|
|
|
2,537,340
|
|
|
|
|
|
|
|
Property and
equipment
|
|
|
11,441,608
|
|
|
11,085,852
|
Less: accumulated
depreciation
|
|
|
(5,413,892)
|
|
|
(5,167,394)
|
|
|
|
6,027,716
|
|
|
5,918,458
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Goodwill
|
|
|
3,929,722
|
|
|
3,909,456
|
Deferred income taxes
|
|
|
109,773
|
|
|
68,397
|
Right of use assets-operating leases
|
|
|
446,618
|
|
|
454,650
|
Deferred charges
|
|
|
5,858
|
|
|
6,264
|
Other
|
|
|
587,908
|
|
|
599,623
|
Total Assets
|
|
$
|
13,732,309
|
|
$
|
13,494,188
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
111,357
|
|
$
|
81,447
|
Accounts payable and other liabilities
|
|
|
1,843,379
|
|
|
1,760,588
|
Operating lease liabilities
|
|
|
73,649
|
|
|
67,776
|
Federal and state taxes
|
|
|
6,962
|
|
|
4,608
|
Total current liabilities
|
|
|
2,035,347
|
|
|
1,914,419
|
|
|
|
|
|
|
|
Other noncurrent
liabilities
|
|
|
571,206
|
|
|
487,669
|
Operating lease
liabilities noncurrent
|
|
|
387,709
|
|
|
395,522
|
Long-term
debt
|
|
|
4,605,075
|
|
|
4,726,533
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
4,213
|
|
|
4,695
|
|
|
|
|
|
|
|
UHS common
stockholders' equity
|
|
|
6,087,182
|
|
|
5,920,582
|
Noncontrolling
interest
|
|
|
41,577
|
|
|
44,768
|
Total equity
|
|
|
6,128,759
|
|
|
5,965,350
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
13,732,309
|
|
$
|
13,494,188
|
Universal Health Services, Inc.
|
Consolidated Statements of Cash
Flows
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
Six months
|
|
ended June 30,
|
|
2023
|
|
2022
|
|
|
|
|
Cash Flows from Operating
Activities:
|
|
|
|
Net
income
|
$331,677
|
|
$309,802
|
Adjustments to reconcile net income to
net
|
|
|
|
cash provided by operating
activities:
|
|
|
|
Depreciation & amortization
|
285,365
|
|
287,634
|
(Gain)
loss on sale of assets and businesses
|
(6,250)
|
|
1,084
|
Stock-based compensation expense
|
43,062
|
|
41,640
|
Changes in assets & liabilities, net of
effects from
|
|
|
|
acquisitions and
dispositions:
|
|
|
|
Accounts
receivable
|
(82,078)
|
|
(89,729)
|
Accrued
interest
|
(107)
|
|
1,329
|
Accrued
and deferred income taxes
|
(32,695)
|
|
(34,260)
|
Other
working capital accounts
|
20,216
|
|
(98,811)
|
Medicare
accelerated payments and deferred CARES Act and other
grants
|
2,741
|
|
5,339
|
Other
assets and deferred charges
|
32,746
|
|
30,278
|
Other
|
15,471
|
|
(15,763)
|
Accrued
insurance expense, net of commercial premiums paid
|
95,157
|
|
97,570
|
Payments
made in settlement of self-insurance claims
|
(51,604)
|
|
(58,066)
|
Net cash provided by operating activities
|
653,701
|
|
478,047
|
|
|
|
|
Cash Flows from Investing
Activities:
|
|
|
|
Property
and equipment additions
|
(336,664)
|
|
(407,962)
|
Proceeds
received from sales of assets and businesses
|
23,688
|
|
10,232
|
Acquisition of businesses and property
|
(3,728)
|
|
(12,485)
|
(Outflows)
inflows from foreign exchange contracts that hedge our net U.K.
investment
|
(31,305)
|
|
84,535
|
Decrease
in capital reserves of commercial insurance subsidiary
|
0
|
|
100
|
Net cash used in investing activities
|
(348,009)
|
|
(325,580)
|
|
|
|
|
Cash Flows from Financing
Activities:
|
|
|
|
Repayments
of long-term debt
|
(93,557)
|
|
(226,854)
|
Additional
borrowings
|
0
|
|
700,000
|
Financing
costs
|
(293)
|
|
(2,387)
|
Repurchase
of common shares
|
(209,756)
|
|
(565,182)
|
Dividends
paid
|
(28,263)
|
|
(29,641)
|
Issuance
of common stock
|
6,598
|
|
6,661
|
Profit
distributions to noncontrolling interests
|
(4,735)
|
|
(5,323)
|
Purchase
(sale) of ownership interests by (from) minority members
|
407
|
|
(1,307)
|
Net cash used in financing activities
|
(329,599)
|
|
(124,033)
|
|
|
|
|
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash
|
2,377
|
|
(5,457)
|
Decrease (increase) in
cash, cash equivalents and restricted cash
|
(21,530)
|
|
22,977
|
Cash, cash equivalents
and restricted cash, beginning of period
|
200,837
|
|
178,934
|
Cash, cash equivalents
and restricted cash, end of period
|
$179,307
|
|
$201,911
|
|
|
|
|
Supplemental Disclosures of Cash Flow
Information:
|
|
|
|
Interest
paid
|
$97,297
|
|
$43,796
|
|
|
|
|
Income taxes
paid, net of refunds
|
$133,840
|
|
$145,448
|
|
|
|
|
Noncash
purchases of property and equipment
|
$100,461
|
|
$112,420
|
Universal Health Services, Inc.
|
Supplemental Statistical
Information
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
%
Change
|
|
|
|
|
|
|
|
3 Months
ended
|
|
6 Months
ended
|
Same Facility:
|
|
|
|
|
|
|
6/30/2023
|
|
6/30/2023
|
|
|
|
|
|
|
|
|
|
|
Acute Care Hospitals
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
9.7 %
|
|
6.6 %
|
Adjusted
Admissions
|
|
|
|
|
|
|
7.7 %
|
|
9.1 %
|
Adjusted Patient
Days
|
|
|
|
|
|
|
6.9 %
|
|
5.2 %
|
Revenue Per Adjusted
Admission
|
|
|
|
|
|
|
1.3 %
|
|
-3.3 %
|
Revenue Per Adjusted
Patient Day
|
|
|
|
|
|
|
2.0 %
|
|
0.3 %
|
|
|
|
|
|
|
|
|
|
|
Behavioral Health Hospitals
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
7.8 %
|
|
8.7 %
|
Adjusted
Admissions
|
|
|
|
|
|
|
3.3 %
|
|
5.4 %
|
Adjusted Patient
Days
|
|
|
|
|
|
|
1.5 %
|
|
3.1 %
|
Revenue Per Adjusted
Admission
|
|
|
|
|
|
|
4.4 %
|
|
3.3 %
|
Revenue Per Adjusted
Patient Day
|
|
|
|
|
|
|
6.2 %
|
|
5.6 %
|
|
|
|
|
|
|
|
|
|
|
UHS Consolidated
|
|
|
Second Quarter
Ended
|
|
Six Months
Ended
|
|
|
|
6/30/2023
|
|
6/30/2022
|
|
6/30/2023
|
|
6/30/2022
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$3,548,138
|
|
$3,323,407
|
|
$7,015,656
|
|
$6,616,363
|
EBITDA net of
NCI
|
|
|
$419,281
|
|
$384,537
|
|
$826,619
|
|
$752,869
|
EBITDA Margin net of
NCI
|
|
|
11.8 %
|
|
11.6 %
|
|
11.8 %
|
|
11.4 %
|
Adjusted EBITDA net of
NCI
|
|
|
$425,883
|
|
$382,565
|
|
$846,944
|
|
$762,098
|
Adjusted EBITDA Margin
net of NCI
|
|
|
12.0 %
|
|
11.5 %
|
|
12.1 %
|
|
11.5 %
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From
Operations
|
|
|
$362,948
|
|
$32,614
|
|
$653,701
|
|
$478,047
|
Days Sales
Outstanding
|
|
|
54
|
|
50
|
|
54
|
|
50
|
Capital
Expenditures
|
|
|
$167,912
|
|
$207,960
|
|
$336,664
|
|
$407,962
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
$4,716,432
|
|
$4,665,409
|
UHS' Shareholders
Equity
|
|
|
|
|
|
|
$6,087,182
|
|
$5,814,660
|
Debt / Total
Capitalization
|
|
|
|
|
|
|
43.7 %
|
|
44.5 %
|
Debt / EBITDA net of
NCI (1)
|
|
|
|
|
|
|
2.83
|
|
2.81
|
Debt / Adjusted EBITDA
net of NCI (1)
|
|
|
|
|
|
2.70
|
|
2.81
|
Debt / Cash From
Operations (1)
|
|
|
|
|
|
|
4.03
|
|
3.76
|
|
|
|
|
|
|
|
|
|
|
(1) Latest 4
quarters.
|
|
|
|
|
|
|
|
|
|
Universal Health Services, Inc.
|
Acute Care Hospital Services
|
For the Three and Six
Months ended
|
June 30, 2023 and
2022
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Facility Basis
- Acute Care Hospital Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Three months ended
|
|
Six months ended
|
|
Six months ended
|
|
|
June 30, 2023
|
|
June 30, 2022
|
|
June 30, 2023
|
|
June 30, 2022
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
|
|
$1,953,269
|
|
100.0 %
|
|
$1,779,801
|
|
100.0 %
|
|
$3,842,349
|
|
100.0 %
|
|
$3,604,498
|
|
100.0 %
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
828,503
|
|
42.4 %
|
|
799,804
|
|
44.9 %
|
|
1,639,056
|
|
42.7 %
|
|
1,611,447
|
|
44.7 %
|
Other operating
expenses
|
|
548,713
|
|
28.1 %
|
|
469,560
|
|
26.4 %
|
|
1,041,113
|
|
27.1 %
|
|
904,030
|
|
25.1 %
|
Supplies
expense
|
|
323,746
|
|
16.6 %
|
|
292,303
|
|
16.4 %
|
|
640,002
|
|
16.7 %
|
|
602,385
|
|
16.7 %
|
Depreciation and
amortization
|
|
91,511
|
|
4.7 %
|
|
89,980
|
|
5.1 %
|
|
178,438
|
|
4.6 %
|
|
181,744
|
|
5.0 %
|
Lease and rental
expense
|
|
23,639
|
|
1.2 %
|
|
20,204
|
|
1.1 %
|
|
47,231
|
|
1.2 %
|
|
40,909
|
|
1.1 %
|
Subtotal-operating
expenses
|
|
1,816,112
|
|
93.0 %
|
|
1,671,851
|
|
93.9 %
|
|
3,545,840
|
|
92.3 %
|
|
3,340,515
|
|
92.7 %
|
Income from
operations
|
|
137,157
|
|
7.0 %
|
|
107,950
|
|
6.1 %
|
|
296,509
|
|
7.7 %
|
|
263,983
|
|
7.3 %
|
Interest expense,
net
|
|
(503)
|
|
(0.0) %
|
|
478
|
|
0.0 %
|
|
(1,080)
|
|
(0.0) %
|
|
1,116
|
|
0.0 %
|
Other (income) expense,
net
|
|
0
|
|
-
|
|
221
|
|
0.0 %
|
|
6,213
|
|
0.2 %
|
|
422
|
|
0.0 %
|
Income before income
taxes
|
|
$137,660
|
|
7.0 %
|
|
$107,251
|
|
6.0 %
|
|
$291,376
|
|
7.6 %
|
|
$262,445
|
|
7.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Acute Care
Hospital Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Three months ended
|
|
Six months ended
|
|
Six months ended
|
|
|
June 30, 2023
|
|
June 30, 2022
|
|
June 30, 2023
|
|
June 30, 2022
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
|
|
$2,003,079
|
|
100.0 %
|
|
$1,875,516
|
|
100.0 %
|
|
$3,976,611
|
|
100.0 %
|
|
$3,787,832
|
|
100.0 %
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
836,331
|
|
41.8 %
|
|
829,040
|
|
44.2 %
|
|
1,680,291
|
|
42.3 %
|
|
1,672,946
|
|
44.2 %
|
Other operating
expenses
|
|
590,616
|
|
29.5 %
|
|
532,504
|
|
28.4 %
|
|
1,134,916
|
|
28.5 %
|
|
1,014,582
|
|
26.8 %
|
Supplies
expense
|
|
327,650
|
|
16.4 %
|
|
302,728
|
|
16.1 %
|
|
655,710
|
|
16.5 %
|
|
624,155
|
|
16.5 %
|
Depreciation and
amortization
|
|
94,304
|
|
4.7 %
|
|
95,004
|
|
5.1 %
|
|
187,630
|
|
4.7 %
|
|
189,538
|
|
5.0 %
|
Lease and rental
expense
|
|
24,035
|
|
1.2 %
|
|
20,482
|
|
1.1 %
|
|
48,189
|
|
1.2 %
|
|
41,334
|
|
1.1 %
|
Subtotal-operating
expenses
|
|
1,872,936
|
|
93.5 %
|
|
1,779,758
|
|
94.9 %
|
|
3,706,736
|
|
93.2 %
|
|
3,542,555
|
|
93.5 %
|
Income from
operations
|
|
130,143
|
|
6.5 %
|
|
95,758
|
|
5.1 %
|
|
269,875
|
|
6.8 %
|
|
245,277
|
|
6.5 %
|
Interest expense,
net
|
|
(503)
|
|
(0.0) %
|
|
478
|
|
0.0 %
|
|
(1,080)
|
|
(0.0) %
|
|
1,116
|
|
0.0 %
|
Other (income) expense,
net
|
|
119
|
|
0.0 %
|
|
221
|
|
0.0 %
|
|
7,132
|
|
0.2 %
|
|
422
|
|
0.0 %
|
Income before income
taxes
|
|
$130,527
|
|
6.5 %
|
|
$95,059
|
|
5.1 %
|
|
$263,823
|
|
6.6 %
|
|
$243,739
|
|
6.4 %
|
|
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, 2022 and Form 10-Q for the quarter ended March 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 and Six
Months ended
|
June 30, 2023 and
2022
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Facility -
Behavioral Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Three months ended
|
|
Six months ended
|
|
Six months ended
|
|
|
June 30, 2023
|
|
June 30, 2022
|
|
June 30, 2023
|
|
June 30, 2022
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
|
|
$1,517,005
|
|
100.0 %
|
|
$1,407,147
|
|
100.0 %
|
|
$2,976,724
|
|
100.0 %
|
|
$2,737,959
|
|
100.0 %
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
843,222
|
|
55.6 %
|
|
767,333
|
|
54.5 %
|
|
1,649,168
|
|
55.4 %
|
|
1,513,493
|
|
55.3 %
|
Other operating
expenses
|
|
296,203
|
|
19.5 %
|
|
274,146
|
|
19.5 %
|
|
573,572
|
|
19.3 %
|
|
542,694
|
|
19.8 %
|
Supplies
expense
|
|
53,773
|
|
3.5 %
|
|
52,373
|
|
3.7 %
|
|
106,103
|
|
3.6 %
|
|
101,991
|
|
3.7 %
|
Depreciation and
amortization
|
|
46,554
|
|
3.1 %
|
|
45,280
|
|
3.2 %
|
|
91,555
|
|
3.1 %
|
|
90,762
|
|
3.3 %
|
Lease and rental
expense
|
|
11,203
|
|
0.7 %
|
|
10,415
|
|
0.7 %
|
|
21,785
|
|
0.7 %
|
|
20,676
|
|
0.8 %
|
Subtotal-operating
expenses
|
|
1,250,955
|
|
82.5 %
|
|
1,149,547
|
|
81.7 %
|
|
2,442,183
|
|
82.0 %
|
|
2,269,616
|
|
82.9 %
|
Income from
operations
|
|
266,050
|
|
17.5 %
|
|
257,600
|
|
18.3 %
|
|
534,541
|
|
18.0 %
|
|
468,343
|
|
17.1 %
|
Interest expense,
net
|
|
993
|
|
0.1 %
|
|
1,360
|
|
0.1 %
|
|
2,071
|
|
0.1 %
|
|
2,587
|
|
0.1 %
|
Other (income) expense,
net
|
|
(733)
|
|
(0.0) %
|
|
(643)
|
|
(0.0) %
|
|
(1,309)
|
|
(0.0) %
|
|
(758)
|
|
(0.0) %
|
Income before income
taxes
|
|
265,790
|
|
17.5 %
|
|
$256,883
|
|
18.3 %
|
|
$533,779
|
|
17.9 %
|
|
$466,514
|
|
17.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Behavioral
Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Three months ended
|
|
Six months ended
|
|
Six months ended
|
|
|
June 30, 2023
|
|
June 30, 2022
|
|
June 30, 2023
|
|
June 30, 2022
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
|
|
$1,542,194
|
|
100.0 %
|
|
$1,433,920
|
|
100.0 %
|
|
$3,032,683
|
|
100.0 %
|
|
$2,800,387
|
|
100.0 %
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
844,308
|
|
54.7 %
|
|
773,966
|
|
54.0 %
|
|
1,654,094
|
|
54.5 %
|
|
1,527,852
|
|
54.6 %
|
Other operating
expenses
|
|
322,518
|
|
20.9 %
|
|
299,782
|
|
20.9 %
|
|
627,750
|
|
20.7 %
|
|
598,249
|
|
21.4 %
|
Supplies
expense
|
|
53,837
|
|
3.5 %
|
|
52,655
|
|
3.7 %
|
|
106,325
|
|
3.5 %
|
|
102,832
|
|
3.7 %
|
Depreciation and
amortization
|
|
46,778
|
|
3.0 %
|
|
45,863
|
|
3.2 %
|
|
92,397
|
|
3.0 %
|
|
91,942
|
|
3.3 %
|
Lease and rental
expense
|
|
11,255
|
|
0.7 %
|
|
10,973
|
|
0.8 %
|
|
21,923
|
|
0.7 %
|
|
21,793
|
|
0.8 %
|
Subtotal-operating
expenses
|
|
1,278,696
|
|
82.9 %
|
|
1,183,239
|
|
82.5 %
|
|
2,502,489
|
|
82.5 %
|
|
2,342,668
|
|
83.7 %
|
Income from
operations
|
|
263,498
|
|
17.1 %
|
|
250,681
|
|
17.5 %
|
|
530,194
|
|
17.5 %
|
|
457,719
|
|
16.3 %
|
Interest expense,
net
|
|
993
|
|
0.1 %
|
|
1,366
|
|
0.1 %
|
|
2,204
|
|
0.1 %
|
|
2,731
|
|
0.1 %
|
Other (income) expense,
net
|
|
(1,188)
|
|
(0.1) %
|
|
(643)
|
|
(0.0) %
|
|
(2,059)
|
|
(0.1) %
|
|
(758)
|
|
(0.0) %
|
Income before income
taxes
|
|
263,693
|
|
17.1 %
|
|
$249,958
|
|
17.4 %
|
|
$530,049
|
|
17.5 %
|
|
$455,746
|
|
16.3 %
|
|
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 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 in
the condensed consolidated financial statements and notes thereto
as contained in our Form 10-K for the year ended December 31, 2022
and Form 10-Q for the quarter ended March 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 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
|
June 30, 2023 and
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL HEALTH
|
|
|
6/30/23
|
|
6/30/22
|
|
% change
|
|
6/30/23
|
|
6/30/22
|
|
% change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
27
|
|
28
|
|
-3.6 %
|
|
331
|
|
333
|
|
-0.6 %
|
Average licensed
beds
|
|
6,624
|
|
6,971
|
|
-5.0 %
|
|
24,189
|
|
24,340
|
|
-0.6 %
|
Average available
beds
|
|
6,452
|
|
6,799
|
|
-5.1 %
|
|
24,089
|
|
24,240
|
|
-0.6 %
|
Patient days
|
|
384,373
|
|
375,955
|
|
2.2 %
|
|
1,588,575
|
|
1,574,715
|
|
0.9 %
|
Average daily
census
|
|
4,223.8
|
|
4,131.4
|
|
2.2 %
|
|
17,456.9
|
|
17,304.6
|
|
0.9 %
|
Occupancy-licensed
beds
|
|
63.8 %
|
|
59.3 %
|
|
7.6 %
|
|
72.2 %
|
|
71.1 %
|
|
1.5 %
|
Occupancy-available
beds
|
|
65.5 %
|
|
60.8 %
|
|
7.7 %
|
|
72.5 %
|
|
71.4 %
|
|
1.5 %
|
Admissions
|
|
79,100
|
|
76,713
|
|
3.1 %
|
|
119,656
|
|
116,627
|
|
2.6 %
|
Length of
stay
|
|
4.9
|
|
4.9
|
|
-0.8 %
|
|
13.3
|
|
13.4
|
|
-0.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$10,960,845
|
|
$9,706,731
|
|
12.9 %
|
|
$2,670,370
|
|
$2,561,553
|
|
4.2 %
|
Outpatient
revenue
|
|
7,515,780
|
|
6,206,039
|
|
21.1 %
|
|
281,036
|
|
268,489
|
|
4.7 %
|
Total patient
revenue
|
|
18,476,625
|
|
15,912,770
|
|
16.1 %
|
|
2,951,406
|
|
2,830,042
|
|
4.3 %
|
Other
revenue
|
|
240,899
|
|
202,975
|
|
18.7 %
|
|
73,926
|
|
75,359
|
|
-1.9 %
|
Gross hospital
revenue
|
|
18,717,524
|
|
16,115,745
|
|
16.1 %
|
|
3,025,332
|
|
2,905,401
|
|
4.1 %
|
Total
deductions
|
|
16,714,445
|
|
14,240,229
|
|
17.4 %
|
|
1,483,138
|
|
1,471,481
|
|
0.8 %
|
Net hospital
revenue
|
|
$2,003,079
|
|
$1,875,516
|
|
6.8 %
|
|
$1,542,194
|
|
$1,433,920
|
|
7.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL HEALTH
|
|
|
6/30/23
|
|
6/30/22
|
|
% change
|
|
6/30/23
|
|
6/30/22
|
|
% change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
27
|
|
27
|
|
0.0 %
|
|
330
|
|
330
|
|
0.0 %
|
Average licensed
beds
|
|
6,624
|
|
6,689
|
|
-1.0 %
|
|
24,063
|
|
23,991
|
|
0.3 %
|
Average available
beds
|
|
6,452
|
|
6,517
|
|
-1.0 %
|
|
23,963
|
|
23,891
|
|
0.3 %
|
Patient days
|
|
384,373
|
|
362,044
|
|
6.2 %
|
|
1,578,277
|
|
1,559,048
|
|
1.2 %
|
Average daily
census
|
|
4,223.8
|
|
3,978.5
|
|
6.2 %
|
|
17,343.7
|
|
17,132.4
|
|
1.2 %
|
Occupancy-licensed
beds
|
|
63.8 %
|
|
59.5 %
|
|
7.2 %
|
|
72.1 %
|
|
71.4 %
|
|
0.9 %
|
Occupancy-available
beds
|
|
65.5 %
|
|
61.0 %
|
|
7.2 %
|
|
72.4 %
|
|
71.7 %
|
|
0.9 %
|
Admissions
|
|
79,100
|
|
73,927
|
|
7.0 %
|
|
118,778
|
|
115,271
|
|
3.0 %
|
Length of
stay
|
|
4.9
|
|
4.9
|
|
-0.8 %
|
|
13.3
|
|
13.5
|
|
-1.8 %
|
Universal Health Services, Inc.
|
Selected Hospital Statistics
|
For the Six Months
ended
|
June 30, 2023 and
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL HEALTH
|
|
|
6/30/23
|
|
6/30/22
|
|
% change
|
|
6/30/23
|
|
6/30/22
|
|
% change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
27
|
|
28
|
|
-3.6 %
|
|
331
|
|
333
|
|
-0.6 %
|
Average licensed
beds
|
|
6,711
|
|
6,860
|
|
-2.2 %
|
|
24,210
|
|
24,291
|
|
-0.3 %
|
Average available
beds
|
|
6,539
|
|
6,688
|
|
-2.2 %
|
|
24,110
|
|
24,191
|
|
-0.3 %
|
Patient days
|
|
788,626
|
|
781,907
|
|
0.9 %
|
|
3,161,147
|
|
3,081,066
|
|
2.6 %
|
Average daily
census
|
|
4,357.0
|
|
4,319.9
|
|
0.9 %
|
|
17,464.9
|
|
17,022.5
|
|
2.6 %
|
Occupancy-licensed
beds
|
|
64.9 %
|
|
63.0 %
|
|
3.1 %
|
|
72.1 %
|
|
70.1 %
|
|
2.9 %
|
Occupancy-available
beds
|
|
66.6 %
|
|
64.6 %
|
|
3.2 %
|
|
72.4 %
|
|
70.4 %
|
|
2.9 %
|
Admissions
|
|
159,226
|
|
152,002
|
|
4.8 %
|
|
240,216
|
|
229,060
|
|
4.9 %
|
Length of
stay
|
|
5.0
|
|
5.1
|
|
-3.7 %
|
|
13.2
|
|
13.5
|
|
-2.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$22,362,336
|
|
$19,945,962
|
|
12.1 %
|
|
$5,298,360
|
|
$4,998,027
|
|
6.0 %
|
Outpatient
revenue
|
|
14,811,896
|
|
11,981,578
|
|
23.6 %
|
|
553,407
|
|
525,602
|
|
5.3 %
|
Total patient
revenue
|
|
37,174,232
|
|
31,927,540
|
|
16.4 %
|
|
5,851,767
|
|
5,523,629
|
|
5.9 %
|
Other
revenue
|
|
462,892
|
|
387,456
|
|
19.5 %
|
|
139,244
|
|
142,056
|
|
-2.0 %
|
Gross hospital
revenue
|
|
37,637,124
|
|
32,314,996
|
|
16.5 %
|
|
5,991,011
|
|
5,665,685
|
|
5.7 %
|
Total
deductions
|
|
33,660,513
|
|
28,527,164
|
|
18.0 %
|
|
2,958,328
|
|
2,865,298
|
|
3.2 %
|
Net hospital
revenue
|
|
$3,976,611
|
|
$3,787,832
|
|
5.0 %
|
|
$3,032,683
|
|
$2,800,387
|
|
8.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL HEALTH
|
|
|
6/30/23
|
|
6/30/22
|
|
% change
|
|
6/30/23
|
|
6/30/22
|
|
% change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
27
|
|
27
|
|
0.0 %
|
|
330
|
|
330
|
|
0.0 %
|
Average licensed
beds
|
|
6,538
|
|
6,578
|
|
-0.6 %
|
|
24,024
|
|
23,939
|
|
0.4 %
|
Average available
beds
|
|
6,366
|
|
6,406
|
|
-0.6 %
|
|
23,924
|
|
23,839
|
|
0.4 %
|
Patient days
|
|
776,943
|
|
752,308
|
|
3.3 %
|
|
3,136,187
|
|
3,047,895
|
|
2.9 %
|
Average daily
census
|
|
4,292.5
|
|
4,156.4
|
|
3.3 %
|
|
17,327.0
|
|
16,839.2
|
|
2.9 %
|
Occupancy-licensed
beds
|
|
65.7 %
|
|
63.2 %
|
|
3.9 %
|
|
72.1 %
|
|
70.3 %
|
|
2.5 %
|
Occupancy-available
beds
|
|
67.4 %
|
|
64.9 %
|
|
3.9 %
|
|
72.4 %
|
|
70.6 %
|
|
2.5 %
|
Admissions
|
|
156,837
|
|
146,434
|
|
7.1 %
|
|
237,799
|
|
226,006
|
|
5.2 %
|
Length of
stay
|
|
5.0
|
|
5.1
|
|
-3.6 %
|
|
13.2
|
|
13.5
|
|
-2.2 %
|
Universal Health Services, Inc.
|
Supplemental Non-GAAP Disclosures
|
2023 Revised Operating Results
Forecast
|
(in thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forecast For The Year Ending December 31,
2023
|
|
|
|
|
|
% Net
|
|
|
|
% Net
|
|
|
|
Low
|
|
revenues
|
|
High
|
|
revenues
|
Net revenues
|
|
|
$14,130,000
|
|
|
|
$14,330,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to UHS (a)
|
|
$693,483
|
|
|
|
$739,143
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
584,725
|
|
|
|
584,725
|
|
|
Interest
expense
|
|
|
198,996
|
|
|
|
198,996
|
|
|
Other (income)
expense, net
|
|
|
1,353
|
|
|
|
1,353
|
|
|
Provision for
income taxes
|
|
|
217,796
|
|
|
|
232,136
|
|
|
Adjusted EBITDA net of
NCI (b)
|
|
|
$1,696,353
|
|
12.0 %
|
|
$1,756,353
|
|
12.3 %
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to UHS, per diluted share (a)
|
$9.85
|
|
|
|
$10.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted earnings per share
|
70,332
|
|
|
|
70,322
|
|
|
|
(a) Adjusted net income
attributable to UHS/per diluted share are non-GAAP financial
measures. The 2023 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 changes in the market value
of shares of certain equity securities, 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, impairments of goodwill, 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 our forecasted assumptions.
It is also subject to certain conditions including those as set
forth in General Information, Forward-Looking Statements and
Risk Factors and Non-GAAP Financial Measures.
|
|
|
|
|
|
|
|
|
|
|
|
(b) 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 in our Form 10-K
for the year ended December 31, 2022 and Form 10-Q for the quarter
ended March 31, 2023.
|
View original
content:https://www.prnewswire.com/news-releases/universal-health-services-inc-announces-2023-second-quarter-financial-results-301885626.html
SOURCE Universal Health Services, Inc.