EX-99.1 2 uhs-ex99_1.htm EX-99.1 EX-99.1

第99.1展示文本

立即發佈

2024年10月24日

 

聯繫人:

Steve Filton

 

致富金融(臨時代碼)官

 

610-768-3300

 

 

universal health services, Inc.

宣佈2024年第三季度財務業績

 

 

經營業績彙總,按報告和調整後計算-截至2024年和2023年9月30日的三個月份期間:

賓夕法尼亞州金斯普林市 - universal health services宣佈,截至2024年第三季度該公司歸屬於UHS的淨利潤爲25870萬美元,每股攤薄收益爲3.80美元,而在2023年第三季度爲16700萬美元,每股攤薄收益爲2.40美元。淨收入同比增長11.2%,達到39.63億美元,而在2023年第三季度爲35.63億美元。

根據《非通用會計原則補充信息附表》顯示,我們在2024年第三季度調整後的淨利潤爲25250萬美元,每股攤薄收益爲3.71美元,相比之下,2023年第三季度爲17750萬美元,每股攤薄收益爲2.55美元。

根據附表顯示,2024年第三季度的報告結果中包括:(i) 由於某些股票市值上升而產生的230萬美元的未實現稅後收益,每股稀釋0.03美元(稅前300萬美元)(包括在「其他收入或支出,淨額」中);和(ii) 根據「ASU 2016-09」,《薪酬-股票補償:員工股權支付會計改進》,記錄的淨稅收益有利影響390萬美元,每股稀釋0.06美元,扣除根據鐵貨第162(m)條規定的高管薪酬限制的影響。

根據補充時間表反映,在2023年第三季度的業績中,由於某些股票市值下降,包括一筆稅後損失1050萬美元,每股攤薄虧損15美分(稅前1380萬美元)。

根據附表所計算的補充時間表,我們在2024年第三季度的利息、稅項、折舊和攤銷前利潤(「NCI扣除的EBITDA」,NCI是歸屬於非控股利益的淨利潤),爲52860萬美元,佔淨收入的13.3%,相比於2023年第三季度的41010萬美元,佔淨收入的11.5%。我們調整後的利息、稅項、折舊和攤銷前利潤(「調整後的NCI扣除的EBITDA」),排除其他收入/費用淨額的影響,爲52650萬美元,佔淨收入的13.3%,相比於2023年第三季度的42150萬美元,佔淨收入的11.8%。

2024年和2023年截至9月30日的合併運營成果,按照報告和調整後的數據:

UHS報告的淨利潤爲80970萬美元,每股稀釋後爲11.88美元,在2024年的頭九個月內,相比之下,2023年的頭九個月爲50140萬美元,每股稀釋後爲7.09美元。淨營收在2024年的頭九個月內增加了10.7%,達到117.14億美元,相比之下,2023年同期爲105.78億美元。

根據補充時間表顯示,2024年前九個月我們調整後的淨利潤歸屬於UHS爲79820萬美元,每股稀釋收益爲11.71美元,相比之下,2023年同期爲52450萬美元,每股稀釋收益爲7.42美元。


根據附表反映,在2024年前九個月的報告結果中包括:(i) 因某些股票市值下降而產生的未實現稅後損失400萬美元,每股稀釋股份0.06美元(稅前530萬美元)(計入「其他(收入)費用,淨」);以及(ii) 由於與ASU 2016-09相關錄得的上述淨稅收益帶來的有利淨稅後影響1550萬美元,每股稀釋股份0.23美元,減去根據鐵貨第162(m)條規定的高管薪酬限制所產生的影響後淨稅後影響。

根據補充附表顯示,我們在2023年前九個月報告的結果包括一項2300萬美元的未實現稅後損失,每股稀釋$0.33,(稅前3010萬美元),因特定權益證券市值下降而產生。

根據附表計算,2024年前九個月我們新華保險控股的息稅折舊及攤銷前利潤(EBITDA)淨額爲16.28億美元,佔淨營收的13.9%,相比之下,2023年前九個月爲12.37億美元,佔淨營收的11.7%。我們調整後的淨息稅折舊及攤銷前利潤(Adjusted EBITDA)淨額,不含其他收入支出淨額,2024年前九個月爲16.31億美元,佔淨營收的13.9%,相比之下,2023年同期爲12.68億美元,佔淨營收的12.0%。

急救服務-截至2024年和2023年9月30日的三個月和九個月期間:

2024年第三季度,我們所擁有的急救醫院(「同一設施基礎」)調整後入院人次(調整爲門診活動)增加了1.5%,而調整後病人住院天數增加了2.0%,與2023年第三季度相比。在這些醫療機構,2024年第三季度,每個調整後入院的淨營業收入增加了7.0%,而每個調整後病人每天的淨營業收入增加了6.5%,與2023年第三季度相比。2024年第三季度,從我們的急救護理服務中產生的淨營業收入,在同一設施基礎上增加了9.2%,與2023年第三季度相比。

2024年9月30日結束的九個月期間,與2023年前九個月相比,我們急救醫院的同一設施基礎上,調整後的入院人數增加了3.1%,而調整後的患者天數增加了2.3%。在這些設施中,2024年前九個月,每個調整後入院患者的淨營業收入增加了5.0%,而每個調整後患者日淨營業收入增加了5.8%,與2023年前九個月相比。2024年前九個月,我們急救醫療服務產生的淨收入,在同一設施的基礎上,與2023年的可比時期相比增長了8.5%。

行爲醫療保健服務-截至2024年和2023年9月30日的三個月和九個月期間:

在2024年第三季度,在我們的行爲健康護理設施中,按相同設施的基礎,調整後的入院人數增加了2.2%,而調整後的患者日增加了1.8%,與2023年第三季度相比。在這些設施中,在2024年第三季度,每調整後入院人數的淨營業收入增加了8.0%,每調整後患者日的淨營業收入增加了8.5%,與2023年第三季度相比。通過我們的行爲健康護理服務產生的淨營業收入,在同一設施的基礎上,在2024年第三季度相比於2023年第三季度增加了10.5%。

截至2024年9月30日的九個月期間,我們的行為醫療保健設施,在同一設施基礎上,調整後入院人次較2023年首九個月增加了0.3%,而調整後病人天數則增加了1.7%。在這些設施中,2024年首九個月,調整後每次入院的淨收入增加了10.1%,而每位調整後病人每天的淨收入則增加了8.7%,與2023年首九個月相比。2024年首九個月,我們的行為醫療保健服務產生的淨收入,在同一設施基礎上,較2023年同期增加了10.6%。

營運活動提供的淨現金流量和流動性:

經營活動提供的淨現金流量:

截至2024年9月30日的九個月期間,我們的營運活動提供的淨現金為14.09億美元,相較於2023年前九個月的81500萬美元。營運活動提供的淨現金增加了59300萬美元,其中包括:(i) 有利的變化35300萬美元,主要來自淨利潤加減折舊和攤銷費用、股份酬勞費用、資產和企業出售收益以及與償還債務相關的成本;(ii) 應收賬款有利變化20500萬美元;(iii) 其他資產有利變化6600萬美元。


營運資金帳戶;(iv) 其他資產及透支費用減值了5500萬美元,並且;(v) 其他合併淨有利變動為2400萬美元。

流動性:

根據2024年10月1日提交的8-k表格中先前披露的信息,2024年9月,我們完成了以下融資交易:

公開發行50000萬美元總額的截至2029年到期的4.625%優先擔保票據;
公開發行$50000萬總本金5.050%優先保障到期日為2034年的票據;
我們已修訂信貸協議爲:
o
將到期日延長至2029年9月(先前是2026年8月),
o
將循環信貸額度提高至13億美元(之前為12億美元),並且;
o
通過利用從2029年和2034年到期的上述優先擔保票據所產生的收益,將第A條款貸款設施的未償債務減少約10億至12億美元。

截至2024年9月30日,根據我們13億美元循環信貸協議,我們具有總計10.1億美元的可用借款額度,扣除未還借款和信用證。

股票回購計劃:

2024年7月,我們的董事會批准將我們的股票回購計劃增加10億。根據該計劃,我們的B類普通股可隨時根據市場情況通過公開市場或私下談判交易進行回購。

2024年第三季度,我們按計劃回購了658,000股,總成本約爲15390萬美元(約爲每股234美元)。2024年前九個月,我們按計劃回購了173.1萬股,總成本約爲34890萬美元(約爲每股202美元)。

As of September 30, 2024, we had an aggregate available repurchase authorization of approximately $1.074 billion.

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on October 25, 2024. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link.

Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

One of the nation’s largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the “Company”) has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues during 2023 were $14.282 billion. UHS ranked #299 on the Fortune 500; and #399 on Forbes’ list of America’s Largest Public Companies. UHS was again recognized as one of the World’s Most Admired Companies by Fortune.

Our operating philosophy is as effective today as it was upon the Company’s founding in 1979, enabling us to provide compassionate care to our patients and their loved ones. Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve.

Headquartered in King of Prussia, PA, UHS has approximately 96,700 employees and, through its subsidiaries, operates 27 inpatient acute care hospitals, 334 inpatient behavioral health facilities, 49 outpatient


facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 39 states, Washington, D.C., the United Kingdom and Puerto Rico. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information visit www.uhs.com.

This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarter ended June 30, 2024 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, 2023), may cause the results to differ materially from those anticipated in the forward-looking statements. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management’s view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to:

A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs, if adopted, could materially affect program payments which could materially impact our results of operations.
The increase in interest rates has substantially increased our borrowings costs and reduced our ability to access the capital markets on favorable terms. Additional increases in interest rates could have a significant unfavorable impact on our future results of operations and the resulting effect on the capital markets could adversely affect our ability to carry out our strategy.
The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the matters related to Cumberland Hospital for Children and Adolescents, located in New Kent, Virginia, as previously disclosed on Form 8-K on September 30, 2024, and the matter related to the Pavilion Behavioral Health System, located in Champaign, Illinois, as previously disclosed on Forms 8-K on April 1, 2024, September 30, 2024 and October 11, 2024, and Forms 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could have a material adverse effect on the Company.

We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures (“GAAP” is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect of material items impacting our net income attributable to UHS, such as, changes in the market value of shares of certain equity securities, the impact of ASU 2016-09 and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the


Securities and Exchange Commission including our Report on Form 10-Q for the quarter ended June 30, 2024 and our Report on Form 10-K for the year ended December 31, 2023. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

(more)

 


 

Universal Health Services, Inc.

 

Consolidated Statements of Income

 

(in thousands, except per share amounts)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

 

Nine months

 

 

 

ended September 30,

 

 

ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net revenues

 

$

3,963,027

 

 

 

3,562,774

 

 

$

11,714,213

 

 

 

10,578,430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

1,912,308

 

 

 

1,784,870

 

 

 

5,611,304

 

 

 

5,308,476

 

Other operating expenses

 

 

1,090,197

 

 

 

941,219

 

 

 

3,165,483

 

 

 

2,758,484

 

Supplies expense

 

 

390,250

 

 

 

378,667

 

 

 

1,181,886

 

 

 

1,138,950

 

Depreciation and amortization

 

 

149,567

 

 

 

137,195

 

 

 

438,050

 

 

 

422,560

 

Lease and rental expense

 

 

36,540

 

 

 

35,466

 

 

 

108,165

 

 

 

105,775

 

 

 

3,578,862

 

 

 

3,277,417

 

 

 

10,504,888

 

 

 

9,734,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

384,165

 

 

 

285,357

 

 

 

1,209,325

 

 

 

844,185

 

Interest expense, net

 

 

44,660

 

 

 

53,378

 

 

 

146,385

 

 

 

153,085

 

Other (income) expense, net

 

 

(2,028

)

 

 

11,472

 

 

 

3,315

 

 

 

31,797

 

Income before income taxes

 

 

341,533

 

 

 

220,507

 

 

 

1,059,625

 

 

 

659,303

 

Provision for income taxes

 

 

75,623

 

 

 

52,499

 

 

 

233,563

 

 

 

159,618

 

Net income

 

 

265,910

 

 

 

168,008

 

 

 

826,062

 

 

 

499,685

 

Less: Net income (loss) attributable to noncontrolling interests ("NCI")

 

 

7,196

 

 

 

1,019

 

 

 

16,362

 

 

 

(1,732

)

Net income attributable to UHS

 

$

258,714

 

 

$

166,989

 

 

$

809,700

 

 

$

501,417

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS (a)

 

$

3.89

 

 

$

2.42

 

 

$

12.11

 

 

$

7.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to UHS (a)

 

$

3.80

 

 

$

2.40

 

 

$

11.88

 

 

$

7.09

 

 


Universal Health Services, Inc.

 

Footnotes to Consolidated Statements of Income

 

(in thousands, except per share amounts)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months

 

 

Nine months

 

 

 

ended September 30,

 

 

ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(a) Earnings per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to UHS

 

$

258,714

 

 

$

166,989

 

 

$

809,700

 

 

$

501,417

 

Less: Net income attributable to unvested restricted share grants

 

 

0

 

 

 

(52

)

 

 

(50

)

 

 

(242

)

Net income attributable to UHS - basic and diluted

 

$

258,714

 

 

$

166,937

 

 

$

809,650

 

 

$

501,175

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

 

66,537

 

 

 

68,867

 

 

 

66,873

 

 

 

69,825

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS:

 

$

3.89

 

 

$

2.42

 

 

$

12.11

 

 

$

7.18

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares

 

 

66,537

 

 

 

68,867

 

 

 

66,873

 

 

 

69,825

 

Add: Other share equivalents

 

 

1,571

 

 

 

757

 

 

 

1,297

 

 

 

825

 

Weighted average number of common shares and equiv. - diluted

 

 

68,108

 

 

 

69,624

 

 

 

68,170

 

 

 

70,650

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to UHS:

 

$

3.80

 

 

$

2.40

 

 

$

11.88

 

 

$

7.09

 

 


Universal Health Services, Inc.

 

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

 

For the Three Months ended September 30, 2024 and 2023

 

(in thousands, except per share amounts)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

% Net

 

 

Three months ended

 

 

% Net

 

 

September 30, 2024

 

 

revenues

 

 

September 30, 2023

 

 

revenues

 

Net income attributable to UHS

$

258,714

 

 

 

 

 

$

166,989

 

 

 

 

   Depreciation and amortization

 

149,567

 

 

 

 

 

 

137,195

 

 

 

 

   Interest expense, net

 

44,660

 

 

 

 

 

 

53,378

 

 

 

 

   Provision for income taxes

 

75,623

 

 

 

 

 

 

52,499

 

 

 

 

EBITDA net of NCI

$

528,564

 

 

 

13.3

%

 

$

410,061

 

 

 

11.5

%

Other (income) expense, net

 

(2,028

)

 

 

 

 

 

11,472

 

 

 

 

Adjusted EBITDA net of NCI

$

526,536

 

 

 

13.3

%

 

$

421,533

 

 

 

11.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

$

3,963,027

 

 

 

 

 

$

3,562,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Adjusted Net Income Attributable to UHS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Three months ended

 

 

September 30, 2024

 

 

September 30, 2023

 

 

 

 

 

Per

 

 

 

 

 

Per

 

 

Amount

 

 

Diluted Share

 

 

Amount

 

 

Diluted Share

 

Net income attributable to UHS

$

258,714

 

 

$

3.80

 

 

$

166,989

 

 

$

2.40

 

Plus/minus after-tax adjustments:

 

 

 

 

 

 

 

 

 

 

 

Unrealized (gain) loss on equity securities

 

(2,275

)

 

 

(0.03

)

 

 

10,528

 

 

 

0.15

 

Impact of ASU 2016-09, net

 

(3,928

)

 

 

(0.06

)

 

 

-

 

 

 

-

 

Subtotal adjustments

 

(6,203

)

 

 

(0.09

)

 

 

10,528

 

 

 

0.15

 

Adjusted net income attributable to UHS

$

252,511

 

 

$

3.71

 

 

$

177,517

 

 

$

2.55

 

 


Universal Health Services, Inc.

 

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

 

For the Nine Months ended September 30, 2024 and 2023

 

(in thousands, except per share amounts)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

% Net

 

 

Nine months ended

 

 

% Net

 

 

September 30, 2024

 

 

revenues

 

 

September 30, 2023

 

 

revenues

 

Net income attributable to UHS

$

809,700

 

 

 

 

 

$

501,417

 

 

 

 

   Depreciation and amortization

 

438,050

 

 

 

 

 

 

422,560

 

 

 

 

   Interest expense, net

 

146,385

 

 

 

 

 

 

153,085

 

 

 

 

   Provision for income taxes

 

233,563

 

 

 

 

 

 

159,618

 

 

 

 

EBITDA net of NCI

$

1,627,698

 

 

 

13.9

%

 

$

1,236,680

 

 

 

11.7

%

Other (income) expense, net

 

3,315

 

 

 

 

 

 

31,797

 

 

 

 

Adjusted EBITDA net of NCI

$

1,631,013

 

 

 

13.9

%

 

$

1,268,477

 

 

 

12.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

$

11,714,213

 

 

 

 

 

$

10,578,430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Adjusted Net Income Attributable to UHS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended

 

 

Nine months ended

 

 

September 30, 2024

 

 

September 30, 2023

 

 

 

 

 

Per

 

 

 

 

 

Per

 

 

Amount

 

 

Diluted Share

 

 

Amount

 

 

Diluted Share

 

Net income attributable to UHS

$

809,700

 

 

$

11.88

 

 

$

501,417

 

 

$

7.09

 

Plus/minus after-tax adjustments:

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on equity securities

$

4,038

 

 

 

0.06

 

 

 

23,040

 

 

 

0.33

 

Impact of ASU 2016-09, net

 

(15,540

)

 

 

(0.23

)

 

 

-

 

 

 

-

 

Subtotal adjustments

 

(11,502

)

 

 

(0.17

)

 

 

23,040

 

 

 

0.33

 

Adjusted net income attributable to UHS

$

798,198

 

 

$

11.71

 

 

$

524,457

 

 

$

7.42

 

 


Universal Health Services, Inc.

 

Condensed Consolidated Balance Sheets

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

106,077

 

 

$

119,439

 

Accounts receivable, net

 

 

2,214,268

 

 

 

2,238,265

 

Supplies

 

 

220,062

 

 

 

216,988

 

Other current assets

 

 

261,549

 

 

 

236,658

 

Total current assets

 

 

2,801,956

 

 

 

2,811,350

 

 

 

 

 

 

 

Property and equipment

 

 

12,448,230

 

 

 

11,777,047

 

Less: accumulated depreciation

 

 

(6,005,664

)

 

 

(5,652,518

)

 

 

6,442,566

 

 

 

6,124,529

 

Other assets:

 

 

 

 

 

 

Goodwill

 

 

3,965,492

 

 

 

3,932,407

 

Deferred income taxes

 

 

121,904

 

 

 

85,626

 

Right of use assets-operating leases

 

 

421,441

 

 

 

433,962

 

Deferred charges

 

 

9,705

 

 

 

6,974

 

Other

 

 

590,784

 

 

 

572,754

 

Total Assets

 

$

14,353,848

 

 

$

13,967,602

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current maturities of long-term debt

 

$

38,351

 

 

$

126,686

 

Accounts payable and other liabilities

 

 

1,896,234

 

 

 

1,813,015

 

Operating lease liabilities

 

 

72,801

 

 

 

71,600

 

Federal and state taxes

 

 

3,802

 

 

 

2,046

 

Total current liabilities

 

 

2,011,188

 

 

 

2,013,347

 

 

 

 

 

 

 

Other noncurrent liabilities

 

 

660,247

 

 

 

584,007

 

Operating lease liabilities noncurrent

 

 

377,644

 

 

 

382,559

 

Long-term debt

 

 

4,618,060

 

 

 

4,785,783

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

5,623

 

 

 

5,191

 

 

 

 

 

 

 

UHS common stockholders' equity

 

 

6,605,696

 

 

 

6,149,001

 

Noncontrolling interest

 

 

75,390

 

 

 

47,714

 

Total equity

 

 

6,681,086

 

 

 

6,196,715

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

 

$

14,353,848

 

 

$

13,967,602

 

 


Universal Health Services, Inc.

 

Consolidated Statements of Cash Flows

 

(in thousands)

 

(unaudited)

 

 

Nine months

 

 

ended September 30,

 

 

2024

 

 

2023

 

Cash Flows from Operating Activities:

 

 

 

 

 

Net income

$

826,062

 

 

$

499,685

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation & amortization

 

438,050

 

 

 

422,560

 

Gains on sale of assets and businesses

 

(5,124

)

 

 

(6,250

)

Costs related to extinguishment of debt

 

3,158

 

 

 

0

 

Stock-based compensation expense

 

72,727

 

 

 

65,702

 

Changes in assets & liabilities, net of effects from acquisitions and dispositions:

 

 

 

 

 

Accounts receivable

 

11,703

 

 

 

(193,108

)

Accrued interest

 

(1,762

)

 

 

60

 

Accrued and deferred income taxes

 

(10,949

)

 

 

(33,240

)

Other working capital accounts

 

1,329

 

 

 

(65,062

)

Medicare accelerated payments and deferred CARES Act and other grants

 

0

 

 

 

1,764

 

Other assets and deferred charges

 

(5,621

)

 

 

48,985

 

Other

 

25,732

 

 

 

13,717

 

Accrued insurance expense, net of commercial premiums paid

 

175,104

 

 

 

141,414

 

Payments made in settlement of self-insurance claims

 

(121,745

)

 

 

(80,861

)

Net cash provided by operating activities

 

1,408,664

 

 

 

815,366

 

Cash Flows from Investing Activities:

 

 

 

 

 

Property and equipment additions

 

(697,865

)

 

 

(536,665

)

Proceeds received from sales of assets and businesses

 

30,219

 

 

 

23,688

 

Acquisition of businesses and property

 

0

 

 

 

(3,728

)

Outflows from foreign exchange contracts that hedge our net U.K. investment

 

(35,667

)

 

 

(7,723

)

Decrease in capital reserves of commercial insurance subsidiary

 

197

 

 

 

0

 

Net cash used in investing activities

 

(703,116

)

 

 

(524,428

)

Cash Flows from Financing Activities:

 

 

 

 

 

Repayments of long-term debt

 

(2,471,515

)

 

 

(54,009

)

Additional borrowings

 

2,210,248

 

 

 

165,000

 

Financing costs

 

(9,992

)

 

 

(308

)

Repurchase of common shares

 

(420,588

)

 

 

(385,339

)

Dividends paid

 

(40,302

)

 

 

(41,964

)

Issuance of common stock

 

10,864

 

 

 

9,841

 

Profit distributions to noncontrolling interests

 

(5,791

)

 

 

(5,258

)

Sale of ownership interests to minority members

 

8,959

 

 

 

408

 

Net cash used in financing activities

 

(718,117

)

 

 

(311,629

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

2,696

 

 

 

493

 

Increase (decrease) in cash, cash equivalents and restricted cash

 

(9,873

)

 

 

(20,198

)

Cash, cash equivalents and restricted cash, beginning of period

 

214,470

 

 

 

200,837

 

Cash, cash equivalents and restricted cash, end of period

$

204,597

 

 

$

180,639

 

Supplemental Disclosures of Cash Flow Information:

 

 

 

 

 

Interest paid

$

144,378

 

 

$

149,247

 

Income taxes paid, net of refunds

$

236,975

 

 

$

191,189

 

Noncash purchases of property and equipment

$

87,333

 

 

$

108,412

 

 


Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

 

 

 

 

 

 

 

 

 

 

% Change

 

% Change

Same Facility:

 

 

 

 

Three Months ended

 

Nine Months Ended

 

 

 

 

 

9/30/2024

 

9/30/2024

Acute Care Services

 

 

 

 

 

 

 

Revenues

 

 

 

 

9.2%

 

8.5%

Adjusted Admissions

 

 

 

 

1.5%

 

3.1%

Adjusted Patient Days

 

 

 

 

2.0%

 

2.3%

Revenue Per Adjusted Admission

 

 

 

 

7.0%

 

5.0%

Revenue Per Adjusted Patient Day

 

 

 

 

6.5%

 

5.8%

 

 

 

 

 

 

 

 

Behavioral Health Care Services

 

 

 

 

 

 

 

Revenues

 

 

 

 

10.5%

 

10.6%

Adjusted Admissions

 

 

 

 

2.2%

 

0.3%

Adjusted Patient Days

 

 

 

 

1.8%

 

1.7%

Revenue Per Adjusted Admission

 

 

 

 

8.0%

 

10.1%

Revenue Per Adjusted Patient Day

 

 

 

 

8.5%

 

8.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UHS Consolidated

Third quarter ended

 

Nine Months Ended

 

9/30/2024

 

9/30/2023

 

9/30/2024

 

9/30/2023

Revenues

$3,963,027

 

$3,562,774

 

$11,714,213

 

$10,578,430

EBITDA net of NCI

$528,564

 

$410,061

 

$1,627,698

 

$1,236,680

EBITDA Margin net of NCI

13.3%

 

11.5%

 

13.9%

 

11.7%

Adjusted EBITDA net of NCI

$526,536

 

$421,533

 

$1,631,013

 

$1,268,477

Adjusted EBITDA Margin net of NCI

13.3%

 

11.8%

 

13.9%

 

12.0%

 

 

 

 

 

 

 

Cash Flow From Operations

$332,977

 

$161,665

 

$1,408,664

 

$815,366

Capital Expenditures

$247,932

 

$200,001

 

$697,865

 

$536,665

Days Sales Outstanding

 

 

 

 

52

 

58

 

 

 

 

 

 

 

Debt

 

 

 

 

$4,656,411

 

$4,922,629

UHS' Shareholders Equity

 

 

 

 

$6,605,696

 

$6,064,915

Debt / Total Capitalization

 

 

 

 

41.3%

 

44.8%

Debt / EBITDA net of NCI (1)

 

 

 

 

2.21

 

2.97

Debt / Adjusted EBITDA net of NCI (1)

 

 

 

 

2.21

 

2.83

Debt / Cash From Operations (1)

 

 

 

 

2.50

 

4.42

 

 

 

 

 

 

 

 

(1) Latest 4 quarters.

 

 

 

 

 

 

 

 


Universal Health Services, Inc.

Acute Care Hospital Services

For the Three and Nine Months ended

September 30, 2024 and 2023

(in thousands)

(unaudited)

 

Same Facility Basis - Acute Care Hospital Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Three months ended

 

 

Nine months ended

 

 

Nine months ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

Net revenues

 

$

2,147,732

 

 

 

100.0

%

 

$

1,965,985

 

 

 

100.0

%

 

$

6,355,078

 

 

 

100.0

%

 

$

5,858,015

 

 

 

100.0

%

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

893,436

 

 

 

41.6

%

 

 

854,284

 

 

 

43.5

%

 

 

2,609,544

 

 

 

41.1

%

 

 

2,517,163

 

 

 

43.0

%

Other operating expenses

 

 

598,840

 

 

 

27.9

%

 

 

543,584

 

 

 

27.6

%

 

 

1,754,999

 

 

 

27.6

%

 

 

1,604,084

 

 

 

27.4

%

Supplies expense

 

 

332,799

 

 

 

15.5

%

 

 

323,580

 

 

 

16.5

%

 

 

1,011,602

 

 

 

15.9

%

 

 

976,712

 

 

 

16.7

%

Depreciation and amortization

 

 

93,752

 

 

 

4.4

%

 

 

86,437

 

 

 

4.4

%

 

 

278,062

 

 

 

4.4

%

 

 

273,646

 

 

 

4.7

%

Lease and rental expense

 

 

24,202

 

 

 

1.1

%

 

 

24,443

 

 

 

1.2

%

 

 

72,308

 

 

 

1.1

%

 

 

72,459

 

 

 

1.2

%

Subtotal-operating expenses

 

 

1,943,029

 

 

 

90.5

%

 

 

1,832,328

 

 

 

93.2

%

 

 

5,726,515

 

 

 

90.1

%

 

 

5,444,064

 

 

 

92.9

%

Income from operations

 

 

204,703

 

 

 

9.5

%

 

 

133,657

 

 

 

6.8

%

 

 

628,563

 

 

 

9.9

%

 

 

413,951

 

 

 

7.1

%

Interest expense, net

 

 

1,077

 

 

 

0.1

%

 

 

(778

)

 

 

(0.0

)%

 

 

3,363

 

 

 

0.1

%

 

 

(1,858

)

 

 

(0.0

)%

Other (income) expense, net

 

 

(590

)

 

 

(0.0

)%

 

 

(490

)

 

 

(0.0

)%

 

 

(1,348

)

 

 

(0.0

)%

 

 

5,723

 

 

 

0.1

%

Income before income taxes

 

$

204,216

 

 

 

9.5

%

 

$

134,925

 

 

 

6.9

%

 

$

626,548

 

 

 

9.9

%

 

$

410,086

 

 

 

7.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Acute Care Hospital Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Three months ended

 

 

Nine months ended

 

 

Nine months ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

Net revenues

 

$

2,245,517

 

 

 

100.0

%

 

$

2,017,288

 

 

 

100.0

%

 

$

6,604,007

 

 

 

100.0

%

 

$

5,993,899

 

 

 

100.0

%

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

894,551

 

 

 

39.8

%

 

 

854,587

 

 

 

42.4

%

 

 

2,612,118

 

 

 

39.6

%

 

 

2,534,878

 

 

 

42.3

%

Other operating expenses

 

 

699,316

 

 

 

31.1

%

 

 

596,834

 

 

 

29.6

%

 

 

2,009,231

 

 

 

30.4

%

 

 

1,731,750

 

 

 

28.9

%

Supplies expense

 

 

332,772

 

 

 

14.8

%

 

 

323,475

 

 

 

16.0

%

 

 

1,011,460

 

 

 

15.3

%

 

 

979,185

 

 

 

16.3

%

Depreciation and amortization

 

 

94,522

 

 

 

4.2

%

 

 

86,535

 

 

 

4.3

%

 

 

279,048

 

 

 

4.2

%

 

 

274,165

 

 

 

4.6

%

Lease and rental expense

 

 

24,490

 

 

 

1.1

%

 

 

24,440

 

 

 

1.2

%

 

 

72,638

 

 

 

1.1

%

 

 

72,629

 

 

 

1.2

%

Subtotal-operating expenses

 

 

2,045,651

 

 

 

91.1

%

 

 

1,885,871

 

 

 

93.5

%

 

 

5,984,495

 

 

 

90.6

%

 

 

5,592,607

 

 

 

93.3

%

Income from operations

 

 

199,866

 

 

 

8.9

%

 

 

131,417

 

 

 

6.5

%

 

 

619,512

 

 

 

9.4

%

 

 

401,292

 

 

 

6.7

%

Interest expense, net

 

 

1,077

 

 

 

0.0

%

 

 

(778

)

 

 

(0.0

)%

 

 

3,363

 

 

 

0.1

%

 

 

(1,858

)

 

 

(0.0

)%

Other (income) expense, net

 

 

(527

)

 

 

(0.0

)%

 

 

(211

)

 

 

(0.0

)%

 

 

(354

)

 

 

(0.0

)%

 

 

6,921

 

 

 

0.1

%

Income before income taxes

 

$

199,316

 

 

 

8.9

%

 

$

132,406

 

 

 

6.6

%

 

$

616,503

 

 

 

9.3

%

 

$

396,229

 

 

 

6.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


We believe that providing our results on a “Same Facility” basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2023 and our Form 10-Q for the quarter ended June 30, 2024 .

 

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 Nine Months ended

September 30, 2024 and 2023

(in thousands)

(unaudited)

 

Same Facility - Behavioral Health Care Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Three months ended

 

 

Nine months ended

 

 

Nine months ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

Net revenues

 

$

1,672,453

 

 

 

100.0

%

 

$

1,514,017

 

 

 

100.0

%

 

$

4,972,612

 

 

 

100.0

%

 

$

4,494,791

 

 

 

100.0

%

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

916,435

 

 

 

54.8

%

 

 

842,683

 

 

 

55.7

%

 

 

2,679,938

 

 

 

53.9

%

 

 

2,494,850

 

 

 

55.5

%

Other operating expenses

 

 

313,402

 

 

 

18.7

%

 

 

294,788

 

 

 

19.5

%

 

 

934,107

 

 

 

18.8

%

 

 

869,771

 

 

 

19.4

%

Supplies expense

 

 

57,723

 

 

 

3.5

%

 

 

55,112

 

 

 

3.6

%

 

 

171,594

 

 

 

3.5

%

 

 

161,371

 

 

 

3.6

%

Depreciation and amortization

 

 

52,075

 

 

 

3.1

%

 

 

47,472

 

 

 

3.1

%

 

 

149,094

 

 

 

3.0

%

 

 

139,358

 

 

 

3.1

%

Lease and rental expense

 

 

11,806

 

 

 

0.7

%

 

 

10,883

 

 

 

0.7

%

 

 

34,908

 

 

 

0.7

%

 

 

32,684

 

 

 

0.7

%

Subtotal-operating expenses

 

 

1,351,441

 

 

 

80.8

%

 

 

1,250,938

 

 

 

82.6

%

 

 

3,969,641

 

 

 

79.8

%

 

 

3,698,034

 

 

 

82.3

%

Income from operations

 

 

321,012

 

 

 

19.2

%

 

 

263,079

 

 

 

17.4

%

 

 

1,002,971

 

 

 

20.2

%

 

 

796,757

 

 

 

17.7

%

Interest expense, net

 

 

1,041

 

 

 

0.1

%

 

 

1,252

 

 

 

0.1

%

 

 

3,076

 

 

 

0.1

%

 

 

3,455

 

 

 

0.1

%

Other (income) expense, net

 

 

(794

)

 

 

(0.0

)%

 

 

(985

)

 

 

(0.1

)%

 

 

(2,341

)

 

 

(0.0

)%

 

 

(2,294

)

 

 

(0.1

)%

Income before income taxes

 

$

320,765

 

 

 

19.2

%

 

$

262,812

 

 

 

17.4

%

 

$

1,002,236

 

 

 

20.2

%

 

$

795,596

 

 

 

17.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Behavioral Health Care Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Three months ended

 

 

Nine months ended

 

 

Nine months ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 30, 2023

 

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

Net revenues

 

$

1,714,914

 

 

 

100.0

%

 

$

1,542,695

 

 

 

100.0

%

 

$

5,102,290

 

 

 

100.0

%

 

$

4,575,378

 

 

 

100.0

%

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

919,301

 

 

 

53.6

%

 

 

844,244

 

 

 

54.7

%

 

 

2,690,118

 

 

 

52.7

%

 

 

2,498,338

 

 

 

54.6

%

Other operating expenses

 

 

354,331

 

 

 

20.7

%

 

 

322,208

 

 

 

20.9

%

 

 

1,054,007

 

 

 

20.7

%

 

 

949,958

 

 

 

20.8

%

Supplies expense

 

 

57,830

 

 

 

3.4

%

 

 

55,272

 

 

 

3.6

%

 

 

172,031

 

 

 

3.4

%

 

 

161,597

 

 

 

3.5

%

Depreciation and amortization

 

 

52,452

 

 

 

3.1

%

 

 

47,720

 

 

 

3.1

%

 

 

150,949

 

 

 

3.0

%

 

 

140,117

 

 

 

3.1

%

Lease and rental expense

 

 

11,956

 

 

 

0.7

%

 

 

10,911

 

 

 

0.7

%

 

 

35,235

 

 

 

0.7

%

 

 

32,834

 

 

 

0.7

%

Subtotal-operating expenses

 

 

1,395,870

 

 

 

81.4

%

 

 

1,280,355

 

 

 

83.0

%

 

 

4,102,340

 

 

 

80.4

%

 

 

3,782,844

 

 

 

82.7

%

Income from operations

 

 

319,044

 

 

 

18.6

%

 

 

262,340

 

 

 

17.0

%

 

 

999,950

 

 

 

19.6

%

 

 

792,534

 

 

 

17.3

%

Interest expense, net

 

 

1,041

 

 

 

0.1

%

 

 

1,252

 

 

 

0.1

%

 

 

3,076

 

 

 

0.1

%

 

 

3,456

 

 

 

0.1

%

Other (income) expense, net

 

 

(861

)

 

 

(0.1

)%

 

 

(1,080

)

 

 

(0.1

)%

 

 

(2,408

)

 

 

(0.0

)%

 

 

(3,139

)

 

 

(0.1

)%

Income before income taxes

 

$

318,864

 

 

 

18.6

%

 

$

262,168

 

 

 

17.0

%

 

$

999,282

 

 

 

19.6

%

 

$

792,217

 

 

 

17.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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 and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2023 and our Form 10-Q for the quarter ended June 30, 2024.

 

The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months.


Universal Health Services, Inc.

 

Selected Hospital Statistics

 

For the Three Months Ended

 

September 30, 2024 and 2023

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AS REPORTED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACUTE

 

 

BEHAVIORAL HEALTH

 

 

09/30/24

 

 

09/30/23

 

 

% change

 

 

09/30/24

 

 

09/30/23

 

 

% change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospitals owned and leased

 

 

27

 

 

 

27

 

 

 

0.0

%

 

 

334

 

 

 

331

 

 

 

0.9

%

Average licensed beds

 

 

6,657

 

 

 

6,667

 

 

 

-0.1

%

 

 

24,446

 

 

 

24,194

 

 

 

1.0

%

Average available beds

 

 

6,485

 

 

 

6,495

 

 

 

-0.2

%

 

 

24,346

 

 

 

24,094

 

 

 

1.0

%

Patient days

 

 

393,521

 

 

 

384,348

 

 

 

2.4

%

 

 

1,630,369

 

 

 

1,600,740

 

 

 

1.9

%

Average daily census

 

 

4,277.4

 

 

 

4,177.7

 

 

 

2.4

%

 

 

17,721.4

 

 

 

17,399.3

 

 

 

1.9

%

Occupancy-licensed beds

 

 

64.3

%

 

 

62.7

%

 

 

2.5

%

 

 

72.5

%

 

 

71.9

%

 

 

0.8

%

Occupancy-available beds

 

 

66.0

%

 

 

64.3

%

 

 

2.5

%

 

 

72.8

%

 

 

72.2

%

 

 

0.8

%

Admissions

 

 

81,731

 

 

 

80,074

 

 

 

2.1

%

 

 

121,421

 

 

 

118,487

 

 

 

2.5

%

Length of stay

 

 

4.8

 

 

 

4.8

 

 

 

0.3

%

 

 

13.4

 

 

 

13.5

 

 

 

-0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inpatient revenue

 

$

12,277,563

 

 

$

10,916,060

 

 

 

12.5

%

 

$

2,835,301

 

 

$

2,703,478

 

 

 

4.9

%

Outpatient revenue

 

 

8,573,270

 

 

 

7,480,353

 

 

 

14.6

%

 

 

268,182

 

 

 

259,060

 

 

 

3.5

%

Total patient revenue

 

 

20,850,833

 

 

 

18,396,413

 

 

 

13.3

%

 

 

3,103,483

 

 

 

2,962,538

 

 

 

4.8

%

Other revenue

 

 

266,822

 

 

 

251,985

 

 

 

5.9

%

 

 

84,770

 

 

 

81,149

 

 

 

4.5

%

Gross revenue

 

 

21,117,655

 

 

 

18,648,398

 

 

 

13.2

%

 

 

3,188,253

 

 

 

3,043,687

 

 

 

4.7

%

Total deductions

 

 

18,872,138

 

 

 

16,631,110

 

 

 

13.5

%

 

 

1,473,339

 

 

 

1,500,992

 

 

 

-1.8

%

Net revenue

 

$

2,245,517

 

 

$

2,017,288

 

 

 

11.3

%

 

$

1,714,914

 

 

$

1,542,695

 

 

 

11.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SAME FACILITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACUTE

 

 

BEHAVIORAL HEALTH

 

 

 

09/30/24

 

 

09/30/23

 

 

% change

 

 

09/30/24

 

 

09/30/23

 

 

% change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospitals owned and leased

 

 

27

 

 

 

27

 

 

 

0.0

%

 

 

333

 

 

 

333

 

 

 

0.0

%

Average licensed beds

 

 

6,657

 

 

 

6,667

 

 

 

-0.1

%

 

 

24,277

 

 

 

24,012

 

 

 

1.1

%

Average available beds

 

 

6,485

 

 

 

6,495

 

 

 

-0.2

%

 

 

24,177

 

 

 

23,912

 

 

 

1.1

%

Patient days

 

 

393,521

 

 

 

384,348

 

 

 

2.4

%

 

 

1,618,344

 

 

 

1,586,108

 

 

 

2.0

%

Average daily census

 

 

4,277.4

 

 

 

4,177.7

 

 

 

2.4

%

 

 

17,590.7

 

 

 

17,240.3

 

 

 

2.0

%

Occupancy-licensed beds

 

 

64.3

%

 

 

62.7

%

 

 

2.5

%

 

 

72.5

%

 

 

71.8

%

 

 

0.9

%

Occupancy-available beds

 

 

66.0

%

 

 

64.3

%

 

 

2.5

%

 

 

72.8

%

 

 

72.1

%

 

 

0.9

%

Admissions

 

 

81,731

 

 

 

80,074

 

 

 

2.1

%

 

 

120,515

 

 

 

117,635

 

 

 

2.4

%

Length of stay

 

 

4.8

 

 

 

4.8

 

 

 

0.3

%

 

 

13.4

 

 

 

13.5

 

 

 

-0.4

%

 


Universal Health Services, Inc.

 

Selected Hospital Statistics

 

For the Nine Months Ended

 

September 30, 2024 and 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AS REPORTED:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACUTE

 

 

BEHAVIORAL HEALTH

 

 

09/30/24

 

 

09/30/23

 

 

% change

 

 

09/30/24

 

 

09/30/23

 

 

% change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospitals owned and leased

 

 

27

 

 

 

27

 

 

 

0.0

%

 

 

334

 

 

 

331

 

 

 

0.9

%

Average licensed beds

 

 

6,657

 

 

 

6,697

 

 

 

-0.6

%

 

 

24,413

 

 

 

24,203

 

 

 

0.9

%

Average available beds

 

 

6,485

 

 

 

6,525

 

 

 

-0.6

%

 

 

24,313

 

 

 

24,103

 

 

 

0.9

%

Patient days

 

 

1,199,271

 

 

 

1,172,957

 

 

 

2.2

%

 

 

4,858,431

 

 

 

4,761,887

 

 

 

2.0

%

Average daily census

 

 

4,376.9

 

 

 

4,296.5

 

 

 

1.9

%

 

 

17,731.5

 

 

 

17,442.8

 

 

 

1.7

%

Occupancy-licensed beds

 

 

65.7

%

 

 

64.2

%

 

 

2.5

%

 

 

72.6

%

 

 

72.1

%

 

 

0.8

%

Occupancy-available beds

 

 

67.5

%

 

 

65.8

%

 

 

2.5

%

 

 

72.9

%

 

 

72.4

%

 

 

0.8

%

Admissions

 

 

247,170

 

 

 

239,300

 

 

 

3.3

%

 

 

361,149

 

 

 

358,703

 

 

 

0.7

%

Length of stay

 

 

4.9

 

 

 

4.9

 

 

 

0.0

%

 

 

13.5

 

 

 

13.3

 

 

 

1.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inpatient revenue

 

$

37,522,395

 

 

$

33,278,396

 

 

 

12.8

%

 

$

8,375,470

 

 

$

8,001,838

 

 

 

4.7

%

Outpatient revenue

 

 

25,553,451

 

 

 

22,292,249

 

 

 

14.6

%

 

 

833,260

 

 

 

812,467

 

 

 

2.6

%

Total patient revenue

 

 

63,075,846

 

 

 

55,570,645

 

 

 

13.5

%

 

 

9,208,730

 

 

 

8,814,305

 

 

 

4.5

%

Other revenue

 

 

747,424

 

 

 

714,877

 

 

 

4.6

%

 

 

247,182

 

 

 

220,393

 

 

 

12.2

%

Gross revenue

 

 

63,823,270

 

 

 

56,285,522

 

 

 

13.4

%

 

 

9,455,912

 

 

 

9,034,698

 

 

 

4.7

%

Total deductions

 

 

57,219,263

 

 

 

50,291,623

 

 

 

13.8

%

 

 

4,353,622

 

 

 

4,459,320

 

 

 

-2.4

%

Net revenue

 

$

6,604,007

 

 

$

5,993,899

 

 

 

10.2

%

 

$

5,102,290

 

 

$

4,575,378

 

 

 

11.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SAME FACILITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACUTE

 

 

BEHAVIORAL HEALTH

 

 

 

09/30/24

 

 

09/30/23

 

 

% change

 

 

09/30/24

 

 

09/30/23

 

 

% change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospitals owned and leased

 

 

27

 

 

 

27

 

 

 

0.0

%

 

 

333

 

 

 

333

 

 

 

0.0

%

Average licensed beds

 

 

6,657

 

 

 

6,634

 

 

 

0.3

%

 

 

24,189

 

 

 

24,060

 

 

 

0.5

%

Average available beds

 

 

6,485

 

 

 

6,462

 

 

 

0.4

%

 

 

24,089

 

 

 

23,960

 

 

 

0.5

%

Patient days

 

 

1,199,271

 

 

 

1,166,693

 

 

 

2.8

%

 

 

4,819,550

 

 

 

4,726,531

 

 

 

2.0

%

Average daily census

 

 

4,376.9

 

 

 

4,273.6

 

 

 

2.4

%

 

 

17,589.6

 

 

 

17,313.3

 

 

 

1.6

%

Occupancy-licensed beds

 

 

65.7

%

 

 

64.4

%

 

 

2.1

%

 

 

72.7

%

 

 

72.0

%

 

 

1.1

%

Occupancy-available beds

 

 

67.5

%

 

 

66.1

%

 

 

2.1

%

 

 

73.0

%

 

 

72.3

%

 

 

1.1

%

Admissions

 

 

247,170

 

 

 

238,237

 

 

 

3.7

%

 

 

358,114

 

 

 

356,028

 

 

 

0.6

%

Length of stay

 

 

4.9

 

 

 

4.9

 

 

 

0.0

%

 

 

13.5

 

 

 

13.3

 

 

 

1.5

%