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:
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:
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 |
|
|
Amount |
|
|
% of Net |
|
|
Amount |
|
|
% of Net |
|
|
Amount |
|
|
% of Net |
|
||||||||
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 |
|
|
Amount |
|
|
% of Net |
|
|
Amount |
|
|
% of Net |
|
|
Amount |
|
|
% of Net |
|
||||||||
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 |
|
|
Amount |
|
|
% of Net |
|
|
Amount |
|
|
% of Net |
|
|
Amount |
|
|
% of Net |
|
||||||||
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 |
|
|
Amount |
|
|
% of Net |
|
|
Amount |
|
|
% of Net |
|
|
Amount |
|
|
% of Net |
|
||||||||
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 |
% |