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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2024

 

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

DELAWARE

1-10765

23-2077891

(State or other jurisdiction of

(Commission

(I.R.S. Employer

Incorporation or Organization)

File Number)

Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, PENNSYLVANIA 19406

(Address of principal executive office) (Zip Code)

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

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class B Common Stock

UHS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  On October 24, 2024, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1.

 

 


 

Item 2.02 Results of Operations and Financial Condition

 

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

 

 

 

99.1

Universal Health Services, Inc., press release, dated October 24, 2024.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

Exhibit Index

Exhibit No.

Exhibit

 

 

99.1

Universal Health Services, Inc., press release, dated October 24, 2024.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Universal Health Services, Inc.

 

By:

/s/ Steve Filton

Name: Steve Filton

Title: Executive Vice President and

            Chief Financial Officer

Date: October 25, 2024

 

 

 


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

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 24, 2024

 

CONTACT:

Steve Filton

 

Chief Financial Officer

 

610-768-3300

 

 

UNIVERSAL HEALTH SERVICES, INC.

ANNOUNCES 2024 THIRD QUARTER FINANCIAL RESULTS

 

 

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended September 30, 2024 and 2023:

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $258.7 million, or $3.80 per diluted share, during the third quarter of 2024, as compared to $167.0 million, or $2.40 per diluted share, during the third quarter of 2023. Net revenues increased by 11.2% to $3.963 billion during the third quarter of 2024, as compared to $3.563 billion during the third quarter of 2023.

As reflected on the Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”), our adjusted net income attributable to UHS during the third quarter of 2024 was $252.5 million, or $3.71 per diluted share, as compared to $177.5 million, or $2.55 per diluted share, during the third quarter of 2023.

As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2024 were: (i) an unrealized after-tax gain of $2.3 million, or $.03 per diluted share ($3.0 million pre-tax), resulting from an increase in the market value of certain equity securities (included in “Other (income) expense, net”), and; (ii) a favorable net after-tax impact of $3.9 million, or $.06 per diluted share, resulting from the net tax benefit recorded pursuant to “ASU 2016-09”, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m).

As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2023, was an after-tax loss of $10.5 million, or $.15 per diluted share ($13.8 million pre-tax), resulting from a decrease in the market value of certain equity securities.

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization (“EBITDA net of NCI”, NCI is net income attributable to noncontrolling interests), was $528.6 million, or 13.3% of net revenues, during the third quarter of 2024, as compared to $410.1 million, or 11.5% of net revenues, during the third quarter of 2023. Our adjusted earnings before interest, taxes, depreciation & amortization (“Adjusted EBITDA net of NCI”), which excludes the impact of other (income) expense, net, was $526.5 million, or 13.3% of net revenues, during the third quarter of 2024, as compared to $421.5 million, or 11.8% of net revenues, during the third quarter of 2023.

Consolidated Results of Operations, As Reported and As Adjusted – Nine-month periods ended September 30, 2024 and 2023:

Reported net income attributable to UHS was $809.7 million, or $11.88 per diluted share, during the first nine months of 2024, as compared to $501.4 million, or $7.09 per diluted share, during the first nine months 2023. Net revenues increased by 10.7% to $11.714 billion during the first nine months of 2024, as compared to $10.578 billion during the comparable period of 2023.

As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the first nine months of 2024 was $798.2 million, or $11.71 per diluted share, as compared to $524.5 million, or $7.42 per diluted share, during the comparable period of 2023.


As reflected on the Supplemental Schedule, included in our reported results during the first nine months of 2024 were: (i) an unrealized after-tax loss of $4.0 million, or $.06 per diluted share ($5.3 million pre-tax), resulting from a decrease in the market value of certain equity securities (included in “Other (income) expense, net”), and; (ii) a favorable net after-tax impact of $15.5 million, or $.23 per diluted share, resulting from the above-mentioned net tax benefit recorded in connection with ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m).

As reflected on the Supplemental Schedule, our reported results during the first nine months of 2023, included an unrealized after-tax loss of $23.0 million, or $.33 per diluted share, ($30.1 million pre-tax) resulting from a decrease in the market value of certain equity securities.

As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was $1.628 billion, or 13.9% of net revenues, during the first nine months of 2024, as compared to $1.237 billion, or 11.7% of net revenues, during the first nine months of 2023. Our Adjusted EBITDA net of NCI, which excludes the impact of other (income) expense, net, was $1.631 billion, or 13.9% of net revenues, during the first nine months of 2024, as compared to $1.268 billion, or 12.0% of net revenues, during the comparable period of 2023.

Acute Care Services – Three and nine-month periods ended September 30, 2024 and 2023:

During the third quarter of 2024, at our acute care hospitals owned during both periods (“same facility basis”), adjusted admissions (adjusted for outpatient activity) increased by 1.5% while adjusted patient days increased by 2.0%, as compared to the third quarter of 2023. At these facilities, during the third quarter of 2024, net revenue per adjusted admission increased by 7.0% while net revenue per adjusted patient day increased by 6.5%, as compared to the third quarter of 2023. Net revenues generated from our acute care services, on a same facility basis, increased by 9.2% during the third quarter of 2024, as compared to the third quarter of 2023.

During the nine-month period ended September 30, 2024, at our acute care hospitals on a same facility basis, adjusted admissions increased by 3.1% while adjusted patient days increased by 2.3%, as compared to the first nine months of 2023. At these facilities, during the first nine months of 2024, net revenue per adjusted admission increased by 5.0% while net revenue per adjusted patient day increased by 5.8%, as compared to the first nine months of 2023. Net revenues generated from our acute care services, on a same facility basis, increased by 8.5% during the first nine months of 2024, as compared to the comparable period of 2023.

Behavioral Health Care Services – Three and nine-month periods ended September 30, 2024 and 2023:

During the third quarter of 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 2.2% while adjusted patient days increased by 1.8%, as compared to the third quarter of 2023. At these facilities, during the third quarter of 2024, net revenue per adjusted admission increased by 8.0% and net revenue per adjusted patient day increased by 8.5%, as compared to the third quarter of 2023. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 10.5% during the third quarter of 2024, as compared to the third quarter of 2023.

During the nine-month period ended September 30, 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 0.3% while adjusted patient days increased by 1.7%, as compared to the first nine months of 2023. At these facilities, during the first nine months of 2024, net revenue per adjusted admission increased by 10.1% and net revenue per adjusted patient day increased by 8.7%, as compared to the first nine months of 2023. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 10.6% during the first nine months of 2024, as compared to the comparable period of 2023.

Net Cash Provided by Operating Activities and Liquidity:

Net Cash Provided by Operating Activities:

During the nine-month period ended September 30, 2024, our net cash provided by operating activities was $1.409 billion as compared to $815 million during the first nine months of 2023. The $593 million net increase in our net cash provided by operating activities consisted of: (i) a favorable change of $353 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense, gains on sales of assets and businesses and costs related to extinguishment of debt; (ii) a favorable change of $205 million in accounts receivable; (iii) a favorable change of $66 million in other working capital accounts; (iv) an unfavorable change of $55 million in other assets and deferred charges, and; (v) $24 million of other combined net favorable changes.


Liquidity:

As previously disclosed on Form 8-K on October 1, 2024, in September, 2024, we completed the following financing transactions:

public offering of $500 million aggregate principal amount of 4.625% senior secured notes due in 2029;
public offering of $500 million aggregate principal amount of 5.050% senior secured notes due in 2034;
amended our credit agreement to:
o
extend the maturity date to September, 2029 (from August, 2026 previously),
o
increase the revolving credit facility to $1.3 billion (from $1.2 billion previously), and;
o
reduce the outstanding borrowings pursuant the tranche A term loan facility by approximately $1.0 billion, to $1.2 billion, utilizing the proceeds generated from the issuance of the above-mentioned senior secured notes due in 2029 and 2034.

As of September 30, 2024, we had $1.01 billion of aggregate available borrowing capacity pursuant to our $1.3 billion revolving credit facility, net of outstanding borrowings and letters of credit.

Stock Repurchase Program:

In July, 2024, our Board of Directors authorized a $1.0 billion increase to our stock repurchase program. Pursuant to this program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions.

During the third quarter of 2024, we have repurchased 658,000 shares at an aggregate cost of approximately $153.9 million (approximately $234 per share) pursuant to the program. During the first nine months of 2024, we have repurchased 1.731 million shares at an aggregate cost of approximately $348.9 million (approximately $202 per share) pursuant to the program.

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

%