HCA Healthcare, Inc. (NYSE: HCA) today announced financial and
operating results for the fourth quarter ended December 31,
2024.
Key fourth quarter metrics (all percentage changes
compare 4Q 2024 to 4Q 2023 unless otherwise noted):
- Revenues totaled $18.285 billion
- Net income attributable to HCA Healthcare, Inc. totaled $1.438
billion, or $5.63 per diluted share (which includes an estimated
$0.60 per diluted share unfavorable impact from Hurricanes Helene
and Milton)
- Adjusted EBITDA totaled $3.712 billion
- Cash flows from operating activities totaled $2.559
billion
- Same facility admissions increased 3.0 percent and same
facility equivalent admissions increased 3.1 percent
"We finished 2024 with strong business fundamentals that were
consistent with previous quarters," said Sam Hazen, Chief Executive
Officer of HCA Healthcare. "The first half of the current decade,
which ended in 2024, proved to be another period of long-term
growth for the company and resulted in operational improvements
across key performance indicators and greater value for our
patients, employees and shareholders. These accomplishments are a
testament to the incredible work of our teams, and position us well
for the future."
Revenues in the fourth quarter of 2024 totaled $18.285 billion,
compared to $17.303 billion in the fourth quarter of 2023. Net
income attributable to HCA Healthcare, Inc. totaled $1.438 billion,
or $5.63 per diluted share, compared to $1.607 billion, or $5.93
per diluted share, in the fourth quarter of 2023. Results for the
fourth quarter of 2024 include losses on sales of facilities of
$195 million, or $0.59 per diluted share, primarily related to the
pending sale of a hospital facility in California. Results for the
fourth quarter of 2023 include gains on sales of facilities of $7
million, or $0.03 per diluted share.
For the fourth quarter of 2024, Adjusted EBITDA totaled $3.712
billion, compared to $3.618 billion in the fourth quarter of 2023.
Adjusted EBITDA is a non-GAAP financial measure. A table providing
supplemental information on Adjusted EBITDA and reconciling net
income attributable to HCA Healthcare, Inc. to Adjusted EBITDA is
included in this release.
Same facility admissions increased 3.0 percent and same facility
equivalent admissions increased 3.1 percent in the fourth quarter
of 2024, compared to the prior year period. Same facility emergency
room visits increased 2.4 percent in the fourth quarter of 2024,
compared to the prior year period. Same facility inpatient
surgeries increased 2.8 percent, and same facility outpatient
surgeries declined 1.3 percent in the fourth quarter of 2024,
compared to the same period of 2023. Same facility revenue per
equivalent admission increased 2.9 percent in the fourth quarter of
2024, compared to the fourth quarter of 2023.
Year Ended December 31, 2024
Revenues for the year ended December 31, 2024 totaled $70.603
billion, compared to $64.968 billion for the year ended December
31, 2023. Net income attributable to HCA Healthcare, Inc. was
$5.760 billion, or $22.00 per diluted share, compared to $5.242
billion, or $18.97 per diluted share, for the year ended December
31, 2023. Results for the year ended December 31, 2024 include
gains on sales of facilities of $14 million, or $0.04 per diluted
share. Results for the year ended December 31, 2023 included losses
on sales of facilities of $5 million, or $0.04 per diluted
share.
For 2024, Adjusted EBITDA totaled $13.882 billion, compared to
$12.726 billion in 2023. Adjusted EBITDA is a non-GAAP financial
measure. A table providing supplemental information on Adjusted
EBITDA and reconciling net income attributable to HCA Healthcare,
Inc. to Adjusted EBITDA is included in this release.
Balance Sheet and Cash Flows from Operations
As of December 31, 2024, HCA Healthcare, Inc.’s balance sheet
reflected cash and cash equivalents of $1.933 billion, total debt
of $43.031 billion, and total assets of $59.513 billion. During the
fourth quarter of 2024, capital expenditures totaled $1.285
billion, excluding acquisitions. Cash flows provided by operating
activities in the fourth quarter of 2024 totaled $2.559 billion,
compared to $2.674 billion in the fourth quarter of 2023.
During the fourth quarter of 2024, the Company repurchased 4.739
million shares of its common stock at a cost of $1.700 billion. The
Company had $764 million remaining under its repurchase
authorization as of December 31, 2024. As of December 31, 2024, the
Company had $7.986 billion of availability under its credit
facilities.
Share Repurchase Program
The HCA Healthcare, Inc. Board of Directors has authorized an
additional share repurchase program for up to $10 billion of the
Company’s outstanding common stock. Repurchases will be made in
accordance with applicable securities laws and may be made at
management’s discretion from time to time in the open market,
through privately negotiated transactions, or otherwise. The
repurchase program has no time limit and may be suspended for
periods or discontinued at any time.
Dividend
HCA today announced that its Board of Directors declared a
quarterly cash dividend of $0.72 per share on the Company’s common
stock. The dividend will be paid on March 31, 2025 to stockholders
of record at the close of business on March 17, 2025.
The declaration and payment of any future dividend will be
subject to the discretion of the Board of Directors and will depend
on a variety of factors, including the Company’s financial
condition, results of operations, and contractual restrictions.
Future dividends are expected to be funded by cash balances and
future cash flows from operations.
Impact of Hurricanes
During the fourth quarter of 2024, the Company incurred
additional expenses and experienced loss of revenues estimated at
$200 million, or $0.60 per diluted share, associated with Hurricane
Helene's impact on its North Carolina facilities, as well as from
Hurricane Milton, which impacted certain facilities in Florida.
For the year ended December 31, 2024, the Company incurred
additional expenses and experienced loss of revenues estimated at
$250 million, or $0.73 per diluted share, associated with the
impact of Hurricanes Helene and Milton on the Company's North
Carolina facilities and certain facilities in Florida.
These estimates do not include any insurance recoveries the
Company may receive. All facilities impacted by Hurricanes Helene
and Milton have resumed normal operations.
2025 Guidance
Today, the Company issued the following estimated guidance for
2025:
2025 Guidance Range
Revenues
$72.80 to $75.80 billion
Net Income Attributable to HCA Healthcare,
Inc.
$5.85 to $6.29 billion
Adjusted EBITDA
$14.30 to $15.10 billion
EPS (diluted)
$24.05 to $25.85 per diluted share
Capital expenditures for 2025, excluding acquisitions, are
estimated to be approximately $5.0 to $5.2 billion.
The Company’s guidance contains a number of assumptions,
including, among others, the Company’s current expectations
regarding volume growth coupled with an anticipated mostly stable
operating environment, payer mix, and the ongoing impacts of the
two major hurricanes, the impact of current and future health care
public policy developments, as well as general economic conditions,
including inflation, and excludes the impact of items such as, but
not limited to, gains or losses on sales of facilities, losses on
retirement of debt, legal claims costs and impairment of long-lived
assets.
Adjusted EBITDA is a non-GAAP financial measure. A table
reconciling forecasted net income attributable to HCA Healthcare,
Inc. to forecasted Adjusted EBITDA is included in this release.
The Company’s guidance is based on current plans and
expectations and are subject to a number of known and unknown
uncertainties and risks, including those set forth below in the
Company’s “Forward-Looking Statements.”
Annual Stockholders' Meeting
The Company's 2025 annual stockholders' meeting will be held
virtually on April 24, 2025 at 2:00 p.m. Central Time for
stockholders of record as of February 24, 2025.
Earnings Conference Call
HCA Healthcare will host a conference call for investors at 9:00
a.m. Central Time today. All interested investors are invited to
access a live audio broadcast of the call via webcast. The
broadcast also will be available on a replay basis beginning this
afternoon. The webcast can be accessed through the Company’s
Investor Relations web page at
https://investor.hcahealthcare.com/events-and-presentations/default.aspx.
About the Company
As of December 31, 2024, HCA operated 190 hospitals and
approximately 2,400 ambulatory sites of care, including surgery
centers, freestanding emergency rooms, urgent care centers and
physician clinics, in 20 states and the United Kingdom.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, which involve risks and
uncertainties. Forward-looking statements include the Company’s
financial guidance for the year ending December 31, 2025, as well
as other statements that do not relate solely to historical or
current facts. Forward-looking statements can be identified by the
use of words like “may,” “believe,” “will,” “expect,” “project,”
“estimate,” “anticipate,” “plan,” “initiative” or “continue.” These
forward-looking statements are based on our current plans and
expectations and are subject to a number of known and unknown
uncertainties and risks, many of which are beyond our control,
which could significantly affect current plans and expectations and
our future financial position and results of operations. These
factors include, but are not limited to, (1) changes in or related
to general economic conditions nationally and regionally in our
markets, including inflation and economic and business conditions
(and the impact thereof on the economy, financial markets and
banking industry); changes in revenues due to declining patient
volumes; changes in payer mix (including increases in uninsured and
underinsured patients); potential increased expenses related to
labor, supply chain or other expenditures; workforce disruptions;
supply shortages and disruptions (including as a result of
geopolitical disruptions); and the impact of potential federal
government shutdowns, (2) the impact of our significant
indebtedness and the ability to refinance such indebtedness on
acceptable terms, (3) the impact of current and future health care
public policy developments and possible changes to other federal,
state or local laws and regulations affecting the health care
industry, including, but not limited to, the expiration of enhanced
premium tax credits for individuals eligible to purchase insurance
coverage through federal and state-based health insurance
marketplaces, (4) the effects related to the implementation of
sequestration spending reductions required under the Budget Control
Act of 2011, related legislation extending these reductions, and
the potential for future deficit reduction legislation that may
alter these spending reductions, which include cuts to Medicare
payments, or create additional spending reductions, (5) increases
in the amount and risk of collectability of uninsured accounts and
deductibles and copayment amounts for insured accounts, (6) the
ability to achieve operating and financial targets, attain expected
levels of patient volumes and revenues, and control the costs of
providing services, (7) possible changes in Medicare, Medicaid and
other state programs, including Medicaid supplemental payment
programs, Medicaid waiver programs or state directed payments, that
may impact reimbursements to health care providers and insurers and
the size of the uninsured or underinsured population, (8)
personnel-related capacity constraints, increases in wages and the
ability to attract, utilize and retain qualified management and
other personnel, including affiliated physicians, nurses and
medical and technical support personnel, (9) the highly competitive
nature of the health care business, (10) changes in service mix,
revenue mix and surgical volumes, including potential declines in
the population covered under third-party payer agreements, the
ability to enter into and renew third-party payer provider
agreements on acceptable terms and the impact of consumer-driven
health plans and physician utilization trends and practices, (11)
the efforts of health insurers, health care providers, large
employer groups and others to contain health care costs, (12) the
outcome of our continuing efforts to monitor, maintain and comply
with appropriate laws, regulations, policies and procedures, (13)
the availability and terms of capital to fund the expansion of our
business and improvements to our existing facilities, (14) changes
in accounting practices, (15) the emergence of and effects related
to pandemics, epidemics and outbreaks of infectious diseases or
other public health crises, (16) future divestitures which may
result in charges and possible impairments of long-lived assets,
(17) changes in business strategy or development plans, (18) delays
in receiving payments for services provided, (19) the outcome of
pending and any future tax audits, disputes and litigation
associated with our tax positions, (20) the impact of known and
unknown government investigations, litigation and other claims that
may be made against us, (21) the impact of actual and potential
cybersecurity incidents or security breaches involving us or our
vendors and other third parties, (22) our ongoing ability to
demonstrate meaningful use of certified electronic health record
technology and the impact of interoperability requirements, (23)
the impact of natural disasters, such as hurricanes and floods,
including Hurricanes Milton and Helene, physical risks from climate
change or similar events beyond our control on our assets and
activities and the communities we serve, (24) changes in U.S.
federal, state, or foreign tax laws including interpretive guidance
that may be issued by taxing authorities or other standard setting
bodies, (25) the results of our efforts to use technology and
resilience initiatives, including artificial intelligence and
machine learning, to drive efficiencies, better outcomes and an
enhanced patient experience, (26) the impact of recent decisions of
the U.S. Supreme Court regarding the actions of federal agencies,
and (27) other risk factors described in our annual report on Form
10-K for the year ended December 31, 2023 and our other filings
with the Securities and Exchange Commission. Many of the factors
that will determine our future results are beyond our ability to
control or predict. In light of the significant uncertainties
inherent in the forward-looking statements contained herein,
readers should not place undue reliance on forward-looking
statements, which reflect management’s views 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. All references to “Company,” “HCA” and “HCA
Healthcare” as used throughout this release refer to HCA
Healthcare, Inc. and its affiliates.
HCA Healthcare, Inc.
Condensed Consolidated
Comprehensive Income Statements
Fourth Quarter
Unaudited
(Dollars in millions, except
per share amounts)
2024
2023
Amount
Ratio
Amount
Ratio
Revenues
$
18,285
100.0
%
$
17,303
100.0
%
Salaries and benefits
7,917
43.3
7,570
43.7
Supplies
2,793
15.3
2,584
14.9
Other operating expenses
3,873
21.2
3,559
20.7
Equity in earnings of affiliates
(10
)
(0.1
)
(28
)
(0.2
)
Depreciation and amortization
856
4.6
789
4.5
Interest expense
528
2.9
491
2.8
Losses (gains) on sales of facilities
195
1.1
(7
)
—
16,152
88.3
14,958
86.4
Income before income taxes
2,133
11.7
2,345
13.6
Provision for income taxes
447
2.5
484
2.8
Net income
1,686
9.2
1,861
10.8
Net income attributable to noncontrolling
interests
248
1.3
254
1.5
Net income attributable to HCA Healthcare,
Inc.
$
1,438
7.9
$
1,607
9.3
Diluted earnings per share
$
5.63
$
5.93
Shares used in computing diluted earnings
per share (millions)
255.310
271.186
Comprehensive income attributable to HCA
Healthcare, Inc.
$
1,429
$
1,673
HCA Healthcare, Inc.
Condensed Consolidated
Comprehensive Income Statements
For the Years Ended December
31, 2024 and 2023
Unaudited
(Dollars in millions, except
per share amounts)
2024
2023
Amount
Ratio
Amount
Ratio
Revenues
$
70,603
100.0
%
$
64,968
100.0
%
Salaries and benefits
31,170
44.1
29,487
45.4
Supplies
10,755
15.2
9,902
15.2
Other operating expenses
14,819
21.0
12,875
19.8
Equity in earnings of affiliates
(23
)
—
(22
)
—
Depreciation and amortization
3,312
4.7
3,077
4.7
Interest expense
2,061
2.9
1,938
3.0
Losses (gains) on sales of facilities
(14
)
—
5
—
62,080
87.9
57,262
88.1
Income before income taxes
8,523
12.1
7,706
11.9
Provision for income taxes
1,866
2.7
1,615
2.5
Net income
6,657
9.4
6,091
9.4
Net income attributable to noncontrolling
interests
897
1.2
849
1.3
Net income attributable to HCA Healthcare,
Inc.
$
5,760
8.2
$
5,242
8.1
Diluted earnings per share
$
22.00
$
18.97
Shares used in computing diluted earnings
per share (millions)
261.806
276.412
Comprehensive income attributable to HCA
Healthcare, Inc.
$
5,798
$
5,307
HCA Healthcare, Inc.
Condensed Consolidated Balance
Sheets
Unaudited
(Dollars in millions)
December 31,
September 30,
December 31,
2024
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
1,933
$
2,888
$
935
Accounts receivable
10,751
9,915
9,958
Inventories
1,738
1,776
2,021
Other
1,992
2,083
2,013
16,414
16,662
14,927
Property and equipment, at cost
62,514
61,750
58,548
Accumulated depreciation
(33,100
)
(32,703
)
(30,833
)
29,414
29,047
27,715
Investments of insurance subsidiaries
569
553
477
Investments in and advances to
affiliates
662
705
756
Goodwill and other intangible assets
10,093
9,982
9,945
Right-of-use operating lease assets
2,131
2,201
2,207
Other
230
309
184
$
59,513
$
59,459
$
56,211
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
4,276
$
4,235
$
4,233
Accrued salaries
2,304
2,164
2,127
Other accrued expenses
3,899
3,819
3,871
Long-term debt due within one year
4,698
4,682
2,424
15,177
14,900
12,655
Long-term debt, less debt issuance costs
and discounts of $369, $378 and $333
38,333
38,283
37,169
Professional liability risks
1,544
1,584
1,557
Right-of-use operating lease
obligations
1,863
1,924
1,903
Income taxes and other liabilities
2,041
1,982
1,867
Stockholders' equity:
Stockholders' deficit attributable to HCA
Healthcare, Inc.
(2,499
)
(2,182
)
(1,774
)
Noncontrolling interests
3,054
2,968
2,834
555
786
1,060
$
59,513
$
59,459
$
56,211
HCA Healthcare, Inc.
Condensed Consolidated
Statements of Cash Flows
For the Years Ended December
31, 2024 and 2023
Unaudited
(Dollars in millions)
2024
2023
Cash flows from operating activities:
Net income
$
6,657
$
6,091
Adjustments to reconcile net income to net
cash provided by operating activities:
Increase (decrease) in cash from operating
assets and liabilities:
Accounts receivable
(799
)
(935
)
Inventories and other assets
334
(126
)
Accounts payable and accrued expenses
359
604
Depreciation and amortization
3,312
3,077
Income taxes
22
229
Losses (gains) on sales of facilities
(14
)
5
Amortization of debt issuance costs and
discounts
35
35
Share-based compensation
360
262
Other
248
189
Net cash provided by operating
activities
10,514
9,431
Cash flows from investing activities:
Purchase of property and equipment
(4,875
)
(4,744
)
Acquisition of hospitals and health care
entities
(266
)
(635
)
Sales of hospitals and health care
entities
328
193
Change in investments
(115
)
(112
)
Other
(5
)
(19
)
Net cash used in investing activities
(4,933
)
(5,317
)
Cash flows from financing activities:
Issuances of long-term debt
7,495
3,224
Net change in revolving credit
facilities
(1,880
)
(1,020
)
Repayment of long-term debt
(2,410
)
(909
)
Distributions to noncontrolling
interests
(711
)
(640
)
Payment of debt issuance costs
(67
)
(31
)
Payment of dividends
(690
)
(661
)
Repurchase of common stock
(6,042
)
(3,811
)
Other
(277
)
(246
)
Net cash used in financing activities
(4,582
)
(4,094
)
Effect of exchange rate changes on cash
and cash equivalents
(1
)
7
Change in cash and cash equivalents
998
27
Cash and cash equivalents at beginning of
period
935
908
Cash and cash equivalents at end of
period
$
1,933
$
935
Interest payments
$
1,938
$
1,892
Income tax payments, net
$
1,844
$
1,386
HCA Healthcare, Inc.
Operating Statistics
Fourth Quarter
For the Years Ended December
31,
2024
2023
2024
2023
Operations:
Number of Hospitals
190
186
190
186
Number of Freestanding Outpatient Surgery
Centers*
124
124
124
124
Licensed Beds at End of Period
49,985
49,588
49,985
49,588
Weighted Average Beds in Service
42,705
42,072
42,633
41,873
Reported:
Admissions
559,170
544,554
2,236,595
2,130,728
% Change
2.7
%
5.0
%
Equivalent Admissions
1,007,623
974,561
3,990,085
3,788,434
% Change
3.4
%
5.3
%
Revenue per Equivalent Admission
$
18,146
$
17,755
$
17,695
$
17,149
% Change
2.2
%
3.2
%
Inpatient Revenue per Admission
$
19,737
$
18,992
$
19,050
$
18,201
% Change
3.9
%
4.7
%
Patient Days
2,691,710
2,674,331
10,826,574
10,483,236
% Change
0.6
%
3.3
%
Equivalent Patient Days
4,850,820
4,786,197
19,314,608
18,639,194
% Change
1.4
%
3.6
%
Inpatient Surgery Cases
135,643
132,417
540,704
528,845
% Change
2.4
%
2.2
%
Outpatient Surgery Cases
263,832
270,286
1,024,998
1,044,415
% Change
-2.4
%
-1.9
%
Emergency Room Visits
2,498,429
2,452,395
9,789,265
9,342,783
% Change
1.9
%
4.8
%
Outpatient Revenues as a Percentage of
Patient Revenues
37.9
%
38.4
%
37.8
%
38.3
%
Average Length of Stay (days)
4.814
4.911
4.841
4.920
Occupancy**
71.7
%
72.5
%
72.7
%
72.3
%
Same Facility:
Admissions
552,610
536,350
2,204,148
2,101,839
% Change
3.0
%
4.9
%
Equivalent Admissions
980,330
950,949
3,881,505
3,713,950
% Change
3.1
%
4.5
%
Revenue per Equivalent Admission
$
18,185
$
17,674
$
17,625
$
17,071
% Change
2.9
%
3.2
%
Inpatient Revenue per Admission
$
19,835
$
19,006
$
19,085
$
18,185
% Change
4.4
%
4.9
%
Inpatient Surgery Cases
134,482
130,779
534,330
523,074
% Change
2.8
%
2.2
%
Outpatient Surgery Cases
257,663
261,155
997,043
1,013,752
% Change
-1.3
%
-1.6
%
Emergency Room Visits
2,466,784
2,410,050
9,642,016
9,192,154
% Change
2.4
%
4.9
%
* Excludes freestanding endoscopy centers
(26 centers at December 31, 2024 and 24 centers at December 31,
2023).
** Reflects the rate of occupancy (patient
days and observations) based on weighted average beds in
service.
HCA Healthcare, Inc.
Supplemental Non-GAAP
Disclosures
Operating Results
Summary
(Dollars in millions, except
per share amounts)
Fourth Quarter
For the Years Ended December
31,
2024
2023
2024
2023
Revenues
$
18,285
$
17,303
$
70,603
$
64,968
Net income attributable to HCA Healthcare,
Inc.
$
1,438
$
1,607
$
5,760
$
5,242
Losses (gains) on sales of facilities (net
of tax)
149
(9
)
(11
)
12
Net income attributable to HCA Healthcare,
Inc., as adjusted (a)
1,587
1,598
5,749
5,254
Depreciation and amortization
856
789
3,312
3,077
Interest expense
528
491
2,061
1,938
Provision for income taxes
493
486
1,863
1,608
Net income attributable to noncontrolling
interests
248
254
897
849
Adjusted EBITDA (a)
3,712
$
3,618
$
13,882
$
12,726
Adjusted EBITDA margin (a)
20.3
%
20.9
%
19.7
%
19.6
%
Diluted earnings per share:
Net income attributable to HCA Healthcare,
Inc.
$
5.63
$
5.93
$
22.00
$
18.97
Losses (gains) on sales of facilities
0.59
(0.03
)
(0.04
)
0.04
Net income attributable to HCA Healthcare,
Inc., as adjusted (a)
$
6.22
$
5.90
$
21.96
$
19.01
Shares used in computing diluted earnings
per share (millions)
255.310
271.186
261.806
276.412
______________
(a)
Net income attributable to HCA Healthcare,
Inc., as adjusted, diluted earnings per share, as adjusted, and
Adjusted EBITDA should not be considered as measures of financial
performance under generally accepted accounting principles
("GAAP"). These non-GAAP financial measures are adjusted to exclude
losses (gains) on sales of facilities and losses on retirement of
debt. We believe net income attributable to HCA Healthcare, Inc.,
as adjusted, diluted earnings per share, as adjusted, and Adjusted
EBITDA are important measures that supplement discussions and
analysis of our results of operations. We believe it is useful to
investors to provide disclosures of our results of operations on
the same basis used by management. Management relies upon net
income attributable to HCA Healthcare, Inc., as adjusted, diluted
earnings per share, as adjusted, and Adjusted EBITDA as the primary
measures to review and assess operating performance of its health
care facilities and their management teams.
Management and investors review both the
overall performance (including net income attributable to HCA
Healthcare, Inc., as adjusted, diluted earnings per share, as
adjusted, and GAAP net income attributable to HCA Healthcare, Inc.)
and operating performance (Adjusted EBITDA) of our health care
facilities. Adjusted EBITDA and the Adjusted EBITDA margin
(Adjusted EBITDA divided by revenues) are utilized by management
and investors to compare our current operating results with the
corresponding periods during the previous year and to compare our
operating results with other companies in the health care industry.
It is reasonable to expect that adjustments, including losses
(gains) on sales of facilities and losses on retirement of debt
will occur in future periods, but the amounts recognized can vary
significantly from period to period, do not directly relate to the
ongoing operations of our health care facilities and complicate
period comparisons of our results of operations and operations
comparisons with other health care companies.
Net income attributable to HCA Healthcare,
Inc., as adjusted, diluted earnings per share, as adjusted, and
Adjusted EBITDA are not measures of financial performance under
GAAP, and should not be considered as alternatives to net income
attributable to HCA Healthcare, Inc. as a measure of operating
performance or cash flows from operating, investing and financing
activities as a measure of liquidity. Because net income
attributable to HCA Healthcare, Inc., as adjusted, diluted earnings
per share, as adjusted, and Adjusted EBITDA are not measurements
determined in accordance with GAAP and are susceptible to varying
calculations, net income attributable to HCA Healthcare, Inc., as
adjusted, diluted earnings per share, as adjusted, and Adjusted
EBITDA, as presented, may not be comparable to other similarly
titled measures presented by other companies.
HCA Healthcare, Inc.
Supplemental Non-GAAP
Disclosures
2025 Operating Results
Forecast
(Dollars in millions, except
per share amounts)
For the Year Ending
December 31, 2025
Low
High
Revenues
$
72,800
$
75,800
Net income attributable to HCA Healthcare,
Inc. (a)
$
5,850
$
6,290
Depreciation and amortization
3,495
3,565
Interest expense
2,230
2,320
Provision for income taxes
1,800
1,950
Net income attributable to noncontrolling
interests
925
975
Adjusted EBITDA (a) (b)
$
14,300
$
15,100
Diluted earnings per share:
Net income attributable to HCA Healthcare,
Inc.
$
24.05
$
25.85
Shares used in computing diluted earnings
per share (millions)
243.000
243.000
The Company's forecasted guidance is based
on current plans and expectations and is subject to a number of
known and unknown uncertainties and risks.
______________
(a)
The Company does not forecast the impact
of items such as, but not limited to, losses (gains) on sales of
facilities, losses on retirement of debt, legal claim costs
(benefits) and impairments of long-lived assets because the Company
does not believe that it can forecast these items with sufficient
accuracy.
(b)
Adjusted EBITDA should not be considered a
measure of financial performance under generally accepted
accounting principles ("GAAP"). We believe Adjusted EBITDA is an
important measure that supplements discussions and analysis of our
results of operations. We believe it is useful to investors to
provide disclosures of our results of operations on the same basis
used by management. Management relies upon Adjusted EBITDA as a
primary measure to review and assess operating performance of its
health care facilities and their management teams.
Management and investors review both the
overall performance (including net income attributable to HCA
Healthcare, Inc.) and operating performance (Adjusted EBITDA) of
our healthcare facilities. Adjusted EBITDA is utilized by
management and investors to compare our current operating results
with the corresponding periods during the previous year and to
compare our operating results with other companies in the health
care industry.
Adjusted EBITDA is not a measure of
financial performance under GAAP and should not be considered as an
alternative to net income attributable to HCA Healthcare, Inc. as a
measure of operating performance or cash flows from operating,
investing and financing activities as a measure of liquidity.
Because Adjusted EBITDA is not a measurement determined in
accordance with GAAP and is susceptible to varying calculations,
Adjusted EBITDA, as presented, may not be comparable to other
similarly titled measures presented by other companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250124034956/en/
INVESTOR CONTACT: Frank Morgan 615-344-2688
MEDIA CONTACT: Harlow Sumerford 615-344-1851
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