Consolidated Results of Operations, As Reported and As
Adjusted – Three-month periods ended December 31, 2023 and 2022:
KING OF
PRUSSIA, Pa., Feb. 27,
2024 /PRNewswire/ -- Universal Health Services, Inc.
(NYSE: UHS) announced today that its reported net income
attributable to UHS was $216.4
million, or $3.16 per diluted
share, during the fourth quarter of 2023, as compared to
$174.8 million, or $2.43 per diluted share, during the fourth
quarter of 2022. Net revenues increased by 7.4% to $3.704 billion during the fourth quarter of 2023,
as compared to $3.447 billion during
the fourth quarter of 2022.
As reflected on the Schedule of Non-GAAP Supplemental
Information ("Supplemental Schedule"), our adjusted net income
attributable to UHS during the fourth quarter of 2023 was
$214.9 million, or $3.13 per diluted share, as compared to
$217.1 million, or $3.02 per diluted share, during the fourth
quarter of 2022.
Included in our reported and adjusted net income attributable to
UHS during the fourth quarter of 2023, were net incremental
reimbursements (net of related provider taxes) of approximately
$17.8 million, or $.20 per diluted share, recorded in connection
with the recently approved Mississippi Hospital Access Program
covering the period of July 1, 2023
through December 31, 2023.
Included in our reported and adjusted net income attributable
to UHS during the fourth quarter of 2022, was an aggregate
favorable after-tax impact of approximately $19.6 million, or $.27 per diluted share, recorded in connection
with $26.0 million of commercial
insurance proceeds received during the quarter in connection with
the following: (i) $15.7 million
related to a business interruption and property damage claim at one
of our behavioral health care facilities, and; (ii) $10.3 million related to a previously incurred
information technology incident.
As reflected on the Supplemental Schedule, included in our
reported results were unrealized after-tax gains of $1.5 million, or $.03 per diluted share ($1.9 million pre-tax), during the fourth quarter
of 2023, and $1.8 million, or
$.02 per diluted share ($2.3 million pre-tax) during the fourth quarter
of 2022. These unrealized gains, which are included in "Other
(income) expense, net", resulted from increases in the market value
of certain equity securities. In addition, as discussed
below, included in our reported results during the fourth quarter
of 2022 was an unfavorable after-tax impact of $44.1 million, or $.61 per diluted share, resulting from a
provision for asset impairment ($57.6
million pre-tax which is included in other operating
expenses) recorded to write-down the asset value of an acute care
hospital, as discussed below.
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 $476.9
million during the fourth quarter of 2023, as compared to
$419.0 million during the fourth
quarter of 2022. Our adjusted earnings before interest, taxes,
depreciation & amortization ("Adjusted EBITDA net of NCI"),
which excludes the impact of other (income) expense, net, and
provision for asset impairment (during the fourth quarter of 2022),
was $473.4 million during the fourth
quarter of 2023, as compared to $471.7
million during the fourth quarter of 2022.
Consolidated Results of Operations, As Reported and As
Adjusted – Twelve-month periods ended December 31, 2023 and 2022:
Reported net income attributable to UHS was $717.8 million, or $10.23 per diluted share, during the full year
2023, as compared to $675.6 million,
or $9.14 per diluted share, during
2022. Net revenues increased by 6.6% to $14.282 billion during the full year of 2023, as
compared to $13.399 billion during
2022.
As reflected on the Supplemental Schedule, our adjusted net
income attributable to UHS during the twelve-month period ended
December 31, 2023, was $739.4 million, or $10.54 per diluted share, as compared to
$730.2 million, or $9.88 per diluted share, during the twelve-month
period ended December 31,
2022.
As reflected on the Supplemental Schedule, included in our
reported results were unrealized after-tax losses of $21.6 million, or $.31 per diluted share ($28.2 million pre-tax), during 2023, and
$10.6 million, or $.14 per diluted share ($13.8 million pre-tax) during 2022. These
unrealized losses, which are included in "Other (income) expense,
net", resulted from decreases in the market value of certain equity
securities. In addition, included in our reported results
during the full year of 2022 was an unfavorable after-tax impact of
$44.1 million, or $.60 per diluted share, resulting from a
provision for asset impairment, ($57.6
million pre-tax which is included in other operating
expenses), as discussed below.
As calculated on the attached Supplemental Schedule, our
earnings before interest, taxes, depreciation & amortization
("EBITDA net of NCI"), was $1.714
billion during 2023, as compared to $1.594 billion during 2022. Our adjusted earnings
before interest, taxes, depreciation & amortization ("Adjusted
EBITDA net of NCI"), which excludes the impact of other (income)
expense, net, and provision for asset impairment (during 2022), was
$1.742 billion during 2023, as
compared to $1.662 billion during
2022.
Acute Care Services – Three and twelve-month periods ended
December 31, 2023 and 2022:
During the fourth quarter of 2023, at our acute care hospitals
owned during both periods ("same facility basis"), adjusted
admissions (adjusted for outpatient activity) increased by 5.6%
while adjusted patient days increased by 4.3%, as compared to the
fourth quarter of 2022. At these facilities, during the fourth
quarter of 2023, net revenue per adjusted admission increased by
3.7% while net revenue per adjusted patient day increased by 5.0%,
as compared to the fourth quarter of 2022. Net revenues generated
from our acute care services, on a same facility basis, increased
by 9.7% during the fourth quarter of 2023, as compared to the
fourth quarter of 2022.
During the twelve-month period ended December 31, 2023, at our acute care hospitals on
a same facility basis, adjusted admissions increased by 7.6% while
adjusted patient days increased by 4.7%, as compared to the year
ended December 31, 2022. At these
facilities, during the full year of 2023, net revenue per adjusted
admission decreased by 0.6% while net revenue per adjusted patient
day increased by 2.2%, as compared to 2022. Net revenues generated
from our acute care services, on a same facility basis, increased
by 7.6% during the full year of 2023, as compared to 2022.
Behavioral Health Care Services – Three and twelve-month
periods ended December 31, 2023 and
2022:
During the fourth quarter of 2023, at our behavioral health care
facilities on a same facility basis, adjusted admissions increased
by 1.4% while adjusted patient days increased by 1.1%, as compared
to the fourth quarter of 2022. At these facilities, during the
fourth quarter of 2023, net revenue per adjusted admission
increased by 5.8% and net revenue per adjusted patient day
increased by 6.1%, as compared to the fourth quarter of 2022. Net
revenues generated from our behavioral health care services, on a
same facility basis, increased by 7.2% during the fourth quarter of
2023, as compared to the fourth quarter of 2022.
During the twelve-month period ended December 31, 2023, at our behavioral health care
facilities on a same facility basis, adjusted admissions increased
by 3.2% while adjusted patient days increased by 2.1%, as compared
to the comparable period of 2022. At these facilities, during the
full year of 2023, net revenue per adjusted admission increased by
4.7% and net revenue per adjusted patient day increased by 5.9%, as
compared to 2022. Net revenues generated from our behavioral health
care services, on a same facility basis, increased by 8.0% during
2023, as compared to 2022.
Net Cash Provided by Operating Activities and
Liquidity:
Net Cash Provided by Operating Activities:
During the twelve-month period ended December 31, 2023, our net cash provided by
operating activities was $1.268
billion as compared to $996
million during the full year of 2022. Included in the
$272 million net increase in our net
cash provided by operating activities was a favorable change of
$114 million in other working capital
accounts due primarily to the timing of disbursements for accrued
compensation and certain other accrued liabilities, as well as a
favorable change of $76 million in
accounts receivable.
Liquidity:
As of December 31, 2023, we had
$701 million of aggregate available
borrowing capacity pursuant to our $1.2
billion revolving credit facility, net of outstanding
borrowings and letters of credit.
Stock Repurchase Program:
As of January 1, 2023, we had an
aggregate remaining repurchase authorization of approximately
$947 million pursuant to our stock
repurchase program. Pursuant to the terms of our stock repurchase
program, shares of our Class B Common Stock may be repurchased,
from time to time as conditions allow, on the open market or in
negotiated private transactions.
During the fourth quarter of 2023, we have repurchased 1.13
million shares at an aggregate cost of approximately $157.3 million (approximately $139 per share) pursuant to the program. During
the full year of 2023, we have repurchased approximately 3.86
million shares at an aggregate cost of approximately $524.5 million (approximately $136 per share) pursuant to the program.
As of December 31, 2023, we had an
aggregate available repurchase authorization of approximately
$423 million.
2024 Operating Results Forecast:
Reflected below is our 2024 forecasted range for consolidated
net revenues, earnings before interest, taxes, depreciation &
amortization, and the impacts of other income/expense and net
income attributable to noncontrolling interests ("Adjusted EBITDA
net of NCI"), net income attributable to UHS per diluted share
("EPS-diluted") and capital expenditures.
Our 2024 forecasted range of net income attributable to UHS, and
EPS-diluted, exclude certain items as described below because we do
not believe we can forecast those items with sufficient accuracy.
Adjusted EBITDA net of NCI, is a non-GAAP financial measure and
should not be considered a measure of financial performance under
GAAP. We believe Adjusted EBITDA net of NCI is helpful to our
investors as a measure of our operating performance. Please see the
Supplemental Non-GAAP Disclosures - 2024 Operating Results
Forecast schedule as included herein for additional information
and a reconciliation of our 2024 forecasted range of net income
attributable to UHS to our 2024 forecasted range of Adjusted EBITDA
net of NCI.
For the Year
Ended
December 31,
2024
|
|
|
Low
|
High
|
Net revenues
|
$15.411
billion
|
$15.706
billion
|
Adjusted EBITDA net of
NCI
|
$1.931
billion
|
$2.019
billion
|
EPS-diluted
|
$13.00 per
share
|
$14.00 per
share
|
Capital
expenditures
|
$850 million
|
$1.000
billion
|
Our 2024 operating results forecast contains a number of
assumptions including, but not limited to, the following:
- The 2024 forecasted amounts exclude the impact of future items,
if applicable, that are nonrecurring or non-operational in nature
including items such as pre-tax unrealized gains/losses resulting
from changes in the market value of shares of certain equity
securities, and other potential material items including, but not
limited to, reserves for various matters including settlements,
legal judgments and lawsuits, potential impacts of non-ordinary
course acquisitions, divestitures, joint ventures or other
strategic transactions, costs related to extinguishment of debt,
gains/losses on sales of assets and businesses, impairments of
goodwill, long-lived and intangible assets, other amounts that may
be reflected in the current financial statements that relate to
prior periods, and the impact of share repurchases that differ from
our forecasted assumptions. It is also subject to certain
conditions including those as set forth below in General
Information, Forward-Looking Statements and Risk Factors and
Non-GAAP Financial Measures.
- Our net revenues are estimated to be approximately $15.411 billion to $15.706
billion representing an increase of 7.9% to 10.0% over our
2023 net revenues of $14.282
billion.
- Our Adjusted EBITDA net of NCI is estimated to be approximately
$1.931 billion to $2.019 billion representing an increase of 10.9%
to 15.9% over our 2023 Adjusted EBITDA net of NCI of $1.742 billion.
- Our EPS-diluted range is estimated to be $13.00 per diluted share to $14.00 per diluted share, representing an
increase of 23.3% to 32.8% over our adjusted net income
attributable to UHS of $10.54 per
diluted share for the year ended December
31, 2023, as calculated on the attached Supplemental
Schedule.
- Our 2024 operating results forecast includes approximately
$158 million of net reimbursements
(net of related provider taxes) expected to be earned pursuant to
the previously disclosed Nevada State Directed Payment program
("SDP").
- The Medicaid managed care component of the Nevada SDP, our
annual net reimbursements from which are expected to approximate
$140 million during 2024, was
approved by the Centers for Medicare and Medicaid Services ("CMS")
in late December, 2023, with an effective date of January 1, 2024. This component of the Nevada SDP
requires annual approval by CMS and is subject to reconciliation by
Nevada's Division of Health Care
Financing and Policy based on actual Medicaid managed care
utilization during 2024. There can be no assurance that the
Medicaid managed care component of the Nevada SDP will continue for
any period after December 31, 2024,
or that it will not be modified.
- The Medicaid fee for service upper payment limit component of
the Nevada SDP, our annual net reimbursements from which are
expected to approximate $18 million
during 2024, was approved by CMS during the fourth quarter of 2023,
with an effective date of July 1,
2023.
Provision for Asset Impairment (recorded during the fourth
quarter of 2022):
Our financial statements for the three and twelve-month periods
ended December 31, 2022, included a
pre-tax provision for asset impairment of $57.6 million, which is included in other
operating expenses on the accompanying consolidated statements of
income. In March of 2023, we discontinued all inpatient operations
at Desert Springs Hospital Medical Center, an acute care facility
located in Las Vegas, Nevada.
Since that time, we have continued providing emergency department
services within a portion of the existing facility while we
construct a new free-standing emergency department on the
hospital's campus. The provision for asset impairment recorded
during the fourth quarter of 2022 reduced the asset values of the
facility's real estate and equipment to their estimated fair
values.
Conference call information:
We will hold a conference call for investors and analysts at
9:00 a.m. eastern time on
February 28, 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.
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 #311 on the Fortune
500; and #434 on Forbes' list of America's Largest Public
Companies. UHS was again recognized as one of the World's Most
Admired Companies by Fortune.
Our operating philosophy is as effective today as it was upon
the Company's founding in 1979, enabling us to provide
compassionate care to our patients and their loved ones. Our
strategy includes building or acquiring high quality hospitals in
rapidly growing markets, investing in the people and equipment
needed to allow each facility to thrive, and becoming the leading
healthcare provider in each community we serve.
Headquartered in King of Prussia,
PA, UHS has approximately 96,700 employees and, through its
subsidiaries, operates 27 inpatient acute care hospitals, 333
inpatient behavioral health facilities, 48 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 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 nationwide shortage of nurses and other clinical staff and
support personnel experienced by healthcare providers in the past
has been a significant operating issue facing us and other
healthcare providers. In the past, the staffing shortage has, at
times, required us to hire expensive temporary personnel and/or
enhance wages and benefits to recruit and retain nurses and other
clinical staff and support personnel. At certain facilities,
particularly within our behavioral health care segment, there have
been occasions when we were unable to fill all vacant positions
and, consequently, we were required to limit patient volumes. The
staffing shortage has required us to enhance wages and benefits to
recruit and retain nurses and other clinical staff and support
personnel or required us to hire expensive temporary personnel.
Many of these factors, which had a material unfavorable impact on
our results of operations during 2022, moderated to a certain
degree during 2023.
- The increase in interest rates has substantially increased our
borrowings costs and reduced our ability to access the capital
markets on favorable terms. Additional increases in interest rates
could have a significant unfavorable impact on our future results
of operations and the resulting effect on the capital markets could
adversely affect our ability to carry out our strategy.
We believe that adjusted net income attributable to UHS,
adjusted net income attributable to UHS per diluted share, EBITDA
net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP
financial measures ("GAAP" is Generally Accepted Accounting
Principles in the United States of
America), are helpful to our investors as measures of our
operating performance. In addition, we believe that, when
applicable, comparing and discussing our financial results based on
these measures, as calculated, is helpful to our investors since it
neutralizes the effect of material items impacting our net income
attributable to UHS, such as, changes in the market value of shares
of certain equity securities and other potential material items
that are nonrecurring or non-operational in nature including, but
not limited to, impairments of goodwill, long-lived and intangible
assets, reserves for various matters including settlements, legal
judgments and lawsuits, costs related to extinguishment of debt,
gains/losses on sales of assets and businesses, potential impacts
of non-ordinary acquisitions, divestitures, joint ventures or other
strategic transactions, and other amounts that may be reflected in
the current or prior year financial statements that relate to prior
periods. To obtain a complete understanding of our financial
performance these measures should be examined in connection with
net income attributable to UHS, as determined in accordance with
GAAP, and as presented in the condensed consolidated financial
statements and notes thereto in this report or in our other filings
with the Securities and Exchange Commission including our Report on
Form 10-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.
Universal Health
Services, Inc.
|
Consolidated Statements
of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three months
|
|
Twelve
months
|
|
ended December
31,
|
|
ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
Net revenues
|
$3,703,546
|
|
$3,446,980
|
|
$14,281,976
|
|
$13,399,370
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries,
wages and benefits
|
1,799,008
|
|
1,701,083
|
|
7,107,484
|
|
6,762,256
|
Other
operating expenses
|
998,732
|
|
919,673
|
|
3,757,216
|
|
3,445,733
|
Supplies
expense
|
393,878
|
|
381,936
|
|
1,532,828
|
|
1,474,339
|
Depreciation and amortization
|
145,481
|
|
148,353
|
|
568,041
|
|
581,861
|
Lease and
rental expense
|
35,251
|
|
34,551
|
|
141,026
|
|
131,626
|
|
3,372,350
|
|
3,185,596
|
|
13,106,595
|
|
12,395,815
|
|
|
|
|
|
|
|
|
Income from
operations
|
331,196
|
|
261,384
|
|
1,175,381
|
|
1,003,555
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
53,589
|
|
43,887
|
|
206,674
|
|
126,889
|
Other (income) expense,
net
|
(3,516)
|
|
(4,838)
|
|
28,281
|
|
10,406
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
281,123
|
|
222,335
|
|
940,426
|
|
866,260
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
61,501
|
|
51,966
|
|
221,119
|
|
209,278
|
|
|
|
|
|
|
|
|
Net income
|
219,622
|
|
170,369
|
|
719,307
|
|
656,982
|
|
|
|
|
|
|
|
|
Less: Net income
(loss) attributable to
|
|
|
|
|
|
|
|
noncontrolling
interests ("NCI")
|
3,244
|
|
(4,451)
|
|
1,512
|
|
(18,627)
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$216,378
|
|
$174,820
|
|
$717,795
|
|
$675,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS (a)
|
$3.19
|
|
$2.45
|
|
$10.35
|
|
$9.23
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS (a)
|
$3.16
|
|
$2.43
|
|
$10.23
|
|
$9.14
|
Universal Health
Services, Inc.
|
Footnotes to
Consolidated Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three months
|
|
Twelve
months
|
(a) Earnings per
share calculation:
|
ended December
31,
|
|
ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Basic and
diluted:
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$216,378
|
|
$174,820
|
|
$717,795
|
|
$675,609
|
Less: Net income
attributable to unvested restricted share grants
|
(66)
|
|
(156)
|
|
(308)
|
|
(748)
|
Net income attributable
to UHS - basic and diluted
|
$216,312
|
|
$174,664
|
|
$717,487
|
|
$674,861
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares - basic
|
67,809
|
|
71,165
|
|
69,321
|
|
73,118
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS:
|
$3.19
|
|
$2.45
|
|
$10.35
|
|
$9.23
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares
|
67,809
|
|
71,165
|
|
69,321
|
|
73,118
|
Add: Other share
equivalents
|
741
|
|
627
|
|
804
|
|
714
|
Weighted average number
of common shares and equiv. - diluted
|
68,550
|
|
71,792
|
|
70,125
|
|
73,832
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS:
|
$3.16
|
|
$2.43
|
|
$10.23
|
|
$9.14
|
Universal Health
Services, Inc.
|
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
|
For the Three Months
ended December 31, 2023 and 2022
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("EBITDA/Adjusted EBITDA net of NCI")
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
% Net
|
|
Three months
ended
|
|
% Net
|
|
December 31,
2023
|
|
revenues
|
|
December 31,
2022
|
|
revenues
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$216,378
|
|
|
|
$174,820
|
|
|
Depreciation and amortization
|
145,481
|
|
|
|
148,353
|
|
|
Interest
expense, net
|
53,589
|
|
|
|
43,887
|
|
|
Provision
for income taxes
|
61,501
|
|
|
|
51,966
|
|
|
EBITDA net of
NCI
|
$476,949
|
|
12.9 %
|
|
$419,026
|
|
12.2 %
|
|
|
|
|
|
|
|
|
Other (income) expense,
net
|
(3,516)
|
|
|
|
(4,838)
|
|
|
Provision for asset
impairment
|
-
|
|
|
|
57,550
|
|
|
Adjusted EBITDA net of
NCI
|
$473,433
|
|
12.8 %
|
|
$471,738
|
|
13.7 %
|
|
|
|
|
|
|
|
|
Net revenues
|
$3,703,546
|
|
|
|
$3,446,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Net Income Attributable to
UHS
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$216,378
|
|
$3.16
|
|
$174,820
|
|
$2.43
|
Plus/minus after-tax
adjustments:
|
|
|
|
|
|
|
|
Unrealized gain on
equity securities
|
(1,470)
|
|
(0.03)
|
|
(1,778)
|
|
(0.02)
|
Provision for asset
impairment
|
-
|
|
-
|
|
44,055
|
|
0.61
|
Subtotal
adjustments
|
(1,470)
|
|
(0.03)
|
|
42,277
|
|
0.59
|
Adjusted net income
attributable to UHS
|
$214,908
|
|
$3.13
|
|
$217,097
|
|
$3.02
|
Universal Health
Services, Inc.
|
Schedule of Non-GAAP
Supplemental Information ("Supplemental Schedule")
|
For the Twelve Months
ended December 31, 2023 and 2022
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Earnings/Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted
EBITDA net of NCI")
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
% Net
|
|
Twelve months
ended
|
|
% Net
|
|
December 31,
2023
|
|
revenues
|
|
December 31,
2022
|
|
revenues
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$717,795
|
|
|
|
$675,609
|
|
|
Depreciation and amortization
|
568,041
|
|
|
|
581,861
|
|
|
Interest
expense, net
|
206,674
|
|
|
|
126,889
|
|
|
Provision
for income taxes
|
221,119
|
|
|
|
209,278
|
|
|
EBITDA net of
NCI
|
$1,713,629
|
|
12.0 %
|
|
$1,593,637
|
|
11.9 %
|
|
|
|
|
|
|
|
|
Other (income) expense,
net
|
28,281
|
|
|
|
10,406
|
|
|
Provision for asset
impairment
|
-
|
|
|
|
57,550
|
|
|
Adjusted EBITDA net of
NCI
|
$1,741,910
|
|
12.2 %
|
|
$1,661,593
|
|
12.4 %
|
|
|
|
|
|
|
|
|
Net revenues
|
$14,281,976
|
|
|
|
$13,399,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Net Income Attributable to
UHS
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS
|
$717,795
|
|
$10.23
|
|
$675,609
|
|
$9.14
|
Plus/minus after-tax
adjustments:
|
|
|
|
|
|
|
|
Unrealized loss on
equity securities
|
21,570
|
|
0.31
|
|
10,580
|
|
0.14
|
Provision for asset
impairment
|
-
|
|
-
|
|
44,055
|
|
0.60
|
Subtotal
adjustments
|
21,570
|
|
0.31
|
|
54,635
|
|
0.74
|
Adjusted net income
attributable to UHS
|
$739,365
|
|
$10.54
|
|
$730,244
|
|
$9.88
|
Universal Health
Services, Inc.
|
Condensed Consolidated
Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2023
|
|
|
2022
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
119,439
|
|
$
|
102,818
|
Accounts receivable, net
|
|
|
2,238,265
|
|
|
2,017,722
|
Supplies
|
|
|
216,988
|
|
|
218,517
|
Other current assets
|
|
|
236,658
|
|
|
198,283
|
Total current assets
|
|
|
2,811,350
|
|
|
2,537,340
|
|
|
|
|
|
|
|
Property and
equipment
|
|
|
11,777,047
|
|
|
11,085,852
|
Less: accumulated
depreciation
|
|
|
(5,652,518)
|
|
|
(5,167,394)
|
|
|
|
6,124,529
|
|
|
5,918,458
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Goodwill
|
|
|
3,932,407
|
|
|
3,909,456
|
Deferred income taxes
|
|
|
85,626
|
|
|
68,397
|
Right of use assets-operating leases
|
|
|
433,962
|
|
|
454,650
|
Deferred charges
|
|
|
6,974
|
|
|
6,264
|
Other
|
|
|
572,754
|
|
|
599,623
|
Total Assets
|
|
$
|
13,967,602
|
|
$
|
13,494,188
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
126,686
|
|
$
|
81,447
|
Accounts payable and other liabilities
|
|
|
1,813,015
|
|
|
1,760,588
|
Operating lease liabilities
|
|
|
71,600
|
|
|
67,776
|
Federal and state taxes
|
|
|
2,046
|
|
|
4,608
|
Total current liabilities
|
|
|
2,013,347
|
|
|
1,914,419
|
|
|
|
|
|
|
|
Other noncurrent
liabilities
|
|
|
584,007
|
|
|
487,669
|
Operating lease
liabilities noncurrent
|
|
|
382,559
|
|
|
395,522
|
Long-term
debt
|
|
|
4,785,783
|
|
|
4,726,533
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
5,191
|
|
|
4,695
|
|
|
|
|
|
|
|
UHS common
stockholders' equity
|
|
|
6,149,001
|
|
|
5,920,582
|
Noncontrolling
interest
|
|
|
47,714
|
|
|
44,768
|
Total equity
|
|
|
6,196,715
|
|
|
5,965,350
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
13,967,602
|
|
$
|
13,494,188
|
Universal Health
Services, Inc.
|
Consolidated Statements
of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
Twelve
months
|
|
ended December
31,
|
|
2023
|
|
2022
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
Net
income
|
$719,307
|
|
$656,982
|
Adjustments
to reconcile net income to net
|
|
|
|
cash provided by
operating activities:
|
|
|
|
Depreciation &
amortization
|
568,041
|
|
581,861
|
(Gain) loss on sale of
assets and businesses
|
(6,250)
|
|
584
|
Stock-based
compensation expense
|
87,720
|
|
85,378
|
Provision for asset
impairment
|
0
|
|
57,550
|
Changes in
assets & liabilities, net of effects from
|
|
|
|
acquisitions and
dispositions:
|
|
|
|
Accounts
receivable
|
(182,444)
|
|
(258,338)
|
Accrued
interest
|
1,193
|
|
1,835
|
Accrued
and deferred income taxes
|
(43,450)
|
|
(29,510)
|
Other
working capital accounts
|
(32,321)
|
|
(146,692)
|
Medicare
accelerated payments and deferred CARES Act and other
grants
|
2,978
|
|
2,391
|
Other
assets and deferred charges
|
48,517
|
|
19,918
|
Other
|
39,133
|
|
(8,676)
|
Accrued
insurance expense, net of commercial premiums paid
|
183,462
|
|
174,723
|
Payments
made in settlement of self-insurance claims
|
(118,089)
|
|
(141,983)
|
Net cash provided by operating activities
|
1,267,797
|
|
996,023
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Property
and equipment additions
|
(743,055)
|
|
(734,001)
|
Proceeds
received from sales of assets and businesses
|
24,187
|
|
12,001
|
Acquisition of businesses and property
|
(3,728)
|
|
(20,309)
|
(Outflows)
inflows from foreign exchange contracts that hedge our net U.K.
investment
|
(40,695)
|
|
94,913
|
Decrease
in capital reserves of commercial insurance
subsidiary
|
16
|
|
100
|
Net cash used in investing activities
|
(763,275)
|
|
(647,296)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Repayments
of long-term debt
|
(85,480)
|
|
(89,367)
|
Additional
borrowings
|
185,100
|
|
705,321
|
Financing
costs
|
(308)
|
|
(3,164)
|
Repurchase
of common shares
|
(547,363)
|
|
(832,918)
|
Dividends
paid
|
(55,480)
|
|
(58,449)
|
Issuance
of common stock
|
13,654
|
|
14,068
|
Profit
distributions to noncontrolling interests
|
(6,830)
|
|
(5,391)
|
(Purchase)
sale of ownership interests by (from) minority members
|
2,762
|
|
(48,500)
|
Net cash used in financing activities
|
(493,945)
|
|
(318,400)
|
|
|
|
|
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash
|
3,056
|
|
(8,424)
|
Increase in cash, cash
equivalents and restricted cash
|
13,633
|
|
21,903
|
Cash, cash equivalents
and restricted cash, beginning of period
|
200,837
|
|
178,934
|
Cash, cash equivalents
and restricted cash, end of period
|
$214,470
|
|
$200,837
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
Interest
paid
|
$200,446
|
|
$120,136
|
|
|
|
|
Income taxes
paid, net of refunds
|
$257,896
|
|
$250,759
|
|
|
|
|
Noncash
purchases of property and equipment
|
$66,899
|
|
$72,064
|
Universal Health
Services, Inc.
|
Supplemental
Statistical Information
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
%
Change
|
|
|
|
|
|
|
|
3 Months
ended
|
|
12 Months
ended
|
Same
Facility:
|
|
|
|
|
|
|
12/31/2023
|
|
12/31/2023
|
|
|
|
|
|
|
|
|
|
|
Acute Care
Hospitals
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
9.7 %
|
|
7.6 %
|
Adjusted
Admissions
|
|
|
|
|
|
|
5.6 %
|
|
7.6 %
|
Adjusted Patient
Days
|
|
|
|
|
|
|
4.3 %
|
|
4.7 %
|
Revenue Per Adjusted
Admission
|
|
|
|
|
|
|
3.7 %
|
|
-0.6 %
|
Revenue Per Adjusted
Patient Day
|
|
|
|
|
|
|
5.0 %
|
|
2.2 %
|
|
|
|
|
|
|
|
|
|
|
Behavioral Health
Hospitals
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
7.2 %
|
|
8.0 %
|
Adjusted
Admissions
|
|
|
|
|
|
|
1.4 %
|
|
3.2 %
|
Adjusted Patient
Days
|
|
|
|
|
|
|
1.1 %
|
|
2.1 %
|
Revenue Per Adjusted
Admission
|
|
|
|
|
|
|
5.8 %
|
|
4.7 %
|
Revenue Per Adjusted
Patient Day
|
|
|
|
|
|
|
6.1 %
|
|
5.9 %
|
|
|
|
|
|
|
|
|
|
|
UHS
Consolidated
|
|
|
Fourth Quarter
Ended
|
|
Twelve Months
Ended
|
|
|
|
12/31/2023
|
|
12/31/2022
|
|
12/31/2023
|
|
12/31/2022
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$3,703,546
|
|
$3,446,980
|
|
$14,281,976
|
|
$13,399,370
|
EBITDA net of
NCI
|
|
|
$476,949
|
|
$419,026
|
|
$1,713,629
|
|
$1,593,637
|
EBITDA Margin net of
NCI
|
|
|
12.9 %
|
|
12.2 %
|
|
12.0 %
|
|
11.9 %
|
Adjusted EBITDA net of
NCI
|
|
|
$473,433
|
|
$471,738
|
|
$1,741,910
|
|
$1,661,593
|
Adjusted EBITDA Margin
net of NCI
|
|
12.8 %
|
|
13.7 %
|
|
12.2 %
|
|
12.4 %
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From
Operations
|
|
|
$452,431
|
|
$297,304
|
|
$1,267,797
|
|
$996,023
|
Capital
Expenditures
|
|
|
$206,390
|
|
$164,446
|
|
$743,055
|
|
$734,001
|
Days Sales
Outstanding
|
|
|
|
|
|
|
57
|
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
$4,912,469
|
|
$4,807,980
|
UHS' Shareholders
Equity
|
|
|
|
|
|
|
$6,149,001
|
|
$5,920,582
|
Debt / Total
Capitalization
|
|
|
|
|
|
|
44.4 %
|
|
44.8 %
|
Debt / EBITDA net of
NCI (1)
|
|
|
|
|
|
|
2.87
|
|
3.02
|
Debt / Adjusted EBITDA
net of NCI (1)
|
|
|
|
|
|
2.82
|
|
2.89
|
Debt / Cash From
Operations (1)
|
|
|
|
|
|
|
3.87
|
|
4.83
|
|
|
|
|
|
|
|
|
|
|
(1) Latest 4
quarters.
|
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Acute Care Hospital
Services
|
For the Three and
Twelve Months ended
|
December 31, 2023 and
2022
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Facility Basis
- Acute Care Hospital Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
|
|
$2,032,535
|
|
100.0 %
|
|
$1,852,000
|
|
100.0 %
|
|
$7,840,740
|
|
100.0 %
|
|
$7,284,868
|
|
100.0 %
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
869,942
|
|
42.8 %
|
|
812,340
|
|
43.9 %
|
|
3,363,213
|
|
42.9 %
|
|
3,225,039
|
|
44.3 %
|
Other operating
expenses
|
|
559,282
|
|
27.5 %
|
|
481,164
|
|
26.0 %
|
|
2,144,102
|
|
27.3 %
|
|
1,863,414
|
|
25.6 %
|
Supplies
expense
|
|
338,790
|
|
16.7 %
|
|
321,747
|
|
17.4 %
|
|
1,303,018
|
|
16.6 %
|
|
1,226,294
|
|
16.8 %
|
Depreciation and
amortization
|
|
93,287
|
|
4.6 %
|
|
94,919
|
|
5.1 %
|
|
358,308
|
|
4.6 %
|
|
369,493
|
|
5.1 %
|
Lease and rental
expense
|
|
23,930
|
|
1.2 %
|
|
23,159
|
|
1.3 %
|
|
95,565
|
|
1.2 %
|
|
85,915
|
|
1.2 %
|
Subtotal-operating
expenses
|
|
1,885,231
|
|
92.8 %
|
|
1,733,329
|
|
93.6 %
|
|
7,264,206
|
|
92.6 %
|
|
6,770,155
|
|
92.9 %
|
Income from
operations
|
|
147,304
|
|
7.2 %
|
|
118,671
|
|
6.4 %
|
|
576,534
|
|
7.4 %
|
|
514,713
|
|
7.1 %
|
Interest expense,
net
|
|
(643)
|
|
(0.0) %
|
|
(241)
|
|
(0.0) %
|
|
(2,501)
|
|
(0.0) %
|
|
1,109
|
|
0.0 %
|
Other (income) expense,
net
|
|
931
|
|
0.0 %
|
|
687
|
|
0.0 %
|
|
6,099
|
|
0.1 %
|
|
1,493
|
|
0.0 %
|
Income before income
taxes
|
|
$147,016
|
|
7.2 %
|
|
$118,225
|
|
6.4 %
|
|
$572,936
|
|
7.3 %
|
|
$512,111
|
|
7.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Acute Care
Hospital Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
|
|
$2,087,503
|
|
100.0 %
|
|
$1,939,239
|
|
100.0 %
|
|
$8,081,402
|
|
100.0 %
|
|
$7,646,749
|
|
100.0 %
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
871,182
|
|
41.7 %
|
|
834,647
|
|
43.0 %
|
|
3,406,060
|
|
42.1 %
|
|
3,332,535
|
|
43.6 %
|
Other operating
expenses
|
|
615,810
|
|
29.5 %
|
|
596,152
|
|
30.7 %
|
|
2,347,560
|
|
29.0 %
|
|
2,146,196
|
|
28.1 %
|
Supplies
expense
|
|
338,732
|
|
16.2 %
|
|
329,129
|
|
17.0 %
|
|
1,317,917
|
|
16.3 %
|
|
1,264,688
|
|
16.5 %
|
Depreciation and
amortization
|
|
93,479
|
|
4.5 %
|
|
97,557
|
|
5.0 %
|
|
367,644
|
|
4.5 %
|
|
383,115
|
|
5.0 %
|
Lease and rental
expense
|
|
23,960
|
|
1.1 %
|
|
23,330
|
|
1.2 %
|
|
96,589
|
|
1.2 %
|
|
86,654
|
|
1.1 %
|
Subtotal-operating
expenses
|
|
1,943,163
|
|
93.1 %
|
|
1,880,815
|
|
97.0 %
|
|
7,535,770
|
|
93.2 %
|
|
7,213,188
|
|
94.3 %
|
Income from
operations
|
|
144,340
|
|
6.9 %
|
|
58,424
|
|
3.0 %
|
|
545,632
|
|
6.8 %
|
|
433,561
|
|
5.7 %
|
Interest expense,
net
|
|
(643)
|
|
(0.0) %
|
|
(241)
|
|
(0.0) %
|
|
(2,501)
|
|
(0.0) %
|
|
1,109
|
|
0.0 %
|
Other (income) expense,
net
|
|
867
|
|
0.0 %
|
|
1,982
|
|
0.1 %
|
|
7,788
|
|
0.1 %
|
|
2,788
|
|
0.0 %
|
Income before income
taxes
|
|
$144,116
|
|
6.9 %
|
|
$56,683
|
|
2.9 %
|
|
$540,345
|
|
6.7 %
|
|
$429,664
|
|
5.6 %
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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;
(ii) the impact of an asset impairment recorded in the three and
twelve months ended December 31, 2022, and; (iv) 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
Twelve Months ended
|
December 31, 2023 and
2022
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Facility -
Behavioral Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
|
|
$1,558,805
|
|
100.0 %
|
|
$1,453,766
|
|
100.0 %
|
|
$6,048,883
|
|
100.0 %
|
|
$5,598,764
|
|
100.0 %
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
852,069
|
|
54.7 %
|
|
794,776
|
|
54.7 %
|
|
3,343,222
|
|
55.3 %
|
|
3,088,108
|
|
55.2 %
|
Other operating
expenses
|
|
296,915
|
|
19.0 %
|
|
262,606
|
|
18.1 %
|
|
1,163,365
|
|
19.2 %
|
|
1,078,918
|
|
19.3 %
|
Supplies
expense
|
|
55,674
|
|
3.6 %
|
|
53,446
|
|
3.7 %
|
|
216,879
|
|
3.6 %
|
|
210,903
|
|
3.8 %
|
Depreciation and
amortization
|
|
48,066
|
|
3.1 %
|
|
47,435
|
|
3.3 %
|
|
187,105
|
|
3.1 %
|
|
184,684
|
|
3.3 %
|
Lease and rental
expense
|
|
11,143
|
|
0.7 %
|
|
10,689
|
|
0.7 %
|
|
43,785
|
|
0.7 %
|
|
41,951
|
|
0.7 %
|
Subtotal-operating
expenses
|
|
1,263,867
|
|
81.1 %
|
|
1,168,952
|
|
80.4 %
|
|
4,954,356
|
|
81.9 %
|
|
4,604,564
|
|
82.2 %
|
Income from
operations
|
|
294,938
|
|
18.9 %
|
|
284,814
|
|
19.6 %
|
|
1,094,527
|
|
18.1 %
|
|
994,200
|
|
17.8 %
|
Interest expense,
net
|
|
1,108
|
|
0.1 %
|
|
1,212
|
|
0.1 %
|
|
4,434
|
|
0.1 %
|
|
5,169
|
|
0.1 %
|
Other (income) expense,
net
|
|
(1,132)
|
|
(0.1) %
|
|
(4,921)
|
|
(0.3) %
|
|
(3,426)
|
|
(0.1) %
|
|
(6,343)
|
|
(0.1) %
|
Income before income
taxes
|
|
$294,962
|
|
18.9 %
|
|
$288,523
|
|
19.8 %
|
|
$1,093,519
|
|
18.1 %
|
|
$995,374
|
|
17.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Behavioral
Health Care Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
|
Amount
|
|
% of Net
Revenues
|
Net revenues
|
|
$1,615,543
|
|
100.0 %
|
|
$1,494,543
|
|
100.0 %
|
|
$6,190,921
|
|
100.0 %
|
|
$5,729,758
|
|
100.0 %
|
Operating
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and
benefits
|
|
854,670
|
|
52.9 %
|
|
796,455
|
|
53.3 %
|
|
3,353,008
|
|
54.2 %
|
|
3,107,216
|
|
54.2 %
|
Other operating
expenses
|
|
353,353
|
|
21.9 %
|
|
302,908
|
|
20.3 %
|
|
1,303,311
|
|
21.1 %
|
|
1,201,563
|
|
21.0 %
|
Supplies
expense
|
|
55,713
|
|
3.4 %
|
|
53,471
|
|
3.6 %
|
|
217,310
|
|
3.5 %
|
|
211,786
|
|
3.7 %
|
Depreciation and
amortization
|
|
49,180
|
|
3.0 %
|
|
47,752
|
|
3.2 %
|
|
189,297
|
|
3.1 %
|
|
186,555
|
|
3.3 %
|
Lease and rental
expense
|
|
11,194
|
|
0.7 %
|
|
11,065
|
|
0.7 %
|
|
44,028
|
|
0.7 %
|
|
43,868
|
|
0.8 %
|
Subtotal-operating
expenses
|
|
1,324,110
|
|
82.0 %
|
|
1,211,651
|
|
81.1 %
|
|
5,106,954
|
|
82.5 %
|
|
4,750,988
|
|
82.9 %
|
Income from
operations
|
|
291,433
|
|
18.0 %
|
|
282,892
|
|
18.9 %
|
|
1,083,967
|
|
17.5 %
|
|
978,770
|
|
17.1 %
|
Interest expense,
net
|
|
1,102
|
|
0.1 %
|
|
1,217
|
|
0.1 %
|
|
4,558
|
|
0.1 %
|
|
5,323
|
|
0.1 %
|
Other (income) expense,
net
|
|
(1,132)
|
|
(0.1) %
|
|
(4,921)
|
|
(0.3) %
|
|
(4,271)
|
|
(0.1) %
|
|
(6,843)
|
|
(0.1) %
|
Income before income
taxes
|
|
$291,463
|
|
18.0 %
|
|
$286,596
|
|
19.2 %
|
|
$1,083,680
|
|
17.5 %
|
|
$980,290
|
|
17.1 %
|
|
We believe that
providing our results on a "Same Facility" basis (which is a
non-GAAP measure), which includes the operating results for
facilities and businesses operated in both the current year and
prior year periods, is helpful to our investors as a measure of our
operating performance. Our Same Facility results also neutralize
(if applicable), the effect of material items that are nonrecurring
or non-operational in nature including items such as, but not
limited to, reserves for various matters, settlements, legal
judgments, lawsuits and reserves established in connection with the
government's investigation of our behavioral health care
facilities, cost related to extinguishment of debt, gains/losses on
sales of assets and businesses, impairments of goodwill, long-lived
and intangible assets and other amounts that may be reflected in
the current or prior year financial statements that relate to prior
periods. Our Same Facility basis results exclude from net revenues
and other operating expenses, provider tax assessments incurred in
each period. However, these provider tax assessments are included
in net revenues and other operating expenses as reflected in the
table under All Behavioral Health Care Services. The provider tax
assessments had no impact on the income before income taxes as
reflected on the above tables since the amounts offset between net
revenues and other operating expenses. To obtain a complete
understanding of our financial performance, the Same Facility
results should be examined in connection with our net income as
determined in accordance with GAAP and as presented herein and in
the condensed consolidated financial statements and notes thereto
as contained in our Form 10-K for the year ended December 31,
2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The All Behavioral
Health Care Services table summarizes the results of operations
for all our behavioral health care facilities during the periods
presented. These amounts include: (i) our behavioral health
results on a same facility basis, as indicated above; (ii) the
impact of provider tax assessments which increased net revenues and
other operating expenses but had no impact on income before income
taxes, and; (iii) certain other amounts including the results
of facilities acquired or opened during the last twelve months as
well as the results of certain facilities that were closed or
restructured during the past year.
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Three Months
ended
|
December 31, 2023 and
2022
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AS
REPORTED:
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ACUTE
|
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BEHAVIORAL
HEALTH
|
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|
12/31/23
|
|
12/31/22
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%
change
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|
12/31/23
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|
12/31/22
|
|
%
change
|
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|
|
|
|
|
|
|
|
|
|
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|
Hospitals owned and
leased
|
|
27
|
|
28
|
|
-3.6 %
|
|
333
|
|
331
|
|
0.6 %
|
Average licensed
beds
|
|
6,674
|
|
6,987
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|
-4.5 %
|
|
24,194
|
|
24,228
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|
-0.1 %
|
Average available
beds
|
|
6,502
|
|
6,815
|
|
-4.6 %
|
|
24,094
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|
24,128
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-0.1 %
|
Patient days
|
|
403,117
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401,363
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0.4 %
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|
1,600,740
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|
1,560,526
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2.6 %
|
Average daily
census
|
|
4,381.7
|
|
4,362.6
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0.4 %
|
|
17,399.3
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|
16,962.2
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2.6 %
|
Occupancy-licensed
beds
|
|
65.7 %
|
|
62.4 %
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5.1 %
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|
71.9 %
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|
70.0 %
|
|
2.7 %
|
Occupancy-available
beds
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|
67.4 %
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|
64.0 %
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5.3 %
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|
72.2 %
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|
70.3 %
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2.7 %
|
Admissions
|
|
82,918
|
|
81,314
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2.0 %
|
|
118,487
|
|
112,272
|
|
5.5 %
|
Length of
stay
|
|
4.9
|
|
4.9
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|
-1.5 %
|
|
13.5
|
|
13.9
|
|
-2.8 %
|
|
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Inpatient
revenue
|
|
$11,408,639
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|
$10,182,914
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12.0 %
|
|
$2,647,158
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|
$2,536,091
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4.4 %
|
Outpatient
revenue
|
|
7,566,625
|
|
6,452,816
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17.3 %
|
|
275,128
|
|
257,601
|
|
6.8 %
|
Total patient
revenue
|
|
18,975,264
|
|
16,635,730
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14.1 %
|
|
2,922,286
|
|
2,793,692
|
|
4.6 %
|
Other
revenue
|
|
234,117
|
|
203,952
|
|
14.8 %
|
|
83,153
|
|
82,734
|
|
0.5 %
|
Gross
revenue
|
|
19,209,381
|
|
16,839,682
|
|
14.1 %
|
|
3,005,439
|
|
2,876,426
|
|
4.5 %
|
Total
deductions
|
|
17,121,878
|
|
14,900,443
|
|
14.9 %
|
|
1,389,896
|
|
1,381,883
|
|
0.6 %
|
Net
revenue
|
|
$2,087,503
|
|
$1,939,239
|
|
7.6 %
|
|
$1,615,543
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|
$1,494,543
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8.1 %
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SAME
FACILITY:
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|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
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|
12/31/23
|
|
12/31/22
|
|
%
change
|
|
12/31/23
|
|
12/31/22
|
|
%
change
|
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|
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|
|
|
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|
Hospitals owned and
leased
|
|
27
|
|
27
|
|
0.0 %
|
|
331
|
|
331
|
|
0.0 %
|
Average licensed
beds
|
|
6,674
|
|
6,705
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-0.5 %
|
|
24,031
|
|
24,102
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-0.3 %
|
Average available
beds
|
|
6,502
|
|
6,533
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-0.5 %
|
|
23,931
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|
24,002
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-0.3 %
|
Patient days
|
|
403,117
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|
387,228
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4.1 %
|
|
1,563,374
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|
1,549,906
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0.9 %
|
Average daily
census
|
|
4,381.7
|
|
4,209.0
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4.1 %
|
|
16,993.2
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|
16,846.8
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0.9 %
|
Occupancy-licensed
beds
|
|
65.7 %
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|
62.8 %
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4.6 %
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70.7 %
|
|
69.9 %
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|
1.2 %
|
Occupancy-available
beds
|
|
67.4 %
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64.4 %
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4.6 %
|
|
71.0 %
|
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70.2 %
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|
1.2 %
|
Admissions
|
|
82,918
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|
78,639
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5.4 %
|
|
112,712
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|
111,427
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|
1.2 %
|
Length of
stay
|
|
4.9
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|
4.9
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-1.3 %
|
|
13.9
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|
13.9
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-0.3 %
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Twelve Months
ended
|
December 31, 2023 and
2022
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AS
REPORTED:
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|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
12/31/23
|
|
12/31/22
|
|
%
change
|
|
12/31/23
|
|
12/31/22
|
|
%
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
27
|
|
28
|
|
-3.6 %
|
|
333
|
|
331
|
|
0.6 %
|
Average licensed
beds
|
|
6,691
|
|
6,923
|
|
-3.4 %
|
|
24,224
|
|
24,259
|
|
-0.1 %
|
Average available
beds
|
|
6,519
|
|
6,751
|
|
-3.4 %
|
|
24,124
|
|
24,159
|
|
-0.1 %
|
Patient days
|
|
1,576,074
|
|
1,569,611
|
|
0.4 %
|
|
6,336,927
|
|
6,230,124
|
|
1.7 %
|
Average daily
census
|
|
4,318.0
|
|
4,300.3
|
|
0.4 %
|
|
17,361.4
|
|
17,068.8
|
|
1.7 %
|
Occupancy-licensed
beds
|
|
64.5 %
|
|
62.1 %
|
|
3.9 %
|
|
71.7 %
|
|
70.4 %
|
|
1.9 %
|
Occupancy-available
beds
|
|
66.2 %
|
|
63.7 %
|
|
4.0 %
|
|
72.0 %
|
|
70.7 %
|
|
1.9 %
|
Admissions
|
|
322,218
|
|
311,537
|
|
3.4 %
|
|
472,307
|
|
459,245
|
|
2.8 %
|
Length of
stay
|
|
4.9
|
|
5.0
|
|
-2.9 %
|
|
13.4
|
|
13.6
|
|
-1.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$44,687,035
|
|
$40,004,670
|
|
11.7 %
|
|
$10,648,996
|
|
$10,116,566
|
|
5.3 %
|
Outpatient
revenue
|
|
29,858,874
|
|
24,813,718
|
|
20.3 %
|
|
1,087,595
|
|
1,031,370
|
|
5.5 %
|
Total patient
revenue
|
|
74,545,909
|
|
64,818,388
|
|
15.0 %
|
|
11,736,591
|
|
11,147,936
|
|
5.3 %
|
Other
revenue
|
|
948,994
|
|
806,587
|
|
17.7 %
|
|
303,546
|
|
292,018
|
|
3.9 %
|
Gross
revenue
|
|
75,494,903
|
|
65,624,975
|
|
15.0 %
|
|
12,040,137
|
|
11,439,954
|
|
5.2 %
|
Total
deductions
|
|
67,413,501
|
|
57,978,226
|
|
16.3 %
|
|
5,849,216
|
|
5,710,196
|
|
2.4 %
|
Net
revenue
|
|
$8,081,402
|
|
$7,646,749
|
|
5.7 %
|
|
$6,190,921
|
|
$5,729,758
|
|
8.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
12/31/23
|
|
12/31/22
|
|
%
change
|
|
12/31/23
|
|
12/31/22
|
|
%
change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
27
|
|
27
|
|
0.0 %
|
|
331
|
|
331
|
|
0.0 %
|
Average licensed
beds
|
|
6,604
|
|
6,640
|
|
-0.5 %
|
|
24,016
|
|
24,014
|
|
0.0 %
|
Average available
beds
|
|
6,432
|
|
6,468
|
|
-0.6 %
|
|
23,916
|
|
23,914
|
|
0.0 %
|
Patient days
|
|
1,564,390
|
|
1,512,013
|
|
3.5 %
|
|
6,289,388
|
|
6,175,143
|
|
1.9 %
|
Average daily
census
|
|
4,286.0
|
|
4,142.5
|
|
3.5 %
|
|
17,231.2
|
|
16,918.2
|
|
1.9 %
|
Occupancy-licensed
beds
|
|
64.9 %
|
|
62.4 %
|
|
4.0 %
|
|
71.7 %
|
|
70.5 %
|
|
1.8 %
|
Occupancy-available
beds
|
|
66.6 %
|
|
64.0 %
|
|
4.0 %
|
|
72.0 %
|
|
70.7 %
|
|
1.8 %
|
Admissions
|
|
319,829
|
|
300,507
|
|
6.4 %
|
|
468,131
|
|
454,441
|
|
3.0 %
|
Length of
stay
|
|
4.9
|
|
5.0
|
|
-2.8 %
|
|
13.4
|
|
13.6
|
|
-1.1 %
|
Universal Health
Services, Inc.
|
Supplemental Non-GAAP
Disclosures
|
2024 Operating Results
Forecast
|
(in thousands, except
per share amounts)
|
|
|
|
|
|
|
|
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|
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|
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|
Forecast For The
Year Ending December 31, 2024
|
|
|
|
|
|
% Net
|
|
|
|
% Net
|
|
|
|
Low
|
|
revenues
|
|
High
|
|
revenues
|
Net revenues
|
|
|
$15,411,000
|
|
|
|
$15,706,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS (a)
|
|
|
$865,709
|
|
|
|
$932,123
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
605,204
|
|
|
|
605,204
|
|
|
Interest
expense
|
|
|
196,338
|
|
|
|
196,338
|
|
|
Other (income)
expense, net
|
|
|
(11,133)
|
|
|
|
(11,133)
|
|
|
Provision for
income taxes
|
|
|
274,883
|
|
|
|
295,971
|
|
|
Adjusted EBITDA net of
NCI (b)
|
|
|
$1,931,001
|
|
12.5 %
|
|
$2,018,503
|
|
12.9 %
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to UHS, per diluted share (a)
|
$13.00
|
|
|
|
$14.00
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted earnings per share
|
66,594
|
|
|
|
66,594
|
|
|
|
(a) Forecasted net
income attributable to UHS/per diluted share exclude the following
items because we do not believe we can forecast these items with
sufficient accuracy. Such items include: the impact of future
items, if applicable, that are nonrecurring or non-operational in
nature including items such as pre-tax unrealized gains/losses
resulting from changes in the market value of shares of certain
equity securities, and other potential material items including,
but not limited to, reserves for various matters including
settlements, legal judgments and lawsuits, potential impacts of
non-ordinary course acquisitions, divestitures, joint ventures or
other strategic transactions, costs related to extinguishment of
debt, gains/losses on sales of assets and businesses, impairments
of goodwill, long-lived and intangible assets, other amounts that
may be reflected in the current financial statements that relate to
prior periods, and the impact of share repurchases that differ from
our forecasted assumptions. Forecasted net income attributable to
UHS/per diluted share is also subject to certain conditions
including those as set forth in General Information,
Forward-Looking Statements and Risk Factors and Non-GAAP Financial
Measures.
|
|
|
|
|
|
|
|
|
|
|
|
(b) Adjusted EBITDA net
of NCI is a non-GAAP financial measure and should not be considered
a measure of financial performance under GAAP. We believe
Adjusted EBITDA net of NCI is helpful to our investors as a measure
of operating performance.
|
View original
content:https://www.prnewswire.com/news-releases/universal-health-services-inc-announces-2023-fourth-quarter-and-full-year-financial-results-and-2024-operating-results-forecast-302073308.html
SOURCE Universal Health Services, Inc.