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Universal Health Services, Inc. Reports 2019 Second Quarter Financial Results And Increases To Stock Repurchase Program And Cash Dividend

07/25/2019
Microphone Webcast - Live
Q2 2019 Universal Health Services Earnings Conference Call
7/26/19 at 9:00 a.m. ET
 
Consolidated Results of Operations, As Reported and As Adjusted - Three-month periods ended June 30, 2019 and 2018:

KING OF PRUSSIA, Pa., July 25, 2019 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $238.3 million, or $2.66 per diluted share, during the second quarter of 2019 as compared to $226.1 million, or $2.39 per diluted share, during the comparable quarter of 2018.  Net revenues increased 6.5% to $2.855 billion during the second quarter of 2019 as compared to $2.681 billion during the second quarter of 2018.

For the three-month period ended June 30, 2019, our adjusted net income attributable to UHS, as calculated on the attached Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), was $247.2 million, or $2.76 per diluted share, as compared to $233.3 million, or $2.47 per diluted share, during the second quarter of 2018. 

Included in our reported and our adjusted net income attributable to UHS is a pre-tax unrealized gain of $6.9 million, or $.06 per diluted share, during the second quarter of 2019, and $8.0 million, or $.06 per diluted share, during the second quarter of 2018. These unrealized gains, which are included in "Other (income) expense, net" on the accompanying consolidated statements of income, resulted from an increase in the market value of shares of certain marketable securities held for investment and classified as available for sale.  

As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2019, is an aggregate net unfavorable after-tax impact of $8.9 million, or $.10 per diluted share, resulting from: (i) an unfavorable after-tax impact of $8.4 million, or $.09 per diluted share, resulting from an $11.0 million pre-tax increase in the reserve ("DOJ Reserve") established in connection with the discussions with the Department of Justice ("DOJ"), which have recently resulted in an agreement in principle with the DOJ's Civil Division (which is subject to certain conditions as discussed below), and; (ii) an unfavorable after-tax impact of $509,000, or $.01 per diluted share, resulting from our adoption of ASU 2016-09, "Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09").

As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2018, is a net aggregate unfavorable after-tax impact of $7.3 million, or $.08 per diluted share, substantially all of which related to the unfavorable after-tax impact of $7.2 million, or $.08 per diluted share, resulting from a $9.5 million pre-tax increase in the DOJ Reserve.  

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 $471.5 million during the second quarter of 2019 as compared to $444.7 million during the second quarter of 2018.  Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impacts of our adoption of ASU 2016-09, other (income) expense, net, as well as the unfavorable impacts of the above-mentioned increases in the DOJ Reserve, was $474.8 million during the second quarter of 2019 as compared to $438.8 million during the second quarter of 2018.

Consolidated Results of Operations, As Reported and As Adjusted  – Six-month periods ended June 30, 2019 and 2018:
Reported net income attributable to UHS was $472.5 million, or $5.23 per diluted share, during the six-month period ended June 30, 2019 as compared to $449.9 million, or $4.76 per diluted share, during the comparable six-month period of 2018.  Net revenues increased 5.4% to $5.660 billion during the first six months of 2019 as compared to $5.369 billion during the first six months of 2018.

For the six-month period ended June 30, 2019, our adjusted net income attributable to UHS, as calculated on the attached Supplemental Schedule, was $470.5 million, or $5.21 per diluted share, as compared to $465.5 million, or $4.92 per diluted share, during the comparable six-month period of 2018. 

Included in our reported and our adjusted net income attributable to UHS is a pre-tax unrealized gain of $2.6 million, or $.02 per diluted share, during the first six months of 2019, and $8.0 million, or $.06 per diluted share, during the comparable six-month period of 2018. As discussed above, these unrealized gains resulted from an increase in the market value of shares of certain marketable securities held for investment and classified as available for sale.  

As reflected on the Supplemental Schedule, included in our reported results during the six-month period ended June 30, 2019, is an aggregate net favorable after-tax impact of $2.0 million, or $.02 per diluted share, resulting from: (i) an unfavorable after-tax impact of $8.4 million, or $.09 per diluted share, resulting from an $11.0 million pre-tax increase in the DOJ Reserve, offset by; (ii) a favorable after-tax impact of $10.4 million, or $.11 per diluted share, resulting from our adoption of ASU 2016-09.

As reflected on the Supplemental Schedule, included in our reported results during the six-month period ended June 30, 2018, is a net aggregate unfavorable after-tax impact of $15.6 million, or $.16 per diluted share, consisting of: (i) an unfavorable after-tax impact of $17.1 million, or $.18 per diluted share, resulting from a $22.5 million pre-tax increase in the DOJ Reserve, partially offset by; (ii) a favorable after-tax impact of $1.5 million, or $.02 per diluted share, resulting from our adoption of ASU 2016-09.

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 $924.3 million during the six-month period ended June 30, 2019 as compared to $886.8 million during the six-month period ended June 30, 2018.  Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impacts of our adoption of ASU 2016-09, other (income) expense, net, as well as the unfavorable impacts of the above-mentioned increases in the DOJ Reserve, was $932.0 million during the six-month period ended June 30, 2019 as compared to $893.9 million during the six-month period ended June 30, 2018.

Acute Care Services – Three and six-month periods ended June 30, 2019 and 2018:
During the second quarter of 2019, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased 5.0% and adjusted patient days increased 5.2%, as compared to the second quarter of 2018. At these facilities, net revenue per adjusted admission increased 3.5% while net revenue per adjusted patient day increased 3.3% during the second quarter of 2019 as compared to the second quarter of 2018. Net revenues from our acute care services on a same facility basis increased 9.0% during the second quarter of 2019 as compared to the second quarter of 2018.

During the six-month period ended June 30, 2019, at our acute care hospitals on a same facility basis, adjusted admissions increased 5.0% and adjusted patient days increased 4.8%, as compared to the first six months of 2018. At these facilities, net revenue per adjusted admission increased 1.5% while net revenue per adjusted patient day increased 1.6% during the six-month period ended June 30, 2019 as compared to the comparable six-month period of 2018. Net revenues from our acute care services on a same facility basis increased 6.8% during the first six months of 2019 as compared to the first six months of 2018.

Behavioral Health Care Services – Three and six-month periods ended June 30, 2019 and 2018:
During the second quarter of 2019, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 0.5% while adjusted patient days increased 0.3% as compared to the second quarter of 2018. At these facilities, net revenue per adjusted admission increased 2.2% while net revenue per adjusted patient day increased 2.4% during the second quarter of 2019 as compared to the comparable quarter in 2018. On a same facility basis, our behavioral health care services' net revenues increased 2.7% during the second quarter of 2019 as compared to the second quarter of 2018.   

During the six-month period ended June 30, 2019, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 1.7% while adjusted patient days increased 0.6% as compared to the comparable six-month period of 2018. At these facilities, net revenue per adjusted admission increased 1.3% while net revenue per adjusted patient day increased 2.4% during the first six months of 2019 as compared to the comparable six-month period in 2018. On a same facility basis, our behavioral health care services' net revenues increased 2.9% during the six-month period ended June 30, 2019 as compared to the comparable six-month period of 2018.   

Net Cash Provided by Operating Activities:
For the six months ended June 30, 2019, our net cash provided by operating activities increased to $624 million as compared to $607 million generated during the comparable six-month period of 2018. The $17 million net increase was due to: (i) a favorable change of $40 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and net gains on sale of assets and businesses; (ii) an unfavorable change of $37 million in accounts receivable, and; (iii) $14 million of other combined net favorable changes.   

In conjunction with our January 1, 2019 adoption of ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities", we have included the net cash inflows or outflows, which were received or paid in connection with foreign exchange contracts that hedge our investment in the U.K., in investing cash flows on the consolidated statements of cash flows.  Prior to 2019, these net inflows/outflows were included in operating cash flows. Prior period amounts have been reclassified to conform with current year presentation on the consolidated statements of cash flows included herein.       

Increases to Stock Repurchase Program and Cash Dividend:
On July 25, 2019, our Board of Directors authorized a $1.0 billion increase to our stock repurchase program, which increased the aggregate authorization to $2.7 billion from the previous $1.7 billion authorization approved in various increments since 2014. Pursuant to this program, which currently has an aggregate available repurchase authorization of $1.017 billion, 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. 

In conjunction with our previously approved stock repurchase programs, during the second quarter of 2019, we have repurchased approximately 2.72 million shares at an aggregate cost of $339.2 million (approximately $125 per share).  During the first six months of 2019, we have repurchased approximately 3.56 million shares at an aggregate cost of $445.6 million (approximately $125 per share). Since inception of the program in 2014 through June 30, 2019, we have repurchased approximately 14.23 million shares at an aggregate cost of approximately $1.68 billion (approximately $118 per share). 

Also on July 25, 2019, our Board of Directors authorized a $.10 per share increase in our cash dividend to $.20 per share. This cash dividend will be paid on September 16, 2019 to shareholders of record as of September 3, 2019.     

Agreement in Principle with DOJ's Civil Division and DOJ Reserve:
We have recently reached an agreement in principle with the DOJ's Civil Division, and on behalf of various states' attorneys general offices, to resolve the civil aspect of the government's investigation of our behavioral health care facilities for $127 million subject to requisite approvals and preparation and execution of definitive settlement and related agreements.  We have further been advised that the previously disclosed investigations being conducted by the DOJ's Criminal Frauds Section in connection with these matters have been closed.  We are awaiting the initial draft of a potential corporate integrity agreement with the Office of Inspector General for the United States Department of Health and Human Services ("OIG") which we expect will be part of the overall settlement of this matter.

In connection with the agreement in principle with the DOJ's Civil Division, during the three and six-month periods ended June 30, 2019, we recorded a pre-tax increase of approximately $11.0 million in the DOJ Reserve, which includes related fees and costs due to or on behalf of third-parties.  The aggregate pre-tax DOJ Reserve amounted to $134 million as of June 30, 2019 and $123 million as of December 31, 2018. Our financial statements assume that the amounts included in the aggregate pre-tax DOJ Reserve are fully deductible for federal and state income tax purposes.  

Since the agreement in principle with the DOJ's Civil Division is subject to certain required approvals and negotiation and execution of definitive settlement agreements, as well as negotiation and execution of a potential corporate integrity agreement with the OIG, we can provide no assurance that definitive agreements will ultimately be finalized. We therefore can provide no assurance that final amounts paid in settlement or otherwise, or associated costs, or the income tax deductibility of such payments, will not differ materially from our established reserve and assumptions related to income tax deductibility. Please see Item 1-Legal Proceedings in our Form 10-Q for the quarterly period ended March 31, 2019 for additional disclosure in connection with this matter.

Conference call information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on July 26, 2019. The dial-in number is 1-877-648-7971. 

A live broadcast of the conference call will be available on our website at www.uhsinc.com.  Also, a replay of the call will be available following the conclusion of the live call and will be available for one full year.

Adoption of ASU 2016-02, "Leases (Topic 842): Amendments to the FASB Accounting Standards Codification":
Effective January 1, 2019, we adopted ASU 2016-02 which requires companies to, among other things, recognize lease assets and lease liabilities on the balance sheet. As a result of our adoption of ASU 2016-02, our consolidated balance sheet as of June 30, 2019 includes right of use assets-operating leases ($332.1 million) and operating lease liabilities ($56.4 million current and $275.7 million noncurrent).  Prior period financial statements were not adjusted for the effects of this new standard.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
One of the nation's largest and most respected hospital companies, Universal Health Services, Inc. ("UHS") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues were $10.77 billion during 2018. In 2019, UHS was again recognized as one of the World's Most Admired Companies by Fortune; ranked #293 on the Fortune 500; and in 2017, listed #275 in Forbes inaugural ranking of America's Top 500 Public Companies.

Our operating philosophy is as effective today as it was 40 years ago, enabling us to provide compassionate care to our patients and their loved ones.  Our mission 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 more than 87,000 employees and through its subsidiaries operates 353 inpatient acute care hospitals and behavioral health facilities and 38 outpatient and other facilities located in 37 states, Washington, D.C., Puerto Rico and the United Kingdom. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT).  For additional information on the Company, visit our web site: http://www.uhsinc.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 in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2018 and in Item 2-Forward-Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended March 31, 2019), may cause the results to differ materially from those anticipated in the forward-looking statements.  Many of the factors that will determine our future results are beyond our capability to control or predict. 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.

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 in each year of material items impacting our net income attributable to UHS, such as, changes in the reserve established in connection with our discussions with the Department of Justice, our adoption of ASU 2016-09 and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of 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, 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 Reports on Form 10-K for the year ended December 31, 2018 and Form 10-Q for the quarterly period ended March 31, 2019. 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

  

Six months
 

ended June 30,

  

ended June 30,
 

2019

  

2018

  

2019

  

2018
               

Net revenues

$2,855,168

  

$2,681,353

  

$5,659,559

  

$5,368,869
               

Operating charges:

              

   Salaries, wages and benefits

1,383,481

  

1,305,974

  

2,749,027

  

2,606,122

   Other operating expenses

672,564

  

624,484

  

1,317,344

  

1,245,303

   Supplies expense

305,857

  

289,733

  

613,320

  

582,662

   Depreciation and amortization

121,168

  

109,581

  

241,208

  

222,684

   Lease and rental expense

26,535

  

27,119

  

52,660

  

53,822
 

2,509,605

  

2,356,891

  

4,973,559

  

4,710,593
               

Income from operations

345,563

  

324,462

  

686,000

  

658,276
               

Interest expense, net

42,487

  

38,000

  

82,127

  

75,576

Other (income) expense, net

(7,732)

  

(15,308)

  

(3,231)

  

(15,308)
               

Income before income taxes

310,808

  

301,770

  

607,104

  

598,008
               

Provision for income taxes

69,543

  

71,059

  

128,441

  

138,628
               

Net income

241,265

  

230,711

  

478,663

  

459,380
               

Less:  Net income attributable to

              

noncontrolling interests ("NCI")

2,945

  

4,659

  

6,175

  

9,496
               

Net income attributable to UHS

$238,320

  

$226,052

  

$472,488

  

$449,884
               
               
               
               
               
               

Basic earnings per share attributable to UHS (a)

$2.67

  

$2.40

  

$5.24

  

$4.78
               

Diluted earnings per share attributable to UHS (a)

$2.66

  

$2.39

  

$5.23

  

$4.76
               

 

 

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)
               
 

Three months

  

Six months

(a) Earnings per share calculation:

ended June 30,

  

ended June 30,
 

2019

  

2018

  

2019

  

2018

Basic and diluted:

              

Net income attributable to UHS

$238,320

  

$226,052

  

$472,488

  

$449,884

Less: Net income attributable to unvested restricted share grants

(656)

  

(392)

  

(1,171)

  

(496)

Net income attributable to UHS - basic and diluted

$237,664

  

$225,660

  

$471,317

  

$449,388
               

Weighted average number of common shares - basic

89,136

  

93,842

  

89,956

  

94,034
               

Basic earnings per share attributable to UHS:

$2.67

  

$2.40

  

$5.24

  

$4.78
               

Weighted average number of common shares

89,136

  

93,842

  

89,956

  

94,034

Add: Other share equivalents

99

  

439

  

145

  

448

Weighted average number of common shares and equiv. - diluted

89,235

  

94,281

  

90,101

  

94,482
               

Diluted earnings per share attributable to UHS:

$2.66

  

$2.39

  

$5.23

  

$4.76

 

 

Universal Health Services, Inc.

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

For the Three Months ended June 30, 2019 and 2018

(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
 

June 30, 2019

  

revenues

  

June 30, 2018

  

revenues
               

Net income attributable to UHS

$238,320

      

$226,052

    

   Depreciation and amortization

121,168

      

109,581

    

   Interest expense, net

42,487

      

38,000

    

   Provision for income taxes

69,543

      

71,059

    

EBITDA net of NCI

$471,518

  

16.5%

  

$444,692

  

16.6%
               

Other (income) expense, net

(7,732)

      

(15,308)

    

Increase in DOJ Reserve

10,978

      

9,451

    

Adjusted EBITDA net of NCI

$474,764

  

16.6%

  

$438,835

  

16.4%
               

Net revenues

$2,855,168

      

$2,681,353

    
               
               
               
               
               

Calculation of Adjusted Net Income Attributable to UHS
               
 

Three months ended

  

Three months ended
 

June 30, 2019

  

June 30, 2018
     

Per

      

Per
 

Amount

  

Diluted Share

  

Amount

  

Diluted Share
               

Net income attributable to UHS

$238,320

  

$2.66

  

$226,052

  

$2.39

Plus/minus after-tax adjustments:

              

Increase in DOJ Reserve, after-tax

8,369

  

0.09

  

7,205

  

0.08

Impact of ASU 2016-09

509

  

0.01

  

61

  

-

Subtotal adjustments

8,878

  

0.10

  

7,266

  

0.08

Adjusted net income attributable to UHS

$247,198

  

$2.76

  

$233,318

  

$2.47
               

 

 

Universal Health Services, Inc.

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

For the Six Months ended June 30, 2019 and 2018

(in thousands, except per share amounts)

(unaudited)
               
               
               

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

EBITDA net of NCI")
               
 

Six months ended

  

% Net

  

Six months ended

  

% Net
 

June 30, 2019

  

revenues

  

June 30, 2018

  

revenues
               

Net income attributable to UHS

$472,488

      

$449,884

    

   Depreciation and amortization

241,208

      

222,684

    

   Interest expense, net

82,127

      

75,576

    

   Provision for income taxes

128,441

      

138,628

    

EBITDA net of NCI

$924,264

  

16.3%

  

$886,772

  

16.5%
               

Other (income) expense, net

(3,231)

      

(15,308)

    

Increase in DOJ Reserve

10,978

      

22,451

    

Adjusted EBITDA net of NCI

$932,011

  

16.5%

  

$893,915

  

16.6%
               

Net revenues

$5,659,559

      

$5,368,869

    
               
               
               
               
               

Calculation of Adjusted Net Income Attributable to UHS
               
 

Six months ended

  

Six months ended
 

June 30, 2019

  

June 30, 2018
     

Per

      

Per
 

Amount

  

Diluted Share

  

Amount

  

Diluted Share
               

Net income attributable to UHS

$472,488

  

$5.23

  

$449,884

  

$4.76

Plus/minus after-tax adjustments:

              

Increase in DOJ Reserve, after-tax

8,369

  

0.09

  

17,116

  

0.18

Impact of ASU 2016-09

(10,398)

  

(0.11)

  

(1,537)

  

(0.02)

Subtotal adjustments

(2,029)

  

(0.02)

  

15,579

  

0.16

Adjusted net income attributable to UHS

$470,459

  

$5.21

  

$465,463

  

$4.92

 

 

 

Universal Health Services, Inc.

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)
               
 

Three months

  

Six months
 

ended June 30,

  

ended June 30,
 

2019

  

2018

  

2019

  

2018
               

Net income

$241,265

  

$230,711

  

$478,663

  

$459,380

Other comprehensive income (loss):

              

   Unrealized derivative gains (losses) on cash flow hedges

(1,008)

  

(545)

  

(3,925)

  

1,579

   Foreign currency translation adjustment

5,159

  

1,184

  

(9,103)

  

(3,157)

   Other

0

  

(2,367)

  

0

  

0

Other comprehensive income (loss) before tax

4,151

  

(1,728)

  

(13,028)

  

(1,578)

Income tax expense (benefit) related to items of other comprehensive income (loss)

1,616

  

(702)

  

(850)

  

375

Total other comprehensive income (loss), net of tax

2,535

  

(1,026)

  

(12,178)

  

(1,953)
               

Comprehensive income

243,800

  

229,685

  

466,485

  

457,427

Less: Comprehensive income attributable to noncontrolling interests

2,945

  

4,659

  

6,175

  

9,496

Comprehensive income attributable to UHS

$240,855

  

$225,026

  

$460,310

  

$447,931

 

 

 

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)
             
     

June 30,

    

December 31,
     

2019

    

2018

Assets

            

Current assets:

            

    Cash and cash equivalents

  

$

61,297

  

$

105,220

    Accounts receivable, net

    

1,601,352

    

1,509,909

    Supplies

    

153,574

    

148,206

    Other current assets

    

148,809

    

174,467

          Total current assets

    

1,965,032

    

1,937,802
             

Property and equipment

    

8,859,104

    

8,563,455

Less: accumulated depreciation

    

(3,914,406)

    

(3,715,515)
     

4,944,698

    

4,847,940
             

Other assets:

            

    Goodwill

    

3,843,429

    

3,844,628

    Deferred income taxes

    

15,747

    

5,280

    Right of use assets-operating leases

    

332,135

    

0

    Deferred charges

    

7,533

    

8,772

    Other

    

644,076

    

621,058

Total Assets

  

$

11,752,650

  

$

11,265,480
             

Liabilities and Stockholders' Equity

            

Current liabilities:

            

    Current maturities of long-term debt

  

$

91,833

  

$

63,446

    Accounts payable and accrued liabilities

    

1,253,760

    

1,253,714

    Legal reserves

    

141,750

    

129,150

    Operating lease liabilities

    

56,447

    

0

    Federal and state taxes

    

479

    

2,428

          Total current liabilities

    

1,544,269

    

1,448,738
             

Other noncurrent liabilities

    

369,229

    

361,809

Operating lease liabilities noncurrent

    

275,688

    

0

Long-term debt

    

4,057,121

    

3,935,187

Deferred income taxes

    

37,906

    

49,661
             

Redeemable noncontrolling interest

    

3,986

    

4,292
             

UHS common stockholders' equity

    

5,393,089

    

5,389,262

Noncontrolling interest

    

71,362

    

76,531

          Total equity

    

5,464,451

    

5,465,793
             

Total Liabilities and Stockholders' Equity

  

$

11,752,650

  

$

11,265,480

 

 

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)
 

Six months
 

ended June 30,
 

2019

  

2018
       

Cash Flows from Operating Activities:

      

  Net income

$478,663

  

$459,380

  Adjustments to reconcile net income to net 

      

cash provided by operating activities:

      

Depreciation & amortization

241,208

  

222,716

Stock-based compensation expense

34,676

  

34,716

Gain on sale of assets and businesses

0

  

(2,513)

  Changes in assets & liabilities, net of effects from

      

acquisitions and dispositions:

      

   Accounts receivable

(101,329)

  

(64,055)

   Accrued interest

948

  

199

   Accrued and deferred income taxes 

(16,846)

  

(42,540)

   Other working capital accounts 

30,082

  

8,977

   Other assets and deferred charges

(1,333)

  

(14,144)

   Other 

(49,687)

  

(3,422)

   Accrued insurance expense, net of commercial premiums paid

51,819

  

46,255

   Payments made in settlement of self-insurance claims

(44,115)

  

(38,606)

          Net cash provided by operating activities

624,086

  

606,963
       

Cash Flows from Investing Activities:

      

   Property and equipment additions, net of disposals

(323,920)

  

(370,252)

   Acquisition of property and businesses

0

  

(20,931)

   Inflows (outflows) from foreign exchange contracts that hedge our net U.K. investment

53,363

  

22,298

   Proceeds received from sales of assets and businesses

0

  

13,502

   Costs incurred for purchase and implementation of information technology applications

(13,893)

  

(24,087)

   Decrease in capital reserves of commercial insurance subsidiary

0

  

100

   Investment in, and advances to,  joint ventures and other

(11,949)

  

(14,059)

          Net cash used in investing activities

(296,399)

  

(393,429)
       

Cash Flows from Financing Activities:

      

   Reduction of long-term debt

(28,617)

  

(82,470)

   Additional borrowings

177,200

  

30,500

   Financing costs

0

  

(754)

   Repurchase of common shares

(494,649)

  

(134,784)

   Dividends paid

(17,953)

  

(18,804)

   Issuance of common stock

5,271

  

4,959

   Profit distributions to noncontrolling interests

(11,650)

  

(7,914)

          Net cash used in financing activities

(370,398)

  

(209,267)
       

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

(273)

  

(1,138)

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

(42,984)

  

3,129

Cash, cash equivalents and restricted cash, beginning of period

199,685

  

167,297

Cash, cash equivalents and restricted cash, end of period

$156,701

  

$170,426
       

Supplemental Disclosures of Cash Flow Information:

      

  Interest paid

$78,623

  

$70,890
       

  Income taxes paid, net of refunds

$145,404

  

$182,130
       

  Noncash purchases of property and equipment

$71,923

  

$91,742
       

  Right-of-use assets obtained in exchange for lease obligations

$359,329

  

$0

 

 

 

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)
                   
                   
                   
         

 % Change 

  

 % Change 

    
         

Quarter ended

  

6 months ended

    

Same Facility:

        

6/30/2019

  

6/30/2019

    
                   

Acute Care Hospitals

                  

Revenues

        

9.0%

  

6.8%

    

Adjusted Admissions

        

5.0%

  

5.0%

    

Adjusted Patient Days

        

5.2%

  

4.8%

    

Revenue Per Adjusted Admission

      

3.5%

  

1.5%

    

Revenue Per Adjusted Patient Day

      

3.3%

  

1.6%

    
                   
                   
                   

Behavioral Health Hospitals

                  

Revenues

        

2.7%

  

2.9%

    

Adjusted Admissions

        

0.5%

  

1.7%

    

Adjusted Patient Days

        

0.3%

  

0.6%

    

Revenue Per Adjusted Admission

      

2.2%

  

1.3%

    

Revenue Per Adjusted Patient Day

      

2.4%

  

2.4%

    
                   
                   
                   
                   

UHS Consolidated

    

second quarter ended

  

six months ended
     

6/30/2019

  

6/30/2018

  

6/30/2019

  

6/30/2018
                   

Revenues

    

$2,855,168

  

$2,681,353

  

$5,659,559

  

$5,368,869

EBITDA net of NCI

    

$471,518

  

$444,692

  

$924,264

  

$886,772

EBITDA Margin net of NCI

    

16.5%

  

16.6%

  

16.3%

  

16.5%

Adjusted EBITDA net of NCI

    

$474,764

  

$438,835

  

$932,011

  

$893,915

Adjusted EBITDA Margin net of NCI

  

16.6%

  

16.4%

  

16.5%

  

16.6%
                   
                   

Cash Flow From Operations

    

$233,185

  

$197,059

  

$624,086

  

$606,963

Days Sales Outstanding

    

51

  

53

  

51

  

53

Capital Expenditures  

    

$154,072

  

$181,211

  

$323,920

  

$370,252
                   

Debt 

            

$4,148,954

  

$3,990,464

UHS' Shareholders Equity

            

$5,393,089

  

$5,317,583

Debt / Total Capitalization

            

43.5%

  

42.9%

Debt / EBITDA net of NCI (1)

            

2.50

  

2.35

Debt / Adjusted EBITDA net of NCI (1)

        

2.31

  

2.34

Debt / Cash From Operations (1)

            

3.21

  

3.12
                   

(1)  Latest 4 quarters

                  

 

 

Universal Health Services, Inc.

Acute Care Hospital Services

For the three and six months ended

June 30, 2019 and 2018

(in thousands)
                                 
                                 

Same Facility Basis - Acute Care Hospital Services

                                
                                 
   

Three months ended

  

Three months ended

  

Six months ended

  

Six months ended
   

June 30, 2019

  

June 30, 2018

  

June 30, 2019

  

June 30, 2018
   

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

Net revenues

  

$1,498,493

  

100.0%

  

$1,374,725

  

100.0%

  

$2,989,355

  

100.0%

  

$2,798,502

  

100.0%

Operating charges:

                                

Salaries, wages and benefits

  

623,218

  

41.6%

  

584,126

  

42.5%

  

1,241,909

  

41.5%

  

1,165,894

  

41.7%

Other operating expenses

  

339,507

  

22.7%

  

308,660

  

22.5%

  

671,392

  

22.5%

  

616,841

  

22.0%

Supplies expense

  

255,322

  

17.0%

  

240,118

  

17.5%

  

513,033

  

17.2%

  

483,271

  

17.3%

Depreciation and amortization

  

75,368

  

5.0%

  

67,165

  

4.9%

  

149,596

  

5.0%

  

139,315

  

5.0%

Lease and rental expense

  

14,654

  

1.0%

  

14,708

  

1.1%

  

28,910

  

1.0%

  

28,991

  

1.0%

Subtotal-operating expenses

  

1,308,069

  

87.3%

  

1,214,777

  

88.4%

  

2,604,840

  

87.1%

  

2,434,312

  

87.0%

Income from operations

  

190,424

  

12.7%

  

159,948

  

11.6%

  

384,515

  

12.9%

  

364,190

  

13.0%

Interest expense, net

  

244

  

0.0%

  

431

  

0.0%

  

523

  

0.0%

  

962

  

0.0%

Other (income) expense, net

  

(45)

  

(0.0)%

  

(2,498)

  

(0.2)%

  

(45)

  

(0.0)%

  

(2,498)

  

(0.1)%

Income before income taxes

  

190,225

  

12.7%

  

$162,015

  

11.8%

  

384,037

  

12.8%

  

$365,726

  

13.1%
                                 
                                 
                                 

All Acute Care Hospital Services

                                
                                 
   

Three months ended

  

Three months ended

  

Six months ended

  

Six months ended
   

June 30, 2019

  

June 30, 2018

  

June 30, 2019

  

June 30, 2018
   

Amount

  

% of Net
Revenues

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues

  

Amount

  

% of Net
Revenues 

Net revenues

  

$1,531,709

  

100.0%

  

$1,403,991

  

100.0%

  

$3,046,553

  

100.0%

  

$2,849,623

  

100.0%

Operating charges:

                                

Salaries, wages and benefits

  

624,035

  

40.7%

  

584,126

  

41.6%

  

1,243,352

  

40.8%

  

1,165,894

  

40.9%

Other operating expenses

  

373,069

  

24.4%

  

337,926

  

24.1%

  

729,300

  

23.9%

  

667,962

  

23.4%

Supplies expense

  

255,703

  

16.7%

  

240,118

  

17.1%

  

513,847

  

16.9%

  

483,271

  

17.0%

Depreciation and amortization

  

75,810

  

4.9%

  

67,165

  

4.8%

  

150,171

  

4.9%

  

139,315

  

4.9%

Lease and rental expense

  

14,736

  

1.0%

  

14,708

  

1.0%

  

29,035

  

1.0%

  

28,991

  

1.0%

Subtotal-operating expenses

  

1,343,353

  

87.7%

  

1,244,043

  

88.6%

  

2,665,705

  

87.5%

  

2,485,433

  

87.2%

Income from operations

  

188,356

  

12.3%

  

159,948

  

11.4%

  

380,848

  

12.5%

  

364,190

  

12.8%

Interest expense, net

  

244

  

0.0%

  

431

  

0.0%

  

523

  

0.0%

  

962

  

0.0%

Other (income) expense, net

  

(45)

  

(0.0)%

  

(2,498)

  

(0.2)%

  

(45)

  

(0.0)%

  

(2,498)

  

(0.1)%

Income before income taxes

  

188,157

  

12.3%

  

$162,015

  

11.5%

  

380,370

  

12.5%

  

$365,726

  

12.8%
                                 
                                 

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 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, 2018 and Form 10-Q for the

quarter ended March 31, 2019.
                                 

The All Acute Care Hospital Servicestable 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 six months ended

June 30, 2019 and 2018

(in thousands)
                                 
                                 

Same Facility - Behavioral Health Care Services

                                
                                 
   

Three months ended

  

Three months ended

  

Six months ended

  

Six months ended
   

June 30, 2019

  

June 30, 2018

  

June 30, 2019

  

June 30, 2018
   

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

Net revenues

  

$1,272,249

  

100.0%

  

$1,238,263

  

100.0%

  

$2,513,474

  

100.0%

  

$2,443,311

  

100.0%

Operating charges:

                                

Salaries, wages and benefits

  

664,547

  

52.2%

  

642,368

  

51.9%

  

1,320,133

  

52.5%

  

1,273,199

  

52.1%

Other operating expenses

  

234,563

  

18.4%

  

233,585

  

18.9%

  

468,987

  

18.7%

  

464,171

  

19.0%

Supplies expense

  

49,499

  

3.9%

  

48,808

  

3.9%

  

98,117

  

3.9%

  

97,551

  

4.0%

Depreciation and amortization

  

39,095

  

3.1%

  

37,734

  

3.0%

  

78,967

  

3.1%

  

74,472

  

3.0%

Lease and rental expense

  

11,006

  

0.9%

  

11,528

  

0.9%

  

21,923

  

0.9%

  

23,224

  

1.0%

Subtotal-operating expenses

  

998,710

  

78.5%

  

974,023

  

78.7%

  

1,988,127

  

79.1%

  

1,932,617

  

79.1%

Income from operations

  

273,539

  

21.5%

  

264,240

  

21.3%

  

525,347

  

20.9%

  

510,694

  

20.9%

Interest expense, net

  

369

  

0.0%

  

410

  

0.0%

  

744

  

0.0%

  

837

  

0.0%

Other (income) expense, net

  

-

  

-

  

-

  

-

  

-

  

-

  

-

  

-

Income before income taxes

  

$273,170

  

21.5%

  

$263,830

  

21.3%

  

$524,603

  

20.9%

  

$509,857

  

20.9%
                                 
                                 
                                 

All Behavioral Health Care Services

                                
                                 
   

Three months ended

  

Three months ended

  

Six months ended

  

Six months ended
   

June 30, 2019

  

June 30, 2018

  

June 30, 2019

  

June 30, 2018
   

Amount

  

% of Net
Revenues

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues

  

Amount

  

% of Net
Revenues 

Net revenues

  

$1,320,241

  

100.0%

  

$1,274,083

  

100.0%

  

$2,606,624

  

100.0%

  

$2,512,079

  

100.0%

Operating charges:

                                

Salaries, wages and benefits

  

683,948

  

51.8%

  

651,852

  

51.2%

  

1,359,647

  

52.2%

  

1,293,980

  

51.5%

Other operating expenses

  

265,785

  

20.1%

  

259,959

  

20.4%

  

527,922

  

20.3%

  

516,361

  

20.6%

Supplies expense

  

49,986

  

3.8%

  

49,470

  

3.9%

  

99,117

  

3.8%

  

99,006

  

3.9%

Depreciation and amortization

  

42,339

  

3.2%

  

39,777

  

3.1%

  

84,891

  

3.3%

  

78,231

  

3.1%

Lease and rental expense

  

11,719

  

0.9%

  

12,256

  

1.0%

  

23,363

  

0.9%

  

24,557

  

1.0%

Subtotal-operating expenses

  

1,053,777

  

79.8%

  

1,013,314

  

79.5%

  

2,094,940

  

80.4%

  

2,012,135

  

80.1%

Income from operations

  

266,464

  

20.2%

  

260,769

  

20.5%

  

511,684

  

19.6%

  

499,944

  

19.9%

Interest expense, net

  

369

  

0.0%

  

410

  

0.0%

  

744

  

0.0%

  

837

  

0.0%

Other (income) expense, net

  

109

  

0.0%

  

(1,085)

  

(0.1)%

  

786

  

0.0%

  

(1,085)

  

(0.0)%

Income before income taxes

  

265,986

  

20.1%

  

261,444

  

20.5%

  

510,154

  

19.6%

  

500,192

  

19.9%
                                 
                                 

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 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, 2018 and Form 10-Q for the

quarter ended March 31, 2019.
                                 

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

June 30, 2019 and 2018
                         
                         

AS REPORTED:

                        
                         
                         
   

ACUTE

  

BEHAVIORAL HEALTH
   

6/30/19

  

6/30/18

  

%  change

  

6/30/19

  

6/30/18

  

%  change
                         

Hospitals owned and leased

  

26

  

26

  

0.0%

  

327

  

301

  

8.6%

Average licensed beds

  

6,371

  

6,213

  

2.5%

  

23,798

  

23,262

  

2.3%

Average available beds

  

6,195

  

6,037

  

2.6%

  

23,698

  

23,178

  

2.2%

Patient days

  

357,894

  

339,697

  

5.4%

  

1,632,531

  

1,605,977

  

1.7%

Average daily census

  

3,932.9

  

3,733.1

  

5.4%

  

17,939.9

  

17,648.1

  

1.7%

Occupancy-licensed beds

  

61.7%

  

60.1%

  

2.7%

  

75.4%

  

75.9%

  

-0.6%

Occupancy-available beds

  

63.5%

  

61.8%

  

2.7%

  

75.7%

  

76.1%

  

-0.6%

Admissions

  

78,879

  

74,997

  

5.2%

  

121,687

  

120,469

  

1.0%

Length of stay

  

4.5

  

4.5

  

0.2%

  

13.4

  

13.3

  

0.6%
                         

Inpatient revenue

  

$7,051,925

  

$6,164,010

  

14.4%

  

$2,547,626

  

$2,448,894

  

4.0%

Outpatient revenue

  

4,402,308

  

3,760,326

  

17.1%

  

268,693

  

267,537

  

0.4%

Total patient revenue

  

11,454,233

  

9,924,336

  

15.4%

  

2,816,319

  

2,716,431

  

3.7%

Other revenue

  

114,017

  

100,171

  

13.8%

  

62,140

  

51,145

  

21.5%

Gross hospital revenue

  

11,568,250

  

10,024,507

  

15.4%

  

2,878,459

  

2,767,576

  

4.0%

Total deductions

  

10,036,541

  

8,620,516

  

16.4%

  

1,558,218

  

1,493,493

  

4.3%

Net hospital revenue 

  

$1,531,709

  

$1,403,991

  

9.1%

  

$1,320,241

  

$1,274,083

  

3.6%
                         
                         

SAME FACILITY:

                        
                         
   

ACUTE

  

BEHAVIORAL HEALTH
   

6/30/19

  

6/30/18

  

%  change

  

6/30/19

  

6/30/18

  

%  change
                         

Hospitals owned and leased

  

26

  

26

  

0.0%

  

288

  

288

  

0.0%

Average licensed beds

  

6,371

  

6,213

  

2.5%

  

22,833

  

22,625

  

0.9%

Average available beds

  

6,195

  

6,037

  

2.6%

  

22,733

  

22,541

  

0.9%

Patient days

  

357,894

  

339,697

  

5.4%

  

1,585,284

  

1,579,633

  

0.4%

Average daily census

  

3,932.9

  

3,733.1

  

5.4%

  

17,420.7

  

17,358.6

  

0.4%

Occupancy-licensed beds

  

61.7%

  

60.1%

  

2.7%

  

76.3%

  

76.7%

  

-0.6%

Occupancy-available beds

  

63.5%

  

61.8%

  

2.7%

  

76.6%

  

77.0%

  

-0.5%

Admissions

  

78,879

  

74,997

  

5.2%

  

120,006

  

119,288

  

0.6%

Length of stay

  

4.5

  

4.5

  

0.2%

  

13.2

  

13.2

  

-0.2%

 

 

 

Universal Health Services, Inc.

Selected Hospital Statistics

For the six months ended

June 30, 2019 and 2018
                         
                         

AS REPORTED:

                        
                         
                         
   

ACUTE

  

BEHAVIORAL HEALTH
   

6/30/19

  

6/30/18

  

%  change

  

6/30/19

  

6/30/18

  

%  change
                         

Hospitals owned and leased

  

26

  

26

  

0.0%

  

327

  

301

  

8.6%

Average licensed beds

  

6,371

  

6,187

  

3.0%

  

23,871

  

23,252

  

2.7%

Average available beds

  

6,195

  

6,011

  

3.1%

  

23,771

  

23,169

  

2.6%

Patient days

  

727,620

  

692,496

  

5.1%

  

3,251,336

  

3,187,973

  

2.0%

Average daily census

  

4,020.2

  

3,825.8

  

5.1%

  

17,963.2

  

17,613.1

  

2.0%

Occupancy-licensed beds

  

63.1%

  

61.8%

  

2.0%

  

75.3%

  

75.7%

  

-0.7%

Occupancy-available beds

  

64.9%

  

63.6%

  

2.0%

  

75.6%

  

76.0%

  

-0.6%

Admissions

  

159,542

  

151,640

  

5.2%

  

245,394

  

240,449

  

2.1%

Length of stay

  

4.6

  

4.6

  

-0.1%

  

13.2

  

13.3

  

-0.1%
                         

Inpatient revenue

  

$14,215,639

  

$12,525,776

  

13.5%

  

$5,031,625

  

$4,851,152

  

3.7%

Outpatient revenue

  

8,659,922

  

7,474,987

  

15.9%

  

535,239

  

522,718

  

2.4%

Total patient revenue

  

22,875,561

  

20,000,763

  

14.4%

  

5,566,864

  

5,373,870

  

3.6%

Other revenue

  

223,343

  

198,358

  

12.6%

  

110,739

  

101,178

  

9.4%

Gross hospital revenue

  

23,098,904

  

20,199,121

  

14.4%

  

5,677,603

  

5,475,048

  

3.7%

Total deductions

  

20,052,351

  

17,349,498

  

15.6%

  

3,070,979

  

2,962,969

  

3.6%

Net hospital revenue 

  

$3,046,553

  

$2,849,623

  

6.9%

  

$2,606,624

  

$2,512,079

  

3.8%
                         
                         

SAME FACILITY:

                        
                         
   

ACUTE

  

BEHAVIORAL HEALTH
   

6/30/19

  

6/30/18

  

%  change

  

6/30/19

  

6/30/18

  

%  change
                         

Hospitals owned and leased

  

26

  

26

  

0.0%

  

288

  

288

  

0.0%

Average licensed beds

  

6,371

  

6,187

  

3.0%

  

22,842

  

22,598

  

1.1%

Average available beds

  

6,195

  

6,011

  

3.1%

  

22,742

  

22,515

  

1.0%

Patient days

  

727,620

  

692,496

  

5.1%

  

3,156,169

  

3,137,870

  

0.6%

Average daily census

  

4,020.2

  

3,825.8

  

5.1%

  

17,437.4

  

17,336.3

  

0.6%

Occupancy-licensed beds

  

63.1%

  

61.8%

  

2.0%

  

76.3%

  

76.7%

  

-0.5%

Occupancy-available beds

  

64.9%

  

63.6%

  

2.0%

  

76.7%

  

77.0%

  

-0.4%

Admissions

  

159,542

  

151,640

  

5.2%

  

242,175

  

238,076

  

1.7%

Length of stay

  

4.6

  

4.6

  

-0.1%

  

13.0

  

13.2

  

-1.1%

 

 

 

Cision View original content:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports-2019-second-quarter-financial-results-and-increases-to-stock-repurchase-program-and-cash-dividend-300891272.html

SOURCE Universal Health Services, Inc.

Steve Filton, Chief Financial Officer, 610-768-3300