Universal Health Services, Inc. Reports 41% Increase in 2009 Third Quarter Earnings Per Diluted Share, Raises Full Year Guidance
10/29/2009
Net revenues increased 4% to
"We are extremely pleased with these solid results in an extremely challenging environment," said
Consolidated Results of Operations - Nine-month periods ended
Reported net income attributable to UHS was
As indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information, included in our net income attributable to UHS during the nine-month period ended
After adjusting the reported results for the nine-month period ended
Net revenues increased 3% to
Acute Care Services - Three-month periods ended
At our acute care hospitals owned during both periods ("same facility basis"), inpatient admissions increased 0.5% while patient days decreased 2.2% during the third quarter of 2009, as compared to the third quarter of 2008. Net revenues at these facilities increased 5.3% during the third quarter of 2009 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission increased 2.6% while net revenue per adjusted patient day increased 5.5% during the third quarter of 2009 as compared to the comparable quarter of the prior year. On a same facility basis, the operating margin (net revenues less salaries, wages and benefits, other operating expenses, supplies expense and provision for doubtful accounts) at our acute care hospitals increased to 13.0% during the third quarter of 2009 as compared to 11.6% during the third quarter of 2008.
We provide care to patients who meet certain financial or economic criteria without charge or at amounts substantially less than our established rates. Because we do not pursue collection of amounts determined to qualify as charity care, they are not reported in net revenues or in accounts receivable, net. Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to
Acute Care Services - Nine-month periods ended
During the nine-month period ended
Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to
Behavioral Health Care Services - Three-month periods ended
At our behavioral health care facilities, on a same facility basis, inpatient admissions increased 2.1% and patient days increased 1.4% during the third quarter of 2009 as compared to the third quarter of 2008. Net revenues at these facilities increased 3.6% during the third quarter of 2009 as compared to the comparable quarter in the prior year. Net revenue per adjusted patient day at these facilities increased 2.2% during the third quarter of 2009 over the comparable prior year quarter. The operating margin at our behavioral health care facilities owned during both periods was 25.2% during the third quarter of 2009 as compared to 23.5% during the third quarter of 2008.
Behavioral Health Care Services - Nine-month periods ended
During the nine-month period ended
2009 Full Year Guidance Increased to
Based upon the operating trends and financial results experienced during the first nine months of 2009, and subject to certain assumptions, provisions and adjustments, including those as set forth below in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures, we are increasing our estimated range of earnings per diluted share from continuing operations for the year ended
Settlement of South Texas Health System Affiliates Investigation:
As previously disclosed, since November, 2005, the government had been investigating our
We have recently entered into a settlement agreement with the government in connection with this matter whereby we have agreed to pay
Conference Call Information:
We will hold a conference call for investors and analysts at
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
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
We believe that operating income, operating margin, adjusted income from continuing operations attributable to UHS, adjusted income from continuing operations attributable to UHS per diluted share, adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share and earnings before interest, taxes, depreciation and amortization ("EBITDA"), which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in
(more)
Universal Health Services, Inc.
-------------------------------
Consolidated Statements of Income
---------------------------------
(in thousands, except per share amounts)
(unaudited)
Three months Nine months
ended September 30, ended September 30,
------------------- -------------------
2009 2008 2009 2008
---- ---- ---- ----
Net revenues $1,295,109 $1,244,462 $3,911,168 $3,785,015
Operating charges:
Salaries, wages and
benefits 558,244 530,858 1,641,491 1,600,514
Other operating
expenses 253,792 269,299 759,907 777,257
Supplies expense 171,652 170,743 522,030 524,246
Provision for
doubtful
accounts 141,086 125,003 380,734 365,446
Depreciation and
amortization 51,205 48,465 153,424 142,544
Lease and rental
expense 17,253 17,600 51,912 53,021
------ ------ ------ ------
1,193,232 1,161,968 3,509,498 3,463,028
--------- --------- --------- ---------
Income from continuing
operations before
interest expense and
income taxes 101,877 82,494 401,670 321,987
Interest expense, net 10,780 13,419 35,297 40,147
------ ------ ------ ------
Income from continuing
operations before
income taxes 91,097 69,075 366,373 281,840
Provision for income
taxes 32,043 22,536 131,308 95,352
------ ------ ------- ------
Income from continuing
operations 59,054 46,539 235,065 186,488
Income from continuing
operations attributable
to minority interests 7,980 9,316 35,557 34,022
----- ----- ------ ------
Income from continuing
operations attributable
to UHS 51,074 37,223 199,508 152,466
(Loss) income from
discontinued
operations,
net of income tax
expense (a) - (226) - 434
------- ------- -------- --------
Net income attributable
to UHS $51,074 $36,997 $199,508 $152,900
======= ======= ======== ========
Basic earnings per share
attributable to UHS (b)
From continuing
operations $1.04 $0.73 $4.05 $2.99
From discontinued
operations - - - 0.01
- - - ----
Total basic
earnings
per share $1.04 $0.73 $4.05 $3.00
===== ===== ===== =====
Diluted earnings per share
attributable to UHS (b)
From continuing
operations $1.03 $0.73 $4.04 $2.98
From discontinued
operations - - - 0.01
- - - ----
Total diluted
earnings
per share $1.03 $0.73 $4.04 $2.99
===== ===== ===== =====
Universal Health Services, Inc.
-------------------------------
Footnotes to Consolidated Statements of Income
----------------------------------------------
(in thousands, except per share amounts)
(unaudited)
Three months Nine months
ended September 30, ended September 30,
------------------- -------------------
2009 2008 2009 2008
---- ---- ---- ----
(a) Calculation of income from
discontinued operations,
net of income tax:
------------------------------
(Loss) income from
discontinued
operations, pre-tax - ($363) - $706
Income tax benefit
(expense) - 137 - (272)
-- --- -- ----
(Loss) income from
discontinued
operations, net of taxes - ($226) - $434
== ===== == ====
(b) Earnings per share calculation:
-----------------------------------
Basic and diluted:
------------------
Income from continuing
operations
attributable to UHS $51,074 $37,223 $199,508 $152,466
Less: Net income
attributable to
unvested restricted
share grants (217) (88) (912) (576)
---- --- ---- ----
Income from continuing
operations - basic and
diluted 50,857 37,135 198,596 151,890
(Loss) income from
discontinued
operations - (226) - 434
-- ---- -- ---
Net income attributable
to UHS -
basic and diluted $50,857 $36,909 $198,596 $152,324
======= ======= ======== ========
Weighted average number
of common shares -
basic 48,887 50,544 48,981 50,812
------ ------ ------ ------
Basic earnings per share
attributable to UHS:
From continuing
operations $1.04 $0.73 $4.05 $2.99
From discontinued
operations - - - 0.01
-- -- -- ----
Total basic
earnings
per share $1.04 $0.73 $4.05 $3.00
===== ===== ===== =====
Weighted average number
of common shares 48,887 50,544 48,981 50,812
Add: Other share
equivalents 365 134 189 88
--- --- --- --
Weighted average number
of common shares and
equiv. - diluted 49,252 50,678 49,170 50,900
------ ------ ------ ------
Diluted earnings per share
attributable to UHS:
From continuing
operations $1.03 $0.73 $4.04 $2.98
From discontinued
operations - - - 0.01
-- -- -- ----
Total diluted
earnings
per share $1.03 $0.73 $4.04 $2.99
===== ===== ===== =====
Universal Health Services, Inc.
-------------------------------
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
--------------------------------------------------------------------
For the three months ended September 30, 2009 and 2008
------------------------------------------------------
(in thousands, except per share amounts)
(unaudited)
Three months ended Three months ended
September 30, 2009 September 30, 2008
------------------ ------------------
Net revenues $1,295,109 100.0% $1,244,462 100.0%
Operating charges:
Salaries, wages
and benefits 558,244 43.1% 530,858 42.7%
Other operating
expenses 253,792 19.6% 269,299 21.6%
Supplies expense 171,652 13.3% 170,743 13.7%
Provision for
doubtful accounts 141,086 10.9% 125,003 10.0%
------- ---- ------- ----
1,124,774 86.8% 1,095,903 88.1%
--------- ---- --------- ----
Operating income/
margin 170,335 13.2% 148,559 11.9%
Lease and rental
expense 17,253 17,600
Income from continuing
operations attributable
to minority interests 7,980 9,316
----- -----
Earnings before,
depreciation
and amortization,
interest expense,
and income taxes
("EBITDA") 145,102 121,643
Depreciation and
amortization 51,205 48,465
Interest expense,
net 10,780 13,419
------ ------
Income before income
taxes 83,117 59,759
Provision for income
taxes 32,043 22,536
------ ------
Income from continuing
operations attributable
to UHS 51,074 37,223
Loss from discontinued
operations, net of
income taxes - (226)
------- -------
Net income
attributable to UHS $51,074 $36,997
======= =======
Three months ended Three months ended
September 30, 2009 September 30, 2008
------------------ ------------------
Per Per
Amount Diluted Share Amount Diluted Share
------ ------------- ------ -------------
Calculation of Adjusted
Income from Continuing
Operations Attributable
to UHS
------------------------
Income from continuing
operations attributable
to UHS $51,074 $1.03 $37,223 $0.73
Plus/minus adjustments:
Reduction of reserve for
professional and
general liability
self-insured claims,
net of income taxes - - - -
Unfavorable discrete
tax item - - - -
Subtotal after-tax
adjustments to
income from
continuing operations
attributable to UHS - - - -
-- -- -- --
Adjusted income from
continuing operations
attributable to UHS $51,074 $1.03 $37,223 $0.73
======= ===== ======= =====
Calculation of Adjusted
Net Income
Attributable to UHS
-----------------------
Net income
attributable to UHS $51,074 $1.03 $36,997 $0.73
After-tax adjustments
to income from
continuing operations
attributable
to UHS, as indicated
above - - - -
-- -- -- --
Adjusted net income
attributable to UHS $51,074 $1.03 $36,997 $0.73
======= ===== ======= =====
Universal Health Services, Inc.
-------------------------------
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
--------------------------------------------------------------------
For the nine months ended September 30, 2009 and 2008
-----------------------------------------------------
(in thousands, except per share amounts)
(unaudited)
Nine months ended Nine months ended
September 30, 2009 September 30, 2008
------------------ ------------------
Net revenues $3,911,168 100.0% $3,785,015 100.0%
Operating charges:
Salaries, wages
and benefits 1,641,491 42.0% 1,600,514 42.3%
Other operating
expenses 759,907 19.4% 777,257 20.5%
Supplies expense 522,030 13.3% 524,246 13.9%
Provision for
doubtful accounts 380,734 9.7% 365,446 9.7%
------- --- ------- ---
3,304,162 84.5% 3,267,463 86.3%
--------- ---- --------- ----
Operating income/
margin 607,006 15.5% 517,552 13.7%
Lease and rental
expense 51,912 53,021
Income from
continuing
operations
attributable
to minority
interests 35,557 34,022
------ ------
Earnings before,
depreciation
and amortization,
interest
expense, and income
taxes ("EBITDA") 519,537 430,509
Depreciation and
amortization 153,424 142,544
Interest expense,
net 35,297 40,147
------ ------
Income before
income taxes 330,816 247,818
Provision for
income taxes 131,308 95,352
------- ------
Income from
continuing
operations
attributable
to UHS 199,508 152,466
Income from
discontinued
operations, net of
income taxes - 434
-------- --------
Net income
attributable
to UHS $199,508 $152,900
======== ========
Nine months ended Nine months ended
September 30, 2009 September 30, 2008
------------------ ------------------
Per Per
Amount Diluted Share Amount Diluted Share
------ ------------- ------ -------------
Calculation of Adjusted Income
from Continuing Operations
Attributable to UHS
------------------------------
Income from continuing
operations attributable
to UHS $199,508 $4.04 $152,466 $2.98
Plus/minus adjustments:
Reduction of reserve
for professional and
general liability
self-insured claims,
net of income taxes (14,168) (0.29) - -
Unfavorable
discrete
tax item 4,331 0.09
Subtotal after-tax
adjustments to
income from continuing
operations
attributable to UHS (9,837) (0.20) - -
------ ----- - -
Adjusted income from
continuing
operations
attributable to UHS $189,671 $3.84 $152,466 $2.98
======== ===== ======== =====
Calculation of Adjusted Net
Income Attributable to UHS
---------------------------
Net income attributable
to UHS $199,508 $4.04 $152,900 $2.99
After-tax
adjustments to
income from
continuing
operations
attributable
to UHS, as
indicated above (9,837) (0.20) - -
------ ----- -- --
Adjusted net income
attributable to UHS $189,671 $3.84 $152,900 $2.99
======== ===== ======== =====
Universal Health Services, Inc.
-------------------------------
Condensed Consolidated Balance Sheets
-------------------------------------
(in thousands, unaudited)
(unaudited)
September 30, December 31,
2009 2008
---- ----
Assets
Current assets:
Cash and cash equivalents $13,630 $5,460
Accounts receivable, net 596,232 625,437
Supplies 80,726 76,043
Other current assets 35,365 26,375
Deferred income taxes 47,457 34,522
Current assets held for sale 21,580 21,580
------ ------
Total current assets 794,990 789,417
------- -------
Property and equipment 3,644,113 3,355,974
Less: accumulated depreciation (1,386,112) (1,255,682)
---------- ----------
2,258,001 2,100,292
--------- ---------
Other assets:
Goodwill 732,685 732,937
Deferred charges 9,666 10,428
Other 106,167 109,388
------- -------
$3,901,509 $3,742,462
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt $2,918 $8,708
Accounts payable and accrued liabilities 629,033 542,008
Federal and state taxes - 10,409
-- ------
Total current liabilities 631,951 561,125
------- -------
Other noncurrent liabilities 396,678 407,652
Long-term debt 852,270 990,661
Deferred income taxes 52,208 12,439
UHS common stockholders' equity 1,728,194 1,543,850
Minority interest 240,208 226,735
------- -------
Total equity 1,968,402 1,770,585
---------- ----------
$3,901,509 $3,742,462
========== ==========
Universal Health Services, Inc.
-------------------------------
Consolidated Statements of Cash Flows
-------------------------------------
(in thousands)
(unaudited)
Nine months
ended September 30,
-------------------
2009 2008
---- ----
Cash Flows from Operating Activities:
Net income attributable to UHS $199,508 $152,900
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation & amortization 153,424 144,711
Changes in assets & liabilities, net of
effects from acquisitions and dispositions:
Accounts receivable 20,747 (7,796)
Construction management and other
receivable 13,697 (1,674)
Accrued interest 10,712 11,290
Accrued and deferred income taxes 10,824 (3,418)
Other working capital accounts 40,434 35,941
Other assets and deferred charges 3,716 16,317
Other 7,541 12,354
Minority interest in earnings
of consolidated entities 35,557 34,022
Accrued insurance expense,
net of commercial premiums paid 31,321 58,127
Payments made in settlement of
self-insurance claims (43,206) (38,011)
------- -------
Net cash provided by operating
activities 484,275 414,763
------- -------
Cash Flows from Investing Activities:
Property and equipment additions,
net of disposals (278,825) (239,880)
Acquisition of property and business (9,006) (14,775)
Proceeds received from sales of assets 818 32,634
Settlement proceeds received related
to prior year acquisitions, net of
expenses - 1,539
Investment in joint-venture - (1,270)
Purchase of minority ownership
interest in majority owned business - (1,058)
-- ------
Net cash used in investing
activities (287,013) (222,810)
-------- --------
Cash Flows from Financing Activities:
Reduction of long-term debt (143,844) (219,311)
Additional borrowings 170 150,155
Repurchase of common shares (15,467) (104,436)
Dividends paid (11,821) (12,147)
Issuance of common stock 1,568 1,751
Profit distributions related to
minority interests in majority owned
businesses (19,698) (18,820)
Capital contributions from minority
member - 2,306
-- -----
Net cash used in financing activities (189,092) (200,502)
-------- --------
Increase (decrease) in cash and cash
equivalents 8,170 (8,549)
Cash and cash equivalents, beginning of
period 5,460 16,354
----- ------
Cash and cash equivalents, end of period $13,630 $7,805
======= ======
Supplemental Disclosures of Cash Flow
Information:
Interest paid $32,357 $34,198
======= =======
Income taxes paid, net of refunds $120,429 $97,907
======== =======
Universal Health Services, Inc.
Supplemental Statistical Information
(un-audited)
% Change % Change
Quarter Ended 9 months ended
Same Facility: 9/30/2009 9/30/2009
-------------- --------- ---------
Acute Care Hospitals
--------------------
Revenues 5.3% 3.0%
Adjusted Admissions 2.6% 1.9%
Adjusted Patient Days -0.1% -0.1%
Revenue Per Adjusted Admission 2.6% 1.1%
Revenue Per Adjusted Patient Day 5.5% 3.1%
Behavioral Health
Hospitals
-----------------
Revenues 3.6% 3.5%
Adjusted Admissions 2.0% 1.1%
Adjusted Patient Days 1.4% -0.1%
Revenue Per Adjusted Admission 1.5% 2.3%
Revenue Per Adjusted Patient Day 2.2% 3.5%
UHS Consolidated Third Quarter Ended Nine months Ended
---------------- ------------------- -----------------
9/30/2009 9/30/2008 9/30/2009 9/30/2008
--------- --------- --------- ---------
Revenues $1,295,109 $1,244,462 $3,911,168 $3,785,015
EBITDA (1) 145,102 121,643 519,537 430,509
EBITDA Margin (1) 11.2% 9.8% 13.3% 11.4%
Cash Flow From
Operations 183,436 204,689 484,275 414,763
Days Sales
Outstanding 42 46 42 46
Capital Expenditures 95,577 83,818 278,825 239,880
Debt 855,188 943,721
Shareholders Equity 1,728,194 1,566,314
Debt / Total
Capitalization 33.1% 37.6%
Debt / EBITDA (2) 1.31 1.70
Debt / Cash From
Operations (2) 1.61 2.14
Acute Care EBITDAR
Margin (3) 13.0% 11.6% 15.8% 14.2%
Behavioral Health
EBITDAR Margin (3) 24.5% 23.0% 24.9% 23.5%
(1) Net of Minority Interest
(2) Latest 4 quarters
(3) Before Corporate overhead allocation, minority interest and prior
year self insurance reserve adjustment booked in 2009
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2009
AS REPORTED:
------------
ACUTE (1) BEHAVIORAL HEALTH
09/30/09 09/30/08 % change 09/30/09 09/30/08 % change
-------- -------- -------- -------- -------- --------
Hospitals owned
and leased 21 21 0.0% 84 81 3.7%
Average licensed
beds 5,465 5,450 0.3% 7,977 7,618 4.7%
Patient days 280,269 286,552 -2.2% 532,228 519,362 2.5%
Average daily
census 3,046.4 3,114.7 -2.2% 5,785.1 5,645.2 2.5%
Occupancy-
licensed beds 55.7% 57.2% -2.5% 72.5% 74.1% -2.1%
Admissions 65,082 64,738 0.5% 35,005 32,786 6.8%
Length of stay 4.3 4.4 -2.7% 15.2 15.8 -4.0%
Inpatient
revenue $2,380,103 $2,259,640 5.3% $524,713 $488,986 7.3%
Outpatient
revenue 1,038,772 917,982 13.2% 68,577 61,358 11.8%
Total patient
revenue 3,418,875 3,177,622 7.6% 593,290 550,344 7.8%
Other revenue 16,848 18,019 -6.5% 7,357 8,183 -10.1%
Gross hospital
revenue 3,435,723 3,195,641 7.5% 600,647 558,527 7.5%
Total
deductions 2,488,456 2,296,314 8.4% 271,315 247,695 9.5%
Net hospital
revenue $947,267 $899,327 5.3% $329,332 $310,832 6.0%
SAME FACILITY:
--------------
ACUTE (1) BEHAVIORAL HEALTH
09/30/09 09/30/08 % change 09/30/09 09/30/08 % change
-------- -------- -------- -------- -------- --------
Hospitals owned
and leased 21 21 0.0% 79 79 0.0%
Average licensed
beds 5,465 5,450 0.3% 7,697 7,547 2.0%
Patient days 280,269 286,552 -2.2% 520,564 513,231 1.4%
Average daily
census 3,046.4 3,114.7 -2.2% 5,658.3 5,578.6 1.4%
Occupancy-
licensed beds 55.7% 57.2% -2.5% 73.5% 73.9% -0.5%
Admissions 65,082 64,738 0.5% 33,448 32,767 2.1%
Length of stay 4.3 4.4 -2.7% 15.6 15.7 -0.6%
(1) Acute care hospitals located in New Orleans and Central Montgomery
Medical Center are excluded in current and prior years.
(2) Centennial Peaks, Coastal Behavioral, Shenandoah Valley and
Springwoods Behavioral are excluded in both current and prior years.
Central Florida and Summit Ridge Hospital is included from September
1st through year to date. Broad Horizons, Highlander RTC, Midwest
Youth and Vista Group Homes are excluded in both current and prior
years.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2009
AS REPORTED:
------------
ACUTE (1) BEHAVIORAL HEALTH
09/30/09 09/30/08 % change 09/30/09 09/30/08 % change
-------- -------- -------- -------- -------- --------
Hospitals owned
and leased 21 21 0.0% 84 81 3.7%
Average licensed
beds 5,465 5,452 0.2% 7,876 7,629 3.2%
Patient days 877,224 892,689 -1.7% 1,574,698 1,580,086 -0.3%
Average daily
census 3,213.3 3,258.0 -1.4% 5,768.1 5,766.7 0.0%
Occupancy-
licensed beds 58.8% 59.8% -1.6% 73.2% 75.6% -3.1%
Admissions 199,226 198,685 0.3% 103,025 98,228 4.9%
Length of stay 4.4 4.5 -2.0% 15.3 16.1 -5.0%
Inpatient
revenue $7,430,016 $6,999,680 6.1% $1,552,640 $1,467,036 5.8%
Outpatient
revenue 3,081,566 2,748,382 12.1% 209,218 193,281 8.2%
Total patient
revenue 10,511,582 9,748,062 7.8% 1,761,858 1,660,317 6.1%
Other
revenue 53,625 55,733 -3.8% 23,608 26,234 -10.0%
Gross hospital
revenue 10,565,207 9,803,795 7.8% 1,785,466 1,686,551 5.9%
Total
deductions 7,705,648 7,027,568 9.6% 801,392 745,545 7.5%
Net hospital
revenue $2,859,559 $2,776,227 3.0% $984,074 $941,006 4.6%
SAME FACILITY:
--------------
ACUTE (1) BEHAVIORAL HEALTH
09/30/09 09/30/08 % change 09/30/09 09/30/08 % change
-------- -------- -------- -------- -------- --------
Hospitals owned
and leased 21 21 0.0% 79 79 0.0%
Average licensed
beds 5,465 5,452 0.2% 7,630 7,476 2.1%
Patient days 877,231 892,665 -1.7% 1,549,466 1,544,017 0.4%
Average daily
census 3,213.3 3,257.9 -1.4% 5,675.7 5,635.1 0.7%
Occupancy-
licensed beds 58.8% 59.8% -1.6% 74.4% 75.4% -1.3%
Admissions 199,226 198,685 0.3% 99,584 98,054 1.6%
Length of stay 4.4 4.5 -2.0% 15.6 15.7 -1.2%
(1) Acute care hospitals located in New Orleans and Central Montgomery
Medical Center are excluded in current and prior years.
(2) Centennial Peaks, Coastal Behavioral, Shenandoah Valley and
Springwoods Behavioral are excluded in both current and prior years.
Central Florida and Summit Ridge Hospital is included from September
1st through year to date. Broad Horizons, Highlander RTC, Midwest
Youth and Vista Group Homes are excluded in both current and prior
years.
SOURCE
Steve Filton, Chief Financial Officer of Universal Health Services, Inc., +1-610-768-3300