8-K
0000352915false00003529152023-04-252023-04-25

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 25, 2023

 

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware

1-10765

23-2077891

(State or other jurisdiction of

(Commission

(I.R.S. Employer

Incorporation or Organization)

File Number)

Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, Pennsylvania 19406

(Address of principal executive office) (Zip Code)

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

Not Applicable

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

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

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

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

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

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

 

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class B Common Stock

UHS

New York Stock Exchange

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

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 


 

Item 2.02 Results of Operations and Financial Condition

On April 25, 2023, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

 

 

 

99.1

Universal Health Services, Inc., press release, dated April 25, 2023.

104

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

 

 

 

Exhibit Index

Exhibit No.

Exhibit

 

 

99.1

Universal Health Services, Inc., press release, dated April 25, 2023.

104

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

 

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

Universal Health Services, Inc.

 

By:

/s/ Steve Filton

Name: Steve Filton

Title: Executive Vice President and

            Chief Financial Officer

Date: April 26, 2023

 

 

 


EX-99

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 25, 2023

 

CONTACT:

Steve Filton

 

Chief Financial Officer

 

610-768-3300

 

 

UNIVERSAL HEALTH SERVICES, INC.

ANNOUNCES 2023 FIRST QUARTER FINANCIAL RESULTS

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended March 31, 2023 and 2022:

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $163.1 million, or $2.28 per diluted share, during the first quarter of 2023, as compared to $153.9 million, or $2.02 per diluted share, during the first quarter of 2022. Net revenues increased by 5.3% to $3.468 billion during the first quarter of 2023, as compared to $3.293 billion during the first quarter of 2022.

As reflected on the Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”), our adjusted net income attributable to UHS during the first quarter of 2023, was $167.6 million, or $2.34 per diluted share, as compared to $163.5 million, or $2.15 per diluted share, during the first quarter of 2022.

As reflected on the Supplemental Schedule, included in our reported results were unrealized losses of $4.5 million, or $.06 per diluted share, ($5.8 million pre-tax) during the first quarter of 2023 and $9.5 million, or $.13 per diluted share, ($12.5 million pre-tax) during the first quarter of 2022. These unrealized losses, which are included in “Other (income) expense, net”, resulted from decreases in the market value of certain equity securities.

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization (“EBITDA net of NCI”, NCI is net income attributable to noncontrolling interests), was $407.3 million during the first quarter of 2023, as compared to $368.3 million during the first 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, was $421.1 million during the first quarter of 2023, as compared to $379.5 million during the first quarter of 2022.

Acute Care Services – Three-month periods ended March 31, 2023 and 2022:

During the first quarter of 2023, at our acute care hospitals owned during both periods (“same facility basis”), adjusted admissions (adjusted for outpatient activity) increased by 10.5% while adjusted patient days increased by 3.7%, as compared to the first quarter of 2022. At these facilities, during the first quarter of 2023, net revenue per adjusted admission decreased by 7.5% while net revenue per adjusted patient day decreased 1.5%, as compared to the first quarter of 2022. Net revenues generated from our acute care services on a same facility basis increased by 3.5% during the first quarter of 2023, as compared to the first quarter of 2022.

Behavioral Health Care Services – Three-month periods ended March 31, 2023 and 2022:

During the first quarter of 2023, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 7.5% while adjusted patient days increased by 4.7%, as compared to the first quarter of 2022. At these facilities, during the first quarter of 2023, net revenue per adjusted admission increased by 2.2% and net revenue per adjusted patient day increased by 5.0%, as compared to the first quarter of 2022. Net revenues generated from our behavioral health care services increased by 9.7% during the first quarter of 2023, as compared to the first quarter of 2022.

 


Net Cash Provided by Operating Activities and Liquidity:

Net Cash Provided by Operating Activities:

During the three-month period ended March 31, 2023, our net cash provided by operating activities was $291 million as compared to $445 million during the first three months of 2022. The $155 million net decrease in our net cash provided by operating activities was due primarily to an unfavorable change of $183 million in other working capital accounts due primarily to the timing of disbursements for accrued compensation and accounts payable.

Liquidity:

As of March 31, 2023, we had $875 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 December 31, 2022, 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 first quarter of 2023, we have repurchased 650,000 shares at an aggregate cost of approximately $78.7 million (approximately $121 per share) pursuant to the program. As of March 31, 2023, we had an aggregate available repurchase authorization of approximately $869 million.

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 26, 2023. 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 2022 were approximately $13.4 billion. UHS ranked #297 on the Fortune 500; and #391 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 93,800 employees and, through its subsidiaries, operates 27 inpatient acute care hospitals, 331 inpatient behavioral health facilities, 40 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 the anticipated impact of COVID-19 on our operations and financial results, 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, 2022), 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:

The nationwide shortage of nurses and other clinical staff and support personnel has been a significant operating issue facing us and other healthcare providers. In some areas, the labor scarcity is putting a strain on our resources and staff, which has required us to utilize higher‑cost temporary labor and pay premiums above standard compensation for essential workers. These factors, which had a material unfavorable impact on our results of operations during 2022, could continue to have an unfavorable material impact on our results of operations for the foreseeable future.
The impact of the COVID-19 pandemic, which began during the second half of March, 2020, has had a material effect on our operations and financial results since that time. The length and extent of the disruptions caused by the COVID-19 pandemic are currently unknown; however, we expect such disruptions to continue into the future which could materially affect our financial performance.
A significant portion of our revenues are derived from federal and state government programs, including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs, if adopted, could materially affect program payments which could materially impact our results of operations.
The increase in interest rates has substantially increased our borrowings costs and reduced our ability to access the capital markets on favorable terms. Additional increases in interest rates could have a significant unfavorable impact on our future results of operations and the resulting effect on the capital markets could adversely affect our ability to carry out our strategy.

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 and 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 Report on Form 10-K for the year ended December 31, 2022. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

(more)

 

 


 

 

Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

Three months

 

 

 

 

ended March 31,

 

 

 

 

2023

 

 

2022

 

 

Net revenues

 

$

3,467,518

 

 

 

3,292,956

 

 

 

 

 

 

 

 

 

 

Operating charges:

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

1,753,335

 

 

 

1,692,270

 

 

Other operating expenses

 

 

878,951

 

 

 

820,934

 

 

Supplies expense

 

 

379,989

 

 

 

371,073

 

 

Depreciation and amortization

 

 

141,621

 

 

 

143,784

 

 

Lease and rental expense

 

 

34,922

 

 

 

32,038

 

 

 

 

3,188,818

 

 

 

3,060,099

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

278,700

 

 

 

232,857

 

 

Interest expense, net

 

 

50,876

 

 

 

21,673

 

 

Other (income) expense, net

 

 

13,723

 

 

 

11,201

 

 

Income before income taxes

 

 

214,101

 

 

 

199,983

 

 

Provision for income taxes

 

 

51,726

 

 

 

48,962

 

 

Net income

 

 

162,375

 

 

 

151,021

 

 

Less: Net income (loss) attributable to noncontrolling interests ("NCI")

 

 

(740

)

 

 

(2,892

)

 

Net income attributable to UHS

 

$

163,115

 

 

$

153,913

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS (a)

 

$

2.31

 

 

$

2.05

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to UHS (a)

 

$

2.28

 

 

$

2.02

 

 

 

 


Universal Health Services, Inc.

 

Footnotes to Consolidated Statements of Income

 

(in thousands, except per share amounts)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

Three months

 

 

 

ended March 31,

 

 

 

2023

 

 

2022

 

(a) Earnings per share calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted:

 

 

 

 

 

 

Net income attributable to UHS

 

$

163,115

 

 

$

153,913

 

Less: Net income attributable to unvested restricted share grants

 

 

(129

)

 

 

(249

)

Net income attributable to UHS - basic and diluted

 

$

162,986

 

 

$

153,664

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

 

70,535

 

 

 

75,030

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS:

 

$

2.31

 

 

$

2.05

 

 

 

 

 

 

 

Weighted average number of common shares

 

 

70,535

 

 

 

75,030

 

Add: Other share equivalents

 

 

952

 

 

 

1,011

 

Weighted average number of common shares and equiv. - diluted

 

 

71,487

 

 

 

76,041

 

 

 

 

 

 

 

Diluted earnings per share attributable to UHS:

 

$

2.28

 

 

$

2.02

 

 

 


Universal Health Services, Inc.

 

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

 

For the Three Months ended March 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

 

 

March 31, 2023

 

 

revenues

 

 

March 31, 2022

 

 

revenues

 

Net income attributable to UHS

$

163,115

 

 

 

 

 

$

153,913

 

 

 

 

   Depreciation and amortization

 

141,621

 

 

 

 

 

 

143,784

 

 

 

 

   Interest expense, net

 

50,876

 

 

 

 

 

 

21,673

 

 

 

 

   Provision for income taxes

 

51,726

 

 

 

 

 

 

48,962

 

 

 

 

EBITDA net of NCI

$

407,338

 

 

 

11.7

%

 

$

368,332

 

 

 

11.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense, net

 

13,723

 

 

 

 

 

 

11,201

 

 

 

 

Adjusted EBITDA net of NCI

$

421,061

 

 

 

12.1

%

 

$

379,533

 

 

 

11.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

$

3,467,518

 

 

 

 

 

$

3,292,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Adjusted Net Income Attributable to UHS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Three months ended

 

 

March 31, 2023

 

 

March 31, 2022

 

 

 

 

 

Per

 

 

 

 

 

Per

 

 

Amount

 

 

Diluted Share

 

 

Amount

 

 

Diluted Share

 

Net income attributable to UHS

$

163,115

 

 

$

2.28

 

 

$

153,913

 

 

$

2.02

 

Plus/minus after-tax adjustments:

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on equity securities

 

4,461

 

 

 

0.06

 

 

 

9,537

 

 

 

0.13

 

Subtotal adjustments

 

4,461

 

 

 

0.06

 

 

 

9,537

 

 

 

0.13

 

Adjusted net income attributable to UHS

$

167,576

 

 

$

2.34

 

 

$

163,450

 

 

$

2.15

 

 

 

 


Universal Health Services, Inc.

 

Condensed Consolidated Balance Sheets

 

(in thousands)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

109,969

 

 

$

102,818

 

Accounts receivable, net

 

 

2,032,184

 

 

 

2,017,722

 

Supplies

 

 

216,236

 

 

 

218,517

 

Other current assets

 

 

200,710

 

 

 

198,283

 

Total current assets

 

 

2,559,099

 

 

 

2,537,340

 

 

 

 

 

 

 

Property and equipment

 

 

11,251,315

 

 

 

11,085,852

 

Less: accumulated depreciation

 

 

(5,297,174

)

 

 

(5,167,394

)

 

 

5,954,141

 

 

 

5,918,458

 

Other assets:

 

 

 

 

 

 

Goodwill

 

 

3,913,906

 

 

 

3,909,456

 

Deferred income taxes

 

 

90,918

 

 

 

68,397

 

Right of use assets-operating leases

 

 

458,189

 

 

 

454,650

 

Deferred charges

 

 

5,987

 

 

 

6,264

 

Other

 

 

573,719

 

 

 

599,623

 

Total Assets

 

$

13,555,959

 

 

$

13,494,188

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current maturities of long-term debt

 

$

96,235

 

 

$

81,447

 

Accounts payable and other liabilities

 

 

1,636,102

 

 

 

1,760,588

 

Operating lease liabilities

 

 

73,189

 

 

 

67,776

 

Federal and state taxes

 

 

57,858

 

 

 

4,608

 

Total current liabilities

 

 

1,863,384

 

 

 

1,914,419

 

 

 

 

 

 

 

Other noncurrent liabilities

 

 

532,080

 

 

 

487,669

 

Operating lease liabilities noncurrent

 

 

396,488

 

 

 

395,522

 

Long-term debt

 

 

4,707,321

 

 

 

4,726,533

 

 

 

 

 

 

 

Redeemable noncontrolling interest

 

 

4,269

 

 

 

4,695

 

 

 

 

 

 

 

UHS common stockholders' equity

 

 

6,012,108

 

 

 

5,920,582

 

Noncontrolling interest

 

 

40,309

 

 

 

44,768

 

Total equity

 

 

6,052,417

 

 

 

5,965,350

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

 

$

13,555,959

 

 

$

13,494,188

 

 

 


Universal Health Services, Inc.

 

Consolidated Statements of Cash Flows

 

(in thousands)

 

(unaudited)

 

 

Three months

 

 

ended March 31,

 

 

2023

 

 

2022

 

Cash Flows from Operating Activities:

 

 

 

 

 

Net income

$

162,375

 

 

$

151,021

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation & amortization

 

141,621

 

 

 

143,784

 

(Gain) loss on sale of assets and businesses

 

(295

)

 

 

1,084

 

Stock-based compensation expense

 

20,964

 

 

 

19,055

 

Changes in assets & liabilities, net of effects from acquisitions and dispositions:

 

 

 

 

 

Accounts receivable

 

(15,723

)

 

 

(15,073

)

Accrued interest

 

(662

)

 

 

180

 

Accrued and deferred income taxes

 

46,576

 

 

 

47,548

 

Other working capital accounts

 

(119,605

)

 

 

63,308

 

Medicare accelerated payments and deferred CARES Act and other grants

 

136

 

 

 

250

 

Other assets and deferred charges

 

24,727

 

 

 

26,042

 

Other

 

7,030

 

 

 

(4,020

)

Accrued insurance expense, net of commercial premiums paid

 

42,545

 

 

 

41,685

 

Payments made in settlement of self-insurance claims

 

(18,936

)

 

 

(29,431

)

Net cash provided by operating activities

 

290,753

 

 

 

445,433

 

Cash Flows from Investing Activities:

 

 

 

 

 

Property and equipment additions

 

(168,752

)

 

 

(200,002

)

Proceeds received from sales of assets and businesses

 

9,259

 

 

 

10,232

 

(Outflows) inflows from foreign exchange contracts that hedge our net U.K. investment

 

(18,818

)

 

 

20,710

 

Decrease in capital reserves of commercial insurance subsidiary

 

0

 

 

 

100

 

Net cash used in investing activities

 

(178,311

)

 

 

(168,960

)

Cash Flows from Financing Activities:

 

 

 

 

 

Repayments of long-term debt

 

(16,489

)

 

 

(11,966

)

Additional borrowings

 

11,300

 

 

 

117,400

 

Financing costs

 

(292

)

 

 

0

 

Repurchase of common shares

 

(85,039

)

 

 

(365,505

)

Dividends paid

 

(14,214

)

 

 

(14,875

)

Issuance of common stock

 

2,988

 

 

 

3,503

 

Profit distributions to noncontrolling interests

 

(4,145

)

 

 

(5,289

)

Sale of ownership interests from minority members

 

0

 

 

 

(1,307

)

Net cash used in financing activities

 

(105,891

)

 

 

(278,039

)

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

 

1,650

 

 

 

(2,232

)

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

 

8,201

 

 

 

(3,798

)

Cash, cash equivalents and restricted cash, beginning of period

 

200,837

 

 

 

178,934

 

Cash, cash equivalents and restricted cash, end of period

$

209,038

 

 

$

175,136

 

Supplemental Disclosures of Cash Flow Information:

 

 

 

 

 

Interest paid

$

50,279

 

 

$

20,388

 

Income taxes paid, net of refunds

$

2,360

 

 

$

4,423

 

Noncash purchases of property and equipment

$

61,341

 

 

$

90,730

 

 


Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

 

 

 

 

 

 

 

 

 

% Change

Same Facility:

 

 

 

Three Months ended

 

 

 

 

3/31/2023

Acute Care Services

 

 

 

 

Revenues

 

 

 

3.5%

Adjusted Admissions

 

 

 

10.5%

Adjusted Patient Days

 

 

 

3.7%

Revenue Per Adjusted Admission

 

 

 

-7.5%

Revenue Per Adjusted Patient Day

 

 

 

-1.5%

 

 

 

 

 

Behavioral Health Care Services

 

 

 

 

Revenues

 

 

 

9.7%

Adjusted Admissions

 

 

 

7.5%

Adjusted Patient Days

 

 

 

4.7%

Revenue Per Adjusted Admission

 

 

 

2.2%

Revenue Per Adjusted Patient Day

 

 

 

5.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UHS Consolidated

 

Three months ended

 

 

3/31/2023

 

3/31/2022

Revenues

 

$3,467,518

 

$3,292,956

EBITDA net of NCI

 

$407,338

 

$368,332

EBITDA Margin net of NCI

 

11.7%

 

11.2%

Adjusted EBITDA net of NCI

 

$421,061

 

$379,533

Adjusted EBITDA Margin net of NCI

 

12.1%

 

11.5%

 

 

 

 

Cash Flow From Operations

 

$290,753

 

$445,433

Days Sales Outstanding

 

53

 

48

Capital Expenditures

 

$168,752

 

$200,002

 

 

 

 

Debt

 

$4,803,556

 

$4,299,175

UHS' Shareholders Equity

 

$6,012,108

 

$5,867,872

Debt / Total Capitalization

 

44.4%

 

42.3%

Debt / EBITDA net of NCI (1)

 

2.94

 

2.32

Debt / Adjusted EBITDA net of NCI (1)

 

2.82

 

2.32

Debt / Cash From Operations (1)

 

5.71

 

3.42

 

 

 

 

 

(1) Latest 4 quarters.

 

 

 

 

 


Universal Health Services, Inc.

Acute Care Hospital Services

For the Three Months ended

March 31, 2023 and 2022

(in thousands)

 

Same Facility Basis - Acute Care Hospital Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Three months ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

Net revenues

 

$

1,889,080

 

 

 

100.0

%

 

$

1,824,697

 

 

 

100.0

%

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

810,553

 

 

 

42.9

%

 

 

811,643

 

 

 

44.5

%

Other operating expenses

 

 

492,400

 

 

 

26.1

%

 

 

434,470

 

 

 

23.8

%

Supplies expense

 

 

316,256

 

 

 

16.7

%

 

 

310,082

 

 

 

17.0

%

Depreciation and amortization

 

 

86,927

 

 

 

4.6

%

 

 

91,764

 

 

 

5.0

%

Lease and rental expense

 

 

23,592

 

 

 

1.2

%

 

 

20,705

 

 

 

1.1

%

Subtotal-operating expenses

 

 

1,729,728

 

 

 

91.6

%

 

 

1,668,664

 

 

 

91.4

%

Income from operations

 

 

159,352

 

 

 

8.4

%

 

 

156,033

 

 

 

8.6

%

Interest expense, net

 

 

(577

)

 

 

(0.0

)%

 

 

638

 

 

 

0.0

%

Other (income) expense, net

 

 

6,213

 

 

 

0.3

%

 

 

201

 

 

 

0.0

%

Income before income taxes

 

$

153,716

 

 

 

8.1

%

 

$

155,194

 

 

 

8.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

All Acute Care Hospital Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Three months ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

 

 

Amount

 

 

% of Net
Revenues

 

 

Amount

 

 

% of Net
Revenues

 

Net revenues

 

$

1,973,532

 

 

 

100.0

%

 

$

1,912,316

 

 

 

100.0

%

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

843,960

 

 

 

42.8

%

 

 

843,906

 

 

 

44.1

%

Other operating expenses

 

 

544,300

 

 

 

27.6

%

 

 

482,078

 

 

 

25.2

%

Supplies expense

 

 

328,060

 

 

 

16.6

%

 

 

321,427

 

 

 

16.8

%

Depreciation and amortization

 

 

93,326

 

 

 

4.7

%

 

 

94,534

 

 

 

4.9

%

Lease and rental expense

 

 

24,154

 

 

 

1.2

%

 

 

20,852

 

 

 

1.1

%

Subtotal-operating expenses

 

 

1,833,800

 

 

 

92.9

%

 

 

1,762,797

 

 

 

92.2

%

Income from operations

 

 

139,732

 

 

 

7.1

%

 

 

149,519