HCA Healthcare Reports Third Quarter 2024 Results
HCA Healthcare reported strong Q3 2024 financial results with revenues of $17.487 billion, up from $16.213 billion in Q3 2023. Net income reached $1.270 billion ($4.88 per diluted share), including a $0.15 per share impact from Hurricane Helene. Same facility admissions and equivalent admissions both increased 4.5%. Emergency room visits rose 4.6%, while inpatient surgeries grew 1.6%. The company maintained its 2024 guidance but expects results in the lower half of the range due to hurricane impacts, with anticipated Q4 hurricane-related costs of $200-300 million.
HCA Healthcare ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi di 17,487 miliardi di dollari, in crescita rispetto a 16,213 miliardi di dollari nel terzo trimestre del 2023. Il reddito netto ha raggiunto 1,270 miliardi di dollari (4,88 dollari per azione diluita), incluso un impatto di 0,15 dollari per azione a causa dell'uragano Helene. Le ammissioni nelle stesse strutture e le ammissioni equivalenti sono aumentate del 4,5%. Le visite al pronto soccorso sono aumentate del 4,6%, mentre le chirurgie ospedaliere sono cresciute dell'1,6%. L'azienda ha mantenuto le previsioni per il 2024, ma si aspetta risultati nella parte bassa dell'intervallo a causa degli impatti dell'uragano, con costi previsti legati all'uragano per il quarto trimestre compresi tra 200 e 300 milioni di dollari.
HCA Healthcare informó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos de 17.487 millones de dólares, un aumento respecto a 16.213 millones de dólares en el tercer trimestre de 2023. El ingreso neto alcanzó 1.270 millones de dólares (4.88 dólares por acción diluida), incluyendo un impacto de 0.15 dólares por acción debido al huracán Helene. Las admisiones en las mismas instalaciones y las admisiones equivalentes aumentaron un 4.5%. Las visitas a la sala de emergencias crecieron un 4.6%, mientras que las cirugías hospitalarias aumentaron un 1.6%. La empresa mantuvo su guía para 2024, pero espera resultados en la parte inferior del rango debido a los impactos del huracán, con costos relacionados con el huracán anticipados para el cuarto trimestre de 200 a 300 millones de dólares.
HCA Healthcare는 2024년 3분기 재무 실적이 강력하다고 보고했으며, 수익은 174.87억 달러로, 2023년 3분기의 162.13억 달러에서 증가했습니다. 순이익은 12.70억 달러에 도달했으며(희석 후 주당 4.88달러), 허리케인 헬렌의 영향으로 주당 0.15달러가 포함되어 있습니다. 같은 시설에서의 입원환자 수와 동등 입원환자 수는 각각 4.5% 증가했습니다. 응급실 방문은 4.6% 증가했으며, 입원 수술은 1.6% 증가했습니다. 회사는 2024년 전망을 유지했지만, 허리케인 피해로 인해 범위의 하단에서 결과를 기대하고 있으며, 4분기 허리케인 관련 비용을 2억에서 3억 달러로 예상하고 있습니다.
HCA Healthcare a annoncé de solides résultats financiers pour le troisième trimestre de 2024, avec des revenus de 17,487 milliards de dollars, en hausse par rapport à 16,213 milliards de dollars au troisième trimestre de 2023. Le revenu net a atteint 1,270 milliard de dollars (4,88 dollars par action diluée), incluant un impact de 0,15 dollar par action dû à l'ouragan Helene. Les admissions dans les mêmes établissements et les admissions équivalentes ont toutes deux augmenté de 4,5%. Les visites aux urgences ont augmenté de 4,6%, tandis que les opérations en milieu hospitalier ont crû de 1,6%. L'entreprise a maintenu ses prévisions pour 2024, mais s'attend à des résultats dans la moitié inférieure de la fourchette en raison des impacts de l'ouragan, avec des coûts liés à l'ouragan anticipés pour le quatrième trimestre allant de 200 à 300 millions de dollars.
HCA Healthcare hat im dritten Quartal 2024 starke Finanzergebnisse vermeldet, mit Umsätzen von 17,487 Milliarden US-Dollar, einem Anstieg von 16,213 Milliarden US-Dollar im dritten Quartal 2023. Der Nettogewinn betrug 1,270 Milliarden US-Dollar (4,88 US-Dollar pro verwässerter Aktie), einschließlich eines Einflusses von 0,15 US-Dollar pro Aktie durch den Hurrikan Helene. Die Aufnahmen in denselben Einrichtungen und die entsprechenden Aufnahmen stiegen um 4,5%. Die Notaufnahmebesuche stiegen um 4,6%, während die stationären Operationen um 1,6% zunahmen. Das Unternehmen hat seine Prognose für 2024 beibehalten, erwartet jedoch Ergebnisse im unteren Bereich der Spanne aufgrund der Auswirkungen des Hurrikans, mit geschätzten Kosten für das vierte Quartal im Zusammenhang mit dem Hurrikan von 200 bis 300 Millionen US-Dollar.
- Revenue increased to $17.487 billion from $16.213 billion YoY
- Net income grew to $1.270 billion from $1.079 billion YoY
- Same facility admissions and equivalent admissions both up 4.5%
- Emergency room visits increased 4.6%
- Same facility revenue per equivalent admission up 2.5%
- Same facility outpatient surgeries declined 2.0%
- Hurricane Helene impact of $50 million ($0.15 per share) in Q3
- Expected Q4 hurricane impact of $200-300 million ($0.60-0.90 per share)
- Company expects results in lower half of guidance range due to hurricane impacts
Insights
HCA Healthcare delivered a strong Q3 2024 performance with revenues reaching
Key positives include improved operational metrics with same-facility ER visits up
The operational resilience during natural disasters demonstrates HCA's robust emergency management capabilities. The enterprise-wide response to two major hurricanes while maintaining growth in key metrics showcases operational excellence. The increase in same-facility metrics across multiple categories indicates strong market demand and effective capacity management.
The planned
Key third quarter metrics (all percentage changes compare 3Q 2024 to 3Q 2023 unless otherwise noted):
-
Revenues totaled
$17.48 7 billion -
Net income attributable to HCA Healthcare, Inc. totaled
$1.27 0 billion$4.88 $0.15 -
Adjusted EBITDA totaled
$3.26 7 billion -
Cash flows from operating activities totaled
$3.51 5 billion - Same facility admissions increased 4.5 percent and same facility equivalent admissions increased 4.5 percent
“Our people recently, and heroically, responded to two major hurricanes in less than two weeks. The teamwork and enterprise capabilities of HCA Healthcare were on full display before, during and after these storms. I am grateful for, and humbled by, the unwavering dedication, remarkable bravery and outstanding leadership demonstrated by our people throughout these storms. They truly demonstrated that above all else, they are committed to the care and improvement of human life," said Sam Hazen, Chief Executive Officer of HCA Healthcare.
Revenues in the third quarter of 2024 totaled
For the third quarter of 2024, Adjusted EBITDA totaled
The third quarter of 2023 included revenues of
Same facility admissions increased 4.5 percent and same facility equivalent admissions increased 4.5 percent in the third quarter of 2024, compared to the prior year period. Same facility emergency room visits increased 4.6 percent in the third quarter of 2024, compared to the prior year period. Same facility inpatient surgeries increased 1.6 percent, and same facility outpatient surgeries declined 2.0 percent in the third quarter of 2024, compared to the same period of 2023. Same facility revenue per equivalent admission increased 2.5 percent in the third quarter of 2024, compared to the third quarter of 2023.
Nine Months Ended September 30, 2024
Revenues for the nine months ended September 30, 2024 totaled
Impact of Hurricanes
During the third quarter of 2024, the Company incurred additional expenses and experienced loss of revenues estimated at
During the fourth quarter of 2024, the Company anticipates ongoing additional expenses and loss of revenues due to Hurricane Helene’s impact on its
2024 Guidance
Today, the Company reaffirmed its 2024 estimated guidance ranges. Given the ongoing impact of the two major hurricanes on the remainder of the year, the Company estimates that results are likely to be in the lower half of the ranges provided.
Capital expenditures for 2024, excluding acquisitions, are now estimated to be approximately
The Company’s guidance contains a number of assumptions, including, among others, the Company’s current expectations regarding volume growth coupled with an anticipated mostly stable operating environment, payor mix, and the ongoing impacts of the two major hurricanes, as well as general economic conditions, including inflation, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets.
Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release.
The Company’s 2024 guidance and initial 2025 outlook that follows are based on current plans and expectations and are subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company’s “Forward-Looking Statements.”
Initial 2025 Outlook
While the Company anticipates some ongoing impact in 2025 from Hurricane Helene on its
Balance Sheet and Cash Flows from Operations
As of September 30, 2024, HCA Healthcare, Inc.’s balance sheet reflected cash and cash equivalents of
During the third quarter of 2024, the Company repurchased 4.948 million shares of its common stock at a cost of
Dividend
HCA today announced that its Board of Directors declared a quarterly cash dividend of
The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition, results of operations, and contractual restrictions. Future dividends are expected to be funded by cash balances and future cash flows from operations.
Earnings Conference Call
HCA Healthcare will host a conference call for investors at 9:00 a.m. Central Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company’s Investor Relations web page at https://investor.hcahealthcare.com/events-and-presentations/default.aspx.
About the Company
As of September 30, 2024, HCA operated 187 hospitals and approximately 2,400 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 20 states and the
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company’s financial guidance for the year ending December 31, 2024 and initial perspectives on the outlook for 2025, as well as other statements that do not relate solely to historical or current facts. Forward-looking statements can be identified by the use of words like “may,” “believe,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or “continue.” These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic conditions nationally and regionally in our markets, including inflation and economic and business conditions (and the impact thereof on the economy, financial markets and banking industry); changes in revenues due to declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, supply chain or other expenditures; workforce disruptions; supply shortages and disruptions (including as a result of geopolitical disruptions); and the impact of potential federal government shutdowns, (2) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (3) the impact of current and future federal and state health reform initiatives and possible changes to other federal, state or local laws and regulations affecting the health care industry, including, but not limited to, proposals to expand coverage of federally-funded insurance programs as an alternative to private insurance or establish a single-payer system (such reforms often referred to as “Medicare for All”), and the expiration of enhanced subsidies for individuals eligible to purchase insurance coverage through federal and state-based health insurance marketplaces, (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions and those required under the Pay-As-You-Go Act of 2010 as a result of the federal budget deficit impact of the American Rescue Plan Act of 2021, and the potential for future deficit reduction legislation that may alter these spending reductions, which include cuts to Medicare payments, or create additional spending reductions, (5) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (6) the ability to achieve operating and financial targets, attain expected levels of patient volumes and revenues, and control the costs of providing services, (7) possible changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs or state directed payments, that may impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (8) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (9) the highly competitive nature of the health care business, (10) changes in service mix, revenue mix and surgical volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (11) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (12) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (13) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (14) changes in accounting practices, (15) the emergence of and effects related to pandemics, epidemics and outbreaks of infectious diseases or other public health crises, including but not limited to developments related to COVID-19, (16) future divestitures which may result in charges and possible impairments of long-lived assets, (17) changes in business strategy or development plans, (18) delays in receiving payments for services provided, (19) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (20) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (21) the impact of actual and potential cybersecurity incidents or security breaches involving us or our vendors and other third parties, including the data security incident disclosed in July 2023, (22) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and the impact of interoperability requirements, (23) the impact of natural disasters, such as hurricanes and floods, physical risks from climate change or similar events beyond our control, including Hurricanes Helene and Milton, (24) changes in
HCA Healthcare, Inc. Condensed Consolidated Comprehensive Income Statements Third Quarter Unaudited (Dollars in millions, except per share amounts) |
|||||||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
||||||||||
|
|
|
Amount |
|
|
Ratio |
|
|
|
Amount |
|
|
Ratio |
|
|
||||
Revenues |
|
|
$ |
17,487 |
|
|
|
100.0 |
|
% |
|
$ |
16,213 |
|
|
|
100.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and benefits |
|
|
|
7,861 |
|
|
|
45.0 |
|
|
|
|
7,556 |
|
|
|
46.6 |
|
|
Supplies |
|
|
|
2,657 |
|
|
|
15.2 |
|
|
|
|
2,417 |
|
|
|
14.9 |
|
|
Other operating expenses |
|
|
|
3,717 |
|
|
|
21.2 |
|
|
|
|
3,379 |
|
|
|
20.8 |
|
|
Equity in earnings of affiliates |
|
|
|
(15 |
) |
|
|
(0.1 |
) |
|
|
|
(19 |
) |
|
|
(0.1 |
) |
|
Depreciation and amortization |
|
|
|
842 |
|
|
|
4.9 |
|
|
|
|
769 |
|
|
|
4.7 |
|
|
Interest expense |
|
|
|
515 |
|
|
|
2.9 |
|
|
|
|
483 |
|
|
|
3.0 |
|
|
Losses (gains) on sales of facilities |
|
|
|
4 |
|
|
|
— |
|
|
|
|
(2 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
15,581 |
|
|
|
89.1 |
|
|
|
|
14,583 |
|
|
|
89.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income before income taxes |
|
|
|
1,906 |
|
|
|
10.9 |
|
|
|
|
1,630 |
|
|
|
10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for income taxes |
|
|
|
424 |
|
|
|
2.4 |
|
|
|
|
355 |
|
|
|
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
|
|
1,482 |
|
|
|
8.5 |
|
|
|
|
1,275 |
|
|
|
7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to noncontrolling interests |
|
|
|
212 |
|
|
|
1.2 |
|
|
|
|
196 |
|
|
|
1.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to HCA Healthcare, Inc. |
|
|
$ |
1,270 |
|
|
|
7.3 |
|
|
|
$ |
1,079 |
|
|
|
6.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted earnings per share |
|
|
$ |
4.88 |
|
|
|
|
|
|
$ |
3.91 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used in computing diluted earnings per share (millions) |
|
|
|
259.917 |
|
|
|
|
|
|
|
275.424 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comprehensive income attributable to HCA Healthcare, Inc. |
$ |
1,325 |
$ |
1,044 |
|||||||||||||||
HCA Healthcare, Inc. Condensed Consolidated Comprehensive Income Statements For the Nine Months Ended September 30, 2024 and 2023 Unaudited (Dollars in millions, except per share amounts) |
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|
|
2024 |
|
|
|
2023 |
|
|
||||||||||
|
|
Amount |
|
|
Ratio |
|
|
|
Amount |
|
|
Ratio |
|
|
||||
Revenues |
|
$ |
52,318 |
|
|
|
100.0 |
|
% |
|
$ |
47,665 |
|
|
|
100.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and benefits |
|
|
23,253 |
|
|
|
44.4 |
|
|
|
|
21,917 |
|
|
|
46.0 |
|
|
Supplies |
|
|
7,962 |
|
|
|
15.2 |
|
|
|
|
7,318 |
|
|
|
15.4 |
|
|
Other operating expenses |
|
|
10,946 |
|
|
|
21.0 |
|
|
|
|
9,316 |
|
|
|
19.5 |
|
|
Equity in (earnings) losses of affiliates |
|
|
(13 |
) |
|
|
— |
|
|
|
|
6 |
|
|
|
— |
|
|
Depreciation and amortization |
|
|
2,456 |
|
|
|
4.7 |
|
|
|
|
2,288 |
|
|
|
4.9 |
|
|
Interest expense |
|
|
1,533 |
|
|
|
2.9 |
|
|
|
|
1,447 |
|
|
|
3.0 |
|
|
Losses (gains) on sales of facilities |
|
|
(209 |
) |
|
|
(0.4 |
) |
|
|
|
12 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
45,928 |
|
|
|
87.8 |
|
|
|
|
42,304 |
|
|
|
88.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income before income taxes |
|
|
6,390 |
|
|
|
12.2 |
|
|
|
|
5,361 |
|
|
|
11.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for income taxes |
|
|
1,419 |
|
|
|
2.7 |
|
|
|
|
1,131 |
|
|
|
2.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
|
4,971 |
|
|
|
9.5 |
|
|
|
|
4,230 |
|
|
|
8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to noncontrolling interests |
|
|
649 |
|
|
|
1.2 |
|
|
|
|
595 |
|
|
|
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to HCA Healthcare, Inc. |
|
$ |
4,322 |
|
|
|
8.3 |
|
|
|
$ |
3,635 |
|
|
|
7.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted earnings per share |
|
$ |
16.37 |
|
|
|
|
|
|
$ |
13.07 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used in computing diluted earnings per share (millions) |
|
|
263.987 |
|
|
|
|
|
|
|
278.173 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comprehensive income attributable to HCA Healthcare, Inc. |
$ |
4,369 |
$ |
3,634 |
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HCA Healthcare, Inc. Condensed Consolidated Balance Sheets Unaudited (Dollars in millions) |
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|
|
September 30, |
|
|
June 30, |
|
|
December 31, |
|
|||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
ASSETS |
|
|
|
|
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents |
|
$ |
2,888 |
|
|
$ |
831 |
|
|
$ |
935 |
|
Accounts receivable |
|
|
9,915 |
|
|
|
10,239 |
|
|
|
9,958 |
|
Inventories |
|
|
1,776 |
|
|
|
1,800 |
|
|
|
2,021 |
|
Other |
|
|
2,083 |
|
|
|
2,303 |
|
|
|
2,013 |
|
|
|
|
16,662 |
|
|
|
15,173 |
|
|
|
14,927 |
|
|
|
|
|
|
|
|
|
|
|
|||
Property and equipment, at cost |
|
|
61,750 |
|
|
|
60,625 |
|
|
|
58,548 |
|
Accumulated depreciation |
|
|
(32,703 |
) |
|
|
(31,986 |
) |
|
|
(30,833 |
) |
|
|
|
29,047 |
|
|
|
28,639 |
|
|
|
27,715 |
|
|
|
|
|
|
|
|
|
|
|
|||
Investments of insurance subsidiaries |
|
|
553 |
|
|
|
483 |
|
|
|
477 |
|
Investments in and advances to affiliates |
|
|
705 |
|
|
|
702 |
|
|
|
756 |
|
Goodwill and other intangible assets |
|
|
9,982 |
|
|
|
9,963 |
|
|
|
9,945 |
|
Right-of-use operating lease assets |
|
|
2,201 |
|
|
|
2,179 |
|
|
|
2,207 |
|
Other |
|
|
309 |
|
|
|
240 |
|
|
|
184 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
$ |
59,459 |
|
|
$ |
57,379 |
|
|
$ |
56,211 |
|
|
|
|
|
|
|
|
|
|
|
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|
|
|
|
|
|||
Accounts payable |
|
$ |
4,235 |
|
|
$ |
4,029 |
|
|
$ |
4,233 |
|
Accrued salaries |
|
|
2,164 |
|
|
|
1,993 |
|
|
|
2,127 |
|
Other accrued expenses |
|
|
3,819 |
|
|
|
3,705 |
|
|
|
3,871 |
|
Long-term debt due within one year |
|
|
4,682 |
|
|
|
4,574 |
|
|
|
2,424 |
|
|
|
|
14,900 |
|
|
|
14,301 |
|
|
|
12,655 |
|
|
|
|
|
|
|
|
|
|
|
|||
Long-term debt, less debt issuance costs and discounts of |
|
|
38,283 |
|
|
|
36,306 |
|
|
|
37,169 |
|
Professional liability risks |
|
|
1,584 |
|
|
|
1,573 |
|
|
|
1,557 |
|
Right-of-use operating lease obligations |
|
|
1,924 |
|
|
|
1,894 |
|
|
|
1,903 |
|
Income taxes and other liabilities |
|
|
1,982 |
|
|
|
1,966 |
|
|
|
1,867 |
|
|
|
|
|
|
|
|
|
|
|
|||
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
|||
Stockholders' deficit attributable to HCA Healthcare, Inc. |
|
|
(2,182 |
) |
|
|
(1,600 |
) |
|
|
(1,774 |
) |
Noncontrolling interests |
|
|
2,968 |
|
|
|
2,939 |
|
|
|
2,834 |
|
|
|
|
786 |
|
|
|
1,339 |
|
|
|
1,060 |
|
|
|
$ |
59,459 |
|
$ |
57,379 |
$ |
56,211 |
||||
HCA Healthcare, Inc. Condensed Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 2024 and 2023 Unaudited (Dollars in millions) |
||||||||
|
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
4,971 |
|
|
$ |
4,230 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Increase (decrease) in cash from operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
55 |
|
|
|
(168 |
) |
Inventories and other assets |
|
|
184 |
|
|
|
(274 |
) |
Accounts payable and accrued expenses |
|
|
77 |
|
|
|
211 |
|
Depreciation and amortization |
|
|
2,456 |
|
|
|
2,288 |
|
Income taxes |
|
|
(67 |
) |
|
|
61 |
|
Losses (gains) on sales of facilities |
|
|
(209 |
) |
|
|
12 |
|
Amortization of debt issuance costs and discounts |
|
|
26 |
|
|
|
26 |
|
Share-based compensation |
|
|
275 |
|
|
|
205 |
|
Other |
|
|
187 |
|
|
|
166 |
|
|
|
|
|
|
|
|
||
Net cash provided by operating activities |
|
|
7,955 |
|
|
|
6,757 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchase of property and equipment |
|
|
(3,590 |
) |
|
|
(3,585 |
) |
Acquisition of hospitals and health care entities |
|
|
(224 |
) |
|
|
(281 |
) |
Sales of hospitals and health care entities |
|
|
312 |
|
|
|
183 |
|
Change in investments |
|
|
(85 |
) |
|
|
(30 |
) |
Other |
|
|
- |
|
|
|
(7 |
) |
|
|
|
|
|
|
|
||
Net cash used in investing activities |
|
|
(3,587 |
) |
|
|
(3,720 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
||
Issuances of long-term debt |
|
|
7,495 |
|
|
|
3,220 |
|
Net change in revolving credit facilities |
|
|
(1,880 |
) |
|
|
(1,420 |
) |
Repayment of long-term debt |
|
|
(2,346 |
) |
|
|
(691 |
) |
Distributions to noncontrolling interests |
|
|
(530 |
) |
|
|
(497 |
) |
Payment of debt issuance costs |
|
|
(67 |
) |
|
|
(31 |
) |
Payment of dividends |
|
|
(525 |
) |
|
|
(501 |
) |
Repurchase of common stock |
|
|
(4,342 |
) |
|
|
(2,901 |
) |
Other |
|
|
(224 |
) |
|
|
(234 |
) |
|
|
|
|
|
|
|
||
Net cash used in financing activities |
|
|
(2,419 |
) |
|
|
(3,055 |
) |
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash and cash equivalents |
|
|
4 |
|
|
|
1 |
|
|
|
|
|
|
|
|
||
Change in cash and cash equivalents |
|
|
1,953 |
|
|
|
(17 |
) |
Cash and cash equivalents at beginning of period |
|
|
935 |
|
|
|
908 |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents at end of period |
|
$ |
2,888 |
|
|
$ |
891 |
|
|
|
|
|
|
|
|
||
Interest payments |
|
$ |
1,405 |
|
|
$ |
1,460 |
|
Income tax payments, net |
|
$ |
1,486 |
|
|
$ |
1,070 |
|
HCA Healthcare, Inc. Operating Statistics |
||||||||||||||||
|
|
Third Quarter |
|
|
For the Nine Months
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Number of Hospitals |
|
|
187 |
|
|
|
183 |
|
|
|
187 |
|
|
|
183 |
|
Number of Freestanding Outpatient Surgery Centers* |
|
|
125 |
|
|
|
126 |
|
|
|
125 |
|
|
|
126 |
|
Licensed Beds at End of Period |
|
|
49,890 |
|
|
|
49,279 |
|
|
|
49,890 |
|
|
|
49,279 |
|
Weighted Average Beds in Service |
|
|
42,640 |
|
|
|
41,927 |
|
|
|
42,609 |
|
|
|
41,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reported: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Admissions |
|
|
562,100 |
|
|
|
537,943 |
|
|
|
1,677,425 |
|
|
|
1,586,174 |
|
% Change |
|
|
4.5 |
% |
|
|
|
|
|
5.8 |
% |
|
|
|
||
Equivalent Admissions |
|
|
1,006,106 |
|
|
|
958,504 |
|
|
|
2,982,462 |
|
|
|
2,813,873 |
|
% Change |
|
|
5.0 |
% |
|
|
|
|
|
6.0 |
% |
|
|
|
||
Revenue per Equivalent Admission |
|
$ |
17,381 |
|
|
$ |
16,915 |
|
|
$ |
17,542 |
|
|
$ |
16,939 |
|
% Change |
|
|
2.8 |
% |
|
|
|
|
|
3.6 |
% |
|
|
|
||
Inpatient Revenue per Admission |
|
$ |
18,728 |
|
|
$ |
18,262 |
|
|
$ |
18,822 |
|
|
$ |
17,930 |
|
% Change |
|
|
2.6 |
% |
|
|
|
|
|
5.0 |
% |
|
|
|
||
Patient Days |
|
|
2,690,718 |
|
|
|
2,612,439 |
|
|
|
8,134,864 |
|
|
|
7,808,905 |
|
% Change |
|
|
3.0 |
% |
|
|
|
|
|
4.2 |
% |
|
|
|
||
Equivalent Patient Days |
|
|
4,816,761 |
|
|
|
4,655,252 |
|
|
|
14,463,788 |
|
|
|
13,852,997 |
|
% Change |
|
|
3.5 |
% |
|
|
|
|
|
4.4 |
% |
|
|
|
||
Inpatient Surgery Cases |
|
|
135,803 |
|
|
|
133,521 |
|
|
|
405,061 |
|
|
|
396,428 |
|
% Change |
|
|
1.7 |
% |
|
|
|
|
|
2.2 |
% |
|
|
|
||
Outpatient Surgery Cases |
|
|
249,364 |
|
|
|
254,557 |
|
|
|
761,166 |
|
|
|
774,129 |
|
% Change |
|
|
-2.0 |
% |
|
|
|
|
|
-1.7 |
% |
|
|
|
||
Emergency Room Visits |
|
|
2,446,962 |
|
|
|
2,343,514 |
|
|
|
7,290,836 |
|
|
|
6,890,388 |
|
% Change |
|
|
4.4 |
% |
|
|
|
|
|
5.8 |
% |
|
|
|
||
Outpatient Revenues as a Percentage of Patient Revenues |
|
|
38.2 |
% |
|
|
37.4 |
% |
|
|
37.8 |
% |
|
|
38.3 |
% |
Average Length of Stay (days) |
|
|
4.787 |
|
|
|
4.856 |
|
|
|
4.850 |
|
|
|
4.923 |
|
Occupancy** |
|
|
71.9 |
% |
|
|
71.4 |
% |
|
|
73.0 |
% |
|
|
72.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Same Facility: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Admissions |
|
|
558,105 |
|
|
|
534,323 |
|
|
|
1,663,509 |
|
|
|
1,577,063 |
|
% Change |
|
|
4.5 |
% |
|
|
|
|
|
5.5 |
% |
|
|
|
||
Equivalent Admissions |
|
|
985,613 |
|
|
|
943,614 |
|
|
|
2,919,458 |
|
|
|
2,781,939 |
|
% Change |
|
|
4.5 |
% |
|
|
|
|
|
4.9 |
% |
|
|
|
||
Revenue per Equivalent Admission |
|
$ |
17,311 |
|
|
$ |
16,887 |
|
|
$ |
17,468 |
|
|
$ |
16,882 |
|
% Change |
|
|
2.5 |
% |
|
|
|
|
|
3.5 |
% |
|
|
|
||
Inpatient Revenue per Admission |
|
$ |
18,793 |
|
|
$ |
18,214 |
|
|
$ |
18,873 |
|
|
$ |
17,917 |
|
% Change |
|
|
3.2 |
% |
|
|
|
|
|
5.3 |
% |
|
|
|
||
Inpatient Surgery Cases |
|
|
134,913 |
|
|
|
132,793 |
|
|
|
402,150 |
|
|
|
394,377 |
|
% Change |
|
|
1.6 |
% |
|
|
|
|
|
2.0 |
% |
|
|
|
||
Outpatient Surgery Cases |
|
|
244,733 |
|
|
|
249,753 |
|
|
|
746,717 |
|
|
|
762,328 |
|
% Change |
|
|
-2.0 |
% |
|
|
|
|
|
-2.0 |
% |
|
|
|
||
Emergency Room Visits |
|
|
2,433,887 |
|
|
|
2,325,946 |
|
|
|
7,232,588 |
|
|
|
6,839,030 |
|
% Change |
|
|
4.6 |
% |
|
|
|
|
|
5.8 |
% |
|
|
|
||
* Excludes freestanding endoscopy centers (23 centers at September 30, 2024 and 22 centers at September 30, 2023). ** Reflects the rate of occupancy (patient days and observations) based on weighted average beds in service. |
||||||||||||||||
HCA Healthcare, Inc. Supplemental Non-GAAP Disclosures Operating Results Summary (Dollars in millions, except per share amounts) |
||||||||||||||||
|
|
Third Quarter |
|
|
For the Nine Months
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues |
|
$ |
17,487 |
|
|
$ |
16,213 |
|
|
$ |
52,318 |
|
|
$ |
47,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to HCA Healthcare, Inc. |
|
$ |
1,270 |
|
|
$ |
1,079 |
|
|
$ |
4,322 |
|
|
$ |
3,635 |
|
Losses (gains) on sales of facilities (net of tax) |
|
|
3 |
|
|
|
(1 |
) |
|
|
(160 |
) |
|
|
21 |
|
Net income attributable to HCA Healthcare, Inc., as adjusted (a) |
|
|
1,273 |
|
|
|
1,078 |
|
|
|
4,162 |
|
|
|
3,656 |
|
Depreciation and amortization |
|
|
842 |
|
|
|
769 |
|
|
|
2,456 |
|
|
|
2,288 |
|
Interest expense |
|
|
515 |
|
|
|
483 |
|
|
|
1,533 |
|
|
|
1,447 |
|
Provision for income taxes |
|
|
425 |
|
|
|
354 |
|
|
|
1,370 |
|
|
|
1,122 |
|
Net income attributable to noncontrolling interests |
|
|
212 |
|
|
|
196 |
|
|
|
649 |
|
|
|
595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA (a) |
|
|
3,267 |
|
|
$ |
2,880 |
|
|
$ |
10,170 |
|
|
$ |
9,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA margin (a) |
|
|
18.7 |
% |
|
|
17.8 |
% |
|
|
19.4 |
% |
|
|
19.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to HCA Healthcare, Inc. |
|
$ |
4.88 |
|
|
$ |
3.91 |
|
|
$ |
16.37 |
|
|
$ |
13.07 |
|
Losses (gains) on sales of facilities |
|
|
0.02 |
|
|
|
- |
|
|
|
(0.61 |
) |
|
|
0.07 |
|
Net income attributable to HCA Healthcare, Inc., as adjusted (a) |
|
$ |
4.90 |
|
|
$ |
3.91 |
|
|
$ |
15.76 |
|
|
$ |
13.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used in computing diluted earnings per share (millions) |
|
|
259.917 |
|
|
|
275.424 |
|
|
|
263.987 |
|
|
|
278.173 |
|
| _____________________ | ||||||||||||||||||
| (a) | Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are adjusted to exclude losses (gains) on sales of facilities and losses on retirement of debt. We believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams. |
|||||||||||||||||
| Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that adjustments, including losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies. | ||||||||||||||||||
Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. |
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HCA Healthcare, Inc. Supplemental Non-GAAP Disclosures 2024 Operating Results Forecast (Dollars in millions, except per share amounts) |
||||||||
|
|
For the Year Ending |
|
|||||
|
|
December 31, 2024 |
|
|||||
|
|
Low |
|
|
High |
|
||
Revenues |
|
$ |
69,750 |
|
|
$ |
71,750 |
|
|
|
|
|
|
|
|
||
Net income attributable to HCA Healthcare, Inc. (a) |
|
$ |
5,675 |
|
|
$ |
5,975 |
|
Depreciation and amortization |
|
|
3,245 |
|
|
|
3,295 |
|
Interest expense |
|
|
2,065 |
|
|
|
2,095 |
|
Provision for income taxes |
|
|
1,860 |
|
|
|
1,950 |
|
Net income attributable to noncontrolling interests |
|
|
905 |
|
|
|
935 |
|
|
|
|
|
|
|
|
||
Adjusted EBITDA (a) (b) |
|
$ |
13,750 |
|
|
$ |
14,250 |
|
|
|
|
|
|
|
|
||
Diluted earnings per share: |
|
|
|
|
|
|
||
Net income attributable to HCA Healthcare, Inc. |
|
$ |
21.60 |
|
|
$ |
22.80 |
|
|
|
|
|
|
|
|
||
Shares used in computing diluted earnings per share (millions) |
|
|
262.000 |
|
|
|
262.000 |
|
| The Company's forecasted guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks. | ||||||||
| _________________________ | ||||||||
| (a) | The Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of debt, legal claim costs (benefits) and impairments of long-lived assets because the Company does not believe that it can forecast these items with sufficient accuracy. | |||||||
| (b) | Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles ("GAAP"). We believe Adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon Adjusted EBITDA as a primary measure to review and assess operating performance of its health care facilities and their management teams. |
|||||||
Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our healthcare facilities. Adjusted EBITDA is utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. |
||||||||
Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241025897327/en/
INVESTOR CONTACT:
Frank Morgan
615-344-2688
MEDIA CONTACT:
Harlow Sumerford
615-344-1851
Source: HCA Healthcare
FAQ
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