UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS, INCREASES 2024 FULL YEAR OPERATING RESULTS FORECAST AND ANNOUNCES $1 BILLION INCREASE TO STOCK REPURCHASE PROGRAM AUTHORIZATION

Rhea-AI Summary

Universal Health Services (NYSE: UHS) reported strong Q2 2024 financial results, with net income rising to $289.2 million ($4.26 per diluted share) compared to $171.3 million in Q2 2023. Net revenues increased by 10.1% to $3.908 billion. The company's adjusted net income was $292.6 million ($4.31 per diluted share), up from $179.4 million in Q2 2023. UHS also announced a $1 billion increase to its stock repurchase program authorization.

Based on strong performance, UHS increased its 2024 full-year forecast. Revised projections include net revenues of $15.565-$15.753 billion, adjusted EBITDA of $2.154-$2.226 billion, and adjusted EPS of $15.40-$16.20 per share. These figures represent significant increases from the original forecast, reflecting the company's positive outlook.

Positive

• Net income increased by 68.8% to $289.2 million in Q2 2024
• Net revenues grew by 10.1% to $3.908 billion in Q2 2024
• Adjusted net income rose to $292.6 million, a 63.1% increase
• $1 billion increase to stock repurchase program authorization
• Upward revision of 2024 full-year forecast for revenues, EBITDA, and EPS
• Acute care same-facility adjusted admissions increased by 3.4% in Q2
• Behavioral health care same-facility net revenues increased by 11.0% in Q2
• Net cash provided by operating activities increased by $422 million to $1.076 billion in H1 2024

Negative

• Behavioral health care same-facility adjusted admissions decreased by 0.4% in Q2

Insights

Financial Analyst

Universal Health Services (UHS) has delivered a strong financial performance in Q2 2024, significantly outpacing the same period last year. The company's net income attributable to UHS jumped by 68.8% to $289.2 million, or $4.26 per diluted share, compared to $171.3 million in Q2 2023. This substantial increase is primarily driven by a 10.1% rise in net revenues, reaching $3.908 billion.

The adjusted EBITDA margin improved from 12.0% to 14.8%, indicating enhanced operational efficiency. This improvement is particularly noteworthy given the challenges faced by the healthcare sector in recent years.

UHS's acute care and behavioral health segments both showed robust growth. The acute care segment saw a 3.4% increase in adjusted admissions and a 3.5% rise in net revenue per adjusted admission. The behavioral health segment, while experiencing a slight 0.4% decrease in adjusted admissions, managed to increase net revenue per adjusted admission by an impressive 11.2%.

The company's strong cash flow position is evident from the 64.5% increase in net cash provided by operating activities, reaching $1.076 billion for the first half of 2024. This improved liquidity has enabled UHS to announce a $1 billion increase to its stock repurchase program, signaling confidence in its financial stability and future prospects.

Based on these strong results, UHS has revised its 2024 full-year forecast upwards. The company now expects adjusted EPS of $15.40 to $16.20, a significant increase from the original forecast of $13.00 to $14.00. This upward revision suggests management's optimism about the company's performance for the remainder of the year.

Overall, UHS's Q2 2024 results and improved outlook paint a picture of a company that has successfully navigated recent challenges and is well-positioned for continued growth.

Healthcare Industry Analyst

UHS's Q2 2024 results reveal several interesting trends in the healthcare sector. The company's ability to increase revenue and profitability in both its acute care and behavioral health segments suggests a broader recovery in healthcare utilization rates.

In the acute care segment, the 3.4% increase in adjusted admissions indicates a return to pre-pandemic utilization levels. However, the more modest 1.6% increase in adjusted patient days suggests a continued trend towards shorter hospital stays. This could be attributed to advancements in medical treatments, improved care coordination, or a shift towards outpatient care.

The behavioral health segment's performance is particularly noteworthy. Despite a slight decrease in admissions, the substantial 11.2% increase in net revenue per adjusted admission points to higher acuity cases or improved reimbursement rates. This could reflect the ongoing mental health crisis and increased recognition of the importance of mental health care.

The expanded state directed payment program in Washington and additional net reimbursements from an existing supplemental Medicaid program in Idaho highlight the evolving landscape of healthcare funding. These programs, contributing $34.5 million to the bottom line, underscore the importance of state-level healthcare initiatives in supporting hospital finances.

UHS's improved performance and optimistic outlook may also signal a broader trend of financial recovery in the healthcare sector. As the industry continues to adapt to post-pandemic realities, we may see similar improvements from other healthcare providers.

However, it's important to note that challenges remain. The ongoing nursing shortage and inflationary pressures on wages and supplies are not explicitly addressed in this report. These factors could potentially impact margins in future quarters if not effectively managed.

Consolidated Results of Operations, As Reported and As Adjusted  – Three-month periods ended June 30, 2024 and 2023:

KING OF PRUSSIA, Pa., July 24, 2024 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $289.2 million, or $4.26 per diluted share, during the second quarter of 2024, as compared to $171.3 million, or $2.42 per diluted share, during the second quarter of 2023. Net revenues increased by 10.1% to $3.908 billion during the second quarter of 2024, as compared to $3.548 billion during the second quarter of 2023.

As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the second quarter of 2024 was $292.6 million, or $4.31 per diluted share, as compared to $179.4 million, or $2.53 per diluted share, during the second quarter of 2023. 

Included in our reported and adjusted net income attributable to UHS during the second quarter of 2024, were net incremental reimbursements (net of related provider taxes) aggregating to approximately $34.5 million, or $.38 per diluted share, recorded in connection with the following: (i) $18.8 million, or $.21 per diluted share, applicable to the period of January 1, 2024 through June 30, 2024, resulting from a recently expanded state directed payment program in Washington, and; (ii) $15.7 million, or $.17 per diluted share, applicable to the period of July 1, 2023 through June 30, 2024, resulting from additional net reimbursements from an existing supplemental Medicaid program in Idaho.

As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2024 were: (i) an unrealized after-tax loss of $5.9 million, or $.09 per diluted share ($7.7 million pre-tax), resulting from a decrease in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable after-tax impact of $2.5 million, or $.04 per diluted share, resulting from the tax benefit recorded in connection with employee share-based payments (pursuant to "ASU 2016-09", Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting).  Our reported results during the second quarter of 2023 included an unrealized after-tax loss of $8.1 million, or $.11 per diluted share, ($10.5 million pre-tax) resulting from a decrease 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 $573.2 million, or 14.7% of net revenues, during the second quarter of 2024, as compared to $419.3 million, or 11.8% of net revenues, during the second quarter of 2023. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $578.7 million, or 14.8% of net revenues, during the second quarter of 2024, as compared to $425.9 million, or 12.0% of net revenues, during the second quarter of 2023.

Consolidated Results of Operations, As Reported and As Adjusted  – Six-month periods ended June 30, 2024 and 2023:

Reported net income attributable to UHS was $551.0 million, or $8.08 per diluted share, during the first six months of 2024, as compared to $334.4 million, or $4.70 per diluted share, during the first six months 2023. Net revenues increased by 10.5% to $7.751 billion during the first six months of 2024, as compared to $7.016 billion during the comparable period of 2023.

As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the first six months of 2024 was $545.7 million, or $8.00 per diluted share, as compared to $346.9 million, or $4.87 per diluted share, during the comparable period of 2023. 

As reflected on the Supplemental Schedule, included in our reported results during the first six months of 2024 were: (i) an unrealized after-tax loss of $6.3 million, or $.09 per diluted share ($8.2 million pre-tax), resulting from a decrease in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable after-tax impact of $11.6 million, or $.17 per diluted share, resulting from the tax benefit recorded in connection with ASU 2016-09.  Our reported results during the first six months of 2023 included an unrealized after-tax loss of $12.5 million, or $.17 per diluted share, ($16.3 million pre-tax) resulting from a decrease in the market value of certain equity securities.   

As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was $1.099 billion, or 14.2% of net revenues, during the first six months of 2024, as compared to $826.6 million, or 11.8% of net revenues, during the first six months of 2023. Our Adjusted EBITDA net of NCI, which excludes the impact of other (income) expense, net, was $1.104 billion, or 14.2% of net revenues, during the first six months of 2024, as compared to $846.9 million, or 12.1% of net revenues, during the comparable period of 2023.

Acute Care Services – Three and six-month periods ended June 30, 2024 and 2023:

During the second quarter of 2024, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by 3.4% while adjusted patient days increased by 1.6%, as compared to the second quarter of 2023. At these facilities, during the second quarter of 2024, net revenue per adjusted admission increased by 3.5% while net revenue per adjusted patient day increased by 5.3%, as compared to the second quarter of 2023. Net revenues generated from our acute care services, on a same facility basis, increased by 6.6% during the second quarter of 2024, as compared to the second quarter of 2023.

 During the six-month period ended June 30, 2024, at our acute care hospitals on a same facility basis, adjusted admissions increased by 3.9% while adjusted patient days increased by 2.5%, as compared to the first six months of 2023. At these facilities, during the first six months of 2024, net revenue per adjusted admission increased by 4.0% while net revenue per adjusted patient day increased by 5.5%, as compared to the first six months of 2023. Net revenues generated from our acute care services, on a same facility basis, increased by 8.1% during the first six months of 2024, as compared to the comparable period of 2023.

Behavioral Health Care Services – Three and six-month periods ended June 30, 2024 and 2023:

During the second quarter of 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by 0.4% while adjusted patient days increased by 1.4%, as compared to the second quarter of 2023. At these facilities, during the second quarter of 2024, net revenue per adjusted admission increased by 11.2% and net revenue per adjusted patient day increased by 9.3%, as compared to the second quarter of 2023. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 11.0% during the second quarter of 2024, as compared to the second quarter of 2023.

During the six-month period ended June 30, 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by 0.6% while adjusted patient days increased by 1.7%, as compared to the first six months of 2023. At these facilities, during the first six months of 2024, net revenue per adjusted admission increased by 11.2% and net revenue per adjusted patient day increased by 8.7%, as compared to the first six months of 2023. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 10.7% during the first six months of 2024, as compared to the comparable period of 2023.

Net Cash Provided by Operating Activities and Liquidity:

Net Cash Provided by Operating Activities:

During the six-month period ended June 30, 2024, our net cash provided by operating activities was $1.076 billion as compared to $654 million during the first six months of 2023. The $422 million net increase in our net cash provided by operating activities consisted of: (i) a favorable change of $237 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gains on sales of assets and businesses; (ii) a favorable change of $148 million in accounts receivable; (iii) a favorable change of $60 million in accrued and deferred income taxes; (iv) an unfavorable change of $36 million in other assets and deferred charges, and; (v) $13 million of other combined net favorable changes.     

Liquidity:

As of June 30, 2024, we had $1.02 billion of aggregate available borrowing capacity pursuant to our $1.2 billion revolving credit facility, net of outstanding borrowings and letters of credit.       

Increased Authorization to Stock Repurchase Program:

On July 24, 2024, our Board of Directors authorized a $1.0 billion increase to our stock repurchase program. Pursuant to this program, which including today's increased authorization has a current aggregate available repurchase authorization of $1.228 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. 

During the second quarter of 2024, we have repurchased 373,000 shares at an aggregate cost of approximately $70.0 million (approximately $187 per share) pursuant to the program. During the first six months of 2024, we have repurchased 1.073 million shares at an aggregate cost of approximately $195.1 million (approximately $182 per share) pursuant to the program.

Revised 2024 Operating Results Forecasts:

Based upon the operating trends and financial results experienced during the first six months of 2024, as indicated on the Revised Forecast table below, we are increasing our operating results forecast range for consolidated net revenues; adjusted earnings before interest, taxes, depreciation & amortization, and the impacts of other income/expense and net income attributable to noncontrolling interests ("Adjusted EBITDA, net of NCI"), and adjusted net income attributable to UHS per diluted share ("Adjusted EPS-diluted") for the year ended December 31, 2024.

The tables below include our revised full year 2024 operating results forecasts as well as our original 2024 operating results forecast, which was previously disclosed on February 27, 2024.

	Revised Forecast			Original Forecast
	For the Year Ended			For the Year Ended
	December 31, 2024			December 31, 2024
	Low	High		Low	High
Net revenues	$15.565 billion	$15.753 billion		$15.411 billion	$15.706 billion
Adjusted EBITDA, net of NCI	$2.154 billion	$2.226 billion		$1.931 billion	$2.019 billion
Adjusted EPS – diluted	$15.40 per share	$16.20 per share		$13.00 per share	$14.00 per share

• Our revised 2024 forecasted net revenues are estimated to be approximately $15.565 billion to $15.753 billion, representing increases of 1.0% to 0.3% over our original 2024 forecasted net revenues. 
• Our revised 2024 forecasted Adjusted EBITDA, net of NCI, is estimated to be approximately $2.154 billion to $2.226 billion, representing increases of 11.5% to 10.3% over our original 2024 forecasted Adjusted EBITDA, net of NCI.
• Our revised 2024 forecasted Adjusted EPS-diluted is estimated to be $15.40 per share to $16.20 per share, representing increases of 18.5% to 15.7% over our original 2024 forecasted Adjusted EPS-diluted. 

Our 2024 forecasted range of net income attributable to UHS, and EPS-diluted, exclude certain items as described below because we do not believe we can forecast those items with sufficient accuracy. Adjusted EBITDA net of NCI, is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of our operating performance. Please see the Supplemental Non-GAAP Disclosures - 2024 Revised Operating Results Forecast schedule as included herein for additional information and a reconciliation of our 2024 revised forecasted range of net income attributable to UHS to our 2024 revised forecasted range of Adjusted EBITDA net of NCI. 

The revised 2024 forecasted amounts exclude the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, and other potential material items including, but not limited to, reserves for various matters including settlements, legal judgments and lawsuits, potential impacts of non-ordinary course acquisitions, divestitures, joint ventures or other strategic transactions, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets, other amounts that may be reflected in the current financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. It is also subject to certain conditions including those as set forth below in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures.

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on July 25, 2024.  A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link.  

Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues during 2023 were $14.282 billion. UHS ranked #299 on the Fortune 500; and #399 on Forbes' list of America's Largest Public Companies. UHS was again recognized as one of the World's Most Admired Companies by Fortune.  

Our operating philosophy is as effective today as it was upon the Company's founding in 1979, enabling us to provide compassionate care to our patients and their loved ones.  Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve.

Headquartered in King of Prussia, PA, UHS has approximately 96,700 employees and, through its subsidiaries, operates 27 inpatient acute care hospitals, 332 inpatient behavioral health facilities, 48 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 39 states, Washington, D.C., the United Kingdom and Puerto Rico. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT).  For additional information visit www.uhs.com.

This press release contains forward-looking statements based on current management expectations.  Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarter ended March 31, 2024 and in Item 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2023), may cause the results to differ materially from those anticipated in the forward-looking statements.  These statements are subject to risks and uncertainties and therefore actual results may differ materially.  Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof.  We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. 

Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to:  

• A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs, if adopted, could materially affect program payments which could materially impact our results of operations.
• The 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.
• The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the March 28, 2024, jury award (of compensatory damages of $60 million and punitive damages of $475 million) against The Pavilion Behavioral Health System (the "Pavilion), an indirect subsidiary of the Company, as previously disclosed on Form 8-K, as filed with the Securities and Exchange Commission on April 1, 2024. While the Pavilion has professional liability insurance to cover a portion of these amounts, the resolution of this matter may have a material adverse effect on the Company.

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, the impact of ASU 2016-09 and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-Q for the quarter ended March 31, 2024 and our Report on Form 10-K for the year ended December 31, 2023. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

 

Universal Health Services, Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
	Three months				Six months
	ended June 30,				ended June 30,
	2024		2023		2024		2023
Net revenues	$3,907,604		$3,548,138		$7,751,186		$7,015,656
Operating charges:
Salaries, wages and benefits	1,856,372		1,770,271		3,698,996		3,523,606
Other operating expenses	1,043,116		938,314		2,075,286		1,817,265
Supplies expense	388,063		380,294		791,636		760,283
Depreciation and amortization	147,480		143,744		288,483		285,365
Lease and rental expense	36,175		35,387		71,625		70,309
	3,471,206		3,268,010		6,926,026		6,456,828
Income from operations	436,398		280,128		825,160		558,828
Interest expense, net	48,899		48,831		101,725		99,707
Other (income) expense, net	5,493		6,602		5,343		20,325
Income before income taxes	382,006		224,695		718,092		438,796
Provision for income taxes	87,676		55,393		157,940		107,119
Net income	294,330		169,302		560,152		331,677
Less:  Net income (loss) attributable to
noncontrolling interests ("NCI")	5,178		(2,011)		9,166		(2,751)
Net income attributable to UHS	$289,152		$171,313		$550,986		$334,428
Basic earnings per share attributable to UHS (a)	$4.32		$2.44		$8.22		$4.75
Diluted earnings per share attributable to UHS (a)	$4.26		$2.42		$8.08		$4.70

 

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,
	2024		2023		2024		2023
Basic and diluted:
Net income attributable to UHS	$289,152		$171,313		$550,986		$334,428
Less: Net income attributable to unvested restricted share grants	(5)		(61)		(50)		(190)
Net income attributable to UHS - basic and diluted	$289,147		$171,252		$550,936		$334,238
Weighted average number of common shares - basic	66,878		70,073		67,041		70,304
Basic earnings per share attributable to UHS:	$4.32		$2.44		$8.22		$4.75
Weighted average number of common shares	66,878		70,073		67,041		70,304
Add: Other share equivalents	1,042		766		1,160		859
Weighted average number of common shares and equiv. - diluted	67,920		70,839		68,201		71,163
Diluted earnings per share attributable to UHS:	$4.26		$2.42		$8.08		$4.70

 

Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Three Months ended June 30, 2024 and 2023
(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, 2024		revenues		June 30, 2023		revenues
Net income attributable to UHS	$289,152				$171,313
Depreciation and amortization	147,480				143,744
Interest expense, net	48,899				48,831
Provision for income taxes	87,676				55,393
EBITDA net of NCI	$573,207		14.7 %		$419,281		11.8 %
Other (income) expense, net	5,493				6,602
Adjusted EBITDA net of NCI	$578,700		14.8 %		$425,883		12.0 %
Net revenues	$3,907,604				$3,548,138
Calculation of Adjusted Net Income Attributable to UHS
	Three months ended				Three months ended
	June 30, 2024				June 30, 2023
			Per				Per
	Amount		Diluted Share		Amount		Diluted Share
Net income attributable to UHS	$289,152		$4.26		$171,313		$2.42
Plus/minus after-tax adjustments:
Unrealized loss on equity securities	5,869		0.09		8,051		0.11
Impact of ASU 2016-09	(2,456)		(0.04)		-		-
Subtotal adjustments	3,413		0.05		8,051		0.11
Adjusted net income attributable to UHS	$292,565		$4.31		$179,364		$2.53

 

Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Six Months ended June 30, 2024 and 2023
(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, 2024		revenues		June 30, 2023		revenues
Net income attributable to UHS	$550,986				$334,428
Depreciation and amortization	288,483				285,365
Interest expense, net	101,725				99,707
Provision for income taxes	157,940				107,119
EBITDA net of NCI	$1,099,134		14.2 %		$826,619		11.8 %
Other (income) expense, net	5,343				20,325
Adjusted EBITDA net of NCI	$1,104,477		14.2 %		$846,944		12.1 %
Net revenues	$7,751,186				$7,015,656
Calculation of Adjusted Net Income Attributable to UHS
	Six months ended				Six months ended
	June 30, 2024				June 30, 2023
			Per				Per
	Amount		Diluted Share		Amount		Diluted Share
Net income attributable to UHS	$550,986		$8.08		$334,428		$4.70
Plus/minus after-tax adjustments:
Unrealized loss on equity securities	6,313		0.09		12,512		0.17
Impact of ASU 2016-09	(11,612)		(0.17)		-		-
Subtotal adjustments	(5,299)		(0.08)		12,512		0.17
Adjusted net income attributable to UHS	$545,687		$8.00		$346,940		$4.87

 

Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
			June 30,			December 31,
			2024			2023
Assets
Current assets:
Cash and cash equivalents		$	128,786		$	119,439
Accounts receivable, net			2,156,811			2,238,265
Supplies			218,780			216,988
Other current assets			236,317			236,658
Total current assets			2,740,694			2,811,350
Property and equipment			12,239,814			11,777,047
Less: accumulated depreciation			(5,905,061)			(5,652,518)
			6,334,753			6,124,529
Other assets:
Goodwill			3,942,372			3,932,407
Deferred income taxes			107,963			85,626
Right of use assets-operating leases			425,407			433,962
Deferred charges			6,858			6,974
Other			513,381			572,754
Total Assets		$	14,071,428		$	13,967,602
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt		$	127,508		$	126,686
Accounts payable and other liabilities			1,926,295			1,813,015
Operating lease liabilities			71,982			71,600
Federal and state taxes			23,422			2,046
Total current liabilities			2,149,207			2,013,347
Other noncurrent liabilities			569,687			584,007
Operating lease liabilities noncurrent			379,580			382,559
Long-term debt			4,416,731			4,785,783
Redeemable noncontrolling interest			5,418			5,191
UHS common stockholders' equity			6,485,372			6,149,001
Noncontrolling interest			65,433			47,714
Total equity			6,550,805			6,196,715
Total Liabilities and Stockholders' Equity		$	14,071,428		$	13,967,602

 

Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Six months
	ended June 30,
	2024		2023
Cash Flows from Operating Activities:
Net income	$560,152		$331,677
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation & amortization	288,483		285,365
Gains on sale of assets and businesses	(3,725)		(6,250)
Stock-based compensation expense	46,162		43,062
Changes in assets & liabilities, net of effects from
acquisitions and dispositions:
Accounts receivable	66,174		(82,078)
Accrued interest	3,310		(107)
Accrued and deferred income taxes	26,970		(32,695)
Other working capital accounts	39,686		20,216
Medicare accelerated payments and deferred CARES Act and other grants	0		2,741
Other assets and deferred charges	(3,030)		32,746
Other	14,277		15,471
Accrued insurance expense, net of commercial premiums paid	102,222		95,157
Payments made in settlement of self-insurance claims	(64,994)		(51,604)
Net cash provided by operating activities	1,075,687		653,701
Cash Flows from Investing Activities:
Property and equipment additions	(449,933)		(336,664)
Proceeds received from sales of assets and businesses	5,428		23,688
Acquisition of businesses and property	0		(3,728)
Inflows (outflows) from foreign exchange contracts that hedge our net U.K. investment	6,830		(31,305)
Decrease in capital reserves of commercial insurance subsidiary	196		0
Net cash used in investing activities	(437,479)		(348,009)
Cash Flows from Financing Activities:
Repayments of long-term debt	(382,675)		(93,557)
Additional borrowings	12,038		0
Financing costs	0		(293)
Repurchase of common shares	(237,987)		(209,756)
Dividends paid	(27,006)		(28,263)
Issuance of common stock	7,227		6,598
Profit distributions to noncontrolling interests	(5,089)		(4,735)
Sale of ownership interests to minority members	5,025		407
Net cash used in financing activities	(628,467)		(329,599)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(392)		2,377
Increase (decrease) in cash, cash equivalents and restricted cash	9,349		(21,530)
Cash, cash equivalents and restricted cash, beginning of period	214,470		200,837
Cash, cash equivalents and restricted cash, end of period	$223,819		$179,307
Supplemental Disclosures of Cash Flow Information:
Interest paid	$95,902		$97,297
Income taxes paid, net of refunds	$131,499		$133,840
Noncash purchases of property and equipment	$108,260		$100,461

 

Universal Health Services, Inc.
Supplemental Statistical Information
(unaudited)
							% Change		% Change
							3 Months ended		6 Months ended
Same Facility:							6/30/2024		6/30/2024
Acute Care Hospitals
Revenues							6.6 %		8.1 %
Adjusted Admissions							3.4 %		3.9 %
Adjusted Patient Days							1.6 %		2.5 %
Revenue Per Adjusted Admission							3.5 %		4.0 %
Revenue Per Adjusted Patient Day							5.3 %		5.5 %
Behavioral Health Hospitals
Revenues							11.0 %		10.7 %
Adjusted Admissions							-0.4 %		-0.6 %
Adjusted Patient Days							1.4 %		1.7 %
Revenue Per Adjusted Admission							11.2 %		11.2 %
Revenue Per Adjusted Patient Day							9.3 %		8.7 %
UHS Consolidated			Second Quarter Ended				Six Months Ended
			6/30/2024		6/30/2023		6/30/2024		6/30/2023
Revenues			$3,907,604		$3,548,138		$7,751,186		$7,015,656
EBITDA net of NCI			$573,207		$419,281		$1,099,134		$826,619
EBITDA Margin net of NCI			14.7 %		11.8 %		14.2 %		11.8 %
Adjusted EBITDA net of NCI			$578,700		$425,883		$1,104,477		$846,944
Adjusted EBITDA Margin net of NCI			14.8 %		12.0 %		14.2 %		12.1 %
Cash Flow From Operations			$679,281		$362,948		$1,075,687		$653,701
Capital Expenditures			$241,394		$167,912		$449,933		$336,664
Days Sales Outstanding							51		54
Debt							$4,544,239		$4,716,432
UHS' Shareholders Equity							$6,485,372		$6,087,182
Debt / Total Capitalization							41.2 %		43.7 %
Debt / EBITDA net of NCI (1)							2.29		2.83
Debt / Adjusted EBITDA net of NCI (1)							2.27		2.70
Debt / Cash From Operations (1)							2.69		4.03
(1) Latest 4 quarters.

 

Universal Health Services, Inc.
Acute Care Hospital Services
For the Three and Six months ended
June 30, 2024 and 2023
(in thousands)
(unaudited)
Same Facility Basis - Acute Care Hospital Services
		Three months ended				Three months ended				Six months ended				Six months ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues
Net revenues		$2,099,912		100.0 %		$1,969,566		100.0 %		$4,207,346		100.0 %		$3,892,030		100.0 %
Operating charges:
Salaries, wages and benefits		855,432		40.7 %		835,904		42.4 %		1,716,108		40.8 %		1,662,879		42.7 %
Other operating expenses		579,082		27.6 %		555,883		28.2 %		1,156,158		27.5 %		1,060,500		27.2 %
Supplies expense		331,708		15.8 %		327,761		16.6 %		678,803		16.1 %		653,132		16.8 %
Depreciation and amortization		94,190		4.5 %		94,202		4.8 %		184,310		4.4 %		187,209		4.8 %
Lease and rental expense		24,313		1.2 %		24,021		1.2 %		48,106		1.1 %		48,016		1.2 %
Subtotal-operating expenses		1,884,725		89.8 %		1,837,771		93.3 %		3,783,485		89.9 %		3,611,736		92.8 %
Income from operations		215,187		10.2 %		131,795		6.7 %		423,861		10.1 %		280,294		7.2 %
Interest expense, net		986		0.0 %		(503)		(0.0) %		2,286		0.1 %		(1,080)		(0.0) %
Other (income) expense, net		(677)		(0.0) %		0		0.0 %		(758)		(0.0) %		6,213		0.2 %
Income before income taxes		$214,878		10.2 %		$132,298		6.7 %		$422,333		10.0 %		$275,161		7.1 %
All Acute Care Hospital Services
		Three months ended				Three months ended				Six months ended				Six months ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues
Net revenues		$2,173,409		100.0 %		$2,003,079		100.0 %		$4,358,490		100.0 %		$3,976,611		100.0 %
Operating charges:
Salaries, wages and benefits		856,020		39.4 %		836,331		41.8 %		1,717,567		39.4 %		1,680,291		42.3 %
Other operating expenses		654,931		30.1 %		590,616		29.5 %		1,309,914		30.1 %		1,134,916		28.5 %
Supplies expense		331,684		15.3 %		327,650		16.4 %		678,688		15.6 %		655,710		16.5 %
Depreciation and amortization		94,214		4.3 %		94,304		4.7 %		184,526		4.2 %		187,630		4.7 %
Lease and rental expense		24,315		1.1 %		24,035		1.2 %		48,148		1.1 %		48,189		1.2 %
Subtotal-operating expenses		1,961,164		90.2 %		1,872,936		93.5 %		3,938,843		90.4 %		3,706,736		93.2 %
Income from operations		212,245		9.8 %		130,143		6.5 %		419,647		9.6 %		269,875		6.8 %
Interest expense, net		986		0.0 %		(503)		(0.0) %		2,286		0.1 %		(1,080)		(0.0) %
Other (income) expense, net		(461)		(0.0) %		119		0.0 %		173		0.0 %		7,132		0.2 %
Income before income taxes		$211,720		9.7 %		$130,527		6.5 %		$417,188		9.6 %		$263,823		6.6 %

We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2023 and our Form 10-Q for the quarter ended March 31, 2024 .

The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, 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, 2024 and 2023
(in thousands)
(unaudited)
Same Facility - Behavioral Health Care Services
		Three months ended				Three months ended				Six months ended				Six months ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues
Net revenues		$1,683,847		100.0 %		$1,517,051		100.0 %		$3,300,159		100.0 %		$2,980,774		100.0 %
Operating charges:
Salaries, wages and benefits		894,627		53.1 %		843,229		55.6 %		1,763,503		53.4 %		1,652,167		55.4 %
Other operating expenses		308,420		18.3 %		296,261		19.5 %		620,705		18.8 %		574,983		19.3 %
Supplies expense		57,105		3.4 %		53,774		3.5 %		113,871		3.5 %		106,259		3.6 %
Depreciation and amortization		49,911		3.0 %		46,554		3.1 %		97,019		2.9 %		91,886		3.1 %
Lease and rental expense		11,656		0.7 %		11,203		0.7 %		23,102		0.7 %		21,801		0.7 %
Subtotal-operating expenses		1,321,719		78.5 %		1,251,021		82.5 %		2,618,200		79.3 %		2,447,096		82.1 %
Income from operations		362,128		21.5 %		266,030		17.5 %		681,959		20.7 %		533,678		17.9 %
Interest expense, net		1,008		0.1 %		993		0.1 %		2,035		0.1 %		2,203		0.1 %
Other (income) expense, net		(871)		(0.1) %		(733)		(0.0) %		(1,547)		(0.0) %		(1,309)		(0.0) %
Income before income taxes		$361,991		21.5 %		$265,770		17.5 %		$681,471		20.6 %		$532,784		17.9 %
All Behavioral Health Care Services
		Three months ended				Three months ended				Six months ended				Six months ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues
Net revenues		$1,731,309		100.0 %		$1,542,194		100.0 %		$3,387,376		100.0 %		$3,032,683		100.0 %
Operating charges:
Salaries, wages and benefits		898,621		51.9 %		844,308		54.7 %		1,770,817		52.3 %		1,654,094		54.5 %
Other operating expenses		352,408		20.4 %		322,518		20.9 %		699,676		20.7 %		627,750		20.7 %
Supplies expense		57,277		3.3 %		53,837		3.5 %		114,201		3.4 %		106,325		3.5 %
Depreciation and amortization		50,625		2.9 %		46,778		3.0 %		98,497		2.9 %		92,397		3.0 %
Lease and rental expense		11,761		0.7 %		11,255		0.7 %		23,279		0.7 %		21,923		0.7 %
Subtotal-operating expenses		1,370,692		79.2 %		1,278,696		82.9 %		2,706,470		79.9 %		2,502,489		82.5 %
Income from operations		360,617		20.8 %		263,498		17.1 %		680,906		20.1 %		530,194		17.5 %
Interest expense, net		1,008		0.1 %		993		0.1 %		2,035		0.1 %		2,204		0.1 %
Other (income) expense, net		(871)		(0.1) %		(1,188)		(0.1) %		(1,547)		(0.0) %		(2,059)		(0.1) %
Income before income taxes		$360,480		20.8 %		$263,693		17.1 %		$680,418		20.1 %		$530,049		17.5 %

We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All 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 the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2023 and our Form 10-Q for the quarter ended March 31, 2024.

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.

 

Universal Health Services, Inc.
Selected Hospital Statistics
For the Three Months ended
June 30, 2024 and 2023
(unaudited)
AS REPORTED:
		ACUTE						BEHAVIORAL HEALTH
		6/30/24		6/30/23		%  change		6/30/24		6/30/23		%  change
Hospitals owned and leased		27		27		0.0 %		332		331		0.3 %
Average licensed beds		6,657		6,624		0.5 %		24,419		24,189		1.0 %
Average available beds		6,485		6,452		0.5 %		24,319		24,089		1.0 %
Patient days		390,433		384,373		1.6 %		1,619,085		1,588,575		1.9 %
Average daily census		4,290.5		4,223.8		1.6 %		17,792.1		17,456.9		1.9 %
Occupancy-licensed beds		64.5 %		63.8 %		1.1 %		72.9 %		72.2 %		1.0 %
Occupancy-available beds		66.2 %		65.5 %		1.1 %		73.2 %		72.5 %		1.0 %
Admissions		81,858		79,100		3.5 %		119,798		119,656		0.1 %
Length of stay		4.8		4.9		-1.8 %		13.5		13.3		1.8 %
Inpatient revenue		$12,334,730		$10,960,845		12.5 %		$2,785,485		$2,670,370		4.3 %
Outpatient revenue		8,633,892		7,515,780		14.9 %		286,550		281,036		2.0 %
Total patient revenue		20,968,622		18,476,625		13.5 %		3,072,035		2,951,406		4.1 %
Other revenue		234,351		240,899		-2.7 %		82,201		73,926		11.2 %
Gross revenue		21,202,973		18,717,524		13.3 %		3,154,236		3,025,332		4.3 %
Total deductions		19,029,564		16,714,445		13.9 %		1,422,927		1,483,138		-4.1 %
Net revenue		$2,173,409		$2,003,079		8.5 %		$1,731,309		$1,542,194		12.3 %
SAME FACILITY:
		ACUTE						BEHAVIORAL HEALTH
		6/30/24		6/30/23		%  change		6/30/24		6/30/23		%  change
Hospitals owned and leased		27		27		0.0 %		330		330		0.0 %
Average licensed beds		6,657		6,624		0.5 %		24,165		24,063		0.4 %
Average available beds		6,485		6,452		0.5 %		24,065		23,963		0.4 %
Patient days		390,433		384,373		1.6 %		1,604,758		1,578,277		1.7 %
Average daily census		4,290.5		4,223.8		1.6 %		17,634.7		17,343.7		1.7 %
Occupancy-licensed beds		64.5 %		63.8 %		1.1 %		73.0 %		72.1 %		1.2 %
Occupancy-available beds		66.2 %		65.5 %		1.1 %		73.3 %		72.4 %		1.2 %
Admissions		81,858		79,100		3.5 %		118,702		118,778		-0.1 %
Length of stay		4.8		4.9		-1.8 %		13.5		13.3		1.7 %

 

Universal Health Services, Inc.
Selected Hospital Statistics
For the Six Months ended
June 30, 2024 and 2023
(unaudited)
AS REPORTED:
		ACUTE						BEHAVIORAL HEALTH
		6/30/24		6/30/23		%  change		6/30/24		6/30/23		%  change
Hospitals owned and leased		27		27		0.0 %		332		331		0.3 %
Average licensed beds		6,657		6,711		-0.8 %		24,400		24,210		0.8 %
Average available beds		6,485		6,539		-0.8 %		24,300		24,110		0.8 %
Patient days		805,759		788,626		2.2 %		3,228,077		3,161,147		2.1 %
Average daily census		4,427.2		4,357.0		1.6 %		17,736.7		17,464.9		1.6 %
Occupancy-licensed beds		66.5 %		64.9 %		2.4 %		72.7 %		72.1 %		0.8 %
Occupancy-available beds		68.3 %		66.6 %		2.5 %		73.0 %		72.4 %		0.8 %
Admissions		165,439		159,226		3.9 %		239,728		240,216		-0.2 %
Length of stay		4.9		5.0		-2.0 %		13.5		13.2		2.6 %
Inpatient revenue		$25,244,832		$22,362,336		12.9 %		$5,540,169		$5,298,360		4.6 %
Outpatient revenue		16,980,181		14,811,896		14.6 %		565,078		553,407		2.1 %
Total patient revenue		42,225,013		37,174,232		13.6 %		6,105,247		5,851,767		4.3 %
Other revenue		480,602		462,892		3.8 %		162,412		139,244		16.6 %
Gross revenue		42,705,615		37,637,124		13.5 %		6,267,659		5,991,011		4.6 %
Total deductions		38,347,125		33,660,513		13.9 %		2,880,283		2,958,328		-2.6 %
Net revenue		$4,358,490		$3,976,611		9.6 %		$3,387,376		$3,032,683		11.7 %
SAME FACILITY:
		ACUTE						BEHAVIORAL HEALTH
		6/30/24		6/30/23		%  change		6/30/24		6/30/23		%  change
Hospitals owned and leased		27		27		0.0 %		330		330		0.0 %
Average licensed beds		6,657		6,617		0.6 %		24,145		24,084		0.3 %
Average available beds		6,485		6,445		0.6 %		24,045		23,984		0.3 %
Patient days		805,759		782,354		3.0 %		3,201,198		3,140,422		1.9 %
Average daily census		4,427.2		4,322.4		2.4 %		17,589.0		17,350.4		1.4 %
Occupancy-licensed beds		66.5 %		65.3 %		1.8 %		72.8 %		72.0 %		1.1 %
Occupancy-available beds		68.3 %		67.1 %		1.8 %		73.2 %		72.3 %		1.1 %
Admissions		165,439		158,163		4.6 %		237,599		238,393		-0.3 %
Length of stay		4.9		4.9		0.0 %		13.5		13.2		2.3 %

 

Universal Health Services, Inc.
Supplemental Non-GAAP Disclosures
2024 Revised Operating Results Forecast
(in thousands, except per share amounts)
			Revised Forecast For The Year Ending December 31, 2024
					% Net				% Net
			Low		revenues		High		revenues
Net revenues			$15,565,000				$15,753,000
Net income attributable to UHS (a)			$1,045,080				$1,099,563
Depreciation and amortization			592,455				592,455
Interest expense			195,664				195,664
Other (income) expense, net			(10,954)				(10,954)
Provision for income taxes			331,837				349,137
Adjusted EBITDA net of NCI (b)			$2,154,082		13.8 %		$2,225,865		14.1 %
Net income attributable to UHS, per diluted share (a)			$15.40				$16.20
Shares used in computing diluted earnings per share			67,869				67,869

(a) Revised forecasted net income attributable to UHS/per diluted share exclude the following items because we do not believe we can forecast these items with sufficient accuracy. Such items include: the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, and other potential material items including, but not limited to, reserves for various matters including settlements, legal judgments and lawsuits, potential impacts of non-ordinary course acquisitions, divestitures, joint ventures or other strategic transactions, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets, other amounts that may be reflected in the current financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. Forecasted net income attributable to UHS/per diluted share is also subject to certain conditions including those as set forth in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures.
(b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP.  We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance.

 

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SOURCE Universal Health Services, Inc.

FAQ

What was Universal Health Services' (UHS) net income for Q2 2024?

Universal Health Services reported a net income of $289.2 million, or $4.26 per diluted share, for Q2 2024.

How much did UHS's net revenues increase in Q2 2024 compared to Q2 2023?

UHS's net revenues increased by 10.1% to $3.908 billion in Q2 2024, compared to $3.548 billion in Q2 2023.

What is the new stock repurchase program authorization for UHS?

UHS announced a $1 billion increase to its stock repurchase program authorization, bringing the current aggregate available repurchase authorization to $1.228 billion.

What is UHS's revised 2024 full-year forecast for adjusted EPS?

UHS revised its 2024 full-year forecast for adjusted EPS to $15.40 to $16.20 per share, up from the original forecast of $13.00 to $14.00 per share.

How did UHS's acute care services perform in Q2 2024?

UHS's acute care services on a same facility basis saw adjusted admissions increase by 3.4% and net revenues increase by 6.6% in Q2 2024 compared to Q2 2023.