Universal Health Services, Inc. Reports 2020 Fourth Quarter And Full Year Financial Results And 2021 Full Year Earnings Guidance
Universal Health Services (UHS) reported a net income of $308.7 million, or $3.60 per diluted share, for Q4 2020, up from $245.2 million, or $2.79 per share, in Q4 2019. Net revenues rose 6.6% to $3.087 billion. Full-year net income also increased to $944 million, or $10.99 per share, compared to $814.9 million in 2019. Significant impacts included $151.4 million in grant revenue from the CARES Act and a $42.1 million loss due to an IT incident. Looking ahead, UHS anticipates 2021 net revenues between $12.125 billion and $12.361 billion.
- Net income increased 25.9% for Q4 2020 compared to Q4 2019.
- Full-year net revenues rose 1.6% to $11.559 billion.
- Goal of $12.125 billion to $12.361 billion for 2021 revenues.
- IT incident estimated unfavorable impact of $67 million in 2020.
- Adjusted admissions decreased 14.5% in Q4 2020 versus Q4 2019.
KING OF PRUSSIA, Pa., Feb. 25, 2021 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was
As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the fourth quarter of 2020 was
Included in our reported and adjusted net income attributable to UHS during the three-month period ended December 31, 2020 were the following:
- A favorable impact of approximately
$151.4 million , or$1.76 per diluted share, resulting from the recording of approximately$200 million of grant revenues from various governmental stimulus programs, most notably the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), as discussed below in CARES Act and Other Governmental Grants and Medicare Accelerated Payments. - An unfavorable estimated impact of
$42.1 million ($55 million pre-tax), or $.49 per diluted share, resulting from the previously disclosed information technology incident that occurred on September 27, 2020. As discussed below in Information Technology Incident, we estimate that this incident had a pre-tax unfavorable impact of approximately$67 million during the twelve-month period ended December 31, 2020.
As reflected on the Supplemental Schedule, included in our reported results during the fourth quarter of 2020, was a net aggregate favorable after-tax impact of
As indicated on the attached Supplemental Schedule, there were no significant adjustments made to our reported net income attributable to UHS during the fourth quarter of 2019.
Included in our reported, and our adjusted, net income attributable to UHS during the fourth quarter of 2019 is a pre-tax unrealized gain of
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
Consolidated Results of Operations, As Reported and As Adjusted – Twelve-month periods ended December 31, 2020 and 2019:
Reported net income attributable to UHS was
As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the twelve-month period ended December 31, 2020 was
Our reported and adjusted net income attributable to UHS during the twelve-month period ended December 31, 2020 included the following:
- A favorable impact of
$308.6 million , or$3.61 per diluted share, resulting from the recording of approximately$413 million of grant revenues, as discussed below in CARES Act and Other Governmental Grants and Medicare Accelerated Payments. - An unfavorable estimated impact of
$51.3 million ($67 million pre-tax), or $.60 per diluted share, resulting from the information technology incident, as discussed below in Information Technology Incident. - A favorable impact of
$21.4 million , or$0.25 per diluted share, resulting from$28 million of net revenues recorded in connection with the California Medicaid supplemental payment program related to our acute care hospitals. Approximately$11 million of these supplemental revenues were attributable to 2020 and$17 million were attributable to prior years.
As reflected on the Supplemental Schedule, included in our reported results during the twelve-month period ended December 31, 2020, was a net aggregate unfavorable after-tax impact of
As reflected on the Supplemental Schedule, included in our reported results during the twelve-month period ended December 31, 2019, is an aggregate net unfavorable after-tax impact of
Included in our reported and our adjusted net income attributable to UHS during the year ended December 31, 2019 is a pre-tax unrealized gain of
As calculated on the attached Supplemental Schedule, our EBITDA net of NCI was
COVID-19
The impact of the COVID-19 pandemic, which began during the second half of March, 2020, has had a material unfavorable effect on our operations and financial results since that time, before giving effect to the revenues recorded in connection with the CARES Act and other governmental grants as discussed below in CARES Act and Other Governmental Grants and Medicare Accelerated Payments.
In an effort to slow the spread of the disease, since March, 2020, at various times, most state and local governments mandated general "shelter-in-place" orders or other similar restrictions that require or strongly encourage social distancing and, face coverings, and that have closed or limited non-essential business activities. Some of these restrictions remain in place. Additionally, evidence suggests that individuals may be deciding to forego medical care delivered in traditional venues. These dynamics have manifested themselves in our hospitals in, among other ways, reduced emergency room visits, elective/scheduled procedures and acute and behavioral health patient days. While such measures are expected to assist in responding to the recent outbreak, self-quarantines, shelter-in-place orders, and suspension of voluntary procedures and surgeries have had, and will likely continue to have, an adverse impact on the operations and financial position of health care provider systems due to increased costs (including labor costs which have been pressured during the COVID-19 pandemic due to a shortage of clinicians and increased wage rates resulting from increased demand for those services), actual reduction and potential reduction in overall patient volume, and shifts in payor mix. Despite these measures, there have been waves of escalated COVID-19 cases at various times, including the fourth quarter of 2020 and into the first quarter of 2021, in many states in the U.S., including many states in which we operate hospitals.
Recently, COVID-19 vaccinations have begun to be administered and while we expect the administration of vaccines will assist in easing the number of COVID-19 patients, the pace at which this is likely to occur is difficult to predict. The extent to which the COVID-19 pandemic and measures taken in response thereto impact our business, results of operations and financial condition will depend on numerous factors and future developments, most of which are beyond our control or ability to predict. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. We are not able to fully quantify the impact that these factors will have on our future financial results, but expect developments related to the COVID-19 pandemic to materially affect our financial performance in 2021.
CARES Act and Other Governmental Grants and Medicare Accelerated Payments:
As of December 31, 2020, we have received an aggregate of
- Approximately
$417 million of funds received from various governmental stimulus programs, most notably the Public Health and Social Services Emergency Fund, as provided for by the CARES Act. - Included in our reported and adjusted net income attributable to UHS for the three-month period ended December 31, 2020, was a favorable impact of
$151.4 million , or$1.76 per diluted share, resulting from the recording of approximately$200 million of CARES Act and other grant revenues. During the fourth quarter of 2020, approximately$155 million of the grant revenues were recorded by our acute care services, and approximately$45 million of the grant revenues were recorded by our behavioral health services. - Included in our reported and adjusted net income attributable to UHS for the twelve-month period ended December 31, 2020, was the favorable impact of
$308.6 million , or$3.61 per diluted share, resulting from the recording of approximately$413 million of CARES Act and other grant revenues. Approximately$316 million of the grant revenues were attributable to our acute care services and approximately$97 million were attributable to our behavioral health care services. - As of December 31, 2020, approximately
$4 million of these funds remain in the Medicare accelerated payments and deferred CARES Act and other grants liability account in our consolidated balance sheet. - Approximately
$695 million of Medicare accelerated payments received pursuant to the Medicare Accelerated and Advance Payment Program ("MAAPP"). Pursuant to legislation enacted on October 1, 2020, these funds are required to be repaid to the government beginning in the second quarter of 2021 through the third quarter of 2022 through withholding of future Medicare revenues earned during those periods. There was no impact on our earnings during the three and twelve-month periods ended December 31, 2020 in connection with receipt of these funds. - We are planning for the early repayment of the
$695 million of Medicare accelerated payments previously received pursuant to the MAAPP. We have commenced the repayment process and anticipate that the$695 million of funds will be repaid to the government in March or April of 2021.
Additional CARES Act grants amounting to
Information Technology Incident:
As previously disclosed on September 29, 2020, we experienced an information technology security incident in the early morning hours of September 27, 2020. As a result of this cyberattack, we suspended user access to our information technology applications related to operations located in the United States. While our information technology applications were offline, patient care was delivered safely and effectively at our facilities across the country utilizing established back-up processes, including offline documentation methods. Our information technology applications were substantially restored at our acute care and behavioral health hospitals at various times in October, 2020, on a rolling/staggered basis, and our facilities generally resumed standard operating procedures at that time.
Immediately after the incident, we worked diligently with our information technology security partners to restore our information technology infrastructure and business operations as quickly as possible. In parallel, we began investigating the nature and potential impact of the security incident and engaged third-party information technology and forensic vendors to assist. No evidence of unauthorized access, copying or misuse of any patient or employee data has been identified to date.
Given the disruption to the standard operating procedures at our facilities during the period of September 27, 2020 into October, 2020, certain patient activity, including ambulance traffic and elective/scheduled procedures at our acute care hospitals, were diverted to competitor facilities. We also incurred significant incremental labor expense, both internal and external, to restore information technology operations as expeditiously as possible. Additionally, certain administrative functions such as coding and billing were delayed into December, 2020, which had a negative impact on our operating cash flows during the fourth quarter of 2020.
As a result of these factors, we estimate that this incident had an aggregate unfavorable pre-tax impact of approximately
Acute Care Services – Three and twelve-month periods ended December 31, 2020 and 2019:
During the fourth quarter of 2020, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) decreased
During the twelve-month period ended December 31, 2020, at our acute care hospitals on a same facility basis, adjusted admissions decreased
Behavioral Health Care Services – Three and twelve-month periods ended December 31, 2020 and 2019:
During the fourth quarter of 2020, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased
During the twelve-month period ended December 31, 2020, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased
Net Cash Provided by Operating Activities and Liquidity:
Net Cash Provided by Operating Activities:
For the twelve months ended December 31, 2020, our net cash provided by operating activities increased to
The
Liquidity:
As of December 31, 2020, we had
In addition, as of December 31, 2020, we had approximately
Stock Repurchase Program and Payment of Quarterly Dividends:
In April of 2020, as part of various Covid-19 initiatives, we suspended our stock repurchase program and payment of quarterly dividends.
Our Board of Directors have recently approved a
We are planning to resume stock repurchases, subject to approval by our Board of Directors, during the second quarter of 2021.
Pursuant to our
In conjunction with our stock repurchase program, during the first quarter of 2020 prior to the suspension of the program, we repurchased approximately 1.95 million shares at an aggregate cost of
2021 Operating Results Forecast:
Reflected below is our 2021 guidance range for consolidated net revenues, 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"), adjusted net income attributable to UHS per diluted share ("Adjusted EPS-diluted") and capital expenditures.
Adjusted EPS-diluted and Adjusted EBITDA net of NCI, are non-GAAP financial measures and should be examined in connection with net income determined in accordance with GAAP as presented in the consolidated financial statements and notes thereto in this report or in our filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2020. Please see the Supplemental Non-GAAP Disclosures - 2021 Operating Results Forecast schedule as included herein for additional information and a reconciliation to the financial forecasts as computed in accordance with GAAP.
For the Year Ended | ||
Low | High | |
Net revenues | ||
Adjusted EBITDA net of NCI | ||
Adjusted EPS-diluted | ||
Capital expenditures | ||
Our 2021 guidance contains a number of assumptions including, but not limited to, the following:
- The impact of the COVID-19 pandemic, which began during the second half of March, 2020, has had a material unfavorable effect on our operations and financial results since that time, before giving effect to the revenues recorded in connection with the CARES Act and other governmental grants. The extent to which the COVID-19 pandemic and measures taken in response thereto impact our business, results of operations and financial condition will depend on numerous factors and future developments, most of which are beyond our control or ability to predict. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. We are not able to fully quantify the impact that these factors will have on our future financial results, but expect developments related to the COVID-19 pandemic to materially affect our financial performance in 2021 and our 2021 operating results forecast. Please see additional disclosure above in COVID-19.
- The 2021 forecasted revenues and other amounts exclude any favorable impact that may result from revenues and income recorded during 2021 in connection with various governmental stimulus programs, most notably the CARES Act.
- In addition, the 2021 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 increases/decreases in the market value of shares of certain marketable securities held for investment and classified as available for sale, our adoption of ASU 2016-09, 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, impairment of 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 included 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.
- Our net revenues are estimated to be approximately
$12.12 5 billion to$12.36 1 billion representing an increase of approximately4.9% to6.9% over our 2020 net revenues of approximately$11.55 9 billion. - Our 2021 forecasted net revenues exclude any revenues that may be recorded during 2021 in connection with various governmental stimulus programs, most notably the CARES Act.
- Our 2020 net revenues include approximately
$413 million of CARES Act and other grant revenues. - Our Adjusted EBITDA net of NCI is estimated to be approximately
$1.73 8 billion to$1.84 9 billion as compared to our 2020 Adjusted EBITDA net of NCI of$1.86 0 billion. - Our 2021 forecasted Adjusted EBITDA net of NCI excludes any income that may be recorded during 2021 in connection with various governmental stimulus programs, most notably the CARES Act.
- Our 2020 Adjusted EBITDA includes approximately
$403 million of income related to CARES Act and other grant revenues ($413 million of CARES Act and other grant revenues, less$10 million attributable to noncontrolling interests). - Our Adjusted EPS-diluted range is estimated to be
$10.05 per diluted share to$11.05 per diluted share as compared to our adjusted net income attributable to UHS of$11.12 per diluted share for the year ended December 31, 2020, as calculated on the attached Supplemental Schedule. - Our 2021 forecasted Adjusted EPS-diluted excludes any after-tax income that may be recorded during 2021 in connection with various governmental stimulus programs, most notably the CARES Act.
- Our 2020 Adjusted EPS-diluted includes
$3.61 of after-tax income related to the recording of$413 million of CARES Act and other grant revenues.
Conference call information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on February 26, 2021. The dial-in number is 1-877-648-7971.
A live broadcast of the conference call will be available on our website at www.uhsinc.com. Also, a replay of the call will be available following the conclusion of the live call and will be available for one full year.
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 were approximately
Our operating philosophy is as effective today as it was over 40 years ago, 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 89,000 employees and through its subsidiaries operates 26 acute care hospitals, 334 behavioral health facilities, 39 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 38 U.S. states, Washington, D.C., Puerto Rico and the United Kingdom. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information on the Company, visit our web site: http://www.uhsinc.com.
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to 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, 2020), 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 the impact of the COVID-19 pandemic. Our future operations and financial results will likely be materially impacted by developments related to COVID-19 including, but not limited to, the length of time and severity of the spread of the pandemic; the volume of cancelled or rescheduled elective procedures and the volume of COVID-19 patients treated at our hospitals and other healthcare facilities; measures we are taking to respond to the COVID-19 pandemic; the impact of government and administrative regulation and stimulus on the hospital industry and potential retrospective adjustment in future periods of CARES Act and other grant income revenues recorded as revenues in prior periods; declining patient volumes and unfavorable changes in payer mix caused by deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients as the result of business closings and layoffs); potential disruptions to our clinical staffing and shortages and disruptions related to supplies required for our employees and patients; and potential increases to expenses related to staffing, supply chain or other expenditures; the impact of our substantial indebtedness and the ability to refinance such indebtedness on acceptable terms, as well as risks associated with disruptions in the financial markets and the business of financial institutions as the result of the COVID-19 pandemic which could impact us from a financing perspective; and changes in general economic conditions nationally and regionally in our markets resulting from the COVID-19 pandemic. We are not able to fully quantify the impact that these factors will have on our future financial results, but expect developments related to the COVID-19 pandemic to materially affect our financial performance in 2021.
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, our adoption of ASU 2016-09, unrealized gains/losses resulting from changes in the market value of shares of certain marketable securities held for investment and classified as available for sale, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of long-lived and intangible assets, changes in the reserve established in connection with our discussions with the Department of Justice, 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, 2020. 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 | Twelve months | ||||||
ended December 31, | ended December 31, | ||||||
2020 | 2019 | 2020 | 2019 | ||||
Net revenues | |||||||
Operating charges: | |||||||
Salaries, wages and benefits | 1,466,070 | 1,431,640 | 5,613,097 | 5,588,893 | |||
Other operating expenses | 690,560 | 644,393 | 2,672,762 | 2,723,911 | |||
Supplies expense | 351,324 | 324,090 | 1,288,132 | 1,251,346 | |||
Depreciation and amortization | 133,930 | 127,656 | 510,493 | 490,392 | |||
Lease and rental expense | 31,092 | 27,489 | 116,059 | 107,809 | |||
2,672,976 | 2,555,268 | 10,200,543 | 10,162,351 | ||||
Income from operations | 413,959 | 340,979 | 1,358,354 | 1,215,908 | |||
Interest expense, net | 19,886 | 39,159 | 106,285 | 162,733 | |||
Other (income) expense, net | (8,305) | (19,338) | (14) | (13,162) | |||
Income before income taxes | 402,378 | 321,158 | 1,252,083 | 1,066,337 | |||
Provision for income taxes | 94,644 | 73,148 | 299,293 | 238,794 | |||
Net income | 307,734 | 248,010 | 952,790 | 827,543 | |||
Less: Net income attributable to | |||||||
noncontrolling interests ("NCI") | (974) | 2,834 | 8,837 | 12,689 | |||
Net income attributable to UHS | |||||||
Basic earnings per share attributable to UHS (a) | |||||||
Diluted earnings per share attributable to UHS (a) | |||||||
Universal Health Services, Inc. | |||||||
Footnotes to Consolidated Statements of Income | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Three months | Twelve months | ||||||
(a) Earnings per share calculation: | ended December 31, | ended December 31, | |||||
2020 | 2019 | 2020 | 2019 | ||||
Basic and diluted: | |||||||
Net income attributable to UHS | |||||||
Less: Net income attributable to unvested restricted share grants | (994) | (614) | (2,981) | (2,028) | |||
Net income attributable to UHS - basic and diluted | |||||||
Weighted average number of common shares - basic | 84,728 | 87,184 | 85,061 | 88,762 | |||
Basic earnings per share attributable to UHS: | |||||||
Weighted average number of common shares | 84,728 | 87,184 | 85,061 | 88,762 | |||
Add: Other share equivalents | 859 | 419 | 526 | 278 | |||
Weighted average number of common shares and equiv. - diluted | 85,587 | 87,603 | 85,587 | 89,040 | |||
Diluted earnings per share attributable to UHS: | |||||||
Universal Health Services, Inc. | |||||||
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") | |||||||
For the Three Months ended December 31, 2020 and 2019 | |||||||
(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 | ||||
December 31, 2020 | revenues | December 31, 2019 | revenues | ||||
Net income attributable to UHS | |||||||
Depreciation and amortization | 133,930 | 127,656 | |||||
Interest expense, net | 19,886 | 39,159 | |||||
Provision for income taxes | 94,644 | 73,148 | |||||
EBITDA net of NCI | |||||||
Other (income) expense, net | (8,305) | (19,338) | |||||
Adjusted EBITDA net of NCI | |||||||
Net revenues | |||||||
Calculation of Adjusted Net Income Attributable to UHS | |||||||
Three months ended | Three months ended | ||||||
December 31, 2020 | December 31, 2019 | ||||||
Per | Per | ||||||
Amount | Diluted Share | Amount | Diluted Share | ||||
Net income attributable to UHS | |||||||
Plus/minus after-tax adjustments: | |||||||
Unrealized gain on marketable securities held for sale | (3,880) | (0.05) | - | - | |||
Impact of ASU 2016-09 | 3,031 | 0.04 | (78) | - | |||
Subtotal adjustments | (849) | (0.01) | (78) | - | |||
Adjusted net income attributable to UHS | |||||||
Universal Health Services, Inc. | |||||||
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") | |||||||
For the Twelve Months ended December 31, 2020 and 2019 | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI") | |||||||
Twelve months ended | % Net | Twelve months ended | % Net | ||||
December 31, 2020 | revenues | December 31, 2019 | revenues | ||||
Net income attributable to UHS | |||||||
Depreciation and amortization | 510,493 | 490,392 | |||||
Interest expense, net | 106,285 | 162,733 | |||||
Provision for income taxes | 299,293 | 238,794 | |||||
EBITDA net of NCI | |||||||
Other (income) expense, net | (14) | (13,162) | |||||
Increase in DOJ Reserve | - | 10,978 | |||||
Provision for asset impairment | - | 97,631 | |||||
Adjusted EBITDA net of NCI | |||||||
Net revenues | |||||||
Calculation of Adjusted Net Income Attributable to UHS | |||||||
Twelve months ended | Twelve months ended | ||||||
December 31, 2020 | December 31, 2019 | ||||||
Per | Per | ||||||
Amount | Diluted Share | Amount | Diluted Share | ||||
Net income attributable to UHS | |||||||
Plus/minus after-tax adjustments: | |||||||
Unrealized loss on marketable securities held for sale | 3,313 | 0.04 | - | - | |||
Increase in DOJ Reserve and related income taxes | - | - | 14,583 | 0.16 | |||
Impact of ASU 2016-09 | 7,443 | 0.09 | (12,200) | (0.14) | |||
Provision for asset impairment | - | - | 74,583 | 0.84 | |||
Subtotal adjustments | 10,756 | 0.13 | 76,966 | 0.86 | |||
Adjusted net income attributable to UHS | |||||||
Universal Health Services, Inc. | |||||||
Consolidated Statements of Comprehensive Income | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
Three months | Twelve months | ||||||
ended December 31, | ended December 31, | ||||||
2020 | 2019 | 2020 | 2019 | ||||
Net income | |||||||
Other comprehensive income (loss): | |||||||
Unrealized derivative losses on cash flow hedges | 0 | 0 | 0 | (3,925) | |||
Minimum pension liability | 4,428 | 8,503 | 4,428 | 8,503 | |||
Foreign currency translation adjustment | 31,899 | 47,078 | 13,619 | 27,886 | |||
Other comprehensive income (loss) before tax | 36,327 | 55,581 | 18,047 | 32,464 | |||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 2,728 | 5,489 | 1,820 | 4,813 | |||
Total other comprehensive income (loss), net of tax | 33,599 | 50,092 | 16,227 | 27,651 | |||
Comprehensive income | 341,333 | 298,102 | 969,017 | 855,194 | |||
Less: Comprehensive income (loss) attributable to noncontrolling interests | (974) | 2,834 | 8,837 | 12,689 | |||
Comprehensive income attributable to UHS | |||||||
Universal Health Services, Inc. | ||||||
Condensed Consolidated Balance Sheets | ||||||
(in thousands) | ||||||
(unaudited) | ||||||
December 31, | December 31, | |||||
2020 | 2019 | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 1,224,490 | $ | 61,268 | ||
Accounts receivable, net | 1,728,928 | 1,560,847 | ||||
Supplies | 190,417 | 159,889 | ||||
Other current assets | 138,034 | 133,930 | ||||
Total current assets | 3,281,869 | 1,915,934 | ||||
Property and equipment | 9,885,888 | 9,106,377 | ||||
Less: accumulated depreciation | (4,512,764) | (4,089,679) | ||||
5,373,124 | 5,016,698 | |||||
Other assets: | ||||||
Goodwill | 3,882,715 | 3,869,760 | ||||
Deferred income taxes | 22,689 | 16,189 | ||||
Right of use assets-operating leases | 336,513 | 326,518 | ||||
Deferred charges | 4,985 | 6,373 | ||||
Other | 574,984 | 516,778 | ||||
Total Assets | $ | 13,476,879 | $ | 11,668,250 | ||
Liabilities and Stockholders' Equity | ||||||
Current liabilities: | ||||||
Current maturities of long-term debt | $ | 331,998 | $ | 87,550 | ||
Accounts payable and other liabilities | 1,656,046 | 1,272,374 | ||||
Medicare accelerated payments and deferred CARES Act and other grants | 376,151 | 0 | ||||
Legal reserves | 12,625 | 144,509 | ||||
Operating lease liabilities | 59,796 | 56,442 | ||||
Federal and state taxes | 44,423 | 2,515 | ||||
Total current liabilities | 2,481,039 | 1,563,390 | ||||
Other noncurrent liabilities | 458,549 | 329,932 | ||||
Operating lease liabilities noncurrent | 278,303 | 270,076 | ||||
Medicare accelerated payments noncurrent | 322,617 | 0 | ||||
Long-term debt | 3,524,253 | 3,896,577 | ||||
Deferred income taxes | 5,582 | 25,071 | ||||
Redeemable noncontrolling interest | 4,569 | 4,333 | ||||
UHS common stockholders' equity | 6,317,146 | 5,504,105 | ||||
Noncontrolling interest | 84,821 | 74,766 | ||||
Total equity | 6,401,967 | 5,578,871 | ||||
Total Liabilities and Stockholders' Equity | $ | 13,476,879 | $ | 11,668,250 | ||
Universal Health Services, Inc. | |||
Consolidated Statements of Cash Flows | |||
(in thousands) | |||
(unaudited) | |||
Twelve months | |||
ended December 31, | |||
2020 | 2019 | ||
Cash Flows from Operating Activities: | |||
Net income | |||
Adjustments to reconcile net income to net | |||
cash provided by operating activities: | |||
Depreciation & amortization | 510,493 | 490,392 | |
(Gain) loss on sale of assets and businesses | 1,957 | (7,540) | |
Stock-based compensation expense | 65,837 | 69,431 | |
Costs related to extinguishment of debt | 1,365 | 0 | |
Provision for asset impairment | 0 | 97,631 | |
Changes in assets & liabilities, net of effects from | |||
acquisitions and dispositions: | |||
Accounts receivable | (145,901) | (42,056) | |
Accrued interest | (10,028) | 209 | |
Accrued and deferred income taxes | 9,593 | (25,194) | |
Other working capital accounts | 124,545 | 39,664 | |
Medicare accelerated payments and deferred CARES Act and other grants | 698,768 | 0 | |
Other assets and deferred charges | (4,555) | (27,205) | |
Other | 109,167 | 7,703 | |
Accrued insurance expense, net of commercial premiums paid | 159,223 | 105,672 | |
Payments made in settlement of self-insurance claims | (113,085) | (97,781) | |
Net cash provided by operating activities | 2,360,169 | 1,438,469 | |
Cash Flows from Investing Activities: | |||
Property and equipment additions, net of disposals | (731,307) | (634,095) | |
Proceeds received from sales of assets and businesses | 8,168 | 9,450 | |
Acquisition of businesses and property | (52,009) | (8,005) | |
Outflows from foreign exchange contracts that hedge our net U.K. investment | (21,740) | (19,763) | |
Increase in capital reserves of commercial insurance subsidiary | (100) | 0 | |
Costs incurred for purchase and implementation of information technology applications | (2,902) | (21,418) | |
Investment in, and advances to, joint ventures and other | (2,672) | (14,579) | |
Net cash used in investing activities | (802,562) | (688,410) | |
Cash Flows from Financing Activities: | |||
Reduction of long-term debt | (962,567) | (57,142) | |
Additional borrowings | 801,599 | 39,220 | |
Financing costs | (10,300) | 0 | |
Repurchase of common shares | (206,719) | (770,504) | |
Dividends paid | (17,344) | (53,003) | |
Issuance of common stock | 12,318 | 10,806 | |
Profit distributions to noncontrolling interests | (19,805) | (15,859) | |
Purchase of ownership interests by minority members | 17,959 | 1,446 | |
Net cash used in financing activities | (384,859) | (845,036) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 739 | 959 | |
Increase (decrease) in cash, cash equivalents and restricted cash | 1,173,487 | (94,018) | |
Cash, cash equivalents and restricted cash, beginning of period | 105,667 | 199,685 | |
Cash, cash equivalents and restricted cash, end of period | |||
Supplemental Disclosures of Cash Flow Information: | |||
Interest paid | |||
Income taxes paid, net of refunds | |||
Noncash purchases of property and equipment | |||
Universal Health Services, Inc. | |||||||||
Supplemental Statistical Information | |||||||||
(unaudited) | |||||||||
% Change | % Change | ||||||||
3 Months ended | 12 Months ended | ||||||||
Same Facility: | 12/31/2020 | 12/31/2020 | |||||||
Acute Care Hospitals | |||||||||
Revenues (a) | |||||||||
Revenues-excludes CARES Act and other grant revenues | - | - | |||||||
Adjusted Admissions | - | - | |||||||
Adjusted Patient Days | - | - | |||||||
Revenue Per Adjusted Admission-excludes CARES Act and other grant revenues | |||||||||
Revenue Per Adjusted Patient Day-excludes CARES Act and other grant revenues | |||||||||
Behavioral Health Hospitals | |||||||||
Revenues (b) | |||||||||
Revenues-excludes CARES Act and other grant revenues | - | - | |||||||
Adjusted Admissions | - | - | |||||||
Adjusted Patient Days | - | - | |||||||
Revenue Per Adjusted Admission-excludes CARES Act and other grant revenues | |||||||||
Revenue Per Adjusted Patient Day-excludes CARES Act and other grant revenues | |||||||||
(a) Includes CARES Act and other grant revenues of | |||||||||
(b) Includes CARES Act and other grant revenues of | |||||||||
UHS Consolidated | Three months ended | Twelve months ended | |||||||
12/31/2020 | 12/31/2019 | 12/31/2020 | 12/31/2019 | ||||||
Revenues | |||||||||
EBITDA net of NCI | |||||||||
EBITDA Margin net of NCI | |||||||||
Adjusted EBITDA net of NCI | |||||||||
Adjusted EBITDA Margin net of NCI | |||||||||
Cash Flow From Operations | |||||||||
Days Sales Outstanding | 55 | 50 | |||||||
Capital Expenditures | |||||||||
Debt | |||||||||
UHS' Shareholders Equity | |||||||||
Debt / Total Capitalization | |||||||||
Debt / EBITDA net of NCI (1) | 2.07 | 2.33 | |||||||
Debt / Adjusted EBITDA net of NCI (1) | 2.07 | 2.21 | |||||||
Debt / Cash From Operations (1) | 1.63 | 2.77 | |||||||
Net Debt / EBITDA net of NCI (1) (2) | 1.45 | ||||||||
Net Debt / Adjusted EBITDA net of NCI (1) (2) | 1.45 | ||||||||
Net Debt / Cash From Operations (1) (2) | 1.14 | ||||||||
(1) Latest 4 quarters. | |||||||||
(2) Debt, net of approximately | |||||||||
Universal Health Services, Inc. | ||||||||||||||||
Acute Care Hospital Services | ||||||||||||||||
For the Three and Twelve Months ended | ||||||||||||||||
December 31, 2020 and 2019 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Same Facility Basis - Acute Care Hospital Services | ||||||||||||||||
Three months ended | Three months ended | Twelve months ended | Twelve months ended | |||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||
Amount | % of Net | Amount | % of Net | Amount | % of Net | Amount | % of Net | |||||||||
Net revenues (a) | ||||||||||||||||
Operating charges: | ||||||||||||||||
Salaries, wages and benefits | 701,927 | 662,538 | 2,611,143 | 2,559,682 | ||||||||||||
Other operating expenses | 375,958 | 347,182 | 1,462,627 | 1,365,015 | ||||||||||||
Supplies expense | 299,376 | 272,438 | 1,081,154 | 1,049,747 | ||||||||||||
Depreciation and amortization | 83,321 | 78,775 | 318,077 | 305,264 | ||||||||||||
Lease and rental expense | 19,414 | 15,215 | 69,638 | 60,485 | ||||||||||||
Subtotal-operating expenses | 1,479,996 | 1,376,148 | 5,542,639 | 5,340,193 | ||||||||||||
Income from operations | 229,876 | 185,457 | 695,597 | 714,708 | ||||||||||||
Interest expense, net | 228 | 502 | 1,567 | 1,330 | ||||||||||||
Other (income) expense, net | 0 | - | 0 | - | 0 | - | (32) | (0.0)% | ||||||||
Income before income taxes | ||||||||||||||||
All Acute Care Hospital Services | ||||||||||||||||
Three months ended | Three months ended | Twelve months ended | Twelve months ended | |||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||
Amount | % of Net | Amount | % of Net | Amount | % of Net | Amount | % of Net | |||||||||
Net revenues (a) | ||||||||||||||||
Operating charges: | ||||||||||||||||
Salaries, wages and benefits | 702,099 | 662,538 | 2,611,514 | 2,559,682 | ||||||||||||
Other operating expenses | 404,966 | 375,049 | 1,561,875 | 1,474,674 | ||||||||||||
Supplies expense | 299,383 | 272,438 | 1,081,159 | 1,049,747 | ||||||||||||
Depreciation and amortization | 83,368 | 78,775 | 318,124 | 305,264 | ||||||||||||
Lease and rental expense | 19,414 | 15,215 | 69,638 | 60,485 | ||||||||||||
Subtotal-operating expenses | 1,509,230 | 1,404,015 | 5,642,310 | 5,449,852 | ||||||||||||
Income from operations | 229,516 | 185,457 | 694,994 | 714,708 | ||||||||||||
Interest expense, net | 228 | 502 | 1,567 | 1,330 | ||||||||||||
Other (income) expense, net | 0 | - | 0 | - | 0 | - | (32) | (0.0)% | ||||||||
Income before income taxes | ||||||||||||||||
(a) Includes CARES Act and other grant revenues of | ||||||||||||||||
We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2020. | ||||||||||||||||
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 Twelve Months ended | ||||||||||||||||
December 31, 2020 and 2019 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Same Facility - Behavioral Health Care Services | ||||||||||||||||
Three months ended | Three months ended | Twelve months ended | Twelve months ended | |||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||
Amount | % of Net | Amount | % of Net | Amount | % of Net | Amount | % of Net | |||||||||
Net revenues (a) | ||||||||||||||||
Operating charges: | ||||||||||||||||
Salaries, wages and benefits | 697,738 | 684,542 | 2,722,041 | 2,711,813 | ||||||||||||
Other operating expenses | 236,872 | 238,404 | 931,850 | 952,714 | ||||||||||||
Supplies expense | 50,831 | 51,066 | 204,658 | 199,726 | ||||||||||||
Depreciation and amortization | 46,394 | 44,251 | 176,652 | 167,340 | ||||||||||||
Lease and rental expense | 10,678 | 10,708 | 42,532 | 42,956 | ||||||||||||
Subtotal-operating expenses | 1,042,513 | 1,028,971 | 4,077,733 | 4,074,549 | ||||||||||||
Income from operations | 280,239 | 255,302 | 1,046,625 | 1,017,522 | ||||||||||||
Interest expense, net | 368 | 357 | 1,447 | 1,460 | ||||||||||||
Other (income) expense, net | (1,277) | (0.1)% | (1,438) | (0.1)% | 1,060 | 404 | ||||||||||
Income before income taxes | ||||||||||||||||
All Behavioral Health Care Services | ||||||||||||||||
Three months ended | Three months ended | Twelve months ended | Twelve months ended | |||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||
Amount | % of Net | Amount | % of Net | Amount | % of Net | Amount | % of Net | |||||||||
Net revenues (a) | ||||||||||||||||
Operating charges: | ||||||||||||||||
Salaries, wages and benefits | 699,906 | 690,140 | 2,727,129 | 2,739,871 | ||||||||||||
Other operating expenses | 258,727 | 261,483 | 1,023,733 | 1,152,733 | ||||||||||||
Supplies expense | 50,850 | 51,305 | 204,711 | 201,114 | ||||||||||||
Depreciation and amortization | 47,931 | 45,370 | 182,012 | 172,697 | ||||||||||||
Lease and rental expense | 11,354 | 11,614 | 45,505 | 46,799 | ||||||||||||
Subtotal-operating expenses | 1,068,768 | 1,059,912 | 4,183,090 | 4,313,214 | ||||||||||||
Income from operations | 275,131 | 251,711 | 1,025,632 | 896,849 | ||||||||||||
Interest expense, net | 415 | 357 | 1,599 | 1,460 | ||||||||||||
Other (income) expense, net | (1,561) | (0.1)% | (1,438) | (0.1)% | 776 | (5,576) | (0.1)% | |||||||||
Income before income taxes | ||||||||||||||||
(a) Includes CARES Act and other grant revenues of | ||||||||||||||||
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, lawsuits and reserves established in connection with the government's investigation of our behavioral health care facilities, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and in the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2020. | ||||||||||||||||
The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months as well as the results of certain facilities that were closed or restructured during the past year. | ||||||||||||||||
Universal Health Services, Inc. | ||||||||||||
Selected Hospital Statistics | ||||||||||||
For the Three Months ended | ||||||||||||
December 31, 2020 and 2019 | ||||||||||||
AS REPORTED: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
12/31/20 | 12/31/19 | % change | 12/31/20 | 12/31/19 | % change | |||||||
Hospitals owned and leased | 26 | 26 | 334 | 327 | ||||||||
Average licensed beds | 6,476 | 6,387 | 23,859 | 23,648 | ||||||||
Average available beds | 6,304 | 6,215 | 23,759 | 23,545 | ||||||||
Patient days | 386,491 | 367,313 | 1,522,352 | 1,612,906 | - | |||||||
Average daily census | 4,201.0 | 3,992.5 | 16,547.3 | 17,531.6 | - | |||||||
Occupancy-licensed beds | - | |||||||||||
Occupancy-available beds | - | |||||||||||
Admissions | 72,877 | 79,156 | - | 109,514 | 120,264 | - | ||||||
Length of stay | 5.3 | 4.6 | 13.4 | 13.4 | ||||||||
Inpatient revenue | - | |||||||||||
Outpatient revenue | 4,067,550 | 4,529,430 | - | 244,286 | 273,775 | - | ||||||
Total patient revenue | 11,934,130 | 11,739,881 | 2,664,754 | 2,806,549 | - | |||||||
Other revenue | 275,271 | 121,482 | 109,554 | 60,371 | ||||||||
Gross hospital revenue | 12,209,401 | 11,861,363 | 2,774,308 | 2,866,920 | - | |||||||
Total deductions | 10,470,655 | 10,271,891 | 1,430,409 | 1,555,297 | - | |||||||
Net hospital revenue | ||||||||||||
SAME FACILITY: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
12/31/20 | 12/31/19 | % change | 12/31/20 | 12/31/19 | % change | |||||||
Hospitals owned and leased | 26 | 26 | 312 | 312 | ||||||||
Average licensed beds | 6,476 | 6,387 | 23,665 | 23,361 | ||||||||
Average available beds | 6,304 | 6,215 | 23,565 | 23,258 | ||||||||
Patient days | 386,491 | 367,313 | 1,515,912 | 1,599,852 | - | |||||||
Average daily census | 4,201.0 | 3,992.5 | 16,477.3 | 17,389.7 | - | |||||||
Occupancy-licensed beds | - | |||||||||||
Occupancy-available beds | - | |||||||||||
Admissions | 72,877 | 79,156 | - | 108,854 | 119,052 | - | ||||||
Length of stay | 5.3 | 4.6 | 13.9 | 13.4 | ||||||||
Universal Health Services, Inc. | ||||||||||||
Selected Hospital Statistics | ||||||||||||
For the Twelve Months ended | ||||||||||||
December 31, 2020 and 2019 | ||||||||||||
AS REPORTED: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
12/31/20 | 12/31/19 | % change | 12/31/20 | 12/31/19 | % change | |||||||
Hospitals owned and leased | 26 | 26 | 334 | 327 | ||||||||
Average licensed beds | 6,457 | 6,379 | 23,661 | 23,812 | - | |||||||
Average available beds | 6,285 | 6,205 | 23,559 | 23,711 | - | |||||||
Patient days | 1,458,321 | 1,451,847 | 6,142,823 | 6,487,707 | - | |||||||
Average daily census | 3,984.5 | 3,977.7 | 16,783.7 | 17,774.5 | - | |||||||
Occupancy-licensed beds | - | - | ||||||||||
Occupancy-available beds | - | - | ||||||||||
Admissions | 286,535 | 317,983 | - | 448,870 | 488,367 | - | ||||||
Length of stay | 5.1 | 4.6 | 13.7 | 13.3 | ||||||||
Inpatient revenue | - | |||||||||||
Outpatient revenue | 16,272,520 | 17,666,629 | - | 963,799 | 1,066,704 | - | ||||||
Total patient revenue | 46,834,613 | 46,097,551 | 10,682,733 | 11,167,607 | - | |||||||
Other revenue | 788,694 | 458,851 | 332,766 | 228,712 | ||||||||
Gross hospital revenue | 47,623,307 | 46,556,402 | 11,015,499 | 11,396,319 | - | |||||||
Total deductions | 41,286,003 | 40,391,842 | 5,806,777 | 6,186,256 | - | |||||||
Net hospital revenue | ||||||||||||
SAME FACILITY: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
12/31/20 | 12/31/19 | % change | 12/31/20 | 12/31/19 | % change | |||||||
Hospitals owned and leased | 26 | 26 | 312 | 312 | ||||||||
Average licensed beds | 6,457 | 6,379 | 23,497 | 23,340 | ||||||||
Average available beds | 6,285 | 6,205 | 23,395 | 23,239 | ||||||||
Patient days | 1,458,321 | 1,451,847 | 6,114,762 | 6,423,197 | - | |||||||
Average daily census | 3,984.5 | 3,977.7 | 16,707.0 | 17,597.8 | - | |||||||
Occupancy-licensed beds | - | - | ||||||||||
Occupancy-available beds | - | - | ||||||||||
Admissions | 286,535 | 317,983 | - | 446,420 | 482,660 | - | ||||||
Length of stay | 5.1 | 4.6 | 13.7 | 13.3 | ||||||||
Universal Health Services, Inc. | |||||||||
Supplemental Non-GAAP Disclosures | |||||||||
2021 Operating Results Forecast | |||||||||
(in thousands, except per share amounts) | |||||||||
Forecast For The Year Ending December 31, 2021 | |||||||||
% Net | % Net | ||||||||
Low | revenues | High | revenues | ||||||
Net revenues (a) | |||||||||
Adjusted net income attributable to UHS (a) (b) | |||||||||
Depreciation and amortization | 533,231 | 533,231 | |||||||
Interest expense | 93,498 | 93,498 | |||||||
Other (income) expense, net | (7,607) | (7,607) | |||||||
Provision for income taxes | 262,824 | 289,068 | |||||||
Adjusted EBITDA net of NCI (a) (c) | |||||||||
Adjusted net income attributable to UHS, per diluted share (a) (b) | |||||||||
Shares used in computing diluted earnings per share | 84,865 | 84,865 | |||||||
(a) The 2021 forecasted revenues and other amounts exclude any favorable impact that may result from funds received in connection with various governmental stimulus programs, most notably the CARES Act. The impact of the COVID-19 pandemic, which began during the second half of March, 2020, has had a material unfavorable effect on our operations and financial results since that time, before giving effect to the revenues recorded in connection with the CARES Act and other governmental grants. The extent to which the COVID-19 pandemic and measures taken in response thereto impact our business, results of operations and financial condition will depend on numerous factors and future developments, most of which are beyond our control or ability to predict. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. We are not able to fully quantify the impact that these factors will have on our future financial results, but expect developments related to the COVID-19 pandemic to materially affect our financial performance in 2021 and our 2021 operating results forecast. | ||||||||||
(b) Adjusted net income attributable to UHS/per diluted share are non-GAAP financial measures. The 2021 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 increases/decreases in the market value of shares of certain marketable securities held for investment and classified as available for sale, our adoption of ASU 2016-09, 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, impairment of 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 included 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. | ||||||||||
(c) Adjusted EBITDA net of NCI is a non-GAAP financial measure. To obtain a complete understanding of our financial performance, Adjusted EBITDA net of NCI should be examined in connection with net income determined in accordance with GAAP as presented in the consolidated financial statements and notes thereto in this report or in our filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2020. | ||||||||||
View original content:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports-2020-fourth-quarter-and-full-year-financial-results-and-2021-full-year-earnings-guidance-301236075.html
SOURCE Universal Health Services, Inc.
FAQ
What were Universal Health Services' earnings for Q4 2020?
What is the revenue guidance for Universal Health Services in 2021?
How did the COVID-19 pandemic affect Universal Health Services in 2020?
What was the impact of the IT incident on Universal Health Services?
