UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES 2024 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS AND 2025 OPERATING RESULTS FORECAST

Rhea-AI Summary

Universal Health Services (UHS) reported strong financial results for Q4 and full-year 2024. Q4 net income reached $332.4 million ($4.96 per share), up from $216.4 million in Q4 2023. Q4 revenues increased 11.1% to $4.114 billion.

Full-year 2024 performance showed net income of $1.142 billion ($16.82 per share) on revenues of $15.828 billion, marking a 10.8% increase. The company's acute care facilities saw a 2.2% rise in adjusted admissions, while behavioral health facilities reported a 2.0% increase.

For 2025, UHS forecasts revenues between $17.020-17.364 billion, representing 7.5-9.7% growth. EPS is projected at $18.45-19.95, an increase of 11.1-20.1%. During 2024, UHS repurchased approximately 2.98 million shares for $598.5 million, with $824.4 million remaining in the authorization.

Positive

• Q4 2024 net income up 53.6% to $332.4 million
• Q4 revenue growth of 11.1% to $4.114 billion
• Full-year revenue increased 10.8% to $15.828 billion
• Behavioral health services revenue grew 11.1% in Q4
• Strong 2025 guidance with up to 9.7% revenue growth
• Significant share repurchase program with $824.4M remaining authorization

Negative

• Acute care patient days growth slowed to 0.1% in Q4
• Behavioral health adjusted admissions showed modest 2.0% growth
• Unrealized loss of $2.0M on equity securities in 2024

Insights

Financial Analyst

Universal Health Services delivered exceptional financial performance in Q4 and full-year 2024, with quarterly net income surging 53.6% to $332.4 million ($4.96 per share) and annual net income jumping 59.1% to $1.142 billion ($16.82 per share). Revenue growth was robust at 11.1% for Q4 and 10.8% for the full year, reaching $15.828 billion annually.

The company's operational strength was evident across both business segments. Behavioral health services emerged as the standout performer with same-facility revenue growth of 11.1% in Q4, driven by both volume increases (2.0% higher adjusted admissions) and significant pricing power (8.7% higher revenue per admission). This pricing strength suggests UHS has successfully negotiated favorable reimbursement rates with payers while maintaining patient volume - a difficult balance in today's healthcare environment.

Cash flow management showed remarkable improvement, with operating cash flow surging 63% to $2.067 billion. A significant driver was the reduction in days sales outstanding from 57 to 50 days, reflecting enhanced revenue cycle operations that accelerated cash conversion by a full week. This operational efficiency freed up approximately $250 million in working capital.

Management's capital allocation strategy remains shareholder-friendly, with $598.5 million deployed for share repurchases in 2024 at an average price of $201 per share. With $824.4 million remaining in repurchase authorization and $1.17 billion in available credit facility capacity, UHS maintains substantial financial flexibility for future investments or additional returns to shareholders.

While 2025 guidance projects continued growth (7.5-9.7% revenue increase and 11.1-20.1% EPS growth), the projected pace represents a moderation from 2024's exceptional performance. This suggests management may be setting conservative expectations or anticipating normalization in healthcare utilization and pricing after two years of strong post-pandemic recovery.

Healthcare Industry Expert

Universal Health Services' 2024 results demonstrate exceptional performance in an increasingly challenging healthcare environment. The company's strategic emphasis on behavioral health is paying substantial dividends, with this segment delivering 11.1% same-facility revenue growth in Q4 compared to 8.7% in acute care. With 331 behavioral health facilities versus 28 acute care hospitals, UHS has positioned itself as the dominant player in the fragmented mental health treatment market - a sector experiencing sustained demand growth due to nationwide mental health challenges.

The company's pricing power stands out as particularly impressive. While many healthcare providers struggle with reimbursement pressures, UHS secured 8.7% higher revenue per admission in behavioral health and 5.3% in acute care. This exceptional pricing strength likely stems from UHS's scale advantages in regional markets and the essential nature of their services, particularly in behavioral health where alternatives are in many communities.

Operational improvements have transformed financial performance, most notably the seven-day reduction in accounts receivable collection time. This efficiency gain not only generated $250 million in working capital but signals enhanced revenue cycle management capabilities that should provide sustainable cash flow benefits. The resulting $2.067 billion in operating cash flow gives UHS significant competitive advantages in an industry where capital deployment often determines market leadership.

UHS's geographic diversification across 39 states creates natural insulation against regional reimbursement challenges and regulatory changes. This broad footprint also provides negotiating leverage with national insurance carriers who need UHS facilities in their networks, particularly in behavioral health where alternatives may be

The company's more measured 2025 guidance (7.5-9.7% revenue growth) likely reflects management's recognition of potential headwinds: possible payer pushback against further price increases, normalization of healthcare utilization patterns, and ongoing labor cost pressures. Nevertheless, UHS appears well-positioned to navigate these challenges from a position of financial strength and market leadership.

Consolidated Results of Operations, As Reported and As Adjusted  – Three-month periods ended December 31, 2024 and 2023:

KING OF PRUSSIA, Pa., Feb. 26, 2025 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $332.4 million, or $4.96 per diluted share, during the fourth quarter of 2024, as compared to $216.4 million, or $3.16 per diluted share, during the fourth quarter of 2023. Net revenues increased by 11.1% to $4.114 billion during the fourth quarter of 2024, as compared to $3.704 billion during the fourth quarter of 2023.

As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the fourth quarter of 2024 was $329.9 million, or $4.92 per diluted share, as compared to $214.9 million, or $3.13 per diluted share, during the fourth quarter of 2023. 

As reflected on the Supplemental Schedule, included in our reported results during the fourth quarter of 2024 were: (i) an unrealized after-tax gain of $2.1 million, or $.03 per diluted share ($2.7 million pre-tax), resulting from an increase in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable net after-tax impact of $407,000, or $.01 per diluted share, resulting from the net tax benefit recorded pursuant to "ASU 2016-09", Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.    

Included in our reported and adjusted net income attributable to UHS during the fourth quarter of 2023, were net incremental reimbursements (net of related provider taxes) of approximately $17.8 million, or $.20 per diluted share, recorded in connection with the Mississippi Hospital Access Program covering the period of July 1, 2023, through December 31, 2023.  In addition, as reflected on the Supplemental Schedule, included in our reported results during the fourth quarter of 2023, was an unrealized after-tax gain of $1.5 million, or $.03 per diluted share ($1.9 million pre-tax), resulting from an increase 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 $620.2 million during the fourth quarter of 2024, as compared to $476.9 million during the fourth 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 $614.6 million during the fourth quarter of 2024, as compared to $473.4 million during the fourth quarter of 2023.

Consolidated Results of Operations, As Reported and As Adjusted  – Twelve-month periods ended December 31, 2024 and 2023:

Reported net income attributable to UHS was $1.142 billion, or $16.82 per diluted share, during the full year 2024, as compared to $717.8 million, or $10.23 per diluted share, during 2023. Net revenues increased by 10.8% to $15.828 billion during the full year of 2024, as compared to $14.282 billion during 2023.

As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the twelve-month period ended December 31, 2024, was $1.128 billion, or $16.61 per diluted share, as compared to $739.4 million, or $10.54 per diluted share, during the twelve-month period ended December 31, 2023. 

As reflected on the Supplemental Schedule, included in our reported results during the full year of 2024 were: (i) an unrealized after-tax loss of $2.0 million, or $.03 per diluted share ($2.6 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 net after-tax impact of $15.9 million, or $.24 per diluted share, resulting from the above-mentioned net tax benefit recorded in connection with ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m).     

As reflected on the Supplemental Schedule, included in our reported results during 2023 was an unrealized after-tax loss of $21.6 million, or $.31 per diluted share ($28.2 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"), was $2.248 billion during the full year of 2024, as compared to $1.714 billion during the full year 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 $2.246 billion during the full year of 2024, as compared to $1.742 billion during the full year of 2023.

Acute Care Services – Three and twelve-month periods ended December 31, 2024 and 2023:

During the fourth quarter of 2024, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by 2.2% while adjusted patient days increased by 0.1%, as compared to the fourth quarter of 2023. At these facilities, during the fourth quarter of 2024, net revenue per adjusted admission increased by 5.3% while net revenue per adjusted patient day increased by 7.5%, as compared to the fourth quarter of 2023. Net revenues generated from our acute care services, on a same facility basis, increased by 8.7% during the fourth quarter of 2024, as compared to the fourth quarter of 2023.

 During the twelve-month period ended December 31, 2024, at our acute care hospitals on a same facility basis, adjusted admissions increased by 2.9% while adjusted patient days increased by 1.8%, as compared to the year ended December 31, 2023. At these facilities, during the full year of 2024, net revenue per adjusted admission increased by 5.1% while net revenue per adjusted patient day increased by 6.3%, as compared to 2023. Net revenues generated from our acute care services, on a same facility basis, increased by 8.5% during the full year of 2024, as compared to 2023.

Behavioral Health Care Services – Three and twelve-month periods ended December 31, 2024 and 2023:

During the fourth quarter of 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 2.0% while adjusted patient days increased by 1.6%, as compared to the fourth quarter of 2023. At these facilities, during the fourth quarter of 2024, net revenue per adjusted admission increased by 8.7% and net revenue per adjusted patient day increased by 9.1%, as compared to the fourth quarter of 2023. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 11.1% during the fourth quarter of 2024, as compared to the fourth quarter of 2023.

During the twelve-month period ended December 31, 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 0.7% while adjusted patient days increased by 1.7%, as compared to the comparable period of 2023. At these facilities, during the full year of 2024, net revenue per adjusted admission increased by 9.8% and net revenue per adjusted patient day increased by 8.8%, as compared to 2023. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 10.7% during 2024, as compared to 2023.

Net Cash Provided by Operating Activities and Liquidity:

Net Cash Provided by Operating Activities:

During the twelve-month period ended December 31, 2024, our net cash provided by operating activities was $2.067 billion as compared to $1.268 billion during the full year of 2023. The $799 million net increase in our net cash provided by operating activities consisted of: (i) a favorable change of $472 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense, gains on sales of assets and businesses and costs related to the extinguishment of debt; (ii) a favorable change of $250 million in accounts receivable due, in part, to a decrease in our days sales outstanding to 50 days at December 31, 2024, as compared to 57 days at December 31, 2023; (iii) a favorable change of $94 million in other working capital accounts due primarily to the timing of disbursements for certain accrued liabilities; (iv) an unfavorable change of $61 million in other assets and deferred charges; (v) a favorable change of $56 million in accrued and deferred income taxes, and; (vi) $12 million of other combined net unfavorable changes.     

Liquidity:

As of December 31, 2024, we had $1.17 billion of aggregate available borrowing capacity pursuant to our $1.3 billion revolving credit facility, net of outstanding borrowings and letters of credit.       

Stock Repurchase Program:

In connection with our stock repurchase program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions. 

Pursuant to this program, during the fourth quarter of 2024, we have repurchased approximately 1.25 million shares at an aggregate cost of approximately $249.6 million (average price of approximately $199 per share). During the full year of 2024, we have repurchased approximately 2.98 million shares at an aggregate cost of approximately $598.5 million (average price of approximately $201 per share).

As of December 31, 2024, we had an aggregate available repurchase authorization of approximately $824.4 million pursuant to our stock repurchase program.

2025 Operating Results Forecast:

Reflected below is our 2025 forecasted 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"), net income attributable to UHS per diluted share ("EPS-diluted") and capital expenditures. 

Our 2025 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 - 2025 Operating Results Forecast schedule as included herein for additional information and a reconciliation of our 2025 forecasted range of net income attributable to UHS to our 2025 forecasted range of Adjusted EBITDA net of NCI. 

	For the Year Ended December 31, 2025
	Low	High
Net revenues	$17.020 billion	$17.364 billion
Adjusted EBITDA net of NCI	$2.357 billion	$2.484 billion
EPS-diluted	$18.45 per share	$19.95 per share
Capital expenditures	$850 million	$1.000 billion

Our 2025 operating results forecast contains a number of assumptions including, but not limited to, the following:

• The 2025 forecasted amounts exclude the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m), 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, other amounts that may be reflected in the current or prior year 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.
• Our net revenues are estimated to be approximately $17.020 billion to $17.364 billion representing an increase of 7.5% to 9.7% over our 2024 net revenues of $15.828 billion.
• Our Adjusted EBITDA net of NCI is estimated to be approximately $2.357 billion to $2.484 billion representing an increase of 4.9% to 10.6% over our 2024 Adjusted EBITDA net of NCI of $2.246 billion.
• Our EPS-diluted range is estimated to be $18.45 per diluted share to $19.95 per diluted share, representing an increase of 11.1% to 20.1% over our adjusted net income attributable to UHS of $16.61 per diluted share for the year ended December 31, 2024, as calculated on the attached Supplemental Schedule.

Conference call information:

We will hold a conference call for investors and analysts at 10:00 a.m. eastern time on February 27, 2025. 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 2024 were $15.828 billion. UHS ranked #299 on the Fortune 500; and #399 on Forbes' list of America's Largest Public Companies. In 2025, 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 99,000 employees and, through its subsidiaries, operates 28 inpatient acute care hospitals, 331 inpatient behavioral health facilities, 60 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 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2024), 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. In addition, we receive substantial reimbursement from multiple states in connection with various supplemental Medicaid payment programs. Failure to renew these programs beyond their scheduled termination dates, failure of the public hospitals to provide the necessary Inter-Governmental Transfers for the states' share of the Medicaid disproportionate share hospital programs, failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs, the adoption of certain proposed reductions of federal funding for Medicaid, or reductions in other reimbursements, could cause our actual results of operations for the year ended December 31, 2025 to differ materially from our 2025 operating results forecast.
• The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, although interest rates have moderated more recently, the effects of increased borrowing rates have adversely impacted our results of operations, financial condition and cash flows. We cannot predict future changes to interest rates, however, significant increases in our borrowing rates could have a material unfavorable impact on our future results of operations and our ability to access the capital markets on favorable terms;
• The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the matters related to Cumberland Hospital for Children and Adolescents, located in New Kent, Virginia, as previously disclosed on Form 8-K on September 30, 2024, Form 10-Q for the quarterly period ended September 30, 2024 and Form 10-K for the year ended December 31, 2024; and the matter related to the Pavilion Behavioral Health System, located in Champaign, Illinois, as previously disclosed on Forms 8-K on April 1, 2024, September 30, 2024 and October 11, 2024, Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024 and Form 10-K for the year ended December 31, 2024. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could 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, net of the impact of executive compensation limitations pursuant to IRC section 162(m), 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-K for the year ended December 31, 2024. 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,
	2024		2023		2024		2023
Net revenues	$4,113,722		$3,703,546		$15,827,935		$14,281,976
Operating charges:
Salaries, wages and benefits	1,907,383		1,799,008		7,518,687		7,107,484
Other operating expenses	1,142,901		998,732		4,308,384		3,757,216
Supplies expense	405,900		393,878		1,587,786		1,532,828
Depreciation and amortization	146,781		145,481		584,831		568,041
Lease and rental expense	38,268		35,251		146,433		141,026
	3,641,233		3,372,350		14,146,121		13,106,595
Income from operations	472,489		331,196		1,681,814		1,175,381
Interest expense, net	39,724		53,589		186,109		206,674
Other (income) expense, net	(5,546)		(3,516)		(2,231)		28,281
Income before income taxes	438,311		281,123		1,497,936		940,426
Provision for income taxes	101,264		61,501		334,827		221,119
Net income	337,047		219,622		1,163,109		719,307
Less:  Net income (loss) attributable to
noncontrolling interests ("NCI")	4,650		3,244		21,012		1,512
Net income attributable to UHS	$332,397		$216,378		$1,142,097		$717,795
Basic earnings per share attributable to UHS (a)	$5.07		$3.19		$17.16		$10.35
Diluted earnings per share attributable to UHS (a)	$4.96		$3.16		$16.82		$10.23

 

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,
	2024		2023		2024		2023
Basic and diluted:
Net income attributable to UHS	$332,397		$216,378		$1,142,097		$717,795
Less: Net income attributable to unvested restricted share grants	0		(66)		(50)		(308)
Net income attributable to UHS - basic and diluted	$332,397		$216,312		$1,142,047		$717,487
Weighted average number of common shares - basic	65,597		67,809		66,554		69,321
Basic earnings per share attributable to UHS:	$5.07		$3.19		$17.16		$10.35
Weighted average number of common shares	65,597		67,809		66,554		69,321
Add: Other share equivalents	1,477		741		1,342		804
Weighted average number of common shares and equiv. - diluted	67,074		68,550		67,896		70,125
Diluted earnings per share attributable to UHS:	$4.96		$3.16		$16.82		$10.23

 

Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Three Months ended December 31, 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
	December 31, 2024		revenues		December 31, 2023		revenues
Net income attributable to UHS	$332,397				$216,378
Depreciation and amortization	146,781				145,481
Interest expense, net	39,724				53,589
Provision for income taxes	101,264				61,501
EBITDA net of NCI	$620,166		15.1 %		$476,949		12.9 %
Other (income) expense, net	(5,546)				(3,516)
Adjusted EBITDA net of NCI	$614,620		14.9 %		$473,433		12.8 %
Net revenues	$4,113,722				$3,703,546
Calculation of Adjusted Net Income Attributable to UHS
	Three months ended				Three months ended
	December 31, 2024				December 31, 2023
			Per				Per
	Amount		Diluted Share		Amount		Diluted Share
Net income attributable to UHS	$332,397		$4.96		$216,378		$3.16
Plus/minus after-tax adjustments:
Unrealized gain on equity securities	(2,053)		(0.03)		(1,470)		(0.03)
Impact of ASU 2016-09, net	(407)		(0.01)		-		-
Subtotal adjustments	(2,460)		(0.04)		(1,470)		(0.03)
Adjusted net income attributable to UHS	$329,937		$4.92		$214,908		$3.13

 

Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Twelve Months ended December 31, 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")
	Twelve months ended		% Net		Twelve months ended		% Net
	December 31, 2024		revenues		December 31, 2023		revenues
Net income attributable to UHS	$1,142,097				$717,795
Depreciation and amortization	584,831				568,041
Interest expense, net	186,109				206,674
Provision for income taxes	334,827				221,119
EBITDA net of NCI	$2,247,864		14.2 %		$1,713,629		12.0 %
Other (income) expense, net	(2,231)				28,281
Adjusted EBITDA net of NCI	$2,245,633		14.2 %		$1,741,910		12.2 %
Net revenues	$15,827,935				$14,281,976
Calculation of Adjusted Net Income Attributable to UHS
	Twelve months ended				Twelve months ended
	December 31, 2024				December 31, 2023
			Per				Per
	Amount		Diluted Share		Amount		Diluted Share
Net income attributable to UHS	$1,142,097		$16.82		$717,795		$10.23
Plus/minus after-tax adjustments:
Unrealized loss on equity securities	1,985		0.03		21,570		0.31
Impact of ASU 2016-09, net	(15,947)		(0.24)		-		-
Subtotal adjustments	(13,962)		(0.21)		21,570		0.31
Adjusted net income attributable to UHS	$1,128,135		$16.61		$739,365		$10.54

 

Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
			December 31,			December 31,
			2024			2023
Assets
Current assets:
Cash and cash equivalents		$	125,983		$	119,439
Accounts receivable, net			2,177,751			2,238,265
Supplies			220,940			216,988
Other current assets			291,614			236,658
Total current assets			2,816,288			2,811,350
Property and equipment			12,643,283			11,777,047
Less: accumulated depreciation			(6,071,058)			(5,652,518)
			6,572,225			6,124,529
Other assets:
Goodwill			3,932,879			3,932,407
Deferred income taxes			118,449			85,626
Right of use assets-operating leases			418,719			433,962
Deferred charges			9,404			6,974
Other			601,785			572,754
Total Assets		$	14,469,749		$	13,967,602
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt		$	40,059		$	126,686
Accounts payable and other liabilities			2,081,479			1,813,015
Operating lease liabilities			74,649			71,600
Federal and state taxes			14,219			2,046
Total current liabilities			2,210,406			2,013,347
Other noncurrent liabilities			655,806			584,007
Operating lease liabilities noncurrent			376,239			382,559
Long-term debt			4,464,482			4,785,783
Redeemable noncontrolling interest			13,293			5,191
UHS common stockholders' equity			6,666,207			6,149,001
Noncontrolling interest			83,316			47,714
Total equity			6,749,523			6,196,715
Total Liabilities and Stockholders' Equity		$	14,469,749		$	13,967,602

 

Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Twelve months
	ended December 31,
	2024		2023
Cash Flows from Operating Activities:
Net income	$1,163,109		$719,307
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation & amortization	584,831		568,041
Gains on sales of assets and businesses	(9,920)		(6,250)
Stock-based compensation expense	99,349		87,720
Costs related to extinguishment of debt	3,158		0
Changes in assets & liabilities, net of effects from
acquisitions and dispositions:
Accounts receivable	67,355		(182,444)
Accrued interest	12,814		1,193
Accrued and deferred income taxes	12,651		(43,450)
Other working capital accounts	61,897		(32,321)
Deferred grant revenue	0		2,978
Other assets and deferred charges	(12,163)		48,517
Other	21,811		39,133
Accrued insurance expense, net of commercial premiums paid	254,394		183,462
Payments made in settlement of self-insurance claims	(192,185)		(118,089)
Net cash provided by operating activities	2,067,101		1,267,797
Cash Flows from Investing Activities:
Property and equipment additions	(943,810)		(743,055)
Acquisition of businesses and property	(18,998)		(3,728)
Inflows (outflows) from foreign exchange contracts that hedge our net U.K. investment	12,860		(40,695)
Proceeds received from sales of assets and businesses	38,563		24,187
Decrease in capital reserves of commercial insurance subsidiary	276		16
Net cash used in investing activities	(911,109)		(763,275)
Cash Flows from Financing Activities:
Repayments of long-term debt	(2,640,001)		(85,480)
Additional borrowings	2,210,248		185,100
Financing costs	(12,566)		(308)
Repurchase of common shares	(670,754)		(547,363)
Dividends paid	(53,346)		(55,480)
Issuance of common stock	15,070		13,654
Profit distributions to noncontrolling interests	(6,508)		(6,830)
Sale of ownership interests to minority members	12,980		2,762
Net cash used in financing activities	(1,144,877)		(493,945)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(833)		3,056
Increase in cash, cash equivalents and restricted cash	10,282		13,633
Cash, cash equivalents and restricted cash, beginning of period	214,470		200,837
Cash, cash equivalents and restricted cash, end of period	$224,752		$214,470
Supplemental Disclosures of Cash Flow Information:
Interest paid	$168,274		$200,446
Income taxes paid, net of refunds	$325,430		$257,896
Noncash purchases of property and equipment	$118,109		$66,899

 

Universal Health Services, Inc.
Supplemental Statistical Information
(unaudited)
							% Change		% Change
							3 Months ended		12 Months ended
Same Facility:							12/31/2024		12/31/2024
Acute Care Hospitals
Revenues							8.7 %		8.5 %
Adjusted Admissions							2.2 %		2.9 %
Adjusted Patient Days							0.1 %		1.8 %
Revenue Per Adjusted Admission							5.3 %		5.1 %
Revenue Per Adjusted Patient Day							7.5 %		6.3 %
Behavioral Health Hospitals
Revenues							11.1 %		10.7 %
Adjusted Admissions							2.0 %		0.7 %
Adjusted Patient Days							1.6 %		1.7 %
Revenue Per Adjusted Admission							8.7 %		9.8 %
Revenue Per Adjusted Patient Day							9.1 %		8.8 %
UHS Consolidated			Fourth Quarter Ended				Twelve Months Ended
			12/31/2024		12/31/2023		12/31/2024		12/31/2023
Revenues			$4,113,722		$3,703,546		$15,827,935		$14,281,976
EBITDA net of NCI			$620,166		$476,949		$2,247,864		$1,713,629
EBITDA Margin net of NCI			15.1 %		12.9 %		14.2 %		12.0 %
Adjusted EBITDA net of NCI			$614,620		$473,433		$2,245,633		$1,741,910
Adjusted EBITDA Margin net of NCI			14.9 %		12.8 %		14.2 %		12.2 %
Cash Flow From Operations			$658,437		$452,431		$2,067,101		$1,267,797
Capital Expenditures			$245,945		$206,390		$943,810		$743,055
Days Sales Outstanding							50		57
Debt							$4,504,541		$4,912,469
UHS' Shareholders Equity							$6,666,207		$6,149,001
Debt / Total Capitalization							40.3 %		44.4 %
Debt / EBITDA net of NCI (1)							2.00		2.87
Debt / Adjusted EBITDA net of NCI (1)							2.01		2.82
Debt / Cash From Operations (1)							2.18		3.87

(1) Latest 4 quarters.

 

Universal Health Services, Inc.
Acute Care Hospital Services
For the Three and Twelve months ended
December 31, 2024 and 2023
(in thousands)
(unaudited)
Same Facility Basis - Acute Care Hospital Services
		Three months ended				Three months ended				Twelve months ended				Twelve months ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues
Net revenues		$2,210,767		100.0 %		$2,034,152		100.0 %		$8,565,845		100.0 %		$7,892,167		100.0 %
Operating charges:
Salaries, wages and benefits		893,101		40.4 %		870,680		42.8 %		3,502,645		40.9 %		3,387,843		42.9 %
Other operating expenses		623,513		28.2 %		559,985		27.5 %		2,378,512		27.8 %		2,164,069		27.4 %
Supplies expense		347,034		15.7 %		338,815		16.7 %		1,358,636		15.9 %		1,315,527		16.7 %
Depreciation and amortization		86,845		3.9 %		93,421		4.6 %		364,907		4.3 %		367,067		4.7 %
Lease and rental expense		26,422		1.2 %		23,970		1.2 %		98,730		1.2 %		96,429		1.2 %
Subtotal-operating expenses		1,976,915		89.4 %		1,886,871		92.8 %		7,703,430		89.9 %		7,330,935		92.9 %
Income from operations		233,852		10.6 %		147,281		7.2 %		862,415		10.1 %		561,232		7.1 %
Interest expense, net		2,976		0.1 %		(643)		(0.0) %		6,339		0.1 %		(2,501)		(0.0) %
Other (income) expense, net		(775)		(0.0) %		1,277		0.1 %		(2,123)		(0.0) %		7,000		0.1 %
Income before income taxes		$231,651		10.5 %		$146,647		7.2 %		$858,199		10.0 %		$556,733		7.1 %
All Acute Care Hospital Services
		Three months ended				Three months ended				Twelve months ended				Twelve months ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues
Net revenues		$2,318,320		100.0 %		$2,087,503		100.0 %		$8,922,327		100.0 %		$8,081,402		100.0 %
Operating charges:
Salaries, wages and benefits		899,241		38.8 %		871,182		41.7 %		3,511,359		39.4 %		3,406,060		42.1 %
Other operating expenses		734,189		31.7 %		615,810		29.5 %		2,743,420		30.7 %		2,347,560		29.0 %
Supplies expense		348,551		15.0 %		338,732		16.2 %		1,360,011		15.2 %		1,317,917		16.3 %
Depreciation and amortization		89,048		3.8 %		93,479		4.5 %		368,096		4.1 %		367,644		4.5 %
Lease and rental expense		26,422		1.1 %		23,960		1.1 %		99,060		1.1 %		96,589		1.2 %
Subtotal-operating expenses		2,097,451		90.5 %		1,943,163		93.1 %		8,081,946		90.6 %		7,535,770		93.2 %
Income from operations		220,869		9.5 %		144,340		6.9 %		840,381		9.4 %		545,632		6.8 %
Interest expense, net		2,976		0.1 %		(643)		(0.0) %		6,339		0.1 %		(2,501)		(0.0) %
Other (income) expense, net		(951)		(0.0) %		867		0.0 %		(1,305)		(0.0) %		7,788		0.1 %
Income before income taxes		$218,844		9.4 %		$144,116		6.9 %		$835,347		9.4 %		$540,345		6.7 %

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, 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 Twelve months ended
December 31, 2024 and 2023
(in thousands)
(unaudited)
Same Facility - Behavioral Health Care Services
		Three months ended				Three months ended				Twelve months ended				Twelve months ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues
Net revenues		$1,727,857		100.0 %		$1,555,700		100.0 %		$6,700,469		100.0 %		$6,050,491		100.0 %
Operating charges:
Salaries, wages and benefits		911,047		52.7 %		851,507		54.7 %		3,590,985		53.6 %		3,346,357		55.3 %
Other operating expenses		328,339		19.0 %		299,035		19.2 %		1,262,446		18.8 %		1,168,806		19.3 %
Supplies expense		58,201		3.4 %		55,509		3.6 %		229,795		3.4 %		216,880		3.6 %
Depreciation and amortization		55,050		3.2 %		48,879		3.1 %		204,144		3.0 %		188,237		3.1 %
Lease and rental expense		11,560		0.7 %		11,135		0.7 %		46,468		0.7 %		43,819		0.7 %
Subtotal-operating expenses		1,364,197		79.0 %		1,266,065		81.4 %		5,333,838		79.6 %		4,964,099		82.0 %
Income from operations		363,660		21.0 %		289,635		18.6 %		1,366,631		20.4 %		1,086,392		18.0 %
Interest expense, net		951		0.1 %		1,102		0.1 %		4,027		0.1 %		4,557		0.1 %
Other (income) expense, net		(1,139)		(0.1) %		(1,132)		(0.1) %		(3,480)		(0.1) %		(3,426)		(0.1) %
Income before income taxes		$363,848		21.1 %		$289,665		18.6 %		$1,366,084		20.4 %		$1,085,261		17.9 %
All Behavioral Health Care Services
		Three months ended				Three months ended				Twelve months ended				Twelve months ended
		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues		Amount		% of Net Revenues
Net revenues		$1,792,761		100.0 %		$1,615,543		100.0 %		$6,895,051		100.0 %		$6,190,921		100.0 %
Operating charges:
Salaries, wages and benefits		913,005		50.9 %		854,670		52.9 %		3,603,123		52.3 %		3,353,008		54.2 %
Other operating expenses		393,496		21.9 %		353,353		21.9 %		1,447,503		21.0 %		1,303,311		21.1 %
Supplies expense		58,243		3.2 %		55,713		3.4 %		230,274		3.3 %		217,310		3.5 %
Depreciation and amortization		55,413		3.1 %		49,180		3.0 %		206,362		3.0 %		189,297		3.1 %
Lease and rental expense		11,751		0.7 %		11,194		0.7 %		46,986		0.7 %		44,028		0.7 %
Subtotal-operating expenses		1,431,908		79.9 %		1,324,110		82.0 %		5,534,248		80.3 %		5,106,954		82.5 %
Income from operations		360,853		20.1 %		291,433		18.0 %		1,360,803		19.7 %		1,083,967		17.5 %
Interest expense, net		951		0.1 %		1,102		0.1 %		4,027		0.1 %		4,558		0.1 %
Other (income) expense, net		(1,139)		(0.1) %		(1,132)		(0.1) %		(3,547)		(0.1) %		(4,271)		(0.1) %
Income before income taxes		$361,041		20.1 %		$291,463		18.0 %		$1,360,323		19.7 %		$1,083,680		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, 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
December 31, 2024 and 2023
(unaudited)
AS REPORTED:
		ACUTE						BEHAVIORAL HEALTH
		12/31/24		12/31/23		%  change		12/31/24		12/31/23		%  change
Hospitals owned and leased		28		27		3.7 %		331		333		-0.6 %
Average licensed beds		6,707		6,674		0.5 %		24,220		24,285		-0.3 %
Average available beds		6,535		6,502		0.5 %		24,120		24,185		-0.3 %
Patient days		402,288		403,117		-0.2 %		1,588,205		1,575,040		0.8 %
Average daily census		4,372.7		4,381.7		-0.2 %		17,263.1		17,120.0		0.8 %
Occupancy-licensed beds		65.2 %		65.7 %		-0.7 %		71.3 %		70.5 %		1.1 %
Occupancy-available beds		66.9 %		67.4 %		-0.7 %		71.6 %		70.8 %		1.1 %
Admissions		84,245		82,918		1.6 %		115,435		113,604		1.6 %
Length of stay		4.8		4.9		-1.8 %		13.8		13.9		-0.8 %
Inpatient revenue		$12,488,383		$11,408,639		9.5 %		$2,754,078		$2,647,158		4.0 %
Outpatient revenue		8,645,327		7,566,625		14.3 %		285,076		275,128		3.6 %
Total patient revenue		21,133,710		18,975,264		11.4 %		3,039,154		2,922,286		4.0 %
Other revenue		251,226		234,117		7.3 %		83,795		83,153		0.8 %
Gross revenue		21,384,936		19,209,381		11.3 %		3,122,949		3,005,439		3.9 %
Total deductions		19,066,616		17,121,878		11.4 %		1,330,188		1,389,896		-4.3 %
Net revenue		$2,318,320		$2,087,503		11.1 %		$1,792,761		$1,615,543		11.0 %
SAME FACILITY:
		ACUTE						BEHAVIORAL HEALTH
		12/31/24		12/31/23		%  change		12/31/24		12/31/23		%  change
Hospitals owned and leased		27		27		0.0 %		330		330		0.0 %
Average licensed beds		6,657		6,674		-0.3 %		24,094		23,821		1.1 %
Average available beds		6,485		6,502		-0.3 %		23,994		23,721		1.2 %
Patient days		401,166		403,107		-0.5 %		1,578,242		1,550,485		1.8 %
Average daily census		4,360.5		4,381.6		-0.5 %		17,154.8		16,853.1		1.8 %
Occupancy-licensed beds		65.5 %		65.7 %		-0.2 %		71.2 %		70.7 %		0.6 %
Occupancy-available beds		67.2 %		67.4 %		-0.2 %		71.5 %		71.0 %		0.6 %
Admissions		83,943		82,918		1.2 %		114,684		112,232		2.2 %
Length of stay		4.8		4.9		-1.7 %		13.8		13.8		-0.4 %

 

Universal Health Services, Inc.
Selected Hospital Statistics
For the Twelve Months ended
December 31, 2024 and 2023
(unaudited)
AS REPORTED:
		ACUTE						BEHAVIORAL HEALTH
		12/31/24		12/31/23		%  change		12/31/24		12/31/23		%  change
Hospitals owned and leased		28		27		3.7 %		331		333		-0.6 %
Average licensed beds		6,670		6,691		-0.3 %		24,367		24,224		0.6 %
Average available beds		6,498		6,519		-0.3 %		24,280		24,124		0.6 %
Patient days		1,601,579		1,576,074		1.6 %		6,446,651		6,336,927		1.7 %
Average daily census		4,375.9		4,318.0		1.3 %		17,613.8		17,361.4		1.5 %
Occupancy-licensed beds		65.6 %		64.5 %		1.7 %		72.3 %		71.7 %		0.9 %
Occupancy-available beds		67.3 %		66.2 %		1.7 %		72.5 %		72.0 %		0.8 %
Admissions		331,415		322,218		2.9 %		476,584		472,307		0.9 %
Length of stay		4.8		4.9		-1.9 %		13.5		13.4		0.6 %
Inpatient revenue		$50,010,778		$44,687,035		11.9 %		$11,129,548		$10,648,996		4.5 %
Outpatient revenue		34,198,778		29,858,874		14.5 %		1,118,336		1,087,595		2.8 %
Total patient revenue		84,209,556		74,545,909		13.0 %		12,247,884		11,736,591		4.4 %
Other revenue		998,650		948,994		5.2 %		330,977		303,546		9.0 %
Gross revenue		85,208,206		75,494,903		12.9 %		12,578,861		12,040,137		4.5 %
Total deductions		76,285,879		67,413,501		13.2 %		5,683,810		5,849,216		-2.8 %
Net revenue		$8,922,327		$8,081,402		10.4 %		$6,895,051		$6,190,921		11.4 %
SAME FACILITY:
		ACUTE						BEHAVIORAL HEALTH
		12/31/24		12/31/23		%  change		12/31/24		12/31/23		%  change
Hospitals owned and leased		27		27		0.0 %		330		330		0.0 %
Average licensed beds		6,657		6,644		0.2 %		24,165		24,000		0.7 %
Average available beds		6,485		6,472		0.2 %		24,065		23,900		0.7 %
Patient days		1,600,445		1,569,792		2.0 %		6,397,790		6,277,015		1.9 %
Average daily census		4,372.8		4,300.8		1.7 %		17,480.3		17,197.3		1.6 %
Occupancy-licensed beds		65.7 %		64.7 %		1.5 %		72.3 %		71.7 %		1.0 %
Occupancy-available beds		67.4 %		66.5 %		1.5 %		72.6 %		72.0 %		0.9 %
Admissions		331,113		321,155		3.1 %		472,798		468,260		1.0 %
Length of stay		4.8		4.9		-2.0 %		13.5		13.4		0.7 %

 

Universal Health Services, Inc.
Supplemental Non-GAAP Disclosures
2025 Operating Results Forecast
(in thousands, except per share amounts)
			Forecast For The Year Ending December 31, 2025
					% Net				% Net
			Low		revenues		High		revenues
Net revenues			$17,020,000				$17,364,000
Net income attributable to UHS (a)			$1,199,798				$1,297,005
Depreciation and amortization			639,574				639,574
Interest expense			150,253				150,253
Other (income) expense, net			(9,902)				(9,902)
Provision for income taxes			376,809				407,338
Adjusted EBITDA net of NCI (b)			$2,356,532		13.8 %		$2,484,268		14.3 %
Net income attributable to UHS, per diluted share (a)			$18.45				$19.95
Shares used in computing diluted earnings per share			65,017				65,017

(a) 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, the impact of ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m), and other potential material items 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, other amounts that may be reflected in the current or prior year 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 UHS's revenue growth in Q4 2024 compared to Q4 2023?

UHS's revenue grew 11.1% to $4.114 billion in Q4 2024 compared to $3.704 billion in Q4 2023.

How much did UHS spend on share repurchases in 2024?

UHS spent approximately $598.5 million to repurchase 2.98 million shares at an average price of $201 per share in 2024.

What is UHS's revenue forecast for 2025?

UHS forecasts 2025 revenues between $17.020-17.364 billion, representing 7.5-9.7% growth over 2024.

How did UHS's behavioral health services perform in Q4 2024?

Behavioral health services saw a 2.0% increase in adjusted admissions and 11.1% growth in net revenues on a same facility basis.

What was UHS's full-year net income for 2024?

UHS reported full-year 2024 net income of $1.142 billion or $16.82 per diluted share.