UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES 2024 SECOND QUARTER FINANCIAL RESULTS, INCREASES 2024 FULL YEAR OPERATING RESULTS FORECAST AND ANNOUNCES $1 BILLION INCREASE TO STOCK REPURCHASE PROGRAM AUTHORIZATION
Universal Health Services (NYSE: UHS) reported strong Q2 2024 financial results, with net income rising to $289.2 million ($4.26 per diluted share) compared to $171.3 million in Q2 2023. Net revenues increased by 10.1% to $3.908 billion. The company's adjusted net income was $292.6 million ($4.31 per diluted share), up from $179.4 million in Q2 2023. UHS also announced a $1 billion increase to its stock repurchase program authorization.
Based on strong performance, UHS increased its 2024 full-year forecast. Revised projections include net revenues of $15.565-$15.753 billion, adjusted EBITDA of $2.154-$2.226 billion, and adjusted EPS of $15.40-$16.20 per share. These figures represent significant increases from the original forecast, reflecting the company's positive outlook.
Universal Health Services (NYSE: UHS) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un utile netto che è salito a 289,2 milioni di dollari (4,26 dollari per azione diluita) rispetto ai 171,3 milioni di dollari del secondo trimestre del 2023. Le entrate nette sono aumentate del 10,1% per raggiungere 3,908 miliardi di dollari. L'utile netto rettificato dell'azienda è stato di 292,6 milioni di dollari (4,31 dollari per azione diluita), in crescita rispetto ai 179,4 milioni di dollari nel secondo trimestre del 2023. UHS ha inoltre annunciato un aumento di 1 miliardo di dollari nella sua autorizzazione per il programma di riacquisto azionario.
Grazie a una performance robusta, UHS ha aumentato le previsioni per l'intero anno 2024. Le proiezioni riviste includono entrate nette comprese tra 15,565 e 15,753 miliardi di dollari, EBITDA rettificato tra 2,154 e 2,226 miliardi di dollari e utili per azione rettificati tra 15,40 e 16,20 dollari per azione. Queste cifre rappresentano aumenti significativi rispetto alle previsioni originali, riflettendo l'ottimismo dell'azienda.
Universal Health Services (NYSE: UHS) reportó resultados financieros sólidos en el segundo trimestre de 2024, con un ingreso neto que aumentó a 289,2 millones de dólares (4,26 dólares por acción diluida) en comparación con 171,3 millones de dólares en el segundo trimestre de 2023. Los ingresos netos incrementaron un 10,1% alcanzando 3,908 miles de millones de dólares. El ingreso neto ajustado de la compañía fue de 292,6 millones de dólares (4,31 dólares por acción diluida), un aumento desde los 179,4 millones de dólares en el segundo trimestre de 2023. UHS también anunció un aumento de 1 mil millones de dólares en la autorización de su programa de recompra de acciones.
Basado en un desempeño sólido, UHS incrementó su pronóstico para el año completo 2024. Las proyecciones revisadas incluyen ingresos netos de 15,565 a 15,753 miles de millones de dólares, EBITDA ajustado de 2,154 a 2,226 miles de millones de dólares y EPS ajustado de 15,40 a 16,20 dólares por acción. Estas cifras representan aumentos significativos respecto al pronóstico original, reflejando la perspectiva positiva de la compañía.
유니버설 헬스 서비스(뉴욕 증권거래소: UHS)는 2024년 2분기 재무 실적이 강력하다고 보고했습니다. 순이익이 2억 8,920만 달러로 증가했습니다 (희석 주당 4.26 달러) 2023년 2분기의 1억 7,130만 달러와 비교됩니다. 순매출이 10.1% 증가하여 39.08억 달러에 달했습니다. 회사의 조정된 순이익은 2억 9,260만 달러(희석 주당 4.31 달러)로, 2023년 2분기의 1억 7,940만 달러에서 증가했습니다. UHS는 또한 자사주 매입 프로그램의 승인 금액을 10억 달러 늘렸습니다.
UHS는 강력한 성과를 바탕으로 2024년 전체 연도 전망을 증가시켰습니다. 수정된 예측에는 155.65억에서 157.53억 달러의 순 매출, 21.54억에서 22.26억 달러의 조정 EBITDA, 주당 15.40에서 16.20 달러의 조정 EPS가 포함되어 있습니다. 이 수치는 원래 예측에 비해 상당한 증가를 나타내며 회사의 긍정적인 전망을 반영합니다.
Universal Health Services (NYSE: UHS) a déclaré des résultats financiers solides pour le deuxième trimestre de 2024, avec un bénéfice net augmentant à 289,2 millions de dollars (4,26 dollars par action diluée) contre 171,3 millions de dollars au deuxième trimestre de 2023. Les revenus nets ont augmenté de 10,1 % pour atteindre 3,908 milliards de dollars. Le bénéfice net ajusté de l'entreprise était de 292,6 millions de dollars (4,31 dollars par action diluée), en hausse par rapport à 179,4 millions de dollars au deuxième trimestre de 2023. UHS a également annoncé une augmentation de 1 milliard de dollars de son autorisation de programme de rachat d'actions.
Sur la base de cette forte performance, UHS a révisé à la hausse ses prévisions pour l'année 2024. Les projections révisées comprennent des revenus nets de 15,565 à 15,753 milliards de dollars, un EBITDA ajusté de 2,154 à 2,226 milliards de dollars et un BPA ajusté de 15,40 à 16,20 dollars par action. Ces chiffres représentent des augmentations significatives par rapport aux prévisions initiales, reflétant l'optimisme de l'entreprise.
Universal Health Services (NYSE: UHS) hat im zweiten Quartal 2024 starke finanzielle Ergebnisse berichtet, mit einem Nettogewinn von 289,2 Millionen Dollar (4,26 Dollar pro verwässerter Aktie) im Vergleich zu 171,3 Millionen Dollar im zweiten Quartal 2023. Die Nettoumsätze stiegen um 10,1% auf 3,908 Milliarden Dollar. Der angepasste Nettogewinn des Unternehmens betrug 292,6 Millionen Dollar (4,31 Dollar pro verwässerter Aktie), ein Anstieg von 179,4 Millionen Dollar im zweiten Quartal 2023. UHS kündigte außerdem eine Erhöhung des Rückkaufprogramms um 1 Milliarde Dollar an.
Basierend auf einer starken Leistung hat UHS die Prognose für das Gesamtjahr 2024 angehoben. Die überarbeiteten Prognosen umfassen Nettoumsätze von 15,565 bis 15,753 Milliarden Dollar, bereinigtes EBITDA von 2,154 bis 2,226 Milliarden Dollar und bereinigte EPS von 15,40 bis 16,20 Dollar pro Aktie. Diese Zahlen stellen signifikante Erhöhungen im Vergleich zur ursprünglichen Prognose dar und spiegeln den positiven Ausblick des Unternehmens wider.
- Net income increased by 68.8% to $289.2 million in Q2 2024
- Net revenues grew by 10.1% to $3.908 billion in Q2 2024
- Adjusted net income rose to $292.6 million, a 63.1% increase
- $1 billion increase to stock repurchase program authorization
- Upward revision of 2024 full-year forecast for revenues, EBITDA, and EPS
- Acute care same-facility adjusted admissions increased by 3.4% in Q2
- Behavioral health care same-facility net revenues increased by 11.0% in Q2
- Net cash provided by operating activities increased by $422 million to $1.076 billion in H1 2024
- Behavioral health care same-facility adjusted admissions decreased by 0.4% in Q2
Insights
Universal Health Services (UHS) has delivered a strong financial performance in Q2 2024, significantly outpacing the same period last year. The company's net income attributable to UHS jumped by 68.8% to
The adjusted EBITDA margin improved from
UHS's acute care and behavioral health segments both showed robust growth. The acute care segment saw a
The company's strong cash flow position is evident from the
Based on these strong results, UHS has revised its 2024 full-year forecast upwards. The company now expects adjusted EPS of
Overall, UHS's Q2 2024 results and improved outlook paint a picture of a company that has successfully navigated recent challenges and is well-positioned for continued growth.
UHS's Q2 2024 results reveal several interesting trends in the healthcare sector. The company's ability to increase revenue and profitability in both its acute care and behavioral health segments suggests a broader recovery in healthcare utilization rates.
In the acute care segment, the
The behavioral health segment's performance is particularly noteworthy. Despite a slight decrease in admissions, the substantial
The expanded state directed payment program in Washington and additional net reimbursements from an existing supplemental Medicaid program in Idaho highlight the evolving landscape of healthcare funding. These programs, contributing
UHS's improved performance and optimistic outlook may also signal a broader trend of financial recovery in the healthcare sector. As the industry continues to adapt to post-pandemic realities, we may see similar improvements from other healthcare providers.
However, it's important to note that challenges remain. The ongoing nursing shortage and inflationary pressures on wages and supplies are not explicitly addressed in this report. These factors could potentially impact margins in future quarters if not effectively managed.
Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended June 30, 2024 and 2023:
As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the second quarter of 2024 was
Included in our reported and adjusted net income attributable to UHS during the second quarter of 2024, were net incremental reimbursements (net of related provider taxes) aggregating to approximately
As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2024 were: (i) an unrealized after-tax loss of
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 – Six-month periods ended June 30, 2024 and 2023:
Reported net income attributable to UHS was
As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the first six months of 2024 was
As reflected on the Supplemental Schedule, included in our reported results during the first six months of 2024 were: (i) an unrealized after-tax loss of
As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was
Acute Care Services – Three and six-month periods ended June 30, 2024 and 2023:
During the second quarter of 2024, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by
During the six-month period ended June 30, 2024, at our acute care hospitals on a same facility basis, adjusted admissions increased by
Behavioral Health Care Services – Three and six-month periods ended June 30, 2024 and 2023:
During the second quarter of 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by
During the six-month period ended June 30, 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by
Net Cash Provided by Operating Activities and Liquidity:
Net Cash Provided by Operating Activities:
During the six-month period ended June 30, 2024, our net cash provided by operating activities was
Liquidity:
As of June 30, 2024, we had
Increased Authorization to Stock Repurchase Program:
On July 24, 2024, our Board of Directors authorized a
During the second quarter of 2024, we have repurchased 373,000 shares at an aggregate cost of approximately
Revised 2024 Operating Results Forecasts:
Based upon the operating trends and financial results experienced during the first six months of 2024, as indicated on the Revised Forecast table below, we are increasing our operating results forecast range for consolidated net revenues; adjusted earnings before interest, taxes, depreciation & amortization, and the impacts of other income/expense and net income attributable to noncontrolling interests ("Adjusted EBITDA, net of NCI"), and adjusted net income attributable to UHS per diluted share ("Adjusted EPS-diluted") for the year ended December 31, 2024.
The tables below include our revised full year 2024 operating results forecasts as well as our original 2024 operating results forecast, which was previously disclosed on February 27, 2024.
Revised Forecast | Original Forecast | ||||
For the Year Ended | For the Year Ended | ||||
December 31, 2024 | December 31, 2024 | ||||
Low | High | Low | High | ||
Net revenues | |||||
Adjusted EBITDA, net of NCI | |||||
Adjusted EPS – diluted |
- Our revised 2024 forecasted net revenues are estimated to be approximately
to$15.56 5 billion , representing increases of$15.75 3 billion1.0% to0.3% over our original 2024 forecasted net revenues. - Our revised 2024 forecasted Adjusted EBITDA, net of NCI, is estimated to be approximately
to$2.15 4 billion , representing increases of$2.22 6 billion11.5% to10.3% over our original 2024 forecasted Adjusted EBITDA, net of NCI. - Our revised 2024 forecasted Adjusted EPS-diluted is estimated to be
per share to$15.40 per share, representing increases of$16.20 18.5% to15.7% over our original 2024 forecasted Adjusted EPS-diluted.
Our 2024 forecasted range of net income attributable to UHS, and EPS-diluted, exclude certain items as described below because we do not believe we can forecast those items with sufficient accuracy. Adjusted EBITDA net of NCI, is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of our operating performance. Please see the Supplemental Non-GAAP Disclosures - 2024 Revised Operating Results Forecast schedule as included herein for additional information and a reconciliation of our 2024 revised forecasted range of net income attributable to UHS to our 2024 revised forecasted range of Adjusted EBITDA net of NCI.
The revised 2024 forecasted amounts exclude the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, and other potential material items including, but not limited to, reserves for various matters including settlements, legal judgments and lawsuits, potential impacts of non-ordinary course acquisitions, divestitures, joint ventures or other strategic transactions, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets, other amounts that may be reflected in the current financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. It is also subject to certain conditions including those as set forth below in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures.
Conference call information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on July 25, 2024. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link.
Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call.
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues during 2023 were
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
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarter ended March 31, 2024 and in Item 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2023), may cause the results to differ materially from those anticipated in the forward-looking statements. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to:
- A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs, if adopted, could materially affect program payments which could materially impact our results of operations.
- The increase in interest rates has substantially increased our borrowings costs and reduced our ability to access the capital markets on favorable terms. Additional increases in interest rates could have a significant unfavorable impact on our future results of operations and the resulting effect on the capital markets could adversely affect our ability to carry out our strategy.
- The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the March 28, 2024, jury award (of compensatory damages of
and punitive damages of$60 million ) against The Pavilion Behavioral Health System (the "Pavilion), an indirect subsidiary of the Company, as previously disclosed on Form 8-K, as filed with the Securities and Exchange Commission on April 1, 2024. While the Pavilion has professional liability insurance to cover a portion of these amounts, the resolution of this matter may have a material adverse effect on the Company.$475 million
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
Universal Health Services, Inc. | |||||||
Consolidated Statements of Income | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Three months | Six months | ||||||
ended June 30, | ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net revenues | |||||||
Operating charges: | |||||||
Salaries, wages and benefits | 1,856,372 | 1,770,271 | 3,698,996 | 3,523,606 | |||
Other operating expenses | 1,043,116 | 938,314 | 2,075,286 | 1,817,265 | |||
Supplies expense | 388,063 | 380,294 | 791,636 | 760,283 | |||
Depreciation and amortization | 147,480 | 143,744 | 288,483 | 285,365 | |||
Lease and rental expense | 36,175 | 35,387 | 71,625 | 70,309 | |||
3,471,206 | 3,268,010 | 6,926,026 | 6,456,828 | ||||
Income from operations | 436,398 | 280,128 | 825,160 | 558,828 | |||
Interest expense, net | 48,899 | 48,831 | 101,725 | 99,707 | |||
Other (income) expense, net | 5,493 | 6,602 | 5,343 | 20,325 | |||
Income before income taxes | 382,006 | 224,695 | 718,092 | 438,796 | |||
Provision for income taxes | 87,676 | 55,393 | 157,940 | 107,119 | |||
Net income | 294,330 | 169,302 | 560,152 | 331,677 | |||
Less: Net income (loss) attributable to | |||||||
noncontrolling interests ("NCI") | 5,178 | (2,011) | 9,166 | (2,751) | |||
Net income attributable to UHS | |||||||
Basic earnings per share attributable to UHS (a) | |||||||
Diluted earnings per share attributable to UHS (a) |
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Footnotes to Consolidated Statements of Income | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Three months | Six months | ||||||
(a) Earnings per share calculation: | ended June 30, | ended June 30, | |||||
2024 | 2023 | 2024 | 2023 | ||||
Basic and diluted: | |||||||
Net income attributable to UHS | |||||||
Less: Net income attributable to unvested restricted share grants | (5) | (61) | (50) | (190) | |||
Net income attributable to UHS - basic and diluted | |||||||
Weighted average number of common shares - basic | 66,878 | 70,073 | 67,041 | 70,304 | |||
Basic earnings per share attributable to UHS: | |||||||
Weighted average number of common shares | 66,878 | 70,073 | 67,041 | 70,304 | |||
Add: Other share equivalents | 1,042 | 766 | 1,160 | 859 | |||
Weighted average number of common shares and equiv. - diluted | 67,920 | 70,839 | 68,201 | 71,163 | |||
Diluted earnings per share attributable to UHS: |
Universal Health Services, Inc. | |||||||
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") | |||||||
For the Three Months ended June 30, 2024 and 2023 | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization | |||||||
Three months ended | % Net | Three months ended | % Net | ||||
June 30, 2024 | revenues | June 30, 2023 | revenues | ||||
Net income attributable to UHS | |||||||
Depreciation and amortization | 147,480 | 143,744 | |||||
Interest expense, net | 48,899 | 48,831 | |||||
Provision for income taxes | 87,676 | 55,393 | |||||
EBITDA net of NCI | 14.7 % | 11.8 % | |||||
Other (income) expense, net | 5,493 | 6,602 | |||||
Adjusted EBITDA net of NCI | 14.8 % | 12.0 % | |||||
Net revenues | |||||||
Calculation of Adjusted Net Income Attributable to UHS | |||||||
Three months ended | Three months ended | ||||||
June 30, 2024 | June 30, 2023 | ||||||
Per | Per | ||||||
Amount | Diluted Share | Amount | Diluted Share | ||||
Net income attributable to UHS | |||||||
Plus/minus after-tax adjustments: | |||||||
Unrealized loss on equity securities | 5,869 | 0.09 | 8,051 | 0.11 | |||
Impact of ASU 2016-09 | (2,456) | (0.04) | - | - | |||
Subtotal adjustments | 3,413 | 0.05 | 8,051 | 0.11 | |||
Adjusted net income attributable to UHS |
Universal Health Services, Inc. | |||||||
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") | |||||||
For the Six Months ended June 30, 2024 and 2023 | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization | |||||||
Six months ended | % Net | Six months ended | % Net | ||||
June 30, 2024 | revenues | June 30, 2023 | revenues | ||||
Net income attributable to UHS | |||||||
Depreciation and amortization | 288,483 | 285,365 | |||||
Interest expense, net | 101,725 | 99,707 | |||||
Provision for income taxes | 157,940 | 107,119 | |||||
EBITDA net of NCI | 14.2 % | 11.8 % | |||||
Other (income) expense, net | 5,343 | 20,325 | |||||
Adjusted EBITDA net of NCI | 14.2 % | 12.1 % | |||||
Net revenues | |||||||
Calculation of Adjusted Net Income Attributable to UHS | |||||||
Six months ended | Six months ended | ||||||
June 30, 2024 | June 30, 2023 | ||||||
Per | Per | ||||||
Amount | Diluted Share | Amount | Diluted Share | ||||
Net income attributable to UHS | |||||||
Plus/minus after-tax adjustments: | |||||||
Unrealized loss on equity securities | 6,313 | 0.09 | 12,512 | 0.17 | |||
Impact of ASU 2016-09 | (11,612) | (0.17) | - | - | |||
Subtotal adjustments | (5,299) | (0.08) | 12,512 | 0.17 | |||
Adjusted net income attributable to UHS |
Universal Health Services, Inc. | ||||||
Condensed Consolidated Balance Sheets | ||||||
(in thousands) | ||||||
(unaudited) | ||||||
June 30, | December 31, | |||||
2024 | 2023 | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 128,786 | $ | 119,439 | ||
Accounts receivable, net | 2,156,811 | 2,238,265 | ||||
Supplies | 218,780 | 216,988 | ||||
Other current assets | 236,317 | 236,658 | ||||
Total current assets | 2,740,694 | 2,811,350 | ||||
Property and equipment | 12,239,814 | 11,777,047 | ||||
Less: accumulated depreciation | (5,905,061) | (5,652,518) | ||||
6,334,753 | 6,124,529 | |||||
Other assets: | ||||||
Goodwill | 3,942,372 | 3,932,407 | ||||
Deferred income taxes | 107,963 | 85,626 | ||||
Right of use assets-operating leases | 425,407 | 433,962 | ||||
Deferred charges | 6,858 | 6,974 | ||||
Other | 513,381 | 572,754 | ||||
Total Assets | $ | 14,071,428 | $ | 13,967,602 | ||
Liabilities and Stockholders' Equity | ||||||
Current liabilities: | ||||||
Current maturities of long-term debt | $ | 127,508 | $ | 126,686 | ||
Accounts payable and other liabilities | 1,926,295 | 1,813,015 | ||||
Operating lease liabilities | 71,982 | 71,600 | ||||
Federal and state taxes | 23,422 | 2,046 | ||||
Total current liabilities | 2,149,207 | 2,013,347 | ||||
Other noncurrent liabilities | 569,687 | 584,007 | ||||
Operating lease liabilities noncurrent | 379,580 | 382,559 | ||||
Long-term debt | 4,416,731 | 4,785,783 | ||||
Redeemable noncontrolling interest | 5,418 | 5,191 | ||||
UHS common stockholders' equity | 6,485,372 | 6,149,001 | ||||
Noncontrolling interest | 65,433 | 47,714 | ||||
Total equity | 6,550,805 | 6,196,715 | ||||
Total Liabilities and Stockholders' Equity | $ | 14,071,428 | $ | 13,967,602 |
Universal Health Services, Inc. | |||
Consolidated Statements of Cash Flows | |||
(in thousands) | |||
(unaudited) | |||
Six months | |||
ended June 30, | |||
2024 | 2023 | ||
Cash Flows from Operating Activities: | |||
Net income | |||
Adjustments to reconcile net income to net | |||
cash provided by operating activities: | |||
Depreciation & amortization | 288,483 | 285,365 | |
Gains on sale of assets and businesses | (3,725) | (6,250) | |
Stock-based compensation expense | 46,162 | 43,062 | |
Changes in assets & liabilities, net of effects from | |||
acquisitions and dispositions: | |||
Accounts receivable | 66,174 | (82,078) | |
Accrued interest | 3,310 | (107) | |
Accrued and deferred income taxes | 26,970 | (32,695) | |
Other working capital accounts | 39,686 | 20,216 | |
Medicare accelerated payments and deferred CARES Act and other grants | 0 | 2,741 | |
Other assets and deferred charges | (3,030) | 32,746 | |
Other | 14,277 | 15,471 | |
Accrued insurance expense, net of commercial premiums paid | 102,222 | 95,157 | |
Payments made in settlement of self-insurance claims | (64,994) | (51,604) | |
Net cash provided by operating activities | 1,075,687 | 653,701 | |
Cash Flows from Investing Activities: | |||
Property and equipment additions | (449,933) | (336,664) | |
Proceeds received from sales of assets and businesses | 5,428 | 23,688 | |
Acquisition of businesses and property | 0 | (3,728) | |
Inflows (outflows) from foreign exchange contracts that hedge our net | 6,830 | (31,305) | |
Decrease in capital reserves of commercial insurance subsidiary | 196 | 0 | |
Net cash used in investing activities | (437,479) | (348,009) | |
Cash Flows from Financing Activities: | |||
Repayments of long-term debt | (382,675) | (93,557) | |
Additional borrowings | 12,038 | 0 | |
Financing costs | 0 | (293) | |
Repurchase of common shares | (237,987) | (209,756) | |
Dividends paid | (27,006) | (28,263) | |
Issuance of common stock | 7,227 | 6,598 | |
Profit distributions to noncontrolling interests | (5,089) | (4,735) | |
Sale of ownership interests to minority members | 5,025 | 407 | |
Net cash used in financing activities | (628,467) | (329,599) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (392) | 2,377 | |
Increase (decrease) in cash, cash equivalents and restricted cash | 9,349 | (21,530) | |
Cash, cash equivalents and restricted cash, beginning of period | 214,470 | 200,837 | |
Cash, cash equivalents and restricted cash, end of period | |||
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 | 6 Months ended | ||||||||
Same Facility: | 6/30/2024 | 6/30/2024 | |||||||
Acute Care Hospitals | |||||||||
Revenues | 6.6 % | 8.1 % | |||||||
Adjusted Admissions | 3.4 % | 3.9 % | |||||||
Adjusted Patient Days | 1.6 % | 2.5 % | |||||||
Revenue Per Adjusted Admission | 3.5 % | 4.0 % | |||||||
Revenue Per Adjusted Patient Day | 5.3 % | 5.5 % | |||||||
Behavioral Health Hospitals | |||||||||
Revenues | 11.0 % | 10.7 % | |||||||
Adjusted Admissions | -0.4 % | -0.6 % | |||||||
Adjusted Patient Days | 1.4 % | 1.7 % | |||||||
Revenue Per Adjusted Admission | 11.2 % | 11.2 % | |||||||
Revenue Per Adjusted Patient Day | 9.3 % | 8.7 % | |||||||
UHS Consolidated | Second Quarter Ended | Six Months Ended | |||||||
6/30/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | ||||||
Revenues | |||||||||
EBITDA net of NCI | |||||||||
EBITDA Margin net of NCI | 14.7 % | 11.8 % | 14.2 % | 11.8 % | |||||
Adjusted EBITDA net of NCI | |||||||||
Adjusted EBITDA Margin net of NCI | 14.8 % | 12.0 % | 14.2 % | 12.1 % | |||||
Cash Flow From Operations | |||||||||
Capital Expenditures | |||||||||
Days Sales Outstanding | 51 | 54 | |||||||
Debt | |||||||||
UHS' Shareholders Equity | |||||||||
Debt / Total Capitalization | 41.2 % | 43.7 % | |||||||
Debt / EBITDA net of NCI (1) | 2.29 | 2.83 | |||||||
Debt / Adjusted EBITDA net of NCI (1) | 2.27 | 2.70 | |||||||
Debt / Cash From Operations (1) | 2.69 | 4.03 | |||||||
(1) Latest 4 quarters. |
Universal Health Services, Inc. | ||||||||||||||||||
Acute Care Hospital Services | ||||||||||||||||||
For the Three and Six months ended | ||||||||||||||||||
June 30, 2024 and 2023 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Same Facility Basis - Acute Care Hospital Services | ||||||||||||||||||
Three months ended | Three months ended | Six months ended | Six months ended | |||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
Amount | % of Net | Amount | % of Net | Amount | % of Net | Amount | % of Net | |||||||||||
Net revenues | 100.0 % | 100.0 % | 100.0 % | 100.0 % | ||||||||||||||
Operating charges: | ||||||||||||||||||
Salaries, wages and benefits | 855,432 | 40.7 % | 835,904 | 42.4 % | 1,716,108 | 40.8 % | 1,662,879 | 42.7 % | ||||||||||
Other operating expenses | 579,082 | 27.6 % | 555,883 | 28.2 % | 1,156,158 | 27.5 % | 1,060,500 | 27.2 % | ||||||||||
Supplies expense | 331,708 | 15.8 % | 327,761 | 16.6 % | 678,803 | 16.1 % | 653,132 | 16.8 % | ||||||||||
Depreciation and amortization | 94,190 | 4.5 % | 94,202 | 4.8 % | 184,310 | 4.4 % | 187,209 | 4.8 % | ||||||||||
Lease and rental expense | 24,313 | 1.2 % | 24,021 | 1.2 % | 48,106 | 1.1 % | 48,016 | 1.2 % | ||||||||||
Subtotal-operating expenses | 1,884,725 | 89.8 % | 1,837,771 | 93.3 % | 3,783,485 | 89.9 % | 3,611,736 | 92.8 % | ||||||||||
Income from operations | 215,187 | 10.2 % | 131,795 | 6.7 % | 423,861 | 10.1 % | 280,294 | 7.2 % | ||||||||||
Interest expense, net | 986 | 0.0 % | (503) | (0.0) % | 2,286 | 0.1 % | (1,080) | (0.0) % | ||||||||||
Other (income) expense, net | (677) | (0.0) % | 0 | 0.0 % | (758) | (0.0) % | 6,213 | 0.2 % | ||||||||||
Income before income taxes | 10.2 % | 6.7 % | 10.0 % | 7.1 % | ||||||||||||||
All Acute Care Hospital Services | ||||||||||||||||||
Three months ended | Three months ended | Six months ended | Six months ended | |||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
Amount | % of Net | Amount | % of Net | Amount | % of Net | Amount | % of Net | |||||||||||
Net revenues | 100.0 % | 100.0 % | 100.0 % | 100.0 % | ||||||||||||||
Operating charges: | ||||||||||||||||||
Salaries, wages and benefits | 856,020 | 39.4 % | 836,331 | 41.8 % | 1,717,567 | 39.4 % | 1,680,291 | 42.3 % | ||||||||||
Other operating expenses | 654,931 | 30.1 % | 590,616 | 29.5 % | 1,309,914 | 30.1 % | 1,134,916 | 28.5 % | ||||||||||
Supplies expense | 331,684 | 15.3 % | 327,650 | 16.4 % | 678,688 | 15.6 % | 655,710 | 16.5 % | ||||||||||
Depreciation and amortization | 94,214 | 4.3 % | 94,304 | 4.7 % | 184,526 | 4.2 % | 187,630 | 4.7 % | ||||||||||
Lease and rental expense | 24,315 | 1.1 % | 24,035 | 1.2 % | 48,148 | 1.1 % | 48,189 | 1.2 % | ||||||||||
Subtotal-operating expenses | 1,961,164 | 90.2 % | 1,872,936 | 93.5 % | 3,938,843 | 90.4 % | 3,706,736 | 93.2 % | ||||||||||
Income from operations | 212,245 | 9.8 % | 130,143 | 6.5 % | 419,647 | 9.6 % | 269,875 | 6.8 % | ||||||||||
Interest expense, net | 986 | 0.0 % | (503) | (0.0) % | 2,286 | 0.1 % | (1,080) | (0.0) % | ||||||||||
Other (income) expense, net | (461) | (0.0) % | 119 | 0.0 % | 173 | 0.0 % | 7,132 | 0.2 % | ||||||||||
Income before income taxes | 9.7 % | 6.5 % | 9.6 % | 6.6 % | ||||||||||||||
We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2023 and our Form 10-Q for the quarter ended March 31, 2024 . | ||||||||||||||||||
The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. |
Universal Health Services, Inc. | ||||||||||||||||||
Behavioral Health Care Services | ||||||||||||||||||
For the Three and Six months ended | ||||||||||||||||||
June 30, 2024 and 2023 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Same Facility - Behavioral Health Care Services | ||||||||||||||||||
Three months ended | Three months ended | Six months ended | Six months ended | |||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
Amount | % of Net | Amount | % of Net | Amount | % of Net | Amount | % of Net | |||||||||||
Net revenues | 100.0 % | 100.0 % | 100.0 % | 100.0 % | ||||||||||||||
Operating charges: | ||||||||||||||||||
Salaries, wages and benefits | 894,627 | 53.1 % | 843,229 | 55.6 % | 1,763,503 | 53.4 % | 1,652,167 | 55.4 % | ||||||||||
Other operating expenses | 308,420 | 18.3 % | 296,261 | 19.5 % | 620,705 | 18.8 % | 574,983 | 19.3 % | ||||||||||
Supplies expense | 57,105 | 3.4 % | 53,774 | 3.5 % | 113,871 | 3.5 % | 106,259 | 3.6 % | ||||||||||
Depreciation and amortization | 49,911 | 3.0 % | 46,554 | 3.1 % | 97,019 | 2.9 % | 91,886 | 3.1 % | ||||||||||
Lease and rental expense | 11,656 | 0.7 % | 11,203 | 0.7 % | 23,102 | 0.7 % | 21,801 | 0.7 % | ||||||||||
Subtotal-operating expenses | 1,321,719 | 78.5 % | 1,251,021 | 82.5 % | 2,618,200 | 79.3 % | 2,447,096 | 82.1 % | ||||||||||
Income from operations | 362,128 | 21.5 % | 266,030 | 17.5 % | 681,959 | 20.7 % | 533,678 | 17.9 % | ||||||||||
Interest expense, net | 1,008 | 0.1 % | 993 | 0.1 % | 2,035 | 0.1 % | 2,203 | 0.1 % | ||||||||||
Other (income) expense, net | (871) | (0.1) % | (733) | (0.0) % | (1,547) | (0.0) % | (1,309) | (0.0) % | ||||||||||
Income before income taxes | 21.5 % | 17.5 % | 20.6 % | 17.9 % | ||||||||||||||
All Behavioral Health Care Services | ||||||||||||||||||
Three months ended | Three months ended | Six months ended | Six months ended | |||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
Amount | % of Net | Amount | % of Net | Amount | % of Net | Amount | % of Net | |||||||||||
Net revenues | 100.0 % | 100.0 % | 100.0 % | 100.0 % | ||||||||||||||
Operating charges: | ||||||||||||||||||
Salaries, wages and benefits | 898,621 | 51.9 % | 844,308 | 54.7 % | 1,770,817 | 52.3 % | 1,654,094 | 54.5 % | ||||||||||
Other operating expenses | 352,408 | 20.4 % | 322,518 | 20.9 % | 699,676 | 20.7 % | 627,750 | 20.7 % | ||||||||||
Supplies expense | 57,277 | 3.3 % | 53,837 | 3.5 % | 114,201 | 3.4 % | 106,325 | 3.5 % | ||||||||||
Depreciation and amortization | 50,625 | 2.9 % | 46,778 | 3.0 % | 98,497 | 2.9 % | 92,397 | 3.0 % | ||||||||||
Lease and rental expense | 11,761 | 0.7 % | 11,255 | 0.7 % | 23,279 | 0.7 % | 21,923 | 0.7 % | ||||||||||
Subtotal-operating expenses | 1,370,692 | 79.2 % | 1,278,696 | 82.9 % | 2,706,470 | 79.9 % | 2,502,489 | 82.5 % | ||||||||||
Income from operations | 360,617 | 20.8 % | 263,498 | 17.1 % | 680,906 | 20.1 % | 530,194 | 17.5 % | ||||||||||
Interest expense, net | 1,008 | 0.1 % | 993 | 0.1 % | 2,035 | 0.1 % | 2,204 | 0.1 % | ||||||||||
Other (income) expense, net | (871) | (0.1) % | (1,188) | (0.1) % | (1,547) | (0.0) % | (2,059) | (0.1) % | ||||||||||
Income before income taxes | 20.8 % | 17.1 % | 20.1 % | 17.5 % | ||||||||||||||
We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2023 and our Form 10-Q for the quarter ended March 31, 2024. | ||||||||||||||||||
The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. |
Universal Health Services, Inc. | ||||||||||||
Selected Hospital Statistics | ||||||||||||
For the Three Months ended | ||||||||||||
June 30, 2024 and 2023 | ||||||||||||
(unaudited) | ||||||||||||
AS REPORTED: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
6/30/24 | 6/30/23 | % change | 6/30/24 | 6/30/23 | % change | |||||||
Hospitals owned and leased | 27 | 27 | 0.0 % | 332 | 331 | 0.3 % | ||||||
Average licensed beds | 6,657 | 6,624 | 0.5 % | 24,419 | 24,189 | 1.0 % | ||||||
Average available beds | 6,485 | 6,452 | 0.5 % | 24,319 | 24,089 | 1.0 % | ||||||
Patient days | 390,433 | 384,373 | 1.6 % | 1,619,085 | 1,588,575 | 1.9 % | ||||||
Average daily census | 4,290.5 | 4,223.8 | 1.6 % | 17,792.1 | 17,456.9 | 1.9 % | ||||||
Occupancy-licensed beds | 64.5 % | 63.8 % | 1.1 % | 72.9 % | 72.2 % | 1.0 % | ||||||
Occupancy-available beds | 66.2 % | 65.5 % | 1.1 % | 73.2 % | 72.5 % | 1.0 % | ||||||
Admissions | 81,858 | 79,100 | 3.5 % | 119,798 | 119,656 | 0.1 % | ||||||
Length of stay | 4.8 | 4.9 | -1.8 % | 13.5 | 13.3 | 1.8 % | ||||||
Inpatient revenue | 12.5 % | 4.3 % | ||||||||||
Outpatient revenue | 8,633,892 | 7,515,780 | 14.9 % | 286,550 | 281,036 | 2.0 % | ||||||
Total patient revenue | 20,968,622 | 18,476,625 | 13.5 % | 3,072,035 | 2,951,406 | 4.1 % | ||||||
Other revenue | 234,351 | 240,899 | -2.7 % | 82,201 | 73,926 | 11.2 % | ||||||
Gross revenue | 21,202,973 | 18,717,524 | 13.3 % | 3,154,236 | 3,025,332 | 4.3 % | ||||||
Total deductions | 19,029,564 | 16,714,445 | 13.9 % | 1,422,927 | 1,483,138 | -4.1 % | ||||||
Net revenue | 8.5 % | 12.3 % | ||||||||||
SAME FACILITY: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
6/30/24 | 6/30/23 | % change | 6/30/24 | 6/30/23 | % change | |||||||
Hospitals owned and leased | 27 | 27 | 0.0 % | 330 | 330 | 0.0 % | ||||||
Average licensed beds | 6,657 | 6,624 | 0.5 % | 24,165 | 24,063 | 0.4 % | ||||||
Average available beds | 6,485 | 6,452 | 0.5 % | 24,065 | 23,963 | 0.4 % | ||||||
Patient days | 390,433 | 384,373 | 1.6 % | 1,604,758 | 1,578,277 | 1.7 % | ||||||
Average daily census | 4,290.5 | 4,223.8 | 1.6 % | 17,634.7 | 17,343.7 | 1.7 % | ||||||
Occupancy-licensed beds | 64.5 % | 63.8 % | 1.1 % | 73.0 % | 72.1 % | 1.2 % | ||||||
Occupancy-available beds | 66.2 % | 65.5 % | 1.1 % | 73.3 % | 72.4 % | 1.2 % | ||||||
Admissions | 81,858 | 79,100 | 3.5 % | 118,702 | 118,778 | -0.1 % | ||||||
Length of stay | 4.8 | 4.9 | -1.8 % | 13.5 | 13.3 | 1.7 % |
Universal Health Services, Inc. | ||||||||||||
Selected Hospital Statistics | ||||||||||||
For the Six Months ended | ||||||||||||
June 30, 2024 and 2023 | ||||||||||||
(unaudited) | ||||||||||||
AS REPORTED: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
6/30/24 | 6/30/23 | % change | 6/30/24 | 6/30/23 | % change | |||||||
Hospitals owned and leased | 27 | 27 | 0.0 % | 332 | 331 | 0.3 % | ||||||
Average licensed beds | 6,657 | 6,711 | -0.8 % | 24,400 | 24,210 | 0.8 % | ||||||
Average available beds | 6,485 | 6,539 | -0.8 % | 24,300 | 24,110 | 0.8 % | ||||||
Patient days | 805,759 | 788,626 | 2.2 % | 3,228,077 | 3,161,147 | 2.1 % | ||||||
Average daily census | 4,427.2 | 4,357.0 | 1.6 % | 17,736.7 | 17,464.9 | 1.6 % | ||||||
Occupancy-licensed beds | 66.5 % | 64.9 % | 2.4 % | 72.7 % | 72.1 % | 0.8 % | ||||||
Occupancy-available beds | 68.3 % | 66.6 % | 2.5 % | 73.0 % | 72.4 % | 0.8 % | ||||||
Admissions | 165,439 | 159,226 | 3.9 % | 239,728 | 240,216 | -0.2 % | ||||||
Length of stay | 4.9 | 5.0 | -2.0 % | 13.5 | 13.2 | 2.6 % | ||||||
Inpatient revenue | 12.9 % | 4.6 % | ||||||||||
Outpatient revenue | 16,980,181 | 14,811,896 | 14.6 % | 565,078 | 553,407 | 2.1 % | ||||||
Total patient revenue | 42,225,013 | 37,174,232 | 13.6 % | 6,105,247 | 5,851,767 | 4.3 % | ||||||
Other revenue | 480,602 | 462,892 | 3.8 % | 162,412 | 139,244 | 16.6 % | ||||||
Gross revenue | 42,705,615 | 37,637,124 | 13.5 % | 6,267,659 | 5,991,011 | 4.6 % | ||||||
Total deductions | 38,347,125 | 33,660,513 | 13.9 % | 2,880,283 | 2,958,328 | -2.6 % | ||||||
Net revenue | 9.6 % | 11.7 % | ||||||||||
SAME FACILITY: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
6/30/24 | 6/30/23 | % change | 6/30/24 | 6/30/23 | % change | |||||||
Hospitals owned and leased | 27 | 27 | 0.0 % | 330 | 330 | 0.0 % | ||||||
Average licensed beds | 6,657 | 6,617 | 0.6 % | 24,145 | 24,084 | 0.3 % | ||||||
Average available beds | 6,485 | 6,445 | 0.6 % | 24,045 | 23,984 | 0.3 % | ||||||
Patient days | 805,759 | 782,354 | 3.0 % | 3,201,198 | 3,140,422 | 1.9 % | ||||||
Average daily census | 4,427.2 | 4,322.4 | 2.4 % | 17,589.0 | 17,350.4 | 1.4 % | ||||||
Occupancy-licensed beds | 66.5 % | 65.3 % | 1.8 % | 72.8 % | 72.0 % | 1.1 % | ||||||
Occupancy-available beds | 68.3 % | 67.1 % | 1.8 % | 73.2 % | 72.3 % | 1.1 % | ||||||
Admissions | 165,439 | 158,163 | 4.6 % | 237,599 | 238,393 | -0.3 % | ||||||
Length of stay | 4.9 | 4.9 | 0.0 % | 13.5 | 13.2 | 2.3 % |
Universal Health Services, Inc. | ||||||||||
Supplemental Non-GAAP Disclosures | ||||||||||
2024 Revised Operating Results Forecast | ||||||||||
(in thousands, except per share amounts) | ||||||||||
Revised Forecast For The Year Ending December 31, 2024 | ||||||||||
% Net | % Net | |||||||||
Low | revenues | High | revenues | |||||||
Net revenues | ||||||||||
Net income attributable to UHS (a) | ||||||||||
Depreciation and amortization | 592,455 | 592,455 | ||||||||
Interest expense | 195,664 | 195,664 | ||||||||
Other (income) expense, net | (10,954) | (10,954) | ||||||||
Provision for income taxes | 331,837 | 349,137 | ||||||||
Adjusted EBITDA net of NCI (b) | 13.8 % | 14.1 % | ||||||||
Net income attributable to UHS, per diluted share (a) | ||||||||||
Shares used in computing diluted earnings per share | 67,869 | 67,869 | ||||||||
(a) Revised forecasted net income attributable to UHS/per diluted share exclude the following items because we do not believe we can forecast these items with sufficient accuracy. Such items include: the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, and other potential material items including, but not limited to, reserves for various matters including settlements, legal judgments and lawsuits, potential impacts of non-ordinary course acquisitions, divestitures, joint ventures or other strategic transactions, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets, other amounts that may be reflected in the current financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. Forecasted net income attributable to UHS/per diluted share is also subject to certain conditions including those as set forth in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures. | ||||||||||
(b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP. We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance. |
SOURCE Universal Health Services, Inc.
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