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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

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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.

Positive
  • Net income increased by 68.8% to $289.2 million in Q2 2024
  • Net revenues grew by 10.1% to $3.908 billion in Q2 2024
  • Adjusted net income rose to $292.6 million, a 63.1% increase
  • $1 billion increase to stock repurchase program authorization
  • Upward revision of 2024 full-year forecast for revenues, EBITDA, and EPS
  • Acute care same-facility adjusted admissions increased by 3.4% in Q2
  • Behavioral health care same-facility net revenues increased by 11.0% in Q2
  • Net cash provided by operating activities increased by $422 million to $1.076 billion in H1 2024
Negative
  • Behavioral health care same-facility adjusted admissions decreased by 0.4% in Q2

Insights

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2024 were: (i) an unrealized after-tax loss of $5.9 million, or $.09 per diluted share ($7.7 million pre-tax), resulting from a decrease in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable after-tax impact of $2.5 million, or $.04 per diluted share, resulting from the tax benefit recorded in connection with employee share-based payments (pursuant to "ASU 2016-09", Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting).  Our reported results during the second quarter of 2023 included an unrealized after-tax loss of $8.1 million, or $.11 per diluted share, ($10.5 million pre-tax) resulting from a decrease in the market value of certain equity securities.   

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI", NCI is net income attributable to noncontrolling interests), was $573.2 million, or 14.7% of net revenues, during the second quarter of 2024, as compared to $419.3 million, or 11.8% of net revenues, during the second quarter of 2023. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $578.7 million, or 14.8% of net revenues, during the second quarter of 2024, as compared to $425.9 million, or 12.0% of net revenues, during the second quarter of 2023.

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

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

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

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

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

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

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

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

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

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

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

Net Cash Provided by Operating Activities and Liquidity:

Net Cash Provided by Operating Activities:

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

Liquidity:

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

Increased Authorization to Stock Repurchase Program:

On July 24, 2024, our Board of Directors authorized a $1.0 billion increase to our stock repurchase program. Pursuant to this program, which including today's increased authorization has a current aggregate available repurchase authorization of $1.228 billion, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions. 

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

Revised 2024 Operating Results Forecasts:

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

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


Revised Forecast


Original Forecast


For the Year Ended


For the Year Ended


December 31, 2024


December 31, 2024


Low

High


Low

High

Net revenues

$15.565 billion

$15.753 billion


$15.411 billion

$15.706 billion

Adjusted EBITDA, net of NCI

$2.154 billion

$2.226 billion


$1.931 billion

$2.019 billion

Adjusted EPS – diluted

$15.40 per share

$16.20 per share


$13.00 per share

$14.00 per share

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

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

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

Conference call information:

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

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

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

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

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

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

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

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

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

We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect of material items impacting our net income attributable to UHS, such as, changes in the market value of shares of certain equity securities, the impact of ASU 2016-09 and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-Q for the quarter ended March 31, 2024 and our Report on Form 10-K for the year ended December 31, 2023. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

 

Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)










Three months


Six months


ended June 30,


ended June 30,


2024


2023


2024


2023









Net revenues

$3,907,604


$3,548,138


$7,751,186


$7,015,656









Operating charges:








   Salaries, wages and benefits

1,856,372


1,770,271


3,698,996


3,523,606

   Other operating expenses

1,043,116


938,314


2,075,286


1,817,265

   Supplies expense

388,063


380,294


791,636


760,283

   Depreciation and amortization

147,480


143,744


288,483


285,365

   Lease and rental expense

36,175


35,387


71,625


70,309


3,471,206


3,268,010


6,926,026


6,456,828









Income from operations

436,398


280,128


825,160


558,828









Interest expense, net

48,899


48,831


101,725


99,707

Other (income) expense, net

5,493


6,602


5,343


20,325









Income before income taxes

382,006


224,695


718,092


438,796









Provision for income taxes

87,676


55,393


157,940


107,119









Net income

294,330


169,302


560,152


331,677









Less:  Net income (loss) attributable to








noncontrolling interests ("NCI")

5,178


(2,011)


9,166


(2,751)









Net income attributable to UHS

$289,152


$171,313


$550,986


$334,428

































Basic earnings per share attributable to UHS (a)

$4.32


$2.44


$8.22


$4.75









Diluted earnings per share attributable to UHS (a)

$4.26


$2.42


$8.08


$4.70

 

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)










Three months


Six months

(a) Earnings per share calculation:

ended June 30,


ended June 30,


2024


2023


2024


2023

Basic and diluted:








Net income attributable to UHS

$289,152


$171,313


$550,986


$334,428

Less: Net income attributable to unvested restricted share grants

(5)


(61)


(50)


(190)

Net income attributable to UHS - basic and diluted

$289,147


$171,252


$550,936


$334,238









Weighted average number of common shares - basic

66,878


70,073


67,041


70,304









Basic earnings per share attributable to UHS:

$4.32


$2.44


$8.22


$4.75









Weighted average number of common shares

66,878


70,073


67,041


70,304

Add: Other share equivalents

1,042


766


1,160


859

Weighted average number of common shares and equiv. - diluted

67,920


70,839


68,201


71,163









Diluted earnings per share attributable to UHS:

$4.26


$2.42


$8.08


$4.70

 

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Three Months ended June 30, 2024 and 2023

(in thousands, except per share amounts)

(unaudited)









Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")










Three months ended


% Net


Three months ended


% Net


June 30, 2024


revenues


June 30, 2023


revenues









Net income attributable to UHS

$289,152




$171,313



   Depreciation and amortization

147,480




143,744



   Interest expense, net

48,899




48,831



   Provision for income taxes

87,676




55,393



EBITDA net of NCI

$573,207


14.7 %


$419,281


11.8 %









Other (income) expense, net

5,493




6,602



Adjusted EBITDA net of NCI

$578,700


14.8 %


$425,883


12.0 %









Net revenues

$3,907,604




$3,548,138











































Calculation of Adjusted Net Income Attributable to UHS










Three months ended


Three months ended


June 30, 2024


June 30, 2023




Per




Per


Amount


Diluted Share


Amount


Diluted Share









Net income attributable to UHS

$289,152


$4.26


$171,313


$2.42

Plus/minus after-tax adjustments:








Unrealized loss on equity securities

5,869


0.09


8,051


0.11

Impact of ASU 2016-09

(2,456)


(0.04)


-


-

Subtotal adjustments

3,413


0.05


8,051


0.11

Adjusted net income attributable to UHS

$292,565


$4.31


$179,364


$2.53

 

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Six Months ended June 30, 2024 and 2023

(in thousands, except per share amounts)

(unaudited)

























Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")










Six months ended


% Net


Six months ended


% Net


June 30, 2024


revenues


June 30, 2023


revenues









Net income attributable to UHS

$550,986




$334,428



   Depreciation and amortization

288,483




285,365



   Interest expense, net

101,725




99,707



   Provision for income taxes

157,940




107,119



EBITDA net of NCI

$1,099,134


14.2 %


$826,619


11.8 %









Other (income) expense, net

5,343




20,325



Adjusted EBITDA net of NCI

$1,104,477


14.2 %


$846,944


12.1 %









Net revenues

$7,751,186




$7,015,656











































Calculation of Adjusted Net Income Attributable to UHS










Six months ended


Six months ended


June 30, 2024


June 30, 2023




Per




Per


Amount


Diluted Share


Amount


Diluted Share









Net income attributable to UHS

$550,986


$8.08


$334,428


$4.70

Plus/minus after-tax adjustments:








Unrealized loss on equity securities

6,313


0.09


12,512


0.17

Impact of ASU 2016-09

(11,612)


(0.17)


-


-

Subtotal adjustments

(5,299)


(0.08)


12,512


0.17

Adjusted net income attributable to UHS

$545,687


$8.00


$346,940


$4.87

 

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)











June 30,



December 31,




2024



2023

Assets







Current assets:







    Cash and cash equivalents


$

128,786


$

119,439

    Accounts receivable, net



2,156,811



2,238,265

    Supplies



218,780



216,988

    Other current assets



236,317



236,658

          Total current assets



2,740,694



2,811,350








Property and equipment



12,239,814



11,777,047

Less: accumulated depreciation



(5,905,061)



(5,652,518)




6,334,753



6,124,529








Other assets:







    Goodwill



3,942,372



3,932,407

    Deferred income taxes



107,963



85,626

    Right of use assets-operating leases



425,407



433,962

    Deferred charges



6,858



6,974

    Other



513,381



572,754

Total Assets


$

14,071,428


$

13,967,602








Liabilities and Stockholders' Equity







Current liabilities:







    Current maturities of long-term debt


$

127,508


$

126,686

    Accounts payable and other liabilities



1,926,295



1,813,015

    Operating lease liabilities



71,982



71,600

    Federal and state taxes



23,422



2,046

          Total current liabilities



2,149,207



2,013,347








Other noncurrent liabilities



569,687



584,007

Operating lease liabilities noncurrent



379,580



382,559

Long-term debt



4,416,731



4,785,783








Redeemable noncontrolling interest



5,418



5,191








UHS common stockholders' equity



6,485,372



6,149,001

Noncontrolling interest



65,433



47,714

          Total equity



6,550,805



6,196,715








Total Liabilities and Stockholders' Equity


$

14,071,428


$

13,967,602

 

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


Six months


ended June 30,


2024


2023





Cash Flows from Operating Activities:




  Net income

$560,152


$331,677

  Adjustments to reconcile net income to net 




cash provided by operating activities:




Depreciation & amortization

288,483


285,365

Gains on sale of assets and businesses

(3,725)


(6,250)

Stock-based compensation expense

46,162


43,062

  Changes in assets & liabilities, net of effects from




acquisitions and dispositions:




   Accounts receivable

66,174


(82,078)

   Accrued interest

3,310


(107)

   Accrued and deferred income taxes 

26,970


(32,695)

   Other working capital accounts 

39,686


20,216

   Medicare accelerated payments and deferred CARES Act and other grants

0


2,741

   Other assets and deferred charges

(3,030)


32,746

   Other 

14,277


15,471

   Accrued insurance expense, net of commercial premiums paid

102,222


95,157

   Payments made in settlement of self-insurance claims

(64,994)


(51,604)

          Net cash provided by operating activities

1,075,687


653,701





Cash Flows from Investing Activities:




   Property and equipment additions

(449,933)


(336,664)

   Proceeds received from sales of assets and businesses

5,428


23,688

   Acquisition of businesses and property

0


(3,728)

   Inflows (outflows) from foreign exchange contracts that hedge our net U.K. investment

6,830


(31,305)

   Decrease in capital reserves of commercial insurance subsidiary 

196


0

          Net cash used in investing activities

(437,479)


(348,009)





Cash Flows from Financing Activities:




   Repayments of long-term debt

(382,675)


(93,557)

   Additional borrowings

12,038


0

   Financing costs

0


(293)

   Repurchase of common shares

(237,987)


(209,756)

   Dividends paid

(27,006)


(28,263)

   Issuance of common stock

7,227


6,598

   Profit distributions to noncontrolling interests

(5,089)


(4,735)

   Sale of ownership interests to minority members

5,025


407

          Net cash used in financing activities

(628,467)


(329,599)





   Effect of exchange rate changes on cash, cash equivalents and restricted cash

(392)


2,377

Increase (decrease) in cash, cash equivalents and restricted cash

9,349


(21,530)

Cash, cash equivalents and restricted cash, beginning of period

214,470


200,837

Cash, cash equivalents and restricted cash, end of period

$223,819


$179,307





Supplemental Disclosures of Cash Flow Information:




  Interest paid

$95,902


$97,297





  Income taxes paid, net of refunds

$131,499


$133,840





  Noncash purchases of property and equipment

$108,260


$100,461

 

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)




























 % Change 


 % Change 








3 Months ended


6 Months ended

Same Facility:







6/30/2024


6/30/2024











Acute Care Hospitals










Revenues







6.6 %


8.1 %

Adjusted Admissions







3.4 %


3.9 %

Adjusted Patient Days







1.6 %


2.5 %

Revenue Per Adjusted Admission







3.5 %


4.0 %

Revenue Per Adjusted Patient Day







5.3 %


5.5 %











Behavioral Health Hospitals










Revenues







11.0 %


10.7 %

Adjusted Admissions







-0.4 %


-0.6 %

Adjusted Patient Days







1.4 %


1.7 %

Revenue Per Adjusted Admission







11.2 %


11.2 %

Revenue Per Adjusted Patient Day







9.3 %


8.7 %











UHS Consolidated



Second Quarter Ended


Six Months Ended




6/30/2024


6/30/2023


6/30/2024


6/30/2023











Revenues



$3,907,604


$3,548,138


$7,751,186


$7,015,656

EBITDA net of NCI



$573,207


$419,281


$1,099,134


$826,619

EBITDA Margin net of NCI



14.7 %


11.8 %


14.2 %


11.8 %

Adjusted EBITDA net of NCI



$578,700


$425,883


$1,104,477


$846,944

Adjusted EBITDA Margin net of NCI


14.8 %


12.0 %


14.2 %


12.1 %











Cash Flow From Operations



$679,281


$362,948


$1,075,687


$653,701

Capital Expenditures  



$241,394


$167,912


$449,933


$336,664

Days Sales Outstanding







51


54





















Debt 







$4,544,239


$4,716,432

UHS' Shareholders Equity







$6,485,372


$6,087,182

Debt / Total Capitalization







41.2 %


43.7 %

Debt / EBITDA net of NCI (1)







2.29


2.83

Debt / Adjusted EBITDA net of NCI (1)






2.27


2.70

Debt / Cash From Operations (1)







2.69


4.03











(1) Latest 4 quarters.










 

Universal Health Services, Inc.



Acute Care Hospital Services



For the Three and Six months ended



June 30, 2024 and 2023



(in thousands)



(unaudited)






















Same Facility Basis - Acute Care Hospital Services








































Three months ended


Three months ended


Six months ended


Six months ended





June 30, 2024


June 30, 2023


June 30, 2024


June 30, 2023





Amount


% of Net
Revenues 


Amount


% of Net
Revenues 


Amount


% of Net
Revenues 


Amount


% of Net
Revenues 



Net revenues


$2,099,912


100.0 %


$1,969,566


100.0 %


$4,207,346


100.0 %


$3,892,030


100.0 %



Operating charges:



















Salaries, wages and benefits


855,432


40.7 %


835,904


42.4 %


1,716,108


40.8 %


1,662,879


42.7 %



Other operating expenses


579,082


27.6 %


555,883


28.2 %


1,156,158


27.5 %


1,060,500


27.2 %



Supplies expense


331,708


15.8 %


327,761


16.6 %


678,803


16.1 %


653,132


16.8 %



Depreciation and amortization


94,190


4.5 %


94,202


4.8 %


184,310


4.4 %


187,209


4.8 %



Lease and rental expense


24,313


1.2 %


24,021


1.2 %


48,106


1.1 %


48,016


1.2 %



Subtotal-operating expenses


1,884,725


89.8 %


1,837,771


93.3 %


3,783,485


89.9 %


3,611,736


92.8 %



Income from operations


215,187


10.2 %


131,795


6.7 %


423,861


10.1 %


280,294


7.2 %



Interest expense, net 


986


0.0 %


(503)


(0.0) %


2,286


0.1 %


(1,080)


(0.0) %



Other (income) expense, net 


(677)


(0.0) %


0


0.0 %


(758)


(0.0) %


6,213


0.2 %



Income before income taxes


$214,878


10.2 %


$132,298


6.7 %


$422,333


10.0 %


$275,161


7.1 %




























































All Acute Care Hospital Services








































Three months ended


Three months ended


Six months ended


Six months ended





June 30, 2024


June 30, 2023


June 30, 2024


June 30, 2023





Amount


% of Net
Revenues


Amount


% of Net
Revenues 


Amount


% of Net
Revenues


Amount


% of Net
Revenues 



Net revenues


$2,173,409


100.0 %


$2,003,079


100.0 %


$4,358,490


100.0 %


$3,976,611


100.0 %



Operating charges:



















Salaries, wages and benefits


856,020


39.4 %


836,331


41.8 %


1,717,567


39.4 %


1,680,291


42.3 %



Other operating expenses


654,931


30.1 %


590,616


29.5 %


1,309,914


30.1 %


1,134,916


28.5 %



Supplies expense


331,684


15.3 %


327,650


16.4 %


678,688


15.6 %


655,710


16.5 %



Depreciation and amortization


94,214


4.3 %


94,304


4.7 %


184,526


4.2 %


187,630


4.7 %



Lease and rental expense


24,315


1.1 %


24,035


1.2 %


48,148


1.1 %


48,189


1.2 %



Subtotal-operating expenses


1,961,164


90.2 %


1,872,936


93.5 %


3,938,843


90.4 %


3,706,736


93.2 %



Income from operations


212,245


9.8 %


130,143


6.5 %


419,647


9.6 %


269,875


6.8 %



Interest expense, net 


986


0.0 %


(503)


(0.0) %


2,286


0.1 %


(1,080)


(0.0) %



Other (income) expense, net 


(461)


(0.0) %


119


0.0 %


173


0.0 %


7,132


0.2 %



Income before income taxes


$211,720


9.7 %


$130,527


6.5 %


$417,188


9.6 %


$263,823


6.6 %









































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




















The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months.

 

Universal Health Services, Inc.



Behavioral Health Care Services



For the Three and Six months ended



June 30, 2024 and 2023



(in thousands)



(unaudited)






















Same Facility - Behavioral Health Care Services








































Three months ended


Three months ended


Six months ended


Six months ended





June 30, 2024


June 30, 2023


June 30, 2024


June 30, 2023





Amount


% of Net
Revenues 


Amount


% of Net
Revenues 


Amount


% of Net
Revenues 


Amount


% of Net
Revenues 



Net revenues


$1,683,847


100.0 %


$1,517,051


100.0 %


$3,300,159


100.0 %


$2,980,774


100.0 %



Operating charges:



















Salaries, wages and benefits


894,627


53.1 %


843,229


55.6 %


1,763,503


53.4 %


1,652,167


55.4 %



Other operating expenses


308,420


18.3 %


296,261


19.5 %


620,705


18.8 %


574,983


19.3 %



Supplies expense


57,105


3.4 %


53,774


3.5 %


113,871


3.5 %


106,259


3.6 %



Depreciation and amortization


49,911


3.0 %


46,554


3.1 %


97,019


2.9 %


91,886


3.1 %



Lease and rental expense


11,656


0.7 %


11,203


0.7 %


23,102


0.7 %


21,801


0.7 %



Subtotal-operating expenses


1,321,719


78.5 %


1,251,021


82.5 %


2,618,200


79.3 %


2,447,096


82.1 %



Income from operations


362,128


21.5 %


266,030


17.5 %


681,959


20.7 %


533,678


17.9 %



Interest expense, net 


1,008


0.1 %


993


0.1 %


2,035


0.1 %


2,203


0.1 %



Other (income) expense, net 


(871)


(0.1) %


(733)


(0.0) %


(1,547)


(0.0) %


(1,309)


(0.0) %



Income before income taxes


$361,991


21.5 %


$265,770


17.5 %


$681,471


20.6 %


$532,784


17.9 %




























































All Behavioral Health Care Services








































Three months ended


Three months ended


Six months ended


Six months ended





June 30, 2024


June 30, 2023


June 30, 2024


June 30, 2023





Amount


% of Net
Revenues


Amount


% of Net
Revenues 


Amount


% of Net
Revenues


Amount


% of Net
Revenues 



Net revenues


$1,731,309


100.0 %


$1,542,194


100.0 %


$3,387,376


100.0 %


$3,032,683


100.0 %



Operating charges:



















Salaries, wages and benefits


898,621


51.9 %


844,308


54.7 %


1,770,817


52.3 %


1,654,094


54.5 %



Other operating expenses


352,408


20.4 %


322,518


20.9 %


699,676


20.7 %


627,750


20.7 %



Supplies expense


57,277


3.3 %


53,837


3.5 %


114,201


3.4 %


106,325


3.5 %



Depreciation and amortization


50,625


2.9 %


46,778


3.0 %


98,497


2.9 %


92,397


3.0 %



Lease and rental expense


11,761


0.7 %


11,255


0.7 %


23,279


0.7 %


21,923


0.7 %



Subtotal-operating expenses


1,370,692


79.2 %


1,278,696


82.9 %


2,706,470


79.9 %


2,502,489


82.5 %



Income from operations


360,617


20.8 %


263,498


17.1 %


680,906


20.1 %


530,194


17.5 %



Interest expense, net 


1,008


0.1 %


993


0.1 %


2,035


0.1 %


2,204


0.1 %



Other (income) expense, net 


(871)


(0.1) %


(1,188)


(0.1) %


(1,547)


(0.0) %


(2,059)


(0.1) %



Income before income taxes


$360,480


20.8 %


$263,693


17.1 %


$680,418


20.1 %


$530,049


17.5 %

























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




















The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. 

 

Universal Health Services, Inc.

Selected Hospital Statistics

For the Three Months ended

June 30, 2024 and 2023

(unaudited)














AS REPORTED:









































ACUTE


BEHAVIORAL HEALTH



6/30/24


6/30/23


%  change


6/30/24


6/30/23


%  change














Hospitals owned and leased


27


27


0.0 %


332


331


0.3 %

Average licensed beds


6,657


6,624


0.5 %


24,419


24,189


1.0 %

Average available beds


6,485


6,452


0.5 %


24,319


24,089


1.0 %

Patient days


390,433


384,373


1.6 %


1,619,085


1,588,575


1.9 %

Average daily census


4,290.5


4,223.8


1.6 %


17,792.1


17,456.9


1.9 %

Occupancy-licensed beds


64.5 %


63.8 %


1.1 %


72.9 %


72.2 %


1.0 %

Occupancy-available beds


66.2 %


65.5 %


1.1 %


73.2 %


72.5 %


1.0 %

Admissions


81,858


79,100


3.5 %


119,798


119,656


0.1 %

Length of stay


4.8


4.9


-1.8 %


13.5


13.3


1.8 %














Inpatient revenue


$12,334,730


$10,960,845


12.5 %


$2,785,485


$2,670,370


4.3 %

Outpatient revenue


8,633,892


7,515,780


14.9 %


286,550


281,036


2.0 %

Total patient revenue


20,968,622


18,476,625


13.5 %


3,072,035


2,951,406


4.1 %

Other revenue


234,351


240,899


-2.7 %


82,201


73,926


11.2 %

Gross revenue


21,202,973


18,717,524


13.3 %


3,154,236


3,025,332


4.3 %

Total deductions


19,029,564


16,714,445


13.9 %


1,422,927


1,483,138


-4.1 %

Net revenue 


$2,173,409


$2,003,079


8.5 %


$1,731,309


$1,542,194


12.3 %



























SAME FACILITY:




























ACUTE


BEHAVIORAL HEALTH



6/30/24


6/30/23


%  change


6/30/24


6/30/23


%  change














Hospitals owned and leased


27


27


0.0 %


330


330


0.0 %

Average licensed beds


6,657


6,624


0.5 %


24,165


24,063


0.4 %

Average available beds


6,485


6,452


0.5 %


24,065


23,963


0.4 %

Patient days


390,433


384,373


1.6 %


1,604,758


1,578,277


1.7 %

Average daily census


4,290.5


4,223.8


1.6 %


17,634.7


17,343.7


1.7 %

Occupancy-licensed beds


64.5 %


63.8 %


1.1 %


73.0 %


72.1 %


1.2 %

Occupancy-available beds


66.2 %


65.5 %


1.1 %


73.3 %


72.4 %


1.2 %

Admissions


81,858


79,100


3.5 %


118,702


118,778


-0.1 %

Length of stay


4.8


4.9


-1.8 %


13.5


13.3


1.7 %

 

Universal Health Services, Inc.

Selected Hospital Statistics

For the Six Months ended

June 30, 2024 and 2023

(unaudited)














AS REPORTED:









































ACUTE


BEHAVIORAL HEALTH



6/30/24


6/30/23


%  change


6/30/24


6/30/23


%  change














Hospitals owned and leased


27


27


0.0 %


332


331


0.3 %

Average licensed beds


6,657


6,711


-0.8 %


24,400


24,210


0.8 %

Average available beds


6,485


6,539


-0.8 %


24,300


24,110


0.8 %

Patient days


805,759


788,626


2.2 %


3,228,077


3,161,147


2.1 %

Average daily census


4,427.2


4,357.0


1.6 %


17,736.7


17,464.9


1.6 %

Occupancy-licensed beds


66.5 %


64.9 %


2.4 %


72.7 %


72.1 %


0.8 %

Occupancy-available beds


68.3 %


66.6 %


2.5 %


73.0 %


72.4 %


0.8 %

Admissions


165,439


159,226


3.9 %


239,728


240,216


-0.2 %

Length of stay


4.9


5.0


-2.0 %


13.5


13.2


2.6 %














Inpatient revenue


$25,244,832


$22,362,336


12.9 %


$5,540,169


$5,298,360


4.6 %

Outpatient revenue


16,980,181


14,811,896


14.6 %


565,078


553,407


2.1 %

Total patient revenue


42,225,013


37,174,232


13.6 %


6,105,247


5,851,767


4.3 %

Other revenue


480,602


462,892


3.8 %


162,412


139,244


16.6 %

Gross revenue


42,705,615


37,637,124


13.5 %


6,267,659


5,991,011


4.6 %

Total deductions


38,347,125


33,660,513


13.9 %


2,880,283


2,958,328


-2.6 %

Net revenue 


$4,358,490


$3,976,611


9.6 %


$3,387,376


$3,032,683


11.7 %



























SAME FACILITY:




























ACUTE


BEHAVIORAL HEALTH



6/30/24


6/30/23


%  change


6/30/24


6/30/23


%  change














Hospitals owned and leased


27


27


0.0 %


330


330


0.0 %

Average licensed beds


6,657


6,617


0.6 %


24,145


24,084


0.3 %

Average available beds


6,485


6,445


0.6 %


24,045


23,984


0.3 %

Patient days


805,759


782,354


3.0 %


3,201,198


3,140,422


1.9 %

Average daily census


4,427.2


4,322.4


2.4 %


17,589.0


17,350.4


1.4 %

Occupancy-licensed beds


66.5 %


65.3 %


1.8 %


72.8 %


72.0 %


1.1 %

Occupancy-available beds


68.3 %


67.1 %


1.8 %


73.2 %


72.3 %


1.1 %

Admissions


165,439


158,163


4.6 %


237,599


238,393


-0.3 %

Length of stay


4.9


4.9


0.0 %


13.5


13.2


2.3 %

 

Universal Health Services, Inc.


Supplemental Non-GAAP Disclosures


2024 Revised Operating Results Forecast


(in thousands, except per share amounts)



























Revised Forecast For The Year Ending December 31, 2024







% Net




% Net





Low


revenues


High


revenues


Net revenues



$15,565,000




$15,753,000















Net income attributable to UHS (a)



$1,045,080




$1,099,563















 Depreciation and amortization



592,455




592,455




 Interest expense



195,664




195,664




 Other (income) expense, net



(10,954)




(10,954)




 Provision for income taxes



331,837




349,137




Adjusted EBITDA net of NCI (b)



$2,154,082


13.8 %


$2,225,865


14.1 %













Net income attributable to UHS, per diluted share (a)

$15.40




$16.20















Shares used in computing diluted earnings per share

67,869




67,869















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












(b) Adjusted EBITDA net of NCI is a non-GAAP financial measure and should not be considered a measure of financial performance under GAAP.  We believe Adjusted EBITDA net of NCI is helpful to our investors as a measure of operating performance.

 

Cision View original content:https://www.prnewswire.com/news-releases/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-302205852.html

SOURCE Universal Health Services, Inc.

FAQ

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

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

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

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

What is the new stock repurchase program authorization for UHS?

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

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

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

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

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

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