UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES 2024 THIRD QUARTER FINANCIAL RESULTS
Universal Health Services (UHS) reported strong financial results for Q3 2024. Net income reached $258.7 million ($3.80 per diluted share), up from $167.0 million in Q3 2023. Net revenues increased 11.2% to $3.963 billion. The company's acute care facilities saw adjusted admissions increase by 1.5%, while behavioral health facilities experienced a 2.2% rise. EBITDA margin improved to 13.3% from 11.5% year-over-year. UHS completed a $1 billion financing transaction and authorized a $1.0 billion increase to its stock repurchase program, under which it repurchased 658,000 shares for $153.9 million in Q3.
Universal Health Services (UHS) ha riportato risultati finanziari solidi per il terzo trimestre del 2024. L'utile netto ha raggiunto 258,7 milioni di dollari (3,80 dollari per azione diluita), in aumento rispetto ai 167,0 milioni di dollari nel terzo trimestre del 2023. Le entrate nette sono aumentate del 11,2%, raggiungendo i 3,963 miliardi di dollari. Le strutture acute dell'azienda hanno visto un incremento degli accessi aggiustati dell'1,5%, mentre le strutture per la salute comportamentale hanno registrato un aumento del 2,2%. Il margine EBITDA è migliorato al 13,3% rispetto all'11,5% dell'anno precedente. UHS ha completato una transazione di finanziamento da 1 miliardo di dollari e ha autorizzato un aumento di 1,0 miliardo di dollari per il suo programma di riacquisto di azioni, sotto il quale ha riacquistato 658.000 azioni per 153,9 milioni di dollari nel terzo trimestre.
Universal Health Services (UHS) reportó resultados financieros sólidos para el tercer trimestre de 2024. El ingreso neto alcanzó 258,7 millones de dólares (3,80 dólares por acción diluida), un aumento respecto a los 167,0 millones de dólares en el tercer trimestre de 2023. Los ingresos netos aumentaron un 11,2%, alcanzando 3.963 millones de dólares. Las instalaciones de atención aguda de la compañía vieron un aumento en las admisiones ajustadas del 1,5%, mientras que las instalaciones de salud comportamental experimentaron un aumento del 2,2%. El margen EBITDA mejoró al 13,3% desde el 11,5% del año anterior. UHS completó una transacción de financiamiento de 1.000 millones de dólares y autorizó un aumento de 1.000 millones de dólares a su programa de recompra de acciones, bajo el cual recompró 658.000 acciones por 153,9 millones de dólares en el tercer trimestre.
유니버설 헬스 서비스(UHS)는 2024년 3분기 강력한 재무 실적을 보고했습니다. 순이익은 2억 5870만 달러(희석된 주당 3.80달러)에 이르렀으며, 이는 2023년 3분기의 1억 6700만 달러에서 증가한 수치입니다. 순수익은 11.2% 증가하여 39억 6300만 달러에 달했습니다. 회사의 급성 치료 시설은 조정된 입원이 1.5% 증가하였고, 행동 건강 시설은 2.2% 증가했습니다. EBITDA 마진은 전년 대비 11.5%에서 13.3%로 개선되었습니다. UHS는 10억 달러 규모의 자금 조달 거래를 완료했으며, 주식 매입 프로그램에 10억 달러 증액을 승인하였으며, 이 프로그램에 따라 3분기에 658,000주를 1억 5390만 달러에 매입했습니다.
Universal Health Services (UHS) a rapporté des résultats financiers solides pour le troisième trimestre 2024. Le revenu net a atteint 258,7 millions de dollars (3,80 dollars par action diluée), en hausse par rapport à 167,0 millions de dollars au troisième trimestre 2023. Les revenus nets ont augmenté de 11,2% pour atteindre 3,963 milliards de dollars. Les établissements de soins aigus de la société ont vu le nombre d'admissions ajustées augmenter de 1,5%, tandis que les établissements de santé comportementale ont enregistré une hausse de 2,2%. La marge EBITDA s'est améliorée à 13,3% contre 11,5% l'année précédente. UHS a finalisé une transaction de financement de 1 milliard de dollars et a autorisé une augmentation de 1,0 milliard de dollars de son programme de rachat d'actions, qui a permis le rachat de 658 000 actions pour 153,9 millions de dollars au troisième trimestre.
Universal Health Services (UHS) berichtete über starke finanziellen Ergebnisse für das 3. Quartal 2024. Der Nettogewinn erreichte 258,7 Millionen Dollar (3,80 Dollar pro verwässerter Aktie), ein Anstieg von 167,0 Millionen Dollar im 3. Quartal 2023. Die Nettoumsätze stiegen um 11,2% auf 3,963 Milliarden Dollar. Die Akutpflegeeinrichtungen des Unternehmens verzeichneten einen Anstieg der angepassten Aufnahmen um 1,5%, während die Einrichtungen für psychische Gesundheit einen Anstieg von 2,2% erfuhren. Die EBITDA-Marge verbesserte sich von 11,5% auf 13,3% im Vergleich zum Vorjahr. UHS vollendete eine Finanzierungstransaktion über 1 Milliarde Dollar und genehmigte eine Erhöhung des Aktienrückkaufprogramms um 1,0 Milliarde Dollar, unter dem 658.000 Aktien für 153,9 Millionen Dollar im 3. Quartal zurückgekauft wurden.
- Net income increased 54.9% to $258.7 million in Q3 2024
- Net revenues grew 11.2% to $3.963 billion
- EBITDA margin improved to 13.3% from 11.5%
- Behavioral health services revenues increased 10.5% on same facility basis
- Operating cash flow improved by $593 million to $1.409 billion
- $1.074 billion available for share repurchases
- Modest acute care admission growth of only 1.5%
- Increased debt through new $1 billion senior secured notes issuance
Insights
Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended September 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 third quarter of 2024 was
As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2024 were: (i) an unrealized after-tax gain of
As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2023, was an 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 – Nine-month periods ended September 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 nine months of 2024 was
As reflected on the Supplemental Schedule, included in our reported results during the first nine months of 2024 were: (i) an unrealized after-tax loss of
As reflected on the Supplemental Schedule, our reported results during the first nine months of 2023, included an unrealized after-tax loss of
As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was
Acute Care Services – Three and nine-month periods ended September 30, 2024 and 2023:
During the third 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 nine-month period ended September 30, 2024, at our acute care hospitals on a same facility basis, adjusted admissions increased by
Behavioral Health Care Services – Three and nine-month periods ended September 30, 2024 and 2023:
During the third quarter of 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by
During the nine-month period ended September 30, 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by
Net Cash Provided by Operating Activities and Liquidity:
Net Cash Provided by Operating Activities:
During the nine-month period ended September 30, 2024, our net cash provided by operating activities was
Liquidity:
As previously disclosed on Form 8-K on October 1, 2024, in September, 2024, we completed the following financing transactions:
- public offering of
aggregate principal amount of$500 million 4.625% senior secured notes due in 2029; - public offering of
aggregate principal amount of$500 million 5.050% senior secured notes due in 2034; - amended our credit agreement to:
- extend the maturity date to September, 2029 (from August, 2026 previously),
- increase the revolving credit facility to
(from$1.3 billion previously), and;$1.2 billion - reduce the outstanding borrowings pursuant the tranche A term loan facility by approximately
, to$1.0 billion , utilizing the proceeds generated from the issuance of the above-mentioned senior secured notes due in 2029 and 2034.$1.2 billion
As of September 30, 2024, we had
Stock Repurchase Program:
In July, 2024, our Board of Directors authorized a
During the third quarter of 2024, we have repurchased 658,000 shares at an aggregate cost of approximately
As of September 30, 2024, we had an aggregate available repurchase authorization of approximately
Conference call information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on October 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 June 30, 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 matters related to Cumberland Hospital for Children and Adolescents, located in
New Kent, Virginia , as previously disclosed on Form 8-K on September 30, 2024, and the matter related to the Pavilion Behavioral Health System, located inChampaign, Illinois , as previously disclosed on Forms 8-K on April 1, 2024, September 30, 2024 and October 11, 2024, and Forms 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could have a material adverse effect on the Company.
We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in
Universal Health Services, Inc. | |||||||
Consolidated Statements of Income | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Three months | Nine months | ||||||
ended September 30, | ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net revenues | |||||||
Operating charges: | |||||||
Salaries, wages and benefits | 1,912,308 | 1,784,870 | 5,611,304 | 5,308,476 | |||
Other operating expenses | 1,090,197 | 941,219 | 3,165,483 | 2,758,484 | |||
Supplies expense | 390,250 | 378,667 | 1,181,886 | 1,138,950 | |||
Depreciation and amortization | 149,567 | 137,195 | 438,050 | 422,560 | |||
Lease and rental expense | 36,540 | 35,466 | 108,165 | 105,775 | |||
3,578,862 | 3,277,417 | 10,504,888 | 9,734,245 | ||||
Income from operations | 384,165 | 285,357 | 1,209,325 | 844,185 | |||
Interest expense, net | 44,660 | 53,378 | 146,385 | 153,085 | |||
Other (income) expense, net | (2,028) | 11,472 | 3,315 | 31,797 | |||
Income before income taxes | 341,533 | 220,507 | 1,059,625 | 659,303 | |||
Provision for income taxes | 75,623 | 52,499 | 233,563 | 159,618 | |||
Net income | 265,910 | 168,008 | 826,062 | 499,685 | |||
Less: Net income (loss) attributable to | |||||||
noncontrolling interests ("NCI") | 7,196 | 1,019 | 16,362 | (1,732) | |||
Net income attributable to UHS | |||||||
Basic earnings per share attributable to UHS (a) | |||||||
Diluted earnings per share attributable to UHS (a) |
Universal Health Services, Inc. | |||||||
Footnotes to Consolidated Statements of Income | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
Three months | Nine months | ||||||
(a) Earnings per share calculation: | ended September 30, | ended September 30, | |||||
2024 | 2023 | 2024 | 2023 | ||||
Basic and diluted: | |||||||
Net income attributable to UHS | |||||||
Less: Net income attributable to unvested restricted share grants | 0 | (52) | (50) | (242) | |||
Net income attributable to UHS - basic and diluted | |||||||
Weighted average number of common shares - basic | 66,537 | 68,867 | 66,873 | 69,825 | |||
Basic earnings per share attributable to UHS: | |||||||
Weighted average number of common shares | 66,537 | 68,867 | 66,873 | 69,825 | |||
Add: Other share equivalents | 1,571 | 757 | 1,297 | 825 | |||
Weighted average number of common shares and equiv. - diluted | 68,108 | 69,624 | 68,170 | 70,650 | |||
Diluted earnings per share attributable to UHS: |
Universal Health Services, Inc. | |||||||
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") | |||||||
For the Three Months ended September 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 | ||||
September 30, 2024 | revenues | September 30, 2023 | revenues | ||||
Net income attributable to UHS | |||||||
Depreciation and amortization | 149,567 | 137,195 | |||||
Interest expense, net | 44,660 | 53,378 | |||||
Provision for income taxes | 75,623 | 52,499 | |||||
EBITDA net of NCI | 13.3 % | 11.5 % | |||||
Other (income) expense, net | (2,028) | 11,472 | |||||
Adjusted EBITDA net of NCI | 13.3 % | 11.8 % | |||||
Net revenues | |||||||
Calculation of Adjusted Net Income Attributable to UHS | |||||||
Three months ended | Three months ended | ||||||
September 30, 2024 | September 30, 2023 | ||||||
Per | Per | ||||||
Amount | Diluted Share | Amount | Diluted Share | ||||
Net income attributable to UHS | |||||||
Plus/minus after-tax adjustments: | |||||||
Unrealized (gain) loss on equity securities | (2,275) | (0.03) | 10,528 | 0.15 | |||
Impact of ASU 2016-09, net | (3,928) | (0.06) | - | - | |||
Subtotal adjustments | (6,203) | (0.09) | 10,528 | 0.15 | |||
Adjusted net income attributable to UHS |
Universal Health Services, Inc. | |||||||
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") | |||||||
For the Nine Months ended September 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") | |||||||
Nine months ended | % Net | Nine months ended | % Net | ||||
September 30, 2024 | revenues | September 30, 2023 | revenues | ||||
Net income attributable to UHS | |||||||
Depreciation and amortization | 438,050 | 422,560 | |||||
Interest expense, net | 146,385 | 153,085 | |||||
Provision for income taxes | 233,563 | 159,618 | |||||
EBITDA net of NCI | 13.9 % | 11.7 % | |||||
Other (income) expense, net | 3,315 | 31,797 | |||||
Adjusted EBITDA net of NCI | 13.9 % | 12.0 % | |||||
Net revenues | |||||||
Calculation of Adjusted Net Income Attributable to UHS | |||||||
Nine months ended | Nine months ended | ||||||
September 30, 2024 | September 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 | 4,038 | 0.06 | 23,040 | 0.33 | |||
Impact of ASU 2016-09, net | (15,540) | (0.23) | - | - | |||
Subtotal adjustments | (11,502) | (0.17) | 23,040 | 0.33 | |||
Adjusted net income attributable to UHS |
Universal Health Services, Inc. | ||||||
Condensed Consolidated Balance Sheets | ||||||
(in thousands) | ||||||
(unaudited) | ||||||
September 30, | December 31, | |||||
2024 | 2023 | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 106,077 | $ | 119,439 | ||
Accounts receivable, net | 2,214,268 | 2,238,265 | ||||
Supplies | 220,062 | 216,988 | ||||
Other current assets | 261,549 | 236,658 | ||||
Total current assets | 2,801,956 | 2,811,350 | ||||
Property and equipment | 12,448,230 | 11,777,047 | ||||
Less: accumulated depreciation | (6,005,664) | (5,652,518) | ||||
6,442,566 | 6,124,529 | |||||
Other assets: | ||||||
Goodwill | 3,965,492 | 3,932,407 | ||||
Deferred income taxes | 121,904 | 85,626 | ||||
Right of use assets-operating leases | 421,441 | 433,962 | ||||
Deferred charges | 9,705 | 6,974 | ||||
Other | 590,784 | 572,754 | ||||
Total Assets | $ | 14,353,848 | $ | 13,967,602 | ||
Liabilities and Stockholders' Equity | ||||||
Current liabilities: | ||||||
Current maturities of long-term debt | $ | 38,351 | $ | 126,686 | ||
Accounts payable and other liabilities | 1,896,234 | 1,813,015 | ||||
Operating lease liabilities | 72,801 | 71,600 | ||||
Federal and state taxes | 3,802 | 2,046 | ||||
Total current liabilities | 2,011,188 | 2,013,347 | ||||
Other noncurrent liabilities | 660,247 | 584,007 | ||||
Operating lease liabilities noncurrent | 377,644 | 382,559 | ||||
Long-term debt | 4,618,060 | 4,785,783 | ||||
Redeemable noncontrolling interest | 5,623 | 5,191 | ||||
UHS common stockholders' equity | 6,605,696 | 6,149,001 | ||||
Noncontrolling interest | 75,390 | 47,714 | ||||
Total equity | 6,681,086 | 6,196,715 | ||||
Total Liabilities and Stockholders' Equity | $ | 14,353,848 | $ | 13,967,602 |
Universal Health Services, Inc. | |||
Consolidated Statements of Cash Flows | |||
(in thousands) | |||
(unaudited) | |||
Nine months | |||
ended September 30, | |||
2024 | 2023 | ||
Cash Flows from Operating Activities: | |||
Net income | |||
Adjustments to reconcile net income to net | |||
cash provided by operating activities: | |||
Depreciation & amortization | 438,050 | 422,560 | |
Gains on sale of assets and businesses | (5,124) | (6,250) | |
Costs related to extinguishment of debt | 3,158 | 0 | |
Stock-based compensation expense | 72,727 | 65,702 | |
Changes in assets & liabilities, net of effects from | |||
acquisitions and dispositions: | |||
Accounts receivable | 11,703 | (193,108) | |
Accrued interest | (1,762) | 60 | |
Accrued and deferred income taxes | (10,949) | (33,240) | |
Other working capital accounts | 1,329 | (65,062) | |
Medicare accelerated payments and deferred CARES Act and other grants | 0 | 1,764 | |
Other assets and deferred charges | (5,621) | 48,985 | |
Other | 25,732 | 13,717 | |
Accrued insurance expense, net of commercial premiums paid | 175,104 | 141,414 | |
Payments made in settlement of self-insurance claims | (121,745) | (80,861) | |
Net cash provided by operating activities | 1,408,664 | 815,366 | |
Cash Flows from Investing Activities: | |||
Property and equipment additions | (697,865) | (536,665) | |
Proceeds received from sales of assets and businesses | 30,219 | 23,688 | |
Acquisition of businesses and property | 0 | (3,728) | |
Outflows from foreign exchange contracts that hedge our net | (35,667) | (7,723) | |
Decrease in capital reserves of commercial insurance subsidiary | 197 | 0 | |
Net cash used in investing activities | (703,116) | (524,428) | |
Cash Flows from Financing Activities: | |||
Repayments of long-term debt | (2,471,515) | (54,009) | |
Additional borrowings | 2,210,248 | 165,000 | |
Financing costs | (9,992) | (308) | |
Repurchase of common shares | (420,588) | (385,339) | |
Dividends paid | (40,302) | (41,964) | |
Issuance of common stock | 10,864 | 9,841 | |
Profit distributions to noncontrolling interests | (5,791) | (5,258) | |
Sale of ownership interests to minority members | 8,959 | 408 | |
Net cash used in financing activities | (718,117) | (311,629) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,696 | 493 | |
Increase (decrease) in cash, cash equivalents and restricted cash | (9,873) | (20,198) | |
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 | 9 Months ended | ||||||||
Same Facility: | 9/30/2024 | 9/30/2024 | |||||||
Acute Care Hospitals | |||||||||
Revenues | 9.2 % | 8.5 % | |||||||
Adjusted Admissions | 1.5 % | 3.1 % | |||||||
Adjusted Patient Days | 2.0 % | 2.3 % | |||||||
Revenue Per Adjusted Admission | 7.0 % | 5.0 % | |||||||
Revenue Per Adjusted Patient Day | 6.5 % | 5.8 % | |||||||
Behavioral Health Hospitals | |||||||||
Revenues | 10.5 % | 10.6 % | |||||||
Adjusted Admissions | 2.2 % | 0.3 % | |||||||
Adjusted Patient Days | 1.8 % | 1.7 % | |||||||
Revenue Per Adjusted Admission | 8.0 % | 10.1 % | |||||||
Revenue Per Adjusted Patient Day | 8.5 % | 8.7 % | |||||||
UHS Consolidated | Third Quarter Ended | Nine Months Ended | |||||||
9/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | ||||||
Revenues | |||||||||
EBITDA net of NCI | |||||||||
EBITDA Margin net of NCI | 13.3 % | 11.5 % | 13.9 % | 11.7 % | |||||
Adjusted EBITDA net of NCI | |||||||||
Adjusted EBITDA Margin net of NCI | 13.3 % | 11.8 % | 13.9 % | 12.0 % | |||||
Cash Flow From Operations | |||||||||
Capital Expenditures | |||||||||
Days Sales Outstanding | 52 | 58 | |||||||
Debt | |||||||||
UHS' Shareholders Equity | |||||||||
Debt / Total Capitalization | 41.3 % | 44.8 % | |||||||
Debt / EBITDA net of NCI (1) | 2.21 | 2.97 | |||||||
Debt / Adjusted EBITDA net of NCI (1) | 2.21 | 2.83 | |||||||
Debt / Cash From Operations (1) | 2.50 | 4.42 | |||||||
(1) Latest 4 quarters. |
Universal Health Services, Inc. | ||||||||||||||||||
Acute Care Hospital Services | ||||||||||||||||||
For the Three and Nine months ended | ||||||||||||||||||
September 30, 2024 and 2023 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Same Facility Basis - Acute Care Hospital Services | ||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | |||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 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 | 893,436 | 41.6 % | 854,284 | 43.5 % | 2,609,544 | 41.1 % | 2,517,163 | 43.0 % | ||||||||||
Other operating expenses | 598,840 | 27.9 % | 543,584 | 27.6 % | 1,754,999 | 27.6 % | 1,604,084 | 27.4 % | ||||||||||
Supplies expense | 332,799 | 15.5 % | 323,580 | 16.5 % | 1,011,602 | 15.9 % | 976,712 | 16.7 % | ||||||||||
Depreciation and amortization | 93,752 | 4.4 % | 86,437 | 4.4 % | 278,062 | 4.4 % | 273,646 | 4.7 % | ||||||||||
Lease and rental expense | 24,202 | 1.1 % | 24,443 | 1.2 % | 72,308 | 1.1 % | 72,459 | 1.2 % | ||||||||||
Subtotal-operating expenses | 1,943,029 | 90.5 % | 1,832,328 | 93.2 % | 5,726,515 | 90.1 % | 5,444,064 | 92.9 % | ||||||||||
Income from operations | 204,703 | 9.5 % | 133,657 | 6.8 % | 628,563 | 9.9 % | 413,951 | 7.1 % | ||||||||||
Interest expense, net | 1,077 | 0.1 % | (778) | (0.0) % | 3,363 | 0.1 % | (1,858) | (0.0) % | ||||||||||
Other (income) expense, net | (590) | (0.0) % | (490) | 0.0 % | (1,348) | (0.0) % | 5,723 | 0.1 % | ||||||||||
Income before income taxes | 9.5 % | 6.9 % | 9.9 % | 7.0 % | ||||||||||||||
All Acute Care Hospital Services | ||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | |||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 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 | 894,551 | 39.8 % | 854,587 | 42.4 % | 2,612,118 | 39.6 % | 2,534,878 | 42.3 % | ||||||||||
Other operating expenses | 699,316 | 31.1 % | 596,834 | 29.6 % | 2,009,231 | 30.4 % | 1,731,750 | 28.9 % | ||||||||||
Supplies expense | 332,772 | 14.8 % | 323,475 | 16.0 % | 1,011,460 | 15.3 % | 979,185 | 16.3 % | ||||||||||
Depreciation and amortization | 94,522 | 4.2 % | 86,535 | 4.3 % | 279,048 | 4.2 % | 274,165 | 4.6 % | ||||||||||
Lease and rental expense | 24,490 | 1.1 % | 24,440 | 1.2 % | 72,638 | 1.1 % | 72,629 | 1.2 % | ||||||||||
Subtotal-operating expenses | 2,045,651 | 91.1 % | 1,885,871 | 93.5 % | 5,984,495 | 90.6 % | 5,592,607 | 93.3 % | ||||||||||
Income from operations | 199,866 | 8.9 % | 131,417 | 6.5 % | 619,512 | 9.4 % | 401,292 | 6.7 % | ||||||||||
Interest expense, net | 1,077 | 0.0 % | (778) | (0.0) % | 3,363 | 0.1 % | (1,858) | (0.0) % | ||||||||||
Other (income) expense, net | (527) | (0.0) % | (211) | (0.0) % | (354) | (0.0) % | 6,921 | 0.1 % | ||||||||||
Income before income taxes | 8.9 % | 6.6 % | 9.3 % | 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 June 30, 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 Nine months ended | ||||||||||||||||||
September 30, 2024 and 2023 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Same Facility - Behavioral Health Care Services | ||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | |||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 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 | 916,435 | 54.8 % | 842,683 | 55.7 % | 2,679,938 | 53.9 % | 2,494,850 | 55.5 % | ||||||||||
Other operating expenses | 313,402 | 18.7 % | 294,788 | 19.5 % | 934,107 | 18.8 % | 869,771 | 19.4 % | ||||||||||
Supplies expense | 57,723 | 3.5 % | 55,112 | 3.6 % | 171,594 | 3.5 % | 161,371 | 3.6 % | ||||||||||
Depreciation and amortization | 52,075 | 3.1 % | 47,472 | 3.1 % | 149,094 | 3.0 % | 139,358 | 3.1 % | ||||||||||
Lease and rental expense | 11,806 | 0.7 % | 10,883 | 0.7 % | 34,908 | 0.7 % | 32,684 | 0.7 % | ||||||||||
Subtotal-operating expenses | 1,351,441 | 80.8 % | 1,250,938 | 82.6 % | 3,969,641 | 79.8 % | 3,698,034 | 82.3 % | ||||||||||
Income from operations | 321,012 | 19.2 % | 263,079 | 17.4 % | 1,002,971 | 20.2 % | 796,757 | 17.7 % | ||||||||||
Interest expense, net | 1,041 | 0.1 % | 1,252 | 0.1 % | 3,076 | 0.1 % | 3,455 | 0.1 % | ||||||||||
Other (income) expense, net | (794) | (0.0) % | (985) | (0.1) % | (2,341) | (0.0) % | (2,294) | (0.1) % | ||||||||||
Income before income taxes | 19.2 % | 17.4 % | 20.2 % | 17.7 % | ||||||||||||||
All Behavioral Health Care Services | ||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | |||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 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 | 919,301 | 53.6 % | 844,244 | 54.7 % | 2,690,118 | 52.7 % | 2,498,338 | 54.6 % | ||||||||||
Other operating expenses | 354,331 | 20.7 % | 322,208 | 20.9 % | 1,054,007 | 20.7 % | 949,958 | 20.8 % | ||||||||||
Supplies expense | 57,830 | 3.4 % | 55,272 | 3.6 % | 172,031 | 3.4 % | 161,597 | 3.5 % | ||||||||||
Depreciation and amortization | 52,452 | 3.1 % | 47,720 | 3.1 % | 150,949 | 3.0 % | 140,117 | 3.1 % | ||||||||||
Lease and rental expense | 11,956 | 0.7 % | 10,911 | 0.7 % | 35,235 | 0.7 % | 32,834 | 0.7 % | ||||||||||
Subtotal-operating expenses | 1,395,870 | 81.4 % | 1,280,355 | 83.0 % | 4,102,340 | 80.4 % | 3,782,844 | 82.7 % | ||||||||||
Income from operations | 319,044 | 18.6 % | 262,340 | 17.0 % | 999,950 | 19.6 % | 792,534 | 17.3 % | ||||||||||
Interest expense, net | 1,041 | 0.1 % | 1,252 | 0.1 % | 3,076 | 0.1 % | 3,456 | 0.1 % | ||||||||||
Other (income) expense, net | (861) | (0.1) % | (1,080) | (0.1) % | (2,408) | (0.0) % | (3,139) | (0.1) % | ||||||||||
Income before income taxes | 18.6 % | 17.0 % | 19.6 % | 17.3 % | ||||||||||||||
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 June 30, 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 | ||||||||||||
September 30, 2024 and 2023 | ||||||||||||
(unaudited) | ||||||||||||
AS REPORTED: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
09/30/24 | 09/30/23 | % change | 09/30/24 | 09/30/23 | % change | |||||||
Hospitals owned and leased | 27 | 27 | 0.0 % | 334 | 331 | 0.9 % | ||||||
Average licensed beds | 6,657 | 6,667 | -0.1 % | 24,446 | 24,194 | 1.0 % | ||||||
Average available beds | 6,485 | 6,495 | -0.2 % | 24,346 | 24,094 | 1.0 % | ||||||
Patient days | 393,521 | 384,348 | 2.4 % | 1,630,369 | 1,600,740 | 1.9 % | ||||||
Average daily census | 4,277.4 | 4,177.7 | 2.4 % | 17,721.4 | 17,399.3 | 1.9 % | ||||||
Occupancy-licensed beds | 64.3 % | 62.7 % | 2.5 % | 72.5 % | 71.9 % | 0.8 % | ||||||
Occupancy-available beds | 66.0 % | 64.3 % | 2.5 % | 72.8 % | 72.2 % | 0.8 % | ||||||
Admissions | 81,731 | 80,074 | 2.1 % | 121,421 | 118,487 | 2.5 % | ||||||
Length of stay | 4.8 | 4.8 | 0.3 % | 13.4 | 13.5 | -0.6 % | ||||||
Inpatient revenue | 12.5 % | 4.9 % | ||||||||||
Outpatient revenue | 8,573,270 | 7,480,353 | 14.6 % | 268,182 | 259,060 | 3.5 % | ||||||
Total patient revenue | 20,850,833 | 18,396,413 | 13.3 % | 3,103,483 | 2,962,538 | 4.8 % | ||||||
Other revenue | 266,822 | 251,985 | 5.9 % | 84,770 | 81,149 | 4.5 % | ||||||
Gross revenue | 21,117,655 | 18,648,398 | 13.2 % | 3,188,253 | 3,043,687 | 4.7 % | ||||||
Total deductions | 18,872,138 | 16,631,110 | 13.5 % | 1,473,339 | 1,500,992 | -1.8 % | ||||||
Net revenue | 11.3 % | 11.2 % | ||||||||||
SAME FACILITY: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
09/30/24 | 09/30/23 | % change | 09/30/24 | 09/30/23 | % change | |||||||
Hospitals owned and leased | 27 | 27 | 0.0 % | 333 | 333 | 0.0 % | ||||||
Average licensed beds | 6,657 | 6,667 | -0.1 % | 24,277 | 24,012 | 1.1 % | ||||||
Average available beds | 6,485 | 6,495 | -0.2 % | 24,177 | 23,912 | 1.1 % | ||||||
Patient days | 393,521 | 384,348 | 2.4 % | 1,618,344 | 1,586,108 | 2.0 % | ||||||
Average daily census | 4,277.4 | 4,177.7 | 2.4 % | 17,590.7 | 17,240.3 | 2.0 % | ||||||
Occupancy-licensed beds | 64.3 % | 62.7 % | 2.5 % | 72.5 % | 71.8 % | 0.9 % | ||||||
Occupancy-available beds | 66.0 % | 64.3 % | 2.5 % | 72.8 % | 72.1 % | 0.9 % | ||||||
Admissions | 81,731 | 80,074 | 2.1 % | 120,515 | 117,635 | 2.4 % | ||||||
Length of stay | 4.8 | 4.8 | 0.3 % | 13.4 | 13.5 | -0.4 % |
Universal Health Services, Inc. | ||||||||||||
Selected Hospital Statistics | ||||||||||||
For the Nine Months ended | ||||||||||||
September 30, 2024 and 2023 | ||||||||||||
(unaudited) | ||||||||||||
AS REPORTED: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
09/30/24 | 09/30/23 | % change | 09/30/24 | 09/30/23 | % change | |||||||
Hospitals owned and leased | 27 | 27 | 0.0 % | 334 | 331 | 0.9 % | ||||||
Average licensed beds | 6,657 | 6,697 | -0.6 % | 24,413 | 24,203 | 0.9 % | ||||||
Average available beds | 6,485 | 6,525 | -0.6 % | 24,313 | 24,103 | 0.9 % | ||||||
Patient days | 1,199,271 | 1,172,957 | 2.2 % | 4,858,431 | 4,761,887 | 2.0 % | ||||||
Average daily census | 4,376.9 | 4,296.5 | 1.9 % | 17,731.5 | 17,442.8 | 1.7 % | ||||||
Occupancy-licensed beds | 65.7 % | 64.2 % | 2.5 % | 72.6 % | 72.1 % | 0.8 % | ||||||
Occupancy-available beds | 67.5 % | 65.8 % | 2.5 % | 72.9 % | 72.4 % | 0.8 % | ||||||
Admissions | 247,170 | 239,300 | 3.3 % | 361,149 | 358,703 | 0.7 % | ||||||
Length of stay | 4.9 | 4.9 | 0.0 % | 13.5 | 13.3 | 1.7 % | ||||||
Inpatient revenue | 12.8 % | 4.7 % | ||||||||||
Outpatient revenue | 25,553,451 | 22,292,249 | 14.6 % | 833,260 | 812,467 | 2.6 % | ||||||
Total patient revenue | 63,075,846 | 55,570,645 | 13.5 % | 9,208,730 | 8,814,305 | 4.5 % | ||||||
Other revenue | 747,424 | 714,877 | 4.6 % | 247,182 | 220,393 | 12.2 % | ||||||
Gross revenue | 63,823,270 | 56,285,522 | 13.4 % | 9,455,912 | 9,034,698 | 4.7 % | ||||||
Total deductions | 57,219,263 | 50,291,623 | 13.8 % | 4,353,622 | 4,459,320 | -2.4 % | ||||||
Net revenue | 10.2 % | 11.5 % | ||||||||||
SAME FACILITY: | ||||||||||||
ACUTE | BEHAVIORAL HEALTH | |||||||||||
09/30/24 | 09/30/23 | % change | 09/30/24 | 09/30/23 | % change | |||||||
Hospitals owned and leased | 27 | 27 | 0.0 % | 333 | 333 | 0.0 % | ||||||
Average licensed beds | 6,657 | 6,634 | 0.3 % | 24,189 | 24,060 | 0.5 % | ||||||
Average available beds | 6,485 | 6,462 | 0.4 % | 24,089 | 23,960 | 0.5 % | ||||||
Patient days | 1,199,271 | 1,166,693 | 2.8 % | 4,819,550 | 4,726,531 | 2.0 % | ||||||
Average daily census | 4,376.9 | 4,273.6 | 2.4 % | 17,589.6 | 17,313.3 | 1.6 % | ||||||
Occupancy-licensed beds | 65.7 % | 64.4 % | 2.1 % | 72.7 % | 72.0 % | 1.1 % | ||||||
Occupancy-available beds | 67.5 % | 66.1 % | 2.1 % | 73.0 % | 72.3 % | 1.1 % | ||||||
Admissions | 247,170 | 238,237 | 3.7 % | 358,114 | 356,028 | 0.6 % | ||||||
Length of stay | 4.9 | 4.9 | 0.0 % | 13.5 | 13.3 | 1.5 % |
View original content:https://www.prnewswire.com/news-releases/universal-health-services-inc-announces-2024-third-quarter-financial-results-302286542.html
SOURCE Universal Health Services, Inc.
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