KING OF PRUSSIA, Pa.,
Feb. 26, 2015 /PRNewswire/
-- Universal Health Services, Inc. (NYSE: UHS) announced today
that its reported net income attributable to UHS was $172.8 million, or $1.71 per diluted share, during the fourth
quarter of 2014 as compared to $124.5
million, or $1.24 per diluted
share, during the comparable quarter of 2013. Net revenues
increased 17.0% to $2.11 billion
during the fourth quarter of 2014 as compared to $1.80 billion during the fourth quarter of 2013.
As anticipated, included in our net revenues during the fourth
quarter of 2014 was approximately $11
million of additional net revenues recorded in connection
with the Texas Delivery Service Reform Incentive Payment program
which were applicable to the period of April
1, 2014 through September 30,
2014.
Reported net income attributable to UHS was $545.3 million, or $5.42 per diluted share, during the year ended
December 31, 2014 as compared to
$510.7 million, or $5.14 per diluted share, during the 2013 full
year. Net revenues increased 10.7% to $8.07 billion during the twelve-month period of
2014 as compared to $7.28 billion
during the comparable twelve-month period of 2013.
Consolidated Results of Operations, As Adjusted – Three and
twelve-month periods ended December 31,
2014 and 2013:
Three-month periods ended December 31,
2014 and 2013:
For the three-month period ended
December 31, 2014, our adjusted net
income attributable to UHS, as calculated on the attached Schedule
of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule"), increased approximately 47%
to $152.0 million, or $1.51 per diluted share, as compared to
$103.6 million, or $1.03 per diluted share, during the fourth
quarter of 2013.
As reflected on the Supplemental Schedule, included in our
reported results during the fourth quarter of 2014 was an aggregate
favorable after-tax impact of approximately $20.8 million, or $.20 per diluted share, consisting of: (i) a
favorable after-tax impact of $11.7
million, or $.12 per diluted
share, resulting from a reduction to our professional and general
liability self-insurance reserves relating to years prior to 2014,
based upon a reserve analysis; (ii) a net favorable after-tax
impact of approximately $8.6 million,
or $.08 per diluted share, related to
the incentive income and expenses recorded in connection with the
implementation of electronic health records ("EHR") applications at
our acute care hospitals, and; (iii) an after-tax impact of
$493,000 relating to the charge
incurred during 2014 in connection with the settlement of the
Garden City matter, as
discussed below.
As reflected on the Supplemental Schedule, included in our
reported results during the fourth quarter of 2013 was an aggregate
net favorable after-tax impact of approximately $20.9 million, or $.21 per diluted share, consisting of: (i) a
favorable after-tax impact of $9.2
million, or $.09 per diluted
share, resulting from a reduction to our professional and general
liability self-insurance reserves relating to years prior to 2013,
based upon a reserve analysis, and; (ii) a net favorable after-tax
impact of approximately $11.8
million, or $.12 per diluted
share, related to the incentive income and expenses recorded in
connection with the implementation of EHR applications at our acute
care hospitals.
Twelve-month periods ended December
31, 2014 and 2013:
For the twelve-month period ended
December 31, 2014, our adjusted net
income attributable to UHS, as calculated on the attached
Supplemental Schedule, increased approximately 29% to $581.8 million, or $5.78 per diluted share, as compared to
$452.1 million, or $4.55 per diluted share, during the comparable
twelve-month period of 2013.
As reflected on the Supplemental Schedule, included in our
reported results during the year ended December 31, 2014 was a net aggregate unfavorable
after-tax impact of approximately $36.4
million, or $.36 per diluted
share, related to:
- an after-tax charge of $27.1
million ($43.2 million
pre-tax), or $.27 per diluted share,
incurred in connection with the previously disclosed $65 million settlement of the Garden City Employees' Retirement System v. Psychiatric
Solutions, Inc. ("Garden
City"). This matter was a shareholder class action
lawsuit filed in 2009 against Psychiatric Solutions, Inc. ("PSI")
and certain of its former officers alleging their violations of
federal securities laws and we assumed the defense and liability of
this matter as a result of our acquisition of PSI in 2010. This
charge is net of approximately $17
million of commercial insurance recoveries that we were
entitled to and a previously recorded estimated reserve;
- an aggregate after-tax charge incurred during the third quarter
of 2014 of $22.7 million
($36.2 million pre-tax), or
$.23 per diluted share, recorded in
connection with the costs related to extinguishment of debt
resulting primarily from the early redemption of our previously
outstanding $250 million, 7.00%
senior unsecured notes that were scheduled to mature in 2018 and
the repayment of $550 million of
borrowings pursuant to the terms of our previously outstanding Term
Loan B facility which was scheduled to mature in 2016;
- a favorable after-tax impact of $11.7
million, or $.12 per diluted
share, resulting from a reduction to our professional and general
liability self-insurance reserves relating to years prior to 2014,
based upon a reserve analysis;
- an aggregate net unfavorable after-tax impact of $4.7 million, or $.04 per diluted share, related to the incentive
income and depreciation and amortization expense recorded in
connection with the implementation of EHR applications at our acute
care hospitals, and;
- a favorable after-tax impact of $6.3
million, or $.06 per diluted
share, resulting from a gain realized on the sale of a
non-operating investment during the first quarter of 2014.
As reflected on the Supplemental Schedule, included in our
reported results during the full year of 2013 was an aggregate net
favorable after-tax impact of approximately $58.6 million, or $.59 per diluted share, consisting of: (i) a
favorable after-tax impact of $47.0
million, or $.47 per diluted
share, resulting from a reduction to our professional and general
liability self-insurance reserves relating to years prior to 2013,
based upon reserve analyses, and; (ii) a net favorable after-tax
impact of approximately $11.6
million, or $.12 per diluted
share, related to the incentive income and expenses recorded in
connection with the implementation of EHR applications at our acute
care hospitals.
Acute Care Services – Three and twelve-month periods ended
December 31, 2014 and
2013:
During the fourth quarter of 2014, at our acute care
hospitals owned during both periods ("same facility basis"),
adjusted admissions (adjusted for outpatient activity) increased
5.5% and adjusted patient days increased 6.8%, as compared to the
fourth quarter of 2013. Net revenues at these facilities increased
14.9% during the fourth quarter of 2014 as compared to the
comparable quarter of the prior year. At these facilities, net
revenue per adjusted admission increased 8.8% while net revenue per
adjusted patient day increased 7.6% during the fourth quarter of
2014 as compared to the comparable quarter of 2013. On a same
facility basis, the operating margin at our acute care hospitals
increased to 18.1% during the fourth quarter of 2014 as compared to
14.1% during the fourth quarter of 2013. We define operating margin
as net revenues less salaries, wages and benefits, other operating
expenses and supplies expense (excluding the impact of EHR and
other items as indicated on the Supplemental Schedules).
During the year ended December 31,
2014, at our acute care hospitals on a same facility basis,
adjusted admissions increased 3.1% and adjusted patient days
increased 6.5%, as compared to the 2013 full year. Net revenues at
these facilities increased 10.0% during the 2014 full year as
compared to the 2013 full year. At these facilities, net revenue
per adjusted admission increased 6.6% while net revenue per
adjusted patient day increased 3.3% during 2014 as compared to
2013. On a same facility basis, the operating margin at our acute
care hospitals increased to 18.8% during the year ended
December 31, 2014 as compared to
14.8% during the 2013 full year.
The increased operating performance experienced at our acute
care facilities during 2014, as compared to 2013, was due in part
to improving general economic conditions as well as a decrease in
the number of uninsured patients treated at our hospitals.
The decrease in the number of uninsured patients treated at our
acute care hospitals was due primarily to the favorable impact of
the Affordable Care Act which includes the expansion of Medicaid in
certain states in which we operate and the enrollment of patients
in newly created commercial exchanges.
We provide care to patients who meet certain financial or
economic criteria without charge or at amounts substantially less
than our established rates. Because we do not pursue collection of
amounts determined to qualify as charity care, they are not
reported in net revenues or in accounts receivable, net. Our acute
care hospitals provided charity care and uninsured discounts, based
on gross charges, amounting to approximately $284 million and $234
million during the three-month periods ended December 31, 2014 and 2013, respectively, and
$1.14 billion and $999 million during the twelve-month periods
ended December 31, 2014 and 2013,
respectively. The provision for doubtful accounts at our acute care
hospitals decreased to approximately $130
million during the three-month period ended December 31, 2014 as compared to $291 million during the comparable quarter of
2013, and decreased to $590 million
during the twelve-month period ended December 31, 2014 as compared to $1.02 billion during the 2013 full year. During
the three and twelve-month periods ended December 31, 2014, as compared to the comparable
periods of 2013, our acute care hospitals experienced a decrease in
the aggregate of charity care, uninsured discounts and provision
for doubtful accounts as a percentage of gross charges.
Behavioral Health Care Services – Three and twelve-month
periods ended December 31, 2014 and
2013:
During the fourth quarter of 2014, at our behavioral
health care facilities on a same facility basis, adjusted
admissions increased 6.8% while adjusted patient days increased
2.8% compared to the fourth quarter of 2013. At these facilities,
net revenue per adjusted admission decreased 0.7% while net revenue
per adjusted patient day increased 3.2% during the fourth quarter
of 2014 as compared to the comparable quarter in 2013. On a same
facility basis, our behavioral health services' net revenues
increased 6.3% during the fourth quarter of 2014, as compared to
the comparable quarter in 2013, and the operating margins were
28.0% and 27.7% during the three-month periods ended December 31, 2014 and 2013, respectively.
During the twelve-month period ended December 31, 2014, at our behavioral health care
facilities on a same facility basis, adjusted admissions increased
4.7% while adjusted patient days increased 1.7% compared to the
2013 full year. At these facilities, net revenue per adjusted
admission decreased 0.3% during the year ended December 31, 2014 while net revenue per adjusted
patient day increased 2.7% during the twelve-month period ended
December 31, 2014 as compared to the
2013 full year. On a same facility basis, our behavioral health
services' net revenues increased 5.5% during the full year of 2014,
as compared to 2013, and the operating margins were 28.0% and 28.1%
during the twelve-month periods ended December 31, 2014 and 2013, respectively.
Share Repurchase Program:
During the third quarter of
2014, our Board of Directors authorized a stock repurchase program
whereby, from time to time as conditions allow, we may spend up to
$400 million to purchase shares of
our Class B Common Stock on the open market or in negotiated
private transactions. In conjunction with this program,
during the fourth quarter of 2014, we repurchased 321,500 shares at
an aggregate cost of $32.7 million.
Since inception of the program through December 31, 2014, we repurchased 548,192 shares
at an aggregate cost of $57.9
million.
2015 Full Year Guidance:
Our estimated range of
adjusted net income attributable to UHS for the year ended
December 31, 2015, is $6.15 to $6.55 per diluted share. This guidance
range represents an increase of approximately 6% to 13% over the
adjusted net income attributable to UHS of $5.78 per diluted share for the year ended
December 31, 2014, as calculated on
the attached Supplemental Schedule. The range excludes the
below-mentioned unfavorable EHR impact of $.12 per diluted share expected during 2015.
During 2015, our net revenues are estimated to be approximately
$8.7 billion to $8.8 billion
representing an increase of approximately 8% to 9% over our 2014
net revenues.
During 2015, we expect to record approximately $15 million of EHR incentive income and
approximately $35 million of
EHR-related depreciation and amortization expense resulting in a
net unfavorable after-tax (and after income attributable to
noncontrolling interest) impact of approximately $13 million, or $.12 per diluted
share.
This guidance range excludes the impact of items, if applicable,
that are nonrecurring or non-operational in nature including items
such as, but not limited to, gains on sales of assets and
businesses, reserves for settlements, legal judgments and lawsuits
and other material amounts that may be reflected in our financial
statements that relate to prior periods. 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.
Behavioral Health Care Acquisition in the United Kingdom ("UK"):
In February,
2015, we completed the acquisition of Orchard Portman House
Hospital (renamed Cygnet Hospital-Taunton), a 46-bed behavioral
health care facility located near Taunton in the UK. The acquisition of this
facility expands our portfolio of hospitals providing behavioral
health care services to older adults in the UK. Through our
acquisition of Cygnet Health Care Limited in September, 2014, we
acquired a total of 17 facilities located throughout the UK
including 15 inpatient behavioral health hospitals and 2 nursing
homes with a total of 723 beds.
Conference call information:
We will hold a conference
call for investors and analysts at 9:00 a.m.
eastern time on February 27,
2015. The dial-in number is 1-877-648-7971.
A live broadcast of the conference call will be available on our
website at www.uhsinc.com. A replay of the call will be
available following the conclusion of the live call and will be
available for one full year.
General Information, Forward-Looking Statements and Risk
Factors and Non-GAAP Financial Measures:
Universal Health
Services, Inc. ("UHS") is one of the nation's largest hospital
companies operating through its subsidiaries acute care hospitals,
behavioral health facilities and ambulatory centers located
throughout the United States, the
United Kingdom, Puerto Rico and the U.S. Virgin Islands.
It acts as the advisor to Universal Health Realty Income Trust, a
real estate investment trust (NYSE:UHT). For additional
information on the Company, visit our web site:
http://www.uhsinc.com.
This press release contains forward-looking statements based on
current management expectations. Numerous factors, including
those disclosed herein, those related to healthcare industry trends
and those detailed in our filings with the Securities and Exchange
Commission (as set forth in Item 1A-Risk Factors and
in Item 7-Forward-Looking Statements and Risk Factors in our
Form 10-K for the year ended December 31,
2014), may cause the results to differ materially from those
anticipated in the forward-looking statements. Many of the
factors that will determine our future results are beyond our
capability to control or predict. 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.
Our acute care hospitals are eligible for Medicare and Medicaid
EHR incentive payments upon implementation of the EHR application,
once they have demonstrated meaningful use of certified EHR
technology for the applicable stage or have completed attestations
to their adoption or implementation of certified EHR technology.
However, there may be timing differences in the recognition
of the incentive income and expenses recorded in connection with
the implementation of the EHR application which may cause material
period-to-period changes in our future results of operations.
Pursuant to regulations, hospitals that do not qualify as a
meaningful user of EHR by 2015 are subject to a reduced market
basket update to the inpatient prospective payment system
standardized amount in 2015 and each subsequent fiscal year. We
believe that all of our acute care hospitals have met the
applicable meaningful use criteria and therefore are not subject to
a reduced market basked update to the inpatient prospective payment
standardized amount in federal fiscal year 2015. Under the HITECH
Act, hospitals must continue to meet the applicable meaningful use
criteria in each fiscal year or they will be subject to a market
basket update reduction in a subsequent fiscal
year.
We believe that operating income, operating margin, adjusted net
income attributable to UHS, adjusted net income attributable to UHS
per diluted share and earnings before interest, taxes, depreciation
and amortization ("EBITDA"), 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 in each year of material items that are nonrecurring or
non-operational in nature including items such as, but not limited
to, costs related to extinguishment of debt, gains on sales of
assets and businesses, reserves for settlements, legal judgments
and lawsuits, impairments of long-lived assets 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, determined in accordance
with GAAP, as presented in the condensed consolidated financial
statements and notes thereto in this report or in our other filings
with the Securities and Exchange Commission including our Report on
Form 10-K for the year ended December 31,
2014. Since the items included or excluded from these
measures are significant components in understanding and assessing
financial performance under GAAP, these measures should not be
considered to be alternatives to net income as a measure of our
operating performance or profitability. Since these measures,
as presented, are not determined in accordance with GAAP and are
thus susceptible to varying calculations, they may not be
comparable to other similarly titled measures of other
companies. Investors are encouraged to use GAAP measures when
evaluating our financial performance.
Universal Health
Services, Inc.
|
Consolidated
Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Twelve
months
|
|
ended December
31,
|
|
ended December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,264,629
|
|
$2,116,288
|
|
$8,764,309
|
|
$8,411,038
|
Less:
Provision for doubtful accounts
|
157,048
|
|
315,442
|
|
698,983
|
|
1,127,216
|
Net
revenues
|
2,107,581
|
|
1,800,846
|
|
8,065,326
|
|
7,283,822
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
994,593
|
|
901,778
|
|
3,845,461
|
|
3,604,620
|
Other
operating expenses
|
459,707
|
|
368,626
|
|
1,782,981
|
|
1,468,744
|
Supplies
expense
|
233,413
|
|
207,108
|
|
895,693
|
|
821,089
|
Depreciation and amortization
|
98,118
|
|
88,707
|
|
375,624
|
|
337,172
|
Lease
and rental expense
|
23,337
|
|
25,107
|
|
93,993
|
|
97,758
|
Electronic health records incentive income
|
(23,873)
|
|
(33,081)
|
|
(27,902)
|
|
(61,024)
|
Costs
related to extinguishment of debt
|
0
|
|
0
|
|
36,171
|
|
0
|
|
1,785,295
|
|
1,558,245
|
|
7,002,021
|
|
6,268,359
|
|
|
|
|
|
|
|
|
Income from
operations
|
322,286
|
|
242,601
|
|
1,063,305
|
|
1,015,463
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
31,225
|
|
35,643
|
|
133,638
|
|
146,131
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
291,061
|
|
206,958
|
|
929,667
|
|
869,332
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
100,569
|
|
73,772
|
|
324,671
|
|
315,309
|
|
|
|
|
|
|
|
|
Net income
|
190,492
|
|
133,186
|
|
604,996
|
|
554,023
|
|
|
|
|
|
|
|
|
Less: Income
attributable to
|
|
|
|
|
|
|
|
noncontrolling
interests
|
17,695
|
|
8,665
|
|
59,653
|
|
43,290
|
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$172,797
|
|
$124,521
|
|
$545,343
|
|
$510,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS (a)
|
$1.75
|
|
$1.27
|
|
$5.52
|
|
$5.21
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS (a)
|
$1.71
|
|
$1.24
|
|
$5.42
|
|
$5.14
|
Universal Health
Services, Inc.
|
Footnotes to
Consolidated Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Twelve
months
|
|
ended December
31,
|
|
ended December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
(a) Earnings per
share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted:
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$172,797
|
|
$124,521
|
|
$545,343
|
|
$510,733
|
Less: Net income
attributable to unvested restricted share grants
|
(72)
|
|
(94)
|
|
(236)
|
|
(294)
|
Net income
attributable to UHS - basic and diluted
|
$172,725
|
|
$124,427
|
|
$545,107
|
|
$510,439
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
98,808
|
|
98,237
|
|
98,826
|
|
98,033
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS:
|
$1.75
|
|
$1.27
|
|
$5.52
|
|
$5.21
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares
|
98,808
|
|
98,237
|
|
98,826
|
|
98,033
|
Add: Other share
equivalents
|
1,943
|
|
1,838
|
|
1,718
|
|
1,328
|
Weighted average
number of common shares and equiv. - diluted
|
100,751
|
|
100,075
|
|
100,544
|
|
99,361
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS:
|
$1.71
|
|
$1.24
|
|
$5.42
|
|
$5.14
|
Universal Health
Services, Inc.
|
Schedule of Non-GAAP
Supplemental Consolidated Statements of Income Information
("Supplemental Schedule")
|
For the three months
ended December 31, 2014 and 2013
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
"EBITDA"
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,264,629
|
|
|
|
$2,116,288
|
|
|
Less:
Provision for doubtful accounts
|
157,048
|
|
|
|
315,442
|
|
|
Net
revenues
|
2,107,581
|
|
100.0%
|
|
1,800,846
|
|
100.0%
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
994,593
|
|
47.2%
|
|
901,778
|
|
50.1%
|
Other
operating expenses
|
459,707
|
|
21.8%
|
|
368,626
|
|
20.5%
|
Supplies
expense
|
233,413
|
|
11.1%
|
|
207,108
|
|
11.5%
|
EHR
incentive income
|
(23,873)
|
|
-1.1%
|
|
(33,081)
|
|
-1.8%
|
|
1,663,840
|
|
78.9%
|
|
1,444,431
|
|
80.2%
|
|
|
|
|
|
|
|
|
Operating
income/margin ("EBITDAR")
|
443,741
|
|
21.1%
|
|
356,415
|
|
19.8%
|
|
|
|
|
|
|
|
|
Lease
and rental expense
|
23,337
|
|
|
|
25,107
|
|
|
Income
attributable to noncontrolling interests
|
17,695
|
|
|
|
8,665
|
|
|
|
|
|
|
|
|
|
|
Earnings before,
depreciation and amortization, costs related to extinguishment of
debt, interest expense, and income taxes ("EBITDA")
|
402,709
|
|
19.1%
|
|
322,643
|
|
17.9%
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
98,118
|
|
|
|
88,707
|
|
|
Interest
expense, net
|
31,225
|
|
|
|
35,643
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
273,366
|
|
|
|
198,293
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
100,569
|
|
|
|
73,772
|
|
|
Net income
attributable to UHS
|
$172,797
|
|
|
|
$124,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
Calculation of
Adjusted Net Income Attributable to UHS - including and excluding
EHR impact:
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$172,797
|
|
$1.71
|
|
$124,521
|
|
$1.24
|
Plus/minus
adjustments:
|
|
|
|
|
|
|
|
Litigation
settlement, net of income taxes
|
(493)
|
|
-
|
|
-
|
|
-
|
Reduction of
reserves relating to prior years for professional and general
liability
|
|
|
|
|
|
|
|
self-insured claims,
net of income taxes
|
(11,707)
|
|
(0.12)
|
|
(9,155)
|
|
(0.09)
|
Subtotal after-tax
adjustments to net income attributable to UHS
|
(12,200)
|
|
(0.12)
|
|
(9,155)
|
|
(0.09)
|
Adjusted net income
attributable to UHS - including Electronic Health Records ("EHR")
impact
|
$160,597
|
|
$1.59
|
|
$115,366
|
|
$1.15
|
|
|
|
|
|
|
|
|
Plus/minus impact of
EHR implementation:
|
|
|
|
|
|
|
|
EHR-related incentive
income, pre-tax
|
(23,873)
|
|
|
|
(33,081)
|
|
|
EHR-related salaries,
wages and benefits, pre-tax
|
-
|
|
|
|
1,579
|
|
|
EHR-related other
operating costs, pre-tax
|
-
|
|
|
|
2,238
|
|
|
EHR-related
depreciation & amortization, pre-tax
|
9,361
|
|
|
|
9,877
|
|
|
EHR-related minority
interest in earnings of consolidated entities, pre-tax
|
727
|
|
|
|
533
|
|
|
Income tax provision
on EHR-related items
|
5,147
|
|
|
|
7,078
|
|
|
After-tax impact of
EHR-related items
|
(8,638)
|
|
(0.08)
|
|
(11,776)
|
|
(0.12)
|
Adjusted net income
attributable to UHS
|
$151,959
|
|
$1.51
|
|
$103,590
|
|
$1.03
|
Universal Health
Services, Inc.
|
Schedule of Non-GAAP
Supplemental Consolidated Statements of Income Information
("Supplemental Schedule")
|
For the twelve months
ended December 31, 2014 and 2013
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
"EBITDA"
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$8,764,309
|
|
|
|
$8,411,038
|
|
|
Less:
Provision for doubtful accounts
|
698,983
|
|
|
|
1,127,216
|
|
|
Net
revenues
|
8,065,326
|
|
100.0%
|
|
7,283,822
|
|
100.0%
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
3,845,461
|
|
47.7%
|
|
3,604,620
|
|
49.5%
|
Other
operating expenses
|
1,782,981
|
|
22.1%
|
|
1,468,744
|
|
20.2%
|
Supplies
expense
|
895,693
|
|
11.1%
|
|
821,089
|
|
11.3%
|
EHR
incentive income
|
(27,902)
|
|
-0.3%
|
|
(61,024)
|
|
-0.8%
|
|
6,496,233
|
|
80.5%
|
|
5,833,429
|
|
80.1%
|
|
|
|
|
|
|
|
|
Operating
income/margin ("EBITDAR")
|
1,569,093
|
|
19.5%
|
|
1,450,393
|
|
19.9%
|
|
|
|
|
|
|
|
|
Lease
and rental expense
|
93,993
|
|
|
|
97,758
|
|
|
Income
attributable to noncontrolling interests
|
59,653
|
|
|
|
43,290
|
|
|
|
|
|
|
|
|
|
|
Earnings before,
depreciation and amortization, costs related to extinguishment of
debt, interest expense, and income taxes ("EBITDA")
|
1,415,447
|
|
17.5%
|
|
1,309,345
|
|
18.0%
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
375,624
|
|
|
|
337,172
|
|
|
Costs
related to extinguishment of debt
|
36,171
|
|
|
|
0
|
|
|
Interest
expense, net
|
133,638
|
|
|
|
146,131
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
870,014
|
|
|
|
826,042
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
324,671
|
|
|
|
315,309
|
|
|
Net income
attributable to UHS
|
$545,343
|
|
|
|
$510,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
Calculation of
Adjusted Net Income Attributable to UHS - including and excluding
EHR impact:
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$545,343
|
|
$5.42
|
|
$510,733
|
|
$5.14
|
Plus/minus
adjustments:
|
|
|
|
|
|
|
|
Gain on sale
of investment, net of income taxes
|
(6,330)
|
|
(0.06)
|
|
-
|
|
-
|
Litigation
settlement, net of income taxes
|
27,077
|
|
0.27
|
|
-
|
|
-
|
Costs related
to extinguishment of debt, net of income taxes
|
22,665
|
|
0.23
|
|
-
|
|
-
|
Reduction of
reserves relating to prior years for professional and general
liability
|
|
|
|
|
|
|
|
self-insured claims,
net of income taxes
|
(11,707)
|
|
(0.12)
|
|
(46,981)
|
|
(0.47)
|
Subtotal after-tax
adjustments to net income attributable to UHS
|
31,705
|
|
0.32
|
|
(46,981)
|
|
(0.47)
|
Adjusted net income
attributable to UHS - including Electronic Health Records ("EHR")
impact
|
$577,048
|
|
$5.74
|
|
$463,752
|
|
$4.67
|
|
|
|
|
|
|
|
|
Plus/minus impact of
EHR implementation:
|
|
|
|
|
|
|
|
EHR-related incentive
income, pre-tax
|
(27,902)
|
|
|
|
(61,024)
|
|
|
EHR-related salaries,
wages and benefits, pre-tax
|
-
|
|
|
|
6,570
|
|
|
EHR-related other
operating costs, pre-tax
|
-
|
|
|
|
3,363
|
|
|
EHR-related
depreciation & amortization, pre-tax
|
37,273
|
|
|
|
33,286
|
|
|
EHR-related minority
interest in earnings of consolidated entities, pre-tax
|
(1,844)
|
|
|
|
(846)
|
|
|
Income tax provision
on EHR-related items
|
(2,822)
|
|
|
|
7,002
|
|
|
After-tax impact of
EHR-related items
|
4,705
|
|
0.04
|
|
(11,649)
|
|
(0.12)
|
Adjusted net income
attributable to UHS
|
$581,753
|
|
$5.78
|
|
$452,103
|
|
$4.55
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Comprehensive Income
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Twelve
months
|
|
ended December
31,
|
|
ended December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Net income
|
$190,492
|
|
$133,186
|
|
$604,996
|
|
$554,023
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Unrealized derivative gains (loss) on cash flow hedges
|
4,746
|
|
4,092
|
|
17,668
|
|
16,963
|
Amortization of terminated hedge
|
(84)
|
|
(84)
|
|
(336)
|
|
(336)
|
Minimum
pension liability
|
(14,270)
|
|
14,657
|
|
(14,270)
|
|
14,657
|
Foreign
currency translation adjustment
|
75
|
|
0
|
|
(2,431)
|
|
0
|
Other comprehensive
income before tax
|
(9,533)
|
|
18,665
|
|
631
|
|
31,284
|
Income tax expense
related to items of other comprehensive income
|
(3,632)
|
|
7,182
|
|
1,053
|
|
11,940
|
Total other
comprehensive income, net of tax
|
(5,901)
|
|
11,483
|
|
(422)
|
|
19,344
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
184,591
|
|
144,669
|
|
604,574
|
|
573,367
|
Less: Comprehensive
income attributable to noncontrolling interests
|
17,695
|
|
8,665
|
|
59,653
|
|
43,290
|
Comprehensive income
attributable to UHS
|
$166,896
|
|
$136,004
|
|
$544,921
|
|
$530,077
|
Universal Health
Services, Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2014
|
|
|
2013
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
32,069
|
|
$
|
17,238
|
Accounts receivable, net
|
|
|
1,282,735
|
|
|
1,116,961
|
Supplies
|
|
|
108,115
|
|
|
101,781
|
Deferred income taxes
|
|
|
114,565
|
|
|
119,903
|
Other current assets
|
|
|
77,654
|
|
|
76,446
|
Total current assets
|
|
|
1,615,138
|
|
|
1,432,329
|
|
|
|
|
|
|
|
Property and
equipment
|
|
|
6,212,030
|
|
|
5,691,902
|
Less: accumulated
depreciation
|
|
|
(2,532,341)
|
|
|
(2,249,733)
|
|
|
|
3,679,689
|
|
|
3,442,169
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Goodwill
|
|
|
3,291,213
|
|
|
3,049,016
|
Deferred charges
|
|
|
40,319
|
|
|
57,881
|
Other
|
|
|
348,084
|
|
|
330,328
|
|
|
$
|
8,974,443
|
|
$
|
8,311,723
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
68,319
|
|
$
|
99,312
|
Accounts payable and accrued liabilities
|
|
|
1,113,062
|
|
|
953,449
|
Federal and state taxes
|
|
|
1,446
|
|
|
7,127
|
Total current liabilities
|
|
|
1,182,827
|
|
|
1,059,888
|
|
|
|
|
|
|
|
Other noncurrent
liabilities
|
|
|
268,555
|
|
|
284,589
|
Long-term
debt
|
|
|
3,210,215
|
|
|
3,209,762
|
Deferred income
taxes
|
|
|
282,214
|
|
|
239,148
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
239,552
|
|
|
218,107
|
|
|
|
|
|
|
|
UHS common
stockholders' equity
|
|
|
3,735,946
|
|
|
3,249,979
|
Noncontrolling
interest
|
|
|
55,134
|
|
|
50,250
|
Total equity
|
|
|
3,791,080
|
|
|
3,300,229
|
|
|
|
|
|
|
|
|
|
$
|
8,974,443
|
|
$
|
8,311,723
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
Twelve
months
|
|
ended December
31,
|
|
2014
|
|
2013
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
Net
income
|
$604,996
|
|
$554,023
|
Adjustments
to reconcile net income to net
|
|
|
|
cash provided by
operating activities:
|
|
|
|
Depreciation &
amortization
|
375,624
|
|
337,356
|
Gains on sales of
assets and businesses, net of losses
|
(7,837)
|
|
(3,114)
|
Stock-based
compensation expense
|
31,092
|
|
27,783
|
Costs
related to extinguishment of debt
|
19,730
|
|
0
|
Changes in
assets & liabilities, net of effects from
|
|
|
|
acquisitions and
dispositions:
|
|
|
|
Accounts
receivable
|
(105,708)
|
|
(49,708)
|
Accrued
interest
|
4,400
|
|
(1,197)
|
Accrued
and deferred income taxes
|
33,920
|
|
34,861
|
Other
working capital accounts
|
73,912
|
|
26,234
|
Other
assets and deferred charges
|
13,667
|
|
8,984
|
Other
|
2,449
|
|
23,485
|
Accrued
insurance expense, net of commercial premiums paid
|
59,276
|
|
(3,821)
|
Payments
made in settlement of self-insurance claims
|
(69,645)
|
|
(70,645)
|
Net cash provided by operating activities
|
1,035,876
|
|
884,241
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Property
and equipment additions, net of disposals
|
(391,150)
|
|
(358,493)
|
Proceeds
received from sales of assets and businesses
|
15,178
|
|
37,482
|
Acquisition of property and businesses
|
(431,386)
|
|
(12,636)
|
Costs
incurred for purchase and implementation of electronic health
records application
|
(13,488)
|
|
(49,811)
|
Increase
in insurance subsidiary investments
|
(12,000)
|
|
0
|
Net cash used in investing activities
|
(832,846)
|
|
(383,458)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Reduction of long-term debt
|
(879,129)
|
|
(440,224)
|
Additional borrowings
|
830,000
|
|
15,761
|
Financing costs
|
(14,976)
|
|
(231)
|
Repurchase of common shares
|
(100,749)
|
|
(27,201)
|
Dividends paid
|
(29,665)
|
|
(19,621)
|
Issuance
of common stock
|
6,863
|
|
5,708
|
Excess
income tax benefits related to stock-based compensation
|
33,912
|
|
20,121
|
Profit
distributions to noncontrolling interests
|
(33,680)
|
|
(61,329)
|
Net cash used in financing activities
|
(187,424)
|
|
(507,016)
|
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents
|
(775)
|
|
0
|
Increase (decrease)
in cash and cash equivalents
|
14,831
|
|
(6,233)
|
Cash and cash
equivalents, beginning of period
|
17,238
|
|
23,471
|
Cash and cash
equivalents, end of period
|
$32,069
|
|
$17,238
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
Interest paid,
including early redemption premium and original issue discount
write-off in 2014
|
$130,279
|
|
$131,259
|
|
|
|
|
Income taxes
paid, net of refunds
|
$258,612
|
|
$259,896
|
|
|
|
|
Noncash
purchases of property and equipment
|
$35,469
|
|
$36,212
|
Universal Health
Services, Inc.
|
Supplemental
Statistical Information
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
%
Change
|
|
|
|
|
|
|
|
quarter
ended
|
|
12 months
ended
|
|
|
Same
Facility:
|
|
|
|
|
12/31/2014
|
|
12/31/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care
Hospitals
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
14.9%
|
|
10.0%
|
|
|
Adjusted
Admissions
|
|
|
|
|
5.5%
|
|
3.1%
|
|
|
Adjusted Patient
Days
|
|
|
|
|
6.8%
|
|
6.5%
|
|
|
Revenue Per Adjusted
Admission
|
|
|
|
|
8.8%
|
|
6.6%
|
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
|
7.6%
|
|
3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Behavioral Health
Hospitals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
6.3%
|
|
5.5%
|
|
|
Adjusted
Admissions
|
|
|
|
|
6.8%
|
|
4.7%
|
|
|
Adjusted Patient
Days
|
|
|
|
|
2.8%
|
|
1.7%
|
|
|
Revenue Per Adjusted
Admission
|
|
|
|
|
-0.7%
|
|
-0.3%
|
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
|
3.2%
|
|
2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UHS
Consolidated
|
|
|
Fourth quarter
ended
|
|
Twelve months
ended
|
|
|
|
12/31/2014
|
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$2,107,581
|
|
$1,800,846
|
|
$8,065,326
|
|
$7,283,822
|
EBITDA
(1)
|
|
|
402,709
|
|
322,643
|
|
1,415,447
|
|
1,309,345
|
EBITDA Margin
(1)
|
|
|
19.1%
|
|
17.9%
|
|
17.5%
|
|
18.0%
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From
Operations
|
|
|
346,322
|
|
308,318
|
|
1,035,876
|
|
884,241
|
Days Sales
Outstanding
|
|
|
56
|
|
57
|
|
58
|
|
56
|
Capital
Expenditures
|
|
|
81,789
|
|
78,742
|
|
391,150
|
|
358,493
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
3,278,534
|
|
3,309,074
|
UHS' Shareholders
Equity
|
|
|
|
|
|
|
3,735,946
|
|
3,249,979
|
Debt / Total
Capitalization
|
|
|
|
|
|
|
46.7%
|
|
50.5%
|
Debt / EBITDA
(2)
|
|
|
|
|
|
|
2.32
|
|
2.53
|
Debt / Cash From
Operations (2)
|
|
|
|
|
|
|
3.16
|
|
3.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care EBITDAR
Margin (3)
|
|
|
18.1%
|
|
14.1%
|
|
18.8%
|
|
14.8%
|
Behavioral Health
EBITDAR Margin (3)
|
|
28.0%
|
|
27.7%
|
|
28.0%
|
|
28.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of
Minority Interest
|
|
|
(2) Latest 4
quarters
|
|
|
|
|
(3) Same
facility basis, before Corporate overhead allocation and minority
interest.
|
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Three Months
ended
|
December 31, 2014 and
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH
|
|
|
12/31/14
|
12/31/13
|
%
change
|
|
12/31/14
|
12/31/13
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
203
|
180
|
12.8%
|
Average licensed
beds
|
|
5,769
|
5,757
|
0.2%
|
|
20,925
|
19,961
|
4.8%
|
Patient
days
|
|
292,009
|
276,186
|
5.7%
|
|
1,414,337
|
1,310,563
|
7.9%
|
Average daily
census
|
|
3,174.0
|
3,002.0
|
5.7%
|
|
15,373.2
|
14,245.3
|
7.9%
|
Occupancy-licensed
beds
|
|
55.0%
|
52.1%
|
5.6%
|
|
73.5%
|
71.4%
|
2.9%
|
Admissions
|
|
63,578
|
60,569
|
5.0%
|
|
106,845
|
97,783
|
9.3%
|
Length of
stay
|
|
4.6
|
4.6
|
0.7%
|
|
13.2
|
13.4
|
-1.2%
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$3,725,782
|
$3,344,361
|
11.4%
|
|
$1,716,120
|
$1,552,079
|
10.6%
|
Outpatient
revenue
|
|
2,063,316
|
1,756,242
|
17.5%
|
|
203,682
|
185,222
|
10.0%
|
Total patient
revenue
|
|
5,789,098
|
5,100,603
|
13.5%
|
|
1,919,802
|
1,737,301
|
10.5%
|
Other
revenue
|
|
88,608
|
32,678
|
171.2%
|
|
50,041
|
40,546
|
23.4%
|
Gross hospital
revenue
|
|
5,877,706
|
5,133,281
|
14.5%
|
|
1,969,843
|
1,777,847
|
10.8%
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
4,676,086
|
3,969,063
|
17.8%
|
|
911,274
|
832,169
|
9.5%
|
|
|
|
|
|
|
|
|
|
Net hospital revenue
before
|
|
|
|
|
|
|
|
|
provision for
doubtful accounts
|
1,201,620
|
1,164,218
|
3.2%
|
|
1,058,569
|
945,678
|
11.9%
|
|
|
|
|
|
|
|
|
|
Provision for
doubtful accounts
|
130,065
|
290,762
|
-55.3%
|
|
26,921
|
24,660
|
9.2%
|
|
|
|
|
|
|
|
|
|
Net hospital
revenue
|
|
$1,071,555
|
$873,456
|
22.7%
|
|
$1,031,648
|
$921,018
|
12.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE (1)
|
|
|
BEHAVIORAL HEALTH (2)
|
|
|
12/31/14
|
12/31/13
|
%
change
|
|
12/31/14
|
12/31/13
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
23
|
23
|
0.0%
|
|
179
|
179
|
0.0%
|
Average licensed
beds
|
|
5,629
|
5,617
|
0.2%
|
|
19,702
|
19,503
|
1.0%
|
Patient
days
|
|
287,583
|
274,684
|
4.7%
|
|
1,329,060
|
1,297,338
|
2.4%
|
Average daily
census
|
|
3,125.9
|
2,985.7
|
4.7%
|
|
14,446.3
|
14,101.5
|
2.4%
|
Occupancy-licensed
beds
|
|
55.5%
|
53.2%
|
4.5%
|
|
73.3%
|
72.3%
|
1.4%
|
Admissions
|
|
62,204
|
60,123
|
3.5%
|
|
104,035
|
97,745
|
6.4%
|
Length of
stay
|
|
4.6
|
4.6
|
1.2%
|
|
12.8
|
13.3
|
-3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Temecula is
excluded in both current and prior years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Okaloosa Youth
Academy, Palo Verde, Psychiatric Institute of Washington, Sun Coast
BH,
|
Fairfax Everett, Quail Run
and the UK facilites are excluded in both current and prior
years.
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Twelve Months
ended
|
December 31, 2014 and
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH
|
|
|
12/31/14
|
12/31/13
|
%
change
|
|
12/31/14
|
12/31/13
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
203
|
180
|
12.8%
|
Average licensed
beds
|
|
5,776
|
5,652
|
2.2%
|
|
20,231
|
19,975
|
1.3%
|
Patient
days
|
|
1,167,726
|
1,112,541
|
5.0%
|
|
5,518,660
|
5,365,734
|
2.9%
|
Average daily
census
|
|
3,199.2
|
3,048.1
|
5.0%
|
|
15,119.6
|
14,700.6
|
2.9%
|
Occupancy-licensed
beds
|
|
55.4%
|
53.9%
|
2.7%
|
|
74.7%
|
73.6%
|
1.5%
|
Admissions
|
|
251,165
|
246,160
|
2.0%
|
|
426,510
|
402,088
|
6.1%
|
Length of
stay
|
|
4.6
|
4.5
|
2.9%
|
|
12.9
|
13.3
|
-3.0%
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$14,943,102
|
$13,469,269
|
10.9%
|
|
$6,689,753
|
$6,294,046
|
6.3%
|
Outpatient
revenue
|
|
8,147,031
|
6,828,307
|
19.3%
|
|
784,309
|
744,510
|
5.3%
|
Total patient
revenue
|
|
23,090,133
|
20,297,576
|
13.8%
|
|
7,474,062
|
7,038,556
|
6.2%
|
Other
revenue
|
|
261,835
|
128,462
|
103.8%
|
|
185,997
|
136,454
|
36.3%
|
Gross hospital
revenue
|
|
23,351,968
|
20,426,038
|
14.3%
|
|
7,660,059
|
7,175,010
|
6.8%
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
18,656,494
|
15,833,936
|
17.8%
|
|
3,605,622
|
3,395,773
|
6.2%
|
|
|
|
|
|
|
|
|
|
Net hospital revenue
before
|
|
|
|
|
|
|
|
|
provision for
doubtful accounts
|
4,695,474
|
4,592,102
|
2.3%
|
|
4,054,437
|
3,779,237
|
7.3%
|
|
|
|
|
|
|
|
|
|
Provision for
doubtful accounts
|
590,384
|
1,015,733
|
-41.9%
|
|
108,970
|
111,270
|
-2.1%
|
|
|
|
|
|
|
|
|
|
Net hospital
revenue
|
|
$4,105,090
|
$3,576,369
|
14.8%
|
|
$3,945,467
|
$3,667,967
|
7.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE (1)
|
|
|
BEHAVIORAL HEALTH (2)
|
|
|
12/31/14
|
12/31/13
|
%
change
|
|
12/31/14
|
12/31/13
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
23
|
23
|
0.0%
|
|
179
|
179
|
0.0%
|
Average licensed
beds
|
|
5,634
|
5,617
|
0.3%
|
|
19,597
|
19,430
|
0.9%
|
Patient
days
|
|
1,153,911
|
1,111,097
|
3.9%
|
|
5,348,491
|
5,259,979
|
1.7%
|
Average daily
census
|
|
3,161.4
|
3,044.1
|
3.9%
|
|
14,653.4
|
14,410.9
|
1.7%
|
Occupancy-licensed
beds
|
|
56.1%
|
54.2%
|
3.5%
|
|
74.8%
|
74.2%
|
0.8%
|
Admissions
|
|
247,078
|
245,714
|
0.6%
|
|
419,661
|
400,934
|
4.7%
|
Length of
stay
|
|
4.7
|
4.5
|
3.3%
|
|
12.7
|
13.1
|
-2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Temecula is
excluded in both current and prior years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Okaloosa Youth
Academy, Palo Verde, Psychiatric Institute of Washington, Sun Coast
BH,
|
Fairfax Everett, Quail Run
and the UK facilities are excluded in both current and prior
years.
|
Garfield Park is excluded in
both current and prior years in January only. Austin Oaks is
excluded in both current
|
and prior years January thru
May.
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports-2014-fourth-quarter-and-full-year-earnings-and-2015-earnings-guidance-300042418.html
SOURCE Universal Health Services, Inc.