UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2015 (April 27, 2015)

 

 

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

DELAWARE   1-10765   23-2077891

(State or other jurisdiction of

Incorporation or Organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, PENNSYLVANIA 19406

(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code (610) 768-3300

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition

On April 27, 2015, Universal Health Services, Inc. issued the press release attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. 99.1 Universal Health Services, Inc., press release, dated April 27, 2015.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Universal Health Services, Inc.
By:

/s/ Steve Filton

Name: Steve Filton
Title:

Senior Vice President and Chief Financial Officer

Date: April 28, 2015


Exhibit Index

 

Exhibit
No.

  

Exhibit

99.1    Universal Health Services, Inc., press release, dated April 27, 2015.


Exhibit 99.1

FOR IMMEDIATE RELEASE

 

CONTACT: Steve Filton
Chief Financial Officer April 27, 2015
610-768-3300

UNIVERSAL HEALTH SERVICES, INC. REPORTS

2015 FIRST QUARTER FINANCIAL RESULTS

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended March 31, 2015 and 2014:

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $174.3 million, or $1.73 per diluted share, during the first quarter of 2015 as compared to $138.1 million, or $1.38 per diluted share, during the comparable quarter of 2014. Net revenues increased 14.8% to $2.23 billion during the first quarter of 2015 as compared to $1.94 billion during the first quarter of 2014.

For the three-month period ended March 31, 2015, 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 31% to $179.5 million, or $1.78 per diluted share, as compared to $136.7 million, or $1.36 per diluted share, during the first quarter of 2014.

As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2015 is a net unfavorable after-tax impact of approximately $5.2 million, or $.05 per diluted share, related to the depreciation and amortization expense recorded in connection with the implementation of electronic health records (“EHR”) applications at our acute care hospitals.

As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2014 was an aggregate net favorable after-tax impact of approximately $1.4 million, or $.02 per diluted share, consisting of: (i) a favorable after-tax impact of $6.3 million, or $.07 per diluted share, resulting from a gain realized on the sale of a non-operating investment, and; (ii) a net unfavorable after-tax impact of approximately $4.9 million, or $.05 per diluted share, related to the incentive income and depreciation and amortization expense recorded in connection with the implementation of EHR applications.

Acute Care Services – Three-month periods ended March 31, 2015 and 2014:

During the first quarter of 2015, at our acute care hospitals owned during both periods (“same facility basis”), adjusted admissions (adjusted for outpatient activity) increased 5.7% and adjusted patient days increased 7.5%, as compared to the first quarter of 2014. Net revenues at these facilities increased 12.2% during the first quarter of 2015 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission increased 6.1% while net revenue per adjusted patient day increased 4.4% during the first quarter of 2015 as compared to the comparable quarter of 2014. On a same facility basis, the operating margin at our acute care hospitals increased to 21.6%


during the first quarter of 2015 as compared to 19.2% during the first quarter of 2014. 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).

The increased operating performance experienced at our acute care facilities during the first quarter of 2015, as compared to the comparable quarter in 2014, was due in part to continued improvement in 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 $287 million and $320 million during the three-month periods ended March 31, 2015 and 2014, respectively. The provision for doubtful accounts at our acute care hospitals decreased to approximately $124 million during the three-month period ended March 31, 2015 as compared to $182 million during the comparable quarter of 2014. During the three-month period ended March 31, 2015, as compared to the comparable period of 2014, 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-month periods ended March 31, 2015 and 2014:

During the first quarter of 2015, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 6.0% while adjusted patient days increased 2.6% as compared to the first quarter of 2014. At these facilities, net revenue per adjusted admission increased 0.4% while net revenue per adjusted patient day increased 3.7% during the first quarter of 2015 as compared to the comparable quarter in 2014. On a same facility basis, our behavioral health services’ net revenues increased 6.3% during the first quarter of 2015, as compared to the comparable quarter in 2014, and the operating margins were 28.6% and 27.7% during the three-month periods ended March 31, 2015 and 2014, 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 first quarter of 2015, we repurchased 48,269 shares at an aggregate cost of $5.6 million. Since inception of the program through March 31, 2015, we repurchased 596,461 shares at an aggregate cost of $63.6 million.

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 28, 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.

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.


We incur health-care related taxes (“Provider Taxes”) imposed by states in the form of a licensing fee, assessment or other mandatory payment which are related to: (i) healthcare items or services; (ii) the provision of, or the authority to provide, the health care items or services, or; (iii) the payment for the health care items or services. Such Provider Taxes are subject to various federal regulations that limit the scope and amount of the taxes that can be levied by states in order to secure federal matching funds as part of their respective state Medicaid programs. We derive a related Medicaid reimbursement benefit from assessed Provider Taxes in the form of Medicaid claims based payment increases and/or lump sum Medicaid supplemental payments. Under these programs, including the impact of uncompensated care and upper payment limit programs, we earned revenues (before Provider Tax assessments) of approximately $66 million and $49 million during the three-months ended March 31, 2015 and 2014, respectively. These revenues were offset by assessments of $28 million during the first quarter of 2015 and $18 million during the first quarter of 2014, which are recorded in other operating expenses on the attached Condensed Consolidated Statement of Income. Prior to 2015, these assessments were recorded as a reduction to our net revenues. Accordingly, to conform with current year presentation, these assessments were reclassified on our Condensed Consolidated Statement of Income for the three-months ended March 31, 2014.

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.

(more)


Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

     Three months
ended March 31,
 
     2015      2014  

Net revenues before provision for doubtful accounts

   $ 2,380,101       $ 2,146,498   

Less: Provision for doubtful accounts

     154,748         208,184   
  

 

 

    

 

 

 

Net revenues

  2,225,353      1,938,314   

Operating charges:

Salaries, wages and benefits

  1,031,703      935,365   

Other operating expenses

  505,966      399,908   

Supplies expense

  238,741      215,798   

Depreciation and amortization

  98,998      93,359   

Lease and rental expense

  22,891      23,338   

Electronic health records incentive income

  0      (430
  

 

 

    

 

 

 
  1,898,299      1,667,338   
  

 

 

    

 

 

 

Income from operations

  327,054      270,976   

Interest expense, net

  30,037      35,193   
  

 

 

    

 

 

 

Income before income taxes

  297,017      235,783   

Provision for income taxes

  102,694      83,931   
  

 

 

    

 

 

 

Net income

  194,323      151,852   

Less: Income attributable to noncontrolling interests

  20,024      13,774   
  

 

 

    

 

 

 

Net income attributable to UHS

$ 174,299    $ 138,078   
  

 

 

    

 

 

 

Basic earnings per share attributable to UHS (a)

$ 1.76    $ 1.40   
  

 

 

    

 

 

 

Diluted earnings per share attributable to UHS (a)

$ 1.73    $ 1.38   
  

 

 

    

 

 

 


Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

     Three months
ended March 31,
 
     2015     2014  

(a) Earnings per share calculation:

    

Basic and diluted:

    

Net income attributable to UHS

   $ 174,299      $ 138,078   

Less: Net income attributable to unvested restricted share grants

     (68     (70
  

 

 

   

 

 

 

Net income attributable to UHS - basic and diluted

$ 174,231    $ 138,008   
  

 

 

   

 

 

 

Weighted average number of common shares - basic

  98,910      98,572   
  

 

 

   

 

 

 

Basic earnings per share attributable to UHS:

$ 1.76    $ 1.40   
  

 

 

   

 

 

 

Weighted average number of common shares

  98,910      98,572   

Add: Other share equivalents

  1,737      1,585   
  

 

 

   

 

 

 

Weighted average number of common shares and equiv. - diluted

  100,647      100,157   
  

 

 

   

 

 

 

Diluted earnings per share attributable to UHS:

$ 1.73    $ 1.38   
  

 

 

   

 

 

 


Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information (“Supplemental Schedule”)

For the three months ended March 31, 2015 and 2014

(in thousands, except per share amounts)

(unaudited)

Calculation of “EBITDA”

 

     Three months ended
March 31, 2015
    Three months ended
March 31, 2014
 

Net revenues before provision for doubtful accounts

   $ 2,380,101         $ 2,146,498     

Less: Provision for doubtful accounts

     154,748           208,184     
  

 

 

      

 

 

   

Net revenues

  2,225,353      100.0   1,938,314      100.0

Operating charges:

Salaries, wages and benefits

  1,031,703      46.4   935,365      48.3

Other operating expenses

  505,966      22.7   399,908      20.6

Supplies expense

  238,741      10.7   215,798      11.1

EHR incentive income

  0      0.0   (430   0.0
  

 

 

    

 

 

   

 

 

   

 

 

 
  1,776,410      79.8   1,550,641      80.0
  

 

 

    

 

 

   

 

 

   

 

 

 

Operating income/margin (“EBITDAR”)

  448,943      20.2   387,673      20.0

Lease and rental expense

  22,891      23,338   

Income attributable to noncontrolling interests

  20,024      13,774   
  

 

 

      

 

 

   

Earnings before, depreciation and amortization, interest expense, and income taxes (“EBITDA”)

  406,028      18.2   350,561      18.1

Depreciation and amortization

  98,998      93,359   

Interest expense, net

  30,037      35,193   
  

 

 

      

 

 

   

Income before income taxes

  276,993      222,009   

Provision for income taxes

  102,694      83,931   
  

 

 

      

 

 

   

Net income attributable to UHS

$ 174,299    $ 138,078   
  

 

 

      

 

 

   

Calculation of Adjusted Net Income Attributable to UHS

 

     Three months ended
March 31, 2015
     Three months ended
March 31, 2014
 
     Amount     Per
Diluted Share
     Amount     Per
Diluted Share
 

Calculation of Adjusted Net Income Attributable to UHS - including and excluding EHR impact:

         

Net income attributable to UHS

   $ 174,299      $ 1.73       $ 138,078      $ 1.38   

Plus/minus adjustments:

         

Gain on sale of investment, net of income taxes

     —          —           (6,330     (0.07
  

 

 

   

 

 

    

 

 

   

 

 

 

Adjusted net income attributable to UHS - including Electronic Health Records (“EHR”) impact

$ 174,299    $ 1.73    $ 131,748    $ 1.31   
  

 

 

   

 

 

    

 

 

   

 

 

 

Plus/minus impact of EHR implementation:

EHR-related incentive income, pre-tax

  —        (430

EHR-related depreciation & amortization, pre-tax

  9,306      9,290   

EHR-related minority interest in earnings of consolidated entities, pre-tax

  (964   (966

Income tax provision on EHR-related items

  (3,109   (2,948
  

 

 

   

 

 

    

 

 

   

 

 

 

After-tax impact of EHR-related items

  5,233      0.05      4,946      0.05   
  

 

 

   

 

 

    

 

 

   

 

 

 

Adjusted net income attributable to UHS

$ 179,532    $ 1.78    $ 136,694    $ 1.36   
  

 

 

   

 

 

    

 

 

   

 

 

 


Universal Health Services, Inc.

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

     Three months
ended March 31,
 
     2015     2014  

Net income

   $ 194,323      $ 151,852   

Other comprehensive income (loss):

    

Unrealized derivative gains (loss) on cash flow hedges

     4,132        3,745   

Amortization of terminated hedge

     (84     (84

Foreign currency translation adjustment

     (418     0   
  

 

 

   

 

 

 

Other comprehensive income before tax

  3,630      3,661   

Income tax expense related to items of other comprehensive income

  1,497      1,354   
  

 

 

   

 

 

 

Total other comprehensive income, net of tax

  2,133      2,307   
  

 

 

   

 

 

 

Comprehensive income

  196,456      154,159   

Less: Comprehensive income attributable to noncontrolling interests

  20,024      13,774   
  

 

 

   

 

 

 

Comprehensive income attributable to UHS

$ 176,432    $ 140,385   
  

 

 

   

 

 

 


Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

     March 31,
2015
    December 31,
2014
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 35,078      $ 32,069   

Accounts receivable, net

     1,383,964        1,282,735   

Supplies

     108,269        108,115   

Deferred income taxes

     109,402        114,565   

Other current assets

     80,524        77,654   
  

 

 

   

 

 

 

Total current assets

  1,717,237      1,615,138   
  

 

 

   

 

 

 

Property and equipment

  6,301,410      6,212,030   

Less: accumulated depreciation

  (2,610,630   (2,532,341
  

 

 

   

 

 

 
  3,690,780      3,679,689   
  

 

 

   

 

 

 

Other assets:

Goodwill

  3,297,436      3,291,213   

Deferred charges

  38,761      40,319   

Other

  340,141      348,084   
  

 

 

   

 

 

 
$ 9,084,355    $ 8,974,443   
  

 

 

   

 

 

 

Liabilities and Stockholders’ Equity

Current liabilities:

Current maturities of long-term debt

$ 89,023    $ 68,319   

Accounts payable and accrued liabilities

  1,101,143      1,113,062   

Federal and state taxes

  65,106      1,446   
  

 

 

   

 

 

 

Total current liabilities

  1,255,272      1,182,827   
  

 

 

   

 

 

 

Other noncurrent liabilities

  277,617      268,555   

Long-term debt

  3,051,571      3,210,215   

Deferred income taxes

  280,662      282,214   

Redeemable noncontrolling interest

  254,843      239,552   

UHS common stockholders’ equity

  3,906,963      3,735,946   

Noncontrolling interest

  57,427      55,134   
  

 

 

   

 

 

 

Total equity

  3,964,390      3,791,080   
  

 

 

   

 

 

 
$ 9,084,355    $ 8,974,443   
  

 

 

   

 

 

 


Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

     Three months
ended March 31,
 
     2015     2014  

Cash Flows from Operating Activities:

    

Net income

   $ 194,323      $ 151,852   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation & amortization

     98,998        93,359   

Gains on sales of assets and businesses, net of losses

     0        (10,134

Stock-based compensation expense

     10,829        7,152   

Changes in assets & liabilities, net of effects from acquisitions and dispositions:

    

Accounts receivable

     (96,972     (95,633

Accrued interest

     1,117        11,063   

Accrued and deferred income taxes

     79,050        65,321   

Other working capital accounts

     (29,829     (34,999

Other assets and deferred charges

     (234     9,982   

Other

     17,807        (3,833

Accrued insurance expense, net of commercial premiums paid

     22,748        21,302   

Payments made in settlement of self-insurance claims

     (26,562     (20,793
  

 

 

   

 

 

 

Net cash provided by operating activities

  271,275      194,639   
  

 

 

   

 

 

 

Cash Flows from Investing Activities:

Property and equipment additions, net of disposals

  (89,276   (92,387

Proceeds received from sale of assets and businesses

  0      11,450   

Acquisition of property and businesses

  (34,500   (3,301

Costs incurred for purchase and implementation of electronic health records application

  0      (6,504
  

 

 

   

 

 

 

Net cash used in investing activities

  (123,776   (90,742
  

 

 

   

 

 

 

Cash Flows from Financing Activities:

Reduction of long-term debt

  (158,871   (109,054

Additional borrowings

  20,800      11,900   

Repurchase of common shares

  (28,767   (13,993

Dividends paid

  (9,899   (4,933

Issuance of common stock

  1,768      1,445   

Excess income tax benefits related to stock-based compensation

  20,807      11,750   

Profit distributions to noncontrolling interests

  (2,413   (1,989

Proceeds received from sale/leaseback of real property

  12,551      0   
  

 

 

   

 

 

 

Net cash used in financing activities

  (144,024   (104,874
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

  (466   0   
  

 

 

   

 

 

 

Increase (decrease) in cash and cash equivalents

  3,009      (977

Cash and cash equivalents, beginning of period

  32,069      17,238   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

$ 35,078    $ 16,261   
  

 

 

   

 

 

 

Supplemental Disclosures of Cash Flow Information:

Interest paid

$ 27,158    $ 18,893   
  

 

 

   

 

 

 

Income taxes paid, net of refunds

$ 2,876    $ 6,764   
  

 

 

   

 

 

 

Noncash purchases of property and equipment

$ 33,082    $ 49,533   
  

 

 

   

 

 

 


Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

 

Same Facility:

   % Change
Quarter ended
3/31/2015
 

Acute Care Hospitals

  

Revenues

     12.2

Adjusted Admissions

     5.7

Adjusted Patient Days

     7.5

Revenue Per Adjusted Admission

     6.1

Revenue Per Adjusted Patient Day

     4.4

Behavioral Health Hospitals

  

Revenues

     6.3

Adjusted Admissions

     6.0

Adjusted Patient Days

     2.6

Revenue Per Adjusted Admission

     0.4

Revenue Per Adjusted Patient Day

     3.7

 

 

 

UHS Consolidated

   First quarter ended  
     3/31/2015     3/31/2014  

Revenues

   $ 2,225,353      $ 1,938,314   

EBITDA (1)

   $ 406,028      $ 350,561   

EBITDA Margin (1)

     18.2     18.1

Cash Flow From Operations

   $ 271,275      $ 194,639   

Days Sales Outstanding

     56        56   

Capital Expenditures

   $ 89,276      $ 92,387   

Debt

   $ 3,140,594      $ 3,212,799   

UHS’ Shareholders Equity

   $ 3,906,963      $ 3,392,119   

Debt / Total Capitalization

     44.6     48.6

Debt / EBITDA (2)

     2.14        2.39   

Debt / Cash From Operations (2)

     2.82        3.57   

Acute Care EBITDAR Margin (3)

     21.6     19.2

Behavioral Health EBITDAR Margin (3)

     28.6     27.7

 

(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

March 31, 2015 and 2014

 

AS REPORTED:

                                    
     ACUTE     BEHAVIORAL HEALTH  
     03/31/15     03/31/14     % change     03/31/15     03/31/14     % change  

Hospitals owned and leased

     24        24        0.0     203        180        12.8

Average licensed beds

     5,792        5,757        0.6     20,985        19,761        6.2

Patient days

     317,979        299,862        6.0     1,443,066        1,334,736        8.1

Average daily census

     3,533.1        3,331.8        6.0     16,034.1        14,830.4        8.1

Occupancy-licensed beds

     61.0     57.9     5.4     76.4     75.1     1.7

Admissions

     65,419        62,700        4.3     112,706        103,895        8.5

Length of stay

     4.9        4.8        1.6     12.8        12.8        0.0

Inpatient revenue

   $ 4,328,767      $ 3,876,364        11.7   $ 1,823,425      $ 1,608,899        13.3

Outpatient revenue

     2,284,712        1,957,491        16.7     204,569        184,115        11.1

Total patient revenue

     6,613,479        5,833,855        13.4     2,027,994        1,793,014        13.1

Other revenue

     88,675        34,547        156.7     50,680        43,622        16.2

Gross hospital revenue

     6,702,154        5,868,402        14.2     2,078,674        1,836,636        13.2

Total deductions

     5,431,864        4,711,405        15.3     971,973        850,424        14.3

Net hospital revenue before provision for doubtful accounts

     1,270,290        1,156,997        9.8     1,106,701        986,212        12.2

Provision for doubtful accounts

     124,350        182,350        -31.8     30,356        25,865        17.4

Net hospital revenue

   $ 1,145,940      $ 974,647        17.6   $ 1,076,345      $ 960,347        12.1

 

SAME FACILITY:

                                    
     ACUTE     BEHAVIORAL HEALTH (1)  
     03/31/15     03/31/14     % change     03/31/15     03/31/14     % change  

Hospitals owned and leased

     24        24        0.0     180        180        0.0

Average licensed beds

     5,792        5,757        0.6     19,859        19,761        0.5

Patient days

     317,979        299,862        6.0     1,366,533        1,334,736        2.4

Average daily census

     3,533.1        3,331.8        6.0     15,183.7        14,830.4        2.4

Occupancy-licensed beds

     61.0     57.9     5.4     76.5     75.1     1.9

Admissions

     65,419        62,700        4.3     109,838        103,895        5.7

Length of stay

     4.9        4.8        1.6     12.4        12.8        -3.2

 

(1) Psychiatric Institute of Washington, Sun Coast BH, Fairfax Everett, Quail Run, Timberlawn of Garland and the UK facilities are excluded in both current and prior years. Palo Verde is excluded in both current and prior years January thru February.
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