KING OF PRUSSIA, Pa.,
Oct. 27, 2015 /PRNewswire/ --
Universal Health Services, Inc. (NYSE: UHS) announced today that
its reported net income attributable to UHS was $150.3 million, or $1.48 per diluted share, during the third quarter
of 2015 as compared to $82.8 million,
or $.82 per diluted share, during the
comparable quarter of 2014. Net revenues increased 9.3% to
$2.23 billion during the third
quarter of 2015 as compared to $2.04
billion during the third quarter of 2014.
For the three-month period ended September 30, 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 13% to
$155.3 million, or $1.53 per diluted share, as compared to
$137.5 million, or $1.36 per diluted share, during the third quarter
of 2014.
As reflected on the Supplemental Schedule, included in our
reported results during the third quarters of 2015 and 2014 are net
unfavorable after-tax impacts of approximately $5.0 million, or $.05 per diluted share, during the third quarter
of 2015 and $4.5 million, or
$.04 per diluted share, during the
third quarter of 2014, related to the incentive income and
depreciation and amortization expense recorded in connection with
the implementation of electronic health records ("EHR")
applications at our acute care hospitals. In addition,
included in our reported results during the three-month period
ended September 30, 2014 was an
aggregate after-tax charge of $50.2
million, or $.50 per diluted
share, incurred in connection with a legal settlement ($27.6 million, or $.27 per diluted share) as well as the costs
related to the extinguishment of debt in connection with financing
transactions that occurred during the third quarter of 2014
($22.6 million, or $.23 per diluted share).
Consolidated Results of Operations, As Reported and As
Adjusted – Nine-month periods ended September 30, 2015 and 2014:
Reported net income attributable to UHS was $506.8 million, or $5.02 per diluted share, during the first nine
months of 2015 as compared to $372.5
million, or $3.71 per diluted
share, during the comparable period of 2014. Net revenues increased
11.6% to $6.73 billion during the
first nine months of 2015 as compared to $6.03 billion during the comparable period of
2014.
For the nine-month period ended September
30, 2015, our adjusted net income attributable to UHS, as
calculated on the attached Supplemental Schedule, increased
approximately 21% to $521.4 million,
or $5.16 per diluted share, as
compared to $429.8 million, or
$4.28 per diluted share, during the
first nine months of 2014.
As reflected on the Supplemental Schedule, included in our
reported results during the first nine months of 2015 is a net
unfavorable after-tax impact of approximately $14.6 million, or $.14 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. As reflected on the Supplemental Schedule,
included in our reported results during the nine-month period ended
September 30, 2014 was a net
aggregate after-tax charge of $57.2
million, or $.57 per diluted
share, consisting of: (i) an aggregate net unfavorable after-tax
impact of approximately $13.3
million, or $.13 per diluted
share, related to the incentive income and depreciation and
amortization expense recorded in connection with the implementation
of EHR applications; (ii) the above-mentioned aggregate after-tax
charge of $50.2 million, or
$.50 per diluted share, incurred in
connection with a legal settlement and costs related to the
extinguishment of debt that occurred during the third quarter of
2014, and; (iii) 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.
Acute Care Services – Three and nine-month periods ended
September 30, 2015 and 2014:
During the third quarter of 2015, at our acute care hospitals
owned during both periods ("same facility basis"), adjusted
admissions (adjusted for outpatient activity) increased 5.1% and
adjusted patient days increased 5.6%, as compared to the third
quarter of 2014. Net revenues at these facilities increased 7.2%
during the third quarter of 2015 as compared to the comparable
quarter of the prior year. At these facilities, net revenue per
adjusted admission increased 3.0% while net revenue per adjusted
patient day increased 2.6% during the third quarter of 2015 as
compared to the comparable quarter of 2014. On a same facility
basis, the operating margin at our acute care hospitals decreased
to 15.4% during the third quarter of 2015 as compared to 17.1%
during the third quarter of 2014. We define operating margin as net
revenues less salaries, wages and benefits, other operating
expenses and supplies expense (excluding the EHR impact, as
indicated on the Supplemental Schedule).
During the first nine months of 2015, at our acute care
hospitals on a same facility basis, adjusted admissions increased
5.5% and adjusted patient days increased 6.1%, as compared to the
comparable period of 2014. Net revenues at these facilities
increased 9.2% during the first nine months of 2015 as compared to
the comparable period of the prior year. At these facilities, net
revenue per adjusted admission increased 4.1% while net revenue per
adjusted patient day increased 3.5% during the first nine months of
2015 as compared to the comparable period of 2014. On a same
facility basis, the operating margin at our acute care hospitals
increased to 18.9% during the first nine months of 2015 as compared
to 18.3% during the comparable period of 2014.
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 $322 million and $266
million during the three-month periods ended September 30, 2015 and 2014, respectively, and
$872 million and $852 million during the nine-month periods ended
September 30, 2015 and 2014,
respectively. The provision for doubtful accounts at our
acute care hospitals amounted to approximately $185 million and $129
million during the three-month periods ended September 30, 2015 and 2014, respectively, and
$459 million and $460 million during the nine-month periods ended
September 30, 2015 and 2014,
respectively. Our acute care hospitals experienced an
increase in the aggregate of charity care, uninsured discounts and
provision for doubtful accounts, as a percentage of gross charges,
during the third quarter of 2015, as compared to the third quarter
of 2014. During the first nine months of 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 and nine-month
periods ended September 30, 2015 and
2014:
During the third quarter of 2015, at our behavioral health care
facilities on a same facility basis, adjusted admissions and
adjusted patient days each increased 1.6% as compared to the third
quarter of 2014. At these facilities, net revenue per adjusted
admission and net revenue per adjusted patient day each increased
3.1% during the third quarter of 2015 over the comparable quarter
in 2014. On a same facility basis, our behavioral health services'
net revenues increased 5.0% during the third quarter of 2015, as
compared to the comparable quarter in 2014, and the operating
margins were 27.5% and 27.6% during the three-month periods ended
September 30, 2015 and 2014,
respectively.
During the nine-month period ended September 30, 2015, at our behavioral health care
facilities on a same facility basis, adjusted admissions increased
3.8% while adjusted patient days increased 1.5% compared to the
comparable period of 2014. At these facilities, net revenue per
adjusted admission increased 1.4% and net revenue per adjusted
patient day increased 3.7% during the first nine months of 2015
over the comparable period of 2014. On a same facility basis, our
behavioral health services' net revenues increased 5.5% during the
first nine months of 2015, as compared to the comparable period of
2014, and the operating margins were 28.2% and 27.9% during the
nine-month periods ended September 30,
2015 and 2014, respectively.
2015 Full Year Earnings Guidance Revision:
Based upon the operating trends and financial results
experienced during the first nine months of 2015, our revised
estimated range of adjusted net income attributable to UHS, for the
year ended December 31, 2015, is
$6.75 to $7.05 per diluted share.
This revised guidance, which excludes the expected EHR impact for
the year, maintains the lower end of the previously provided range
of $6.75 to $7.15 per diluted share,
and decreases the upper end of the range by approximately 1%.
This guidance range also excludes the impact of future 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, costs related to extinguishment of debt,
reserves for settlements, legal judgments and lawsuits, impairments
of long-lived assets, impact of share repurchases 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.
Acquisitions in August and October of 2015:
As previously announced:
- In August, 2015, we acquired the stock of Alpha Hospitals
Holdings Limited ("Alpha") consisting of four behavioral health
care hospitals with 305 beds located in the U.K. The acquisition of
the Alpha hospitals increases our behavioral health care presence
in the U.K. to 21 hospitals consisting of approximately 1,100
beds.
- In October, 2015, we completed the acquisition of Foundations
Recovery Network, LLC ("Foundations"). Through this
acquisition, we have added 4 inpatient facilities consisting of 322
beds as well as 8 outpatient centers. In addition, there are
over 140 expansion beds in progress. Foundations, one of the
premier names in addiction treatment, is focused on treating adults
with co-occurring addiction and mental health disorders through an
evidence-based integrated treatment model in residential and
outpatient settings.
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 third quarter of 2015, we
repurchased 543,380 shares at an aggregate cost of $72.0 million. Since inception of the program
through September 30, 2015, we
repurchased approximately 1.4 million shares at an aggregate cost
of $166.4 million.
Conference call information:
We will hold a conference call for investors and analysts at
9:00 a.m. eastern time on
October 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 and in Item 2-Forward Looking Statements and Risk
Factors in our Form 10-Q for the quarterly period ended
June 30, 2015), 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 and our Report on Form 10-Q for the quarterly period
ended June 30, 2015. 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, and the Texas
Delivery System Reform Incentive program, we earned revenues
(before Provider Tax assessments) of approximately $62 million and $53
million during the three-month periods ended September 30, 2015 and 2014, respectively, and
$221 million and $180 million during the nine-month periods ended
September 30, 2015 and 2014,
respectively. These revenues were offset by assessments of
$30 million and $21 million during the third quarters of 2015 and
2014, respectively, and $97 million
and $71 million during the nine-month
periods ended September 30, 2015 and
2014, respectively, 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 and nine-month periods ended
September 30, 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.
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,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,439,071
|
|
$2,196,513
|
|
$7,271,852
|
|
$6,570,732
|
Less:
Provision for doubtful accounts
|
211,416
|
|
157,796
|
|
543,640
|
|
541,935
|
Net
revenues
|
2,227,655
|
|
2,038,717
|
|
6,728,212
|
|
6,028,797
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
1,057,226
|
|
953,583
|
|
3,132,993
|
|
2,850,868
|
Other
operating expenses
|
529,383
|
|
533,753
|
|
1,571,060
|
|
1,394,326
|
Supplies
expense
|
242,259
|
|
222,708
|
|
721,979
|
|
662,280
|
Depreciation and amortization
|
99,442
|
|
93,456
|
|
295,697
|
|
277,506
|
Lease
and rental expense
|
24,544
|
|
23,860
|
|
70,631
|
|
70,656
|
Electronic health records incentive income
|
(356)
|
|
(1,425)
|
|
(1,751)
|
|
(4,029)
|
Costs
related to extinguishment of debt
|
0
|
|
36,171
|
|
0
|
|
36,171
|
|
1,952,498
|
|
1,862,106
|
|
5,790,609
|
|
5,287,778
|
|
|
|
|
|
|
|
|
Income from
operations
|
275,157
|
|
176,611
|
|
937,603
|
|
741,019
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
27,130
|
|
32,133
|
|
84,851
|
|
102,413
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
248,027
|
|
144,478
|
|
852,752
|
|
638,606
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
84,373
|
|
48,440
|
|
293,371
|
|
224,102
|
|
|
|
|
|
|
|
|
Net income
|
163,654
|
|
96,038
|
|
559,381
|
|
414,504
|
|
|
|
|
|
|
|
|
Less: Income
attributable to
|
|
|
|
|
|
|
|
noncontrolling
interests
|
13,367
|
|
13,241
|
|
52,602
|
|
41,958
|
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$150,287
|
|
$82,797
|
|
$506,779
|
|
$372,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS (a)
|
$1.52
|
|
$0.84
|
|
$5.12
|
|
$3.77
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS (a)
|
$1.48
|
|
$0.82
|
|
$5.02
|
|
$3.71
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Footnotes to
Consolidated Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Nine
months
|
|
ended September
30,
|
|
ended September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
(a) Earnings per
share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted:
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$150,287
|
|
$82,797
|
|
$506,779
|
|
$372,546
|
Less: Net income
attributable to unvested restricted share grants
|
(82)
|
|
(17)
|
|
(221)
|
|
(164)
|
Net income
attributable to UHS - basic and diluted
|
$150,205
|
|
$82,780
|
|
$506,558
|
|
$372,382
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
98,858
|
|
99,052
|
|
98,924
|
|
98,832
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS:
|
$1.52
|
|
$0.84
|
|
$5.12
|
|
$3.77
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares
|
98,858
|
|
99,052
|
|
98,924
|
|
98,832
|
Add: Other share
equivalents
|
2,301
|
|
1,981
|
|
1,987
|
|
1,643
|
Weighted average
number of common shares and equiv. - diluted
|
101,159
|
|
101,033
|
|
100,911
|
|
100,475
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS:
|
$1.48
|
|
$0.82
|
|
$5.02
|
|
$3.71
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
|
Schedule of Non-GAAP
Supplemental Consolidated Statements of Income Information
("Supplemental Schedule")
|
|
For the three months
ended September 30, 2015 and 2014
|
|
(in thousands, except
per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
"EBITDA"
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
September 30,
2015
|
|
September 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,439,071
|
|
|
|
$2,196,513
|
|
|
|
Less:
Provision for doubtful accounts
|
211,416
|
|
|
|
157,796
|
|
|
|
Net
revenues
|
2,227,655
|
|
100.0%
|
|
2,038,717
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
1,057,226
|
|
47.5%
|
|
953,583
|
|
46.8%
|
|
Other
operating expenses
|
529,383
|
|
23.8%
|
|
533,753
|
|
26.2%
|
|
Supplies
expense
|
242,259
|
|
10.9%
|
|
222,708
|
|
10.9%
|
|
EHR
incentive income
|
(356)
|
|
0.0%
|
|
(1,425)
|
|
-0.1%
|
|
|
1,828,512
|
|
82.1%
|
|
1,708,619
|
|
83.8%
|
|
|
|
|
|
|
|
|
|
|
Operating
income/margin ("EBITDAR")
|
399,143
|
|
17.9%
|
|
330,098
|
|
16.2%
|
|
|
|
|
|
|
|
|
|
|
Lease
and rental expense
|
24,544
|
|
|
|
23,860
|
|
|
|
Income
attributable to noncontrolling interests
|
13,367
|
|
|
|
13,241
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before,
depreciation and amortization, interest expense, and income taxes
("EBITDA")
|
361,232
|
|
16.2%
|
|
292,997
|
|
14.4%
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
99,442
|
|
|
|
93,456
|
|
|
|
Costs
related to extinguishment of debt
|
0
|
|
|
|
36,171
|
|
|
|
Interest
expense, net
|
27,130
|
|
|
|
32,133
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
234,660
|
|
|
|
131,237
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
84,373
|
|
|
|
48,440
|
|
|
|
Net income
attributable to UHS
|
$150,287
|
|
|
|
$82,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
September 30,
2015
|
|
September 30,
2014
|
|
|
|
|
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
|
$150,287
|
|
$1.48
|
|
$82,797
|
|
$0.82
|
|
Plus/minus
adjustments:
|
|
|
|
|
|
|
|
|
Litigation
settlement, net of income taxes
|
-
|
|
-
|
|
27,570
|
|
0.27
|
|
Costs related
to extinguishment of debt, net of income taxes
|
-
|
|
-
|
|
22,665
|
|
0.23
|
|
Subtotal after-tax
adjustments to net income attributable to UHS
|
-
|
|
-
|
|
50,235
|
|
0.50
|
|
Adjusted net income
attributable to UHS - including Electronic Health Records ("EHR")
impact
|
$150,287
|
|
$1.48
|
|
$133,032
|
|
$1.32
|
|
|
|
|
|
|
|
|
|
|
Plus/minus impact of
EHR implementation:
|
|
|
|
|
|
|
|
|
EHR-related incentive
income, pre-tax
|
(356)
|
|
|
|
(1,425)
|
|
|
|
EHR-related
depreciation & amortization, pre-tax
|
9,306
|
|
|
|
9,312
|
|
|
|
EHR-related minority
interest in earnings of consolidated entities, pre-tax
|
(965)
|
|
|
|
(733)
|
|
|
|
Income tax provision
on EHR-related items
|
(2,976)
|
|
|
|
(2,671)
|
|
|
|
After-tax impact of
EHR-related items
|
5,009
|
|
0.05
|
|
4,483
|
|
0.04
|
|
Adjusted net income
attributable to UHS
|
$155,296
|
|
$1.53
|
|
$137,515
|
|
$1.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
|
Schedule of Non-GAAP
Supplemental Consolidated Statements of Income Information
("Supplemental Schedule")
|
|
For the nine months
ended September 30, 2015 and 2014
|
|
(in thousands, except
per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
"EBITDA"
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Nine months
ended
|
|
|
September 30,
2015
|
|
September 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$7,271,852
|
|
|
|
$6,570,732
|
|
|
|
Less:
Provision for doubtful accounts
|
543,640
|
|
|
|
541,935
|
|
|
|
Net
revenues
|
6,728,212
|
|
100.0%
|
|
6,028,797
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
3,132,993
|
|
46.6%
|
|
2,850,868
|
|
47.3%
|
|
Other
operating expenses
|
1,571,060
|
|
23.4%
|
|
1,394,326
|
|
23.1%
|
|
Supplies
expense
|
721,979
|
|
10.7%
|
|
662,280
|
|
11.0%
|
|
EHR
incentive income
|
(1,751)
|
|
0.0%
|
|
(4,029)
|
|
-0.1%
|
|
|
5,424,281
|
|
80.6%
|
|
4,903,445
|
|
81.3%
|
|
|
|
|
|
|
|
|
|
|
Operating
income/margin ("EBITDAR")
|
1,303,931
|
|
19.4%
|
|
1,125,352
|
|
18.7%
|
|
|
|
|
|
|
|
|
|
|
Lease
and rental expense
|
70,631
|
|
|
|
70,656
|
|
|
|
Income
attributable to noncontrolling interests
|
52,602
|
|
|
|
41,958
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before,
depreciation and amortization, interest expense, and income taxes
("EBITDA")
|
1,180,698
|
|
17.5%
|
|
1,012,738
|
|
16.8%
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
295,697
|
|
|
|
277,506
|
|
|
|
Costs
related to extinguishment of debt
|
0
|
|
|
|
36,171
|
|
|
|
Interest
expense, net
|
84,851
|
|
|
|
102,413
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
800,150
|
|
|
|
596,648
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
293,371
|
|
|
|
224,102
|
|
|
|
Net income
attributable to UHS
|
$506,779
|
|
|
|
$372,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
Nine months
ended
|
|
|
September 30,
2015
|
|
September 30,
2014
|
|
|
|
|
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
|
$506,779
|
|
$5.02
|
|
$372,546
|
|
$3.71
|
|
Plus/minus
adjustments:
|
|
|
|
|
|
|
|
|
Gain on sale
of investment, net of income taxes
|
-
|
|
-
|
|
(6,330)
|
|
(0.06)
|
|
Litigation
settlement, net of income taxes
|
-
|
|
-
|
|
27,570
|
|
0.27
|
|
Costs related
to extinguishment of debt, net of income taxes
|
-
|
|
-
|
|
22,665
|
|
0.23
|
|
Subtotal after-tax
adjustments to net income attributable to UHS
|
-
|
|
-
|
|
43,905
|
|
0.44
|
|
Adjusted net income
attributable to UHS - including Electronic Health Records ("EHR")
impact
|
$506,779
|
|
$5.02
|
|
$416,451
|
|
$4.15
|
|
|
|
|
|
|
|
|
|
|
Plus/minus impact of
EHR implementation:
|
|
|
|
|
|
|
|
|
EHR-related incentive
income, pre-tax
|
(1,751)
|
|
|
|
(4,029)
|
|
|
|
EHR-related
depreciation & amortization, pre-tax
|
27,918
|
|
|
|
27,912
|
|
|
|
EHR-related minority
interest in earnings of consolidated entities, pre-tax
|
(2,892)
|
|
|
|
(2,571)
|
|
|
|
Income tax provision
on EHR-related items
|
(8,676)
|
|
|
|
(7,969)
|
|
|
|
After-tax impact of
EHR-related items
|
14,599
|
|
0.14
|
|
13,343
|
|
0.13
|
|
Adjusted net income
attributable to UHS
|
$521,378
|
|
$5.16
|
|
$429,794
|
|
$4.28
|
|
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Comprehensive Income
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Nine
months
|
|
ended September
30,
|
|
ended September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Net income
|
$163,654
|
|
$96,038
|
|
$559,381
|
|
$414,504
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Unrealized derivative gains (loss) on cash flow hedges
|
(9,888)
|
|
4,712
|
|
(4,950)
|
|
12,922
|
Amortization of terminated hedge
|
(84)
|
|
(84)
|
|
(252)
|
|
(252)
|
Foreign
currency translation adjustment
|
(2,304)
|
|
(2,506)
|
|
(96)
|
|
(2,506)
|
Other comprehensive
income before tax
|
(12,276)
|
|
2,122
|
|
(5,298)
|
|
10,164
|
Income tax expense
related to items of other comprehensive income
|
(3,742)
|
|
1,620
|
|
(1,530)
|
|
4,685
|
Total other
comprehensive income, net of tax
|
(8,534)
|
|
502
|
|
(3,768)
|
|
5,479
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
155,120
|
|
96,540
|
|
555,613
|
|
419,983
|
Less: Comprehensive
income attributable to noncontrolling interests
|
13,367
|
|
13,241
|
|
52,602
|
|
41,958
|
Comprehensive income
attributable to UHS
|
$141,753
|
|
$83,299
|
|
$503,011
|
|
$378,025
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2015
|
|
|
2014
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
39,523
|
|
$
|
32,069
|
Accounts receivable, net
|
|
|
1,328,300
|
|
|
1,282,735
|
Supplies
|
|
|
112,718
|
|
|
108,115
|
Deferred income taxes
|
|
|
134,554
|
|
|
114,565
|
Other current assets
|
|
|
81,459
|
|
|
77,654
|
Total current assets
|
|
|
1,696,554
|
|
|
1,615,138
|
|
|
|
|
|
|
|
Property and
equipment
|
|
|
6,515,914
|
|
|
6,212,030
|
Less: accumulated
depreciation
|
|
|
(2,739,822)
|
|
|
(2,532,341)
|
|
|
|
3,776,092
|
|
|
3,679,689
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Goodwill
|
|
|
3,388,378
|
|
|
3,291,213
|
Deferred charges
|
|
|
35,113
|
|
|
40,319
|
Other
|
|
|
310,741
|
|
|
348,084
|
|
|
$
|
9,206,878
|
|
$
|
8,974,443
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
84,883
|
|
$
|
68,319
|
Accounts payable and accrued liabilities
|
|
|
1,102,616
|
|
|
1,113,062
|
Federal and state taxes
|
|
|
8,697
|
|
|
1,446
|
Total current liabilities
|
|
|
1,196,196
|
|
|
1,182,827
|
|
|
|
|
|
|
|
Other noncurrent
liabilities
|
|
|
292,441
|
|
|
268,555
|
Long-term
debt
|
|
|
3,009,954
|
|
|
3,210,215
|
Deferred income
taxes
|
|
|
264,358
|
|
|
282,214
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
250,213
|
|
|
239,552
|
|
|
|
|
|
|
|
UHS common
stockholders' equity
|
|
|
4,133,099
|
|
|
3,735,946
|
Noncontrolling
interest
|
|
|
60,617
|
|
|
55,134
|
Total equity
|
|
|
4,193,716
|
|
|
3,791,080
|
|
|
|
|
|
|
|
|
|
$
|
9,206,878
|
|
$
|
8,974,443
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
Nine
months
|
|
ended September
30,
|
|
2015
|
|
2014
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
Net
income
|
$559,381
|
|
$414,504
|
Adjustments
to reconcile net income to net
|
|
|
|
cash provided by
operating activities:
|
|
|
|
Depreciation &
amortization
|
295,697
|
|
277,506
|
Stock-based
compensation expense
|
30,145
|
|
22,713
|
Gains on sales of
assets and businesses, net of losses
|
(1,037)
|
|
(7,837)
|
Write-off of deferred financing costs related to extinguishment of
debt
|
0
|
|
19,730
|
Changes in
assets & liabilities, net of effects from
|
|
|
|
acquisitions and
dispositions:
|
|
|
|
Accounts
receivable
|
(60,877)
|
|
(98,193)
|
Accrued
interest
|
(297)
|
|
6,547
|
Accrued
and deferred income taxes
|
(12,568)
|
|
(18,392)
|
Other
working capital accounts
|
(54,018)
|
|
59,613
|
Other
assets and deferred charges
|
6,629
|
|
15,868
|
Other
|
13,140
|
|
(7,000)
|
Accrued
insurance expense, net of commercial premiums paid
|
75,715
|
|
57,729
|
Payments
made in settlement of self-insurance claims
|
(55,411)
|
|
(53,234)
|
Net cash provided by operating activities
|
796,499
|
|
689,554
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Property
and equipment additions, net of disposals
|
(269,578)
|
|
(309,361)
|
Proceeds
received from sale of assets and businesses
|
2,744
|
|
15,178
|
Cash
paid/reserved related to acquisition of property and
businesses
|
(183,103)
|
|
(402,405)
|
Costs
incurred for purchase and implementation of electronic health
records application
|
0
|
|
(11,204)
|
Net cash used in investing activities
|
(449,937)
|
|
(707,792)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Reduction of long-term debt
|
(207,371)
|
|
(842,543)
|
Additional borrowings
|
16,300
|
|
969,800
|
Financing costs
|
0
|
|
(13,413)
|
Repurchase of common shares
|
(129,862)
|
|
(63,292)
|
Dividends paid
|
(29,696)
|
|
(19,794)
|
Issuance
of common stock
|
6,030
|
|
4,907
|
Excess
income tax benefits related to stock-based compensation
|
29,287
|
|
30,242
|
Profit
distributions to noncontrolling interests
|
(35,965)
|
|
(25,074)
|
Proceeds
received from sale/leaseback of real property
|
12,765
|
|
0
|
Net cash (used in) provided by financing activities
|
(338,512)
|
|
40,833
|
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents
|
(596)
|
|
(122)
|
Increase in cash and
cash equivalents
|
7,454
|
|
22,473
|
Cash and cash
equivalents, beginning of period
|
32,069
|
|
17,238
|
Cash and cash
equivalents, end of period
|
$39,523
|
|
$39,711
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
Interest paid,
including early redemption premium and original issue discount
write-off in 2014
|
$79,866
|
|
$98,670
|
|
|
|
|
Income taxes
paid, net of refunds
|
$274,124
|
|
$212,148
|
|
|
|
|
Noncash
purchases of property and equipment
|
$37,228
|
|
$25,326
|
|
|
|
|
Universal Health
Services, Inc.
|
Supplemental
Statistical Information
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
%
Change
|
|
|
|
|
|
|
|
quarter
ended
|
|
nine months
ended
|
|
|
Same
Facility:
|
|
|
|
|
9/30/2015
|
|
9/30/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care
Hospitals
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
7.2%
|
|
9.2%
|
|
|
Adjusted
Admissions
|
|
|
|
|
5.1%
|
|
5.5%
|
|
|
Adjusted Patient
Days
|
|
|
|
|
5.6%
|
|
6.1%
|
|
|
Revenue Per Adjusted
Admission
|
|
|
|
3.0%
|
|
4.1%
|
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
2.6%
|
|
3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Behavioral Health
Hospitals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
5.0%
|
|
5.5%
|
|
|
Adjusted
Admissions
|
|
|
|
|
1.6%
|
|
3.8%
|
|
|
Adjusted Patient
Days
|
|
|
|
|
1.6%
|
|
1.5%
|
|
|
Revenue Per Adjusted
Admission
|
|
|
|
3.1%
|
|
1.4%
|
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
3.1%
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UHS
Consolidated
|
|
|
Third quarter
ended
|
|
Nine months
ended
|
|
|
|
9/30/2015
|
|
9/30/2014
|
|
9/30/2015
|
|
9/30/2014
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$2,227,655
|
|
$2,038,717
|
|
$6,728,212
|
|
$6,028,797
|
EBITDA
(1)
|
|
|
361,232
|
|
292,997
|
|
1,180,698
|
|
1,012,738
|
EBITDA Margin
(1)
|
|
|
16.2%
|
|
14.4%
|
|
17.5%
|
|
16.8%
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From
Operations
|
|
|
264,896
|
|
231,138
|
|
796,499
|
|
689,554
|
Days Sales
Outstanding
|
|
|
55
|
|
56
|
|
54
|
|
56
|
Capital
Expenditures
|
|
|
98,998
|
|
122,575
|
|
269,578
|
|
309,361
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
3,094,837
|
|
3,454,818
|
UHS' Shareholders
Equity
|
|
|
|
|
|
|
4,133,099
|
|
3,603,204
|
Debt / Total
Capitalization
|
|
|
|
|
|
|
42.8%
|
|
48.9%
|
Debt / EBITDA
(2)
|
|
|
|
|
|
|
1.95
|
|
2.59
|
Debt / Cash From
Operations (2)
|
|
|
|
|
|
2.71
|
|
3.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care EBITDAR
Margin (3)
|
15.4%
|
|
17.1%
|
|
18.9%
|
|
18.3%
|
Behavioral Health
EBITDAR Margin (3)
|
27.5%
|
|
27.6%
|
|
28.2%
|
|
27.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
September 30, 2015
and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH
|
|
|
09/30/15
|
09/30/14
|
%
change
|
|
09/30/15
|
09/30/14
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
204
|
202
|
1.0%
|
Average licensed
beds
|
|
5,842
|
5,769
|
1.3%
|
|
21,158
|
20,263
|
4.4%
|
Patient
days
|
|
298,761
|
285,861
|
4.5%
|
|
1,455,450
|
1,381,789
|
5.3%
|
Average daily
census
|
|
3,247.4
|
3,107.2
|
4.5%
|
|
15,820.1
|
15,019.4
|
5.3%
|
Occupancy-licensed
beds
|
|
55.6%
|
53.9%
|
3.1%
|
|
74.8%
|
74.1%
|
0.9%
|
Admissions
|
|
65,288
|
62,749
|
4.0%
|
|
111,800
|
108,334
|
3.2%
|
Length of
stay
|
|
4.6
|
4.6
|
0.4%
|
|
13.0
|
12.8
|
2.1%
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$4,115,598
|
$3,616,647
|
13.8%
|
|
$1,876,896
|
$1,678,222
|
11.8%
|
Outpatient
revenue
|
|
2,444,456
|
2,058,148
|
18.8%
|
|
202,333
|
192,032
|
5.4%
|
Total patient
revenue
|
|
6,560,054
|
5,674,795
|
15.6%
|
|
2,079,229
|
1,870,254
|
11.2%
|
Other
revenue
|
|
90,753
|
84,541
|
7.3%
|
|
52,080
|
46,539
|
11.9%
|
Gross hospital
revenue
|
|
6,650,807
|
5,759,336
|
15.5%
|
|
2,131,309
|
1,916,793
|
11.2%
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
5,329,234
|
4,587,776
|
16.2%
|
|
1,015,619
|
895,528
|
13.4%
|
|
|
|
|
|
|
|
|
|
Net hospital revenue
before
|
|
|
|
|
|
|
|
|
provision for
doubtful accounts
|
|
1,321,573
|
1,171,560
|
12.8%
|
|
1,115,690
|
1,021,265
|
9.2%
|
|
|
|
|
|
|
|
|
|
Provision for
doubtful accounts
|
|
185,232
|
128,913
|
43.7%
|
|
26,181
|
28,804
|
-9.1%
|
|
|
|
|
|
|
|
|
|
Net hospital
revenue
|
|
$1,136,341
|
$1,042,647
|
9.0%
|
|
$1,089,509
|
$992,461
|
9.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH (1)
|
|
|
09/30/15
|
09/30/14
|
%
change
|
|
09/30/15
|
09/30/14
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
181
|
181
|
0.0%
|
Average licensed
beds
|
|
5,842
|
5,769
|
1.3%
|
|
20,001
|
19,802
|
1.0%
|
Patient
days
|
|
298,761
|
285,861
|
4.5%
|
|
1,376,854
|
1,350,744
|
1.9%
|
Average daily
census
|
|
3,247.4
|
3,107.2
|
4.5%
|
|
14,965.8
|
14,682.0
|
1.9%
|
Occupancy-licensed
beds
|
|
55.6%
|
53.9%
|
3.1%
|
|
74.8%
|
74.2%
|
0.9%
|
Admissions
|
|
65,288
|
62,749
|
4.0%
|
|
110,058
|
107,968
|
1.9%
|
Length of
stay
|
|
4.6
|
4.6
|
0.4%
|
|
12.5
|
12.5
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Quail Run,
Timberlawn of Garland and the UK facilities are excluded in
both
|
|
|
current and prior years.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Nine Months
ended
|
September 30, 2015
and 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH
|
|
|
09/30/15
|
09/30/14
|
%
change
|
|
09/30/15
|
09/30/14
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
204
|
202
|
1.0%
|
Average licensed
beds
|
|
5,823
|
5,776
|
0.8%
|
|
21,054
|
19,991
|
5.3%
|
Patient
days
|
|
919,491
|
875,717
|
5.0%
|
|
4,362,069
|
4,104,323
|
6.3%
|
Average daily
census
|
|
3,368.1
|
3,207.8
|
5.0%
|
|
15,978.3
|
15,034.2
|
6.3%
|
Occupancy-licensed
beds
|
|
57.8%
|
55.5%
|
4.1%
|
|
75.9%
|
75.2%
|
0.9%
|
Admissions
|
|
195,925
|
187,587
|
4.4%
|
|
338,361
|
319,665
|
5.8%
|
Length of
stay
|
|
4.7
|
4.7
|
0.5%
|
|
12.9
|
12.8
|
0.4%
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$12,633,298
|
$11,217,320
|
12.6%
|
|
$5,565,391
|
$4,973,633
|
11.9%
|
Outpatient
revenue
|
|
7,132,212
|
6,083,715
|
17.2%
|
|
623,915
|
580,627
|
7.5%
|
Total patient
revenue
|
|
19,765,510
|
17,301,035
|
14.2%
|
|
6,189,306
|
5,554,260
|
11.4%
|
Other
revenue
|
|
268,398
|
173,227
|
54.9%
|
|
157,200
|
135,956
|
15.6%
|
Gross hospital
revenue
|
|
20,033,908
|
17,474,262
|
14.6%
|
|
6,346,506
|
5,690,216
|
11.5%
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
16,128,232
|
13,959,584
|
15.5%
|
|
2,989,148
|
2,644,120
|
13.0%
|
|
|
|
|
|
|
|
|
|
Net hospital revenue
before
|
|
|
|
|
|
|
|
|
provision for
doubtful accounts
|
|
3,905,676
|
3,514,678
|
11.1%
|
|
3,357,358
|
3,046,096
|
10.2%
|
|
|
|
|
|
|
|
|
|
Provision for
doubtful accounts
|
|
458,879
|
460,319
|
-0.3%
|
|
84,644
|
82,049
|
3.2%
|
|
|
|
|
|
|
|
|
|
Net hospital
revenue
|
|
$3,446,797
|
$3,054,359
|
12.8%
|
|
$3,272,714
|
$2,964,047
|
10.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH (1)
|
|
|
09/30/15
|
09/30/14
|
%
change
|
|
09/30/15
|
09/30/14
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
181
|
181
|
0.0%
|
Average licensed
beds
|
|
5,823
|
5,776
|
0.8%
|
|
19,883
|
19,819
|
0.3%
|
Patient
days
|
|
919,491
|
875,717
|
5.0%
|
|
4,139,144
|
4,069,666
|
1.7%
|
Average daily
census
|
|
3,368.1
|
3,207.8
|
5.0%
|
|
15,161.7
|
14,907.2
|
1.7%
|
Occupancy-licensed
beds
|
|
57.8%
|
55.5%
|
4.1%
|
|
76.3%
|
75.2%
|
1.4%
|
Admissions
|
|
195,925
|
187,587
|
4.4%
|
|
331,961
|
319,185
|
4.0%
|
Length of
stay
|
|
4.7
|
4.7
|
0.5%
|
|
12.5
|
12.8
|
-2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Quail Run,
Timberlawn of Garland and the UK facilities are excluded in
both
|
|
|
current and prior years.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports--2015-third-quarter-financial-results-300167160.html
SOURCE Universal Health Services, Inc.