KING OF PRUSSIA, Pa.,
April 27, 2016 /PRNewswire/
-- Universal Health Services, Inc. (NYSE: UHS) announced today
that its reported net income attributable to UHS was $190.8 million, or $1.93 per diluted share, during the first quarter
of 2016 as compared to $174.3
million, or $1.73 per diluted
share, during the comparable quarter of 2015. Net revenues
increased 10.1% to $2.45 billion
during the first quarter of 2016 as compared to $2.23 billion during the first quarter of
2015.
For the three-month period ended March
31, 2016, our adjusted net income attributable to UHS per
diluted share, as calculated on the attached Schedule of Non-GAAP
Supplemental Consolidated Statements of Income Information
("Supplemental Schedule"), increased approximately 11% to
$1.98 per diluted share, as compared
to $1.78 per diluted share during the
first quarter of 2015. As reflected on the Supplemental
Schedule, included in our reported results during each of the first
quarters of 2016 and 2015, are net unfavorable after-tax impacts of
$.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.
Acute Care Services – Three-month periods ended March 31, 2016 and 2015:
During the first
quarter of 2016, at our acute care hospitals owned during both
periods ("same facility basis"), adjusted admissions (adjusted for
outpatient activity) increased 7.8% and adjusted patient days
increased 3.5%, as compared to the first quarter of 2015. Net
revenues at these facilities increased 12.0% during the first
quarter of 2016 as compared to the first quarter of the prior year.
At these facilities, net revenue per adjusted admission increased
3.0% while net revenue per adjusted patient day increased 7.3%
during the first quarter of 2016 as compared to the comparable
quarter of 2015. On a same facility basis, the operating margin at
our acute care hospitals increased to 21.1% during the first
quarter of 2016 as compared to 20.5% during the first quarter of
2015. 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, if applicable, as
indicated on the Supplemental Schedules).
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 $345 million and $287
million during the three-month periods ended March 31, 2016 and 2015, respectively. The
provision for doubtful accounts at our acute care hospitals
amounted to approximately $140
million and $124 million
during the three-month periods ended March
31, 2016 and 2015, 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 first quarter of 2016, as compared to the
first quarter of 2015.
Behavioral Health Care Services – Three-month periods ended
March 31, 2016 and
2015:
During the first quarter of 2016, at our behavioral
health care facilities on a same facility basis, adjusted
admissions increased 1.4% while adjusted patient days increased
1.0% as compared to the first quarter of 2015. At these facilities,
net revenue per adjusted admission increased 1.8% while net revenue
per adjusted patient day increased 2.2% during the first quarter of
2016 as compared to the comparable quarter in 2015. On a same
facility basis, our behavioral health services' net revenues
increased 3.5% during the first quarter of 2016, as compared to the
comparable quarter in 2015. The operating margins were 27.8% during
the first quarter of 2016 and 28.4% during the first quarter of
2015.
Share Repurchase Program:
In February of 2016, our
Board of Directors authorized a $400
million increase to our stock repurchase program, which
increased the aggregate authorization to $800 million from the previous $400 million authorization approved during the
third quarter of 2014. Pursuant to this program, we may
purchase shares of our Class B Common Stock, from time to time as
conditions allow, on the open market or in negotiated private
transactions.
In conjunction with this program, during the first quarter of
2016, we repurchased approximately 1.3 million shares at an
aggregate cost of $152.4 million
(approximately $113 per share).
Since inception of the program through March
31, 2016, we repurchased approximately 3.2 million shares at
an aggregate cost of approximately $376.6
million (approximately $117
per share).
Conference call information:
We will hold a conference
call for investors and analysts at 9:00 a.m.
eastern time on April 28,
2016. 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,
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 related to the implementation
of EHR applications at our acute care hospitals and other items
that are nonrecurring or non-operational in nature including, 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, 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.
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 did 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. 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
|
|
ended March
31,
|
|
2016
|
|
2015
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,619,593
|
|
$2,380,101
|
Less:
Provision for doubtful accounts
|
169,795
|
|
154,748
|
Net
revenues
|
2,449,798
|
|
2,225,353
|
|
|
|
|
Operating
charges:
|
|
|
|
Salaries, wages and benefits
|
1,148,139
|
|
1,031,703
|
Other
operating expenses
|
561,584
|
|
505,966
|
Supplies
expense
|
255,250
|
|
238,741
|
Depreciation and amortization
|
104,049
|
|
98,998
|
Lease
and rental expense
|
24,452
|
|
22,891
|
|
2,093,474
|
|
1,898,299
|
|
|
|
|
Income from
operations
|
356,324
|
|
327,054
|
|
|
|
|
Interest expense,
net
|
29,600
|
|
30,037
|
|
|
|
|
Income before income
taxes
|
326,724
|
|
297,017
|
|
|
|
|
Provision for income
taxes
|
111,005
|
|
102,694
|
|
|
|
|
Net income
|
215,719
|
|
194,323
|
|
|
|
|
Less: Income
attributable to
|
|
|
|
noncontrolling
interests
|
24,960
|
|
20,024
|
|
|
|
|
Net income
attributable to UHS
|
$190,759
|
|
$174,299
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS (a)
|
$1.95
|
|
$1.76
|
|
|
|
|
Diluted earnings per
share attributable to UHS (a)
|
$1.93
|
|
$1.73
|
|
|
|
|
Universal Health
Services, Inc.
|
Footnotes to
Consolidated Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
Three
months
|
|
ended March
31,
|
|
2016
|
|
2015
|
|
|
|
|
(a) Earnings per
share calculation:
|
|
|
|
|
|
|
|
Basic and
diluted:
|
|
|
|
Net income
attributable to UHS
|
$190,759
|
|
$174,299
|
Less: Net income
attributable to unvested restricted share grants
|
(89)
|
|
(68)
|
Net income
attributable to UHS - basic and diluted
|
$190,670
|
|
$174,231
|
|
|
|
|
Weighted average
number of common shares - basic
|
97,607
|
|
98,910
|
|
|
|
|
Basic earnings per
share attributable to UHS:
|
$1.95
|
|
$1.76
|
|
|
|
|
Weighted average
number of common shares
|
97,607
|
|
98,910
|
Add: Other share
equivalents
|
1,288
|
|
1,737
|
Weighted average
number of common shares and equiv. - diluted
|
98,895
|
|
100,647
|
|
|
|
|
Diluted earnings per
share attributable to UHS:
|
$1.93
|
|
$1.73
|
|
|
|
|
Universal Health
Services, Inc.
|
Schedule of Non-GAAP
Supplemental Consolidated Statements of Income Information
("Supplemental Schedule")
|
For the three months
ended March 31, 2016 and 2015
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
"EBITDA"
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
March 31,
2016
|
|
March 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,619,593
|
|
|
|
$2,380,101
|
|
|
Less:
Provision for doubtful accounts
|
169,795
|
|
|
|
154,748
|
|
|
Net
revenues
|
2,449,798
|
|
100.0%
|
|
2,225,353
|
|
100.0%
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
1,148,139
|
|
46.9%
|
|
1,031,703
|
|
46.4%
|
Other
operating expenses
|
561,584
|
|
22.9%
|
|
505,966
|
|
22.7%
|
Supplies
expense
|
255,250
|
|
10.4%
|
|
238,741
|
|
10.7%
|
|
1,964,973
|
|
80.2%
|
|
1,776,410
|
|
79.8%
|
|
|
|
|
|
|
|
|
Operating
income/margin ("EBITDAR")
|
484,825
|
|
19.8%
|
|
448,943
|
|
20.2%
|
|
|
|
|
|
|
|
|
Lease
and rental expense
|
24,452
|
|
|
|
22,891
|
|
|
Income
attributable to noncontrolling interests
|
24,960
|
|
|
|
20,024
|
|
|
|
|
|
|
|
|
|
|
Earnings before,
depreciation and amortization, interest expense, and income taxes
("EBITDA")
|
435,413
|
|
17.8%
|
|
406,028
|
|
18.2%
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
104,049
|
|
|
|
98,998
|
|
|
Interest
expense, net
|
29,600
|
|
|
|
30,037
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
301,764
|
|
|
|
276,993
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
111,005
|
|
|
|
102,694
|
|
|
Net income
attributable to UHS
|
$190,759
|
|
|
|
$174,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
March 31,
2016
|
|
March 31,
2015
|
|
|
|
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
|
$190,759
|
|
$1.93
|
|
$174,299
|
|
$1.73
|
|
|
|
|
|
|
|
|
Plus/minus impact of
EHR implementation:
|
|
|
|
|
|
|
|
EHR-related incentive
income, pre-tax
|
-
|
|
|
|
-
|
|
|
EHR-related
depreciation & amortization, pre-tax
|
9,306
|
|
|
|
9,306
|
|
|
EHR-related minority
interest in earnings of consolidated entities, pre-tax
|
(962)
|
|
|
|
(964)
|
|
|
Income tax provision
on EHR-related items
|
(3,110)
|
|
|
|
(3,109)
|
|
|
After-tax impact of
EHR-related items
|
5,234
|
|
0.05
|
|
5,233
|
|
0.05
|
Adjusted net income
attributable to UHS
|
$195,993
|
|
$1.98
|
|
$179,532
|
|
$1.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Comprehensive Income
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
Three
months
|
|
ended March
31,
|
|
2016
|
|
2015
|
|
|
|
|
Net income
|
$215,719
|
|
$194,323
|
Other comprehensive
income (loss):
|
|
|
|
Unrealized derivative gains (loss) on cash flow hedges
|
(14,299)
|
|
4,132
|
Amortization of terminated hedge
|
(84)
|
|
(84)
|
Foreign
currency translation adjustment
|
5,986
|
|
(418)
|
Other comprehensive
income before tax
|
(8,397)
|
|
3,630
|
Income tax expense
related to items of other comprehensive income
|
(5,360)
|
|
1,497
|
Total other
comprehensive income, net of tax
|
(3,037)
|
|
2,133
|
|
|
|
|
Comprehensive
income
|
212,682
|
|
196,456
|
Less: Comprehensive
income attributable to noncontrolling interests
|
24,960
|
|
20,024
|
Comprehensive income
attributable to UHS
|
$187,722
|
|
$176,432
|
|
|
|
|
Universal Health
Services, Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
54,590
|
|
$
|
61,228
|
Accounts receivable, net
|
|
|
1,374,737
|
|
|
1,302,429
|
Supplies
|
|
|
116,725
|
|
|
116,037
|
Deferred income taxes
|
|
|
0
|
|
|
135,120
|
Other current assets
|
|
|
89,386
|
|
|
103,490
|
Total current assets
|
|
|
1,635,438
|
|
|
1,718,304
|
|
|
|
|
|
|
|
Property and
equipment
|
|
|
6,655,292
|
|
|
6,530,569
|
Less: accumulated
depreciation
|
|
|
(2,774,740)
|
|
|
(2,694,591)
|
|
|
|
3,880,552
|
|
|
3,835,978
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Goodwill
|
|
|
3,594,901
|
|
|
3,596,114
|
Deferred charges
|
|
|
16,235
|
|
|
16,688
|
Other
|
|
|
437,883
|
|
|
448,360
|
|
|
$
|
9,565,009
|
|
$
|
9,615,444
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
88,262
|
|
$
|
62,722
|
Accounts payable and accrued liabilities
|
|
1,147,384
|
|
|
1,033,697
|
Federal and state taxes
|
|
|
49,794
|
|
|
3,987
|
Total current liabilities
|
|
|
1,285,440
|
|
|
1,100,406
|
|
|
|
|
|
|
|
Other noncurrent
liabilities
|
|
|
295,684
|
|
|
278,834
|
Long-term
debt
|
|
|
3,192,144
|
|
|
3,368,634
|
Deferred income
taxes
|
|
|
178,947
|
|
|
315,900
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
261,492
|
|
|
242,509
|
|
|
|
|
|
|
|
UHS common
stockholders' equity
|
|
|
4,289,218
|
|
|
4,249,647
|
Noncontrolling
interest
|
|
|
62,084
|
|
|
59,514
|
Total equity
|
|
|
4,351,302
|
|
|
4,309,161
|
|
|
|
|
|
|
|
|
|
$
|
9,565,009
|
|
$
|
9,615,444
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
Three
months
|
|
ended March
31,
|
|
2016
|
|
2015
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
Net
income
|
$215,719
|
|
$194,323
|
Adjustments
to reconcile net income to net
|
|
|
|
cash provided by
operating activities:
|
|
|
|
Depreciation &
amortization
|
104,049
|
|
98,998
|
Stock-based
compensation expense
|
13,204
|
|
10,829
|
Changes in
assets & liabilities, net of effects from
|
|
|
|
acquisitions and
dispositions:
|
|
|
|
Accounts
receivable
|
(79,962)
|
|
(96,972)
|
Accrued
interest
|
688
|
|
1,117
|
Accrued
and deferred income taxes
|
91,131
|
|
79,050
|
Other
working capital accounts
|
98,972
|
|
(29,829)
|
Other
assets and deferred charges
|
(5,803)
|
|
(234)
|
Other
|
20,911
|
|
17,807
|
Accrued
insurance expense, net of commercial premiums paid
|
22,616
|
|
22,748
|
Payments
made in settlement of self-insurance claims
|
(17,298)
|
|
(26,562)
|
Net cash provided by operating activities
|
464,227
|
|
271,275
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Property
and equipment additions, net of disposals
|
(127,214)
|
|
(89,276)
|
Acquisition of property and businesses
|
(19,543)
|
|
(34,500)
|
Net cash used in investing activities
|
(146,757)
|
|
(123,776)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Reduction of long-term debt
|
(166,671)
|
|
(158,871)
|
Additional borrowings
|
14,400
|
|
20,800
|
Financing costs
|
(44)
|
|
0
|
Repurchase of common shares
|
(171,042)
|
|
(28,767)
|
Dividends paid
|
(9,757)
|
|
(9,899)
|
Issuance
of common stock
|
2,331
|
|
1,768
|
Excess
income tax benefits related to stock-based compensation
|
11,002
|
|
20,807
|
Profit
distributions to noncontrolling interests
|
(3,407)
|
|
(2,413)
|
Proceeds
received from sale/leaseback of real property
|
0
|
|
12,551
|
Net cash used in financing activities
|
(323,188)
|
|
(144,024)
|
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents
|
(920)
|
|
(466)
|
(Decrease) increase
in cash and cash equivalents
|
(6,638)
|
|
3,009
|
Cash and cash
equivalents, beginning of period
|
61,228
|
|
32,069
|
Cash and cash
equivalents, end of period
|
$54,590
|
|
$35,078
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
Interest
paid
|
$27,133
|
|
$27,158
|
|
|
|
|
Income taxes
paid, net of refunds
|
$9,093
|
|
$2,876
|
|
|
|
|
Noncash
purchases of property and equipment
|
$47,374
|
|
$33,082
|
|
|
|
|
Universal Health
Services, Inc.
|
Supplemental
Statistical Information
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
|
|
|
|
|
Quarter
ended
|
|
Same
Facility:
|
|
|
|
|
3/31/2016
|
|
|
|
|
|
|
|
|
Acute Care
Hospitals
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
12.0%
|
|
Adjusted
Admissions
|
|
|
|
|
7.8%
|
|
Adjusted Patient
Days
|
|
|
|
|
3.5%
|
|
Revenue Per Adjusted
Admission
|
|
|
|
3.0%
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
7.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Behavioral Health
Hospitals
|
|
|
|
|
|
Revenues
|
|
|
|
|
3.5%
|
|
Adjusted
Admissions
|
|
|
|
|
1.4%
|
|
Adjusted Patient
Days
|
|
|
|
|
1.0%
|
|
Revenue Per Adjusted
Admission
|
|
|
|
1.8%
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UHS
Consolidated
|
|
|
First quarter
ended
|
|
|
|
|
3/31/2016
|
|
3/31/2015
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$2,449,798
|
|
$2,225,353
|
|
EBITDA
(1)
|
|
|
$435,413
|
|
$406,028
|
|
EBITDA Margin
(1)
|
|
|
17.8%
|
|
18.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From
Operations
|
|
$464,227
|
|
$271,275
|
|
Days Sales
Outstanding
|
|
|
51
|
|
56
|
|
Capital
Expenditures
|
|
|
$127,214
|
|
$89,276
|
|
|
|
|
|
|
|
|
Debt
|
|
|
$3,280,406
|
|
$3,118,642
|
|
UHS' Shareholders
Equity
|
|
|
$4,289,218
|
|
$3,906,963
|
|
Debt / Total
Capitalization
|
|
|
43.3%
|
|
44.6%
|
|
Debt / EBITDA
(2)
|
|
|
2.03
|
|
2.12
|
|
Debt / Cash From
Operations (2)
|
|
2.70
|
|
2.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care EBITDAR
Margin (3)
|
21.1%
|
|
20.5%
|
|
Behavioral Health
EBITDAR Margin (3)
|
27.8%
|
|
28.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2016 and
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH
|
|
|
03/31/16
|
03/31/15
|
%
change
|
|
03/31/16
|
03/31/15
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
24
|
24
|
0.0%
|
|
217
|
203
|
6.9%
|
Average licensed
beds
|
|
5,854
|
5,792
|
1.1%
|
|
21,751
|
20,985
|
3.7%
|
Patient
days
|
|
325,171
|
317,979
|
2.3%
|
|
1,500,705
|
1,443,066
|
4.0%
|
Average daily
census
|
|
3,573.5
|
3,533.1
|
1.1%
|
|
16,491.3
|
16,034.1
|
2.9%
|
Occupancy-licensed
beds
|
61.0%
|
61.0%
|
0.1%
|
|
75.8%
|
76.4%
|
-0.8%
|
Admissions
|
|
69,674
|
65,419
|
6.5%
|
|
115,421
|
112,706
|
2.4%
|
Length of
stay
|
|
4.7
|
4.9
|
-4.0%
|
|
13.0
|
12.8
|
1.6%
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$4,965,537
|
$4,328,767
|
14.7%
|
|
$1,959,570
|
$1,823,425
|
7.5%
|
Outpatient
revenue
|
|
2,767,329
|
2,284,712
|
21.1%
|
|
221,643
|
204,569
|
8.3%
|
Total patient
revenue
|
|
7,732,866
|
6,613,479
|
16.9%
|
|
2,181,213
|
2,027,994
|
7.6%
|
Other
revenue
|
|
111,557
|
88,675
|
25.8%
|
|
50,538
|
50,680
|
-0.3%
|
Gross hospital
revenue
|
|
7,844,423
|
6,702,154
|
17.0%
|
|
2,231,751
|
2,078,674
|
7.4%
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
6,417,521
|
5,431,864
|
18.1%
|
|
1,040,661
|
971,973
|
7.1%
|
|
|
|
|
|
|
|
|
|
Net hospital revenue
before
|
|
|
|
|
|
|
|
provision for
doubtful accounts
|
1,426,902
|
1,270,290
|
12.3%
|
|
1,191,090
|
1,106,701
|
7.6%
|
|
|
|
|
|
|
|
|
|
Provision for
doubtful accounts
|
139,755
|
124,350
|
12.4%
|
|
30,044
|
30,356
|
-1.0%
|
|
|
|
|
|
|
|
|
|
Net hospital
revenue
|
|
$1,287,147
|
$1,145,940
|
12.3%
|
|
$1,161,046
|
$1,076,345
|
7.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH (1)
|
|
|
03/31/16
|
03/31/15
|
% change
|
|
03/31/16
|
03/31/15
|
% change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
24
|
24
|
0.0%
|
|
201
|
201
|
0.0%
|
Average licensed
beds
|
|
5,854
|
5,792
|
1.1%
|
|
20,999
|
20,707
|
1.4%
|
Patient
days
|
|
325,171
|
317,979
|
2.3%
|
|
1,448,374
|
1,431,252
|
1.2%
|
Average daily
census
|
|
3,573.5
|
3,533.1
|
1.1%
|
|
15,916.2
|
15,902.8
|
0.1%
|
Occupancy-licensed
beds
|
61.0%
|
61.0%
|
0.1%
|
|
75.8%
|
76.8%
|
-1.3%
|
Admissions
|
|
69,674
|
65,419
|
6.5%
|
|
114,109
|
112,327
|
1.6%
|
Length of
stay
|
|
4.7
|
4.9
|
-4.0%
|
|
12.7
|
12.7
|
-0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Garland
Behavioral Health, ALPHA (UK) entities, and the Foundations
Recovery Network entities 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-2016-first-quarter-financial-results-300258567.html
SOURCE Universal Health Services, Inc.