KING OF PRUSSIA, Pa.,
Feb. 28, 2017 /PRNewswire/
-- Universal Health Services, Inc. (NYSE: UHS) announced today
that its reported net income attributable to UHS was $174.2 million, or $1.78 per diluted share, during the fourth
quarter of 2016 as compared to $173.7
million, or $1.74 per diluted
share, during the comparable quarter of 2015. Net revenues
increased 6.9% to $2.48 billion
during the fourth quarter of 2016 as compared to $2.32 billion during the fourth quarter of
2015.
For the three-month period ended December
31, 2016, 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 to $176.0
million, or $1.80 per diluted
share, as compared to $170.7 million,
or $1.71 per diluted share, during
the fourth quarter of 2015. As reflected on the Supplemental
Schedule, included in our reported results during the fourth
quarter of 2016, is a net unfavorable after-tax impact of
$1.8 million, or $.02 per diluted share, 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. Included in our
reported results during the fourth quarter of 2015, is a net
favorable after-tax impact of $3.1
million, or $.03 per diluted
share, related the implementation of EHR
applications.
Consolidated Results of Operations, As Reported and As
Adjusted – Twelve-month periods ended December 31, 2016 and 2015:
Reported net income attributable to UHS was $702.4 million, or $7.14 per diluted share, during the twelve months
ended December 31, 2016 as compared
to $680.5 million, or $6.76 per diluted share, during the 2015 full
year. Net revenues increased 8.0% to $9.77
billion during the full year of 2016 as compared to
$9.04 billion during the 2015 full
year.
For the twelve-month period ended December 31, 2016, our adjusted net income
attributable to UHS, as calculated on the Supplemental Schedule,
increased to $720.2 million, or
$7.32 per diluted share, as compared
to $692.0 million, or $6.87 per diluted share, during the 2015 full
year. As reflected on the Supplemental Schedule, included in
our reported results are net unfavorable after-tax impacts of
$17.8 million, or $.18 per diluted share, during the full year of
2016 and $11.5 million, or
$.11 per diluted share, during the
full year of 2015, related to the incentive income and depreciation
and amortization expense recorded in connection with the
implementation of EHR applications at our acute care
hospitals.
Acute Care Services – Three and twelve-month periods ended
December 31, 2016 and 2015:
During the fourth quarter of 2016, at our acute care hospitals
owned during both periods ("same facility basis"), adjusted
admissions (adjusted for outpatient activity) increased 4.7% and
adjusted patient days increased 3.2%, as compared to the fourth
quarter of 2015. Net revenues from our acute care services
increased 9.3% during the fourth quarter of 2016 as compared to the
fourth quarter of the prior year. At these facilities, net revenue
per adjusted admission increased 2.6% while net revenue per
adjusted patient day increased 4.2% during the fourth quarter of
2016 as compared to the comparable quarter of 2015. On a same
facility basis, the operating margin generated from our acute care
services was 16.5% during the fourth quarter of 2016 as compared to
17.2% during the fourth quarter of 2015. We define operating margin
as net revenues less salaries, wages and benefits, other operating
expenses and supplies expense, divided by net revenues (excluding
the impact of EHR).
During the twelve months ended December
31, 2016, at our acute care hospitals on a same facility
basis, adjusted admissions increased 5.2% and adjusted patient days
increased 3.3%, as compared to the 2015 full year. Net revenues
from our acute care services increased 9.4% during the twelve
months ended December 31, 2016 as
compared to the 2015 full year. At these facilities, net revenue
per adjusted admission increased 2.5% while net revenue per
adjusted patient day increased 4.5% during the 2016 full year as
compared to 2015. On a same facility basis, the operating margin
generated from our acute care services was 17.5% during the full
year of 2016 as compared to 18.1% during the 2015 full year.
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 $399 million and $332
million during the three-month periods ended December 31, 2016 and 2015, respectively, and
approximately $1.45 billion and
$1.20 billion during the twelve-month
periods ended December 31, 2016 and
2015, respectively. The provision for doubtful accounts at our
acute care hospitals amounted to approximately $136 million and $172
million during the three-month periods ended December 31, 2016 and 2015, respectively, and
approximately $628 million and
$631 million during the twelve-month
periods ended December 31, 2016 and
2015,
respectively.
Behavioral Health Care Services – Three and twelve-month
periods ended December 31, 2016 and
2015:
During the fourth quarter of 2016, at our behavioral health care
facilities on a same facility basis, adjusted admissions increased
2.1% while adjusted patient days increased 1.4% as compared to the
fourth quarter of 2015. At these facilities, net revenue per
adjusted admission decreased 0.1% while net revenue per adjusted
patient day increased 0.5% during the fourth quarter of 2016 as
compared to the comparable quarter in 2015. On a same facility
basis, our behavioral health care services' net revenues increased
2.2% during the fourth quarter of 2016, as compared to the fourth
quarter of 2015, and the operating margins were 26.0% and 26.8%
during the fourth quarters of 2016 and 2015,
respectively.
During the twelve months ended December
31, 2016, at our behavioral health care facilities on a same
facility basis, adjusted admissions increased 1.0% while adjusted
patient days increased 0.9% as compared to the 2015 full year. At
these facilities, net revenue per adjusted admission increased 1.4%
while net revenue per adjusted patient day increased 1.5% during
the full year of 2016 as compared to 2015. On a same facility
basis, our behavioral health care services' net revenues increased
2.6% during the twelve months ended December
31, 2016, as compared to the 2015 full year, and the
operating margins were 27.0% and 27.8% during the full years of
2016 and 2015, respectively.
2017 Full Year Guidance Range:
Reflected below is our 2017 guidance range for consolidated net
revenues, adjusted earnings before interest, taxes, depreciation
& amortization ("EBITDA"), adjusted earnings per diluted share
("EPS-diluted") and capital expenditures. EBITDA, adjusted
EBITDA and adjusted EPS-diluted are non-GAAP financial measures and
should be examined in connection with net income determined in
accordance with GAAP as presented in the consolidated financial
statements and notes thereto in this report or in our filings with
the Securities and Exchange Commission including our Report on Form
10-K for the year ended December 31,
2016. Please see the Supplemental Non-GAAP Disclosures -
2017 Operating Results Forecast schedule as included herein for
additional information and a reconciliation to the financial
forecasts as computed in accordance with GAAP.
|
For the Year
Ended
|
|
December 31,
2017
|
|
Low
|
High
|
Net
revenues
|
$10.620
billion
|
$10.760
billion
|
Adjusted
EBITDA
|
$1.746
billion
|
$1.821
billion
|
Adjusted
EPS-diluted
|
$7.70 per
share
|
$8.20 per
share
|
Capital
expenditures
|
$475
million
|
$500
million
|
Our 2017 guidance contains a number of assumptions, including,
but not limited to:
- This guidance excludes the impact of future items, if
applicable, that are nonrecurring or non-operational in nature
including items such as, but not limited to, the impact of
gains/losses 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.
- Our net revenues are estimated to be approximately $10.620 billion to $10.760 billion representing
an increase of approximately 9% to 10% over our 2016 net revenues
of approximately $9.766 billion.
- This adjusted EPS-diluted guidance range represents an increase
of approximately 5% to 12% over the adjusted net income
attributable to UHS of $7.32 per
diluted share for the year ended December
31, 2016, as calculated on the attached Supplemental
Schedule.
- This adjusted EPS-diluted guidance range excludes the expected
2017 unfavorable impact of $.15 per
diluted share resulting from the implementation of electronic
health records ("EHR") applications at our acute care hospitals,
consisting of the depreciation and amortization expense incurred on
the purchase and implementation costs.
- This guidance range excludes the impact on our provision for
income taxes and net income attributable to UHS resulting from of
our January 1, 2017 adoption of ASU
2016-09, "Compensation – Stock Compensation (Topic 718):
Improvements to Employee Share-Based Payment Accounting", as
discussed below.
Effective January 1, 2017, we
adopted ASU 2016-09, "Compensation – Stock Compensation (Topic
718): Improvements to Employee Share-Based Payment Accounting",
which amends the accounting for employee share-based payment
transactions to require recognition of the tax effects resulting
from the settlement of stock-based awards as income tax expense or
benefit in the income statement in the reporting period in which
they occur. Since the impact of ASU 2016-09 on our future
financial statements is dependent upon the timing of stock option
exercises, and the market price of our stock at the time of
exercise, we are unable to estimate the impact this adoption will
have on our 2017 provision for income taxes and net income
attributable to UHS. This reporting change is applied
prospectively and prior period amounts will not be
restated.
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 fourth quarter of
2016, we have repurchased 475,000 shares at an aggregate cost of
$51.8 million (approximately
$109 per share). During the
twelve months ended December 31,
2016, we have repurchased approximately 2.5 million shares
at an aggregate cost of $289.9
million (approximately $115
per share). Since inception of the program through December 31, 2016, we have repurchased
approximately 4.39 million shares at an aggregate cost of
approximately $514.1 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
March 1, 2017. 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,
2016), 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, EBITDA and adjusted 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/losses on sales of assets and businesses, reserves for
settlements, legal judgments and lawsuits, impairments of
long-lived assets, the impact on our provision for income taxes and
net income attributable to UHS resulting from our adoption of ASU
2016-09, and other material 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, 2016. Since the
items included or excluded from these measures are significant
components in understanding and assessing financial performance
under GAAP, these measures should not be considered to be
alternatives to net income as a measure of our operating
performance or profitability. Since these measures, as presented,
are not determined in accordance with GAAP and are thus susceptible
to varying calculations, they may not be comparable to other
similarly titled measures of other companies. Investors are
encouraged to use GAAP measures when evaluating our financial
performance.
Universal Health
Services, Inc.
|
Consolidated
Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Twelve
months
|
|
ended December
31,
|
|
ended December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,638,436
|
|
$2,512,872
|
|
$10,507,788
|
|
$9,784,724
|
Less:
Provision for doubtful accounts
|
162,751
|
|
197,633
|
|
741,578
|
|
741,273
|
Net
revenues
|
2,475,685
|
|
2,315,239
|
|
9,766,210
|
|
9,043,451
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
1,156,729
|
|
1,079,394
|
|
4,585,530
|
|
4,212,387
|
Other
operating expenses
|
614,490
|
|
548,745
|
|
2,359,339
|
|
2,119,805
|
Supplies
expense
|
263,872
|
|
252,109
|
|
1,031,337
|
|
974,088
|
Depreciation and amortization
|
107,436
|
|
102,921
|
|
416,608
|
|
398,618
|
Lease
and rental expense
|
24,267
|
|
24,342
|
|
97,324
|
|
94,973
|
Electronic health records incentive income
|
(5,339)
|
|
(14,064)
|
|
(5,339)
|
|
(15,815)
|
|
2,161,455
|
|
1,993,447
|
|
8,484,799
|
|
7,784,056
|
|
|
|
|
|
|
|
|
Income from
operations
|
314,230
|
|
321,792
|
|
1,281,411
|
|
1,259,395
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
32,882
|
|
28,643
|
|
125,053
|
|
113,494
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
281,348
|
|
293,149
|
|
1,156,358
|
|
1,145,901
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
102,610
|
|
101,832
|
|
409,187
|
|
395,203
|
|
|
|
|
|
|
|
|
Net income
|
178,738
|
|
191,317
|
|
747,171
|
|
750,698
|
|
|
|
|
|
|
|
|
Less: Net
income attributable to
|
|
|
|
|
|
|
|
noncontrolling
interests
|
4,530
|
|
17,568
|
|
44,762
|
|
70,170
|
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$174,208
|
|
$173,749
|
|
$702,409
|
|
$680,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS (a)
|
$1.80
|
|
$1.76
|
|
$7.22
|
|
$6.89
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS (a)
|
$1.78
|
|
$1.74
|
|
$7.14
|
|
$6.76
|
Universal Health
Services, Inc.
|
Footnotes to
Consolidated Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Twelve
months
|
|
ended December
31,
|
|
ended December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
(a) Earnings per
share calculation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted:
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$174,208
|
|
$173,749
|
|
$702,409
|
|
$680,528
|
Less: Net income
attributable to unvested restricted share grants
|
(72)
|
|
(60)
|
|
(314)
|
|
(281)
|
Net income
attributable to UHS - basic and diluted
|
$174,136
|
|
$173,689
|
|
$702,095
|
|
$680,247
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
96,998
|
|
98,416
|
|
97,208
|
|
98,797
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS:
|
$1.80
|
|
$1.76
|
|
$7.22
|
|
$6.89
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares
|
96,998
|
|
98,416
|
|
97,208
|
|
98,797
|
Add: Other share
equivalents
|
917
|
|
1,627
|
|
1,172
|
|
1,897
|
Weighted average
number of common shares and equiv. - diluted
|
97,915
|
|
100,043
|
|
98,380
|
|
100,694
|
|
|
|
|
|
|
|
|
Diluted earnings per
share attributable to UHS:
|
$1.78
|
|
$1.74
|
|
$7.14
|
|
$6.76
|
Universal Health
Services, Inc.
|
Schedule of Non-GAAP
Supplemental Consolidated Statements of Income Information
("Supplemental Schedule")
|
For the three months
ended December 31, 2016 and 2015
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
"EBITDA"
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,638,436
|
|
|
|
$2,512,872
|
|
|
Less:
Provision for doubtful accounts
|
162,751
|
|
|
|
197,633
|
|
|
Net
revenues
|
2,475,685
|
|
100.0%
|
|
2,315,239
|
|
100.0%
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
1,156,729
|
|
46.7%
|
|
1,079,394
|
|
46.6%
|
Other
operating expenses
|
614,490
|
|
24.8%
|
|
548,745
|
|
23.7%
|
Supplies
expense
|
263,872
|
|
10.7%
|
|
252,109
|
|
10.9%
|
EHR
incentive income
|
(5,339)
|
|
-0.2%
|
|
(14,064)
|
|
-0.6%
|
|
2,029,752
|
|
82.0%
|
|
1,866,184
|
|
80.6%
|
|
|
|
|
|
|
|
|
Operating
income/margin ("EBITDAR")
|
445,933
|
|
18.0%
|
|
449,055
|
|
19.4%
|
|
|
|
|
|
|
|
|
Lease
and rental expense
|
24,267
|
|
|
|
24,342
|
|
|
Net
income attributable to noncontrolling interests
|
4,530
|
|
|
|
17,568
|
|
|
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
("EBITDA")
|
417,136
|
|
16.8%
|
|
407,145
|
|
17.6%
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
107,436
|
|
|
|
102,921
|
|
|
Interest
expense, net
|
32,882
|
|
|
|
28,643
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
276,818
|
|
|
|
275,581
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
102,610
|
|
|
|
101,832
|
|
|
Net income
attributable to UHS
|
$174,208
|
|
|
|
$173,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$174,208
|
|
$1.78
|
|
$173,749
|
|
$1.74
|
|
|
|
|
|
|
|
|
Plus/minus impact of
EHR implementation:
|
|
|
|
|
|
|
|
EHR-related incentive
income, pre-tax
|
(5,339)
|
|
|
|
(14,064)
|
|
|
EHR-related
depreciation & amortization, pre-tax
|
8,289
|
|
|
|
9,306
|
|
|
EHR-related minority
interest in earnings of consolidated entities, pre-tax
|
(128)
|
|
|
|
(152)
|
|
|
Income tax provision
on EHR-related items
|
(1,052)
|
|
|
|
1,830
|
|
|
After-tax impact of
EHR-related items
|
1,770
|
|
0.02
|
|
(3,080)
|
|
(0.03)
|
Adjusted net income
attributable to UHS
|
$175,978
|
|
$1.80
|
|
$170,669
|
|
$1.71
|
Universal Health
Services, Inc.
|
Schedule of Non-GAAP
Supplemental Consolidated Statements of Income Information
("Supplemental Schedule")
|
For the twelve months
ended December 31, 2016 and 2015
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
"EBITDA"
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$10,507,788
|
|
|
|
$9,784,724
|
|
|
Less:
Provision for doubtful accounts
|
741,578
|
|
|
|
741,273
|
|
|
Net
revenues
|
9,766,210
|
|
100.0%
|
|
9,043,451
|
|
100.0%
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
4,585,530
|
|
47.0%
|
|
4,212,387
|
|
46.6%
|
Other
operating expenses
|
2,359,339
|
|
24.2%
|
|
2,119,805
|
|
23.4%
|
Supplies
expense
|
1,031,337
|
|
10.6%
|
|
974,088
|
|
10.8%
|
EHR
incentive income
|
(5,339)
|
|
-0.1%
|
|
(15,815)
|
|
-0.2%
|
|
7,970,867
|
|
81.6%
|
|
7,290,465
|
|
80.6%
|
|
|
|
|
|
|
|
|
Operating
income/margin ("EBITDAR")
|
1,795,343
|
|
18.4%
|
|
1,752,986
|
|
19.4%
|
|
|
|
|
|
|
|
|
Lease
and rental expense
|
97,324
|
|
|
|
94,973
|
|
|
Net
income attributable to noncontrolling interests
|
44,762
|
|
|
|
70,170
|
|
|
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
("EBITDA")
|
1,653,257
|
|
16.9%
|
|
1,587,843
|
|
17.6%
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
416,608
|
|
|
|
398,618
|
|
|
Interest
expense, net
|
125,053
|
|
|
|
113,494
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
1,111,596
|
|
|
|
1,075,731
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
409,187
|
|
|
|
395,203
|
|
|
Net income
attributable to UHS
|
$702,409
|
|
|
|
$680,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
Per
|
|
|
|
Per
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$702,409
|
|
$7.14
|
|
$680,528
|
|
$6.76
|
|
|
|
|
|
|
|
|
Plus/minus impact of
EHR implementation:
|
|
|
|
|
|
|
|
EHR-related incentive
income, pre-tax
|
(5,339)
|
|
|
|
(15,815)
|
|
|
EHR-related
depreciation & amortization, pre-tax
|
35,511
|
|
|
|
37,224
|
|
|
EHR-related minority
interest in earnings of consolidated entities, pre-tax
|
(1,746)
|
|
|
|
(3,044)
|
|
|
Income tax provision
on EHR-related items
|
(10,596)
|
|
|
|
(6,846)
|
|
|
After-tax impact of
EHR-related items
|
17,830
|
|
0.18
|
|
11,519
|
|
0.11
|
Adjusted net income
attributable to UHS
|
$720,239
|
|
$7.32
|
|
$692,047
|
|
$6.87
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Comprehensive Income
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three
months
|
|
Twelve
months
|
|
ended December
31,
|
|
ended December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Net income
|
$178,738
|
|
$191,317
|
|
$747,171
|
|
$750,698
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Unrealized derivative gains on cash flow hedges
|
13,082
|
|
9,920
|
|
1,438
|
|
4,970
|
Amortization of terminated hedge
|
0
|
|
(84)
|
|
(167)
|
|
(336)
|
Unrealized loss on marketable security
|
(1,474)
|
|
0
|
|
(2,229)
|
|
0
|
Minimum
pension liability
|
13,356
|
|
2,177
|
|
13,356
|
|
2,177
|
Foreign
currency translation adjustment
|
(888)
|
|
(1,632)
|
|
(10,038)
|
|
(1,728)
|
Other comprehensive
income before tax
|
24,076
|
|
10,381
|
|
2,360
|
|
5,083
|
Income tax expense
related to items of other comprehensive income
|
9,329
|
|
4,510
|
|
4,648
|
|
2,980
|
Total other
comprehensive income (loss), net of tax
|
14,747
|
|
5,871
|
|
(2,288)
|
|
2,103
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
193,485
|
|
197,188
|
|
744,883
|
|
752,801
|
Less: Comprehensive
income attributable to noncontrolling interests
|
4,530
|
|
17,568
|
|
44,762
|
|
70,170
|
Comprehensive income
attributable to UHS
|
$188,955
|
|
$179,620
|
|
$700,121
|
|
$682,631
|
Universal Health
Services, Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
33,747
|
|
$
|
61,228
|
|
Accounts receivable, net
|
|
1,439,553
|
|
|
1,302,429
|
|
Supplies
|
|
125,365
|
|
|
116,037
|
|
Deferred income taxes
|
|
0
|
|
|
135,120
|
|
Other current assets
|
|
82,706
|
|
|
103,490
|
|
Total current assets
|
|
1,681,371
|
|
|
1,718,304
|
|
|
|
|
|
|
|
|
Property and
equipment
|
|
7,314,437
|
|
|
6,530,569
|
|
Less: accumulated
depreciation
|
|
(2,983,481)
|
|
|
(2,694,591)
|
|
|
|
4,330,956
|
|
|
3,835,978
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Goodwill
|
|
3,784,106
|
|
|
3,596,114
|
|
Deferred charges
|
|
13,520
|
|
|
16,688
|
|
Deferred income taxes
|
|
1,234
|
|
|
0
|
|
Other
|
|
506,615
|
|
|
448,360
|
|
Total
Assets
|
$
|
10,317,802
|
|
$
|
9,615,444
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
$
|
105,895
|
|
$
|
62,722
|
|
Accounts payable and accrued liabilities
|
|
1,209,329
|
|
|
1,033,697
|
|
Federal and state taxes
|
|
2,149
|
|
|
3,987
|
|
Total current liabilities
|
|
1,317,373
|
|
|
1,100,406
|
|
|
|
|
|
|
|
|
Other noncurrent
liabilities
|
|
275,167
|
|
|
278,834
|
|
Long-term
debt
|
|
4,030,230
|
|
|
3,368,634
|
|
Deferred income
taxes
|
|
88,119
|
|
|
315,900
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
9,319
|
|
|
242,509
|
|
|
|
|
|
|
|
|
UHS common
stockholders' equity
|
|
4,533,220
|
|
|
4,249,647
|
|
Noncontrolling
interest
|
|
64,374
|
|
|
59,514
|
|
Total equity
|
|
4,597,594
|
|
|
4,309,161
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
10,317,802
|
|
$
|
9,615,444
|
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
Twelve
months
|
|
ended December
31,
|
|
2016
|
|
2015
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
Net
income
|
$747,171
|
|
$750,698
|
Adjustments
to reconcile net income to net
|
|
|
|
cash
provided by operating activities:
|
|
|
|
Depreciation
& amortization
|
416,608
|
|
398,618
|
Stock-based
compensation expense
|
48,109
|
|
39,971
|
Gains on sales
of assets and businesses
|
0
|
|
(3,615)
|
Changes in
assets & liabilities, net of effects from
|
|
|
|
acquisitions and dispositions:
|
|
|
|
Accounts
receivable
|
(87,881)
|
|
(45,814)
|
Accrued
interest
|
9,766
|
|
(693)
|
Accrued
and deferred income taxes
|
22,068
|
|
(34,394)
|
Other
working capital accounts
|
74,489
|
|
(125,556)
|
Other
assets and deferred charges
|
(25,671)
|
|
6,631
|
Other
|
81,139
|
|
23,295
|
Accrued
insurance expense, net of commercial premiums paid
|
84,638
|
|
90,895
|
Payments
made in settlement of self-insurance claims
|
(81,962)
|
|
(79,138)
|
Net cash provided by operating activities
|
1,288,474
|
|
1,020,898
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Property
and equipment additions, net of disposals
|
(519,939)
|
|
(379,321)
|
Proceeds
received from sale of assets and businesses
|
0
|
|
3,391
|
Acquisition of property and businesses
|
(613,803)
|
|
(533,655)
|
Increase
in capital reserves of commercial insurance subsidiary
|
(32,000)
|
|
(3,300)
|
Costs
incurred for purchase and implementation of information technology
application
|
(21,475)
|
|
0
|
Net cash used in investing activities
|
(1,187,217)
|
|
(912,885)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Reduction of long-term debt
|
(459,183)
|
|
(68,166)
|
Additional borrowings
|
1,170,800
|
|
234,400
|
Acquisition of noncontrolling interests in majority owned
businesses
|
(418,000)
|
|
0
|
Financing costs
|
(12,449)
|
|
(515)
|
Repurchase of common shares
|
(353,380)
|
|
(209,782)
|
Dividends paid
|
(38,875)
|
|
(39,532)
|
Issuance
of common stock
|
9,503
|
|
8,441
|
Excess
income tax benefits related to stock-based compensation
|
45,219
|
|
47,364
|
Profit
distributions to noncontrolling interests
|
(69,583)
|
|
(62,220)
|
Proceeds
received from sale/leaseback of real property
|
0
|
|
12,765
|
Net cash used in financing activities
|
(125,948)
|
|
(77,245)
|
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents
|
(2,790)
|
|
(1,609)
|
(Decrease) increase
in cash and cash equivalents
|
(27,481)
|
|
29,159
|
Cash and cash
equivalents, beginning of period
|
61,228
|
|
32,069
|
Cash and cash
equivalents, end of period
|
$33,747
|
|
$61,228
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
Interest
paid
|
$107,079
|
|
$107,054
|
|
|
|
|
Income taxes
paid, net of refunds
|
$344,611
|
|
$380,658
|
|
|
|
|
Noncash
purchases of property and equipment
|
$65,702
|
|
$49,086
|
Universal Health
Services, Inc.
|
|
|
Supplemental
Statistical Information
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
%
Change
|
|
|
|
|
|
|
|
Quarter
ended
|
|
12 months
ended
|
|
|
Same
Facility:
|
|
|
|
|
12/31/2016
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care
Services
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
9.3%
|
|
9.4%
|
|
|
Adjusted
Admissions
|
|
|
|
|
4.7%
|
|
5.2%
|
|
|
Adjusted Patient
Days
|
|
|
|
|
3.2%
|
|
3.3%
|
|
|
Revenue Per Adjusted
Admission
|
|
|
|
|
2.6%
|
|
2.5%
|
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
4.2%
|
|
4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Behavioral Health
Care Services
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
2.2%
|
|
2.6%
|
|
|
Adjusted
Admissions
|
|
|
|
|
2.1%
|
|
1.0%
|
|
|
Adjusted Patient
Days
|
|
|
|
|
1.4%
|
|
0.9%
|
|
|
Revenue Per Adjusted
Admission
|
|
|
|
|
-0.1%
|
|
1.4%
|
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
0.5%
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UHS
Consolidated
|
|
|
Fourth quarter
ended
|
|
Twelve months
ended
|
|
|
|
12/31/2016
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$2,475,685
|
|
$2,315,239
|
|
$9,766,210
|
|
$9,043,451
|
EBITDA (1)
|
|
|
$417,136
|
|
$407,145
|
|
$1,653,257
|
|
$1,587,843
|
EBITDA Margin
(1)
|
|
|
16.8%
|
|
17.6%
|
|
16.9%
|
|
17.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow From
Operations
|
|
|
$188,369
|
|
$224,399
|
|
$1,288,474
|
|
$1,020,898
|
Days Sales
Outstanding
|
|
|
52
|
|
52
|
|
53
|
|
53
|
Capital
Expenditures
|
|
|
$123,776
|
|
$109,743
|
|
$519,939
|
|
$379,321
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
$4,136,125
|
|
$3,431,356
|
UHS' Shareholders
Equity
|
|
|
|
|
|
|
$4,533,220
|
|
$4,249,647
|
Debt / Total
Capitalization
|
|
|
|
|
|
|
47.7%
|
|
44.7%
|
Debt / EBITDA
(2)
|
|
|
|
|
|
|
2.50
|
|
2.16
|
Debt / Cash From
Operations (2)
|
|
|
|
|
|
|
3.21
|
|
3.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care EBITDAR
Margin (3)
|
|
|
16.5%
|
|
17.2%
|
|
17.5%
|
|
18.1%
|
Behavioral Health
EBITDAR Margin (3)
|
26.0%
|
|
26.8%
|
|
27.0%
|
|
27.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of
Minority Interest
|
(2) Latest 4
quarters
|
(3) Same
facility basis, before Corporate overhead allocation and minority
interest.
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Three Months
ended
|
December 31, 2016 and
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
12/31/16
|
12/31/15
|
%
change
|
|
12/31/16
|
12/31/15
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
26
|
24
|
8.3%
|
|
214
|
213
|
0.5%
|
Average licensed
beds
|
|
6,100
|
5,854
|
4.2%
|
|
21,884
|
21,628
|
1.2%
|
Patient
days
|
|
309,916
|
299,524
|
3.5%
|
|
1,488,685
|
1,473,065
|
1.1%
|
Average daily
census
|
|
3,368.7
|
3,255.7
|
3.5%
|
|
16,181.4
|
16,011.6
|
1.1%
|
Occupancy-licensed
beds
|
|
55.2%
|
55.6%
|
-0.7%
|
|
73.9%
|
74.0%
|
-0.1%
|
Admissions
|
|
69,411
|
65,802
|
5.5%
|
|
111,080
|
108,646
|
2.2%
|
Length of
stay
|
|
4.5
|
4.6
|
-1.9%
|
|
13.4
|
13.6
|
-1.5%
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$4,746,830
|
$4,214,646
|
12.6%
|
|
$2,030,155
|
$1,891,006
|
7.4%
|
Outpatient
revenue
|
|
2,913,066
|
2,472,740
|
17.8%
|
|
233,645
|
215,969
|
8.2%
|
Total patient
revenue
|
|
7,659,896
|
6,687,386
|
14.5%
|
|
2,263,800
|
2,106,975
|
7.4%
|
Other
revenue
|
|
117,385
|
94,222
|
24.6%
|
|
53,553
|
49,363
|
8.5%
|
Gross hospital
revenue
|
|
7,777,281
|
6,781,608
|
14.7%
|
|
2,317,353
|
2,156,338
|
7.5%
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
6,322,401
|
5,423,707
|
16.6%
|
|
1,135,549
|
1,003,219
|
13.2%
|
|
|
|
|
|
|
|
|
|
Net hospital revenue
before
|
|
|
|
|
|
|
|
|
provision for
doubtful accounts
|
|
1,454,880
|
1,357,901
|
7.1%
|
|
1,181,804
|
1,153,119
|
2.5%
|
|
|
|
|
|
|
|
|
|
Provision for
doubtful accounts
|
|
136,271
|
172,134
|
-20.8%
|
|
26,478
|
25,498
|
3.8%
|
|
|
|
|
|
|
|
|
|
Net hospital
revenue
|
|
$1,318,609
|
$1,185,767
|
11.2%
|
|
$1,155,326
|
$1,127,621
|
2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
(1)
|
|
BEHAVIORAL HEALTH
(2)
|
|
|
12/31/16
|
12/31/15
|
%
change
|
|
12/31/16
|
12/31/15
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
211
|
211
|
0.0%
|
Average licensed
beds
|
|
5,945
|
5,854
|
1.6%
|
|
21,728
|
21,436
|
1.4%
|
Patient
days
|
|
307,151
|
299,524
|
2.5%
|
|
1,485,165
|
1,464,042
|
1.4%
|
Average daily
census
|
|
3,338.6
|
3,255.7
|
2.5%
|
|
16,143.1
|
15,913.5
|
1.4%
|
Occupancy-licensed
beds
|
|
56.2%
|
55.6%
|
1.0%
|
|
74.3%
|
74.2%
|
0.1%
|
Admissions
|
|
68,505
|
65,802
|
4.1%
|
|
110,852
|
108,607
|
2.1%
|
Length of
stay
|
|
4.5
|
4.6
|
-1.5%
|
|
13.4
|
13.5
|
-0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Henderson
Hospital and Desert View Hospital are excluded in current
year.
|
(2) Cedar Ridge of
Bethany and Skywood Recovery are excluded in current
year.
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Twelve Months
ended
|
December 31, 2016 and
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
BEHAVIORAL
HEALTH
|
|
|
12/31/16
|
12/31/15
|
%
change
|
|
12/31/16
|
12/31/15
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
26
|
24
|
8.3%
|
|
214
|
213
|
0.5%
|
Average licensed
beds
|
|
5,934
|
5,832
|
1.7%
|
|
21,829
|
21,202
|
3.0%
|
Patient
days
|
|
1,251,511
|
1,218,991
|
2.7%
|
|
6,004,066
|
5,835,134
|
2.9%
|
Average daily
census
|
|
3,419.4
|
3,339.7
|
2.4%
|
|
16,404.6
|
15,986.7
|
2.6%
|
Occupancy-licensed
beds
|
|
57.6%
|
57.3%
|
0.6%
|
|
75.2%
|
75.4%
|
-0.3%
|
Admissions
|
|
274,074
|
261,727
|
4.7%
|
|
456,052
|
447,007
|
2.0%
|
Length of
stay
|
|
4.6
|
4.7
|
-2.0%
|
|
13.2
|
13.1
|
0.9%
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$19,042,627
|
$16,847,944
|
13.0%
|
|
$8,017,585
|
$7,456,397
|
7.5%
|
Outpatient
revenue
|
|
11,374,098
|
9,604,952
|
18.4%
|
|
902,102
|
839,884
|
7.4%
|
Total patient
revenue
|
|
30,416,725
|
26,452,896
|
15.0%
|
|
8,919,687
|
8,296,281
|
7.5%
|
Other
revenue
|
|
462,274
|
362,620
|
27.5%
|
|
210,714
|
206,563
|
2.0%
|
Gross hospital
revenue
|
|
30,878,999
|
26,815,516
|
15.2%
|
|
9,130,401
|
8,502,844
|
7.4%
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
25,138,222
|
21,551,939
|
16.6%
|
|
4,371,640
|
3,992,367
|
9.5%
|
|
|
|
|
|
|
|
|
|
Net hospital revenue
before
|
|
|
|
|
|
|
|
|
provision for
doubtful accounts
|
|
5,740,777
|
5,263,577
|
9.1%
|
|
4,758,761
|
4,510,477
|
5.5%
|
|
|
|
|
|
|
|
|
|
Provision for
doubtful accounts
|
|
627,827
|
631,013
|
-0.5%
|
|
113,754
|
110,142
|
3.3%
|
|
|
|
|
|
|
|
|
|
Net hospital
revenue
|
|
$5,112,950
|
$4,632,564
|
10.4%
|
|
$4,645,007
|
$4,400,335
|
5.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
(1)
|
|
BEHAVIORAL HEALTH
(2)
|
|
|
12/31/16
|
12/31/15
|
%
change
|
|
12/31/16
|
12/31/15
|
%
change
|
|
|
|
|
|
|
|
|
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
211
|
211
|
0.0%
|
Average licensed
beds
|
|
5,891
|
5,831
|
1.0%
|
|
21,256
|
20,953
|
1.4%
|
Patient
days
|
|
1,248,023
|
1,218,991
|
2.4%
|
|
5,860,319
|
5,790,871
|
1.2%
|
Average daily
census
|
|
3,409.9
|
3,339.7
|
2.1%
|
|
16,011.8
|
15,865.4
|
0.9%
|
Occupancy-licensed
beds
|
|
57.9%
|
57.3%
|
1.1%
|
|
75.3%
|
75.7%
|
-0.5%
|
Admissions
|
|
273,022
|
261,727
|
4.3%
|
|
452,074
|
446,175
|
1.3%
|
Length of
stay
|
|
4.6
|
4.7
|
-1.9%
|
|
13.0
|
13.0
|
-0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Henderson
Hospital and Desert View Hospital are excluded in current
year.
|
(2) Cedar Ridge of
Bethany and Skywood Recovery are excluded in current
year.
|
Universal Health
Services, Inc.
|
Supplemental Non-GAAP
Disclosures
|
2017 Operating
Results Forecast
|
(in thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forecast For The Year Ending December 31, 2017
|
|
|
Low
|
|
|
|
High
|
|
|
Unadjusted
|
EHR
(d)
|
Adjusted
|
|
Unadjusted
|
EHR
(d)
|
Adjusted
|
Net
revenues
|
$10,620,000
|
$0
|
$10,620,000
|
|
$10,760,000
|
$0
|
$10,760,000
|
|
|
|
|
|
|
|
|
Net income/adjusted
net income attributable to UHS (a) (b) (c)
|
726,818
|
14,002
|
740,820
|
|
774,555
|
14,002
|
788,557
|
Depreciation
and amortization
|
443,910
|
(22,552)
|
421,358
|
|
443,910
|
(22,552)
|
421,358
|
Interest
expense
|
160,085
|
0
|
160,085
|
|
160,085
|
0
|
160,085
|
Provision for
income taxes (c)
|
415,238
|
8,321
|
423,559
|
|
442,510
|
8,321
|
450,831
|
EBITDA/Adjusted
EBITDA (a) (b)
|
1,746,051
|
(229)
|
1,745,822
|
|
1,821,060
|
(229)
|
1,820,831
|
|
|
|
|
|
|
|
|
Diluted
earnings/adjusted earnings per share:
|
|
|
|
|
|
|
|
Net income/adjusted
net income attributable to UHS (a) (b) (c)
|
$7.55
|
$0.15
|
$7.70
|
|
$8.05
|
$0.15
|
$8.20
|
|
|
|
|
|
|
|
|
Shares used in
computing diluted earnings per share
|
96,176
|
96,176
|
96,176
|
|
96,176
|
96,176
|
96,176
|
|
|
|
|
|
|
|
|
(a) The 2017
forecasted amounts exclude the impact of future items, if
applicable, that are nonrecurring or non-operational in nature
including
|
items such as, but
not limited to, the impact of gains/losses 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 set forth in
the
|
accompanying report
in General Information, Forward-Looking Statements and Risk
Factors and Non-GAAP Financial Measures.
|
|
(b) Adjusted net
income attributable to UHS, adjusted net income attributable to UHS
per diluted share, EBITDA and adjusted EBITDA are
non-GAAP
|
financial
measures. 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 consolidated financial
statements and notes thereto in this report or in
|
our filings with the
Securities and Exchange Commission including our Report on Form
10-K for the year ended December 31, 2016.
|
|
(c) Excludes the
impact on our provision for income taxes and net income
attributable to UHS/per diluted share resulting from our January 1,
2017
|
adoption of ASU
2016-09, "Compensation-Stock Compensation (Topic 718): Improvements
to Employee Share-Based Payment Accounting",
|
as discussed in the
accompanying report.
|
|
|
|
|
|
|
|
|
(d) Represents the
depreciation and amortization expense incurred on the cost to
develop and implement electronic health records ("EHR")
|
applications at our
acute care hospitals.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports-2016-fourth-quarter-and-full-year-earnings-and-2017-guidance-300415152.html
SOURCE Universal Health Services, Inc.