Universal Health Services, Inc. Reports 2018 Second Quarter Financial Results
KING OF PRUSSIA, Pa., July 25, 2018 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $226.1 million, or $2.39 per diluted share, during the second quarter of 2018 as compared to $185.4 million, or $1.91 per diluted share, during the comparable quarter of 2017. Net revenues increased 2.6% to $2.68 billion during the second quarter of 2018 as compared to $2.61 billion during the second quarter of 2017.
For the three-month period ended June 30, 2018, our adjusted net income attributable to UHS, as calculated on the attached Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), was $233.3 million, or $2.47 per diluted share, as compared to $188.1 million, or $1.94 per diluted share, during the second quarter of 2017.
Included in our reported and adjusted net income attributable to UHS during the second quarter of 2018, is a pre-tax unrealized gain of $8.0 million (included in "Other (income) expense, net"), or $.06 per diluted share, resulting from an increase in the market value of shares of certain marketable securities held for investment and classified as available for sale.
As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2018, is a net aggregate unfavorable after-tax impact of $7.3 million, or $.08 per diluted share, substantially all of which resulted from an unfavorable after-tax impact of $7.2 million, or $.08 per diluted share, resulting from a $9.5 million pre-tax increase in the reserve established in connection with the discussions with the Department of Justice ("DOJ"), as discussed below.
As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2017, is a net aggregate unfavorable after-tax impact of $2.7 million, or $.03 per diluted share, consisting of: (i) a favorable after-tax impact of $1.4 million, or $.01 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" ("ASU 2016-09"), offset by; (ii) an unfavorable after-tax impact of $4.0 million, or $.04 per diluted share, related to the depreciation and amortization expense recorded in connection with the implementation of electronic health records ("EHR") applications at our acute care hospitals.
As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI"), was $444.7 million during the second quarter of 2018 as compared to $438.3 million during the second quarter of 2017. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of the above-mentioned $9.5 million pre-tax increase in the DOJ reserve and $15.3 million of other income, net, recorded during the second quarter of 2018, was $438.8 million during the second quarter of 2018 as compared to $438.3 million during the second quarter of 2017.
Consolidated Results of Operations, As Reported and As Adjusted – Six-month periods ended June 30, 2018 and 2017: Reported net income attributable to UHS was $449.9 million, or $4.76 per diluted share, during the six-month period ended June 30, 2018 as compared to $391.4 million, or $4.03 per diluted share, during the comparable period of 2017. Net revenues increased 2.7% to $5.37 billion during the first six months of 2018 as compared to $5.23 billion during the first six months of 2017.
For the six-month period ended June 30, 2018, our adjusted net income attributable to UHS, as calculated on the attached Supplemental Schedule, was $465.5 million, or $4.92 per diluted share, as compared to $392.4 million, or $4.04 per diluted share, during the comparable period of 2017.
As reflected on the Supplemental Schedule, included in our reported results during the six-month period ended June 30, 2018, is a net aggregate unfavorable after-tax impact of $15.6 million, or $.16 per diluted share, consisting of: (i) an unfavorable after-tax impact of $17.1 million, or $.18 per diluted share, resulting from a $22.5 million pre-tax increase in the reserve established in connection with the discussions with the DOJ, as discussed below, partially offset by; (ii) a favorable after-tax impact of $1.5 million, or $.02 per diluted share, resulting from our adoption of ASU 2016-09.
As reflected on the Supplemental Schedule, included in our reported results during the six-month period ended June 30, 2017, is a net aggregate unfavorable after-tax impact of $1.0 million, or $.01 per diluted share, consisting of: (i) a favorable after-tax impact of $8.1 million, or $.08 per diluted share, resulting from our adoption of ASU 2016-09, offset by; (ii) an unfavorable after-tax impact of $9.1 million, or $.09 per diluted share, related to the depreciation and amortization expense recorded in connection with the implementation of EHR applications at our acute care hospitals.
As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI"), was $886.8 million during the first six months of 2018 as compared to $898.6 million during the first six months of 2017. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of the above-mentioned $22.5 million pre-tax increase in the DOJ reserve and $15.3 million of other income, net, recorded during the first six months of 2018, was $893.9 million during the six-month period ended June 30, 2018 as compared to $898.6 million during the first six months of 2017.
Acute Care Services – Three and six-month periods ended June 30, 2018 and 2017: During the second quarter of 2018, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased 1.9% and adjusted patient days increased 4.7%, as compared to the second quarter of 2017. At these facilities, net revenue per adjusted admission increased 3.1% while net revenue per adjusted patient day increased 0.4% during the second quarter of 2018 as compared to the comparable quarter of 2017. Net revenues from our acute care services on a same facility basis increased 3.3% during the second quarter of 2018 as compared to the comparable quarter of the prior year.
During the six-month period ended June 30, 2018, at our acute care hospitals on a same facility basis, adjusted admissions increased 2.0% and adjusted patient days increased 5.1%, as compared to the comparable period of 2017. At these facilities, net revenue per adjusted admission increased 3.4% while net revenue per adjusted patient day increased 0.3% during the first six months of 2018 as compared to the comparable period of 2017. Net revenues from our acute care services on a same facility basis increased 3.5% during the first six months of 2018 as compared to the comparable period of the prior year.
Behavioral Health Care Services – Three and six-month periods ended June 30, 2018 and 2017: During the second quarter of 2018, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 1.2% while adjusted patient days decreased 0.3% as compared to the second quarter of 2017. At these facilities, net revenue per adjusted admission increased 2.0% while net revenue per adjusted patient day increased 3.6% during the second quarter of 2018 as compared to the comparable quarter in 2017. On a same facility basis, our behavioral health care services' net revenues increased 2.8% during the second quarter of 2018 as compared to the second quarter of 2017.
During the six-month period ended June 30, 2018, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 1.4% while adjusted patient days increased 0.1% as compared to the comparable period of 2017. At these facilities, net revenue per adjusted admission increased 2.0% while net revenue per adjusted patient day increased 3.4% during the first six months of 2018 as compared to the comparable period in 2017. On a same facility basis, our behavioral health care services' net revenues increased 2.9% during the first six months of 2018 as compared to the comparable period of 2017.
Net Cash Provided by Operating Activities and Share Repurchase Program: For the six months ended June 30, 2018, our net cash provided by operating activities was $629 million as compared to $534 million generated during the first six months of 2017. The $95 million increase was due to: (i) a $103 million favorable change in other working capital accounts resulting primarily from changes in accounts payable and accrued expenses due to timing of disbursements; (ii) a $64 million favorable change in cash flows from foreign currency forward exchange contracts related to our investments in the U.K; (iii) a $65 million unfavorable change in accounts receivable, and; (iv) $7 million of other combined net unfavorable changes.
In November of 2017, our Board of Directors authorized a $400 million increase to our stock repurchase program, which increased the aggregate authorization to $1.2 billion from the previous $800 million authorization approved during 2016 and 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 our stock repurchase program, during the second quarter of 2018, we have repurchased approximately 1.12 million shares at an aggregate cost of $129.6 million (approximately $116 per share). During the first six months of 2018, we have repurchased approximately 1.16 million shares at an aggregate cost of $134.2 million (approximately $116 per share). Since inception of the program in 2014 through June 30, 2018, we have repurchased approximately 8.51 million shares at an aggregate cost of $970.5 million (approximately $114 per share).
Conference call information: We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on July 26, 2018. 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.
Reserve-DOJ: During the first six months of 2018, we recorded a pre-tax increase of approximately $22 million to the reserve established in connection with the civil aspects of the government's investigation of certain of our behavioral health care facilities, increasing the aggregate pre-tax reserve to approximately $43 million. Changes in the reserve may be required in future periods as discussions with the DOJ continue and additional information becomes available. We cannot predict the ultimate resolution of this matter and therefore can provide no assurance that final amounts paid in settlement or otherwise, if any, or associated costs, will not differ materially from our established reserve. Please see Item 1-Legal Proceedings in our Form 10-Q for the quarterly period ended March 31, 2018 for additional disclosure in connection with this matter.
Adoption of new revenue recognition standard: On January 1, 2018, we adopted, using the modified retrospective approach, ASU 2014-09 and ASU 2016-08, "Revenue from Contracts with Customers (Topic 606)" and "Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net)", respectively, which provides guidance for revenue recognition. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The most significant change from the adoption of the new standard relates to our estimation for the allowance for doubtful accounts. Under the previous standards, our estimate for amounts not expected to be collected based upon our historical experience, were reflected as provision for doubtful accounts, included within net revenue. Under the new standard, our estimate for amounts not expected to be collected based on historical experience will continue to be recognized as a reduction to net revenue, however, not reflected separately as provision for doubtful accounts. Under the new standard, subsequent changes in estimate of collectability due to a change in the financial status of a payor, for example a bankruptcy, will be recognized as bad debt expense in operating charges. The adoption of this ASU in 2018, and amounts recognized as bad debt expense and included in other operating expenses, did not have a material impact on our consolidated financial statements.
Tax Cuts and Jobs Act of 2017: Effective January 1, 2018, our provision for income taxes, net income attributable to UHS, and net income attributable to UHS per diluted share, were favorably impacted by the Tax Cuts and Jobs Act of 2017 which made broad and complex changes to the U.S. tax code including, among other things, reducing the U.S. federal corporate tax rate from 35% to 21%.
General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures: One of the nation's largest and most respected hospital companies, Universal Health Services, Inc. ("UHS") has built an impressive record of achievement and performance. Growing steadily since its inception into an esteemed Fortune 500 corporation, UHS today has annual revenue exceeding $10 billion. In 2018, UHS was recognized as one of the World's Most Admired Companies by Fortune; ranked #268 on the Fortune 500; and in 2017, listed #275 in Forbes inaugural ranking of America's Top 500 Public Companies.
Our operating philosophy is as effective today as it was 40 years ago, enabling us to provide compassionate care to our patients and their loved ones: Build or acquire high quality hospitals in rapidly growing markets, invest in the people and equipment needed to allow each facility to thrive, and become the leading healthcare provider in each community we serve.
Headquartered in King of Prussia, PA, UHS has more than 83,000 employees and through its subsidiaries operates 326 inpatient acute care hospitals and behavioral health facilities and 32 outpatient and other facilities located in 37 states, Washington, D.C., the United Kingdom and Puerto Rico. 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, 2017 and in Item 2-Forward-Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended March 31, 2018), 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 net of NCI and adjusted EBITDA net of NCI, 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 impacting our net income attributable to UHS, such as, changes in the reserve established in connection with our discussions with the DOJ, our adoption of ASU 2016-09, and other potential items that are nonrecurring or non-operational in nature including, but not limited to, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of long-lived assets, 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 attributable to UHS, as determined in accordance with GAAP, and 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 Reports on Form 10-K for the year ended December 31, 2017 and Form 10-Q for the quarterly period ended March 31, 2018. 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 |
Six months | ||||||
|
ended June 30, |
ended June 30, | ||||||
|
2018 |
2017 |
2018 |
2017 | ||||
|
Net revenues before provision for doubtful accounts |
$2,827,709 |
$5,653,181 | |||||
|
Less: Provision for doubtful accounts |
215,353 |
427,967 | |||||
|
Net revenues |
$2,681,353 |
2,612,356 |
$5,368,869 |
5,225,214 | |||
|
Operating charges: |
|||||||
|
Salaries, wages and benefits |
1,305,974 |
1,236,294 |
2,606,122 |
2,474,258 | |||
|
Other operating expenses |
624,484 |
632,193 |
1,245,303 |
1,239,553 | |||
|
Supplies expense |
289,733 |
274,539 |
582,662 |
552,153 | |||
|
Depreciation and amortization |
109,581 |
113,112 |
222,684 |
223,910 | |||
|
Lease and rental expense |
27,119 |
26,027 |
53,822 |
51,216 | |||
|
2,356,891 |
2,282,165 |
4,710,593 |
4,541,090 | ||||
|
Income from operations |
324,462 |
330,191 |
658,276 |
684,124 | |||
|
Interest expense, net |
38,000 |
35,920 |
75,576 |
71,427 | |||
|
Other (income) expense, net |
(15,308) |
0 |
(15,308) |
0 | |||
|
Income before income taxes |
301,770 |
294,271 |
598,008 |
612,697 | |||
|
Provision for income taxes |
71,059 |
103,883 |
138,628 |
211,782 | |||
|
Net income |
230,711 |
190,388 |
459,380 |
400,915 | |||
|
Less: Net income attributable to |
|||||||
|
noncontrolling interests ("NCI") |
4,659 |
4,994 |
9,496 |
9,466 | |||
|
Net income attributable to UHS |
$226,052 |
$185,394 |
$449,884 |
$391,449 | |||
|
Basic earnings per share attributable to UHS (a) |
$2.40 |
$1.93 |
$4.78 |
$4.06 | |||
|
Diluted earnings per share attributable to UHS (a) |
$2.39 |
$1.91 |
$4.76 |
$4.03 | |||
|
Universal Health Services, Inc. | |||||||
|
Footnotes to Consolidated Statements of Income | |||||||
|
(in thousands, except per share amounts) | |||||||
|
(unaudited) | |||||||
|
Three months |
Six months | ||||||
|
(a) Earnings per share calculation: |
ended June 30, |
ended June 30, | |||||
|
2018 |
2017 |
2018 |
2017 | ||||
|
Basic and diluted: |
|||||||
|
Net income attributable to UHS |
$226,052 |
$185,394 |
$449,884 |
$391,449 | |||
|
Less: Net income attributable to unvested restricted share grants |
(392) |
(82) |
(496) |
(176) | |||
|
Net income attributable to UHS - basic and diluted |
$225,660 |
$185,312 |
$449,388 |
$391,273 | |||
|
Weighted average number of common shares - basic |
93,842 |
96,247 |
94,034 |
96,416 | |||
|
Basic earnings per share attributable to UHS: |
$2.40 |
$1.93 |
$4.78 |
$4.06 | |||
|
Weighted average number of common shares |
93,842 |
96,247 |
94,034 |
96,416 | |||
|
Add: Other share equivalents |
439 |
795 |
448 |
791 | |||
|
Weighted average number of common shares and equiv. - diluted |
94,281 |
97,042 |
94,482 |
97,207 | |||
|
Diluted earnings per share attributable to UHS: |
$2.39 |
$1.91 |
$4.76 |
$4.03 | |||
|
Universal Health Services, Inc. | |||||||
|
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") | |||||||
|
For the Three Months ended June 30, 2018 and 2017 | |||||||
|
(in thousands, except per share amounts) | |||||||
|
(unaudited) | |||||||
|
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI") | |||||||
|
Three months ended |
% Net |
Three months ended |
% Net | ||||
|
June 30, 2018 |
revenues |
June 30, 2017 |
revenues | ||||
|
Net income attributable to UHS |
$226,052 |
$185,394 |
|||||
|
Depreciation and amortization |
109,581 |
113,112 |
|||||
|
Interest expense, net |
38,000 |
35,920 |
|||||
|
Provision for income taxes |
71,059 |
103,883 |
|||||
|
EBITDA net of NCI |
$444,692 |
16.6% |
$438,309 |
16.8% | |||
|
Other (income) expense, net |
(15,308) |
- |
|||||
|
Increase in DOJ reserve |
9,451 |
- |
|||||
|
Adjusted EBITDA net of NCI |
$438,835 |
16.4% |
$438,309 |
16.8% | |||
|
Net revenues |
$2,681,353 |
$2,612,356 |
|||||
|
Calculation of Adjusted Net Income Attributable to UHS | |||||||
|
Three months ended |
Three months ended | ||||||
|
June 30, 2018 |
June 30, 2017 | ||||||
|
Per |
Per | ||||||
|
Amount |
Diluted Share |
Amount |
Diluted Share | ||||
|
Net income attributable to UHS |
$226,052 |
$2.39 |
$185,394 |
$1.91 | |||
|
Plus/minus after-tax adjustments: |
|||||||
|
Increase in DOJ reserve, after-tax |
7,205 |
0.08 |
- |
- | |||
|
Impact of ASU 2016-09 |
61 |
- |
(1,382) |
(0.01) | |||
|
EHR depreciation & amortization, after-tax |
- |
- |
4,038 |
0.04 | |||
|
Subtotal |
7,266 |
0.08 |
2,656 |
0.03 | |||
|
Adjusted net income attributable to UHS |
$233,318 |
$2.47 |
$188,050 |
$1.94 | |||
|
Universal Health Services, Inc. | |||||||
|
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") | |||||||
|
For the Six Months ended June 30, 2018 and 2017 | |||||||
|
(in thousands, except per share amounts) | |||||||
|
(unaudited) | |||||||
|
Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI") | |||||||
|
Six months ended |
% Net |
Six months ended |
% Net | ||||
|
June 30, 2018 |
revenues |
June 30, 2017 |
revenues | ||||
|
Net income attributable to UHS |
$449,884 |
$391,449 |
|||||
|
Depreciation and amortization |
222,684 |
223,910 |
|||||
|
Interest expense, net |
75,576 |
71,427 |
|||||
|
Provision for income taxes |
138,628 |
211,782 |
|||||
|
EBITDA net of NCI |
$886,772 |
16.5% |
$898,568 |
17.2% | |||
|
Other (income) expense, net |
(15,308) |
- |
|||||
|
Increase in DOJ reserve |
22,451 |
- |
|||||
|
Adjusted EBITDA net of NCI |
$893,915 |
16.6% |
$898,568 |
17.2% | |||
|
Net revenues |
$5,368,869 |
$5,225,214 |
|||||
|
Calculation of Adjusted Net Income Attributable to UHS | |||||||
|
Six months ended |
Six months ended | ||||||
|
June 30, 2018 |
June 30, 2017 | ||||||
|
Per |
Per | ||||||
|
Amount |
Diluted Share |
Amount |
Diluted Share | ||||
|
Net income attributable to UHS |
$449,884 |
$4.76 |
$391,449 |
$4.03 | |||
|
Plus/minus after-tax adjustments: |
|||||||
|
Increase in DOJ reserve, after-tax |
17,116 |
0.18 |
- |
- | |||
|
Impact of ASU 2016-09 |
(1,537) |
(0.02) |
(8,132) |
(0.08) | |||
|
EHR depreciation & amortization, after-tax |
- |
- |
9,111 |
0.09 | |||
|
Subtotal |
15,579 |
0.16 |
979 |
0.01 | |||
|
Adjusted net income attributable to UHS |
$465,463 |
$4.92 |
$392,428 |
$4.04 | |||
|
Universal Health Services, Inc. | |||||||
|
Consolidated Statements of Comprehensive Income | |||||||
|
(in thousands) | |||||||
|
(unaudited) | |||||||
|
Three months |
Six months | ||||||
|
ended June 30, |
ended June 30, | ||||||
|
2018 |
2017 |
2018 |
2017 | ||||
|
Net income |
$230,711 |
$190,388 |
$459,380 |
$400,915 | |||
|
Other comprehensive income (loss): |
|||||||
|
Unrealized derivative gains (losses) on cash flow hedges |
(545) |
(129) |
1,579 |
2,937 | |||
|
Foreign currency translation adjustment |
1,184 |
1,713 |
(3,157) |
8,949 | |||
|
Other |
(2,367) |
3,066 |
0 |
4,160 | |||
|
Other comprehensive income (loss) before tax |
(1,728) |
4,650 |
(1,578) |
16,046 | |||
|
Income tax expense (benefit) related to items of other comprehensive income (loss) |
(1,452) |
1,095 |
(375) |
2,646 | |||
|
Total other comprehensive income (loss), net of tax |
(276) |
3,555 |
(1,203) |
13,400 | |||
|
Comprehensive income |
230,435 |
193,943 |
458,177 |
414,315 | |||
|
Less: Comprehensive income attributable to noncontrolling interests |
4,659 |
4,994 |
9,496 |
9,466 | |||
|
Comprehensive income attributable to UHS |
$225,776 |
$188,949 |
$448,681 |
$404,849 | |||
|
Universal Health Services, Inc. | ||||||
|
Condensed Consolidated Balance Sheets | ||||||
|
(in thousands) | ||||||
|
(unaudited) | ||||||
|
June 30, |
December 31, | |||||
|
2018 |
2017 | |||||
|
Assets |
||||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ |
76,886 |
$ |
74,423 | ||
|
Accounts receivable, net |
1,557,298 |
1,500,898 | ||||
|
Supplies |
140,797 |
136,177 | ||||
|
Other current assets |
105,546 |
86,504 | ||||
|
Total current assets |
1,880,527 |
1,798,002 | ||||
|
Property and equipment |
8,281,347 |
7,921,126 | ||||
|
Less: accumulated depreciation |
(3,528,248) |
(3,349,289) | ||||
|
4,753,099 |
4,571,837 | |||||
|
Other assets: |
||||||
|
Goodwill |
3,815,203 |
3,825,157 | ||||
|
Deferred charges |
8,081 |
9,787 | ||||
|
Deferred income taxes |
2,967 |
3,007 | ||||
|
Other |
609,540 |
554,038 | ||||
|
Total Assets |
$ |
11,069,417 |
$ |
10,761,828 | ||
|
Liabilities and Stockholders' Equity |
||||||
|
Current liabilities: |
||||||
|
Current maturities of long-term debt |
$ |
126,302 |
$ |
545,619 | ||
|
Accounts payable and accrued liabilities |
1,321,049 |
1,284,081 | ||||
|
Federal and state taxes |
193 |
18,334 | ||||
|
Total current liabilities |
1,447,544 |
1,848,034 | ||||
|
Other noncurrent liabilities |
311,518 |
306,304 | ||||
|
Long-term debt |
3,864,162 |
3,494,390 | ||||
|
Deferred income taxes |
49,642 |
54,962 | ||||
|
Redeemable noncontrolling interest |
6,341 |
6,702 | ||||
|
UHS common stockholders' equity |
5,317,583 |
4,989,514 | ||||
|
Noncontrolling interest |
72,627 |
61,922 | ||||
|
Total equity |
5,390,210 |
5,051,436 | ||||
|
Total Liabilities and Stockholders' Equity |
$ |
11,069,417 |
$ |
10,761,828 | ||
|
Universal Health Services, Inc. | |||
|
Consolidated Statements of Cash Flows | |||
|
(in thousands) | |||
|
(unaudited) | |||
|
Six months | |||
|
ended June 30, | |||
|
2018 |
2017 | ||
|
Cash Flows from Operating Activities: |
|||
|
Net income |
$459,380 |
$400,915 | |
|
Adjustments to reconcile net income to net |
|||
|
cash provided by operating activities: |
|||
|
Depreciation & amortization |
222,716 |
223,910 | |
|
Stock-based compensation expense |
34,716 |
29,053 | |
|
Gain on sale of assets and businesses |
(2,513) |
0 | |
|
Changes in assets & liabilities, net of effects from |
|||
|
acquisitions and dispositions: |
|||
|
Accounts receivable |
(64,055) |
941 | |
|
Accrued interest |
199 |
211 | |
|
Accrued and deferred income taxes |
(42,540) |
(5,529) | |
|
Other working capital accounts |
8,977 |
(93,715) | |
|
Other assets and deferred charges |
(14,144) |
(19,723) | |
|
Other |
18,876 |
(23,411) | |
|
Accrued insurance expense, net of commercial premiums paid |
46,255 |
58,903 | |
|
Payments made in settlement of self-insurance claims |
(38,606) |
(37,759) | |
|
Net cash provided by operating activities |
629,261 |
533,796 | |
|
Cash Flows from Investing Activities: |
|||
|
Property and equipment additions, net of disposals |
(370,252) |
(262,452) | |
|
Acquisition of property and businesses |
(20,931) |
(19,610) | |
|
Proceeds received from sales of assets and businesses |
13,502 |
0 | |
|
Costs incurred for purchase and implementation of information technology applications |
(24,087) |
(19,448) | |
|
Decrease (increase) in capital reserves of commercial insurance subsidiary |
100 |
(3,000) | |
|
Investment in, and advances to, joint venture |
(14,059) |
0 | |
|
Net cash used in investing activities |
(415,727) |
(304,510) | |
|
Cash Flows from Financing Activities: |
|||
|
Reduction of long-term debt |
(82,470) |
(45,675) | |
|
Additional borrowings |
30,500 |
21,600 | |
|
Financing costs |
(754) |
0 | |
|
Repurchase of common shares |
(134,784) |
(147,463) | |
|
Dividends paid |
(18,804) |
(19,280) | |
|
Issuance of common stock |
4,959 |
4,927 | |
|
Profit distributions to noncontrolling interests |
(7,914) |
(11,430) | |
|
Net cash used in financing activities |
(209,267) |
(197,321) | |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(1,138) |
938 | |
|
Increase in cash, cash equivalents and restricted cash |
3,129 |
32,903 | |
|
Cash, cash equivalents and restricted cash, beginning of period |
167,297 |
121,950 | |
|
Cash, cash equivalents and restricted cash, end of period |
$170,426 |
$154,853 | |
|
Supplemental Disclosures of Cash Flow Information: |
|||
|
Interest paid |
$70,890 |
$66,765 | |
|
Income taxes paid, net of refunds |
$182,130 |
$216,214 | |
|
Noncash purchases of property and equipment |
$91,742 |
$63,089 | |
|
Universal Health Services, Inc. | |||||||||
|
Supplemental Statistical Information | |||||||||
|
(unaudited) | |||||||||
|
% Change |
% Change |
||||||||
|
Quarter ended |
6 months ended |
||||||||
|
Same Facility: |
6/30/2018 |
6/30/2018 |
|||||||
|
Acute Care Hospitals |
|||||||||
|
Revenues |
3.3% |
3.5% |
|||||||
|
Adjusted Admissions |
1.9% |
2.0% |
|||||||
|
Adjusted Patient Days |
4.7% |
5.1% |
|||||||
|
Revenue Per Adjusted Admission |
3.1% |
3.4% |
|||||||
|
Revenue Per Adjusted Patient Day |
0.4% |
0.3% |
|||||||
|
Behavioral Health Hospitals |
|||||||||
|
Revenues |
2.8% |
2.9% |
|||||||
|
Adjusted Admissions |
1.2% |
1.4% |
|||||||
|
Adjusted Patient Days |
-0.3% |
0.1% |
|||||||
|
Revenue Per Adjusted Admission |
2.0% |
2.0% |
|||||||
|
Revenue Per Adjusted Patient Day |
3.6% |
3.4% |
|||||||
|
UHS Consolidated |
Second quarter ended |
Six months ended | |||||||
|
6/30/2018 |
6/30/2017 |
6/30/2018 |
6/30/2017 | ||||||
|
Revenues |
$2,681,353 |
$2,612,356 |
$5,368,869 |
$5,225,214 | |||||
|
EBITDA net of NCI |
$444,692 |
$438,309 |
$886,772 |
$898,568 | |||||
|
EBITDA Margin net of NCI |
16.6% |
16.8% |
16.5% |
17.2% | |||||
|
Adjusted EBITDA net of NCI |
$438,835 |
$438,309 |
$893,915 |
$898,568 | |||||
|
Adjusted EBITDA Margin net of NCI |
16.4% |
16.8% |
16.6% |
17.2% | |||||
|
Cash Flow From Operations |
$265,210 |
$50,687 |
$629,261 |
$533,796 | |||||
|
Days Sales Outstanding |
53 |
51 |
53 |
50 | |||||
|
Capital Expenditures |
$181,211 |
$118,114 |
$370,252 |
$262,452 | |||||
|
Debt |
$3,990,464 |
$4,115,021 | |||||||
|
UHS' Shareholders Equity |
$5,317,583 |
$4,812,854 | |||||||
|
Debt / Total Capitalization |
42.9% |
46.1% | |||||||
|
Debt / EBITDA net of NCI (1) |
2.35 |
2.43 | |||||||
|
Debt / Adjusted EBITDA net of NCI (1) |
2.34 |
2.43 | |||||||
|
Debt / Cash From Operations (1) |
3.12 |
3.99 | |||||||
|
(1) Latest 4 quarters |
|||||||||
|
Universal Health Services, Inc. | ||||||||||||||||
|
Acute Care Hospital Services | ||||||||||||||||
|
For the three and six months ended | ||||||||||||||||
|
June 30, 2018 and 2017 | ||||||||||||||||
|
(in thousands) | ||||||||||||||||
|
Same Facility Basis - Acute Care Hospital Services |
||||||||||||||||
|
Three months ended |
Three months ended |
Six months ended |
Six months ended | |||||||||||||
|
June 30, 2018 |
June 30, 2017 |
June 30, 2018 |
June 30, 2017 | |||||||||||||
|
Amount |
% of NetRevenues |
Amount |
% of NetRevenues |
Amount |
% of NetRevenues |
Amount |
% of NetRevenues | |||||||||
|
Net revenues before provision for doubtful accounts |
$1,517,593 |
$3,071,060 |
||||||||||||||
|
Less: Provision for doubtful accounts |
187,369 |
368,352 |
||||||||||||||
|
Net revenues |
$1,374,725 |
100.0% |
1,330,224 |
100.0% |
$2,798,378 |
100.0% |
2,702,708 |
100.0% | ||||||||
|
Operating charges: |
||||||||||||||||
|
Salaries, wages and benefits |
583,969 |
42.5% |
551,661 |
41.5% |
1,165,542 |
41.7% |
1,106,563 |
40.9% | ||||||||
|
Other operating expenses |
307,800 |
22.4% |
313,692 |
23.6% |
615,197 |
22.0% |
628,915 |
23.3% | ||||||||
|
Supplies expense |
240,118 |
17.5% |
224,923 |
16.9% |
483,271 |
17.3% |
453,408 |
16.8% | ||||||||
|
Depreciation and amortization |
67,165 |
4.9% |
66,608 |
5.0% |
139,315 |
5.0% |
129,657 |
4.8% | ||||||||
|
Lease and rental expense |
14,708 |
1.1% |
14,545 |
1.1% |
28,991 |
1.0% |
28,461 |
1.1% | ||||||||
|
Subtotal-operating expenses |
1,213,760 |
88.3% |
1,171,429 |
88.1% |
2,432,316 |
86.9% |
2,347,004 |
86.8% | ||||||||
|
Income from operations |
160,965 |
11.7% |
158,795 |
11.9% |
366,062 |
13.1% |
355,704 |
13.2% | ||||||||
|
Interest expense, net |
431 |
0.0% |
690 |
0.1% |
962 |
0.0% |
1,435 |
0.1% | ||||||||
|
Other (income) expense, net |
(2,498) |
(0.2)% |
- |
- |
(2,498) |
(0.1)% |
- |
- | ||||||||
|
Income before income taxes |
163,032 |
11.9% |
158,105 |
11.9% |
367,598 |
13.1% |
354,269 |
13.1% | ||||||||
|
All Acute Care Hospital Services |
||||||||||||||||
|
Three months ended |
Three months ended |
Six months ended |
Six months ended | |||||||||||||
|
June 30, 2018 |
June 30, 2017 |
June 30, 2018 |
June 30, 2017 | |||||||||||||
|
Amount |
% of NetRevenues |
Amount |
% of NetRevenues |
Amount |
% of NetRevenues |
Amount |
% of NetRevenues | |||||||||
|
Net revenues before provision for doubtful accounts |
$1,553,826 |
$3,124,356 |
||||||||||||||
|
Less: Provision for doubtful accounts |
187,369 |
368,352 |
||||||||||||||
|
Net revenues |
$1,403,991 |
100.0% |
1,366,457 |
100.0% |
$2,849,623 |
100.0% |
2,756,004 |
100.0% | ||||||||
|
Operating charges: |
||||||||||||||||
|
Salaries, wages and benefits |
584,126 |
41.6% |
551,735 |
40.4% |
1,165,894 |
40.9% |
1,106,695 |
40.2% | ||||||||
|
Other operating expenses |
337,926 |
24.1% |
343,669 |
25.2% |
667,962 |
23.4% |
675,968 |
24.5% | ||||||||
|
Supplies expense |
240,118 |
17.1% |
224,924 |
16.5% |
483,271 |
17.0% |
453,409 |
16.5% | ||||||||
|
Depreciation and amortization |
67,165 |
4.8% |
73,017 |
5.3% |
139,315 |
4.9% |
144,355 |
5.2% | ||||||||
|
Lease and rental expense |
14,708 |
1.0% |
14,545 |
1.1% |
28,991 |
1.0% |
28,461 |
1.0% | ||||||||
|
Subtotal-operating expenses |
1,244,043 |
88.6% |
1,207,890 |
88.4% |
2,485,433 |
87.2% |
2,408,888 |
87.4% | ||||||||
|
Income from operations |
159,948 |
11.4% |
158,567 |
11.6% |
364,190 |
12.8% |
347,116 |
12.6% | ||||||||
|
Interest expense, net |
431 |
0.0% |
690 |
0.1% |
962 |
0.0% |
1,435 |
0.1% | ||||||||
|
Other (income) expense, net |
(2,498) |
(0.2)% |
- |
- |
(2,498) |
(0.1)% |
- |
- | ||||||||
|
Income before income taxes |
162,015 |
11.5% |
157,877 |
11.6% |
365,726 |
12.8% |
345,681 |
12.5% | ||||||||
|
We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of long-lived assets, the impact of the EHR applications (in 2017) and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2017 and Form 10-Q for the quarter ended March 31, 2018. | ||||||||||||||||
|
The All Acute Care Hospital Servicestable summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of the implementation of EHR applications at our acute care hospitals (in 2017); (iii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iv) certain other amounts including the results of facilities acquired or opened during the last twelve months. | ||||||||||||||||
|
Universal Health Services, Inc. | ||||||||||||||||
|
Behavioral Health Care Services | ||||||||||||||||
|
For the three and six months ended | ||||||||||||||||
|
June 30, 2018 and 2017 | ||||||||||||||||
|
(in thousands) | ||||||||||||||||
|
Same Facility - Behavioral Health Care Services |
||||||||||||||||
|
Three months ended |
Three months ended |
Six months ended |
Six months ended | |||||||||||||
|
June 30, 2018 |
June 30, 2017 |
June 30, 2018 |
June 30, 2017 | |||||||||||||
|
Amount |
% of NetRevenues |
Amount |
% of NetRevenues |
Amount |
% of NetRevenues |
Amount |
% of NetRevenues | |||||||||
|
Net revenues before provision for doubtful accounts |
$1,238,108 |
$2,443,185 |
||||||||||||||
|
Less: Provision for doubtful accounts |
28,162 |
58,798 |
||||||||||||||
|
Net revenues |
$1,243,429 |
100.0% |
1,209,946 |
100.0% |
$2,453,366 |
100.0% |
2,384,387 |
100.0% | ||||||||
|
Operating charges: |
||||||||||||||||
|
Salaries, wages and benefits |
642,805 |
51.7% |
606,919 |
50.2% |
1,273,373 |
51.9% |
1,204,011 |
50.5% | ||||||||
|
Other operating expenses |
234,168 |
18.8% |
236,565 |
19.6% |
464,515 |
18.9% |
466,453 |
19.6% | ||||||||
|
Supplies expense |
48,957 |
3.9% |
48,819 |
4.0% |
97,726 |
4.0% |
96,566 |
4.0% | ||||||||
|
Depreciation and amortization |
37,430 |
3.0% |
35,933 |
3.0% |
74,173 |
3.0% |
71,249 |
3.0% | ||||||||
|
Lease and rental expense |
11,920 |
1.0% |
10,951 |
0.9% |
23,928 |
1.0% |
21,712 |
0.9% | ||||||||
|
Subtotal-operating expenses |
975,280 |
78.4% |
939,187 |
77.6% |
1,933,715 |
78.8% |
1,859,991 |
78.0% | ||||||||
|
Income from operations |
268,149 |
21.6% |
270,759 |
22.4% |
519,651 |
21.2% |
524,396 |
22.0% | ||||||||
|
Interest expense, net |
410 |
0.0% |
439 |
0.0% |
837 |
0.0% |
1,162 |
0.0% | ||||||||
|
Other (income) expense, net |
1,258 |
0.1% |
- |
- |
1,258 |
0.1% |
- |
- | ||||||||
|
Income before income taxes |
266,481 |
21.4% |
270,320 |
22.3% |
517,556 |
21.1% |
523,234 |
21.9% | ||||||||
|
All Behavioral Health Care Services |
||||||||||||||||
|
Three months ended |
Three months ended |
Six months ended |
Six months ended | |||||||||||||
|
June 30, 2018 |
June 30, 2017 |
June 30, 2018 |
June 30, 2017 | |||||||||||||
|
Amount |
% of NetRevenues |
Amount |
% of NetRevenues |
Amount |
% of NetRevenues |
Amount |
% of NetRevenues | |||||||||
|
Net revenues before provision for doubtful accounts |
$1,270,547 |
$2,520,295 |
||||||||||||||
|
Less: Provision for doubtful accounts |
27,986 |
59,612 |
||||||||||||||
|
Net revenues |
$1,274,083 |
100.0% |
1,242,561 |
100.0% |
$2,512,079 |
100.0% |
2,460,683 |
100.0% | ||||||||
|
Operating charges: |
||||||||||||||||
|
Salaries, wages and benefits |
651,852 |
51.2% |
622,829 |
50.1% |
1,293,980 |
51.5% |
1,236,678 |
50.3% | ||||||||
|
Other operating expenses |
259,959 |
20.4% |
268,241 |
21.6% |
516,361 |
20.6% |
522,719 |
21.2% | ||||||||
|
Supplies expense |
49,470 |
3.9% |
49,984 |
4.0% |
99,006 |
3.9% |
99,020 |
4.0% | ||||||||
|
Depreciation and amortization |
39,777 |
3.1% |
37,564 |
3.0% |
78,231 |
3.1% |
74,509 |
3.0% | ||||||||
|
Lease and rental expense |
12,256 |
1.0% |
11,358 |
0.9% |
24,557 |
1.0% |
22,518 |
0.9% | ||||||||
|
Subtotal-operating expenses |
1,013,314 |
79.5% |
989,976 |
79.7% |
2,012,135 |
80.1% |
1,955,444 |
79.5% | ||||||||
|
Income from operations |
260,769 |
20.5% |
252,585 |
20.3% |
499,944 |
19.9% |
505,239 |
20.5% | ||||||||
|
Interest expense, net |
410 |
0.0% |
439 |
0.0% |
837 |
0.0% |
1,162 |
0.0% | ||||||||
|
Other (income) expense, net |
(1,085) |
(0.1)% |
- |
- |
(1,085) |
(0.0)% |
- |
- | ||||||||
|
Income before income taxes |
261,444 |
20.5% |
252,146 |
20.3% |
500,192 |
19.9% |
504,077 |
20.5% | ||||||||
|
We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, 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. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period.However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and in the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2017 and Form 10-Q for the quarter ended March 31, 2018. | ||||||||||||||||
|
The All Behavioral Health Care Servicestable summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. | ||||||||||||||||
|
Universal Health Services, Inc. | ||||||||||||
|
Selected Hospital Statistics | ||||||||||||
|
For the three months ended | ||||||||||||
|
June 30, 2018 and 2017 | ||||||||||||
|
AS REPORTED: |
||||||||||||
|
ACUTE |
BEHAVIORAL HEALTH | |||||||||||
|
6/30/18 |
6/30/17 |
% change |
6/30/18 |
6/30/17 |
% change | |||||||
|
Hospitals owned and leased |
26 |
26 |
0.0% |
301 |
294 |
2.4% | ||||||
|
Average licensed beds |
6,213 |
6,120 |
1.5% |
23,262 |
23,133 |
0.6% | ||||||
|
Average available beds |
6,037 |
5,948 |
1.5% |
23,178 |
23,052 |
0.5% | ||||||
|
Patient days |
339,697 |
324,249 |
4.8% |
1,605,977 |
1,625,692 |
-1.2% | ||||||
|
Average daily census |
3,733.1 |
3,563.2 |
4.8% |
17,648.1 |
17,864.7 |
-1.2% | ||||||
|
Occupancy-licensed beds |
60.1% |
58.2% |
3.2% |
75.9% |
77.2% |
-1.7% | ||||||
|
Occupancy-available beds |
61.8% |
59.9% |
3.2% |
76.1% |
77.5% |
-1.7% | ||||||
|
Admissions |
74,997 |
73,552 |
2.0% |
120,469 |
119,142 |
1.1% | ||||||
|
Length of stay |
4.5 |
4.4 |
2.7% |
13.3 |
13.6 |
-2.3% | ||||||
|
Inpatient revenue |
$6,164,010 |
$5,430,997 |
13.5% |
$2,448,894 |
$2,249,135 |
8.9% | ||||||
|
Outpatient revenue |
3,760,326 |
3,286,930 |
14.4% |
267,537 |
257,312 |
4.0% | ||||||
|
Total patient revenue |
9,924,336 |
8,717,927 |
13.8% |
2,716,431 |
2,506,447 |
8.4% | ||||||
|
Other revenue |
100,171 |
118,177 |
-15.2% |
51,145 |
52,883 |
-3.3% | ||||||
|
Gross hospital revenue |
10,024,507 |
8,836,104 |
13.4% |
2,767,576 |
2,559,330 |
8.1% | ||||||
|
Total deductions |
8,620,516 |
7,282,278 |
18.4% |
1,493,493 |
1,288,783 |
15.9% | ||||||
|
Net hospital revenue before |
||||||||||||
|
provision for doubtful accounts |
1,403,991 |
1,553,826 |
-9.6% |
1,274,083 |
1,270,547 |
0.3% | ||||||
|
Provision for doubtful accounts |
0 |
187,369 |
-100.0% |
0 |
27,986 |
-100.0% | ||||||
|
Net hospital revenue |
$1,403,991 |
$1,366,457 |
2.7% |
$1,274,083 |
$1,242,561 |
2.5% | ||||||
|
SAME FACILITY: |
||||||||||||
|
ACUTE |
BEHAVIORAL HEALTH | |||||||||||
|
6/30/18 |
6/30/17 |
% change |
6/30/18 |
6/30/17 |
% change | |||||||
|
Hospitals owned and leased |
26 |
26 |
0.0% |
287 |
287 |
0.0% | ||||||
|
Average licensed beds |
6,213 |
6,120 |
1.5% |
22,714 |
22,348 |
1.6% | ||||||
|
Average available beds |
6,037 |
5,948 |
1.5% |
22,630 |
22,267 |
1.6% | ||||||
|
Patient days |
339,697 |
324,249 |
4.8% |
1,585,994 |
1,586,085 |
0.0% | ||||||
|
Average daily census |
3,733.1 |
3,563.2 |
4.8% |
17,428.5 |
17,429.5 |
0.0% | ||||||
|
Occupancy-licensed beds |
60.1% |
58.2% |
3.2% |
76.7% |
78.0% |
-1.6% | ||||||
|
Occupancy-available beds |
61.8% |
59.9% |
3.2% |
77.0% |
78.3% |
-1.6% | ||||||
|
Admissions |
74,997 |
73,552 |
2.0% |
119,085 |
117,286 |
1.5% | ||||||
|
Length of stay |
4.5 |
4.4 |
2.7% |
13.3 |
13.5 |
-1.5% | ||||||
|
Universal Health Services, Inc. | ||||||||||||
|
Selected Hospital Statistics | ||||||||||||
|
For the six months ended | ||||||||||||
|
June 30, 2018 and 2017 | ||||||||||||
|
AS REPORTED: |
||||||||||||
|
ACUTE |
BEHAVIORAL HEALTH | |||||||||||
|
6/30/18 |
6/30/17 |
% change |
6/30/18 |
6/30/17 |
% change | |||||||
|
Hospitals owned and leased |
26 |
26 |
0.0% |
301 |
294 |
2.4% | ||||||
|
Average licensed beds |
6,187 |
6,114 |
1.2% |
23,252 |
23,094 |
0.7% | ||||||
|
Average available beds |
6,011 |
5,940 |
1.2% |
23,169 |
23,013 |
0.7% | ||||||
|
Patient days |
692,496 |
657,249 |
5.4% |
3,187,973 |
3,218,146 |
-0.9% | ||||||
|
Average daily census |
3,825.8 |
3,631.2 |
5.4% |
17,613.1 |
17,779.8 |
-0.9% | ||||||
|
Occupancy-licensed beds |
61.8% |
59.4% |
4.1% |
75.7% |
77.0% |
-1.6% | ||||||
|
Occupancy-available beds |
63.6% |
61.1% |
4.1% |
76.0% |
77.3% |
-1.6% | ||||||
|
Admissions |
151,640 |
147,903 |
2.5% |
240,449 |
237,472 |
1.3% | ||||||
|
Length of stay |
4.6 |
4.4 |
2.8% |
13.3 |
13.6 |
-2.2% | ||||||
|
Inpatient revenue |
$12,525,776 |
$11,028,847 |
13.6% |
$4,851,152 |
$4,432,137 |
9.5% | ||||||
|
Outpatient revenue |
7,474,987 |
6,581,107 |
13.6% |
522,718 |
503,772 |
3.8% | ||||||
|
Total patient revenue |
20,000,763 |
17,609,954 |
13.6% |
5,373,870 |
4,935,909 |
8.9% | ||||||
|
Other revenue |
198,358 |
239,442 |
-17.2% |
101,178 |
104,359 |
-3.0% | ||||||
|
Gross hospital revenue |
20,199,121 |
17,849,396 |
13.2% |
5,475,048 |
5,040,268 |
8.6% | ||||||
|
Total deductions |
17,349,498 |
14,725,040 |
17.8% |
2,962,969 |
2,519,973 |
17.6% | ||||||
|
Net hospital revenue before |
||||||||||||
|
provision for doubtful accounts |
2,849,623 |
3,124,356 |
-8.8% |
2,512,079 |
2,520,295 |
-0.3% | ||||||
|
Provision for doubtful accounts |
0 |
368,352 |
-100.0% |
0 |
59,612 |
-100.0% | ||||||
|
Net hospital revenue |
$2,849,623 |
$2,756,004 |
3.4% |
$2,512,079 |
$2,460,683 |
2.1% | ||||||
|
SAME FACILITY: |
||||||||||||
|
ACUTE |
BEHAVIORAL HEALTH | |||||||||||
|
6/30/18 |
6/30/17 |
% change |
6/30/18 |
6/30/17 |
% change | |||||||
|
Hospitals owned and leased |
26 |
26 |
0.0% |
287 |
287 |
0.0% | ||||||
|
Average licensed beds |
6,187 |
6,114 |
1.2% |
22,630 |
22,299 |
1.5% | ||||||
|
Average available beds |
6,011 |
5,940 |
1.2% |
22,547 |
22,218 |
1.5% | ||||||
|
Patient days |
692,496 |
657,249 |
5.4% |
3,145,110 |
3,130,920 |
0.5% | ||||||
|
Average daily census |
3,825.8 |
3,631.2 |
5.4% |
17,376.3 |
17,297.9 |
0.5% | ||||||
|
Occupancy-licensed beds |
61.8% |
59.4% |
4.1% |
76.8% |
77.6% |
-1.0% | ||||||
|
Occupancy-available beds |
63.6% |
61.1% |
4.1% |
77.1% |
77.9% |
-1.0% | ||||||
|
Admissions |
151,640 |
147,903 |
2.5% |
237,716 |
233,483 |
1.8% | ||||||
|
Length of stay |
4.6 |
4.4 |
2.8% |
13.2 |
13.4 |
-1.3% | ||||||
View original content:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports-2018-second-quarter-financial-results-300686652.html
SOURCE Universal Health Services, Inc.