LOGIN  |  REGISTER
Chimerix
Terns Pharmaceuticals

Universal Health Services Announces 2022 Fourth Quarter And Full Year Financial Results And 2023 Full Year Earnings Guidance

February 27, 2023 | Last Trade: US$204.31 3.19 -1.54
  • Consolidated Results of Operations, As Reported and As Adjusted  – Three-month periods ended December 31, 2022 and 2021:

KING OF PRUSSIA, Pa., Feb. 27, 2023 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $174.8 million, or $2.43 per diluted share, during the fourth quarter of 2022, as compared to $239.1 million, or $3.00 per diluted share, during the fourth quarter of 2021. Net revenues increased by 5.2% to $3.447 billion during the fourth quarter of 2022, as compared to $3.275 billion during the fourth quarter of 2021.

As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the fourth quarter of 2022, was $217.1 million, or $3.02 per diluted share, as compared to $235.1 million, or $2.95 per diluted share, during the fourth quarter of 2021. 

Included in our reported and adjusted net income attributable to UHS during the fourth quarter of 2022, was an aggregate favorable after-tax impact of approximately $19.6 million, or $.27 per diluted share, recorded in connection with $26.0 million of commercial insurance proceeds received during the quarter in connection with the following: (i) $15.7 million related to a business interruption and property damage claim at one of our behavioral health care facilities, and; (ii) $10.3 million related to a previously incurred information technology incident.     

Included in our reported and adjusted net income attributable to UHS during the fourth quarter of 2021, was a net favorable after-tax impact of approximately $26.2 million, or $.33 per diluted share, resulting from approximately $34 million of revenues recorded during the fourth quarter of 2021 in connection with the Kentucky Medicaid managed care hospital rate increase program (covering the period of July 1, 2021 to December 31, 2021).

As reflected on the Supplemental Schedule, included in our reported results during the fourth quarter of 2022, was a net aggregate unfavorable after-tax impact of $42.3 million, or $.59 per diluted share, consisting of the following: (i) a $44.1 million, or $.61 per diluted share, provision for asset impairment ($57.6 million pre-tax which is included in other operating expenses) recorded to write-down the asset value of an acute care hospital located in Las Vegas, Nevada, as discussed below in Provision for Asset Impairment, and; (ii) a $1.8 million, or $.02 per diluted share, unrealized gain ($2.3 million pre-tax which is included in "Other (income) expense, net"), resulting from an increase in the market value of certain equity securities. 

As reflected on the Supplemental Schedule, included in our reported results during the fourth quarter of 2021, was a net aggregate favorable after-tax impact of $4.0 million, or $.05 per diluted share, consisting primarily of an after-tax unrealized gain of $4.1 million, or $.05 per diluted share, ($5.4 million pre-tax which is included in "Other (income) expense, net"), resulting from an increase in the market value of certain equity securities. 

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI", NCI is net income attributable to noncontrolling interests), was $419.0 million during the fourth quarter of 2022, as compared to $464.5 million during the fourth quarter of 2021. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of the provision for asset impairment and other (income) expense, net, was $471.7 million during the fourth quarter of 2022, as compared to $452.2 million during the fourth quarter of 2021.

Consolidated Results of Operations, As Reported and As Adjusted  – Twelve-month periods ended December 31, 2022 and 2021:

Reported net income attributable to UHS was $675.6 million, or $9.14 per diluted share, during the full year of 2022, as compared to $991.6 million, or $11.82 per diluted share, during the full year of 2021. Net revenues increased by 6.0% to $13.399 billion during 2022, as compared to $12.642 billion during 2021.

Our reported and adjusted net income attributable to UHS during the twelve-month period ended December 31, 2021, included the following: (i) a favorable after-tax impact of $74.0 million, or $.88 per diluted share, resulting from approximately $97 million of revenues recorded during 2021 in connection with the Kentucky Medicaid managed care hospital rate increase program (covering the period of July 1, 2020 to December 31, 2021); (ii) an unfavorable after-tax impact of approximately $39.2 million, or $.47 per diluted share, resulting from a $52 million increase to our reserves for self-insured professional and general liability claims recorded during 2021, and; (iii) an aggregate favorable after-tax impact of $28.4 million, or $.34 per diluted share, resulting from aggregate commercial insurance proceeds of approximately $38 million recorded during 2021 in connection with a previously incurred information technology incident and the COVID-19 pandemic.      

As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the twelve-month period ended December 31, 2022, was $730.2 million, or $9.88 per diluted share, as compared to $991.7 million, or $11.82 per diluted share, during the twelve-month period ended December 31, 2021. 

As reflected on the Supplemental Schedule, included in our reported results during the full year of 2022, was a net aggregate unfavorable after-tax impact of $54.6 million, or $.74 per diluted share, consisting of the following: (i) a $44.1 million, or $.60 per diluted share, provision for asset impairment ($57.6 million pre-tax which is included in other operating expenses), as discussed below in Provision for Asset Impairment, and; (ii) a $10.6 million, or $.14 per diluted share, unrealized loss ($13.8 million pre-tax which is included in "Other (income) expense, net"), resulting from a decrease in the market value of certain equity securities. 

As reflected on the Supplemental Schedule, included in our reported results during the full year of 2021, were the following which, on a net aggregate basis, amounted to a de minimis amount: (i) an after-tax charge of $12.9 million, or $.15 per diluted share, ($16.8 million pre-tax which is included in "Other (income) expense, net") recorded in connection with the costs related to extinguishment of debt resulting from various financing transactions completed during the third quarter of 2021; (ii) an after-tax unrealized gain of $10.4 million, or $.12 per diluted share, ($13.6 million pre-tax which is included in "Other (income) expense, net") resulting from an increase in the market value of shares of certain equity securities, and; (iii) a favorable after-tax impact of $2.4 million, or $.03 per diluted share, resulting from ASU 2016-09, "Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting".

As calculated on the attached Supplemental Schedule, our EBITDA net of NCI was $1.594 billion during the full year of 2022, as compared to $1.914 billion during the full year of 2021. Our Adjusted EBITDA net of NCI was $1.662 billion during the full year 2022, as compared to $1.900 billion during the 2021 full year.

Acute Care Services – Three and twelve-month periods ended December 31, 2022 and 2021:

During the fourth quarter of 2022, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by 5.5% while adjusted patient days increased by 1.6%, as compared to the fourth quarter of 2021. At these facilities, during the fourth quarter of 2022, net revenue per adjusted admission decreased by 3.8% while net revenue per adjusted patient day decreased 0.2%, as compared to the fourth quarter of 2021. Net revenues generated from our acute care services on a same facility basis increased by 2.6% during the fourth quarter of 2022, as compared to the fourth quarter of 2021. 

During the twelve-month period ended December 31, 2022, at our acute care hospitals on a same facility basis, adjusted admissions increased by 3.1% while adjusted patient days increased by 0.9%, as compared to the comparable twelve-month period of 2021. At these facilities, during the full year of 2022, net revenue per adjusted admission decreased by 0.3% while net revenue per adjusted patient day increased by 1.9%, as compared to the comparable twelve-month period of 2021. Net revenues generated from our acute care services on a same facility basis increased by 4.1% during the full year of 2022, as compared to 2021. 

Behavioral Health Care Services – Three and twelve-month periods ended December 31, 2022 and 2021:

During the fourth quarter of 2022, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 0.7% while adjusted patient days increased by 2.0%, as compared to the fourth quarter of 2021. At these facilities, during the fourth quarter of 2022, net revenue per adjusted admission increased by 3.4% and net revenue per adjusted patient day increased by 2.2%, as compared to the fourth quarter of 2021. Net revenues generated from our behavioral health care services increased by 4.3% during the fourth quarter of 2022, as compared to the fourth quarter of 2021.

During the twelve-month period ended December 31, 2022, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 0.7% while adjusted patient days increased by 1.2%, as compared to the comparable twelve-month period of 2021. At these facilities, during the full year of 2022, net revenue per adjusted admission increased by 4.0% and net revenue per adjusted patient day increased by 3.5%, as compared to the comparable twelve-month period of 2021. Net revenues generated from our behavioral health care services increased by 4.2% during the full year of 2022, as compared to 2021.

Net Cash Provided by Operating Activities and Liquidity:

Net Cash Provided by Operating Activities:

During the twelve-month period ended December 31, 2022, our net cash provided by operating activities was $996 million as compared to $884 million during the twelve-month period of 2021. The $112 million net increase in our net cash provided by operating activities during 2022, as compared to 2021, was due to: (i) a favorable change of $695 million from the early return of Medicare accelerated payments which were received during 2020 and repaid during the first quarter of 2021; (ii) an unfavorable change of $249 million in accounts receivable due, in part, to increased receivables related to supplemental Medicaid programs in various states as well as amounts outstanding at December 31, 2022, related to facilities and businesses that were opened/acquired during the past year; (iii) an unfavorable change of $238 million resulting from a decrease in net income plus depreciation and amortization expense, stock-based compensation expense, gain/loss on sales of assets and businesses, costs related to extinguishment of debt and provision for asset impairments; (iv) an unfavorable change of $193 million from other working capital accounts due primarily to the timing of disbursements for accounts payable, accrued expenses and accrued compensation, as well as the payment during 2022, of a portion of the employer's share of the 2020 Social Security taxes which were deferred pursuant to the CARES Act; (v) an unfavorable change of $62 million in accrued insurance expense, net of commercial premiums paid; (vi) a favorable change of $59 million in other assets and deferred charges; (vii) a favorable change of $25 million in accrued and deferred income taxes, and; (viii) $75 million of other combined net favorable changes.    

Liquidity:

As of December 31, 2022, we had $886 million of aggregate available borrowing capacity pursuant to our $1.2 billion revolving credit facility, net of outstanding borrowings and letters of credit.       

Stock Repurchase Program:

As of December 31, 2021, we had an aggregate remaining repurchase authorization of approximately $358 million pursuant to our stock repurchase program. In February of 2022, our Board of Directors authorized a $1.4 billion increase to the program. As of December 31, 2022, we had an aggregate available repurchase authorization of approximately $947 million

Pursuant to the terms of our stock repurchase program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions. During the fourth quarter of 2022, we have repurchased 812,141 shares at an aggregate cost of approximately $107.2 million (approximately $132 per share) pursuant to the program.  During the full year of 2022, we have repurchased approximately 6.67 million shares at an aggregate cost of approximately $810.9 million (approximately $122 per share) pursuant to the program.

Provision for Asset Impairment:

Our financial statements for the three and twelve-month periods ended December 31, 2022, include a pre-tax provision for asset impairment of $57.6 million, which is included in other operating expenses on the accompanying consolidated statements of income, to write-down the asset value of Desert Springs Hospital Medical Center, a 282-bed acute care hospital located in Las Vegas, Nevada. In early 2023, as a result of various competitive pressures and operational challenges experienced in the market, which had a significant unfavorable impact on the hospital's results of operations during the past year, as well as physical plant constraints and limitations resulting from the advanced age of the facility (which opened in 1971), we announced plans to discontinue all inpatient operations by March of 2023. During the next two years, we plan to continue providing emergency department services within a portion of the existing facility while we construct a new free-standing emergency department on the hospital's campus. The provision for asset impairment reduced the asset values of the facility's real estate and equipment to their estimated fair values.      

2023 Operating Results Forecast:

Reflected below is our 2023 guidance range for consolidated net revenues, earnings before interest, taxes, depreciation & amortization, and the impacts of other income/expense and net income attributable to noncontrolling interests ("Adjusted EBITDA net of NCI"), adjusted net income attributable to UHS per diluted share ("Adjusted EPS-diluted") and capital expenditures. 

Adjusted EPS-diluted and Adjusted EBITDA net of NCI, 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, 2022. Please see the Supplemental Non-GAAP Disclosures - 2023 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, 2023

 

       Low

       High

Net revenues

$14.044 billion

$14.314 billion

Adjusted EBITDA net of NCI

$1.662 billion

$1.753 billion 

Adjusted EPS-diluted

$9.50 per share

$10.50 per share

Capital expenditures

$725 million

$875 million

Our 2023 guidance contains a number of assumptions including, but not limited to, the following:

  • The 2023 forecasted amounts exclude the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, and other potential material items including, but not limited to, reserves for various matters including settlements, legal judgments and lawsuits, potential impacts of non-ordinary course acquisitions, divestitures, joint ventures or other strategic transactions, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, impairment of long-lived and intangible assets, other amounts that may be reflected in the current financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. 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 $14.044 billion to $14.314 billion representing an increase of approximately 4.8% to 6.8% over our 2022 net revenues of approximately $13.399 billion.
  • Our Adjusted EBITDA net of NCI is estimated to be approximately $1.662 billion to $1.753 billion, as compared to our 2022 Adjusted EBITDA net of NCI of $1.662 billion.
  • Our projected interest expense during 2023 is estimated to increase by approximately $71 million, or 56%, over the interest expense incurred during 2022. The increase is due primarily to increases in our projected average cost of borrowings, and aggregate average borrowings outstanding, pursuant to our revolving credit and tranche A term loan facilities.
  • Our Adjusted EPS-diluted range is estimated to be $9.50 per diluted share to $10.50 per diluted share, as compared to our adjusted net income attributable to UHS of $9.88 per diluted share for the year ended December 31, 2022, as calculated on the attached Supplemental Schedule.

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on February 28, 2023.  A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance by accessing this link

Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues during 2022 were approximately $13.4 billion. UHS ranked #297 on the Fortune 500; and #391 on Forbes' list of America's Largest Public Companies. UHS was again recognized as one of the World's Most Admired Companies by Fortune.  

Our operating philosophy is as effective today as it was upon the Company's founding in 1979, enabling us to provide compassionate care to our patients and their loved ones.  Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve.

Headquartered in King of Prussia, PA, UHS has approximately 93,800 employees and, through its subsidiaries, operates 28 inpatient acute care hospitals, 331 inpatient behavioral health facilities, 39 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 39 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 visit www.uhs.com.

This press release contains forward-looking statements based on current management expectations.  Numerous factors, including those disclosed herein, those related to the anticipated impact of COVID-19 on our operations and financial results, 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, 2022), may cause the results to differ materially from those anticipated in the forward-looking statements.  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. 

Many of the factors that could affect our future results are beyond our control or ability to predict, including the impact of the COVID-19 pandemic. The impact of the COVID-19 pandemic, which began during the second half of March, 2020, has had a material effect on our operations and financial results since that time. The length and extent of the disruptions caused by the COVID–19 pandemic are currently unknown; however, we expect such disruptions to continue into the future. Since the future volumes and severity of COVID-19 patients remain highly uncertain and subject to change, including potential increases in future COVID-19 patient volumes caused by new variants of the virus, as well as related pressures on staffing and wage rates, we are not able to fully quantify the impact that these factors will have on our future financial results.  However, future developments related to the COVID-19 pandemic could continue to materially affect our financial performance.   

The nationwide shortage of nurses and other clinical staff and support personnel has been a significant operating issue facing us and other healthcare providers. Like others in the healthcare industry, we continue to experience a shortage of nurses and other clinical staff and support personnel at our acute care and behavioral health care hospitals in many geographic areas. In some areas, the labor scarcity is putting a strain on our resources and staff, which has required us to utilize higher–cost temporary labor and pay premiums above standard compensation for essential workers. This staffing shortage has required us to hire expensive temporary personnel and/or enhance wages and benefits to recruit and retain nurses and other clinical staff and support personnel. At certain facilities, particularly within our behavioral health care segment, we have been unable to fill all vacant positions and, consequently, have been required to limit patient volumes. These factors, which had a material unfavorable impact on our results of operations during 2022, could continue to have an unfavorable material impact on our results of operations for the foreseeable future.    

In addition, the increase in interest rates has substantially increased our borrowings costs and reduced our ability to access the capital markets on favorable terms.  Additional increases in interest rates could have a significant unfavorable impact on our future results of operations and the resulting effect on the capital markets could adversely affect our ability to carry out our strategy.       

We believe that 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 of material items impacting our net income attributable to UHS, such as, changes in the market value of shares of certain equity securities and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill and long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income 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 Report on Form 10-K for the year ended December 31, 2022. 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,

 

2022

 

2021

 

2022

 

2021

        

Net revenues

$3,446,980

 

$3,275,251

 

$13,399,370

 

$12,642,117

        

Operating charges:

       

   Salaries, wages and benefits

1,701,083

 

1,621,788

 

6,762,256

 

6,163,944

   Other operating expenses

919,673

 

802,279

 

3,445,733

 

3,035,869

   Supplies expense

381,936

 

374,157

 

1,474,339

 

1,427,134

   Depreciation and amortization

148,353

 

133,363

 

581,861

 

533,213

   Lease and rental expense

34,551

 

30,015

 

131,626

 

118,863

 

3,185,596

 

2,961,602

 

12,395,815

 

11,279,023

        

Income from operations

261,384

 

313,649

 

1,003,555

 

1,363,094

        

Interest expense, net

43,887

 

19,217

 

126,889

 

83,672

Other (income) expense, net

(4,838)

 

(12,316)

 

10,406

 

(13,891)

        

Income before income taxes

222,335

 

306,748

 

866,260

 

1,293,313

        

Provision for income taxes

51,966

 

72,837

 

209,278

 

305,681

        

Net income

170,369

 

233,911

 

656,982

 

987,632

        

Less:  Net income (loss) attributable to

       

noncontrolling interests ("NCI")

(4,451)

 

(5,213)

 

(18,627)

 

(3,958)

        

Net income attributable to UHS

$174,820

 

$239,124

 

$675,609

 

$991,590

        
        
        
        
        
        

Basic earnings per share attributable to UHS (a)

$2.45

 

$3.03

 

$9.23

 

$11.99

        

Diluted earnings per share attributable to UHS (a)

$2.43

 

$3.00

 

$9.14

 

$11.82

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

        
 

Three months

 

Twelve months

(a) Earnings per share calculation:

ended December 31,

 

ended December 31,

 

2022

 

2021

 

2022

 

2021

Basic and diluted:

       

Net income attributable to UHS

$174,820

 

$239,124

 

$675,609

 

$991,590

Less: Net income attributable to unvested restricted share grants

(156)

 

(450)

 

(748)

 

(2,059)

Net income attributable to UHS - basic and diluted

$174,664

 

$238,674

 

$674,861

 

$989,531

        

Weighted average number of common shares - basic

71,165

 

78,808

 

73,118

 

82,519

        

Basic earnings per share attributable to UHS:

$2.45

 

$3.03

 

$9.23

 

$11.99

        

Weighted average number of common shares

71,165

 

78,808

 

73,118

 

82,519

Add: Other share equivalents

627

 

867

 

714

 

1,173

Weighted average number of common shares and equiv. - diluted

71,792

 

79,675

 

73,832

 

83,692

        

Diluted earnings per share attributable to UHS:

$2.43

 

$3.00

 

$9.14

 

$11.82

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Three Months ended December 31, 2022 and 2021

(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

 

December 31, 2022

 

revenues

 

December 31, 2021

 

revenues

        

Net income attributable to UHS

$174,820

   

$239,124

  

   Depreciation and amortization

148,353

   

133,363

  

   Interest expense, net

43,887

   

19,217

  

   Provision for income taxes

51,966

   

72,837

  

EBITDA net of NCI

$419,026

 

12.2 %

 

$464,541

 

14.2 %

        

Other (income) expense, net

(4,838)

   

(12,316)

  

Provision for asset impairment

57,550

   

-

  

Adjusted EBITDA net of NCI

$471,738

 

13.7 %

 

$452,225

 

13.8 %

        

Net revenues

$3,446,980

   

$3,275,251

  

Calculation of Adjusted Net Income Attributable to UHS

        
 

Three months ended

 

Three months ended

 

December 31, 2022

 

December 31, 2021

   

Per

   

Per

 

Amount

 

Diluted Share

 

Amount

 

Diluted Share

        

Net income attributable to UHS

$174,820

 

$2.43

 

$239,124

 

$3.00

Plus/minus after-tax adjustments:

       

Unrealized (gain) loss on equity securities

(1,778)

 

(0.02)

 

(4,119)

 

(0.05)

Provision for asset impairment

44,055

 

0.61

 

-

 

-

Impact of ASU 2016-09

-

 

-

 

99

 

-

Subtotal adjustments

42,277

 

0.59

 

(4,020)

 

(0.05)

Adjusted net income attributable to UHS

$217,097

 

$3.02

 

$235,104

 

$2.95

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Twelve Months ended December 31, 2022 and 2021

(in thousands, except per share amounts)

(unaudited)

        
        
        

Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")

        
 

Twelve months ended

 

% Net

 

Twelve months ended

 

% Net

 

December 31, 2022

 

revenues

 

December 31, 2021

 

revenues

        

Net income attributable to UHS

$675,609

   

$991,590

  

   Depreciation and amortization

581,861

   

533,213

  

   Interest expense, net

126,889

   

83,672

  

   Provision for income taxes

209,278

   

305,681

  

EBITDA net of NCI

$1,593,637

 

11.9 %

 

$1,914,156

 

15.1 %

        

Other (income) expense, net

10,406

   

(13,891)

  

Provision for asset impairment

57,550

   

-

  

Adjusted EBITDA net of NCI

$1,661,593

 

12.4 %

 

$1,900,265

 

15.0 %

        

Net revenues

$13,399,370

   

$12,642,117

  

Calculation of Adjusted Net Income Attributable to UHS

        
 

Twelve months ended

 

Twelve months ended

 

December 31, 2022

 

December 31, 2021

   

Per

   

Per

 

Amount

 

Diluted Share

 

Amount

 

Diluted Share

        

Net income attributable to UHS

$675,609

 

$9.14

 

$991,590

 

$11.82

Plus/minus after-tax adjustments:

       

Unrealized (gain) loss on equity securities

10,580

 

0.14

 

(10,374)

 

(0.12)

Provision for asset impairment

44,055

 

0.60

 

-

 

-

Debt extinguishment costs

-

 

-

 

12,884

 

0.15

Impact of ASU 2016-09

-

 

-

 

(2,423)

 

(0.03)

Subtotal adjustments

54,635

 

0.74

 

87

 

-

Adjusted net income attributable to UHS

$730,244

 

$9.88

 

$991,677

 

$11.82

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

       
   

December 31,

  

December 31,

   

2022

  

2021

Assets

      

Current assets:

      

    Cash and cash equivalents

 

$

102,818

 

$

115,301

    Accounts receivable, net

  

2,017,722

  

1,746,635

    Supplies

  

218,517

  

206,839

    Other current assets

  

198,283

  

194,781

          Total current assets

  

2,537,340

  

2,263,556

       

Property and equipment

  

11,085,852

  

10,770,702

Less: accumulated depreciation

  

(5,167,394)

  

(4,896,427)

   

5,918,458

  

5,874,275

       

Other assets:

      

    Goodwill

  

3,909,456

  

3,962,624

    Deferred income taxes

  

68,397

  

45,707

    Right of use assets-operating leases

  

454,650

  

367,477

    Deferred charges

  

6,264

  

6,525

    Other

  

599,623

  

573,379

Total Assets

 

$

13,494,188

 

$

13,093,543

       

Liabilities and Stockholders' Equity

      

Current liabilities:

      

    Current maturities of long-term debt

 

$

81,447

 

$

48,409

    Accounts payable and other liabilities

  

1,760,588

  

1,860,496

    Operating lease liabilities

  

67,776

  

64,484

    Federal and state taxes

  

4,608

  

10,720

          Total current liabilities

  

1,914,419

  

1,984,109

       

Other noncurrent liabilities

  

487,669

  

464,759

Operating lease liabilities noncurrent

  

395,522

  

304,624

Long-term debt

  

4,726,533

  

4,141,879

       

Redeemable noncontrolling interest

  

4,695

  

5,119

       

UHS common stockholders' equity

  

5,920,582

  

6,089,664

Noncontrolling interest

  

44,768

  

103,389

          Total equity

  

5,965,350

  

6,193,053

       

Total Liabilities and Stockholders' Equity

 

$

13,494,188

 

$

13,093,543

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

Twelve months

 

ended December 31,

 

2022

 

2021

    

Cash Flows from Operating Activities:

   

  Net income

$656,982

 

$987,632

  Adjustments to reconcile net income to net 

   

cash provided by operating activities:

   

Depreciation & amortization

581,861

 

533,213

Loss (gain) on sale of assets and businesses

584

 

(5,170)

Costs related to extinguishment of debt

0

 

16,831

Stock-based compensation expense

85,378

 

73,686

Provision for asset impairment

57,550

 

14,391

  Changes in assets & liabilities, net of effects from

   

acquisitions and dispositions:

   

   Accounts receivable

(258,338)

 

(8,873)

   Accrued interest

1,835

 

4,950

   Accrued and deferred income taxes 

(29,510)

 

(54,030)

   Other working capital accounts 

(146,692)

 

46,526

   Medicare accelerated payments and deferred CARES Act and other grants

2,391

 

(698,762)

   Other assets and deferred charges

19,918

 

(39,337)

   Other 

(8,676)

 

(82,075)

   Accrued insurance expense, net of commercial premiums paid

174,723

 

186,215

   Payments made in settlement of self-insurance claims

(141,983)

 

(91,502)

          Net cash provided by operating activities

996,023

 

883,695

    

Cash Flows from Investing Activities:

   

   Property and equipment additions

(734,001)

 

(855,659)

   Proceeds received from sales of assets and businesses

12,001

 

25,425

   Acquisition of businesses and property

(20,309)

 

(105,415)

   Inflows from foreign exchange contracts that hedge our net U.K. investment

94,913

 

1,357

   Decrease in capital reserves of commercial insurance subsidiary 

100

 

100

   Costs incurred for purchase of information technology applications, net of refunds

0

 

19,726

          Net cash used in investing activities

(647,296)

 

(914,466)

    

Cash Flows from Financing Activities:

   

   Repayments of long-term debt

(89,367)

 

(3,037,868)

   Additional borrowings

705,321

 

3,254,974

   Financing costs

(3,164)

 

(18,770)

   Repurchase of common shares

(832,918)

 

(1,220,875)

   Dividends paid

(58,449)

 

(65,896)

   Issuance of common stock

14,068

 

13,372

   Profit distributions to noncontrolling interests

(5,391)

 

(7,080)

   Purchase (sale) of ownership interests by (from) minority members

(48,500)

 

13,193

          Net cash used in financing activities

(318,400)

 

(1,068,950)

    

   Effect of exchange rate changes on cash, cash equivalents and restricted cash

(8,424)

 

(499)

Increase (decrease) in cash, cash equivalents and restricted cash

21,903

 

(1,100,220)

Cash, cash equivalents and restricted cash, beginning of period

178,934

 

1,279,154

Cash, cash equivalents and restricted cash, end of period

$200,837

 

$178,934

    

Supplemental Disclosures of Cash Flow Information:

   

  Interest paid

$120,136

 

$75,607

    

  Income taxes paid, net of refunds

$250,759

 

$362,978

    

  Noncash purchases of property and equipment

$72,064

 

$167,234

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

          
          
       

 % Change 

 

 % Change 

       

3 Months ended

 

12 Months ended

Same Facility:

      

12/31/2022

 

12/31/2022

          

Acute Care Hospitals

         

Revenues

      

2.6 %

 

4.1 %

Adjusted Admissions

      

5.5 %

 

3.1 %

Adjusted Patient Days

      

1.6 %

 

0.9 %

Revenue Per Adjusted Admission

      

-3.8 %

 

-0.3 %

Revenue Per Adjusted Patient Day

      

-0.2 %

 

1.9 %

          

Behavioral Health Hospitals

         

Revenues

      

4.3 %

 

4.2 %

Adjusted Admissions

      

0.7 %

 

0.7 %

Adjusted Patient Days

      

2.0 %

 

1.2 %

Revenue Per Adjusted Admission

      

3.4 %

 

4.0 %

Revenue Per Adjusted Patient Day

      

2.2 %

 

3.5 %

          

UHS Consolidated

  

Fourth Quarter Ended

 

Twelve Months Ended

   

12/31/2022

 

12/31/2021

 

12/31/2022

 

12/31/2021

          

Revenues

  

$3,446,980

 

$3,275,251

 

$13,399,370

 

$12,642,117

EBITDA net of NCI

  

$419,026

 

$464,541

 

$1,593,637

 

$1,914,156

EBITDA Margin net of NCI

  

12.2 %

 

14.2 %

 

11.9 %

 

15.1 %

Adjusted EBITDA net of NCI

  

$471,738

 

$452,225

 

$1,661,593

 

$1,900,265

Adjusted EBITDA Margin net of NCI

  

13.7 %

 

13.8 %

 

12.4 %

 

15.0 %

          

Cash Flow From Operations

  

$297,304

 

$322,020

 

$996,023

 

$883,695

Days Sales Outstanding

  

54

 

49

 

55

 

50

Capital Expenditures  

  

$164,446

 

$189,634

 

$734,001

 

$855,659

          

Debt 

      

$4,807,980

 

$4,190,288

UHS' Shareholders Equity

      

$5,920,582

 

$6,089,664

Debt / Total Capitalization

      

44.8 %

 

40.8 %

Debt / EBITDA net of NCI (1)

      

3.02

 

2.19

Debt / Adjusted EBITDA net of NCI (1)

     

2.89

 

2.21

Debt / Cash From Operations (1)

      

4.83

 

4.74

          

(1) Latest 4 quarters.

         

Universal Health Services, Inc.

Acute Care Hospital Services

For the Three and Twelve Months ended

December 31, 2022 and 2021

(in thousands)

                 
                 

Same Facility Basis - Acute Care Hospital Services

                
                 
  

Three months ended

 

Three months ended

 

Twelve months ended

 

Twelve months ended

  

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

  

Amount

 

% of Net
Revenues 

 

Amount

 

% of Net
Revenues 

 

Amount

 

% of Net
Revenues 

 

Amount

 

% of Net
Revenues 

Net revenues

 

$1,862,515

 

100.0 %

 

$1,815,364

 

100.0 %

 

$7,281,739

 

100.0 %

 

$6,998,257

 

100.0 %

Operating charges:

                

Salaries, wages and benefits

 

816,516

 

43.8 %

 

810,580

 

44.7 %

 

3,221,550

 

44.2 %

 

2,964,934

 

42.4 %

Other operating expenses

 

480,121

 

25.8 %

 

444,753

 

24.5 %

 

1,860,791

 

25.6 %

 

1,661,418

 

23.7 %

Supplies expense

 

320,978

 

17.2 %

 

322,020

 

17.7 %

 

1,224,070

 

16.8 %

 

1,224,499

 

17.5 %

Depreciation and amortization

 

91,848

 

4.9 %

 

82,801

 

4.6 %

 

361,354

 

5.0 %

 

329,755

 

4.7 %

Lease and rental expense

 

22,845

 

1.2 %

 

19,725

 

1.1 %

 

76,649

 

1.1 %

 

75,391

 

1.1 %

Subtotal-operating expenses

 

1,732,308

 

93.0 %

 

1,679,879

 

92.5 %

 

6,744,414

 

92.6 %

 

6,255,997

 

89.4 %

Income from operations

 

130,207

 

7.0 %

 

135,485

 

7.5 %

 

537,325

 

7.4 %

 

742,260

 

10.6 %

Interest expense, net

 

(241)

 

(0.0) %

 

257

 

0.0 %

 

1,109

 

0.0 %

 

1,006

 

0.0 %

Other (income) expense, net

 

687

 

0.0 %

 

131

 

0.0 %

 

1,493

 

0.0 %

 

567

 

0.0 %

Income before income taxes

 

$129,761

 

7.0 %

 

$135,097

 

7.4 %

 

$534,723

 

7.3 %

 

$740,687

 

10.6 %

                 
                 
                 

All Acute Care Hospital Services

                
                 
  

Three months ended

 

Three months ended

 

Twelve months ended

 

Twelve months ended

  

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

  

Amount

 

% of Net
Revenues

 

Amount

 

% of Net
Revenues 

 

Amount

 

% of Net
Revenues

 

Amount

 

% of Net
Revenues 

Net revenues

 

$1,939,239

 

100.0 %

 

$1,837,254

 

100.0 %

 

$7,646,749

 

100.0 %

 

$7,108,254

 

100.0 %

Operating charges:

                

Salaries, wages and benefits

 

834,647

 

43.0 %

 

811,080

 

44.1 %

 

3,332,535

 

43.6 %

 

2,968,140

 

41.8 %

Other operating expenses

 

596,152

 

30.7 %

 

466,768

 

25.4 %

 

2,146,196

 

28.1 %

 

1,772,312

 

24.9 %

Supplies expense

 

329,129

 

17.0 %

 

322,010

 

17.5 %

 

1,264,688

 

16.5 %

 

1,224,664

 

17.2 %

Depreciation and amortization

 

97,557

 

5.0 %

 

83,046

 

4.5 %

 

383,115

 

5.0 %

 

331,508

 

4.7 %

Lease and rental expense

 

23,330

 

1.2 %

 

19,715

 

1.1 %

 

86,654

 

1.1 %

 

75,391

 

1.1 %

Subtotal-operating expenses

 

1,880,815

 

97.0 %

 

1,702,619

 

92.7 %

 

7,213,188

 

94.3 %

 

6,372,015

 

89.6 %

Income from operations

 

58,424

 

3.0 %

 

134,635

 

7.3 %

 

433,561

 

5.7 %

 

736,239

 

10.4 %

Interest expense, net

 

(241)

 

(0.0) %

 

257

 

0.0 %

 

1,109

 

0.0 %

 

1,006

 

0.0 %

Other (income) expense, net

 

1,982

 

0.1 %

 

131

 

0.0 %

 

2,788

 

0.0 %

 

567

 

0.0 %

Income before income taxes

 

$56,683

 

2.9 %

 

$134,247

 

7.3 %

 

$429,664

 

5.6 %

 

$734,666

 

10.3 %

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 material 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 and intangible 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 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, 2022.

The All Acute Care Hospital Services table 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 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.

Behavioral Health Care Services

For the Three and Twelve Months ended

December 31, 2022 and 2021

(in thousands)

                 
                 

Same Facility - Behavioral Health Care Services

                
                 
  

Three months ended

 

Three months ended

 

Twelve months ended

 

Twelve months ended

  

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

  

Amount

 

% of Net
Revenues 

 

Amount

 

% of Net
Revenues 

 

Amount

 

% of Net
Revenues 

 

Amount

 

% of Net
Revenues 

Net revenues

 

$1,446,835

 

100.0 %

 

$1,387,252

 

100.0 %

 

$5,595,179

 

100.0 %

 

$5,371,512

 

100.0 %

Operating charges:

                

Salaries, wages and benefits

 

787,332

 

54.4 %

 

738,503

 

53.2 %

 

3,075,718

 

55.0 %

 

2,863,708

 

53.3 %

Other operating expenses

 

260,220

 

18.0 %

 

261,506

 

18.9 %

 

1,071,443

 

19.1 %

 

1,036,089

 

19.3 %

Supplies expense

 

53,160

 

3.7 %

 

51,914

 

3.7 %

 

210,136

 

3.8 %

 

202,816

 

3.8 %

Depreciation and amortization

 

46,507

 

3.2 %

 

46,426

 

3.3 %

 

180,958

 

3.2 %

 

183,843

 

3.4 %

Lease and rental expense

 

10,631

 

0.7 %

 

9,439

 

0.7 %

 

42,657

 

0.8 %

 

40,438

 

0.8 %

Subtotal-operating expenses

 

1,157,850

 

80.0 %

 

1,107,788

 

79.9 %

 

4,580,912

 

81.9 %

 

4,326,894

 

80.6 %

Income from operations

 

288,985

 

20.0 %

 

279,464

 

20.1 %

 

1,014,267

 

18.1 %

 

1,044,618

 

19.4 %

Interest expense, net

 

992

 

0.1 %

 

991

 

0.1 %

 

3,749

 

0.1 %

 

3,312

 

0.1 %

Other (income) expense, net

 

(4,921)

 

(0.3) %

 

(339)

 

(0.0) %

 

(6,343)

 

(0.1) %

 

96

 

0.0 %

Income before income taxes

 

292,914

 

20.2 %

 

$278,812

 

20.1 %

 

$1,016,861

 

18.2 %

 

$1,041,210

 

19.4 %

                 
                 
                 

All Behavioral Health Care Services

                
                 
  

Three months ended

 

Three months ended

 

Twelve months ended

 

Twelve months ended

  

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

  

Amount

 

% of Net
Revenues

 

Amount

 

% of Net
Revenues 

 

Amount

 

% of Net
Revenues

 

Amount

 

% of Net
Revenues 

Net revenues

 

$1,494,543

 

100.0 %

 

$1,428,517

 

100.0 %

 

$5,729,758

 

100.0 %

 

$5,503,644

 

100.0 %

Operating charges:

                

Salaries, wages and benefits

 

796,455

 

53.3 %

 

748,293

 

52.4 %

 

3,107,216

 

54.2 %

 

2,893,028

 

52.6 %

Other operating expenses

 

302,908

 

20.3 %

 

298,099

 

20.9 %

 

1,201,563

 

21.0 %

 

1,145,879

 

20.8 %

Supplies expense

 

53,471

 

3.6 %

 

52,567

 

3.7 %

 

211,786

 

3.7 %

 

204,840

 

3.7 %

Depreciation and amortization

 

47,752

 

3.2 %

 

46,891

 

3.3 %

 

186,555

 

3.3 %

 

187,761

 

3.4 %

Lease and rental expense

 

11,065

 

0.7 %

 

9,914

 

0.7 %

 

43,868

 

0.8 %

 

41,703

 

0.8 %

Subtotal-operating expenses

 

1,211,651

 

81.1 %

 

1,155,764

 

80.9 %

 

4,750,988

 

82.9 %

 

4,473,211

 

81.3 %

Income from operations

 

282,892

 

18.9 %

 

272,753

 

19.1 %

 

978,770

 

17.1 %

 

1,030,433

 

18.7 %

Interest expense, net

 

1,217

 

0.1 %

 

1,216

 

0.1 %

 

5,323

 

0.1 %

 

4,780

 

0.1 %

Other (income) expense, net

 

(4,921)

 

(0.3) %

 

(339)

 

(0.0) %

 

(6,843)

 

(0.1) %

 

96

 

0.0 %

Income before income taxes

 

286,596

 

19.2 %

 

$271,876

 

19.0 %

 

$980,290

 

17.1 %

 

$1,025,557

 

18.6 %

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 material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments, lawsuits and reserves established in connection with the government's investigation of our behavioral health care facilities, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of long-lived and intangible 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, 2022.

The All Behavioral Health Care Services table 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 as well as the results of certain facilities that were closed or restructured during the past year.

Universal Health Services, Inc.

Selected Hospital Statistics

For the Three Months ended

December 31, 2022 and 2021

             
             

AS REPORTED:

            
             
             
  

ACUTE

 

BEHAVIORAL HEALTH

  

12/31/22

 

12/31/21

 

%  change

 

12/31/22

 

12/31/21

 

%  change

             

Hospitals owned and leased

 

28

 

27

 

3.7 %

 

331

 

335

 

-1.2 %

Average licensed beds

 

6,987

 

6,654

 

5.0 %

 

24,228

 

24,154

 

0.3 %

Average available beds

 

6,815

 

6,482

 

5.1 %

 

24,128

 

24,054

 

0.3 %

Patient days

 

401,363

 

397,498

 

1.0 %

 

1,560,526

 

1,526,510

 

2.2 %

Average daily census

 

4,362.6

 

4,320.6

 

1.0 %

 

16,962.2

 

16,592.5

 

2.2 %

Occupancy-licensed beds

 

62.4 %

 

64.9 %

 

-3.8 %

 

70.0 %

 

68.7 %

 

1.9 %

Occupancy-available beds

 

64.0 %

 

66.7 %

 

-4.0 %

 

70.3 %

 

69.0 %

 

1.9 %

Admissions

 

81,314

 

77,352

 

5.1 %

 

112,272

 

111,132

 

1.0 %

Length of stay

 

4.9

 

5.1

 

-3.9 %

 

13.9

 

13.7

 

1.2 %

             

Inpatient revenue

 

$10,182,914

 

$9,242,661

 

10.2 %

 

$2,536,091

 

$2,455,659

 

3.3 %

Outpatient revenue

 

6,452,816

 

5,352,067

 

20.6 %

 

257,601

 

257,479

 

0.0 %

Total patient revenue

 

16,635,730

 

14,594,728

 

14.0 %

 

2,793,692

 

2,713,138

 

3.0 %

Other revenue

 

203,952

 

174,909

 

16.6 %

 

82,734

 

79,961

 

3.5 %

Gross hospital revenue

 

16,839,682

 

14,769,637

 

14.0 %

 

2,876,426

 

2,793,099

 

3.0 %

Total deductions

 

14,900,443

 

12,932,383

 

15.2 %

 

1,381,883

 

1,364,582

 

1.3 %

Net hospital revenue 

 

$1,939,239

 

$1,837,254

 

5.6 %

 

$1,494,543

 

$1,428,517

 

4.6 %

             
             

SAME FACILITY:

            
             
  

ACUTE

 

BEHAVIORAL HEALTH

  

12/31/22

 

12/31/21

 

%  change

 

12/31/22

 

12/31/21

 

%  change

             

Hospitals owned and leased

 

27

 

27

 

0.0 %

 

327

 

327

 

0.0 %

Average licensed beds

 

6,829

 

6,654

 

2.6 %

 

23,770

 

23,710

 

0.3 %

Average available beds

 

6,657

 

6,482

 

2.7 %

 

23,670

 

23,610

 

0.3 %

Patient days

 

396,566

 

397,498

 

-0.2 %

 

1,540,365

 

1,507,742

 

2.2 %

Average daily census

 

4,310.5

 

4,320.6

 

-0.2 %

 

16,743.1

 

16,388.5

 

2.2 %

Occupancy-licensed beds

 

63.1 %

 

64.9 %

 

-2.8 %

 

70.4 %

 

69.1 %

 

1.9 %

Occupancy-available beds

 

64.8 %

 

66.7 %

 

-2.9 %

 

70.7 %

 

69.4 %

 

1.9 %

Admissions

 

80,105

 

77,352

 

3.6 %

 

110,378

 

109,380

 

0.9 %

Length of stay

 

5.0

 

5.1

 

-3.7 %

 

14.0

 

13.8

 

1.2 %

Universal Health Services, Inc.

Selected Hospital Statistics

For the Twelve Months ended

December 31, 2022 and 2021

             
             

AS REPORTED:

            
             
             
  

ACUTE

 

BEHAVIORAL HEALTH

  

12/31/22

 

12/31/21

 

%  change

 

12/31/22

 

12/31/21

 

%  change

             

Hospitals owned and leased

 

28

 

27

 

3.7 %

 

331

 

335

 

-1.2 %

Average licensed beds

 

6,923

 

6,566

 

5.4 %

 

24,259

 

24,132

 

0.5 %

Average available beds

 

6,751

 

6,394

 

5.6 %

 

24,159

 

24,030

 

0.5 %

Patient days

 

1,569,611

 

1,568,639

 

0.1 %

 

6,230,124

 

6,162,780

 

1.1 %

Average daily census

 

4,300.3

 

4,297.6

 

0.1 %

 

17,068.8

 

16,884.3

 

1.1 %

Occupancy-licensed beds

 

62.1 %

 

65.5 %

 

-5.1 %

 

70.4 %

 

70.0 %

 

0.6 %

Occupancy-available beds

 

63.7 %

 

67.2 %

 

-5.2 %

 

70.7 %

 

70.3 %

 

0.6 %

Admissions

 

311,537

 

305,296

 

2.0 %

 

459,245

 

457,006

 

0.5 %

Length of stay

 

5.0

 

5.1

 

-1.9 %

 

13.6

 

13.5

 

0.6 %

             

Inpatient revenue

 

$40,004,670

 

$36,522,155

 

9.5 %

 

$10,116,566

 

$9,927,401

 

1.9 %

Outpatient revenue

 

24,813,718

 

20,633,921

 

20.3 %

 

1,031,370

 

1,013,547

 

1.8 %

Total patient revenue

 

64,818,388

 

57,156,076

 

13.4 %

 

11,147,936

 

10,940,948

 

1.9 %

Other revenue

 

806,587

 

659,136

 

22.4 %

 

292,018

 

269,435

 

8.4 %

Gross hospital revenue

 

65,624,975

 

57,815,212

 

13.5 %

 

11,439,954

 

11,210,383

 

2.0 %

Total deductions

 

57,978,226

 

50,706,958

 

14.3 %

 

5,710,196

 

5,706,739

 

0.1 %

Net hospital revenue 

 

$7,646,749

 

$7,108,254

 

7.6 %

 

$5,729,758

 

$5,503,644

 

4.1 %

             
             

SAME FACILITY:

            
             
  

ACUTE

 

BEHAVIORAL HEALTH

  

12/31/22

 

12/31/21

 

%  change

 

12/31/22

 

12/31/21

 

%  change

             

Hospitals owned and leased

 

27

 

27

 

0.0 %

 

327

 

327

 

0.0 %

Average licensed beds

 

6,760

 

6,566

 

3.0 %

 

23,835

 

23,749

 

0.4 %

Average available beds

 

6,588

 

6,394

 

3.0 %

 

23,735

 

23,647

 

0.4 %

Patient days

 

1,546,067

 

1,568,639

 

-1.4 %

 

6,164,887

 

6,091,704

 

1.2 %

Average daily census

 

4,235.8

 

4,297.6

 

-1.4 %

 

16,890.1

 

16,689.6

 

1.2 %

Occupancy-licensed beds

 

62.7 %

 

65.5 %

 

-4.3 %

 

70.9 %

 

70.3 %

 

0.8 %

Occupancy-available beds

 

64.3 %

 

67.2 %

 

-4.3 %

 

71.2 %

 

70.6 %

 

0.8 %

Admissions

 

307,462

 

305,296

 

0.7 %

 

452,772

 

449,670

 

0.7 %

Length of stay

 

5.0

 

5.1

 

-2.1 %

 

13.6

 

13.5

 

0.5 %

Universal Health Services, Inc.

Supplemental Non-GAAP Disclosures

2023 Operating Results Forecast

(in thousands, except per share amounts)

          
          
   

Forecast For The Year Ending December 31, 2023

     

% Net

   

% Net

   

Low

 

revenues

 

High

 

revenues

Net revenues

  

$14,044,000

   

$14,314,000

  
          

Adjusted net income attributable to UHS (a)

 

$664,317

   

$733,766

  
          

 Depreciation and amortization

  

594,393

   

594,393

  

 Interest expense

  

197,960

   

197,960

  

 Other (income) expense, net

  

(3,256)

   

(3,256)

  

 Provision for income taxes

  

208,636

   

230,447

  

Adjusted EBITDA net of NCI (b)

  

$1,662,050

 

11.8 %

 

$1,753,310

 

12.2 %

          

Adjusted net income attributable to UHS, per diluted share (a)

$9.50

   

$10.50

  
          

Shares used in computing diluted earnings per share

69,847

   

69,847

  

(a) Adjusted net income attributable to UHS/per diluted share are non-GAAP financial measures.  The 2023 forecasted amounts exclude the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as pre-tax unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, and other potential material items including, but not limited to, reserves for various matters including settlements, legal judgments and lawsuits, potential impacts of non-ordinary course acquisitions, divestitures, joint ventures or other strategic transactions, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, impairment of long-lived and intangible assets, other amounts that may be reflected in the current financial statements that relate to prior periods, and the impact of share repurchases that differ from our forecasted assumptions. It is also subject to certain conditions including those as set forth in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures.

(b) Adjusted EBITDA net of NCI is a non-GAAP financial measure.  To obtain a complete understanding of our financial performance, Adjusted EBITDA net of NCI 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, 2022.

Stock Quote

Featured Stock

ClearPoint Neuro

ClearPoint Neuro is a global therapy-enabling platform company providing stereotactic navigation and delivery to the brain. Applications of our ClearPoint Neuro Navigation System include electrode lead placement, placement of catheters, and biopsy. The platform has FDA clearance and is...

CLICK TO LEARN MORE

Featured Stock

Astria Therapeutics

Astria Therapeutics is a biopharmaceutical company, and our mission is to bring life-changing therapies to patients and families affected by rare and niche allergic and immunological diseases. Our lead program, STAR-0215, is a monoclonal antibody inhibitor of plasma kallikrein in clinical development...

CLICK TO LEARN MORE

End of content

No more pages to load

Next page

COPYRIGHT ©2023 HEALTH STOCKS HUB