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Universal Health Services, Inc. Reports 2020 Third Quarter Financial Results

KING OF PRUSSIA, Pa., Oct. 29, 2020 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $241.3 million, or $2.82 per diluted share, during the third quarter of 2020, as compared to $97.2 million, or $1.10 per diluted share, during the comparable quarter of 2019.  Net revenues increased 3.2% to $2.913 billion during the third quarter of 2020 as compared to $2.822 billion during the third quarter of 2019.

As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the third quarter of 2020 was $246.5 million, or $2.88 per diluted share, as compared to $176.3 million, or $1.99 per diluted share, during the third quarter of 2019. 

Included in our reported and adjusted net income attributable to UHS during the three-month period ended September 30, 2020 were the following:

  • A favorable impact of approximately $21.4 million, or $0.25 per diluted share, resulting from $28 million of net revenues recorded in connection with the California Medicaid supplemental payment program related to our acute care hospitals. Approximately $11 million of these supplemental revenues were attributable to the first nine months of 2020 and $17 million were attributable to prior years, and;
  • An unfavorable impact of approximately $4.7 million, or $0.06 per diluted share, resulting from a reversal of previously recorded grant income revenues of approximately $5 million, as provided for by the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), as discussed below in CARES Act and Other Governmental Grants and Medicare Accelerated Payments.

As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2020, was a net aggregate unfavorable after-tax impact of $5.2 million, or $.06 per diluted share, consisting of the following: (i) an after-tax unrealized loss of $2.1 million, or $.02 per diluted share, ($2.7 million pre-tax which is included in "Other (income) expense, net"), resulting from a decrease in the market value of shares of certain marketable securities held for investment and classified as available for sale, and; (ii) a unfavorable after-tax impact of $3.1 million, or $.04 per diluted share, resulting from our adoption of ASU 2016-09, "Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09").

As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2019, is an aggregate net unfavorable after-tax impact of $79.1 million, or $.89 per diluted share, resulting from: (i) an unfavorable after-tax impact of $74.6 million, or $.84 per diluted share, resulting from a $97.6 million provision for asset impairment recorded in connection with Foundations Recovery Network, L.L.C.; (ii) an unfavorable after-tax impact of $6.2 million, or $.07 per diluted share, resulting from the non-deductible portion of the net federal and state income taxes due on the settlement finalized in July, 2020 with the Department of Justice, Civil Division, and; (iii) a favorable after-tax impact of $1.7 million, or $.02 per diluted share, resulting from our adoption of ASU 2016-09.

Included in our reported and our adjusted net income attributable to UHS during the third quarter of 2019 is a pre-tax unrealized loss of $15.2 million, or $.13 per diluted share (included in "Other (income) expense, net"), resulting from a decrease in the market value of shares of certain marketable securities held for investment and classified as available for sale.  

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 $471.0 million during the third quarter of 2020, as compared to $297.4 million during the third quarter of 2019. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, and the above-mentioned provision for asset impairment recorded during the third quarter of 2019, was $472.8 million during the third quarter of 2020 as compared to $404.4 million during the third quarter of 2019.

COVID-19

The impact of the COVID-19 pandemic, which began during the second half of March, 2020, has had a material unfavorable effect on our operations and financial results since that time, before giving effect to the revenues recorded in connection with the CARES Act and other governmental grants as discussed below in CARES Act and Other Governmental Grants and Medicare Accelerated Payments. Patient volumes at both our acute care and behavioral health care facilities were most significantly reduced in March and April. Our acute care and behavioral health facilities began experiencing gradual and continued improvement in patient volumes since May as various states eased stay-at-home restrictions and acute care hospitals were permitted to resume elective surgeries and procedures.  Although many of our acute care and behavioral health facilities are located in states that have continued to experience intermittent increases in COVID-19 infections, non-COVID-19 patient volumes at our hospitals have not been as dramatically impacted in recent months by increases experienced from time-to-time in COVID-19 patient volumes. We believe that the adverse impact that COVID-19 will have on our future operations and financial results will depend upon many factors, most of which are beyond our capability to control or predict. 

Consolidated Results of Operations, As Reported and As Adjusted  – Nine-month periods ended September 30, 2020 and 2019:

Reported net income attributable to UHS was $635.2 million, or $7.40 per diluted share, during the nine-month period ended September 30, 2020, as compared to $569.7 million, or $6.35 per diluted share, during the first nine months of 2019.  Net revenues decreased slightly to $8.472 billion during the first nine months of 2020 as compared to $8.482 billion during the comparable period of 2019.

As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the nine-month period ended September 30, 2020 was $646.9 million, or $7.53 per diluted share, as compared to $646.7 million, or $7.21 per diluted share, during the first nine months of 2019. 

Our reported and adjusted net income attributable to UHS during the nine-month period ended September 30, 2020 included the following:

  • A favorable impact of $157.2 million, or $1.84 per diluted share, resulting from the recording of approximately $213 million of grant income revenues, as discussed below in CARES Act and Other Governmental Grants and Medicare Accelerated Payments, and;
  • A favorable impact of $21.4 million, or $0.25 per diluted share, resulting from the above-mentioned $28 million of net revenues recorded during the third quarter of 2020 in connection with the California Medicaid supplemental payment program.

As reflected on the Supplemental Schedule, included in our reported results during the nine-month period ended September 30, 2020, was a net aggregate unfavorable after-tax impact of $11.6 million, or $.13 per diluted share, consisting of the following: (i) an after-tax unrealized loss of $7.2 million, or $.08 per diluted share, ($9.4 million pre-tax which is included in "Other (income) expense, net"), resulting from a decrease in the market value of shares of certain marketable securities held for investment and classified as available for sale, and; (ii) an unfavorable after-tax impact of $4.4 million, or $.05 per diluted share, resulting from our adoption of ASU 2016-09.

As reflected on the Supplemental Schedule, included in our reported results during the nine-month period ended September 30, 2019, is an aggregate net unfavorable after-tax impact of $77.0 million, or $.86 per diluted share, resulting from: (i) an unfavorable after-tax impact of $74.6 million, or $.84 per diluted share, resulting from a $97.6 million provision for asset impairment recorded in connection with Foundations Recovery Network, L.L.C.; (ii) an unfavorable after-tax impact of $14.6 million, or $.16 per diluted share, resulting from the non-deductible portion of the net federal and state income taxes due on the settlement finalized in July, 2020 with the Department of Justice, Civil Division, and; (iii) a favorable after-tax impact of $12.1 million, or $.14 per diluted share, resulting from our adoption of ASU 2016-09.

Included in our reported and our adjusted net income attributable to UHS during the nine-month period ended September 30, 2019 is a pre-tax unrealized loss of $12.5 million, or $.11 per diluted share (included in "Other (income) expense, net"), resulting from a decrease in the market value of shares of certain marketable securities held for investment and classified as available for sale.  

As calculated on the attached Supplemental Schedule, our EBITDA net of NCI was $1.303 billion during the first nine months of 2020, as compared to $1.222 billion during the first nine months of 2019. Our Adjusted EBITDA net of NCI, which excludes the impact of other (income) expense, net, and the increase in the Department of Justice settlement reserve and the provision for asset impairment, both of which were recorded during the first nine months of 2019, was $1.311 billion during the nine-month period ended September 30, 2020 and $1.336 billion during the comparable period of 2019.

Acute Care Services – Three and nine-month periods ended September 30, 2020 and 2019:

During the third quarter of 2020, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) decreased 17.3% and adjusted patient days decreased 1.6%, as compared to the third quarter of 2019. At these facilities, excluding the CARES Act and other grant income revenues of approximately $4 million recorded during the third quarter of 2020, net revenue per adjusted admission increased 26.2% while net revenue per adjusted patient day increased 6.0% during the third quarter of 2020 as compared to the third quarter of 2019. During the third quarter of 2020, as compared to the third quarter of 2019, net revenues generated from our acute care services on a same facility basis increased 5.5% including the impact of the CARES Act and other grant income revenues, and increased 5.2% excluding the impact of the CARES Act and other grant income revenues.

During the nine-month period ended September 30, 2020, at our acute care hospitals on a same facility basis, adjusted admissions decreased 15.4% and adjusted patient days decreased 6.6%, as compared to the first nine months of 2019. At these facilities, excluding the CARES Act and other grant income revenues of approximately $161 million recorded during the first nine months of 2020, net revenue per adjusted admission increased 13.8% while net revenue per adjusted patient day increased 3.0% during the nine-month period ended September 30, 2020 as compared to the comparable nine-month period of 2019. During the first nine months of 2020, as compared to the comparable period of 2019, net revenues generated from our acute care services on a same facility basis increased 0.8% including the CARES Act and other grant income revenues, and decreased 2.8% excluding the CARES Act and other grant income revenues.

Behavioral Health Care Services – Three and nine-month periods ended September 30, 2020 and 2019:

During the third quarter of 2020, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased 5.6% while adjusted patient days decreased 3.6% as compared to the third quarter of 2019. At these facilities, excluding the impact of the CARES Act and other grant income revenue reversal of approximately $9 million recorded during the third quarter of 2020, net revenue per adjusted admission increased 8.0% while net revenue per adjusted patient day increased 5.7% during the third quarter of 2020 as compared to the comparable quarter in 2019. During the third quarter of 2020, as compared to the third quarter of 2019, net revenues generated from our behavioral health care services on a same facility basis increased 1.2% including the impact of the CARES Act and other grant income revenue reversal, and increased 1.9% excluding the impact of the CARES Act and other grant income revenue reversal.     

During the nine-month period ended September 30, 2020, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased 7.6% and adjusted patient days decreased 5.1%, as compared to the first nine months of 2019. At these facilities, excluding the CARES Act and other grant income revenues of approximately $52 million recorded during the first nine months of 2020, net revenue per adjusted admission increased 6.6% while net revenue per adjusted patient day increased 3.8% during the first nine months of 2020 as compared to the comparable period of 2019. During the first nine months of 2020, as compared to the comparable period of 2019, net revenues generated from our behavioral health care services on a same facility basis decreased 0.2% including the CARES Act and other grant income revenues, and decreased 1.5% excluding the CARES Act and other grant income revenues.

Net Cash Provided by Operating Activities and Liquidity:

Net Cash Provided by Operating Activities:

For the nine months ended September 30, 2020, our net cash provided by operating activities increased to $2.218 billion as compared to $1.105 billion generated during the first nine months of 2019.

The $1.113 billion net increase was due to: (i) a favorable change of $878 million resulting from the Medicare accelerated payments and deferred CARES Act and other grants; (ii) a favorable change of $111 million due to the payment deferral of the employer's share of Social Security taxes, as provided for by the CARES Act; (iii) a favorable change of $52 million in accrued and deferred income taxes; (iv) a favorable change of $49 million in accounts receivable; (v) a favorable change $30 million in other working capital accounts due primarily to the timing of accounts payable disbursements, and; (vi) $7 million of other combined net unfavorable changes.   

Liquidity:

As of September 30, 2020, there were no borrowings outstanding pursuant to our $1 billion revolving credit facility or our $450 million accounts receivable securitization program.  As of that date, we had $1.447 billion of aggregate available borrowing capacity pursuant to the terms of these debt facilities, net of outstanding letters of credit.    

In addition, as of September 30, 2020, we had approximately $1.101 billion of cash and cash equivalents.  

CARES Act and Other Governmental Grants and Medicare Accelerated Payments:

As of September 30, 2020, we have received an aggregate of $1.091 billion as follows:

  • Approximately $396 million of funds received from various governmental stimulus programs, most notably the Public Health and Social Services Emergency Fund, as provided for by the CARES Act.
    • Included in our reported and adjusted net income attributable to UHS for the three-month period ended September 30, 2020, was an unfavorable impact of $4.7 million, or $0.06 per diluted share, resulting from a reversal of previously recorded CARES Act and other grant income revenues of approximately $5 million. During the third quarter of 2020, approximately $4 million of grant income revenues were recorded by our acute care services, while our behavioral health services reversed approximately $9 million of previously recorded CARES Act and other grant income revenues.
    • Included in our reported and adjusted net income attributable to UHS for the nine-month period ended September 30, 2020, was the favorable impact of $157.2 million, or $1.84 per diluted share, resulting from the recording of approximately $213 million of CARES Act and other grant income revenues. Approximately $161 million of the grant income revenues were attributable to our acute care services and approximately $52 million were attributable to our behavioral health care services.
    • As of September 30, 2020, approximately $183 million of these funds remain in the Medicare accelerated payments and deferred CARES Act and other grants liability account in our condensed consolidated balance sheet.
  • Approximately $695 million of Medicare accelerated payments received. Pursuant to legislation enacted on October 1, 2020, these funds are required to be repaid to the government beginning in the second quarter of 2021 through the third quarter of 2022 through withholding of future Medicare revenues earned during those periods. There was no impact on our earnings during the three and nine-month periods ended September 30, 2020 in connection with receipt of these funds. As of September 30, 2020, the funds are included in the Medicare accelerated payments and deferred CARES Act and other grants liability account in our condensed balance sheet.

We recognized grant income net revenues related to the CARES Act and other governmental grant funding based on information available at September 30, 2020 based upon laws and regulations governing the funding as well as interpretations issued by the Department of Health and Human Services ("HHS").  In October 2020, HHS issued new reporting requirements for the CARES Act funding. Due to these new reporting requirements and various interpretations, there is at least a reasonable possibility that amounts recorded under CARES Act funding will change in future periods. 

Update on Previously Disclosed Information Technology Incident:

As previously disclosed on September 29, 2020, we experienced an information technology security incident in the early morning hours of September 27, 2020. As a result of this cyberattack, we suspended user access to our information technology applications related to operations located in the United States. While our information technology applications were offline, patient care was delivered safely and effectively at our facilities across the country utilizing established back-up processes, including offline documentation methods.

Since that time, our information technology applications have been restored at our acute care and behavioral health hospitals, as well as at the corporate level, thereby re-establishing connections to all major systems and applications, including electronic medical records, laboratory and pharmacy systems. With the back-loading of data substantially complete at this point, our hospitals are resuming normal operations.

We have worked diligently with our information technology security partners to restore our information technology infrastructure and business operations as quickly as possible.  In parallel, we immediately began investigating the nature and potential impact of the security incident and engaged third-party information technology and forensic vendors to assist. Although the investigation remains ongoing, no evidence of unauthorized access, copying or misuse of any patient or employee data has been identified to date.  

Conference call information:

We will hold a conference call for investors and analysts at 10:00 a.m. eastern time on October 30, 2020. 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. Also, a replay of the call will be available following the conclusion of the live call and will be available for one full year.

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

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 were approximately $11.4 billion during 2019. In 2020, UHS was again recognized as one of the World's Most Admired Companies by Fortune; ranked #281 on the Fortune 500; and listed #330 in Forbes ranking of U.S.' Largest 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.  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 more than 90,000 employees and through its subsidiaries operates 26 acute care hospitals, 330 behavioral health facilities, 41 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 37 U.S. states, Washington, D.C., Puerto Rico and the United Kingdom. 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 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-Q for the quarterly period ended June 30, 2020), 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. Our future operations and financial results will likely be materially impacted by developments related to COVID-19 including, but not limited to, the length of time and severity of the spread of the pandemic; the volume of cancelled or rescheduled elective procedures and the volume of COVID-19 patients treated at our hospitals and other healthcare facilities; measures we are taking to respond to the COVID-19 pandemic; the impact of government and administrative regulation and stimulus on the hospital industry and potential retrospective adjustment in future periods of CARES Act and other grant income revenues recorded as revenues in prior periods; declining patient volumes and unfavorable changes in payer mix caused by deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients as the result of business closings and layoffs); potential disruptions to our clinical staffing and shortages and disruptions related to supplies required for our employees and patients; and potential increases to expenses related to staffing, supply chain or other expenditures; the impact of our substantial indebtedness and the ability to refinance such indebtedness on acceptable terms, as well as risks associated with disruptions in the financial markets and the business of financial institutions as the result of the COVID-19 pandemic which could impact us from a financing perspective; and changes in general economic conditions nationally and regionally in our markets resulting from the COVID-19 pandemic. We are not able to fully quantify the impact that these factors will have on our future financial results, but expect developments related to the COVID-19 pandemic to materially affect our financial performance in 2020.  In addition, although we are unable to quantify the ultimate impact of the above-mentioned information technology security incident that we experienced in late September, 2020, the incident could have an adverse effect on our future results of operations.

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, our adoption of ASU 2016-09, unrealized gains/losses resulting from changes in the market value of shares of certain marketable securities held for investment and classified as available for sale, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of long-lived and intangible assets, changes in the reserve established in connection with our discussions with the Department of Justice, 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 Reports on Form 10-K for the year ended December 31, 2019 and Form 10-Q for the quarterly period ended June 30, 2020. 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


Nine months


ended September 30,


ended September 30,


2020


2019


2020


2019









Net revenues

$2,912,541


$2,822,453


$8,471,962


$8,482,012









Operating charges:








   Salaries, wages and benefits

1,406,348


1,408,226


4,147,027


4,157,253

   Other operating expenses

666,665


762,174


1,982,202


2,079,518

   Supplies expense

335,409


313,936


936,808


927,256

   Depreciation and amortization

125,961


121,528


376,563


362,736

   Lease and rental expense

28,488


27,660


84,967


80,320


2,562,871


2,633,524


7,527,567


7,607,083









Income from operations

349,670


188,929


944,395


874,929









Interest expense, net

24,575


41,447


86,399


123,574

Other (income) expense, net

1,831


9,407


8,291


6,176









Income before income taxes

323,264


138,075


849,705


745,179









Provision for income taxes

79,172


37,205


204,649


165,646









Net income

244,092


100,870


645,056


579,533









Less:  Net income attributable to








noncontrolling interests ("NCI")

2,813


3,680


9,811


9,855









Net income attributable to UHS

$241,279


$97,190


$635,245


$569,678

















































Basic earnings per share attributable to UHS (a)

$2.84


$1.10


$7.44


$6.36









Diluted earnings per share attributable to UHS (a)

$2.82


$1.10


$7.40


$6.35

 

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)










Three months


Nine months

(a) Earnings per share calculation:

ended September 30,


ended September 30,


2020


2019


2020


2019

Basic and diluted:








Net income attributable to UHS

$241,279


$97,190


$635,245


$569,678

Less: Net income attributable to unvested restricted share grants

(790)


(243)


(1,987)


(1,414)

Net income attributable to UHS - basic and diluted

$240,489


$96,947


$633,258


$568,264









Weighted average number of common shares - basic

84,672


87,952


85,172


89,288









Basic earnings per share attributable to UHS:

$2.84


$1.10


$7.44


$6.36









Weighted average number of common shares

84,672


87,952


85,172


89,288

Add: Other share equivalents

575


403


415


231

Weighted average number of common shares and equiv. - diluted

85,247


88,355


85,587


89,519









Diluted earnings per share attributable to UHS:

$2.82


$1.10


$7.40


$6.35

 

 

Universal Health Services, Inc.

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

For the Three Months ended September 30, 2020 and 2019

(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


September 30, 2020


revenues


September 30, 2019


revenues









Net income attributable to UHS

$241,279




$97,190



   Depreciation and amortization

125,961




121,528



   Interest expense, net

24,575




41,447



   Provision for income taxes

79,172




37,205



EBITDA net of NCI

$470,987


16.2%


$297,370


10.5%









Other (income) expense, net

1,831




9,407



Provision for asset impairment

-




97,631



Adjusted EBITDA net of NCI

$472,818


16.2%


$404,408


14.3%









Net revenues

$2,912,541




$2,822,453











































Calculation of Adjusted Net Income Attributable to UHS










Three months ended


Three months ended


September 30, 2020


September 30, 2019




Per




Per


Amount


Diluted Share


Amount


Diluted Share









Net income attributable to UHS

$241,279


$2.82


$97,190


$1.10

Plus/minus after-tax adjustments:








Unrealized loss on marketable securities held for sale

2,066


0.02


-


-

Increase in DOJ Reserve and related income taxes

-


-


6,214


0.07

Impact of ASU 2016-09

3,137


0.04


(1,724)


(0.02)

Provision for asset impairment

-


-


74,583


0.84

Subtotal adjustments

5,203


0.06


79,073


0.89

Adjusted net income attributable to UHS

$246,482


$2.88


$176,263


$1.99

 

 

Universal Health Services, Inc.

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

For the Nine Months ended September 30, 2020 and 2019

(in thousands, except per share amounts)

(unaudited)

























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










Nine months ended


% Net


Nine months ended


% Net


September 30, 2020


revenues


September 30, 2019


revenues









Net income attributable to UHS

$635,245




$569,678



   Depreciation and amortization

376,563




362,736



   Interest expense, net

86,399




123,574



   Provision for income taxes

204,649




165,646



EBITDA net of NCI

$1,302,856


15.4%


$1,221,634


14.4%









Other (income) expense, net

8,291




6,176



Increase in DOJ Reserve

-




10,978



Provision for asset impairment

-




97,631



Adjusted EBITDA net of NCI

$1,311,147


15.5%


$1,336,419


15.8%









Net revenues

$8,471,962




$8,482,012











































Calculation of Adjusted Net Income Attributable to UHS










Nine months ended


Nine months ended


September 30, 2020


September 30, 2019




Per




Per


Amount


Diluted Share


Amount


Diluted Share









Net income attributable to UHS

$635,245


$7.40


$569,678


$6.35

Plus/minus after-tax adjustments:








Unrealized loss on marketable securities held for sale

7,193


0.08


-


-

Increase in DOJ Reserve and related income taxes

-


-


14,583


0.16

Impact of ASU 2016-09

4,412


0.05


(12,122)


(0.14)

Provision for asset impairment

-


-


74,583


0.84

Subtotal adjustments

11,605


0.13


77,044


0.86

Adjusted net income attributable to UHS

$646,850


$7.53


$646,722


$7.21

 

Universal Health Services, Inc.

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)










Three months


Nine months


ended September 30,


ended September 30,


2020


2019


2020


2019









Net income

$244,092


$100,870


$645,056


$579,533

Other comprehensive income (loss):








   Unrealized derivative gains (losses) on cash flow hedges

0


0


0


(3,925)

   Foreign currency translation adjustment

14,245


(10,089)


(18,280)


(19,192)

Other comprehensive income (loss) before tax

14,245


(10,089)


(18,280)


(23,117)

Income tax expense (benefit) related to items of other comprehensive income (loss)

302


174


(908)


(676)

Total other comprehensive income (loss), net of tax

13,943


(10,263)


(17,372)


(22,441)









Comprehensive income

258,035


90,607


627,684


557,092

Less: Comprehensive income attributable to noncontrolling interests

2,813


3,680


9,811


9,855

Comprehensive income attributable to UHS

$255,222


$86,927


$617,873


$547,237

 

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)












September 30,



December 31,





2020



2019


Assets








Current assets:








    Cash and cash equivalents


$

1,101,230


$

61,268


    Accounts receivable, net



1,574,751



1,560,847


    Supplies



176,105



159,889


    Other current assets



143,072



133,930


          Total current assets



2,995,158



1,915,934










Property and equipment



9,652,778



9,106,377


Less: accumulated depreciation



(4,403,941)



(4,089,679)





5,248,837



5,016,698










Other assets:








    Goodwill



3,854,265



3,869,760


    Deferred income taxes



19,936



16,189


    Right of use assets-operating leases



330,172



326,518


    Deferred charges



5,136



6,373


    Other



556,258



516,778


Total Assets


$

13,009,762


$

11,668,250










Liabilities and Stockholders' Equity








Current liabilities:








    Current maturities of long-term debt


$

94,504


$

87,550


    Accounts payable and other liabilities



1,625,262



1,272,374


    Medicare accelerated payments and deferred CARES Act and other grants


878,480



0


    Legal reserves



5,426



144,509


    Operating lease liabilities



57,219



56,442


    Federal and state taxes



7,335



2,515


          Total current liabilities



2,668,226



1,563,390










Other noncurrent liabilities



488,457



329,932


Operating lease liabilities noncurrent



274,236



270,076


Long-term debt



3,514,673



3,896,577


Deferred income taxes



24,895



25,071










Redeemable noncontrolling interest



4,177



4,333










UHS common stockholders' equity



5,962,788



5,504,105


Noncontrolling interest



72,310



74,766


          Total equity



6,035,098



5,578,871










Total Liabilities and Stockholders' Equity


$

13,009,762


$

11,668,250


 

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


Nine months




ended September 30,


2020


2019





Cash Flows from Operating Activities:




  Net income

$645,056


$579,533

  Adjustments to reconcile net income to net 




cash provided by operating activities:




Depreciation & amortization

376,563


362,736

(Gain) loss on sale of assets and businesses

2,124


(5,982)

Stock-based compensation expense

49,928


52,167

Costs related to extinguishment of debt

1,365


0

Provision for asset impairment

0


97,631

  Changes in assets & liabilities, net of effects from




acquisitions and dispositions:




   Accounts receivable

11,431


(37,332)

   Accrued interest

(10,526)


(2,962)

   Accrued and deferred income taxes 

(2,095)


(53,714)

   Other working capital accounts 

119,948


90,262

   Medicare accelerated payments and deferred CARES Act and other grants

878,480


0

   Other assets and deferred charges

1,271


15,237

   Other 

115,431


(663)

   Accrued insurance expense, net of commercial premiums paid

113,571


76,245

   Payments made in settlement of self-insurance claims

(84,390)


(68,046)

          Net cash provided by operating activities

2,218,157


1,105,112





Cash Flows from Investing Activities:




   Property and equipment additions, net of disposals

(546,656)


(480,247)

   Proceeds received from sales of assets and businesses

7,851


7,497

   Acquisition of businesses and property

(52,009)


0

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

22,453


34,484

   Costs incurred for purchase and implementation of information technology applications

(5,345)


(18,240)

   Investment in, and advances to,  joint ventures and other

(997)


(11,949)

          Net cash used in investing activities

(574,703)


(468,455)





Cash Flows from Financing Activities:




   Reduction of long-term debt

(1,173,590)


(68,175)

   Additional borrowings

803,197


15,100

   Financing costs

(8,256)


0

   Repurchase of common shares

(200,098)


(587,976)

   Dividends paid

(17,344)


(35,556)

   Issuance of common stock

9,288


8,248

   Profit distributions to noncontrolling interests

(15,175)


(11,887)

   Purchase of ownership interests from minority members

(548)


0

          Net cash used in financing activities

(602,526)


(680,246)





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

(706)


(1,259)

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

1,040,222


(44,848)

Cash, cash equivalents and restricted cash, beginning of period

105,667


199,685

Cash, cash equivalents and restricted cash, end of period

$1,145,889


$154,837





Supplemental Disclosures of Cash Flow Information:




  Interest paid

$93,579


$122,699





  Income taxes paid, net of refunds

$208,460


$221,298





  Noncash purchases of property and equipment

$76,402


$83,552





  Right-of-use assets obtained in exchange for lease obligations

$47,679


$364,453

Universal Health Services, Inc.



Supplemental Statistical Information



(unaudited)























 % Change 


 % Change 








Quarter ended


9 months ended

Same Facility:







9/30/2020


9/30/2020











Acute Care Hospitals










Revenues (a)







5.5%


0.8%

Revenues-excludes CARES Act and other grant income




5.2%


-2.8%

Adjusted Admissions







-17.3%


-15.4%

Adjusted Patient Days







-1.6%


-6.6%

Revenue Per Adjusted Admission-excludes CARES Act and other grant income


26.2%


13.8%

Revenue Per Adjusted Patient Day-excludes CARES Act and other grant income

6.0%


3.0%











Behavioral Health Hospitals










Revenues (b)







1.2%


-0.2%

Revenues-excludes CARES Act and other grant income




1.9%


-1.5%

Adjusted Admissions







-5.6%


-7.6%

Adjusted Patient Days







-3.6%


-5.1%

Revenue Per Adjusted Admission-excludes CARES Act and other grant income


8.0%


6.6%

Revenue Per Adjusted Patient Day-excludes CARES Act and other grant income

5.7%


3.8%











(a) Includes CARES Act and other grant income of $4 million and $161 million recorded in the three and nine-months periods ended September 30, 2020, respectively.

(b) Includes the reversal of CARES Act and other grant income of $9 million and CARES Act and other grant income of $52 million recorded in the three and nine-months periods ended September 30, 2020, respectively.





















UHS Consolidated



third quarter ended


nine months ended




9/30/2020


9/30/2019


9/30/2020


9/30/2019











Revenues



$2,912,541


$2,822,453


$8,471,962


$8,482,012

EBITDA net of NCI



$470,987


$297,370


$1,302,856


$1,221,634

EBITDA Margin net of NCI



16.2%


10.5%


15.4%


14.4%

Adjusted EBITDA net of NCI



$472,818


$404,408


$1,311,147


$1,336,419

Adjusted EBITDA Margin net of NCI


16.2%


14.3%


15.5%


15.8%











Cash Flow From Operations







$2,218,157


$1,105,112

Days Sales Outstanding







51


50

Capital Expenditures  







$546,656


$480,247











Debt 







$3,609,177


$3,948,371

UHS' Shareholders Equity







$5,962,788


$5,389,215

Debt / Total Capitalization







37.7%


42.3%

Debt / EBITDA net of NCI (1)







2.02


2.50

Debt / Adjusted EBITDA net of NCI (1)





2.03


2.21

Debt / Cash From Operations (1)







1.41


2.76

Net Debt / EBITDA net of NCI (1) (2)






1.40



Net Debt / Adjusted EBITDA net of NCI (1) (2)




1.41



Net Debt / Cash From Operations (1) (2)





0.98













(1) Latest 4 quarters

(2) Debt, net of $1.101 billion of cash and cash equivalents as of September 30, 2020

 

Universal Health Services, Inc.

Acute Care Hospital Services

For the Three and Nine Months ended

September 30, 2020 and 2019

(in thousands)



































Same Facility Basis - Acute Care Hospital Services




































Three months ended


Three months ended


Nine months ended


Nine months ended



September 30, 2020


September 30, 2019


September 30, 2020


September 30, 2019



Amount


% of Net
Revenues 


Amount


% of Net
Revenues 


Amount


% of Net
Revenues 


Amount


% of Net
Revenues 

Net revenues (a)


$1,585,142


100.0%


$1,502,891


100.0%


$4,528,364


100.0%


$4,493,296


100.0%

Operating charges:

















Salaries, wages and benefits


660,610


41.7%


653,792


43.5%


1,909,216


42.2%


1,897,144


42.2%

Other operating expenses


366,754


23.1%


344,681


22.9%


1,086,669


24.0%


1,017,833


22.7%

Supplies expense


283,829


17.9%


263,462


17.5%


781,778


17.3%


777,309


17.3%

Depreciation and amortization


78,388


4.9%


76,318


5.1%


234,756


5.2%


226,489


5.0%

Lease and rental expense


17,641


1.1%


16,235


1.1%


50,224


1.1%


45,270


1.0%

Subtotal-operating expenses


1,407,222


88.8%


1,354,488


90.1%


4,062,643


89.7%


3,964,045


88.2%

Income from operations


177,920


11.2%


148,403


9.9%


465,721


10.3%


529,251


11.8%

Interest expense, net


205


0.0%


305


0.0%


1,339


0.0%


828


0.0%

Other (income) expense, net


-


-


13


0.0%


-


-


(32)


(0.0)%

Income before income taxes


$177,715


11.2%


$148,085


9.9%


$464,382


10.3%


$528,455


11.8%




















































All Acute Care Hospital Services




































Three months ended


Three months ended


Nine months ended


Nine months ended



September 30, 2020


September 30, 2019


September 30, 2020


September 30, 2019



Amount


% of Net
Revenues


Amount


% of Net
Revenues 


Amount


% of Net
Revenues


Amount


% of Net
Revenues 

Net revenues (a)


$1,610,003


100.0%


$1,528,535


100.0%


$4,598,558


100.0%


$4,575,088


100.0%

Operating charges:

















Salaries, wages and benefits


660,694


41.0%


653,792


42.8%


1,909,415


41.5%


1,897,144


41.5%

Other operating expenses


391,642


24.3%


370,325


24.2%


1,156,909


25.2%


1,099,625


24.0%

Supplies expense


283,827


17.6%


263,462


17.2%


781,776


17.0%


777,309


17.0%

Depreciation and amortization


78,388


4.9%


76,318


5.0%


234,756


5.1%


226,489


5.0%

Lease and rental expense


17,641


1.1%


16,235


1.1%


50,224


1.1%


45,270


1.0%

Subtotal-operating expenses


1,432,192


89.0%


1,380,132


90.3%


4,133,080


89.9%


4,045,837


88.4%

Income from operations


177,811


11.0%


148,403


9.7%


465,478


10.1%


529,251


11.6%

Interest expense, net


205


0.0%


305


0.0%


1,339


0.0%


828


0.0%

Other (income) expense, net


-


-


13


0.0%


-


-


(32)


(0.0)%

Income before income taxes


$177,606


11.0%


$148,085


9.7%


$464,139


10.1%


$528,455


11.6%


















(a) Includes CARES Act and other grant income of $4 million and $161 million recorded in the three and nine-months periods ended September 30, 2020, respectively.

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, 2019 and Form 10-Q for the quarter ended June 30, 2020.


















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 Nine Months ended

September 30, 2020 and 2019

(in thousands)



































Same Facility - Behavioral Health Care Services




































Three months ended


Three months ended


Nine months ended


Nine months ended



September 30, 2020


September 30, 2019


September 30, 2020


September 30, 2019



Amount


% of Net
Revenues 


Amount


% of Net
Revenues 


Amount


% of Net
Revenues 


Amount


% of Net
Revenues 

Net revenues (a)


$1,276,975


100.0%


$1,261,774


100.0%


$3,801,606


100.0%


$3,807,798


100.0%

Operating charges:

















Salaries, wages and benefits


683,441


53.5%


683,345


54.2%


2,024,303


53.2%


2,027,271


53.2%

Other operating expenses


230,060


18.0%


239,548


19.0%


694,978


18.3%


714,310


18.8%

Supplies expense


51,811


4.1%


50,336


4.0%


153,827


4.0%


148,660


3.9%

Depreciation and amortization


43,985


3.4%


41,595


3.3%


130,258


3.4%


123,089


3.2%

Lease and rental expense


10,067


0.8%


10,910


0.9%


31,854


0.8%


32,248


0.8%

Subtotal-operating expenses


1,019,364


79.8%


1,025,734


81.3%


3,035,220


79.8%


3,045,578


80.0%

Income from operations


257,611


20.2%


236,040


18.7%


766,386


20.2%


762,220


20.0%

Interest expense, net


354


0.0%


359


0.0%


1,079


0.0%


1,103


0.0%

Other (income) expense, net


526


0.0%


1,058


0.1%


2,337


0.1%


1,842


0.0%

Income before income taxes


$256,731


20.1%


$234,623


18.6%


$762,970


20.1%


$759,275


19.9%




















































All Behavioral Health Care Services




































Three months ended


Three months ended


Nine months ended


Nine months ended



September 30, 2020


September 30, 2019


September 30, 2020


September 30, 2019



Amount


% of Net
Revenues


Amount


% of Net
Revenues 


Amount


% of Net
Revenues


Amount


% of Net
Revenues 

Net revenues (a)


$1,299,591


100.0%


$1,291,816


100.0%


$3,864,823


100.0%


$3,898,440


100.0%

Operating charges:

















Salaries, wages and benefits


684,575


52.7%


690,084


53.4%


2,027,223


52.5%


2,049,731


52.6%

Other operating expenses


253,779


19.5%


363,328


28.1%


765,006


19.8%


891,250


22.9%

Supplies expense


51,858


4.0%


50,692


3.9%


153,861


4.0%


149,809


3.8%

Depreciation and amortization


45,154


3.5%


42,436


3.3%


134,081


3.5%


127,327


3.3%

Lease and rental expense


10,734


0.8%


11,822


0.9%


34,151


0.9%


35,185


0.9%

Subtotal-operating expenses


1,046,100


80.5%


1,158,362


89.7%


3,114,322


80.6%


3,253,302


83.5%

Income from operations


253,491


19.5%


133,454


10.3%


750,501


19.4%


645,138


16.5%

Interest expense, net


433


0.0%


359


0.0%


1,184


0.0%


1,103


0.0%

Other (income) expense, net


526


0.0%


(4,924)


(0.4)%


2,337


0.1%


(4,138)


(0.1)%

Income before income taxes


$252,532


19.4%


$138,019


10.7%


$746,980


19.3%


$648,173


16.6%


















(a) Includes the reversal of CARES Act and other grant income of $9 million and CARES Act and other grant income of $52 million recorded in the three and nine-months periods ended September 30, 2020, respectively.

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, 2019 and Form 10-Q for the quarter ended June 30, 2020.


















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






September 30, 2020 and 2019
































AS REPORTED:









































ACUTE


BEHAVIORAL HEALTH



09/30/20


09/30/19


%  change


09/30/20


09/30/19


%  change














Hospitals owned and leased


26


26


0.0%


330


327


0.9%

Average licensed beds


6,451


6,387


1.0%


23,566


23,637


-0.3%

Average available beds


6,279


6,211


1.1%


23,464


23,536


-0.3%

Patient days


383,958


356,914


7.6%


1,563,259


1,623,465


-3.7%

Average daily census


4,173.5


3,879.5


7.6%


16,991.9


17,646.4


-3.7%

Occupancy-licensed beds


64.7%


60.7%


6.5%


72.1%


74.7%


-3.4%

Occupancy-available beds


66.5%


62.5%


6.4%


72.4%


75.0%


-3.4%

Admissions


71,682


79,285


-9.6%


115,569


122,709


-5.8%

Length of stay


5.4


4.5


19.0%


13.5


13.2


2.2%














Inpatient revenue


$8,137,264


$7,004,832


16.2%


$2,487,568


$2,536,504


-1.9%

Outpatient revenue


4,128,549


4,477,277


-7.8%


243,600


257,690


-5.5%

Total patient revenue


12,265,813


11,482,109


6.8%


2,731,168


2,794,194


-2.3%

Other revenue


127,396


114,026


11.7%


53,105


57,602


-7.8%

Gross hospital revenue


12,393,209


11,596,135


6.9%


2,784,273


2,851,796


-2.4%

Total deductions


10,783,206


10,067,600


7.1%


1,484,682


1,559,980


-4.8%

Net hospital revenue 


$1,610,003


$1,528,535


5.3%


$1,299,591


$1,291,816


0.6%



























SAME FACILITY:




























ACUTE


BEHAVIORAL HEALTH



09/30/20


09/30/19


%  change


09/30/20


09/30/19


%  change














Hospitals owned and leased


26


26


0.0%


312


312


0.0%

Average licensed beds


6,451


6,387


1.0%


23,440


23,350


0.4%

Average available beds


6,279


6,211


1.1%


23,338


23,249


0.4%

Patient days


383,958


356,914


7.6%


1,556,152


1,609,071


-3.3%

Average daily census


4,173.5


3,879.5


7.6%


16,914.7


17,489.9


-3.3%

Occupancy-licensed beds


64.7%


60.7%


6.6%


72.2%


74.9%


-3.7%

Occupancy-available beds


66.5%


62.5%


6.3%


72.5%


75.2%


-3.7%

Admissions


71,682


79,285


-9.6%


114,902


121,345


-5.3%

Length of stay


5.4


4.5


19.0%


13.5


13.3


2.1%

 

Universal Health Services, Inc.






Selected Hospital Statistics






For the Nine Months ended






September 30, 2020 and 2019
































AS REPORTED:









































ACUTE


BEHAVIORAL HEALTH



09/30/20


09/30/19


%  change


09/30/20


09/30/19


%  change














Hospitals owned and leased


26


26


0.0%


330


327


0.9%

Average licensed beds


6,451


6,376


1.2%


23,591


23,792


-0.8%

Average available beds


6,279


6,200


1.3%


23,488


23,692


-0.9%

Patient days


1,071,830


1,084,534


-1.2%


4,620,471


4,874,801


-5.2%

Average daily census


3,911.8


3,972.6


-1.5%


16,863.0


17,856.4


-5.6%

Occupancy-licensed beds


60.6%


62.3%


-2.7%


71.5%


75.1%


-4.8%

Occupancy-available beds


62.3%


64.1%


-2.8%


71.8%


75.4%


-4.7%

Admissions


213,658


238,827


-10.5%


339,356


368,103


-7.8%

Length of stay


5.0


4.5


10.5%


13.6


13.2


2.8%














Inpatient revenue


$22,695,513


$21,220,471


7.0%


$7,298,466


$7,568,129


-3.6%

Outpatient revenue


12,204,970


13,137,199


-7.1%


719,513


792,929


-9.3%

Total patient revenue


34,900,483


34,357,670


1.6%


8,017,979


8,361,058


-4.1%

Other revenue


513,423


337,369


52.2%


223,212


168,341


32.6%

Gross hospital revenue


35,413,906


34,695,039


2.1%


8,241,191


8,529,399


-3.4%

Total deductions


30,815,348


30,119,951


2.3%


4,376,368


4,630,959


-5.5%

Net hospital revenue 


$4,598,558


$4,575,088


0.5%


$3,864,823


$3,898,440


-0.9%



























SAME FACILITY:




























ACUTE


BEHAVIORAL HEALTH



09/30/20


09/30/19


%  change


09/30/20


09/30/19


%  change














Hospitals owned and leased


26


26


0.0%


312


312


0.0%

Average licensed beds


6,451


6,376


1.2%


23,441


23,333


0.5%

Average available beds


6,279


6,200


1.3%


23,339


23,233


0.5%

Patient days


1,071,830


1,084,534


-1.2%


4,598,843


4,823,337


-4.7%

Average daily census


3,911.8


3,972.6


-1.5%


16,784.1


17,667.9


-5.0%

Occupancy-licensed beds


60.6%


62.3%


-2.7%


71.6%


75.7%


-5.4%

Occupancy-available beds


62.3%


64.1%


-2.8%


71.9%


76.0%


-5.4%

Admissions


213,658


238,827


-10.5%


337,566


363,608


-7.2%

Length of stay


5.0


4.5


10.5%


13.6


13.3


2.7%

 

Cision View original content:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports-2020-third-quarter-financial-results-301163372.html

SOURCE Universal Health Services, Inc.

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