UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES 2024 FIRST QUARTER FINANCIAL RESULTS
Consolidated Results of Operations, As Reported and As Adjusted - Three-month periods ended March 31, 2024 and 2023:
KING OF PRUSSIA, Pa., April 24, 2024 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $261.8 million, or $3.82 per diluted share, during the first quarter of 2024, as compared to $163.1 million, or $2.28 per diluted share, during the first quarter of 2023. Net revenues increased by 10.8% to $3.844 billion during the first quarter of 2024, as compared to $3.468 billion during the first quarter of 2023.
As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the first quarter of 2024 was $253.1 million, or $3.70 per diluted share, as compared to $167.6 million, or $2.34 per diluted share, during the first quarter of 2023.
As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2024 were: (i) a favorable after-tax impact of $9.2 million, or $.13 per diluted share, resulting from the tax benefit recorded in connection with employee share-based payments (pursuant to "ASU 2016-09", Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting), and; (ii) an unrealized after-tax loss of $0.4 million, or $.01 per diluted share ($0.6 million pre-tax), resulting from a decrease in the market value of certain equity securities (included in "Other (income) expense, net"). Our reported results during the first quarter of 2023 included an unrealized after-tax loss of $4.5 million, or $.06 per diluted share, ($5.8 million pre-tax) resulting from a decrease 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 $525.9 million during the first quarter of 2024, as compared to $407.3 million during the first quarter of 2023. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $525.8 million during the first quarter of 2024, as compared to $421.1 million during the first quarter of 2023.
Acute Care Services - Three-month periods ended March 31, 2024 and 2023:
During the first quarter of 2024, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by 4.5% while adjusted patient days increased by 3.4%, as compared to the first quarter of 2023. At these facilities, during the first quarter of 2024, net revenue per adjusted admission increased by 4.6% while net revenue per adjusted patient day increased by 5.8%, as compared to the first quarter of 2023. Net revenues generated from our acute care services, on a same facility basis, increased by 9.6% during the first quarter of 2024, as compared to the first quarter of 2023.
Behavioral Health Care Services - Three-month periods ended March 31, 2024 and 2023:
During the first quarter of 2024, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by 0.8% while adjusted patient days increased by 2.0%, as compared to the first quarter of 2023. At these facilities, during the first quarter of 2024, net revenue per adjusted admission increased by 11.2% and net revenue per adjusted patient day increased by 8.2%, as compared to the first quarter of 2023. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 10.4% during the first quarter of 2024, as compared to the first quarter of 2023.
Net Cash Provided by Operating Activities and Liquidity:
Net Cash Provided by Operating Activities:
During the three-month period ended March 31, 2024, our net cash provided by operating activities was $396 million as compared to $291 million during the first three months of 2023. The $106 million net increase in our net cash provided by operating activities consisted of: (i) a favorable change of $98 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gains on sales of assets and businesses; (ii) a favorable change of $86 million in other working capital accounts due primarily to the timing of disbursements for other accrued liabilities; (iii) an unfavorable change of $59 million in accounts receivable; (iv) an unfavorable change of $45 million in other assets and deferred charges, and; (v) $26 million of other combined net favorable changes.
Liquidity:
As of March 31, 2024, we had $733 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:
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 first quarter of 2024, we have repurchased 700,000 shares at an aggregate cost of approximately $125.1 million (approximately $179 per share) pursuant to the program. As of March 31, 2024, we had an aggregate available repurchase authorization of approximately $298 million.
Conference call information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 25, 2024. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at 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. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues during 2023 were $14.282 billion. UHS ranked #311 on the Fortune 500; and #434 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 96,700 employees and, through its subsidiaries, operates 27 inpatient acute care hospitals, 333 inpatient behavioral health facilities, 48 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 healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2023), 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, but not limited to:
-- A significant portion of our revenues are derived from federal and state
government programs including the Medicare and Medicaid programs.
Payments from these programs are subject to statutory and regulatory
changes, administrative rulings, interpretations and determinations,
requirements for utilization review, and federal and state funding
restrictions. Changes to these programs, if adopted, could materially
affect program payments which could materially impact our results of
operations.
-- 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.
-- The outcome of known and unknown litigation, liabilities and other
claims asserted against us and/or our subsidiaries, including, but not
limited to, the March 28, 2024, jury award (of compensatory damages of
$60 million and punitive damages of $475 million) against The Pavilion
Behavioral Health System (the "Pavilion), an indirect subsidiary of the
Company, as previously disclosed on Form 8-K, as filed with the
Securities and Exchange Commission on April 1, 2024. While the Pavilion
has professional liability insurance to cover a portion of these
amounts, the resolution of this matter may have a material adverse
effect on the Company.
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, the impact of ASU 2016-09 and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, 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, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, 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, 2023. 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.
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Consolidated Statements of Income
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(in thousands, except per share amounts)
(unaudited)
Three months
ended March 31,
2024 2023
Net revenues $3,843,582 $3,467,518
Operating charges:
Salaries, wages and benefits 1,842,624 1,753,335
Other operating expenses 1,032,170 878,951
Supplies expense 403,573 379,989
Depreciation and amortization 141,003 141,621
Lease and rental expense 35,450 34,922
3,454,820 3,188,818
Income from operations 388,762 278,700
Interest expense, net 52,826 50,876
Other (income) expense, net (150) 13,723
Income before income taxes 336,086 214,101
Provision for income taxes 70,264 51,726
Net income 265,822 162,375
Less: Net income (loss) attributable to
noncontrolling interests ("NCI") 3,988 (740)
Net income attributable to UHS $261,834 $163,115
Basic earnings per share attributable to UHS (a) $3.90 $2.31
Diluted earnings per share attributable to UHS (a) $3.82 $2.28
Universal Health Services, Inc.
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Footnotes to Consolidated Statements of Income
---
(in thousands, except per share amounts)
(unaudited)
Three months
(a) Earnings per share calculation: ended March 31,
2024 2023
Basic and diluted:
Net income attributable to UHS $261,834 $163,115
Less: Net income attributable to unvested restricted share grants (45) (129)
Net income attributable to UHS - basic and diluted $261,789 $162,986
Weighted average number of common shares - basic 67,204 70,535
Basic earnings per share attributable to UHS: $3.90 $2.31
Weighted average number of common shares 67,204 70,535
Add: Other share equivalents 1,278 952
Weighted average number of common shares and equiv. - diluted 68,482 71,487
Diluted earnings per share attributable to UHS: $3.82 $2.28
Universal Health Services, Inc.
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Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
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For the Three Months ended March 31, 2024 and 2023
---
(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 % Net Three months
ended ended % Net
March 31, 2024 revenues March 31, 2023 revenues
Net income attributable to UHS $261,834 $163,115
Depreciation and amortization 141,003 141,621
Interest expense, net 52,826 50,876
Provision for income taxes 70,264 51,726
EBITDA net of NCI $525,927 13.7 % $407,338 11.7 %
Other (income) expense, net (150) 13,723
Adjusted EBITDA net of NCI $525,777 13.7 % $421,061 12.1 %
Net revenues $3,843,582 $3,467,518
Calculation of Adjusted Net Income Attributable to UHS
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Three months ended
Three months ended
March 31, 2024
March 31, 2023
Per Per
Amount Diluted
Amount Diluted
Share Share
Net income attributable to UHS $261,834 $3.82 $163,115 $2.28
Plus/minus after-tax adjustments:
Unrealized loss on equity securities 444 0.01 4,461 0.06
Impact of ASU 2016-09 (9,156) (0.13)
Subtotal adjustments (8,712) (0.12) 4,461 0.06
Adjusted net income attributable to UHS $253,122 $3.70 $167,576 $2.34
Universal Health Services, Inc.
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Condensed Consolidated Balance Sheets
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(in thousands)
(unaudited)
March 31, December 31,
2024 2023
Assets
Current assets:
Cash and cash equivalents $
112,093 $
119,439
Accounts receivable, net 2,299,425 2,238,265
Supplies 216,058 216,988
Other current assets 243,352 236,658
Total current assets 2,870,928 2,811,350
Property and equipment 11,955,109 11,777,047
Less: accumulated depreciation (5,770,371) (5,652,518)
6,184,738 6,124,529
Other assets:
Goodwill 3,928,120 3,932,407
Deferred income taxes 94,853 85,626
Right of use assets-operating leases 422,268 433,962
Deferred charges 6,871 6,974
Other 538,354 572,754
Total Assets $
14,046,132 $
13,967,602
Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt $
127,477 $
126,686
Accounts payable and other liabilities 1,830,178 1,813,015
Operating lease liabilities 71,014 71,600
Federal and state taxes 46,667 2,046
Total current liabilities 2,075,336 2,013,347
Other noncurrent liabilities 551,257 584,007
Operating lease liabilities noncurrent 374,380 382,559
Long-term debt 4,734,328 4,785,783
Redeemable noncontrolling interest 4,987 5,191
UHS common stockholders' equity 6,256,697 6,149,001
Noncontrolling interest 49,147 47,714
Total equity 6,305,844 6,196,715
Total Liabilities and Stockholders' Equity $
14,046,132 $
13,967,602
Universal Health Services, Inc.
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Consolidated Statements of Cash Flows
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(in thousands)
(unaudited)
Three months
ended March 31,
2024 2023
Cash Flows from Operating Activities:
Net income $265,822 $162,375
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation & amortization 141,003 141,621
Gains on sale of assets and businesses (3,725) (295)
Stock-based compensation expense 19,630 20,964
Changes in assets & liabilities, net of effects from
acquisitions and dispositions:
Accounts receivable (74,446) (15,723)
Accrued interest 3,453 (662)
Accrued and deferred income taxes 72,193 46,576
Other working capital accounts (33,291) (119,605)
Medicare accelerated payments and deferred CARES Act and other grants 0 136
Other assets and deferred charges (20,307) 24,727
Other 8,897 7,030
Accrued insurance expense, net of commercial premiums paid 51,112 42,545
Payments made in settlement of self-insurance claims (33,935) (18,936)
Net cash provided by operating activities 396,406 290,753
Cash Flows from Investing Activities:
Property and equipment additions (208,539) (168,752)
Proceeds received from sales of assets and businesses 5,428 9,259
Inflows (outflows) from foreign exchange contracts that hedge our net U.K. investment 8,319 (18,818)
Decrease in capital reserves of commercial insurance subsidiary 155 0
Net cash used in investing activities (194,637) (178,311)
Cash Flows from Financing Activities:
Repayments of long-term debt (63,905) (16,489)
Additional borrowings 12,038 11,300
Financing costs 0 (292)
Repurchase of common shares (142,084) (85,039)
Dividends paid (13,601) (14,214)
Issuance of common stock 3,241 2,988
Profit distributions to noncontrolling interests (4,480) (4,145)
(Purchase) sale of ownership interests by (from) minority members (156) 0
Net cash used in financing activities (208,947) (105,891)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (492) 1,650
(Decrease) increase in cash, cash equivalents and restricted cash (7,670) 8,201
Cash, cash equivalents and restricted cash, beginning of period 214,470 200,837
Cash, cash equivalents and restricted cash, end of period $206,800 $209,038
Supplemental Disclosures of Cash Flow Information:
Interest paid $48,116 $50,279
Income taxes paid, net of refunds $2,671 $2,360
Noncash purchases of property and equipment $60,125 $61,341
Universal Health Services, Inc.
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Supplemental Statistical Information
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(unaudited)
% Change
3 Months ended
Same Facility: 3/31/2024
Acute Care Hospitals
Revenues 9.6 %
Adjusted Admissions 4.5 %
Adjusted Patient Days 3.4 %
Revenue Per Adjusted Admission 4.6 %
Revenue Per Adjusted Patient Day 5.8 %
Behavioral Health Hospitals
Revenues 10.4 %
Adjusted Admissions -0.8 %
Adjusted Patient Days 2.0 %
Revenue Per Adjusted Admission 11.2 %
Revenue Per Adjusted Patient Day 8.2 %
UHS Consolidated First Quarter Ended
3/31/2024 3/31/2023
Revenues $3,843,582 $3,467,518
EBITDA net of NCI $525,927 $407,338
EBITDA Margin net of NCI 13.7 % 11.7 %
Adjusted EBITDA net of NCI $525,777 $421,061
Adjusted EBITDA Margin net of NCI 13.7 % 12.1 %
Cash Flow From Operations $396,406 $290,753
Capital Expenditures $208,539 $168,752
Days Sales Outstanding 54 53
Debt $4,861,805 $4,803,556
UHS' Shareholders Equity $6,256,697 $6,012,108
Debt / Total Capitalization 43.7 % 44.4 %
Debt / EBITDA net of NCI (1) 2.65 2.94
Debt / Adjusted EBITDA net of NCI (1) 2.63 2.82
Debt / Cash From Operations (1) 3.54 5.71
(1) Latest 4 quarters.
Universal Health Services, Inc.
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Acute Care Hospital Services
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For the Three months ended
March 31, 2024 and 2023
(in thousands)
(unaudited)
Same Facility Basis -Acute Care Hospital Services
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Three months ended Three months ended
March 31, 2024 March 31, 2023
Amount % of Net Amount % of Net
Revenues Revenues
Net revenues $2,107,434 100.0 % $1,922,464 100.0 %
Operating charges:
Salaries, wages and benefits 860,676 40.8 % 826,975 43.0 %
Other operating expenses 577,076 27.4 % 504,617 26.2 %
Supplies expense 347,095 16.5 % 325,371 16.9 %
Depreciation and amortization 90,120 4.3 % 93,007 4.8 %
Lease and rental expense 23,793 1.1 % 23,995 1.2 %
Subtotal-operating expenses 1,898,760 90.1 % 1,773,965 92.3 %
Income from operations 208,674 9.9 % 148,499 7.7 %
Interest expense, net 1,300 0.1 % (577) (0.0) %
Other (income) expense, net (81) (0.0) % 6,213 0.3 %
Income before income taxes $207,455 9.8 % $142,863 7.4 %
All Acute Care Hospital Services
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Three months ended Three months ended
March 31, 2024 March 31, 2023
Amount % of Net Amount % of Net
Revenues Revenues
Net revenues $2,185,081 100.0 % $1,973,532 100.0 %
Operating charges:
Salaries, wages and benefits 861,547 39.4 % 843,960 42.8 %
Other operating expenses 654,983 30.0 % 544,300 27.6 %
Supplies expense 347,004 15.9 % 328,060 16.6 %
Depreciation and amortization 90,312 4.1 % 93,326 4.7 %
Lease and rental expense 23,833 1.1 % 24,154 1.2 %
Subtotal-operating expenses 1,977,679 90.5 % 1,833,800 92.9 %
Income from operations 207,402 9.5 % 139,732 7.1 %
Interest expense, net 1,300 0.1 % (577) (0.0) %
Other (income) expense, net 634 0.0 % 7,013 0.4 %
Income before income taxes $205,468 9.4 % $133,296 6.8 %
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 goodwill, 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, 2023.
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.
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Behavioral Health Care Services
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For the Three months ended
March 31, 2024 and 2023
(in thousands)
(unaudited)
Same Facility -Behavioral Health Care Services
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Three months ended Three months ended
March 31, 2024 March 31, 2023
Amount % of Net Amount % of Net
Revenues Revenues
Net revenues $1,616,312 100.0 % $1,463,723 100.0 %
Operating charges:
Salaries, wages and benefits 868,876 53.8 % 808,938 55.3 %
Other operating expenses 312,285 19.3 % 278,722 19.0 %
Supplies expense 56,766 3.5 % 52,485 3.6 %
Depreciation and amortization 47,108 2.9 % 45,332 3.1 %
Lease and rental expense 11,446 0.7 % 10,598 0.7 %
Subtotal-operating expenses 1,296,481 80.2 % 1,196,075 81.7 %
Income from operations 319,831 19.8 % 267,648 18.3 %
Interest expense, net 1,027 0.1 % 1,210 0.1 %
Other (income) expense, net (676) (0.0) % (576) (0.0) %
Income before income taxes $319,480 19.8 % $267,014 18.2 %
All Behavioral Health Care Services
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Three months ended Three months ended
March 31, 2024 March 31, 2023
Amount % of Net Amount % of Net
Revenues Revenues
Net revenues $1,656,067 100.0 % $1,490,489 100.0 %
Operating charges:
Salaries, wages and benefits 872,196 52.7 % 809,786 54.3 %
Other operating expenses 347,268 21.0 % 305,232 20.5 %
Supplies expense 56,924 3.4 % 52,488 3.5 %
Depreciation and amortization 47,872 2.9 % 45,619 3.1 %
Lease and rental expense 11,518 0.7 % 10,668 0.7 %
Subtotal-operating expenses 1,335,778 80.7 % 1,223,793 82.1 %
Income from operations 320,289 19.3 % 266,696 17.9 %
Interest expense, net 1,027 0.1 % 1,211 0.1 %
Other (income) expense, net (676) (0.0) % (871) (0.1) %
Income before income taxes $319,938 19.3 % $266,356 17.9 %
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 goodwill, 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 the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2023.
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.
Universal Health Services, Inc.
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Selected Hospital Statistics
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For the Three Months ended
March 31, 2024 and 2023
(unaudited)
AS REPORTED:
ACUTE BEHAVIORAL HEALTH
3/31/24 3/31/23 % change 3/31/24 3/31/23 % change
Hospitals owned and leased 27 27 0.0 % 333 331 0.6 %
Average licensed beds 6,657 6,798 -2.1 % 24,378 24,232 0.6 %
Average available beds 6,485 6,626 -2.1 % 24,278 24,132 0.6 %
Patient days 415,327 404,253 2.7 % 1,608,992 1,572,571 2.3 %
Average daily census 4,564.0 4,491.7 1.6 % 17,681.2 17,473.0 1.2 %
Occupancy-licensed beds 68.6 % 66.1 % 3.8 % 72.5 % 72.1 % 0.6 %
Occupancy-available beds 70.4 % 67.8 % 3.8 % 72.8 % 72.4 % 0.6 %
Admissions 83,581 80,126 4.3 % 119,930 120,560 -0.5 %
Length of stay 5.0 5.0 0.0 % 13.4 13.0 3.1 %
Inpatient revenue $12,910,102 $11,401,491 13.2 % $2,754,684 $2,627,990 4.8 %
Outpatient revenue 8,346,289 7,296,116 14.4 % 278,528 272,371 2.3 %
Total patient revenue 21,256,391 18,697,607 13.7 % 3,033,212 2,900,361 4.6 %
Other revenue 246,251 221,993 10.9 % 80,211 65,318 22.8 %
Gross revenue 21,502,642 18,919,600 13.7 % 3,113,423 2,965,679 5.0 %
Total deductions 19,317,561 16,946,068 14.0 % 1,457,356 1,475,190 -1.2 %
Net revenue $2,185,081 $1,973,532 10.7 % $1,656,067 $1,490,489 11.1 %
SAME FACILITY:
ACUTE BEHAVIORAL HEALTH
3/31/24 3/31/23 % change 3/31/24 3/31/23 % change
Hospitals owned and leased 27 27 0.0 % 331 331 0.0 %
Average licensed beds 6,657 6,610 0.7 % 24,124 24,106 0.1 %
Average available beds 6,485 6,438 0.7 % 24,024 24,006 0.1 %
Patient days 415,327 397,998 4.4 % 1,596,431 1,562,130 2.2 %
Average daily census 4,564.0 4,422.2 3.2 % 17,543.2 17,357.0 1.1 %
Occupancy-licensed beds 68.6 % 66.9 % 2.5 % 72.7 % 72.0 % 1.0 %
Occupancy-available beds 70.4 % 68.7 % 2.5 % 73.0 % 72.3 % 1.0 %
Admissions 83,581 79,063 5.7 % 118,897 119,615 -0.6 %
Length of stay 5.0 5.0 0.0 % 13.4 13.1 2.3 %
View original content:https://www.prnewswire.com/news-releases/universal-health-services-inc-announces-2024-first-quarter-financial-results-302126643.html
SOURCE Universal Health Services, Inc.
