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Universal Health Services, Inc. Reports 2018 Second Quarter Financial Results

07/25/2018
Microphone Webcast - Live
Q2 2018 Universal Health Services Earnings Conference Call
7/26/18 at 9:00 a.m. ET
Consolidated Results of Operations, As Reported and As Adjusted - Three-month periods ended June 30, 2018 and 2017:

KING OF PRUSSIA, Pa., July 25, 2018 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $226.1 million, or $2.39 per diluted share, during the second quarter of 2018 as compared to $185.4 million, or $1.91 per diluted share, during the comparable quarter of 2017.  Net revenues increased 2.6% to $2.68 billion during the second quarter of 2018 as compared to $2.61 billion during the second quarter of 2017.

For the three-month period ended June 30, 2018, our adjusted net income attributable to UHS, as calculated on the attached Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), was $233.3 million, or $2.47 per diluted share, as compared to $188.1 million, or $1.94 per diluted share, during the second quarter of 2017. 

Included in our reported and adjusted net income attributable to UHS during the second quarter of 2018, is a pre-tax unrealized gain of $8.0 million (included in "Other (income) expense, net"), or $.06 per diluted share, resulting from an increase in the market value of shares of certain marketable securities held for investment and classified as available for sale.  

As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2018, is a net aggregate unfavorable after-tax impact of $7.3 million, or $.08 per diluted share, substantially all of which resulted from an unfavorable after-tax impact of $7.2 million, or $.08 per diluted share, resulting from a $9.5 million pre-tax increase in the reserve established in connection with the discussions with the Department of Justice ("DOJ"), as discussed below.  

As reflected on the Supplemental Schedule, included in our reported results during the second quarter of 2017, is a net aggregate unfavorable after-tax impact of $2.7 million, or $.03 per diluted share, consisting of: (i) a favorable after-tax impact of $1.4 million, or $.01 per diluted share, resulting from our January 1, 2017 adoption of ASU 2016-09, "Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), offset by; (ii) an unfavorable after-tax impact of $4.0 million, or $.04 per diluted share, related to the depreciation and amortization expense recorded in connection with the implementation of electronic health records ("EHR") applications at our acute care hospitals. 

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI"), was $444.7 million during the second quarter of 2018 as compared to $438.3 million during the second quarter of 2017.  Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of the above-mentioned $9.5 million pre-tax increase in the DOJ reserve and $15.3 million of other income, net, recorded during the second quarter of 2018, was $438.8 million during the second quarter of 2018 as compared to $438.3 million during the second quarter of 2017.

Consolidated Results of Operations, As Reported and As Adjusted  – Six-month periods ended June 30, 2018 and 2017:
Reported net income attributable to UHS was $449.9 million, or $4.76 per diluted share, during the six-month period ended June 30, 2018 as compared to $391.4 million, or $4.03 per diluted share, during the comparable period of 2017.  Net revenues increased 2.7% to $5.37 billion during the first six months of 2018 as compared to $5.23 billion during the first six months of 2017.

For the six-month period ended June 30, 2018, our adjusted net income attributable to UHS, as calculated on the attached Supplemental Schedule, was $465.5 million, or $4.92 per diluted share, as compared to $392.4 million, or $4.04 per diluted share, during the comparable period of 2017. 

As reflected on the Supplemental Schedule, included in our reported results during the six-month period ended June 30, 2018, is a net aggregate unfavorable after-tax impact of $15.6 million, or $.16 per diluted share, consisting of: (i) an unfavorable after-tax impact of $17.1 million, or $.18 per diluted share, resulting from a $22.5 million pre-tax increase in the reserve established in connection with the discussions with the DOJ, as discussed below, partially offset by; (ii) a favorable after-tax impact of $1.5 million, or $.02 per diluted share, resulting from our adoption of ASU 2016-09.  

As reflected on the Supplemental Schedule, included in our reported results during the six-month period ended June 30, 2017, is a net aggregate unfavorable after-tax impact of $1.0 million, or $.01 per diluted share, consisting of: (i) a favorable after-tax impact of $8.1 million, or $.08 per diluted share, resulting from our adoption of ASU 2016-09, offset by; (ii) an unfavorable after-tax impact of $9.1 million, or $.09 per diluted share, related to the depreciation and amortization expense recorded in connection with the implementation of EHR applications at our acute care hospitals.

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI"), was $886.8 million during the first six months of 2018 as compared to $898.6 million during the first six months of 2017. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of the above-mentioned $22.5 million pre-tax increase in the DOJ reserve and $15.3 million of other income, net, recorded during the first six months of 2018, was $893.9 million during the six-month period ended June 30, 2018 as compared to $898.6 million during the first six months of 2017.

Acute Care Services – Three and six-month periods ended June 30, 2018 and 2017:
During the second quarter of 2018, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased 1.9% and adjusted patient days increased 4.7%, as compared to the second quarter of 2017. At these facilities, net revenue per adjusted admission increased 3.1% while net revenue per adjusted patient day increased 0.4% during the second quarter of 2018 as compared to the comparable quarter of 2017. Net revenues from our acute care services on a same facility basis increased 3.3% during the second quarter of 2018 as compared to the comparable quarter of the prior year.

During the six-month period ended June 30, 2018, at our acute care hospitals on a same facility basis, adjusted admissions increased 2.0% and adjusted patient days increased 5.1%, as compared to the comparable period  of 2017. At these facilities, net revenue per adjusted admission increased 3.4% while net revenue per adjusted patient day increased 0.3% during the first six months of 2018 as compared to the comparable period of 2017. Net revenues from our acute care services on a same facility basis increased 3.5% during the first six months of 2018 as compared to the comparable period of the prior year.

Behavioral Health Care Services – Three and six-month periods ended June 30, 2018 and 2017:
During the second quarter of 2018, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 1.2% while adjusted patient days decreased 0.3% as compared to the second quarter of 2017. At these facilities, net revenue per adjusted admission increased 2.0% while net revenue per adjusted patient day increased 3.6% during the second quarter of 2018 as compared to the comparable quarter in 2017. On a same facility basis, our behavioral health care services' net revenues increased 2.8% during the second quarter of 2018 as compared to the second quarter of 2017.   

During the six-month period ended June 30, 2018, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 1.4% while adjusted patient days increased 0.1% as compared to the comparable period of 2017. At these facilities, net revenue per adjusted admission increased 2.0% while net revenue per adjusted patient day increased 3.4% during the first six months of 2018 as compared to the comparable period in 2017. On a same facility basis, our behavioral health care services' net revenues increased 2.9% during the first six months of 2018 as compared to the comparable period of 2017.   

Net Cash Provided by Operating Activities and Share Repurchase Program:
For the six months ended June 30, 2018, our net cash provided by operating activities was $629 million as compared to $534 million generated during the first six months of 2017. The $95 million increase was due to: (i) a $103 million favorable change in other working capital accounts resulting primarily from changes in accounts payable and accrued expenses due to timing of disbursements; (ii) a $64 million favorable change in cash flows from foreign currency forward exchange contracts related to our investments in the U.K; (iii) a $65 million unfavorable change in accounts receivable, and; (iv) $7 million of other combined net unfavorable changes.

In November of 2017, our Board of Directors authorized a $400 million increase to our stock repurchase program, which increased the aggregate authorization to $1.2 billion from the previous $800 million authorization approved during 2016 and 2014.  Pursuant to this program, we may purchase shares of our Class B Common Stock, from time to time as conditions allow, on the open market or in negotiated private transactions. 

In conjunction with our stock repurchase program, during the second quarter of 2018, we have repurchased approximately 1.12 million shares at an aggregate cost of $129.6 million (approximately $116 per share).  During the first six months of 2018, we have repurchased approximately 1.16 million shares at an aggregate cost of $134.2 million (approximately $116 per share). Since inception of the program in 2014 through June 30, 2018, we have repurchased approximately 8.51 million shares at an aggregate cost of $970.5 million (approximately $114 per share). 

Conference call information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on July 26, 2018. The dial-in number is 1-877-648-7971. 

A live broadcast of the conference call will be available on our website at www.uhsinc.com.  A replay of the call will be available following the conclusion of the live call and will be available for one full year.

Reserve-DOJ:
During the first six months of 2018, we recorded a pre-tax increase of approximately $22 million to the reserve established in connection with the civil aspects of the government's investigation of certain of our behavioral health care facilities, increasing the aggregate pre-tax reserve to approximately $43 million.  Changes in the reserve may be required in future periods as discussions with the DOJ continue and additional information becomes available.  We cannot predict the ultimate resolution of this matter and therefore can provide no assurance that final amounts paid in settlement or otherwise, if any, or associated costs, will not differ materially from our established reserve.  Please see Item 1-Legal Proceedings in our Form 10-Q for the quarterly period ended March 31, 2018 for additional disclosure in connection with this matter.

Adoption of new revenue recognition standard:
On January 1, 2018, we adopted, using the modified retrospective approach, ASU 2014-09 and ASU 2016-08, "Revenue from Contracts with Customers (Topic 606)" and "Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net)", respectively, which provides guidance for revenue recognition. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The most significant change from the adoption of the new standard relates to our estimation for the allowance for doubtful accounts. Under the previous standards, our estimate for amounts not expected to be collected based upon our historical experience, were reflected as provision for doubtful accounts, included within net revenue. Under the new standard, our estimate for amounts not expected to be collected based on historical experience will continue to be recognized as a reduction to net revenue, however, not reflected separately as provision for doubtful accounts. Under the new standard, subsequent changes in estimate of collectability due to a change in the financial status of a payor, for example a bankruptcy, will be recognized as bad debt expense in operating charges. The adoption of this ASU in 2018, and amounts recognized as bad debt expense and included in other operating expenses, did not have a material impact on our consolidated financial statements.      

Tax Cuts and Jobs Act of 2017:
Effective January 1, 2018, our provision for income taxes, net income attributable to UHS, and net income attributable to UHS per diluted share, were favorably impacted by the Tax Cuts and Jobs Act of 2017 which made broad and complex changes to the U.S. tax code including, among other things, reducing the U.S. federal corporate tax rate from 35% to 21%.  

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:
One of the nation's largest and most respected hospital companies, Universal Health Services, Inc. ("UHS") has built an impressive record of achievement and performance. Growing steadily since its inception into an esteemed Fortune 500 corporation, UHS today has annual revenue exceeding $10 billion. In 2018, UHS was recognized as one of the World's Most Admired Companies by Fortune; ranked #268 on the Fortune 500; and in 2017, listed #275 in Forbes inaugural ranking of America's Top 500 Public Companies.

Our operating philosophy is as effective today as it was 40 years ago, enabling us to provide compassionate care to our patients and their loved ones: Build or acquire high quality hospitals in rapidly growing markets, invest in the people and equipment needed to allow each facility to thrive, and become the leading healthcare provider in each community we serve.

Headquartered in King of Prussia, PA, UHS has more than 83,000 employees and through its subsidiaries operates 326 inpatient acute care hospitals and behavioral health facilities and 32 outpatient and other facilities located in 37 states, Washington, D.C., the United Kingdom and Puerto Rico. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT).  For additional information on the Company, visit our web site: http://www.uhsinc.com.

This press release contains forward-looking statements based on current management expectations.  Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2017 and in Item 2-Forward-Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended March 31, 2018), may cause the results to differ materially from those anticipated in the forward-looking statements.  Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially.  Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof.  We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

We believe that operating income, operating margin, adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and adjusted EBITDA net of NCI, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect in each year of material items impacting our net income attributable to UHS, such as, changes in the reserve established in connection with our discussions with the DOJ, our adoption of ASU 2016-09, and other potential items that are nonrecurring or non-operational in nature including, but not limited to, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of long-lived assets, and other material amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Reports on Form 10-K for the year ended December 31, 2017 and Form 10-Q for the quarterly period ended March 31, 2018. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

 

Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)
               
 

Three months

  

Six months
 

ended June 30,

  

ended June 30,
 

2018

  

2017

  

2018

  

2017
               

Net revenues before provision for doubtful accounts

    

$2,827,709

      

$5,653,181

  Less: Provision for doubtful accounts

    

215,353

      

427,967

Net revenues

$2,681,353

  

2,612,356

  

$5,368,869

  

5,225,214
               

Operating charges:

              

   Salaries, wages and benefits

1,305,974

  

1,236,294

  

2,606,122

  

2,474,258

   Other operating expenses

624,484

  

632,193

  

1,245,303

  

1,239,553

   Supplies expense

289,733

  

274,539

  

582,662

  

552,153

   Depreciation and amortization

109,581

  

113,112

  

222,684

  

223,910

   Lease and rental expense

27,119

  

26,027

  

53,822

  

51,216
 

2,356,891

  

2,282,165

  

4,710,593

  

4,541,090
               

Income from operations

324,462

  

330,191

  

658,276

  

684,124
               

Interest expense, net

38,000

  

35,920

  

75,576

  

71,427

Other (income) expense, net

(15,308)

  

0

  

(15,308)

  

0
               

Income before income taxes

301,770

  

294,271

  

598,008

  

612,697
               

Provision for income taxes

71,059

  

103,883

  

138,628

  

211,782
               

Net income

230,711

  

190,388

  

459,380

  

400,915
               

Less:  Net income attributable to

              

noncontrolling interests ("NCI")

4,659

  

4,994

  

9,496

  

9,466
               

Net income attributable to UHS

$226,052

  

$185,394

  

$449,884

  

$391,449
               
               
               
               
               
               

Basic earnings per share attributable to UHS (a)

$2.40

  

$1.93

  

$4.78

  

$4.06
               

Diluted earnings per share attributable to UHS (a)

$2.39

  

$1.91

  

$4.76

  

$4.03

 

 

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)
               
 

Three months

  

Six months

(a) Earnings per share calculation:

ended June 30,

  

ended June 30,
 

2018

  

2017

  

2018

  

2017

Basic and diluted:

              

Net income attributable to UHS

$226,052

  

$185,394

  

$449,884

  

$391,449

Less: Net income attributable to unvested restricted share grants

(392)

  

(82)

  

(496)

  

(176)

Net income attributable to UHS - basic and diluted

$225,660

  

$185,312

  

$449,388

  

$391,273
               

Weighted average number of common shares - basic

93,842

  

96,247

  

94,034

  

96,416
               

Basic earnings per share attributable to UHS:

$2.40

  

$1.93

  

$4.78

  

$4.06
               

Weighted average number of common shares

93,842

  

96,247

  

94,034

  

96,416

Add: Other share equivalents

439

  

795

  

448

  

791

Weighted average number of common shares and equiv. - diluted

94,281

  

97,042

  

94,482

  

97,207
               

Diluted earnings per share attributable to UHS:

$2.39

  

$1.91

  

$4.76

  

$4.03

 

 

Universal Health Services, Inc.

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

For the Three Months ended June 30, 2018 and 2017

(in thousands, except per share amounts)

(unaudited)
               
               
               

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

Three months ended

  

% Net

  

Three months ended

  

% Net
 

June 30, 2018

  

revenues

  

June 30, 2017

  

revenues
               

Net income attributable to UHS

$226,052

      

$185,394

    

   Depreciation and amortization

109,581

      

113,112

    

   Interest expense, net

38,000

      

35,920

    

   Provision for income taxes

71,059

      

103,883

    

EBITDA net of NCI

$444,692

  

16.6%

  

$438,309

  

16.8%
               

Other (income) expense, net

(15,308)

      

-

    

Increase in DOJ reserve

9,451

      

-

    

Adjusted EBITDA net of NCI

$438,835

  

16.4%

  

$438,309

  

16.8%
               

Net revenues

$2,681,353

      

$2,612,356

    
               
               
               
               
               

Calculation of Adjusted Net Income Attributable to UHS
               
 

Three months ended

  

Three months ended
 

June 30, 2018

  

June 30, 2017
     

Per

      

Per
 

Amount

  

Diluted Share

  

Amount

  

Diluted Share
               

Net income attributable to UHS

$226,052

  

$2.39

  

$185,394

  

$1.91

Plus/minus after-tax adjustments:

              

Increase in DOJ reserve, after-tax

7,205

  

0.08

  

-

  

-

Impact of ASU 2016-09

61

  

-

  

(1,382)

  

(0.01)

EHR depreciation & amortization, after-tax

-

  

-

  

4,038

  

0.04

Subtotal

7,266

  

0.08

  

2,656

  

0.03

Adjusted net income attributable to UHS

$233,318

  

$2.47

  

$188,050

  

$1.94

 

 

 

Universal Health Services, Inc.

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

For the Six Months ended June 30, 2018 and 2017

(in thousands, except per share amounts)

(unaudited)
               
               
               

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

Six months ended

  

% Net

  

Six months ended

  

% Net
 

June 30, 2018

  

revenues

  

June 30, 2017

  

revenues
               

Net income attributable to UHS

$449,884

      

$391,449

    

   Depreciation and amortization

222,684

      

223,910

    

   Interest expense, net

75,576

      

71,427

    

   Provision for income taxes

138,628

      

211,782

    

EBITDA net of NCI

$886,772

  

16.5%

  

$898,568

  

17.2%
               

Other (income) expense, net

(15,308)

      

-

    

Increase in DOJ reserve

22,451

      

-

    

Adjusted EBITDA net of NCI

$893,915

  

16.6%

  

$898,568

  

17.2%
               

Net revenues

$5,368,869

      

$5,225,214

    
               
               
               
               
               

Calculation of Adjusted Net Income Attributable to UHS
               
 

Six months ended

  

Six months ended
 

June 30, 2018

  

June 30, 2017
     

Per

      

Per
 

Amount

  

Diluted Share

  

Amount

  

Diluted Share
               

Net income attributable to UHS

$449,884

  

$4.76

  

$391,449

  

$4.03

Plus/minus after-tax adjustments:

              

Increase in DOJ reserve, after-tax

17,116

  

0.18

  

-

  

-

Impact of ASU 2016-09

(1,537)

  

(0.02)

  

(8,132)

  

(0.08)

EHR depreciation & amortization, after-tax

-

  

-

  

9,111

  

0.09

Subtotal

15,579

  

0.16

  

979

  

0.01

Adjusted net income attributable to UHS

$465,463

  

$4.92

  

$392,428

  

$4.04

 

 

Universal Health Services, Inc.

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)
               
 

Three months

  

Six months
 

ended June 30,

  

ended June 30,
 

2018

  

2017

  

2018

  

2017
               

Net income

$230,711

  

$190,388

  

$459,380

  

$400,915

Other comprehensive income (loss):

              

   Unrealized derivative gains (losses) on cash flow hedges

(545)

  

(129)

  

1,579

  

2,937

   Foreign currency translation adjustment

1,184

  

1,713

  

(3,157)

  

8,949

   Other

(2,367)

  

3,066

  

0

  

4,160

Other comprehensive income (loss) before tax

(1,728)

  

4,650

  

(1,578)

  

16,046

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

(1,452)

  

1,095

  

(375)

  

2,646

Total other comprehensive income (loss), net of tax

(276)

  

3,555

  

(1,203)

  

13,400
               

Comprehensive income

230,435

  

193,943

  

458,177

  

414,315

Less: Comprehensive income attributable to noncontrolling interests

4,659

  

4,994

  

9,496

  

9,466

Comprehensive income attributable to UHS

$225,776

  

$188,949

  

$448,681

  

$404,849

 

 

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)
             
     

June 30,

    

December 31,
     

2018

    

2017

Assets

            

Current assets:

            

    Cash and cash equivalents

  

$

76,886

  

$

74,423

    Accounts receivable, net

    

1,557,298

    

1,500,898

    Supplies

    

140,797

    

136,177

    Other current assets

    

105,546

    

86,504

          Total current assets

    

1,880,527

    

1,798,002
             

Property and equipment

    

8,281,347

    

7,921,126

Less: accumulated depreciation

    

(3,528,248)

    

(3,349,289)
     

4,753,099

    

4,571,837
             

Other assets:

            

    Goodwill

    

3,815,203

    

3,825,157

    Deferred charges

    

8,081

    

9,787

    Deferred income taxes

    

2,967

    

3,007

    Other

    

609,540

    

554,038

Total Assets

  

$

11,069,417

  

$

10,761,828
             

Liabilities and Stockholders' Equity

            

Current liabilities:

            

    Current maturities of long-term debt

  

$

126,302

  

$

545,619

    Accounts payable and accrued liabilities

    

1,321,049

    

1,284,081

    Federal and state taxes

    

193

    

18,334

          Total current liabilities

    

1,447,544

    

1,848,034
             

Other noncurrent liabilities

    

311,518

    

306,304

Long-term debt

    

3,864,162

    

3,494,390

Deferred income taxes

    

49,642

    

54,962
             

Redeemable noncontrolling interest

    

6,341

    

6,702
             

UHS common stockholders' equity

    

5,317,583

    

4,989,514

Noncontrolling interest

    

72,627

    

61,922

          Total equity

    

5,390,210

    

5,051,436
             

Total Liabilities and Stockholders' Equity

  

$

11,069,417

  

$

10,761,828

 

 

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)
 

Six months
 

ended June 30,
 

2018

  

2017
       

Cash Flows from Operating Activities:

      

  Net income

$459,380

  

$400,915

  Adjustments to reconcile net income to net 

      

cash provided by operating activities:

      

Depreciation & amortization

222,716

  

223,910

Stock-based compensation expense

34,716

  

29,053

Gain on sale of assets and businesses

(2,513)

  

0

  Changes in assets & liabilities, net of effects from

      

acquisitions and dispositions:

      

   Accounts receivable

(64,055)

  

941

   Accrued interest

199

  

211

   Accrued and deferred income taxes 

(42,540)

  

(5,529)

   Other working capital accounts 

8,977

  

(93,715)

   Other assets and deferred charges

(14,144)

  

(19,723)

   Other 

18,876

  

(23,411)

   Accrued insurance expense, net of commercial premiums paid

46,255

  

58,903

   Payments made in settlement of self-insurance claims

(38,606)

  

(37,759)

          Net cash provided by operating activities

629,261

  

533,796
       

Cash Flows from Investing Activities:

      

   Property and equipment additions, net of disposals

(370,252)

  

(262,452)

   Acquisition of property and businesses

(20,931)

  

(19,610)

   Proceeds received from sales of assets and businesses

13,502

  

0

   Costs incurred for purchase and implementation of information technology applications

(24,087)

  

(19,448)

   Decrease (increase) in capital reserves of commercial insurance subsidiary

100

  

(3,000)

   Investment in, and advances to,  joint venture

(14,059)

  

0

          Net cash used in investing activities

(415,727)

  

(304,510)
       

Cash Flows from Financing Activities:

      

   Reduction of long-term debt

(82,470)

  

(45,675)

   Additional borrowings

30,500

  

21,600

   Financing costs

(754)

  

0

   Repurchase of common shares

(134,784)

  

(147,463)

   Dividends paid

(18,804)

  

(19,280)

   Issuance of common stock

4,959

  

4,927

   Profit distributions to noncontrolling interests

(7,914)

  

(11,430)

          Net cash used in financing activities

(209,267)

  

(197,321)
       

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

(1,138)

  

938

Increase in cash, cash equivalents and restricted cash

3,129

  

32,903

Cash, cash equivalents and restricted cash, beginning of period

167,297

  

121,950

Cash, cash equivalents and restricted cash, end of period

$170,426

  

$154,853
       

Supplemental Disclosures of Cash Flow Information:

      

  Interest paid

$70,890

  

$66,765
       

  Income taxes paid, net of refunds

$182,130

  

$216,214
       

  Noncash purchases of property and equipment

$91,742

  

$63,089

 

 

 

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)
                   
                   
                   
         

 % Change 

  

 % Change 

    
         

Quarter ended

  

6 months ended

    

Same Facility:

        

6/30/2018

  

6/30/2018

    
                   

Acute Care Hospitals

                  

Revenues

        

3.3%

  

3.5%

    

Adjusted Admissions

        

1.9%

  

2.0%

    

Adjusted Patient Days

        

4.7%

  

5.1%

    

Revenue Per Adjusted Admission

      

3.1%

  

3.4%

    

Revenue Per Adjusted Patient Day

      

0.4%

  

0.3%

    
                   
                   
                   

Behavioral Health Hospitals

                  

Revenues

        

2.8%

  

2.9%

    

Adjusted Admissions

        

1.2%

  

1.4%

    

Adjusted Patient Days

        

-0.3%

  

0.1%

    

Revenue Per Adjusted Admission

      

2.0%

  

2.0%

    

Revenue Per Adjusted Patient Day

      

3.6%

  

3.4%

    
                   
                   
                   
                   

UHS Consolidated

    

Second quarter ended

  

Six months ended
     

6/30/2018

  

6/30/2017

  

6/30/2018

  

6/30/2017
                   

Revenues

    

$2,681,353

  

$2,612,356

  

$5,368,869

  

$5,225,214

EBITDA net of NCI

    

$444,692

  

$438,309

  

$886,772

  

$898,568

EBITDA Margin net of NCI

    

16.6%

  

16.8%

  

16.5%

  

17.2%

Adjusted EBITDA net of NCI

    

$438,835

  

$438,309

  

$893,915

  

$898,568

Adjusted EBITDA Margin net of NCI

  

16.4%

  

16.8%

  

16.6%

  

17.2%
                   
                   

Cash Flow From Operations

    

$265,210

  

$50,687

  

$629,261

  

$533,796

Days Sales Outstanding

    

53

  

51

  

53

  

50

Capital Expenditures  

    

$181,211

  

$118,114

  

$370,252

  

$262,452
                   

Debt 

            

$3,990,464

  

$4,115,021

UHS' Shareholders Equity

            

$5,317,583

  

$4,812,854

Debt / Total Capitalization

            

42.9%

  

46.1%

Debt / EBITDA net of NCI (1)

            

2.35

  

2.43

Debt / Adjusted EBITDA net of NCI (1)

        

2.34

  

2.43

Debt / Cash From Operations (1)

            

3.12

  

3.99
                   

(1)  Latest 4 quarters

                  

 

 

 

Universal Health Services, Inc.

Acute Care Hospital Services

For the three and six months ended

June 30, 2018 and 2017

(in thousands)
                                 
                                 

Same Facility Basis - Acute Care Hospital Services

                                
                                 
   

Three months ended

  

Three months ended

  

Six months ended

  

Six months ended
   

June 30, 2018

  

June 30, 2017

  

June 30, 2018

  

June 30, 2017
   

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

Net revenues before provision for doubtful accounts

          

$1,517,593

              

$3,071,060

    

Less: Provision for doubtful accounts

          

187,369

              

368,352

    

Net revenues

  

$1,374,725

  

100.0%

  

1,330,224

  

100.0%

  

$2,798,378

  

100.0%

  

2,702,708

  

100.0%

Operating charges:

                                

Salaries, wages and benefits

  

583,969

  

42.5%

  

551,661

  

41.5%

  

1,165,542

  

41.7%

  

1,106,563

  

40.9%

Other operating expenses

  

307,800

  

22.4%

  

313,692

  

23.6%

  

615,197

  

22.0%

  

628,915

  

23.3%

Supplies expense

  

240,118

  

17.5%

  

224,923

  

16.9%

  

483,271

  

17.3%

  

453,408

  

16.8%

Depreciation and amortization

  

67,165

  

4.9%

  

66,608

  

5.0%

  

139,315

  

5.0%

  

129,657

  

4.8%

Lease and rental expense

  

14,708

  

1.1%

  

14,545

  

1.1%

  

28,991

  

1.0%

  

28,461

  

1.1%

Subtotal-operating expenses

  

1,213,760

  

88.3%

  

1,171,429

  

88.1%

  

2,432,316

  

86.9%

  

2,347,004

  

86.8%

Income from operations

  

160,965

  

11.7%

  

158,795

  

11.9%

  

366,062

  

13.1%

  

355,704

  

13.2%

Interest expense, net

  

431

  

0.0%

  

690

  

0.1%

  

962

  

0.0%

  

1,435

  

0.1%

Other (income) expense, net

  

(2,498)

  

(0.2)%

  

-

  

-

  

(2,498)

  

(0.1)%

  

-

  

-

Income before income taxes

  

163,032

  

11.9%

  

158,105

  

11.9%

  

367,598

  

13.1%

  

354,269

  

13.1%
                                 
                                 
                                 

All Acute Care Hospital Services

                                
                                 
   

Three months ended

  

Three months ended

  

Six months ended

  

Six months ended
   

June 30, 2018

  

June 30, 2017

  

June 30, 2018

  

June 30, 2017
   

Amount

  

% of Net
Revenues

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues

  

Amount

  

% of Net
Revenues 

Net revenues before provision for doubtful accounts

          

$1,553,826

              

$3,124,356

    

Less: Provision for doubtful accounts

          

187,369

              

368,352

    

Net revenues

  

$1,403,991

  

100.0%

  

1,366,457

  

100.0%

  

$2,849,623

  

100.0%

  

2,756,004

  

100.0%

Operating charges:

                                

Salaries, wages and benefits

  

584,126

  

41.6%

  

551,735

  

40.4%

  

1,165,894

  

40.9%

  

1,106,695

  

40.2%

Other operating expenses

  

337,926

  

24.1%

  

343,669

  

25.2%

  

667,962

  

23.4%

  

675,968

  

24.5%

Supplies expense

  

240,118

  

17.1%

  

224,924

  

16.5%

  

483,271

  

17.0%

  

453,409

  

16.5%

Depreciation and amortization

  

67,165

  

4.8%

  

73,017

  

5.3%

  

139,315

  

4.9%

  

144,355

  

5.2%

Lease and rental expense

  

14,708

  

1.0%

  

14,545

  

1.1%

  

28,991

  

1.0%

  

28,461

  

1.0%

Subtotal-operating expenses

  

1,244,043

  

88.6%

  

1,207,890

  

88.4%

  

2,485,433

  

87.2%

  

2,408,888

  

87.4%

Income from operations

  

159,948

  

11.4%

  

158,567

  

11.6%

  

364,190

  

12.8%

  

347,116

  

12.6%

Interest expense, net

  

431

  

0.0%

  

690

  

0.1%

  

962

  

0.0%

  

1,435

  

0.1%

Other (income) expense, net

  

(2,498)

  

(0.2)%

  

-

  

-

  

(2,498)

  

(0.1)%

  

-

  

-

Income before income taxes

  

162,015

  

11.5%

  

157,877

  

11.6%

  

365,726

  

12.8%

  

345,681

  

12.5%
                                 
                                 

We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of long-lived assets, the impact of the EHR applications (in 2017) and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2017 and Form 10-Q for the quarter ended March 31, 2018.
                                 

The All Acute Care Hospital Servicestable summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of the implementation of EHR applications at our acute care hospitals (in 2017); (iii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iv) certain other amounts including the results of facilities acquired or opened during the last twelve months.

 

 

 

Universal Health Services, Inc.

Behavioral Health Care Services

For the three and six months ended

June 30, 2018 and 2017

(in thousands)
                                 
                                 

Same Facility - Behavioral Health Care Services

                                
                                 
   

Three months ended

  

Three months ended

  

Six months ended

  

Six months ended
   

June 30, 2018

  

June 30, 2017

  

June 30, 2018

  

June 30, 2017
   

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues 

Net revenues before provision for doubtful accounts

          

$1,238,108

              

$2,443,185

    

Less: Provision for doubtful accounts

          

28,162

              

58,798

    

Net revenues

  

$1,243,429

  

100.0%

  

1,209,946

  

100.0%

  

$2,453,366

  

100.0%

  

2,384,387

  

100.0%

Operating charges:

                                

Salaries, wages and benefits

  

642,805

  

51.7%

  

606,919

  

50.2%

  

1,273,373

  

51.9%

  

1,204,011

  

50.5%

Other operating expenses

  

234,168

  

18.8%

  

236,565

  

19.6%

  

464,515

  

18.9%

  

466,453

  

19.6%

Supplies expense

  

48,957

  

3.9%

  

48,819

  

4.0%

  

97,726

  

4.0%

  

96,566

  

4.0%

Depreciation and amortization

  

37,430

  

3.0%

  

35,933

  

3.0%

  

74,173

  

3.0%

  

71,249

  

3.0%

Lease and rental expense

  

11,920

  

1.0%

  

10,951

  

0.9%

  

23,928

  

1.0%

  

21,712

  

0.9%

Subtotal-operating expenses

  

975,280

  

78.4%

  

939,187

  

77.6%

  

1,933,715

  

78.8%

  

1,859,991

  

78.0%

Income from operations

  

268,149

  

21.6%

  

270,759

  

22.4%

  

519,651

  

21.2%

  

524,396

  

22.0%

Interest expense, net

  

410

  

0.0%

  

439

  

0.0%

  

837

  

0.0%

  

1,162

  

0.0%

Other (income) expense, net

  

1,258

  

0.1%

  

-

  

-

  

1,258

  

0.1%

  

-

  

-

Income before income taxes

  

266,481

  

21.4%

  

270,320

  

22.3%

  

517,556

  

21.1%

  

523,234

  

21.9%
                                 
                                 
                                 

All Behavioral Health Care Services

                                
                                 
   

Three months ended

  

Three months ended

  

Six months ended

  

Six months ended
   

June 30, 2018

  

June 30, 2017

  

June 30, 2018

  

June 30, 2017
   

Amount

  

% of Net
Revenues

  

Amount

  

% of Net
Revenues 

  

Amount

  

% of Net
Revenues

  

Amount

  

% of Net
Revenues 

Net revenues before provision for doubtful accounts

          

$1,270,547

              

$2,520,295

    

Less: Provision for doubtful accounts

          

27,986

              

59,612

    

Net revenues

  

$1,274,083

  

100.0%

  

1,242,561

  

100.0%

  

$2,512,079

  

100.0%

  

2,460,683

  

100.0%

Operating charges:

                                

Salaries, wages and benefits

  

651,852

  

51.2%

  

622,829

  

50.1%

  

1,293,980

  

51.5%

  

1,236,678

  

50.3%

Other operating expenses

  

259,959

  

20.4%

  

268,241

  

21.6%

  

516,361

  

20.6%

  

522,719

  

21.2%

Supplies expense

  

49,470

  

3.9%

  

49,984

  

4.0%

  

99,006

  

3.9%

  

99,020

  

4.0%

Depreciation and amortization

  

39,777

  

3.1%

  

37,564

  

3.0%

  

78,231

  

3.1%

  

74,509

  

3.0%

Lease and rental expense

  

12,256

  

1.0%

  

11,358

  

0.9%

  

24,557

  

1.0%

  

22,518

  

0.9%

Subtotal-operating expenses

  

1,013,314

  

79.5%

  

989,976

  

79.7%

  

2,012,135

  

80.1%

  

1,955,444

  

79.5%

Income from operations

  

260,769

  

20.5%

  

252,585

  

20.3%

  

499,944

  

19.9%

  

505,239

  

20.5%

Interest expense, net

  

410

  

0.0%

  

439

  

0.0%

  

837

  

0.0%

  

1,162

  

0.0%

Other (income) expense, net

  

(1,085)

  

(0.1)%

  

-

  

-

  

(1,085)

  

(0.0)%

  

-

  

-

Income before income taxes

  

261,444

  

20.5%

  

252,146

  

20.3%

  

500,192

  

19.9%

  

504,077

  

20.5%
                                 
                                 

We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of long-lived assets, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period.However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and in the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2017 and Form 10-Q for the quarter ended March 31, 2018.
                                 

The All Behavioral Health Care Servicestable summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months.

 

 

 

Universal Health Services, Inc.

Selected Hospital Statistics

For the three months ended

June 30, 2018 and 2017
                         
                         

AS REPORTED:

                        
                         
                         
   

ACUTE

  

BEHAVIORAL HEALTH
   

6/30/18

  

6/30/17

  

%  change

  

6/30/18

  

6/30/17

  

%  change
                         

Hospitals owned and leased

  

26

  

26

  

0.0%

  

301

  

294

  

2.4%

Average licensed beds

  

6,213

  

6,120

  

1.5%

  

23,262

  

23,133

  

0.6%

Average available beds

  

6,037

  

5,948

  

1.5%

  

23,178

  

23,052

  

0.5%

Patient days

  

339,697

  

324,249

  

4.8%

  

1,605,977

  

1,625,692

  

-1.2%

Average daily census

  

3,733.1

  

3,563.2

  

4.8%

  

17,648.1

  

17,864.7

  

-1.2%

Occupancy-licensed beds

  

60.1%

  

58.2%

  

3.2%

  

75.9%

  

77.2%

  

-1.7%

Occupancy-available beds

  

61.8%

  

59.9%

  

3.2%

  

76.1%

  

77.5%

  

-1.7%

Admissions

  

74,997

  

73,552

  

2.0%

  

120,469

  

119,142

  

1.1%

Length of stay

  

4.5

  

4.4

  

2.7%

  

13.3

  

13.6

  

-2.3%
                         

Inpatient revenue

  

$6,164,010

  

$5,430,997

  

13.5%

  

$2,448,894

  

$2,249,135

  

8.9%

Outpatient revenue

  

3,760,326

  

3,286,930

  

14.4%

  

267,537

  

257,312

  

4.0%

Total patient revenue

  

9,924,336

  

8,717,927

  

13.8%

  

2,716,431

  

2,506,447

  

8.4%

Other revenue

  

100,171

  

118,177

  

-15.2%

  

51,145

  

52,883

  

-3.3%

Gross hospital revenue

  

10,024,507

  

8,836,104

  

13.4%

  

2,767,576

  

2,559,330

  

8.1%

Total deductions

  

8,620,516

  

7,282,278

  

18.4%

  

1,493,493

  

1,288,783

  

15.9%

Net hospital revenue before 

                        

  provision for doubtful accounts

  

1,403,991

  

1,553,826

  

-9.6%

  

1,274,083

  

1,270,547

  

0.3%

Provision for doubtful accounts

  

0

  

187,369

  

-100.0%

  

0

  

27,986

  

-100.0%

Net hospital revenue 

  

$1,403,991

  

$1,366,457

  

2.7%

  

$1,274,083

  

$1,242,561

  

2.5%
                         
                         

SAME FACILITY:

                        
                         
   

ACUTE

  

BEHAVIORAL HEALTH
   

6/30/18

  

6/30/17

  

%  change

  

6/30/18

  

6/30/17

  

%  change
                         

Hospitals owned and leased

  

26

  

26

  

0.0%

  

287

  

287

  

0.0%

Average licensed beds

  

6,213

  

6,120

  

1.5%

  

22,714

  

22,348

  

1.6%

Average available beds

  

6,037

  

5,948

  

1.5%

  

22,630

  

22,267

  

1.6%

Patient days

  

339,697

  

324,249

  

4.8%

  

1,585,994

  

1,586,085

  

0.0%

Average daily census

  

3,733.1

  

3,563.2

  

4.8%

  

17,428.5

  

17,429.5

  

0.0%

Occupancy-licensed beds

  

60.1%

  

58.2%

  

3.2%

  

76.7%

  

78.0%

  

-1.6%

Occupancy-available beds

  

61.8%

  

59.9%

  

3.2%

  

77.0%

  

78.3%

  

-1.6%

Admissions

  

74,997

  

73,552

  

2.0%

  

119,085

  

117,286

  

1.5%

Length of stay

  

4.5

  

4.4

  

2.7%

  

13.3

  

13.5

  

-1.5%

 

 

 

Universal Health Services, Inc.

Selected Hospital Statistics

For the six months ended

June 30, 2018 and 2017
                         
                         

AS REPORTED:

                        
                         
                         
   

ACUTE

  

BEHAVIORAL HEALTH
   

6/30/18

  

6/30/17

  

%  change

  

6/30/18

  

6/30/17

  

%  change
                         

Hospitals owned and leased

  

26

  

26

  

0.0%

  

301

  

294

  

2.4%

Average licensed beds

  

6,187

  

6,114

  

1.2%

  

23,252

  

23,094

  

0.7%

Average available beds

  

6,011

  

5,940

  

1.2%

  

23,169

  

23,013

  

0.7%

Patient days

  

692,496

  

657,249

  

5.4%

  

3,187,973

  

3,218,146

  

-0.9%

Average daily census

  

3,825.8

  

3,631.2

  

5.4%

  

17,613.1

  

17,779.8

  

-0.9%

Occupancy-licensed beds

  

61.8%

  

59.4%

  

4.1%

  

75.7%

  

77.0%

  

-1.6%

Occupancy-available beds

  

63.6%

  

61.1%

  

4.1%

  

76.0%

  

77.3%

  

-1.6%

Admissions

  

151,640

  

147,903

  

2.5%

  

240,449

  

237,472

  

1.3%

Length of stay

  

4.6

  

4.4

  

2.8%

  

13.3

  

13.6

  

-2.2%
                         

Inpatient revenue

  

$12,525,776

  

$11,028,847

  

13.6%

  

$4,851,152

  

$4,432,137

  

9.5%

Outpatient revenue

  

7,474,987

  

6,581,107

  

13.6%

  

522,718

  

503,772

  

3.8%

Total patient revenue

  

20,000,763

  

17,609,954

  

13.6%

  

5,373,870

  

4,935,909

  

8.9%

Other revenue

  

198,358

  

239,442

  

-17.2%

  

101,178

  

104,359

  

-3.0%

Gross hospital revenue

  

20,199,121

  

17,849,396

  

13.2%

  

5,475,048

  

5,040,268

  

8.6%

Total deductions

  

17,349,498

  

14,725,040

  

17.8%

  

2,962,969

  

2,519,973

  

17.6%

Net hospital revenue before 

                        

  provision for doubtful accounts

  

2,849,623

  

3,124,356

  

-8.8%

  

2,512,079

  

2,520,295

  

-0.3%

Provision for doubtful accounts

  

0

  

368,352

  

-100.0%

  

0

  

59,612

  

-100.0%

Net hospital revenue 

  

$2,849,623

  

$2,756,004

  

3.4%

  

$2,512,079

  

$2,460,683

  

2.1%
                         
                         

SAME FACILITY:

                        
                         
   

ACUTE

  

BEHAVIORAL HEALTH
   

6/30/18

  

6/30/17

  

%  change

  

6/30/18

  

6/30/17

  

%  change
                         

Hospitals owned and leased

  

26

  

26

  

0.0%

  

287

  

287

  

0.0%

Average licensed beds

  

6,187

  

6,114

  

1.2%

  

22,630

  

22,299

  

1.5%

Average available beds

  

6,011

  

5,940

  

1.2%

  

22,547

  

22,218

  

1.5%

Patient days

  

692,496

  

657,249

  

5.4%

  

3,145,110

  

3,130,920

  

0.5%

Average daily census

  

3,825.8

  

3,631.2

  

5.4%

  

17,376.3

  

17,297.9

  

0.5%

Occupancy-licensed beds

  

61.8%

  

59.4%

  

4.1%

  

76.8%

  

77.6%

  

-1.0%

Occupancy-available beds

  

63.6%

  

61.1%

  

4.1%

  

77.1%

  

77.9%

  

-1.0%

Admissions

  

151,640

  

147,903

  

2.5%

  

237,716

  

233,483

  

1.8%

Length of stay

  

4.6

  

4.4

  

2.8%

  

13.2

  

13.4

  

-1.3%

 

 

Cision View original content:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports-2018-second-quarter-financial-results-300686652.html

SOURCE Universal Health Services, Inc.

Steve Filton, Chief Financial Officer, 610-768-3300