UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES 2024 FIRST QUARTER FINANCIAL RESULTS

04/24/2024

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.

Consolidated Statements of Income

(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.

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.

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

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 ended


% Net


Three months 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










Three months ended


Three months ended


March 31, 2024


March 31, 2023




Per




Per


Amount


Diluted Share


Amount


Diluted 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.

Condensed Consolidated Balance Sheets

(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.

Consolidated Statements of Cash Flows

(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.

Supplemental Statistical Information

(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.

Acute Care Hospital Services

For the Three months ended

March 31, 2024 and 2023

(in thousands)

(unaudited)










Same Facility Basis - Acute Care Hospital Services




















Three months ended


Three months ended



March 31, 2024


March 31, 2023



Amount


% of Net
Revenues 


Amount


% of Net
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




















Three months ended


Three months ended



March 31, 2024


March 31, 2023



Amount


% of Net
Revenues


Amount


% of Net
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.

Behavioral Health Care Services

For the Three months ended

March 31, 2024 and 2023

(in thousands)

(unaudited)










Same Facility - Behavioral Health Care Services




















Three months ended


Three months ended



March 31, 2024


March 31, 2023



Amount


% of Net
Revenues 


Amount


% of Net
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




















Three months ended


Three months ended



March 31, 2024


March 31, 2023



Amount


% of Net
Revenues


Amount


% of Net
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.

Selected Hospital Statistics

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 %

 

 

Cision 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.

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