KING OF PRUSSIA, Pa.,
April 27, 2015 /PRNewswire/ --
Universal Health Services, Inc. (NYSE: UHS) announced today that
its reported net income attributable to UHS was $174.3 million, or $1.73 per diluted share, during the first quarter
of 2015 as compared to $138.1
million, or $1.38 per diluted
share, during the comparable quarter of 2014. Net revenues
increased 14.8% to $2.23 billion
during the first quarter of 2015 as compared to $1.94 billion during the first quarter of
2014.
For the three-month period ended March
31, 2015, our adjusted net income attributable to UHS, as
calculated on the attached Schedule of Non-GAAP Supplemental
Consolidated Statements of Income Information ("Supplemental
Schedule"), increased approximately 31% to $179.5 million, or $1.78 per diluted share, as compared to
$136.7 million, or $1.36 per diluted share, during the first quarter
of 2014.
As reflected on the Supplemental Schedule, included in our
reported results during the first quarter of 2015 is a net
unfavorable after-tax impact of approximately $5.2 million, or $.05 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 reflected on the Supplemental Schedule, included in our
reported results during the first quarter of 2014 was an aggregate
net favorable after-tax impact of approximately $1.4 million, or $.02 per diluted share, consisting of: (i) a
favorable after-tax impact of $6.3
million, or $.07 per diluted
share, resulting from a gain realized on the sale of a
non-operating investment, and; (ii) a net unfavorable after-tax
impact of approximately $4.9 million,
or $.05 per diluted share, related to
the incentive income and depreciation and amortization expense
recorded in connection with the implementation of EHR
applications.
Acute Care Services – Three-month periods ended March 31, 2015 and 2014:
During the first
quarter of 2015, at our acute care hospitals owned during both
periods ("same facility basis"), adjusted admissions (adjusted for
outpatient activity) increased 5.7% and adjusted patient days
increased 7.5%, as compared to the first quarter of 2014. Net
revenues at these facilities increased 12.2% during the first
quarter of 2015 as compared to the comparable quarter of the prior
year. At these facilities, net revenue per adjusted admission
increased 6.1% while net revenue per adjusted patient day increased
4.4% during the first quarter of 2015 as compared to the comparable
quarter of 2014. On a same facility basis, the operating margin at
our acute care hospitals increased to 21.6% during the first
quarter of 2015 as compared to 19.2% during the first quarter of
2014. We define operating margin as net revenues less salaries,
wages and benefits, other operating expenses and supplies expense
(excluding the impact of EHR and other items as indicated on the
Supplemental Schedules).
The increased operating performance experienced at our acute
care facilities during the first quarter of 2015, as compared to
the comparable quarter in 2014, was due in part to continued
improvement in general economic conditions as well as a decrease in
the number of uninsured patients treated at our hospitals.
The decrease in the number of uninsured patients treated at our
acute care hospitals was due primarily to the favorable impact of
the Affordable Care Act which includes the expansion of Medicaid in
certain states in which we operate and the enrollment of patients
in newly created commercial exchanges.
We provide care to patients who meet certain financial or
economic criteria without charge or at amounts substantially less
than our established rates. Because we do not pursue collection of
amounts determined to qualify as charity care, they are not
reported in net revenues or in accounts receivable, net. Our acute
care hospitals provided charity care and uninsured discounts, based
on gross charges, amounting to approximately $287 million and $320
million during the three-month periods ended March 31, 2015 and 2014, respectively. The
provision for doubtful accounts at our acute care hospitals
decreased to approximately $124
million during the three-month period ended March 31, 2015 as compared to $182 million during the comparable quarter of
2014. During the three-month period ended March 31, 2015, as compared to the comparable
period of 2014, our acute care hospitals experienced a decrease in
the aggregate of charity care, uninsured discounts and provision
for doubtful accounts as a percentage of gross
charges.
Behavioral Health Care Services – Three-month periods ended
March 31, 2015 and
2014:
During the first quarter of 2015, at our behavioral
health care facilities on a same facility basis, adjusted
admissions increased 6.0% while adjusted patient days increased
2.6% as compared to the first quarter of 2014. At these facilities,
net revenue per adjusted admission increased 0.4% while net revenue
per adjusted patient day increased 3.7% during the first quarter of
2015 as compared to the comparable quarter in 2014. On a same
facility basis, our behavioral health services' net revenues
increased 6.3% during the first quarter of 2015, as compared to the
comparable quarter in 2014, and the operating margins were 28.6%
and 27.7% during the three-month periods ended March 31, 2015 and 2014, respectively.
Share Repurchase Program:
During the third quarter of
2014, our Board of Directors authorized a stock repurchase program
whereby, from time to time as conditions allow, we may spend up to
$400 million to purchase shares of
our Class B Common Stock on the open market or in negotiated
private transactions. In conjunction with this program,
during the first quarter of 2015, we repurchased 48,269 shares at
an aggregate cost of $5.6 million.
Since inception of the program through March
31, 2015, we repurchased 596,461 shares at an aggregate cost
of $63.6 million.
Conference call information:
We will hold a
conference call for investors and analysts at 9:00 a.m. eastern time on April 28, 2015. 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.
General Information, Forward-Looking Statements and Risk
Factors and Non-GAAP Financial Measures:
Universal Health
Services, Inc. ("UHS") is one of the nation's largest hospital
companies operating through its subsidiaries acute care hospitals,
behavioral health facilities and ambulatory centers located
throughout the United States, the
United Kingdom, Puerto Rico and the U.S. Virgin Islands.
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,
2014), 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 and earnings before interest, taxes, depreciation
and amortization ("EBITDA"), 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 that are nonrecurring or
non-operational in nature including items such as, but not limited
to, costs related to extinguishment of debt, gains on sales of
assets and businesses, reserves for settlements, legal judgments
and lawsuits, 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. To obtain a complete
understanding of our financial performance these measures should be
examined in connection with net income, determined in accordance
with GAAP, 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,
2014. 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.
We incur health-care related taxes ("Provider Taxes") imposed by
states in the form of a licensing fee, assessment or other
mandatory payment which are related to: (i) healthcare items
or services; (ii) the provision of, or the authority to
provide, the health care items or services, or; (iii) the
payment for the health care items or services. Such Provider
Taxes are subject to various federal regulations that limit the
scope and amount of the taxes that can be levied by states in order
to secure federal matching funds as part of their respective state
Medicaid programs. We derive a related Medicaid reimbursement
benefit from assessed Provider Taxes in the form of Medicaid claims
based payment increases and/or lump sum Medicaid supplemental
payments. Under these programs, including the impact of
uncompensated care and upper payment limit programs, we earned
revenues (before Provider Tax assessments) of approximately
$66 million and $49 million during the three-months ended
March 31, 2015 and 2014,
respectively. These revenues were offset by assessments of
$28 million during the first quarter
of 2015 and $18 million during the
first quarter of 2014, which are recorded in other operating
expenses on the attached Condensed Consolidated Statement of
Income. Prior to 2015, these assessments were recorded as a
reduction to our net revenues. Accordingly, to conform with current
year presentation, these assessments were reclassified on our
Condensed Consolidated Statement of Income for the three-months
ended March 31,
2014.
Our acute care hospitals are eligible for Medicare and Medicaid
EHR incentive payments upon implementation of the EHR application,
once they have demonstrated meaningful use of certified EHR
technology for the applicable stage or have completed attestations
to their adoption or implementation of certified EHR technology.
However, there may be timing differences in the recognition
of the incentive income and expenses recorded in connection with
the implementation of the EHR application which may cause material
period-to-period changes in our future results of operations.
Pursuant to regulations, hospitals that do not qualify as a
meaningful user of EHR by 2015 are subject to a reduced market
basket update to the inpatient prospective payment system
standardized amount in 2015 and each subsequent fiscal year. We
believe that all of our acute care hospitals have met the
applicable meaningful use criteria and therefore are not subject to
a reduced market basked update to the inpatient prospective payment
standardized amount in federal fiscal year 2015. Under the HITECH
Act, hospitals must continue to meet the applicable meaningful use
criteria in each fiscal year or they will be subject to a market
basket update reduction in a subsequent fiscal
year.
Universal Health
Services, Inc.
|
Consolidated
Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
Three
months
|
|
ended March
31,
|
|
2015
|
|
2014
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,380,101
|
|
$2,146,498
|
Less:
Provision for doubtful accounts
|
154,748
|
|
208,184
|
Net
revenues
|
2,225,353
|
|
1,938,314
|
|
|
|
|
Operating
charges:
|
|
|
|
Salaries, wages and benefits
|
1,031,703
|
|
935,365
|
Other
operating expenses
|
505,966
|
|
399,908
|
Supplies
expense
|
238,741
|
|
215,798
|
Depreciation and amortization
|
98,998
|
|
93,359
|
Lease
and rental expense
|
22,891
|
|
23,338
|
Electronic health records incentive income
|
0
|
|
(430)
|
|
1,898,299
|
|
1,667,338
|
|
|
|
|
Income from
operations
|
327,054
|
|
270,976
|
|
|
|
|
Interest expense,
net
|
30,037
|
|
35,193
|
|
|
|
|
Income before income
taxes
|
297,017
|
|
235,783
|
|
|
|
|
Provision for income
taxes
|
102,694
|
|
83,931
|
|
|
|
|
Net income
|
194,323
|
|
151,852
|
|
|
|
|
Less: Income
attributable to
|
|
|
|
noncontrolling
interests
|
20,024
|
|
13,774
|
|
|
|
|
Net income
attributable to UHS
|
$174,299
|
|
$138,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share attributable to UHS (a)
|
$1.76
|
|
$1.40
|
|
|
|
|
Diluted earnings per
share attributable to UHS (a)
|
$1.73
|
|
$1.38
|
|
|
|
|
Universal Health
Services, Inc.
|
Footnotes to
Consolidated Statements of Income
|
(in thousands, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
Three
months
|
|
ended March
31,
|
|
2015
|
|
2014
|
|
|
|
|
(a) Earnings per
share calculation:
|
|
|
|
|
|
|
|
Basic and
diluted:
|
|
|
|
Net income
attributable to UHS
|
$174,299
|
|
$138,078
|
Less: Net income
attributable to unvested restricted share grants
|
(68)
|
|
(70)
|
Net income
attributable to UHS - basic and diluted
|
$174,231
|
|
$138,008
|
|
|
|
|
Weighted average
number of common shares - basic
|
98,910
|
|
98,572
|
|
|
|
|
Basic earnings per
share attributable to UHS:
|
$1.76
|
|
$1.40
|
|
|
|
|
Weighted average
number of common shares
|
98,910
|
|
98,572
|
Add: Other share
equivalents
|
1,737
|
|
1,585
|
Weighted average
number of common shares and equiv. - diluted
|
100,647
|
|
100,157
|
|
|
|
|
Diluted earnings per
share attributable to UHS:
|
$1.73
|
|
$1.38
|
|
|
|
|
Universal Health
Services, Inc.
|
|
Schedule of Non-GAAP
Supplemental Consolidated Statements of Income Information
("Supplemental Schedule")
|
|
For the three months
ended March 31, 2015 and 2014
|
|
(in thousands, except
per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
"EBITDA"
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
March 31,
2015
|
|
March 31,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues before
provision for doubtful accounts
|
$2,380,101
|
|
|
|
$2,146,498
|
|
|
|
Less:
Provision for doubtful accounts
|
154,748
|
|
|
|
208,184
|
|
|
|
Net
revenues
|
2,225,353
|
|
100.0%
|
|
1,938,314
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
Operating
charges:
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
1,031,703
|
|
46.4%
|
|
935,365
|
|
48.3%
|
|
Other
operating expenses
|
505,966
|
|
22.7%
|
|
399,908
|
|
20.6%
|
|
Supplies
expense
|
238,741
|
|
10.7%
|
|
215,798
|
|
11.1%
|
|
EHR
incentive income
|
0
|
|
0.0%
|
|
(430)
|
|
0.0%
|
|
|
1,776,410
|
|
79.8%
|
|
1,550,641
|
|
80.0%
|
|
|
|
|
|
|
|
|
|
|
Operating
income/margin ("EBITDAR")
|
448,943
|
|
20.2%
|
|
387,673
|
|
20.0%
|
|
|
|
|
|
|
|
|
|
|
Lease
and rental expense
|
22,891
|
|
|
|
23,338
|
|
|
|
Income
attributable to noncontrolling interests
|
20,024
|
|
|
|
13,774
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before,
depreciation and amortization, interest expense, and income taxes
("EBITDA")
|
406,028
|
|
18.2%
|
|
350,561
|
|
18.1%
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
98,998
|
|
|
|
93,359
|
|
|
|
Interest
expense, net
|
30,037
|
|
|
|
35,193
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
276,993
|
|
|
|
222,009
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
102,694
|
|
|
|
83,931
|
|
|
|
Net income
attributable to UHS
|
$174,299
|
|
|
|
$138,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Adjusted Net Income Attributable to UHS
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
|
March 31,
2015
|
|
March 31,
2014
|
|
|
|
|
Per
|
|
|
|
Per
|
|
|
Amount
|
|
Diluted
Share
|
|
Amount
|
|
Diluted
Share
|
|
Calculation of
Adjusted Net Income Attributable to UHS - including and excluding
EHR impact:
|
|
|
|
|
|
|
|
|
Net income
attributable to UHS
|
$174,299
|
|
$1.73
|
|
$138,078
|
|
$1.38
|
|
Plus/minus
adjustments:
|
|
|
|
|
|
|
|
|
Gain on sale
of investment, net of income taxes
|
-
|
|
-
|
|
(6,330)
|
|
(0.07)
|
|
Adjusted net income
attributable to UHS - including Electronic Health Records ("EHR")
impact
|
$174,299
|
|
$1.73
|
|
$131,748
|
|
$1.31
|
|
|
|
|
|
|
|
|
|
|
Plus/minus impact of
EHR implementation:
|
|
|
|
|
|
|
|
|
EHR-related incentive
income, pre-tax
|
-
|
|
|
|
(430)
|
|
|
|
EHR-related
depreciation & amortization, pre-tax
|
9,306
|
|
|
|
9,290
|
|
|
|
EHR-related minority
interest in earnings of consolidated entities, pre-tax
|
(964)
|
|
|
|
(966)
|
|
|
|
Income tax provision
on EHR-related items
|
(3,109)
|
|
|
|
(2,948)
|
|
|
|
After-tax impact of
EHR-related items
|
5,233
|
|
0.05
|
|
4,946
|
|
0.05
|
|
Adjusted net income
attributable to UHS
|
$179,532
|
|
$1.78
|
|
$136,694
|
|
$1.36
|
|
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Comprehensive Income
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
Three
months
|
|
ended March
31,
|
|
2015
|
|
2014
|
|
|
|
|
Net income
|
$194,323
|
|
$151,852
|
Other comprehensive
income (loss):
|
|
|
|
Unrealized derivative gains (loss) on cash flow hedges
|
4,132
|
|
3,745
|
Amortization of terminated hedge
|
(84)
|
|
(84)
|
Foreign
currency translation adjustment
|
(418)
|
|
0
|
Other comprehensive
income before tax
|
3,630
|
|
3,661
|
Income tax expense
related to items of other comprehensive income
|
1,497
|
|
1,354
|
Total other
comprehensive income, net of tax
|
2,133
|
|
2,307
|
|
|
|
|
Comprehensive
income
|
196,456
|
|
154,159
|
Less: Comprehensive
income attributable to noncontrolling interests
|
20,024
|
|
13,774
|
Comprehensive income
attributable to UHS
|
$176,432
|
|
$140,385
|
|
|
|
|
Universal Health
Services, Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
2015
|
|
|
2014
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
35,078
|
|
$
|
32,069
|
Accounts receivable, net
|
|
|
1,383,964
|
|
|
1,282,735
|
Supplies
|
|
|
108,269
|
|
|
108,115
|
Deferred income taxes
|
|
|
109,402
|
|
|
114,565
|
Other current assets
|
|
|
80,524
|
|
|
77,654
|
Total current assets
|
|
|
1,717,237
|
|
|
1,615,138
|
|
|
|
|
|
|
|
Property and
equipment
|
|
|
6,301,410
|
|
|
6,212,030
|
Less: accumulated
depreciation
|
|
|
(2,610,630)
|
|
|
(2,532,341)
|
|
|
|
3,690,780
|
|
|
3,679,689
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Goodwill
|
|
|
3,297,436
|
|
|
3,291,213
|
Deferred charges
|
|
|
38,761
|
|
|
40,319
|
Other
|
|
|
340,141
|
|
|
348,084
|
|
|
$
|
9,084,355
|
|
$
|
8,974,443
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
89,023
|
|
$
|
68,319
|
Accounts payable and accrued liabilities
|
|
|
1,101,143
|
|
|
1,113,062
|
Federal and state taxes
|
|
|
65,106
|
|
|
1,446
|
Total current liabilities
|
|
|
1,255,272
|
|
|
1,182,827
|
|
|
|
|
|
|
|
Other noncurrent
liabilities
|
|
|
277,617
|
|
|
268,555
|
Long-term
debt
|
|
|
3,051,571
|
|
|
3,210,215
|
Deferred income
taxes
|
|
|
280,662
|
|
|
282,214
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
|
|
254,843
|
|
|
239,552
|
|
|
|
|
|
|
|
UHS common
stockholders' equity
|
|
|
3,906,963
|
|
|
3,735,946
|
Noncontrolling
interest
|
|
|
57,427
|
|
|
55,134
|
Total equity
|
|
|
3,964,390
|
|
|
3,791,080
|
|
|
|
|
|
|
|
|
|
$
|
9,084,355
|
|
$
|
8,974,443
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
Three
months
|
|
ended March
31,
|
|
2015
|
|
2014
|
|
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
Net
income
|
$194,323
|
|
$151,852
|
Adjustments
to reconcile net income to net
|
|
|
|
cash provided by
operating activities:
|
|
|
|
Depreciation &
amortization
|
98,998
|
|
93,359
|
Gains on sales of
assets and businesses, net of losses
|
0
|
|
(10,134)
|
Stock-based
compensation expense
|
10,829
|
|
7,152
|
Changes in
assets & liabilities, net of effects from
|
|
|
|
acquisitions and
dispositions:
|
|
|
|
Accounts
receivable
|
(96,972)
|
|
(95,633)
|
Accrued
interest
|
1,117
|
|
11,063
|
Accrued
and deferred income taxes
|
79,050
|
|
65,321
|
Other
working capital accounts
|
(29,829)
|
|
(34,999)
|
Other
assets and deferred charges
|
(234)
|
|
9,982
|
Other
|
17,807
|
|
(3,833)
|
Accrued
insurance expense, net of commercial premiums paid
|
22,748
|
|
21,302
|
Payments
made in settlement of self-insurance claims
|
(26,562)
|
|
(20,793)
|
Net cash provided by operating activities
|
271,275
|
|
194,639
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
Property
and equipment additions, net of disposals
|
(89,276)
|
|
(92,387)
|
Proceeds
received from sale of assets and businesses
|
0
|
|
11,450
|
Acquisition of property and businesses
|
(34,500)
|
|
(3,301)
|
Costs
incurred for purchase and implementation of electronic health
records application
|
0
|
|
(6,504)
|
Net cash used in investing activities
|
(123,776)
|
|
(90,742)
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
Reduction of long-term debt
|
(158,871)
|
|
(109,054)
|
Additional borrowings
|
20,800
|
|
11,900
|
Repurchase of common shares
|
(28,767)
|
|
(13,993)
|
Dividends paid
|
(9,899)
|
|
(4,933)
|
Issuance
of common stock
|
1,768
|
|
1,445
|
Excess
income tax benefits related to stock-based compensation
|
20,807
|
|
11,750
|
Profit
distributions to noncontrolling interests
|
(2,413)
|
|
(1,989)
|
Proceeds
received from sale/leaseback of real property
|
12,551
|
|
0
|
Net cash used in financing activities
|
(144,024)
|
|
(104,874)
|
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents
|
(466)
|
|
0
|
Increase (decrease)
in cash and cash equivalents
|
3,009
|
|
(977)
|
Cash and cash
equivalents, beginning of period
|
32,069
|
|
17,238
|
Cash and cash
equivalents, end of period
|
$35,078
|
|
$16,261
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information:
|
|
|
|
Interest
paid
|
$27,158
|
|
$18,893
|
|
|
|
|
Income taxes
paid, net of refunds
|
$2,876
|
|
$6,764
|
|
|
|
|
Noncash
purchases of property and equipment
|
$33,082
|
|
$49,533
|
|
|
|
|
Universal Health
Services, Inc.
|
Supplemental
Statistical Information
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
|
|
|
|
|
Quarter
ended
|
|
Same
Facility:
|
|
|
|
|
3/31/2015
|
|
|
|
|
|
|
|
|
Acute Care
Hospitals
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
12.2%
|
|
Adjusted
Admissions
|
|
|
|
|
5.7%
|
|
Adjusted Patient
Days
|
|
|
|
|
7.5%
|
|
Revenue Per Adjusted
Admission
|
|
|
|
6.1%
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Behavioral Health
Hospitals
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
6.3%
|
|
Adjusted
Admissions
|
|
|
|
|
6.0%
|
|
Adjusted Patient
Days
|
|
|
|
|
2.6%
|
|
Revenue Per Adjusted
Admission
|
|
|
|
0.4%
|
|
Revenue Per Adjusted
Patient Day
|
|
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UHS
Consolidated
|
|
|
First quarter
ended
|
|
|
|
|
3/31/2015
|
|
3/31/2014
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$2,225,353
|
|
$1,938,314
|
|
EBITDA
(1)
|
|
|
$406,028
|
|
$350,561
|
|
EBITDA Margin
(1)
|
|
|
18.2%
|
|
18.1%
|
|
|
|
|
|
|
|
|
Cash Flow From
Operations
|
|
|
$271,275
|
|
$194,639
|
|
Days Sales
Outstanding
|
|
|
56
|
|
56
|
|
Capital
Expenditures
|
|
|
$89,276
|
|
$92,387
|
|
|
|
|
|
|
|
|
Debt
|
|
|
$3,140,594
|
|
$3,212,799
|
|
UHS' Shareholders
Equity
|
|
|
$3,906,963
|
|
$3,392,119
|
|
Debt / Total
Capitalization
|
|
|
44.6%
|
|
48.6%
|
|
Debt / EBITDA
(2)
|
|
|
2.14
|
|
2.39
|
|
Debt / Cash From
Operations (2)
|
|
2.82
|
|
3.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acute Care EBITDAR
Margin (3)
|
|
21.6%
|
|
19.2%
|
|
Behavioral Health
EBITDAR Margin (3)
|
28.6%
|
|
27.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of
Minority Interest
|
|
|
|
|
|
|
(2) Latest 4
quarters
|
|
|
|
|
|
|
(3) Same
facility basis, before Corporate overhead allocation and minority
interest.
|
|
|
|
|
|
|
|
|
Universal Health
Services, Inc.
|
Selected Hospital
Statistics
|
For the Three Months
ended
|
March 31, 2015 and
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS
REPORTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH
|
|
|
03/31/15
|
03/31/14
|
%
change
|
|
03/31/15
|
03/31/14
|
%
change
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
203
|
180
|
12.8%
|
Average licensed
beds
|
|
5,792
|
5,757
|
0.6%
|
|
20,985
|
19,761
|
6.2%
|
Patient
days
|
|
317,979
|
299,862
|
6.0%
|
|
1,443,066
|
1,334,736
|
8.1%
|
Average daily
census
|
|
3,533.1
|
3,331.8
|
6.0%
|
|
16,034.1
|
14,830.4
|
8.1%
|
Occupancy-licensed
beds
|
|
61.0%
|
57.9%
|
5.4%
|
|
76.4%
|
75.1%
|
1.7%
|
Admissions
|
|
65,419
|
62,700
|
4.3%
|
|
112,706
|
103,895
|
8.5%
|
Length of
stay
|
|
4.9
|
4.8
|
1.6%
|
|
12.8
|
12.8
|
0.0%
|
|
|
|
|
|
|
|
|
|
Inpatient
revenue
|
|
$4,328,767
|
$3,876,364
|
11.7%
|
|
$1,823,425
|
$1,608,899
|
13.3%
|
Outpatient
revenue
|
|
2,284,712
|
1,957,491
|
16.7%
|
|
204,569
|
184,115
|
11.1%
|
Total patient
revenue
|
|
6,613,479
|
5,833,855
|
13.4%
|
|
2,027,994
|
1,793,014
|
13.1%
|
Other
revenue
|
|
88,675
|
34,547
|
156.7%
|
|
50,680
|
43,622
|
16.2%
|
Gross hospital
revenue
|
|
6,702,154
|
5,868,402
|
14.2%
|
|
2,078,674
|
1,836,636
|
13.2%
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
5,431,864
|
4,711,405
|
15.3%
|
|
971,973
|
850,424
|
14.3%
|
|
|
|
|
|
|
|
|
|
Net hospital revenue
before
|
|
|
|
|
|
|
|
|
provision for
doubtful accounts
|
|
1,270,290
|
1,156,997
|
9.8%
|
|
1,106,701
|
986,212
|
12.2%
|
|
|
|
|
|
|
|
|
|
Provision for
doubtful accounts
|
|
124,350
|
182,350
|
-31.8%
|
|
30,356
|
25,865
|
17.4%
|
|
|
|
|
|
|
|
|
|
Net hospital
revenue
|
|
$1,145,940
|
$974,647
|
17.6%
|
|
$1,076,345
|
$960,347
|
12.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAME
FACILITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACUTE
|
|
|
BEHAVIORAL HEALTH (1)
|
|
|
03/31/15
|
03/31/14
|
%
change
|
|
03/31/15
|
03/31/14
|
%
change
|
Hospitals owned and
leased
|
|
24
|
24
|
0.0%
|
|
180
|
180
|
0.0%
|
Average licensed
beds
|
|
5,792
|
5,757
|
0.6%
|
|
19,859
|
19,761
|
0.5%
|
Patient
days
|
|
317,979
|
299,862
|
6.0%
|
|
1,366,533
|
1,334,736
|
2.4%
|
Average daily
census
|
|
3,533.1
|
3,331.8
|
6.0%
|
|
15,183.7
|
14,830.4
|
2.4%
|
Occupancy-licensed
beds
|
|
61.0%
|
57.9%
|
5.4%
|
|
76.5%
|
75.1%
|
1.9%
|
Admissions
|
|
65,419
|
62,700
|
4.3%
|
|
109,838
|
103,895
|
5.7%
|
Length of
stay
|
|
4.9
|
4.8
|
1.6%
|
|
12.4
|
12.8
|
-3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Psychiatric
Institute of Washington, Sun Coast BH, Fairfax Everett, Quail Run,
Timberlawn of Garland
|
and the UK facilities are excluded in both current and prior
years. Palo Verde is excluded in both
|
current and prior years January thru February.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/universal-health-services-inc-reports-2015-first-quarter-financial-results-300072710.html
SOURCE Universal Health Services, Inc.