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Universal Health Services, Inc. Reports 2012 First Quarter Financial Results

KING OF PRUSSIA, Pa., April 26, 2012 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $128.6 million, or $1.31 per diluted share, during the first quarter of 2012 as compared to $114.2 million, or $1.15 per diluted share, during the comparable quarter of 2011.

Net revenues increased 4% to $1.83 billion during the first quarter of 2012 as compared to $1.76 billion during the first quarter of 2011.

Consolidated Results of Operations, As Adjusted - Three-month period ended March 31, 2012:
After adjusting the reported results for the three-month period ended March 31, 2012 to neutralize the net favorable impact of the items mentioned below, and as reflected on the attached Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedule"), our adjusted net income attributable to UHS was $110.7 million, or $1.13 per diluted share, during the first quarter of 2012. There were no such adjustments required to our reported net income attributable to UHS for the first quarter of 2011.

As previously disclosed on April 12, 2012, and as indicated on the attached Supplemental Schedule, included in our net income attributable to UHS during the three-month period ended March 31, 2012, was an aggregate net favorable after-tax impact of $17.9 million, or $.18 per diluted share, consisting of the following:

    --  a favorable after-tax impact of $18.8 million, or $.19 per diluted
        share, resulting from an agreement entered into with the United States
        Department of Health and Human Services, the Secretary of Health and
        Human Services, and the Centers for Medicare and Medicaid Services
        (referred to collectively as "HHS") that is expected to result in an
        aggregate cash payment to us of approximately $36 million, the majority
        of which we expect to receive on or about June 30, 2012. After
        reductions for estimated related expenses and the portion attributable
        to third-party non-controlling ownership interests, this agreement,
        which was part of an industry-wide settlement with HHS related to
        litigation that was pending for several years contending that acute care
        hospitals in the U.S. were underpaid from the Medicare inpatient
        prospective payment system during a number of prior years, favorably
        impacted our pre-tax consolidated financial results by $30.2 million
        during the first quarter of 2012;
    --  a favorable after-tax impact of $4.3 million, or $.04 per diluted share,
        representing the 2011 portion of the net Medicaid supplemental
        reimbursements we expect to receive pursuant to the Oklahoma
        Supplemental Hospital Offset Payment Program ("SHOPP"). Pursuant to the
        terms and conditions of the SHOPP program, during the state's fiscal
        years of 2012 and 2013, we estimate that we are entitled to annual net
        reimbursements of approximately $14 million, retroactive to July 1,
        2011;
    --  an aggregate unfavorable after-tax impact of $5.1 million, or $.05 per
        diluted share, resulting from: (i) the revised Supplemental Security
        Income ratios utilized for calculating Medicare disproportionate share
        hospital reimbursements for federal fiscal years 2006 through 2009 ($2.4
        million unfavorable after-tax impact), and; (ii) the write-off of
        receivables related to revenues recorded during 2011 at two of our acute
        care hospitals located in Florida resulting from reductions in certain
        county reimbursements due to reductions in federal matching
        Inter-Governmental Transfer funds ($2.7 million unfavorable after-tax
        impact).

Acute Care Services - Three-month periods ended March 31, 2012 and 2011:
At our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased 1.6% and adjusted patient days increased 1.0% during the first quarter of 2012, as compared to the first quarter of 2011. Net revenues at these facilities increased 0.8% during the first quarter of 2012 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission decreased 0.8% while net revenue per adjusted patient day decreased 0.2% during the first quarter of 2012 as compared to the comparable quarter of the prior year. The declines in net revenue per adjusted admission and adjusted patient day were largely due to difficult comparisons to the prior year quarter when our net revenues were favorably impacted by positive changes in payor mix and acuity of patients treated at our hospitals and a stabilization of uninsured patient volumes. On a same facility basis, the operating margin at our acute care hospitals decreased to 18.6% during the first quarter of 2012 as compared to 20.5% during the first quarter of 2011. We define operating margin as net revenues less salaries, wages and benefits, other operating expenses and supplies expense (excluding the impact of the items mentioned above and as indicated on the Supplemental Schedule).

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 charges at established rates, amounting to $315 million and $223 million during the three-month periods ended March 31, 2012 and 2011, respectively.

Behavioral Health Care Services - Three-month periods ended March 31, 2012 and 2011:
At our behavioral health care facilities, on a same facility basis, adjusted admissions increased 9.2% while adjusted patient days increased 2.8% during the first quarter of 2012 as compared to the first quarter of 2011. Net revenues at these facilities increased 5.3% during the first quarter of 2012 as compared to the comparable quarter in the prior year. At these facilities, net revenue per adjusted admission decreased 3.6% while net revenue per adjusted patient day increased 2.4% during the first quarter of 2012 over the comparable prior year quarter. The operating margin at our behavioral health care facilities owned during both periods increased to 26.8% during the first quarter of 2012 as compared to 26.5% during the first quarter of 2011.

Accounting for HITECH Act incentive payments and EHR expenses:
The health information technology provisions of the American Recovery and Reinvestment Act (referred to as the "HITECH Act") established criteria related to the "meaningful use" of electronic health records ("EHR") for acute care hospitals and established requirements for the Medicare and Medicaid EHR payment incentive programs.

During 2011, we began implementing EHR applications at certain of our acute care facilities and will continue to do so, on a facility-by-facility basis, until completion which is scheduled to occur by the end of 2013. Our acute care hospitals will be eligible for Medicare and Medicaid EHR incentive payments upon implementation of the EHR application, assuming they meet the "meaningful use" criteria.

There are no EHR-related revenues included in our consolidated results of operations for the three-month periods ended March 31, 2012 and 2011. Although we received an aggregate of approximately $17 million of EHR incentive payments as of March 31, 2012, related to state Medicaid programs, these payments have been reflected as deferred revenue on our consolidated balance sheet as of March 31, 2012. These payments will be recorded as revenue on our consolidated statements of income in the periods in which the applicable hospitals are deemed to have met the "meaningful use" criteria. Although our results of operations for the three-month periods ended March 31, 2012 and 2011 include certain EHR-related expenses, the amounts did not have a material impact on our consolidated financial results.

Divestiture of behavioral health care facility:
In January, 2012, pursuant to our agreement with the Federal Trade Commission in connection with our November, 2010 acquisition of Psychiatric Solutions Inc., we received approximately $50 million of cash proceeds in connection with the divestiture of the Hospital San Juan Capestrano, a 108-bed facility located in Rio Piedras, Puerto Rico. The net pre-tax gain on the divestiture of this facility did not have a material impact on our consolidated results of operations for the three-month period ended March 31, 2012.

Conference call information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 27, 2012. The dial-in number is 1-877-648-7971. A live broadcast of the call will be available on our website at www.uhsinc.com. The webcast will also be available through Thompson StreetEvents Network at http://www.earnings.com or http://www.streetevents.com, a password-protected event management site for institutional investors. A digital recording of the conference call will be available following the completion of the conference call on April 27, 2012 on our website at www.uhsinc.com.

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 acute care and behavioral health hospitals and ambulatory centers nationwide and in 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, 2011), 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.

During the first quarter of 2012, we adopted the Financial Accounting Standards Board's Accounting Standards Update No. 2011-07, "Health Care Entities (Topic 954): Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities," which required health care entities to change the presentation in their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue (net of contractual allowances and discounts). As a result, the provision for doubtful accounts for our acute care and behavioral health care facilities is reflected as a deduction for net revenues in the accompanying consolidated statements of income for the three-month periods ended March 31, 2012 and 2011. The adoption of this standard had no impact on our financial position or results of operations.

As mentioned above, our acute care hospitals may qualify for EHR incentive payments upon implementation of an EHR application assuming they meet the "meaningful use" criteria. However, there can be no assurance that we (our acute care hospitals) will ultimately qualify for these incentive payments and, should we qualify, we are unable to quantify the amount of incentive payments we may receive since the amounts are dependent upon various factors including the implementation timing at each hospital. Should we qualify for incentive payments, there may be timing differences in the recognition of the revenues 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. 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. Although we believe that our acute care hospitals will be in compliance with the EHR standards by 2015, there can be no assurance that all of our facilities will be in compliance and therefore not subject to the penalty provision of the HITECH Act.

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 items that are nonrecurring or non-operational in nature including items such as, but not limited to, gains on sales of assets and businesses, reserves for settlements, legal judgments and lawsuits 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, 2011. 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,
                                        ---------------
                                                          2012            2011
                                                          ----            ----

    Net revenues before
     provision for
     doubtful accounts                              $1,977,003      $1,910,528
      Less: Provision for
       doubtful accounts                               151,714         153,116
                                                       -------         -------
    Net revenues                                     1,825,289       1,757,412

    Operating charges:
       Salaries, wages and
        benefits                                       889,506         845,864
       Other operating
        expenses                                       359,541         349,446
       Supplies expense                                209,532         207,170
       Depreciation and
        amortization                                    73,820          71,351
       Lease and rental
        expense                                         23,862          23,168
                                                     1,556,261       1,496,999
                                                     ---------       ---------

    Income from operations                             269,028         260,413

    Interest expense, net                               46,710          56,417
                                                        ------          ------

    Income before income
     taxes                                             222,318         203,996

    Provision for income
     taxes                                              79,748          74,009
                                                        ------          ------

    Net income                                         142,570         129,987

    Less:  Income
     attributable to
    noncontrolling
     interests                                          13,963          15,794

    Net income
     attributable to UHS                              $128,607        $114,193
                                                      ========        ========






    Basic earnings per
     share attributable to
     UHS (a)                                             $1.33           $1.17
                                                         =====           =====

    Diluted earnings per
     share attributable to
     UHS (a)                                             $1.31           $1.15
                                                         =====           =====

                 Universal Health Services, Inc.
                 -------------------------------
          Footnotes to Consolidated Statements of Income
          ----------------------------------------------
             (in thousands, except per share amounts)
                           (unaudited)

                                               Three months
                                             ended March 31,
                                             ---------------
                                               2012                   2011
                                               ----                   ----

    (a) Earnings per share calculation:
    --------------------------------

    Basic and diluted:
    ------------------
    Net income attributable to UHS         $128,607               $114,193
    Less: Net income attributable to
     unvested restricted share
     grants                                    (168)                  (149)
                                               ----                   ----
    Net income attributable to UHS -
     basic and diluted                     $128,439               $114,044
                                           ========               ========

    Weighted average number of
     common shares -basic                    96,593                 97,381
                                             ------                 ------

    Basic earnings per share
     attributable to UHS:                     $1.33                  $1.17
                                              =====                  =====

    Weighted average number of
     common shares                           96,593                 97,381
    Add: Other share equivalents              1,198                  1,487
    Weighted average number of
     common shares and equiv. -
     diluted                                 97,791                 98,868
                                             ------                 ------

    Diluted earnings per share
     attributable to UHS:                     $1.31                  $1.15
                                              =====                  =====

                                                                       Universal Health Services, Inc.
                                                                       -------------------------------
                                  Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedule")
                                   --------------------------------------------------------------------------------------------------------
                                                              For the three months ended March 31, 2012 and 2011
                                                              --------------------------------------------------
                                                                   (in thousands, except per share amounts)
                                                                                 (unaudited)



                                                                           Calculation of "EBITDA"
                                                                           -----------------------

                                                               Three months ended                                 Three months ended
                                                                 March 31, 2012                                     March 31, 2011
                                                                 --------------                                     --------------


    Net revenues before
     provision for doubtful
     accounts                                                  $1,977,003                                                       $1,910,528
      Less: Provision for
       doubtful accounts                                          151,714                                                          153,116
                                                                  -------                                                          -------
    Net revenues                                                1,825,289                                100.0%                  1,757,412                  100.0%

    Operating charges:
       Salaries, wages and
        benefits                                                  889,506                                 48.7%                    845,864                   48.1%
       Other operating
        expenses                                                  359,541                                 19.7%                    349,446                   19.9%
       Supplies expense                                           209,532                                 11.5%                    207,170                   11.8%
                                                                1,458,579                                 79.9%                  1,402,480                   79.8%
                                                                ---------                                 ----                   ---------                   ----

    Operating income/
     margin ("EBITDAR")                                           366,710                                 20.1%                    354,932                   20.2%

       Lease and rental
        expense                                                    23,862                                                           23,168
       Income attributable to
        noncontrolling
        interests                                                  13,963                                                           15,794
                                                                   ------                                                           ------

    Earnings before,
     depreciation and
     amortization, interest
     expense, and income
     taxes ("EBITDA")                                             328,885                                 18.0%                    315,970                   18.0%

       Depreciation and
        amortization                                               73,820                                                           71,351
       Interest expense, net                                       46,710                                                           56,417
                                                                   ------                                                           ------

    Income before income
     taxes                                                        208,355                                                          188,202

    Provision for income
     taxes                                                         79,748                                                           74,009
                                                                   ------                                                           ------
    Net income attributable
     to UHS                                                      $128,607                                                         $114,193
                                                                 ========                                                         ========


                                                            Calculation of Adjusted Net Income Attributable to UHS
                                                            ------------------------------------------------------

                                                               Three months ended                                 Three months ended
                                                                 March 31, 2012                                     March 31, 2011
                                                                 --------------                                     --------------
                                                                               Per                                                          Per
                                                                Amount                       Diluted Share                       Amount         Diluted Share
                                                                ------                       -------------                       ------         -------------
    Calculation of Adjusted Net Income Attributable to UHS
    --------------------------------------
    Net income attributable
     to UHS                                                      $128,607                                $1.31                    $114,193                  $1.15
    Plus/minus adjustments:
      Medicare Rural Floor
       settlement, net of
       income taxes                                               (18,753)                               (0.19)                          -                      -
      Oklahoma SHOPP Medicaid
       reimbursements related
       to prior years, net of
       income taxes                                                (4,329)                               (0.04)                          -                      -
      Impact of revised SSI
       ratios and write-off
       Florida county
       receivables, net of
       income taxes                                                 5,149                                 0.05                           -                      -
    Subtotal after-tax
     adjustments to net
     income attributable to
     UHS                                                          (17,933)                               (0.18)                          -                      -
                                                                  -------                                -----                         ---                    ---
    Adjusted net income
     attributable to UHS                                         $110,674                                $1.13                    $114,193                  $1.15
                                                                 ========                                =====                    ========                  =====

                                     Universal Health Services, Inc.
                                     -------------------------------
                             Consolidated Statements of Comprehensive Income
                             -----------------------------------------------
                                             (in thousands)
                                               (unaudited)

                                                 Three months
                                                ended March 31,
                                                ---------------
                                                                2012             2011
                                                                ----             ----

    Net income                                              $142,570         $129,987
    Other comprehensive
     income (loss):
       Unrealized derivative
        gains on cash flow
        hedges                                                 1,615            2,307
       Amortization of
        terminated hedge                                         (84)             (84)
                                                                 ---              ---
    Other comprehensive
     income before tax                                         1,531            2,223
    Income tax expense
     related to items of
     other comprehensive
     income                                                      582              860
    Total other
     comprehensive income,
     net of tax                                                  949            1,363
                                                                 ---            -----

    Comprehensive income                                     143,519          131,350
    Less: Comprehensive
     income attributable to
     noncontrolling
     interests                                                13,963           15,794
    Comprehensive income
     attributable to UHS                                    $129,556         $115,556
                                                            ========         ========

                                           Universal Health Services, Inc.
                                           -------------------------------
                                        Condensed Consolidated Balance Sheets
                                        -------------------------------------
                                                    (in thousands)
                                                     (unaudited)

                                                       March 31,              December 31,
                                                                      2012                     2011
                                                                      ----                     ----
    Assets
    Current assets:
        Cash and cash equivalents                                  $41,999                  $41,229
        Accounts receivable, net                                 1,116,634                  969,802
        Supplies                                                    96,974                   96,775
        Deferred income taxes                                      115,916                  108,324
        Other current assets                                        91,622                   99,859
        Assets of facilities held
         for sale                                                        0                   48,916
              Total current assets                               1,463,145                1,364,905
                                                                 ---------                ---------

    Property and equipment                                       5,185,774                5,106,160
    Less: accumulated
     depreciation                                               (1,881,538)              (1,818,180)
                                                                 3,304,236                3,287,980
                                                                 ---------                ---------

    Other assets:
        Goodwill                                                 2,629,765                2,627,602
        Deferred charges                                           105,870                  111,780
        Other                                                      280,265                  272,978
                                                                $7,783,281               $7,665,245
                                                                ==========               ==========

    Liabilities and
     Stockholders' Equity
    Current liabilities:
        Current maturities of long-
         term debt                                                  $2,512                   $2,479
        Accounts payable and
         accrued liabilities                                       814,173                  832,125
        Federal and state taxes                                     75,305                        0
        Liabilities of facilities
         held for sale                                                   0                    2,329
              Total current liabilities                            891,990                  836,933
                                                                   -------                  -------

    Other noncurrent
     liabilities                                                   403,071                  401,908
    Long-term debt                                               3,581,844                3,651,428
    Deferred income taxes                                          198,645                  209,592

    Redeemable noncontrolling
     interest                                                      228,928                  218,266

    UHS common stockholders'
     equity                                                      2,427,312                2,296,352
    Noncontrolling interest                                         51,491                   50,766
                                                                    ------                   ------
              Total equity                                       2,478,803                2,347,118

                                                                $7,783,281               $7,665,245
                                                                ==========               ==========

                             Universal Health Services, Inc.
                             -------------------------------
                          Consolidated Statements of Cash Flows
                          -------------------------------------
                                      (in thousands)
                                       (unaudited)
                                                             Three months
                                                           ended March 31,
                                                             2012              2011
                                                             ----              ----

    Cash Flows from Operating Activities:
      Net income                                         $142,570          $129,987
      Adjustments to reconcile net income to net
    cash provided by operating activities:
    Depreciation &
     amortization                                          73,820            71,526
    Stock-based
     compensation expense                                   5,486             3,954
      Changes in assets & liabilities, net of effects
       from
    acquisitions and dispositions:
       Accounts receivable                               (146,670)         (103,919)
       Accrued interest                                    13,280            12,875
       Accrued and deferred
        income taxes                                       75,471            68,994
       Other working capital
        accounts                                          (48,074)          (27,056)
       Other assets and
        deferred charges                                   13,620             6,777
       Other                                               (2,082)           11,208
       Accrued insurance
        expense, net of
        commercial premiums
        paid                                               24,581            23,744
       Payments made in
        settlement of self-
        insurance claims                                  (18,279)          (14,913)
              Net cash provided by
               operating activities                       133,723           183,177
                                                          -------           -------

    Cash Flows from Investing Activities:
       Property and equipment
        additions, net of
        disposals                                         (92,563)          (56,558)
       Proceeds received from
        sale of assets and
        businesses                                         53,461               991
       Costs incurred for
        purchase and
        implementation of
        electronic health
        records application                               (14,501)           (8,145)
              Net cash used in
               investing activities                       (53,603)          (63,712)
                                                          -------           -------

    Cash Flows from Financing Activities:
       Reduction of long-
        term debt                                         (70,942)         (136,403)
       Additional borrowings                                    0            73,500
       Financing costs                                          0           (23,140)
       Repurchase of common
        shares                                             (2,017)           (3,170)
       Dividends paid                                      (4,832)           (4,876)
       Issuance of common
        stock                                               1,016             1,251
       Profit distributions
        to noncontrolling
        interests                                          (2,575)           (4,025)
              Net cash used in
               financing activities                       (79,350)          (96,863)
                                                          -------           -------

    Increase in cash and
     cash equivalents                                         770            22,602
    Cash and cash
     equivalents,
     beginning of period                                   41,229            29,474
    Cash and cash
     equivalents, end of
     period                                               $41,999           $52,076
                                                          =======           =======

    Supplemental Disclosures of Cash Flow
     Information:
      Interest paid                                       $25,945           $37,130
                                                          =======           =======

      Income taxes paid, net
       of refunds                                          $3,419            $4,527
                                                           ======            ======

                                                                         Universal Health Services, Inc.
                                                                       Supplemental Statistical Information
                                                                                   (unaudited)


                                                                                                         % Change
                                                                                                      Quarter Ended
    Same Facility:                                                                                                 3/31/2012
    --------------                                                                                                 ---------

    Acute Care Hospitals
    --------------------
    Revenues                                                                                                             0.8%
    Adjusted Admissions                                                                                                  1.6%
    Adjusted Patient Days                                                                                                1.0%
    Revenue Per Adjusted Admission                                                                                      -0.8%
    Revenue Per Adjusted Patient Day                                                                                    -0.2%


    Behavioral Health Hospitals
    ---------------------------

    Revenues                                                                                                             5.3%
    Adjusted Admissions                                                                                                  9.2%
    Adjusted Patient Days                                                                                                2.8%
    Revenue Per Adjusted Admission                                                                                      -3.6%
    Revenue Per Adjusted Patient Day                                                                                     2.4%




    UHS Consolidated                                                                               First Quarter Ended
    ----------------                                                                               -------------------
                                                                                                                   3/31/2012   3/31/2011
                                                                                                                   ---------   ---------

    Revenues                                                                                                      $1,825,289  $1,757,412
    EBITDA   (1)                                                                                                    $328,885    $315,970
    EBITDA Margin (1)                                                                                                   18.0%       18.0%

    Cash Flow From Operations                                                                                       $133,723    $183,177
    Days Sales Outstanding                                                                                                56          48
    Capital Expenditures                                                                                             $92,563     $56,558

    Debt                                                                                                           3,584,356   3,853,892
    Shareholders Equity                                                                                            2,427,312   2,094,393
    Debt / Total Capitalization                                                                                         59.6%       64.8%
    Debt / EBITDA (2)                                                                                                   3.10        4.43
    Debt / Cash From Operations (2)                                                                                     5.36        7.07


    Acute Care EBITDAR Margin (3)                                                                                       18.6%       20.5%
    Behavioral Health EBITDAR
     Margin(3)                                                                                                          26.3%       26.1%


    (1)  Net of Minority Interest
    (2)  Latest 4 quarters
    (3)  Before Corporate overhead allocation and minority interest. Before Adjustments shown on Supplemental Schedule.

                             UNIVERSAL HEALTH SERVICES, INC.
                               SELECTED HOSPITAL STATISTICS
                                FOR THE THREE MONTHS ENDED
                                 MARCH 31, 2012 AND 2011


     AS REPORTED:


                                                                        Acute                           Behavioral Health
                                                                          03/31/12   03/31/11%                               03/31/12   03/31/11%
                                                                          --------   ---------                                --------   ---------

     Hospitals owned and leased                                                 21          21   0.0%                              175         180  -2.8%
     Average licensed beds                                                   5,784       5,695   1.6%                           19,088      19,396  -1.6%
     Patient days                                                          299,417     307,386  -2.6%                        1,309,162   1,299,272   0.8%
     Average daily census                                                  3,290.3     3,415.4  -3.7%                         14,386.4    14,436.4  -0.3%
     Occupancy-licensed beds                                                  56.9%       60.0% -5.1%                             75.4%       74.4%  1.3%
     Admissions                                                             66,555      67,938  -2.0%                           95,775      89,563   6.9%
     Length of stay                                                            4.5         4.5  -0.6%                             13.7        14.5  -5.8%

     Inpatient revenue                                                  $3,349,035  $3,222,247   3.9%                       $1,422,085  $1,391,201   2.2%
     Outpatient revenue                                                  1,598,517   1,370,118  16.7%                          161,258     149,595   7.8%
     Total patient revenue                                               4,947,552   4,592,365   7.7%                        1,583,343   1,540,796   2.8%
     Other revenue                                                          21,730      17,354  25.2%                           36,568      34,208   6.9%
     Gross hospital revenue                                              4,969,282   4,609,719   7.8%                        1,619,911   1,575,004   2.9%

     Total deductions and bad debt                                       4,015,050   3,687,177   8.9%                          755,038     746,056   1.2%

     Net hospital revenue                                                 $954,232    $922,542   3.4%                         $864,873    $828,948   4.3%


     SAME FACILITY:

                                                                        Acute                         Behavioral Health (1)
                                                                          03/31/12   03/31/11%                               03/31/12   03/31/11%
                                                                          --------   ---------                                --------   ---------

     Hospitals owned and leased                                                 21          21   0.0%                              175         175   0.0%
     Average licensed beds                                                   5,784       5,695   1.6%                           18,909      18,840   0.4%
     Patient days                                                          299,417     307,386  -2.6%                        1,300,636   1,271,286   2.3%
     Average daily census                                                  3,290.3     3,415.4  -3.7%                         14,292.7    14,125.4   1.2%
     Occupancy-licensed beds                                                  56.9%       60.0% -5.1%                             75.6%       75.0%  0.8%
     Admissions                                                             66,555      67,938  -2.0%                           94,752      87,235   8.6%
     Length of stay                                                            4.5         4.5  -0.6%                             13.7        14.6  -5.8%



      (1) King George School, Marion, Pennsylvania Clinical School, San
      Juan Capestrano, Brooke Glen
          Behavioral, and Jefferson Trail are excluded in
           current and prior years.

SOURCE Universal Health Services, Inc.

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