10-Q 1 hca-20220930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-11239

 

HCA Healthcare, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

Delaware

27-3865930

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

One Park Plaza

Nashville, Tennessee

37203

(Address of principal executive offices)

(Zip Code)

(615) 344-9551

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

 

Voting common stock, $.01 par value

HCA

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

 

Class of Common Stock

Outstanding at October 24, 2022

Voting common stock, $.01 par value

282,716,700 shares

 

 

 


 

HCA HEALTHCARE, INC.

Form 10-Q

September 30, 2022

 

 

 

 

 

 

Page of
Form 10-Q

Part I.

Financial Information

 

 

 

 

Item 1.

Financial Statements (Unaudited):

 

 

 

 

 

Condensed Consolidated Income Statements — for the quarters and nine months ended September 30, 2022 and 2021

3

 

 

 

 

Condensed Consolidated Comprehensive Income Statements — for the quarters and nine months ended September 30, 2022 and 2021

4

 

 

 

 

Condensed Consolidated Balance Sheets — September 30, 2022 and December 31, 2021

5

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) — for the quarters and nine months ended September 30, 2022 and 2021

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows — for the nine months ended September 30, 2022 and 2021

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

 

 

 

Item 4.

Controls and Procedures

31

 

 

 

Part II.

Other Information

 

 

 

 

Item 1.

Legal Proceedings

31

 

 

 

Item 1A.

Risk Factors

31

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

 

 

 

Item 6.

Exhibits

33

 

 

Signatures

34

 

2


 

HCA HEALTHCARE, INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS

FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

Unaudited

(Dollars in millions, except per share amounts)

 

 

 

 

Quarter

 

 

Nine Months

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

14,971

 

 

$

15,276

 

 

$

44,736

 

 

$

43,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

6,899

 

 

 

7,094

 

 

 

20,630

 

 

 

19,780

 

Supplies

 

 

2,320

 

 

 

2,463

 

 

 

6,942

 

 

 

7,067

 

Other operating expenses

 

 

2,860

 

 

 

2,530

 

 

 

8,305

 

 

 

7,424

 

Equity in earnings of affiliates

 

 

(10

)

 

 

(35

)

 

 

(29

)

 

 

(78

)

Depreciation and amortization

 

 

749

 

 

 

716

 

 

 

2,219

 

 

 

2,125

 

Interest expense

 

 

446

 

 

 

398

 

 

 

1,288

 

 

 

1,168

 

Losses (gains) on sales of facilities

 

 

3

 

 

 

(1,047

)

 

 

25

 

 

 

(1,057

)

Losses on retirement of debt

 

 

 

 

 

 

 

 

78

 

 

 

12

 

 

 

 

13,267

 

 

 

12,119

 

 

 

39,458

 

 

 

36,441

 

Income before income taxes

 

 

1,704

 

 

 

3,157

 

 

 

5,278

 

 

 

7,247

 

Provision for income taxes

 

 

360

 

 

 

685

 

 

 

1,090

 

 

 

1,531

 

Net income

 

 

1,344

 

 

 

2,472

 

 

 

4,188

 

 

 

5,716

 

Net income attributable to noncontrolling interests

 

 

210

 

 

 

203

 

 

 

626

 

 

 

574

 

Net income attributable to HCA Healthcare, Inc.

 

$

1,134

 

 

$

2,269

 

 

$

3,562

 

 

$

5,142

 

Per share data:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings

 

$

3.97

 

 

$

7.13

 

 

$

12.13

 

 

$

15.67

 

Diluted earnings

 

$

3.91

 

 

$

7.00

 

 

$

11.97

 

 

$

15.43

 

Shares used in earnings per share calculations (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

285.958

 

 

 

318.072

 

 

 

293.583

 

 

 

328.048

 

Diluted

 

 

289.852

 

 

 

324.029

 

 

 

297.702

 

 

 

333.248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

3


 

HCA HEALTHCARE, INC.

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS

FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

Unaudited

(Dollars in millions)

 

 

 

 

Quarter

 

 

Nine Months

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

1,344

 

 

$

2,472

 

 

$

4,188

 

 

$

5,716

 

Other comprehensive (loss) income before taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(76

)

 

 

(31

)

 

 

(181

)

 

 

(20

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on available-for-sale securities

 

 

(16

)

 

 

(3

)

 

 

(58

)

 

 

(12

)

Losses included in other operating expenses

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

(16

)

 

 

(3

)

 

 

(57

)

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit plans

 

 

 

 

 

 

 

 

 

 

 

 

Pension costs included in salaries and benefits

 

 

2

 

 

 

7

 

 

 

7

 

 

 

21

 

 

 

 

2

 

 

 

7

 

 

 

7

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivative financial instruments

 

 

1

 

 

 

(1

)

 

 

6

 

 

 

(1

)

Interest costs included in interest expense

 

 

 

 

 

10

 

 

 

4

 

 

 

28

 

 

 

 

1

 

 

 

9

 

 

 

10

 

 

 

27

 

Other comprehensive (loss) income before taxes

 

 

(89

)

 

 

(18

)

 

 

(221

)

 

 

16

 

Income taxes (benefits) related to other comprehensive income items

 

 

(12

)

 

 

(1

)

 

 

(33

)

 

 

6

 

Other comprehensive (loss) income

 

 

(77

)

 

 

(17

)

 

 

(188

)

 

 

10

 

Comprehensive income

 

 

1,267

 

 

 

2,455

 

 

 

4,000

 

 

 

5,726

 

Comprehensive income attributable to noncontrolling interests

 

 

210

 

 

 

203

 

 

 

626

 

 

 

574

 

Comprehensive income attributable to HCA Healthcare, Inc.

 

$

1,057

 

 

$

2,252

 

 

$

3,374

 

 

$

5,152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

4


 

HCA HEALTHCARE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(Dollars in millions)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

999

 

 

$

1,451

 

Accounts receivable

 

 

8,552

 

 

 

8,095

 

Inventories

 

 

2,009

 

 

 

1,986

 

Other

 

 

1,921

 

 

 

2,010

 

 

 

 

13,481

 

 

 

13,542

 

 

 

 

 

 

 

 

Property and equipment, at cost

 

 

53,730

 

 

 

51,350

 

Accumulated depreciation

 

 

(28,752

)

 

 

(27,287

)

 

 

 

24,978

 

 

 

24,063

 

 

 

 

 

 

 

 

Investments of insurance subsidiaries

 

 

372

 

 

 

438

 

Investments in and advances to affiliates

 

 

444

 

 

 

448

 

Goodwill and other intangible assets

 

 

9,651

 

 

 

9,540

 

Right-of-use operating lease assets

 

 

2,097

 

 

 

2,113

 

Other

 

 

461

 

 

 

598

 

 

 

$

51,484

 

 

$

50,742

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4,161

 

 

$

4,111

 

Accrued salaries

 

 

1,625

 

 

 

1,912

 

Other accrued expenses

 

 

3,780

 

 

 

3,322

 

Long-term debt due within one year

 

 

218

 

 

 

237

 

 

 

 

9,784

 

 

 

9,582

 

 

 

 

 

 

 

 

Long-term debt, less debt issuance costs and discounts of $309 and $248

 

 

37,492

 

 

 

34,342

 

Professional liability risks

 

 

1,510

 

 

 

1,514

 

Right-of-use operating lease obligations

 

 

1,762

 

 

 

1,755

 

Income taxes and other liabilities

 

 

1,714

 

 

 

2,060

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

Common stock $0.01 par; authorized 1,800,000,000 shares; outstanding 283,903,500 shares — 2022 and 305,476,800 shares — 2021

 

 

3

 

 

 

3

 

Accumulated other comprehensive loss

 

 

(592

)

 

 

(404

)

Retained deficit

 

 

(2,781

)

 

 

(532

)

Stockholders’ deficit attributable to HCA Healthcare, Inc.

 

 

(3,370

)

 

 

(933

)

Noncontrolling interests

 

 

2,592

 

 

 

2,422

 

 

 

 

(778

)

 

 

1,489

 

 

 

$

51,484

 

 

$

50,742

 

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

5


 

HCA HEALTHCARE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

Unaudited

(Dollars in millions)

 

 

 

Equity (Deficit) Attributable to HCA Healthcare, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

Accumulated

 

 

 

 

 

Equity

 

 

 

 

 

 

Common Stock

 

 

in Excess

 

 

Other

 

 

Retained

 

 

Attributable to

 

 

 

 

 

 

Shares

 

 

Par

 

 

of Par

 

 

Comprehensive

 

 

Earnings

 

 

Noncontrolling

 

 

 

 

 

 

(in millions)

 

 

Value

 

 

Value

 

 

Loss

 

 

(Deficit)

 

 

Interests

 

 

Total

 

Balances, December 31, 2020

 

 

339.426

 

 

$

3

 

 

$

294

 

 

$

(502

)

 

$

777

 

 

$

2,320

 

 

$

2,892

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

1,423

 

 

 

157

 

 

 

1,591

 

Repurchase of common stock

 

 

(8.477

)

 

 

 

 

 

(225

)

 

 

 

 

 

(1,302

)

 

 

 

 

 

(1,527

)

Share-based benefit plans

 

 

2.765

 

 

 

 

 

 

(75

)

 

 

 

 

 

 

 

 

 

 

 

(75

)

Cash dividends declared
   ($
0.48 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(163

)

 

 

 

 

 

(163

)

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(234

)

 

 

(234

)

Other

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

(8

)

 

 

(2

)

Balances, March 31, 2021

 

 

333.714

 

 

 

3

 

 

 

 

 

 

(491

)

 

 

735

 

 

 

2,235

 

 

 

2,482

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

16

 

 

 

1,450

 

 

 

214

 

 

 

1,680

 

Repurchase of common stock

 

 

(11.261

)

 

 

 

 

 

(142

)

 

 

 

 

 

(2,145

)

 

 

 

 

 

(2,287

)

Share-based benefit plans

 

 

0.372

 

 

 

 

 

 

140

 

 

 

 

 

 

 

 

 

 

 

 

140

 

Cash dividends declared
   ($
0.48 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(161

)

 

 

 

 

 

(161

)

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(123

)

 

 

(123

)

Other

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

57

 

 

 

59

 

Balances, June 30, 2021

 

 

322.825

 

 

 

3

 

 

 

 

 

 

(475

)

 

 

(121

)

 

 

2,383

 

 

 

1,790

 

Comprehensive income