10-Q 1 uhs-20240331.htm 10-Q 10-Q
0000352915false--12-31Q1August 31, 2026http://fasb.org/us-gaap/2023#OtherAssetsMiscellaneousNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsMiscellaneousNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsMiscellaneousNoncurrent550000352915us-gaap:NoncontrollingInterestMember2022-12-310000352915us-gaap:CommonClassCMemberus-gaap:CommonStockMember2022-12-310000352915uhs:AcuteCareFacilityMemberuhs:OutsideOwnersMemberstpr:TX2024-03-310000352915uhs:CliveBehavioralHealthHospitalMembersrt:MaximumMember2024-01-012024-03-3100003529152024-01-012024-03-310000352915uhs:WindStormsMembersrt:MinimumMember2024-03-310000352915uhs:RedeemableInterestMember2023-12-310000352915country:GBuhs:BehavioralHealthServicesMember2023-01-012023-03-310000352915uhs:TwoThousandTwentyStockIncentivePlanMemberus-gaap:RestrictedStockMember2024-01-012024-03-310000352915us-gaap:DebtMember2024-03-310000352915srt:MaximumMemberus-gaap:GeneralLiabilityMembersrt:SubsidiariesMember2018-12-310000352915us-gaap:ParentMember2022-12-310000352915uhs:WindStormsMember2024-03-310000352915uhs:BehavioralHealthServicesMemberuhs:OtherPatientRevenueAndAdjustmentsNetMember2023-01-012023-03-310000352915uhs:ManagedCareMemberuhs:BehavioralHealthServicesMember2024-01-012024-03-310000352915uhs:UKRevenueMember2024-01-012024-03-310000352915us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-01-012023-03-310000352915us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000352915uhs:TwoHospitalFacilitiesMember2024-01-012024-03-310000352915us-gaap:RetainedEarningsAppropriatedMember2024-01-012024-03-310000352915us-gaap:RevolvingCreditFacilityMember2024-01-012024-03-310000352915uhs:ManagedMedicareMemberuhs:BehavioralHealthServicesMember2024-01-012024-03-310000352915us-gaap:RetainedEarningsAppropriatedMember2023-03-310000352915us-gaap:RetainedEarningsAppropriatedMember2024-03-3100003529152022-12-310000352915uhs:MedicaidMember2023-01-012023-03-310000352915srt:MaximumMemberus-gaap:FloodMember2024-03-310000352915srt:MaximumMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2024-03-310000352915us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000352915uhs:AcuteCareHospitalServicesMemberuhs:OtherPatientRevenueAndAdjustmentsNetMember2023-01-012023-03-310000352915us-gaap:RetainedEarningsAppropriatedMember2023-01-012023-03-310000352915srt:MaximumMemberuhs:UniversalHealthRealtyIncomeTrustMemberuhs:LimitedLiabilityCompaniesMember2024-03-310000352915uhs:AccruedLiabilitiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2024-03-310000352915uhs:DistrictFacilitiesMember2024-03-310000352915uhs:TwoThousandTwentyStockIncentivePlanMember2024-01-012024-03-310000352915us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000352915us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberuhs:DeferredCompensationAssetsMember2024-03-310000352915us-gaap:RetainedEarningsUnappropriatedMember2023-03-310000352915uhs:NewSeniorSecuredCreditFacilityMemberuhs:FivePointZeroZeroPercentSeniorSecuredNotesDueTwoThousandTwentySixMember2024-01-012024-03-310000352915uhs:MedicaidMemberuhs:AcuteCareHospitalServicesMember2023-01-012023-03-310000352915us-gaap:EarthquakeMembersrt:MaximumMemberuhs:FaultyZonesOfUSMember2024-03-310000352915uhs:ThePavilionBehavioralHealthSystemMemberus-gaap:ProfessionalMalpracticeLiabilityMember2024-03-310000352915srt:MaximumMember2024-03-310000352915us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000352915us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberuhs:DeferredCompensationAssetsMember2024-03-310000352915uhs:NewSeniorSecuredCreditFacilityMemberuhs:OnePointSixFivePercentSeniorSecuredNotesDueTwoThousandTwentySixMember2021-08-240000352915uhs:McAllenMedicalCenterMember2024-01-012024-03-310000352915stpr:IAuhs:OutsideOwnersMemberuhs:BehavioralHealthCareFacilityMember2024-03-310000352915uhs:AikenRegionalMedicalCenterAuroraPavilionBehavioralHealthServicesMembersrt:MinimumMember2024-01-012024-03-310000352915uhs:WellingtonRegionalMedicalCenterMember2024-01-012024-03-3100003529152023-12-310000352915srt:MaximumMemberuhs:TermLoanAFacilityMemberuhs:OneMonthSOFRRatePlusIndexBasedLoansMember2024-03-310000352915uhs:GeneralAndProfessionalLiabilityInsurancePoliciesMember2023-07-012023-09-300000352915uhs:ManagedCareMemberuhs:AcuteCareHospitalServicesMember2023-01-012023-03-310000352915us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-01-012024-03-310000352915srt:MaximumMemberstpr:TXus-gaap:FloodMember2024-03-310000352915us-gaap:OtherNoncurrentAssetsMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000352915uhs:TwoPointSixFivePercentSeniorSecuredNotesDueTwoThousandThirtyTwoMemberuhs:NewSeniorSecuredCreditFacilityMember2021-08-2400003529152023-01-012023-03-310000352915uhs:GeneralAndProfessionalLiabilityInsurancePoliciesMember2022-01-012022-12-310000352915us-gaap:CommonClassAMember2024-04-300000352915uhs:CygnetHealthCareLimitedMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2024-03-310000352915uhs:AcuteCareHospitalServicesMemberuhs:OtherPatientRevenueAndAdjustmentsNetMember2024-01-012024-03-310000352915srt:MaximumMember2024-01-012024-03-310000352915uhs:ManagedMedicaidMemberuhs:AcuteCareHospitalServicesMember2024-01-012024-03-310000352915srt:MaximumMemberus-gaap:GeneralLiabilityMembersrt:SubsidiariesMember2016-12-310000352915uhs:OtherNonPatientRevenueMember2023-01-012023-03-310000352915uhs:TwoThousandTwentyStockIncentivePlanMemberuhs:PerformanceBasedRestrictedStockUnitsMember2024-01-012024-03-310000352915srt:MinimumMembersrt:ChiefExecutiveOfficerMember2024-01-012024-03-310000352915us-gaap:OtherNoncurrentAssetsMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000352915us-gaap:DebtMember2023-12-310000352915uhs:UniversalHealthRealtyIncomeTrustMemberuhs:BehavioralHealthCareFacilityMember2024-01-012024-03-310000352915us-gaap:EarthquakeMembersrt:MaximumMemberuhs:OtherStatesMember2024-03-310000352915uhs:RestrictedStockAwardsRestrictedStockUnitsAndPerformanceBasedRestrictedStockUnitsMember2023-01-012023-03-310000352915us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000352915uhs:GeneralAndProfessionalLiabilityMember2024-03-310000352915us-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-03-310000352915uhs:TermLoanAFacilityMemberuhs:OneMonthSOFRRatePlusIndexBasedLoansMembersrt:MinimumMember2024-03-310000352915uhs:PremierIncMemberus-gaap:OtherOperatingIncomeExpenseMember2024-01-012024-03-310000352915uhs:MedicaidMemberuhs:AcuteCareHospitalServicesMember2024-01-012024-03-310000352915uhs:AikenRegionalMedicalCenterAuroraPavilionBehavioralHealthServicesMember2024-01-012024-03-310000352915uhs:OtherPatientRevenueAndAdjustmentsNetMember2024-01-012024-03-310000352915uhs:BehavioralHealthServicesMemberuhs:OtherPatientRevenueAndAdjustmentsNetMember2024-01-012024-03-310000352915uhs:RedeemableInterestMember2024-01-012024-03-310000352915srt:MaximumMemberuhs:CanyonCreekBehavioralHealthMember2024-01-012024-03-310000352915us-gaap:NoncontrollingInterestMember2023-12-310000352915us-gaap:RetainedEarningsUnappropriatedMember2024-01-012024-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMember2023-01-012023-12-310000352915uhs:AcuteCareHospitalServicesMember2024-01-012024-03-310000352915stpr:MOuhs:OutsideOwnersMemberuhs:BehavioralHealthCareFacilityMember2024-03-310000352915uhs:AcuteCareHospitalServicesMember2023-03-310000352915us-gaap:AllOtherSegmentsMember2023-01-012023-03-310000352915srt:MaximumMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2019-12-310000352915country:GBuhs:BehavioralHealthServicesMember2024-01-012024-03-310000352915us-gaap:AllOtherSegmentsMember2023-03-310000352915srt:MaximumMembercountry:PRus-gaap:FloodMember2024-03-310000352915us-gaap:FairValueInputsLevel2Memberuhs:AccruedLiabilitiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2024-03-310000352915uhs:DepartmentOfHumanServicesMember2013-01-012013-12-310000352915uhs:ABRBasedLoansMember2024-03-310000352915us-gaap:FairValueMeasurementsRecurringMember2023-12-310000352915srt:MaximumMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2017-12-310000352915uhs:OneThreeSixMonthSOFRRatePlusIndexBasedLoansMemberuhs:TermLoanAFacilityMembersrt:MinimumMember2024-03-310000352915uhs:RedeemableInterestMember2022-12-310000352915uhs:AikenRegionalMedicalCenterMemberuhs:UniversalHealthRealtyIncomeTrustMemberuhs:AikenSouthCarolinaMemberuhs:AssetPurchaseAndSaleAgreementMemberuhs:BehavioralHealthCareFacilityMembersrt:SubsidiariesMember2021-01-012021-12-310000352915uhs:AllOtherEventsMember2024-03-310000352915uhs:ThePavilionBehavioralHealthSystemMember2024-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMembersrt:MinimumMember2023-01-012023-03-310000352915us-gaap:EarthquakeMemberstpr:CAsrt:MaximumMember2024-03-310000352915uhs:AcuteCareHospitalServicesMemberuhs:UKRevenueMember2024-01-012024-03-310000352915uhs:TrancheATermLoanMember2024-03-310000352915us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberuhs:DeferredCompensationAssetsMember2023-12-310000352915uhs:UniversalHealthRealtyIncomeTrustMember2021-01-012021-12-310000352915uhs:UniversalHealthRealtyIncomeTrustMemberus-gaap:InvestmentAdviceMember2024-01-012024-03-310000352915uhs:MedicareMemberuhs:AcuteCareHospitalServicesMember2024-01-012024-03-310000352915us-gaap:ParentMember2024-03-310000352915uhs:ThePavilionBehavioralHealthSystemMemberuhs:PunitiveDamagesMember2024-03-282024-03-280000352915uhs:ManagedMedicaidMemberuhs:AcuteCareHospitalServicesMember2023-01-012023-03-310000352915us-gaap:FairValueMeasurementsRecurringMember2024-03-310000352915uhs:OtherNonPatientRevenueMember2024-01-012024-03-310000352915uhs:GroupPurchasingOrganizationAgreementMemberuhs:PremierIncMemberus-gaap:RestrictedStockMember2023-01-012023-12-310000352915uhs:ManagedMedicareMember2023-01-012023-03-310000352915uhs:UKRevenueMember2023-01-012023-03-310000352915us-gaap:RetainedEarningsAppropriatedMember2022-12-310000352915uhs:AccruedLiabilitiesOtherMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2023-12-310000352915uhs:BehavioralHealthServicesMember2023-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMembersrt:MinimumMember2023-07-012023-09-300000352915us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-03-310000352915uhs:ManagedCareMember2024-01-012024-03-310000352915uhs:AcuteCareHospitalServicesMember2023-01-012023-03-310000352915uhs:WellingtonRegionalMedicalCenterMember2024-01-012024-01-010000352915us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000352915stpr:OHuhs:OutsideOwnersMemberuhs:BehavioralHealthCareFacilityMember2024-03-310000352915uhs:ManagedMedicaidMemberuhs:BehavioralHealthServicesMember2023-01-012023-03-310000352915srt:MaximumMemberus-gaap:GeneralLiabilityMembersrt:SubsidiariesMember2017-12-310000352915uhs:OutsideOwnersMemberstpr:MIuhs:BehavioralHealthCareFacilityMember2024-03-310000352915uhs:CliveBehavioralHealthHospitalMembersrt:MinimumMember2024-01-012024-03-310000352915uhs:ManagedCareMemberuhs:AcuteCareHospitalServicesMember2024-01-012024-03-310000352915us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-03-310000352915srt:MaximumMemberus-gaap:GeneralLiabilityMembersrt:SubsidiariesMember2022-12-310000352915uhs:RedeemableInterestMember2023-01-012023-03-310000352915uhs:CliveBehavioralHealthHospitalMember2024-01-012024-03-310000352915us-gaap:RetainedEarningsUnappropriatedMember2023-01-012023-03-310000352915uhs:ThePavilionBehavioralHealthSystemMemberuhs:CompensatoryDamagesMember2024-03-282024-03-280000352915srt:MaximumMemberuhs:GeneralAndProfessionalLiabilityInsurancePoliciesMembersrt:SubsidiariesMember2022-12-310000352915uhs:CommonClassDMember2024-04-300000352915us-gaap:EmployeeStockOptionMember2024-01-012024-03-310000352915uhs:MedicareMemberuhs:BehavioralHealthServicesMember2023-01-012023-03-310000352915uhs:MedicaidMember2024-01-012024-03-310000352915uhs:AnotherTwoHospitalFacilitiesMember2024-01-012024-03-310000352915us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000352915srt:MaximumMemberuhs:OneThreeSixMonthSOFRRatePlusIndexBasedLoansMemberuhs:TermLoanAFacilityMember2024-03-310000352915us-gaap:RetainedEarningsUnappropriatedMember2023-12-310000352915uhs:OtherPatientRevenueAndAdjustmentsNetMember2023-01-012023-03-310000352915us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000352915uhs:BehavioralHealthServicesMemberuhs:UKRevenueMember2023-01-012023-03-310000352915us-gaap:EquitySecuritiesMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000352915uhs:AccruedLiabilitiesOtherMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2023-12-310000352915us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-01-012024-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMember2023-12-310000352915country:GBuhs:BehavioralHealthServicesMember2023-03-310000352915srt:MaximumMemberuhs:WellingtonRegionalMedicalCenterMember2024-01-012024-03-310000352915uhs:GeneralAndProfessionalLiabilityInsurancePoliciesMember2023-01-012023-12-310000352915us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000352915us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberuhs:DeferredCompensationLiabilityMember2024-03-310000352915srt:MaximumMemberus-gaap:GeneralLiabilityMembersrt:SubsidiariesMember2023-12-310000352915uhs:CygnetHealthCareLimitedMember2024-01-012024-03-310000352915uhs:RedeemableInterestMember2024-03-310000352915country:AZuhs:OutsideOwnersMemberuhs:BehavioralHealthCareFacilityMember2024-03-310000352915us-gaap:NoncontrollingInterestMember2023-03-310000352915uhs:MedicareMember2023-01-012023-03-310000352915uhs:DistrictFacilitiesMembersrt:MinimumMember2024-01-012024-03-310000352915uhs:ThePavilionBehavioralHealthSystemMemberus-gaap:GeneralLiabilityMember2024-03-310000352915us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310000352915srt:ScenarioForecastMembersrt:ChiefExecutiveOfficerMember2024-01-012024-12-310000352915uhs:WellingtonRegionalMedicalCenterMember2024-03-310000352915us-gaap:EquitySecuritiesMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000352915uhs:TrancheATermLoanMember2024-01-012024-03-310000352915uhs:GeneralAndProfessionalLiabilityInsurancePoliciesMember2023-04-012023-06-300000352915us-gaap:ParentMember2023-01-012023-03-310000352915us-gaap:RetainedEarningsUnappropriatedMember2024-03-310000352915srt:MaximumMemberuhs:McAllenMedicalCenterMember2024-01-012024-03-310000352915us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000352915us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberuhs:DeferredCompensationLiabilityMember2023-12-310000352915us-gaap:ParentMember2024-01-012024-03-310000352915srt:MinimumMember2024-03-310000352915srt:MaximumMemberuhs:GeneralAndProfessionalLiabilityInsurancePoliciesMembersrt:SubsidiariesMember2023-12-310000352915uhs:UniversalHealthRealtyIncomeTrustMemberuhs:OtherRelatedPartyTransactionsMember2024-03-310000352915us-gaap:CommonClassBMember2024-04-300000352915us-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-12-310000352915srt:ChiefExecutiveOfficerMember2023-01-012023-12-310000352915us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-12-310000352915uhs:MedicareMemberuhs:AcuteCareHospitalServicesMember2023-01-012023-03-310000352915us-gaap:RevolvingCreditFacilityMember2024-03-310000352915uhs:TwoPointSixFivePercentSeniorSecuredNotesDueTwoThousandThirtyMemberuhs:NewSeniorSecuredCreditFacilityMember2020-09-210000352915uhs:MedicaidMemberuhs:BehavioralHealthServicesMember2023-01-012023-03-310000352915uhs:UnvestedStockOptionMember2024-03-310000352915srt:MaximumMemberuhs:WindStormsMember2024-03-310000352915srt:MaximumMemberuhs:AikenRegionalMedicalCenterAuroraPavilionBehavioralHealthServicesMember2024-01-012024-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMember2022-01-012022-12-310000352915uhs:GroupPurchasingOrganizationAgreementMemberuhs:PremierIncMemberus-gaap:RestrictedStockMember2013-10-012013-12-310000352915us-gaap:RevolvingCreditFacilityMemberus-gaap:LetterOfCreditMember2024-03-310000352915uhs:AikenRegionalMedicalCenterMemberuhs:UniversalHealthRealtyIncomeTrustMemberuhs:AikenSouthCarolinaMemberuhs:AssetPurchaseAndSaleAgreementMemberuhs:AcuteCareHospitalServicesMembersrt:SubsidiariesMember2021-01-012021-12-310000352915us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-12-310000352915uhs:RedeemableInterestMember2023-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMember2023-01-012023-03-310000352915uhs:ManagedMedicareMember2024-01-012024-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMemberuhs:AssetPurchaseAndSaleAgreementMembersrt:SubsidiariesMember2021-01-012021-12-310000352915uhs:AcuteCareHospitalServicesMember2024-03-310000352915us-gaap:AllOtherSegmentsMemberuhs:OtherNonPatientRevenueMember2023-01-012023-03-310000352915us-gaap:RetainedEarningsAppropriatedMember2023-12-310000352915srt:MaximumMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2020-12-310000352915us-gaap:EmployeeStockOptionMember2023-01-012023-03-3100003529152023-03-310000352915srt:MaximumMemberus-gaap:GeneralLiabilityMembersrt:SubsidiariesMember2024-03-310000352915us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000352915us-gaap:ForeignExchangeForwardMember2023-01-012023-03-310000352915uhs:TrustOwnedByChiefExecutiveOfficerMembersrt:ChiefExecutiveOfficerMember2024-01-012024-03-310000352915us-gaap:ParentMember2023-03-310000352915us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000352915uhs:ManagedMedicaidMemberuhs:BehavioralHealthServicesMember2024-01-012024-03-310000352915uhs:MedicaidMemberuhs:BehavioralHealthServicesMember2024-01-012024-03-310000352915srt:MaximumMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2023-12-310000352915us-gaap:OtherNoncurrentAssetsMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000352915stpr:WAuhs:OutsideOwnersMemberuhs:BehavioralHealthCareFacilityMember2024-03-3100003529152023-04-012023-06-300000352915us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000352915us-gaap:CommonClassCMember2024-04-300000352915uhs:UniversalHealthRealtyIncomeTrustMemberuhs:BehavioralHealthCareFacilityMember2023-01-012023-03-310000352915uhs:OutsideOwnersMemberuhs:BehavioralHealthCareFacilityMemberstpr:PA2024-03-310000352915uhs:ManagedMedicareMemberuhs:BehavioralHealthServicesMember2023-01-012023-03-310000352915us-gaap:NoncontrollingInterestMember2024-01-012024-03-310000352915uhs:CanyonCreekBehavioralHealthMember2024-01-012024-03-310000352915uhs:CommonClassDMemberus-gaap:CommonStockMember2023-12-310000352915uhs:DepartmentOfHumanServicesMember2015-01-012015-12-310000352915us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberuhs:DeferredCompensationAssetsMember2023-12-310000352915uhs:TermLoanAFacilityMemberuhs:ABRBasedLoansMember2024-03-310000352915us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000352915srt:MaximumMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2018-12-310000352915us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberuhs:DeferredCompensationLiabilityMember2023-12-310000352915uhs:AcuteCareFacilityMemberuhs:OutsideOwnersMemberstpr:NV2024-03-310000352915us-gaap:OtherNoncurrentAssetsMemberus-gaap:CertificatesOfDepositMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000352915uhs:AcuteCareHospitalServicesMemberuhs:OtherNonPatientRevenueMember2024-01-012024-03-310000352915uhs:DepartmentOfHumanServicesMember2024-01-012024-03-310000352915srt:MaximumMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2016-12-310000352915us-gaap:AllOtherSegmentsMember2024-03-310000352915us-gaap:NoncontrollingInterestMember2024-03-310000352915uhs:GeneralAndProfessionalLiabilityInsurancePoliciesMember2024-01-012024-03-310000352915uhs:MedicareMember2024-01-012024-03-310000352915uhs:BehavioralHealthServicesMemberuhs:OtherNonPatientRevenueMember2024-01-012024-03-310000352915us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberuhs:DeferredCompensationLiabilityMember2024-03-310000352915country:GBuhs:BehavioralHealthServicesMember2024-03-310000352915uhs:ManagedMedicaidMember2024-01-012024-03-310000352915srt:MaximumMemberus-gaap:GeneralLiabilityMembersrt:SubsidiariesMember2019-12-310000352915uhs:RestrictedStockAwardsRestrictedStockUnitsAndPerformanceBasedRestrictedStockUnitsMember2024-01-012024-03-310000352915srt:MaximumMemberuhs:GeneralAndProfessionalLiabilityInsurancePoliciesMembersrt:SubsidiariesMember2014-12-310000352915uhs:CanyonCreekBehavioralHealthMembersrt:MinimumMember2024-01-012024-03-310000352915us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000352915uhs:UniversalHealthRealtyIncomeTrustMemberuhs:LimitedLiabilityCompaniesMembersrt:MinimumMember2024-03-310000352915us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-12-310000352915uhs:ManagedMedicaidMember2023-01-012023-03-310000352915us-gaap:EarthquakeMembersrt:MaximumMembercountry:PR2024-03-310000352915us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-03-310000352915uhs:GeneralAndProfessionalLiabilityMember2023-12-310000352915uhs:EarthquakeWindHailAndFloodMember2024-03-310000352915uhs:CommonClassDMemberus-gaap:CommonStockMember2022-12-310000352915us-gaap:RetainedEarningsUnappropriatedMember2022-12-310000352915uhs:MedicareMemberuhs:BehavioralHealthServicesMember2024-01-012024-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMember2024-03-310000352915uhs:OneHospitalFacilityMember2024-01-012024-03-310000352915uhs:CliveBehavioralHealthHospitalMember2024-01-012024-01-010000352915srt:MinimumMember2024-01-012024-03-310000352915srt:MaximumMemberuhs:GeneralAndProfessionalLiabilityInsurancePoliciesMembersrt:SubsidiariesMember2024-03-310000352915us-gaap:ForeignExchangeForwardMember2024-01-012024-03-310000352915us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-03-310000352915us-gaap:AllOtherSegmentsMember2024-01-012024-03-310000352915uhs:BehavioralHealthServicesMemberuhs:UKRevenueMember2024-01-012024-03-310000352915srt:MaximumMemberuhs:GeneralAndProfessionalLiabilityInsurancePoliciesMembersrt:SubsidiariesMember2021-12-3100003529152024-01-010000352915uhs:BehavioralHealthServicesMember2024-03-310000352915uhs:BehavioralHealthServicesMemberuhs:OtherNonPatientRevenueMember2023-01-012023-03-310000352915uhs:CommonClassDMemberus-gaap:CommonStockMember2023-03-310000352915uhs:PremierIncMemberus-gaap:OtherOperatingIncomeExpenseMember2023-01-012023-03-310000352915uhs:AcuteCareHospitalServicesMemberuhs:OtherNonPatientRevenueMember2023-01-012023-03-310000352915uhs:ManagedMedicareMemberuhs:AcuteCareHospitalServicesMember2024-01-012024-03-310000352915srt:MaximumMemberus-gaap:GeneralLiabilityMembersrt:SubsidiariesMember2020-12-310000352915uhs:DepartmentOfHumanServicesMember2014-01-012014-12-310000352915uhs:BehavioralHealthServicesMember2023-01-012023-03-310000352915uhs:ManagedCareMember2023-01-012023-03-310000352915uhs:DepartmentOfHumanServicesMember2022-01-012022-12-310000352915uhs:CommonClassDMemberus-gaap:CommonStockMember2024-03-310000352915uhs:ManagedCareMemberuhs:BehavioralHealthServicesMember2023-01-012023-03-310000352915us-gaap:AllOtherSegmentsMemberuhs:OtherNonPatientRevenueMember2024-01-012024-03-310000352915uhs:ManagedMedicareMemberuhs:AcuteCareHospitalServicesMember2023-01-012023-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMember2024-01-012024-03-310000352915us-gaap:GeneralLiabilityMemberuhs:CygnetHealthCareLimitedMembersrt:SubsidiariesMember2024-03-310000352915uhs:GroupEightMemberuhs:TrancheATermLoanMember2024-01-012024-03-310000352915uhs:GroupPurchasingOrganizationAgreementMemberuhs:PremierIncMemberus-gaap:RestrictedStockMember2024-01-012024-03-310000352915srt:MaximumMemberus-gaap:GeneralLiabilityMembersrt:SubsidiariesMember2021-12-310000352915uhs:NewSeniorSecuredCreditFacilityMember2024-03-310000352915uhs:CanyonCreekBehavioralHealthMember2024-01-012024-01-010000352915uhs:AcuteCareHospitalServicesMemberuhs:UKRevenueMember2023-01-012023-03-310000352915us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000352915srt:MaximumMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2021-12-310000352915us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-03-310000352915srt:ChiefExecutiveOfficerMember2024-01-012024-03-310000352915srt:MaximumMemberus-gaap:ProfessionalMalpracticeLiabilityMembersrt:SubsidiariesMember2022-12-310000352915us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-03-310000352915us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000352915uhs:BehavioralHealthServicesMember2024-01-012024-03-310000352915uhs:TermLoanAFacilityMemberuhs:OneMonthSOFRRatePlusIndexBasedLoansMember2024-03-3100003529152024-03-310000352915us-gaap:RevolvingCreditFacilityMember2021-08-240000352915uhs:UniversalHealthRealtyIncomeTrustMemberus-gaap:InvestmentAdviceMember2023-01-012023-03-310000352915uhs:UniversalHealthRealtyIncomeTrustMember2023-07-012023-09-300000352915us-gaap:ParentMember2023-12-310000352915uhs:DistrictFacilitiesMember2024-01-012024-03-31uhs:Hospitaliso4217:USDxbrli:sharesxbrli:purexbrli:sharesuhs:Facilityuhs:SquareFootuhs:Bediso4217:GBPiso4217:USDuhs:RenewalOption

a-

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 March 31, 2024

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 1-10765

 

UNIVERSAL HEALTH SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

23-2077891

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

UNIVERSAL CORPORATE CENTER

367 SOUTH GULPH ROAD

KING OF PRUSSIA, Pennsylvania 19406

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (610) 768-3300

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class B Common Stock, $0.01 par value

UHS

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, a smaller reporting company, or 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. Common shares outstanding, as of April 30, 2024:

Class A

 

6,577,100

Class B

 

59,677,618

Class C

 

661,688

Class D

 

12,802

 

 


 

UNIVERSAL HEALTH SERVICES, INC.

INDEX

PAGE NO.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

Condensed Consolidated Statements of Income – Three Months Ended March 31, 2024 and 2023

3

 

Condensed Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2024 and 2023

4

 

Condensed Consolidated Balance Sheets – March 31, 2024 and December 31, 2023

5

 

Condensed Consolidated Statements of Changes in Equity – Three Months Ended March 31, 2024 and 2023

 

6

 

 

 

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023

8

 

Notes to Condensed Consolidated Financial Statements

9

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

56

 

Item 4. Controls and Procedures

56

 

PART II. Other Information

 

 

Item 1. Legal Proceedings

57

 

Item 1A. Risk Factors

57

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

58

 

 

 

Item 5. Other Information

58

 

 

 

Item 6. Exhibits

59

 

Signatures

60

This Quarterly Report on Form 10-Q is for the quarter ended March 31, 2024. This Report modifies and supersedes documents filed prior to this Report. Information that we file with the Securities and Exchange Commission (the “SEC”) in the future will automatically update and supersede information contained in this Report.

In this Quarterly Report, “we,” “us,” “our” “UHS” and the “Company” refer to Universal Health Services, Inc. and its subsidiaries. UHS is a registered trademark of UHS of Delaware, Inc., the management company for, and a wholly-owned subsidiary of Universal Health Services, Inc. Universal Health Services, Inc. is a holding company and operates through its subsidiaries including its management company, UHS of Delaware, Inc. All healthcare and management operations are conducted by subsidiaries of Universal Health Services, Inc. To the extent any reference to “UHS” or “UHS facilities” in this report including letters, narratives or other forms contained herein relates to our healthcare or management operations it is referring to Universal Health Services, Inc.’s subsidiaries including UHS of Delaware, Inc. Further, the terms “we,” “us,” “our” or the “Company” in such context similarly refer to the operations of Universal Health Services Inc.’s subsidiaries including UHS of Delaware, Inc. Any reference to employees or employment contained herein refers to employment with or employees of the subsidiaries of Universal Health Services, Inc. including UHS of Delaware, Inc.

2


 

PART I. FINANCIAL INFORMATION

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(amounts 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

 

3,988

 

 

 

(740

)

Net income attributable to UHS

$

261,834

 

 

$

163,115

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS

$

3.90

 

 

$

2.31

 

Diluted earnings per share attributable to UHS

$

3.82

 

 

$

2.28

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

67,204

 

 

 

70,535

 

Add: Other share equivalents

 

1,278

 

 

 

952

 

Weighted average number of common shares and
   equivalents - diluted

 

68,482

 

 

 

71,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3


 

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(amounts in thousands, unaudited)

 

 

Three months ended
March 31,

 

 

 

2024

 

 

2023

 

Net income

 

$

265,822

 

 

$

162,375

 

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(973

)

 

 

4,198

 

Other

 

 

17

 

 

 

0

 

Other comprehensive income (loss) before tax

 

 

(956

)

 

 

4,198

 

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

 

 

420

 

 

 

(424

)

Total other comprehensive (loss) income, net of tax

 

 

(1,376

)

 

 

4,622

 

Comprehensive income

 

 

264,446

 

 

 

166,997

 

Less: Comprehensive income (loss) attributable to noncontrolling
   interests

 

 

3,988

 

 

 

(740

)

Comprehensive income attributable to UHS

 

$

260,458

 

 

$

167,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

4


 

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, unaudited)

 

March 31,
2024

 

 

December 31,
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 interests

 

4,987

 

 

 

5,191

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

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

 

 

 

 

 

 

 

 

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

 

5


 

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months ended March 31, 2024

(amounts in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

UHS

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Common

 

 

 

 

 

 

 

 

 

Noncontrolling

 

 

Class A

 

 

Class B

 

 

Class C

 

 

Class D

 

 

Cumulative

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

 

 

 

Interest

 

 

Common

 

 

Common

 

 

Common

 

 

Common

 

 

Dividends

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

 

Interest

 

 

Total

 

Balance, January 1, 2024

 

$

5,191

 

 

$

66

 

 

$

599

 

 

$

7

 

 

$

0

 

 

$

(659,890

)

 

$

6,798,930

 

 

$

9,289

 

 

$

6,149,001

 

 

$

47,714

 

 

$

6,196,715

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued/(converted)

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

3,401

 

 

 

 

 

 

3,411

 

 

 

 

 

 

3,411

 

Repurchased, including excise tax

 

 

 

 

 

 

 

 

(9

)

 

 

 

 

 

 

 

 

 

 

 

(162,082

)

 

 

 

 

 

(162,091

)

 

 

 

 

 

(162,091

)

Restricted share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,100

 

 

 

 

 

 

5,100

 

 

 

 

 

 

5,100

 

Dividends paid and accrued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,546

)

 

 

 

 

 

 

 

 

(13,546

)

 

 

 

 

 

(13,546

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,381

 

 

 

 

 

 

14,381

 

 

 

 

 

 

14,381

 

Distributions to noncontrolling interests

 

 

(649

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,831

)

 

 

(3,831

)

Purchase (sale) of ownership interests by (from) minority members

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,721

 

 

 

1,721

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) to UHS / noncontrolling interests

 

 

445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

261,834

 

 

 

 

 

 

261,834

 

 

 

3,543

 

 

 

265,377

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17

)

 

 

17

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,393

)

 

 

(1,393

)

 

 

 

 

 

(1,393

)

Subtotal - comprehensive income

 

 

445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

261,817

 

 

 

(1,376

)

 

 

260,441

 

 

 

3,543

 

 

 

263,984

 

Balance, March 31, 2024

 

$

4,987

 

 

$

66

 

 

$

600

 

 

$

7

 

 

$

0

 

 

$

(673,436

)

 

$

6,921,547

 

 

$

7,913

 

 

$

6,256,697

 

 

$

49,147

 

 

$

6,305,844

 

 

 

 

 

 

 

 

 

 

 

 

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

 

6


 

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months ended March 31, 2023

(amounts in thousands, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

UHS

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Common

 

 

 

 

 

 

 

 

 

Noncontrolling

 

 

Class A

 

 

Class B

 

 

Class C

 

 

Class D

 

 

Cumulative

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

Noncontrolling

 

 

 

 

 

 

Interest

 

 

Common

 

 

Common

 

 

Common

 

 

Common

 

 

Dividends

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

 

Interest

 

 

Total

 

Balance, January 1, 2023

 

$

4,695

 

 

$

66

 

 

$

637

 

 

$

7

 

 

$

0

 

 

$

(604,127

)

 

$

6,533,667

 

 

$

(9,668

)

 

$

5,920,582

 

 

$

44,768

 

 

$

5,965,350

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued/(converted)

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

3,092

 

 

 

 

 

 

3,095

 

 

 

 

 

 

3,095

 

Repurchased, including excise tax

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

(85,819

)

 

 

 

 

 

(85,826

)

 

 

 

 

 

(85,826

)

Restricted share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,494

 

 

 

 

 

 

4,494

 

 

 

 

 

 

4,494

 

Dividends paid and accrued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,199

)

 

 

 

 

 

 

 

 

(14,199

)

 

 

 

 

 

(14,199

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,225

 

 

 

 

 

 

16,225

 

 

 

 

 

 

16,225

 

Acquisition of noncontrolling interest in majority owned business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to noncontrolling interests

 

 

(750

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,395

)

 

 

(3,395

)

Purchase (sale) of ownership interests by (from) minority members

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) to UHS / noncontrolling interests

 

 

324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163,115

 

 

 

 

 

 

163,115

 

 

 

(1,064

)

 

 

162,051

 

Foreign currency translation adjustments, net of income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,622

 

 

 

4,622

 

 

 

 

 

 

4,622

 

Subtotal - comprehensive income

 

 

324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163,115

 

 

 

4,622

 

 

 

167,737

 

 

 

(1,064

)

 

 

166,673

 

Balance, March 31, 2023

 

$

4,269

 

 

$

66

 

 

$

633

 

 

$

7

 

 

$

0

 

 

$

(618,326

)

 

$

6,634,774

 

 

$

(5,046

)

 

$

6,012,108

 

 

$

40,309

 

 

$

6,052,417

 

 

 

 

 

 

 

 

 

 

 

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

7


 

UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts 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

 

Gain 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

 

 

-

 

 

 

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

 

 

 

-

 

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, net

 

 

12,038

 

 

 

11,300

 

Financing costs

 

 

-

 

 

 

(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 of ownership interests from minority members

 

 

(156

)

 

 

-

 

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