KING OF PRUSSIA, Pa., July 28 /PRNewswire-FirstCall/ -- Universal Health Services, Inc. announced today that its reported net income attributable to UHS was $80.9 million, or $1.64 per diluted share, during the second quarter of 2009 as compared to $54.2 million, or $1.06 per diluted share, during the comparable quarter of the prior year. Reported income from continuing operations attributable to UHS was $80.9 million, or $1.64 per diluted share, during the second quarter of 2009 as compared to $55.2 million, or $1.08 per diluted share, during the comparable quarter of the prior year.
As indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedules"), included in our income from continuing operations and net income during the three and six-month periods ended June 30, 2009, was a combined $9.8 million, or $.20 per diluted share, consisting of: (i) a favorable after-tax adjustment of $14.1 million, or $.29 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years prior to 2009 based upon a reserve analysis, partially offset by; (ii) an unfavorable discrete tax item of $4.3 million, or $.09 per diluted share.
After adjusting the reported results for the second quarter of 2009 to neutralize the net favorable impact of the above-mentioned adjustments (there were no adjustments applicable to the second quarter of 2008), our adjusted income from continuing operations attributable to UHS during the second quarter of 2009 was $71.1 million, or an increase of 33% to $1.44 per diluted share, as compared to $55.2 million, or $1.08 per diluted share, during the comparable quarter of the prior year.
During the second quarter of 2009, adjusted net income attributable to UHS was $71.1 million, or an increase of 36% to $1.44 per diluted share, as compared to $54.2 million, or $1.06 per diluted share during the comparable quarter of the prior year.
Net revenues increased 3% to $1.30 billion during the second quarter of 2009 as compared to $1.26 billion during the second quarter of 2008.
Consolidated Results of Operations - Six-month periods ended June 30, 2009 and 2008:
Reported net income attributable to UHS was $148.4 million, or $3.01 per diluted share, during the six-month period ended June 30, 2009 as compared to $115.9 million, or $2.26 per diluted share, during the comparable six-month period of the prior year. Reported income from continuing operations attributable to UHS was $148.4 million, or $3.01 per diluted share, during the six-month period ended June 30, 2009 as compared to $115.2 million, or $2.25 per diluted share, during the comparable six-month period of the prior year.
As indicated on the attached Supplemental Schedules, during the six-month period ended June 30, 2009, our adjusted income from continuing operations attributable to UHS was $138.6 million, or an increase of 25% to $2.81 per diluted share, as compared to $115.2 million, or $2.25 per diluted share, during the comparable six-month period of the prior year.
Adjusted net income attributable to UHS was $138.6 million, or an increase of 24% to $2.81 per diluted share, during the six-month period ended June 30, 2009, as compared to $115.9 million, or $2.26 per diluted share during the comparable six-month period of the prior year.
Net revenues increased 3% to $2.62 billion during the six-month period ended June 30, 2009 as compared to $2.54 billion during the comparable six-month period of the prior year.
Acute Care Services - Three-month periods ended June 30, 2009 and 2008:
At our acute care hospitals owned during both periods ("same facility basis"), inpatient admissions increased 1.5% while patient days decreased 0.8% during the second quarter of 2009, as compared to the second quarter of 2008. Net revenues at these facilities increased 2.9% during the second quarter of 2009 as compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission decreased 0.2% while net revenue per adjusted patient day increased 2.0% during the second quarter of 2009 as compared to the comparable quarter of the prior year. On a same facility basis, the operating margin (net revenues less salaries, wages and benefits, other operating expenses, supplies expense and provision for doubtful accounts) at our acute care hospitals increased to 16.8% during the second quarter of 2009 as compared to 14.7% during the second quarter of 2008.
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 $181 million and $143 million during the three-month periods ended June 30, 2009 and 2008, respectively.
Acute Care Services - Six-month periods ended June 30, 2009 and 2008:
During the six-month period ended June 30, 2009, on a same facility basis, inpatient admissions to our acute care facilities increased 0.1% while patient days decreased 1.5%, as compared to the comparable period of the prior year. Net revenues at our acute care facilities increased 1.9% during the six-month period ended June 30, 2009 as compared to the comparable period of the prior year. At these facilities, net revenue per adjusted admission increased 0.3% while net revenue per adjusted patient day increased 2.0% during the six-month period ended June 30, 2009 as compared to the comparable period of the prior year. On a same facility basis, the operating margin at our acute care hospitals increased to 17.2% during the six-month period ended June 30, 2009 as compared to 15.5% during the comparable period of the prior year.
Our acute care hospitals provided charity care and uninsured discounts, based on charges at established rates, amounting to $340 million and $296 million during the six-month periods ended June 30, 2009 and 2008, respectively.
Behavioral Health Care Services - Three-month periods ended June 30, 2009 and 2008:
At our behavioral health care facilities, on a same facility basis, inpatient admissions increased 1.5% and patient days increased 1.0% during the second quarter of 2009 as compared to the second quarter of 2008. Net revenues at these facilities increased 4.0% during the second quarter of 2009 as compared to the comparable quarter in the prior year. Net revenue per adjusted patient day at these facilities increased 3.5% during the second quarter of 2009 over the comparable prior year quarter. The operating margin at our behavioral health care facilities owned during both periods was 26.3% during the second quarter of 2009 as compared to 25.1% during the second quarter of 2008.
Behavioral Health Care Services - Six-month periods ended June 30, 2009 and 2008:
During the six-month period ended June 30, 2009, on a same facility basis, inpatient admissions to our behavioral health care facilities increased 1.3% while patient days decreased 0.2%, as compared to the comparable period of the prior year. Net revenues at our behavioral health care facilities increased 3.4% during the six-month period ended June 30, 2009 as compared to the comparable period of the prior year. At these facilities, net revenue per adjusted patient day increased 4.2% during the six-month period ended June 30, 2009 as compared to the comparable prior year period. On a same facility basis, the operating margin at our behavioral health facilities increased to 25.7% during the six-month period ended June 30, 2009 as compared to 24.4% during the comparable period of the prior year.
2009 Full Year Guidance Increased to $4.40 to $4.55 Per Diluted Share:
Based upon the operating trends and financial results experienced during the first six months of 2009, and subject to certain assumptions, provisions and adjustments, including those as set forth below in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures, we are increasing our estimated range of earnings per diluted share from continuing operations for the year ended December 31, 2009 to $4.40 to $4.55 from the previously provided range of $4.00 to $4.15. This revised guidance range excludes the net favorable impact of $.20 per diluted share resulting from the above-mentioned items that were included in our results for the three and six-month periods ended June 30, 2009 (consisting of the favorable impact resulting from the reduction to our professional and general liability self-insurance reserves and the unfavorable impact resulting from the discrete tax item).
Recent Acquisition:
On June 30, 2009, we completed the acquisition of Centennial Peaks Hospital, a 72-bed behavioral health facility located in Louisville, Colorado. Centennial Peaks will provide services to adolescent and adult patients and will compliment our existing services in the high growth Denver-Boulder corridor.
Conference Call Information:
We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on July 29, 2009. The dial-in number is 1-877-648-7971. A digital recording of the conference call will be available two hours after the completion of the conference call on July 29, 2009 and will continue through midnight on August 12, 2009. The recording can be accessed by calling 1-800-642-1687 and entering the conference ID number 17867500. This call will also be available live over the internet at our web site at http://www.uhsinc.com/. The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at http://www.earnings.com/, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents at http://www.streetevents.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. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust . 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, 2008 and in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended March 31, 2009), may cause the results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
We believe that operating income, operating margin, adjusted income from continuing operations, adjusted income from continuing operations per diluted share, adjusted net income, adjusted net income 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, 2008 and Report on Form 10-Q for the quarter ended March 31, 2009. 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 Six months ended June 30, ended June 30, -------------- -------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net revenues $1,303,640 $1,262,577 $2,616,059 $2,540,553 Operating charges: Salaries, wages and benefits 541,950 528,081 1,083,247 1,069,656 Other operating expenses 232,894 259,313 506,115 507,958 Supplies expense 176,411 174,264 350,378 353,503 Provision for doubtful accounts 120,670 120,646 239,648 240,443 Depreciation and amortization 51,085 47,336 102,219 94,079 Lease and rental expense 17,587 17,866 34,659 35,421 ------ ------ ------ ------ 1,140,597 1,147,506 2,316,266 2,301,060 --------- --------- --------- --------- Income from continuing operations before interest expense and income taxes 163,043 115,071 299,793 239,493 Interest expense, net 11,879 13,249 24,517 26,728 ------ ------ ------ ------ Income from continuing operations before income taxes 151,164 101,822 275,276 212,765 Provision for income taxes 57,187 35,205 99,265 72,816 ------ ------ ------ ------ Income from continuing operations 93,977 66,617 176,011 139,949 Income from continuing operations attributable to minority interests 13,084 11,427 27,577 24,706 ------ ------ ------ ------ Income from continuing operations attributable to UHS 80,893 55,190 148,434 115,243 (Loss) income from discontinued operations, net of income tax expense (a) - (950) - 660 ------- ------- -------- -------- Net income attributable to UHS $80,893 $54,240 $148,434 $115,903 ======= ======= ======== ======== Basic earnings (loss) per share attributable to UHS (b) From continuing operations $1.65 $1.09 $3.01 $2.25 From discontinued operations - (0.02) - 0.02 -- ----- -- ---- Total basic earnings per share $1.65 $1.07 $3.01 $2.27 ===== ===== ===== ===== Diluted earnings (loss) per share attributable to UHS (b) From continuing operations $1.64 $1.08 $3.01 $2.25 From discontinued operations - (0.02) - 0.01 -- ----- -- ---- Total diluted earnings per share $1.64 $1.06 $3.01 $2.26 ===== ===== ===== ===== Universal Health Services, Inc. ------------------------------- Footnotes to Consolidated Statements of Income ---------------------------------------------- (in thousands, except per share amounts) (unaudited) Three months Six months ended June 30, ended June 30, ------------- -------------- 2009 2008 2009 2008 ---- ---- ---- ---- (a) Calculation of income from discontinued operations, net of income tax: ------------------ (Loss) income from discontinued operations, pre-tax - ($1,540) - $1,069 Income tax benefit (expense) - 590 - (409) ---- --- ---- ---- (Loss) income from discontinued operations, net of taxes - ($950) - $660 ==== ===== ==== ==== (b) Earnings per share calculation: ----------------------------------- Basic and diluted: ------------------ Income from continuing operations attributable to UHS $80,893 $55,190 $148,434 $115,243 Less: Net income attributable to unvested restricted share grants (381) (229) (695) (488) --- --- --- --- Income from continuing operations - basic and diluted 80,512 54,961 147,739 114,755 Income from discontinued operations - (950) - 660 ---- ---- ---- --- Net income attributable to UHS - basic and diluted $80,512 $54,011 $147,739 $115,415 ======= ======= ======== ======== Weighted average number of common shares - basic 48,850 50,629 49,028 50,946 ------ ------ ------ ------ Basic earnings (loss) per share attributable to UHS: From continuing operations $1.65 $1.09 $3.01 $2.25 From discontinued operations - (0.02) - 0.02 ---- ----- ---- ---- Total basic earnings per share $1.65 $1.07 $3.01 $2.27 ===== ===== ===== ===== Weighted average number of common shares 48,850 50,629 49,028 50,946 Add: Other share equivalents 202 113 101 65 --- --- --- -- Weighted average number of common shares and equiv. - diluted 49,052 50,742 49,129 51,011 ------ ------ ------ ------ Diluted earnings (loss) per share attributable to UHS: From continuing operations $1.64 $1.08 $3.01 $2.25 From discontinued operations - (0.02) - 0.01 ---- ----- ---- ---- Total diluted earnings per share $1.64 $1.06 $3.01 $2.26 ===== ===== ===== ===== Universal Health Services, Inc. ------------------------------- Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedule") ------------------------------------- For the three months ended June 30, 2009 and 2008 ------------------------------------------------- (in thousands, except per share amounts) (unaudited) Three months ended Three months ended June 30, 2009 June 30, 2008 ------------- ------------- Net revenues $1,303,640 100.0% $1,262,577 100.0% Operating charges: Salaries, wages and benefits 541,950 41.6% 528,081 41.8% Other operating expenses 232,894 17.9% 259,313 20.5% Supplies expense 176,411 13.5% 174,264 13.8% Provision for doubtful accounts 120,670 9.3% 120,646 9.6% ------- --- ------- --- 1,071,925 82.2% 1,082,304 85.7% --------- ---- --------- ---- Operating income/ margin 231,715 17.8% 180,273 14.3% Lease and rental expense 17,587 17,866 Income from continuing operations attributable to minority interests 13,084 11,427 ------ ------ Earnings before, depreciation and amortization, interest expense, and income taxes ("EBITDA") 201,044 150,980 Depreciation and amortization 51,085 47,336 Interest expense, net 11,879 13,249 ------ ------ Income before income taxes 138,080 90,395 Provision for income taxes 57,187 35,205 ------ ------ Income from continuing operations attributable to UHS 80,893 55,190 Loss from discontinued operations, net of income taxes - (950) ------- ------- Net income attributable to UHS $80,893 $54,240 ======= ======= Three months ended Three months ended June 30, 2009 June 30, 2008 ------------- ------------- Per Per Diluted Diluted Amount Share Amount Share ------ ------- ------ ------- Calculation of Adjusted Income from Continuing Operations Attributable to UHS ----------------------- Income from continuing operations attributable to UHS $80,893 $1.64 $55,190 $1.08 Plus/minus adjustments: Reduction of reserve for professional and general liability self-insured claims, net of income taxes (14,168) (0.29) - - Unfavorable discrete tax item 4,331 0.09 Subtotal after-tax adjustments to income from continuing operations attributable ----- ---- ---- ---- to UHS (9,837) (0.20) - - ----- ---- ---- ---- Adjusted income from continuing operations attributable to UHS $71,056 $1.44 $55,190 $1.08 ======= ===== ======= ===== Calculation of Adjusted Net Income Attributable to UHS -------------------------- Net income attributable to UHS $80,893 $1.64 $54,240 $1.06 After-tax adjustments to income from continuing operations attributable to UHS, as indicated above (9,837) (0.20) - - ----- ---- ---- ---- Adjusted net income attributable to UHS $71,056 $1.44 $54,240 $1.06 ======= ===== ======= ===== Universal Health Services, Inc. ------------------------------- Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information ("Supplemental Schedule") ------------------------------------- For the six months ended June 30, 2009 and 2008 ----------------------------------------------- (in thousands, except per share amounts) (unaudited) Six months ended Six months ended June 30, 2009 June 30, 2008 ------------- ------------- Net revenues $2,616,059 100.0% $2,540,553 100.0% Operating charges: Salaries, wages and benefits 1,083,247 41.4% 1,069,656 42.1% Other operating expenses 506,115 19.3% 507,958 20.0% Supplies expense 350,378 13.4% 353,503 13.9% Provision for doubtful accounts 239,648 9.2% 240,443 9.5% ------- --- ------- --- 2,179,388 83.3% 2,171,560 85.5% --------- ---- --------- ---- Operating income/ margin 436,671 16.7% 368,993 14.5% Lease and rental expense 34,659 35,421 Income from continuing operations attributable to minority interests 27,577 24,706 ------ ------ Earnings before, depreciation and amortization, interest expense, and income taxes ("EBITDA") 374,435 308,866 Depreciation and amortization 102,219 94,079 Interest expense, net 24,517 26,728 ------ ------ Income before income taxes 247,699 188,059 Provision for income taxes 99,265 72,816 ------ ------ Income from continuing operations attributable to UHS 148,434 115,243 Income from discontinued operations, net of income taxes - 660 ---- --- Net income attributable to UHS $148,434 $115,903 ======== ======== Six months ended Six months ended June 30, 2009 June 30, 2008 ------------- ------------- Per Per Amount Diluted Share Amount Diluted Share ------ ------------- ------ ------------- Calculation of Adjusted Income from Continuing Operations Attributable to UHS ----------------------- Income from continuing operations attributable to UHS $148,434 $3.01 $115,243 $2.25 Plus/minus adjustments: Reduction of reserve for professional and general liability self-insured claims, net of income taxes (14,168) (0.29) - - Unfavorable discrete tax item 4,331 0.09 Subtotal after- tax adjustments to income from continuing operations attributable to UHS (9,837) (0.20) - - ----- ---- ---- ---- Adjusted income from continuing operations attributable to UHS $138,597 $2.81 $115,243 $2.25 ======== ===== ======== ===== Calculation of Adjusted Net Income Attributable to UHS ----------------------- Net income attributable to UHS $148,434 $3.01 $115,903 $2.26 After-tax adjustments to income from continuing operations attributable to UHS, as indicated above (9,837) (0.20) - - ------ ----- ---- ----- Adjusted net income attributable to UHS $138,597 $2.81 $115,903 $2.26 ======== ===== ======== ===== Universal Health Services, Inc. ------------------------------- Condensed Consolidated Balance Sheets ------------------------------------- (in thousands, unaudited) (unaudited) June 30, December 31, 2009 2008 ---- ---- Assets Current assets: Cash and cash equivalents $10,623 $5,460 Accounts receivable, net 605,870 625,437 Supplies 78,885 76,043 Other current assets 31,182 26,375 Deferred income taxes 38,933 34,522 Current assets held for sale 21,580 21,580 ------ ------ Total current assets 787,073 789,417 ------- ------- Property and equipment 3,549,211 3,355,974 Less: accumulated depreciation (1,345,692) (1,255,682) ---------- ---------- 2,203,519 2,100,292 --------- --------- Other assets: Goodwill 733,887 732,937 Deferred charges 10,318 10,428 Other 102,079 109,388 ------- ------- $3,836,876 $3,742,462 ========== ========== Liabilities and Stockholders' Equity Current liabilities: Current maturities of long-term debt $8,730 $8,708 Accounts payable and accrued liabilities 561,471 542,008 Federal and state taxes 16,098 10,409 ------ ------ Total current liabilities 586,299 561,125 ------- ------- Other noncurrent liabilities 389,572 407,652 Long-term debt 913,148 990,661 Deferred income taxes 19,806 12,439 UHS common stockholders' equity 1,677,996 1,543,850 Minority interest 250,055 226,735 ------- ------- Total equity 1,928,051 1,770,585 ---------- ---------- $3,836,876 $3,742,462 ========== ========== Universal Health Services, Inc. ------------------------------- Consolidated Statements of Cash Flows ------------------------------------- (in thousands) (unaudited) Six months ended June 30, -------------- 2009 2008 ---- ---- Cash Flows from Operating Activities: Net income attributable to UHS $148,434 $115,903 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation & amortization 102,219 95,379 Changes in assets & liabilities, net of effects from acquisitions and dispositions: Accounts receivable 4,392 (74,863) Construction management and other receivable 21,003 (8,016) Accrued interest 106 811 Accrued and deferred income taxes 7,934 3,288 Other working capital accounts (1,499) 18,331 Other assets and deferred charges 3,844 15,821 Other 3,327 5,410 Minority interest in earnings of consolidated entities, net of distributions 23,320 13,307 Accrued insurance expense, net of commercial premiums paid 13,323 38,743 Payments made in settlement of self-insurance claims (29,823) (25,648) ------- ------- Net cash provided by operating activities 296,580 198,466 ------- ------- Cash Flows from Investing Activities: Property and equipment additions, net of disposals (183,248) (156,062) Acquisition of property and business (9,006) - Proceeds received from sale of assets - 2,235 Settlement proceeds received related to prior year acquisitions, net of expenses - 1,539 Investment in joint-venture - (2,095) - ------ Net cash used in investing activities (192,254) (154,383) -------- -------- Cash Flows from Financing Activities: Reduction of long-term debt (77,356) (109,727) Additional borrowings 170 150,155 Repurchase of common shares (15,437) (89,816) Dividends paid (7,890) (8,096) Issuance of common stock 1,350 1,151 Capital contributions from minority member - 2,107 - ----- Net cash used in financing activities (99,163) (54,226) ------- ------- Increase (decrease) in cash and cash equivalents 5,163 (10,143) Cash and cash equivalents, beginning of period 5,460 16,354 ----- ------ Cash and cash equivalents, end of period $10,623 $6,211 ======= ====== Supplemental Disclosures of Cash Flow Information: Interest paid $28,723 $29,335 ======= ======= Income taxes paid, net of refunds $90,942 $70,269 ======= ======= Universal Health Services, Inc. Supplemental Statistical Information (un-audited) % Change % Change Quarter Ended 6 months ended Same Facility: 6/30/2009 6/30/2009 ------------- --------- --------- Acute Care Hospitals -------------------- Revenues 2.9% 1.9% Adjusted Admissions 3.1% 1.5% Adjusted Patient Days 0.9% -0.2% Revenue Per Adjusted Admission -0.2% 0.3% Revenue Per Adjusted Patient Day 2.0% 2.0% Behavioral Health Hospitals --------------------------- Revenues 4.0% 3.4% Adjusted Admissions 1.0% 0.7% Adjusted Patient Days 0.5% -0.7% Revenue Per Adjusted Admission 3.0% 2.6% Revenue Per Adjusted Patient Day 3.5% 4.2% UHS Consolidated Second Quarter Ended Six months Ended ---------------- -------------------- ---------------- 6/30/2009 6/30/2008 6/30/2009 6/30/2008 --------- --------- --------- --------- Revenues $1,303,640 $1,262,577 $2,616,059 $2,540,553 EBITDA (1) 178,244 150,980 351,635 308,866 EBITDA Margin (1) 13.7% 12.0% 13.4% 12.2% Cash Flow From Operations 144,578 66,790 296,580 198,466 Days Sales Outstanding 42 51 41 50 Capital Expenditures 105,029 74,311 183,248 156,062 Debt 921,878 1,053,305 Shareholders Equity 1,677,996 1,544,474 Debt / Total Capitalization 35.5% 40.5% Debt / EBITDA (2) 1.67 1.96 Debt / Cash From Operations (2) 2.06 2.71 Acute Care EBITDAR Margin (3) 16.8% 14.7% 17.2% 15.5% Behavioral Health EBITDAR Margin (3) 25.8% 24.3% 25.0% 23.7% (1) Net of Minority Interest and before prior year self insurance reserve adjustment booked in 2009 (2) Latest 4 quarters (3) Before Corporate overhead allocation, minority interest and prior year self insurance reserve adjustment booked in 2009 UNIVERSAL HEALTH SERVICES, INC. SELECTED HOSPITAL STATISTICS FOR THE THREE MONTHS ENDED JUNE 30, 2009 AS REPORTED: ------------ ACUTE (1) BEHAVIORAL HEALTH 06/30/09 06/30/08 % change 06/30/09 06/30/08 % change -------- -------- --------- -------- -------- --------- Hospitals owned and leased 21 21 0.0% 83 83 0.0% Average licensed beds 5,465 5,453 0.2% 7,857 7,668 2.5% Patient days 289,661 291,892 -0.8% 529,536 530,769 -0.2% Average daily census 3,183.1 3,207.6 -0.8% 5,819.1 5,832.6 -0.2% Occupancy- licensed beds 58.2% 58.8% -1.0% 74.1% 76.1% -2.6% Admissions 65,946 4,991 1.5% 34,059 32,560 4.6% Length of stay 4.4 4.5 -2.2% 15.5 16.3 -4.6% Inpatient revenue $2,469,774 $2,300,755 7.3% $524,246 $489,317 7.1% Outpatient revenue 1,047,095 924,984 13.2% 72,513 65,335 11.0% Total patient revenue 3,516,869 3,225,739 9.0% 596,759 554,652 7.6% Other revenue 19,102 19,541 -2.2% 8,342 9,893 -15.7% Gross hospital revenue 3,535,971 3,245,280 9.0% 605,101 564,545 7.2% Total deductions 2,583,393 2,319,649 11.4% 272,512 247,229 10.2% Net hospital revenue $952,578 $925,631 2.9% $332,589 $317,316 4.8% SAME FACILITY: -------------- ACUTE (1) BEHAVIORAL HEALTH (2) 06/30/09 06/30/08 % change 06/30/09 06/30/08 % change -------- -------- --------- -------- -------- --------- Hospitals owned and leased 21 21 0.0% 79 79 0.0% Average licensed beds 5,465 5,453 0.2% 7,611 7,477 1.8% Patient days 289,644 291,883 -0.8% 521,721 516,562 1.0% Average daily census 3,182.9 3,207.5 -0.8% 5,733.2 5,676.5 1.0% Occupancy- licensed beds 58.2% 58.8% -1.0% 75.3% 75.9% -0.8% Admissions 65,946 64,991 1.5% 32,983 32,502 1.5% Length of stay 4.4 4.5 -2.2% 15.8 15.9 -0.5% (1) Acute care hospitals located in New Orleans and Central Montgomery Medical Center are excluded in current and prior years. (2) Centennial Peaks, Central Florida, Coastal Behavioral, Summit Ridge Hospital, Broad Horizons, Highlander RTC, Midwest Youth, Vista Group Homes and Shenandoah Valley are excluded incurrent and prior years. UNIVERSAL HEALTH SERVICES, INC. SELECTED HOSPITAL STATISTICS FOR THE SIX MONTHS ENDED JUNE 30, 2009 AS REPORTED: ------------ ACUTE (1) BEHAVIORAL HEALTH 06/30/09 06/30/08 % change 06/30/09 06/30/08 % change -------- -------- -------- -------- -------- -------- Hospitals owned and leased 21 21 0.0% 83 83 0.0% Average licensed beds 5,465 5,453 0.2% 7,826 7,632 2.5% Patient days 596,950 606,142 -1.5% 1,042,470 1,060,724 -1.7% Average daily census 3,279.9 3,330.5 -1.5% 5,727.9 5,828.2 -1.7% Occupancy- licensed beds 60.0% 61.1% -1.7% 73.2% 76.4% -4.2% Admissions 134,144 133,947 0.1% 68,020 65,442 3.9% Length of stay 4.5 4.5 -1.7% 15.3 16.2 -5.4% Inpatient revenue $5,049,913 $4,740,040 6.5% $1,027,927 $978,050 5.1% Outpatient revenue 2,042,794 1,830,400 11.6% 140,641 131,923 6.6% Total patient revenue 7,092,707 6,570,440 7.9% 1,168,568 1,109,973 5.3% Other revenue 36,777 37,714 -2.5% 16,251 18,051 -10.0% Gross hospital revenue 7,129,484 6,608,154 7.9% 1,184,819 1,128,024 5.0% Total deductions 5,217,192 4,731,254 10.3% 530,077 497,850 6.5% Net hospital revenue $1,912,292 $1,876,900 1.9% $654,742 $630,174 3.9% SAME FACILITY: -------------- ACUTE (1) BEHAVIORAL HEALTH (2) 06/30/09 06/30/08 % change 06/30/09 06/30/08 % change -------- -------- --------- -------- -------- --------- Hospitals owned and leased 21 21 0.0% 79 79 0.0% Average licensed beds 5,465 5,453 0.2% 7,596 7,441 2.1% Patient days 596,920 606,133 -1.5% 1,028,876 1,030,793 -0.2% Average daily census 3,297.9 3,330.4 -1.0% 5,684.4 5,663.7 0.4% Occupancy- licensed beds 60.3% 61.1% -1.2% 74.8% 76.1% -1.7% Admissions 134,144 133,947 0.1% 66,136 65,287 1.3% Length of stay 4.4 4.5 -1.7% 15.6 15.8 -1.5% (1) Acute care hospitals located in New Orleans and Central Montgomery Medical Center are excluded in current and prior years. (2) Centennial Peaks, Central Florida, Coastal Behavioral, Summit Ridge Hospital, Broad Horizons, Highlander RTC, Midwest Youth, Vista Group Homes and Shenandoah Valley are excluded incurrent and prior years.
Universal Health Services, Inc.
CONTACT: Steve Filton, Chief Financial Officer of Universal Health
Services, Inc., +1-610-768-3300
