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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 June 30, 2019

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 (610768-3300

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 (232.405 of this chapter) 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 July 31, 2019:

 

Class A

 

6,577,100

Class B

 

81,231,518

Class C

 

661,688

Class D

 

18,557

 


UNIVERSAL HEALTH SERVICES, INC.

INDEX

 

 

 

PAGE NO.

 

 

 

PART I. FINANCIAL INFORMATION

  

 

 

 

 

Item 1. Financial Statements (unaudited)

 

 

 

 

 

Condensed Consolidated Statements of Income - Three and Six Months Ended June 30, 2019 and 2018

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2019 and 2018

 

4

 

 

 

Condensed Consolidated Balance Sheets - June 30, 2019 and December 31, 2018

 

5

 

 

 

Condensed Consolidated Statements of Changes in Equity - Three and Six Months Ended June 30, 2019 and 2018

 

6

 

 

 

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2019 and 2018

 

8

 

 

 

          Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

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

 

29

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

58

 

 

 

Item 4. Controls and Procedures

 

58

 

 

 

PART II. Other Information

 

 

 

 

 

Item 1. Legal Proceedings

 

59

 

 

 

Item 1A. Risk Factors

 

62

 

 

 

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

 

62

 

 

 

Item 6. Exhibits

 

63

 

 

 

EXHIBIT INDEX

 

64

 

 

 

Signatures

 

65

This Quarterly Report on Form 10-Q is for the quarter ended June 30, 2019. 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

June 30,

 

 

Six months ended

June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net revenues

$

2,855,168

 

 

$

2,681,353

 

 

$

5,659,559

 

 

 

5,368,869

 

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

1,383,481

 

 

 

1,305,974

 

 

 

2,749,027

 

 

 

2,606,122

 

Other operating expenses

 

672,564

 

 

 

624,484

 

 

 

1,317,344

 

 

 

1,245,303

 

Supplies expense

 

305,857

 

 

 

289,733

 

 

 

613,320

 

 

 

582,662

 

Depreciation and amortization

 

121,168

 

 

 

109,581

 

 

 

241,208

 

 

 

222,684

 

Lease and rental expense

 

26,535

 

 

 

27,119

 

 

 

52,660

 

 

 

53,822

 

 

 

2,509,605

 

 

 

2,356,891

 

 

 

4,973,559

 

 

 

4,710,593

 

Income from operations

 

345,563

 

 

 

324,462

 

 

 

686,000

 

 

 

658,276

 

Interest expense, net

 

42,487

 

 

 

38,000

 

 

 

82,127

 

 

 

75,576

 

Other (income) expense, net

 

(7,732

)

 

 

(15,308

)

 

 

(3,231

)

 

 

(15,308

)

Income before income taxes

 

310,808

 

 

 

301,770

 

 

 

607,104

 

 

 

598,008

 

Provision for income taxes

 

69,543

 

 

 

71,059

 

 

 

128,441

 

 

 

138,628

 

Net income

 

241,265

 

 

 

230,711

 

 

 

478,663

 

 

 

459,380

 

Less: Net income attributable to noncontrolling interests

 

2,945

 

 

 

4,659

 

 

 

6,175

 

 

 

9,496

 

Net income attributable to UHS

$

238,320

 

 

$

226,052

 

 

$

472,488

 

 

$

449,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS

$

2.67

 

 

$

2.40

 

 

$

5.24

 

 

$

4.78

 

Diluted earnings per share attributable to UHS

$

2.66

 

 

$

2.39

 

 

$

5.23

 

 

$

4.76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

89,136

 

 

 

93,842

 

 

 

89,956

 

 

 

94,034

 

Add: Other share equivalents

 

99

 

 

 

439

 

 

 

145

 

 

 

448

 

Weighted average number of common shares and

   equivalents - diluted

 

89,235

 

 

 

94,281

 

 

 

90,101

 

 

 

94,482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

June 30,

 

 

Six months ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

241,265

 

 

$

230,711

 

 

$

478,663

 

 

$

459,380

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative gains (losses) on cash flow hedges

 

 

(1,008

)

 

 

(545

)

 

 

(3,925

)

 

 

1,579

 

Foreign currency translation adjustment

 

 

5,159

 

 

 

1,184

 

 

 

(9,103

)

 

 

(3,157

)

Other

 

 

-

 

 

 

(2,367

)

 

 

-

 

 

 

0

 

Other comprehensive income (loss) before tax

 

 

4,151

 

 

 

(1,728

)

 

 

(13,028

)

 

 

(1,578

)

Income tax expense (benefit) related to items of other

   comprehensive income (loss)

 

 

1,616

 

 

 

(702

)

 

 

(850

)

 

 

375

 

Total other comprehensive income (loss), net of tax

 

 

2,535

 

 

 

(1,026

)

 

 

(12,178

)

 

 

(1,953

)

Comprehensive income

 

 

243,800

 

 

 

229,685

 

 

 

466,485

 

 

 

457,427

 

Less: Comprehensive income attributable to noncontrolling

   interests

 

 

2,945

 

 

 

4,659

 

 

 

6,175

 

 

 

9,496

 

Comprehensive income attributable to UHS

 

$

240,855

 

 

$

225,026

 

 

$

460,310

 

 

$

447,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

June 30,

2019

 

 

December 31,

2018

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

61,297

 

 

$

105,220

 

Accounts receivable, net

 

1,601,352

 

 

 

1,509,909

 

Supplies

 

153,574

 

 

 

148,206

 

Other current assets

 

148,809

 

 

 

174,467

 

Total current assets

 

1,965,032

 

 

 

1,937,802

 

 

 

 

 

 

 

 

 

Property and equipment

 

8,859,104

 

 

 

8,563,455

 

Less: accumulated depreciation

 

(3,914,406

)

 

 

(3,715,515

)

 

 

4,944,698

 

 

 

4,847,940

 

Other assets:

 

 

 

 

 

 

 

Goodwill

 

3,843,429

 

 

 

3,844,628

 

Deferred income taxes

 

15,747

 

 

 

5,280

 

Right of use assets-operating leases

 

332,135

 

 

 

0

 

Deferred charges

 

7,533

 

 

 

8,772

 

Other

 

644,076

 

 

 

621,058

 

Total Assets

$

11,752,650

 

 

$

11,265,480

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current maturities of long-term debt

$

91,833

 

 

$

63,446

 

Accounts payable and accrued liabilities

 

1,253,760

 

 

 

1,253,714

 

Legal reserves

 

141,750

 

 

 

129,150

 

Operating lease liabilities

 

56,447

 

 

 

0

 

Federal and state taxes

 

479

 

 

 

2,428

 

Total current liabilities

 

1,544,269

 

 

 

1,448,738

 

 

 

 

 

 

 

 

 

Other noncurrent liabilities

 

369,229

 

 

 

361,809

 

Operating lease liabilities noncurrent

 

275,688

 

 

 

0

 

Long-term debt

 

4,057,121

 

 

 

3,935,187

 

Deferred income taxes

 

37,906

 

 

 

49,661

 

Redeemable noncontrolling interests

 

3,986

 

 

 

4,292

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

UHS common stockholders’ equity

 

5,393,089

 

 

 

5,389,262

 

Noncontrolling interest

 

71,362

 

 

 

76,531

 

Total equity

 

5,464,451

 

 

 

5,465,793

 

Total Liabilities and Stockholders’ Equity

$

11,752,650

 

 

$

11,265,480

 

 

 

 

 

 

 

 

 

 

 

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 and Six Months Ended June 30, 2019

(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, 2019

 

$

4,292

 

 

$

66

 

 

$

841

 

 

$

7

 

 

$

0

 

 

$

(409,156

)

 

$

5,793,262

 

 

$

4,242

 

 

$

5,389,262

 

 

$

76,531

 

 

$

5,465,793

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued/(converted)

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

5,399

 

 

 

 

 

 

5,405

 

 

 

 

 

 

5,405

 

Repurchased

 

 

 

 

 

 

 

 

(37

)

 

 

 

 

 

 

 

 

 

 

 

(478,035

)

 

 

 

 

 

(478,072

)

 

 

 

 

 

(478,072

)

Restricted share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,659

 

 

 

 

 

 

3,659

 

 

 

 

 

 

3,659

 

Dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,953

)

 

 

 

 

 

 

 

 

(17,953

)

 

 

 

 

 

(17,953

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,478

 

 

 

 

 

 

30,478

 

 

 

 

 

 

30,478

 

Distributions to noncontrolling interests

 

 

(500

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,150

)

 

 

(11,150

)

Comprehensive income: