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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, 2020

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 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, 2020:

 

Class A

 

6,577,100

Class B

 

77,700,358

Class C

 

661,688

Class D

 

18,411

 


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, 2020 and 2019

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2020 and 2019

 

4

 

 

 

Condensed Consolidated Balance Sheets – June 30, 2020 and December 31, 2019

 

5

 

 

 

Condensed Consolidated Statements of Changes in Equity – Three and Six Months Ended June 30, 2020 and 2019

 

6

 

 

 

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2020 and 2019

 

8

 

 

 

          Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

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

 

27

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

62

 

 

 

Item 4. Controls and Procedures

 

62

 

 

 

PART II. Other Information

 

 

 

 

 

Item 1. Legal Proceedings

 

63

 

 

 

Item 1A. Risk Factors

 

66

 

 

 

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

 

66

 

 

 

Item 6. Exhibits

 

67

 

 

 

Signatures

 

68

This Quarterly Report on Form 10-Q is for the quarter ended June 30, 2020. 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,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net revenues

$

2,729,754

 

 

$

2,855,168

 

 

$

5,559,421

 

 

$

5,659,559

 

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

1,308,010

 

 

 

1,383,481

 

 

 

2,740,679

 

 

 

2,749,027

 

Other operating expenses

 

625,747

 

 

 

672,564

 

 

 

1,315,537

 

 

 

1,317,344

 

Supplies expense

 

283,572

 

 

 

305,857

 

 

 

601,399

 

 

 

613,320

 

Depreciation and amortization

 

126,208

 

 

 

121,168

 

 

 

250,602

 

 

 

241,208

 

Lease and rental expense

 

28,186

 

 

 

26,535

 

 

 

56,479

 

 

 

52,660

 

 

 

2,371,723

 

 

 

2,509,605

 

 

 

4,964,696

 

 

 

4,973,559

 

Income from operations

 

358,031

 

 

 

345,563

 

 

 

594,725

 

 

 

686,000

 

Interest expense, net

 

25,473

 

 

 

42,487

 

 

 

61,824

 

 

 

82,127

 

Other (income) expense, net

 

(3,100

)

 

 

(7,732

)

 

 

6,460

 

 

 

(3,231

)

Income before income taxes

 

335,658

 

 

 

310,808

 

 

 

526,441

 

 

 

607,104

 

Provision for income taxes

 

79,154

 

 

 

69,543

 

 

 

125,477

 

 

 

128,441

 

Net income

 

256,504

 

 

 

241,265

 

 

 

400,964

 

 

 

478,663

 

Less: Net income attributable to noncontrolling interests

 

4,575

 

 

 

2,945

 

 

 

6,998

 

 

 

6,175

 

Net income attributable to UHS

$

251,929

 

 

$

238,320

 

 

$

393,966

 

 

$

472,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS

$

2.97

 

 

$

2.67

 

 

$

4.60

 

 

$

5.24

 

Diluted earnings per share attributable to UHS

$

2.95

 

 

$

2.66

 

 

$

4.58

 

 

$

5.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

84,632

 

 

 

89,136

 

 

 

85,422

 

 

 

89,956

 

Add: Other share equivalents

 

427

 

 

 

99

 

 

 

335

 

 

 

145

 

Weighted average number of common shares and

   equivalents - diluted

 

85,059

 

 

 

89,235

 

 

 

85,757

 

 

 

90,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

256,504

 

 

$

241,265

 

 

$

400,964

 

 

$

478,663

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative gains (losses) on cash flow hedges

 

 

-

 

 

 

(1,008

)

 

 

-

 

 

 

(3,925

)

Foreign currency translation adjustment

 

 

6,676

 

 

 

5,159

 

 

 

(32,525

)

 

 

(9,103

)

Other comprehensive income (loss) before tax

 

 

6,676

 

 

 

4,151

 

 

 

(32,525

)

 

 

(13,028

)

Income tax expense (benefit) related to items of other

   comprehensive income (loss)

 

 

898

 

 

 

1,616

 

 

 

(1,210

)

 

 

(850

)

Total other comprehensive income (loss), net of tax

 

 

5,778

 

 

 

2,535

 

 

 

(31,315

)

 

 

(12,178

)

Comprehensive income

 

 

262,282

 

 

 

243,800

 

 

 

369,649

 

 

 

466,485

 

Less: Comprehensive income attributable to noncontrolling

   interests

 

 

4,575

 

 

 

2,945

 

 

 

6,998

 

 

 

6,175

 

Comprehensive income attributable to UHS

 

$

257,707

 

 

$

240,855

 

 

$

362,651

 

 

$

460,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

539,622

 

 

$

61,268

 

Accounts receivable, net

 

1,438,697

 

 

 

1,560,847

 

Supplies

 

167,626

 

 

 

159,889

 

Other current assets

 

150,842

 

 

 

133,930

 

Total current assets

 

2,296,787

 

 

 

1,915,934

 

 

 

 

 

 

 

 

 

Property and equipment

 

9,398,890

 

 

 

9,106,377

 

Less: accumulated depreciation

 

(4,294,341

)

 

 

(4,089,679

)

 

 

5,104,549

 

 

 

5,016,698

 

Other assets:

 

 

 

 

 

 

 

Goodwill

 

3,836,020

 

 

 

3,869,760

 

Deferred income taxes

 

20,241

 

 

 

16,189

 

Right of use assets-operating leases

 

335,388

 

 

 

326,518

 

Deferred charges

 

6,390

 

 

 

6,373

 

Other

 

549,124

 

 

 

516,778

 

Total Assets

$

12,148,499

 

 

$

11,668,250

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current maturities of long-term debt

$

82,085

 

 

$

87,550

 

Accounts payable and other liabilities

 

1,371,698

 

 

 

1,272,374

 

Medicare accelerated payments and deferred governmental stimulus grants

 

477,099

 

 

 

 

Legal reserves

 

145,227

 

 

 

144,509

 

Operating lease liabilities

 

56,629

 

 

 

56,442

 

Federal and state taxes

 

126,431

 

 

 

2,515

 

Total current liabilities

 

2,259,169

 

 

 

1,563,390

 

 

 

 

 

 

 

 

 

Other noncurrent liabilities

 

374,616

 

 

 

329,932

 

Operating lease liabilities noncurrent

 

279,747

 

 

 

270,076

 

Long-term debt

 

3,449,940

 

 

 

3,896,577

 

Deferred income taxes

 

19,168

 

 

 

25,071

 

Redeemable noncontrolling interests

 

4,287

 

 

 

4,333

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

UHS common stockholders’ equity

 

5,688,647

 

 

 

5,504,105

 

Noncontrolling interest

 

72,925

 

 

 

74,766

 

Total equity

 

5,761,572

 

 

 

5,578,871

 

Total Liabilities and Stockholders’ Equity

$

12,148,499

 

 

$

11,668,250

 

 

 

 

 

 

 

 

 

 

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, 2020

(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, 2020

 

$

4,333

 

 

$

66

 

 

$

794

 

 

$

7

 

 

$

0

 

 

$

(462,159

)

 

$

5,933,504

 

 

$

31,893

 

 

$

5,504,105

 

 

$

74,766

 

 

$

5,578,871

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued/(converted)

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

5,960

 

 

 

 

 

 

5,963

 

 

 

 

 

 

5,963

 

Repurchased

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

 

 

 

 

 

(200,034

)

 

 

 

 

 

(200,054

)

 

 

 

 

 

(200,054

)

Restricted share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,749

 

 

 

 

 

 

4,749

 

 

 

 

 

 

4,749

 

Dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,344

)

 

 

 

 

 

 

 

 

(17,344

)

 

 

 

 

 

(17,344

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,577

 

 

 

 

 

 

28,577

 

 

 

 

 

 

28,577

 

Distributions to noncontrolling interests

 

 

(500

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,385

)

 

 

(8,385

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income to UHS / noncontrolling interests

 

 

454