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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

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

For the quarterly period ended September 30, 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 October 31, 2020:

 

Class A

 

6,577,100

Class B

 

77,724,494

Class C

 

661,688

Class D

 

18,251

 


UNIVERSAL HEALTH SERVICES, INC.

INDEX

 

 

 

PAGE NO.

 

 

 

PART I. FINANCIAL INFORMATION

  

 

 

 

 

Item 1. Financial Statements (unaudited)

 

 

 

 

 

Condensed Consolidated Statements of Income – Three and Nine Months Ended September 30, 2020 and 2019

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2020 and 2019

 

4

 

 

 

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

 

5

 

 

 

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

 

6

 

 

 

Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 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

 

28

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

65

 

 

 

Item 4. Controls and Procedures

 

65

 

 

 

PART II. Other Information

 

 

 

 

 

Item 1. Legal Proceedings

 

66

 

 

 

Item 1A. Risk Factors

 

68

 

 

 

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

 

68

 

 

 

Item 6. Exhibits

 

69

 

 

 

Signatures

 

70

This Quarterly Report on Form 10-Q is for the quarter ended September 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

September 30,

 

 

Nine months ended

September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net revenues

$

2,912,541

 

 

$

2,822,453

 

 

$

8,471,962

 

 

$

8,482,012

 

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

1,406,348

 

 

 

1,408,226

 

 

 

4,147,027

 

 

 

4,157,253

 

Other operating expenses

 

666,665

 

 

 

762,174

 

 

 

1,982,202

 

 

 

2,079,518

 

Supplies expense

 

335,409

 

 

 

313,936

 

 

 

936,808

 

 

 

927,256

 

Depreciation and amortization

 

125,961

 

 

 

121,528

 

 

 

376,563

 

 

 

362,736

 

Lease and rental expense

 

28,488

 

 

 

27,660

 

 

 

84,967

 

 

 

80,320

 

 

 

2,562,871

 

 

 

2,633,524

 

 

 

7,527,567

 

 

 

7,607,083

 

Income from operations

 

349,670

 

 

 

188,929

 

 

 

944,395

 

 

 

874,929

 

Interest expense, net

 

24,575

 

 

 

41,447

 

 

 

86,399

 

 

 

123,574

 

Other (income) expense, net

 

1,831

 

 

 

9,407

 

 

 

8,291

 

 

 

6,176

 

Income before income taxes

 

323,264

 

 

 

138,075

 

 

 

849,705

 

 

 

745,179

 

Provision for income taxes

 

79,172

 

 

 

37,205

 

 

 

204,649

 

 

 

165,646

 

Net income

 

244,092

 

 

 

100,870

 

 

 

645,056

 

 

 

579,533

 

Less: Net income attributable to noncontrolling interests

 

2,813

 

 

 

3,680

 

 

 

9,811

 

 

 

9,855

 

Net income attributable to UHS

$

241,279

 

 

$

97,190

 

 

$

635,245

 

 

$

569,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS

$

2.84

 

 

$

1.10

 

 

$

7.44

 

 

$

6.36

 

Diluted earnings per share attributable to UHS

$

2.82

 

 

$

1.10

 

 

$

7.40

 

 

$

6.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

84,672

 

 

 

87,952

 

 

 

85,172

 

 

 

89,288

 

Add: Other share equivalents

 

575

 

 

 

403

 

 

 

415

 

 

 

231

 

Weighted average number of common shares and

   equivalents - diluted

 

85,247

 

 

 

88,355

 

 

 

85,587

 

 

 

89,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

September 30,

 

 

Nine months ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

244,092

 

 

$

100,870

 

 

$

645,056

 

 

$

579,533

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative gains (losses) on cash flow hedges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,925

)

Foreign currency translation adjustment

 

 

14,245

 

 

 

(10,089

)

 

 

(18,280

)

 

 

(19,192

)

Other comprehensive income (loss) before tax

 

 

14,245

 

 

 

(10,089

)

 

 

(18,280

)

 

 

(23,117

)

Income tax expense (benefit) related to items of other

   comprehensive income (loss)

 

 

302

 

 

 

174

 

 

 

(908

)

 

 

(676

)

Total other comprehensive income (loss), net of tax

 

 

13,943

 

 

 

(10,263

)

 

 

(17,372

)

 

 

(22,441

)

Comprehensive income

 

 

258,035

 

 

 

90,607

 

 

 

627,684

 

 

 

557,092

 

Less: Comprehensive income attributable to noncontrolling

   interests

 

 

2,813

 

 

 

3,680

 

 

 

9,811

 

 

 

9,855

 

Comprehensive income attributable to UHS

 

$

255,222

 

 

$

86,927

 

 

$

617,873

 

 

$

547,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

September 30,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

1,101,230

 

 

$

61,268

 

Accounts receivable, net

 

1,540,747

 

 

 

1,560,847

 

Supplies

 

176,105

 

 

 

159,889

 

Other current assets

 

143,072

 

 

 

133,930

 

Total current assets

 

2,961,154

 

 

 

1,915,934

 

 

 

 

 

 

 

 

 

Property and equipment

 

9,652,778

 

 

 

9,106,377

 

Less: accumulated depreciation

 

(4,403,941

)

 

 

(4,089,679

)

 

 

5,248,837

 

 

 

5,016,698

 

Other assets:

 

 

 

 

 

 

 

Goodwill

 

3,854,265

 

 

 

3,869,760

 

Deferred income taxes

 

19,936

 

 

 

16,189

 

Right of use assets-operating leases

 

330,172

 

 

 

326,518

 

Deferred charges

 

5,136

 

 

 

6,373

 

Other

 

556,258

 

 

 

516,778

 

Total Assets

$

12,975,758

 

 

$

11,668,250

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current maturities of long-term debt

$

94,504

 

 

$

87,550

 

Accounts payable and other liabilities

 

1,591,258

 

 

 

1,272,374

 

Medicare accelerated payments and deferred CARES Act and other grants

 

878,480

 

 

 

 

Legal reserves

 

5,426

 

 

 

144,509

 

Operating lease liabilities

 

57,219

 

 

 

56,442

 

Federal and state taxes

 

7,335

 

 

 

2,515

 

Total current liabilities

 

2,634,222

 

 

 

1,563,390

 

 

 

 

 

 

 

 

 

Other noncurrent liabilities

 

488,457

 

 

 

329,932

 

Operating lease liabilities noncurrent

 

274,236

 

 

 

270,076

 

Long-term debt

 

3,514,673

 

 

 

3,896,577

 

Deferred income taxes

 

24,895

 

 

 

25,071

 

Redeemable noncontrolling interests

 

4,177

 

 

 

4,333

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

UHS common stockholders’ equity

 

5,962,788

 

 

 

5,504,105

 

Noncontrolling interest

 

72,310

 

 

 

74,766

 

Total equity

 

6,035,098

 

 

 

5,578,871

 

Total Liabilities and Stockholders’ Equity

$

12,975,758

 

 

$

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 Nine Months ended September 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

 

 

 

 

 

 

 

 

 

 

 

 

9,726

 

 

 

 

 

 

9,729

 

 

 

 

 

 

9,729

 

Repurchased

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

 

 

 

 

 

(200,078

)

 

 

 

 

 

(200,098

)

 

 

 

 

 

(200,098

)

Restricted share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,958

 

 

 

 

 

 

6,958

 

 

 

 

 

 

6,958

 

Dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,344

)

 

 

 

 

 

 

 

 

(17,344

)

 

 

 

 

 

(17,344

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,565

 

 

 

 

 

 

41,565

 

 

 

 

 

 

41,565

 

Distributions to noncontrolling interests

 

 

(500

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,675

)

 

 

(14,675

)

Purchase of noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(547

)

 

 

(547

)

Other