Consolidated Results of Operations
KING OF PRUSSIA, Pa., Feb. 28 /PRNewswire-FirstCall/ -- Universal Health
Services, Inc. (NYSE: UHS) announced today that its reported net income was
$40.0 million, or $.75 per diluted share, during the fourth quarter of 2007 as
compared to $34.2 million, or $.63 per diluted share, during the comparable
prior year quarter. For the year ended December 31, 2007, reported net income
was $170.4 million, or $3.18 per diluted share, as compared to $259.5 million,
or $4.56 per diluted share, during the prior year.
As indicated on the attached Schedules of Non-GAAP Supplemental
Consolidated Statements of Income Information ("Supplemental Schedules"), our
income from continuing operations and net income for the three and twelve-
month periods ended December 31, 2007 and 2006 include various items such as:
(i) hurricane related expenses, net of recoveries, minority interests and
income taxes; (ii) prior period effect of the recording or reserving of Texas
Medicaid supplemental payments and cost reports settlements, net of income
taxes; (iii) reserve for legal judgment and lawsuit, the write-down of the
carrying-value of investment in a joint-venture and gain on sale of real
property, net of income taxes; (iv) favorable income tax adjustments to reduce
reserves due to the expiration of statute of limitations in various tax
jurisdictions; (v) prior period effect of a favorable adjustment to reduce our
professional and general liability self-insurance reserves based upon the
results of a reserve analysis, net of minority interests and income taxes,
and; (vi) a charge incurred during 2006 to record the aggregate present value
of the future funding of a portion of a gift from our Chairman of the Board of
Directors, Chief Executive Officer and President to The College of William &
Mary ("W&M Funding").
After adjusting for the items discussed above applicable to each period
presented, as indicated on the attached Supplemental Schedules, our adjusted
net income during the three-month period ended December 31, 2007 was
$39.6 million, or $.74 per diluted share, as compared to $32.4 million, or
$.60 per diluted share, during the fourth quarter of 2006. Our adjusted net
income during the year ended December 31, 2007 was $164.3 million, or
$3.07 per diluted share, as compared to $157.3 million, or $2.79 per diluted
share, during the prior year.
Net revenues increased 12% to $1.19 billion during the fourth quarter of
2007 as compared to $1.07 billion during the fourth quarter of 2006. Net
revenues increased 13% to $4.75 billion during the year ended December 31,
2007 as compared to $4.19 billion during the prior year. Our consolidated
operating margin, as calculated on the attached Supplemental Schedules
(without adjusting for the various items mentioned above), was 12.9% and 12.3%
during the three-month periods ended December 31, 2007 and 2006, respectively,
and 13.1% during each of the years ended December 31, 2007 and 2006.
Acute Care Services:
At our acute care hospitals owned during both periods ("same facility
basis"), inpatient admissions were unchanged and patient days decreased 1.4%
during the fourth quarter of 2007 as compared to the fourth quarter of 2006.
On a same facility basis, net revenues at our acute care facilities increased
7.6% during the fourth quarter of 2007 as compared to the comparable prior
year quarter. Net revenue per adjusted admission at these facilities increased
4.8% during the fourth quarter of 2007 over the comparable prior year quarter.
The operating margin at our acute care hospitals owned during both periods
increased to 13.9% during the fourth quarter of 2007 as compared to 12.1%
during the fourth quarter of 2006.
At our acute care hospitals, on a same facility basis, inpatient
admissions increased 2.4% and patient days increased 2.1% during the year
ended December 31, 2007 as compared to the prior year. Net revenues at these
facilities increased 7.7% during 2007 as compared to 2006. Net revenue per
adjusted admission at these facilities increased 3.3% during the year ended
December 31, 2007 over the prior year. The operating margin at our acute care
hospitals owned during both years increased to 13.8% during 2007 as compared
to 13.4% during 2006.
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 $130 million and
$117 million during the three-month periods ended December 31, 2007 and 2006,
respectively, and $548 million and $443 million during the years ended
December 31, 2007 and 2006, respectively.
Behavioral Health Care Services:
At our behavioral health facilities, on a same facility basis, inpatient
admissions increased 7.3% and patient days increased 5.6% during the fourth
quarter of 2007 as compared to the fourth quarter of 2006. On a same facility
basis, net revenues at our behavioral health facilities increased 9.5% during
the fourth quarter of 2007 as compared to the comparable prior year quarter.
Net revenue per adjusted admission at these facilities increased 2.8% during
the fourth quarter of 2007 over the comparable prior year quarter. The
operating margin at our behavioral health facilities owned during both periods
increased to 23.4% during the fourth quarter of 2007 as compared to 22.8%
during the fourth quarter of 2006.
At our behavioral health facilities, on a same facility basis, inpatient
admissions and patient days each increased 4.3% during the year ended
December 31, 2007 as compared to the prior year. On a same facility basis, net
revenues at our behavioral health facilities increased 7.4% during 2007 as
compared to 2006. Net revenue per adjusted admission at these facilities
increased 3.1% during 2007 over the prior year. The operating margin at our
behavioral health facilities owned during both years was 23.6% during 2007 and
23.5% during 2006.
2008 Guidance:
During 2008, based upon current trends and subject to certain provisions
and adjustments, including those as set forth below in General Information,
Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures,
we estimate that we will achieve earnings per diluted share from continuing
operations of approximately $3.37 to $3.42 on projected net revenues of
$5.13 billion.
During 2008, we expect to spend approximately $400 million to $425 million
on capital expenditures, including approximately $240 million related to
expenditures for capital equipment, renovations, new projects at existing
hospitals and completion of major construction projects in progress at
December 31, 2007.
Conference Call Information:
We will hold a conference call for investors and analysts at 9:00 a.m.
eastern time on February 29, 2008. 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 February 29, 2008 and will continue
through midnight on March 14, 2008. The recording can be accessed by calling
1-800-642-1687 and entering the conference ID number 32133043. This call will
also be available live over the internet at our web site at
http://www.uhsinc.com. It will also be distributed over CCBN's Investor
Distribution Network to both institutional and individual investors.
Individual investors can listen to the call through CCBN's individual investor
center at http://www.companyboardroom.com or by visiting any of the investor
sites in CCBN's Individual Investor Network. Institutional investors can
access the call via CCBN's password-protected event management site,
StreetEvents (http://www.streetevents.com).
General Information, Forward-Looking Statements and Risk Factors and Non-
GAAP Financial Measures:
Universal Health Services, Inc. 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 (NYSE: UHT). 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, 2007), may cause 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 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, hurricane-
related expenses and insurance recoveries, reserves for legal judgments,
lawsuits and other settlements 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, 2007. 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)
Three months Twelve months
ended December 31, ended December 31,
2007 2006 2007 2006
Net revenues $1,194,211 $1,065,881 $4,751,005 $4,191,300
Operating charges:
Salaries, wages and
benefits 519,187 461,500 2,039,676 1,797,587
Other operating expenses 248,828 228,026 997,807 936,958
Supplies expense 168,811 156,431 675,757 556,702
Provision for doubtful
accounts 103,378 88,940 415,961 349,030
Depreciation and
amortization 47,864 43,334 183,281 163,694
Lease and rental expense 17,552 15,813 68,253 64,060
Hurricane related
expenses, net (493) (640) 214 13,792
Hurricane insurance
recoveries - - - (13,792)
1,105,127 993,404 4,380,949 3,868,031
Income before interest
expense, hurricane
insurance recoveries
in excess of expenses,
minority interests and
income taxes 89,084 72,477 370,056 323,269
Interest expense, net 12,983 9,196 51,626 32,558
Hurricane insurance recoveries
in excess of expenses - - - (167,999)
Minority interests in
earnings of consolidated
entities 10,710 8,621 43,361 46,238
Income before income taxes 65,391 54,660 275,069 412,472
Provision for income taxes 25,488 20,458 104,550 152,878
Income from continuing
operations 39,903 34,202 170,519 259,594
Income (loss) from
discontinued operations,
net of income tax
benefit (a) 51 (32) (132) (136)
Net income $39,954 $34,170 $170,387 $259,458
Basic earnings per share: (b)
From continuing operations $0.75 $0.63 $3.19 $4.76
From discontinued operations 0.00 0.00 0.00 0.00
Total basic earnings
per share $0.75 $0.63 $3.19 $4.76
Diluted earnings (loss)
per share: (b)
From continuing operations $0.75 $0.63 $3.18 $4.57
From discontinued operations 0.00 0.00 0.00 (0.01)
Total diluted earnings
per share $0.75 $0.63 $3.18 $4.56
Universal Health Services, Inc.
Footnotes to Consolidated Statements of Income
(in thousands, except per share amounts)
Three months Twelve months
ended December 31, ended December 31,
2007 2006 2007 2006
(a) Calculation of income from
discontinued operations,
net of income tax:
Income (loss) from operations $83 ($52) ($213) ($217)
Income tax (expense) benefit (32) 20 81 81
Income (loss) from discontinued
operations, net of taxes $51 ($32) ($132) ($136)
(b) Earnings per share calculation:
Basic:
Income from continuing
operations $39,903 $34,202 $170,519 $259,594
Less: Dividends on unvested
restricted stock, net of taxes (17) (26) (79) (89)
Income from continuing
operations - basic $39,886 $34,176 $170,440 $259,505
Income (loss) from
discontinued operations 51 (32) (132) (136)
Net income - basic $39,937 $34,144 $170,308 $259,369
Weighted average number
of common shares - basic 53,051 53,936 53,381 54,557
Basic earnings per share:
From continuing operations $0.75 $0.63 $3.19 $4.76
From discontinued operations 0.00 0.00 0.00 0.00
Total basic earnings
per share $0.75 $0.63 $3.19 $4.76
Diluted:
Income from continuing
operations $39,903 $34,202 $170,519 $259,594
Less: Dividends on unvested
restricted stock,
net of taxes (17) (26) (79) (89)
Add: Debenture interest,
net of taxes - - - 4,887
Income from continuing
operations - diluted $39,886 $34,176 $170,440 $264,392
Income (loss) from
discontinued operations 51 (32) (132) (136)
Net income - diluted $39,937 $34,144 $170,308 $264,256
Weighted average number
of common shares 53,051 53,936 53,381 54,557
Add: Shares for conversion of
convertible debentures - - - 3,117
Other share equivalents 182 255 188 234
Weighted average number
of common shares and
equiv. - diluted 53,233 54,191 53,569 57,908
Diluted earnings (loss) per share:
From continuing operations $0.75 $0.63 $3.18 $4.57
From discontinued operations 0.00 0.00 0.00 (0.01)
Total diluted earnings
per share $0.75 $0.63 $3.18 $4.56
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the three months ended December 31, 2007 and 2006
(in thousands, except per share amounts)
(unaudited)
Three months Three months
ended December 31, ended December 31,
2007 2006
Net revenues $1,194,211 100.0% $1,065,881 100.0%
Operating charges:
Salaries, wages and benefits 519,187 43.5% 461,500 43.3%
Other operating expenses 248,828 20.8% 228,026 21.4%
Supplies expense 168,811 14.1% 156,431 14.7%
Provision for doubtful accounts 103,378 8.7% 88,940 8.3%
1,040,204 87.1% 934,897 87.7%
Operating income/margin 154,007 12.9% 130,984 12.3%
Lease and rental expense 17,552 15,813
Minority interests in earnings
of consolidated entities 10,710 8,621
Earnings before hurricane related
expenses, hurricane insurance
recoveries, depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 125,745 106,550
Hurricane related expenses, net
of insurance recoveries (493) (640)
Depreciation and amortization 47,864 43,334
Interest expense, net 12,983 9,196
Income before income taxes 65,391 54,660
Provision for income taxes 25,488 20,458
Income from continuing operations 39,903 34,202
Income (loss) from discontinued
operations, net of income taxes 51 (32)
Net income $39,954 $34,170
Three months Three months
ended December 31, ended December 31,
2007 2006
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income
from Continuing Operations
Income from continuing
operations $39,903 $0.75 $34,202 $0.63
Plus/minus adjustments:
Hurricane related expenses, net
of recoveries, minority
interests and income taxes (306) (0.01) (233) -
Favorable prior period effect
of Texas Medicaid supplemental
payments and cost report
settlements, net of
income taxes - - (6,280) (0.12)
Reserve for lawsuit, net of
income taxes - - 4,704 0.09
Subtotal after-tax adjustments
to income from continuing
operations (306) (0.01) (1,809) (0.03)
Adjusted income from
continuing operations $39,597 $0.74 $32,393 $0.60
Calculation of Adjusted Net Income
Net income $39,954 $0.75 $34,170 $0.63
After-tax adjustments to income
from continuing operations, as
indicated above (306) (0.01) (1,809) (0.03)
Adjusted net income $39,648 $0.74 $32,361 $0.60
Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Consolidated Statements of Income
Information ("Supplemental Schedule")
For the twelve months ended December 31, 2007 and 2006
(in thousands, except per share amounts)
(unaudited)
Twelve months Twelve months
ended December 31, ended December 31,
2007 2006
Net revenues $4,751,005 100.0% $4,191,300 100.0%
Operating charges:
Salaries, wages and benefits 2,039,676 42.9% 1,797,587 42.9%
Other operating expenses 997,807 21.0% 936,958 22.4%
Supplies expense 675,757 14.2% 556,702 13.3%
Provision for doubtful accounts 415,961 8.8% 349,030 8.3%
4,129,201 86.9% 3,640,277 86.9%
Operating income/margin 621,804 13.1% 551,023 13.1%
Lease and rental expense 68,253 64,060
Minority interests in earnings
of consolidated entities 43,361 46,238
Earnings before hurricane related
expenses, hurricane insurance
recoveries, depreciation and
amortization, interest expense,
and income taxes ("EBITDA") 510,190 440,725
Hurricane insurance recoveries
in excess of expenses 214 (167,999)
Depreciation and amortization 183,281 163,694
Interest expense, net 51,626 32,558
Income before income taxes 275,069 412,472
Provision for income taxes 104,550 152,878
Income from continuing operations 170,519 259,594
Loss from discontinued operations,
net of income taxes (132) (136)
Net income $170,387 $259,458
Twelve months Twelve months
ended December 31, ended December 31,
2007 2006
Per Per
Diluted Diluted
Amount Share Amount Share
Calculation of Adjusted Income
from Continuing Operations
Income from continuing
operations $170,519 $3.18 $259,594 $4.57
Plus/minus adjustments:
Hurricane related expenses, net
of recoveries, minority
interests and income taxes 133 - (99,908) (1.73)
Gain on sale of real property,
net of income taxes (1,364) (0.02) - -
Reduction of reserve for
professional and general
liability self-insured claims,
net of minority interests
and income taxes (10,104) (0.19) - -
Unfavorable (favorable) prior
period effect of Texas
Medicaid supplemental payments
and cost report settlements,
net of income taxes 3,419 0.07 (10,059) (0.18)
Favorable tax reserve
adjustment (2,079) (0.04) (2,900) (0.05)
Reserve for legal judgment and
lawsuit, net of income taxes 2,307 0.04 6,273 0.11
Write-down of investment in
joint-venture, net of income
taxes 1,612 0.03 - -
W&M Funding - - 4,466 0.08
Subtotal after-tax adjustments to
income from continuing
operations (6,076) (0.11) (102,128) (1.77)
Adjusted income from
continuing operations $164,443 $3.07 $157,466 $2.80
Calculation of Adjusted
Net Income
Net income $170,387 $3.18 $259,458 $4.56
After-tax adjustments to
income from continuing
operations, as indicated
above (6,076) (0.11) (102,128) (1.77)
Adjusted net income $164,311 $3.07 $157,330 $2.79
Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
December 31, December 31,
2007 2006
Assets:
Cash and cash equivalents $16,354 $14,939
Accounts receivable, net 627,186 595,009
Other current assets 131,307 118,558
Property, plant and equipment, net 1,933,916 1,685,085
Other assets 899,894 863,451
Total Assets $3,608,657 $3,277,042
Liabilities and Stockholders' Equity:
Current portion of long-term debt $3,116 $1,938
Other current liabilities 484,595 500,513
Other noncurrent liabilities 344,755 340,815
Long-term debt 1,008,786 821,363
Deferred income taxes 40,022 35,888
Minority interest 210,184 174,061
Stockholders' equity 1,517,199 1,402,464
Total Liabilities and
Stockholders' Equity $3,608,657 $3,277,042
Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Twelve months
ended December 31,
2007 2006
Cash Flows from Operating Activities:
Net income $170,387 $259,458
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation & amortization 183,281 163,694
Accretion of discount on convertible
debentures - 6,364
Gain on sale of assets and businesses (3,722) -
Hurricane related expenses - 13,792
Hurricane insurance recoveries accrued - (181,791)
Hurricane insurance recoveries received
for operating expenses - 43,929
Changes in assets & liabilities, net of
effects from acquisitions and dispositions:
Accounts receivable (11,540) (93,552)
Accrued interest 2,143 796
Accrued and deferred income taxes 9,648 (111,438)
Other working capital accounts (26,547) 18,090
Other assets and deferred charges (4,700) 2,524
Payment of hurricane related expenses - (14,889)
Other 8,688 15,126
Minority interest in earnings of
consolidated entities, net of
distributions 10,334 15,536
Accrued insurance expense, net of
commercial premiums paid 64,131 76,456
Payments made in settlement of
self-insurance claims (53,608) (44,856)
Net cash provided by operating
activities 348,495 169,239
Cash Flows from Investing Activities:
Property and equipment additions,
net of disposals (339,813) (341,140)
Proceeds received from sale of assets 6,818 -
Acquisition of assets and businesses (101,792) (81,800)
Hurricane insurance recoveries received - 144,571
Purchase of minority ownership
interest in majority owned business (14,762) -
Net cash used in investing activities (449,549) (278,369)
Cash Flows from Financing Activities:
Additional borrowings 183,206 494,353
Reduction of long-term debt (8,716) (34,898)
Repurchase of common shares (74,091) (350,372)
Dividends paid (17,169) (17,445)
Issuance of common stock 2,264 5,637
Financing costs (588) (2,020)
Net cash received for termination
of derivatives - 3,393
Capital contributions from minority
member 17,563 17,458
Net cash provided by financing
activities 102,469 116,106
Increase in cash and cash equivalents 1,415 6,976
Cash and cash equivalents, beginning
of period 14,939 7,963
Cash and cash equivalents, end of period $16,354 $14,939
Supplemental Disclosures of Cash Flow
Information:
Interest paid $58,567 $35,474
Income taxes paid, net of refunds $93,519 $263,465
Universal Health Services, Inc.
Supplemental Statistical Information
(unaudited)
% Change % Change
Quarter 12 months
ended ended
Same Facility: 12/31/2007 12/31/2007
Acute Care Hospitals
Revenues 7.6% 7.7%
Adjusted Admissions 2.6% 4.3%
Adjusted Patient Days 1.2% 4.0%
Revenue Per Adjusted Admission 4.8% 3.3%
Revenue Per Adjusted Patient Day 6.4% 3.6%
Behavioral Health Hospitals
Revenues 9.5% 7.4%
Adjusted Admissions 6.5% 4.1%
Adjusted Patient Days 4.8% 4.2%
Revenue Per Adjusted Admission 2.8% 3.1%
Revenue Per Adjusted Patient Day 4.5% 3.1%
UHS Consolidated Fourth quarter ended Twelve months ended
12/31/2007 12/31/2006 12/31/2007 12/31/2006
Revenues $1,194,211 $1,065,881 $4,751,005 $4,191,300
EBITDA (1) 125,745 106,550 510,190 440,725
EBITDA Margin (1) 10.5% 10.0% 10.7% 10.5%
Cash Flow From Operations 25,714 -80,781 348,495 169,239
Days Sales Outstanding 48 51 48 52
Capital Expenditures 76,447 108,132 339,813 341,140
Debt 1,011,902 823,301
Shareholders Equity 1,517,199 1,402,464
Debt / Total Capitalization 40.0% 37.0%
Debt / EBITDA (2) 1.98 1.87
Debt / Cash From Operations (2) 2.98 4.86
Acute Care EBITDAR
Margin(3)(4) 13.0% 12.1% 13.5% 13.5%
Behavioral Health EBITDAR
Margin(3)(4) 22.8% 22.6% 22.9% 23.3%
(1) Net of Minority Interest
(2) Latest 4 quarters
(3) Before Corporate overhead allocation and minority interest
(4) Excluding discontinued operations
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE THREE MONTHS ENDED
DECEMBER 31, 2007
AS REPORTED:
ACUTE (1)
12/31/07 12/31/06 % change
Hospitals owned and leased 22 21 4.8%
Average licensed beds 5,415 5,139 5.4%
Patient days 285,286 275,664 3.5%
Average daily census 3,100.9 2,996.3 3.5%
Occupancy-licensed beds 57.3% 58.3% -1.8%
Admissions 64,425 62,055 3.8%
Length of stay 4.4 4.4 -0.3%
Inpatient revenue $2,130,045 $1,910,457 11.5%
Outpatient revenue 894,019 729,711 22.5%
Total patient revenue 3,024,064 2,640,168 14.5%
Other revenue 15,510 12,859 20.6%
Gross hospital revenue 3,039,574 2,653,027 14.6%
Total deductions 2,171,094 1,870,204 16.1%
Net hospital revenue $868,480 $782,823 10.9%
SAME FACILITY:
ACUTE (2)
12/31/07 12/31/06 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,181 5,139 0.8%
Patient days 271,823 275,664 -1.4%
Average daily census 2,954.6 2,996.3 -1.4%
Occupancy-licensed beds 57.0% 58.3% -2.2%
Admissions 62,079 62,055 0.0%
Length of stay 4.4 4.4 -1.4%
AS REPORTED:
BEHAVIORAL HEALTH
12/31/07 12/31/06 % change
Hospitals owned and leased 85 79 7.6%
Average licensed beds 7,573 6,927 9.3%
Patient days 517,818 469,340 10.3%
Average daily census 5,628.5 5,101.5 10.3%
Occupancy-licensed beds 74.3% 73.6% 0.9%
Admissions 30,548 27,211 12.3%
Length of stay 17.0 17.2 -1.7%
Inpatient revenue $467,737 $418,770 11.7%
Outpatient revenue 62,362 51,848 20.3%
Total patient revenue 530,099 470,618 12.6%
Other revenue 7,750 8,115 -4.5%
Gross hospital revenue 537,849 478,733 12.3%
Total deductions 239,349 217,182 10.2%
Net hospital revenue $298,500 $261,551 14.1%
SAME FACILITY:
BEHAVIORAL HEALTH(3)
12/31/07 12/31/06 % change
Hospitals owned and leased 79 79 0.0%
Average licensed beds 7,174 6,918 3.7%
Patient days 494,813 468,666 5.6%
Average daily census 5,378.4 5,094.2 5.6%
Occupancy-licensed beds 75.0% 73.6% 1.8%
Admissions 29,126 27,154 7.3%
Length of stay 17.0 17.3 -1.6%
(1) Licensed beds from our Acute care hospitals located in New Orleans are
excluded in 2006 and 2007.
(2) Acute care hospitals located in New Orleans and Texoma are excluded in
current and prior years.
(3) Cottonwood, Dover Behavioral, Foundations Behavioral, Highlands
Behavioral and Shenandoah Valley are excluded in both current and
prior years. Cedar Ridge RTC and Northstar RTC are included in both
current and prior years from July 1st through year to date ("YTD").
Academy at Canyon Creek and Casa de Lago are included in both current
and prior years from August 1st through YTD. Cedar Ridge Hospital is
included in both current and prior years from September 1st through
YTD. Lincoln Trail is included in both current and prior years from
November 1 through YTD and Spring Mountain is included in both current
and prior years from December 1 through YTD. Tennessee Valley,
Tuscaloosa Juvenile Detention Center and Triple L Group homes are
excluded in current and prior years.
UNIVERSAL HEALTH SERVICES, INC.
SELECTED HOSPITAL STATISTICS
FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2007
AS REPORTED:
ACUTE (1)
12/31/07 12/31/06 % change
Hospitals owned and leased 22 21 4.8%
Average licensed beds 5,417 5,070 6.8%
Patient days 1,172,130 1,095,375 7.0%
Average daily census 3,211.3 3,000.9 7.0%
Occupancy-licensed beds 59.3% 59.2% 0.2%
Admissions 262,147 246,429 6.4%
Length of stay 4.5 4.4 0.6%
Inpatient revenue $8,588,580 $7,518,157 14.2%
Outpatient revenue 3,560,296 2,876,867 23.8%
Total patient revenue 12,148,876 10,395,024 16.9%
Other revenue 60,878 51,549 18.1%
Gross hospital revenue 12,209,754 10,446,573 16.9%
Total deductions 8,731,499 7,339,940 19.0%
Net hospital revenue $3,478,255 $3,106,633 12.0%
SAME FACILITY:
ACUTE (2)
12/31/07 12/31/06 % change
Hospitals owned and leased 21 21 0.0%
Average licensed beds 5,183 5,070 2.2%
Patient days 1,118,543 1,095,375 2.1%
Average daily census 3,064.5 3,000.9 2.1%
Occupancy-licensed beds 59.1% 59.2% -0.1%
Admissions 252,226 246,429 2.4%
Length of stay 4.4 4.4 -0.2%
AS REPORTED:
BEHAVIORAL HEALTH
12/31/07 12/31/06 % change
Hospitals owned and leased 85 79 7.6%
Average licensed beds 7,348 6,607 11.2%
Patient days 2,007,119 1,855,306 8.2%
Average daily census 5,499.0 5,083.0 8.2%
Occupancy-licensed beds 74.8% 76.9% -2.7%
Admissions 119,730 111,490 7.4%
Length of stay 16.8 16.6 0.7%
Inpatient revenue $1,806,835 $1,663,509 8.6%
Outpatient revenue 235,920 206,453 14.3%
Total patient revenue 2,042,755 1,869,962 9.2%
Other revenue 29,688 32,207 -7.8%
Gross hospital revenue 2,072,443 1,902,169 9.0%
Total deductions 926,365 873,202 6.1%
Net hospital revenue $1,146,078 $1,028,967 11.4%
SAME FACILITY:
BEHAVIORAL HEALTH (3)
12/31/07 12/31/06 % change
Hospitals owned and leased 79 79 0.0%
Average licensed beds 6,877 6,548 5.0%
Patient days 1,919,426 1,839,564 4.3%
Average daily census 5,258.7 5,039.9 4.3%
Occupancy-licensed beds 76.5% 77.0% -0.7%
Admissions 115,111 110,361 4.3%
Length of stay 16.7 16.7 0.0%
(1) Licensed beds from our Acute care hospitals located in New Orleans are
excluded in 2006 and 2007.
(2) Acute care hospitals located in New Orleans and Texoma are excluded in
current and prior years.
(3) Cottonwood, Dover Behavioral, Foundations Behavioral, Highlands
Behavioral and Shenandoah Valley are excluded in both current and
prior years. Cedar Ridge RTC and Northstar RTC are included in both
current and prior years from July 1st through year to date ("YTD").
Academy at Canyon Creek and Casa de Lago are included in both current
and prior years from August 1st through YTD. Cedar Ridge Hospital is
included in both current and prior years from September 1st through
YTD. Lincoln Trail is included in both current and prior years from
November 1 through YTD and Spring Mountain is included in both current
and prior years from December 1 through YTD. Tennessee Valley,
Tuscaloosa Juvenile Detention Center and Triple L Group homes are
excluded in current and prior years.
SOURCE Universal Health Services, Inc.
/CONTACT: Steve Filton, Chief Financial Officer of Universal Health
Services, Inc., +1-610-768-3300
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