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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, 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 October 31, 2019:

 

Class A

 

6,577,100

Class B

 

80,324,970

Class C

 

661,688

Class D

 

18,511

 


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, 2019 and 2018

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2019 and 2018

 

4

 

 

 

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

 

5

 

 

 

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

 

6

 

 

 

Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 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

 

59

 

 

 

Item 4. Controls and Procedures

 

59

 

 

 

PART II. Other Information

 

 

 

 

 

Item 1. Legal Proceedings

 

61

 

 

 

Item 1A. Risk Factors

 

64

 

 

 

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

 

64

 

 

 

Item 6. Exhibits

 

65

 

 

 

Signatures

 

66

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

September 30,

 

 

Nine months ended

September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net revenues

$

2,822,453

 

 

$

2,648,913

 

 

$

8,482,012

 

 

 

8,017,782

 

Operating charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

1,408,226

 

 

 

1,316,710

 

 

 

4,157,253

 

 

 

3,922,832

 

Other operating expenses

 

762,174

 

 

 

651,442

 

 

 

2,079,518

 

 

 

1,896,745

 

Supplies expense

 

313,936

 

 

 

285,201

 

 

 

927,256

 

 

 

867,863

 

Depreciation and amortization

 

121,528

 

 

 

112,286

 

 

 

362,736

 

 

 

334,970

 

Lease and rental expense

 

27,660

 

 

 

26,110

 

 

 

80,320

 

 

 

79,932

 

 

 

2,633,524

 

 

 

2,391,749

 

 

 

7,607,083

 

 

 

7,102,342

 

Income from operations

 

188,929

 

 

 

257,164

 

 

 

874,929

 

 

 

915,440

 

Interest expense, net

 

41,447

 

 

 

39,506

 

 

 

123,574

 

 

 

115,082

 

Other (income) expense, net

 

9,407

 

 

 

(11,409

)

 

 

6,176

 

 

 

(26,717

)

Income before income taxes

 

138,075

 

 

 

229,067

 

 

 

745,179

 

 

 

827,075

 

Provision for income taxes

 

37,205

 

 

 

54,186

 

 

 

165,646

 

 

 

192,814

 

Net income

 

100,870

 

 

 

174,881

 

 

 

579,533

 

 

 

634,261

 

Less: Net income attributable to noncontrolling interests

 

3,680

 

 

 

3,135

 

 

 

9,855

 

 

 

12,631

 

Net income attributable to UHS

$

97,190

 

 

$

171,746

 

 

$

569,678

 

 

$

621,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS

$

1.10

 

 

$

1.85

 

 

$

6.36

 

 

$

6.63

 

Diluted earnings per share attributable to UHS

$

1.10

 

 

$

1.84

 

 

$

6.35

 

 

$

6.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

87,952

 

 

 

92,849

 

 

 

89,288

 

 

 

93,639

 

Add: Other share equivalents

 

403

 

 

 

481

 

 

 

231

 

 

 

459

 

Weighted average number of common shares and

   equivalents - diluted

 

88,355

 

 

 

93,330

 

 

 

89,519

 

 

 

94,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

100,870

 

 

$

174,881

 

 

$

579,533

 

 

$

634,261

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized derivative gains (losses) on cash flow hedges

 

 

-

 

 

 

(1,924

)

 

 

(3,925

)

 

 

(345

)

Foreign currency translation adjustment

 

 

(10,089

)

 

 

(12,323

)

 

 

(19,192

)

 

 

(15,480

)

Other comprehensive income (loss) before tax

 

 

(10,089

)

 

 

(14,247

)

 

 

(23,117

)

 

 

(15,825

)

Income tax expense (benefit) related to items of other

   comprehensive income (loss)

 

 

174

 

 

 

(457

)

 

 

(676

)

 

 

(82

)

Total other comprehensive income (loss), net of tax

 

 

(10,263

)

 

 

(13,790

)

 

 

(22,441

)

 

 

(15,743

)

Comprehensive income

 

 

90,607

 

 

 

161,091

 

 

 

557,092

 

 

 

618,518

 

Less: Comprehensive income attributable to noncontrolling

   interests

 

 

3,680

 

 

 

3,135

 

 

 

9,855

 

 

 

12,631

 

Comprehensive income attributable to UHS

 

$

86,927

 

 

$

157,956

 

 

$

547,237

 

 

$

605,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

2019

 

 

December 31,

2018

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

58,905

 

 

$

105,220

 

Accounts receivable, net

 

1,544,077

 

 

 

1,509,909

 

Supplies

 

156,285

 

 

 

148,206

 

Other current assets

 

171,360

 

 

 

174,467

 

Total current assets

 

1,930,627

 

 

 

1,937,802

 

 

 

 

 

 

 

 

 

Property and equipment

 

8,967,340

 

 

 

8,563,455

 

Less: accumulated depreciation

 

(4,008,931

)

 

 

(3,715,515

)

 

 

4,958,409

 

 

 

4,847,940

 

Other assets:

 

 

 

 

 

 

 

Goodwill

 

3,827,867

 

 

 

3,844,628

 

Deferred income taxes

 

19,199

 

 

 

5,280

 

Right of use assets-operating leases

 

329,328

 

 

 

0

 

Deferred charges

 

6,926

 

 

 

8,772

 

Other

 

522,045

 

 

 

621,058

 

Total Assets

$

11,594,401

 

 

$

11,265,480

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current maturities of long-term debt

$

78,077

 

 

$

63,446

 

Accounts payable and accrued liabilities

 

1,343,922

 

 

 

1,253,714

 

Legal reserves

 

144,120

 

 

 

129,150

 

Operating lease liabilities

 

55,080

 

 

 

0

 

Federal and state taxes

 

570

 

 

 

2,428

 

Total current liabilities

 

1,621,769

 

 

 

1,448,738

 

 

 

 

 

 

 

 

 

Other noncurrent liabilities

 

338,871

 

 

 

361,809

 

Operating lease liabilities noncurrent

 

274,248

 

 

 

0

 

Long-term debt

 

3,870,294

 

 

 

3,935,187

 

Deferred income taxes

 

21,213

 

 

 

49,661

 

Redeemable noncontrolling interests

 

4,061

 

 

 

4,292

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

UHS common stockholders’ equity

 

5,389,215

 

 

 

5,389,262

 

Noncontrolling interest

 

74,730

 

 

 

76,531

 

Total equity

 

5,463,945

 

 

 

5,465,793

 

Total Liabilities and Stockholders’ Equity

$

11,594,401

 

 

$

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 Nine Months ended September 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)

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

8,373

 

 

 

 

 

 

8,383

 

 

 

 

 

 

8,383

 

Repurchased

 

 

 

 

 

 

 

 

(44

)

 

 

 

 

 

 

 

 

 

 

 

(571,355

)

 

 

 

 

 

(571,399

)

 

 

 

 

 

(571,399

)

Restricted share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,950

 

 

 

 

 

 

5,950

 

 

 

 

 

 

5,950

 

Dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,556

)

 

 

 

 

 

 

 

 

(35,556

)

 

 

 

 

 

(35,556

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,338

 

 

 

 

 

 

45,338

 

 

 

 

 

 

45,338

 

Distributions to noncontrolling interests

 

 

(500

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,555

)

 

 

(11,555

)

Purchase of noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

168

 

 

 

168

 

Comprehensive income: