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2019-01-01 2019-03-31 0000352915 uhs:OtherNonPatientRevenueMember uhs:AcuteCareHospitalServicesMember 2019-01-01 2019-03-31 0000352915 uhs:OtherNonPatientRevenueMember uhs:BehavioralHealthServicesMember 2019-01-01 2019-03-31 0000352915 uhs:OtherNonPatientRevenueMember us-gaap:AllOtherSegmentsMember 2019-01-01 2019-03-31 0000352915 uhs:OtherNonPatientRevenueMember 2019-01-01 2019-03-31 0000352915 srt:MinimumMember 2020-03-31 0000352915 uhs:TwoHospitalFacilitiesMember 2020-01-01 2020-03-31 0000352915 uhs:ThirdHospitalFacilityMember 2020-01-01 2020-03-31 0000352915 uhs:NewOperatingLeasesMember 2019-01-01 2019-03-31 0000352915 uhs:FinanceLeaseMember 2020-03-31 0000352915 uhs:FinanceLeaseMember 2019-12-31

 

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 March 31, 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 April 30, 2020:

 

Class A

 

6,577,100

Class B

 

77,669,278

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 Months Ended March 31, 2020 and 2019

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2020 and 2019

 

4

 

 

 

Condensed Consolidated Balance Sheets - March 31, 2020 and December 31, 2019

 

5

 

 

 

Condensed Consolidated Statements of Changes in Equity – Three Months Ended March 31, 2020 and 2019

 

6

 

 

 

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 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

 

60

 

 

 

Item 4. Controls and Procedures

 

60

 

 

 

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

 

65

 

 

 

Item 6. Exhibits

 

66

 

 

 

Signatures

 

67

This Quarterly Report on Form 10-Q is for the quarter ended March 31, 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

March 31,

 

 

2020

 

 

2019

 

Net revenues

$

2,829,667

 

 

$

2,804,391

 

Operating charges:

 

 

 

 

 

 

 

Salaries, wages and benefits

 

1,432,669

 

 

 

1,365,546

 

Other operating expenses

 

689,790

 

 

 

644,780

 

Supplies expense

 

317,827

 

 

 

307,463

 

Depreciation and amortization

 

124,394

 

 

 

120,040

 

Lease and rental expense

 

28,293

 

 

 

26,125

 

 

 

2,592,973

 

 

 

2,463,954

 

Income from operations

 

236,694

 

 

 

340,437

 

Interest expense, net

 

36,351

 

 

 

39,640

 

Other (income) expense, net

 

9,560

 

 

 

4,501

 

Income before income taxes

 

190,783

 

 

 

296,296

 

Provision for income taxes

 

46,323

 

 

 

58,898

 

Net income

 

144,460

 

 

 

237,398

 

Less: Net income attributable to noncontrolling interests

 

2,423

 

 

 

3,230

 

Net income attributable to UHS

$

142,037

 

 

$

234,168

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS

$

1.64

 

 

$

2.57

 

Diluted earnings per share attributable to UHS

$

1.64

 

 

$

2.57

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

86,212

 

 

 

90,776

 

Add: Other share equivalents

 

243

 

 

 

191

 

Weighted average number of common shares and

   equivalents - diluted

 

86,455

 

 

 

90,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

144,460

 

 

$

237,398

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Unrealized derivative gains (losses) on cash flow hedges

 

 

-

 

 

 

(2,917

)

Foreign currency translation adjustment

 

 

(39,201

)

 

 

(14,262

)

Other comprehensive income (loss) before tax

 

 

(39,201

)

 

 

(17,179

)

Income tax expense (benefit) related to items of other

   comprehensive income (loss)

 

 

(2,108

)

 

 

(2,466

)

Total other comprehensive income (loss), net of tax

 

 

(37,093

)

 

 

(14,713

)

Comprehensive income

 

 

107,367

 

 

 

222,685

 

Less: Comprehensive income attributable to noncontrolling

   interests

 

 

2,423

 

 

 

3,230

 

Comprehensive income attributable to UHS

 

$

104,944

 

 

$

219,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

March 31,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

54,619

 

 

$

61,268

 

Accounts receivable, net

 

1,486,829

 

 

 

1,560,847

 

Supplies

 

162,597

 

 

 

159,889

 

Other current assets

 

130,301

 

 

 

133,930

 

Total current assets

 

1,834,346

 

 

 

1,915,934

 

 

 

 

 

 

 

 

 

Property and equipment

 

9,232,949

 

 

 

9,106,377

 

Less: accumulated depreciation

 

(4,190,658

)

 

 

(4,089,679

)

 

 

5,042,291

 

 

 

5,016,698

 

Other assets:

 

 

 

 

 

 

 

Goodwill

 

3,836,566

 

 

 

3,869,760

 

Deferred income taxes

 

17,482

 

 

 

16,189

 

Right of use assets-operating leases

 

341,264

 

 

 

326,518

 

Deferred charges

 

5,936

 

 

 

6,373

 

Other

 

542,541

 

 

 

516,778

 

Total Assets

$

11,620,426

 

 

$

11,668,250

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current maturities of long-term debt

$

69,521

 

 

$

87,550

 

Accounts payable and accrued liabilities

 

1,382,652

 

 

 

1,272,374

 

Legal reserves

 

145,227

 

 

 

144,509

 

Operating lease liabilities

 

57,772

 

 

 

56,442

 

Federal and state taxes

 

34,779

 

 

 

2,515

 

Total current liabilities

 

1,689,951

 

 

 

1,563,390

 

 

 

 

 

 

 

 

 

Other noncurrent liabilities

 

387,669

 

 

 

329,932

 

Operating lease liabilities noncurrent

 

284,008

 

 

 

270,076

 

Long-term debt

 

3,735,799

 

 

 

3,896,577

 

Deferred income taxes

 

34,003

 

 

 

25,071

 

Redeemable noncontrolling interests

 

3,953

 

 

 

4,333

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

UHS common stockholders’ equity

 

5,413,209

 

 

 

5,504,105

 

Noncontrolling interest

 

71,834

 

 

 

74,766

 

Total equity

 

5,485,043

 

 

 

5,578,871

 

Total Liabilities and Stockholders’ Equity

$

11,620,426

 

 

$

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 Months ended March 31, 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)

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

3,110

 

 

 

 

 

 

3,112

 

 

 

 

 

 

3,112

 

Repurchased

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

 

 

 

 

 

 

(199,272

)

 

 

 

 

 

(199,292

)

 

 

 

 

 

(199,292

)

Restricted share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,355

 

 

 

 

 

 

2,355

 

 

 

 

 

 

2,355

 

Dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,344

)

 

 

 

 

 

 

 

 

(17,344

)

 

 

 

 

 

(17,344

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,329

 

 

 

 

 

 

15,329

 

 

 

 

 

 

15,329

 

Distributions to noncontrolling interests

 

 

(500

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,234

)

 

 

(5,234

)

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income to UHS / noncontrolling interests

 

 

120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

142,037

 

 

 

 

 

 

142,037

 

 

 

2,302

 

 

 

144,339

 

Foreign currency translation adjustments, net of income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,093

)

 

 

(37,093

)

 

 

 

 

 

(37,093

)

Subtotal - comprehensive income

 

 

120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

142,037

 

 

 

(37,093

)

 

 

104,944

 

 

 

2,302

 

 

 

107,246

 

Balance, March 31, 2020

 

$

3,953

 

 

$

66

 

 

$

776

 

 

$

7

 

 

$

0

 

 

$

(479,503

)

 

$

5,897,063

 

 

$

(5,200

)

 

$

5,413,209

 

 

$

71,834

 

 

$

5,485,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.


6


UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months ended March 31, 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

 

 

 

 

 

 

 

 

 

 

 

 

2,720

 

 

 

 

 

 

2,726

 

 

 

 

 

 

2,726

 

Repurchased

 

 

 

 

 

 

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

(137,219