Universal Health Services Files 10-Q
Ticker: UHS · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 352915
Sentiment: neutral
Topics: 10-Q, healthcare, financials
TL;DR
UHS filed its Q2 10-Q. Financials look steady.
AI Summary
Universal Health Services Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which operates hospitals and healthcare facilities. Key financial figures and business segments, such as Behavioral Health Services, are discussed within the report.
Why It Matters
This filing provides investors and stakeholders with an updated view of Universal Health Services' financial health and operational performance for the second quarter of 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 2024-06-30 — Period End Date (Latest reported quarter)
- 2024-08-08 — Filing Date (Date the report was submitted)
Key Players & Entities
- UNIVERSAL HEALTH SERVICES INC (company) — Filer
- 2024-06-30 (date) — Period of Report
- 2024-08-08 (date) — Filing Date
- King of Prussia, PA (location) — Business Address
- Premier Inc (company) — Group Purchasing Organization Agreement
FAQ
What is the primary business of Universal Health Services Inc.?
Universal Health Services Inc. operates hospitals and healthcare facilities, with a focus on Behavioral Health Services.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 8, 2024.
Does the filing mention any specific agreements or partnerships?
Yes, the filing mentions a Group Purchasing Organization Agreement with Premier Inc.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Filing Stats: 4,506 words · 18 min read · ~15 pages · Grade level 18.2 · Accepted 2024-08-08 16:15:41
Key Financial Figures
- $0.01 — hich registered Class B Common Stock, $0.01 par value UHS New York Stock Exchan
Filing Documents
- uhs-20240630.htm (10-Q) — 4035KB
- uhs-ex22_1.htm (EX-22.1) — 920KB
- uhs-ex31_1.htm (EX-31.1) — 10KB
- uhs-ex31_2.htm (EX-31.2) — 9KB
- uhs-ex32_1.htm (EX-32.1) — 6KB
- uhs-ex32_2.htm (EX-32.2) — 6KB
- 0000950170-24-094006.txt ( ) — 13135KB
- uhs-20240630.xsd (EX-101.SCH) — 1410KB
- uhs-20240630_htm.xml (XML) — 2167KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Condensed Consolidated Statements of Income – Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets – June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Changes in Equity – Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows - Three and Six Months Ended June 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 9
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 60
Controls and Procedures
Item 4. Controls and Procedures 61
Other Information
PART II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 62
Risk Factors
Item 1A. Risk Factors 62
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63
Other Information
Item 5. Other Information 63
Exhibits
Item 6. Exhibits 64
Signatures
Signatures 65 This Quarterly Report on Form 10-Q is for the quarter ended June 30, 2024. 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
FINANCI AL INFORMATION
PART I. FINANCI AL 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, 2024 2023 2024 2023 Net revenues $ 3,907,604 $ 3,548,138 $ 7,751,186 $ 7,015,656 Operating charges: Salaries, wages and benefits 1,856,372 1,770,271 3,698,996 3,523,606 Other operating expenses 1,043,116 938,314 2,075,286 1,817,265 Supplies expense 388,063 380,294 791,636 760,283 Depreciation and amortization 147,480 143,744 288,483 285,365 Lease and rental expense 36,175 35,387 71,625 70,309 3,471,206 3,268,010 6,926,026 6,456,828 Income from operations 436,398 280,128 825,160 558,828 Interest expense, net 48,899 48,831 101,725 99,707 Other (income) expense, net 5,493 6,602 5,343 20,325 Income before income taxes 382,006 224,695 718,092 438,796 Provision for income taxes 87,676 55,393 157,940 107,119 Net income 294,330 169,302 560,152 331,677 Less: Net income (loss) attributable to noncontrolling interests 5,178 ( 2,011 ) 9,166 ( 2,751 ) Net income attributable to UHS $ 289,152 $ 171,313 $ 550,986 $ 334,428 Basic earnings per share attributable to UHS $ 4.32 $ 2.44 $ 8.22 $ 4.75 Diluted earnings per share attributable to UHS $ 4.26 $ 2.42 $ 8.08 $ 4.70 Weighted average number of common shares - basic 66,878 70,073 67,041 70,304 Add: Other share equivalents 1,042 766 1,160 859 Weighted average number of common shares and equivalents - diluted 67,920 70,839 68,201 71,163 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 UNIVERSAL HEALTH SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE INCO