Consolidated Results of Operations, As Reported and As Adjusted  – Three-month periods ended March 31, 2025 and 2024:

KING OF PRUSSIA, Pa., April 28, 2025 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $316.7 million, or $4.80 per diluted share, during the first quarter of 2025, as compared to $261.8 million, or $3.82 per diluted share, during the first quarter of 2024. Net revenues increased by 6.7% to $4.100 billion during the first quarter of 2025, as compared to $3.844 billion during the first quarter of 2024.

As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the first quarter of 2025 was $319.5 million, or $4.84 per diluted share, as compared to $253.1 million, or $3.70 per diluted share, during the first quarter of 2024.

As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2025 were: (i) an unrealized after-tax loss of $3.3 million, or $.05 per diluted share ($4.3 million pre-tax), resulting from a decrease in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable net after-tax impact of $0.5 million, or $.01 per diluted share, resulting from the net tax benefit recorded in connection with "ASU 2016-09", Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m).

As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2024 were: (i) a favorable after-tax impact of $9.2 million, or $.13 per diluted share, resulting from the tax benefit recorded in connection with employee share-based payments pursuant to ASU 2016-09, and; (ii) an unrealized after-tax loss of $0.4 million, or $.01 per diluted share ($0.6 million pre-tax), resulting from a decrease in the market value of certain equity securities.

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI", NCI is net income attributable to noncontrolling interests), was $603.9 million during the first quarter of 2025, as compared to $525.9 million during the first quarter of 2024. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $598.2 million during the first quarter of 2025, as compared to $525.8 million during the first quarter of 2024.

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Acute Care Services – Three-month periods ended March 31, 2025 and 2024:

During the first quarter of 2025, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by 2.4% while adjusted patient days increased by 0.3%, as compared to the first quarter of 2024. At these facilities, during the first quarter of 2025, net revenue per adjusted admission increased by 2.5% while net revenue per adjusted patient day increased by 4.7%, as compared to the first quarter of 2024. Net revenues generated from our acute care services, on a same facility basis, increased by 6.5% during the first quarter of 2025, as compared to the first quarter of 2024.

Behavioral Health Care Services – Three-month periods ended March 31, 2025 and 2024:

During the first quarter of 2025, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by 1.6% while adjusted patient days decreased by 0.3%, as compared to the first quarter of 2024. At these facilities, during the first quarter of 2025, net revenue per adjusted admission increased by 7.2% and net revenue per adjusted patient day increased by 5.8%, as compared to the first quarter of 2024. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 5.5% during the first quarter of 2025, as compared to the first quarter of 2024.

Net Cash Provided by Operating Activities and Liquidity:

Net Cash Provided by Operating Activities:

During the three-month period ended March 31, 2025, our net cash provided by operating activities was $360 million as compared to $396 million during the first quarter of 2024. The $36 million net decrease in our net cash provided by operating activities consisted of: (i) a favorable change of $69 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gains on sales of assets and businesses; (ii) an unfavorable change of $144 million in accounts receivable due, in part, to delays in receipt of funds in connection with certain Medicaid supplement payment programs in various states (approximately $82 million of which related to the Nevada state directed payment program which was approved by the Centers for Medicare and Medicaid Services in April, 2025, retroactive to January 1, 2025); (iii) a favorable change of $20 million in other assets and deferred charges; (iv) a favorable change of $16 million in accrued and deferred income taxes, and; (v) $3 million of other combined net favorable changes.

Liquidity:

As of March 31, 2025, we had $1.02 billion of aggregate available borrowing capacity pursuant to our $1.3 billion revolving credit facility, net of outstanding borrowings and letters of credit.

Stock Repurchase Program:

In connection with our stock repurchase program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions.

Pursuant to this program, during the first quarter of 2025, we have repurchased approximately 1.0 million shares at an aggregate cost of approximately $180.6 million (average price of approximately $181 per share).

As of March 31, 2025, we had an aggregate available repurchase authorization of approximately $643.7 million pursuant to our stock repurchase program.

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 29, 2025. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues during 2024 were $15.8 billion. UHS ranked #299 on the Fortune 500; and #399 on Forbes' list of America's Largest Public Companies. In 2025, UHS was again recognized as one of the World's Most Admired Companies by Fortune.

Our operating philosophy is as effective today as it was upon the Company's founding in 1979, enabling us to provide compassionate care to our patients and their loved ones.  Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve.

Headquartered in King of Prussia, PA, UHS has approximately 99,300 employees and, through its subsidiaries, operates 29 inpatient acute care hospitals, 334 inpatient behavioral health facilities, 60 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 39 states, Washington, D.C., the United Kingdom and Puerto Rico. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT).  For additional information visit www.uhs.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 Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2024), may cause the results to differ materially from those anticipated in the forward-looking statements.  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.

Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to:

A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions.  Changes to these programs, if adopted, could materially affect program payments which could materially impact our results of operations. In addition, we receive substantial reimbursement from multiple states in connection with various supplemental Medicaid payment programs. Failure to renew these programs beyond their scheduled termination dates, failure of the public hospitals to provide the necessary Inter-Governmental Transfers for the states' share of the Medicaid disproportionate share hospital programs, failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs, the adoption of certain proposed reductions of federal funding for Medicaid, or reductions in other reimbursements, could cause our actual results of operations for the year ended December 31, 2025 to differ materially from our 2025 operating results forecast. The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, although interest rates have moderated more recently, the effects of increased borrowing rates have adversely impacted our results of operations, financial condition and cash flows. We cannot predict future changes to interest rates, however, significant increases in our borrowing rates could have a material unfavorable impact on our future results of operations and our ability to access the capital markets on favorable terms. Changes in laws or policies governing the terms of foreign trade, and in particular, increased trade restrictions, tariffs or taxes on imports from where our products or materials are made (either directly or through our suppliers) could have an impact on our competitive position, business operations and financial results. The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the matters related to Cumberland Hospital for Children and Adolescents, located in New Kent, Virginia, as previously disclosed on Form 8-K on September 30, 2024, Form 10-Q for the quarterly period ended September 30, 2024 and Form 10-K for the year ended December 31, 2024; and the matter related to the Pavilion Behavioral Health System ("Pavilion"), located in Champaign, Illinois, as previously disclosed on Forms 8-K on April 1, 2024, September 30, 2024 and October 11, 2024, Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024 and Form 10-K for the year ended December 31, 2024. We have reached an agreement in principle with respect to the Pavilion matter which is subject to the execution of a final settlement agreement and court approval of that agreement. Although the terms of the settlement are confidential, we expect that the settlement, if finalized and approved by the court, will be covered by our commercial excess insurance and our existing reserves for that matter. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could have a material adverse effect on the Company.

We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, 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, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect of material items impacting our net income attributable to UHS, such as, changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m), and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, 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 attributable to UHS, as determined in accordance with GAAP, and 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, 2024. 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) (unaudited)  Three months ended March 31, 2025  2024  Net revenues $4,099,720  $3,843,582  Operating charges:  Salaries, wages and benefits 1,951,104  1,842,624 Other operating expenses 1,105,752  1,032,170 Supplies expense 402,881  403,573 Depreciation and amortization 148,345  141,003 Lease and rental expense 36,813  35,450 3,644,895  3,454,820  Income from operations 454,825  388,762  Interest expense, net 40,056  52,826 Other (income) expense, net (5,659)  (150)  Income before income taxes 420,428  336,086  Provision for income taxes 98,800  70,264  Net income 321,628  265,822  Less:  Net income (loss) attributable to  noncontrolling interests ("NCI") 4,948  3,988  Net income attributable to UHS $316,680  $261,834     Basic earnings per share attributable to UHS (a) $4.87  $3.90  Diluted earnings per share attributable to UHS (a) $4.80  $3.82

Universal Health Services, Inc. Footnotes to Consolidated Statements of Income (in thousands, except per share amounts) (unaudited)  Three months (a) Earnings per share calculation: ended March 31, 2025  2024 Basic and diluted:  Net income attributable to UHS $316,680  $261,834 Less: Net income attributable to unvested restricted share grants   (45) Net income attributable to UHS - basic and diluted $316,680  $261,789  Weighted average number of common shares - basic 64,970  67,204  Basic earnings per share attributable to UHS: $4.87  $3.90  Weighted average number of common shares 64,970  67,204 Add: Other share equivalents 1,067  1,278 Weighted average number of common shares and equiv. - diluted 66,037  68,482  Diluted earnings per share attributable to UHS: $4.80  $3.82

Universal Health Services, Inc. Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") For the Three Months ended March 31, 2025 and 2024 (in thousands, except per share amounts) (unaudited)  Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted
EBITDA net of NCI")  Three months ended  % Net  Three months ended  % Net March 31, 2025  revenues  March 31, 2024  revenues  Net income attributable to UHS $316,680    $261,834  Depreciation and amortization 148,345    141,003  Interest expense, net 40,056    52,826  Provision for income taxes 98,800    70,264  EBITDA net of NCI $603,881  14.7 %  $525,927  13.7 %  Other (income) expense, net (5,659)    (150)  Adjusted EBITDA net of NCI $598,222  14.6 %  $525,777  13.7 %  Net revenues $4,099,720    $3,843,582    Calculation of Adjusted Net Income Attributable to UHS  Three months ended  Three months ended March 31, 2025  March 31, 2024 Per    Per Amount  Diluted Share  Amount  Diluted Share  Net income attributable to UHS $316,680  $4.80  $261,834  $3.82 Plus/minus after-tax adjustments:  Unrealized loss on equity securities 3,285  0.05  444  0.01 Impact of ASU 2016-09, net (461)  (0.01)  (9,156)  (0.13) Subtotal adjustments 2,824  0.04  (8,712)  (0.12) Adjusted net income attributable to UHS $319,504  $4.84  $253,122  $3.70

Universal Health Services, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited)  March 31,   December 31, 2025   2024 Assets  Current assets:  Cash and cash equivalents  $ 126,753  $ 125,983 Accounts receivable, net   2,411,524   2,177,751 Supplies   221,991   220,940 Other current assets   317,106   291,614 Total current assets   3,077,374   2,816,288  Property and equipment   12,905,358   12,643,283 Less: accumulated depreciation   (6,208,744)   (6,071,058) 6,696,614   6,572,225  Other assets:  Goodwill   3,948,178   3,932,879 Deferred income taxes   133,244   118,449 Right of use assets-operating leases   409,458   418,719 Deferred charges   9,186   9,404 Other   601,376   601,785 Total Assets  $ 14,875,430  $ 14,469,749  Liabilities and Stockholders' Equity  Current liabilities:  Current maturities of long-term debt  $ 40,410  $ 40,059 Accounts payable and other liabilities   2,092,451   2,081,479 Operating lease liabilities   75,929   74,649 Federal and state taxes   121,462   14,219 Total current liabilities   2,330,252   2,210,406  Other noncurrent liabilities   681,654   655,806 Operating lease liabilities noncurrent   368,518   376,239 Long-term debt   4,609,272   4,464,482  Redeemable noncontrolling interest   13,324   13,293  UHS common stockholders' equity   6,785,604   6,666,207 Noncontrolling interest   86,806   83,316 Total equity   6,872,410   6,749,523  Total Liabilities and Stockholders' Equity  $ 14,875,430  $ 14,469,749

Universal Health Services, Inc. Consolidated Statements of Cash Flows (in thousands) (unaudited) Three months ended March 31, 2025  2024  Cash Flows from Operating Activities:  Net income $321,628  $265,822 Adjustments to reconcile net income to net  cash provided by operating activities:  Depreciation & amortization 148,345  141,003 Gains on sales of assets and businesses   (3,725) Stock-based compensation expense 21,595  19,630 Changes in assets & liabilities, net of effects from  acquisitions and dispositions:  Accounts receivable (218,374)  (74,446) Accrued interest 11,086  3,453 Accrued and deferred income taxes  88,641  72,193 Other working capital accounts  (42,824)  (33,291) Other assets and deferred charges (489)  (20,307) Other  3,811  8,897 Accrued insurance expense, net of commercial premiums paid 47,334  51,112 Payments made in settlement of self-insurance claims (20,705)  (33,935) Net cash provided by operating activities 360,048  396,406  Cash Flows from Investing Activities:  Property and equipment additions (239,026)  (208,539) Proceeds received from sales of assets and businesses   5,428 Acquisition of businesses and property (8,314)  (Outflows) inflows from foreign exchange contracts that hedge our net U.K. investment (23,695)  8,319 (Increase) decrease in capital reserves of commercial insurance subsidiary  (264)  155 Net cash used in investing activities (271,299)  (194,637)  Cash Flows from Financing Activities:  Repayments of long-term debt (9,113)  (63,905) Additional borrowings 152,454  12,038 Repurchase of common shares (223,385)  (142,084) Dividends paid (13,534)  (13,601) Issuance of common stock 3,658  3,241 Profit distributions to noncontrolling interests (5,912)  (4,480) Purchase (sale) of ownership interests by (from) minority members 4,412  (156) Net cash used in financing activities (91,420)  (208,947)  Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,645  (492) Decrease in cash, cash equivalents and restricted cash (1,026)  (7,670) Cash, cash equivalents and restricted cash, beginning of period 224,752  214,470 Cash, cash equivalents and restricted cash, end of period $223,726  $206,800  Supplemental Disclosures of Cash Flow Information:  Interest paid $27,718  $48,116  Income taxes paid, net of refunds $5,638  $2,671  Noncash purchases of property and equipment $116,196  $60,125

Universal Health Services, Inc. Supplemental Statistical Information (unaudited)   % Change  Three Months ended Same Facility:     3/31/2025  Acute Care Hospitals  Revenues     6.5 % Adjusted Admissions     2.4 % Adjusted Patient Days     0.3 % Revenue Per Adjusted Admission     2.5 % Revenue Per Adjusted Patient Day     4.7 %  Behavioral Health Hospitals  Revenues     5.5 % Adjusted Admissions     -1.6 % Adjusted Patient Days     -0.3 % Revenue Per Adjusted Admission     7.2 % Revenue Per Adjusted Patient Day     5.8 %  UHS Consolidated   Three Months ended... 3/31/2025  3/31/2024  Revenues   $4,099,720  $3,843,582 EBITDA net of NCI   $603,881  $525,927 EBITDA Margin net of NCI   14.7 %  13.7 % Adjusted EBITDA net of NCI   $598,222  $525,777 Adjusted EBITDA Margin net of NCI   14.6 %  13.7 %  Cash Flow From Operations   $360,048  $396,406 Capital Expenditures    $239,026  $208,539 Days Sales Outstanding   53  54   Debt    $4,649,682  $4,861,805 UHS' Shareholders Equity   $6,785,604  $6,256,697 Debt / Total Capitalization   40.7 %  43.7 % Debt / EBITDA net of NCI (1)   2.00  2.65 Debt / Adjusted EBITDA net of NCI (1)  2.01  2.63 Debt / Cash From Operations (1)   2.29  3.54

(1) Latest 4 quarters.

Universal Health Services, Inc. Acute Care Hospital Services For the Three months ended March 31, 2025 and 2024 (in thousands) (unaudited)  Same Facility Basis - Acute Care Hospital Services   Three months ended  Three months ended March 31, 2025  March 31, 2024 Amount  % of Net
Revenues   Amount  % of Net
Revenues  Net revenues  $2,244,062  100.0 %  $2,108,045  100.0 % Operating charges:  Salaries, wages and benefits  894,101  39.8 %  861,086  40.8 % Other operating expenses  630,025  28.1 %  577,582  27.4 % Supplies expense  343,470  15.3 %  347,130  16.5 % Depreciation and amortization  88,084  3.9 %  90,283  4.3 % Lease and rental expense  25,071  1.1 %  23,833  1.1 % Subtotal-operating expenses  1,980,751  88.3 %  1,899,914  90.1 % Income from operations  263,311  11.7 %  208,131  9.9 % Interest expense, net   2,262  0.1 %  1,300  0.1 % Other (income) expense, net   (8,572)  (0.4) %  160  0.0 % Income before income taxes  $269,621  12.0 %  $206,671  9.8 %   All Acute Care Hospital Services   Three months ended  Three months ended March 31, 2025  March 31, 2024 Amount  % of Net
Revenues  Amount  % of Net
Revenues  Net revenues  $2,349,229  100.0 %  $2,185,081  100.0 % Operating charges:  Salaries, wages and benefits  910,724  38.8 %  861,547  39.4 % Other operating expenses  715,340  30.4 %  654,983  30.0 % Supplies expense  348,393  14.8 %  347,004  15.9 % Depreciation and amortization  94,647  4.0 %  90,312  4.1 % Lease and rental expense  25,339  1.1 %  23,833  1.1 % Subtotal-operating expenses  2,094,443  89.2 %  1,977,679  90.5 % Income from operations  254,786  10.8 %  207,402  9.5 % Interest expense, net   2,262  0.1 %  1,300  0.1 % Other (income) expense, net   (8,267)  (0.4) %  634  0.0 % Income before income taxes  $260,791  11.1 %  $205,468  9.4 %

We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2024.  The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months.

Universal Health Services, Inc. Behavioral Health Care Services For the Three months ended March 31, 2025 and 2024 (in thousands) (unaudited)  Same Facility Basis - Behavioral Health Care Services   Three months ended  Three months ended March 31, 2025  March 31, 2024 Amount  % of Net
Revenues   Amount  % of Net
Revenues  Net revenues  $1,705,862  100.0 %  $1,616,241  100.0 % Operating charges:  Salaries, wages and benefits  925,537  54.3 %  868,656  53.7 % Other operating expenses  321,446  18.8 %  314,001  19.4 % Supplies expense  55,379  3.2 %  56,709  3.5 % Depreciation and amortization  51,368  3.0 %  47,597  2.9 % Lease and rental expense  11,127  0.7 %  11,454  0.7 % Subtotal-operating expenses  1,364,857  80.0 %  1,298,417  80.3 % Income from operations  341,005  20.0 %  317,824  19.7 % Interest expense, net   1,074  0.1 %  1,027  0.1 % Other (income) expense, net   (825)  (0.0) %  (676)  (0.0) % Income before income taxes  $340,756  20.0 %  $317,473  19.6 %   All Behavioral Health Care Services   Three months ended  Three months ended March 31, 2025  March 31, 2024 Amount  % of Net
Revenues  Amount  % of Net
Revenues  Net revenues  $1,747,649  100.0 %  $1,656,067  100.0 % Operating charges:  Salaries, wages and benefits  928,166  53.1 %  872,196  52.7 % Other operating expenses  363,584  20.8 %  347,268  21.0 % Supplies expense  55,447  3.2 %  56,924  3.4 % Depreciation and amortization  51,408  2.9 %  47,872  2.9 % Lease and rental expense  11,369  0.7 %  11,518  0.7 % Subtotal-operating expenses  1,409,974  80.7 %  1,335,778  80.7 % Income from operations  337,675  19.3 %  320,289  19.3 % Interest expense, net   1,075  0.1 %  1,027  0.1 % Other (income) expense, net   (825)  (0.0) %  (676)  (0.0) % Income before income taxes  $337,425  19.3 %  $319,938  19.3 %

We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2024.  The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months.

Universal Health Services, Inc. Selected Hospital Statistics For the Three Months ended March 31, 2025 and 2024 (unaudited)  AS REPORTED:   ACUTE  BEHAVIORAL HEALTH 3/31/25  3/31/24  %  change  3/31/25  3/31/24  %  change  Hospitals owned and leased  28  27  3.7 %  334  333  0.3 % Average licensed beds  6,854  6,657  3.0 %  24,223  24,378  -0.6 % Average available beds  6,682  6,485  3.0 %  24,123  24,278  -0.6 % Patient days  420,687  415,327  1.3 %  1,596,888  1,608,992  -0.8 % Average daily census  4,674.3  4,564.0  2.4 %  17,743.2  17,681.2  0.4 % Occupancy-licensed beds  68.2 %  68.6 %  -0.5 %  73.2 %  72.5 %  1.0 % Occupancy-available beds  70.0 %  70.4 %  -0.6 %  73.6 %  72.8 %  1.0 % Admissions  86,652  83,581  3.7 %  117,788  119,930  -1.8 % Length of stay  4.9  5.0  -2.0 %  13.6  13.4  1.5 %   SAME FACILITY:   ACUTE  BEHAVIORAL HEALTH 3/31/25  3/31/24  %  change  3/31/25  3/31/24  %  change  Hospitals owned and leased  27  27  0.0 %  333  333  0.0 % Average licensed beds  6,704  6,657  0.7 %  24,097  23,914  0.8 % Average available beds  6,532  6,485  0.7 %  23,997  23,814  0.8 % Patient days  414,738  415,327  -0.1 %  1,586,691  1,584,255  0.2 % Average daily census  4,608.2  4,564.0  1.0 %  17,629.9  17,409.4  1.3 % Occupancy-licensed beds  68.7 %  68.6 %  0.3 %  73.2 %  72.8 %  0.5 % Occupancy-available beds  70.5 %  70.4 %  0.2 %  73.5 %  73.1 %  0.5 % Admissions  85,244  83,581  2.0 %  117,075  118,408  -1.1 % Length of stay  4.9  5.0  -2.0 %  13.6  13.4  1.5 %Cision

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SOURCE Universal Health Services, Inc.

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