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2021-03-31

 

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, 2021

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, 2021:

 

Class A

 

6,577,100

Class B

 

77,972,436

Class C

 

661,688

Class D

 

18,191

 


 

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, 2021 and 2020

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2021 and 2020

 

4

 

 

 

Condensed Consolidated Balance Sheets – March 31, 2021 and December 31, 2020

 

5

 

 

 

Condensed Consolidated Statements of Changes in Equity – Three Months Ended March 31, 2021 and 2020

 

6

 

 

 

Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2021 and 2020

 

8

 

 

 

          Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

24

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

 

Item 4. Controls and Procedures

 

53

 

 

 

PART II. Other Information

 

 

 

 

 

Item 1. Legal Proceedings

 

54

 

 

 

Item 1A. Risk Factors

 

54

 

 

 

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

 

54

 

 

 

Item 6. Exhibits

 

55

 

 

 

Signatures

 

56

This Quarterly Report on Form 10-Q is for the quarter ended March 31, 2021. 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,

 

 

2021

 

 

2020

 

Net revenues

$

3,012,987

 

 

$

2,829,667

 

Operating charges:

 

 

 

 

 

 

 

Salaries, wages and benefits

 

1,497,773

 

 

 

1,432,669

 

Other operating expenses

 

709,708

 

 

 

689,790

 

Supplies expense

 

347,110

 

 

 

317,827

 

Depreciation and amortization

 

131,403

 

 

 

124,394

 

Lease and rental expense

 

31,324

 

 

 

28,293

 

 

 

2,717,318

 

 

 

2,592,973

 

Income from operations

 

295,669

 

 

 

236,694

 

Interest expense, net

 

21,957

 

 

 

36,351

 

Other (income) expense, net

 

835

 

 

 

9,560

 

Income before income taxes

 

272,877

 

 

 

190,783

 

Provision for income taxes

 

63,807

 

 

 

46,323

 

Net income

 

209,070

 

 

 

144,460

 

Less: Net income (loss) attributable to noncontrolling interests

 

(21

)

 

 

2,423

 

Net income attributable to UHS

$

209,091

 

 

$

142,037

 

 

 

 

 

 

 

 

 

Basic earnings per share attributable to UHS

$

2.46

 

 

$

1.64

 

Diluted earnings per share attributable to UHS

$

2.43

 

 

$

1.64

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic

 

84,782

 

 

 

86,212

 

Add: Other share equivalents

 

1,014

 

 

 

243

 

Weighted average number of common shares and

   equivalents - diluted

 

85,796

 

 

 

86,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

Net income

 

$

209,070

 

 

$

144,460

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(10,346

)

 

 

(39,201

)

Other comprehensive income (loss) before tax

 

 

(10,346

)

 

 

(39,201

)

Income tax expense (benefit) related to items of other

   comprehensive income (loss)

 

 

(1,466

)

 

 

(2,108

)

Total other comprehensive income (loss), net of tax

 

 

(8,880

)

 

 

(37,093

)

Comprehensive income

 

 

200,190

 

 

 

107,367

 

Less: Comprehensive income (loss) attributable to noncontrolling

   interests

 

 

(21

)

 

 

2,423

 

Comprehensive income attributable to UHS

 

$

200,211

 

 

$

104,944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

764,502

 

 

$

1,224,490

 

Accounts receivable, net

 

1,668,650

 

 

 

1,728,928

 

Supplies

 

193,961

 

 

 

190,417

 

Other current assets

 

157,052

 

 

 

138,034

 

Total current assets

 

2,784,165

 

 

 

3,281,869

 

 

 

 

 

 

 

 

 

Property and equipment

 

10,119,037

 

 

 

9,885,888

 

Less: accumulated depreciation

 

(4,623,435

)

 

 

(4,512,764

)

 

 

5,495,602

 

 

 

5,373,124

 

Other assets:

 

 

 

 

 

 

 

Goodwill

 

3,886,973

 

 

 

3,882,715

 

Deferred income taxes

 

23,514

 

 

 

22,689

 

Right of use assets-operating leases

 

326,703

 

 

 

336,513

 

Deferred charges

 

4,782

 

 

 

4,985

 

Other

 

574,590

 

 

 

574,984

 

Total Assets

$

13,096,329

 

 

$

13,476,879

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current maturities of long-term debt

$

107,281

 

 

$

331,998

 

Accounts payable and other liabilities

 

1,779,700

 

 

 

1,668,671

 

Medicare accelerated payments and deferred CARES Act and other grants

 

189,320

 

 

 

376,151

 

Operating lease liabilities

 

60,812

 

 

 

59,796

 

Federal and state taxes

 

102,266

 

 

 

44,423

 

Total current liabilities

 

2,239,379

 

 

 

2,481,039

 

 

 

 

 

 

 

 

 

Other noncurrent liabilities

 

476,377

 

 

 

458,549

 

Operating lease liabilities noncurrent

 

267,707

 

 

 

278,303

 

Medicare accelerated payments noncurrent

 

0

 

 

 

322,617

 

Long-term debt

 

3,505,822

 

 

 

3,524,253

 

Deferred income taxes

 

735

 

 

 

5,582

 

Redeemable noncontrolling interests

 

4,470

 

 

 

4,569

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

UHS common stockholders’ equity

 

6,513,862

 

 

 

6,317,146

 

Noncontrolling interest

 

87,977

 

 

 

84,821

 

Total equity

 

6,601,839

 

 

 

6,401,967

 

Total Liabilities and Stockholders’ Equity

$

13,096,329

 

 

$

13,476,879

 

 

 

 

 

 

 

 

 

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, 2021

(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, 2021

 

$

4,569

 

 

$

66

 

 

$

778

 

 

$

7

 

 

$

0

 

 

$

(479,503

)

 

$

6,747,678

 

 

$

48,120

 

 

$

6,317,146

 

 

$

84,821

 

 

$

6,401,967

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued/(converted)

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

3,356

 

 

 

 

 

 

3,360

 

 

 

 

 

 

3,360

 

Repurchased

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(7,463

)

 

 

 

 

 

(7,464

)

 

 

 

 

 

(7,464

)

Restricted share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,862

 

 

 

 

 

 

2,862

 

 

 

 

 

 

2,862

 

Dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,018

)

 

 

 

 

 

 

 

 

(17,018

)

 

 

 

 

 

(17,018

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,765

 

 

 

 

 

 

14,765

 

 

 

 

 

 

14,765

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,525

)

 

 

(4,525

)

Purchase of ownership interests by minority members

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,603

 

 

 

7,603

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income to UHS / noncontrolling interests

 

 

(99

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

209,091

 

 

 

 

 

 

209,091

 

 

 

78

 

 

 

209,169

 

Foreign currency translation adjustments, net of income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,880

)

 

 

(8,880

)

 

 

 

 

 

(8,880

)

Subtotal - comprehensive income

 

 

(99

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

209,091

 

 

 

(8,880

)

 

 

200,211

 

 

 

78

 

 

 

200,289

 

Balance, March 31, 2021

 

$

4,470

 

 

$

66

 

 

$

781

 

 

$

7

 

 

$

0

 

 

$

(496,521

)

 

$

6,970,289

 

 

$

39,240

 

 

$

6,513,862

 

 

$

87,977

 

 

$

6,601,839

 

 

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, 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