8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 12, 2008

UNIVERSAL HOSPITAL SERVICES, INC.
(Exact name of registrant as specified in its charter)

Delaware	000-20086	41-0760940
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

7700 France Avenue South, Suite 275

Edina, Minnesota 55435-5228

(Address of principal executive offices)

(Zip Code)

952-893-3200
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On March 12, 2008, Universal Hospital Services, Inc. issued a press release announcing its financial results for the quarter and twelve months ended December 31, 2007. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

ITEM 7.01     REGULATION FD DISCLOSURE

Attached as Exhibit 99.2 to this report, and incorporated herein by reference, is a copy of the slide presentation for the investor conference call with management scheduled for March 13, 2008, to discuss Universal Hospital Services, Inc.’s announced results for the quarter and twelve months ended December 31, 2007.

Attached as Exhibit 99.3 to this report, and incorporated herein by reference, is a copy of the slide presentation to be made during the Lehman High Yield Bond and Syndicated Loan Conference in Orlando, FL on March 14, 2008, to discuss Universal Hospital Services, Inc.’s overall business strategy and financial results through December 31, 2007.

ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS

(d)	Exhibits
99.1	Press release issued by Universal Hospital Services, Inc. on March 12, 2008
99.2	Slides presented during Universal Hospital Services, Inc.’s earnings call of its quarter and twelve month ended December 31,2008 results scheduled for March 13, 2008
99.3	Slides presented during Universal Hospital Services, Inc.’s presentation at the Lehman High Yield Bond and Syndicated Loan Conference in Orlando, FL on March 14, 2008

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		UNIVERSAL HOSPITAL SERVICES, INC.
Dated:	March 12, 2008		By: /s/ Rex T. Clevenger
			Rex T. Clevenger
			Executive Vice President and
			Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release issued by Universal Hospital Services, Inc. on March 12, 2008
99.2	Slides presented during Universal Hospital Services, Inc.’s earnings call of its quarter and twelve months ended December 31, 2007 results scheduled for March 13, 2008
99.3	Slides presented during Universal Hospital Services, Inc.’s presentation at the Lehman High Yield Bond and Syndicated Loan Conference in Orlando, FL on March 14, 2008

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EX-99.1

Exhibit 99.1

Universal Hospital Services, Inc. Announces 2007 Fourth Quarter and Full Year Results

EDINA, Minn.--(BUSINESS WIRE)--Universal Hospital Services, Inc., a leader in medical equipment lifecycle services, today announced financial results for the quarter and twelve months ended December 31, 2007.

Total revenues were $69.7 million for the fourth quarter of 2007, representing a $12.3 million or 21% increase from total revenues of $57.4 million for the same period of 2006. For the year, revenues increased by 17% to $264.0 million.

Net loss for the quarter was $6.6 million, compared to net loss of $1.1 million for the same quarter last year. For the year, the company reported net loss of $63.6 million versus a net income of $0.1 million for the same period of 2006. The 2007 net loss reflects charges of $50.6 million related to the acquisition of UHS by affiliates of Bear Stearns Merchant Manager III (Cayman), L.P. and management on May 31, 2007, and includes transaction and related expenses and debt extinguishment costs.

Adjusted EBITDA for 2007 increased $14.5 million, or 18% to $95.5 million from $81.0 million in 2006.

UHS will hold its quarterly conference call to discuss 2007 fourth quarter and full year results on Thursday, March 13, 2008, at 3:00 p.m. Eastern Time (2:00 p.m. Central Time).

To participate, call (800) 926-5230 and advise the operator you would like to participate in the UHS Fourth Quarter Call with Gary Blackford. A taped replay of this call will be available from 5:00 p.m. Eastern Time on March 13 through 5:00 p.m. Eastern Time on March 20 by calling (800) 633-8284; enter reservation #21376281.

UHS will also use a slide presentation to facilitate the conference call discussion. A copy of the presentation may be obtained via the company's website at www.uhs.com in the “Financials” section.

About Universal Hospital Services, Inc.

Universal Hospital Services, Inc. is a leading medical equipment lifecycle services company. UHS offers comprehensive solutions that maximize utilization, increase productivity and support optimal patient care resulting in capital and operational efficiencies. UHS currently operates through more than 75 offices, serving customers in all 50 states and the District of Columbia.

Adjusted EBITDA Reconciliation. Adjusted EBITDA is defined by the Company as EBITDA before management/board fees, financing and reorganization costs and stock-based compensation, which may not be calculated consistently among other companies applying similar reporting measures. EBITDA and Adjusted EBITDA are not intended to represent an alternative to operating income or cash flows from operating, financing or investing activities (as determined in accordance with generally accepted accounting principles ("GAAP")) as a measure of performance, and is not representative of funds available for discretionary use due to the Company's financing obligations. EBITDA is included because it is a widely accepted financial indicator used by certain investors and financial analysts to assess and compare companies and is an integral part of the Company's debt covenant calculations, and Adjusted EBITDA is included because the company's financial guidance and certain compensation plans are based upon this measure. Management believes that Adjusted EBITDA provides an important perspective on the Company's ability to service its long-term obligations, the Company's ability to fund continuing growth, and the Company's ability to continue as a going concern. A reconciliation of operating cash flows to EBITDA and Adjusted EBITDA is included below (millions).

$ in Millions	4th Quarter						YTD December
	2006			2007			2006			2007
Net Cash provided by Operating Activities	$	5.3		$	0.6		$	48.9		$	29.8
Changes in Operating Assets and Liabilities		6.4			13.3			0.7			6.7
Other and Non-Cash Expenses		(1.1	)		1.4			(4.1	)		(28.5	)
Income Tax Expense		0.1			(4.3	)		0.6			(9.7	)
Interest Expense		8.1			11.3			31.6			40.2
EBITDA		18.8			22.3			77.7			38.5
Management, Board, & Strategic Fees		0.4			0.3			1.6			1.0
Gain on Sale of Minneapolis District Office	-			-			-				(0.7	)
Stock Option Expense		0.5			1.1			1.7			3.7
FAS 141 Impact	-				1.2		-				2.4
Loss on Extinguishment of Debt	-				-		-				23.4
Transaction and Related Costs	-				0.1		-				27.2
Adjusted EBITDA	$	19.7		$	25.0		$	81.0		$	95.5

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Universal Hospital Services, Inc., believes statements in this presentation looking forward in time involve risks and uncertainties. The following factors, among others, could adversely affect our business, operations and financial condition causing our actual results to differ materially from those expressed in any forward-looking statements: our history of net losses and substantial interest expense; our need for substantial cash to operate and expand our business as planned; our substantial outstanding debt and debt service obligations; restrictions imposed by the terms of our debt; a decrease in the number of patients our customers are serving; our ability to effect change in the manner in which healthcare providers traditionally procure medical equipment; the absence of long-term commitments with customers; our ability to renew contracts with group purchasing organizations and integrated delivery networks; changes in reimbursement rates and policies by third-party payors; the impact of health care reform initiatives; the impact of significant regulation of the health care industry and the need to comply with those regulations; difficulties or delays in our continued expansion into certain of our businesses/geographic markets and developments of new businesses/geographic markets; additional credit risks in increasing business with home care providers and nursing homes, impacts of equipment product recalls or obsolescence; increases in vendor costs that cannot be passed through to our customers; and other Risk Factors as detailed in our annual report on Form 10-K for the year ended December 31, 2007, filed with the Securities and Exchange Commission.

CONTACT:
Universal Hospital Services, Inc.
Rex Clevenger, 952-893-3254
Executive Vice President and Chief Financial Officer

EX-99.2

Exhibit 99.2

1 UHOS Q4 2007 Earnings March 13, 2008

2 Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Universal Hospital Services, Inc. believes statements in this presentation looking forward in time involve risks and uncertainties. The following factors, among others, could adversely affect our business, operations and financial condition causing our actual results to differ materially from those expressed in any forward-looking statements: our history of net losses and substantial interest expense; our need for substantial cash to operate and expand our business as planned; our substantial outstanding debt and debt service obligations; restrictions imposed by the terms of our debt; a decrease in the number of patients our customers are serving; our ability to effect change in the manner in which healthcare providers traditionally procure medical equipment; the absence of long-term commitments with customers; our ability to renew contracts with group purchasing organizations and integrated delivery networks; changes in reimbursement rates and policies by third-party payors; the impact of health care reform initiatives; the impact of significant regulation of the health care industry and the need to comply with those regulations; difficulties or delays in our continued expansion into certain of our businesses/geographic markets and developments of new businesses/geographic markets; and additional credit risks in increasing business with home care providers and nursing homes, impacts of equipment product recalls or obsolescence; increases in vendor costs that cannot be passed through to our customers; and other Risk Factors as detailed in our Annual Report on Form 10-K for the year ended December 31, 2007, which has been filed with the Securities and Exchange Commission. This presentation contains non-GAAP measures as defined by SEC rules. Reconciliations of these measures to the most directly comparable GAAP measures are contained in the appendix. Forward Looking Statements

3 Refer to appendix for reconciliation of Adjusted EBITDA to Cash Flows from Operations (Gp:) 2007 Adj. EBITDA growth was driven primarily by customer takeaways and increased resident program revenues Financial Summary

4 Weak Census Sub-par Flu Season High Gasoline Costs Challenges Opportunities Customer Growth Asset Management Partnership Programs 2007 Retrospective: Market Setting Manufacturer Partnerships

5 (Gp:) 15% increase in Outsourcing customer count in past 15 months 2007 Retrospective:  Robust Customer Adds Outsourcing Customer Adds

6 UHS’ Legacy Market $300 million Market Bed / Stretcher / Surface Rental 600 million Market Wound Therapy $900 million Market 2007 Retrospective: Dramatic Expansion of Addressable Market

7 Manufacturers Increasing Cost and Complexity of New Equipment Technology is Difficult to Sell and Implement Struggling with inadequate staffing, resource constraints, increased regulation, etc. 2008 Outlook: Challenges for Manufacturers & Providers Hospitals Alternate Care Home Care

8 Manufacturers UHS helps Manufacturers through partnering programs, providing access to our nationwide customer base, and logistical capabilities UHS’ programs help Health Care Providers reduce capital costs, enhance operating efficiency, improve nursing satisfaction and improve patient outcomes Hospitals Alternate Care Home Care 2008: UHS is in the Right Place at the Right Time

9 UHS’ Momentum is Positive Excellent opportunities in numerous areas: Beds / Stretchers / Surfaces Wound Therapy Asset Management Will take advantage of this momentum and invest heavily in our platform to accelerate growth in 2008 Sales Specialists / Geographic Expansion / Fleet / Technology Disciplined approach to acquisitions Strategy is to continue to build for the future!

10 Medical Equipment Outsourcing Technical and Professional Services Medical Equipment Sales and Remarketing Selected Income Statement Data Leverage and Liquidity Overview Estimated Guidance Financial Review

11 RENTAL OF UHS-OWNED EQUPMENT Supplemental (short-term) Long-Term Bariatrics: suite of specialty equipment for treatment of obesity RENTAL OF MANUFACTURER-OWNED EQUIPMENT Asset Management Partnership Program (AMPP) On-site management to drive better equipment utilization (UHS people, technology & processes) Medical Equipment Outsourcing (Gp:) Improved results due to the benefits of our significant National Account and Asset Management program signings in late 2006 and YTD 2007 The YTD decline in the Gross Margin % Pre-FAS141 is partially due to pricing reductions on the group purchasing organization contract signings in late 2006, and a $0.9 million non-cash write-off in Q2 of certain respiratory equipment in our fleet. Positive momentum heading into 2008 (Gp:) Trend Analysis UHS

12 TECHNICAL SERVICES Maintain & Repair Customer-owned Equipment: Non-resident, response-based / scheduled Biomedical Services Resident Biomedical Programs Manufacturer Services PROFESSIONAL SERVICES Technology baseline assessments Vendor neutral Capital Planning Services Product comparison research and reports Equipment product of choice Equipment utilization studies Technical and Professional Services (Gp:) Increases in Revenue and Gross Margin driven by the asset acquisition of the service division of Intellamed ("Intellamed Acquisition") on April 1, 2007 The 2007 Gross Margin % declined due to inclusion of the lower-margin Intellamed Acquisition (Gp:) Trend Analysis

13 ASSET RECOVERY & EQUIPMENT BROKERAGE NEW EQUIPMENT SALES DISPOSABLE SALES Medical Equipment Sales and Remarketing (Gp:) Trend Analysis (Gp:) Gross Margin declined in 2007 as equipment available for sale has been diverted for use in the UHS equipment rental fleet to meet the needs of a significant influx of new customers in the Outsourcing segment Gross Margin % and overall results in this segment will fluctuate based on equipment availability, transactional size and the transactional nature of the business Trade Desk serves as a big support function for the rest of our businesses

14 Refer to Appendix for reconciliation of Cash SG&A to SG&A, and Adjusted EBITDA to Cash Flows from Operations Selected Income Statement Data Another great execution year at UHS!

15 Available Liquidity = $113 12/31/07 Borrowing Base $135 LOCs = $2 Leverage & Liquidity Overview – Dec 31, 2007 $ in Millions Loan Balance = $20 Swapped to all-in fixed rate of 9.07% through 6/1/2012

16 Refer to appendix for reconciliation of Adjusted EBITDA to Cash Flow from Operations; and reconciliation of Net Accrual Capex 2008 Estimated Guidance ($ millions)

17 UHS continues to navigate the twists and turns of both good and challenging market conditions Refer to Appendix for reconciliation of Adjusted EBITDA to Cash Flows from Operations Adjusted EBITDA Track Record

18 Appendix Selected Reconciliations EBITDA Reconciliation: Q4 and YTD EBITDA Reconciliation: 2000 – 2007 Depreciation and Amortization Reconciliation Accrual Capex Reconciliation

19 Selected Reconciliations

20 EBITDA Reconciliation: Q4 and YTD Adjusted EBITDA Reconciliation. Adjusted EBITDA is defined by UHS as Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") before management and board fees, gain on sale of Minneapolis district office, stock option expense, FAS 141 impact, loss on extinguishment of debt and transaction and related costs, which may not be calculated consistently among other companies applying similar reporting measures. EBITDA and Adjusted EBITDA are not intended to represent an alternative to operating income or cash flows from operating, financing or investing activities (as determined in accordance with generally accepted accounting principles ("GAAP")) as a measure of performance, and are not representative of funds available for discretionary use due to UHS' financing obligations. EBITDA is included because it is a widely accepted financial indicator used by certain investors and financial analysts to assess and compare companies and is an integral part of UHS' debt covenant calculations, and Adjusted EBITDA is included because UHS' financial guidance and certain compensation plans are based upon this measure. Management believes that Adjusted EBITDA provides an important perspective on the Company's ability to service its long-term obligations, the Company's ability to fund continuing growth, and the Company's ability to continue as a going concern. A reconciliation of operating cash flows to EBITDA and Adjusted EBITDA is included below (millions).

21 EBITDA Reconciliation: 2000 - 2007 Adjusted EBITDA Reconciliation. Adjusted EBITDA is defined by UHS as Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") before management and board fees, gain on sale of Minneapolis district office, stock option expense, FAS 141 impact, loss on extinguishment of debt and transaction and related costs, which may not be calculated consistently among other companies applying similar reporting measures. EBITDA and Adjusted EBITDA are not intended to represent an alternative to operating income or cash flows from operating, financing or investing activities (as determined in accordance with generally accepted accounting principles ("GAAP")) as a measure of performance, and are not representative of funds available for discretionary use due to UHS' financing obligations. EBITDA is included because it is a widely accepted financial indicator used by certain investors and financial analysts to assess and compare companies and is an integral part of UHS' debt covenant calculations, and Adjusted EBITDA is included because UHS' financial guidance and certain compensation plans are based upon this measure. Management believes that Adjusted EBITDA provides an important perspective on the Company's ability to service its long-term obligations, the Company's ability to fund continuing growth, and the Company's ability to continue as a going concern. A reconciliation of operating cash flows to EBITDA and Adjusted EBITDA is included below (millions).

22 Depreciation & Amortization Reconciliation

23 Appendix – Accrual Capex Reconciliation

EX-99.3

Exhibit 99.3

1 Lehman High Yield Bond and Syndicated Loan Conference March 14, 2008

2 Forward Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Universal Hospital Services, Inc. believes statements in this presentation looking forward in time involve risks and uncertainties as detailed in our annual report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission. This presentation contains non-GAAP measures as defined by SEC rules. Reconciliations of these measures to the most directly comparable GAAP measures are contained in the appendix.

3 Leading provider of medical equipment "Lifecycle Services" Customer base of > 3,875 Hospitals, > 3,575 Alternate Care Sites, and relationships with > 200 Manufacturers Largest most modern Rental fleet in the industry: > 190,000 units owned and ~ 400,000 customer units managed and maintained UHS - Who We Are

4 What We Do: Examples of Medical Equipment Rental Fleet Infusion Pumps Ventilators Monitors Specialty Beds Bariatrics UHS is involved with numerous other products, but we’re not a manufacturer.

5 Manufacturers Increasing Cost and Complexity of New Equipment Technology is Difficult to Sell and Implement Struggling with inadequate staffing, resource constraints, increased regulation, etc. 2008 Outlook: Challenges for Manufacturers & Providers Hospitals Alternate Care Home Care

6 Quote from a Fortune 500 medical equipment manufacturer: "We are developing medical equipment that provides better and better therapies and outcomes for patients. The problem is that our customers are less and less able to afford them, or to make effective clinical use of them in the current healthcare setting." The "New Technology Conundrum"

7 Manufacturers UHS helps Manufacturers through Partnering programs, providing access to our nationwide customer base, and logistical capabilities UHS’ programs help Health Care Providers reduce capital costs, enhance operating efficiency, improve nursing satisfaction and improve patient outcomes Hospitals Alternate Care Home Care 2008 Outlook: UHS is in the Right Place at the Right Time

8 Equipment Rental Medical Equipment in Times of Peak Need or Emergency Hospital Customer Needs Satisfied by UHS Customer Need UHS Solution Peak Needs Rental Owned Equipment Winter Spring Summer Fall UHS is the Moveable Medical Equip. Rental Market Leader

9 Hospital Customer Needs Satisfied by UHS Customer Need UHS Solution Low Asset Utilization & Lost Equipment Nurse Hoarding of Equipment Medication Errors Nursing Distractions due to Poor Equipment Management Asset Management Partnership Program People Technology Processes Saves Hospitals money and allows Nurses to Focus on Patient Care

10 Hospital Customer Needs Satisfied by UHS Customer Need UHS Solution Broken or Non-Functional Equipment Obsolete or Unused Equipment Asset Recovery & Brokerage Maintain & Repair Services Preventative CHAMP Supplemental / Peak Needs

11 Manufacturer Needs Satisfied by UHS Manufacturer Need UHS Solution Nationwide Repairs, Upgrades, Recalls National Service Infrastructure Product Introduction & Rental Option End of Life Retrievals and Trade-ins Rental Partnerships Trade Desk

12 Equipment "Lifecycle" Approach is Key Broadening our focus to the Equipment Lifecycle has diversified our product offerings and dramatically enhanced our growth opportunities

13 UHS’ Legacy Market $300 million Market Bed / Stretcher / Surface Rental 600 million Market Wound Therapy $900 million Market 2007 Retrospective: Dramatic Expansion of Addressable Market

14 2007 Performance

15 Weak Census Sub-par Flu Season High Gasoline Costs Challenges Opportunities Customer Growth Asset Management Partnership Programs 2007 Retrospective: Market Setting Manufacturer Partnerships

16 (Gp:) 15% increase in Outsourcing customer count in past 15 months 2007 Retrospective: Robust Customer Adds Outsourcing Customer Adds

17 Financial Summary ($ millions) Refer to appendix for reconciliation of Adjusted EBITDA to Cash Flows from Operations UHS

18 No reimbursement from Medicare or Medicaid - - - paid directly by the hospitals and alternate care facilities Bad Debt expense ~ 0.50% of Revenue Consistent Growth & Reimbursement Stability Refer to Appendix for reconciliation of Adjusted EBITDA to Cash Flow from Operations Consistent growth in both good and challenging market settings!

19 2008 Estimated Guidance ($ millions) Refer to appendix for reconciliation of Adjusted EBITDA to Cash Flow from Operations; and reconciliation of Net Accrual Capex

20 $135 Available Liquidity = $113 12/31/07 Borrowing Base LOCs = $2 Leverage & Liquidity Overview – Dec 31, 2007 $ in Millions Loan Balance = $20 Swapped to all-in fixed rate of 9.07% through 6/1/2012

21 Excellent opportunities in numerous areas: Beds / Stretchers / Surfaces Wound Therapy Asset Management Will take advantage of this momentum and invest heavily in our platform to accelerate growth Sales Specialists / Geographic Expansion / Fleet / Technology Disciplined approach to acquisitions Strategy is to build for the future! UHS’ Momentum is Positive

22 Appendix

23 EBITDA Reconciliation: Q4 and YTD Adjusted EBITDA Reconciliation. Adjusted EBITDA is defined by UHS as Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") before management and board fees, gain on sale of Minneapolis district office, stock option expense, FAS 141 impact, loss on extinguishment of debt and transaction and related costs, which may not be calculated consistently among other companies applying similar reporting measures. EBITDA and Adjusted EBITDA are not intended to represent an alternative to operating income or cash flows from operating, financing or investing activities (as determined in accordance with generally accepted accounting principles ("GAAP")) as a measure of performance, and are not representative of funds available for discretionary use due to UHS' financing obligations. EBITDA is included because it is a widely accepted financial indicator used by certain investors and financial analysts to assess and compare companies and is an integral part of UHS' debt covenant calculations, and Adjusted EBITDA is included because UHS' financial guidance and certain compensation plans are based upon this measure. Management believes that Adjusted EBITDA provides an important perspective on the Company's ability to service its long-term obligations, the Company's ability to fund continuing growth, and the Company's ability to continue as a going concern. A reconciliation of operating cash flows to EBITDA and Adjusted EBITDA is included below (millions).

24 EBITDA Reconciliation: 2000 - 2007 Adjusted EBITDA Reconciliation. Adjusted EBITDA is defined by UHS as Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") before management and board fees, gain on sale of Minneapolis district office, stock option expense, FAS 141 impact, loss on extinguishment of debt and transaction and related costs, which may not be calculated consistently among other companies applying similar reporting measures. EBITDA and Adjusted EBITDA are not intended to represent an alternative to operating income or cash flows from operating, financing or investing activities (as determined in accordance with generally accepted accounting principles ("GAAP")) as a measure of performance, and are not representative of funds available for discretionary use due to UHS' financing obligations. EBITDA is included because it is a widely accepted financial indicator used by certain investors and financial analysts to assess and compare companies and is an integral part of UHS' debt covenant calculations, and Adjusted EBITDA is included because UHS' financial guidance and certain compensation plans are based upon this measure. Management believes that Adjusted EBITDA provides an important perspective on the Company's ability to service its long-term obligations, the Company's ability to fund continuing growth, and the Company's ability to continue as a going concern. A reconciliation of operating cash flows to EBITDA and Adjusted EBITDA is included below (millions).

25 Appendix – Accrual Capex Reconciliation