uhs-ex991

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended September 30, 2021 and 2020:

KING OF PRUSSIA, PA – Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $218.4 million, or $2.60 per diluted share, during the third quarter of 2021, as compared to $241.3 million, or $2.82 per diluted share, during the third quarter of 2020. Net revenues increased 8.4% to $3.156 billion during the third quarter of 2021 as compared to $2.913 billion during the third quarter of 2020.

As reflected on the Schedule of Non-GAAP Supplemental Information (“Supplemental Schedule”), our adjusted net income attributable to UHS during the third quarter of 2021 was $224.1 million, or $2.67 per diluted share, as compared to $246.5 million, or $2.88 per diluted share, during the third quarter of 2020.

Included in our reported and adjusted net income attributable to UHS during the third quarter of last year were the following: (i) a favorable impact of approximately $21.4 million, or $0.25 per diluted share, resulting from $28 million of net revenues recorded in connection with the California Medicaid supplemental payment program related to our acute care hospitals (approximately $11 million of these supplemental revenues were attributable to the first nine months of 2020 and $17 million were attributable to prior years), and; (ii) an unfavorable impact of approximately $4.7 million, or $0.06 per diluted share, resulting from a reversal of approximately $5 million of previously recognized grant income revenues recorded in connection with various governmental stimulus programs, most notably the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).

As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2021, was a net aggregate unfavorable after-tax impact of $5.8 million, or $.07 per diluted share, consisting primarily of the following: (i) an after-tax charge of $12.9 million, or $.15 per diluted share, ($16.8 million pre-tax which is included in “Other (income) expense, net”) recorded in connection with costs related to extinguishment of debt, as discussed below in Liquidity and Financing Transactions, partially offset by; (ii) an after-tax unrealized gain of $6.8 million, or $.08 per diluted share, ($8.9 million pre-tax which is included in “Other (income) expense, net”), resulting from an increase in the market value of shares of certain equity securities.

As reflected on the Supplemental Schedule, included in our reported results during the third quarter of 2020, was a net aggregate unfavorable after-tax impact of $5.2 million, or $.06 per diluted share, consisting of the following: (i) an after-tax unrealized loss of $2.1 million, or $.02 per diluted share, ($2.7 million pre-tax which is included in “Other (income) expense, net”), resulting from a decrease in the market value of shares of certain equity securities, and; (ii) an unfavorable after-tax impact of $3.1 million, or $.04 per diluted share, resulting from ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”).

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 $441.5 million during the third quarter of 2021, as compared to $471.0 million during the third quarter of 2020. Our adjusted earnings before interest, taxes, depreciation & amortization (“Adjusted EBITDA net of NCI”), which excludes the impact of other (income) expense, net, was $448.2 million during the third quarter of 2021 as compared to $472.8 million during the third quarter of 2020.

Consolidated Results of Operations, As Reported and As Adjusted – Nine-month periods ended September 30, 2021 and 2020:

Reported net income attributable to UHS was $752.5 million, or $8.83 per diluted share, during the nine-month period ended September 30, 2021, as compared to $635.2 million, or $7.40 per diluted share, during the first nine months of 2020. Net revenues increased 10.6% to $9.367 billion during the first nine months of 2021 as compared to $8.472 billion during the comparable period of 2020.

As reflected on the Supplemental Schedule, our adjusted net income attributable to UHS during the nine-month period ended September 30, 2021 was $756.6 million, or $8.88 per diluted share, as compared to $646.9 million, or $7.53 per diluted share, during the first nine months of 2020.

Included in our reported and adjusted net income attributable to UHS during the nine-month period ended September 30, 2021, the substantial majority of which was previously disclosed and recorded during the second quarter of 2021, was a net favorable after-tax impact of approximately $31.2 million, or $.37 per diluted share, consisting of:

Our reported and adjusted net income attributable to UHS during the nine-month period ended September 30, 2020 included the following: (i) a favorable impact of $157.2 million, or $1.84 per diluted share, resulting from the recording of approximately $213 million of grant income revenues recorded in connection

with various governmental stimulus programs, most notably the CARES Act, and; (ii) a favorable impact of $21.4 million, or $0.25 per diluted share, resulting from the above-mentioned $28 million of net revenues recorded during the third quarter of 2020 in connection with the California Medicaid supplemental payment program.

As reflected on the Supplemental Schedule, included in our reported results during the nine-month period ended September 30, 2021, was a net aggregate unfavorable after-tax impact of $4.1 million, or $.05 per diluted share, consisting of the following: (i) an after-tax charge of $12.9 million, or $.15 per diluted share, ($16.8 million pre-tax which is included in “Other (income) expense, net”) recorded in connection with costs related to extinguishment of debt, as discussed below in Liquidity and Financing Transactions; (ii) an after-tax unrealized gain of $6.3 million, or $.07 per diluted share, ($8.2 million pre-tax which is included in “Other (income) expense, net”) resulting from an increase in the market value of shares of certain equity securities, and; (iii) a favorable after-tax impact of $2.5 million, or $.03 per diluted share, resulting from ASU 2016-09.

As reflected on the Supplemental Schedule, included in our reported results during the nine-month period ended September 30, 2020, was a net aggregate unfavorable after-tax impact of $11.6 million, or $.13 per diluted share, consisting of the following: (i) an after-tax unrealized loss of $7.2 million, or $.08 per diluted share, ($9.4 million pre-tax which is included in “Other (income) expense, net”), resulting from a decrease in the market value of shares of certain equity securities, and; (ii) an unfavorable after-tax impact of $4.4 million, or $.05 per diluted share, resulting from ASU 2016-09.

As calculated on the attached Supplemental Schedule, our EBITDA net of NCI, was $1.450 billion during the nine-month period ended September 30, 2021, as compared to $1.303 billion during the first nine months of 2020. Our Adjusted EBITDA net of NCI, which excludes the impact of other (income) expense, net, was $1.448 billion during the nine-month period ended September 30, 2021, as compared to $1.311 billion during the first nine months of 2020.

Acute Care Services – Three and nine-month periods ended September 30, 2021 and 2020:

During the third quarter of 2021, at our acute care hospitals owned during both periods (“same facility basis”), adjusted admissions (adjusted for outpatient activity) increased 12.4% and adjusted patient days increased 10.9%, as compared to the third quarter of 2020. Patient volumes at our acute care hospitals during the third quarter of 2021 included a continuation of relatively robust non-COVID patient volumes as well as an increase in COVID-related patients as compared to volumes experienced during the second quarter of 2021.

At these facilities, excluding the governmental stimulus revenues of approximately $4 million recorded during the third quarter of 2020, net revenue per adjusted admission increased 1.3% while net revenue per adjusted patient day increased 2.7% during the third quarter of 2021, as compared to the third quarter of 2020. During the third quarter of 2021, as compared to the third quarter of 2020, net revenues generated from our acute care services on a same facility basis increased 13.1% including the governmental stimulus revenues recorded during the third quarter of 2020, and increased 13.4% excluding the governmental stimulus revenues recorded during the third quarter of 2020.

During the nine-month period ended September 30, 2021, at our acute care hospitals on a same facility basis, adjusted admissions increased 7.3% and adjusted patient days increased 9.9%, as compared to the first nine months of 2020. At these facilities, excluding the governmental stimulus revenues of approximately $161 million recorded during the first nine months of 2020, net revenue per adjusted admission increased 10.4% while net revenue per adjusted patient day increased 7.8% during the first nine months of 2021, as compared to the comparable period of 2020. During the first nine months of 2021, as compared to the comparable period of 2020, net revenues generated from our acute care services on a same facility basis increased 14.4% including

the governmental stimulus revenues recorded during the first nine months of 2020, and increased 18.6% excluding the governmental stimulus revenues recorded during the first nine months of 2020.

Behavioral Health Care Services – Three and nine-month periods ended September 30, 2021 and 2020:

During the third quarter of 2021, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased 2.7% and adjusted patient days decreased 2.1%, as compared to the third quarter of 2020. During the third quarter of 2021, patient volumes at our behavioral health care hospitals were pressured by increased COVID-19 infections experienced in many of our markets, as well as clinical staffing shortages caused by the general unfavorable availability of workers in the U.S., as well as pandemic-related staffing challenges experienced at many of our facilities.

In addition, three of our behavioral health care facilities located in Louisiana and Pennsylvania were damaged and temporarily closed (either entirely or partially) as a result of Hurricane Ida in late August/early September of 2021. One of these facilities was fully re-opened by the end of September while the other two are expected to be fully re-opened by late October/mid-November. As mentioned above, we estimate that our pre-tax financial results for the three and nine month periods ended September 30, 2021 were unfavorably impacted by approximately $10 million as a result of the damage sustained from Hurricane Ida.

At these facilities, excluding the governmental stimulus revenue reversal of approximately $9 million recorded during the third quarter of 2020, net revenue per adjusted admission increased 4.2% while net revenue per adjusted patient day increased 3.6% during the third quarter of 2021, as compared to the third quarter of 2020. During the third quarter of 2021, as compared to the third quarter of 2020, net revenues generated from our behavioral health care services on a same facility basis increased 2.0% including the governmental stimulus revenue reversal recorded during the third quarter of 2020, and increased 1.3% excluding the governmental stimulus revenue reversal recorded during the third quarter of 2020.

During the nine-month period ended September 30, 2021, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 1.6% and adjusted patient days increased 0.3%, as compared to the first nine months of 2020. At these facilities, excluding the governmental stimulus revenues of approximately $52 million recorded during the first nine months of 2020, net revenue per adjusted admission increased 4.7% while net revenue per adjusted patient day increased 6.0% during the first nine months of 2021, as compared to the comparable period of 2020. During the first nine months of 2021, as compared to the comparable period of 2020, net revenues generated from our behavioral health care services on a same facility basis increased 5.4% including the governmental stimulus revenues recorded during the first nine months of 2020, and increased 6.9% excluding the governmental stimulus revenues recorded during the first nine months of 2020.

The impact of the COVID-19 pandemic, which began during the second half of March, 2020, has had a material effect on our operations and financial results since that time. The COVID-19 vaccination process commenced during the first quarter of 2021. Since that time, through the second quarter of 2021, we had generally experienced a decline in COVID-19 patients as well as a corresponding recovery in non-COVID-19 patient activity. However, during the third quarter of 2021, our facilities generally experienced an increase in COVID-19 patients resulting primarily from the Delta variant. Since the future volumes and severity of COVID-19 patients remain highly uncertain and subject to change, including potential increases in future COVID-19 patient volumes caused by new variants of the virus, as well as related pressures on staffing and wage rates, we are not able to fully quantify the impact that these factors will have on our future financial results. However, developments related to the COVID-19 pandemic could materially affect our financial performance during the remainder of 2021 and into 2022.

Net Cash Provided by Operating Activities and Liquidity and Financing Transactions:

For the nine months ended September 30, 2021, our net cash provided by operating activities was $562 million as compared to $2.218 billion during the first nine months of 2020. The $1.656 billion net decrease in our cash provided by operating activities during the first nine months of 2021, as compared to the first nine months of 2020, was due to: (i) an unfavorable change of $1.576 billion resulting primarily from the $695 million of Medicare accelerated payments repaid during the first quarter of 2021, as compared to a favorable change of $878 million experienced during the first nine months of 2020 resulting from receipt of the Medicare accelerated payments and other deferred governmental stimulus grants; (ii) a favorable change of $153 million resulting from an increase in net income plus depreciation and amortization expense, stock-based compensation expense, gain/loss on sales of assets and businesses, costs related to extinguishment of debt and provision for asset impairment; (iii) an unfavorable change of $111 million due to the first nine months of 2020 including the favorable impact of the payment deferral of the employer’s share of Social Security taxes, as provided for by the CARES Act; (iv) an unfavorable change of $75 million in accounts receivable; (v) an unfavorable change of $51 million in accrued and deferred income taxes, and; (vi) $4 million of other combined net favorable changes.

During the third quarter of 2021, we completed the following previously announced financing transactions:

In connection with the various financing transactions mentioned above, our results of operations for the three and nine-month periods ended September 30, 2021, include a $16.8 million pre-tax charge incurred for costs related to the extinguishment of debt. This pre-tax charge consisted of the following: (i) $6.8 million

incurred to write-off unamortized deferred charges on the extinguished debt, and; (ii) a $10 million make-whole premium paid on the early redemption of the $400 million, 5.00% senior secured notes.

As of September 30, 2021, we had approximately $190 million of cash and cash equivalents.

As of September 30, 2021, we had an aggregate stock repurchase authorization of $3.7 billion which was approved by our Board of Directors in various increments since 2014, including a previously announced $1.0 billion increase authorized on July 26, 2021. Pursuant to the terms of this program, which had an aggregate available repurchase authorization of $790.5 million as of September 30, 2021, 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.

In conjunction with our stock repurchase programs, during the three-month period ended September 30, 2021, we have repurchased approximately 2.78 million shares at an aggregate cost of $419.1 million (approximately $151 per share). Since inception of the program in 2014 through September 30, 2021, we have repurchased approximately 23.0 million shares at an aggregate cost of approximately $2.91 billion (approximately $126 per share).

As previously disclosed, in early 2021, the Centers for Medicare and Medicaid Services (“CMS”) approved the Kentucky Medicaid Managed Care Hospital Rate Increase Program (“HRIP”) for state fiscal year (”SFY”) 2021, which covered the period of July 1, 2020 through June 30, 2021. This program change increased our reimbursement for SFY 2021 by an aggregate of approximately $62 million, of which $55 million and $7 million were recorded by us during the second and third quarters of 2021, respectively.

Programs such as HRIP require an annual state submission and approval by CMS. In May, 2021, Kentucky submitted a request to CMS in order to continue the HRIP program for SFY 2022 with a similar payment methodology and payment level as the SFY 2021 program. Although we believe the CMS approval process is in progress, we are unable to predict if CMS will ultimately approve the HRIP for SFY 2022, and if approved, if the rates will be generally comparable to the SFY 2021 HRIP rates.

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on October 26, 2021. The dial-in number is 1-877-648-7971.

A live broadcast of the conference call will be available on our website at www.uhs.com. Also, a replay of the call will be available following the conclusion of the live call and will be available for one full year.

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. has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues were approximately $11.6 billion during 2020. In 2021, UHS was again recognized as one of the World’s Most Admired Companies by Fortune; ranked #270 on the Fortune 500; and ranked #307 on Forbes’ list of America’s Largest Public Companies.

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 89,000 employees and through its subsidiaries operates 27 acute care hospitals, 333 behavioral health facilities, 40 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 38 U.S. states, Washington, D.C., Puerto Rico and the United Kingdom. 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 the anticipated impact of COVID-19 on our operations and financial results, 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 in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2020 and in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended June 30, 2021), 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 the impact of the COVID-19 pandemic. Our future operations and financial results will likely be materially impacted by developments related to COVID-19 including, but not limited to, the potential impact on future COVID-19 patient volumes resulting from new variants of the virus, the length of time and severity of the spread of the pandemic; the volume of cancelled or rescheduled elective procedures and the volume of COVID-19 patients treated at our hospitals and other healthcare facilities; measures we are taking to respond to the COVID-19 pandemic; the impact of government and administrative regulation and stimulus on the hospital industry and potential retrospective adjustment in future periods of CARES Act and other grant income revenues recorded as revenues in prior periods; declining patient volumes and unfavorable changes in payer mix caused by deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients as the result of business closings and layoffs); potential disruptions to our clinical staffing and shortages and disruptions related to supplies required for our employees and patients; and potential increases to expenses related to staffing, supply chain or other expenditures; the impact of our substantial indebtedness and the ability to refinance such indebtedness on acceptable terms, as well as risks associated with disruptions in the financial markets and the business of financial institutions as the result of the COVID-19 pandemic which could impact us from a financing perspective; and changes in general economic conditions nationally and regionally in our markets resulting from the COVID-19 pandemic. We are not able to fully quantify the impact that these factors will have on our future financial results, but developments related to the COVID-19 pandemic could materially affect our financial performance during the remainder of 2021 and into 2022.

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, the impact of ASU 2016-09, unrealized gains/losses resulting from changes in the market value of shares of certain equity securities, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of 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, 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, 2020, and our Report on Form 10-Q for the quarter ended June 30, 2021. 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				Nine months
	ended September 30,				ended September 30,
	2021		2020		2021			2020
Net revenues	$	3,155,999		2,912,541	$	9,366,866			8,471,962

Operating charges:
Salaries, wages and benefits		1,556,448		1,406,348		4,542,156			4,147,027
Other operating expenses		754,072		666,665		2,233,590			1,982,202
Supplies expense		367,834		335,409		1,052,977			936,808
Depreciation and amortization		134,462		125,961		399,850			376,563
Lease and rental expense		28,375		28,488		88,848			84,967
		2,841,191		2,562,871		8,317,421			7,527,567

Income from operations		314,808		349,670		1,049,445			944,395
Interest expense, net		21,199		24,575		64,455			86,399
Other (income) expense, net		6,719		1,831		(1,575	)		8,291
Income before income taxes		286,890		323,264		986,565			849,705
Provision for income taxes		67,515		79,172		232,844			204,649
Net income		219,375		244,092		753,721			645,056
Less: Net income attributable to noncontrolling interests		1,024		2,813		1,255			9,811
Net income attributable to UHS	$	218,351	$	241,279	$	752,466		$	635,245

Basic earnings per share attributable to UHS (a)	$	2.65	$	2.84	$	8.96		$	7.44

Diluted earnings per share attributable to UHS (a)	$	2.60	$	2.82	$	8.83		$	7.40

Universal Health Services, Inc.
Footnotes to Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)

	Three months						Nine months
	ended September 30,						ended September 30,
	2021			2020			2021			2020
(a) Earnings per share calculation:

Basic and diluted:
Net income attributable to UHS	$	218,351		$	241,279		$	752,466		$	635,245
Less: Net income attributable to unvested restricted share grants		(396	)		(790	)		(1,609	)		(1,987	)
Net income attributable to UHS - basic and diluted	$	217,955		$	240,489		$	750,857		$	633,258

Weighted average number of common shares - basic		82,262			84,672			83,756			85,172

Basic earnings per share attributable to UHS:	$	2.65		$	2.84		$	8.96		$	7.44

Weighted average number of common shares		82,262			84,672			83,756			85,172
Add: Other share equivalents		1,411			575			1,275			415
Weighted average number of common shares and equiv. - diluted		83,673			85,247			85,031			85,587

Diluted earnings per share attributable to UHS:	$	2.60		$	2.82		$	8.83		$	7.40

Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Three Months ended September 30, 2021 and 2020
(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
	September 30, 2021			revenues			September 30, 2020		revenues
Net income attributable to UHS	$	218,351					$	241,279
Depreciation and amortization		134,462						125,961
Interest expense, net		21,199						24,575
Provision for income taxes		67,515						79,172
EBITDA net of NCI	$	441,527			14.0	%	$	470,987		16.2	%

Other (income) expense, net		6,719						1,831
Adjusted EBITDA net of NCI	$	448,246			14.2	%	$	472,818		16.2	%

Net revenues	$	3,155,999					$	2,912,541

Calculation of Adjusted Net Income Attributable to UHS

	Three months ended						Three months ended
	September 30, 2021						September 30, 2020
				Per					Per
	Amount			Diluted Share			Amount		Diluted Share
Net income attributable to UHS	$	218,351		$	2.60		$	241,279	$	2.82
Plus/minus after-tax adjustments:
Unrealized gain (loss) on equity securities		(6,785	)		(0.08	)		2,066		0.02
Debt extinguishment costs		12,884			0.15			-		-
Impact of ASU 2016-09		(323	)		-			3,137		0.04
Subtotal adjustments		5,776			0.07			5,203		0.06
Adjusted net income attributable to UHS	$	224,127		$	2.67		$	246,482	$	2.88

Universal Health Services, Inc.
Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")
For the Nine Months ended September 30, 2021 and 2020
(in thousands, except per share amounts)
(unaudited)



Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/Adjusted EBITDA net of NCI")

	Nine months ended			% Net			Nine months ended		% Net
	September 30, 2021			revenues			September 30, 2020		revenues
Net income attributable to UHS	$	752,466					$	635,245
Depreciation and amortization		399,850						376,563
Interest expense, net		64,455						86,399
Provision for income taxes		232,844						204,649
EBITDA net of NCI	$	1,449,615			15.5	%	$	1,302,856		15.4	%

Other (income) expense, net		(1,575	)					8,291
Adjusted EBITDA net of NCI	$	1,448,040			15.5	%	$	1,311,147		15.5	%

Net revenues	$	9,366,866					$	8,471,962

Calculation of Adjusted Net Income Attributable to UHS

	Nine months ended						Nine months ended
	September 30, 2021						September 30, 2020
				Per					Per
	Amount			Diluted Share			Amount		Diluted Share
Net income attributable to UHS	$	752,466		$	8.83		$	635,245	$	7.40
Plus/minus after-tax adjustments:
Unrealized (gain) loss on equity securities		(6,255	)		(0.07	)		7,193		0.08
Debt extinguishment costs		12,884			0.15			-		-
Impact of ASU 2016-09		(2,522	)		(0.03	)		4,412		0.05
Subtotal adjustments		4,107			0.05			11,605		0.13
Adjusted net income attributable to UHS	$	756,573		$	8.88		$	646,850	$	7.53

Universal Health Services, Inc.
Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)

	Three months					Nine months
	ended September 30,					ended September 30,
	2021			2020		2021			2020
Net income	$	219,375		$	244,092	$	753,721		$	645,056
Other comprehensive income (loss):
Foreign currency translation adjustment		(9,121	)		14,245		(23,184	)		(18,280	)
Other comprehensive income (loss) before tax		(9,121	)		14,245		(23,184	)		(18,280	)
Income tax expense (benefit) related to items of other comprehensive income (loss)		109			302		(1,958	)		(908	)
Total other comprehensive income (loss), net of tax		(9,230	)		13,943		(21,226	)		(17,372	)

Comprehensive income		210,145			258,035		732,495			627,684
Less: Comprehensive income attributable to noncontrolling interests		1,024			2,813		1,255			9,811
Comprehensive income attributable to UHS	$	209,121		$	255,222	$	731,240		$	617,873

Universal Health Services, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

	September 30,			December 31,
	2021			2020
Assets
Current assets:
Cash and cash equivalents	$	189,743		$	1,224,490
Accounts receivable, net		1,764,214			1,728,928
Supplies		202,824			190,417
Other current assets		186,518			138,034
Total current assets		2,343,299			3,281,869

Property and equipment		10,515,812			9,885,888
Less: accumulated depreciation		(4,828,108	)		(4,512,764	)
		5,687,704			5,373,124
Other assets:
Goodwill		3,888,999			3,882,715
Deferred income taxes		48,591			22,689
Right of use assets-operating leases		309,387			336,513
Deferred charges		6,721			4,985
Other		562,152			574,984
Total Assets	$	12,846,853		$	13,476,879

Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt	$	44,961		$	331,998
Accounts payable and other liabilities		1,845,465			1,668,671
Medicare accelerated payments and deferred CARES Act and other grants		1,375			376,151
Operating lease liabilities		60,853			59,796
Federal and state taxes		16,163			44,423
Total current liabilities		1,968,817			2,481,039

Other noncurrent liabilities		545,282			458,549
Operating lease liabilities noncurrent		250,754			278,303
Medicare accelerated payments noncurrent		0			322,617
Long-term debt		3,709,316			3,524,253
Deferred income taxes		0			5,582

Redeemable noncontrolling interest		4,886			4,569

UHS common stockholders' equity		6,274,021			6,317,146
Noncontrolling interest		93,777			84,821
Total equity		6,367,798			6,401,967

Total Liabilities and Stockholders' Equity	$	12,846,853		$	13,476,879

Universal Health Services, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Nine months
	ended September 30,
	2021			2020
Cash Flows from Operating Activities:
Net income	$	753,721		$	645,056
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation & amortization		399,850			376,563
(Gain) loss on sale of assets and businesses		(4,803	)		2,124
Costs related to extinguishment of debt		16,831			1,365
Stock-based compensation expense		55,548			49,928
Provision for asset impairment		7,195			0
Changes in assets & liabilities, net of effects from acquisitions and dispositions:
Accounts receivable		(29,079	)		45,435
Accrued interest		3,714			(10,526	)
Accrued and deferred income taxes		(52,727	)		(2,095	)
Other working capital accounts		52,616			85,944
Medicare accelerated payments and deferred CARES Act and other grants		(697,393	)		878,480
Other assets and deferred charges		(34,038	)		1,271
Other		9,607			115,431
Accrued insurance expense, net of commercial premiums paid		140,702			113,571
Payments made in settlement of self-insurance claims		(60,069	)		(84,390	)
Net cash provided by operating activities		561,675			2,218,157
Cash Flows from Investing Activities:
Property and equipment additions		(666,025	)		(546,656	)
Proceeds received from sales of assets and businesses		21,143			7,851
Acquisition of businesses and property		(39,391	)		(52,009	)
Inflows from foreign exchange contracts that hedge our net U.K. investment		4,261			22,453
Increase in capital reserves of commercial insurance subsidiary		100			0
Costs incurred for purchase of information technology applications, net of refunds		20,202			(5,345	)
Investment in, and advances to, joint venture and other		0			(997	)
Net cash used in investing activities		(659,710	)		(574,703	)
Cash Flows from Financing Activities:
Repayments of long-term debt		(3,026,888	)		(1,173,590	)
Additional borrowings		2,912,374			803,197
Financing costs		(17,967	)		(8,256	)
Repurchase of common shares		(770,665	)		(200,098	)
Dividends paid		(50,284	)		(17,344	)
Issuance of common stock		10,108			9,288
Profit distributions to noncontrolling interests		(5,744	)		(15,175	)
Purchase of ownership interests by minority member		13,046			(548	)
Net cash used in financing activities		(936,020	)		(602,526	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(682	)		(706	)
(Decrease) increase in cash, cash equivalents and restricted cash		(1,034,737	)		1,040,222
Cash, cash equivalents and restricted cash, beginning of period		1,279,154			105,667
Cash, cash equivalents and restricted cash, end of period	$	244,417		$	1,145,889
Supplemental Disclosures of Cash Flow Information:
Interest paid	$	58,719		$	93,579
Income taxes paid, net of refunds	$	286,376		$	208,460
Noncash purchases of property and equipment	$	73,428		$	76,402

Universal Health Services, Inc.
Supplemental Statistical Information
(unaudited)

			% Change	% Change
Same Facility:			Quarter ended	9 months ended
			9/30/2021	9/30/2021
Acute Care Services
Revenues (a)			13.1%	14.4%
Revenues-excludes governmental stimulus revenues			13.4%	18.6%
Adjusted Admissions			12.4%	7.3%
Adjusted Patient Days			10.9%	9.9%
Revenue Per Adjusted Admission-excludes governmental stimulus revenues			1.3%	10.4%
Revenue Per Adjusted Patient Day-excludes governmental stimulus revenues			2.7%	7.8%

Behavioral Health Care Services
Revenues (b)			2.0%	5.4%
Revenues-excludes governmental stimulus revenues			1.3%	6.9%
Adjusted Admissions			-2.7%	1.6%
Adjusted Patient Days			-2.1%	0.3%
Revenue Per Adjusted Admission-excludes governmental stimulus revenues			4.2%	4.7%
Revenue Per Adjusted Patient Day-excludes governmental stimulus revenues			3.6%	6.0%

(a) Includes governmental stimulus program revenues of $4 million and $161 million recorded in the three and nine-month periods ended September 30, 2020, respectively.
(b) Includes the reversal of governmental stimulus program revenues of $9 million and governmental stimulus revenues of $52 million recorded in the three and nine-month periods ended September 30, 2020, respectively.

UHS Consolidated	Third Quarter Ended		Nine months ended
	9/30/2021	9/30/2020	9/30/2021	9/30/2020
Revenues	$3,155,999	$2,912,541	$9,366,866	$8,471,962
EBITDA net of NCI	$441,527	$470,987	$1,449,615	$1,302,856
EBITDA Margin net of NCI	14.0%	16.2%	15.5%	15.4%
Adjusted EBITDA net of NCI	$448,246	$472,818	$1,448,040	$1,311,147
Adjusted EBITDA Margin net of NCI	14.2%	16.2%	15.5%	15.5%

Cash Flow From Operations	$442,227	$766,788	$561,675	$2,218,157
Days Sales Outstanding	51	50	51	51
Capital Expenditures	$183,814	$192,046	$666,025	$546,656

Debt			$3,754,277	$3,609,177
UHS' Shareholders Equity			$6,274,021	$5,962,788
Debt / Total Capitalization			37.4%	37.7%
Debt / EBITDA net of NCI (1)			1.87	2.02
Debt / Adjusted EBITDA net of NCI (1)			1.88	2.03
Debt / Cash From Operations (1)			5.34	1.41
Net Debt / EBITDA net of NCI (1) (2)			1.81	1.40
Net Debt / Adjusted EBITDA net of NCI (1) (2)			1.82	1.41
Net Debt / Cash From Operations (1) (2)			5.16	0.98

(1) Latest 4 quarters
(2) Debt, net of approximately $122 million of short-term cash investments as of September 30, 2021 and $1.101 billion as of September 30, 2020.

Same Facility Basis - Acute Care Hospital Services

	Three months ended					Three months ended					Nine months ended					Nine months ended
	September 30, 2021					September 30, 2020					September 30, 2021					September 30, 2020
	Amount		% of Net Revenues			Amount		% of Net Revenues			Amount		% of Net Revenues			Amount		% of Net Revenues
Net revenues (a)	$	1,792,862		100.0	%	$	1,585,142		100.0	%	$	5,178,594		100.0	%		4,528,364		100.0	%
Operating charges:
Salaries, wages and benefits		755,216		42.1	%		660,610		41.7	%		2,153,046		41.6	%		1,909,216		42.2	%
Other operating expenses		410,960		22.9	%		366,754		23.1	%		1,216,277		23.5	%		1,086,669		24.0	%
Supplies expense		316,238		17.6	%		283,829		17.9	%		901,827		17.4	%		781,778		17.3	%
Depreciation and amortization		82,478		4.6	%		78,388		4.9	%		246,621		4.8	%		234,756		5.2	%
Lease and rental expense		17,505		1.0	%		17,641		1.1	%		55,663		1.1	%		50,224		1.1	%
Subtotal-operating expenses		1,582,397		88.3	%		1,407,222		88.8	%		4,573,434		88.3	%		4,062,643		89.7	%
Income from operations		210,465		11.7	%		177,920		11.2	%		605,160		11.7	%		465,721		10.3	%
Interest expense, net		255		0.0	%		205		0.0	%		749		0.0	%		1,339		0.0	%
Other (income) expense, net		436		0.0	%		-		-			436		0.0	%		-		-
Income before income taxes	$	209,774		11.7	%	$	177,715		11.2	%	$	603,975		11.7	%	$	464,382		10.3	%

All Acute Care Hospital Services

	Three months ended					Three months ended					Nine months ended					Nine months ended
	September 30, 2021					September 30, 2020					September 30, 2021					September 30, 2020
	Amount		% of Net Revenues			Amount		% of Net Revenues			Amount		% of Net Revenues			Amount		% of Net Revenues
Net revenues (a)	$	1,822,027		100.0	%	$	1,610,003		100.0	%	$	5,271,000		100.0	%		4,598,558		100.0	%
Operating charges:
Salaries, wages and benefits		757,962		41.6	%		660,694		41.0	%		2,157,060		40.9	%		1,909,415		41.5	%
Other operating expenses		436,475		24.0	%		391,642		24.3	%		1,305,544		24.8	%		1,156,909		25.2	%
Supplies expense		316,950		17.4	%		283,827		17.6	%		902,654		17.1	%		781,776		17.0	%
Depreciation and amortization		83,794		4.6	%		78,388		4.9	%		248,462		4.7	%		234,756		5.1	%
Lease and rental expense		17,518		1.0	%		17,641		1.1	%		55,676		1.1	%		50,224		1.1	%
Subtotal-operating expenses		1,612,699		88.5	%		1,432,192		89.0	%		4,669,396		88.6	%		4,133,080		89.9	%
Income from operations		209,328		11.5	%		177,811		11.0	%		601,604		11.4	%		465,478		10.1	%
Interest expense, net		255		0.0	%		205		0.0	%		749		0.0	%		1,339		0.0	%
Other (income) expense, net		436		0			-		-			436		0			-		-
Income before income taxes	$	208,637		11.5	%	$	177,606		11.0	%	$	600,419		11.4	%	$	464,139		10.1	%

(a) Includes governmental stimulus program revenues of $4 million and $161 million recorded in the three and nine-month periods ended September 30, 2020, respectively.

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 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, 2020 and Form 10-Q for the quarter ended June 30, 2021.

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.

Same Facility - Behavioral Health Care Services

	Three months ended					Three months ended					Nine months ended					Nine months ended
	September 30, 2021					September 30, 2020					September 30, 2021					September 30, 2020
	Amount		% of Net Revenues			Amount		% of Net Revenues			Amount		% of Net Revenues			Amount		% of Net Revenues
Net revenues (a)	$	1,302,468		100.0	%		1,276,568		100.0	%	$	4,004,066		100.0	%		3,797,579		100.0	%
Operating charges:
Salaries, wages and benefits		721,949		55.4	%		683,567		53.5	%		2,133,755		53.3	%		2,022,066		53.2	%
Other operating expenses		267,878		20.6	%		229,862		18.0	%		776,087		19.4	%		693,724		18.3	%
Supplies expense		51,337		3.9	%		51,806		4.1	%		151,435		3.8	%		153,761		4.0	%
Depreciation and amortization		45,798		3.5	%		43,919		3.4	%		136,926		3.4	%		129,877		3.4	%
Lease and rental expense		10,311		0.8	%		9,928		0.8	%		31,339		0.8	%		31,384		0.8	%
Subtotal-operating expenses		1,097,273		84.2	%		1,019,082		79.8	%		3,229,542		80.7	%		3,030,812		79.8	%
Income from operations		205,195		15.8	%		257,486		20.2	%		774,524		19.3	%		766,767		20.2	%
Interest expense, net		336		0.0	%		354		0.0	%		1,014		0.0	%		1,079		0.0	%
Other (income) expense, net		27		0.0	%		526		0.0	%		435		0.0	%		2,337		0.1	%
Income before income taxes	$	204,832		15.7	%	$	256,606		20.1	%	$	773,075		19.3	%	$	763,351		20.1	%

All Behavioral Health Care Services

	Three months ended					Three months ended					Nine months ended					Nine months ended
	September 30, 2021					September 30, 2020					September 30, 2021					September 30, 2020
	Amount		% of Net Revenues			Amount		% of Net Revenues			Amount		% of Net Revenues			Amount		% of Net Revenues
Net revenues (a)	$	1,328,293		100.0	%		1,299,591		100.0	%	$	4,075,127		100.0	%		3,864,823		100.0	%
Operating charges:
Salaries, wages and benefits		727,137		54.7	%		684,575		52.7	%		2,144,735		52.6	%		2,027,223		52.5	%
Other operating expenses		292,794		22.0	%		253,779		19.5	%		847,780		20.8	%		765,006		19.8	%
Supplies expense		51,712		3.9	%		51,858		4.0	%		152,273		3.7	%		153,861		4.0	%
Depreciation and amortization		47,205		3.6	%		45,154		3.5	%		140,870		3.5	%		134,081		3.5	%
Lease and rental expense		10,421		0.8	%		10,734		0.8	%		31,789		0.8	%		34,151		0.9	%
Subtotal-operating expenses		1,129,269		85.0	%		1,046,100		80.5	%		3,317,447		81.4	%		3,114,322		80.6	%
Income from operations		199,024		15.0	%		253,491		19.5	%		757,680		18.6	%		750,501		19.4	%
Interest expense, net		1,218		0.1	%		433		0.0	%		3,564		0.1	%		1,184		0.0	%
Other (income) expense, net		27		0.0	%		526		0.0	%		435		0.0	%		2,337		0.1	%
Income before income taxes	$	197,779		14.9	%	$	252,532		19.4	%	$	753,681		18.5	%	$	746,980		19.3	%

(a) Includes the reversal of governmental stimulus program revenues of $9 million and governmental stimulus revenues of $52 million recorded in the three and nine-month periods ended September 30, 2020, respectively.

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, lawsuits and reserves established in connection with the government's investigation of our behavioral health care facilities, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of 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 in the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2020 and Form 10-Q for the quarter ended June 30, 2021.

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 as well as the results of certain facilities that were closed or restructured during the past year.

Universal Health Services, Inc.
Selected Hospital Statistics
For the Three Months Ended
September 30, 2021 and 2020


AS REPORTED:
	ACUTE									BEHAVIORAL HEALTH
	09/30/21			09/30/20			% change			09/30/21			09/30/20			% change

Hospitals owned and leased		27			26			3.8	%		333			330			0.9	%
Average licensed beds		6,579			6,451			2.0	%		24,189			23,566			2.6	%
Average available beds		6,407			6,279			2.0	%		24,084			23,464			2.6	%
Patient days		416,422			383,958			8.5	%		1,537,206			1,563,259			-1.7	%
Average daily census		4,526.3			4,173.5			8.5	%		16,708.8			16,991.9			-1.7	%
Occupancy-licensed beds		68.8	%		64.7	%		6.3	%		69.1	%		72.1	%		-4.2	%
Occupancy-available beds		70.6	%		66.5	%		6.2	%		69.4	%		72.4	%		-4.2	%
Admissions		78,799			71,682			9.9	%		113,448			115,569			-1.8	%
Length of stay		5.3			5.4			-2.1	%		13.4			13.5			-0.7	%

Inpatient revenue	$	9,497,975		$	8,137,264			16.7	%	$	2,470,401		$	2,487,568			-0.7	%
Outpatient revenue		5,343,246			4,128,549			29.4	%		242,976			243,600			-0.3	%
Total patient revenue		14,841,221			12,265,813			21.0	%		2,713,377			2,731,168			-0.7	%
Other revenue		173,063			127,396			35.8	%		56,337			53,105			6.1	%
Gross hospital revenue		15,014,284			12,393,209			21.1	%		2,769,714			2,784,273			-0.5	%
Total deductions		13,192,257			10,783,206			22.3	%		1,441,421			1,484,682			-2.9	%
Net hospital revenue	$	1,822,027		$	1,610,003			13.2	%	$	1,328,293		$	1,299,591			2.2	%

SAME FACILITY:
	ACUTE									BEHAVIORAL HEALTH
	09/30/21			09/30/20			% change			09/30/21			09/30/20			% change

Hospitals owned and leased		26			26			0.0	%		330			330			0.0	%
Average licensed beds		6,557			6,451			1.6	%		23,759			23,440			1.4	%
Average available beds		6,385			6,279			1.7	%		23,654			23,338			1.4	%
Patient days		416,026			383,958			8.4	%		1,522,738			1,556,152			-2.1	%
Average daily census		4,522.0			4,173.5			8.4	%		16,551.5			16,914.7			-2.1	%
Occupancy-licensed beds		69.0	%		64.7	%		6.6	%		69.7	%		72.2	%		-3.5	%
Occupancy-available beds		70.8	%		66.5	%		6.6	%		70.0	%		72.5	%		-3.5	%
Admissions		78,764			71,682			9.9	%		111,692			114,902			-2.8	%
Length of stay		5.3			5.4			-1.4	%		13.6			13.5			0.7	%

Universal Health Services, Inc.
Selected Hospital Statistics
For the Nine Months Ended
September 30, 2021 and 2020


AS REPORTED:
	ACUTE									BEHAVIORAL HEALTH
	09/30/21			09/30/20			% change			09/30/21			09/30/20			% change

Hospitals owned and leased		27			26			3.8	%		333			330			0.9	%
Average licensed beds		6,534			6,451			1.3	%		24,121			23,591			2.2	%
Average available beds		6,362			6,279			1.3	%		24,018			23,488			2.3	%
Patient days		1,171,141			1,071,830			9.3	%		4,636,270			4,620,471			0.3	%
Average daily census		4,289.9			3,911.8			9.7	%		16,982.7			16,863.0			0.7	%
Occupancy-licensed beds		65.7	%		60.6	%		8.3	%		70.4	%		71.5	%		-1.5	%
Occupancy-available beds		67.4	%		62.3	%		8.2	%		70.7	%		71.8	%		-1.5	%
Admissions		227,944			213,658			6.7	%		345,874			339,356			1.9	%
Length of stay		5.1			5.0			2.8	%		13.4			13.6			-1.4	%

Inpatient revenue	$	27,279,494		$	22,695,513			20.2	%	$	7,471,742		$	7,298,466			2.4	%
Outpatient revenue		15,281,854			12,204,970			25.2	%		756,068			719,513			5.1	%
Total patient revenue		42,561,348			34,900,483			22.0	%		8,227,810			8,017,979			2.6	%
Other revenue		484,227			513,423			-5.7	%		189,474			223,212			-15.1	%
Gross hospital revenue		43,045,575			35,413,906			21.5	%		8,417,284			8,241,191			2.1	%
Total deductions		37,774,575			30,815,348			22.6	%		4,342,157			4,376,368			-0.8	%
Net hospital revenue	$	5,271,000		$	4,598,558			14.6	%	$	4,075,127		$	3,864,823			5.4	%

SAME FACILITY:
	ACUTE									BEHAVIORAL HEALTH
	09/30/21			09/30/20			% change			09/30/21			09/30/20			% change

Hospitals owned and leased		26			26			0.0	%		330			330			0.0	%
Average licensed beds		6,528			6,451			1.2	%		23,726			23,416			1.3	%
Average available beds		6,356			6,279			1.2	%		23,623			23,313			1.3	%
Patient days		1,170,733			1,071,830			9.2	%		4,601,879			4,597,028			0.1	%
Average daily census		4,288.4			3,911.8			9.6	%		16,856.7			16,777.5			0.5	%
Occupancy-licensed beds		65.7	%		60.6	%		8.3	%		71.0	%		71.6	%		-0.8	%
Occupancy-available beds		67.5	%		62.3	%		8.3	%		71.4	%		72.0	%		-0.8	%
Admissions		227,909			213,658			6.7	%		341,812			337,210			1.4	%
Length of stay		5.1			5.0			2.4	%		13.5			13.6			-1.2	%


CONTACT:	Steve Filton
	Chief Financial Officer
	610-768-3300