Universal Health Services, Inc. Reports 2016 Fourth Quarter And Full Year Earnings And 2017 Guidance

During the twelve months ended December 31, 2016, at our acute care hospitals on a same facility basis, adjusted admissions increased 5.2% and adjusted patient days increased 3.3%, as compared to the 2015 full year. Net revenues from our acute care services increased 9.4% during the twelve months ended December 31, 2016 as compared to the 2015 full year. At these facilities, net revenue per adjusted admission increased 2.5% while net revenue per adjusted patient day increased 4.5% during the 2016 full year as compared to 2015. On a same facility basis, the operating margin generated from our acute care services was 17.5% during the full year of 2016 as compared to 18.1% during the 2015 full year.

We provide care to patients who meet certain financial or economic criteria without charge or at amounts substantially less than our established rates. Because we do not pursue collection of amounts determined to qualify as charity care, they are not reported in net revenues or in accounts receivable, net. Our acute care hospitals provided charity care and uninsured discounts, based on gross charges, amounting to approximately $399 million and $332 million during the three-month periods ended December 31, 2016 and 2015, respectively, and approximately $1.45 billion and $1.20 billion during the twelve-month periods ended December 31, 2016 and 2015, respectively. The provision for doubtful accounts at our acute care hospitals amounted to approximately $136 million and $172 million during the three-month periods ended December 31, 2016 and 2015, respectively, and approximately $628 million and $631 million during the twelve-month periods ended December 31, 2016 and 2015, respectively.                    

Behavioral Health Care Services – Three and twelve-month periods ended December 31, 2016 and 2015:

During the fourth quarter of 2016, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 2.1% while adjusted patient days increased 1.4% as compared to the fourth quarter of 2015. At these facilities, net revenue per adjusted admission decreased 0.1% while net revenue per adjusted patient day increased 0.5% during the fourth quarter of 2016 as compared to the comparable quarter in 2015. On a same facility basis, our behavioral health care services' net revenues increased 2.2% during the fourth quarter of 2016, as compared to the fourth quarter of 2015, and the operating margins were 26.0% and 26.8% during the fourth quarters of 2016 and 2015, respectively.   

During the twelve months ended December 31, 2016, at our behavioral health care facilities on a same facility basis, adjusted admissions increased 1.0% while adjusted patient days increased 0.9% as compared to the 2015 full year. At these facilities, net revenue per adjusted admission increased 1.4% while net revenue per adjusted patient day increased 1.5% during the full year of 2016 as compared to 2015. On a same facility basis, our behavioral health care services' net revenues increased 2.6% during the twelve months ended December 31, 2016, as compared to the 2015 full year, and the operating margins were 27.0% and 27.8% during the full years of 2016 and 2015, respectively.  

2017 Full Year Guidance Range:

Reflected below is our 2017 guidance range for consolidated net revenues, adjusted earnings before interest, taxes, depreciation & amortization ("EBITDA"), adjusted earnings per diluted share ("EPS-diluted") and capital expenditures.  EBITDA, adjusted EBITDA and adjusted EPS-diluted are non-GAAP financial measures and should be examined in connection with net income determined in accordance with GAAP as presented in the consolidated financial statements and notes thereto in this report or in our filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2016. Please see the Supplemental Non-GAAP Disclosures - 2017 Operating Results Forecast schedule as included herein for additional information and a reconciliation to the financial forecasts as computed in accordance with GAAP. 

Our 2017 guidance contains a number of assumptions, including, but not limited to:

• This guidance excludes the impact of future items, if applicable, that are nonrecurring or non-operational in nature including items such as, but not limited to, the impact of gains/losses on sales of assets and businesses, costs related to extinguishment of debt, reserves for settlements, legal judgments and lawsuits, impairments of long-lived assets, impact of share repurchases and other material amounts that may be reflected in our financial statements that relate to prior periods. It is also subject to certain conditions including those as set forth below in General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures.
• Our net revenues are estimated to be approximately $10.620 billion to $10.760 billion representing an increase of approximately 9% to 10% over our 2016 net revenues of approximately $9.766 billion.
• This adjusted EPS-diluted guidance range represents an increase of approximately 5% to 12% over the adjusted net income attributable to UHS of $7.32 per diluted share for the year ended December 31, 2016, as calculated on the attached Supplemental Schedule.
• This adjusted EPS-diluted guidance range excludes the expected 2017 unfavorable impact of $.15 per diluted share resulting from the implementation of electronic health records ("EHR") applications at our acute care hospitals, consisting of the depreciation and amortization expense incurred on the purchase and implementation costs.
• This guidance range excludes the impact on our provision for income taxes and net income attributable to UHS resulting from of our January 1, 2017 adoption of ASU 2016-09, "Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting", as discussed below.

Effective January 1, 2017, we adopted ASU 2016-09, "Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting", which amends the accounting for employee share-based payment transactions to require recognition of the tax effects resulting from the settlement of stock-based awards as income tax expense or benefit in the income statement in the reporting period in which they occur.  Since the impact of ASU 2016-09 on our future financial statements is dependent upon the timing of stock option exercises, and the market price of our stock at the time of exercise, we are unable to estimate the impact this adoption will have on our 2017 provision for income taxes and net income attributable to UHS.  This reporting change is applied prospectively and prior period amounts will not be restated. 

Share Repurchase Program:

In February of 2016, our Board of Directors authorized a $400 million increase to our stock repurchase program, which increased the aggregate authorization to $800 million from the previous $400 million authorization approved during the third quarter of 2014.  Pursuant to this program, we may purchase shares of our Class B Common Stock, from time to time as conditions allow, on the open market or in negotiated private transactions. 

In conjunction with this program, during the fourth quarter of 2016, we have repurchased 475,000 shares at an aggregate cost of $51.8 million (approximately $109 per share).  During the twelve months ended December 31, 2016, we have repurchased approximately 2.5 million shares at an aggregate cost of $289.9 million (approximately $115 per share). Since inception of the program through December 31, 2016, we have repurchased approximately 4.39 million shares at an aggregate cost of approximately $514.1 million (approximately $117 per share). 

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on March 1, 2017. The dial-in number is 1-877-648-7971. 

A live broadcast of the conference call will be available on our website at www.uhsinc.com.  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:

Universal Health Services, Inc. ("UHS") is one of the nation's largest hospital companies operating through its subsidiaries acute care hospitals, behavioral health facilities and ambulatory centers located throughout the United States, the United Kingdom, Puerto Rico and the U.S. Virgin Islands.  It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT).  For additional information on the Company, visit our web site: http://www.uhsinc.com.

This press release contains forward-looking statements based on current management expectations.  Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7-Forward-Looking Statements and Risk Factors in our Form 10-K for the year ended December 31, 2016), may cause the results to differ materially from those anticipated in the forward-looking statements.  Many of the factors that will determine our future results are beyond our capability to control or predict. 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.

We believe that operating income, operating margin, adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA and adjusted EBITDA, 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 in each year of material items related to the implementation of EHR applications at our acute care hospitals and other items that are nonrecurring or non-operational in nature including, but not limited to, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, reserves for settlements, legal judgments and lawsuits, impairments of long-lived assets, the impact on our provision for income taxes and net income attributable to UHS resulting from our adoption of ASU 2016-09, and other material 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, determined in accordance with GAAP, 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, 2016. 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				Twelve months
	ended December 31,				ended December 31,
	2016		2015		2016		2015
Net revenues before provision for doubtful accounts	$2,638,436		$2,512,872		$10,507,788		$9,784,724
Less: Provision for doubtful accounts	162,751		197,633		741,578		741,273
Net revenues	2,475,685		2,315,239		9,766,210		9,043,451
Operating charges:
Salaries, wages and benefits	1,156,729		1,079,394		4,585,530		4,212,387
Other operating expenses	614,490		548,745		2,359,339		2,119,805
Supplies expense	263,872		252,109		1,031,337		974,088
Depreciation and amortization	107,436		102,921		416,608		398,618
Lease and rental expense	24,267		24,342		97,324		94,973
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