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HCA Healthcare Reports Second Quarter 2022 Results

HCA Healthcare, Inc. (NYSE: HCA) today announced financial and operating results for the second quarter ended June 30, 2022.

Key second quarter metrics (all percentage changes compare 2Q 2022 to 2Q 2021 unless otherwise noted):

  • Revenues totaled $14.820 billion
  • Net income attributable to HCA Healthcare, Inc. totaled $1.155 billion, or $3.90 per diluted share
  • Adjusted EBITDA totaled $3.042 billion
  • Cash flows from operating activities totaled $1.630 billion
  • Same facility admissions declined 1.2 percent and same facility equivalent admissions increased 0.5 percent

“Many aspects of our business were positive considering the challenges we faced with the labor market and other inflationary pressures on costs,” said Sam Hazen, Chief Executive Officer of HCA Healthcare. “Our teams executed well as they have in the past through other difficult environments. Again, I want to thank them for their dedication and excellent work.”

Revenues in the second quarter of 2022 increased to $14.820 billion, compared to $14.435 billion in the second quarter of 2021. Net income attributable to HCA Healthcare, Inc. totaled $1.155 billion, or $3.90 per diluted share, compared to $1.450 billion, or $4.36 per diluted share, in the second quarter of 2021. The second quarter of 2022 results include losses on sales of facilities of $32 million, or $0.11 per diluted share, and losses on retirement of debt of $78 million, or $0.20 per diluted share. The second quarter of 2021 results included gains on sales of facilities of $8 million, or $0.02 per diluted share, and losses on retirement of debt of $12 million, or $0.03 per diluted share.

For the second quarter of 2022, Adjusted EBITDA totaled $3.042 billion, compared to $3.219 billion in the second quarter of 2021. Adjusted EBITDA is a non-GAAP financial measure. A table providing supplemental information on Adjusted EBITDA and reconciling net income attributable to HCA Healthcare, Inc. to Adjusted EBITDA is included in this release.

Same facility admissions declined 1.2 percent and same facility equivalent admissions increased 0.5 percent in the second quarter of 2022, compared to the prior year period. Same facility emergency room visits increased 7.3 percent in the second quarter of 2022, compared to the prior year period. Same facility inpatient surgeries declined 2.3 percent while same facility outpatient surgeries declined 1.4 percent in the second quarter of 2022, compared to the same period of 2021. Same facility revenue per equivalent admission increased 3.5 percent in the second quarter of 2022, compared to the second quarter of 2021.

Six Months Ended June 30, 2022

Revenues for the six months ended June 30, 2022 totaled $29.765 billion, compared to $28.412 billion in the same period of 2021. Net income attributable to HCA Healthcare, Inc. was $2.428 billion, or $8.05 per diluted share, compared to $2.873 billion, or $8.50 per diluted share, for the first six months of 2021. Results for the six months ended June 30, 2022 include losses on sales of facilities of $22 million, or $0.08 per diluted share, and losses on retirement of debt of $78 million, or $0.20 per diluted share. Results for the six months ended June 30, 2021 included gains on sales of facilities of $10 million, or $0.02 per diluted share, and losses on retirement of debt of $12 million, or $0.03 per diluted share.

Balance Sheet and Cash Flows from Operations

As of June 30, 2022, HCA Healthcare, Inc.’s balance sheet reflected cash and cash equivalents of $858 million, total debt of $38.903 billion, and total assets of $51.584 billion. During the second quarter of 2022, capital expenditures totaled $1.080 billion, excluding acquisitions. Cash flows provided by operating activities in the second quarter totaled $1.630 billion, compared to $2.251 billion in the second quarter of 2021.

During the second quarter of 2022, the Company repurchased 12.230 million shares of its common stock at a cost of $2.682 billion. The Company had $3.803 billion remaining under its repurchase authorization as of June 30, 2022. As of June 30, 2022, the Company had $2.725 billion of availability under its credit facilities.

Dividend

HCA today announced that its Board of Directors declared a quarterly cash dividend of $0.56 per share on the Company’s common stock. The dividend will be paid on September 30, 2022 to stockholders of record at the close of business on September 16, 2022.

The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition and results of operations and contractual restrictions. Future dividends are expected to be funded by cash balances and future cash flows from operations.

Earnings Conference Call

HCA Healthcare will host a conference call for investors at 8:00 a.m. Central Daylight Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company’s Investor Relations web page at https://investor.hcahealthcare.com/events-and-presentations/default.aspx.

About the Company

As of June 30, 2022, HCA operated 182 hospitals and approximately 2,300 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 20 states and the United Kingdom.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include statements that do not relate solely to historical or current facts. Forward-looking statements can be identified by the use of words like “may,” “believe,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or “continue.” These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) developments related to COVID-19, including, without limitation, the length and severity of its impact and the spread of virus strains with new epidemiological characteristics; the volume of canceled or rescheduled procedures and the volume and acuity of COVID-19 patients cared for across our health systems; measures we are taking to respond to COVID-19; the impact and terms of government and administrative regulation and stimulus and relief measures (including the Families First Coronavirus Response Act, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, the Paycheck Protection Program and Health Care Enhancement Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021 (“ARPA”) and other enacted and potential future legislation) and whether various stimulus and relief programs continue or new similar programs are enacted in the future; changes in revenues due to declining patient volumes, changes in payer mix and deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients); potential increased expenses related to labor, supply chain or other expenditures; workforce disruptions, including the impact of any current or future vaccine mandates; supply shortages and disruptions; and the timing, availability and adoption of effective medical treatments and vaccines (including boosters), (2) the impact of our substantial indebtedness and the ability to refinance such indebtedness on acceptable terms, (3) the impact of current and future federal and state health reform initiatives and possible changes to other federal, state or local laws and regulations affecting the health care industry, including but not limited to, the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (collectively, the “Affordable Care Act”), and the effects of additional changes to the Affordable Care Act, its implementation, or interpretation (including through executive orders and court challenges), and proposals to expand coverage of federally-funded insurance programs as an alternative to private insurance or establish a single-payer system (such reforms often referred to as “Medicare for All”), and also including any such laws or governmental regulations which are adopted in response to COVID-19, (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions and those required under the Pay-As-You-Go Act of 2010 (“PAYGO Act”) as a result of the federal budget deficit impact of the ARPA, and the potential for future deficit reduction legislation that may alter these spending reductions, which include cuts to Medicare payments, or create additional spending reductions, (5) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (6) the ability to achieve operating and financial targets, and attain expected levels of patient volumes and control the costs of providing services, (7) possible changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs or Medicaid waiver programs, that may impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (8) increases in wages and the ability to attract and retain qualified management and personnel, including affiliated physicians, nurses and medical and technical support personnel, (9) the highly competitive nature of the health care business, (10) changes in service mix, revenue mix and surgical volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (11) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (12) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (13) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (14) changes in accounting practices, (15) changes in general economic conditions nationally and regionally in our markets, including inflation and economic and business conditions (and the impact thereof on the economy and financial markets) resulting from COVID-19 or other factors, (16) the emergence of and effects related to pandemics, epidemics and infectious diseases, (17) future divestitures which may result in charges and possible impairments of long-lived assets, (18) changes in business strategy or development plans, (19) delays in receiving payments for services provided, (20) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (21) potential adverse impact of known and unknown government investigations, litigation and other claims that may be made against us, (22) the impact of potential cybersecurity incidents or security breaches, (23) our ongoing ability to demonstrate meaningful use of certified electronic health record (“EHR”) technology and the impact of interoperability requirements, (24) the impact of natural disasters, such as hurricanes and floods, physical risks from climate change or similar events beyond our control, (25) changes in U.S. federal, state, or foreign tax laws including interpretive guidance that may be issued by taxing authorities or other standard setting bodies, and (26) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2021 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management’s views 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.

All references to “Company” and “HCA Healthcare” as used throughout this release refer to HCA Healthcare, Inc. and its affiliates.

 
HCA Healthcare, Inc.
Condensed Consolidated Comprehensive Income Statements
Second Quarter
Unaudited
(Dollars in millions, except per share amounts)
 

2022

 

 

2021

Amount

 

Ratio

 

 

Amount

 

Ratio

 
Revenues

$

14,820

 

100.0

 

%

$

14,435

 

100.0

 

%

 
Salaries and benefits

 

6,792

 

45.8

 

 

6,385

 

44.2

 

Supplies

 

2,301

 

15.5

 

 

2,380

 

16.5

 

Other operating expenses

 

2,693

 

18.3

 

 

2,473

 

17.2

 

Equity in earnings of affiliates

 

(8

)

(0.1

)

 

(22

)

(0.2

)

Depreciation and amortization

 

738

 

5.0

 

 

712

 

4.9

 

Interest expense

 

434

 

2.9

 

 

386

 

2.7

 

Losses (gains) on sales of facilities

 

32

 

0.2

 

 

(8

)

(0.1

)

Losses on retirement of debt

 

78

 

0.5

 

 

12

 

0.1

 

 

 

13,060

 

88.1

 

 

12,318

 

85.3

 

 
Income before income taxes

 

1,760

 

11.9

 

 

2,117

 

14.7

 

 
Provision for income taxes

 

381

 

2.6

 

 

453

 

3.2

 

 
Net income

 

1,379

 

9.3

 

 

1,664

 

11.5

 

 
Net income attributable to noncontrolling interests

 

224

 

1.5

 

 

214

 

1.5

 

 
Net income attributable to HCA Healthcare, Inc.

$

1,155

 

7.8

 

$

1,450

 

10.0

 

 
Diluted earnings per share

$

3.90

 

$

4.36

 

 
Shares used in computing diluted earnings per share (millions)

 

296.061

 

 

332.613

 

 
Comprehensive income attributable to HCA Healthcare, Inc.

$

1,087

 

$

1,466

 

HCA Healthcare, Inc.
Condensed Consolidated Comprehensive Income Statements
For the Six Months Ended June 30, 2022 and 2021
Unaudited
(Dollars in millions, except per share amounts)
 

2022

 

 

2021

Amount

 

Ratio

 

 

Amount

 

Ratio

 
Revenues

$

29,765

 

100.0

 

%

$

28,412

 

100.0

 

%

 
Salaries and benefits

 

13,731

 

46.1

 

 

12,686

 

44.6

 

Supplies

 

4,622

 

15.5

 

 

4,604

 

16.2

 

Other operating expenses

 

5,445

 

18.4

 

 

4,894

 

17.3

 

Equity in earnings of affiliates

 

(19

)

(0.1

)

 

(43

)

(0.2

)

Depreciation and amortization

 

1,470

 

4.9

 

 

1,409

 

5.0

 

Interest expense

 

842

 

2.8

 

 

770

 

2.7

 

Losses (gains) on sales of facilities

 

22

 

0.1

 

 

(10

)

-

 

Losses on retirement of debt

 

78

 

0.3

 

 

12

 

-

 

 

 

26,191

 

88.0

 

 

24,322

 

85.6

 

 
Income before income taxes

 

3,574

 

12.0

 

 

4,090

 

14.4

 

 
Provision for income taxes

 

730

 

2.4

 

 

846

 

3.0

 

 
Net income

 

2,844

 

9.6

 

 

3,244

 

11.4

 

 
Net income attributable to noncontrolling interests

 

416

 

1.4

 

 

371

 

1.3

 

 
Net income attributable to HCA Healthcare, Inc.

$

2,428

 

8.2

 

$

2,873

 

10.1

 

 
Diluted earnings per share

$

8.05

 

$

8.50

 

 
Shares used in computing diluted earnings per share (millions)

 

301.690

 

 

337.940

 

 
Comprehensive income attributable to HCA Healthcare, Inc.

$

2,317

 

$

2,900

 

HCA Healthcare, Inc.
Condensed Consolidated Balance Sheets
Unaudited
(Dollars in millions)
 

June 30,

 

March 31,

 

December 31,

2022

 

2022

 

2021

 
ASSETS
Current assets:
Cash and cash equivalents

$

858

 

$

2,371

 

$

1,451

 

Accounts receivable

 

8,628

 

 

8,520

 

 

8,095

 

Inventories

 

2,043

 

 

2,003

 

 

1,986

 

Other

 

2,408

 

 

2,112

 

 

2,010

 

 

13,937

 

 

15,006

 

 

13,542

 

 
Property and equipment, at cost

 

52,816

 

 

52,042

 

 

51,350

 

Accumulated depreciation

 

(28,229

)

 

(27,814

)

 

(27,287

)

 

24,587

 

 

24,228

 

 

24,063

 

 
Investments of insurance subsidiaries

 

379

 

 

408

 

 

438

 

Investments in and advances to affiliates

 

435

 

 

441

 

 

448

 

Goodwill and other intangible assets

 

9,593

 

 

9,525

 

 

9,540

 

Right-of-use operating lease assets

 

2,139

 

 

2,138

 

 

2,113

 

Other

 

514

 

 

462

 

 

598

 

 

$

51,584

 

$

52,208

 

$

50,742

 

 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable

$

3,742

 

$

4,010

 

$

4,111

 

Accrued salaries

 

1,895

 

 

1,865

 

 

1,912

 

Other accrued expenses

 

3,116

 

 

3,157

 

 

3,322

 

Long-term debt due within one year

 

246

 

 

1,486

 

 

237

 

 

8,999

 

 

10,518

 

 

9,582

 

 
Long-term debt, less debt issuance costs and discounts of $316, $323 and $248

 

38,657

 

 

36,210

 

 

34,342

 

Professional liability risks

 

1,533

 

 

1,508

 

 

1,514

 

Right-of-use operating lease obligations

 

1,796

 

 

1,790

 

 

1,755

 

Income taxes and other liabilities

 

1,741

 

 

1,768

 

 

2,060

 

 
Stockholders' (deficit) equity:
Stockholders' deficit attributable to HCA Healthcare, Inc.

 

(3,680

)

 

(2,033

)

 

(933

)

Noncontrolling interests

 

2,538

 

 

2,447

 

 

2,422

 

 

(1,142

)

 

414

 

 

1,489

 

$

51,584

 

$

52,208

 

$

50,742

 

HCA Healthcare, Inc.
Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2022 and 2021
Unaudited
(Dollars in millions)
 

2022

 

2021

 
Cash flows from operating activities:
Net income

$

2,844

 

$

3,244

 

Adjustments to reconcile net income to net cash provided by operating activities:
Increase (decrease) in cash from operating assets and liabilities:
Accounts receivable

 

(547

)

 

(567

)

Inventories and other assets

 

(462

)

 

(213

)

Accounts payable and accrued expenses

 

(818

)

 

49

 

Depreciation and amortization

 

1,470

 

 

1,409

 

Income taxes

 

121

 

 

2

 

Losses (gains) on sales of facilities

 

22

 

 

(10

)

Losses on retirement of debt

 

78

 

 

12

 

Amortization of debt issuance costs and discounts

 

15

 

 

14

 

Share-based compensation

 

171

 

 

226

 

Other

 

81

 

 

73

 

 
Net cash provided by operating activities

 

2,975

 

 

4,239

 

 
 
Cash flows from investing activities:
Purchase of property and equipment

 

(1,941

)

 

(1,496

)

Acquisition of hospitals and health care entities

 

(116

)

 

(98

)

Sales of hospitals and health care entities

 

20

 

 

30

 

Change in investments

 

(2

)

 

(12

)

Other

 

(11

)

 

7

 

 
Net cash used in investing activities

 

(2,050

)

 

(1,569

)

 
 
Cash flows from financing activities:
Issuances of long-term debt

 

5,966

 

 

4,337

 

Net change in revolving credit facilities

 

930

 

 

800

 

Repayment of long-term debt

 

(2,690

)

 

(3,731

)

Distributions to noncontrolling interests

 

(333

)

 

(357

)

Payment of debt issuance costs

 

(53

)

 

(32

)

Payment of dividends

 

(337

)

 

(325

)

Repurchase of common stock

 

(4,783

)

 

(3,814

)

Other

 

(201

)

 

(224

)

 
Net cash used in financing activities

 

(1,501

)

 

(3,346

)

 
Effect of exchange rate changes on cash and cash equivalents

 

(17

)

 

3

 

 
Change in cash and cash equivalents

 

(593

)

 

(673

)

Cash and cash equivalents at beginning of period

 

1,451

 

 

1,793

 

 
 
Cash and cash equivalents at end of period

$

858

 

$

1,120

 

 
 
Interest payments

$

777

 

$

755

 

Income tax payments, net

$

609

 

$

844

 

HCA Healthcare, Inc.
Operating Statistics
 

 

 

 

 

For the Six Months

Second Quarter

 

Ended June 30,

2022

 

2021

 

2022

 

2021

 

 

 

 

Operations:

 

 

 

 

Number of Hospitals

 

182

 

 

187

 

 

182

 

 

187

 

Number of Freestanding Outpatient Surgery Centers*

 

126

 

 

122

 

 

126

 

 

122

 

Licensed Beds at End of Period

 

48,979

 

 

49,693

 

 

48,979

 

 

49,693

 

Weighted Average Beds in Service

 

41,930

 

 

42,464

 

 

41,875

 

 

42,413

 

 

 

 

 

Reported:

 

 

 

 

Admissions

 

515,113

 

 

532,041

 

 

1,022,069

 

 

1,038,421

 

% Change

 

-3.2

%

 

 

-1.6

%

 

Equivalent Admissions

 

902,757

 

 

916,212

 

 

1,762,047

 

 

1,748,701

 

% Change

 

-1.5

%

 

 

0.8

%

 

Revenue per Equivalent Admission

$

16,417

 

$

15,756

 

$

16,892

 

$

16,248

 

% Change

 

4.2

%

 

 

4.0

%

 

Inpatient Revenue per Admission

$

16,727

 

$

16,144

 

$

17,207

 

$

16,606

 

% Change

 

3.6

%

 

 

3.6

%

 

 

 

 

 

Patient Days

 

2,571,328

 

 

2,629,950

 

 

5,253,046

 

 

5,300,991

 

% Change

 

-2.2

%

 

 

-0.9

%

 

Equivalent Patient Days

 

4,510,739

 

 

4,535,678

 

 

9,056,251

 

 

8,926,869

 

% Change

 

-0.5

%

 

 

1.4

%

 

 

 

 

 

Inpatient Surgery Cases

 

130,961

 

 

136,460

 

 

257,841

 

 

264,050

 

% Change

 

-4.0

%

 

 

-2.4

%

 

Outpatient Surgery Cases

 

258,182

 

 

262,107

 

 

505,603

 

 

493,335

 

% Change

 

-1.5

%

 

 

2.5

%

 

 

 

 

 

Emergency Room Visits

 

2,223,999

 

 

2,128,428

 

 

4,280,388

 

 

3,970,206

 

% Change

 

4.5

%

 

 

7.8

%

 

 

 

 

 

Outpatient Revenues as a

 

 

 

 

Percentage of Patient Revenues

 

38.9

%

 

38.2

%

 

38.1

%

 

37.0

%

 

 

 

 

Average Length of Stay (days)

 

4.992

 

 

4.943

 

 

5.140

 

 

5.105

 

 

 

 

 

Occupancy (weighted average beds in service)

 

67.4

%

 

68.1

%

 

69.3

%

 

69.1

%

 

 

 

 

Same Facility:

 

 

 

 

Admissions

 

511,132

 

 

517,114

 

 

1,014,200

 

 

1,010,054

 

% Change

 

-1.2

%

 

 

0.4

%

 

Equivalent Admissions

 

892,948

 

 

888,402

 

 

1,742,396

 

 

1,695,881

 

% Change

 

0.5

%

 

 

2.7

%

 

Revenue per Equivalent Admission

$

16,385

 

$

15,838

 

$

16,865

 

$

16,365

 

% Change

 

3.5

%

 

 

3.1

%

 

Inpatient Revenue per Admission

$

16,771

 

$

16,236

 

$

17,243

 

$

16,693

 

% Change

 

3.3

%

 

 

3.3

%

 

 

 

 

 

Inpatient Surgery Cases

 

130,036

 

 

133,164

 

 

256,006

 

 

258,188

 

% Change

 

-2.3

%

 

 

-0.8

%

 

Outpatient Surgery Cases

 

250,420

 

 

253,982

 

 

490,644

 

 

478,887

 

% Change

 

-1.4

%

 

 

2.5

%

 

 

 

 

 

Emergency Room Visits

 

2,199,787

 

 

2,049,483

 

 

4,234,479

 

 

3,825,367

 

% Change

 

7.3

%

 

 

10.7

%

 

 
* Excludes freestanding endoscopy centers (21 centers at both June 30, 2022 and June 30, 2021).
HCA Healthcare, Inc.
Supplemental Non-GAAP Disclosures
Operating Results Summary
(Dollars in millions, except per share amounts)
 

 

 

 

 

For the Six Months

Second Quarter

 

Ended June 30,

2022

 

2021

 

2022

 

2021

 
Revenues

$

14,820

 

$

14,435

 

$

29,765

 

$

28,412

 

 
Net income attributable to HCA Healthcare, Inc.

$

1,155

 

$

1,450

 

$

2,428

 

$

2,873

 

Losses (gains) on sales of facilities (net of tax)

 

32

 

 

(6

)

 

24

 

 

(7

)

Losses on retirement of debt (net of tax)

 

60

 

 

9

 

 

60

 

 

9

 

Net income attributable to HCA Healthcare, Inc., excluding losses (gains) on sales of facilities
and losses on retirement of debt (a)

 

1,247

 

 

1,453

 

 

2,512

 

 

2,875

 

Depreciation and amortization

 

738

 

 

712

 

 

1,470

 

 

1,409

 

Interest expense

 

434

 

 

386

 

 

842

 

 

770

 

Provision for income taxes

 

399

 

 

454

 

 

746

 

 

846

 

Net income attributable to noncontrolling interests

 

224

 

 

214

 

 

416

 

 

371

 

 
Adjusted EBITDA (a)

$

3,042

 

$

3,219

 

$

5,986

 

$

6,271

 

 
Adjusted EBITDA margin (a)

 

20.5

%

 

22.3

%

 

20.1

%

 

22.1

%

 
Diluted earnings per share:
Net income attributable to HCA Healthcare, Inc.

$

3.90

 

$

4.36

 

$

8.05

 

$

8.50

 

Losses (gains) on sales of facilities

 

0.11

 

 

(0.02

)

 

0.08

 

 

(0.02

)

Losses on retirement of debt

 

0.20

 

 

0.03

 

 

0.20

 

 

0.03

 

Net income attributable to HCA Healthcare, Inc., excluding losses (gains) on sales of facilities
and losses on retirement of debt (a)

$

4.21

 

$

4.37

 

$

8.33

 

$

8.51

 

 
Shares used in computing diluted earnings per share (millions)

 

296.061

 

 

332.613

 

 

301.690

 

 

337.940

 

______________________
(a) Net income attributable to HCA Healthcare, Inc., excluding losses (gains) on sales of facilities and losses on retirement of debt, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). We believe net income attributable to HCA Healthcare, Inc., excluding losses (gains) on sales of facilities and losses on retirement of debt, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., excluding losses (gains) on sales of facilities and losses on retirement of debt, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams.
 
Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., excluding losses (gains) on sales of facilities and losses on retirement of debt, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies.
 
Net income attributable to HCA Healthcare, Inc., excluding losses (gains) on sales of facilities and losses on retirement of debt, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., excluding losses (gains) on sales of facilities and losses on retirement of debt, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., excluding losses (gains) on sales of facilities and losses on retirement of debt, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.

 

Contacts

INVESTOR CONTACT:

Frank Morgan

615-344-2688

MEDIA CONTACT:

Harlow Sumerford

615-344-1851

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