HCA Healthcare, Inc. (NYSE: HCA) today announced financial and
operating results for the fourth quarter ended December 31,
2022.
Key fourth quarter metrics (all percentage changes
compare 4Q 2022 to 4Q 2021 unless otherwise noted):
- Revenues totaled $15.497 billion
- Net income attributable to HCA Healthcare, Inc. totaled $2.081
billion, or $7.28 per diluted share
- Adjusted EBITDA totaled $3.179 billion
- Cash flows from operating activities totaled $2.527
billion
- Same facility admissions increased 2.9 percent while same
facility equivalent admissions increased 5.4 percent
“The last three years have been an extraordinary experience for
everyone at HCA Healthcare. It was truly a challenge like no other,
but I strongly believe that our board, our management teams, and
our caregivers have shined through it all,” said Sam Hazen, Chief
Executive Officer of HCA Healthcare.
Revenues in the fourth quarter of 2022 totaled $15.497 billion,
compared to $15.064 billion in the fourth quarter of 2021. Net
income attributable to HCA Healthcare, Inc. totaled $2.081 billion,
or $7.28 per diluted share, compared to $1.814 billion, or $5.75
per diluted share, in the fourth quarter of 2021. Results for the
fourth quarter of 2022 include gains on sales of facilities of
$1.326 billion, or $2.64 per diluted share, related to sales of our
controlling interests in certain healthcare entities. Results for
the fourth quarter of 2021 include gains on sales of facilities of
$563 million, or $1.33 per diluted share.
For the fourth quarter of 2022, Adjusted EBITDA totaled $3.179
billion, compared to $3.149 billion in the fourth 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.
Results for the fourth quarter of 2022 include Hurricane Ian’s
impact on one of our Florida facilities, causing additional
expenses and lost revenues estimated at $50 million. This amount is
prior to any potential insurance recoveries.
Same facility admissions increased 2.9 percent while same
facility equivalent admissions increased 5.4 percent in the fourth
quarter of 2022, compared to the prior year period. Same facility
emergency room visits increased 11.4 percent in the fourth quarter
of 2022, compared to the prior year period. Same facility inpatient
surgeries declined 0.1 percent, and same facility outpatient
surgeries increased 0.3 percent in the fourth quarter of 2022,
compared to the same period of 2021. Same facility revenue per
equivalent admission declined 2.6 percent in the fourth quarter of
2022, compared to the fourth quarter of 2021. Year over year
comparisons continue to be impacted by higher COVID-19 volumes in
the prior year. COVID-19 represented 3.1 percent of same facility
admissions in the fourth quarter of 2022 versus 5.4 percent in the
prior year quarter.
Year Ended December 31, 2022
Revenues for the year ended December 31, 2022 totaled $60.233
billion, compared to $58.752 billion in the same period of 2021.
Net income attributable to HCA Healthcare, Inc. was $5.643 billion,
or $19.15 per diluted share, for the year ended December 31, 2022
compared to $6.956 billion, or $21.16 per diluted share, for the
year ended December 31, 2021. Results for the year ended December
31, 2022 include gains on sales of facilities of $1.301 billion, or
$2.46 per diluted share, and losses on retirement of debt of $78
million, or $0.20 per diluted share. Results for the year ended
December 31, 2021 include gains on sales of facilities of $1.620
billion, or $3.69 per diluted share, and losses on retirement of
debt of $12 million, or $0.03 per diluted share.
For 2022, Adjusted EBITDA totaled $12.067 billion, compared to
$12.644 billion in 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.
Balance Sheet and Cash Flows from Operations
As of December 31, 2022, HCA Healthcare, Inc.’s balance sheet
reflected cash and cash equivalents of $908 million, total debt of
$38.084 billion, and total assets of $52.438 billion. During the
fourth quarter of 2022, capital expenditures totaled $1.323
billion, excluding acquisitions. Cash flows provided by operating
activities in the fourth quarter of 2022 totaled $2.527 billion,
compared to $2.443 billion in the fourth quarter of 2021.
During the fourth quarter of 2022, the Company repurchased 6.781
million shares of its common stock at a cost of $1.519 billion. The
Company had $1.586 billion remaining under its repurchase
authorization as of December 31, 2022. As of December 31, 2022, the
Company had $3.535 billion of availability under its credit
facilities.
Share Repurchase Program
The HCA Healthcare, Inc. Board of Directors has authorized an
additional share repurchase program for up to $3 billion of the
Company’s outstanding common stock. Repurchases will be made in
accordance with applicable securities laws and may be made at
management’s discretion from time to time in the open market,
through privately negotiated transactions, or otherwise. The
repurchase program has no time limit and may be suspended for
periods or discontinued at any time.
Dividend
HCA today announced that its Board of Directors declared a
quarterly cash dividend of $0.60 per share on the Company’s common
stock. The dividend will be paid on March 31, 2023 to stockholders
of record at the close of business on March 17, 2023.
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.
2023 Guidance
Today, the Company issued the following estimated guidance for
2023:
2023 Guidance
Range
Revenues
$61.5 to $63.5 billion
Net Income Attributable to HCA Healthcare,
Inc.
$4.525 to $4.895 billion
Adjusted EBITDA
$11.8 to $12.4 billion
EPS (diluted)
$16.40 to $17.60 per diluted share
Capital expenditures for 2023, excluding acquisitions, are
estimated to be approximately $4.3 billion.
The Company’s 2023 guidance contains a number of assumptions,
including, among others, the Company’s current expectations
regarding the impact of the COVID-19 pandemic as well as general
economic conditions, including inflation, and excludes the impact
of items such as, but not limited to, gains or losses on sales of
facilities, losses on retirement of debt, legal claims costs and
impairment of long-lived assets.
Adjusted EBITDA is a non-GAAP financial measure. A table
reconciling forecasted net income attributable to HCA Healthcare,
Inc. to forecasted Adjusted EBITDA is included in this release.
The Company’s guidance is based on current plans and
expectations and is subject to a number of known and unknown
uncertainties and risks, including those set forth below in the
Company’s “Forward-Looking Statements.”
Annual Stockholders’ Meeting
The Company’s 2023 annual stockholders’ meeting will be held
virtually on April 19, 2023 at 2:00 p.m. Central Time for
stockholders of record as of February 24, 2023.
Earnings Conference Call
HCA Healthcare will host a conference call for investors at 9:00
a.m. Central 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 at:
https://investor.hcahealthcare.com/events-and-presentations.
About the Company
As of December 31, 2022, HCA Healthcare 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 the Company’s
financial guidance for the year ending December 31, 2023, as well
as other 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 (including the
termination or expiration) 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, deteriorating macroeconomic
conditions (including increases in uninsured and underinsured
patients) and capacity constraints; potential increased expenses
related to inflation or labor, supply chain or other expenditures;
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,
utilize and retain qualified management and other personnel,
including affiliated physicians, nurses and medical and technical
support personnel, and workforce disruptions, (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 Fourth Quarter Unaudited
(Dollars in millions, except per share amounts)
($ millions, except per share amounts)
2022
2021
Amount
Ratio
Amount
Ratio
Revenues
$15,497
100.0
%
$15,064
100.0
%
Salaries and benefits
7,055
45.5
6,999
46.5
Supplies
2,429
15.7
2,414
16.0
Other operating expenses
2,850
18.4
2,537
16.8
Equity in earnings of affiliates
(16
)
(0.1
)
(35
)
(0.2
)
Depreciation and amortization
750
4.9
728
4.8
Interest expense
453
2.9
398
2.6
Gains on sales of facilities
(1,326
)
(8.6
)
(563
)
(3.7
)
12,195
78.7
12,478
82.8
Income before income taxes
3,302
21.3
2,586
17.2
Provision for income taxes
656
4.2
581
3.9
Net income
2,646
17.1
2,005
13.3
Net income attributable to noncontrolling interests
565
3.7
191
1.3
Net income attributable to HCA Healthcare, Inc.
$2,081
13.4
$1,814
12.0
Diluted earnings per share
$7.28
$5.75
Shares used in computing diluted earnings per share
(millions)
285.663
315.418
Comprehensive income attributable to HCA Healthcare, Inc.
$2,183
$1,902
HCA Healthcare, Inc. Condensed Consolidated
Comprehensive Income Statements For the Years Ended December
31, 2022 and 2021 Unaudited (Dollars in millions,
except per share amounts)
2022
2021
Amount
Ratio
Amount
Ratio
Revenues
$60,233
100.0
%
$58,752
100.0
%
Salaries and benefits
27,685
46.0
26,779
45.6
Supplies
9,371
15.6
9,481
16.1
Other operating expenses
11,155
18.5
9,961
17.0
Equity in earnings of affiliates
(45
)
(0.1
)
(113
)
(0.2
)
Depreciation and amortization
2,969
5.0
2,853
4.9
Interest expense
1,741
2.9
1,566
2.7
Gains on sales of facilities
(1,301
)
(2.2
)
(1,620
)
(2.8
)
Losses on retirement of debt
78
0.1
12
-
51,653
85.8
48,919
83.3
Income before income taxes
8,580
14.2
9,833
16.7
Provision for income taxes
1,746
2.9
2,112
3.6
Net income
6,834
11.3
7,721
13.1
Net income attributable to noncontrolling interests
1,191
1.9
765
1.3
Net income attributable to HCA Healthcare, Inc.
$5,643
9.4
$6,956
11.8
Diluted earnings per share
$19.15
$21.16
Shares used in computing diluted earnings per share
(millions)
294.666
328.752
Comprehensive income attributable to HCA Healthcare, Inc.
$5,557
$7,054
HCA Healthcare, Inc. Condensed Consolidated
Balance Sheets Unaudited (Dollars in millions)
December 31,
September 30,
December 31,
2022
2022
2021
ASSETS Current assets: Cash and cash equivalents
$908
$999
$1,451
Accounts receivable
8,891
8,552
8,095
Inventories
2,068
2,009
1,986
Other
1,776
1,921
2,010
13,643
13,481
13,542
Property and equipment, at cost
54,757
53,730
51,350
Accumulated depreciation
(29,182
)
(28,752
)
(27,287
)
25,575
24,978
24,063
Investments of insurance subsidiaries
381
372
438
Investments in and advances to affiliates
823
444
448
Goodwill and other intangible assets
9,653
9,651
9,540
Right-of-use operating lease assets
2,065
2,097
2,113
Other
298
461
598
$52,438
$51,484
$50,742
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Current
liabilities: Accounts payable
$4,239
$4,161
$4,111
Accrued salaries
1,712
1,625
1,912
Other accrued expenses
3,581
3,780
3,322
Long-term debt due within one year
370
218
237
9,902
9,784
9,582
Long-term debt, less debt issuance costs and discounts of $301,
$309 and $248
37,714
37,492
34,342
Professional liability risks
1,528
1,510
1,514
Right-of-use operating lease obligations
1,752
1,762
1,755
Income taxes and other liabilities
1,615
1,714
2,060
Stockholders' (deficit) equity: Stockholders' deficit attributable
to HCA Healthcare, Inc.
(2,767
)
(3,370
)
(933
)
Noncontrolling interests
2,694
2,592
2,422
(73
)
(778
)
1,489
$52,438
$51,484
$50,742
HCA Healthcare, Inc. Condensed Consolidated Statements of
Cash Flows For the Years Ended December 31, 2022 and
2021 Unaudited (Dollars in millions)
2022
2021
Cash flows from operating activities: Net income
$6,834
$7,721
Adjustments to reconcile net income to net cash provided by
operating activities: Increase (decrease) in cash from operating
assets and liabilities: Accounts receivable
(797
)
(962
)
Inventories and other assets
(59
)
(540
)
Accounts payable and accrued expenses
(296
)
999
Depreciation and amortization
2,969
2,853
Income taxes
571
(70
)
Gains on sales of facilities
(1,301
)
(1,620
)
Losses on retirement of debt
78
12
Amortization of debt issuance costs and discounts
29
27
Share-based compensation
341
440
Other
153
99
Net cash provided by operating activities
8,522
8,959
Cash flows from investing activities: Purchase of
property and equipment
(4,395
)
(3,577
)
Acquisition of hospitals and health care entities
(224
)
(1,105
)
Sales of hospitals and health care entities
1,237
2,160
Change in investments
14
(117
)
Other
(21
)
(4
)
Net cash used in investing activities
(3,389
)
(2,643
)
Cash flows from financing activities: Issuances of
long-term debt
5,997
4,344
Net change in revolving credit facilities
120
2,780
Repayment of long-term debt
(2,830
)
(3,869
)
Distributions to noncontrolling interests
(1,025
)
(749
)
Payment of debt issuance costs
(53
)
(38
)
Payment of dividends
(653
)
(624
)
Repurchase of common stock
(7,000
)
(8,215
)
Other
(212
)
(284
)
Net cash used in financing activities
(5,656
)
(6,655
)
Effect of exchange rate changes on cash and cash equivalents
(20
)
(3
)
Change in cash and cash equivalents
(543
)
(342
)
Cash and cash equivalents at beginning of period
1,451
1,793
Cash and cash equivalents at end of period
$908
$1,451
Interest payments
$1,662
$1,502
Income tax payments, net
$1,175
$2,182
HCA Healthcare, Inc.
Operating Statistics
For the Years Fourth Quarter Ended December
31,
2022
2021
2022
2021
Operations: Number of Hospitals
182
182
182
182
Number of Freestanding Outpatient Surgery Centers*
126
125
126
125
Licensed Beds at End of Period
49,281
48,803
49,281
48,803
Weighted Average Beds in Service
42,119
41,685
41,982
42,148
Reported: Admissions
530,298
514,706
2,075,459
2,089,975
% Change
3.0
%
-0.7
%
Equivalent Admissions
931,990
881,910
3,611,299
3,536,238
% Change
5.7
%
2.1
%
Revenue per Equivalent Admission
$
16,628
$
17,081
$
16,679
$
16,614
% Change
-2.7
%
0.4
%
Inpatient Revenue per Admission
$
17,634
$
17,503
$
17,361
$
17,211
% Change
0.7
%
0.9
%
Patient Days
2,648,683
2,693,135
10,504,145
10,859,346
% Change
-1.7
%
-3.3
%
Equivalent Patient Days
4,655,841
4,613,947
18,277,212
18,374,013
% Change
0.9
%
-0.5
%
Inpatient Surgery Cases
131,840
131,583
522,151
522,069
% Change
0.2
%
0.0
%
Outpatient Surgery Cases
265,610
265,709
1,023,239
1,008,236
% Change
0.0
%
1.5
%
Emergency Room Visits
2,412,781
2,166,959
8,971,951
8,475,345
% Change
11.3
%
5.9
%
Outpatient Revenues as a Percentage of Patient Revenues
37.5
%
37.9
%
37.6
%
36.5
%
Average Length of Stay (days)
4.995
5.232
5.061
5.196
Occupancy**
72.0
%
73.7
%
72.1
%
74.3
%
Same Facility: Admissions
525,771
511,042
2,058,579
2,047,669
% Change
2.9
%
0.5
%
Equivalent Admissions
919,573
872,349
3,565,459
3,452,370
% Change
5.4
%
3.3
%
Revenue per Equivalent Admission
$
16,597
$
17,043
$
16,652
$
16,666
% Change
-2.6
%
-0.1
%
Inpatient Revenue per Admission
$
17,684
$
17,474
$
17,402
$
17,245
% Change
1.2
%
0.9
%
Inpatient Surgery Cases
130,718
130,844
518,056
513,414
% Change
-0.1
%
0.9
%
Outpatient Surgery Cases
255,805
255,113
982,055
964,648
% Change
0.3
%
1.8
%
Emergency Room Visits
2,385,510
2,141,346
8,872,177
8,248,214
% Change
11.4
%
7.6
%
* Excludes freestanding endoscopy centers (21 centers
at both December 31, 2022 and December 31, 2021). ** Reflects the
rate of occupancy (patient days and observations) based on weighted
average beds in service.
HCA Healthcare, Inc.
Supplemental Non-GAAP
Disclosures
Operating Results
Summary
(Dollars in millions, except
per share amounts)
For the Years Fourth Quarter Ended December
31,
2022
2021
2022
2021
Revenues
$15,497
$15,064
$60,233
$58,752
Net income attributable to HCA Healthcare, Inc.
$2,081
$1,814
$5,643
$6,956
Gains on sales of facilities (net of tax)
(755
)
(419
)
(727
)
(1,214
)
Losses on retirement of debt (net of tax)
-
-
60
9
Net income attributable to HCA Healthcare, Inc., excluding gains on
sales of facilities and losses on retirement of debt (a)
1,326
1,395
4,976
5,751
Depreciation and amortization
750
728
2,969
2,853
Interest expense
453
398
1,741
1,566
Provision for income taxes
422
437
1,527
1,709
Net income attributable to noncontrolling interests (b)
228
191
854
765
Adjusted EBITDA (a)
$3,179
$3,149
$12,067
$12,644
Adjusted EBITDA margin (a)
20.5
%
20.9
%
20.0
%
21.5
%
Diluted earnings per share: Net income attributable to HCA
Healthcare, Inc.
$7.28
$5.75
$19.15
$21.16
Gains on sales of facilities
(2.64
)
(1.33
)
(2.46
)
(3.69
)
Losses on retirement of debt
-
-
0.20
0.03
Net income attributable to HCA Healthcare, Inc., excluding gains on
sales of facilities and losses on retirement of debt (a)
$4.64
$4.42
$16.89
$17.50
Shares used in computing diluted earnings per share
(millions)
285.663
315.418
294.666
328.752
(a) Net income attributable to HCA
Healthcare, Inc., excluding 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 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 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 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 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 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
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 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. (b) The 2022 amounts
are net of noncontrolling interests related to gains on sales of
facilities.
HCA Healthcare, Inc. Supplemental
Non-GAAP Disclosures 2023 Operating Results Forecast
(Dollars in millions, except per share amounts)
For the Year Ending December 31, 2023
Low High Revenues
$61,500
$63,500
Net income attributable to HCA Healthcare, Inc. (a)
$4,525
$4,895
Depreciation and amortization
3,065
3,115
Interest expense
1,960
1,990
Provision for income taxes
1,410
1,520
Net income attributable to noncontrolling interests
840
880
Adjusted EBITDA (a) (b)
$11,800
$12,400
Diluted earnings per share: Net income attributable to HCA
Healthcare, Inc.
$16.40
$17.60
Shares used in computing diluted earnings per share
(millions)
278.000
278.000
The Company's forecasted guidance range is based on current
plans and expectations and is subject to a number of known and
unknown uncertainties and risks. (a)
The Company does not forecast the impact of items such as, but not
limited to, losses (gains) on sales of facilities, losses on
retirement of debt, legal claim costs (benefits) and impairments of
long-lived assets because the Company does not believe that it can
forecast these items with sufficient accuracy. (b) Adjusted
EBITDA should not be considered a measure of financial performance
under generally accepted accounting principles ("GAAP"). We
believe Adjusted EBITDA is an important measure that supplements
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 Adjusted EBITDA as a primary measure 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.) and operating performance
(Adjusted EBITDA) of our health care facilities. Adjusted
EBITDA is 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. Adjusted
EBITDA is not a measure of financial performance under GAAP and
should not be considered as an alternative 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 Adjusted EBITDA
is not a measurement determined in accordance with GAAP and is
susceptible to varying calculations, Adjusted EBITDA, as presented,
may not be comparable to other similarly titled measures presented
by other companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230127005076/en/
INVESTOR CONTACT: Frank Morgan 615-344-2688
MEDIA CONTACT: Harlow Sumerford 615-344-1851
HCA Healthcare (NYSE:HCA)
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