Revises 2023 Guidance

The final table in this release has been corrected.

The updated release reads:

HCA HEALTHCARE REPORTS THIRD QUARTER 2023 RESULTS

Revises 2023 Guidance

HCA Healthcare, Inc. (NYSE: HCA) today announced financial and operating results for the third quarter ended September 30, 2023.

Key third quarter metrics (all percentage changes compare 3Q 2023 to 3Q 2022 unless otherwise noted):

  • Revenues totaled $16.213 billion
  • Net income attributable to HCA Healthcare, Inc. totaled $1.079 billion, or $3.91 per diluted share
  • Adjusted EBITDA totaled $2.880 billion
  • Cash flows from operating activities totaled $2.479 billion
  • Same facility admissions increased 3.4 percent while same facility equivalent admissions increased 4.1 percent

“During the quarter, most aspects of our business were positive, including continued solid demand for our services, which translated into strong revenue growth. However, our results were unfavorably impacted by our Valesco physician staffing joint venture, which performed below our expectations,” said Sam Hazen, Chief Executive Officer of HCA Healthcare. “I am proud of our people for what they do every day, and I want to thank them for their dedication to delivering on our purpose.”

Revenues in the third quarter of 2023 totaled $16.213 billion, compared to $14.971 billion in the third quarter of 2022. Net income attributable to HCA Healthcare, Inc. totaled $1.079 billion, or $3.91 per diluted share, compared to $1.134 billion, or $3.91 per diluted share, in the third quarter of 2022.

For the third quarter of 2023, Adjusted EBITDA totaled $2.880 billion, compared to $2.902 billion in the third quarter of 2022. 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.

The third quarter of 2023 includes revenues of $397 million and other operating expenses of $195 million related to the Florida directed payment program year that ended September 30, 2023.

Same facility admissions increased 3.4 percent while same facility equivalent admissions increased 4.1 percent in the third quarter of 2023, compared to the prior year period. Same facility emergency room visits increased 3.5 percent in the third quarter of 2023, compared to the prior year period. Same facility inpatient surgeries increased 1.6 percent, and same facility outpatient surgeries increased 0.9 percent in the third quarter of 2023, compared to the same period of 2022. Same facility revenue per equivalent admission increased 3.6 percent in the third quarter of 2023, compared to the third quarter of 2022.

Nine Months Ended September 30, 2023

Revenues for the nine months ended September 30, 2023 totaled $47.665 billion, compared to $44.736 billion in the same period of 2022. Net income attributable to HCA Healthcare, Inc. was $3.635 billion, or $13.07 per diluted share, for the nine months ended September 30, 2023 compared to $3.562 billion, or $11.97 per diluted share, for the first nine months of 2022. Results for the nine months ended September 30, 2023 include losses on sales of facilities of $12 million, or $0.07 per diluted share. Results for the nine months ended September 30, 2022 include losses on sales of facilities of $25 million, or $0.09 per diluted share, and losses on retirement of debt of $78 million, or $0.20 per diluted share.

Balance Sheet and Cash Flows from Operations

As of September 30, 2023, HCA Healthcare, Inc.’s balance sheet reflected cash and cash equivalents of $891 million, total debt of $39.346 billion, and total assets of $54.589 billion. During the third quarter of 2023, capital expenditures totaled $1.147 billion, excluding acquisitions. Cash flows provided by operating activities in the third quarter of 2023 totaled $2.479 billion, compared to $3.020 billion in the third quarter of 2022.

During the third quarter of 2023, the Company repurchased 4.2 million shares of its common stock at a cost of $1.140 billion. The Company had $1.685 billion remaining under its repurchase authorization as of September 30, 2023. As of September 30, 2023, the Company had $6.455 billion of availability under its credit facilities.

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 December 28, 2023 to stockholders of record at the close of business on December 14, 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 Revised Guidance

The 2023 guidance ranges for the year have been revised from our second quarter release as follows:

 

 

Previous 2023 Guidance Range as of July 27, 2023

 

2023 Guidance Range as of October 24, 2023

Revenues

$63.25 to $64.75 billion

 

$63.5 to $64.5 billion

Net Income Attributable to HCA Healthcare, Inc.

$4.900 to $5.255 billion

 

$4.940 to $5.130 billion

Adjusted EBITDA

$12.3 to $12.8 billion

 

$12.3 to $12.6 billion

EPS (diluted)

$17.70 to $18.90 per diluted share

 

$17.80 to $18.50 per diluted share

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, patient volumes and payor mix 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.”

Earnings Conference Call

HCA Healthcare will host a conference call for investors at 9:00 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 September 30, 2023, HCA operated 183 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) changes in or related to general economic conditions nationally and regionally in our markets, including inflation and economic and business conditions (and the impact thereof on the economy, financial markets and banking industry); changes in revenues due to declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, supply chain or other expenditures; workforce disruptions; supply shortages and disruptions; and the impact of potential federal government shutdowns, (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”), 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”), (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 as a result of the federal budget deficit impact of the American Rescue Plan Act of 2021, 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, attain expected levels of patient volumes and revenues, 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) personnel-related capacity constraints, 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, (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) developments related to COVID-19, including, without limitation, the length and severity of COVID-19-related impacts 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; and measures we are taking to respond to COVID-19, (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) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (22) the impact of actual and potential cybersecurity incidents or security breaches, including the data security incident disclosed in July 2023, (23) our ongoing ability to demonstrate meaningful use of certified electronic health record 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, (26) the results of our efforts to use technology and resilience initiatives to drive efficiencies, better outcomes and an enhanced patient experience, and (27) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2022 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,” “HCA” and “HCA Healthcare” as used throughout this release refer to HCA Healthcare, Inc. and its affiliates.

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

2023

2022

Amount

Ratio

Amount

Ratio

  Revenues

$16,213

 

100.0

 

%

$14,971

 

100.0

 

%

  Salaries and benefits

7,556

 

46.6

 

6,899

 

46.1

 

Supplies

2,417

 

14.9

 

2,320

 

15.5

 

Other operating expenses

3,379

 

20.8

 

2,860

 

19.1

 

Equity in earnings of affiliates

(19

)

(0.1

)

(10

)

(0.1

)

Depreciation and amortization

769

 

4.7

 

749

 

5.0

 

Interest expense

483

 

3.0

 

446

 

3.0

 

Losses (gains) on sales of facilities

(2

)

-

 

3

 

-

 

 

14,583

 

89.9

 

13,267

 

88.6

 

  Income before income taxes

1,630

 

10.1

 

1,704

 

11.4

 

  Provision for income taxes

355

 

2.2

 

360

 

2.4

 

  Net income

1,275

 

7.9

 

1,344

 

9.0

 

  Net income attributable to noncontrolling interests

196

 

1.2

 

210

 

1.4

 

  Net income attributable to HCA Healthcare, Inc.

$1,079

 

6.7

 

$1,134

 

7.6

 

  Diluted earnings per share

$3.91

 

$3.91

 

  Shares used in computing diluted earnings per share (millions)

275.424

 

289.852

 

  Comprehensive income attributable to HCA Healthcare, Inc.

$1,044

 

$1,057

 

HCA Healthcare, Inc.

Condensed Consolidated Comprehensive Income Statements

For the Nine Months Ended September 30, 2023 and 2022

Unaudited

(Dollars in millions, except per share amounts)

     

2023

2022

Amount

Ratio

Amount

Ratio

  Revenues

$47,665

100.0

%

$44,736

 

100.0

 

%

  Salaries and benefits

21,917

46.0

20,630

 

46.1

 

Supplies

7,318

15.4

6,942

 

15.5

 

Other operating expenses

9,316

19.5

8,305

 

18.6

 

Equity in losses (earnings) of affiliates

6

-

(29

)

(0.1

)

Depreciation and amortization

2,288

4.9

2,219

 

4.9

 

Interest expense

1,447

3.0

1,288

 

2.9

 

Losses on sales of facilities

12

-

25

 

0.1

 

Losses on retirement of debt

-

-

78

 

0.2

 

 

42,304

88.8

39,458

 

88.2

 

  Income before income taxes

5,361

11.2

5,278

 

11.8

 

  Provision for income taxes

1,131

2.3

1,090

 

2.4

 

  Net income

4,230

8.9

4,188

 

9.4

 

  Net income attributable to noncontrolling interests

595

1.3

626

 

1.4

 

  Net income attributable to HCA Healthcare, Inc.

$3,635

7.6

$3,562

 

8.0

 

  Diluted earnings per share

$13.07

$11.97

 

  Shares used in computing diluted earnings per share (millions)

278.173

297.702

 

  Comprehensive income attributable to HCA Healthcare, Inc.

$3,634

$3,374

 

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

September 30,

June 30,

December 31,

2023

2023

2022

  ASSETS Current assets: Cash and cash equivalents

$891

 

$862

 

$908

 

Accounts receivable

9,182

 

8,713

 

8,891

 

Inventories

2,030

 

2,050

 

2,068

 

Other

2,191

 

2,263

 

1,776

 

14,294

 

13,888

 

13,643

 

  Property and equipment, at cost

57,772

 

56,667

 

54,757

 

Accumulated depreciation

(30,655

)

(30,023

)

(29,182

)

27,117

 

26,644

 

25,575

 

  Investments of insurance subsidiaries

382

 

384

 

381

 

Investments in and advances to affiliates

739

 

731

 

823

 

Goodwill and other intangible assets

9,778

 

9,641

 

9,653

 

Right-of-use operating lease assets

2,079

 

2,110

 

2,065

 

Other

200

 

196

 

298

 

 

$54,589

 

$53,594

 

$52,438

 

      LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable

$4,139

 

$3,823

 

$4,239

 

Accrued salaries

1,912

 

1,776

 

1,712

 

Other accrued expenses

3,803

 

3,551

 

3,581

 

Long-term debt due within one year

2,553

 

2,395

 

370

 

12,407

 

11,545

 

9,902

 

  Long-term debt, less debt issuance costs and discounts of $341, $349 and $301

36,793

 

36,537

 

37,714

 

Professional liability risks

1,590

 

1,554

 

1,528

 

Right-of-use operating lease obligations

1,776

 

1,806

 

1,752

 

Income taxes and other liabilities

1,666

 

1,691

 

1,615

 

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

(2,477

)

(2,303

)

(2,767

)

Noncontrolling interests

2,834

 

2,764

 

2,694

 

357

 

461

 

(73

)

$54,589

 

$53,594

 

$52,438

 

HCA Healthcare, Inc. Condensed Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 2023 and 2022 Unaudited (Dollars in millions)      

2023

2022

  Cash flows from operating activities: Net income

$4,230

 

$4,188

 

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

(168

)

(487

)

Inventories and other assets

(274

)

53

 

Accounts payable and accrued expenses

211

 

(644

)

Depreciation and amortization

2,288

 

2,219

 

Income taxes

61

 

159

 

Losses on sales of facilities

12

 

25

 

Losses on retirement of debt

-

 

78

 

Amortization of debt issuance costs and discounts

26

 

22

 

Share-based compensation

205

 

258

 

Other

166

 

124

 

  Net cash provided by operating activities

6,757

 

5,995

 

    Cash flows from investing activities: Purchase of property and equipment

(3,585

)

(3,072

)

Acquisition of hospitals and health care entities

(281

)

(176

)

Sales of hospitals and health care entities

183

 

652

 

Change in investments

(30

)

10

 

Other

(7

)

(10

)

  Net cash used in investing activities

(3,720

)

(2,596

)

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

3,220

 

5,976

 

Net change in revolving credit facilities

(1,420

)

(230

)

Repayment of long-term debt

(691

)

(2,774

)

Distributions to noncontrolling interests

(497

)

(550

)

Payment of debt issuance costs

(31

)

(53

)

Payment of dividends

(501

)

(497

)

Repurchase of common stock

(2,901

)

(5,481

)

Other

(234

)

(209

)

  Net cash used in financing activities

(3,055

)

(3,818

)

  Effect of exchange rate changes on cash and cash equivalents

1

 

(33

)

  Change in cash and cash equivalents

(17

)

(452

)

Cash and cash equivalents at beginning of period

908

 

1,451

 

    Cash and cash equivalents at end of period

$891

 

$999

 

    Interest payments

$1,460

 

$1,329

 

Income tax payments, net

$1,070

 

$931

 

HCA Healthcare, Inc.

Operating Statistics

   

For the Nine Months

Third Quarter

Ended September 30,

2023

2022

2023

2022

  Operations: Number of Hospitals

 

183

 

182

 

183

 

182

Number of Freestanding Outpatient Surgery Centers*

 

126

 

125

 

126

 

125

Licensed Beds at End of Period

 

49,279

 

49,179

 

49,279

 

49,179

Weighted Average Beds in Service

 

41,927

 

42,056

 

41,805

 

41,936

  Reported: Admissions

 

537,943

 

523,092

 

1,586,174

 

1,545,161

% Change

 

2.8%

 

2.7%

Equivalent Admissions

 

958,504

 

917,262

 

2,813,873

 

2,679,309

% Change

 

4.5%

 

5.0%

Revenue per Equivalent Admission

$

16,915

$

16,322

$

16,939

$

16,697

% Change

 

3.6%

 

1.4%

Inpatient Revenue per Admission

$

18,262

$

17,387

$

17,930

$

17,268

% Change

 

5.0%

 

3.8%

  Patient Days

 

2,612,439

 

2,602,416

 

7,808,905

 

7,855,462

% Change

 

0.4%

 

-0.6%

Equivalent Patient Days

 

4,655,252

 

4,565,120

 

13,852,997

 

13,621,371

% Change

 

2.0%

 

1.7%

  Inpatient Surgery Cases

 

133,521

 

132,470

 

396,428

 

390,311

% Change

 

0.8%

 

1.6%

Outpatient Surgery Cases

 

254,557

 

252,026

 

774,129

 

757,629

% Change

 

1.0%

 

2.2%

  Emergency Room Visits

 

2,343,514

 

2,278,782

 

6,890,388

 

6,559,170

% Change

 

2.8%

 

5.0%

  Outpatient Revenues as a Percentage of Patient Revenues

 

37.4%

 

36.6%

 

38.3%

 

37.6%

  Average Length of Stay (days)

 

4.856

 

4.975

 

4.923

 

5.084

  Occupancy**

 

71.4%

 

70.8%

 

72.2%

 

72.1%

  Same Facility: Admissions

 

536,836

 

519,013

 

1,584,488

 

1,533,302

% Change

 

3.4%

 

3.3%

Equivalent Admissions

 

946,442

 

908,792

 

2,790,283

 

2,654,146

% Change

 

4.1%

 

5.1%

Revenue per Equivalent Admission

$

16,880

$

16,287

$

16,881

$

16,677

% Change

 

3.6%

 

1.2%

Inpatient Revenue per Admission

$

18,221

$

17,353

$

17,931

$

17,238

% Change

 

5.0%

 

4.0%

  Inpatient Surgery Cases

 

133,406

 

131,278

 

396,113

 

387,094

% Change

 

1.6%

 

2.3%

Outpatient Surgery Cases

 

249,723

 

247,580

 

763,622

 

740,808

% Change

 

0.9%

 

3.1%

  Emergency Room Visits

 

2,341,185

 

2,262,124

 

6,883,040

 

6,511,405

% Change

 

3.5%

 

5.7%

    * Excludes freestanding endoscopy centers (22 centers at September 30, 2023 and 21 centers at September 30, 2022). ** 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 Nine Months

Third Quarter

Ended September 30,

2023

2022

2023

2022

  Revenues

$16,213

 

$14,971

 

$47,665

 

$44,736

 

  Net income attributable to HCA Healthcare, Inc.

$1,079

 

$1,134

 

$3,635

 

$3,562

 

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

(1

)

4

 

21

 

28

 

Losses on retirement of debt (net of tax)

-

 

-

 

-

 

60

 

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

1,078

 

1,138

 

3,656

 

3,650

 

Depreciation and amortization

769

 

749

 

2,288

 

2,219

 

Interest expense

483

 

446

 

1,447

 

1,288

 

Provision for income taxes

354

 

359

 

1,122

 

1,105

 

Net income attributable to noncontrolling interests

196

 

210

 

595

 

626

 

  Adjusted EBITDA (a)

$2,880

 

$2,902

 

$9,108

 

$8,888

 

  Adjusted EBITDA margin (a)

17.8

%

19.4

%

19.1

%

19.9

%

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

$3.91

 

$3.91

 

$13.07

 

$11.97

 

Losses (gains) on sales of facilities

-

 

0.02

 

0.07

 

0.09

 

Losses on retirement of debt

-

 

-

 

-

 

0.20

 

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

$3.91

 

$3.93

 

$13.14

 

$12.26

 

  Shares used in computing diluted earnings per share (millions)

275.424

 

289.852

 

278.173

 

297.702

 

____________________  

(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.

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

$

63,500

$

64,500

  Net income attributable to HCA Healthcare, Inc. (a)

$

4,940

 

$

5,130

 

Depreciation and amortization

 

3,060

 

 

3,080

 

Interest expense

 

1,930

 

 

1,950

 

Provision for income taxes

 

1,550

 

 

1,600

 

Net income attributable to noncontrolling interests

 

820

 

 

840

 

  Adjusted EBITDA (a) (b)

$

12,300

 

$

12,600

 

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

$

17.80

 

$

18.50

 

  Shares used in computing diluted earnings per share (millions)

 

277.000

 

 

277.000

 

  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.

 

INVESTOR CONTACT: Frank Morgan 615-344-2688

MEDIA CONTACT: Harlow Sumerford 615-344-1851

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