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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231024007001/en/
INVESTOR CONTACT: Frank Morgan 615-344-2688
MEDIA CONTACT: Harlow Sumerford 615-344-1851
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