Bill Rutherford to Retire and Mike Marks to
Become CFO
HCA Healthcare, Inc. (NYSE: HCA) today announced financial and
operating results for the fourth quarter ended December 31,
2023.
Key fourth quarter metrics (all percentage changes
compare 4Q 2023 to 4Q 2022 unless otherwise noted):
- Revenues totaled $17.303 billion
- Net income attributable to HCA Healthcare, Inc. totaled $1.607
billion, or $5.93 per diluted share
- Adjusted EBITDA totaled $3.618 billion
- Cash flows from operating activities totaled $2.674
billion
- Same facility admissions increased 3.1 percent while same
facility equivalent admissions increased 3.9 percent
“In the quarter, we experienced strong demand for services
across our diversified portfolio of markets, facilities, and
service lines. This growth coupled with improved cost trends drove
solid financial performance in the fourth quarter. Once again, our
people have delivered positive outcomes for our patients, the
communities we serve, and our other stakeholders. I want to thank
them for their hard work and everything they do for our company,”
said Sam Hazen, Chief Executive Officer of HCA Healthcare.
Revenues in the fourth quarter of 2023 totaled $17.303 billion,
compared to $15.497 billion in the fourth quarter of 2022. Net
income attributable to HCA Healthcare, Inc. totaled $1.607 billion,
or $5.93 per diluted share, compared to $2.081 billion, or $7.28
per diluted share, in the fourth quarter of 2022. Results for the
fourth quarter of 2023 include gains on sales of facilities of $7
million, or $0.03 per diluted share. 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.
For the fourth quarter of 2023, Adjusted EBITDA totaled $3.618
billion, compared to $3.179 billion in the fourth 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. Same facility admissions increased 3.1
percent while same facility equivalent admissions increased 3.9
percent in the fourth quarter of 2023, compared to the prior year
period. Same facility emergency room visits increased 2.1 percent
in the fourth quarter of 2023, compared to the prior year period.
Same facility inpatient surgeries increased 1.0 percent, and same
facility outpatient surgeries increased 0.7 percent in the fourth
quarter of 2023, compared to the same period of 2022. Same facility
revenue per equivalent admission increased 6.9 percent in the
fourth quarter of 2023, compared to the fourth quarter of 2022.
Year Ended December 31, 2023
Revenues for the year ended December 31, 2023 totaled $64.968
billion, compared to $60.233 billion for the year ended December
31, 2022. Net income attributable to HCA Healthcare, Inc. was
$5.242 billion, or $18.97 per diluted share, for the year ended
December 31, 2023 compared to $5.643 billion, or $19.15 per diluted
share, for the year ended December 31, 2022. Results for the year
ended December 31, 2023 include losses on sales of facilities of $5
million, or $0.04 per diluted share. 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.
For 2023, Adjusted EBITDA totaled $12.726 billion, compared to
$12.067 billion in 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.
Balance Sheet and Cash Flows from Operations
As of December 31, 2023, HCA Healthcare, Inc.’s balance sheet
reflected cash and cash equivalents of $935 million, total debt of
$39.593 billion, and total assets of $56.211 billion. During the
fourth quarter of 2023, capital expenditures totaled $1.159
billion, excluding acquisitions. Cash flows provided by operating
activities in the fourth quarter of 2023 totaled $2.674 billion,
compared to $2.527 billion in the fourth quarter of 2022.
During the fourth quarter of 2023, the Company repurchased 3.647
million shares of its common stock at a cost of $910 million. The
Company had $775 million remaining under its repurchase
authorization as of December 31, 2023. As of December 31, 2023, the
Company had $6.107 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 $6 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 $0.66 per share on the Company’s common
stock. The dividend will be paid on March 29, 2024 to stockholders
of record at the close of business on March 15, 2024.
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, results of operations, and contractual restrictions.
Future dividends are expected to be funded by cash balances and
future cash flows from operations.
2024 Guidance
Today, the Company issued the following estimated guidance for
2024:
2024 Guidance Range
Revenues
$67.75 to $70.25 billion
Net Income Attributable to HCA Healthcare,
Inc.
$5.20 to $5.60 billion
Adjusted EBITDA
$12.85 to $13.55 billion
EPS (diluted)
$19.70 to $21.20 per diluted share
Capital expenditures for 2024, excluding acquisitions, are
estimated to be in the range of $5.1 to $5.3 billion.
The Company’s 2024 guidance contains a number of assumptions,
including, among others, the Company’s current expectations
regarding 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.”
CFO Announcement
HCA Healthcare is also announcing today that Bill Rutherford has
decided to retire as Executive Vice President and Chief Financial
Officer (“CFO”) after a 34-year career with the company. Mike
Marks, HCA Healthcare’s current Senior Vice President, Finance,
will succeed Mr. Rutherford as Executive Vice President and CFO,
effective May 1, 2024.
“Bill has announced his plan to retire from HCA after 34 years
with the company,” said Sam Hazen, Chief Executive Officer of HCA
Healthcare. “Bill has had a tremendous impact during his ten years
as CFO. The impressive operating results and shareholder returns
achieved throughout his tenure are a testament to his leadership
and disciplined approach to driving profitable growth. Without
question, Bill’s legacy will endure.”
“Bill has also developed an incredibly high-performing finance
team, including Mike, who is an accomplished finance professional
and respected leader. I am thrilled for Mike to take on the CFO
role and couldn’t be more confident in his ability to continue to
advance our company’s success,” said Hazen. “I want to thank Bill
for his many contributions to HCA and congratulate him on his
upcoming retirement. I also want to welcome Mike as the new CFO,”
said Hazen. “Mike has worked closely with Bill, the senior team,
and myself. He will be an exceptional CFO as we continue to deliver
on our commitment to the care and improvement of human life while
keeping our financial foundation strong.”
Mr. Marks joined HCA Healthcare in 1996 and has held a number of
positions in accounting and finance, including Senior Vice
President — Finance, Vice President — Financial Operations Support,
CFO of the National Group and CFO of the West Florida Division.
Annual Stockholders’ Meeting
The Company’s 2024 annual stockholders’ meeting will be held
virtually on April 25, 2024 at 2:00 p.m. Central Time for
stockholders of record as of February 26, 2024.
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 through the Company’s
Investor Relations web page at
https://investor.hcahealthcare.com/events-and-presentations/default.aspx.
About the Company
As of December 31, 2023, HCA operated 186 hospitals and
approximately 2,400 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, 2024, 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 (including as a result of
geopolitical disruptions); and the impact of potential federal
government shutdowns, (2) the impact of our significant
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, 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) the emergence of and effects related to pandemics,
epidemics and outbreaks of infectious diseases or other public
health crises, including but not limited to developments related to
COVID-19, (16) future divestitures which may result in charges and
possible impairments of long-lived assets, (17) changes in business
strategy or development plans, (18) delays in receiving payments
for services provided, (19) the outcome of pending and any future
tax audits, disputes and litigation associated with our tax
positions, (20) the impact of known and unknown government
investigations, litigation and other claims that may be made
against us, (21) the impact of actual and potential cybersecurity
incidents or security breaches, including the data security
incident disclosed in July 2023, (22) our ongoing ability to
demonstrate meaningful use of certified electronic health record
technology and the impact of interoperability requirements, (23)
the impact of natural disasters, such as hurricanes and floods,
physical risks from climate change or similar events beyond our
control, (24) 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, (25) the results of
our efforts to use technology and resilience initiatives to drive
efficiencies, better outcomes and an enhanced patient experience,
and (26) 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 Fourth Quarter
Unaudited (Dollars in millions, except per share
amounts)
2023
2022
Amount
Ratio
Amount
Ratio
Revenues
$17,303
100.0
%
$15,497
100.0
%
Salaries and benefits
7,570
43.7
7,055
45.5
Supplies
2,584
14.9
2,429
15.7
Other operating expenses
3,559
20.7
2,850
18.4
Equity in earnings of affiliates
(28
)
(0.2
)
(16
)
(0.1
)
Depreciation and amortization
789
4.5
750
4.9
Interest expense
491
2.8
453
2.9
Gains on sales of facilities
(7
)
-
(1,326
)
(8.6
)
14,958
86.4
12,195
78.7
Income before income taxes
2,345
13.6
3,302
21.3
Provision for income taxes
484
2.8
656
4.2
Net income
1,861
10.8
2,646
17.1
Net income attributable to noncontrolling interests
254
1.5
565
3.7
Net income attributable to HCA Healthcare, Inc.
$1,607
9.3
$2,081
13.4
Diluted earnings per share
$5.93
$7.28
Shares used in computing diluted earnings per share
(millions)
271.186
285.663
Comprehensive income attributable to HCA Healthcare, Inc.
$1,673
$2,183
HCA Healthcare, Inc. Condensed Consolidated
Comprehensive Income Statements For the Years Ended December
31, 2023 and 2022 Unaudited (Dollars in millions,
except per share amounts)
2023
2022
Amount
Ratio
Amount
Ratio
Revenues
$64,968
100.0
%
$60,233
100.0
%
Salaries and benefits
29,487
45.4
27,685
46.0
Supplies
9,902
15.2
9,371
15.6
Other operating expenses
12,875
19.8
11,155
18.5
Equity in earnings of affiliates
(22
)
-
(45
)
(0.1
)
Depreciation and amortization
3,077
4.7
2,969
5.0
Interest expense
1,938
3.0
1,741
2.9
Losses (gains) on sales of facilities
5
-
(1,301
)
(2.2
)
Losses on retirement of debt
-
-
78
0.1
57,262
88.1
51,653
85.8
Income before income taxes
7,706
11.9
8,580
14.2
Provision for income taxes
1,615
2.5
1,746
2.9
Net income
6,091
9.4
6,834
11.3
Net income attributable to noncontrolling interests
849
1.3
1,191
1.9
Net income attributable to HCA Healthcare, Inc.
$5,242
8.1
$5,643
9.4
Diluted earnings per share
$18.97
$19.15
Shares used in computing diluted earnings per share
(millions)
276.412
294.666
Comprehensive income attributable to HCA Healthcare, Inc.
$5,307
$5,557
HCA Healthcare, Inc. Condensed Consolidated
Balance Sheets Unaudited (Dollars in millions)
December 31, September 30,
December 31,
2023
2023
2022
ASSETS Current assets: Cash and cash equivalents
$935
$891
$908
Accounts receivable
9,958
9,182
8,891
Inventories
2,021
2,030
2,068
Other
2,013
2,191
1,776
14,927
14,294
13,643
Property and equipment, at cost
58,548
57,772
54,757
Accumulated depreciation
(30,833
)
(30,655
)
(29,182
)
27,715
27,117
25,575
Investments of insurance subsidiaries
477
382
381
Investments in and advances to affiliates
756
739
823
Goodwill and other intangible assets
9,945
9,778
9,653
Right-of-use operating lease assets
2,207
2,079
2,065
Other
184
200
298
$56,211
$54,589
$52,438
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT) Current liabilities: Accounts payable
$4,233
$4,139
$4,239
Accrued salaries
2,127
1,912
1,712
Other accrued expenses
3,871
3,803
3,581
Long-term debt due within one year
2,424
2,553
370
12,655
12,407
9,902
Long-term debt, less debt issuance costs and discounts of
$333, $341 and $301
37,169
36,793
37,714
Professional liability risks
1,557
1,590
1,528
Right-of-use operating lease obligations
1,903
1,776
1,752
Income taxes and other liabilities
1,867
1,666
1,615
Stockholders' equity (deficit): Stockholders' deficit
attributable to HCA Healthcare, Inc.
(1,774
)
(2,477
)
(2,767
)
Noncontrolling interests
2,834
2,834
2,694
1,060
357
(73
)
$56,211
$54,589
$52,438
HCA Healthcare, Inc. Condensed Consolidated
Statements of Cash Flows For the Years Ended December 31,
2023 and 2022 Unaudited (Dollars in millions)
2023
2022
Cash flows from operating activities: Net income
$6,091
$6,834
Adjustments to reconcile net income to net cash provided by
operating activities: Increase (decrease) in cash from operating
assets and liabilities: Accounts receivable
(935
)
(797
)
Inventories and other assets
(126
)
(59
)
Accounts payable and accrued expenses
604
(296
)
Depreciation and amortization
3,077
2,969
Income taxes
229
571
Losses (gains) on sales of facilities
5
(1,301
)
Losses on retirement of debt
-
78
Amortization of debt issuance costs and discounts
35
29
Share-based compensation
262
341
Other
189
153
Net cash provided by operating activities
9,431
8,522
Cash flows from investing activities: Purchase of
property and equipment
(4,744
)
(4,395
)
Acquisition of hospitals and health care entities
(635
)
(224
)
Sales of hospitals and health care entities
193
1,237
Change in investments
(112
)
14
Other
(19
)
(21
)
Net cash used in investing activities
(5,317
)
(3,389
)
Cash flows from financing activities: Issuances of
long-term debt
3,224
5,997
Net change in revolving credit facilities
(1,020
)
120
Repayment of long-term debt
(909
)
(2,830
)
Distributions to noncontrolling interests
(640
)
(1,025
)
Payment of debt issuance costs
(31
)
(53
)
Payment of dividends
(661
)
(653
)
Repurchase of common stock
(3,811
)
(7,000
)
Other
(246
)
(212
)
Net cash used in financing activities
(4,094
)
(5,656
)
Effect of exchange rate changes on cash and cash equivalents
7
(20
)
Change in cash and cash equivalents
27
(543
)
Cash and cash equivalents at beginning of period
908
1,451
Cash and cash equivalents at end of period
$935
$908
Interest payments
$1,892
$1,662
Income tax payments, net
$1,386
$1,175
HCA Healthcare, Inc. Operating Statistics
For the Years Fourth Quarter Ended
December 31,
2023
2022
2023
2022
Operations: Number of Hospitals
186
182
186
182
Number of Freestanding Outpatient Surgery Centers*
124
126
124
126
Licensed Beds at End of Period
49,588
49,281
49,588
49,281
Weighted Average Beds in Service
42,072
42,119
41,873
41,982
Reported: Admissions
544,554
530,298
2,130,728
2,075,459
% Change
2.7
%
2.7
%
Equivalent Admissions
974,561
931,990
3,788,434
3,611,299
% Change
4.6
%
4.9
%
Revenue per Equivalent Admission
$
17,755
$
16,628
$
17,149
$
16,679
% Change
6.8
%
2.8
%
Inpatient Revenue per Admission
$
18,992
$
17,634
$
18,201
$
17,361
% Change
7.7
%
4.8
%
Patient Days
2,674,331
2,648,683
10,483,236
10,504,145
% Change
1.0
%
-0.2
%
Equivalent Patient Days
4,786,197
4,655,841
18,639,194
18,277,212
% Change
2.8
%
2.0
%
Inpatient Surgery Cases
132,417
131,840
528,845
522,151
% Change
0.4
%
1.3
%
Outpatient Surgery Cases
270,286
265,610
1,044,415
1,023,239
% Change
1.8
%
2.1
%
Emergency Room Visits
2,452,395
2,412,781
9,342,783
8,971,951
% Change
1.6
%
4.1
%
Outpatient Revenues as a Percentage of Patient Revenues
38.4
%
37.5
%
38.3
%
37.6
%
Average Length of Stay (days)
4.911
4.995
4.920
5.061
Occupancy**
72.5
%
72.0
%
72.3
%
72.1
%
Same Facility: Admissions
542,628
526,259
2,127,112
2,059,561
% Change
3.1
%
3.3
%
Equivalent Admissions
959,366
923,585
3,750,098
3,577,457
% Change
3.9
%
4.8
%
Revenue per Equivalent Admission
$
17,672
$
16,533
$
17,080
$
16,637
% Change
6.9
%
2.7
%
Inpatient Revenue per Admission
$
19,025
$
17,530
$
18,210
$
17,313
% Change
8.5
%
5.2
%
Inpatient Surgery Cases
132,056
130,804
528,085
517,898
% Change
1.0
%
2.0
%
Outpatient Surgery Cases
263,398
261,685
1,026,639
1,002,076
% Change
0.7
%
2.5
%
Emergency Room Visits
2,445,405
2,395,650
9,328,741
8,907,055
% Change
2.1
%
4.7
%
* Excludes freestanding endoscopy centers (24 centers
at December 31, 2023 and 21 centers at December 31, 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 Years Fourth
Quarter Ended December 31,
2023
2022
2023
2022
Revenues
$17,303
$15,497
$64,968
$60,233
Net income attributable to HCA Healthcare, Inc.
$1,607
$2,081
$5,242
$5,643
Losses (gains) on sales of facilities (net of tax)
(9
)
(755
)
12
(727
)
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)
1,598
1,326
5,254
4,976
Depreciation and amortization
789
750
3,077
2,969
Interest expense
491
453
1,938
1,741
Provision for income taxes
486
422
1,608
1,527
Net income attributable to noncontrolling interests (b)
254
228
849
854
Adjusted EBITDA (a)
$3,618
$3,179
$12,726
$12,067
Adjusted EBITDA margin (a)
20.9
%
20.5
%
19.6
%
20.0
%
Diluted earnings per share: Net income attributable to HCA
Healthcare, Inc.
$5.93
$7.28
$18.97
$19.15
Losses (gains) on sales of facilities
(0.03
)
(2.64
)
0.04
(2.46
)
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)
$5.90
$4.64
$19.01
$16.89
Shares used in computing diluted earnings per share
(millions)
271.186
285.663
276.412
294.666
________________________________________________________
(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.
(b)
The 2022 amounts are net of noncontrolling
interests related to gains on sales of facilities.
HCA Healthcare, Inc. Supplemental Non-GAAP
Disclosures 2024 Operating Results Forecast (Dollars
in millions, except per share amounts)
For the Year Ending December 31,
2024 Low High Revenues
$67,750
$70,250
Net income attributable to HCA
Healthcare, Inc. (a)
$5,200
$5,600
Depreciation and amortization
3,200
3,270
Interest expense
1,985
2,040
Provision for income taxes
1,615
1,740
Net income attributable to noncontrolling interests
850
900
Adjusted EBITDA (a) (b)
$12,850
$13,550
Diluted earnings per share:
Net income attributable to HCA Healthcare, Inc.
$19.70
$21.20
Shares used in computing diluted
earnings per share (millions)
264.000
264.000
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/20240130835259/en/
INVESTOR CONTACT: Frank Morgan 615-344-2688
MEDIA CONTACT: Harlow Sumerford 615-344-1851
HCA Healthcare (NYSE:HCA)
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