HCA Healthcare, Inc. (NYSE: HCA) today announced financial and
operating results for the third quarter ended September 30,
2024.
Key third quarter metrics (all percentage changes compare
3Q 2024 to 3Q 2023 unless otherwise noted):
- Revenues totaled $17.487 billion
- Net income attributable to HCA Healthcare, Inc. totaled $1.270
billion, or $4.88 per diluted share (which includes an estimated
$0.15 per diluted share unfavorable impact from Hurricane
Helene)
- Adjusted EBITDA totaled $3.267 billion
- Cash flows from operating activities totaled $3.515
billion
- Same facility admissions increased 4.5 percent and same
facility equivalent admissions increased 4.5 percent
“Our people recently, and heroically, responded to two major
hurricanes in less than two weeks. The teamwork and enterprise
capabilities of HCA Healthcare were on full display before, during
and after these storms. I am grateful for, and humbled by, the
unwavering dedication, remarkable bravery and outstanding
leadership demonstrated by our people throughout these storms. They
truly demonstrated that above all else, they are committed to the
care and improvement of human life," said Sam Hazen, Chief
Executive Officer of HCA Healthcare.
Revenues in the third quarter of 2024 totaled $17.487 billion,
compared to $16.213 billion in the third quarter of 2023. Net
income attributable to HCA Healthcare, Inc. totaled $1.270 billion,
or $4.88 per diluted share, compared to $1.079 billion, or $3.91
per diluted share, in the third quarter of 2023. Results for the
third quarter of 2024 include losses on sales of facilities of $4
million, or $0.02 per diluted share.
For the third quarter of 2024, Adjusted EBITDA totaled $3.267
billion, compared to $2.880 billion in the third quarter of 2023.
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 included 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 4.5 percent and same facility
equivalent admissions increased 4.5 percent in the third quarter of
2024, compared to the prior year period. Same facility emergency
room visits increased 4.6 percent in the third quarter of 2024,
compared to the prior year period. Same facility inpatient
surgeries increased 1.6 percent, and same facility outpatient
surgeries declined 2.0 percent in the third quarter of 2024,
compared to the same period of 2023. Same facility revenue per
equivalent admission increased 2.5 percent in the third quarter of
2024, compared to the third quarter of 2023.
Nine Months Ended September 30, 2024
Revenues for the nine months ended September 30, 2024 totaled
$52.318 billion, compared to $47.665 billion in the same period of
2023. Net income attributable to HCA Healthcare, Inc. was $4.322
billion, or $16.37 per diluted share, compared to $3.635 billion,
or $13.07 per diluted share, for the first nine months of 2023.
Results for the nine months ended September 30, 2024 include gains
on sales of facilities of $209 million, or $0.61 per diluted share.
Results for the nine months ended September 30, 2023 included
losses on sales of facilities of $12 million, or $0.07 per diluted
share.
Impact of Hurricanes
During the third quarter of 2024, the Company incurred
additional expenses and experienced loss of revenues estimated at
$50 million, or $0.15 per diluted share, associated with Hurricane
Helene’s impact on certain facilities located in Florida, Georgia
and North Carolina.
During the fourth quarter of 2024, the Company anticipates
ongoing additional expenses and loss of revenues due to Hurricane
Helene’s impact on its North Carolina facilities, as well as from
Hurricane Milton, which impacted certain facilities in Florida
during October, of approximately $200 to $300 million, or $0.60 to
$0.90 per diluted share. These estimates do not include any
insurance recoveries the Company may receive.
2024 Guidance
Today, the Company reaffirmed its 2024 estimated guidance
ranges. Given the ongoing impact of the two major hurricanes on the
remainder of the year, the Company estimates that results are
likely to be in the lower half of the ranges provided.
Capital expenditures for 2024, excluding acquisitions, are now
estimated to be approximately $5 billion.
The Company’s guidance contains a number of assumptions,
including, among others, the Company’s current expectations
regarding volume growth coupled with an anticipated mostly stable
operating environment, payor mix, and the ongoing impacts of the
two major hurricanes, 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 2024 guidance and initial 2025 outlook that
follows are based on current plans and expectations and are subject
to a number of known and unknown uncertainties and risks, including
those set forth below in the Company’s “Forward-Looking
Statements.”
Initial 2025 Outlook
While the Company anticipates some ongoing impact in 2025 from
Hurricane Helene on its North Carolina facilities, the Company
believes these ongoing effects will be manageable and currently
expects 2025 diluted earnings per share and Adjusted EBITDA growth
to be near, or slightly above, the upper end of its long-term
growth ranges. This initial 2025 outlook is subject to completion
of the Company’s 2025 planning process and may change. Additional
early commentary related to 2025 will be provided on today’s
earnings conference call.
Balance Sheet and Cash Flows from Operations
As of September 30, 2024, HCA Healthcare, Inc.’s balance sheet
reflected cash and cash equivalents of $2.888 billion, total debt
of $42.965 billion, and total assets of $59.459 billion. During the
third quarter of 2024, capital expenditures totaled $1.191 billion,
excluding acquisitions. Cash flows provided by operating activities
in the third quarter of 2024 totaled $3.515 billion, compared to
$2.479 billion in the third quarter of 2023.
During the third quarter of 2024, the Company repurchased 4.948
million shares of its common stock at a cost of $1.795 billion. The
Company had $2.433 billion remaining under its repurchase
authorization as of September 30, 2024. As of September 30, 2024,
the Company had $7.986 billion of availability under its credit
facilities.
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 December 27, 2024 to
stockholders of record at the close of business on December 13,
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.
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 September 30, 2024, HCA operated 187 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 and
initial perspectives on the outlook for 2025, 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”), and the
expiration of enhanced subsidies for individuals eligible to
purchase insurance coverage through federal and state-based health
insurance marketplaces, (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, Medicaid waiver
programs or state directed payments, 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 involving us or our vendors and
other third parties, 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, including
Hurricanes Helene and Milton, (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, including artificial intelligence and machine
learning, to drive efficiencies, better outcomes and an enhanced
patient experience, (26) the impact of recent decisions of the U.S.
Supreme Court regarding the actions of federal agencies, and (27)
other risk factors described in our annual report on Form 10-K for
the year ended December 31, 2023 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)
2024
2023
Amount
Ratio
Amount
Ratio
Revenues
$
17,487
100.0
%
$
16,213
100.0
%
Salaries and benefits
7,861
45.0
7,556
46.6
Supplies
2,657
15.2
2,417
14.9
Other operating expenses
3,717
21.2
3,379
20.8
Equity in earnings of affiliates
(15
)
(0.1
)
(19
)
(0.1
)
Depreciation and amortization
842
4.9
769
4.7
Interest expense
515
2.9
483
3.0
Losses (gains) on sales of facilities
4
—
(2
)
—
15,581
89.1
14,583
89.9
Income before income taxes
1,906
10.9
1,630
10.1
Provision for income taxes
424
2.4
355
2.2
Net income
1,482
8.5
1,275
7.9
Net income attributable to noncontrolling
interests
212
1.2
196
1.2
Net income attributable to HCA Healthcare,
Inc.
$
1,270
7.3
$
1,079
6.7
Diluted earnings per share
$
4.88
$
3.91
Shares used in computing diluted earnings
per share (millions)
259.917
275.424
Comprehensive income attributable
to HCA Healthcare, Inc.
$
1,325
$
1,044
HCA Healthcare, Inc.
Condensed Consolidated
Comprehensive Income Statements
For the Nine Months Ended
September 30, 2024 and 2023
Unaudited
(Dollars in millions, except
per share amounts)
2024
2023
Amount
Ratio
Amount
Ratio
Revenues
$
52,318
100.0
%
$
47,665
100.0
%
Salaries and benefits
23,253
44.4
21,917
46.0
Supplies
7,962
15.2
7,318
15.4
Other operating expenses
10,946
21.0
9,316
19.5
Equity in (earnings) losses of
affiliates
(13
)
—
6
—
Depreciation and amortization
2,456
4.7
2,288
4.9
Interest expense
1,533
2.9
1,447
3.0
Losses (gains) on sales of facilities
(209
)
(0.4
)
12
—
45,928
87.8
42,304
88.8
Income before income taxes
6,390
12.2
5,361
11.2
Provision for income taxes
1,419
2.7
1,131
2.3
Net income
4,971
9.5
4,230
8.9
Net income attributable to noncontrolling
interests
649
1.2
595
1.3
Net income attributable to HCA Healthcare,
Inc.
$
4,322
8.3
$
3,635
7.6
Diluted earnings per share
$
16.37
$
13.07
Shares used in computing diluted earnings
per share (millions)
263.987
278.173
Comprehensive income attributable to HCA
Healthcare, Inc.
$
4,369
$
3,634
HCA Healthcare, Inc.
Condensed Consolidated Balance
Sheets
Unaudited
(Dollars in millions)
September 30,
June 30,
December 31,
2024
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
2,888
$
831
$
935
Accounts receivable
9,915
10,239
9,958
Inventories
1,776
1,800
2,021
Other
2,083
2,303
2,013
16,662
15,173
14,927
Property and equipment, at cost
61,750
60,625
58,548
Accumulated depreciation
(32,703
)
(31,986
)
(30,833
)
29,047
28,639
27,715
Investments of insurance subsidiaries
553
483
477
Investments in and advances to
affiliates
705
702
756
Goodwill and other intangible assets
9,982
9,963
9,945
Right-of-use operating lease assets
2,201
2,179
2,207
Other
309
240
184
$
59,459
$
57,379
$
56,211
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
4,235
$
4,029
$
4,233
Accrued salaries
2,164
1,993
2,127
Other accrued expenses
3,819
3,705
3,871
Long-term debt due within one year
4,682
4,574
2,424
14,900
14,301
12,655
Long-term debt, less debt issuance costs
and discounts of $378, $371 and $333
38,283
36,306
37,169
Professional liability risks
1,584
1,573
1,557
Right-of-use operating lease
obligations
1,924
1,894
1,903
Income taxes and other liabilities
1,982
1,966
1,867
Stockholders' equity:
Stockholders' deficit attributable to HCA
Healthcare, Inc.
(2,182
)
(1,600
)
(1,774
)
Noncontrolling interests
2,968
2,939
2,834
786
1,339
1,060
$
59,459
$
57,379
$
56,211
HCA Healthcare, Inc.
Condensed Consolidated
Statements of Cash Flows
For the Nine Months Ended
September 30, 2024 and 2023
Unaudited
(Dollars in millions)
2024
2023
Cash flows from operating activities:
Net income
$
4,971
$
4,230
Adjustments to reconcile net income to net
cash provided by operating activities:
Increase (decrease) in cash from operating
assets and liabilities:
Accounts receivable
55
(168
)
Inventories and other assets
184
(274
)
Accounts payable and accrued expenses
77
211
Depreciation and amortization
2,456
2,288
Income taxes
(67
)
61
Losses (gains) on sales of facilities
(209
)
12
Amortization of debt issuance costs and
discounts
26
26
Share-based compensation
275
205
Other
187
166
Net cash provided by operating
activities
7,955
6,757
Cash flows from investing activities:
Purchase of property and equipment
(3,590
)
(3,585
)
Acquisition of hospitals and health care
entities
(224
)
(281
)
Sales of hospitals and health care
entities
312
183
Change in investments
(85
)
(30
)
Other
-
(7
)
Net cash used in investing activities
(3,587
)
(3,720
)
Cash flows from financing activities:
Issuances of long-term debt
7,495
3,220
Net change in revolving credit
facilities
(1,880
)
(1,420
)
Repayment of long-term debt
(2,346
)
(691
)
Distributions to noncontrolling
interests
(530
)
(497
)
Payment of debt issuance costs
(67
)
(31
)
Payment of dividends
(525
)
(501
)
Repurchase of common stock
(4,342
)
(2,901
)
Other
(224
)
(234
)
Net cash used in financing activities
(2,419
)
(3,055
)
Effect of exchange rate changes on cash
and cash equivalents
4
1
Change in cash and cash equivalents
1,953
(17
)
Cash and cash equivalents at beginning of
period
935
908
Cash and cash equivalents at end of
period
$
2,888
$
891
Interest payments
$
1,405
$
1,460
Income tax payments, net
$
1,486
$
1,070
HCA Healthcare, Inc.
Operating Statistics
Third Quarter
For the Nine Months Ended
September 30,
2024
2023
2024
2023
Operations:
Number of Hospitals
187
183
187
183
Number of Freestanding Outpatient Surgery
Centers*
125
126
125
126
Licensed Beds at End of Period
49,890
49,279
49,890
49,279
Weighted Average Beds in Service
42,640
41,927
42,609
41,805
Reported:
Admissions
562,100
537,943
1,677,425
1,586,174
% Change
4.5
%
5.8
%
Equivalent Admissions
1,006,106
958,504
2,982,462
2,813,873
% Change
5.0
%
6.0
%
Revenue per Equivalent Admission
$
17,381
$
16,915
$
17,542
$
16,939
% Change
2.8
%
3.6
%
Inpatient Revenue per Admission
$
18,728
$
18,262
$
18,822
$
17,930
% Change
2.6
%
5.0
%
Patient Days
2,690,718
2,612,439
8,134,864
7,808,905
% Change
3.0
%
4.2
%
Equivalent Patient Days
4,816,761
4,655,252
14,463,788
13,852,997
% Change
3.5
%
4.4
%
Inpatient Surgery Cases
135,803
133,521
405,061
396,428
% Change
1.7
%
2.2
%
Outpatient Surgery Cases
249,364
254,557
761,166
774,129
% Change
-2.0
%
-1.7
%
Emergency Room Visits
2,446,962
2,343,514
7,290,836
6,890,388
% Change
4.4
%
5.8
%
Outpatient Revenues as a Percentage of
Patient Revenues
38.2
%
37.4
%
37.8
%
38.3
%
Average Length of Stay (days)
4.787
4.856
4.850
4.923
Occupancy**
71.9
%
71.4
%
73.0
%
72.2
%
Same Facility:
Admissions
558,105
534,323
1,663,509
1,577,063
% Change
4.5
%
5.5
%
Equivalent Admissions
985,613
943,614
2,919,458
2,781,939
% Change
4.5
%
4.9
%
Revenue per Equivalent Admission
$
17,311
$
16,887
$
17,468
$
16,882
% Change
2.5
%
3.5
%
Inpatient Revenue per Admission
$
18,793
$
18,214
$
18,873
$
17,917
% Change
3.2
%
5.3
%
Inpatient Surgery Cases
134,913
132,793
402,150
394,377
% Change
1.6
%
2.0
%
Outpatient Surgery Cases
244,733
249,753
746,717
762,328
% Change
-2.0
%
-2.0
%
Emergency Room Visits
2,433,887
2,325,946
7,232,588
6,839,030
% Change
4.6
%
5.8
%
* Excludes freestanding endoscopy centers
(23 centers at September 30, 2024 and 22 centers at September 30,
2023).
** 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)
Third Quarter
For the Nine Months Ended
September 30,
2024
2023
2024
2023
Revenues
$
17,487
$
16,213
$
52,318
$
47,665
Net income attributable to HCA Healthcare,
Inc.
$
1,270
$
1,079
$
4,322
$
3,635
Losses (gains) on sales of facilities (net
of tax)
3
(1
)
(160
)
21
Net income attributable to HCA Healthcare,
Inc., as adjusted (a)
1,273
1,078
4,162
3,656
Depreciation and amortization
842
769
2,456
2,288
Interest expense
515
483
1,533
1,447
Provision for income taxes
425
354
1,370
1,122
Net income attributable to noncontrolling
interests
212
196
649
595
Adjusted EBITDA (a)
3,267
$
2,880
$
10,170
$
9,108
Adjusted EBITDA margin (a)
18.7
%
17.8
%
19.4
%
19.1
%
Diluted earnings per share:
Net income attributable to HCA Healthcare,
Inc.
$
4.88
$
3.91
$
16.37
$
13.07
Losses (gains) on sales of facilities
0.02
-
(0.61
)
0.07
Net income attributable to HCA Healthcare,
Inc., as adjusted (a)
$
4.90
$
3.91
$
15.76
$
13.14
Shares used in computing diluted earnings
per share (millions)
259.917
275.424
263.987
278.173
_____________________ (a)
Net income attributable to HCA Healthcare,
Inc., as adjusted, diluted earnings per share, as adjusted, and
Adjusted EBITDA should not be considered as measures of financial
performance under generally accepted accounting principles
("GAAP"). These non-GAAP financial measures are adjusted to exclude
losses (gains) on sales of facilities and losses on retirement of
debt. We believe net income attributable to HCA Healthcare, Inc.,
as adjusted, diluted earnings per share, as adjusted, 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., as adjusted, diluted
earnings per share, as adjusted, 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., as
adjusted, diluted earnings per share, as adjusted, 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 adjustments, including 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., as adjusted, diluted earnings per share, as adjusted, 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., as adjusted, diluted earnings
per share, as adjusted, and Adjusted EBITDA are not measurements
determined in accordance with GAAP and are susceptible to varying
calculations, net income attributable to HCA Healthcare, Inc., as
adjusted, diluted earnings per share, as adjusted, 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
2024 Operating Results
Forecast
(Dollars in millions, except
per share amounts)
For the Year Ending
December 31, 2024
Low
High
Revenues
$
69,750
$
71,750
Net income attributable to HCA Healthcare,
Inc. (a)
$
5,675
$
5,975
Depreciation and amortization
3,245
3,295
Interest expense
2,065
2,095
Provision for income taxes
1,860
1,950
Net income attributable to noncontrolling
interests
905
935
Adjusted EBITDA (a) (b)
$
13,750
$
14,250
Diluted earnings per share:
Net income attributable to HCA Healthcare,
Inc.
$
21.60
$
22.80
Shares used in computing diluted earnings
per share (millions)
262.000
262.000
The Company's forecasted guidance 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 healthcare 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/20241025897327/en/
INVESTOR CONTACT: Frank Morgan 615-344-2688 MEDIA
CONTACT: Harlow Sumerford 615-344-1851
HCA Healthcare (NYSE:HCA)
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