Universal Health Services (UHS) Q1 2019 Earnings Call Transcript
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Universal Health Services (NYSE: UHS)
Q1 2019 Earnings Call
April 26, 2019 9:00 a.m. ET

Contents:

  • Prepared Remarks

  • Questions and Answers

  • Call Participants

Prepared Remarks:

Operator

Good morning. My name is Heidi, and I will be your conference operator today. At this time, I would like to welcome everyone to the first-quarter 2019 earnings conference call. [Operator instructions] Thank you.

Steve Filton, you may begin your conference.

Steve Filton -- Chief Financial Officer

Good morning. Alan Miller, our CEO, is also joining us this morning. We welcome you to this review of Universal Health Services results for the first quarter ended March 31, 2019. During this conference call, Alan and I will be using words such as believes, expects, anticipates, estimates and similar words that represent forecasts, projections and forward-looking statements.

For anyone not familiar with the risks and uncertainties inherent in these forward-looking statements, I recommend a careful reading of the section on risk factors and forward-looking statements and risk factors in our Form 10-K for the year ended December 31, 2018. We'd like to highlight just a couple of developments and business trends before opening the call up to questions. As discussed in our press release last night, the company reported net income attributable to UHS per diluted share of $2.57 for the quarter. After adjusting for the favorable impact from our adoption of ASU 2016-09, as discussed in our press release, our adjusted net income attributable to UHS per diluted share was $2.45 for the quarter ended March 31, 2019.

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On a same-facility basis in our acute care division, revenues increased 4.7% during the first quarter of 2019. The increase resulted primarily from a 4.9% increase in adjusted admissions and a 0.4% decrease in revenue per adjusted admission. On a same-facility basis, revenues in our behavioral health division increased 3% during the first quarter of 2019. Adjusted admissions to our behavioral health facilities owned for more than a year increased 2.9%, and adjusted patient days increased 0.9% over the prior-year first quarter.

Revenue per adjusted patient day rose 2.5% during the first quarter of 2019 over the comparable prior-year quarter. Our cash provided by operating activities was approximately $391 million during the first quarter of 2019. Our accounts receivable days outstanding decreased to 51 days during the first quarter of 2019 as compared to 53 days during the first quarter of last year. Our ratio of debt-to-total capitalization declined to 41.5% at March 31, 2019 as compared to 42.9% at March 31, 2018.