UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES 2025 FIRST QUARTER FINANCIAL RESULTS

Consolidated Results of Operations, As Reported and As Adjusted – Three-month periods ended March 31, 2025 and 2024: , /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $316.7 million, or $4.80 per diluted share, during the first quarter of 2025, as compared to $261.8 million, or $3.82 per diluted share, during the first quarter of 2024. Net revenues increased by 6.7% to $4.100 billion during the first quarter of 2025, as compared to $3.844 billion during the first quarter of 2024. As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income attributable to UHS during the first quarter of 2025 was $319.5 million, or $4.84 per diluted share, as compared to $253.1 million, or $3.70 per diluted share, during the first quarter of 2024. As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2025 were: (i) an unrealized after-tax loss of $3.3 million, or $.05 per diluted share ($4.3 million pre-tax), resulting from a decrease in the market value of certain equity securities (included in "Other (income) expense, net"), and; (ii) a favorable net after-tax impact of $0.5 million, or $.01 per diluted share, resulting from the net tax benefit recorded in connection with "ASU 2016-09", Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m). As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2024 were: (i) a favorable after-tax impact of $9.2 million, or $.13 per diluted share, resulting from the tax benefit recorded in connection with employee share-based payments pursuant to ASU 2016-09, and; (ii) an unrealized after-tax loss of $0.4 million, or $.01 per diluted share ($0.6 million pre-tax), resulting from a decrease in the market value of certain equity securities. As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI", NCI is net income attributable to noncontrolling interests), was $603.9 million during the first quarter of 2025, as compared to $525.9 million during the first quarter of 2024. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $598.2 million during the first quarter of 2025, as compared to $525.8 million during the first quarter of 2024. Acute Care Services – Three-month periods ended March 31, 2025 and 2024: During the first quarter of 2025, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) increased by 2.4% while adjusted patient days increased by 0.3%, as compared to the first quarter of 2024. At these facilities, during the first quarter of 2025, net revenue per adjusted admission increased by 2.5% while net revenue per adjusted patient day increased by 4.7%, as compared to the first quarter of 2024. Net revenues generated from our acute care services, on a same facility basis, increased by 6.5% during the first quarter of 2025, as compared to the first quarter of 2024. Behavioral Health Care Services – Three-month periods ended March 31, 2025 and 2024: During the first quarter of 2025, at our behavioral health care facilities on a same facility basis, adjusted admissions decreased by 1.6% while adjusted patient days decreased by 0.3%, as compared to the first quarter of 2024. At these facilities, during the first quarter of 2025, net revenue per adjusted admission increased by 7.2% and net revenue per adjusted patient day increased by 5.8%, as compared to the first quarter of 2024. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 5.5% during the first quarter of 2025, as compared to the first quarter of 2024. Net Cash Provided by Operating Activities and Liquidity: Net Cash Provided by Operating Activities: During the three-month period ended March 31, 2025, our net cash provided by operating activities was $360 million as compared to $396 million during the first quarter of 2024. The $36 million net decrease in our net cash provided by operating activities consisted of: (i) a favorable change of $69 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gains on sales of assets and businesses; (ii) an unfavorable change of $144 million in accounts receivable due, in part, to delays in receipt of funds in connection with certain Medicaid supplement payment programs in various states (approximately $82 million of which related to the Nevada state directed payment program which was approved by the Centers for Medicare and Medicaid Services in April, 2025, retroactive to January 1, 2025); (iii) a favorable change of $20 million in other assets and deferred charges; (iv) a favorable change of $16 million in accrued and deferred income taxes, and; (v) $3 million of other combined net favorable changes. Liquidity: As of March 31, 2025, we had $1.02 billion of aggregate available borrowing capacity pursuant to our $1.3 billion revolving credit facility, net of outstanding borrowings and letters of credit. Stock Repurchase Program: In connection with our stock repurchase program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions. Pursuant to this program, during the first quarter of 2025, we have repurchased approximately 1.0 million shares at an aggregate cost of approximately $180.6 million (average price of approximately $181 per share). As of March 31, 2025, we had an aggregate available repurchase authorization of approximately $643.7 million pursuant to our stock repurchase program. Conference call information: We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 29, 2025. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call. General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures: One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500 corporation, our annual revenues during 2024 were $15.8 billion. UHS ranked #299 on the Fortune 500; and #399 on Forbes' list of America's Largest Public Companies. In 2025, UHS was again recognized as one of the World's Most Admired Companies by Fortune. Our operating philosophy is as effective today as it was upon the Company's founding in 1979, enabling us to provide compassionate care to our patients and their loved ones. Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve. Headquartered in King of Prussia, PA, UHS has approximately 99,300 employees and, through its subsidiaries, operates 29 inpatient acute care hospitals, 334 inpatient behavioral health facilities, 60 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 39 states, Washington, D.C., the United Kingdom and Puerto Rico. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information visit www.uhs.com. This press release contains forward-looking statements based on current management expectations. Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2024), may cause the results to differ materially from those anticipated in the forward-looking statements. These statements are subject to risks and uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management's view 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. Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to: A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions. Changes to these programs, if adopted, could materially affect program payments which could materially impact our results of operations. In addition, we receive substantial reimbursement from multiple states in connection with various supplemental Medicaid payment programs. Failure to renew these programs beyond their scheduled termination dates, failure of the public hospitals to provide the necessary Inter-Governmental Transfers for the states' share of the Medicaid disproportionate share hospital programs, failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs, the adoption of certain proposed reductions of federal funding for Medicaid, or reductions in other reimbursements, could cause our actual results of operations for the year ended December 31, 2025 to differ materially from our 2025 operating results forecast. The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, although interest rates have moderated more recently, the effects of increased borrowing rates have adversely impacted our results of operations, financial condition and cash flows. We cannot predict future changes to interest rates, however, significant increases in our borrowing rates could have a material unfavorable impact on our future results of operations and our ability to access the capital markets on favorable terms. Changes in laws or policies governing the terms of foreign trade, and in particular, increased trade restrictions, tariffs or taxes on imports from where our products or materials are made (either directly or through our suppliers) could have an impact on our competitive position, business operations and financial results. The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the matters related to Cumberland Hospital for Children and Adolescents, located in New Kent, Virginia, as previously disclosed on Form 8-K on September 30, 2024, Form 10-Q for the quarterly period ended September 30, 2024 and Form 10-K for the year ended December 31, 2024; and the matter related to the Pavilion Behavioral Health System ("Pavilion"), located in Champaign, Illinois, as previously disclosed on Forms 8-K on April 1, 2024, September 30, 2024 and October 11, 2024, Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024 and Form 10-K for the year ended December 31, 2024. We have reached an agreement in principle with respect to the Pavilion matter which is subject to the execution of a final settlement agreement and court approval of that agreement. Although the terms of the settlement are confidential, we expect that the settlement, if finalized and approved by the court, will be covered by our commercial excess insurance and our existing reserves for that matter. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could have a material adverse effect on the Company. We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect of material items impacting our net income attributable to UHS, such as, changes in the market value of shares of certain equity securities, the impact of ASU 2016-09, net of the impact of executive compensation limitations pursuant to IRC section 162(m), and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2024. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance. Universal Health Services, Inc. Consolidated Statements of Income (in thousands, except per share amounts) (unaudited) Three months ended March 31, 2025 2024 Net revenues $4,099,720 $3,843,582 Operating charges: Salaries, wages and benefits 1,951,104 1,842,624 Other operating expenses 1,105,752 1,032,170 Supplies expense 402,881 403,573 Depreciation and amortization 148,345 141,003 Lease and rental expense 36,813 35,450 3,644,895 3,454,820 Income from operations 454,825 388,762 Interest expense, net 40,056 52,826 Other (income) expense, net (5,659) (150) Income before income taxes 420,428 336,086 Provision for income taxes 98,800 70,264 Net income 321,628 265,822 Less: Net income (loss) attributable to noncontrolling interests ("NCI") 4,948 3,988 Net income attributable to UHS $316,680 $261,834 Basic earnings per share attributable to UHS (a) $4.87 $3.90 Diluted earnings per share attributable to UHS (a) $4.80 $3.82 Universal Health Services, Inc. Footnotes to Consolidated Statements of Income (in thousands, except per share amounts) (unaudited) Three months (a) Earnings per share calculation: ended March 31, 2025 2024 Basic and diluted: Net income attributable to UHS $316,680 $261,834 Less: Net income attributable to unvested restricted share grants 0 (45) Net income attributable to UHS - basic and diluted $316,680 $261,789 Weighted average number of common shares - basic 64,970 67,204 Basic earnings per share attributable to UHS: $4.87 $3.90 Weighted average number of common shares 64,970 67,204 Add: Other share equivalents 1,067 1,278 Weighted average number of common shares and equiv. - diluted 66,037 68,482 Diluted earnings per share attributable to UHS: $4.80 $3.82 Universal Health Services, Inc. Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule") For the Three Months ended March 31, 2025 and 2024 (in thousands, except per share amounts) (unaudited) Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA/AdjustedEBITDA net of NCI") Three months ended % Net Three months ended % Net March 31, 2025 revenues March 31, 2024 revenues Net income attributable to UHS $316,680 $261,834 Depreciation and amortization 148,345 141,003 Interest expense, net 40,056 52,826 Provision for income taxes 98,800 70,264 EBITDA net of NCI $603,881 14.7 % $525,927 13.7 % Other (income) expense, net (5,659) (150) Adjusted EBITDA net of NCI $598,222 14.6 % $525,777 13.7 % Net revenues $4,099,720 $3,843,582 Calculation of Adjusted Net Income Attributable to UHS Three months ended Three months ended March 31, 2025 March 31, 2024 Per Per Amount Diluted Share Amount Diluted Share Net income attributable to UHS $316,680 $4.80 $261,834 $3.82 Plus/minus after-tax adjustments: Unrealized loss on equity securities 3,285 0.05 444 0.01 Impact of ASU 2016-09, net (461) (0.01) (9,156) (0.13) Subtotal adjustments 2,824 0.04 (8,712) (0.12) Adjusted net income attributable to UHS $319,504 $4.84 $253,122 $3.70 Universal Health Services, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) March 31, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 126,753 $ 125,983 Accounts receivable, net 2,411,524 2,177,751 Supplies 221,991 220,940 Other current assets 317,106 291,614 Total current assets 3,077,374 2,816,288 Property and equipment 12,905,358 12,643,283 Less: accumulated depreciation (6,208,744) (6,071,058) 6,696,614 6,572,225 Other assets: Goodwill 3,948,178 3,932,879 Deferred income taxes 133,244 118,449 Right of use assets-operating leases 409,458 418,719 Deferred charges 9,186 9,404 Other 601,376 601,785 Total Assets $ 14,875,430 $ 14,469,749 Liabilities and Stockholders' Equity Current liabilities: Current maturities of long-term debt $ 40,410 $ 40,059 Accounts payable and other liabilities 2,092,451 2,081,479 Operating lease liabilities 75,929 74,649 Federal and state taxes 121,462 14,219 Total current liabilities 2,330,252 2,210,406 Other noncurrent liabilities 681,654 655,806 Operating lease liabilities noncurrent 368,518 376,239 Long-term debt 4,609,272 4,464,482 Redeemable noncontrolling interest 13,324 13,293 UHS common stockholders' equity 6,785,604 6,666,207 Noncontrolling interest 86,806 83,316 Total equity 6,872,410 6,749,523 Total Liabilities and Stockholders' Equity $ 14,875,430 $ 14,469,749 Universal Health Services, Inc. Consolidated Statements of Cash Flows (in thousands) (unaudited) Three months ended March 31, 2025 2024 Cash Flows from Operating Activities: Net income $321,628 $265,822 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation & amortization 148,345 141,003 Gains on sales of assets and businesses 0 (3,725) Stock-based compensation expense 21,595 19,630 Changes in assets & liabilities, net of effects from acquisitions and dispositions: Accounts receivable (218,374) (74,446) Accrued interest 11,086 3,453 Accrued and deferred income taxes 88,641 72,193 Other working capital accounts (42,824) (33,291) Other assets and deferred charges (489) (20,307) Other 3,811 8,897 Accrued insurance expense, net of commercial premiums paid 47,334 51,112 Payments made in settlement of self-insurance claims (20,705) (33,935) Net cash provided by operating activities 360,048 396,406 Cash Flows from Investing Activities: Property and equipment additions (239,026) (208,539) Proceeds received from sales of assets and businesses 0 5,428 Acquisition of businesses and property (8,314) 0 (Outflows) inflows from foreign exchange contracts that hedge our net U.K. investment (23,695) 8,319 (Increase) decrease in capital reserves of commercial insurance subsidiary (264) 155 Net cash used in investing activities (271,299) (194,637) Cash Flows from Financing Activities: Repayments of long-term debt (9,113) (63,905) Additional borrowings 152,454 12,038 Repurchase of common shares (223,385) (142,084) Dividends paid (13,534) (13,601) Issuance of common stock 3,658 3,241 Profit distributions to noncontrolling interests (5,912) (4,480) Purchase (sale) of ownership interests by (from) minority members 4,412 (156) Net cash used in financing activities (91,420) (208,947) Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,645 (492) Decrease in cash, cash equivalents and restricted cash (1,026) (7,670) Cash, cash equivalents and restricted cash, beginning of period 224,752 214,470 Cash, cash equivalents and restricted cash, end of period $223,726 $206,800 Supplemental Disclosures of Cash Flow Information: Interest paid $27,718 $48,116 Income taxes paid, net of refunds $5,638 $2,671 Noncash purchases of property and equipment $116,196 $60,125 Universal Health Services, Inc. Supplemental Statistical Information (unaudited) % Change Three Months ended Same Facility: 3/31/2025 Acute Care Hospitals Revenues 6.5 % Adjusted Admissions 2.4 % Adjusted Patient Days 0.3 % Revenue Per Adjusted Admission 2.5 % Revenue Per Adjusted Patient Day 4.7 % Behavioral Health Hospitals Revenues 5.5 % Adjusted Admissions -1.6 % Adjusted Patient Days -0.3 % Revenue Per Adjusted Admission 7.2 % Revenue Per Adjusted Patient Day 5.8 % UHS Consolidated Three Months ended 3/31/2025 3/31/2024 Revenues $4,099,720 $3,843,582 EBITDA net of NCI $603,881 $525,927 EBITDA Margin net of NCI 14.7 % 13.7 % Adjusted EBITDA net of NCI $598,222 $525,777 Adjusted EBITDA Margin net of NCI 14.6 % 13.7 % Cash Flow From Operations $360,048 $396,406 Capital Expenditures $239,026 $208,539 Days Sales Outstanding 53 54 Debt $4,649,682 $4,861,805 UHS' Shareholders Equity $6,785,604 $6,256,697 Debt / Total Capitalization 40.7 % 43.7 % Debt / EBITDA net of NCI (1) 2.00 2.65 Debt / Adjusted EBITDA net of NCI (1) 2.01 2.63 Debt / Cash From Operations (1) 2.29 3.54 Universal Health Services, Inc. Acute Care Hospital Services For the Three months ended March 31, 2025 and 2024 (in thousands) (unaudited) Same Facility Basis - Acute Care Hospital Services Three months ended Three months ended March 31, 2025 March 31, 2024 Amount % of NetRevenues Amount % of NetRevenues Net revenues $2,244,062 100.0 % $2,108,045 100.0 % Operating charges: Salaries, wages and benefits 894,101 39.8 % 861,086 40.8 % Other operating expenses 630,025 28.1 % 577,582 27.4 % Supplies expense 343,470 15.3 % 347,130 16.5 % Depreciation and amortization 88,084 3.9 % 90,283 4.3 % Lease and rental expense 25,071 1.1 % 23,833 1.1 % Subtotal-operating expenses 1,980,751 88.3 % 1,899,914 90.1 % Income from operations 263,311 11.7 % 208,131 9.9 % Interest expense, net 2,262 0.1 % 1,300 0.1 % Other (income) expense, net (8,572) (0.4) % 160 0.0 % Income before income taxes $269,621 12.0 % $206,671 9.8 % All Acute Care Hospital Services Three months ended Three months ended March 31, 2025 March 31, 2024 Amount % of NetRevenues Amount % of NetRevenues Net revenues $2,349,229 100.0 % $2,185,081 100.0 % Operating charges: Salaries, wages and benefits 910,724 38.8 % 861,547 39.4 % Other operating expenses 715,340 30.4 % 654,983 30.0 % Supplies expense 348,393 14.8 % 347,004 15.9 % Depreciation and amortization 94,647 4.0 % 90,312 4.1 % Lease and rental expense 25,339 1.1 % 23,833 1.1 % Subtotal-operating expenses 2,094,443 89.2 % 1,977,679 90.5 % Income from operations 254,786 10.8 % 207,402 9.5 % Interest expense, net 2,262 0.1 % 1,300 0.1 % Other (income) expense, net (8,267) (0.4) % 634 0.0 % Income before income taxes $260,791 11.1 % $205,468 9.4 % We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2024. The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. Universal Health Services, Inc. Behavioral Health Care Services For the Three months ended March 31, 2025 and 2024 (in thousands) (unaudited) Same Facility Basis - Behavioral Health Care Services Three months ended Three months ended March 31, 2025 March 31, 2024 Amount % of NetRevenues Amount % of NetRevenues Net revenues $1,705,862 100.0 % $1,616,241 100.0 % Operating charges: Salaries, wages and benefits 925,537 54.3 % 868,656 53.7 % Other operating expenses 321,446 18.8 % 314,001 19.4 % Supplies expense 55,379 3.2 % 56,709 3.5 % Depreciation and amortization 51,368 3.0 % 47,597 2.9 % Lease and rental expense 11,127 0.7 % 11,454 0.7 % Subtotal-operating expenses 1,364,857 80.0 % 1,298,417 80.3 % Income from operations 341,005 20.0 % 317,824 19.7 % Interest expense, net 1,074 0.1 % 1,027 0.1 % Other (income) expense, net (825) (0.0) % (676) (0.0) % Income before income taxes $340,756 20.0 % $317,473 19.6 % All Behavioral Health Care Services Three months ended Three months ended March 31, 2025 March 31, 2024 Amount % of NetRevenues Amount % of NetRevenues Net revenues $1,747,649 100.0 % $1,656,067 100.0 % Operating charges: Salaries, wages and benefits 928,166 53.1 % 872,196 52.7 % Other operating expenses 363,584 20.8 % 347,268 21.0 % Supplies expense 55,447 3.2 % 56,924 3.4 % Depreciation and amortization 51,408 2.9 % 47,872 2.9 % Lease and rental expense 11,369 0.7 % 11,518 0.7 % Subtotal-operating expenses 1,409,974 80.7 % 1,335,778 80.7 % Income from operations 337,675 19.3 % 320,289 19.3 % Interest expense, net 1,075 0.1 % 1,027 0.1 % Other (income) expense, net (825) (0.0) % (676) (0.0) % Income before income taxes $337,425 19.3 % $319,938 19.3 % We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2024. The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. Universal Health Services, Inc. Selected Hospital Statistics For the Three Months ended March 31, 2025 and 2024 (unaudited) AS REPORTED: ACUTE BEHAVIORAL HEALTH 3/31/25 3/31/24 % change 3/31/25 3/31/24 % change Hospitals owned and leased 28 27 3.7 % 334 333 0.3 % Average licensed beds 6,854 6,657 3.0 % 24,223 24,378 -0.6 % Average available beds 6,682 6,485 3.0 % 24,123 24,278 -0.6 % Patient days 420,687 415,327 1.3 % 1,596,888 1,608,992 -0.8 % Average daily census 4,674.3 4,564.0 2.4 % 17,743.2 17,681.2 0.4 % Occupancy-licensed beds 68.2 % 68.6 % -0.5 % 73.2 % 72.5 % 1.0 % Occupancy-available beds 70.0 % 70.4 % -0.6 % 73.6 % 72.8 % 1.0 % Admissions 86,652 83,581 3.7 % 117,788 119,930 -1.8 % Length of stay 4.9 5.0 -2.0 % 13.6 13.4 1.5 % SAME FACILITY: ACUTE BEHAVIORAL HEALTH 3/31/25 3/31/24 % change 3/31/25 3/31/24 % change Hospitals owned and leased 27 27 0.0 % 333 333 0.0 % Average licensed beds 6,704 6,657 0.7 % 24,097 23,914 0.8 % Average available beds 6,532 6,485 0.7 % 23,997 23,814 0.8 % Patient days 414,738 415,327 -0.1 % 1,586,691 1,584,255 0.2 % Average daily census 4,608.2 4,564.0 1.0 % 17,629.9 17,409.4 1.3 % Occupancy-licensed beds 68.7 % 68.6 % 0.3 % 73.2 % 72.8 % 0.5 % Occupancy-available beds 70.5 % 70.4 % 0.2 % 73.5 % 73.1 % 0.5 % Admissions 85,244 83,581 2.0 % 117,075 118,408 -1.1 % Length of stay 4.9 5.0 -2.0 % 13.6 13.4 1.5 % SOURCE Universal Health Services, Inc. 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UNIVERSAL HEALTH SERVICES, INC. ANNOUNCES 2025 FIRST QUARTER FINANCIAL RESULTS

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