Item 6. Selected Financial Data

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Item 6. Selected Financial Data

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HCA HEALTHCARE, INC.

SELECTED FINANCIAL DATA

AS OF AND FOR THE YEARS ENDED DECEMBER 31

(Dollars in millions, except per share amounts)


	2017			2016			2015			2014			2013
Summary of Operations:
Revenues before provision for doubtful accounts	$	47,653		$	44,747		$	43,591		$	40,087		$	38,040
Provision for doubtful accounts		4,039			3,257			3,913			3,169			3,858

Revenues		43,614			41,490			39,678			36,918			34,182

Salaries and benefits		20,059			18,897			18,115			16,641			15,646
Supplies		7,316			6,933			6,638			6,262			5,970
Other operating expenses		8,051			7,496			7,056			6,630			6,021
Equity in earnings of affiliates		(45	)		(54	)		(46	)		(43	)		(29	)
Depreciation and amortization		2,131			1,966			1,904			1,820			1,753
Interest expense		1,690			1,707			1,665			1,743			1,848
Losses (gains) on sales of facilities		(8	)		(23	)		5			(29	)		10
Losses on retirement of debt		39			4			135			335			17
Legal claim costs (benefits)		—			(246	)		249			78			—

		39,233			36,680			35,721			33,437			31,236

Income before income taxes		4,381			4,810			3,957			3,481			2,946
Provision for income taxes		1,638			1,378			1,261			1,108			950

Net income		2,743			3,432			2,696			2,373			1,996
Net income attributable to noncontrolling interests		527			542			567			498			440

Net income attributable to HCA Healthcare, Inc.	$	2,216		$	2,890		$	2,129		$	1,875		$	1,556

Per common share data:
Basic earnings per share	$	6.12		$	7.53		$	5.14		$	4.30		$	3.50
Diluted earnings per share	$	5.95		$	7.30		$	4.99		$	4.16		$	3.37
Financial Position:
Assets	$	36,593		$	33,758		$	32,744		$	30,980		$	28,594
Working capital		3,819			3,252			3,716			3,450			2,342
Long-term debt, net, including amounts due within one year		33,058			31,376			30,488			29,426			28,139
Noncontrolling interests		1,811			1,669			1,553			1,396			1,342
Stockholders’ deficit		(4,995	)		(5,633	)		(6,046	)		(6,498	)		(6,928	)
Cash Flow Data:
Cash provided by operating activities	$	5,426		$	5,653		$	4,734		$	4,448		$	3,680
Cash used in investing activities		(4,279	)		(3,240	)		(2,583	)		(2,918	)		(2,346	)
Purchase of property and equipment		(3,015	)		(2,760	)		(2,375	)		(2,176	)		(1,943	)
Cash used in financing activities		(1,061	)		(2,508	)		(1,976	)		(1,378	)		(1,625	)


	2017			2016			2015			2014			2013
Operating Data:
Number of hospitals at end of period		179			170			168			166			165
Number of freestanding outpatient surgical centers at end of period		120			118			116			113			115
Number of licensed beds at end of period(a)		46,738			44,290			43,771			43,356			42,896
Weighted average licensed beds(b)		45,380			44,077			43,620			43,132			42,133
Admissions(c)		1,936,613			1,891,831			1,868,789			1,795,312			1,744,126
Equivalent admissions(d)		3,286,432			3,191,519			3,122,746			2,958,674			2,844,670
Average length of stay (days)(e)		4.9			4.9			4.9			4.8			4.8
Average daily census(f)		26,000			25,340			25,084			23,835			22,853
Occupancy(g)		57	%		58	%		58	%		55	%		54	%
Emergency room visits(h)		8,624,137			8,378,340			8,050,159			7,450,748			6,968,115
Outpatient surgeries(i)		935,307			932,213			909,386			891,633			881,883
Inpatient surgeries(j)		546,228			537,306			529,900			518,881			508,793
Days revenues in accounts receivable(k)		52			50			53			54			54
Outpatient revenues as a % of patient revenues(l)		38	%		38	%		40	%		38	%		38	%

(a)	Licensed beds are those beds for which a facility has been granted approval to operate from the applicable state licensing agency.

(b)	Represents the average number of licensed beds, weighted based on periods owned.

(c)	Represents the total number of patients admitted to our hospitals and is used by management and certain investors as a general measure of inpatient volume.

(d)

Equivalent admissions are used by management and certain investors as a general measure of combined inpatient and outpatient volume. Equivalent admissions are computed by multiplying admissions (inpatient volume) by the sum of gross inpatient revenue and gross outpatient revenue and then dividing the resulting amount by gross inpatient revenue. The equivalent admissions computation “equates” outpatient revenue to the volume measure (admissions) used to measure inpatient volume, resulting in a general measure of combined inpatient and outpatient volume.

(e)	Represents the average number of days admitted patients stay in our hospitals.

(f)	Represents the average number of patients in our hospital beds each day.

(g)	Represents the percentage of hospital licensed beds occupied by patients. Both average daily census and occupancy rate provide measures of the utilization of inpatient rooms.

(h)	Represents the number of patients treated in our emergency rooms.

(i)	Represents the number of surgeries performed on patients who were not admitted to our hospitals. Pain management and endoscopy procedures are not included in outpatient surgeries.

(j)	Represents the number of surgeries performed on patients who have been admitted to our hospitals. Pain management and endoscopy procedures are not included in inpatient surgeries.

(k)	Revenues per day is calculated by dividing the revenues for the fourth quarter of each year by the days in the period. Days revenues in accounts receivable is then calculated as accounts receivable, net of the allowance for doubtful accounts, at the end of the period divided by revenues per day. “Revenues” used in this computation are net of the provision for doubtful accounts.

(l)	Represents the percentage of patient revenues related to patients who are not admitted to our hospitals.

HCA HEALTHCARE, INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

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Item 6. Selected Financial Data

Item 6. Selected Financial Data

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