Item 6. Selected Financial Data

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Item 6. Selected Financial Data

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The following table contains our selected financial data for, or as of the end of, each of the five years ended December 31, 2014. You should read this table in conjunction with the consolidated financial statements and related notes included elsewhere in this report and in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.


	Year Ended December 31
	2014			2013			2012			2011			2010
Summary of Operations (in thousands)
Net revenues	$	8,065,326		$	7,283,822		$	6,961,400		$	6,760,222		$	4,900,147
Income before income taxes	$	929,667		$	869,332		$	763,663		$	696,336		$	428,097
Net income attributable to UHS	$	545,343		$	510,733		$	443,446		$	398,167		$	230,183
Net margin		6.8	%		7.0	%		6.4	%		5.9	%		4.7	%
Return on average equity		15.3	%		16.8	%		17.2	%		18.1	%		12.1	%
Financial Data (in thousands)
Cash provided by operating activities	$	1,035,876		$	884,241		$	799,231		$	710,683		$	501,344
Capital expenditures, net (1)	$	391,150		$	358,493		$	363,192		$	285,682		$	239,274
Total assets	$	8,974,443		$	8,311,723		$	8,200,843		$	7,665,245		$	7,527,936
Long-term borrowings	$	3,210,215		$	3,209,762		$	3,727,431		$	3,651,428		$	3,912,102
UHS’s common stockholders’ equity	$	3,735,946		$	3,249,979		$	2,713,345		$	2,296,352		$	1,978,772
Percentage of total debt to total capitalization		47	%		51	%		58	%		61	%		66	%
Operating Data—Acute Care Hospitals (2)
Average licensed beds		5,776			5,652			5,563			5,567			5,530
Average available beds		5,571			5,429			5,338			5,265			5,224
Inpatient admissions		251,165			246,160			245,234			250,278			255,522
Average length of patient stay		4.6			4.5			4.5			4.5			4.4
Patient days		1,167,726			1,112,541			1,095,790			1,114,807			1,116,643
Occupancy rate for licensed beds		55	%		54	%		54	%		55	%		55	%
Occupancy rate for available beds		57	%		56	%		56	%		58	%		59	%
Operating Data—Behavioral Health Facilities (2)
Average licensed beds		20,231			19,940			19,258			19,178			9,415
Average available beds		20,131			19,841			19,178			19,160			9,397
Inpatient admissions		426,510			401,565			373,437			351,086			166,310
Average length of patient stay		12.9			13.3			14.0			14.6			15.1
Patient days		5,518,660			5,354,334			5,212,800			5,130,245			2,503,770
Occupancy rate for licensed beds		75	%		74	%		74	%		73	%		73	%
Occupancy rate for available beds		75	%		74	%		74	%		73	%		73	%
Per Share Data
Net income attributable to UHS—basic	$	5.52		$	5.21		$	4.57		$	4.09		$	2.37
Net income attributable to UHS—diluted	$	5.42		$	5.14		$	4.53		$	4.04		$	2.34
Dividends declared	$	0.30		$	0.20		$	0.60		$	0.20		$	0.20
Other Information (in thousands)
Weighted average number of shares outstanding—basic		98,826			98,033			96,821			97,199			96,786
Weighted average number of shares and share equivalents outstanding—diluted		100,544			99,361			97,711			98,537			97,973

(1)	Amounts exclude non-cash capital lease obligations, if any.

(2)	Excludes statistical information related to divested facilities and facilities held for sale.

Previous: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 6. Selected Financial Data

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