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, 2017. 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,
	2017			2016			2015			2014			2013
Summary of Operations (in thousands)
Net revenues	$	10,409,865		$	9,766,210		$	9,043,451		$	8,205,088		$	7,367,873
Income before income taxes	$	1,135,009		$	1,156,358		$	1,145,901		$	929,667		$	869,332
Net income attributable to UHS	$	752,303		$	702,409		$	680,528		$	545,343		$	510,733
Net margin		7.2	%		7.2	%		7.5	%		6.6	%		6.9	%
Return on average equity		15.5	%		16.0	%		16.6	%		15.3	%		16.8	%
Financial Data (in thousands)
Cash provided by operating activities	$	1,182,581		$	1,333,693		$	1,068,262		$	1,069,788		$	904,362
Capital expenditures, net (1)	$	557,506		$	519,939		$	379,321		$	391,150		$	358,493
Total assets	$	10,761,828		$	10,317,802		$	9,615,444		$	8,974,443		$	8,311,723
Current maturities of long-term debt	$	545,619		$	105,895		$	62,722		$	68,319		$	99,312
Long-term debt	$	3,494,390		$	4,030,230		$	3,368,634		$	3,210,215		$	3,209,762
UHS’s common stockholders’ equity	$	4,989,514		$	4,533,220		$	4,249,647		$	3,735,946		$	3,249,979
Percentage of total debt to total capitalization		45	%		48	%		45	%		47	%		51	%
Operating Data—Acute Care Hospitals (2)
Average licensed beds		6,127			5,934			5,832			5,776			5,652
Average available beds		5,954			5,759			5,656			5,571			5,429
Inpatient admissions		297,390			274,074			261,727			251,165			246,160
Average length of patient stay		4.4			4.6			4.7			4.6			4.5
Patient days		1,312,265			1,251,511			1,218,969			1,167,726			1,112,541
Occupancy rate for licensed beds		59	%		58	%		57	%		55	%		54	%
Occupancy rate for available beds		60	%		59	%		59	%		57	%		56	%
Operating Data—Behavioral Health Facilities (2)
Average licensed beds		23,151			21,829			21,202			20,231			19,940
Average available beds		23,068			21,744			21,116			20,131			19,841
Inpatient admissions		467,822			456,052			447,007			426,510			401,565
Average length of patient stay		13.6			13.2			13.1			12.9			13.3
Patient days		6,381,756			6,004,066			5,835,134			5,518,660			5,354,334
Occupancy rate for licensed beds		76	%		75	%		75	%		75	%		74	%
Occupancy rate for available beds		76	%		75	%		76	%		75	%		74	%
Per Share Data
Net income attributable to UHS—basic	$	7.86		$	7.22		$	6.89		$	5.52		$	5.21
Net income attributable to UHS—diluted	$	7.81		$	7.14		$	6.76		$	5.42		$	5.14
Dividends declared	$	0.40		$	0.40		$	0.40		$	0.30		$	0.20
Other Information (in thousands)
Weighted average number of shares outstanding—basic		95,652			97,208			98,797			98,826			98,033
Weighted average number of shares and share equivalents outstanding—diluted		96,325			98,380			100,694			100,544			99,361

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

(2)	Excludes statistical information related to divested facilities.

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