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, 2018. 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,
	2018			2017			2016			2015			2014
Summary of Operations (in thousands)
Net revenues	$	10,772,278		$	10,409,865		$	9,766,210		$	9,043,451		$	8,205,088
Income before income taxes	$	1,034,525		$	1,135,009		$	1,156,358		$	1,145,901		$	929,667
Net income attributable to UHS	$	779,705		$	752,303		$	702,409		$	680,528		$	545,343
Net margin		7.2	%		7.2	%		7.2	%		7.5	%		6.6	%
Return on average equity		14.7	%		15.5	%		16.0	%		16.6	%		15.3	%
Financial Data (in thousands)
Cash provided by operating activities	$	1,340,893		$	1,183,252		$	1,333,842		$	1,068,262		$	1,069,788
Capital expenditures, net (1)	$	664,962		$	557,506		$	519,939		$	379,321		$	391,150
Total assets	$	11,265,480		$	10,761,828		$	10,317,802		$	9,615,444		$	8,974,443
Current maturities of long-term debt	$	63,446		$	545,619		$	105,895		$	62,722		$	68,319
Long-term debt	$	3,935,187		$	3,494,390		$	4,030,230		$	3,368,634		$	3,210,215
UHS’s common stockholders’ equity	$	5,389,262		$	4,989,514		$	4,533,220		$	4,249,647		$	3,735,946
Percentage of total debt to total capitalization		43	%		45	%		48	%		45	%		47	%
Operating Data—Acute Care Hospitals (2)
Average licensed beds		6,232			6,127			5,934			5,832			5,776
Average available beds		6,056			5,954			5,759			5,656			5,571
Inpatient admissions		303,985			297,390			274,074			261,727			251,165
Average length of patient stay		4.5			4.4			4.6			4.7			4.6
Patient days		1,376,988			1,312,265			1,251,511			1,218,969			1,167,726
Occupancy rate for licensed beds		61	%		59	%		58	%		57	%		55	%
Occupancy rate for available beds		62	%		60	%		59	%		59	%		57	%
Operating Data—Behavioral Health Facilities (2)
Average licensed beds		23,509			23,151			21,829			21,202			20,231
Average available beds		23,425			23,068			21,744			21,116			20,131
Inpatient admissions		482,658			467,822			456,052			447,007			426,510
Average length of patient stay		13.3			13.6			13.2			13.1			12.9
Patient days		6,418,334			6,381,756			6,004,066			5,835,134			5,518,660
Occupancy rate for licensed beds		75	%		76	%		75	%		75	%		75	%
Occupancy rate for available beds		75	%		76	%		75	%		76	%		75	%
Per Share Data
Net income attributable to UHS—basic	$	8.35		$	7.86		$	7.22		$	6.89		$	5.52
Net income attributable to UHS—diluted	$	8.31		$	7.81		$	7.14		$	6.76		$	5.42
Dividends declared	$	0.40		$	0.40		$	0.40		$	0.40		$	0.30
Other Information (in thousands)
Weighted average number of shares outstanding—basic		93,276			95,652			97,208			98,797			98,826
Weighted average number of shares and share equivalents outstanding—diluted		93,750			96,325			98,380			100,694			100,544

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

(2)	Excludes statistical information related to divested facilities.

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