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, 2019. 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,
	2019			2018			2017			2016			2015
Summary of Operations (in thousands)
Net revenues	$	11,378,259		$	10,772,278		$	10,409,865		$	9,766,210		$	9,043,451
Income before income taxes	$	1,066,337		$	1,034,525		$	1,135,009		$	1,156,358		$	1,145,901
Net income attributable to UHS	$	814,854		$	779,705		$	752,303		$	702,409		$	680,528
Net margin		7.2	%		7.2	%		7.2	%		7.2	%		7.5	%
Return on average equity		15.0	%		14.6	%		15.5	%		16.0	%		16.6	%
Financial Data (in thousands)
Cash provided by operating activities	$	1,438,469		$	1,274,742		$	1,247,585		$	1,254,509		$	1,045,310
Capital expenditures, net (1)	$	634,095		$	664,962		$	557,506		$	519,939		$	379,321
Total assets	$	11,668,250		$	11,265,480		$	10,761,828		$	10,317,802		$	9,615,444
Current maturities of long-term debt	$	87,550		$	63,446		$	545,619		$	105,895		$	62,722
Long-term debt	$	3,896,577		$	3,935,187		$	3,494,390		$	4,030,230		$	3,368,634
UHS’s common stockholders’ equity	$	5,504,105		$	5,389,262		$	4,989,514		$	4,533,220		$	4,249,647
Percentage of total debt to total capitalization		42	%		43	%		45	%		48	%		45	%
Operating Data—Acute Care Hospitals (2)
Average licensed beds		6,379			6,232			6,127			5,934			5,832
Average available beds		6,205			6,056			5,954			5,759			5,656
Inpatient admissions		317,983			303,985			297,390			274,074			261,727
Average length of patient stay		4.6			4.5			4.4			4.6			4.7
Patient days		1,451,847			1,376,988			1,312,265			1,251,511			1,218,969
Occupancy rate for licensed beds		62	%		61	%		59	%		58	%		57	%
Occupancy rate for available beds		64	%		62	%		60	%		59	%		59	%
Operating Data—Behavioral Health Facilities (2)
Average licensed beds		23,812			23,509			23,151			21,829			21,202
Average available beds		23,711			23,425			23,068			21,744			21,116
Inpatient admissions		488,367			482,658			467,822			456,052			447,007
Average length of patient stay		13.3			13.3			13.6			13.2			13.1
Patient days		6,487,707			6,418,334			6,381,756			6,004,066			5,835,134
Occupancy rate for licensed beds		75	%		75	%		76	%		75	%		75	%
Occupancy rate for available beds		75	%		75	%		76	%		75	%		76	%
Per Share Data
Net income attributable to UHS—basic	$	9.16		$	8.35		$	7.86		$	7.22		$	6.89
Net income attributable to UHS—diluted	$	9.13		$	8.31		$	7.81		$	7.14		$	6.76
Dividends declared	$	0.60		$	0.40		$	0.40		$	0.40		$	0.40
Other Information (in thousands)
Weighted average number of shares outstanding—basic		88,762			93,276			95,652			97,208			98,797
Weighted average number of shares and share equivalents outstanding—diluted		89,040			93,750			96,325			98,380			100,694

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

(2)	Excludes statistical information related to divested facilities.

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