SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/30/20 HCA Healthcare, Inc. 10-Q 6/30/20 67:8.1M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.08M 2: EX-3.1 Articles of Incorporation/Organization or Bylaws HTML 58K 3: EX-3.2 Articles of Incorporation/Organization or Bylaws HTML 147K 4: EX-10.5 Material Contract HTML 34K 5: EX-31.1 Certification -- §302 - SOA'02 HTML 23K 6: EX-31.2 Certification -- §302 - SOA'02 HTML 24K 7: EX-32 Certification -- §906 - SOA'02 HTML 22K 14: R1 Cover Page HTML 73K 15: R2 Condensed Consolidated Income Statements HTML 100K 16: R3 Condensed Consolidated Comprehensive Income HTML 80K Statements 17: R4 Condensed Consolidated Balance Sheets HTML 120K 18: R5 Condensed Consolidated Balance Sheets HTML 29K (Parenthetical) 19: R6 Condensed Consolidated Statements of Stockholders' HTML 84K Deficit 20: R7 Condensed Consolidated Statements of Stockholders' HTML 23K Deficit (Parenthetical) 21: R8 Condensed Consolidated Statements of Cash Flows HTML 109K 22: R9 Basis of Presentation and Significant Accounting HTML 152K Policies 23: R10 Acquisitions and Dispositions HTML 25K 24: R11 Income Taxes HTML 27K 25: R12 Earnings Per Share HTML 56K 26: R13 Investments of Insurance Subsidiaries HTML 90K 27: R14 Financial Instruments HTML 40K 28: R15 Assets and Liabilities Measured at Fair Value HTML 107K 29: R16 Long-Term Debt HTML 53K 30: R17 Contingencies HTML 27K 31: R18 Share Repurchase Transactions and Other HTML 51K Comprehensive Loss 32: R19 Segment and Geographic Information HTML 134K 33: R20 Basis of Presentation and Significant Accounting HTML 155K Policies (Policies) 34: R21 Basis of Presentation and Significant Accounting HTML 124K Policies (Tables) 35: R22 Earnings Per Share (Tables) HTML 55K 36: R23 Investments of Insurance Subsidiaries (Tables) HTML 89K 37: R24 Financial Instruments (Tables) HTML 39K 38: R25 Assets and Liabilities Measured at Fair Value HTML 101K (Tables) 39: R26 Long-Term Debt (Tables) HTML 51K 40: R27 Share Repurchase Transactions and Other HTML 50K Comprehensive Loss (Tables) 41: R28 Segment and Geographic Information (Tables) HTML 128K 42: R29 Basis of Presentation and Significant Accounting HTML 77K Policies - Additional Information (Detail) 43: R30 Basis of Presentation and Significant Accounting HTML 51K Policies - Schedule of Revenues from Third Party Payers, Uninsured and Other Payers (Detail) 44: R31 Basis of Presentation and Significant Accounting HTML 28K Policies - Schedule of Estimated Cost of Uncompensated Care (Detail) 45: R32 Acquisitions and Dispositions - Additional HTML 44K Information (Detail) 46: R33 Income Taxes - Additional Information (Detail) HTML 36K 47: R34 Earnings Per Share - Schedule of Computations of HTML 48K Basic and Diluted Earnings Per Share (Detail) 48: R35 Investments of Insurance Subsidiaries - Schedule HTML 38K of Investments (Detail) 49: R36 Investments of Insurance Subsidiaries - Schedule HTML 47K of Maturities of Investments (Detail) 50: R37 Investments of Insurance Subsidiaries - Additional HTML 24K Information (Detail) 51: R38 Financial Instruments - Schedule of Interest Rate HTML 32K Swap Agreements Designated as Cash Flow Hedges (Detail) 52: R39 Financial Instruments - Additional Information HTML 24K (Detail) 53: R40 Financial Instruments - Effect of Interest Rate HTML 30K Swaps on Results of Operations (Detail) 54: R41 Assets and Liabilities Measured at Fair Value - HTML 53K Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) 55: R42 Assets and Liabilities Measured at Fair Value - HTML 25K Additional Information (Detail) 56: R43 Long-Term Debt - Schedule of Long-Term Debt HTML 55K (Detail) 57: R44 Long-Term Debt - Schedule of Long-Term Debt HTML 34K (Parenthetical) (Detail) 58: R45 Long-Term Debt - Additional Information (Detail) HTML 54K 59: R46 Share Repurchase Transactions and Other HTML 30K Comprehensive Loss - Additional Information (Detail) 60: R47 Share Repurchase Transactions and Other HTML 58K Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) 61: R48 Share Repurchase Transactions and Other HTML 32K Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) 62: R49 Segment and Geographic Information - Additional HTML 32K Information (Detail) 63: R50 Segment and Geographic Information - Schedule of HTML 59K Geographic Distributions of Revenues, Equity in Earnings of Affiliates, Adjusted Segment EBITDA, Depreciation and Amortization and Assets (Detail) 65: XML IDEA XML File -- Filing Summary XML 117K 13: XML XBRL Instance -- d860029d10q_htm XML 1.97M 64: EXCEL IDEA Workbook of Financial Reports XLSX 70K 9: EX-101.CAL XBRL Calculations -- hca-20200630_cal XML 147K 10: EX-101.DEF XBRL Definitions -- hca-20200630_def XML 369K 11: EX-101.LAB XBRL Labels -- hca-20200630_lab XML 910K 12: EX-101.PRE XBRL Presentations -- hca-20200630_pre XML 664K 8: EX-101.SCH XBRL Schema -- hca-20200630 XSD 134K 66: JSON XBRL Instance as JSON Data -- MetaLinks 326± 472K 67: ZIP XBRL Zipped Folder -- 0001193125-20-204191-xbrl Zip 218K
Form 10-Q |
i ☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware |
i 27-3865930 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
i One Park Plaza i Nashville, i Tennessee |
i 37203 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Voting i common stock, $.01 par value |
i HCA |
i New York Stock Exchange |
i Large accelerated filer |
☒ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☐ |
Smaller reporting company |
i ☐ | |||
Emerging growth company |
i ☐ |
Class of Common Stock |
Outstanding at July 28, 2020 | |
Voting common stock, $.01 par value |
i 338,033,300 |
Quarter |
Six Months |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Revenues |
$ |
i 11,068 |
$ |
i 12,602 |
$ |
i 23,929 |
$ |
i 25,119 |
||||||||
Salaries and benefits |
i 5,330 |
i 5,837 |
i 11,448 |
i 11,484 |
||||||||||||
Supplies |
i 1,748 |
i 2,118 |
i 3,871 |
i 4,159 |
||||||||||||
Other operating expenses |
i 2,147 |
i 2,362 |
i 4,574 |
i 4,661 |
||||||||||||
Government stimulus income |
( i 822 |
) |
— |
( i 822 |
) |
— |
||||||||||
Equity in earnings of affiliates |
( i 1 |
) |
( i 8 |
) |
( i 8 |
) |
( i 19 |
) | ||||||||
Depreciation and amortization |
i 691 |
i 636 |
i 1,365 |
i 1,255 |
||||||||||||
Interest expense |
i 388 |
i 477 |
i 816 |
i 938 |
||||||||||||
Losses (gains) on sales of facilities |
i 27 |
( i 18 |
) |
i 20 |
( i 17 |
) | ||||||||||
Losses on retirement of debt |
i — |
i — |
i 295 |
i — |
||||||||||||
i 9,508 |
i 11,404 |
i 21,559 |
i 22,461 |
|||||||||||||
Income before income taxes |
i 1,560 |
i 1,198 |
i 2,370 |
i 2,658 |
||||||||||||
Provision for income taxes |
i 344 |
i 271 |
i 456 |
i 550 |
||||||||||||
Net income |
i 1,216 |
i 927 |
i 1,914 |
i 2,108 |
||||||||||||
Net income attributable to noncontrolling interests |
i 137 |
i 144 |
i 254 |
i 286 |
||||||||||||
Net income attributable to HCA Healthcare, Inc. |
$ |
i 1,079 |
$ |
i 783 |
$ |
i 1,660 |
$ |
i 1,822 |
||||||||
Per share data: |
||||||||||||||||
Basic earnings |
$ |
i 3.20 |
$ |
i 2.29 |
$ |
i 4.91 |
$ |
i 5.32 |
||||||||
Diluted earnings |
$ |
i 3.16 |
$ |
i 2.25 |
$ |
i 4.84 |
$ |
i 5.22 |
||||||||
Shares used in earnings per share calculations (in millions): |
||||||||||||||||
Basic |
i 337.760 |
i 342.170 |
i 338.001 |
i 342.513 |
||||||||||||
Diluted |
i 341.599 |
i 348.373 |
i 342.848 |
i 349.334 |
Quarter |
Six Months |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Net income |
$ |
i 1,216 |
$ |
i 927 |
$ |
i 1,914 |
$ |
i 2,108 |
||||||||
Other comprehensive income (loss) before taxes: |
||||||||||||||||
Foreign currency translation |
( i 8 |
) |
( i 38 |
) |
( i 81 |
) |
( i 18 |
) | ||||||||
Unrealized gains on available-for-sale |
i 17 |
i 6 |
i 12 |
i 14 |
||||||||||||
Defined benefit plans |
i — |
i — |
i — |
i — |
||||||||||||
Pension costs included in salaries and benefits |
i 4 |
i 4 |
i 8 |
i 7 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
i 4 |
i 4 |
i 8 |
i 7 |
|||||||||||||
Change in fair value of derivative financial instruments |
( i 6 |
) |
( i 34 |
) |
( i 66 |
) |
( i 52 |
) | ||||||||
Interest expense (benefits) included in interest expense |
i 7 |
( i 6 |
) |
i 6 |
( i 11 |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
i 1 |
( i 40 |
) |
( i 60 |
) |
( i 63 |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income (loss) before taxes |
i 14 |
( i 68 |
) |
( i 121 |
) |
( i 60 |
) | |||||||||
Income taxes (benefits) related to other comprehensive income items |
i 5 |
( i 11 |
) |
( i 19 |
) |
( i 10 |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income (loss) |
i 9 |
( i 57 |
) |
( i 102 |
) |
( i 50 |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive income |
i 1,225 |
i 870 |
i 1,812 |
i 2,058 |
||||||||||||
Comprehensive income attributable to noncontrolling interests |
i 137 |
i 144 |
i 254 |
i 286 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive income attributable to HCA Healthcare, Inc. |
$ |
i 1,088 |
$ |
i 726 |
$ |
i 1,558 |
$ |
i 1,772 |
||||||||
|
|
|
|
|
|
|
|
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
i 4,638 |
$ |
i 621 |
||||
Accounts receivable |
i 6,139 |
i 7,380 |
||||||
Inventories |
i 1,834 |
i 1,849 |
||||||
Other |
i 1,420 |
i 1,346 |
||||||
i 14,031 |
i 11,196 |
|||||||
Property and equipment, at cost |
i 48,484 |
i 47,235 |
||||||
Accumulated depreciation |
( i 25,413 |
) |
( i 24,520 |
) | ||||
i 23,071 |
i 22,715 |
|||||||
Investments of insurance subsidiaries |
i 364 |
i 315 |
||||||
Investments in and advances to affiliates |
i 275 |
i 249 |
||||||
Goodwill and other intangible assets |
i 8,578 |
i 8,269 |
||||||
Right-of-use |
i 1,863 |
i 1,834 |
||||||
Other |
i 527 |
i 480 |
||||||
$ |
i 48,709 |
$ |
i 45,058 |
|||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
i 2,882 |
$ |
i 2,905 |
||||
Accrued salaries |
i 1,631 |
i 1,775 |
||||||
Other accrued expenses |
i 3,181 |
i 2,932 |
||||||
Contract liabilities-deferred revenues |
i 4,999 |
i — |
||||||
Long-term debt due within one year |
i 163 |
i 145 |
||||||
i 12,856 |
i 7,757 |
|||||||
Long-term debt, less debt issuance costs and discounts of $ i 252 and $ i 239 |
i 30,779 |
i 33,577 |
||||||
Professional liability risks |
i 1,485 |
i 1,370 |
||||||
Right-of-use |
i 1,531 |
i 1,499 |
||||||
Income taxes and other liabilities |
i 1,490 |
i 1,420 |
||||||
Stockholders’ equity (deficit): |
||||||||
Common stock $ i i 0.01 / par;
authorized i i 1,800,000,000 / shares; outstanding i 337,960,400
shares in 2020 and i 338,445,600 shares in 2019 |
i 3 |
i 3 |
||||||
Capital in excess of par value |
i 88 |
— |
||||||
Accumulated other comprehensive loss |
( i 562 |
) |
( i 460 |
) | ||||
Retained deficit |
( i 1,315 |
) |
( i 2,351 |
) | ||||
Stockholders’ deficit attributable to HCA Healthcare, Inc. |
( i 1,786 |
) |
( i 2,808 |
) | ||||
Noncontrolling interests |
i 2,354 |
i 2,243 |
||||||
i 568 |
( i 565 |
) | ||||||
$ |
i 48,709 |
$ |
i 45,058 |
|||||
Equity (Deficit) Attributable to HCA Healthcare, Inc. |
Equity Attributable to Noncontrolling Interests |
Total |
||||||||||||||||||||||||||
Common Stock |
Capital in Excess of Par Value |
Accumulated Other Comprehensive Loss |
Retained Deficit |
|||||||||||||||||||||||||
Shares (in millions) |
Par Value |
|||||||||||||||||||||||||||
Balances, December 31, 2018 |
i 342.895 |
$ |
i 3 |
$ |
— |
$ |
( i 381 |
) |
$ |
( i 4,572 |
) |
$ |
i 2,032 |
$ |
( i 2,918 |
) | ||||||||||||
Comprehensive income |
i 7 |
i 1,039 |
i 142 |
i 1,188 |
||||||||||||||||||||||||
Repurchase of common stock |
( i 2.106 |
) |
i 32 |
( i 310 |
) |
( i 278 |
) | |||||||||||||||||||||
Share-based benefit plans |
i 2.242 |
( i 29 |
) |
( i 29 |
) | |||||||||||||||||||||||
Cash dividends declared ($ i 0.40 per share) |
( i 140 |
) |
( i 140 |
) | ||||||||||||||||||||||||
Distributions |
( i 136 |
) |
( i 136 |
) | ||||||||||||||||||||||||
Other |
( i 3 |
) |
i 61 |
i 58 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, March 31, 2019 |
i 343.031 |
i 3 |
— |
( i 374 |
) |
( i 3,983 |
) |
i 2,099 |
( i 2,255 |
) | ||||||||||||||||||
Comprehensive income |
( i 57 |
) |
i 783 |
i 144 |
i 870 |
|||||||||||||||||||||||
Repurchase of common stock |
( i 1.928 |
) |
( i 107 |
) |
( i 135 |
) |
( i 242 |
) | ||||||||||||||||||||
Share-based benefit plans |
i 0.414 |
i 118 |
i 118 |
|||||||||||||||||||||||||
Cash dividends declared ($ i 0.40 per share) |
( i 139 |
) |
( i 139 |
) | ||||||||||||||||||||||||
Distributions |
( i 111 |
) |
( i 111 |
) | ||||||||||||||||||||||||
Other |
( i 11 |
) |
( i 11 |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, June 30, 2019 |
i 341.517 |
i 3 |
— |
( i 431 |
) |
( i 3,474 |
) |
i 2,132 |
( i 1,770 |
) | ||||||||||||||||||
Comprehensive income |
( i 30 |
) |
i 612 |
i 152 |
i 734 |
|||||||||||||||||||||||
Repurchase of common stock |
( i 1.846 |
) |
( i 132 |
) |
( i 107 |
) |
( i 239 |
) | ||||||||||||||||||||
Share-based benefit plans |
i 0.382 |
i 128 |
i 128 |
|||||||||||||||||||||||||
Cash dividends declared ($ i 0.40 per share) |
( i 138 |
) |
( i 138 |
) | ||||||||||||||||||||||||
Distributions |
( i 157 |
) |
( i 157 |
) | ||||||||||||||||||||||||
Other |
i 4 |
( i 9 |
) |
( i 5 |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, September 30, 2019 |
i 340.053 |
i 3 |
— |
( i 461 |
) |
( i 3,107 |
) |
i 2,118 |
( i 1,447 |
) | ||||||||||||||||||
Comprehensive income |
i 1 |
i 1,071 |
i 202 |
i 1,274 |
||||||||||||||||||||||||
Repurchase of common stock |
( i 2.069 |
) |
( i 95 |
) |
( i 177 |
) |
( i 272 |
) | ||||||||||||||||||||
Share-based benefit plans |
i 0.462 |
i 96 |
i 96 |
|||||||||||||||||||||||||
Cash dividends declared ($ i 0.40 per share) |
( i 138 |
) |
( i 138 |
) | ||||||||||||||||||||||||
Distributions |
( i 138 |
) |
( i 138 |
) | ||||||||||||||||||||||||
Other |
( i 1 |
) |
i 61 |
i 60 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, December 31, 2019 |
i 338.446 |
i 3 |
— |
( i 460 |
) |
( i 2,351 |
) |
i 2,243 |
( i 565 |
) | ||||||||||||||||||
Comprehensive income |
( i 111 |
) |
i 581 |
i 117 |
i 587 |
|||||||||||||||||||||||
Repurchase of common stock |
( i 3.287 |
) |
i 35 |
( i 476 |
) |
( i 441 |
) | |||||||||||||||||||||
Share-based benefit plans |
i 2.449 |
( i 33 |
) |
( i 33 |
) | |||||||||||||||||||||||
Cash dividends declared ($ i 0.43 per share) |
( i 148 |
) |
( i 148 |
) | ||||||||||||||||||||||||
Distributions |
( i 154 |
) |
( i 154 |
) | ||||||||||||||||||||||||
Other |
( i 2 |
) |
i 53 |
i 51 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, March 31, 2020 |
i 337.608 |
i 3 |
— |
( i 571 |
) |
( i 2,394 |
) |
i 2,259 |
( i 703 |
) | ||||||||||||||||||
Comprehensive income |
i 9 |
i 1,079 |
i 137 |
i 1,225 |
||||||||||||||||||||||||
Share-based benefit plans |
i 0.352 |
i 93 |
i 93 |
|||||||||||||||||||||||||
Distributions |
( i 45 |
) |
( i 45 |
) | ||||||||||||||||||||||||
Other |
( i 5 |
) |
i 3 |
( i 2 |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, June 30, 2020 |
i 337.960 |
$ |
i 3 |
$ |
i 88 |
$ |
( i 562 |
) |
$ |
( i 1,315 |
) |
$ |
i 2,354 |
$ |
i 568 |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
2019 |
|||||||
Cash flows from operating activities: |
||||||||
Net income |
$ |
i 1,914 |
$ |
i 2,108 |
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Increase (decrease) in cash from operating assets and liabilities: |
||||||||
Accounts receivable |
i 1,215 |
( i 174 |
) | |||||
Inventories and other assets |
( i 57 |
) |
( i 231 |
) | ||||
Accounts payable and accrued expenses |
( i 336 |
) |
( i 238 |
) | ||||
Contract liabilities-deferred revenues |
i 4,999 |
i — |
||||||
Depreciation and amortization |
i 1,365 |
i 1,255 |
||||||
Income taxes |
i 472 |
i 27 |
||||||
Losses (gains) on sales of facilities |
i 20 |
( i 17 |
) | |||||
Losses on retirement of debt |
i 295 |
i — |
||||||
Amortization of debt issuance costs and discounts |
i 14 |
i 16 |
||||||
Share-based compensation |
i 148 |
i 158 |
||||||
Other |
i 49 |
i 67 |
||||||
|
|
|
|
|||||
Net cash provided by operating activities |
i 10,098 |
i 2,971 |
||||||
|
|
|
|
|||||
Cash flows from investing activities: |
||||||||
Purchase of property and equipment |
( i 1,598 |
) |
( i 1,745 |
) | ||||
Acquisition of hospitals and health care entities |
( i 346 |
) |
( i 1,504 |
) | ||||
Sales of hospitals and health care entities |
i 39 |
i 41 |
||||||
Change in investments |
( i 11 |
) |
i 59 |
|||||
Other |
( i 37 |
) |
i 36 |
|||||
|
|
|
|
|||||
Net cash used in investing activities |
( i 1,953 |
) |
( i 3,113 |
) | ||||
|
|
|
|
|||||
Cash flows from financing activities: |
||||||||
Issuances of long-term debt |
i 2,700 |
i 6,451 |
||||||
Net change in revolving bank credit facilities |
( i 2,480 |
) |
( i 3,040 |
) | ||||
Repayment of long-term debt |
( i 3,364 |
) |
( i 98 |
) | ||||
Distributions to noncontrolling interests |
( i 199 |
) |
( i 247 |
) | ||||
Payment of debt issuance costs |
( i 35 |
) |
( i 63 |
) | ||||
Payment of dividends |
( i 153 |
) |
( i 278 |
) | ||||
Repurchases of common stock |
( i 441 |
) |
( i 520 |
) | ||||
Other |
( i 144 |
) |
( i 135 |
) | ||||
|
|
|
|
|||||
Net cash (used in) provided by financing activities |
( i 4,116 |
) |
i 2,070 |
|||||
|
|
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents |
( i 12 |
) |
i — |
|||||
|
|
|
|
|||||
Change in cash and cash equivalents |
i 4,017 |
i 1,928 |
||||||
Cash and cash equivalents at beginning of period |
i 621 |
i 502 |
||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
$ |
i 4,638 |
$ |
i 2,430 |
||||
|
|
|
|
|||||
Interest payments |
$ |
i 854 |
$ |
i 910 |
||||
Income tax (refunds) payments, net |
$ |
( i 16 |
) |
$ |
i 523 |
• |
Implemented certain cost reduction initiatives; |
• |
Suspended our authorized share repurchase program; |
• |
Suspended our quarterly dividend program; |
• |
Reduced certain planned projects and capital expenditures; |
• |
During March 2020, executed a new $ i 2 billion 364-day term loan facility (which was undrawn at June 30, 2020) to supplement our existing credit facilities; and |
• |
During the second quarter of 2020, we received approximately $ i 4.4 billion of accelerated Medicare payments and approximately $ i 1.4 billion
in general and targeted Provider Relief Fund distributions, both as provided for under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. |
Quarter |
||||||||||||||||
2020 |
Ratio |
2019 |
Ratio |
|||||||||||||
Medicare |
$ |
i 2,272 |
i 20.5 |
% |
$ |
i 2,635 |
i 20.9 |
% | ||||||||
Managed Medicare |
i 1,488 |
i 13.4 |
i 1,595 |
i 12.7 |
||||||||||||
Medicaid |
i 564 |
i 5.1 |
i 416 |
i 3.3 |
||||||||||||
Managed Medicaid |
i 531 |
i 4.8 |
i 554 |
i 4.4 |
||||||||||||
Managed care and insurers |
i 5,631 |
i 50.9 |
i 6,425 |
i 50.9 |
||||||||||||
International (managed care and insurers) |
i 239 |
i 2.2 |
i 284 |
i 2.3 |
||||||||||||
Other |
i 343 |
i 3.1 |
i 693 |
i 5.5 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenues |
$ |
i 11,068 |
i 100.0 |
% |
$ |
i 12,602 |
i 100.0 |
% | ||||||||
|
|
|
|
|
|
|
|
Six Months |
||||||||||||||||
2020 |
Ratio |
2019 |
Ratio |
|||||||||||||
Medicare |
$ |
i 5,015 |
i 21.0 |
% |
$ |
i 5,405 |
i 21.5 |
% | ||||||||
Managed Medicare |
i 3,314 |
i 13.8 |
i 3,184 |
i 12.7 |
||||||||||||
Medicaid |
i 978 |
i 4.1 |
i 763 |
i 3.0 |
||||||||||||
Managed Medicaid |
i 1,197 |
i 5.0 |
i 1,167 |
i 4.6 |
||||||||||||
Managed care and insurers |
i 12,276 |
i 51.4 |
i 12,851 |
i 51.1 |
||||||||||||
International (managed care and insurers) |
i 531 |
i 2.2 |
i 581 |
i 2.3 |
||||||||||||
Other |
i 618 |
i 2.5 |
i 1,168 |
i 4.8 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenues |
$ |
i 23,929 |
i 100.0 |
% |
$ |
i 25,119 |
i 100.0 |
% | ||||||||
|
|
|
|
|
|
|
|
Quarter |
Six Months |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Patient care costs (salaries and benefits, supplies, other operating expenses and depreciation and amortization) |
$ |
i 9,916 |
$ |
i 10,953 |
$ |
i 21,258 |
$ |
i 21,559 |
||||||||
Cost-to-charges |
i 12.6 |
% |
i 12.2 |
% |
i 12.2 |
% |
i 12.0 |
% | ||||||||
Total uncompensated care |
$ |
i 6,729 |
$ |
i 7,695 |
$ |
i 14,602 |
$ |
i 14,780 |
||||||||
Multiply by the cost-to-charges |
i 12.6 |
% |
i 12.2 |
% |
i 12.2 |
% |
i 12.0 |
% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Estimated cost of total uncompensated care |
$ |
i 844 |
$ |
i 938 |
$ |
i 1,781 |
$ |
i 1,774 |
||||||||
|
|
|
|
|
|
|
|
Quarter |
Six Months |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Net income attributable to HCA Healthcare, Inc. |
$ |
i 1,079 |
$ |
i 783 |
$ |
i 1,660 |
$ |
i 1,822 |
||||||||
Weighted average common shares outstanding |
i 337.760 |
i 342.170 |
i 338.001 |
i 342.513 |
||||||||||||
Effect of dilutive incremental shares |
i 3.839 |
i 6.203 |
i 4.847 |
i 6.821 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares used for diluted earnings per share |
i 341.599 |
i 348.373 |
i 342.848 |
i 349.334 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Earnings per share: |
||||||||||||||||
Basic earnings |
$ |
i 3.20 |
$ |
i 2.29 |
$ |
i 4.91 |
$ |
i 5.32 |
||||||||
Diluted earnings |
$ |
i 3.16 |
$ |
i 2.25 |
$ |
i 4.84 |
$ |
i 5.22 |
Amortized Cost |
Unrealized Amounts |
Fair Value |
||||||||||||||
Gains |
Losses |
|||||||||||||||
Debt securities |
$ |
i 380 |
$ |
i 30 |
$ |
— |
$ |
i 410 |
||||||||
Money market funds and other |
i 59 |
— |
— |
i 59 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ |
i 439 |
$ |
i 30 |
$ |
— |
i 469 |
||||||||||
|
|
|
|
|
|
|||||||||||
Amounts classified as current assets |
( i 105 |
) | ||||||||||||||
|
|
|||||||||||||||
Investment carrying value |
$ |
i 364 |
||||||||||||||
|
|
Amortized Cost |
Unrealized Amounts |
Fair Value |
||||||||||||||
Gains |
Losses |
|||||||||||||||
Debt securities |
$ |
i 359 |
$ |
i 18 |
$ |
— |
$ |
i 377 |
||||||||
Money market funds and other |
i 85 |
— |
— |
i 85 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ |
i 444 |
$ |
i 18 |
$ |
— |
i 462 |
||||||||||
|
|
|
|
|
|
|||||||||||
Amounts classified as current assets |
( i 147 |
) | ||||||||||||||
|
|
|||||||||||||||
Investment carrying value |
$ |
i 315 |
||||||||||||||
|
|
Amortized Cost |
Fair Value |
|||||||
Due in one year or less |
$ |
i 14 |
$ |
i 14 |
||||
Due after one year through five years |
i 114 |
i 122 |
||||||
Due after five years through ten years |
i 180 |
i 197 |
||||||
Due after ten years |
i 72 |
i 77 |
||||||
|
|
|
|
|||||
$ |
i 380 |
$ |
i 410 |
|||||
|
|
|
|
Notional Amount |
Maturity Date |
Fair Value |
||||||||||
Pay-fixed interest rate swaps |
$ |
i 2,000 |
December 2021 |
$ |
( i 40 |
) | ||||||
Pay-fixed interest rate swaps |
i 500 |
December 2022 |
( i 24 |
) |
Derivatives in Cash Flow Hedging Relationships |
Amount of Loss Recognized in OCI on Derivatives, Net of Tax |
Location of Loss Reclassified from Accumulated OCI into Operations |
Amount of Loss Reclassified from Accumulated OCI into Operations |
|||||||||
Interest rate swaps |
$ |
i 51 |
Interest expense |
$ |
i 6 |
Fair Value Measurements Using |
||||||||||||||||
Fair Value |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Investments of insurance subsidiaries: |
||||||||||||||||
Debt securities |
$ |
i 410 |
$ |
— |
$ |
i 410 |
$ |
— |
||||||||
Money market funds and other |
i 59 |
i 59 |
— |
— |
||||||||||||
Investments of insurance subsidiaries |
i 469 |
i 59 |
i 410 |
— |
||||||||||||
Less amounts classified as current assets |
( i 105 |
) |
( i 58 |
) |
( i 47 |
) |
— |
|||||||||
$ |
i 364 |
$ |
i 1 |
$ |
i 363 |
$ |
— |
|||||||||
Liabilities: |
||||||||||||||||
Interest rate swaps (Income taxes and other liabilities) |
$ |
i 64 |
$ |
— |
$ |
i 64 |
$ |
— |
Fair Value Measurements Using |
||||||||||||||||
Fair Value |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Investments of insurance subsidiaries: |
||||||||||||||||
Debt securities |
$ |
i 377 |
$ |
— |
$ |
i 377 |
$ |
— |
||||||||
Money market funds and other |
i 85 |
i 85 |
— |
— |
||||||||||||
Investments of insurance subsidiaries |
i 462 |
i 85 |
i 377 |
— |
||||||||||||
Less amounts classified as current assets |
( i 147 |
) |
( i 83 |
) |
( i 64 |
) |
— |
|||||||||
$ |
i 315 |
$ |
i 2 |
$ |
i 313 |
$ |
— |
|||||||||
Interest rate swaps (Other) |
$ |
i 3 |
$ |
— |
$ |
i 3 |
$ |
— |
||||||||
Liabilities: |
||||||||||||||||
Interest rate swaps (Income taxes and other liabilities) |
$ |
i 7 |
$ |
— |
$ |
i 7 |
$ |
— |
Senior secured asset-based revolving credit facility |
$ |
i — |
$ |
i 2,480 |
||||
Senior secured revolving credit facility |
i — |
i — |
||||||
Senior secured 364-day term loan facility |
i — |
i — |
||||||
Senior secured term loan facilities (effective interest rate of i 2.8%) |
i 3,698 |
i 3,725 |
||||||
Senior secured notes (effective interest rate of i 5.1%) |
i 13,850 |
i 13,850 |
||||||
Other senior secured debt (effective interest rate of i 5.0%) |
i 694 |
i 654 |
||||||
Senior secured debt |
i 18,242 |
i 20,709 |
||||||
Senior unsecured notes (effective interest rate of i 5.5%) |
i 12,952 |
i 13,252 |
||||||
Debt issuance costs and discounts |
( i 252 |
) |
( i 239 |
) | ||||
Total debt (average life of i 9.4 years, rates averaging i 5.0%) |
i 30,942 |
i 33,722 |
||||||
Less amounts due within one year |
i 163 |
i 145 |
||||||
$ |
i 30,779 |
$ |
i 33,577 |
|||||
Unrealized Gains on Available- for-Sale Securities |
Foreign Currency Translation Adjustments |
Defined Benefit Plans |
Change in Fair Value of Derivative Instruments |
Total |
||||||||||||||||
Balances at December 31, 2019 |
$ |
i 14 |
$ |
( i 283 |
) |
$ |
( i 187 |
) |
$ |
( i 4 |
) |
$ |
( i 460 |
) | ||||||
Unrealized gains on available-for-sale |
i 9 |
i 9 |
||||||||||||||||||
Foreign currency translation adjustments, net of $ i 10 income tax benefit |
( i 71 |
) |
( i 71 |
) | ||||||||||||||||
Change in fair value of derivative instruments, net of $ i 15 income tax benefit |
( i 51 |
) |
( i 51 |
) | ||||||||||||||||
Expense reclassified into operations from other comprehensive income, net of $ i 2 and $ i 1
income tax benefits, respectively |
i 6 |
i 5 |
i 11 |
|||||||||||||||||
Balances at June 30, 2020 |
$ |
i 23 |
$ |
( i 354 |
) |
$ |
( i 181 |
) |
$ |
( i 50 |
) |
$ |
( i 562 |
) | ||||||
Quarter |
Six Months |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Revenues: |
||||||||||||||||
National Group |
$ |
i 5,546 |
$ |
i 6,444 |
$ |
i 12,020 |
$ |
i 12,761 |
||||||||
American Group |
i 5,103 |
i 5,626 |
i 10,847 |
i 11,221 |
||||||||||||
Corporate and other |
i 419 |
i 532 |
i 1,062 |
i 1,137 |
||||||||||||
$ |
i 11,068 |
$ |
i 12,602 |
$ |
i 23,929 |
$ |
i 25,119 |
|||||||||
Equity in earnings of affiliates: |
||||||||||||||||
National Group |
$ |
( i 4 |
) |
$ |
( i 3 |
) |
$ |
( i 3 |
) |
$ |
( i 5 |
) | ||||
American Group |
( i 2 |
) |
( i 11 |
) |
( i 11 |
) |
( i 22 |
) | ||||||||
Corporate and other |
i 5 |
i 6 |
i 6 |
i 8 |
||||||||||||
$ |
( i 1 |
) |
$ |
( i 8 |
) |
$ |
( i 8 |
) |
$ |
( i 19 |
) | |||||
Adjusted segment EBITDA: |
||||||||||||||||
National Group |
$ |
i 1,485 |
$ |
i 1,364 |
$ |
i 2,700 |
$ |
i 2,818 |
||||||||
American Group |
i 1,408 |
i 1,117 |
i 2,523 |
i 2,258 |
||||||||||||
Corporate and other |
( i 227 |
) |
( i 188 |
) |
( i 357 |
) |
( i 242 |
) | ||||||||
$ |
i 2,666 |
$ |
i 2,293 |
$ |
i 4,866 |
$ |
i 4,834 |
|||||||||
Depreciation and amortization: |
||||||||||||||||
National Group |
$ |
i 312 |
$ |
i 283 |
$ |
i 618 |
$ |
i 548 |
||||||||
American Group |
i 295 |
i 270 |
i 582 |
i 551 |
||||||||||||
Corporate and other |
i 84 |
i 83 |
i 165 |
i 156 |
||||||||||||
$ |
i 691 |
$ |
i 636 |
$ |
i 1,365 |
$ |
i 1,255 |
|||||||||
Adjusted segment EBITDA |
$ |
i 2,666 |
$ |
i 2,293 |
$ |
i 4,866 |
$ |
i 4,834 |
||||||||
Depreciation and amortization |
i 691 |
i 636 |
i 1,365 |
i 1,255 |
||||||||||||
Interest expense |
i 388 |
i 477 |
i 816 |
i 938 |
||||||||||||
Losses (gains) on sales of facilities |
i 27 |
( i 18 |
) |
i 20 |
( i 17 |
) | ||||||||||
Losses on retirement of debt |
i — |
— |
i 295 |
— |
||||||||||||
Income before income taxes |
$ |
i 1,560 |
$ |
i 1,198 |
$ |
i 2,370 |
$ |
i 2,658 |
||||||||
• |
Implemented certain cost reduction initiatives; |
• |
Suspended our authorized share repurchase program; |
• |
Suspended our quarterly dividend program; |
• |
Reduced certain planned projects and capital expenditures; |
• |
During March 2020, executed a new $2 billion 364-day term loan facility (which was undrawn at June 30, 2020) to supplement our existing credit facilities; and |
• |
During the second quarter of 2020, we received approximately $4.4 billion of accelerated Medicare payments and approximately $1.4 billion in general and targeted Provider Relief Fund distributions, both as provided for under the CARES Act. |
Quarter |
||||||||||||||||
2020 |
Ratio |
2019 |
Ratio |
|||||||||||||
Medicare |
$ |
2,272 |
20.5 |
% |
$ |
2,635 |
20.9 |
% | ||||||||
Managed Medicare |
1,488 |
13.4 |
1,595 |
12.7 |
||||||||||||
Medicaid |
564 |
5.1 |
416 |
3.3 |
||||||||||||
Managed Medicaid |
531 |
4.8 |
554 |
4.4 |
||||||||||||
Managed care and insurers |
5,631 |
50.9 |
6,425 |
50.9 |
||||||||||||
International (managed care and insurers) |
239 |
2.2 |
284 |
2.3 |
||||||||||||
Other |
343 |
3.1 |
693 |
5.5 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenues |
$ |
11,068 |
100.0 |
% |
$ |
12,602 |
100.0 |
% | ||||||||
|
|
|
|
|
|
|
|
Six Months |
||||||||||||||||
2020 |
Ratio |
2019 |
Ratio |
|||||||||||||
Medicare |
$ |
5,015 |
21.0 |
% |
$ |
5,405 |
21.5 |
% | ||||||||
Managed Medicare |
3,314 |
13.8 |
3,184 |
12.7 |
||||||||||||
Medicaid |
978 |
4.1 |
763 |
3.0 |
||||||||||||
Managed Medicaid |
1,197 |
5.0 |
1,167 |
4.6 |
||||||||||||
Managed care and insurers |
12,276 |
51.4 |
12,851 |
51.1 |
||||||||||||
International (managed care and insurers) |
531 |
2.2 |
581 |
2.3 |
||||||||||||
Other |
618 |
2.5 |
1,168 |
4.8 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Revenues |
$ |
23,929 |
100.0 |
% |
$ |
25,119 |
100.0 |
% | ||||||||
|
|
|
|
|
|
|
|
Quarter |
Six Months |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Patient care costs (salaries and benefits, supplies, other operating expenses and depreciation and amortization) |
$ |
9,916 |
$ |
10,953 |
$ |
21,258 |
$ |
21,559 |
||||||||
Cost-to-charges |
12.6 |
% |
12.2 |
% |
12.2 |
% |
12.0 |
% | ||||||||
Total uncompensated care |
$ |
6,729 |
$ |
7,695 |
$ |
14,602 |
$ |
14,780 |
||||||||
Multiply by the cost-to-charges |
12.6 |
% |
12.2 |
% |
12.2 |
% |
12.0 |
% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Estimated cost of total uncompensated care |
$ |
844 |
$ |
938 |
$ |
1,781 |
$ |
1,774 |
||||||||
|
|
|
|
|
|
|
|
Quarter |
Six Months |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Medicare |
25 |
% |
29 |
% |
26 |
% |
29 |
% | ||||||||
Managed Medicare |
19 |
18 |
20 |
19 |
||||||||||||
Medicaid |
6 |
5 |
6 |
5 |
||||||||||||
Managed Medicaid |
12 |
12 |
12 |
12 |
||||||||||||
Managed care and insurers |
29 |
27 |
28 |
27 |
||||||||||||
Uninsured |
9 |
9 |
8 |
8 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
100 |
% |
100 |
% |
100 |
% |
100 |
% | |||||||||
|
|
|
|
|
|
|
|
Quarter |
Six Months |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Medicare |
26 |
% |
28 |
% |
28 |
% |
29 |
% | ||||||||
Managed Medicare |
15 |
15 |
15 |
14 |
||||||||||||
Medicaid |
7 |
5 |
6 |
4 |
||||||||||||
Managed Medicaid |
6 |
5 |
6 |
5 |
||||||||||||
Managed care and insurers |
46 |
47 |
45 |
48 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
100 |
% |
100 |
% |
100 |
% |
100 |
% | |||||||||
|
|
|
|
|
|
|
|
Quarter |
||||||||||||||||
2020 |
2019 |
|||||||||||||||
Amount |
Ratio |
Amount |
Ratio |
|||||||||||||
Revenues |
$ |
11,068 |
100.0 |
$ |
12,602 |
100.0 |
||||||||||
Salaries and benefits |
5,330 |
48.2 |
5,837 |
46.3 |
||||||||||||
Supplies |
1,748 |
15.8 |
2,118 |
16.8 |
||||||||||||
Other operating expenses |
2,147 |
19.3 |
2,362 |
18.8 |
||||||||||||
Government stimulus income |
(822 |
) |
(7.4 |
) |
— |
— |
||||||||||
Equity in earnings of affiliates |
(1 |
) |
— |
(8 |
) |
(0.1 |
) | |||||||||
Depreciation and amortization |
691 |
6.3 |
636 |
5.0 |
||||||||||||
Interest expense |
388 |
3.5 |
477 |
3.8 |
||||||||||||
Losses (gains) on sales of facilities |
27 |
0.2 |
(18 |
) |
(0.1 |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
9,508 |
85.9 |
11,404 |
90.5 |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes |
1,560 |
14.1 |
1,198 |
9.5 |
||||||||||||
Provision for income taxes |
344 |
3.1 |
271 |
2.1 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
1,216 |
11.0 |
927 |
7.4 |
||||||||||||
Net income attributable to noncontrolling interests |
137 |
1.2 |
144 |
1.2 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to HCA Healthcare, Inc. |
$ |
1,079 |
9.8 |
$ |
783 |
6.2 |
||||||||||
|
|
|
|
|
|
|
|
|||||||||
% changes from prior year: |
||||||||||||||||
Revenues |
(12.2 |
)% |
9.3 |
% |
||||||||||||
Income before income taxes |
30.3 |
(3.2 |
) |
|||||||||||||
Net income attributable to HCA Healthcare, Inc. |
37.9 |
(4.5 |
) |
|||||||||||||
Admissions(a) |
(12.6 |
) |
4.8 |
|||||||||||||
Equivalent admissions(b) |
(20.0 |
) |
6.2 |
|||||||||||||
Revenue per equivalent admission |
9.7 |
3.0 |
||||||||||||||
Same facility % changes from prior year(c): |
||||||||||||||||
Revenues |
( 12.1 |
) |
4.3 |
|||||||||||||
Admissions(a) |
(12.8 |
) |
2.1 |
|||||||||||||
Equivalent admissions(b) |
(20.1 |
) |
2.6 |
|||||||||||||
Revenue per equivalent admission |
10.0 |
1.7 |
Six Months |
||||||||||||||||
2020 |
2019 |
|||||||||||||||
Amount |
Ratio |
Amount |
Ratio |
|||||||||||||
Revenues |
$ |
23,929 |
100.0 |
$ |
25,119 |
100.0 |
||||||||||
Salaries and benefits |
11,448 |
47.8 |
11,484 |
45.7 |
||||||||||||
Supplies |
3,871 |
16.2 |
4,159 |
16.6 |
||||||||||||
Other operating expenses |
4,574 |
19.1 |
4,661 |
18.6 |
||||||||||||
Government stimulus income |
(822 |
) |
(3.4 |
) |
— |
— |
||||||||||
Equity in earnings of affiliates |
(8 |
) |
— |
(19 |
) |
(0.1 |
) | |||||||||
Depreciation and amortization |
1,365 |
5.7 |
1,255 |
5.0 |
||||||||||||
Interest expense |
816 |
3.4 |
938 |
3.7 |
||||||||||||
Losses (gains) on sales of facilities |
20 |
0.1 |
(17 |
) |
(0.1 |
) | ||||||||||
Losses on retirement of debt |
295 |
1.2 |
— |
— |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
21,559 |
90.1 |
22,461 |
89.4 |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes |
2,370 |
9.9 |
2,658 |
10.6 |
||||||||||||
Provision for income taxes |
456 |
1.9 |
550 |
2.2 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
1,914 |
8.0 |
2,108 |
8.4 |
||||||||||||
Net income attributable to noncontrolling interests |
254 |
1.1 |
286 |
1.1 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to HCA Healthcare, Inc. |
$ |
1,660 |
6.9 |
$ |
1,822 |
7.3 |
||||||||||
|
|
|
|
|
|
|
|
|||||||||
% changes from prior year: |
||||||||||||||||
Revenues |
(4.7 |
)% |
9.4 |
% |
||||||||||||
Income before income taxes |
(10.8 |
) |
(4.3 |
) |
||||||||||||
Net income attributable to HCA Healthcare, Inc. |
(8.9 |
) |
(7.2 |
) |
||||||||||||
Admissions(a) |
(5.8 |
) |
3.9 |
|||||||||||||
Equivalent admissions(b) |
(10.1 |
) |
5.5 |
|||||||||||||
Revenue per equivalent admission |
6.0 |
3.8 |
||||||||||||||
Same facility % changes from prior year(c): |
||||||||||||||||
Revenues |
(5.5 |
) |
5.4 |
|||||||||||||
Admissions(a) |
(6.0 |
) |
1.6 |
|||||||||||||
Equivalent admissions(b) |
(10.2 |
) |
2.3 |
|||||||||||||
Revenue per equivalent admission |
5.3 |
3.0 |
(a) |
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. |
(b) |
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 revenues and gross outpatient revenues and then dividing the resulting amount by gross inpatient revenues. The equivalent admissions computation “equates” outpatient revenues to the volume measure (admissions) used to measure inpatient volume, resulting in a general measure of combined inpatient and outpatient volume. |
(c) |
Same facility information excludes the operations of hospitals and their related facilities which were either acquired or divested during the current and prior period. |
Six Months June 30, 2020 |
Year December 31, 2019 |
|||||||
Revenues |
$ |
14,425 |
$ |
29,220 |
||||
Income before income taxes |
1,801 |
3,912 |
||||||
Net income |
1,425 |
2,993 |
||||||
Net income attributable to Parent, Subsidiary Issuer and Subsidiary Guarantors |
1,392 |
2,902 |
||||||
At June 30, 2020 and December 31, 2019: |
||||||||
Current assets |
$ |
9,122 |
$ |
6,090 |
||||
Property and equipment, net |
14,896 |
13,418 |
||||||
Goodwill and other intangible assets |
5,807 |
5,743 |
||||||
Total noncurrent assets |
21,696 |
19,977 |
||||||
Total assets |
30,818 |
26,067 |
||||||
Current liabilities |
8,341 |
4,504 |
||||||
Long-term debt, net |
30,449 |
33,227 |
||||||
Intercompany balances |
2,739 |
(53 |
) | |||||
Income taxes and other liabilities |
862 |
879 |
||||||
Total noncurrent liabilities |
34,502 |
34,398 |
||||||
Stockholders’ deficit attributable to Parent, Subsidiary Issuer and Subsidiary Guarantors |
(12,125 |
) |
(12,941 |
) | ||||
Noncontrolling interests |
100 |
106 |
2020 |
2019 |
|||||||
Number of hospitals in operation at: |
||||||||
March 31 |
186 |
185 |
||||||
June 30 |
186 |
184 |
||||||
September 30 |
184 |
|||||||
December 31 |
184 |
|||||||
Number of freestanding outpatient surgical centers in operation at: |
||||||||
March 31 |
123 |
124 |
||||||
June 30 |
122 |
125 |
||||||
September 30 |
125 |
|||||||
December 31 |
123 |
|||||||
Licensed hospital beds at(a): |
||||||||
March 31 |
49,357 |
48,455 |
||||||
June 30 |
49,403 |
48,483 |
||||||
September 30 |
48,588 |
|||||||
December 31 |
49,035 |
|||||||
Weighted average licensed beds(b): |
||||||||
Quarter: |
||||||||
First |
49,160 |
48,036 |
||||||
Second |
49,358 |
48,429 |
||||||
Third |
48,535 |
|||||||
Fourth |
48,911 |
|||||||
Year |
48,480 |
|||||||
Average daily census(c): |
||||||||
Quarter: |
||||||||
First |
28,822 |
28,966 |
||||||
Second |
24,844 |
27,808 |
||||||
Third |
27,502 |
|||||||
Fourth |
28,274 |
|||||||
Year |
28,134 |
|||||||
Admissions(d): |
||||||||
Quarter: |
||||||||
First |
528,244 |
523,196 |
||||||
Second |
452,992 |
518,253 |
||||||
Third |
527,284 |
|||||||
Fourth |
540,194 |
|||||||
Year |
2,108,927 |
2020 |
2019 |
|||||||
Equivalent admissions(e): |
||||||||
Quarter: |
||||||||
First |
889,035 |
889,956 |
||||||
Second |
723,136 |
903,419 |
||||||
Third |
918,964 |
|||||||
Fourth |
933,996 |
|||||||
Year |
3,646,335 |
|||||||
Average length of stay (days)(f): |
||||||||
Quarter: |
||||||||
First |
5.0 |
5.0 |
||||||
Second |
5.0 |
4.9 |
||||||
Third |
4.8 |
|||||||
Fourth |
4.8 |
|||||||
Year |
4.9 |
|||||||
Emergency room visits(g): |
||||||||
Quarter: |
||||||||
First |
2,264,707 |
2,287,440 |
||||||
Second |
1,516,116 |
2,253,337 |
||||||
Third |
2,269,364 |
|||||||
Fourth |
2,350,988 |
|||||||
Year |
9,161,129 |
|||||||
Outpatient surgeries(h): |
||||||||
Quarter: |
||||||||
First |
226,319 |
240,846 |
||||||
Second |
170,911 |
253,441 |
||||||
Third |
249,177 |
|||||||
Fourth |
266,483 |
|||||||
Year |
1,009,947 |
|||||||
Inpatient surgeries(i): |
||||||||
Quarter: |
||||||||
First |
135,145 |
137,363 |
||||||
Second |
118,591 |
140,473 |
||||||
Third |
143,215 |
|||||||
Fourth |
145,584 |
|||||||
Year |
566,635 |
|||||||
Days revenues in accounts receivable(j): |
||||||||
Quarter: |
||||||||
First |
49 |
53 |
||||||
Second |
50 |
52 |
||||||
Third |
52 |
|||||||
Fourth |
50 |
|||||||
Outpatient revenues as a % of patient revenues(k): |
||||||||
Quarter: |
||||||||
First |
37 |
% |
38 |
% | ||||
Second |
32 |
% |
39 |
% | ||||
Third |
39 |
% | ||||||
Fourth |
39 |
% | ||||||
Year |
39 |
% |
(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 average number of patients in our hospital beds each day. |
(d) |
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. |
(e) |
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 revenues and gross outpatient revenues and then dividing the resulting amount by gross inpatient revenues. The equivalent admissions computation “equates” outpatient revenues to the volume measure (admissions) used to measure inpatient volume resulting in a general measure of combined inpatient and outpatient volume. |
(f) |
Represents the average number of days admitted patients stay in our hospitals. |
(g) |
Represents the number of patients treated in our emergency rooms. |
(h) |
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. |
(i) |
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. |
(j) |
Revenues per day is calculated by dividing revenues for the quarter by the days in the quarter. Days revenues in accounts receivable is then calculated as accounts receivable at the end of the quarter divided by revenues per day. |
(k) |
Represents the percentage of patient revenues related to patients who are not admitted to our hospitals. |
ITEM 6. EXHIBITS |
3.1 |
— |
|||
3.2 |
— |
|||
10.1 |
— |
|||
10.2 |
— |
|||
10.3 |
— |
|||
10.4 |
— |
|||
10.5 |
— |
|||
22 |
— |
|||
31.1 |
— |
|||
31.2 |
— |
|||
32 |
— |
|||
101 |
— |
The following financial information from our quarterly report on Form 10-Q for the quarters and six months ended June 30, 2020 and 2019, filed with the SEC on July 30, 2020, formatted in Inline Extensible Business Reporting Language: (i) the condensed consolidated balance sheets at June 30, 2020 and December 31, 2019, (ii) the condensed consolidated income statements for the quarters and six months ended June 30, 2020 and 2019, (iii) the condensed consolidated comprehensive income statements for the quarters and six months ended June 30,
2020 and 2019, (iv) the condensed consolidated statements of stockholders’ deficit for the quarters and six months ended June 30, 2020 and 2019, (v) the condensed consolidated statements of cash flows for the six months ended June 30, 2020 and 2019 and (vi) the notes to condensed consolidated financial statements. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||
104 |
— |
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Inline XBRL (included in Exhibit 101). |
* |
Management compensatory plan or arrangement. |
HCA Healthcare, Inc. | ||
By: |
/S/ WILLIAM B. RUTHERFORD | |
William B. Rutherford | ||
Executive Vice President and Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/30/22 | ||||
12/31/20 | ||||
10/23/20 | ||||
Filed on: | 7/30/20 | |||
7/28/20 | ||||
For Period end: | 6/30/20 | |||
5/1/20 | 4, DEF 14A, PRE 14A, S-8 | |||
4/24/20 | ||||
3/31/20 | 10-Q | |||
3/27/20 | 8-K | |||
3/11/20 | ||||
1/31/20 | 4 | |||
12/31/19 | 10-K, 5 | |||
9/30/19 | 10-Q | |||
6/30/19 | 10-Q | |||
5/21/19 | ||||
3/31/19 | 10-Q | |||
12/31/18 | 10-K, 5 | |||
12/16/93 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/16/24 HCA Healthcare, Inc. 10-K 12/31/23 92:16M Donnelley … Solutions/FA 8/28/23 HCA Healthcare, Inc. S-8 8/28/23 4:87K Donnelley … Solutions/FA 5/31/23 HCA Healthcare, Inc. S-4 6:803K Donnelley … Solutions/FA 5/01/23 HCA Healthcare, Inc. S-3ASR 5/01/23 5:507K Donnelley … Solutions/FA 2/17/23 HCA Healthcare, Inc. 10-K 12/31/22 95:22M Donnelley … Solutions/FA 2/18/22 HCA Healthcare, Inc. 10-K 12/31/21 98:12M Donnelley … Solutions/FA 2/19/21 HCA Healthcare, Inc. 10-K 12/31/20 100:13M Donnelley … Solutions/FA |