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Universal Health Services, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $3.963 billion from $3.563 billion in the same quarter the previous year. The increase is attributed to a rise in net revenues from both acute care hospital services and behavioral health services.
Income before income taxes increased to $341.533 million from $220.507 million in the previous year, with the rise attributed to improved performance in both acute care and behavioral health facilities.
Net income attributable to UHS was $258.714 million, up from $166.989 million in the previous year. This increase was due to higher income before taxes and a lower effective tax rate.
Cash provided by operating activities was $1.408 billion, while cash used in investing and financing activities was $703.116 million and $718.117 million, respectively.
UHS had a working capital of $2.801 billion as of September 30, 2024. The company continues to focus on managing its expenses and optimizing its operations.
The filing also details various financial agreements, including amendments to its credit agreement and the issuance of new senior secured notes.
UHS does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
UHS continues to focus on expanding its healthcare services and highlights its dependence on government programs for a significant portion of its revenues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Universal Health Services Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.