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Exhibit 99.1
FOR IMMEDIATE RELEASE | ||
INVESTOR CONTACT: | MEDIA CONTACT: | |
Frank Morgan | Harlow Sumerford | |
615-344-2688 | 615-344-1851 |
HCA HEALTHCARE REPORTS FOURTH QUARTER 2023 RESULTS
AND PROVIDES 2024 GUIDANCE
BILL RUTHERFORD TO RETIRE AND MIKE MARKS TO BECOME CFO
Nashville, Tenn., January 30, 2024 HCA Healthcare, Inc. (NYSE: HCA) today announced financial and operating results for the fourth quarter ended December 31, 2023.
Key fourth quarter metrics (all percentage changes compare 4Q 2023 to 4Q 2022 unless otherwise noted):
● | Revenues totaled $17.303 billion |
● | Net income attributable to HCA Healthcare, Inc. totaled $1.607 billion, or $5.93 per diluted share |
● | Adjusted EBITDA totaled $3.618 billion |
● | Cash flows from operating activities totaled $2.674 billion |
● | Same facility admissions increased 3.1 percent while same facility equivalent admissions increased 3.9 percent |
In the quarter, we experienced strong demand for services across our diversified portfolio of markets, facilities, and service lines. This growth coupled with improved cost trends drove solid financial performance in the fourth quarter. Once again, our people have delivered positive outcomes for our patients, the communities we serve, and our other stakeholders. I want to thank them for their hard work and everything they do for our company, said Sam Hazen, Chief Executive Officer of HCA Healthcare.
Revenues in the fourth quarter of 2023 totaled $17.303 billion, compared to $15.497 billion in the fourth quarter of 2022. Net income attributable to HCA Healthcare, Inc. totaled $1.607 billion, or $5.93 per diluted share, compared to $2.081 billion, or $7.28 per diluted share, in the fourth quarter of 2022. Results for the fourth quarter of 2023 include gains on sales of facilities of $7 million, or $0.03 per diluted share. Results for the fourth quarter of 2022 include gains on sales of facilities of $1.326 billion, or $2.64 per diluted share, related to sales of our controlling interests in certain healthcare entities.
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Hca Healthcare, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:
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Adverse changes in the percentage of our patients having adequate health care coverage, increases in patient responsibility amounts under certain health care coverages, general economic conditions, patient accounting service center operations, payer mix, or trends in federal, state, and private employer health care coverage could affect the collection of accounts receivable, cash flows and results of operations.
We believe adequate reserves have been recorded for our professional liability claims; however, due to the complexity of the claims, the extended period of time to resolve the claims and the wide range of potential outcomes, our ultimate liability for professional liability claims could change by more than the estimated sensitivity amounts and could change materially from our current estimates.
Our facilities are insured by our insurance subsidiary for losses up to $80 million per occurrence; however, this coverage is subject, in most cases, to a $15 million per occurrence self-insured retention.
Forward-looking statements include statements regarding expected capital expenditures, expected dividends, expected share repurchases, expected net claim payments, expected inflationary pressures and all other statements that do not relate solely to historical or current facts, and can be identified by the use of words like “may,” “believe,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or “continue.”
We, or our affiliates, may in the future repurchase portions of our debt or equity securities, subject to certain limitations, from time to time in either the open market or through privately negotiated transactions, in accordance with applicable SEC and other legal requirements.
We have seen inflation have...Read more
We consider the number and...Read more
Significant judgment is required in...Read more
Investments in debt and equity...Read more
Our facilities are insured by...Read more
We believe these initiatives will...Read more
During each reporting period, we...Read more
We used the net proceeds...Read more
To complement our in-market growth...Read more
The estimated cost of total...Read more
We believe we are well...Read more
Our variable debt is comprised...Read more
To achieve these goals, we...Read more
Salaries and benefits per equivalent...Read more
Both average daily census and...Read more
We routinely analyze operational practices...Read more
We are committed to providing...Read more
We attract and retain physicians...Read more
The same facility revenues increase...Read more
The increase in revenues was...Read more
Additional components of our growth...Read more
We believe a critical component...Read more
We continue to invest in...Read more
The gains on sales of...Read more
The increase in revenues in...Read more
Consolidated inpatient surgeries increased 1.3%...Read more
Our strategy is organized around...Read more
Consolidated surgeries increased 1.8% during...Read more
Same facility admissions increased 3.3%...Read more
The increase in revenues in...Read more
Same facility surgeries increased 2.3%...Read more
Consolidated emergency room visits increased...Read more
The estimates for implicit price...Read more
Same facility emergency room visits...Read more
We plan to continue recruiting...Read more
Some state Medicaid programs use,...Read more
Our revenues depend upon inpatient...Read more
Estimates of contractual allowances under...Read more
Our strategy also emphasizes investments...Read more
Depreciation and amortization, as a...Read more
We believe there is significant...Read more
We believe our continued investment...Read more
We have developed standardized calculation...Read more
The increase in cash flows...Read more
The time period required to...Read more
We report a liability for...Read more
Management continually reviews the contractual...Read more
We continue to invest in...Read more
At December 31, 2023, the...Read more
The increase in distributions in...Read more
Represents the percentage of hospital...Read more
Same facility information excludes the...Read more
Both the general level of...Read more
The federal poverty level is...Read more
We receive a significant portion...Read more
The 1.3% increase in other...Read more
We believe our centrally managed...Read more
This company-specific data includes information...Read more
Our primary cash sources are...Read more
HCA Inc., a direct wholly-owned...Read more
Achieving high levels of patient...Read more
Same facility salaries and benefits...Read more
The timing, prices, and sizes...Read more
Following this release of the...Read more
The average effective interest rate...Read more
The average effective interest rate...Read more
We may attempt to provide...Read more
The approximate percentages of our...Read more
If an uninsured patient does...Read more
On January 29, 2024, our...Read more
We believe this information is...Read more
All of the senior notes...Read more
Our average debt balance was...Read more
Our estimated reserves for professional...Read more
Our insurance subsidiaries held $564...Read more
The January 2022 authorization was...Read more
Company-specific claim reporting and payment...Read more
Recruit and Retain Physicians and...Read more
Represents the number of surgeries...Read more
We, along with virtually all...Read more
Our estimates are based on...Read more
We will continue to provide...Read more
Represents the number of surgeries...Read more
The insurance subsidiary has obtained...Read more
Revenues are recorded during the...Read more
Investments of our insurance subsidiaries,...Read more
We may be required to...Read more
Cash payments for interest and...Read more
Laws and regulations governing the...Read more
The approximate percentages of our...Read more
Management’s Discussion and Analysis of...Read more
Based on a hypothetical 1%...Read more
Case reserves are reduced as...Read more
The estimated reimbursement amounts are...Read more
We have invested significant resources...Read more
We apply additional discounts to...Read more
Our debt totaled $39.593 billion...Read more
The decline in pharmacy supplies...Read more
Represents the percentage of patient...Read more
During 2022, the conditions in...Read more
A summary of the estimated...Read more
The increase of $111 million...Read more
These routine, quarterly changes in...Read more
We do not pursue collection...Read more
The term “affiliates” means direct...Read more
Excludes freestanding endoscopy centers (24...Read more
Planned capital expenditures are expected...Read more
To quantify the total impact...Read more
Working capital totaled $2.272 billion...Read more
We have elected to treat...Read more
The reserves for professional liability...Read more
Salaries and benefits, as a...Read more
Equivalent admissions are computed by...Read more
Equivalent admissions are computed by...Read more
Management expects a continuation of...Read more
Achieve Industry-Leading Performance in Clinical,...Read more
Shares used for diluted earnings...Read more
Shares used for diluted earnings...Read more
At December 31, 2023, we...Read more
The $197 million increase in...Read more
Other operating expenses are primarily...Read more
During 2023 and 2022, we...Read more
During 2023 and 2022, we...Read more
Deferred tax assets generally represent...Read more
The equivalent admissions computation “equates”...Read more
The equivalent admissions computation “equates”...Read more
If the realization of unrecognized...Read more
Same facility revenues increased 7.6%...Read more
Because deliberations about these programs...Read more
The $197 million increase in...Read more
Although we believe we have...Read more
All “per diluted share” disclosures...Read more
All “per diluted share” disclosures...Read more
Interest and penalties payable to...Read more
We provide discounts to uninsured...Read more
We provide discounts to uninsured...Read more
Funds for the repurchase of...Read more
These investments are carried at...Read more
As a result, summarized financial...Read more
At December 31, 2023, we...Read more
We perform sensitivity analyses which...Read more
Management relies on the results...Read more
The decline in working capital...Read more
Because we do not pursue...Read more
We perform the hindsight analysis...Read more
Equivalent admissions are used by...Read more
Equivalent admissions are used by...Read more
While these costs have declined...Read more
We estimate that approximately $489...Read more
We calculate our provision for...Read more
Management believes that cash flows...Read more
The estimates of fair value...Read more
Provisions for losses related to...Read more
We strive to be the...Read more
The aggregate pretax loss on...Read more
The decline of $23 million...Read more
We present certain metrics and...Read more
Represents the total number of...Read more
Represents the total number of...Read more
We purchase excess insurance on...Read more
We depend on the quality...Read more
We believe our quarterly updates...Read more
Consolidated admissions increased 2.7% during...Read more
At December 31, 2023, we...Read more
Same facility uninsured emergency room...Read more
We evaluate our estimates on...Read more
The estimated ultimate cost includes...Read more
Debt of $3.193 billion at...Read more
Patients treated at hospitals for...Read more
Licensed beds are those beds...Read more
Net reserves for the self-insured...Read more
At December 31, 2023, there...Read more
Obligations covered by reinsurance and...Read more
Losses on sales of facilities...Read more
We continue to utilize certain...Read more
Days revenues in accounts receivable...Read more
Other operating expenses, as a...Read more
Our facilities have entered into...Read more
Once the case reserves for...Read more
Based on our analysis, we...Read more
Reserves for professional liability risks...Read more
Same facility uninsured emergency room...Read more
Claims payments, net of reinsurance...Read more
Should the insurance subsidiaries require...Read more
The 2023 results include losses...Read more
The 2023 results include losses...Read more
To mitigate the impact of...Read more
Our primary cash requirements are...Read more
Revenues per day is calculated...Read more
Reserves and provisions for professional...Read more
During 2023, our Board of...Read more
The estimated fair value of...Read more
The insurance subsidiary maintained net...Read more
The subsidiary guarantees and collateral...Read more
Estimated implicit price concessions are...Read more
We are also subject to...Read more
The current portion of these...Read more
Individual case reserves are established...Read more
Patients treated at hospitals for...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Hca Healthcare, Inc. provided additional information to their SEC Filing as exhibits
Ticker: HCA
CIK: 860730
Form Type: 10-K Annual Report
Accession Number: 0000950170-24-016524
Submitted to the SEC: Fri Feb 16 2024 5:03:58 PM EST
Accepted by the SEC: Fri Feb 16 2024
Period: Sunday, December 31, 2023
Industry: General Medical And Surgical Hospitals