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Share Name | Share Symbol | Market | Type |
---|---|---|---|
HCA Healthcare Inc | NYSE:HCA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.99 | 0.56% | 354.78 | 356.09 | 351.18 | 356.00 | 1,215,942 | 01:00:00 |
Raises 2024 Guidance
HCA Healthcare, Inc. (NYSE: HCA) today announced financial and operating results for the second quarter ended June 30, 2024.
Key second quarter metrics (all percentage changes compare 2Q 2024 to 2Q 2023 unless otherwise noted):
“The company’s results for the second quarter were positive and reflected strong demand for our services. Our teams continued to execute our strategic plan effectively and produce positive outcomes for our patients. I want to thank our HCA colleagues for their outstanding work and their continued pursuits to innovate and deliver on our mission,” said Sam Hazen, Chief Executive Officer of HCA Healthcare.
Revenues in the second quarter of 2024 totaled $17.492 billion, compared to $15.861 billion in the second quarter of 2023. Net income attributable to HCA Healthcare, Inc. totaled $1.461 billion, or $5.53 per diluted share, compared to $1.193 billion, or $4.29 per diluted share, in the second quarter of 2023. Results for the second quarter of 2024 include gains on sales of facilities of $12 million, or $0.03 per diluted share.
For the second quarter of 2024, Adjusted EBITDA totaled $3.550 billion, compared to $3.056 billion in the second quarter of 2023. Adjusted EBITDA is a non-GAAP financial measure. A table providing supplemental information on Adjusted EBITDA and reconciling net income attributable to HCA Healthcare, Inc. to Adjusted EBITDA is included in this release.
Same facility admissions increased 5.8 percent while same facility equivalent admissions increased 5.2 percent in the second quarter of 2024, compared to the prior year period. Same facility emergency room visits increased 5.5 percent in the second quarter of 2024, compared to the prior year period. Same facility inpatient surgeries increased 2.6 percent, and same facility outpatient surgeries declined 2.1 percent in the second quarter of 2024, compared to the same period of 2023. Same facility revenue per equivalent admission increased 4.4 percent in the second quarter of 2024, compared to the second quarter of 2023.
Six Months Ended June 30, 2024
Revenues for the six months ended June 30, 2024 totaled $34.831 billion, compared to $31.452 billion in the same period of 2023. Net income attributable to HCA Healthcare, Inc. was $3.052 billion, or $11.47 per diluted share, compared to $2.556 billion, or $9.14 per diluted share, for the first six months of 2023. Results for the six months ended June 30, 2024 include gains on sales of facilities of $213 million, or $0.61 per diluted share. Results for the six months ended June 30, 2023 included losses on sales of facilities of $14 million, or $0.08 per diluted share.
Balance Sheet and Cash Flows from Operations
As of June 30, 2024, HCA Healthcare, Inc.’s balance sheet reflected cash and cash equivalents of $831 million, total debt of $40.880 billion, and total assets of $57.379 billion. During the second quarter of 2024, capital expenditures totaled $1.281 billion, excluding acquisitions. Cash flows provided by operating activities in the second quarter of 2024 totaled $1.971 billion, compared to $2.475 billion in the second quarter of 2023.
During the second quarter of 2024, the Company repurchased 4.217 million shares of its common stock at a cost of $1.367 billion. The Company had $4.228 billion remaining under its repurchase authorization as of June 30, 2024. As of June 30, 2024, the Company had $7.137 billion of availability under its credit facilities.
Dividend
HCA today announced that its Board of Directors declared a quarterly cash dividend of $0.66 per share on the Company’s common stock. The dividend will be paid on September 30, 2024 to stockholders of record at the close of business on September 16, 2024.
The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition, results of operations, and contractual restrictions. Future dividends are expected to be funded by cash balances and future cash flows from operations.
2024 Revised Guidance
Today, the Company revised its 2024 estimated guidance ranges issued on January 30, 2024.
Previous 2024 Guidance Range as of January 30, 2024
Revised 2024 Guidance Range as of July 23, 2024
Revenues
$67.750 to $70.250 billion
$69.750 to $71.750 billion
Net Income Attributable to HCA Healthcare, Inc.
$5.200 to $5.600 billion
$5.675 to $5.975 billion
Adjusted EBITDA
$12.850 to $13.550 billion
$13.750 to $14.250 billion
EPS (diluted)
$19.70 to $21.20 per diluted share
$21.60 to $22.80 per diluted share
Capital expenditures for 2024, excluding acquisitions, are estimated to be in the range of $5.1 to $5.3 billion.
The Company’s revised 2024 guidance contains a number of assumptions, including, among others, the Company’s current expectations regarding patient volumes and payor mix as well as general economic conditions, including inflation, and excludes the impact of items such as, but not limited to, gains or losses on sales of facilities, losses on retirement of debt, legal claims costs and impairment of long-lived assets.
Adjusted EBITDA is a non-GAAP financial measure. A table reconciling forecasted net income attributable to HCA Healthcare, Inc. to forecasted Adjusted EBITDA is included in this release.
The Company’s guidance is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks, including those set forth below in the Company’s “Forward-Looking Statements.”
Earnings Conference Call
HCA Healthcare will host a conference call for investors at 9:00 a.m. Central Time today. All interested investors are invited to access a live audio broadcast of the call via webcast. The broadcast also will be available on a replay basis beginning this afternoon. The webcast can be accessed through the Company’s Investor Relations web page at https://investor.hcahealthcare.com/events-and-presentations/default.aspx.
About the Company
As of June 30, 2024, HCA operated 188 hospitals and approximately 2,400 ambulatory sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics, in 20 states and the United Kingdom.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company’s financial guidance for the year ending December 31, 2024, as well as other statements that do not relate solely to historical or current facts. Forward-looking statements can be identified by the use of words like “may,” “believe,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or “continue.” These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic conditions nationally and regionally in our markets, including inflation and economic and business conditions (and the impact thereof on the economy, financial markets and banking industry); changes in revenues due to declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, supply chain or other expenditures; workforce disruptions; supply shortages and disruptions (including as a result of geopolitical disruptions); and the impact of potential federal government shutdowns, (2) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (3) the impact of current and future federal and state health reform initiatives and possible changes to other federal, state or local laws and regulations affecting the health care industry, including, but not limited to, proposals to expand coverage of federally-funded insurance programs as an alternative to private insurance or establish a single-payer system (such reforms often referred to as “Medicare for All”), (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions and those required under the Pay-As-You-Go Act of 2010 as a result of the federal budget deficit impact of the American Rescue Plan Act of 2021, and the potential for future deficit reduction legislation that may alter these spending reductions, which include cuts to Medicare payments, or create additional spending reductions, (5) increases in the amount and risk of collectability of uninsured accounts and deductibles and copayment amounts for insured accounts, (6) the ability to achieve operating and financial targets, attain expected levels of patient volumes and revenues, and control the costs of providing services, (7) possible changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs or state directed payments, that may impact reimbursements to health care providers and insurers and the size of the uninsured or underinsured population, (8) personnel-related capacity constraints, increases in wages and the ability to attract, utilize and retain qualified management and other personnel, including affiliated physicians, nurses and medical and technical support personnel, (9) the highly competitive nature of the health care business, (10) changes in service mix, revenue mix and surgical volumes, including potential declines in the population covered under third-party payer agreements, the ability to enter into and renew third-party payer provider agreements on acceptable terms and the impact of consumer-driven health plans and physician utilization trends and practices, (11) the efforts of health insurers, health care providers, large employer groups and others to contain health care costs, (12) the outcome of our continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures, (13) the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities, (14) changes in accounting practices, (15) the emergence of and effects related to pandemics, epidemics and outbreaks of infectious diseases or other public health crises, including but not limited to developments related to COVID-19, (16) future divestitures which may result in charges and possible impairments of long-lived assets, (17) changes in business strategy or development plans, (18) delays in receiving payments for services provided, (19) the outcome of pending and any future tax audits, disputes and litigation associated with our tax positions, (20) the impact of known and unknown government investigations, litigation and other claims that may be made against us, (21) the impact of actual and potential cybersecurity incidents or security breaches involving us or our vendors and other third parties, including the data security incident disclosed in July 2023, (22) our ongoing ability to demonstrate meaningful use of certified electronic health record technology and the impact of interoperability requirements, (23) the impact of natural disasters, such as hurricanes and floods, physical risks from climate change or similar events beyond our control, (24) changes in U.S. federal, state, or foreign tax laws including interpretive guidance that may be issued by taxing authorities or other standard setting bodies, (25) the results of our efforts to use technology and resilience initiatives, including artificial intelligence and machine learning, to drive efficiencies, better outcomes and an enhanced patient experience, (26) the impact of recent decisions of the U.S. Supreme Court regarding the actions of federal agencies, and (27) other risk factors described in our annual report on Form 10-K for the year ended December 31, 2023 and our other filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond our ability to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to “Company,” “HCA” and “HCA Healthcare” as used throughout this release refer to HCA Healthcare, Inc. and its affiliates.
HCA Healthcare, Inc. Condensed Consolidated Comprehensive Income Statements Second Quarter Unaudited (Dollars in millions, except per share amounts)2024
2023
Amount
Ratio
Amount
Ratio
Revenues$
17,492
100.0
%
$
15,861
100.0
%
Salaries and benefits
7,685
43.9
7,277
45.9
Supplies
2,634
15.1
2,478
15.6
Other operating expenses
3,623
20.7
3,043
19.2
Equity in losses of affiliates
-
-
7
-
Depreciation and amortization
819
4.7
763
4.8
Interest expense
506
2.9
485
3.1
Gains on sales of facilities
(12
)
(0.1
)
(1
)
-
15,255
87.2
14,052
88.6
Income before income taxes
2,237
12.8
1,809
11.4
Provision for income taxes
550
3.2
397
2.5
Net income
1,687
9.6
1,412
8.9
Net income attributable to noncontrolling interests
226
1.2
219
1.4
Net income attributable to HCA Healthcare, Inc.$
1,461
8.4
$
1,193
7.5
Diluted earnings per share$
5.53
$
4.29
Shares used in computing diluted earnings per share (millions)
264.071
278.198
Comprehensive income attributable to HCA Healthcare, Inc.
$
1,461
$
1,207
HCA Healthcare, Inc. Condensed Consolidated Comprehensive Income Statements For the Six Months Ended June 30, 2024 and 2023 Unaudited (Dollars in millions, except per share amounts)
2024
2023
Amount
Ratio
Amount
Ratio
Revenues$
34,831
100.0
%
$
31,452
100.0
%
Salaries and benefits
15,392
44.2
14,361
45.7
Supplies
5,305
15.2
4,901
15.6
Other operating expenses
7,229
20.8
5,937
18.8
Equity in losses of affiliates
2
-
25
0.1
Depreciation and amortization
1,614
4.6
1,519
4.8
Interest expense
1,018
2.9
964
3.1
Losses (gains) on sales of facilities
(213
)
(0.6
)
14
-
30,347
87.1
27,721
88.1
Income before income taxes
4,484
12.9
3,731
11.9
Provision for income taxes
995
2.9
776
2.5
Net income
3,489
10.0
2,955
9.4
Net income attributable to noncontrolling interests
437
1.2
399
1.3
Net income attributable to HCA Healthcare, Inc.$
3,052
8.8
$
2,556
8.1
Diluted earnings per share$
11.47
$
9.14
Shares used in computing diluted earnings per share (millions)
266.044
279.573
Comprehensive income attributable to HCA Healthcare, Inc.$
3,044
$
2,590
HCA Healthcare, Inc. Condensed Consolidated Balance Sheets Unaudited (Dollars in millions)June 30,
March 31,
December 31,
2024
2024
2023
Current assets: Cash and cash equivalents
$
831
$
1,284
$
935
Accounts receivable
10,239
10,044
9,958
Inventories
1,800
1,903
2,021
Other
2,303
2,051
2,013
15,173
15,282
14,927
Property and equipment, at cost
60,625
59,440
58,548
Accumulated depreciation
(31,986
)
(31,344
)
(30,833
)
28,639
28,096
27,715
Investments of insurance subsidiaries
483
471
477
Investments in and advances to affiliates
702
736
756
Goodwill and other intangible assets
9,963
9,967
9,945
Right-of-use operating lease assets
2,179
2,211
2,207
Other
240
199
184
$
57,379
$
56,962
$
56,211
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable
$
4,029
$
4,735
$
4,233
Accrued salaries
1,993
1,759
2,127
Other accrued expenses
3,705
3,619
3,871
Long-term debt due within one year
4,574
3,028
2,424
14,301
13,141
12,655
Long-term debt, less debt issuance costs and discounts of $371, $381 and $333
36,306
37,163
37,169
Professional liability risks
1,573
1,571
1,557
Right-of-use operating lease obligations
1,894
1,912
1,903
Income taxes and other liabilities
1,966
1,905
1,867
Stockholders' equity: Stockholders' deficit attributable to HCA Healthcare, Inc.
(1,600
)
(1,615
)
(1,774
)
Noncontrolling interests
2,939
2,885
2,834
1,339
1,270
1,060
$
57,379
$
56,962
$
56,211
HCA Healthcare, Inc. Condensed Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2024 and 2023 Unaudited (Dollars in millions)
2024
2023
Cash flows from operating activities: Net income
$
3,489
$
2,955
Adjustments to reconcile net income to net cash provided by operating activities: Increase (decrease) in cash from operating assets and liabilities: Accounts receivable
(285
)
306
Inventories and other assets
(68
)
(301
)
Accounts payable and accrued expenses
(459
)
(505
)
Depreciation and amortization
1,614
1,519
Income taxes
(4
)
3
Losses (gains) on sales of facilities
(213
)
14
Amortization of debt issuance costs and discounts
17
17
Share-based compensation
199
133
Other
150
137
Net cash provided by operating activities
4,440
4,278
Cash flows from investing activities: Purchase of property and equipment
(2,399
)
(2,438
)
Acquisition of hospitals and health care entities
(131
)
(124
)
Sales of hospitals and health care entities
311
172
Change in investments
(14
)
(16
)
Other
(2
)
(2
)
Net cash used in investing activities
(2,235
)
(2,408
)
Cash flows from financing activities: Issuances of long-term debt
4,483
3,218
Net change in revolving credit facilities
(1,030
)
(1,840
)
Repayment of long-term debt
(2,269
)
(608
)
Distributions to noncontrolling interests
(338
)
(342
)
Payment of debt issuance costs
(40
)
(30
)
Payment of dividends
(356
)
(339
)
Repurchase of common stock
(2,547
)
(1,761
)
Other
(212
)
(221
)
Net cash used in financing activities
(2,309
)
(1,923
)
Effect of exchange rate changes on cash and cash equivalents
-
7
Change in cash and cash equivalents
(104
)
(46
)
Cash and cash equivalents at beginning of period
935
908
Cash and cash equivalents at end of period
$
831
$
862
Interest payments
$
943
$
925
Income tax payments, net
$
999
$
773
HCA Healthcare, Inc.
Operating Statistics
For the Six Months Second Quarter Ended June 30,
2024
2023
2024
2023
Operations: Number of Hospitals
188
182
188
182
Number of Freestanding Outpatient Surgery Centers* .
123
126
123
126
Licensed Beds at End of Period
49,844
49,063
49,844
49,063
Weighted Average Beds in Service
42,624
41,802
42,594
41,743
Reported: Admissions
554,456
522,996
1,115,325
1,048,231
% Change
6.0
%
6.4
%
Equivalent Admissions
994,835
938,834
1,976,356
1,855,369
% Change
6.0
%
6.5
%
Revenue per Equivalent Admission$
17,583
$
16,894
$
17,624
$
16,952
% Change
4.1
%
4.0
%
Inpatient Revenue per Admission$
18,814
$
17,689
$
18,869
$
17,759
% Change
6.4
%
6.3
%
Patient Days
2,662,550
2,558,563
5,444,146
5,196,466
% Change
4.1
%
4.8
%
Equivalent Patient Days
4,779,234
4,594,604
9,647,027
9,197,745
% Change
4.0
%
4.9
%
Inpatient Surgery Cases
135,860
132,447
269,258
262,907
% Change
2.6
%
2.4
%
Outpatient Surgery Cases
258,967
263,601
511,802
519,572
% Change
-1.8
%
-1.5
%
Emergency Room Visits
2,414,960
2,294,205
4,843,874
4,546,874
% Change
5.3
%
6.5
%
Outpatient Revenues as a Percentage of Patient Revenues
38.2
%
39.8
%
37.6
%
38.7
%
Average Length of Stay (days)
4.802
4.892
4.881
4.957
Occupancy**
71.9
%
71.1
%
73.6
%
72.6
%
Same Facility: Admissions
550,610
520,520
1,106,303
1,043,978
% Change
5.8
%
6.0
%
Equivalent Admissions
975,130
926,526
1,936,030
1,839,489
% Change
5.2
%
5.2
%
Revenue per Equivalent Admission$
17,503
$
16,766
$
17,534
$
16,876
% Change
4.4
%
3.9
%
Inpatient Revenue per Admission$
18,845
$
17,718
$
18,904
$
17,755
% Change
6.4
%
6.5
%
Inpatient Surgery Cases
135,129
131,656
267,294
261,584
% Change
2.6
%
2.2
%
Outpatient Surgery Cases
254,371
259,733
502,037
512,575
% Change
-2.1
%
-2.1
%
Emergency Room Visits
2,400,248
2,275,021
4,800,438
4,513,084
% Change
5.5
%
6.4
%
* Excludes freestanding endoscopy centers (23 centers at June 30, 2024 and 22 centers at June 30, 2023). ** Reflects the rate of occupancy (patient days and observations) based on weighted average beds in service. HCA Healthcare, Inc. Supplemental Non-GAAP Disclosures Operating Results Summary (Dollars in millions, except per share amounts) For Six Months Second Quarter Ended June 30,
2024
2023
2024
2023
Revenues
$
17,492
$
15,861
$
34,831
$
31,452
Net income attributable to HCA Healthcare, Inc.
$
1,461
$
1,193
$
3,052
$
2,556
Losses (gains) on sales of facilities (net of tax)
(9
)
-
(163
)
22
Net income attributable to HCA Healthcare, Inc., as adjusted (a)
1,452
1,193
2,889
2,578
Depreciation and amortization
819
763
1,614
1,519
Interest expense
506
485
1,018
964
Provision for income taxes
547
396
945
768
Net income attributable to noncontrolling interests
226
219
437
399
Adjusted EBITDA (a)
$
3,550
$
3,056
$
6,903
$
6,228
Adjusted EBITDA margin (a)
20.3
%
19.3
%
19.8
%
19.8
%
Diluted earnings per share: Net income attributable to HCA Healthcare, Inc.$
5.53
$
4.29
$
11.47
$
9.14
Losses (gains) on sales of facilities
(0.03
)
-
(0.61
)
0.08
Net income attributable to HCA Healthcare, Inc., as adjusted (a)
$
5.50
$
4.29
$
10.86
$
9.22
Shares used in computing diluted earnings per share (millions)
264.071
278.198
266.044
279.573
(a) Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA should not be considered as measures of financial performance under generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are adjusted to exclude losses (gains) on sales of facilities and losses on retirement of debt. We believe net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are important measures that supplement discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA as the primary measures to review and assess operating performance of its health care facilities and their management teams. Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and GAAP net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. It is reasonable to expect that adjustments, including losses (gains) on sales of facilities and losses on retirement of debt will occur in future periods, but the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our health care facilities and complicate period comparisons of our results of operations and operations comparisons with other health care companies. Net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered as alternatives to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA are not measurements determined in accordance with GAAP and are susceptible to varying calculations, net income attributable to HCA Healthcare, Inc., as adjusted, diluted earnings per share, as adjusted, and Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies. HCA Healthcare, Inc. Supplemental Non-GAAP Disclosures 2024 Operating Results Forecast (Dollars in millions, except per share amounts) For the Year Ending December 31, 2024 Low High Revenues
$
69,750
$
71,750
Net income attributable to HCA Healthcare, Inc. (a)$
5,675
$
5,975
Depreciation and amortization
3,245
3,295
Interest expense
2,065
2,095
Provision for income taxes
1,860
1,950
Net income attributable to noncontrolling interests
905
935
Adjusted EBITDA (a) (b)$
13,750
$
14,250
Diluted earnings per share: Net income attributable to HCA Healthcare, Inc.$
21.60
$
22.80
Shares used in computing diluted earnings per share (millions)
262.000
262.000
The Company's forecasted guidance range is based on current plans and expectations and is subject to a number of known and unknown uncertainties and risks. (a) The Company does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of debt, legal claim costs (benefits) and impairments of long-lived assets because the Company does not believe that it can forecast these items with sufficient accuracy. (b) Adjusted EBITDA should not be considered a measure of financial performance under generally accepted accounting principles ("GAAP"). We believe Adjusted EBITDA is an important measure that supplements discussions and analysis of our results of operations. We believe it is useful to investors to provide disclosures of our results of operations on the same basis used by management. Management relies upon Adjusted EBITDA as a primary measure to review and assess operating performance of its health care facilities and their management teams. Management and investors review both the overall performance (including net income attributable to HCA Healthcare, Inc.) and operating performance (Adjusted EBITDA) of our health care facilities. Adjusted EBITDA is utilized by management and investors to compare our current operating results with the corresponding periods during the previous year and to compare our operating results with other companies in the health care industry. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income attributable to HCA Healthcare, Inc. as a measure of operating performance or cash flows from operating, investing and financing activities as a measure of liquidity. Because Adjusted EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures presented by other companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723606355/en/
INVESTOR CONTACT: Frank Morgan 615-344-2688 MEDIA CONTACT: Harlow Sumerford 615-344-1851
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