Health Care Research Project

Deliverable1-UHS-Final.xlsx

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Sheet1

Prof. F. Kass
Term Project Submission Cover Sheet
Course	ACCT 4501W
Section	NETB
Term	Spring 21
Deliverable #	1
Title of Deliverable	Create Excel Spreadsheet, Financial Analysis
Company	Universal Health Services
Team Members
1	Sarah Alexander
2	Iryna Kyryliuk
3	Zhi Ling Liu
4	Jingshen Mei
5
6
Team Leader Certification
I hereby certify that:
1. I am the appointed team leader for this deliverable.
2. Each of my team members worked to 100% of the expectation on this project.
3. If any team member did not work to expectation, I have indicated next to their name (above) the percentage of the expectation they did work. (You must be able to explain any reduction in the work.)
4. No part of this submission was copied or otherwise plagiarized. All rules of academic integrity have been adhered to.
Name	Sarah Alexander
Signature	Sarah Alexander
This sheet must be the top sheet for each group submission. If submitting in Excel® copy and paste the grid into Excel.

Checklist

Universal Health Services (UHS)
Group 7
Sarah Alexander, Iryna Kyryliuk, Zhi Ling Liu, Jingshen Mei
Deliverables	Preparer	Timeline	Reviewer	Due	Status
Financial Statements:
Income Statement	JM	3/1/21	ZL	3/3/21	Complete
Balance Sheet	IK	3/1/21	ZL	3/3/21	Complete
Statement of Cash Flow	SA	3/1/21	ZL	3/3/21	Complete
Horizontal Analysis:
Income Statement	JM	3/2/21	SA	3/3/21	Complete
Balance Sheet	IK	3/2/21	ZL	3/3/21	Complete
Statement of Cash Flow	SA	3/2/21	ZL	3/3/21	Complete
Vertical Analysis:
Income Statement	JM	3/3/21	SA	3/3/21	Complete
Balance Sheet	IK	3/3/21	SA	3/3/21	Complete
Statement of Cash Flow	ZL	3/3/21	SA	3/3/21	Complete
Financial Ratio:
Liquidity	ZL	3/4/21	IK	3/5/21	Complete
Solvency	ZL	3/4/21	IK	3/5/21	Complete
Profitabilty	SA	3/4/21	IK	3/5/21	Complete
Chart:
BS	ZL	3/5/21	SA	3/6/21	Complete
IS	JM	3/5/21	ZL	3/6/21	Complete
CF/Profitability	SA	3/5/21	JM	3/6/21	Complete
Liquidity	IK	3/5/21	JM	3/6/21	Complete
Solvency	ZL	3/5/21	JM	3/6/21	Complete
Final Compilation, Review & Upload	SA	3/7/21

Index

Tab Name	Tab Decsription
	Checklist
IS	Income Statement
BS	Balance Sheet
CF	Statement of Cash Flows
FR	Financial Ratios
LR	Liquidity Ratios
SLG	Solvency Ratios
PLG	Profitability Line Graph
ISLG	Horizontal Analysis of Net Revenue to Operating Expenses
ISBC	Vertical Analysis of Net Revenue to Operating Expenses
BSBC	Vertical Analysis - Changes in Balance Sheet
BSLG	Horizontal Analysis - Changes in Balance Sheet
CF HA Chart	Statement of Cash Flows - Horizontal Analysis
CF VA Chart	Statement of Cash Flows - Vertical Analysis

IS

UNIVERSAL HEALTH SERVICES, INC AND SUBSIDIARIES											Prepared by:	Jingshen Mei
CONSOLIDATED STATEMENTS OF INCOME											Reviewed by:	Sarah Alexander
	Year Ended December 31,			Horizontal Analysis		Horizontal Analysis		Vertical Analysis
	2020	2019	2018	Absolute Amount		Percentage Change		Percentage Change
	(in thousands, except per share data)			2020	2019	2020	2019	2020	2019	2018
Net revenues	$ 11,558,897	$ 11,378,259	$ 10,772,278	180,638	605,981	1.59%	5.63%	100.00%	100.00%	100.00%
Operating charges:
Salaries, wages and benefits	5,613,097	5,588,893	5,254,536	24,204	334,357	0.43%	6.36%	48.56%	49.12%	48.78%
Other operating expenses	2,672,762	2,723,911	2,614,687	(51,149)	109,224	(1.88%)	4.18%	23.12%	23.94%	24.27%
Supplies expense	1,288,132	1,251,346	1,168,654	36,786	82,692	2.94%	7.08%	11.14%	11.00%	10.85%
Depreciation and amortization	510,493	490,392	453,045	20,101	37,347	4.10%	8.24%	4.42%	4.31%	4.21%
Lease and rental expense	116,059	107,809	106,094	8,250	1,715	7.65%	1.62%	1.00%	0.95%	0.98%
	10,200,543	10,162,351	9,597,016	38,192	565,335	0.38%	5.89%	88.25%	89.31%	89.09%
Income from operations	1,358,354	1,215,908	1,175,262	142,446	40,646	11.72%	3.46%	11.75%	10.69%	10.910%
Interest expense, net	106,285	162,733	154,956	(56,448)	7,777	(34.69%)	5.02%	0.92%	1.43%	1.438%
Other (income) expense, net	(14)	(13,162)	(14,219)	13,148	1,057	(99.89%)	(7.43%)	(0.00%)	(0.12%)	(0.132%)
Income before income taxes	1,252,083	1,066,337	1,034,525	185,746	31,812	17.42%	3.08%	10.83%	9.37%	9.604%
Provision for income taxes	299,293	238,794	236,642	60,499	2,152	25.34%	0.91%	2.59%	2.10%	2.197%
Net income	952,790	827,543	797,883	125,247	29,660	15.13%	3.72%	8.24%	7.27%	7.407%
Less: Net income attributable to noncontrolling interests	8,837	12,689	18,178	(3,852)	(5,489)	(30.36%)	(30.20%)	0.08%	0.11%	0.169%
Net income attributable to UHS	$ 943,953	$ 814,854	$ 779,705	$ 129,099	$ 35,149	15.84%	4.51%	8.17%	7.16%	7.24%
Basic earnings per share attributable to UHS	$ 11.06	$ 9.16	$ 8.35	$ 1.90	$ 0.81	20.74%	9.70%	0.00%	0.00%	0.00%
Diluted earnings per share attributable to UHS	$ 10.99	$ 9.13	$ 8.31	$ 1.86	$ 0.82	20.37%	9.87%	0.00%	0.00%	0.00%
Weighted average number of common shares—basic	85,061	88,762	93,276	(3,701)	(4,514)	(4.17%)	(4.84%)	0.74%	0.78%	0.866%
Add: Other share equivalents	526	278	474	248	(196)	89.21%	(41.35%)	0.00%	0.00%	0.004%
Weighted average number of common shares and equivalents—diluted	85,587	89,040	93,750	(3,453)	(4,710)	(3.88%)	(5.02%)	0.74%	0.78%	0.870%

BS

UNIVERSAL HEALTH SERVICES, INC AND SUBSIDIARIES											Prepared by:	Iryna Kyryliuk
CONSOLIDATED BALANCE SHEET											Reviewed by:	Zhi Ling Liu
				Horizontal Analysis		Horizontal Analysis		Vertical Analysis
	Year Ended December 31,			Absolute Amount		Percentage Change		Percentage Change
	2020	2019	2018	2020	2019	2020	2019	2020	2019	2018
	(Dollar amounts in thousands)
Assets
Current assets:
Cash and cash equivalents	$ 1,224,490	61,268	105,220	$ 1,163,222	$ (43,952)	1898.6%	(41.8%)	9.1%	0.5%	0.9%
Accounts receivable, net	1,728,928	1,560,847	1,509,909	168,081	50,938	10.8%	3.4%	12.8%	13.4%	13.4%
Supplies	190,417	159,889	148,206	30,528	11,683	19.1%	7.9%	1.4%	1.4%	1.3%
Other current assets	138,034	133,930	174,467	4,104	(40,537)	3.1%	(23.2%)	1.0%	1.1%	1.5%
Total current assets	3,281,869	1,915,934	1,937,802	1,365,935	(21,868)	71.3%	(1.1%)	24.4%	16.4%	17.2%
Property and Equipment
Land	665,000	613,842	565,607	51,158	48,235	8.3%	8.5%	4.9%	5.3%	5.0%
Buildings and improvements	6,030,183	5,646,508	5,387,646	383,675	258,862	6.8%	4.8%	44.7%	48.4%	47.8%
Equipment	2,607,692	2,430,463	2,251,822	177,229	178,641	7.3%	7.9%	19.3%	20.8%	20.0%
Property under capital lease	75,611	38,582	44,020	37,029	(5,438)	96.0%	(12.4%)	0.6%	0.3%	0.4%
Property Equipment Gross	9,378,486	8,729,395	8,249,095	649,091	480,300	7.4%	5.8%	69.6%	74.8%	73.2%
Accumulated depreciation	(4,512,764)	(4,089,679)	(3,715,515)	(423,085)	(374,164)	10.3%	10.1%	(33.5%)	(35.0%)	(33.0%)
Property and equipment excluding construction in progress net	4,865,722	4,639,716	4,533,580	226,006	106,136	4.9%	2.3%	36.1%	39.8%	40.2%
Construction-in-progress	507,402	376,982	314,360	130,420	62,622	34.6%	19.9%	3.8%	3.2%	2.8%
Property, plant and equipment, net, Total	5,373,124	5,016,698	4,847,940	356,426	168,758	7.1%	3.5%	39.9%	43.0%	43.0%
Other assets:
Goodwill	3,882,715	3,869,760	3,844,628	12,955	25,132	0.3%	0.7%	28.8%	33.2%	34.1%
Deferred income taxes	22,689	16,189	5,280	6,500	10,909	40.2%	206.6%	0.2%	0.1%	0.0%
Right of use assets-operating leases	336,513	326,518	0	9,995	326,518	3.1%	0.0%	2.5%	2.8%	0.0%
Deferred charges	4,985	6,373	8,772	(1,388)	(2,399)	(21.8%)	(27.3%)	0.0%	0.1%	0.1%
Other	574,984	516,778	621,058	58,206	(104,280)	11.3%	(16.8%)	4.3%	4.4%	5.5%
Total other assets	4,821,886	4,735,618	4,479,738	86,268	255,880	1.8%	5.7%	35.8%	40.6%	39.8%
Total Assets	$ 13,476,879	$ 11,668,250	$ 11,265,480	1,808,629	402,770	15.5%	3.6%	100.0%	100.0%	100.0%
Liabilities and Stockholders’ Equity
Current liabilities:
Current maturities of long-term debt	$ 331,998	$ 87,550	$ 63,446	244,448	24,104	279.2%	38.0%	2.5%	0.8%	0.6%
Accounts payable	570,523	446,957	445,652	123,566	1,305	27.6%	0.3%	4.2%	3.8%	4.0%
Accrued liabilities
Compensation and related benefits	410,165	380,117	343,384	30,048	36,733	7.9%	10.7%	3.0%	3.3%	3.0%
Interest	9,458	19,486	19,277	(10,028)	209	(51.5%)	1.1%	0.1%	0.2%	0.2%
Taxes other than income	152,227	71,605	56,218	80,622	15,387	112.6%	27.4%	1.1%	0.6%	0.5%
Medicare accelerated payments and deferred CARES Act and other grants	376,151	0	0	376,151	-	0.0%	0.0%	2.8%	0.0%	0.0%
Legal reserves	12,625	144,509	129,150	(131,884)	15,359	(91.3%)	11.9%	0.1%	1.2%	1.1%
Other	513,673	354,209	389,183	159,464	(34,974)	45.0%	(9.0%)	3.8%	3.0%	3.5%
Operating lease liabilities	59,796	56,442	0	3,354	56,442	5.9%	0.0%	0.4%	0.5%	0.0%
Current federal and state income taxes	44,423	2,515	2,428	41,908	87	1666.3%	3.6%	0.3%	0.0%	0.0%
Total current liabilities	2,481,039	1,563,390	1,448,738	917,649	114,652	58.7%	7.9%	18.4%	13.4%	12.9%
Other noncurrent liabilities	458,549	329,932	361,809	128,617	(31,877)	39.0%	(8.8%)	3.4%	2.8%	3.2%
Medicare accelerated payments and deferred CARES Act noncurrent	322,617	0	0	322,617		0.0%	0.0%	2.4%	0.0%	0.0%
Operating lease liabilities noncurrent	278,303	270,076	0	8,227	270,076	3.0%	0.0%	2.1%	2.3%	0.0%
Long-term debt	3,524,253	3,896,577	3,935,187	(372,324)	(38,610)	(9.6%)	(1.0%)	26.2%	33.4%	34.9%
Deferred income taxes	5,582	25,071	49,661	(19,489)	(24,590)	(77.7%)	(49.5%)	0.0%	0.2%	0.4%
Commitments and contingencies (Note 8)
Redeemable noncontrolling interest	4,569	4,333	4,292	236	41	5.4%	1.0%	0.0%	0.0%	0.0%
Equity:
Class A Common Stock, voting, $.01 par value; authorized 12,000,000 shares: issued and outstanding 6,577,100 shares in 2020 and 6,577100 shares in 2019	66	66	66	-	-	0.0%	0.0%	0.0%	0.0%	0.0%
Class B Common Stock, limited voting, $.01 par value; authorized 150,000,000 shares: issued and outstanding 77805530 shares in 2020 and 79449349 shares in 2019	778	794	841	(16)	(47)	(2.0%)	(5.6%)	0.0%	0.0%	0.0%
Class C Common Stock, voting, $.01 par value; authorized 1,200,000 shares: issued and outstanding 661,688 shares in 2020 and 661,688 shares in 2019	7	7	7	-	-	0.0%	0.0%	0.0%	0.0%	0.0%
Class D Common Stock, limited voting, $.01 par value; authorized 5,000,000 shares: issued and outstanding 18,251 shares in 2020 and 18,491 shares in 2019	0	0	0	-	-			0.0%	0.0%	0.0%
Cumulative dividends	(479,503)	(462,159)	(409,156)	(17,344)	(53,003)	3.8%	13.0%	(3.6%)	(4.0%)	(3.6%)
Retained earnings	6,747,678	5,933,504	5,793,262	814,174	140,242	13.7%	2.4%	50.1%	50.9%	51.4%
Accumulated other comprehensive income	48,120	31,893	4,242	16,227	27,651	50.9%	651.8%	0.4%	0.3%	0.0%
Universal Health Services, Inc. common stockholders’ equity	6,317,146	5,504,105	5,389,262	813,041	114,843	14.8%	2.1%	46.9%	47.2%	47.8%
Noncontrolling interest	84,821	74,766	76,531	10,055	(1,765)	13.4%	(2.3%)	0.6%	0.6%	0.7%
Total Equity	6,401,967	5,578,871	5,465,793	823,096	113,078	14.8%	2.1%	47.5%	47.8%	48.5%
Total Liabilities and Stockholders’ Equity	$ 13,476,879	$ 11,668,250	$ 11,265,480	$ 1,808,629	$ 402,770	15.5%	3.6%	100.0%	100.0%	100.0%

CF

UNIVERSAL HEALTH SERVICES, INC AND SUBSIDIARIES													Prepared by:	Sarah Alexander & Zhi Ling Liu
CONSOLIDATED STATEMENTS OF CASH FLOWS													Reviewed by:	Sarah Alexander & Zhi Ling Liu
					Horizontal Analysis YoY Change					Vertical Analysis of YoY Change
	Year Ended December 31,
	2020	2020	2019	2018	2020	2019	2020	2019		2020	2019	2018
	(Amounts in thousands)				(Amounts in thousands)		%
									Net cash generated during the year	$ 1,172,748.00	$ (94,977)	$ 35,293
Cash Flows from Operating Activities:									Net Cash Generated during the year	100.000%	100.000%	100.000%
Net Income	$ 952,790		$ 827,543	$ 797,883	$ 125,247	$ 29,660	15.13	3.72		81.244%	(871.309%)	2260.740%
Adjustments to reconcile net income to net cash provided by operating activities:								0.00		0.000%	0.000%	0.000%
Depreciation & amorization	510,493		490,392	453,076	20,101	37,316	4.10	8.24		43.530%	(516.327%)	1283.756%
Gains on sales of assets and businesses, net of losses	1,957		(7,540)	(2,513)	(5,583)	(5,027)	74.05	200.04		0.167%	7.939%	(7.120%)
Stock- based compensation expense	65,837		69,431	66,581	(3,594)	2,850	(5.18)	4.28		5.614%	(73.103%)	188.652%
Costs related to extinguishment of debt	1,365		- 0	2,727	1,365	(2,727)	- 0	(100.00)		0.116%	0.000%	7.727%
Provision for asset impairment	- 0		97,631	49,310	(97,631)	48,321	(100.00)	97.99		0.000%	(102.794%)	139.716%
Changes in assets & liabilities, net of effects from acquistions and dispositions:										0.000%	0.000%	0.000%
Accounts receivable	(145,901)		(42,056)	(42,239)	(103,845)	183	246.92	(0.43)		(12.441%)	44.280%	(119.681%)
Accrued interest	(10,028)		209	(4,478)	(9,819)	4,687	(4,698.09)	(104.67)		(0.855%)	(0.220%)	(12.688%)
Accrued and deferred income taxes	9,593		(25,194)	(54,052)	34,787	28,858	(138.08)	(53.39)		0.818%	26.526%	(153.152%)
Other working capital accounts	124,545		39,664	24,696	84,881	14,968	214.00	60.61		10.620%	(41.762%)	69.974%
Medicare accelerated payments and deferred CARES Act and other grants	698,768		- 0	- 0	698,768	-	- 0	0.00		59.584%	0.000%	0.000%
Other assets and deferred charges	(4,555)		(27,205)	(31,429)	22,650	4,224	(83.26)	(13.44)		(0.388%)	28.644%	(89.052%)
Other	109,167		7,703	(1,536)	101,464	9,239	1,317.20	(601.50)		9.309%	(8.110%)	(4.352%)
Accrued insurance expense, net of commercial premiums paid	159,223		105,672	92,863	53,551	12,809	50.68	13.79		13.577%	(111.261%)	263.120%
Payments made in settlement of self-insurance claims	(113,085)		(97,781)	(76,147)	(15,304)	(21,634)	15.65	28.41		(9.643%)	102.952%	(215.757%)
Net cash provided by operating activities	2,360,169		1,438,469	1,274,742	921,700	163,727	64.08	12.84		201.251%	(1514.545%)	3611.883%
Cash Flows from Investing Activities:
Property and equipment additions, net of disposals	(731,307)		(634,095)	(664,962)	(97,212)	30,867	15.33	(4.64)		(62.358%)	667.630%	(1884.119%)
Acquisition of property and businesses	(52,009)		(8,005)	(110,464)	(44,004)	102,459	549.71	(92.75)		(4.435%)	8.428%	(312.991%)
(Outflows) Inflows from foreign exchange contracts that hedge our net U.K. investment	(21,740)		(19,763)	66,151	(1,977)	(85,914)	10.00	(129.88)		(1.854%)	20.808%	187.434%
Proceeds received from sales of assets and businesses	8,168		9,450	13,502	(1,282)	(4,052)	(13.57)	(30.01)		0.696%	(9.950%)	38.257%
Costs incurred for purchase and implementation of information technology application	(2,902)		(21,418)	(36,243)	18,516	14,825	(86.45)	(40.90)		(0.247%)	22.551%	(102.692%)
Decrease (Increase) in capital reserves of commercial insurance subsidiary	(100)		- 0	100	(100)	(100)	0.00	(100.00)		(0.009%)	0.000%	0.283%
Investment in, and advances to joint venture and other	(2,672)		(14,579)	(15,331)	11,907	752	(81.67)	(4.91)		(0.228%)	15.350%	(43.439%)
Net cash used in investing activities	(802,562)		(688,410)	(747,247)	(114,152)	58,837	16.58	(7.87)		(68.434%)	724.818%	(2117.267%)
Cash Flows from Financing Activities
Reduction of long-term debt	(962,567)		(57,142)	(830,496)	(905,425)	773,354	1584.52	(93.12)		(82.08%)	60.164%	(2353.147%)
Additional borrowings	801,599		39,220	791,247	762,379	(752,027)	1943.85	(95.04)		68.35%	(41.294%)	2241.937%
Financing costs	(10,300)		- 0	(13,787)	(10,300)	13,787	0.00	(100.00)		(0.88%)	0.000%	(39.064%)
Repurchase of common shares	(206,719)		(770,504)	(397,425)	563,785	(373,079)	(73.17)	93.87		(17.63%)	811.253%	(1126.073%)
Dividends paid	(17,344)		(53,003)	(37,342)	35,659	(15,661)	(67.28)	41.94		(1.48%)	55.806%	(105.806%)
Issuance of common stock	12,318		10,806	10,196	1,512	610	13.99	5.98		1.05%	(11.377%)	28.890%
Profit distributions to noncontrolling interests	(19,805)		(15,859)	(14,595)	(3,946)	(1,264)	24.88	8.66		(1.69%)	16.698%	(41.354%)
Purchase of ownership interests by minority member	17,959		1,446	- 0	16,513	1,446	1141.98	0.00		1.53%	(1.522%)	0.000%
Net cash used in financing activities	$ (384,859)		$ (845,036)	$ (492,202)	$ 460,177	$ (352,834)	(54.50)	71.68		(32.817%)	889.727%	(1394.616%)
Effect of exchange rate changes on cash and cash equivalents	$ 739		$ 959	$ (2,905)	$ (220)	$ 3,864	(22.90)	(133.01)
Increase (Decrease) in cash and cash equivalents	$ 1,173,487		$ (94,018)	$ 32,388	$ 1,267,505	$ (126,406)	(1348.20)	(390.29)
Cash, cash quivalents and restricted cash, beginning of period	$ 105,667		$ 199,685	$ 167,297	$ (94,018)	$ 32,388	(47.10)	19.36
Cash, cash quivalents and restricted cash, end of period	$ 1,279,154		$ 105,667	$ 199,685	$ 1,173,487	$ (94,018)	1110.60	(47.08)
Supplemental Disclosures of Cash Flow Information
Interest Paid	$ 112,598		$ 157,406	$ 150,293	$ (44,808)	$ 7,113	(28.50)	4.73
Income taxes paid, net of refunds	$ 286,247		$ 260,622	$ 293,837	$ 25,625	$ (33,215)	9.80	(11.30)
Noncash purchases of property and equipment	$ 74,854		$ 63,514	$ 77,674	$ 11,340	$ (14,160)	17.90	(18.23)

Fin Ratios

Universal Health Services, Inc					Prepared by:	Sarah Alexander & Zhi Ling Liu
Financial Ratios					Reviewed by:	Iryna Kyryliuk
Consolidated Balance Sheet
	2020	2019	2018	2017
Current Assets	3,281,869	1,915,934	1,937,802	-
Current Liabilities	2,481,039	1,563,390	1,448,738	-
Total Assets	13,476,879	11,668,250	11,265,480	10,761,828
Inventory	190,417	159,889	148,206	136,177
Total Liabilities	7,070,343	6,085,046	5,795,395	-
Receivables	1,728,928	1,560,847	1,509,909	1,500,898
Consolidated Income Statement
	2020	2019	2018
Net Sales Revenue	11,558,897	11,378,259	10,772,278
Cost of Sales (Supplies)	1,288,132	1,251,346	1,168,654
Net Income	952,790	827,543	797,883
Consolidated Statement of Cash Flow
	2020	2019	2018
Cash Flow from Operations	2,360,169.0	1,438,469.0	1,274,742.0
Ratios	2020	2019	2018
Liquidity
Current Ratio	1.32	1.23	1.34
Inventory Turnover	7.35	8.12	8.22
Receivables Turnover	7.03	7.41	7.16
Solvency
Debt to Total Assets	0.52	0.52	0.51
Debt Service Coverage	0.33	0.24	0.22
Profitability
Profit Margin Ratio	8.24%	7.27%	7.41%
Return on Assets Ratio	7.58%	7.22%	7.24%
Asset Turnover Ratio	91.94%	99.23%	97.81%

LR

Universal Health Services, Inc					Prepared by:	Iryna Kyryliuk
Liquidity Ratios					Reviewed by:	Jingshen Mei
	Liquidity Ratios
		2020	2019	2018
	Current Ratio	1.32	1.23	1.34
	Inventory Turnover	7.35	8.12	8.22
	Receivables Turnover	7.03	7.41	7.16
	MIN	1.23
	MAX	8.22

Liquidity Ratios

Current Ratio 2020 2019 2018 1.3227800933399274 1.2254997153621296 1.3375793276631109 Inventory Turnover 2020 2019 2018 7.3543245048614638 8.1231178694883077 8.2188738426699199 Receivables Turnover 2020 2019 2018 7.0271656876230137 7.4107216594219798 7.1557413012524549

PLG

Universal Health Services, Inc					Prepared by:	Sarah Alexander
Profitability Analysis					Reviewed by:	Jingshen Mei
	Profitability Ratios
		2020	2019	2018
	Profit Margin Ratio	8.24%	7.27%	7.41%
	Return on Assets Ratio	7.58%	7.22%	7.24%
	Asset Turnover Ratio	91.94%	99.23%	97.81%

Profitability Ratios

Profit Margin Ratio 2020 2019 2018 8.2429145272252188E-2 7.2730195366444025E-2 7.4068177594376977E-2 Return on Assets Ratio 2020 2019 2018 7.5783266015457706E-2 7.2168199416318232E-2 7.2444894310280672E-2 Asset Turnover Ratio 2020 2019 2018 0.91937464309687966 0.99227286621059896 0.97808393109135261

Percent

SLG

Universal Health Services, Inc					Prepared by:	Zhi Ling Liu
Solvency Analysis					Reviewed by:	Jingshen Mei
	Solvency
		2020	2019	2018
	Debt to Total Assets	0.52	0.52	0.51
	Debt Service Coverage	0.33	0.24	0.22

Solvency Analysis

Debt to Total Assets 2020 2019 2018 0.52462762335404212 0.52150459580485509 0.51443835504567936 Debt Service Coverage 2020 2019 2018 0.33381251800655215 0.23639410449814183 0.219957742310921

ISLG

Universal Health Services, Inc.

Prepared by:

Jingshen Mei

Horizontal Analysis of Net Revenue to Operating Expenses

Reviewed by:

Zhi Ling Liu

Horizontal Analysis

Net revenues 2020 2019 180638 605981 Operating charges: 2020 2019 Salaries, wages and benefits 2020 2019 24204 334357 Other operating expenses 2020 2019 -51149 109224 Supplies expense 2020 2019 36786 82692 Depreciation and amortization 2020 2019 20101 37347 Lease and rental expense 2020 2019 8250 1715 2020 2019 Lease and rental expense 2020 2019 38192 565335

ISBC

Universal Health Services, Inc.

Prepared by:

Jingshen Mei

Vertical Analysis of Net Revenue to Operating Expenses

Reviewed by:

Zhi Ling Liu

Vertical Analysis

2020 1 0.48560835865221397 0.23122984831511173 0.1114407369492089 4.4164508084119099E-2 1.004066391455863E-2 2019 1 0.49119052396328822 0.23939611499439414 0.10997693056556368 4.3099036504618146E-2 9.4749996462551965E-3 2018 1 0.48778317826554418 0.24272368388561824 0.10848717420772097 4.2056564080503678E-2 9.8487989262809588E-3

BSBC

Universal Health Services, Inc.					Prepared by:	Zhi Ling Liu
Vertical Analysis - Changes in Balance Sheet					Reviewed by:	Sarah Alexander
	Balance Sheet
		2020	2019	2018
	Total Current Assets	24.35%	16.42%	17.20%
	PPE	39.87%	42.99%	43.03%
	Other Assets	35.78%	40.59%	39.77%
	Total Current Liabilities	18.41%	13.40%	12.86%
	Long-term liabilities	34.05%	38.75%	38.58%
	Total Equity	47.50%	47.81%	48.52%

Changes in Balance Sheet

2020 Total Current Assets PPE Other Assets Total Current Liabilities Long-term liabilities Total Equity 0.24351847337948199 0.39869201170389673 0.35778951491662125 0.18409596168371031 0.34053166167033183 0.47503335156455734 2019 Total Current Assets PPE Other Assets Total Current Liabilities Long-term liabilities Total Equity 0.16420062991451159 0.42994433612581151 0.40585503395967693 0.13398667323720354 0.38751792256765155 0.478124054592591 2018 Total Current Assets PPE Other Assets Total Current Liabilities Long-term liabilities Total Equity 0.17201237763504101 0.43033585785958522 0.39765176450537393 0.12859975784431732 0.38583859720136204 0.48518065808114702

BSLG

Universal Health Services, Inc.				Prepared by:	Zhi Ling Liu
Horizontal Analysis - Changes in Balance Sheet				Reviewed by:	Sarah Alexander
	Balance Sheet
		2020	2019
	Total Current Assets	71.29%	(1.13%)
	PPE	7.10%	3.48%
	Other Assets	1.82%	5.71%
	Total Current Liabilities	58.70%	7.91%
	Long-term liabilities	1.50%	4.03%
	Total Equity	14.75%	2.07%

Changes in Balance Sheet

Total Current As sets 2020 2019 0.71293426600289989 -1.128495068123575E-2 PPE 2020 2019 7.104792833852068E-2 3.4810249301765288E-2 Other Assets 2020 2019 1.8216840969858632E-2 5.7119411894177741E-2 Total Current Liabilities 2020 2019 0.58696102699902131 7.9139223241193365E-2 Long-term liabilities 2020 2019 1.496089043483184E-2 4.0260595671570129E-2 Tot al Equity 2020 2019 0.14753809507335802 2.0688306344568849E-2

CF HA Chart

Universal Health Services, Inc							Prepared by:	Sarah Alexander
Horizontal Analysis - Changes in Consolidated Statement of Cash Flows							Reviewed by:	Jingshen Mei
		Operating	Investing	Propert & Equipment	Financing	Additional borrowings
	2019	$ 163,727	$ 58,837	$ 30,867	$ (352,834)	$ (752,027)
	2020	$ 921,700	$ (114,152)	$ (97,212)	$ 460,177	$ 762,379
	MIN	-752027
	MAX	921700

Changes in Cash Flow Activities

Operating 2019 2020 163727 921700 Investing 2019 2020 58837 -114152 Propert & Equipment 2019 2020 30867 -97212 Financing 2019 2020 -352834 460177 Additional borrowings 2019 2020 -752027 762379

CF VA Chart

Universal Health Services, Inc					Prepared by:	Sarah Alexander
Vertical Analysis - Changes in Consolidated Statement of Cash Flows					Reviewed by:	Jingshen Mei
	Consolidated Statement of Cash Flow
	Activities	2020	2019	2018
	Net cash provided by operating activities	20.42%	12.64%	11.83%
	Net cash used in investing activities	(6.94%)	(6.05%)	(6.94%)
	Net cash used in financing activities	(3.33%)	(7.43%)	(4.57%)

Cash Flow Vertical Analysis

Net cash provided by operating activities

2020 2019 2018 0.20418635099871554 0.12642259241945539 0.11833541614874 774 Net cash used in investing activities

2020 2019 2018 -6.9432403455104749E-2 -6.0502226219318792E-2 -6.9367593372543862E-2 Net cash used in financing activities 2020 2019 2018 -3.329547793357792E-2 -7.4267601045115955E-2 -4.5691542680201903E-2

Percent