FRANKLIN, Tenn.–(BUSINESS WIRE)–Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today announced financial and operating results for the three months and year ended December 31, 2022.
The following highlights the financial and operating results for the three months ended December 31, 2022.
- Net operating revenues totaled $3.142 billion.
- Net income attributable to Community Health Systems, Inc. stockholders was $414 million, or $3.18 per share (diluted), compared to $178 million, or $1.34 per share (diluted), for the same period in 2021. Excluding the adjusting items as presented in the table in footnote (e) on page 16, net income attributable to Community Health Systems, Inc. stockholders was $1.50 per share (diluted), compared to $1.15 per share (diluted) for the same period in 2021.
- Adjusted EBITDA was $404 million, including $2 million of pandemic relief funds.
- Net cash provided by operating activities was $9 million for the three months ended December 31, 2022, which included payment of approximately $73 million of 2020 social security taxes deferred pursuant to the CARES Act, compared to net cash used in operating activities of $531 million, which included repayments of Medicare accelerated payments in the amount of $814 million, for the same period in 2021.
- Approximately $378 million principal amount of notes outstanding were extinguished during the three months ended December 31, 2022.
- On a same-store basis, admissions increased 4.4 percent and adjusted admissions increased 8.2 percent, compared to the same period in 2021.
Commenting on the results, Tim L. Hingtgen, chief executive officer of Community Health Systems, Inc., said, “We were pleased with our progress during the final quarter of the year, including solid volume growth in admissions, adjusted admissions and surgeries. We also significantly reduced contract labor from its peak in early 2022, while improving overall employee recruitment and retention levels. I am grateful to our healthcare system leaders, clinicians, caregivers and support teams for their unwavering commitment to advance patient care and achieve operational improvements in 2022. Looking forward, we are optimistic about our opportunities in 2023.”
Three Months Ended December 31, 2022
Net operating revenues for the three months ended December 31, 2022, totaled $3.142 billion, a 2.8 percent decrease compared to $3.233 billion for the same period in 2021. On a same-store basis, net operating revenues decreased 1.3 percent for the three months ended December 31, 2022, compared to the same period in 2021. Net operating revenues for the three months ended December 31, 2022, reflect a 1.9 percent increase in admissions and a 5.2 percent increase in adjusted admissions, compared to the same period in 2021. On a same-store basis, admissions increased 4.4 percent and adjusted admissions increased 8.2 percent for the three months ended December 31, 2022, compared to the same period in 2021.
Net income attributable to Community Health Systems, Inc. stockholders was $414 million, or $3.18 per share (diluted), for the three months ended December 31, 2022, compared to $178 million, or $1.34 per share (diluted), for the same period in 2021. Excluding the adjusting items as presented in the table in footnote (e) on page 16, net income attributable to Community Health Systems, Inc. stockholders was $1.50 per share (diluted) for the three months ended December 31, 2022, compared to $1.15 per share (diluted) for the same period in 2021. Pandemic relief funds, as more specifically described below, had a positive impact on net income attributable to Community Health Systems, Inc. stockholders (both on a consolidated and adjusted basis) of approximately $2 million, or $0.01 on a per share (diluted) basis, for the three months ended December 31, 2022, and $30 million, or $0.22 on a per share (diluted) basis, for the same period in 2021.
Adjusted EBITDA for the three months ended December 31, 2022, was $404 million compared to $540 million for the same period in 2021. Pandemic relief funds had a positive impact on Adjusted EBITDA of approximately $2 million and $46 million for the three months ended December 31, 2022 and 2021, respectively.
The increase in net income attributable to Community Health Systems, Inc. stockholders for the three months ended December 31, 2022, compared to the same period in 2021, was due primarily to the impact of certain non-operating items, including gains from early extinguishment of debt and the CoreTrust transaction, as further discussed below, as well as a higher benefit from income taxes. The decrease in Adjusted EBITDA for the three months ended December 31, 2022, compared to the same period in 2021, is primarily due to lower acuity of inpatient admissions and unfavorable changes in payor mix, as well as the reduction in pandemic relief funds recognized and continued expense pressures including increased salaries and benefits expense driven by wage inflation. In addition, expense from contract labor was lower than the prior year period and the prior quarter.
Year Ended December 31, 2022
Net operating revenues for the year ended December 31, 2022, totaled $12.211 billion, a 1.3 percent decrease compared to $12.368 billion for the same period in 2021. On a same-store basis, net operating revenues decreased 0.2 percent for the year ended December 31, 2022, compared to the same period in 2021. Net operating revenues for the year ended December 31, 2022, reflect a 1.7 percent decrease in admissions and a 2.6 percent increase in adjusted admissions, compared to the same period in 2021. On a same-store basis, admissions increased 0.5 percent and adjusted admissions increased 5.0 percent for the year ended December 31, 2022, compared to the same period in 2021.
Net income attributable to Community Health Systems, Inc. stockholders was $46 million, or $0.35 per share (diluted), for the year ended December 31, 2022, compared to $230 million, or $1.76 per share (diluted), for the same period in 2021. Excluding the adjusting items as presented in the table in footnote (e) on page 16, net loss attributable to Community Health Systems, Inc. stockholders was $(1.38) per share (diluted) for the year ended December 31, 2022, compared to net income of $2.45 per share (diluted) for the same period in 2021. Pandemic relief funds, as more specifically described below, had a positive impact on net income attributable to Community Health Systems, Inc. stockholders (both on a consolidated and adjusted basis) of approximately $133 million, or $1.02 on a per share (diluted) basis, for the year ended December 31, 2022, and of approximately $107 million, or $0.82 on a per share (diluted) basis, for the same period in 2021.
Adjusted EBITDA for the year ended December 31, 2022, was $1.466 billion compared to $1.969 billion for the same period in 2021. Pandemic relief funds had a positive impact on Adjusted EBITDA of approximately $173 million and $148 million for the years ended December 31, 2022 and 2021, respectively.
The decrease in net income attributable to Community Health Systems, Inc. stockholders and Adjusted EBITDA for the year ended December 31, 2022, compared to the same period in 2021, are primarily due to a decline in net operating revenues as a result of lower overall acuity of services (including lower acuity of inpatient admissions), unfavorable changes in payor mix and fewer inpatient admissions, which was partially offset by the increase in outpatient visits and surgeries and improved reimbursement rates. The decrease in net income attributable to Community Health Systems, Inc. stockholders was partially offset by the impact of certain non-operating items during the year ended December 31, 2022, including gains from early extinguishment of debt and completion of the CoreTrust transaction, as further discussed below. In addition, increased salaries and benefits expense driven by wage inflation and higher costs for contract labor resulted in increased operating expenses during the year ended December 31, 2022, compared to the prior year period.
Note Repurchases
During the three months ended December 31, 2022, the Company extinguished approximately $378 million principal amount of notes through a combination of open market and privately negotiated repurchases, resulting in the recognition of a pre-tax gain from early extinguishment of debt of approximately $180 million during the three months ended December 31, 2022.
Pandemic Relief Funds
The Company received pandemic relief fund payments through various federal, state and local programs of approximately $1 million and $54 million during the three months ended December 31, 2022 and 2021, respectively, and approximately $161 million and $58 million for the years ended December 31, 2022 and 2021, respectively. The Company recognized pandemic relief funds eligible to be claimed as a reduction in operating costs and expenses of approximately $2 million and $46 million during the three months ended December 31, 2022 and 2021, respectively, and approximately $173 million and $148 million for the years ended December 31, 2022 and 2021, respectively. Amounts recognized are denoted by the caption “pandemic relief funds” in the condensed consolidated statements of income. Pandemic relief funds that have not yet been recognized as a reduction in operating costs and expenses or otherwise refunded to the U.S. Department of Health and Human Services or the various state and local agencies as of December 31, 2022, totaled approximately $2 million and are reflected within accrued liabilities-other in the condensed consolidated balance sheet.
Other
Certain of the Company’s facilities in Florida experienced an interruption in their business and incurred additional costs as a direct result of Hurricane Ian, which made landfall in late September 2022. The hurricane resulted in estimated incremental expenses directly related to hurricane response efforts of approximately $8 million on a pre-tax basis during the three months ended December 31, 2022, and an estimated loss of net operating revenues together with incremental expenses directly related to hurricane response efforts of approximately $18 million on a pre-tax basis during the year ended December 31, 2022. Amounts incurred during the three months ended December 31, 2022, relate to incremental expenses for the repair of damaged buildings and related equipment, and are net of insurance proceeds received to-date totaling $2 million. Due to the timing of this event, it is expected that an immaterial amount of incremental expenses will be incurred in the first half of 2023 for continued clean-up and remediation efforts. Likewise, additional insurance proceeds received by the Company related to this event, if any, are expected to be immaterial.
During the three months ended December 31, 2022, the Company completed the closure of two facilities, one as the result of not renewing the lease to operate the facility, which expired on December 31, 2022, and the other for which the closure was previously disclosed as being substantially complete as of September 30, 2022. The Company completed the divestiture of one hospital on January 1, 2023, (in respect of which the Company received proceeds at a preliminary closing on December 30, 2022). Financial and statistical data for 2022 and 2021 presented in this press release includes the operating results of divested or closed businesses for the periods prior to the consummation of the respective divestiture or closure.
Same-store operating results exclude businesses divested in 2021 and 2022, businesses closed in 2022 and one de novo hospital that opened in 2022.
Effective October 1, 2022, HealthTrust Purchasing Group, L.P. (“HealthTrust”), a group purchasing organization in which the Company is a noncontrolling partner, completed the sale of a majority interest in CoreTrust Holdings, LLC (“CoreTrust”) to a third party. Proceeds for the sale of interest in CoreTrust were distributed to the members of HealthTrust, including the Company, at a preliminary closing on September 30, 2022. The Company received approximately $121 million in connection with such distribution. The Company recognized $119 million of the proceeds into income during the three months ended December 31, 2022.
Information About Non-GAAP Financial Measures
This press release presents Adjusted EBITDA, a non-GAAP financial measure, which is EBITDA adjusted to add back net income attributable to noncontrolling interests and to exclude loss (gain) from early extinguishment of debt, impairment and (gain) loss on sale of businesses, gain on sale of equity interests in Macon Healthcare, LLC, expense related to government and other legal matters and related costs, expense incurred in the fourth quarter of 2020 related to the settlement of certain professional liability claims for which the third-party insurers’ obligation to insure the Company against the underlying loss was being litigated along with income during the fourth quarter of 2021 associated with the settlement of such litigation for the recovery of amounts covered by such third-party insurance policies, expense related to employee termination benefits and other restructuring charges, the impact of a change in estimate to increase the professional liability claims accrual recorded during the fourth quarter of 2022 with respect to claims incurred in prior years related to divested locations, the gain on sale by HealthTrust of a majority interest in CoreTrust and expense from settlement and fair value adjustments on the contingent value right agreement liability related to the Health Management Associates, Inc. (“HMA”) legal proceedings and related legal expenses. For information regarding why the Company believes Adjusted EBITDA provides useful information to investors, and for a reconciliation of Adjusted EBITDA to net income attributable to Community Health Systems, Inc. stockholders, see footnote (c) to the Financial Highlights, Financial Statements and Selected Operating Data below. Additionally, this press release presents adjusted net income (loss) attributable to Community Health Systems, Inc. stockholders per share (diluted), a non-GAAP financial measure, to reflect the impact on net income attributable to Community Health Systems, Inc. stockholders per share (diluted) from the selected items used in the calculation of Adjusted EBITDA. For information regarding why the Company believes this non-GAAP financial measure provides useful information to investors, and for a reconciliation of this non-GAAP financial measure to net income attributable to Community Health Systems, Inc. stockholders per share (diluted), see footnote (c) to the Financial Highlights, Financial Statements and Selected Operating Data below.
The non-GAAP financial measures set forth above are not measurements of financial performance under U.S. GAAP, and should not be considered in isolation or as a substitute for any financial measure calculated in accordance with U.S. GAAP. Additionally, the calculation of these non-GAAP financial measures may not be comparable to similarly titled measures disclosed by other companies.
Included on pages 17, 18, 19, 20 and 21 of this press release are tables setting forth the Company’s 2023 annual earnings guidance. The 2023 guidance is based on the Company’s historical operating performance, current trends and other assumptions that the Company believes are reasonable at this time as more specifically discussed below.
Community Health Systems, Inc. is one of the nation’s largest healthcare companies. The Company’s affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 45 distinct markets across 16 states. As of February 15, 2023, the Company’s subsidiaries own or lease 79 affiliated hospitals with approximately 13,000 beds and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers.
The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net.
Community Health Systems, Inc. will hold a conference call on Thursday, February 16, 2023, at 10:00 a.m. Central, 11:00 a.m. Eastern, to review financial and operating results for the fourth quarter and year ended December 31, 2022. Investors will have the opportunity to listen to a live internet broadcast of the conference call by clicking on the Investor Relations link of the Company’s website at www.chs.net. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will continue to be available for approximately 30 days. Copies of this press release and conference call slide show, as well as the Company’s Current Report on Form 8-K (including this press release), will be available on the Company’s website at www.chs.net.
| COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||
| Financial Highlights (a)(b) | |||||||||||||
| (In millions, except per share amounts) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | Year Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||||
| Net operating revenues | $ |
3,142 |
$ |
3,233 |
|
$ |
12,211 |
$ |
12,368 |
|
|||
| Net income (f) |
446 |
223 |
|
179 |
368 |
|
|||||||
| Net income attributable to Community Health Systems, Inc. stockholders |
414 |
178 |
|
46 |
230 |
|
|||||||
| Adjusted EBITDA (c) |
404 |
540 |
|
1,466 |
1,969 |
|
|||||||
| Net cash provided by (used in) operating activities |
9 |
(531 |
) |
300 |
(131 |
) |
|||||||
| Earnings per share attributable to Community Health Systems, Inc. stockholders: | |||||||||||||
| Basic (f) | $ |
3.21 |
$ |
1.40 |
|
$ |
0.35 |
$ |
1.82 |
|
|||
| Diluted (e), (f) |
3.18 |
1.34 |
|
0.35 |
1.76 |
|
|||||||
| Weighted-average number of shares outstanding (d): | |||||||||||||
| Basic |
129 |
127 |
|
129 |
127 |
|
|||||||
| Diluted |
130 |
133 |
|
130 |
131 |
|
|||||||
|
______ |
|||||||||||||
|
For footnotes, see pages 14, 15 and 16. |
|||||||||||||
| COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||
| Condensed Consolidated Statements of Income (a)(b) | |||||||||||||||
| (In millions, except per share amounts) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | |||||||||||||||
|
2022 |
2021 |
||||||||||||||
| % of Net | % of Net | ||||||||||||||
| Operating | Operating | ||||||||||||||
| Amount | Revenues | Amount | Revenues | ||||||||||||
| Net operating revenues | $ |
3,142 |
|
100.0 |
|
% |
$ |
3,233 |
|
100.0 |
|
% |
|||
| Operating costs and expenses: | |||||||||||||||
| Salaries and benefits |
1,357 |
|
43.2 |
|
% |
1,337 |
|
41.4 |
|
% |
|||||
| Supplies |
498 |
|
15.8 |
|
% |
521 |
|
16.1 |
|
% |
|||||
| Other operating expenses |
826 |
|
26.4 |
|
% |
789 |
|
24.3 |
|
% |
|||||
| Lease cost and rent |
82 |
|
2.6 |
|
% |
77 |
|
2.4 |
|
% |
|||||
| Pandemic relief funds |
(2 |
) |
(0.1 |
) |
% |
(46 |
) |
(1.4 |
) |
% |
|||||
| Depreciation and amortization |
136 |
|
4.3 |
|
% |
131 |
|
4.1 |
|
% |
|||||
| Impairment and (gain) loss on sale of businesses, net (f) |
17 |
|
0.5 |
|
% |
– |
|
– |
|
% |
|||||
| Total operating costs and expenses |
2,914 |
|
92.7 |
|
% |
2,809 |
|
86.9 |
|
% |
|||||
| Income from operations (f) |
228 |
|
7.3 |
|
% |
424 |
|
13.1 |
|
% |
|||||
| Interest expense, net |
205 |
|
6.6 |
|
% |
220 |
|
6.8 |
|
% |
|||||
| Gain from early extinguishment of debt |
(180 |
) |
(5.7 |
) |
% |
– |
|
– |
|
% |
|||||
| Gain on sale of equity interests in Macon Healthcare, LLC |
– |
|
– |
|
% |
(13 |
) |
(0.4 |
) |
% |
|||||
| Gain from CoreTrust transaction |
(119 |
) |
(3.8 |
) |
% |
– |
|
– |
|
% |
|||||
| Equity in earnings of unconsolidated affiliates |
(3 |
) |
(0.1 |
) |
% |
(4 |
) |
(0.1 |
) |
% |
|||||
| Income before income taxes |
325 |
|
10.3 |
|
% |
221 |
|
6.8 |
|
% |
|||||
| Benefit from income taxes |
(121 |
) |
(3.9 |
) |
% |
(2 |
) |
(0.1 |
) |
% |
|||||
| Net income (f) |
446 |
|
14.2 |
|
% |
223 |
|
6.9 |
|
% |
|||||
| Less: Net income attributable to noncontrolling interests |
32 |
|
1.0 |
|
% |
45 |
|
1.4 |
|
% |
|||||
| Net income attributable to Community Health Systems, Inc. stockholders | $ |
414 |
|
13.2 |
|
% |
$ |
178 |
|
5.5 |
|
% |
|||
| Earnings per share attributable to Community Health Systems, Inc. stockholders: | |||||||||||||||
| Basic (f) | $ |
3.21 |
|
$ |
1.40 |
|
|||||||||
| Diluted (e), (f) | $ |
3.18 |
|
$ |
1.34 |
|
|||||||||
| Weighted-average number of shares outstanding (d): | |||||||||||||||
| Basic |
129 |
|
127 |
|
|||||||||||
| Diluted |
130 |
|
133 |
|
|||||||||||
|
_____ |
116 |
|
|||||||||||||
|
For footnotes, see pages 14, 15 and 16. |
|||||||||||||||
| COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||
| Condensed Consolidated Statements of Income (a)(b) | |||||||||||||||
| (In millions, except per share amounts) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Year Ended December 31, | |||||||||||||||
|
2022 |
2021 |
||||||||||||||
| % of Net | % of Net | ||||||||||||||
| Operating | Operating | ||||||||||||||
| Amount | Revenues | Amount | Revenues | ||||||||||||
| Net operating revenues | $ |
12,211 |
|
100.0 |
|
% |
$ |
12,368 |
|
100.0 |
|
% |
|||
| Operating costs and expenses: | |||||||||||||||
| Salaries and benefits |
5,330 |
|
43.6 |
|
% |
5,242 |
|
42.4 |
|
% |
|||||
| Supplies |
1,975 |
|
16.2 |
|
% |
2,042 |
|
16.5 |
|
% |
|||||
| Other operating expenses |
3,336 |
|
27.3 |
|
% |
2,958 |
|
23.9 |
|
% |
|||||
| Lease cost and rent |
317 |
|
2.6 |
|
% |
308 |
|
2.5 |
|
% |
|||||
| Pandemic relief funds |
(173 |
) |
(1.4 |
) |
% |
(148 |
) |
(1.2 |
) |
% |
|||||
| Depreciation and amortization |
534 |
|
4.4 |
|
% |
540 |
|
4.4 |
|
% |
|||||
| Impairment and (gain) loss on sale of businesses, net (f) |
71 |
|
0.6 |
|
% |
24 |
|
0.2 |
|
% |
|||||
| Total operating costs and expenses |
11,390 |
|
93.3 |
|
% |
10,966 |
|
88.7 |
|
% |
|||||
| Income from operations (f) |
821 |
|
6.7 |
|
% |
1,402 |
|
11.3 |
|
% |
|||||
| Interest expense, net |
858 |
|
7.0 |
|
% |
885 |
|
7.2 |
|
% |
|||||
| (Gain) loss from early extinguishment of debt |
(253 |
) |
(2.1 |
) |
% |
79 |
|
0.6 |
|
% |
|||||
| Gain on sale of equity interests in Macon Healthcare, LLC |
– |
|
– |
|
% |
(39 |
) |
(0.3 |
) |
% |
|||||
| Gain from CoreTrust transaction |
(119 |
) |
(1.0 |
) |
% |
– |
|
– |
|
% |
|||||
| Equity in earnings of unconsolidated affiliates |
(14 |
) |
(0.1 |
) |
% |
(22 |
) |
(0.2 |
) |
% |
|||||
| Income before income taxes |
349 |
|
2.9 |
|
% |
499 |
|
4.0 |
|
% |
|||||
| Provision for income taxes |
170 |
|
1.4 |
|
% |
131 |
|
1.0 |
|
% |
|||||
| Net income (f) |
179 |
|
1.5 |
|
% |
368 |
|
3.0 |
|
% |
|||||
| Less: Net income attributable to noncontrolling interests |
133 |
|
1.1 |
|
% |
138 |
|
1.1 |
|
% |
|||||
| Net income attributable to Community Health Systems, Inc. stockholders | $ |
46 |
|
0.4 |
|
% |
$ |
230 |
|
1.9 |
|
% |
|||
| Earnings per share attributable to Community Health Systems, Inc. stockholders: | |||||||||||||||
| Basic (f) | $ |
0.35 |
|
$ |
1.82 |
|
|||||||||
| Diluted (e), (f) | $ |
0.35 |
|
$ |
1.76 |
|
|||||||||
| Weighted-average number of shares outstanding (d): | |||||||||||||||
| Basic |
129 |
|
127 |
|
|||||||||||
| Diluted |
130 |
|
131 |
|
|||||||||||
|
_____ |
|||||||||||||||
|
For footnotes, see pages 14, 15 and 16. |
|||||||||||||||
| COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES | ||||||||||||||
| Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||
| (In millions) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||
| December 31, | December 31, | |||||||||||||
|
2022 |
2021 |
2022 |
2021 |
|||||||||||
| Net income | $ |
446 |
$ |
223 |
|
$ |
179 |
|
$ |
368 |
|
|||
| Other comprehensive income (loss), net of income taxes: | ||||||||||||||
| Net change in fair value of available-for-sale debt securities, net of tax |
2 |
(1 |
) |
(17 |
) |
(5 |
) |
|||||||
| Amortization and recognition of unrecognized pension cost components, net of tax |
10 |
1 |
|
10 |
|
3 |
|
|||||||
| Other comprehensive income (loss) |
12 |
– |
|
(7 |
) |
(2 |
) |
|||||||
| Comprehensive income |
458 |
223 |
|
172 |
|
366 |
|
|||||||
| Less: Comprehensive income attributable to noncontrolling interests |
32 |
45 |
|
133 |
|
138 |
|
|||||||
| Comprehensive income attributable to Community Health Systems, Inc. stockholders | $ |
426 |
$ |
178 |
|
$ |
39 |
|
$ |
228 |
|
|||
|
_____ |
||||||||||||||
|
For footnotes, see pages 14, 15 and 16. |
||||||||||||||
| COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES | |||||||||||||||||||||
| Selected Operating Data (a) | |||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| Three Months Ended December 31, | |||||||||||||||||||||
| Consolidated | Same-Store | ||||||||||||||||||||
|
2022 |
2021 |
% Change |
2022 |
2021 |
% Change |
||||||||||||||||
| Number of hospitals (at end of period) |
|
80 |
|
|
83 |
|
|
79 |
|
|
79 |
|
|||||||||
| Licensed beds (at end of period) |
|
12,832 |
|
|
13,289 |
|
|
12,780 |
|
|
12,796 |
|
|||||||||
| Beds in service (at end of period) |
|
10,936 |
|
|
11,629 |
|
|
10,884 |
|
|
11,136 |
|
|||||||||
| Admissions |
|
110,084 |
|
|
107,998 |
|
1.9 |
% |
|
108,699 |
|
|
104,087 |
|
4.4 |
% |
|||||
| Adjusted admissions |
|
248,072 |
|
|
235,801 |
|
5.2 |
% |
|
243,522 |
|
|
225,120 |
|
8.2 |
% |
|||||
| Patient days |
|
506,387 |
|
|
547,724 |
|
|
504,109 |
|
|
532,561 |
|
|||||||||
| Average length of stay (days) |
|
4.6 |
|
|
5.1 |
|
|
4.6 |
|
|
5.1 |
|
|||||||||
| Occupancy rate (average beds in service) |
|
50.0 |
% |
|
51.5 |
% |
|
50.0 |
% |
|
52.3 |
% |
|||||||||
| Net operating revenues |
$ |
3,142 |
|
$ |
3,233 |
|
-2.8 |
% |
$ |
3,123 |
|
$ |
3,163 |
|
-1.3 |
% |
|||||
| Net inpatient revenues as a % of net operating revenues |
|
46.3 |
% |
|
48.7 |
% |
|
46.4 |
% |
|
48.8 |
% |
|||||||||
| Net outpatient revenues as a % of net operating revenues |
|
53.7 |
% |
|
51.3 |
% |
|
53.6 |
% |
|
51.2 |
% |
|||||||||
| Income from operations (f) |
$ |
228 |
|
$ |
424 |
|
-46.2 |
% |
|||||||||||||
| Income from operations as a % of net operating revenues |
|
7.3 |
% |
|
13.1 |
% |
|||||||||||||||
| Depreciation and amortization |
$ |
136 |
|
$ |
131 |
|
|||||||||||||||
| Equity in earnings of unconsolidated affiliates |
$ |
(3 |
) |
$ |
(4 |
) |
|||||||||||||||
| Net income attributable to Community Health Systems, Inc. stockholders |
$ |
414 |
|
$ |
178 |
|
132.6 |
% |
|||||||||||||
| Net income attributable to Community Health Systems, Inc. stockholders as a % of net operating revenues |
|
13.2 |
% |
|
5.5 |
% |
|||||||||||||||
| Adjusted EBITDA (c) |
$ |
404 |
|
$ |
540 |
|
-25.2 |
% |
|||||||||||||
| Adjusted EBITDA as a % of net operating revenues |
|
12.9 |
% |
|
16.7 |
% |
|||||||||||||||
| Net cash provided by (used in) operating activities |
$ |
9 |
|
$ |
(531 |
) |
101.7 |
% |
|||||||||||||
|
____ |
|||||||||||||||||||||
|
For footnotes, see pages 14, 15 and 16. |
|||||||||||||||||||||
Contacts
Kevin Hammons
President and Chief Financial Officer
(615) 465-7000
