Facilities and Operations - The company owns and operates 360 inpatient facilities and 48 outpatient facilities across 39 states, Washington, D.C., the United Kingdom, and Puerto Rico as of February 27, 2024[16] - The company selectively acquires, constructs, or leases additional hospital facilities to expand its operations and access new markets[24] - Efforts to improve existing hospitals include introducing new services, recruiting physicians, and applying financial and operational controls[25] - Behavioral health services segment has partnered with non-UHS acute care hospitals to operate behavioral health services through purchases, leased beds, and joint ventures[24] - 23 acute care hospitals utilize automatic fault detection and diagnostics software for HVAC operations[92] - New construction or major renovation projects costing $20 million or more are required to be assessed for Green Globes and/or LEED certifications[92] Financial Performance and Revenues - Net revenues from acute care hospitals, outpatient facilities, and commercial health insurer accounted for 57% of consolidated net revenues in both 2023 and 2022[16] - Behavioral health care facilities in the U.K. generated net revenues of $761 million in 2023, up from $685 million in 2022[17] - Total assets at U.K. behavioral health care facilities were $1.327 billion as of December 31, 2023, compared to $1.235 billion in 2022[17] - The company’s acute care services business experiences seasonal fluctuations, with higher patient volumes and revenues in the first and fourth quarters[30] - Texas facilities contributed 17% of consolidated net revenues in both 2023 and 2022, and generated 26% and 27% of income from operations after net income attributable to noncontrolling interest in 2023 and 2022, respectively[127] - Nevada facilities contributed 16% and 17% of consolidated net revenues in 2023 and 2022, respectively, and generated 16% and 14% of income from operations after net income attributable to noncontrolling interest in 2023 and 2022, respectively[128] - California facilities contributed 11% of consolidated net revenues in both 2023 and 2022, and generated 12% and 15% of income from operations after net income attributable to noncontrolling interest in 2023 and 2022, respectively[129] - The company receives annual Medicaid revenues of approximately $100 million or greater from each of Texas, California, Nevada, Illinois, Pennsylvania, Washington, D.C., Florida, Kentucky, Massachusetts, and Virginia[133] Regulatory and Legal Compliance - Violations of the anti-kickback statute may result in criminal fines up to $100,000 per violation, with potential increases to $250,000 for individuals and $500,000 for organizations, and civil penalties up to $120,816 per violation[46] - The federal False Claims Act imposes penalties of up to three times the actual damages plus civil penalties ranging from $13,508 to $27,018 per false claim[51] - Improper disposal of medical waste can lead to civil penalties of up to $25,000 per day and criminal penalties of up to $50,000 per day[59] - Violations of EMTALA can result in civil monetary penalties and exclusion from Medicare, with potential lawsuits from affected patients or facilities[61] - HIPAA violations can result in both criminal and civil fines, with recent changes increasing compliance requirements and liabilities for breaches of unsecured patient data[55][56] - The Red Flags Rule may require additional expenditures for compliance if future rulemaking designates healthcare providers as subject to the rule[57] - State laws prohibiting corporate practice of medicine may lead to loss of licenses, civil and criminal penalties, and unenforceable agreements with physicians[60] - The Patient Safety and Quality Improvement Act of 2005 establishes confidential reporting for medical errors, with PSWP protected from disclosure[58] - Revenue Rulings 98-15 and 2004-51 may limit joint venture development with not-for-profit hospitals and require restructuring of existing ventures[66] - State rate reviews and indigent tax provisions have not materially affected the company's operations[67] - Hospitals are required to disclose payer-specific negotiated rates, minimum and maximum negotiated rates, and cash prices for all items and services, with non-compliance resulting in daily monetary penalties[179] - The No Surprises Act prohibits surprise billing for out-of-network emergency services and limits patient cost-sharing, impacting hospital-based physicians' payment rates[180] - Hospitals must comply with EMTALA, which mandates treatment for emergency medical conditions regardless of ability to pay, potentially increasing operational costs[181] - Failure to meet promoting interoperability criteria for electronic health record systems could result in reduced Medicare payments and harm future revenues[182] - Non-compliance with HIPAA regulations may require costly security system upgrades and expose the company to liabilities for data breaches[186] - Violations of the anti-kickback statute or Stark Law could result in criminal penalties, civil penalties, and exclusion from Medicare and Medicaid programs[188] - The company is subject to the Foreign Corrupt Practices Act and UK Bribery Act, with potential penalties for non-compliance in international operations[189] - Pending legal actions, governmental investigations, and regulatory actions could lead to significant financial liabilities and reputational damage[192] - All hospitals are deemed certified, allowing participation in Medicare and Medicaid programs, with material compliance to federal, state, and local regulations[197] - Potential loss of certification for any healthcare facility could result in ineligibility for Medicare or Medicaid reimbursement, materially impacting the business[197] - State Certificate of Need (CON) laws may impede hospital expansion, with potential risks of license revocation or penalties if approvals are not obtained[198] Employee and Workforce Management - Total employees as of December 31, 2023: 96,700, with 84,450 in the U.S. (61,100 full-time) and 12,250 in the U.K.[73] - Approximately 535 employees at four hospitals are unionized, represented by various unions including Culinary Workers Union and SEIU[74] - 2023 recruitment process satisfaction: 89% very satisfied/satisfied[77] - 2023 Pulse Employee Engagement Survey participation rate: 67%, with 81% of staff feeling included on their team/work unit[78] - 2023 Service Excellence Facilitator Certification Workshops: 13 workshops with 134 individuals certified[76] - Chamberlin University students participated in over 1,000 clinical rotations at acute care and behavioral health facilities in 2023[85] Environmental and Sustainability Initiatives - U.K. facilities procure 100% of electricity from renewable sources since 2021[94] - Net zero carbon targets: Scope 1 and 2 emissions by 2035, Scope 3 emissions by 2040[101] Investments and Financial Transactions - The company holds approximately 5.7% of the outstanding shares of Universal Health Realty Income Trust as of December 31, 2023, and earned an advisory fee of approximately $5.3 million during 2023[104] - The company's pre-tax share of income from the Trust was $874,000 during 2023, and received dividends amounting to $2.3 million during the same year[106] - The carrying value of the company's investment in the Trust was $7.0 million at December 31, 2023, with a market value of $34.1 million based on the closing price of the Trust's stock[107] - The company entered into an asset purchase and sale agreement with the Trust on December 31, 2021, involving properties with fair market values totaling $163.3 million, resulting in a gain of approximately $68.4 million for the Trust[109][110] - The aggregate annual rental for Aiken Regional Medical Center and Canyon Creek Behavioral Health amounted to approximately $5.8 million during 2023, with annual rent increases of 2.25% through 2033[111] - The company's consolidated balance sheets reflect a financial liability of $77.5 million at December 31, 2023, related to the asset exchange and substitution transaction with the Trust[112] - The aggregate rent payable to the Trust for McAllen Medical Center, Wellington Regional Medical Center, Aiken Regional Medical Center, and Canyon Creek Behavioral Health was approximately $20.6 million during 2023[113] - The company has the option to renew leases and purchase leased hospitals at their appraised fair market value under specific conditions outlined in the Master Leases[114] - The company is the managing, majority member in a joint venture operating Clive Behavioral Health, with annual rental payments of approximately $2.7 million during 2023[115] - The Trust acquired the McAllen Doctor's Center in 2023, with the company's subsidiary master leasing 100% of the rentable square feet at an initial minimum rent of $624,000 annually[119] Challenges and Risks - The company experienced a significant increase in hospital-based physician-related expenses, particularly in emergency room care and anesthesiology, which had a material unfavorable impact on results of operations during 2023[144] - The company faces a nationwide shortage of nurses and other clinical staff, exacerbated by the COVID-19 pandemic, leading to higher labor costs and potential limitations on services provided[147] - The company is subject to value-based purchasing initiatives, which may negatively impact revenues if quality standards are not met, including reduced Medicare reimbursements for hospital-acquired conditions[151] - The company’s acute care segment is highly sensitive to regulatory, economic, public health, environmental, and competitive conditions in Texas, Nevada, and California, which could disproportionately affect overall business results[130] - The company’s revenues are significantly affected by payments from government programs, including Medicare and Medicaid, which are subject to statutory and regulatory changes that could materially impact program payments[132] - The company faces intense competition from other hospitals and healthcare providers, particularly in markets where competitors have greater financial resources or broader service offerings[138] - Controls by third-party payers to reduce admissions and lengths of stay negatively affect inpatient utilization, average lengths of stay, and occupancy rates, leading to reduced net revenues and increased operating costs due to higher rates of denied claims[153] - The COVID-19 pandemic has materially affected the company's operations and financial results, with future impacts remaining uncertain due to potential increases in patient volumes from new virus variants, staffing pressures, and wage rate increases[156] - A nationwide shortage of nurses and clinical staff has forced the company to utilize higher-cost temporary labor and pay premiums above standard compensation, particularly in acute care and behavioral health care hospitals[158] - The COVID-19 pandemic has created a constrained supply environment, potentially leading to higher costs and unavailability of critical personal protection equipment, pharmaceuticals, and medical supplies[159] - The end of the COVID-19 public health emergency on May 11, 2023, resulted in the conclusion of favorable payment provisions, with Medicaid eligibility redeterminations expected to cause a large decrease in Medicaid enrollment[161] - The federal government's Medicaid disproportionate share hospital (DSH) allotment to states will be reduced by $8 billion annually from 2024 through 2027, impacting state Medicaid funding[166] - The company received accelerated Medicare payments under the CARES Act in 2020, which were fully repaid by the first quarter of 2021, and continues to report unreimbursed COVID-19-related expenses[162][163] - The Budget Control Act mandates a 2% reduction in Medicare payments through 2032, with a 1% reduction from March 31, 2022, to June 30, 2022, and the full 2% reduction thereafter[165] - The company faces uncertainties from healthcare reform legislation, including potential reductions in Medicare and Medicaid reimbursements and changes in value-based purchasing programs[168][170] - The company is subject to increased regulatory scrutiny under the CARES Act, with potential recoupment or penalties for non-compliance with PHSSEF fund terms and conditions[164] - A cybersecurity incident involving UnitedHealth's Change Healthcare systems has disrupted patient billing and collections processes, potentially delaying cash remittances[202] - The company recorded approximately $3.9 billion of goodwill on its consolidated balance sheets as of December 31, 2023, with potential impairment risks due to economic conditions[208] - Inflationary pressures, particularly in personnel costs, are increasing operating expenses, with limited ability to pass on cost increases to Medicare and Medicaid patients[209] - Rising construction material and labor costs could adversely affect cash flow returns on capital projects, including emergency room expansions and medical office buildings[211] - Brexit-related uncertainties, including potential disruptions to trade and currency volatility, could adversely impact the company's UK operations and financial condition[210] - The company relies on borrowings from various sources, including long-term debt and revolving credit facilities, with increased borrowing costs due to rising interest rates[213] Share Repurchase and Financial Strategy - The company repurchased approximately 3.9 million shares of Class B Common Stock in 2023 at an aggregate cost of $525 million, with $423 million remaining in repurchase authorization[215] Healthcare Legislation and Policy - The American Rescue Plan (ARP) extends health insurance subsidies to individuals with household incomes above 400% of the federal poverty level and increases financial assistance for lower-income individuals[177] - The Inflation Reduction Act (IRA) allows CMS to negotiate prices for 10 high-cost Medicare Part D drugs starting in 2026, increasing to 20 drugs by 2029[177]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10765 UNIVERSAL HEALTH SERVICES, INC. FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trad ...

Universal Health Services, Inc. (NYSE:UHS) Q3 2023 Earnings Conference Call October 26, 2023 9:00 AM ET Company Participants Steve Filton - EVP, CFO & Secretary Marc Miller - CEO, President & Director Conference Call Participants Justin Lake - Wolfe Research Jason Cassorla - Citigroup Stephen Baxter - Wells Fargo Securities Sarah James - Cantor Fitzgerald & Co. Benjamin Mayo - Leerink Partners Philip Chickering - Deutsche Bank Joshua Raskin - Nephron Research A.J. Rice - UBS Ann Hynes - Mizuho Securities J ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10765 UNIVERSAL HEALTH SERVICES, INC. (Exact name of registrant as specified in its charter) DELAWARE 23-2077891 (State or other ju ...

Universal Health Services, Inc. (NYSE:UHS) Q2 2023 Earnings Conference Call July 26, 2023 9:00 AM ET Company Participants Steve Filton - Chief Financial Officer Marc Miller - President & Chief Executive Officer Conference Call Participants Jason Cassorla - Citi Ben Hendrix - RBC Capital Markets Andrew Mok - UBS Joshua Raskin - Nephron Research Whit Mayo - Leerink Partners A.J. Rice - Credit Suisse Jamie Perse - Goldman Sachs Scott Fidel - Stephens Justin Lake - Wolfe Research Kevin Fischbeck - Bank of Ameri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Exact name of registrant as specified in its charter) (Address of principal executive offices) (Zip Code) DELAWARE 23-2077891 (State or other jurisdiction ...

Universal Health Services, Inc. (NYSE:UHS) Q1 2023 Earnings Conference Call April 26, 2023 9:00 AM ET Company Participants Steve Filton - Executive Vice President and Chief Financial Officer Marc Miller - President and Chief Executive Officer Conference Call Participants Jason Cassorla - Citi Andrew Mok - UBS Ann Hynes - Mizuho Group Joanna Gajuk - Bank of America Steven Valiquette - Barclays Pito Chickering - Deutsche Bank Jamie Perse - Goldman Sachs Operator Good morning and thank you for standing by. Wel ...

Universal Health Services, Inc. (NYSE:UHS) Q4 2022 Earnings Conference Call February 28, 2023 9:00 AM ET Company Participants Steve Filton – Executive Vice President and Chief Financial Officer Marc Miller – President and Chief Executive Officer Conference Call Participants Andrew Mok – UBS Stephen Baxter – Wells Fargo Jason Cassorla – Citi A.J. Rice – Credit Suisse Steven Valiquette – Barclays Justin Lake – Wolfe Research Pito Chickering – Deutsche Bank Kevin Fischbeck – Bank of America Jamie Perse – Goldm ...

Facilities and Operations - The company owned and/or operated 359 inpatient facilities and 39 outpatient facilities as of February 27, 2023[15]. - Net revenues from acute care hospitals and outpatient facilities accounted for 57% of consolidated net revenues in 2022, compared to 56% in 2021[15]. - Behavioral health care facilities in the U.K. generated net revenues of approximately $685 million in 2022, slightly down from $688 million in 2021[16]. - Total assets at U.K. behavioral health care facilities were approximately $1.235 billion as of December 31, 2022, down from $1.351 billion in 2021[16]. - The company is committed to acquiring, constructing, or leasing additional hospital facilities to expand operations and access new markets[23]. - The company aims to improve the operating revenues and profitability of owned hospitals through new services and physician recruitment[24]. - The company emphasizes the expansion of outpatient services in response to healthcare cost containment pressures[26]. - The company plans to expand through the acquisition of additional hospitals in select markets, facing significant competition for these acquisitions[91]. Compliance and Regulatory Environment - The company has undergone claims audits related to federal healthcare payments, with no material adjustments required in the last three years[38]. - The company has developed a comprehensive ethics and compliance program to meet federal guidelines and industry standards[40]. - The Stark Law prohibits self-referrals by physicians to entities with which they have a financial relationship, with civil penalties for violations[39]. - The anti-kickback statute allows for certain exceptions, including investment interests and personnel services, but non-compliance may lead to increased scrutiny by regulatory authorities[42]. - Violations of the anti-kickback statute can result in criminal fines up to $100,000 per violation, with potential increases to $250,000 for individuals and $500,000 for organizations[43]. - Civil penalties under the anti-kickback statute may include fines of up to $112,131 per violation and damages up to three times the total remuneration[43]. - The federal False Claims Act allows for liability of up to three times the actual damages sustained by the government, plus civil penalties between $13,508 to $27,018 for each false claim[48]. - The Health Insurance Portability and Accountability Act (HIPAA) imposes civil penalties for prohibited conduct, including billing for medically unnecessary services[50]. - The Patient Safety and Quality Improvement Act of 2005 establishes a confidential reporting structure for medical errors, which is legally protected from disclosure[55]. - Environmental regulations impose penalties of up to $25,000 per day for improper disposal of medical waste, with criminal penalties reaching up to $50,000 per day[56]. - The Emergency Medical Treatment and Active Labor Act (EMTALA) requires hospitals to conduct medical screenings for all patients, with severe penalties for non-compliance[58]. - State laws may impose additional scrutiny and penalties for healthcare practices, including potential loss of licensure and civil penalties for non-compliance[44]. - The company is subject to increased scrutiny and potential penalties under the amended Anti-Kickback Statute and False Claims Act[160]. - Non-compliance with extensive healthcare laws and regulations could result in civil or criminal penalties, impacting revenue and profitability[171]. - The company operates in a highly regulated environment, including compliance with the Foreign Corrupt Practices Act and the UK Bribery Act, which could lead to substantial penalties if violated[176][177]. - Loss of accreditation for healthcare facilities could render them ineligible for Medicare or Medicaid reimbursement, significantly affecting business operations[184][185]. - The company is subject to pending legal actions and investigations, which could lead to material fines or sanctions impacting financial condition[179][182]. Financial Performance and Risks - The company earned an advisory fee from Universal Health Realty Income Trust of approximately $5.1 million during 2022, up from $4.4 million in 2021 and $4.1 million in 2020[92]. - The pre-tax share of income from the Trust was $1.2 million in 2022, down from $6.2 million in 2021[94]. - The market value of the company's investment in the Trust was $37.6 million as of December 31, 2022, compared to $46.8 million in 2021[95]. - Approximately 825 employees at four hospitals are unionized, with various unions representing different employee groups[71]. - The company launched a new employee assistance program in 2022, enhancing support for employees and their households[77]. - The annual rental for two facilities leased from the Trust amounted to approximately $5.7 million in 2022, with a 2.25% annual increase scheduled through 2033[98]. - The financial liability related to the asset exchange transaction for Aiken and Canyon Creek was $80.9 million as of December 31, 2022, compared to $82.4 million in 2021[99]. - Total aggregate rental for leases on four wholly-owned hospital facilities with the Trust was approximately $20.2 million during 2022, with rent expenses of $17.7 million in 2021 and $17.1 million in 2020[100]. - The McAllen Medical Center and Wellington Regional Medical Center leases have a minimum annual rent of $5.485 million and $6.477 million, respectively, both expiring in December 2026[103]. - The Clive Behavioral Health Hospital, a joint venture, had an annual rental of approximately $2.6 million in 2022, with the right to purchase the facility at appraised fair market value[102]. - Facilities in Texas contributed 17% of consolidated net revenues in 2022, up from 16% in 2021, and generated 27% of income from operations after net income attributable to noncontrolling interest[114]. - Nevada facilities contributed 17% of consolidated net revenues in 2022, down from 18% in 2021, with a significant impact from a $57.6 million provision for asset impairment[115]. - California facilities consistently contributed 11% of consolidated net revenues in both 2022 and 2021, generating 15% of income from operations in 2022[116]. - Annual Medicaid revenues exceed $100 million from states including Texas, California, and Nevada, making the company sensitive to potential reductions in Medicaid funding[118]. - The company has the option to renew leases for Aiken Regional Medical Center and Canyon Creek Behavioral Health for an additional 35 years, with annual rent increases of 2.25%[104]. - The Trust is constructing a new 86,000 rentable square feet multi-tenant medical office building, expected to open in Q1 2023, with an initial minimum rent of $1.3 million annually[107]. - The company faces increased competition from other hospitals and healthcare providers, which may lead to a decline in patient volume[124]. - The company estimates provisions for doubtful accounts based on factors such as payer mix and historical collection experience, indicating potential risks in cash flow[123]. - The nationwide shortage of nurses and clinical staff has significantly impacted operations, leading to increased labor costs and potential limitations on patient volumes[134]. - The company has experienced rising rates of denied claims from managed care payers, which have reduced net revenues and increased operating costs[140]. - Value-based purchasing initiatives from both governmental and private payers may negatively impact revenues if the company fails to meet quality standards[138]. - The COVID-19 pandemic has materially affected operations and financial results, with ongoing uncertainties regarding future patient volumes and staffing pressures[142]. - The company relies heavily on key management personnel, and the departure of executives could undermine management expertise and operational efficiency[141]. - The company must continually enhance its hospitals with the latest technological advances to maintain competitive advantage and patient attraction[131]. - The company is subject to federal regulations mandating COVID-19 vaccinations for staff, which could impact staffing levels and associated revenues[146]. - Economic dependencies on large employers in the community could adversely affect patient volumes and revenue if those employers face financial difficulties[137]. - The COVID-19 pandemic continues to create uncertainty, with potential material impacts on financial performance expected for the foreseeable future[148]. - The CARES Act authorized $100 billion in grant funding for healthcare providers, with $30 billion initially distributed based on Medicare reimbursement shares[150]. - An additional $75 billion was allocated under the PPPHCE Act for COVID-19 response, with $24.5 billion available for providers based on patient revenue[151]. - The Budget Control Act mandates a 2% reduction in Medicare payments through 2032, which could adversely affect future operations[154]. - Medicaid disproportionate share hospital allotments will be reduced by $8 billion annually starting in 2024, impacting state funding[155]. - The legislation is projected to result in a net reduction of $155 billion in Medicare and Medicaid payments to hospitals over 10 years[157]. - The end of the Public Health Emergency on May 11, 2023, may lead to the loss of favorable reimbursement policies[152]. - Future healthcare reform legislation remains uncertain, with potential negative impacts on reimbursement and competition for healthcare services[163]. - The company has received accelerated payments under the Medicare Accelerated and Advance Payment Program, enhancing cash flow during the pandemic[150]. Shareholder and Management Structure - The company repurchased approximately 6.7 million shares of Class B Common Stock at an aggregate cost of approximately $811 million during 2022, with an available repurchase authorization of approximately $947 million as of December 31, 2022[201]. - The company’s ability to repurchase shares may be influenced by cash flows from operations and potential future capital requirements for strategic transactions[202]. - A substantial majority of Class A and Class C shares are controlled by Mr. Alan B. Miller and his family, leading to potential conflicts of interest in management oversight[210]. - Concentrated control may discourage potential mergers, takeovers, or other beneficial change of control transactions, adversely affecting business prospects and securities trading price[211]. Employee and Labor Relations - As of December 31, 2022, the company had approximately 93,800 total employees, with about 82,300 in the U.S. and 11,500 in the U.K.[70]. - The company is committed to fostering a culture of accountability and encourages employees to report compliance concerns without fear of retaliation[76]. - The company experienced a significant increase in construction materials and labor costs, which could adversely affect the cash flow return on investment for capital projects[197]. Technological and Environmental Considerations - The company has made significant investments in technology to enhance its IT systems, which are critical for managing clinical and financial data, but are also vulnerable to cyber threats[188]. - The company is subject to state regulations regarding hospital capital expenditures, which could impair its ability to expand or modernize facilities if necessary approvals are not obtained[186]. - The company’s operations may be adversely affected by climate change, which could increase insurance costs and lead to physical damage from severe weather events[191]. - The company’s future results could be impacted by legal and regulatory uncertainties stemming from Brexit, affecting its operations in the United Kingdom[196].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10765 UNIVERSAL HEALTH SERVICES, INC. (Exact name of registrant as specified in its charter) DELAWARE 23-2077891 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR (State or oth ...