Financial Performance - Total revenue for Q3 2024 was $1.45 billion, representing a 5.2% increase year-over-year[2] - Net income attributable to Ardent Health was $26 million, or $0.19 per share, compared to $21 million, or $0.17 per share, in Q3 2023[5] - Adjusted EBITDA for Q3 2024 increased 15.3% year-over-year to $98 million, with a margin expansion of 50 basis points to 6.7%[6] - Total revenue for Q3 2024 was $1,449.8 million, a 5.2% increase from $1,377.7 million in Q3 2023[36] - Net income attributable to Ardent Health Partners, Inc. increased to $26.3 million, up 26.5% from $20.8 million in the prior year[36] - Basic and diluted net income per share for Q3 2024 was $0.19, compared to $0.17 in Q3 2023[36] - Total revenue for the nine months ended September 30, 2024, was $4,359,783, an increase of 7.3% from $4,063,449 in the same period of 2023[38] - Net income attributable to Ardent Health Partners, Inc. increased to $96,139, representing a 65.5% increase from $58,057 in the prior year[38] - Basic and diluted net income per share for the nine months ended September 30, 2024, was $0.74, up from $0.46 in the same period of 2023[38] - Net income for Q3 2024 was $46,005, compared to $38,708 in Q3 2023, reflecting a significant year-over-year growth[44] Operational Metrics - Adjusted admissions grew by 3.8% year-over-year, totaling 86,833 for Q3 2024[14] - Emergency room visits increased by 2.6% year-over-year, totaling 161,343 in Q3 2024[12] - Inpatient surgeries totaled 8,871 in Q3 2024, a slight increase of 0.5% from 8,826 in Q3 2023[43] - Total encounters increased by 7.5% to 1,482,655 in Q3 2024 from 1,378,599 in Q3 2023[43] - Utilization of licensed beds improved to 46% in Q3 2024, up from 44% in Q3 2023, indicating better operational efficiency[43] - The company operated 30 hospitals at the end of Q3 2024, a decrease of 3.2% from 31 hospitals at the end of Q3 2023[43] - Net patient service revenue per adjusted admission was $16,312 in Q3 2024, a 0.9% increase from $16,174 in Q3 2023[43] Expenses and Costs - Salaries and benefits accounted for 43.8% of total revenue, increasing from 43.2% in the previous year[36] - Professional fees rose to $274.2 million, representing 18.9% of total revenue, compared to 17.9% in Q3 2023[36] - Interest expense decreased to $14.6 million, down from $19.0 million, reflecting a reduction in financing costs[36] - Total operating expenses were $1,392.8 million, which is 96.1% of total revenue, a slight decrease from 96.7% in the previous year[36] - Operating expenses totaled $4,163,969, accounting for 95.5% of total revenue, compared to 96.5% in the previous year[38] - The company incurred restructuring costs of $3.2 million in Q3 2024, reflecting ongoing efforts to optimize operations[45] Future Projections - The company raised its full-year 2024 revenue guidance to $5.875 billion, up from a previous estimate of $5.750 billion[22] - Net income for the full year ending December 31, 2024, is projected to be between $241 million and $263 million[50] - Adjusted EBITDA is expected to range from $425 million to $440 million[50] - Income tax expense is estimated at $39 million to $45 million[50] - Interest expense is projected to be between $66 million and $65 million[50] - Depreciation and amortization costs are anticipated to be around $145 million to $144 million[50] - Noncontrolling interest earnings are expected to be a loss of $85 million to $87 million[50] - Cybersecurity incident recoveries, net, are projected to be a loss of $20 million to $25 million[52] - Restructuring, exit, and acquisition-related costs are estimated at $13 million to $12 million[50] - Equity-based compensation is expected to remain constant at $17 million[50] - Loss from disposed operations is projected at $2 million[50] Cash Flow and Assets - Operating cash flow for Q3 2024 was $90 million, compared to $89 million in the same period last year[16] - Net cash provided by operating activities was $195,457, an increase from $154,199 in the same period of 2023[40] - Total assets as of September 30, 2024, were $4,800,014, up from $4,731,558 at the end of 2023[41] - Total liabilities decreased to $3,413,145 from $3,649,242 at the end of 2023[41] - Cash and cash equivalents at the end of the period were $563,142, compared to $444,676 at the end of the previous year[40] - The company invested $8,044 in acquisitions during the nine months ended September 30, 2024[40] - Equity attributable to Ardent Health Partners, Inc. increased to $1,005,870 from $670,896 at the end of 2023[41]
Ardent Health Partners, Inc.(ARDT) - 2024 Q3 - Quarterly Results