Financial Data and Key Metrics Changes - The company reported adjusted net income attributable to UHS of $5.69 per share, a 53% increase from Q3 2024 [5][12] - Revenue growth for Q3 2025 was 13.4% year over year [5] - The midpoint of 2025 adjusted EPS guidance was increased by 6% to $21.80 per diluted share from $20.50 [7] Business Line Data and Key Metrics Changes - In the acute care segment, same facility adjusted admissions increased by 2.0% year over year, with net revenues increasing by 12.8% [13][14] - Behavioral health segment same-facility net revenues increased by 9.3% on a reported basis, driven by a 7.9% increase in revenue per adjusted patient day [15][16] Market Data and Key Metrics Changes - The company recognized approximately $90 million of net benefit from the District of Columbia Supplemental Medicaid Program during Q3 2025, with $73 million recognized in acute care results [12][13] - The percentage of total adjusted admissions from exchange patients was in the 6 to 6.5% range, with an increase noted [24] Company Strategy and Development Direction - The company is focusing on expanding its outpatient services, operating 45 outpatient access points and planning to open 10 step-in programs this year [9][10] - The next de novo acute care hospital opening is scheduled for spring 2026 in Palm Beach Gardens, Florida, with significant community interest [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for Cedar Hill Regional Medical Center, expecting it to break even in Q4 2025 and improve in 2026 [7][40] - The company anticipates further volume improvements in the behavioral health segment, targeting 2% to 3% growth in adjusted patient days [16][61] Other Important Information - The company spent $734 million on capital expenditures in the first nine months of 2025, with a significant portion related to new hospital projects [17] - The board authorized a new $1.5 billion increase to the stock repurchase program, bringing the total authorization to $1.759 billion [17] Q&A Session Summary Question: Update on pending Medicaid approvals in Florida and Nevada - Management indicated that Florida's pending plan could result in about a $47 million annual benefit, while Nevada's could add approximately $30 million, pending CMS approval [23] Question: 2025 guidance breakdown - The guidance increase was attributed to $140 million of increased DPP, with $90 million recorded in Q3 and $25 million expected in Q4, offset by malpractice and legal settlement costs [29][30] Question: Behavioral health business and state budget impacts - Management noted that while managed care players are aggressive in utilization management, they have not seen significant changes in payer behavior, and state budget cuts have not materially affected their operations [33][34] Question: Performance of West Henderson Hospital - West Henderson Hospital has been performing well, contributing positively to EBITDA since opening, though it has slightly impacted same-store adjusted admissions [38] Question: Trends in outpatient surgical initiatives - Outpatient surgical trends improved slightly over the prior year, with case mix up slightly, indicating a return to more normal levels [44][46] Question: Future margin trends - Management expressed confidence in achieving sustainable margins, with expectations for continued growth in both acute and behavioral segments [100]

Financial Data and Key Metrics Changes - The company reported adjusted net income attributable to UHS of $5.69 per share, a 53% increase from Q3 2024 [4] - Revenue growth for Q3 2025 was 13.4% year over year [4] - The midpoint of 2025 adjusted EPS guidance was increased by 6% to $21.80 per diluted share from $20.50 [5] - Net income attributable to UHS per diluted share was $5.86 for Q3 2025 [10] Business Line Data and Key Metrics Changes - In the acute care segment, same facility adjusted admissions increased by 2.0% year over year, with net revenues increasing by 12.8% [11] - Acute care revenue per adjusted admission increased by 9.8% on a reported basis [12] - In the behavioral health segment, same-facility net revenues increased by 9.3% on a reported basis, driven by a 7.9% increase in revenue per adjusted patient day [13] Market Data and Key Metrics Changes - The company recognized approximately $90 million of net benefit from the District of Columbia Supplemental Medicaid Program during Q3 2025 [10] - The percentage of total adjusted admissions from exchange patients was in the 6% to 6.5% range, with an increase noted [23] Company Strategy and Development Direction - The company is focusing on expanding its outpatient services, operating 45 outpatient access points and planning to open 10 step-in programs this year [7][8] - The next acute care hospital opening is the Alan D. Miller Medical Center in Palm Beach Gardens, scheduled for spring 2026 [6] - The company aims to capture incremental outpatient volume through its freestanding emergency departments and outpatient services [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for the Cedar Hill facility due to community demand and support [6] - The company expects further volume improvements in the behavioral health segment, with a target of 2% to 3% growth in adjusted patient days [14] - Management noted that while labor tightness persists, hiring trends have improved steadily throughout the year [15] Other Important Information - The company spent $734 million on capital expenditures in the first nine months of 2025, with a significant portion related to new hospital projects [16] - A new $1.5 billion increase to the stock repurchase program was authorized, bringing total authorization to $1.759 billion [16] Q&A Session Summary Question: Update on pending Medicaid approvals in Florida and Nevada - Management indicated that Florida's pending plan could result in about a $47 million annual benefit, while Nevada's could add approximately $30 million, pending CMS approval [21][22] Question: 2025 guidance breakdown - The guidance increase was attributed to $140 million of increased DPP, primarily from the DC program, offset by a $35 million malpractice reserve increase and an $18 million legal settlement [28] Question: Performance of West Henderson and Cedar Hill - West Henderson Hospital has been performing well with positive EBITDA, while Cedar Hill is expected to break even in Q4 2025 and improve in 2026 [36][37] Question: Trends in surgical volumes - Outpatient surgical trends have improved slightly, with cardiology services performing particularly well [41] Question: Behavioral health capacity versus demand - Management noted that labor scarcity has muted volumes in some facilities, but hiring trends are improving, and they expect to capture more outpatient activity [46][47] Question: Future margin trends - Management anticipates EBITDA growth and margin expansion, with costs rising at a slower rate than revenue [88]

Core Viewpoint - The article discusses the increasing food insecurity in the U.S. due to government cuts to food assistance programs, highlighting the impact on communities and the rising number of families relying on food banks [1][2][3]. Group 1: Food Insecurity and Assistance Programs - The number of families served by the East Hampton Community Center and food bank has surged from approximately 1,000 per month before the pandemic to over 5,000 now, with dozens of new families joining weekly [2]. - The "Great and Beautiful" Act, signed by the President, aims to cut social welfare programs, including the Supplemental Nutrition Assistance Program (SNAP), which previously provided $187 per month to about 42 million Americans [2][3]. - In 2023, 47.4 million Americans face hunger threats, including 13.8 million children, with nearly 7 million households experiencing "food crises" [3]. Group 2: Economic Impact of Food Assistance Cuts - The SNAP program's funding is projected to be cut by nearly $200 billion over the next ten years, which could significantly affect local economies, as every $1 in SNAP benefits can generate up to $1.50 in GDP [3]. - Over 2 million people are expected to lose their SNAP benefits due to the "Great and Beautiful" Act, which also complicates the Medicaid process, potentially increasing the uninsured population by 11.8 million [4]. - The act is anticipated to increase the federal deficit by approximately $3.4 trillion over the next decade, while cutting about $1.2 trillion from various social programs [5].

Core Viewpoint - The U.S. Treasury Secretary, Janet Yellen, expressed a desire to restore the Medicaid program to pre-pandemic levels, indicating a shift in focus towards healthcare funding and support for vulnerable populations [1] Group 1 - The statement reflects the government's intention to address healthcare accessibility and affordability as the country moves beyond the pandemic [1] - Restoring Medicaid to its previous levels may involve increased funding and policy adjustments to support low-income individuals and families [1] - This move could have significant implications for the healthcare industry, particularly for providers and insurers that rely on Medicaid reimbursements [1]

Group 1 - The core viewpoint is the intention to expand the Medicaid program to benefit mothers, children, and those in need [1]