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]