Universal Health Services' (UHS) CEO Alan Miller on Q2 2014 Results - Earnings Call Transcript

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Universal Health Services, Inc. (NYSE:UHS) Q2 2014 Results Earnings Conference Call July 25, 2014 9:00 AM ET

Executives

Steve Filton - Chief Financial Officer, Senior Vice President, Secretary

Alan Miller - Chairman of the Board, Chief Executive Officer

Analysts

Justin Lake - JPMorgan

A.J. Rice - UBS

Joshua Raskin - Barclays Capital

Kevin Fishbeck - Bank of America Merrill Lynch

Darren Lehrich - Deutsche Bank

Frank Morgan- RBC Capital Markets

Chris Rigg - Susquehanna Financial Group

Ralph Giacobbe - Credit Suisse

Brian Zimmerman - Goldman Sachs

Gary Lieberman - Wells Fargo Securities

Whit Mayo - Robert W. Baird

Gary Taylor - Citigroup

Operator

Mr. Filton, you may begin your conference.

Steve Filton

Thank you. Good morning. This is Steve Filton. Alan Miller, our CEO is also joining us this morning. Welcome to this review of Universal Health Services results for the second quarter ended June 30, 2014.

During this conference call, Alan, I will be using words such as believes, expects, anticipates, estimates, and similar words that represent forecast, projections and forward-looking statements. For anyone not familiar with the risks and uncertainties inherent in these forward-looking statements, I recommend a careful reading of the section on risk factors and forward-looking statements and risk factors in our Form 10-K for the year ended December 31, 2013 and our Form 10-Q for the quarter ended March 31, 2014.

We would like to highlight just a couple of developments and business trends before opening the call up to questions. As discussed in our press release last night, the company recorded net income attributable to UHS per diluted share of $1.51 for the quarter. After adjusting each quarter's reported results for the items disclosed on the supplemental schedule included with last night's earnings release, adjusted net income attributable to UHS, increased approximately 30% to $155.6 million of $1.55 per diluted share during the

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