Consolidated Statements Of Cash Flows
Year Ended December 31, Universal Health Services, Inc. and Subsidiaries
| |
(Amounts in thousands) |
| 1999 |
1998 |
1997 |
| Cash Flows from Operating Activities: |
|
| Net income |
$77,775 |
$79,558 |
$67,276 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
| Depreciation and amortization |
108,333 |
105,442 |
80,686 |
| Minority interests in earnings of consolidated entities |
6,251 |
9,083 |
251 |
| Other non-cash charges |
5,300 |
— |
— |
| Changes in assets and liabilities, net of effects from acquisitions and dispositions: |
|
| Accounts receivable |
(37,958) |
(20,060) |
(14,434) |
| Accrued interest |
(157) |
1,459 |
(217) |
| Accrued and deferred income taxes |
(3,370) |
3,541 |
16,241 |
| Other working capital accounts |
32,371 |
(8,327) |
13,315 |
| Other assets and deferred charges |
(5,775) |
(6,220) |
334 |
| Other |
2,957 |
(2,837) |
6,947 |
| Accrued insurance expense, net of commercial premiums paid |
7,485 |
8,933 |
20,003 |
| Payments made in settlement of self-insurance claims |
(17,655) |
(18,888) |
(16,232) |
| |
| Net cash provided by operating activities |
175,557 |
151,684 |
174,170 |
| |
| Cash Flows from Investing Activities: |
|
| Property and equipment additions |
(67,576) |
(96,808) |
(129,199) |
| Acquisition of businesses |
(31,588) |
(189,332) |
(10,525) |
| Proceeds received from merger, sale or disposition of assets |
16,358 |
16,404 |
15,230 |
| Funds restricted for construction related to acquisition of business |
— |
— |
(41,031) |
| |
| Net cash used in investing activities |
(82,806) |
(269,736) |
(165,525) |
| |
| Cash Flows from Financing Activities: |
|
| Additional borrowings |
15,150 |
152,199 |
25,000 |
| Reduction of long-term debt |
(15,830) |
(8,050) |
(34,510) |
| Distributions to minority partners |
(18,439) |
(1,751) |
(671) |
| Issuance of common stock |
2,514 |
1,488 |
1,580 |
| Repurchase of common shares |
(71,225) |
(24,906) |
— |
| |
| Net cash provided by (used in) financing activities |
(87,830) |
118,980 |
(8,601) |
| |
| Increase in Cash and Cash Equivalents |
4,921 |
928 |
44 |
| Cash and Cash Equivalents, Beginning of Period |
1,260 |
332 |
288 |
| |
| Cash and Cash Equivalents, End of Period |
$6,181 |
$1,260 |
$,332 |
| |
| Supplemental Disclosures of Cash Flow Information: |
|
| Interest paid |
$27,029 |
$25,658 |
$19,599 |
| Income taxes paid, net of refunds |
$48,833 |
$39,913 |
$22,265 |
| |
| Supplemental Disclosures of Non-cash Investing and Financing Activities: |
|
| See Notes 2 and 6 |
| The accompanying notes are an integral part of these consolidated financial statements. |
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