February 9, 2023
Fourth Quarter 2022 Highlights
Fourth Quarter 2022 Achievements
▪ Consolidated Adjusted EBITDA of $897 million, above the midpoint of our fourth quarter Outlook range of $853
million
▪ Fourth quarter 2022 included $40 million of grant income
▪ Ambulatory – Achieved 18.7% Adjusted EBITDA growth excluding grant income with 2.3% revenue per case
▪ Expanded the ambulatory platform through the addition of 7 centers in the fourth quarter
▪ Expanded the ambulatory platform through the addition of 7 centers in the fourth quarter
▪ Hospitals – Same hospital adjusted admissions increased 2.9% compared to fourth quarter 2021; total same hospital admissions increased 0.5% and non-COVID admissions increased 4.3%
▪ Hospital costs were well managed – total costs on a per adjusted admission basis 3.1% lower than fourth quarter 2021
▪ Conifer – External client revenue growth of 6.4%; Adjusted EBITDA margin was strong at 27.6%
FY 2023 Outlook
▪ Outlook for Consolidated Adjusted EBITDA of $3.160 billion to $3.360 billion
▪ Consolidated normalized growth rate of 7.2%; USPI normalized growth rate of 11.0% at the midpoint of
guidance
