HCA Reports Fourth Quarter 2012 Results

  HCA Reports Fourth Quarter 2012 Results

                            Provides 2013 Guidance

Business Wire

NASHVILLE, Tenn. -- February 5, 2013

HCA Holdings, Inc. (NYSE: HCA) today announced financial and operating results
for the fourth quarter and year ended December 31, 2012.

Key fourth quarter metrics (all percentage changes compare 4Q 2012 to 4Q 2011
unless noted):

  *Revenues increased 8.5 percent to $8.434 billion
  *Net income attributable to HCA Holdings, Inc. totaled $314 million, or
    $0.68 per diluted share (includes pretax legal claim costs of $175
    million, or $0.24 per diluted share)
  *Adjusted EBITDA declined 2.0 percent to $1.606 billion
  *Cash flow from operations totaled $1.263 billion
  *Same facility equivalent admissions increased 5.0 percent while same
    facility admissions increased 4.3 percent
  *Same facility emergency room visits increased 12.7 percent
  *Same facility revenue per equivalent admission increased 0.5 percent

“We are pleased with our operating performance in the fourth quarter. Many of
our key operating metrics met our expectations reflecting the strength of our
delivery networks,” stated Richard M. Bracken, Chairman and CEO.

Fourth quarter 2012 revenues increased to $8.434 billion compared to $7.769
billion in the prior year’s fourth quarter. Revenue growth was primarily
driven by increased patient utilization at the Company’s facilities and the
financial consolidation (effective November 1, 2011) of our HealthONE joint
venture. On a consolidated basis, equivalent admissions increased 7.1 percent,
while admissions increased 6.0 percent compared to the prior year period.

Patient volume trends in the fourth quarter were strong, and same facility
equivalent admissions increased 5.0 percent. Same facility admissions
increased 4.3 percent and same facility emergency room visits increased 12.7
percent in the fourth quarter compared to the prior year period.

On January 24, 2013, a Missouri judge ruled in favor of a nonprofit health
foundation in a lawsuit against HCA. In the case, the plaintiff alleged that
HCA did not make the full level of capital expenditures and uncompensated care
agreed to in connection with its purchase of hospitals from Health Midwest in
2003. HCA recorded $175 million of legal claim costs in the fourth quarter of
2012 related to this ruling; however, the Company plans to appeal the ruling.

Net income attributable to HCA Holdings, Inc. totaled $314 million, or $0.68
per diluted share, compared to $1.935 billion, or $4.25 per diluted share, in
the fourth quarter of 2011. Results for the fourth quarter of 2012 include
pretax legal claim costs of $175 million, or $0.24 per diluted share, and
pretax gains on sales of facilities of $11 million, or $0.01 per diluted
share. Results for the fourth quarter of 2011 include a pretax gain on the
acquisition of a controlling interest in an equity investment of $1.522
billion, or $3.13 per diluted share, and pretax gains on sales of facilities
of $145 million, or $0.18 per diluted share. The Company’s effective tax rate
in the fourth quarter of 2011 was favorably impacted by the majority of the
gain associated with the acquisition of the controlling interest in the equity
investment being nontaxable.

For the fourth quarter of 2012, Adjusted EBITDA totaled $1.606 billion,
compared to $1.639 billion in the previous year. Adjusted EBITDA is a non-GAAP
financial measure. A table providing supplemental information on Adjusted
EBITDA and reconciling net income attributable to HCA Holdings, Inc. to
Adjusted EBITDA is included in this release.

Year Ended December 31, 2012

Revenues for the year ended December 31, 2012 totaled $33.013 billion compared
to $29.682 billion in 2011. Net income attributable to HCA Holdings, Inc. in
2012 was $1.605 billion, or $3.49 per diluted share, compared to $2.465
billion, or $4.97 per diluted share, in 2011. Results for the year ended
December 31, 2012 include a net favorable Medicare settlement of $188 million
to revenues, $170 million to Adjusted EBITDA and $0.22 per diluted share and
pretax legal claim costs of $175 million, or $0.24 per diluted share. Results
also include pretax gains on sales of facilities of $15 million, or $0.02 per
diluted share. Results for the year ended December 31, 2011 include a pretax
gain on the acquisition of a controlling interest in an equity investment of
$1.522 billion, or $2.87 per diluted share, pretax gains on sales of
facilities of $142 million, or $0.16 per diluted share, pretax losses on the
retirement of debt of $481 million, or $0.61 per diluted share, and a pretax
charge for termination of management agreement of $181 million, or $0.30 per
diluted share. Adjusted EBITDA for 2012 totaled $6.531 billion compared to
$6.061 billion in 2011.

Balance Sheet and Cash Flow

As of December 31, 2012, HCA Holdings, Inc.’s balance sheet reflected cash and
cash equivalents of $705 million, total debt of $28.930 billion, and total
assets of $28.075 billion. During the fourth quarter, capital expenditures
totaled $594 million, excluding acquisitions, compared to $509 million in the
previous year’s fourth quarter. HCA’s debt-to-Adjusted EBITDA ratio at
December 31, 2012 was 4.4x compared to 4.5x at December 31, 2011. Net cash
provided by operating activities totaled $1.263 billion compared to $1.387
billion in the fourth quarter of 2011.

2013 Guidance

Today, HCA issued the following estimated guidance for 2013:

                         
                             2013 RANGE
                             
Revenues                     $33.50 to $34.50 billion
Adjusted EBITDA              $6.25 to $6.50 billion
Adjusted EPS (diluted)       $3.00 to $3.30
Capital Expenditures         Approximately $2 billion
                             

This guidance range excludes the impact of items, if applicable, that are
non-operational in nature including items such as, but not limited to, gains
or losses on sales of facilities and businesses, gains or losses on early debt
retirement and impairments of long-lived assets. The guidance includes
estimated EHR incentive income assumptions in a range of $200-$225 million and
EHR expenses in a range of $110-$130 million. This guidance is also subject to
certain conditions including those as set forth below in the Company’s
“Cautionary Statement about Preliminary Results and Other Forward-Looking
Information”.

The Company’s annual shareholders’ meeting will be held in Nashville,
Tennessee on April 24, 2013 at 2:00 p.m. local time for shareholders of record
as of March 1, 2013.

Earnings Conference Call

HCA will host a conference call for investors at 9:00 a.m. Central Standard
Time today. All interested investors are invited to access a live audio
broadcast of the call via webcast. The broadcast also will be available on a
replay basis beginning this afternoon. The webcast can be accessed at:
https://event.webcasts.com/starthere.jsp?ei=1012822 or through the Company’s
Investor Relations web page at www.hcahealthcare.com.

Cautionary Statement about Preliminary Results and Other Forward-Looking
Information

This press release contains forward-looking statements based on current
management expectations. Those forward-looking statements include all
statements other than those made solely with respect to historical fact and
are subject to finalization of the Company’s fourth quarter and year-end
financial and accounting procedures. Numerous risks, uncertainties and other
factors may cause actual results to differ materially from those expressed in
any forward-looking statements. These factors include, but are not limited to,
(1) the impact of our substantial indebtedness and the ability to refinance
such indebtedness on acceptable terms, (2) the effects related to the
enactment and implementation of the Budget Control Act of 2011 and the Patient
Protection and Affordable Care Act, as amended by the Health Care and
Education Reconciliation Act (collectively, the “Health Reform Law”), the
possible enactment of additional federal or state health care reforms and
possible changes to the Health Reform Law and other federal, state or local
laws or regulations affecting the health care industry, (3) increases in the
amount and risk of collectability of uninsured accounts and deductibles and
copayment amounts for insured accounts, (4) the ability to achieve operating
and financial targets, and attain expected levels of patient volumes and
control the costs of providing services, (5) possible changes in the Medicare,
Medicaid and other state programs, including Medicaid upper payment limit
programs or Waiver Programs, that may impact reimbursements to health care
providers and insurers, (6) the highly competitive nature of the health care
business, (7) changes in service mix, revenue mix and surgical volumes,
including potential declines in the population covered under managed care
agreements, the ability to enter into and renew managed care provider
agreements on acceptable terms and the impact of consumer driven health plans
and physician utilization trends and practices, (8) the efforts of insurers,
health care providers and others to contain health care costs, (9) the outcome
of our continuing efforts to monitor, maintain and comply with appropriate
laws, regulations, policies and procedures, (10) increases in wages and the
ability to attract and retain qualified management and personnel, including
affiliated physicians, nurses and medical and technical support personnel,
(11) the availability and terms of capital to fund the expansion of our
business and improvements to our existing facilities, (12) changes in
accounting practices, (13) changes in general economic conditions nationally
and regionally in our markets, (14) future divestitures which may result in
charges and possible impairments of long-lived assets, (15) changes in
business strategy or development plans, (16) delays in receiving payments for
services provided, (17) the outcome of pending and any future tax audits,
appeals and litigation associated with our tax positions, (18) potential
adverse impact of known and unknown government investigations, litigation and
other claims that may be made against us, (19) our ongoing ability to
demonstrate meaningful use of certified electronic health record technology
and recognize income for the related Medicare or Medicaid incentive payments,
and (20) other risk factors described in our annual report on Form 10-K for
the year ended December 31, 2011 and our other filings with the Securities and
Exchange Commission. Many of the factors that will determine our future
results are beyond our ability to control or predict. In light of the
significant uncertainties inherent in the forward-looking statements contained
herein, readers should not place undue reliance on forward-looking statements,
which reflect management’s views only as of the date hereof. We undertake no
obligation to revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new information,
future events or otherwise.

All references to “Company” and “HCA” as used throughout this release refer to
HCA Holdings, Inc. and its affiliates.


HCA Holdings, Inc.
Condensed Consolidated Comprehensive Income Statements
Fourth Quarter
(Dollars in millions, except per share amounts)
                                                               
                                                                             
                                                                             
                             2012                      2011
                             Amount        Ratio       Amount        Ratio
                                                                             
Revenues before
provision for doubtful       $ 9,538                   $ 8,429
accounts
Provision for doubtful        1,104                   660     
accounts
Revenues                       8,434       100.0   %     7,769       100.0   %
                                                                             
Salaries and benefits          3,865       45.8          3,492       44.9
Supplies                       1,501       17.8          1,346       17.3
Other operating expenses       1,552       18.4          1,453       18.7
Electronic health record       (80     )   (0.9  )       (120    )   (1.5  )
incentive income
Equity in earnings of          (10     )   (0.1  )       (41     )   (0.5  )
affiliates
Depreciation and               425         4.9           387         5.0
amortization
Interest expense               462         5.5           465         6.0
Gains on sales of              (11     )   (0.1  )       (145    )   (1.9  )
facilities
Legal claim costs              175         2.1           -           -
Gain on acquisition of
controlling interest in       -         -           (1,522  )  (19.6 )
equity investment
                                                                             
                              7,879     93.4        5,315     68.4  
                                                                             
Income before income           555         6.6           2,454       31.6
taxes
                                                                             
Provision for income          128       1.5         412       5.3   
taxes
                                                                             
Net income                     427         5.1           2,042       26.3
                                                                             
Net income attributable
to noncontrolling             113       1.4         107       1.4   
interests
                                                                             
Net income attributable      $ 314       3.7        $ 1,935     24.9  
to HCA Holdings, Inc.
                                                                             
Diluted earnings per         $ 0.68                    $ 4.25
share
                                                                             
Shares used in computing
diluted earnings per           461,131                   455,460
share (000)
                                                                             
Comprehensive income
attributable to HCA          $ 297                    $ 1,919   
Holdings, Inc.


HCA Holdings, Inc.
Condensed Consolidated Comprehensive Income Statements
For the Years Ended December 31, 2012 and 2011
(Dollars in millions, except per share amounts)
                                                               
                                                                             
                                                                             
                             2012                      2011
                             Amount        Ratio       Amount        Ratio
                                                                             
Revenues before
provision for doubtful       $ 36,783                  $ 32,506
accounts
Provision for doubtful        3,770                   2,824   
accounts
Revenues                       33,013      100.0   %     29,682      100.0   %
                                                                             
Salaries and benefits          15,089      45.7          13,440      45.3
Supplies                       5,717       17.3          5,179       17.4
Other operating expenses       6,048       18.3          5,470       18.5
Electronic health record       (336    )   (1.0  )       (210    )   (0.7  )
incentive income
Equity in earnings of          (36     )   (0.1  )       (258    )   (0.9  )
affiliates
Depreciation and               1,679       5.1           1,465       4.9
amortization
Interest expense               1,798       5.4           2,037       6.9
Gains on sales of              (15     )   -             (142    )   (0.5  )
facilities
Legal claim costs              175         0.5           -           -
Gain on acquisition of
controlling interest in        -           -             (1,522  )   (5.1  )
equity investment
Losses on retirement of        -           -             481         1.6
debt
Termination of                -         -           181       0.6   
management agreement
                                                                             
                              30,119    91.2        26,121    88.0  
                                                                             
Income before income           2,894       8.8           3,561       12.0
taxes
                                                                             
Provision for income          888       2.7         719       2.4   
taxes
                                                                             
Net income                     2,006       6.1           2,842       9.6
                                                                             
Net income attributable
to noncontrolling             401       1.2         377       1.3   
interests
                                                                             
Net income attributable      $ 1,605     4.9        $ 2,465     8.3   
to HCA Holdings, Inc.
                                                                             
Diluted earnings per         $ 3.49                    $ 4.97
share
                                                                             
Shares used in computing
diluted earnings per           459,403                   495,943
share (000)
                                                                             
Comprehensive income
attributable to HCA          $ 1,588                  $ 2,453   
Holdings, Inc.


HCA Holdings, Inc.
Supplemental Non-GAAP Disclosures
Operating Results Summary
(Dollars in millions, except per share amounts)
                                                             
                                                                   
                                                     For the Years
                         Fourth Quarter              Ended December 31,
                         2012          2011          2012          2011
                                                                   
Revenues                 $ 8,434       $ 7,769       $ 33,013      $ 29,682
                                                                   
Net income
attributable to HCA      $ 314         $ 1,935       $ 1,605       $ 2,465
Holdings, Inc.
    Gains on sales
    of facilities          (6      )     (84     )     (9      )     (80     )
    (net of tax)
    Legal claim
    costs (net of          110           -             110           -
    tax)
    Gain on
    acquisition of
    controlling
    interest in            -             (1,424  )     -             (1,424  )
    equity
    investment (net
    of tax)
    Losses on
    retirement of          -             -             -             303
    debt (net of
    tax)
    Termination of
    management            -           -           -           149     
    agreement (net
    of tax)
Net income
attributable to HCA
Holdings, Inc.,
excluding gains on
sales of
facilities, legal
claim costs, gain
on acquisition of          418           427           1,706         1,413
controlling
interest in equity
investment, losses
on retirement of
debt and
termination of
management
agreement (a)
    Depreciation
    and                    425           387           1,679         1,465
    amortization
    Interest               462           465           1,798         2,037
    expense
    Provision for          188           253           947           769
    income taxes
    Net income
    attributable to       113         107         401         377     
    noncontrolling
    interests
                                                                   
    Adjusted EBITDA      $ 1,606      $ 1,639      $ 6,531      $ 6,061   
    (a)
                                                                   
Diluted earnings
per share:
    Net income
    attributable to      $ 0.68        $ 4.25        $ 3.49        $ 4.97
    HCA Holdings,
    Inc.
    Gains on sales         (0.01   )     (0.18   )     (0.02   )     (0.16   )
    of facilities
    Legal claim            0.24          -             0.24          -
    costs
    Gain on
    acquisition of
    controlling            -             (3.13   )     -             (2.87   )
    interest in
    equity
    investment
    Losses on
    retirement of          -             -             -             0.61
    debt
    Termination of
    management            -           -           -           0.30    
    agreement
    Net income
    attributable to
    HCA Holdings,
    Inc., excluding
    gains on sales
    of facilities,
    legal claim
    costs, gain on
    acquisition of
    controlling                                                    
    interest in
    equity
    investment,
    losses on
    retirement of
    debt and             $ 0.91       $ 0.94       $ 3.71       $ 2.85    
    termination of
    management
    agreement (a)
                                                                   
    Shares used in
    computing
    diluted                461,131       455,460       459,403       495,943
    earnings per
    share (000)
                                                                   
   
                                                                   
    Net income attributable to HCA Holdings, Inc., excluding gains on sales of
    facilities, legal claim costs, gain on acquisition of controlling interest
    in equity investment, losses on retirement of debt and termination of
    management agreement and Adjusted EBITDA should not be considered as
    measures of financial performance under generally accepted accounting
    principles ("GAAP"). We believe net income attributable to HCA Holdings,
    Inc., excluding gains on sales of facilities, legal claim costs, gain on
    acquisition of controlling interest in equity investment, losses on
(a) retirement of debt and termination of management agreement and Adjusted
    EBITDA are important measures that supplement discussions and analysis of
    our results of operations. We believe it is useful to investors to provide
    disclosures of our results of operations on the same basis used by
    management. Management relies upon net income attributable to HCA
    Holdings, Inc., excluding gains on sales of facilities, legal claim costs,
    gain on acquisition of controlling interest in equity investment, losses
    on retirement of debt and termination of management agreement and Adjusted
    EBITDA as the primary measures to review and assess operating performance
    of its hospital facilities and their management teams.
    
    Management and investors review both the overall performance (including;
    net income attributable to HCA Holdings, Inc., excluding gains on sales of
    facilities, legal claim costs, gain on acquisition of controlling interest
    in equity investment, losses on retirement of debt and termination of
    management agreement and GAAP net income attributable to HCA Holdings,
    Inc.) and operating performance (Adjusted EBITDA) of our health care
    facilities. Adjusted EBITDA and the Adjusted EBITDA margin (Adjusted
    EBITDA divided by revenues) are utilized by management and investors to
    compare our current operating results with the corresponding periods
    during the previous year and to compare our operating results with other
    companies in the health care industry. It is reasonable to expect that
    gains on sales of facilities and losses on retirement of debt will occur
    in future periods, but the amounts recognized can vary significantly from
    period to period, do not directly relate to the ongoing operations of our
    health care facilities and complicate period comparisons of our results of
    operations and operations comparisons with other health care companies.
    
    Net income attributable to HCA Holdings, Inc., excluding gains on sales of
    facilities, legal claim costs, gain on acquisition of controlling interest
    in equity investment, losses on retirement of debt and termination of
    management agreement and Adjusted EBITDA are not measures of financial
    performance under GAAP, and should not be considered as alternatives to
    net income attributable to HCA Holdings, Inc. as a measure of operating
    performance or cash flows from operating, investing and financing
    activities as a measure of liquidity. Because net income attributable to
    HCA Holdings, Inc., excluding gains on sales of facilities, legal claim
    costs, gain on acquisition of controlling interest in equity investment,
    losses on retirement of debt and termination of management agreement and
    Adjusted EBITDA are not measurements determined in accordance with GAAP
    and are susceptible to varying calculations, net income attributable to
    HCA Holdings, Inc., excluding gains on sales of facilities, legal claim
    costs, gain on acquisition of controlling interest in equity investment,
    losses on retirement of debt and termination of management agreement and
    Adjusted EBITDA, as presented, may not be comparable to other similarly
    titled measures presented by other companies.


HCA Holdings, Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions)
                                                             
                                                                  
                                                                  
                                   December 31,   September 30,   December 31,
                                   2012           2012            2011
                                                                  
ASSETS
Current assets:
Cash and cash equivalents          $  705         $  472          $  373
Accounts receivable, net              4,672          4,598           4,533
Inventories                           1,086          1,052           1,054
Deferred income taxes                 385            322             594
Other                                915          828           679     
Total current assets                  7,763          7,272           7,233
                                                                  
Property and equipment, at            29,527         29,145          28,075
cost
Accumulated depreciation             (16,342 )     (16,185  )     (15,241 )
                                      13,185         12,960          12,834
                                                                  
Investments of insurance              515            473             548
subsidiaries
Investments in and advances to        104            103             101
affiliates
Goodwill and other intangible         5,539          5,460           5,251
assets
Deferred loan costs                   290            266             290
Other                                679          768           641     
                                                                  
                                   $  28,075     $  27,302      $  26,898  
                                                                  
                                                                  
                                                                  
LIABILITIES AND STOCKHOLDERS'
DEFICIT
Current liabilities:
Accounts payable                   $  1,768       $  1,585        $  1,597
Accrued salaries                      1,120          1,027           965
Other accrued expenses                1,849          1,498           1,585
Long-term debt due within one        1,435        1,751         1,407   
year
Total current liabilities             6,172          5,861           5,554
                                                                  
Long-term debt                        27,495         25,182          25,645
Professional liability risks          973            962             993
Income taxes and other                1,776          1,860           1,720
liabilities
                                                                  
EQUITY (DEFICIT)
Stockholders' deficit
attributable to HCA Holdings,         (9,660  )      (7,859   )      (8,258  )
Inc.
Noncontrolling interests             1,319        1,296         1,244   
Total deficit                        (8,341  )     (6,563   )     (7,014  )
                                                    
                                   $             $              $  26,898  
                                      28,075         27,302


HCA Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
For the Years Ended December 31, 2012 and 2011
(Dollars in millions)
                                                                 
                                                                    
                                                                    
                                                       2012         2011
                                                                    
Cash flows from operating activities:
Net income                                             $ 2,006      $ 2,842
Adjustments to reconcile net income to net cash
provided by operating activities:
Changes in operating assets and liabilities              (3,663 )     (2,953 )
Provision for doubtful accounts                          3,770        2,824
Depreciation and amortization                            1,679        1,465
Income taxes                                             96           912
Gains sales of facilities                                (15    )     (142   )
Legal claim costs                                        175          -
Gain on acquisition of controlling interest in           -            (1,522 )
equity investment
Losses on retirement of debt                             -            481
Amortization of deferred loan costs                      62           70
Share-based compensation                                 56           26
Pay-in-kind interest                                     -            (78    )
Other                                                   9          8      
                                                                    
Net cash provided by operating activities               4,175      3,933  
                                                                    
                                                                    
Cash flows from investing activities:
Purchase of property and equipment                       (1,862 )     (1,679 )
Acquisition of hospitals and health care entities        (258   )     (1,682 )
Disposition of hospitals and health care entities        30           281
Change in investments                                    16           80
Other                                                   11         5      
                                                                    
Net cash used in investing activities                   (2,063 )    (2,995 )
                                                                    
                                                                    
Cash flows from financing activities:
Issuance of long-term debt                               4,850        5,500
Net change in revolving credit facilities                (685   )     (449   )
Repayment of long-term debt                              (2,441 )     (6,640 )
Distributions to noncontrolling interests                (401   )     (378   )
Payment of debt issuance costs                           (62    )     (92    )
Issuance of common stock                                 -            2,506
Distributions to stockholders                            (3,148 )     (31    )
Repurchase of common stock                               -            (1,503 )
Income tax benefits                                      174          63
Other                                                   (67    )    48     
                                                                    
Net cash used in financing activities                   (1,780 )    (976   )
                                                                    
                                                                    
Change in cash and cash equivalents                      332          (38    )
Cash and cash equivalents at beginning of period        373        411    
                                                                    
                                                                    
Cash and cash equivalents at end of period             $ 705       $ 373    
                                                                    
                                                                    
Interest payments                                      $ 1,723      $ 1,987
Income tax payments (refunds), net                     $ 618        $ (256   )

              
      HCA Holdings, Inc.
      Operating Statistics
                                                             
                                                                    
                                                   For the Years
                   Fourth Quarter                  Ended December 31,
                   2012            2011            2012             2011
                                                                    
Operations:
  Number of          162             163             162              163
  Hospitals
  Number of
  Freestanding
  Outpatient         112             108             112              108
  Surgery
  Centers
  Licensed
  Beds at End        41,804          41,594          41,804           41,594
  of Period
  Weighted
  Average            41,777          40,994          41,795           39,735
  Licensed
  Beds
                                                                    
Reported:
  Admissions         438,700         413,700         1,740,700        1,620,400
      % Change       6.0%                            7.4%
  Equivalent         715,000         667,700         2,832,100        2,595,900
  Admissions
      % Change       7.1%                            9.1%
  Revenue per
  Equivalent       $ 11,795        $ 11,636        $ 11,657         $ 11,434
  Admission
      % Change       1.4%                            2.0%
  Inpatient
  Revenue per      $ 11,470        $ 11,508        $ 11,475         $ 11,330
  Admission
      % Change       -0.3%                           1.3%
                                                                    
  Patient Days       2,076,200       1,951,600       8,242,600        7,709,900
      % Change       6.4%                            6.9%
  Equivalent         3,384,200       3,149,400       13,410,700       12,351,200
  Patient Days
      % Change       7.5%                            8.6%
                                                                    
  Inpatient
  Surgery            126,800         123,500         506,500          484,500
  Cases
      % Change       2.6%                            4.5%
  Outpatient
  Surgery            224,000         212,800         873,600          799,200
  Cases
      % Change       5.2%                            9.3%
                                                                    
  Emergency          1,785,400       1,564,400       6,912,000        6,143,500
  Room Visits
      % Change       14.1%                           12.5%
                                                                    
  Outpatient
  Revenues as
  a Percentage
  of Patient         38.7%           37.5%           38.1%            37.0%
  Revenues
                                                                    
  Average
  Length of          4.7             4.7             4.7              4.8
  Stay
                                                                    
  Occupancy          54.0%           51.7%           53.9%            53.2%
  Equivalent         88.0%           83.5%           87.7%            85.2%
  Occupancy
                                                                    
Same Facility:
  Admissions         413,500         396,400         1,641,900        1,593,400
      % Change       4.3%                            3.0%
  Equivalent         667,700         635,800         2,650,000        2,544,700
  Admissions
      % Change       5.0%                            4.1%
  Revenue per
  Equivalent       $ 11,545        $ 11,485        $ 11,421         $ 11,385
  Admission
      % Change       0.5%                            0.3%
  Inpatient
  Revenue per      $ 11,309        $ 11,426        $ 11,321         $ 11,315
  Admission
      % Change       -1.0%                           0.1%
                                                                    
  Inpatient
  Surgery            118,400         117,400         473,200          473,800
  Cases
      % Change       0.9%                            -0.1%
  Outpatient
  Surgery            199,000         195,500         779,100          771,900
  Cases
      % Change       1.8%                            0.9%
                                                                    
  Emergency          1,684,100       1,494,200       6,525,900        6,011,700
  Room Visits
      % Change       12.7%                           8.6%

Contact:

HCA Holdings, Inc.
Investor Contact:
Mark Kimbrough, 615-344-2688
or
Media Contact:
Ed Fishbough, 615-344-2810