HCA Healthcare, Inc. (NYSE:HCA) Q3 2023 Earnings Conference Call October 24, 2023 10:00 AM ET
Company Participants
Sam Hazen - Chief Executive Officer
Bill Rutherford - Chief Financial Officer
Frank Morgan - Vice President of Investor Relations
Conference Call Participants
Kevin Fischbeck - Bank of America
A.J. Rice - UBS
Ben Hendrix - RBC Capital Markets
Gary Taylor - T.D. Cowan
Ann Hynes - Mizuho
Whit Mayo - Leerink Partners
Brian Tanquilut - Jefferies
Stephen Baxter - Wells Fargo
Pito Chickering - Deutsche Bank
Cal Sternick - J.P. Morgan
Jason Cassorla - Citi Group
Scott Fidel - Stephens
Jamie Perse - Goldman Sachs
John Ransom - Raymond James
Justin Lake - Wolfe Research
Sarah James - Cantor Fitzgerald
Joshua Raskin - Nephron Research
Operator
Welcome to the HCA Healthcare Third Quarter 2023 Earnings Conference Call. Today's call is being recorded.
At this time, for opening remarks and introductions, I would like to turn the call over to Vice President of Investor Relations, Mr. Frank Morgan. Please go ahead, sir.
Frank Morgan
Good morning, and welcome to everyone on today's call. With me this morning is our CEO, Sam Hazen; and CFO, Bill Rutherford. Sam and Bill will provide some prepared remarks, and then we will take questions.
Before I turn the call over to Sam, let me remind everyone that should today's call contain any forward-looking statements, they are based on management's current expectations. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those that might be expressed today. More information on forward-looking statements and these factors are listed in today's press release and in our various SEC filings.
On this morning's call, we may reference measures such as adjusted EBITDA, which is a non-GAAP financial measure. A table providing supplemental information on adjusted EBITDA and reconciling net income attributable to HCA Healthcare, Inc. is included in today's release. This morning's call is being recorded, and a replay of the call will be available later today.
With that, I'll now turn the call over to Sam.
Sam Hazen
All right, good morning. Thank you for joining the call. The business fundamentals for the company were solid in the quarter with broad-based volume growth on a same facility basis across our footprint and various service lines. These results reflected continued strong demand for our services and healthy operating margins on a same facility basis.
Across most areas of our business, we maintained the operational momentum that we experienced over the past three quarters, including continued progress with our labor agenda. Unfortunately, our results were unfavorably impacted by our Valesco hospital-based physician venture. Bill will give additional detail on this impact in a moment.