Universal Health Services, Inc.

Good day and thank you for standing by. Welcome to the Q3 2026 Universal Health Services Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Darren Lehrich, Vice President of Investor Relations. Please go ahead.

Good morning and welcome to Universal Health Services third quarter 2026 earnings conference call. I'm Darren Lehrich, Vice President of Investor Relations. With me this morning are our President and CEO, Marc Miller, and our Chief Financial Officer, Steve Filton. Marc and Steve will offer some remarks about the quarter and then we'll open up to Q&A. During today's conference call, we will be using words such as believes, expects, anticipates, estimates, and similar words that represent forecasts, projections, and forward-looking statements. For anyone not familiar with the risks and uncertainties inherent in these forward-looking statements, we 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 31st, 2025, and in our Form 10-Q, for the quarter ended June 30, 2026. In addition, we may reference measures during today's call, such as EBITDA, adjusted EBITDA, adjusted EBITDA net of NCI, and adjusted net income attributable to UHS, which are non-GAAP financial measures. Information and reconciliations of these non-GAAP financial measures to net income attributable to UHS can be found in yesterday's press release and in our supplemental materials on our website. Let me now turn it over to Marc for some introductory remarks.

Thank you, Darren. Good morning, and thank you for joining today's call. I will begin with our key takeaways from the quarter, performance relative to our expectations, the principal operating drivers, and progress on our strategic priorities before Steve reviews the detailed financial results and our outlook. Overall, underlying performance in the third quarter reflected sequential improvement in several areas. Acute care demand remained favorable. Behavioral health volumes demonstrated an increase relative to recent quarters and labor trends continued to moderate. Expense management remained disciplined overall. Health insurance exchange trends were consistent with our expectations. Steve will provide the reported financial results and segment metrics in his remarks. Third quarter results included certain items that were not reflected in the outlook we provided with our second quarter results in July. These items included the benefit from the expansion of existing Medicaid supplemental programs in several states, partially offset by other non-recurring litigation and transaction costs. which Steve will take you through in a moment. Against that backdrop, I want to highlight three operating and strategic priorities, expanding acute care capacity and outpatient access points, integrating talk space, and advancing the recertification process at Laurel Ridge Treatment Center in Texas. First, our recent investments in acute care inpatient capacity helped us meet favorable demand in our market. The additional 177 beds added during the second quarter are expected to continue ramping through year end. We also expanded our outpatient portfolio by opening one freestanding emergency department in the third quarter and another FED that recently opened during the fourth quarter. In addition, our ambulatory development pipeline is expected to add several outpatient access points over the coming quarters. The key takeaway is that these investments are performing well, broadening access, and supporting growth. We expect their contribution to build over time as the new capacity matures. Second, in behavioral health, we completed the Talkspace acquisition on August 17th and began executing the integration plan. We intend to discuss anticipated synergies in greater detail when we provide 2027 guidance in February. For the balance of 2026, we are taking a phased approach centered on three integration work streams. The first, deploying a technology platform and tools that enable smoother transitions of care and greater continuity of outpatient care for UHS patients. Number two, establishing referral flow processes to talk space from UHS behavioral health and acute care facilities for both individual therapy and medication management services. And three, developing more flexible market-based outpatient offerings, initially emphasizing a virtual intensive outpatient program or IOP offering designed to address strong demand in this area. We expect these initiatives to support the acquisition's long-term benefits over the next 12 to 24 months. Our priorities are to expand access to outpatient mental health services and strengthen our outpatient growth profile. The key takeaway is that our integration is underway, and the expected benefits will develop in phases as technology, new referral pathways, and service offerings are enhanced through our integration efforts. We will provide further updates as the integration progresses and the rollout expands across our operations. Third, at Laurel Ridge, our San Antonio team continues to work productively with regulatory authorities and the local community towards recertification, which we currently expect during 2027. The facility's third quarter financial impact was consistent with the assumptions and our updated July outlook. In closing, I want to thank the UHS team for its continued dedication to our mission to provide quality care. Our strategy remains consistent, invest in attractive markets, expand access to care, operate efficiently and create long-term value for patients, employees and shareholders. We remain mindful of execution requirements and the ever-evolving operating environment We believe the strength of our portfolio, the experience of our management team, and underlying demand in our markets continue to position us well over the long term. With that, I will turn the call over to Steve for additional detail on the quarter.